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Acquisitions and Dispositions (Tables) | 12 Months Ended
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Dec. 31, 2021
Business Combination and Asset Acquisition [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, with the excess recorded as goodwill as follows:
(in millions) | Fair value
Cash and cash equivalents | $ | 31.1 |
Receivables, prepaid expenses, and other current assets | 14.5 |
Property and equipment | 28.4 |
Goodwill (1) | 67.4 |
Other intangible assets |
Gaming license | 166.4 |
Trademark | 24.4 |
Customer relationships | 3.3 |
Operating lease right-of-use assets | 516.1 |
Finance lease right-of-use assets | 4.1 |
Other assets | — |
Total assets | $ | 855.7 |
Accounts payable, accrued expenses and other current liabilities | $ | 15.2 |
Operating lease liabilities | 516.1 |
Finance lease liabilities | 4.1 |
Total liabilities | 535.4 |
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 assets | 7.0 |
Property and equipment | 20.7 |
Goodwill (1) | 44.2 |
Other intangible assets |
Gaming license | 48.1 |
Customer relationships | 2.3 |
Operating lease right-of-use assets | 196.2 |
Total assets | $ | 329.2 |
Accounts payable, accrued expenses and other current liabilities | $ | 10.1 |
Operating lease liabilities | 196.2 |
Total liabilities | 206.3 |
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. 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 millions) | Fair value
Cash and cash equivalents | $ | 160.3
Other current assets | 22.8
ROU assets | 2.6
Property and equipment | 1.8
Goodwill | 1,690.2
Other intangible assets |
Gaming technology | 160.0
Media technology | 57.0
Tradename | 100.0
Advertising relationships | 11.0
Customer relationships | 8.0
Re-acquired right | 2.6
Other long-term assets | 5.2
Total assets | $ | 2,221.5 |
Accounts payable, accrued expenses and other current liabilities | $ | 67.9 |
Deferred tax liabilities | 69.2 |
Other non-current liabilities | 1.7 |
Total liabilities | 138.8 |
Net assets acquired | $ | 2,082.7 |
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 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 for the year ended December 31, 2019:
(in millions) | For the year ended December 31, 2019
Revenues | $ | 157.6 |
Net income | $ | 13.7 |
The following table includes unaudited pro forma consolidated financial information assuming our acquisition of Hitpoint, Perryville, Sam Houston and theScore had occurred as of January 1, 2020. The pro forma financial information does not necessarily represent the results that may occur in the future. The pro forma amounts include the historical operating results of Penn National and Hitpoint, Perryville, Sam Houston and theScore prior to our acquisitions. For the year ended December 31, 2021, pro forma adjustments directly attributable to the acquisitions include acquisition and transaction related costs of $77.1 million incurred by both Penn National and the respective acquirees’ and gains of $51.0 million related to our purchase of the remaining 50% of Sam Houston and a net unrealized gain on the equity security investment in theScore. For the year ended December 31, 2020, pro forma adjustments directly attributable to the acquisitions primarily include a net unrealized gain of $8.3 million on the equity security investment in theScore.
| For the year ended December 31,
(in millions) | 2021 |  | 2020
Revenues | $ | 5,978.0 |  |  | $ | 3,677.4 |
Net income (loss) | $ | 347.6 |  |  | $ | (705.4) |
Schedule of valuation approaches of intangible assets acquired | The following valuation approaches were utilized to determine the fair value of each intangible asset:
Intangible Asset | Valuation Approach
Gaming technology | Relief-from-royalty (variation of income approach)
Media technology | Replacement cost
Tradename | Relief-from-royalty (variation of income approach)
Advertising relationships | With-and-without (variation of income approach)
Customer relationships | Replacement cost
Re-acquired right | Replacement cost

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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=123413009&loc=d3e4845-128472 + Details
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