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Quarterly Data (Unaudited)
12 Months Ended
Dec. 31, 2016
Quarterly Financial Data [Abstract]  
Quarterly Data (Unaudited)

Note 20. Quarterly Data (Unaudited)

The following table sets forth certain consolidated quarterly financial information for the years ended December 31, 2016, 2015 and 2014. The quarterly information only includes the operations of Silver Legacy and Circus Reno from the Reno Acquisition Date through December 31, 2016 and MTR Gaming from the MTR Merger Date through December 31, 2015.

 

 

 

Quarter Ended

 

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

 

 

(Dollars in thousands, except per share amounts)

 

2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

 

234,551

 

 

$

 

255,010

 

 

$

 

266,256

 

 

$

 

227,379

 

Less—promotional allowances

 

 

 

(20,985

)

 

 

 

(23,695

)

 

 

 

(24,691

)

 

 

 

(20,929

)

Net revenues

 

 

 

213,566

 

 

 

 

231,315

 

 

 

 

241,565

 

 

 

 

206,450

 

Operating expenses

 

 

 

194,854

 

 

 

 

200,768

 

 

 

 

208,731

 

 

 

 

189,405

 

Operating income

 

 

 

18,263

 

 

 

 

29,655

 

 

 

 

28,109

 

 

 

 

13,091

 

Net income

 

$

 

3,370

 

 

$

 

10,791

 

 

$

 

9,682

 

 

$

 

959

 

Basic net income per common share

 

$

 

0.07

 

 

$

 

0.23

 

 

$

 

0.21

 

 

$

 

0.02

 

Diluted net income per common share

 

$

 

0.07

 

 

$

 

0.23

 

 

$

 

0.20

 

 

$

 

0.02

 

Weighted average shares outstanding—basic

 

 

 

46,933,094

 

 

 

 

47,071,608

 

 

 

 

47,193,120

 

 

 

 

47,105,744

 

Weighted average shares outstanding—diluted

 

 

 

47,534,761

 

 

 

 

47,721,075

 

 

 

 

47,834,644

 

 

 

 

47,849,554

 

 

 

 

Quarter Ended

 

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

 

 

(Dollars in thousands, except per share amounts)

 

2015:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

 

182,809

 

 

$

 

198,356

 

 

$

 

199,536

 

 

$

 

203,840

 

Less—promotional allowances

 

 

 

(15,358

)

 

 

 

(15,723

)

 

 

 

(15,996

)

 

 

 

(17,680

)

Net revenues

 

 

 

167,451

 

 

 

 

182,633

 

 

 

 

183,540

 

 

 

 

186,160

 

Operating expenses

 

 

 

154,766

 

 

 

 

160,430

 

 

 

 

161,610

 

 

 

 

171,464

 

Operating income

 

 

 

12,084

 

 

 

 

23,059

 

 

 

 

24,092

 

 

 

 

13,281

 

Net (loss) income

 

$

 

(6,164

)

 

$

 

4,795

 

 

$

 

5,399

 

 

$

 

110,153

 

Basic net (loss) income per common share

 

$

 

(0.13

)

 

$

 

0.10

 

 

$

 

0.12

 

 

$

 

2.36

 

Diluted net (loss) income per common share

 

$

 

(0.13

)

 

$

 

0.10

 

 

$

 

0.12

 

 

$

 

2.33

 

Weighted average shares outstanding—basic

 

 

 

46,494,638

 

 

 

 

46,516,614

 

 

 

 

46,516,614

 

 

 

 

46,670,735

 

Weighted average shares outstanding—diluted

 

 

 

46,494,638

 

 

 

 

46,657,618

 

 

 

 

46,763,589

 

 

 

 

47,227,127

 

 

 

 

Quarter Ended

 

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

 

 

(Dollars in thousands, except per share amounts)

 

2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

 

67,083

 

 

$

 

72,725

 

 

$

 

90,528

 

 

$

 

179,936

 

Less—promotional allowances

 

 

 

(10,053

)

 

 

 

(10,976

)

 

 

 

(11,579

)

 

 

 

(15,841

)

Net revenues

 

 

 

57,030

 

 

 

 

61,749

 

 

 

 

78,949

 

 

 

 

164,095

 

Operating expenses

 

 

 

53,726

 

 

 

 

56,054

 

 

 

 

72,943

 

 

 

 

156,755

 

Operating income

 

 

 

1,552

 

 

 

 

6,775

 

 

 

 

2,778

 

 

 

 

6,450

 

Net (loss) income

 

$

 

(2,333

)

 

$

 

2,909

 

 

$

 

(4,064

)

 

$

 

(10,834

)

Basic and diluted net (loss) income per common

   share

 

$

 

(0.10

)

 

$

 

0.12

 

 

$

 

(0.16

)

 

$

 

(0.23

)

Weighted average shares outstanding—basic and

   diluted

 

 

 

23,311,492

 

 

 

 

23,311,492

 

 

 

 

26,075,022

 

 

 

 

46,441,249