FINANCIAL REPORTING BY BUSINESS SEGMENTS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025
	Hospitality		Entertainment		Corporate and Other		Total
Revenues	$	516,211	$	143,304	$	—	$	659,515
Expenses:
Rooms		47,238						47,238
Food and beverage		136,152						136,152
Other hotel expenses (1)		130,588						130,588
Management fees		17,916						17,916
Employment costs				35,061				35,061
Cost of goods sold				14,383				14,383
Contract services				32,218				32,218
Non-income taxes and insurance				13,275				13,275
Preopening costs				98				98
Other segment expenses (1)				15,439		10,759		26,198
Depreciation and amortization		57,397		9,335		231		66,963
Operating income (loss)	$	126,920	$	23,495	$	(10,990)	$	139,425
Interest expense		(3)		(9,537)		(48,994)		(58,534)
Interest income								5,583
Loss on extinguishment of debt								(2,542)
Loss from unconsolidated joint ventures (2)								(13)
Other gains and (losses), net								(196)
Income before income taxes							$	83,723

	For the Three Months Ended June 30, 2024
	Hospitality		Entertainment		Corporate and Other		Total
Revenues	$	519,087	$	94,203	$	—	$	613,290
Expenses:
Rooms		45,062						45,062
Food and beverage		132,369						132,369
Other hotel expenses (1)		117,769						117,769
Management fees		21,449						21,449
Employment costs				26,183				26,183
Cost of goods sold				12,606				12,606
Contract services				8,678				8,678
Non-income taxes and insurance				1,072				1,072
Preopening costs				1,055				1,055
Other segment expenses (1)				11,021		9,402		20,423
Depreciation and amortization		50,553		7,766		234		58,553
Operating income (loss)	$	151,885	$	25,822	$	(9,636)	$	168,071
Interest expense		1		(10,620)		(45,958)		(56,577)
Interest income								7,064
Loss on extinguishment of debt								(1,797)
Income from unconsolidated joint ventures (2)								183
Other gains and (losses), net								(4)
Income before income taxes							$	116,940

	For the Six Months Ended June 30, 2025
	Hospitality		Entertainment		Corporate and Other		Total
Revenues	$	1,013,941	$	232,854	$	—	$	1,246,795
Expenses:
Rooms		93,527						93,527
Food and beverage		274,291						274,291
Other hotel expenses (1)		254,512						254,512
Management fees		36,379						36,379
Employment costs				62,371				62,371
Cost of goods sold				29,918				29,918
Contract services				42,229				42,229
Non-income taxes and insurance				18,127				18,127
Preopening costs				185				185
Other segment expenses (1)				27,501		21,529		49,030
Depreciation and amortization		111,503		18,712		465		130,680
Operating income (loss)	$	243,729	$	33,811	$	(21,994)	$	255,546
Interest expense		(28)		(18,407)		(94,382)		(112,817)
Interest income								11,042
Loss on extinguishment of debt								(2,542)
Loss from unconsolidated joint ventures (2)								(29)
Other gains and (losses), net								(304)
Income before income taxes							$	150,896

	For the Six Months Ended June 30, 2024
	Hospitality		Entertainment		Corporate and Other		Total
Revenues	$	980,557	$	161,078	$	—	$	1,141,635
Expenses:
Rooms		89,163						89,163
Food and beverage		260,548						260,548
Other hotel expenses (1)		236,582						236,582
Management fees		39,411						39,411
Employment costs				49,372				49,372
Cost of goods sold				21,931				21,931
Contract services				16,242				16,242
Non-income taxes and insurance				4,725				4,725
Preopening costs				2,491				2,491
Other segment expenses (1)				19,877		21,356		41,233
Gain on sale of assets						(270)		(270)
Depreciation and amortization		100,783		14,506		466		115,755
Operating income (loss)	$	254,070	$	31,934	$	(21,552)	$	264,452
Interest expense		(14,614)		(20,821)		(81,585)		(117,020)
Interest income								14,586
Loss on extinguishment of debt								(2,319)
Income from unconsolidated joint ventures (2)								215
Other gains and (losses), net								317
Income before income taxes							$	160,231

	June 30,		December 31,
	2025		2024
Total assets:
Hospitality	$	4,877,526	$	4,081,754
Entertainment		738,501		653,969
Corporate and Other		494,593		481,850
Total assets	$	6,110,620	$	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):

	Six Months Ended
	June 30,
	2025		2024
Hospitality	$	165,056	$	134,694
Entertainment		17,028		50,180
Corporate and Other		154		62
Total capital expenditures	$	182,238	$	184,936