Subsequent Event

9 Months Ended

Sep. 30, 2019

Subsequent Events [Abstract]

Subsequent Event

SUBSEQUENT EVENT

Turfway Park Acquisition

On October 3, 2019, the Company announced that it signed a definitive agreement to acquire Turfway Park in Florence, Kentucky from Jack Ohio LLC, an affiliate of JACK Entertainment LLC ("JACK") and Hard Rock International ("Hard Rock") for total consideration of $46.0 million in cash ("Turfway Park Acquisition"), subject to certain working capital and other purchase price adjustments.

On October 9, 2019, the Company completed the Turfway Park Acquisition upon receiving the necessary approval from the Kentucky Horse Racing Commission on October 8, 2019.

The Turfway Park Acquisition was funded with the Company's cash on hand. Of the $46.0 million total consideration, $36.0 million (subject to working capital and other purchase price adjustments) was paid to JACK and accounted for as a business combination. The preliminary allocation of the $36.0 million purchase price to the underlying net assets has not yet been completed. The remaining $10.0 million was paid to Hard Rock for the assignment of the purchase and sale agreement rights and was accounted for separately from the business combination as an intangible asset and will be amortized through expense in the fourth quarter of 2019.

Annual Cash Dividend

At its regularly scheduled meeting held October 29, 2019, the Board of Directors of the Company declared an annual cash dividend of $0.581 per share, to be paid on January 3, 2020, to all shareholders of record on December 6, 2019.