Revenue Recognition

9 Months Ended

Sep. 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 nine months
	ended September 30,				ended September 30,
Amounts in thousands	2025		2024		2025		2024
Revenue from contracts with customers	$	153,724	$	155,701	$	434,984	$	438,147
Cost recovery income		—		—		991		1,066
Total revenue	$	153,724	$	155,701	$	435,975	$	439,213

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 September 30, 2025
Amounts in thousands		United States		Canada		Poland		Corporate and Other		Total
Gaming	$	76,634	$	12,299	$	17,860	$	—	$	106,793
Pari-mutuel, sports betting and iGaming		3,778		2,907		—		—		6,685
Hotel		14,693		152		—		—		14,845
Food and beverage		14,355		3,763		225		—		18,343
Other		5,537		1,468		53		—		7,058
Net operating revenue	$	114,997	$	20,589	$	18,138	$	—	$	153,724

	For the three months ended September 30, 2024
Amounts in thousands		United States		Canada		Poland		Corporate and Other		Total
Gaming	$	75,023	$	12,343	$	18,084	$	—	$	105,450
Pari-mutuel, sports betting and iGaming		3,023		2,730		—		—		5,753
Hotel		15,193		157		—		—		15,350
Food and beverage		14,809		3,623		198		—		18,630
Other		9,091		1,422		5		—		10,518
Net operating revenue	$	117,139	$	20,275	$	18,287	$	—	$	155,701

	For the nine months ended September 30, 2025
Amounts in thousands		United States		Canada		Poland		Corporate and Other		Total
Gaming	$	221,043	$	35,493	$	61,993	$	—	$	318,529
Pari-mutuel, sports betting and iGaming		7,248		7,393		—		—		14,641
Hotel		38,158		455		—		—		38,613
Food and beverage		33,797		9,464		693		—		43,954
Other		14,150		4,304		793		—		19,247
Net operating revenue	$	314,396	$	57,109	$	63,479	$	—	$	434,984

	For the nine months ended September 30, 2024
Amounts in thousands		United States		Canada		Poland		Corporate and Other		Total
Gaming	$	222,094	$	36,865	$	58,794	$	—	$	317,753
Pari-mutuel, sports betting and iGaming		7,094		7,345		—		—		14,439
Hotel		36,987		432		—		—		37,419
Food and beverage		35,140		9,435		610		—		45,185
Other		18,365		4,348		625		13		23,351
Net operating revenue	$	319,680	$	58,425	$	60,029	$	13	$	438,147

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 $3.7 million and $2.8 million for the three and nine months ended September 30, 2025, respectively, and $5.9 million and $3.5 million for the three and nine months ended September 30, 2024, respectively. This revenue consists primarily of the Company’s deferred revenue for events at the Nugget and deferred gaming revenue from player points earned through play at the Company’s casinos located in the United States.

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
	September 30, 2025				September 30, 2024
Amounts in thousands	Receivables		Contract Liabilities		Receivables		Contract Liabilities
Opening	$	502		5,199	$	853	$	7,121
Closing		560		3,776		2,015		4,182
Increase (Decrease)	$	58	$	(1,423)	$	1,162	$	(2,939)
	For the nine months ended				For the nine months ended
	September 30, 2025				September 30, 2024
Amounts in thousands	Receivables		Contract Liabilities		Receivables		Contract Liabilities
Opening	$	553	$	3,644	$	1,640	$	4,714
Closing		560		3,776		2,015		4,182
Increase (Decrease)	$	7	$	132	$	375	$	(532)

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.