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Subsequent Events | 6 Months Ended
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Jun. 30, 2016
Subsequent Events |
Subsequent Events | 11. Subsequent Events On August 3, 2016, the Company announced that it entered into a definitive stock purchase agreement effective July 28, 2016, to acquire all of social casino game developer, Rocket Games, Inc. (“Rocket”), for $60 million in cash, subject to a number of adjustments based on, among other things, Rocket’s working capital, cash and outstanding indebtedness. The Stock Purchase Agreement also provides for contingent consideration over the next two years, up to a cap of $110 million, which ultimate amount will be based off of multiples of Rocket’s then-trailing twelve months of earnings before interest, taxes, depreciation and amortization. The acquisition closed on August 1, 2016 and was funded by Penn with cash on hand and borrowings under its revolving line of credit.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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