5. 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. 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 and income taxes are allocated to the segments, but no allocation is made to the food and beverage segment 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):


	Six Months Ended June 30, 2020
	Horse Racing		Card Casino		Food and Beverage		Development		Total
Net revenues from external customers	$	4,056	$	8,356	$	1,293	$	12	$	13,717
Intersegment revenues		74		—		274		—		348
Net interest (expense) income		(16)		—		—		199		183
Depreciation		1,038		261		111		—		1,410
Segment (loss) income before income taxes		(2,167)		(167)		(419)		61		(2,692)
Segment tax expense (benefit)		(786)		(89)		(224)		33		(1,066)

	June 30, 2020
Segment Assets	$	35,880	$	3,177	$	25,040	$	28,600	$	92,697


	Six Months Ended June 30, 2019
	Horse Racing		Card Casino		Food and Beverage		Development		Total
Net revenues from external customers	$	7,207	$	16,791	$	4,026	$	—	$	28,024
Intersegment revenues		416		—		678		—		1,094
Net interest income		(4)		—		—		113		109
Depreciation		1,079		35		88		—		1,202
Segment (loss) income before income taxes		(1,432)		2,695		154		(15)		1,402
Segment tax expense (benefit)		(391)		729		42		(4)		376

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

The following are reconciliations of reportable segment revenues, income before income taxes, and assets, to the Company’s consolidated totals (in 000’s):


	Six Months Ended June 30, 2020
	2020		2019
Revenues
Total net revenue for reportable segments	$	14,065	$	29,118
Elimination of intersegment revenues		(348)		(1,094)
Total consolidated net revenues	$	13,717	$	28,024


(Loss) income before income taxes
Total segment (loss) income before income taxes	$	(2,692)	$	1,402
Elimination of intersegment income (loss) before income taxes		699		(11)
Total consolidated (loss) income before income taxes	$	(1,993)	$	1,391


	June 30,		December 31,
	2020		2019
Assets
Total assets for reportable segments	$	92,697	$	89,449
Elimination of intercompany balances		(23,339)		(24,036)
Total consolidated assets	$	69,358	$	65,413