Segment Information

12 Months Ended

Dec. 31, 2019

Note 20. Segment Information

The executive decision maker of our Company reviews operating results, assesses performance and makes decisions on a “significant market” basis. Management views each of our casinos as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, and their management and reporting structure. Prior to the Elgin and Tropicana acquisitions, the Company’s principal operating activities occurred in four geographic regions and reportable segments. Following the Elgin and Tropicana acquisitions a fifth segment, Central, was added in the third quarter of 2018. The reportable segments are based on the similar characteristics of the operating segments within the regions in which they operate. See Note 1 for a summary of these segments.

The following tables set forth, for the periods indicated, certain operating data for our five reportable segments:

	Year ended
	Ended December 31,
	2019			2018			2017
	(in thousands)
Revenues and expenses
West:
Net operating revenues	$	524,721		$	483,532		$	410,319
Depreciation and amortization		55,035			40,131			26,950
Operating income		84,992			84,548			66,108
Midwest:
Net operating revenues		378,577			397,008			268,879
Depreciation and amortization		25,145			33,083			20,997
Operating income		114,180			105,809			62,071
South:
Net operating revenues		463,133			461,181			338,259
Depreciation and amortization		39,165			37,357			25,307
Operating income		74,622			64,851			3,680
East:
Net operating revenues		674,758			571,272			462,835
Depreciation and amortization		48,064			27,913			30,517
Operating income		133,317			97,963			68,101
Central:
Net operating revenues		479,761			142,485			—
Depreciation and amortization		46,849			13,583			—
Operating income		105,772			24,240			—
Corporate:
Net operating revenues		7,299			529			506
Depreciation and amortization		7,267			5,362			2,120
Operating loss		(102,910	)		(67,308	)		(105,150	)
Total Reportable Segments
Net operating revenues	$	2,528,249		$	2,056,007		$	1,480,798
Depreciation and amortization		221,525			157,429			105,891
Operating income	$	409,973		$	310,103		$	94,810
Reconciliations to consolidated net income:
Operating income	$	409,973		$	310,103		$	94,810
Unallocated income and expenses:
Interest expense, net		(286,248	)		(171,732	)		(99,769	)
Loss on early retirement of debt, net		(7,512	)		(162	)		(38,430	)
Unrealized gain (loss) on restricted investment		8,765			(2,587	)		—
(Provision) benefit for income taxes		(43,977	)		(40,387	)		116,769
Net income	$	81,001		$	95,235		$	73,380

	For the Year Ended December 31,
	2019		2018		2017
	(in thousands)
Capital Expenditures, Net
West	$	83,643	$	75,297	$	44,952
Midwest		13,550		18,889		9,115
South		21,956		18,149		7,672
East		34,978		19,334		9,794
Central		11,166		3,868		—
Corporate		5,473		11,878		11,628
Total	$	170,766	$	147,415	$	83,161

	Balance Sheet as of December 31,
	2019			2018
	(in thousands)
Total Assets
West	$	1,816,033		$	1,710,375
Midwest		1,157,882			1,245,521
South		1,161,622			1,068,258
East		1,590,364			2,166,730
Central		1,539,894			1,457,961
Corporate, Other & Eliminations		(1,625,242	)		(1,737,383	)
Total	$	5,640,553		$	5,911,462