10.REVENUE RECOGNITION

The Company derives revenue from:

(1)

contracts with customers,

(2)

financial instruments,

(3)

cost recovery payments, and

(4)

dividends from its cost investment.

A breakout of the Company’s derived revenue is presented in the table below.


	For the three months
	ended March 31,
Amounts in thousands	2019		2018
Revenue from contracts with customers	$	45,613	$	40,620
Interest income		4		19
Total revenue	$	45,617	$	40,639

The Company operates gaming establishments as well as related lodging, restaurant, horse racing (including off-track betting) and entertainment facilities around the world. The Company generates revenue at its properties by providing the following types of products and services: gaming, hotel, food and beverage, and pari-mutuel and other. Disaggregation of the Company’s revenue from contracts with customers by type of revenue and geographical location is presented in the tables below.


	For the three months ended March 31, 2019
Amounts in thousands		Canada		United States		Poland		Corporate Other		Total
Gaming	$	9,931	$	6,799	$	19,460	$	1,150	$	37,340
Hotel		125		321		—		—		446
Food and Beverage		2,441		863		227		221		3,752
Other		3,800		85		65		125		4,075
Net Operating Revenue	$	16,297	$	8,068	$	19,752	$	1,496	$	45,613


	For the three months ended March 31, 2018
Amounts in thousands		Canada		United States		Poland		Corporate Other		Total
Gaming	$	9,747	$	6,419	$	17,073	$	768	$	34,007
Hotel		136		318		—		—		454
Food and Beverage		2,490		885		184		—		3,559
Other		2,299		84		125		92		2,600
Net Operating Revenue	$	14,672	$	7,706	$	17,382	$	860	$	40,620

For the majority of the Company’s contracts with customers, payment is made in advance of the services and contracts are settled on the same day the sale occurs with revenue recognized on the date of the sale. For contracts that are not settled, a contract liability is created. The expected duration of the performance obligation is less than one year.

The amount of revenue recognized that was included in the opening contract liability balance was $0.2 million for each of the three months ended March 31, 2019 and 2018. This revenue consists primarily of the Company’s deferred gaming revenue from player points earned through play at the Company’s casinos located in the United States. Activity in the Company’s contract receivables and liabilities is presented in the tables below.


	For the three months				For the three months
	ended March 31, 2019				ended March 31, 2018
Amounts in thousands	Receivables		Contract Liability		Receivables		Contract Liability
Opening	$	305	$	219	$	266	$	235
Closing		320		214		286		212
Increase/(Decrease)	$	15	$	(5)	$	20	$	(23)

Receivables are included in accounts receivable and contract liabilities are included in accrued liabilities on the Company’s condensed consolidated balance sheets. There were no impairment losses for the Company’s receivables for the three months ended March 31, 2019.

Substantially all of the Company’s contracts and contract liabilities have an original duration of one year or less. The Company applies the practical expedient for such contracts and does not consider the effects of the time value of money. Further, because of the short duration of these contracts, the Company has not disclosed the transaction price for the remaining performance obligations as of the end of each reporting period or when the Company expects to recognize this revenue.