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Acquisitions and Dispositions (Tables)
 12 Months Ended
Dec. 31, 2020
Business Combinations And Other Investments [Abstract]  
Schedule of Allocation of Purchase Price and Adjustments
During the first quarter of 2020, the Company finalized the allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed which resulted in no measurement period adjustments for the year ended December 31, 2020. The fair value is as follows:
(in millions)Fair value
Cash and cash equivalents$31.1 
Receivables, prepaid expenses, and other current assets14.5 
Property and equipment28.4 
Goodwill (1)
67.4 
Other intangible assets
Gaming license166.4 
Trademark24.4 
Customer relationships3.3 
Operating lease right-of-use assets516.1 
Finance lease right-of-use assets4.1 
Other assets— 
Total assets$855.7 
 
Accounts payable, accrued expenses and other current liabilities$15.2 
Operating lease liabilities516.1 
Finance lease liabilities4.1 
Total liabilities535.4 
Net assets acquired$320.3 
(1)The goodwill has been assigned to our Northeast segment. The entire $67.4 million goodwill amount is deductible for tax purposes.
During the fourth quarter of 2019, the Company finalized the allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed, with the excess recorded as goodwill as follows:
(in millions)Fair value
Cash and cash equivalents$10.7 
Receivables, prepaid expenses, and other current assets7.0 
Property and equipment20.7 
Goodwill (1)
44.2 
Other intangible assets
Gaming license48.1 
Customer relationships2.3 
Operating lease right-of-use assets196.2 
Total assets$329.2 
  
Accounts payable, accrued expenses and other current liabilities$10.1 
Operating lease liabilities196.2 
Total liabilities206.3 
Net assets acquired$122.9 
(1)The goodwill has been assigned to our South segment. The entire $44.2 million goodwill amount is deductible for tax purposes.
:
(in millions)Fair value
Cash and restricted cash$124.2 
Assets held for sale667.5 
Other current assets81.1 
Property and equipment - non-Pinnacle Master Lease318.6 
Property and equipment - Pinnacle Master Lease (1)
3,954.9 
Goodwill (2)
238.2 
Other intangible assets
Gaming licenses1,067.6 
Trademarks298.0 
Customer relationships22.4 
Other long-term assets38.9 
Total assets$6,811.4 
  
Long-term financing obligation, including current portion (3)
$3,432.5 
Current liabilities206.1 
Deferred income taxes340.0 
Other long-term liabilities16.6 
Total liabilities3,995.2 
Net assets acquired$2,816.2 
(1)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.
(2)See Note 9, “Goodwill and Other Intangible Assets,” for details on the impact to each reportable segment.
(3)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 Greektown from the acquisition date through December 31, 2019, which is included within our Consolidated Statements of Operations and Comprehensive Income (Loss) 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 
The following table includes the financial results of Margaritaville from the acquisition date through December 31, 2019, which is included within our Consolidated Statements of Operations and Comprehensive Income (Loss) 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)20192018
Revenues$5,434.9 $5,552.2 
Net income (loss)$64.9 $101.9