10. OPERATING SEGMENTS

The Company has four reportable operating segments: horse racing, Card Casino, food and beverage, and development. The horse racing segment primarily represents simulcast and live horse racing operations. The Card Casino segment represents operations of Canterbury Park’s Card Casino, the food and beverage segment represents food and beverage operations provided during simulcast and live racing, in the Card Casino, and during special events, and the development segment represents our real estate development operations. The Company’s reportable operating segments are strategic business units that offer different products and services. They are managed separately because the segments differ in the nature of the products and services provided as well as process to produce those products and services. The Minnesota Racing Commission regulates the horse racing and Card Casino segments.

Depreciation, interest expense, and income taxes are allocated to the segments but no allocation is made to food and beverage for shared facilities. However, the food and beverage segment pays approximately 25% of gross revenues earned on live racing and special event days to the horse racing segment for use of the facilities.

The following tables represent a disaggregation of revenues from contracts with customers along with the Company’s operating segments (in 000’s):


	Year Ended December 31, 2019
	Horse Racing		Card Casino		Food and Beverage		Development		Total
Net revenues from external customers	$	15,370	$	34,406	$	9,430	$	21	$	59,227
Intersegment revenues		999		—		1,425		—		2,424
Net interest (expense) income		(38)		—		—		365		327
Depreciation		2,262		186		232		—		2,680
Segment (loss) income before income taxes		(2,695)		6,400		715		65		4,485
Segment tax expense (benefit)		(1,011)		2,009		225		21		1,244

	At December 31, 2019
Segment Assets	$	31,618	$	3,327	$	25,430	$	29,074	$	89,449


	Year Ended December 31, 2018
	Horse Racing		Card Casino		Food and Beverage		Development		Total
Net revenues from external customers	$	16,764	$	33,920	$	8,458	$	—	$	59,142
Intersegment revenues		806		—		1,393		—		2,199
Net interest income		25		—		—		37		62
Depreciation		2,371		5		188		—		2,564
Segment income before income taxes		279		7,195		1,197		2,350		11,021
Segment tax expense (benefit)		(784)		1,858		309		607		1,990

	At December 31, 2018
Segment Assets	$	35,992	$	623	$	23,680	$	24,647	$	84,942

The following are reconciliations of reportable segment revenues, income before income taxes, and assets, to the Company’s consolidated totals for the years ended December 31, 2019 and 2018 (in 000’s):


	Year Ended December 31, 2019
	2019		2018
Revenues
Total net revenue for reportable segments	$	61,651	$	61,341
Elimination of intersegment revenues		(2,424)		(2,199)
Total consolidated net revenues	$	59,227	$	59,142


Income before income taxes
Total segment income before income taxes	$	4,485	$	11,021
Elimination of intersegment income before income taxes		(522)		(3,313)
Total consolidated income before income taxes	$	3,963	$	7,708


	December 31,		December 31,
	2019		2018
Assets
Total assets for reportable segments	$	89,449	$	84,942
Elimination of intercompany balances		(24,036)		(23,516)
Total consolidated assets	$	65,413	$	61,426