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Quarterly Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Data [Abstract]  
Summary of Consolidated Quarterly Financial Information

The following table sets forth certain consolidated quarterly financial information for the years ended December 31, 2019, 2018 and 2017. The quarterly information only includes the operations of Elgin from the Elgin Acquisition date through December 31, 2019, operations of Tropicana from the Tropicana Acquisition date through December 31, 2019 and operations of Isle from the Isle Acquisition Date through December 31, 2019.

 

 

 

Quarter Ended

 

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

 

 

(Dollars in thousands, except per share amounts)

 

2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

 

 

635,823

 

 

 

 

637,121

 

 

 

 

663,181

 

 

 

 

592,124

 

Operating expenses

 

 

 

533,248

 

 

 

 

525,691

 

 

 

 

524,033

 

 

 

 

497,780

 

Operating income

 

 

 

123,604

 

 

 

 

102,550

 

 

 

 

124,907

 

 

 

 

58,912

 

Net income (loss)

 

$

 

38,229

 

 

$

 

18,936

 

 

$

 

37,055

 

 

$

 

(13,219

)

Basic net income (loss) per common share

 

$

 

0.49

 

 

$

 

0.24

 

 

$

 

0.48

 

 

$

 

(0.17

)

Diluted net income (loss) per common share

 

$

 

0.49

 

 

$

 

0.24

 

 

$

 

0.47

 

 

$

 

(0.17

)

Weighted average shares outstanding—basic

 

 

 

77,567,147

 

 

 

 

77,682,759

 

 

 

 

77,721,353

 

 

 

 

77,735,826

 

Weighted average shares outstanding—diluted (1)

 

 

 

78,589,110

 

 

 

 

78,725,289

 

 

 

 

78,449,747

 

 

 

 

77,735,826

 

(1)

Excluded from “Weighted average shares outstanding-diluted” are 108,272 stock options and 765,050 RSUs for the three months ended December 31, 2019 as the inclusion of these shares would have an anti-dilutive effect.

 

 

 

Quarter Ended

 

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

 

 

(Dollars in thousands, except per share amounts)

 

2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

 

 

440,192

 

 

 

 

456,802

 

 

 

 

487,253

 

 

 

 

671,760

 

Operating expenses

 

 

 

382,659

 

 

 

 

376,439

 

 

 

 

396,220

 

 

 

 

573,696

 

Operating income

 

 

 

54,194

 

 

 

 

77,414

 

 

 

 

91,769

 

 

 

 

86,726

 

Net income (loss)

 

$

 

20,855

 

 

$

 

36,796

 

 

$

 

37,704

 

 

$

 

(120

)

Basic net income per common share

 

$

 

0.27

 

 

$

 

0.48

 

 

$

 

0.49

 

 

$

 

0.00

 

Diluted net income per common share

 

$

 

0.27

 

 

$

 

0.47

 

 

$

 

0.48

 

 

$

 

0.00

 

Weighted average shares outstanding—basic

 

 

 

77,353,730

 

 

 

 

77,458,584

 

 

 

 

77,522,664

 

 

 

 

77,503,732

 

Weighted average shares outstanding—diluted (2)

 

 

 

78,080,049

 

 

 

 

78,258,629

 

 

 

 

78,283,588

 

 

 

 

77,503,732

 

 

(2)

Excluded from “Weighted average shares outstanding-diluted” are 100,091 stock options and 905,420 RSUs for the three months ended December 31, 2018 as the inclusion of these shares would have an anti-dilutive effect

 

 

 

Quarter Ended

 

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

 

 

(Dollars in thousands, except per share amounts)

 

2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

 

 

202,393

 

 

$

 

375,626

 

 

$

 

472,878

 

 

$

 

429,901

 

Operating expenses

 

 

 

186,561

 

 

 

 

320,480

 

 

 

 

389,273

 

 

 

 

416,211

 

Operating income (loss)

 

 

 

14,028

 

 

 

 

(30,467

)

 

 

 

81,493

 

 

 

 

29,756

 

Net income (loss)

 

$

 

945

 

 

$

 

(46,190

)

 

$

 

29,687

 

 

$

 

88,938

 

Basic net income (loss) per common share

 

$

 

0.02

 

 

$

 

(0.68

)

 

$

 

0.39

 

 

$

 

1.16

 

Diluted net income (loss) per common share

 

$

 

0.02

 

 

$

 

(0.68

)

 

$

 

0.38

 

 

$

 

1.14

 

Weighted average shares outstanding—basic

 

 

 

47,120,751

 

 

 

 

67,453,095

 

 

 

 

76,902,070

 

 

 

 

76,961,015

 

Weighted average shares outstanding—diluted (3)

 

 

 

48,081,281

 

 

 

 

67,453,095

 

 

 

 

77,959,689

 

 

 

 

77,998,742

 

(3)

Excluded from “Weighted average shares outstanding-diluted” are 78,435 stock options and 937,661 RSUs for the three months ended June 30, 2017 as the inclusion of these shares would have an anti-dilutive effect.