Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Property, Plant and Equipment, Estimated Useful Life


Buildings and improvements		10 to 40 years
Land improvements		10 to 20 years
Furniture, fixtures and equipment		3 to 20 years
Riverboat		10 to 25 years

Summary of Net Revenues Disaggregated Type of Revenue and Reportable Segment

The Company’s consolidated statement of operations presents net revenue disaggregated by type or nature of the good or service (i.e., casino, pari-mutuel, food and beverage, hotel and other). A summary of net revenues disaggregated by type of revenue and reportable segment is presented below (amounts in thousands). Refer to Note 18 for a discussion of the Company’s reportable segments.

	Twelve Months Ended December 31, 2017
	West		Midwest		South		East		Corporate and Other		Total
Casino	$	186,779	$	231,366	$	262,937	$	403,932	$	—	$	1,085,014
Pari-mutuel commissions		—		—		5,743		8,270		—		14,013
Food and beverage		102,244		20,452		42,114		33,436		—		198,246
Hotel		91,811		12,177		21,459		7,891		—		133,338
Other		29,485		4,884		6,006		9,306		506		50,187
Net revenues	$	410,319	$	268,879	$	338,259	$	462,835	$	506	$	1,480,798

	Twelve Months Ended December 31, 2016
	West		Midwest		South		East		Corporate and Other		Total
Casino	$	121,623	$	—	$	92,108	$	377,740	$	—	$	591,471
Pari-mutuel commissions		—		—		—		8,544		—		8,544
Food and beverage		96,708		—		26,133		32,376		—		155,217
Hotel		79,880		—		12,246		8,336		—		100,462
Other		29,330		—		3,070		12,371		—		44,771
Net revenues	$	327,541	$	—	$	133,557	$	439,367	$	—	$	900,465

	Twelve Months Ended December 31, 2015
	West		Midwest		South		East		Corporate and Other		Total
Casino	$	52,547	$	—	$	98,051	$	392,006	$	—	$	542,604
Pari-mutuel commissions		—		—		—		8,996		—		8,996
Food and beverage		45,556		—		25,028		32,237		—		102,821
Hotel		23,502		—		11,940		8,452		—		43,894
Other		8,607		—		3,298		14,125		—		26,030
Net revenues	$	130,212	$	—	$	138,317	$	455,816	$	—	$	724,345

Schedule of Impact of Adoption Previously Reported Condensed Consolidated Balance Sheets, Statements of Income, Cash Flows

The impact of adoption of ASC 606 to the previously reported condensed Consolidated Balance Sheets as of December 31, 2017 and 2016 was as follows:

	As of December 31, 2017
(In thousands)	As Reported		ASC 606 Adjustments			As Adjusted
Accrued other liabilities	$	61,346	$	4,692		$	66,038
Deferred income taxes		164,130		(1,163	)		162,967
Total liabilities		2,601,346		3,529			2,604,875
Retained earnings		198,500		(3,529	)		194,971
Total stockholders' equity		945,126		(3,529	)		941,597
Total liabilities and stockholders' equity		3,546,472		—			3,546,472

	As of December 31, 2016
(In thousands)	As Reported		ASC 606 Adjustments			As Adjusted
Accrued other liabilities	$	27,648	$	3,856		$	31,504
Deferred income taxes		90,385		(1,374	)		89,011
Total liabilities		995,593		2,482			998,075
Retained earnings		124,560		(2,482	)		122,078
Total stockholders' equity		298,451		(2,482	)		295,969
Total liabilities and stockholders' equity		1,294,044		—			1,294,044

The impact of adoption ASC 606 to the previously reported Consolidated Statements of Income for the years ended December 31, 2017, 2016 and 2015 was as follows:

	For the Year Ended
	December 31, 2017
(In thousands)	As Reported			ASC 606 Adjustments			As Adjusted
REVENUES:
Casino	$	1,228,540		$	(143,526	)	$	1,085,014
Pari-mutuel commissions		14,134			(121	)		14,013
Food and beverage		193,260			4,986			198,246
Hotel		119,095			14,243			133,338
Other		51,560			(1,373	)		50,187
		1,606,589			(125,791	)		1,480,798
Less-promotional allowances		(133,085	)		133,085			—
Net operating revenues		1,473,504			7,294			1,480,798
EXPENSES:
Casino		638,362			(90,924	)		547,438
Pari-mutuel commissions		13,509			142			13,651
Food and beverage		94,723			75,125			169,848
Hotel		34,282			16,293			50,575
Other		26,030			6,126			32,156
Marketing and promotions		82,525			649			83,174
General and administrative		241,095			(58	)		241,037
Corporate		30,739			—			30,739
Impairment charges		38,016			—			38,016
Depreciation and amortization		105,891			—			105,891
Total operating expenses		1,305,172			7,353			1,312,525
LOSS ON SALE OR DISPOSAL OF PROPERTY AND EQUIPMENT		(319	)		—			(319	)
PROCEEDS FROM TERMINATED SALE		20,000			—			20,000
TRANSACTION EXPENSES		(92,777	)		—			(92,777	)
EQUITY IN (LOSS) INCOME OF UNCONSOLIDATED AFFILIATES		(367	)		—			(367	)
OPERATING INCOME		94,869			(59	)		94,810
OTHER INCOME (EXPENSE):
Interest expense, net		(99,769	)		—			(99,769	)
Loss on early retirement of debt, net		(38,430	)		—			(38,430	)
Total other expense		(138,199	)		—			(138,199	)
NET (LOSS) INCOME BEFORE INCOME TAXES		(43,330	)		(59	)		(43,389	)
BENEFIT (PROVISION) FOR INCOME TAXES		117,270			(501	)		116,769
NET INCOME	$	73,940		$	(560	)	$	73,380
Net Income per share of Common Stock:
Basic	$	1.10		$	(0.01	)	$	1.09
Diluted	$	1.09		$	(0.01	)	$	1.08
Weighted Average Basic Shares Outstanding		67,133,531			—			67,133,531
Weighted Average Diluted Shares Outstanding		68,102,814			—			68,102,814

	For the Year Ended
	December 31, 2016
(In thousands)	As Reported			ASC 606 Adjustments			As Adjusted
REVENUES:
Casino	$	693,013		$	(101,542	)	$	591,471
Pari-mutuel commissions		8,600			(56	)		8,544
Food and beverage		142,032			13,185			155,217
Hotel		94,312			6,150			100,462
Other		45,239			(468	)		44,771
		983,196			(82,731	)		900,465
Less-promotional allowances		(90,300	)		90,300			—
Net operating revenues		892,896			7,569			900,465
EXPENSES:
Casino		390,325			(47,892	)		342,433
Pari-mutuel commissions		9,787			—			9,787
Food and beverage		81,878			40,720			122,598
Hotel		30,746			10,466			41,212
Other		26,921			3,855			30,776
Marketing and promotions		40,600			290			40,890
General and administrative		130,172			548			130,720
Corporate		19,880			—			19,880
Depreciation and amortization		63,449			—			63,449
Total operating expenses		793,758			7,987			801,745
LOSS ON SALE OR DISPOSAL OF PROPERTY AND EQUIPMENT		(836	)		—			(836	)
TRANSACTION EXPENSES		(9,184	)		—			(9,184	)
OPERATING INCOME		89,118			(418	)		88,700
OTHER INCOME (EXPENSE):
Interest expense, net		(50,917	)		—			(50,917	)
Loss on early retirement of debt, net		(155	)		—			(155	)
Total other expense		(51,072	)		—			(51,072	)
NET (LOSS) INCOME BEFORE INCOME TAXES		38,046			(418	)		37,628
BENEFIT (PROVISION) FOR INCOME TAXES		(13,244	)		143			(13,101	)
NET INCOME	$	24,802		$	(275	)	$	24,527
Net Income per share of Common Stock:
Basic	$	0.53		$	(0.01	)	$	0.52
Diluted	$	0.52		$	(0.01	)	$	0.51
Weighted Average Basic Shares Outstanding		47,033,311			—			47,033,311
Weighted Average Diluted Shares Outstanding		47,701,562			—			47,701,562

	For the Year Ended
	December 31, 2015
(In thousands)	As Reported			ASC 606 Adjustments			As Adjusted
REVENUES:
Casino	$	614,227		$	(71,623	)	$	542,604
Pari-mutuel commissions		9,031			(35	)		8,996
Food and beverage		97,740			5,081			102,821
Hotel		37,466			6,428			43,894
Other		26,077			(47	)		26,030
		784,541			(60,196	)		724,345
Less-promotional allowances		(64,757	)		64,757			—
Net operating revenues		719,784			4,561			724,345
EXPENSES:
Casino		357,572			(36,956	)		320,616
Pari-mutuel commissions		9,973			—			9,973
Food and beverage		52,606			31,961			84,567
Hotel		11,307			6,686			17,993
Other		15,325			2,150			17,475
Marketing and promotions		31,227			129			31,356
General and administrative		96,870			486			97,356
Corporate		16,469			—			16,469
Depreciation and amortization		56,921			—			56,921
Total operating expenses		648,270			4,456			652,726
LOSS ON SALE OR DISPOSAL OF PROPERTY AND EQUIPMENT		(6	)		—			(6	)
TRANSACTION EXPENSES		(2,452	)		—			(2,452	)
EQUITY IN (LOSS) INCOME OF UNCONSOLIDATED AFFILIATES		3,460			—			3,460
OPERATING INCOME		72,516			105			72,621
OTHER INCOME (EXPENSE):
Interest expense, net		(61,558	)		—			(61,558	)
Gain on valuation of unconsolidated affiliate		35,582			—			35,582
Loss on early retirement of debt, net		(1,937	)		—			(1,937	)
Total other expense		(27,913	)		—			(27,913	)
NET (LOSS) INCOME BEFORE INCOME TAXES		44,603			105			44,708
BENEFIT (PROVISION) FOR INCOME TAXES		69,580			(42	)		69,538
NET INCOME	$	114,183		$	63		$	114,246
Net Income per share of Common Stock:
Basic	$	2.45		$	—		$	2.45
Diluted	$	2.43		$	—		$	2.43
Weighted Average Basic Shares Outstanding		46,550,042			—			46,550,042
Weighted Average Diluted Shares Outstanding		47,008,980			—			47,008,980

The impact of adoption of ASU 2016-18 and ASC 606 to the previously reported condensed Consolidated Statements of Cash Flows for the years ended December 31, 2017, 2016 and 2015 was as follows:

	As of December 31, 2017
(In thousands)	As Reported			ASC 606 Adjustments			ASU 2016-18 Adjustments			As Adjusted
Net income	$	73,940		$	(560	)		—		$	73,380
(Benefit) provision for deferred income taxes		(113,062	)		501			—			(112,561	)
Accounts payable and accrued liabilities		(18,165	)		59			—			(18,106	)
Net cash provided by operating activities		130,241			—			(355	)		129,886
Net cash used in investing activities		(1,407,775	)		—			11,094			(1,396,681	)

Cash, cash equivalents and restricted cash, beginning of period		61,029			—			2,414			63,443
Increase in cash, cash equivalents and restricted cash		73,567			—			10,739			84,306
Cash, cash equivalents and restricted cash, end of period	$	134,596		$	—		$	13,153		$	147,749

	As of December 31, 2016
(In thousands)	As Reported			ASC 606 Adjustments			ASU 2016-18 Adjustments			As Adjusted
Net income	$	24,802		$	(275	)		—		$	24,527
(Benefit) provision for deferred income taxes		11,344			(143	)		—			11,201
Accounts payable and accrued liabilities		(6,767	)		418			—			(6,349	)
Net cash provided by operating activities		97,570			—			(2,857	)		94,713

Cash, cash equivalents and restricted cash, beginning of period		78,278			—			5,271			83,549
Decrease in cash, cash equivalents and restricted cash		(17,249	)		—			(2,857	)		(20,106	)
Cash, cash equivalents and restricted cash, end of period	$	61,029		$	—		$	2,414		$	63,443

	As of December 31, 2015
(In thousands)	As Reported			ASC 606 Adjustments			ASU 2016-18 Adjustments			As Adjusted
Net income	$	114,183		$	63			—		$	114,246
(Benefit) provision for deferred income taxes		(70,773	)		42			—			(70,731	)
Accounts payable and accrued liabilities		4,855			(105	)		—			4,750
Net cash provided by operating activities		56,715			—			(711	)		56,004
Net cash used in investing activities		(158,754	)		—			(2,252	)		(161,006	)

Cash, cash equivalents and restricted cash, beginning of period		87,604			—			8,234			95,838
Decrease in cash, cash equivalents and restricted cash		(9,326	)		—			(2,963	)		(12,289	)
Cash, cash equivalents and restricted cash, end of period	$	78,278		$	—		$	5,271		$	83,549