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Merger and Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2016
Business Combinations [Abstract] |
Schedule of Number of Shares Common Stock Issued with Merger | The total number of shares of the Company’s common stock issued in connection with the Merger was as follows:
Pre-Merger Value of Lakes |  | Lakes % |  | Pre-Merger Value of Sartini Gaming |  | Sartini Gaming % |  | Total Post-Closing Shares(1) |  | Total Shares Issued in Connection with Merger(2) |
$ | 134,615,083 |  |  | 62.6% |  | $ | 80,523,753 |  |  | 37.4% |  |  | 22,592,260 |  |  | 8,453,565 |
(1) | Calculated as the sum of the number of shares of the Company’s common stock outstanding immediately after the Merger (on a fully diluted basis, including shares issuable upon the exercise of outstanding in-the-money stock options) and the number of shares of the Company’s common stock issued pursuant to the post-closing adjustment provisions of the Merger Agreement.
(2) | Includes 457,172 shares of the Company’s common stock that were issued to certain former holders of warrants issued by a subsidiary of Sartini Gaming upon the closing of the Merger.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Allocation. The preliminary allocation of the $77.4 million final purchase price to the assets acquired and liabilities assumed as of July 31, 2015 was as follows (in thousands):
|  | Amount |
Cash |  | $ | 25,539 |
Other current assets |  |  | 14,830 |
Property and equipment |  |  | 84,104 |
Intangible assets |  |  | 80,460 |
Goodwill |  |  | 96,537 |
Current liabilities |  |  | (13,245 | )
Warrant liability |  |  | (3,435 | )
Debt |  |  | (190,587 | )
Deferred tax liability |  |  | (14,582 | )
Other long-term liabilities |  |  | (2,217 | )
Total purchase price |  | $ | 77,404 |
Summary of Property Plant and Equipment Acquired | The amounts assigned preliminarily to property and equipment by category are summarized in the table below (in thousands):
|  | Remaining Useful Life (Years) |  | Amount Assigned |
Land |  | Not applicable |  | $ | 12,470 |
Land improvements |  | 5-14 |  |  | 4,030 |
Building and improvements |  | 19-25 |  |  | 21,310 |
Leasehold improvements |  | 1-28 |  |  | 20,793 |
Furniture, fixtures and equipment |  | 1-11 |  |  | 22,866 |
Construction in process |  | Not applicable |  |  | 2,635 |
Total property and equipment |  |  |  | $ | 84,104 |
Summary of Intangible Assets | The amounts assigned preliminarily to intangible assets by category are summarized in the table below (in thousands):
|  | Remaining Useful Life (Years) |  | Amount Assigned |
Trade names |  | Indefinite |  | $ | 12,200 |
Player relationships |  | 8-14 |  |  | 7,300 |
Customer relationships |  | 13-16 |  |  | 59,200 |
Gaming licenses |  | Indefinite |  |  | 960 |
Other intangible assets |  | 2-10 |  |  | 800 |
Total intangible assets |  |  |  | $ | 80,460 |
Summary of Finite-lived Intangible Assets Amortization Expense | Preliminary estimates of future amortization expense related to the finite-lived intangible assets acquired in the Merger are as follows:
|  | Remainder of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2016 |  |  | 2017 |  |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | Thereafter |
|  | (In thousands) |
Estimated amortization expense |  | $ | 2,514 |  |  | $ | 4,965 |  |  | $ | 4,877 |  |  | $ | 4,877 |  |  | $ | 4,877 |  |  | $ | 4,877 |  |  | $ | 35,705 |
Summary of Unaudited Pro Forma Combined Financial Information | Unaudited Pro Forma Combined Financial Information. The following unaudited pro forma combined financial information is presented as if the Merger had occurred at the beginning of the period presented:
| Three Months Ended |  |  | Six Months Ended |
| June 28, 2015 |  |  | June 28, 2015 |
| (In thousands, except per share data) |
Pro forma combined net revenues | $ | 88,011 |  |  | $ | 172,781 |
Pro forma combined net loss |  | (1,594 | ) |  |  | (5,345 | )
Pro forma combined net loss per share: |  |  |  |  |  |  |
Basic and diluted | $ | (0.07 | ) |  | $ | (0.24 | )
Weighted average common shares outstanding: |  |  |  |  |  |  |
Basic and diluted |  | 21,846 |  |  |  | 21,845 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472 + Details
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