Acquisitions And New Ventures Acquisition And New Ventures (Notes)

6 Months Ended

Jun. 30, 2014

Acquisitions and Joint Ventures [Abstract]

Acquisitions And New Ventures

NOTE 2 — ACQUISITIONS AND NEW VENTURES

Oxford Casino Acquisition

On July 17, 2013, the Company completed its acquisition of Oxford Casino (“Oxford”) in Oxford, Maine for cash consideration of approximately $168.6 million. The transaction included the acquisition of a 25,000-square-foot casino with approximately 800 slot machines, 22 table games and various dining facilities. The acquisition continued the Company's diversification and growth strategies to invest in assets with rates of returns attractive to the Company's shareholders. The Company financed the acquisition with borrowings under its revolving credit facility. The fair value of the assets acquired and liabilities assumed has been included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. During the three and six months ended June 30, 2014, Oxford contributed revenues of $19.4 million and $36.9 million, respectively, and earnings from continuing operations before provision for income taxes of $4.0 million and $6.5 million, respectively.

Pro Forma

The following table illustrates the effect on net revenues, earnings from continuing operations and earnings from continuing operations per common share as if the Company had acquired Oxford as of the beginning of 2013. The pro forma results have been prepared for comparative purposes only and do not purport to be indicative of the results of operations that would have occurred had the acquisition of Oxford been consummated at the beginning of 2013 (in thousands, except per common share data):

	Three Months Ended June 30,		Six Months Ended June 30,
	2013		2013
Net revenues	$	302,943	$	468,420
Earnings from continuing operations	$	52,480	$	55,219
Earnings from continuing operations per common share
Basic:
Earnings from continuing operations	$	2.97	$	3.13
Diluted:
Earnings from continuing operations	$	2.93	$	3.09
Shares used in computing earnings from continuing operations per common share:
Basic	17,268		17,239
Diluted	17,921		17,882