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Acquisitions and Other Investments (Tables) | 12 Months Ended
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Dec. 31, 2019
Business Combinations And Other Investments [Abstract] |
Allocation of purchase price | 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 |

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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=116869197&loc=d3e4845-128472 + Details
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