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Acquisitions | 12 Months Ended
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Dec. 31, 2020
Business Combinations [Abstract] |
Acquisitions | Acquisitions The Company did not have any material acquisitions during the year ended December 31, 2020 or 2018. On January 14, 2019, the Company completed the acquisition of the Laughlin Entities from Marnell for $156.2 million in cash (after giving effect to the post-closing adjustment provisions in the purchase agreement) and the issuance of 911,002 shares of the Company’s common stock to certain assignees of Marnell. The results of operations of the Laughlin Entities are included in the Company’s results subsequent to the acquisition date. The Laughlin Acquisition was accounted for using the acquisition method of accounting. The determination of the fair value of the assets acquired and liabilities assumed (and the related determination of estimated lives of depreciable tangible and identifiable intangible assets) was completed in the fourth quarter of 2019. The following table summarizes the allocation of the purchase price for the Laughlin Acquisition, based on estimates of the fair values of the assets acquired and liabilities assumed:
(In thousands) |  | Preliminary Allocation as of March 31, 2019 |  | Adjustments |  | Final Purchase Price Allocation
Current assets |  | $ | 12,615 |  |  | $ | (123) |  |  | $ | 12,492 |
Property and equipment |  | 126,198 |  |  | (1,131) |  |  | 125,067 |
Right-of-use assets |  | 2,620 |  |  | — |  |  | 2,620 |
Intangible assets |  | 19,234 |  |  | (324) |  |  | 18,910 |
Goodwill |  | 24,736 |  |  | 1,455 |  |  | 26,191 |
Other noncurrent assets |  | — |  |  | 123 |  |  | 123 |
Liabilities |  | (10,023) |  |  | — |  |  | (10,023) |
Lease liabilities |  | (2,620) |  |  | — |  |  | (2,620) |
Total assets acquired, net of liabilities assumed |  | $ | 172,760 |  |  | $ | — |  |  | $ | 172,760 |
The goodwill recognized is the excess of the purchase price over the final values assigned to the assets acquired and liabilities assumed. All of the goodwill was assigned to the Casinos segment and $15.0 million is expected to be deductible for income tax purposes. The following table summarizes the values assigned to acquired property and equipment in the Laughlin Acquisition and estimated useful lives by category:
(In thousands) |  | Useful Life (Years) |  | Amount
Land |  | Not applicable |  | $ | 4,160 |
Building and site improvements |  | 10-30 |  | 102,450 |
Furniture and equipment |  | 2-13 |  | 18,290 |
Construction in process |  | Not applicable |  | 167 |
Total property and equipment |  |  |  | $ | 125,067 |
The following table summarizes the values assigned to acquired intangible assets in the Laughlin Acquisition and estimated useful lives by category:
(In thousands) |  | Useful Life (Years) |  | Amount
Non-compete agreements |  | 5 |  | $ | 3,630 |
Trade names |  | Indefinite |  | 6,980 |
Player loyalty program |  | 2 |  | 8,300 |
Total intangible assets |  |  |  | $ | 18,910 |
The following table summarizes the components of the purchase price paid by the Company to Marnell in the Laughlin Acquisition (after taking into account the adjustment to the cash portion of the purchase price pursuant to the post-closing adjustment provisions of the purchase agreement, as described above):
(In thousands) |  | Amount
Cash |  | $ | 156,152 |
Fair value of common stock issued (911,002 shares) |  | 16,608 |
Total purchase price |  | $ | 172,760 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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