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REVENUE RECOGNITION (Tables)
 6 Months Ended
Jun. 30, 2018
ASU 2014-09  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Impact of adoption of ASC 606 on consolidated income statement

In accordance with the new revenue standard requirements, below is a disclosure of the impact of the adoption of ASC 606 on our consolidated income statement for the period ended June 30,  2018 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2018

 

Six Months Ended June 30, 2018

 

 

 

 

 

 

Post ASC 606 Adoption

 

ASC 606 Changes

 

Pre ASC 606 Adoption

 

 

Post ASC 606 Adoption

 

ASC 606 Changes

 

Pre ASC 606 Adoption

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Casino

 

$

31,142

$

14,825

$

45,967

 

$

61,087

$

28,586

$

89,673

 

(a) (b) (c) (d)

 

  Food and beverage

 

 

17,541

 

(1,363)

 

16,178

 

 

34,479

 

(2,816)

 

31,663

 

(a) (d) (e)

 

  Hotel

 

 

8,097

 

(1,279)

 

6,818

 

 

14,460

 

(1,937)

 

12,523

 

(a) (f)

 

  Other

 

 

3,129

 

20

 

3,149

 

 

6,151

 

44

 

6,195

 

(a) (d)

 

    Gross revenues

 

 

59,909

 

12,203

 

72,112

 

 

116,177

 

23,877

 

140,054

 

 

 

  Less promotional allowances

 

 

 —

 

(12,374)

 

(12,374)

 

 

 —

 

(24,193)

 

(24,193)

 

(a) (d)

 

    Net revenues

 

 

59,909

 

(171)

 

59,738

 

 

116,177

 

(316)

 

115,861

 

(b) (c) (e) (f)

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Casino

 

 

10,856

 

8,049

 

18,905

 

 

21,552

 

16,331

 

37,883

 

(b) (c) (g)

 

  Food and beverage

 

 

13,196

 

(6,944)

 

6,252

 

 

26,290

 

(13,867)

 

12,423

 

(e) (g)

 

  Hotel

 

 

3,056

 

(760)

 

2,296

 

 

6,555

 

(1,733)

 

4,822

 

(f) (g)

 

  Other

 

 

1,565

 

(516)

 

1,049

 

 

3,110

 

(1,047)

 

2,063

 

(g)

 

  Selling, general and administrative

 

 

16,152

 

 —

 

16,152

 

 

31,337

 

 —

 

31,337

 

 

 

  Depreciation and amortization

 

 

3,738

 

 —

 

3,738

 

 

7,430

 

 —

 

7,430

 

 

 

  Loss on disposition of assets

 

 

 4

 

 —

 

 4

 

 

 4

 

 —

 

 4

 

 

 

    Total operating expenses

 

 

48,567

 

(171)

 

48,396

 

 

96,278

 

(316)

 

95,962

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

9,239

 

 —

 

9,239

 

 

15,980

 

 —

 

15,980

 

 

 

Basic

 

$

0.52

$

 —

$

0.52

 

$

0.90

$

 —

$

0.90

 

 

 

Diluted

 

$

0.50

$

 —

$

0.50

 

$

0.86

$

 —

$

0.86

 

 

 

 

(a)

Change as a result of reclassification of current period complimentaries at estimated retail price from promotional allowances to casino, food and beverage, hotel, spa and retail revenues.

(b)

Change as a result of reclassification of the earned and unused points during the period from casino expense to casino revenue.

(c)

Change as a result of reclassification of the wide area progressive system expense from casino revenue to casino expense.

(d)

Change as a result of the change of the casino floor bars menu prices and some retail outlets prices from discounted to retail price.

(e)

Change as a result of reclassification of the banquets service fees from food and beverage expense to food and beverage revenue.

(f)

Change as a result of reclassification of the groups rebate and commissions from hotel expense to hotel revenue.

Change as a result of the elimination of the reclassification journal entry that reclassified the costs of complimentaries from hotel, food and beverage and other expense categories to casino expense. Under ASC 606, the costs of complimentaries stay in the complimentaries revenue producing department.