Financial Reporting By Business Segments (Tables)

12 Months Ended

Dec. 31, 2024

Financial Reporting By Business Segments

Segments' Internal Financial Reports

The following information (amounts in thousands) is derived directly from the segments’ internal financial reports used by the CODM and for corporate management purposes.

	For the Year Ended December 31, 2024
	Hospitality		Entertainment		Corporate and Other		Total
Revenues	$	1,997,050	$	342,176	$	—	$	2,339,226
Expenses:
Rooms		179,358						179,358
Food and beverage		516,309						516,309
Other hotel expenses		555,554						555,554
Management fees		73,531						73,531
Employment costs				102,653				102,653
Cost of goods sold				46,112				46,112
Contract services				39,736				39,736
Non-income taxes and insurance				11,973				11,973
Preopening costs				4,618				4,618
Other segment expenses (1)				41,373		41,819		83,192
Gain on sale of assets						(270)		(270)
Depreciation and amortization		205,189		29,519		918		235,626
Operating income (loss)	$	467,109	$	66,192	$	(42,467)	$	490,834
Interest expense		(14,611)		(38,283)		(172,501)		(225,395)
Interest income								27,977
Loss on extinguishment of debt								(2,479)
Income from unconsolidated joint ventures (2)								275
Other gains and (losses), net								2,814
Income before income taxes							$	294,026

	For the Year Ended December 31, 2023
	Hospitality		Entertainment		Corporate and Other		Total
Revenues	$	1,833,478	$	324,658	$	—	$	2,158,136
Expenses:
Rooms		173,749						173,749
Food and beverage		465,963						465,963
Other hotel expenses		519,328						519,328
Management fees		66,425						66,425
Employment costs				91,317				91,317
Cost of goods sold				43,544				43,544
Contract services				32,925				32,925
Non-income taxes and insurance				17,645				17,645
Preopening costs				1,308				1,308
Other segment expenses (1)				38,232		42,789		81,021
Depreciation and amortization		186,749		23,611		867		211,227
Operating income (loss)	$	421,264	$	76,076	$	(43,656)	$	453,684
Interest expense		(55,865)		(40,988)		(114,517)		(211,370)
Interest income								21,423
Loss on extinguishment of debt								(2,252)
Loss from unconsolidated joint ventures (2)								(17,308)
Other gains and (losses), net								3,921
Income before income taxes							$	248,098

	For the Year Ended December 31, 2022
	Hospitality		Entertainment		Corporate and Other		Total
Revenues	$	1,537,974	$	267,995	$	—	$	1,805,969
Expenses:
Rooms		155,817						155,817
Food and beverage		381,142						381,142
Other hotel expenses		457,291						457,291
Management fees		43,425						43,425
Employment costs				75,916				75,916
Cost of goods sold				39,653				39,653
Contract services				27,523				27,523
Non-income taxes and insurance				13,901				13,901
Preopening costs				532				532
Other segment expenses (1)				31,552		42,982		74,534
Loss on sale of assets						469		469
Depreciation and amortization		189,375		18,420		821		208,616
Operating income (loss)	$	310,924	$	60,498	$	(44,272)	$	327,150
Interest expense		(41,863)		(19,993)		(86,550)		(148,406)
Interest income								5,750
Loss on extinguishment of debt								(1,547)
Loss from unconsolidated joint ventures (2)								(10,967)
Other gains and (losses), net								1,743
Income before income taxes							$	173,723

(1) Other segment expense include:
Entertainment segment – advertising, utilities, maintenance and certain overhead expenses
Corporate and Other – information technology, human resources, accounting, equity-based compensation and other administrative expenses

(2) Income (loss) from unconsolidated joint ventures relates to the Entertainment segment.

	December 31,		December 31,
	2024		2023
Total assets:
Hospitality	$	4,081,754	$	4,039,804
Entertainment		653,969		610,663
Corporate and Other		481,850		538,070
Total assets	$	5,217,573	$	5,188,537

Capital Expenditures for Continuing Operations

The following table represents the capital expenditures by segment for the years ended December 31 (amounts in thousands):

	2024		2023		2022
Hospitality	$	300,867	$	145,805	$	70,406
Entertainment		106,828		60,428		18,767
Corporate and Other		210		543		347
Total capital expenditures	$	407,905	$	206,776	$	89,520