Quarterly report pursuant to Section 13 or 15(d)

ACQUISITION

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ACQUISITION
 6 Months Ended
Jun. 30, 2017
Business Combinations [Abstract]  
ACQUISITION
ACQUISITION

On May 13, 2016, we completed our acquisition of Bronco Billy's Casino and Hotel for consideration of $31.1 million. The results of operations of Bronco Billy's are included in our consolidated financial statements from the date of acquisition. The acquisition was financed primarily through a $35 million increase in our Second Lien Credit Facility (see Note 5). During the fourth quarter of 2016, we completed our valuation analysis of the acquired net assets.

The following unaudited pro forma consolidated statement of operations for the Company includes the results of Bronco Billy's as if the acquisition and related financing transactions occurred on January 1, 2016. The pro forma financial information does not necessarily represent the results that might have actually occurred or may occur in the future. The pro forma amounts include the historical operating results of Full House and Bronco Billy's prior to the acquisition, adjusted only for matters directly attributable to the acquisition, which primarily include interest expense related to the Second Lien Credit Facility. The pro forma results also reflect adjustments for the impact of depreciation and amortization expense based on the estimated fair value of property and equipment acquired, tax expense, and the removal of non-recurring expenses directly attributable to the transaction of $1.0 million and $1.1 million for the three and six months ended June 30, 2016, respectively. The pro forma results do not include any anticipated synergies or other expected benefits from the acquisition.
Pro Forma Consolidated Statement of Operations
 
 
(In thousands except per share data, unaudited)
 
 
 
For the Three Months Ended June 30, 2016
 
For the Six Months Ended June 30, 2016
Net revenues
$
37,648

 
$
75,596

Net loss
(2,167
)
 
(3,565
)
Basic and diluted loss per share
(0.11
)
 
(0.18
)