NEW ROYAL HOLDCO I INC.GDEN
NEW ROYAL HOLDCO I INC. Segments Disclosure
Segment Information
The Company’s management views each of its casino properties located in Las Vegas, the casino properties located in Laughlin and Pahrump and its branded taverns as an operating segment. Operating segments are aggregated based on their similar economic characteristics, types of customers, types of services and products provided, and their management and reporting structure. The Company has aggregated its operating segments into three reportable segments: Nevada Casino Resorts, Nevada Locals Casinos and Nevada Taverns.
The Nevada Casino Resorts reportable segment is comprised of destination casino resort properties offering a variety of food and beverage outlets, entertainment venues and other amenities. The casino resort properties in this segment cater primarily to a regional drive-in customer base seeking a value-oriented vacation experience, with guests typically traveling from Southern California or Arizona. The Company’s casino resort properties in Nevada have a significantly larger number of hotel rooms compared to the other casino properties in its portfolio. While hotel stays at these casino resorts are typically longer, the overall frequency of visitation from guests is lower when compared to the Nevada Locals Casinos.
The Nevada Locals Casinos reportable segment is comprised of casino properties that cater to local customers who generally live within a five-mile radius of these properties. The Company’s locals casino properties typically experience a higher frequency of customer visits compared to its casino resort properties, with many of the customers visiting the Company’s Nevada Locals Casinos on a weekly basis. The casino properties within this reportable segment have a limited number or no hotel rooms and offer fewer food and beverage outlets or other amenities, with revenues primarily generated from slot machine play.
The Nevada Taverns reportable segment is comprised of branded tavern locations that offer a casual, upscale environment catering to local patrons offering superior food, craft beer and other alcoholic beverages and are typically limited to 15 slot machines. Prior to the sale of the Company’s distributed gaming operations in Nevada, the Company owned and operated the slot machines located within each tavern. Following the sale, slot machines at the Company’s branded tavern locations are owned and operated by the independent third-party that acquired the distributed gaming operations from the Company. Accordingly, the Company typically receives a large percentage of the gaming revenue from the tavern slot machines in exchange for allowing the independent third-party to place the slot machines in the taverns.
As discussed in “Note 1 — Nature of Business and Basis of Presentation” and “Note 3 — Divestitures,” the Company completed the sales of Rocky Gap and its distributed gaming operations in Montana and Nevada on July 25, 2023, September 13, 2023 and January 10, 2024, respectively. Prior to its sale, the operations of Rocky Gap were presented in the Company’s Maryland Casino Resort reportable segment. Prior to its sale, the results of the distributed gaming operations in Montana were combined with the results of the distributed gaming operations in Nevada and presented in the Company’s Distributed Gaming reportable segment. Accordingly, the segment expense categories for the reportable segments divested in 2023 and 2024 were not material in 2024 and thus, were not presented separately in the tables below.
The Corporate and Other category includes certain unallocated corporate overhead costs not easily allocable to reportable segments as to do so would not be practical.
The Company presents Adjusted EBITDA in its segment disclosures because it is the primary metric used by the Company’s chief operating decision maker (“CODM”) in measuring both the Company’s past and future expectations of performance and it is the metric that the Company’s annual performance plan used to determine compensation of its executive officers and employees is tied to. Adjusted EBITDA represents each segment’s earnings before depreciation and amortization, non-cash lease benefit or expense, share-based compensation expense, gain or loss on disposal of assets and businesses, loss on debt extinguishment and modification, preopening and related expenses, impairment of assets, interest, income taxes, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results, calculated before corporate overhead.
The function of the CODM is currently performed by the Company’s Chief Executive Officer and Chairman of the Company’s Board of Directors. The CODM assesses performance of each reportable segment and decides how to allocate resources based on the monthly review of the budget-to-actual and current period versus prior year comparable period Adjusted EBITDA results.
The Company’s revenues, significant expenses and Adjusted EBITDA by reportable segment and reconciliation of the total of the Company’s consolidated Adjusted EBITDA to the Company’s consolidated net income determined in accordance with GAAP are presented in the table below:
| Year Ended December 31, 2025 | ||||||||||||||||||||||||||||||||||||||
| (In thousands) | Nevada Casino Resorts | Nevada Locals Casinos | Nevada Taverns | Total Reportable Segments | Corporate and Other | Consolidated | ||||||||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||||||||||
| Gaming | $ | 153,881 | $ | 108,048 | $ | 54,203 | $ | 316,132 | $ | — | $ | 316,132 | ||||||||||||||||||||||||||
| Food and beverage | 89,118 | 25,479 | 48,339 | 162,936 | — | 162,936 | ||||||||||||||||||||||||||||||||
| Rooms | 96,430 | 8,694 | — | 105,124 | — | 105,124 | ||||||||||||||||||||||||||||||||
Other (1) | 36,212 | 8,696 | 4,657 | 49,565 | 1,154 | 50,719 | ||||||||||||||||||||||||||||||||
| Total revenues | 375,641 | 150,917 | 107,199 | 633,757 | 1,154 | 634,911 | ||||||||||||||||||||||||||||||||
| Segment (expenses) income | ||||||||||||||||||||||||||||||||||||||
| Payroll and related | (150,001) | (37,510) | (28,797) | (216,308) | — | (216,308) | ||||||||||||||||||||||||||||||||
| Operating expenses | (112,632) | (37,741) | (38,367) | (188,740) | — | (188,740) | ||||||||||||||||||||||||||||||||
| Cost of sales | (22,851) | (8,404) | (14,612) | (45,867) | — | (45,867) | ||||||||||||||||||||||||||||||||
Other segment items (2) (3) | 2,241 | 651 | (212) | 2,680 | (46,643) | (43,963) | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 92,398 | $ | 67,913 | $ | 25,211 | $ | 185,522 | $ | (45,489) | $ | 140,033 | ||||||||||||||||||||||||||
| Adjustments | ||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | (90,282) | |||||||||||||||||||||||||||||||||||||
| Non-cash lease benefit | 402 | |||||||||||||||||||||||||||||||||||||
| Share-based compensation | (9,249) | |||||||||||||||||||||||||||||||||||||
| Loss on disposal of assets | (10,240) | |||||||||||||||||||||||||||||||||||||
| Preopening and related expenses | (718) | |||||||||||||||||||||||||||||||||||||
System implementation costs (4) | (638) | |||||||||||||||||||||||||||||||||||||
| Other, net | (7,777) | |||||||||||||||||||||||||||||||||||||
| Interest expense, net | (30,665) | |||||||||||||||||||||||||||||||||||||
| Loss before income tax benefit | (9,134) | |||||||||||||||||||||||||||||||||||||
| Income tax benefit | 3,091 | |||||||||||||||||||||||||||||||||||||
| Net loss | $ | (6,043) | ||||||||||||||||||||||||||||||||||||
(1) Includes lease revenue accounted for under ASC 842 for the arrangements in which the Company is a lessor. Refer to “Note 2 — Summary of Significant Accounting Policies” and “Note 12 — Leases” for details.
(2) Other segment items for each reportable segment included the following items:
•Nevada Casino Resorts — expenses included depreciation and amortization, non-cash lease expense, share-based compensation, loss on disposal of assets, preopening and related expenses, interest expense, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.
•Nevada Locals Casinos — expenses included depreciation and amortization, non-cash lease expense, share-based compensation, loss on disposal of assets, interest expense, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.
•Nevada Taverns — expenses included depreciation and amortization, non-cash lease benefit, loss on disposal of assets, preopening and related expenses, interest expense, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.
(3) Other segment items in Corporate and Other included payroll and related, operating expenses, depreciation and amortization, non-cash lease benefit, share-based compensation, gain on disposal of assets, preopening and related expenses, system implementation cost, interest expense and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.
(4) System implementation costs represent expenses related to the implementation of new enterprise resource planning, finance, payroll, and human capital management software.
| Year Ended December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
| (In thousands) | Nevada Casino Resorts | Nevada Locals Casinos | Nevada Taverns | Distributed Gaming (1) | Total Reportable Segments | Corporate and Other | Consolidated | |||||||||||||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||||||||||||||||
| Gaming | $ | 155,472 | $ | 106,531 | $ | 51,283 | $ | 5,981 | $ | 319,267 | $ | — | $ | 319,267 | ||||||||||||||||||||||||||||||
| Food and beverage | 95,082 | 26,669 | 50,157 | 17 | 171,925 | — | 171,925 | |||||||||||||||||||||||||||||||||||||
| Rooms | 109,941 | 9,624 | — | — | 119,565 | — | 119,565 | |||||||||||||||||||||||||||||||||||||
Other (2) | 38,644 | 8,148 | 8,283 | 21 | 55,096 | 965 | 56,061 | |||||||||||||||||||||||||||||||||||||
| Total revenues | 399,139 | 150,972 | 109,723 | 6,019 | 665,853 | 965 | 666,818 | |||||||||||||||||||||||||||||||||||||
| Segment (expenses) income | ||||||||||||||||||||||||||||||||||||||||||||
| Payroll and related | (156,550) | (37,951) | (27,759) | — | (222,260) | — | (222,260) | |||||||||||||||||||||||||||||||||||||
| Operating expenses | (121,361) | (38,837) | (39,305) | — | (199,503) | — | (199,503) | |||||||||||||||||||||||||||||||||||||
| Cost of sales | (22,437) | (8,657) | (15,166) | — | (46,260) | — | (46,260) | |||||||||||||||||||||||||||||||||||||
Other segment items (3) (4) (5) | 4,547 | 977 | (356) | (5,535) | (367) | (43,053) | (43,420) | |||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 103,338 | $ | 66,504 | $ | 27,137 | $ | 484 | $ | 197,463 | $ | (42,088) | $ | 155,375 | ||||||||||||||||||||||||||||||
| Adjustments | ||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | (90,034) | |||||||||||||||||||||||||||||||||||||||||||
| Non-cash lease benefit | 380 | |||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | (10,434) | |||||||||||||||||||||||||||||||||||||||||||
| Gain on disposal of assets | 213 | |||||||||||||||||||||||||||||||||||||||||||
| Gain on sale of businesses | 69,238 | |||||||||||||||||||||||||||||||||||||||||||
| Loss on debt extinguishment and modification | (4,446) | |||||||||||||||||||||||||||||||||||||||||||
| Preopening and related expenses | (508) | |||||||||||||||||||||||||||||||||||||||||||
| Impairment of assets | (2,399) | |||||||||||||||||||||||||||||||||||||||||||
| Other, net | (9,707) | |||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | (34,884) | |||||||||||||||||||||||||||||||||||||||||||
| Income before income tax provision | 72,794 | |||||||||||||||||||||||||||||||||||||||||||
| Income tax provision | (22,063) | |||||||||||||||||||||||||||||||||||||||||||
| Net income | $ | 50,731 | ||||||||||||||||||||||||||||||||||||||||||
(1) Relates to the distributed gaming operations in Nevada sold on January 10, 2024.
(2) Includes lease revenue accounted for under ASC 842 for the arrangements in which the Company is a lessor. Refer to “Note 2 — Summary of Significant Accounting Policies” and “Note 12 — Leases” for details.
(3) Other segment items for each reportable segment included the following items:
•Nevada Casino Resorts — expenses included depreciation and amortization, non-cash lease benefit, share-based compensation, loss on disposal of assets, interest expense, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.
•Nevada Locals Casinos — expenses included depreciation and amortization, non-cash lease expense, gain on disposal of assets, impairment of assets, interest expense, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.
•Nevada Taverns — expenses included depreciation and amortization, non-cash lease benefit, loss on disposal of assets, interest expense, preopening expenses, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.
(4) Other segment items for the Distributed Gaming reportable segment divested in 2024 for the period of January 1, 2024 - January 10, 2024 included payroll and related, operating expenses, cost of sales and interest expense.
(5) Other segment items in Corporate and Other included payroll and related, operating expenses, depreciation and amortization, non-cash lease expense, share-based compensation, gain on disposal of assets, gain on sale of businesses, loss on debt extinguishment and modification, interest expense and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.
| Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (In thousands) | Nevada Casino Resorts | Nevada Locals Casinos | Nevada Taverns | Distributed Gaming | Maryland Casino Resort | Total Reportable Segments | Corporate and Other | Consolidated | ||||||||||||||||||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Gaming | $ | 160,371 | $ | 112,772 | $ | 52,817 | $ | 315,182 | $ | 33,159 | $ | 674,301 | $ | — | $ | 674,301 | ||||||||||||||||||||||||||||||||||
| Food and beverage | 98,748 | 26,372 | 51,642 | 765 | 4,881 | 182,408 | — | 182,408 | ||||||||||||||||||||||||||||||||||||||||||
| Rooms | 109,996 | 10,331 | — | — | 4,322 | 124,649 | — | 124,649 | ||||||||||||||||||||||||||||||||||||||||||
Other (1) | 43,943 | 7,960 | 4,756 | 4,733 | 1,094 | 62,486 | 9,305 | 71,791 | ||||||||||||||||||||||||||||||||||||||||||
| Total revenues | 413,058 | 157,435 | 109,215 | 320,680 | 43,456 | 1,043,844 | 9,305 | 1,053,149 | ||||||||||||||||||||||||||||||||||||||||||
| Segment (expenses) income | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Payroll and related | (147,730) | (36,884) | (25,052) | — | — | (209,666) | — | (209,666) | ||||||||||||||||||||||||||||||||||||||||||
| Operating expenses | (125,385) | (39,278) | (36,102) | — | — | (200,765) | — | (200,765) | ||||||||||||||||||||||||||||||||||||||||||
| Cost of sales | (22,531) | (8,545) | (15,447) | — | — | (46,523) | — | (46,523) | ||||||||||||||||||||||||||||||||||||||||||
Other segment items (2) (3) (4) | 2,844 | 1,118 | 68 | (286,135) | (30,804) | (312,909) | (60,764) | (373,673) | ||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 120,256 | $ | 73,846 | $ | 32,682 | $ | 34,545 | $ | 12,652 | $ | 273,981 | $ | (51,459) | $ | 222,522 | ||||||||||||||||||||||||||||||||||
| Adjustments | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | (88,933) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Non-cash lease benefit | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | (13,476) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Gain on disposal of assets | 228 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Gain on sale of businesses | 303,179 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Loss on debt extinguishment and modification | (1,734) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Preopening and related expenses | (760) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Impairment of assets | (12,072) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other, net | (11,491) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | (65,515) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Income before income tax provision | 331,963 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax provision | (76,207) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Net income | $ | 255,756 | ||||||||||||||||||||||||||||||||||||||||||||||||
(1) Includes lease revenue accounted for under ASC 842 for the arrangements in which the Company is a lessor. Refer to “Note 2 — Summary of Significant Accounting Policies” and “Note 12 — Leases” for details.
(2) Other segment items for each reportable segment included the following expenses:
•Nevada Casino Resorts — expenses included depreciation and amortization, non-cash lease benefit, gain on disposal of assets, interest expense, impairment of assets, preopening expenses, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.
•Nevada Locals Casinos — expenses included depreciation and amortization, non-cash lease expense, gain on disposal of assets, interest expense, preopening expenses, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.
•Nevada Taverns — expenses included depreciation and amortization, non-cash lease benefit, loss on disposal of assets, interest expense, preopening expenses, and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.
(3) Other segment items for the reportable segments divested in 2023:
•Distributed Gaming — expenses included payroll and related, operating expenses, depreciation and amortization, non-cash lease expense, gain on disposal of assets, interest expense and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.
•Maryland Casino Resort — expenses included payroll and related, operating expenses, interest expense and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.
(4) Other segment items in Corporate and Other included payroll and related, operating expenses, depreciation and amortization, non-cash lease expense, share-based compensation, gain on sale of businesses, loss on debt extinguishment and modification, interest expense and other non-cash charges that are deemed to be not indicative of the Company’s core operating results.
Assets
The Company’s assets by segment consisted of the following amounts:
| (In thousands) | Nevada Casino Resorts | Nevada Locals Casinos | Nevada Taverns | Total Reportable Segments | Corporate and Other | Consolidated | |||||||||||||||||||||||||||||
| Balance at December 31, 2025 | $ | 657,458 | $ | 152,365 | $ | 144,557 | $ | 954,380 | $ | 63,704 | $ | 1,018,084 | |||||||||||||||||||||||
| Balance at December 31, 2024 | $ | 714,907 | $ | 158,864 | $ | 151,633 | $ | 1,025,404 | $ | 54,502 | $ | 1,079,906 | |||||||||||||||||||||||
Capital Expenditures
The Company’s capital expenditures by segment consisted of the following amounts:
| (In thousands) | Nevada Casino Resorts (1) | Nevada Locals Casinos (2) | Nevada Taverns (3) | Distributed Gaming (4) | Maryland Casino Resort | Total Reportable Segments | Corporate and Other (5) | Consolidated | ||||||||||||||||||||||||||||||||||||||||||
| For the year ended December 31, 2025 | $ | 27,057 | $ | 8,698 | $ | 5,770 | $ | — | $ | — | $ | 41,525 | $ | 5,956 | $ | 47,481 | ||||||||||||||||||||||||||||||||||
| For the year ended December 31, 2024 | $ | 29,012 | $ | 11,648 | $ | 4,744 | $ | 240 | $ | — | $ | 45,644 | $ | 4,256 | $ | 49,900 | ||||||||||||||||||||||||||||||||||
| For the year ended December 31, 2023 | $ | 60,441 | $ | 5,691 | $ | 3,369 | $ | 9,537 | $ | 435 | $ | 79,473 | $ | 6,404 | $ | 85,877 | ||||||||||||||||||||||||||||||||||
(1)Capital expenditures in the Nevada Casino Resorts reportable segment excluded non-cash purchases of property and equipment of $0.5 million, $1.2 million, and $1.0 million as of December 31, 2025, 2024, and 2023, respectively.
(2)Capital expenditures in the Nevada Locals Casinos reportable segment excluded non-cash purchases of property and equipment of $0.2 million and $0.3 million as of December 31, 2025 and 2024, respectively.
(3)Capital expenditures in the Nevada Taverns reportable segment excluded non-cash purchases of property and equipment of $0.2 million, $0.2 million and $0.7 million as of December 31, 2025, 2024 and 2023, respectively.
(4)Capital expenditures in the Distributed Gaming reportable segment excluded non-cash purchases of property and
equipment of $0.2 million as of December 31, 2023.
(5)Capital expenditures for Corporate and Other excluded non-cash purchases of property and equipment of $0.3 million as of December 31, 2025, 2024 and 2023, respectively.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 12, 2021 | |
| 2019 | Mar 13, 2020 | |
| 2018 | Mar 18, 2019 | |
| 2017 | Mar 16, 2018 | |
| 2016 | Mar 16, 2017 | |
| 2015 | Mar 14, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.