Segment Information

6 Months Ended

Jun. 30, 2012

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

We have aggregated certain of our properties in order to present four Reportable Segments: (i) Las Vegas Locals; (ii) Downtown Las Vegas; (iii) Midwest and South; and (iv) Atlantic City. The table below lists the classification of each of our properties.

Las Vegas Locals
Gold Coast Hotel and Casino	Las Vegas, Nevada
The Orleans Hotel and Casino	Las Vegas, Nevada
Sam's Town Hotel and Gambling Hall	Las Vegas, Nevada
Suncoast Hotel and Casino	Las Vegas, Nevada
Eldorado Casino	Henderson, Nevada
Jokers Wild Casino	Henderson, Nevada
Downtown Las Vegas
California Hotel and Casino	Las Vegas, Nevada
Fremont Hotel and Casino	Las Vegas, Nevada
Main Street Station Casino, Brewery and Hotel	Las Vegas, Nevada
Midwest and South
Sam's Town Hotel and Gambling Hall	Tunica, Mississippi
IP Casino Resort Spa	Biloxi, Mississippi
Par-A-Dice Hotel Casino	East Peoria, Illinois
Blue Chip Casino, Hotel & Spa	Michigan City, Indiana
Treasure Chest Casino	Kenner, Louisiana
Delta Downs Racetrack Casino & Hotel	Vinton, Louisiana
Sam's Town Hotel and Casino	Shreveport, Louisiana
Atlantic City
Borgata Hotel Casino & Spa	Atlantic City, New Jersey

Results of Operations - Adjusted EBITDA

We determine each of our wholly-owned properties' profitability based upon Property EBITDA, which represents each property's earnings before interest expense, income taxes, depreciation and amortization, preopening expenses, other operating charges, net, share-based compensation expense, deferred rent, change in value of derivative instruments, and gain/loss on early retirements of debt, as applicable. Reportable Segment Adjusted EBITDA is the aggregate sum of the Property EBITDA for each of the properties included in our Las Vegas Locals, Downtown Las Vegas, and Midwest and South segments, and also includes our share of Borgata's operating income before net amortization, preopening and other items.

Results for Downtown Las Vegas include the results of our travel agency and captive insurance company in Hawaii. Effective April 1, 2008, we reclassified the reporting of our Midwest and South segment to exclude the results of Dania Jai-Alai, our pari-mutuel jai-alai facility, since it does not share similar economic characteristics with our other Midwest and South operations; therefore, the results of Dania Jai-Alai are included as part of the “Other” category on the accompanying table.

We reclassify the reporting of corporate expense on the accompanying table in order to exclude it from our subtotal for Reportable Segment Adjusted EBITDA and include it as part of total other operating costs and expenses. Furthermore, corporate expense is now presented to include its portion of share-based compensation expense. Corporate expense represents unallocated payroll, professional fees, aircraft expenses and various other expenses not directly related to our casino and hotel operations, in addition to the corporate portion of share-based compensation expense. Other operating costs and expenses include Property EBITDA from Dania Jai-Alai, deferred rent, and share-based compensation expense charged to our Reportable Segments. Interest expense is net of interest income and amounts capitalized.

The following table sets forth, for the periods indicated, certain operating data for our Reportable Segments, and reconciles Adjusted EBITDA to operating income (loss), as reported in our accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2012 and 2011.

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2012			2011		2012			2011
	(In thousands)
Net Revenues
Las Vegas Locals	$	148,987		$	151,836	$	303,776		$	306,355
Downtown Las Vegas	55,939			56,585		112,947			112,251
Midwest and South	233,728			181,751		477,450			365,881
Atlantic City	175,416			182,756		351,566			351,846
Reportable Segment Net Revenues	614,070			572,928		1,245,739			1,136,333
Other	1,152			1,475		2,566			3,016
Net revenues	$	615,222		$	574,403	$	1,248,305		$	1,139,349
Reportable Segment Adjusted EBITDA
Las Vegas Locals	$	34,535		$	38,570	$	73,021		$	78,213
Downtown Las Vegas	8,109			9,366		16,541			18,370
Midwest and South	51,003			42,276		109,133			83,487
Atlantic City	30,735			38,657		69,616			70,339
Reportable Segment Adjusted EBITDA	$	124,382		$	128,869	$	268,311		$	250,409
Other operating costs and expenses
Depreciation and amortization	$	50,702		$	48,488	$	100,716		$	99,072
Corporate expense	13,009			12,264		25,880			25,544
Preopening expenses	2,210			1,741		3,870			3,572
Other operating items, net	(2,196		)	2,262		(1,949		)	6,969
Other	2,418			2,124		4,973			5,158
Total other operating costs and expenses	66,143			66,879		133,490			140,315
Operating income	$	58,239		$	61,990	$	134,821		$	110,094

Total Assets

The Company's total assets, by Reportable Segment, consisted of the following amounts at June 30, 2012 and December 31, 2011:

	June 30,		December 31,
	2012		2011
	(In thousands)
Assets
Las Vegas Locals	$	1,236,178	$	1,260,458
Downtown Las Vegas	129,687		131,140
Midwest and South	1,402,438		1,406,136
Atlantic City	1,426,014		1,435,332
Total Reportable Segment assets	4,194,317		4,233,066
Corporate	1,615,512		1,421,848
Other	229,119		228,140
Total assets	$	6,038,948	$	5,883,054