FINANCIAL REPORTING BY BUSINESS SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2025

FINANCIAL REPORTING BY BUSINESS SEGMENTS

Segments' Internal Financial Reports

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

	For the Three Months Ended March 31, 2025
	Hospitality		Entertainment		Corporate and Other		Total
Revenues	$	497,730	$	89,550	$	—	$	587,280
Expenses:
Rooms		46,289						46,289
Food and beverage		138,139						138,139
Other hotel expenses (1)		123,924						123,924
Management fees		18,463						18,463
Employment costs				27,310				27,310
Cost of goods sold				15,535				15,535
Contract services				10,011				10,011
Non-income taxes and insurance				4,852				4,852
Preopening costs				87				87
Other segment expenses (1)				12,062		10,770		22,832
Depreciation and amortization		54,106		9,377		234		63,717
Operating income (loss)	$	116,809	$	10,316	$	(11,004)	$	116,121
Interest expense		(25)		(8,870)		(45,388)		(54,283)
Interest income								5,459
Loss from unconsolidated joint ventures (2)								(16)
Other gains and (losses), net								(108)
Income before income taxes							$	67,173

	For the Three Months Ended March 31, 2024
	Hospitality		Entertainment		Corporate and Other		Total
Revenues	$	461,470	$	66,875	$	—	$	528,345
Expenses:
Rooms		44,101						44,101
Food and beverage		128,179						128,179
Other hotel expenses (1)		118,813						118,813
Management fees		17,962						17,962
Employment costs				23,189				23,189
Cost of goods sold				9,325				9,325
Contract services				7,564				7,564
Non-income taxes and insurance				3,653				3,653
Preopening costs				1,436				1,436
Other segment expenses (1)				8,856		11,954		20,810
Gain on sale of assets						(270)		(270)
Depreciation and amortization		50,230		6,740		232		57,202
Operating income (loss)	$	102,185	$	6,112	$	(11,916)	$	96,381
Interest expense		(14,901)		(10,201)		(35,341)		(60,443)
Interest income								7,522
Loss on extinguishment of debt								(522)
Income from unconsolidated joint ventures (2)								32
Other gains and (losses), net								321
Income before income taxes							$	43,291

	March 31,		December 31,
	2025		2024
Total assets:
Hospitality	$	4,004,737	$	4,081,754
Entertainment		772,848		653,969
Corporate and Other		461,522		481,850
Total assets	$	5,239,107	$	5,217,573

(1) Other segment expenses include:
Hospitality segment – administrative employment costs, utilities, property taxes, supplies, advertising, maintenance and consulting expenses
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.

Capital Expenditures for Continuing Operations

The following table represents capital expenditures by segment for the periods presented (amounts in thousands):

	Three Months Ended
	March 31,
	2025		2024
Hospitality	$	101,810	$	56,843
Entertainment		10,886		22,542
Corporate and Other		31		45
Total capital expenditures	$	112,727	$	79,430