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Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2019
Business Combinations [Abstract] |
Allocation of purchase price | The following table reflects the preliminary allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed, with the excess recorded as goodwill:
(in thousands) | January 1, 2019
Cash and cash equivalents | $ | 10,756 |
Receivables, prepaid expenses, and other current assets | 7,058 |
Property and equipment | 21,731 |
Goodwill (1) | 39,457 |
Other intangible assets |
Gaming licenses | 48,100 |
Customer relationships | 2,300 |
Operating lease right-of-use assets | 196,212 |
Total assets | $ | 325,614 |
Accounts payable, accrued expenses, and other current liabilities | $ | 9,511 |
Operating lease liabilities | 196,212 |
Total liabilities | 205,723 |
Net assets acquired | $ | 119,891 |
(1) The goodwill has been assigned to our South segment. The entire $39.5 million goodwill amount is deductible for tax purposes.
Actual and pro forma financial results |
| For the three months ended March 31,
(in thousands) | 2019 |  | 2018
Revenues | $ | 1,282,571 |  |  | $ | 1,323,247 |
Net income attributable to Penn National Gaming, Inc. | $ | 43,426 |  |  | $ | 47,144 |
The following table includes the financial results of the Margaritaville Resort Casino since the acquisition date which is included within our unaudited Condensed Consolidated Statement of Operations for the three months ended March 31, 2019:
(in thousands) | Period from January 1, 2019 through March 31, 2019
Revenues | $ | 41,499 |
Net income | $ | 4,961 |
Adjustments to purchase price allocation | During the three months ended March 31, 2019, we made the following adjustments to the preliminary purchase price allocation:
(in thousands) | Increase/(Decrease)
Property and equipment - Pinnacle Master Lease (1) | $ | (29,200 | )
Goodwill (2) | 11,617 |
Other intangible assets |
Gaming licenses | 21,600 |
Total assets | $ | 4,017 |
Long-term financing obligation, including current portion (3) | $ | 5,517 |
Deferred tax liabilities | (1,500 | )
Total liabilities | 4,017 |
Net assets acquired | $ | — |
(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 7, “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.

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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