Revenue Recognition

6 Months Ended

Jun. 30, 2025

Revenue Recognition [Abstract]

Revenue Recognition

10.REVENUE RECOGNITION

The Company derives revenue and other income from contracts with customers and financial instruments. A breakout of the Company’s derived revenue and other income is presented in the table below.

	For the three months				For the six months
	ended June 30,				ended June 30,
Amounts in thousands	2025		2024		2025		2024
Revenue from contracts with customers	$	150,818	$	146,435	$	281,261	$	282,451
Cost recovery income		991		1,066		991		1,066
Total revenue	$	151,809	$	147,501	$	282,252	$	283,517

The Company operates gaming establishments as well as related lodging, restaurant, horse racing (including off-track betting), sports betting, iGaming, and entertainment facilities around the world. The Company generates revenue at its properties by providing the following types of products and services: gaming, pari-mutuel and sports betting, iGaming, hotel, food and beverage, and other.

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Disaggregation of the Company’s revenue from contracts with customers by type of revenue and reportable segment is presented in the tables below.

	For the three months ended June 30, 2025
Amounts in thousands		United States		Canada		Poland		Corporate and Other		Total
Gaming	$	74,511	$	12,415	$	24,144	$	—	$	111,070
Pari-mutuel, sports betting and iGaming		2,484		2,587		—		—		5,071
Hotel		13,885		176		—		—		14,061
Food and beverage		10,047		3,215		243		—		13,505
Other		5,177		1,612		322		—		7,111
Net operating revenue	$	106,104	$	20,005	$	24,709	$	—	$	150,818

	For the three months ended June 30, 2024
Amounts in thousands		United States		Canada		Poland		Corporate and Other		Total
Gaming	$	74,768	$	12,506	$	19,614	$	—	$	106,888
Pari-mutuel, sports betting and iGaming		2,775		2,523		—		—		5,298
Hotel		12,618		150		—		—		12,768
Food and beverage		10,510		3,084		216		—		13,810
Other		5,844		1,564		263		—		7,671
Net operating revenue	$	106,515	$	19,827	$	20,093	$	—	$	146,435

	For the six months ended June 30, 2025
Amounts in thousands		United States		Canada		Poland		Corporate and Other		Total
Gaming	$	144,411	$	23,194	$	44,131	$	—	$	211,736
Pari-mutuel, sports betting and iGaming		3,470		4,486		—		—		7,956
Hotel		23,465		303		—		—		23,768
Food and beverage		19,441		5,702		468		—		25,611
Other		8,614		2,836		740		—		12,190
Net operating revenue	$	199,401	$	36,521	$	45,339	$	—	$	281,261

	For the six months ended June 30, 2024
Amounts in thousands		United States		Canada		Poland		Corporate and Other		Total
Gaming	$	147,072	$	24,523	$	40,710	$	—	$	212,305
Pari-mutuel, sports betting and iGaming		4,070		4,617		—		—		8,687
Hotel		21,795		275		—		—		22,070
Food and beverage		20,331		5,812		412		—		26,555
Other		9,275		2,926		620		13		12,834
Net operating revenue	$	202,543	$	38,153	$	41,742	$	13	$	282,451

For the majority of the Company’s contracts with customers, payment is made in advance of the services and contracts are settled on the same day the sale occurs with revenue recognized on the date of the sale. For contracts that are not settled, a contract liability is created. The expected duration of the performance obligation is less than one year.

The amount of revenue recognized that was included in the opening contract liability balance was $3.3 million and $2.6 million for the three and six months ended June 30, 2025, respectively, and $2.4 million and $2.7 million for the three and six months ended June 30, 2024, respectively. This revenue consists primarily of the Company’s deferred gaming revenue from player points earned through play at the Company’s casinos located in the United States.

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Activity in the Company’s receivables and contract liabilities is presented in the tables below.

	For the three months ended				For the three months ended
	June 30, 2025				June 30, 2024
Amounts in thousands	Receivables		Contract Liabilities		Receivables		Contract Liabilities
Opening	$	493	$	4,808	$	1,109	$	6,064
Closing		502		5,199		853		7,121
Increase (Decrease)	$	9	$	391	$	(256)	$	1,057
	For the six months ended				For the six months ended
	June 30, 2025				June 30, 2024
Amounts in thousands	Receivables		Contract Liabilities		Receivables		Contract Liabilities
Opening	$	553	$	3,644	$	1,640	$	4,714
Closing		502		5,199		853		7,121
(Decrease) Increase	$	(51)	$	1,555	$	(787)	$	2,407

Receivables are included in accounts receivable and contract liabilities are included in accrued liabilities on the Company’s condensed consolidated balance sheets.

Substantially all of the Company’s contracts and contract liabilities have an original duration of one year or less. The Company applies the practical expedient for such contracts and does not consider the effects of the time value of money. Further, because of the short duration of these contracts, the Company has not disclosed the transaction price for the remaining performance obligations as of the end of each reporting period or when the Company expects to recognize this revenue.