| Schedule of segment operating results |
Segment operating results are as follows: | | | | | | | | | | | | | | | | Landlord | in thousands | | Hospitality | | Entertainment | | Operations | Three months ended June 30, 2026 | | | | | | | | | | Revenues from external customers | | $ | 7,153 | | $ | 19,639 | | $ | 7,498 | Inter-segment revenues | | | 31 | | | 184 | | | 1,404 | Total segment revenues | | | 7,184 | | | 19,823 | | | 8,902 | Hospitality costs | | | (8,333) | | | — | | | — | Entertainment costs | | | — | | | (16,169) | | | — | Operating costs | | | — | | | — | | | (6,947) | Segment Operating EBITDA | | $ | (1,149) | | $ | 3,654 | | $ | 1,955 | | | | | | | | | | | Three months ended June 30, 2025 | | | | | | | | | | Revenues from external customers | | $ | 15,177 | | | 19,908 | | | 4,716 | Inter-segment revenues | | | 20 | | | 210 | | | 5,055 | Total segment revenues | | | 15,197 | | | 20,118 | | | 9,771 | Hospitality costs | | | (23,079) | | | — | | | — | Entertainment costs | | | — | | | (15,411) | | | — | Operating costs | | | — | | | — | | | (7,739) | Segment Operating EBITDA | | $ | (7,882) | | $ | 4,707 | | $ | 2,032 | | | | | | | | | | | Six months ended June 30, 2026 | | | | | | | | | | Revenues from external customers | | $ | 12,321 | | | 24,137 | | | 10,569 | Inter-segment revenues | | | 110 | | | 184 | | | 3,804 | Total segment revenues | | | 12,431 | | | 24,321 | | | 14,373 | Hospitality costs | | | (21,036) | | | — | | | — | Entertainment costs | | | — | | | (23,459) | | | — | Operating costs | | | — | | | — | | | (13,932) | Segment Operating EBITDA | | $ | (8,605) | | $ | 862 | | $ | 441 | | | | | | | | | | | Six months ended June 30, 2025 | | | | | | | | | | Revenues from external customers | | $ | 22,912 | | | 24,117 | | | 8,841 | Inter-segment revenues | | | 20 | | | 210 | | | 9,730 | Total segment revenues | | | 22,932 | | | 24,327 | | | 18,571 | Hospitality costs | | | (43,507) | | | — | | | — | Entertainment costs | | | — | | | (22,488) | | | — | Operating costs | | | — | | | — | | | (15,818) | Segment Operating EBITDA | | $ | (20,575) | | $ | 1,839 | | $ | 2,753 |
The following table represents the reconciliation of Segment Operating EBITDA to Net loss in the Consolidated Statement of Operations: | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | in thousands | | 2026 | | 2025 | | | 2026 | | 2025 | Hospitality Operating EBITDA | | (1,149) | | (7,882) | | | (8,605) | | (20,575) | Entertainment Operating EBITDA | | 3,654 | | 4,707 | | | 862 | | 1,839 | Landlord Operating EBITDA | | 1,955 | | 2,032 | | | 441 | | 2,753 | Other corporate revenues(1) | | — | | 134 | | | — | | 145 | Other income (loss), net | | (672) | | (126) | | | (2,921) | | (126) | Loss on assets held for sale | | (1,434) | | — | | | (1,434) | | — | Equity in earnings (losses) from unconsolidated ventures | | 306 | | 782 | | | (658) | | 952 | Depreciation and amortization | | (6,818) | | (6,581) | | | (26,931) | | (14,672) | Interest income (expense) | | 689 | | 801 | | | 419 | | 1,795 | Provision for impairment | | — | | — | | | (339) | | — | General and administrative expenses | | (6,639) | | (8,291) | | | (14,695) | | (18,073) | Loss before income taxes | | (10,108) | | (14,424) | | | (53,861) | | (45,962) | Income tax benefit (expense) | | — | | — | | | — | | — | Net loss | $ | (10,108) | | (14,424) | | $ | (53,861) | | (45,962) |
(1) Ancillary management fees earned by the Company The following table represents the reconciliation of segment revenue to Total revenues in the Consolidated Statement of Operations: | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | in thousands | | 2026 | | 2025 | | | 2026 | | 2025 | Revenues from external customers | | 34,290 | | 39,801 | | | 47,027 | | 55,870 | Inter-segment revenues | | 1,619 | | 5,285 | | | 4,098 | | 9,960 | Elimination of inter-segment revenues | | (1,619) | | (5,285) | | | (4,098) | | (9,960) | Total revenues | $ | 34,290 | | 39,801 | | $ | 47,027 | | 55,870 |
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