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Summarized Quarterly Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information The following table summarizes the quarterly results of operations for the years ended December 31, 2018 and 2017:
 
Fiscal Quarter
(in thousands, except per share data)
First
 
Second (1)
 
Third
 
Fourth (2)
2018
 
 
 
 
 
 
 
Revenues
$
816,085

 
$
826,913

 
$
789,651

 
$
1,155,269

Operating income
$
172,134

 
$
181,755

 
$
155,843

 
$
124,360

Net income (loss)
$
45,437

 
$
53,988

 
$
36,125

 
$
(42,036
)
Earnings (loss) per common share:
 
 
 
 
 
 
 
Basic earnings (loss) per common share
$
0.50

 
$
0.59

 
$
0.39

 
$
(0.37
)
Diluted earnings (loss) per common share
$
0.48

 
$
0.57

 
$
0.38

 
$
(0.37
)
 
 
 
 
 
 
 
 
 
Fiscal Quarter
(in thousands, except per share data)
First (3)
 
Second (4)
 
Third (5)
 
Fourth (6)
2017
 
 
 
 
 
 
 
Revenues
$
776,224

 
$
796,463

 
$
806,247

 
$
769,036

Operating income
$
140,287

 
$
134,989

 
$
143,663

 
$
26,775

Net income (loss)
$
5,104

 
$
17,079

 
$
789,340

 
$
(338,060
)
Earnings (loss) per common share:
 
 
 
 
 
 
 
Basic earnings (loss) per common share
$
0.06

 
$
0.19

 
$
8.68

 
$
(3.72
)
Diluted earnings (loss) per common share
$
0.06

 
$
0.18

 
$
8.43

 
$
(3.72
)
(1)
During the second quarter 2018, the Company recorded a recovery of loan losses and unfunded loan commitments of $17.0 million relating to the JIVDC. See Note 5, “Acquisitions and Other Investments,” for further details.
(2)
During the fourth quarter 2018, we acquired Pinnacle, which resulted in the incurrence of $74.7 million in pre-opening and acquisition costs. See Note 5, “Acquisitions and Other Investments,” for further details. In addition, we recorded a $34.3 million impairment of long-lived assets. See
Note 7, “Property and Equipment,” for further details. Lastly, we recorded a $17.2 million loss on early extinguishment of debt. See Note 9, “Long-term Debt,” for more details.
(3)
During the first quarter 2017, PSG acquired DSG Amusement, Ltd., which operated two VGT routes. Additionally, we recorded a $23.4 million loss on early extinguishment of debt. See Note 9, “Long-term Debt,” for more details.
(4)
During the second quarter 2017, PSG acquired Advantage Gaming LLC, which operated two VGT routes, and the Company acquired 1st Jackpot Casino Tunica and Resorts Casino Tunica.
(5)
During the third quarter 2017, we released $766.2 million of our total valuation allowance, as discussed in Note 12, “Income Taxes.” In addition, we recorded $18.0 million of goodwill impairment, as discussed in Note 8, “Goodwill and Other Intangible Assets.” Lastly, PIV reached an agreement with the former shareholders of Rocket Speed to buy out the remaining contingent consideration, which resulted in a benefit in the amount of $22.2 million.
(6)
During the fourth quarter 2017, we wrote off $257.0 million of deferred tax assets due to the Tax Act. See Note 12, “Income Taxes,” for further information. We also recorded a $77.9 million provision relating to JIVDC loan losses and unfunded loan commitments.