Acquisitions and Other Investments (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations And Other Investments [Abstract]

During the year ended December 31, 2019, subsequent to the date of acquisition, we made the following adjustments to the preliminary purchase price:



(in millions)	Estimated fair value, as previously reported⁽¹⁾		Measurement period adjustments			Estimated fair value, as adjusted
Cash and cash equivalents	$	31.1	$	—		$	31.1
Receivables, prepaid expenses, and other current assets	15.7		(1.2		)	14.5
Property and equipment	32.3		(3.9		)	28.4
Goodwill⁽²⁾	61.7		5.7			67.4
Other intangible assets
Gaming license	166.4		—			166.4
Trademark	24.4		—			24.4
Customer relationships	3.3		—			3.3
Operating lease right-of-use assets	516.1		—			516.1
Finance lease right-of-use assets	4.1		—			4.1
Other assets	0.2		(0.2		)	—
Total assets	$	855.3	$	0.4		$	855.7

Accounts payable, accrued expenses and other current liabilities	$	14.8	$	0.4		15.2
Operating lease liabilities	516.1		—			516.1
Finance lease liabilities	4.1		—			4.1
Total liabilities	535.0		0.4			535.4
Net assets acquired	$	320.3	$	—		$	320.3


(1)	Amounts were initially reported within the Company’s Quarterly Report on Form 10-Q for the three months ended June 30, 2019, filed with the SEC on August 8, 2019.

(2)

The goodwill has been assigned to our Northeast segment. The entire $67.4 million goodwill amount is deductible for tax purposes.

During the year ended December 31, 2019, prior to its finalization, we made the following adjustments to the preliminary purchase price allocation:



(in millions)	Estimated fair value, as previously reported⁽¹⁾		Measurement period adjustments			Fair value, as finalized
Cash and cash equivalents	$	10.7	$	—		$	10.7
Receivables, prepaid expenses, and other current assets	7.1		(0.1		)	7.0
Property and equipment	21.7		(1.0		)	20.7
Goodwill⁽²⁾	39.5		4.7			44.2
Other intangible assets
Gaming license	48.1		—			48.1
Customer relationships	2.3		—			2.3
Operating lease right-of-use assets	196.2		—			196.2
Total assets	$	325.6	$	3.6		$	329.2

Accounts payable, accrued expenses and other current liabilities	$	9.5	$	0.6		$	10.1
Operating lease liabilities	196.2		—			196.2
Total liabilities	205.7		0.6			206.3
Net assets acquired	$	119.9	$	3.0		$	122.9


(1)	Amounts were initially reported within the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2019, filed with the SEC on May 8, 2019.

(2)

The goodwill has been assigned to our South segment. The entire $44.2 million goodwill amount is deductible for tax purposes.

During the year ended December 31, 2019, prior to its finalization, we made the following adjustments to the preliminary purchase price allocation:



(in millions)	Estimated fair value, as previously reported⁽¹⁾		Measurement period adjustments			Fair value, as finalized
Cash and restricted cash	$	124.2	$	—		$	124.2
Assets held for sale	667.0		0.5			667.5
Other current assets	80.6		0.5			81.1
Property and equipment - non-Pinnacle Master Lease	318.9		(0.3		)	318.6
Property and equipment - Pinnacle Master Lease ⁽²⁾	3,984.1		(29.2		)	3,954.9
Goodwill ⁽³⁾	219.5		18.7			238.2
Other intangible assets
Gaming licenses	1,046.0		21.6			1,067.6
Trademarks	298.0		—			298.0
Customer relationships	22.4		—			22.4
Other long-term assets	38.9		—			38.9
Total assets	$	6,799.6	$	11.8		$	6,811.4

Long-term financing obligation, including current portion ⁽⁴⁾	$	3,427.0	$	5.5		$	3,432.5
Other current liabilities	200.6		5.5			206.1
Deferred tax liabilities	339.2		0.8			340.0
Other long-term liabilities	16.6		—			16.6
Total liabilities	3,983.4		11.8			3,995.2
Net assets acquired	$	2,816.2	$	—		$	2,816.2


(1)	Amounts were initially reported within the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019.


(2)	Includes buildings, boats, vessels, barges, and implied land and land use rights. Land use rights represent the intangible value of the Company’s ability to utilize and access land associated with long term ground lease agreements that give the Company the exclusive rights to operate the casino gaming facilities associated with such agreements.


(3)	See Note 8, “Goodwill and Other Intangible Assets,” for details on the impact to each reportable segment.

(4)

Long-term financing obligation, including current portion represents the financing obligation associated with Pinnacle Master Lease, as amended.

Actual and pro forma financial results

The following table includes the financial results of Margaritaville since the acquisition date, which is included within our Consolidated Statement of Income for the year ended December 31, 2019:



(in millions)	For the year ended December 31, 2019
Revenues	$	157.6
Net income	$	13.7

The below pro forma results do not include any adjustments related to synergies.



	For the year ended December 31,
(in millions)	2019		2018		2017
Revenues	$	5,434.9	$	5,552.2	$	5,036.6
Net income (loss)	$	64.9	$	101.9	$	(38.0	)

The following table includes the financial results of Greektown since the acquisition date, which is included within our Consolidated Statement of Income for the year ended December 31, 2019:



(in millions)	Period from May 23, 2019 through December 31, 2019
Revenues	$	195.9
Net income	$	10.9