10.REVENUE RECOGNITION

The Company derives revenue from:

(1)

contracts with customers,

(2)

financial instruments,

(3)

cost recovery payments, and

(4)

dividends from its cost investment.

A breakout of the Company’s derived revenue is presented in the table below.


	For the three months				For the nine months
	ended September 30,				ended September 30,
Amounts in thousands	2019		2018		2019		2018
Revenue from contracts with customers	$	52,935	$	43,564	$	150,990	$	123,834
Interest income		11		74		20		107
Cost recovery income		—		—		417		—
Dividend income		—		—		18		—
Total revenue	$	52,946	$	43,638	$	151,445	$	123,941

The Company operates gaming establishments as well as related lodging, restaurant, horse racing (including off-track betting) and entertainment facilities around the world. The Company generates revenue at its properties by providing the following types of products and services: gaming, hotel, food and beverage, and pari-mutuel and other. Disaggregation of the Company’s revenue from contracts with customers by type of revenue and geographical location is presented in the tables below.


	For the three months ended September 30, 2019
Amounts in thousands		Canada		United States		Poland		Corporate Other		Total
Gaming	$	13,252	$	7,637	$	20,107	$	1,023	$	42,019
Hotel		119		443		—		—		562
Food and beverage		4,021		1,022		215		167		5,425
Other		4,671		97		38		123		4,929
Net operating revenue	$	22,063	$	9,199	$	20,360	$	1,313	$	52,935


	For the three months ended September 30, 2018
Amounts in thousands		Canada		United States		Poland		Corporate Other		Total
Gaming	$	10,337	$	7,615	$	16,569	$	1,462	$	35,983
Hotel		129		446		—		—		575
Food and beverage		2,691		1,194		205		200		4,290
Other		2,526		105		(27)		112		2,716
Net operating revenue	$	15,683	$	9,360	$	16,747	$	1,774	$	43,564


	For the nine months ended September 30, 2019
Amounts in thousands		Canada		United States		Poland		Corporate Other		Total
Gaming	$	36,834	$	21,815	$	59,443	$	3,253	$	121,345
Hotel		365		1,137		—		—		1,502
Food and beverage		10,118		2,833		656		623		14,230
Other		13,036		288		122		467		13,913
Net operating revenue	$	60,353	$	26,073	$	60,221	$	4,343	$	150,990


	For the nine months ended September 30, 2018
Amounts in thousands		Canada		United States		Poland		Corporate Other		Total
Gaming	$	30,190	$	21,056	$	48,010	$	3,339	$	102,595
Hotel		396		1,138		—		—		1,534
Food and beverage		7,713		3,063		551		303		11,630
Other		7,391		285		134		265		8,075
Net operating revenue	$	45,690	$	25,542	$	48,695	$	3,907	$	123,834

For the majority of the Company’s contracts with customers, payment is made in advance of the services and contracts are settled on the same day the sale occurs with revenue recognized on the date of the sale. For contracts that are not settled, a contract liability is created. The expected duration of the performance obligation is less than one year.

The amount of revenue recognized that was included in the opening contract liability balance was $0.2 million for each of the three and nine months ended September 30, 2019 and 2018. This revenue consists primarily of the Company’s deferred gaming revenue from player points earned through play at the Company’s casinos located in the United States. Activity in the Company’s contract receivables and liabilities is presented in the tables below.


	For the three months				For the three months
	ended September 30, 2019				ended September 30, 2018
Amounts in thousands	Receivables		Contract Liability		Receivables		Contract Liability
Opening	$	310		242		260		193
Closing		308		228		281		236
Increase/(decrease)	$	(2)	$	(14)	$	21	$	43

	For the nine months				For the nine months
	ended September 30, 2019				ended September 30, 2018
Amounts in thousands	Receivables		Contract Liability		Receivables		Contract Liability
Opening	$	305	$	219	$	266	$	235
Closing		308		228		281		236
Increase/(decrease)	$	3	$	9	$	15	$	1

Receivables are included in accounts receivable and contract liabilities are included in accrued liabilities on the Company’s condensed consolidated balance sheets. There were no impairment losses for the Company’s receivables for the three and nine months ended September 30, 2019.

Substantially all of the Company’s contracts and contract liabilities have an original duration of one year or less. The Company applies the practical expedient for such contracts and does not consider the effects of the time value of money. Further, because of the short duration of these contracts, the Company has not disclosed the transaction price for the remaining performance obligations as of the end of each reporting period or when the Company expects to recognize this revenue.