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REVENUE RECOGNITION (Tables) - ASU 2014-09
 12 Months Ended
Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Schedule of departmental costs of providing promotional allowances

The estimated departmental costs of providing such promotional allowances were primarily included in casino operating expenses and were as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31, 

 

    

2017

    

 

Food and beverage

 

$

26,025

 

 

Hotel

 

 

3,375

 

 

Other

 

 

2,128

 

 

 

 

$

31,528

 

 

 

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 December 31, 2019 and December 31, 2018 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2019

 

 

 

 

 

 

Post ASC 606 Adoption

 

ASC 606 Changes

 

Pre ASC 606 Adoption

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

  Casino

 

$

128,010

$

71,306

$

199,316

 

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

 

  Food and beverage

 

 

72,578

 

(5,335)

 

67,243

 

(a) (d) (e)

 

  Hotel

 

 

35,222

 

(8,329)

 

26,893

 

(a) (f)

 

  Other

 

 

13,356

 

230

 

13,586

 

(a) (d)

 

    Gross revenues

 

 

249,166

 

57,872

 

307,038

 

 

 

  Less promotional allowances

 

 

 —

 

(58,885)

 

(58,885)

 

(a) (d)

 

    Net revenues

 

 

249,166

 

(1,013)

 

248,153

 

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

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

  Casino

 

 

45,259

 

29,563

 

74,822

 

(b) (c) (g)

 

  Food and beverage

 

 

57,367

 

(22,670)

 

34,697

 

(e) (g)

 

  Hotel

 

 

13,123

 

(5,750)

 

7,373

 

(f) (g)

 

  Other

 

 

6,543

 

(2,156)

 

4,387

 

(g)

 

  Selling, general and administrative

 

 

69,312

 

 —

 

69,312

 

 

 

  Depreciation and amortization

 

 

14,875

 

 —

 

14,875

 

 

 

  Other operating items, net

 

 

3,112

 

 —

 

3,112

 

 

 

    Total operating expenses

 

 

209,591

 

(1,013)

 

208,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

31,816

 

 —

 

31,816

 

 

 

Basic

 

$

1.77

$

 -

$

1.77

 

 

 

Diluted

 

$

1.70

$

 -

$

1.70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2018

 

 

 

 

 

 

Post ASC 606 Adoption

 

ASC 606 Changes

 

Pre ASC 606 Adoption

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

  Casino

 

$

125,844

$

59,522

$

185,366

 

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

 

  Food and beverage

 

 

71,212

 

(5,600)

 

65,612

 

(a) (d) (e)

 

  Hotel

 

 

30,497

 

(4,158)

 

26,339

 

(a) (f)

 

  Other

 

 

12,762

 

143

 

12,905

 

(a) (d)

 

    Gross revenues

 

 

240,315

 

49,907

 

290,222

 

 

 

  Less promotional allowances

 

 

 —

 

(50,843)

 

(50,843)

 

(a) (d)

 

    Net revenues

 

 

240,315

 

(936)

 

239,379

 

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

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

  Casino

 

 

43,791

 

33,174

 

76,965

 

(b) (c) (g)

 

  Food and beverage

 

 

54,002

 

(28,550)

 

25,452

 

(e) (g)

 

  Hotel

 

 

13,059

 

(3,428)

 

9,631

 

(f) (g)

 

  Other

 

 

6,206

 

(2,132)

 

4,074

 

(g)

 

  Selling, general and administrative

 

 

65,802

 

 —

 

65,802

 

 

 

  Depreciation and amortization

 

 

14,617

 

 —

 

14,617

 

 

 

  Other operating items, net

 

 

12

 

 —

 

12

 

 

 

    Total operating expenses

 

 

197,489

 

(936)

 

196,553

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

34,098

 

 —

 

34,098

 

 

 

Basic

 

$

1.91

$

 —

$

1.91

 

 

 

Diluted

 

$

1.83

$

 —

$

1.83

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 group rebates 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.