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REVENUE RECOGNITION (Tables)
 9 Months Ended
Sep. 30, 2018
ASU 2014-09  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Impact of adoption of ASC 606 on consolidated income statement

In accordance with the new revenue standard requirements, below is a disclosure of the impact of the adoption of ASC 606 on our consolidated income statement for the period ended September 30,  2018 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2018

 

Nine Months Ended September 30, 2018

 

 

 

 

 

 

Post ASC 606 Adoption

 

ASC 606 Changes

 

Pre ASC 606 Adoption

 

 

Post ASC 606 Adoption

 

ASC 606 Changes

 

Pre ASC 606 Adoption

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Casino

 

$

33,504

$

15,755

$

49,259

 

$

94,591

$

44,341

$

138,932

 

(a) (b) (c) (d)

 

  Food and beverage

 

 

18,472

 

(1,412)

 

17,060

 

 

52,951

 

(4,228)

 

48,723

 

(a) (d) (e)

 

  Hotel

 

 

9,167

 

(1,477)

 

7,690

 

 

23,627

 

(3,414)

 

20,213

 

(a) (f)

 

  Other

 

 

3,216

 

37

 

3,253

 

 

9,367

 

81

 

9,448

 

(a) (d)

 

    Gross revenues

 

 

64,359

 

12,903

 

77,262

 

 

180,536

 

36,780

 

217,316

 

 

 

  Less promotional allowances

 

 

 —

 

(12,938)

 

(12,938)

 

 

 —

 

(37,131)

 

(37,131)

 

(a) (d)

 

    Net revenues

 

 

64,359

 

(35)

 

64,324

 

 

180,536

 

(351)

 

180,185

 

(b) (c) (e) (f)

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Casino

 

 

11,455

 

8,521

 

19,976

 

 

33,007

 

24,852

 

57,859

 

(b) (c) (g)

 

  Food and beverage

 

 

13,700

 

(7,271)

 

6,429

 

 

39,990

 

(21,138)

 

18,852

 

(e) (g)

 

  Hotel

 

 

3,315

 

(748)

 

2,567

 

 

9,870

 

(2,481)

 

7,389

 

(f) (g)

 

  Other

 

 

1,571

 

(537)

 

1,034

 

 

4,681

 

(1,584)

 

3,097

 

(g)

 

  Selling, general and administrative

 

 

16,793

 

 —

 

16,793

 

 

48,130

 

 —

 

48,130

 

 

 

  Depreciation and amortization

 

 

3,651

 

 —

 

3,651

 

 

11,081

 

 —

 

11,081

 

 

 

  Loss on disposition of assets

 

 

 8

 

 —

 

 8

 

 

12

 

 —

 

12

 

 

 

    Total operating expenses

 

 

50,493

 

(35)

 

50,458

 

 

146,771

 

(351)

 

146,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

10,859

 

 —

 

10,859

 

 

26,839

 

 —

 

26,839

 

 

 

Basic

 

$

0.61

$

 —

$

0.61

 

$

1.51

$

 —

$

1.51

 

 

 

Diluted

 

$

0.58

$

 —

$

0.58

 

$

1.44

$

 —

$

1.44

 

 

 

 

(a)

Change as a result of reclassification of current period complimentaries at estimated retail price from promotional allowances to casino, food and beverage, hotel, spa and retail revenues.

(b)

Change as a result of reclassification of the earned and unused points during the period from casino expense to casino revenue.

(c)

Change as a result of reclassification of the wide area progressive system expense from casino revenue to casino expense.

(d)

Change as a result of the change of the casino floor bars menu prices and some retail outlets prices from discounted to retail price.

(e)

Change as a result of reclassification of the banquets service fees from food and beverage expense to food and beverage revenue.

(f)

Change as a result of reclassification of the groups rebate and commissions from hotel expense to hotel revenue.

(g)

Change as a result of the elimination of the reclassification journal entry that reclassified the costs of complimentaries from hotel, food and beverage and other expense categories to casino expense. Under ASC 606, the costs of complimentaries stay in the complimentaries revenue producing department.