ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Schedule of Consideration Transferred

(in thousands, except share and per share data)	March 28, 2019
Dover Downs shares outstanding	33,125,997
Closing Dover Downs share price on March 27, 2019	$	2.62
Total fair value of Dover Downs stock purchased *	$	86,790
Cash paid by the Company at closing, including amounts to retire Dover Downs debt, inclusive of accrued interest	$	29,096
Consideration transferred	$	115,886
*Shares issued at approximately $29.15 per share when considering the fair value of stock purchased and number of Company shares issued in conjunction with the acquisition.

Schedule of Assets Acquired and Liabilities Assumed

The following table summarizes the consideration paid and the fair values of the assets acquired and liabilities assumed based on preliminary and final valuations. The Company has recorded adjustments to the opening balance sheet, as reflected in the table below, as a result of final valuation procedures performed on balance sheet amounts.

	As of March 28, 2019
(in thousands)	Preliminary as of March 31, 2019			Year to Date Adjustments			Final as of December 31, 2019
Cash	$	19,500		$	—		$	19,500
Accounts receivable	5,674			—			5,674
Due from State of Delaware	2,535			—			2,535
Inventory	1,891			(498		)	1,393
Prepaid expenses and other assets	2,586			(107		)	2,479
Property and equipment	103,657			(5,378		)	98,279
Right of use asset	1,333			—			1,333
Intangible assets	5,110			—			5,110
Deferred income tax assets	6,655			5,224			11,879
Other assets	320			—			320
Goodwill	—			1,047			1,047
Accounts payable	(7,470		)	97			(7,373		)
Purses due to horseman	(2,613		)	—			(2,613		)
Accrued and other current liabilities	(13,014		)	(499		)	(13,513		)
Lease obligations	(1,333		)	—			(1,333		)
Pension benefit obligations	(6,613		)	—			(6,613		)
Other long-term liabilities	(2,332		)	114			(2,218		)
Total purchase price	$	115,886		$	—		$	115,886

Schedule of Supplemental Pro Forma Information

The following table represents unaudited supplemental pro forma consolidated revenue and net income based on Dover Downs’ historical reporting periods as if the acquisition had occurred as of January 1, 2018:

	Year Ended
(in thousands, except per share data)	December 31, 2019		December 31, 2018
Revenue	$	546,634	$	534,140
Net income	$	61,945	$	62,792
Net income applicable to common stockholders	$	61,945	$	63,432
Net income per share, basic	$	1.64	$	1.59
Net income per share, diluted	$	1.64	$	1.53