🍒 ASC 606 Revenue Recognition: Considerations for Identifying the Contract Part 2

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Monarch Casino & Resort Reports All-Time Record Quarterly Net Revenue of $64.4 Million, Net Income of $10.9 Million and Adjusted EBITDA of $18.4 Million - Barron's
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ASC 606, Revenue From Contracts With Customers, was issued jointly by the FASB and IASB on May 28, 2014. It was originally effective for annual reporting ...


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ASC 606 Preparing for the New Revenue Standards

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Primarily due to the previously announced change in revenue recognition accounting, casino revenues declined 31.0% year over year while ...


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Monarch Casino & Resort Reports All-Time Record Quarterly Net Revenue of $64.4 Million, Net Income of $10.9 Million and Adjusted EBITDA of $18.4 Million - Barron's
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ASC 606 Revenue Recognition: Considerations for Identifying the Contract Part 2
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Please see the reconciliation see more at the end of this release for more information related to the changes in revenues and expenses.
CEO Comment John Farahi, Co-Chairman and Chief Executive Officer of Monarch, commented: "The 2018 fourth quarter completed a productive year, with record financial performance at Atlantis Casino Resort in Reno and consistent progress towards the anticipated opening of the transformed Monarch Casino Black Hawk later in 2019.
In the fourth quarter, Monarch generated net revenue and adjusted EBITDA growth of 6.
Reno's asc 606 casinos revitalization drove strong visitation and equally strong gaming trends as our team leveraged Atlantis' best-in-class amenities to maintain our strong market share.
Black Hawk results for the 2018 fourth quarter were also impacted by a gaming system conversion issue, which weighed heavily on promotional expenses.
This investment, combined with our growth in Reno and our industry-best balance sheet, positions Monarch to drive long-term stockholder value.
The Company applied the modified retrospective method and recognized the cumulative effect of the initial application of the new revenue standard as an adjustment to the opening balance of retained earnings.
The new revenue standard also resulted in reclassifications to and from revenues, promotional allowances and operating expenses.
Pursuant to the new revenue standard, food and beverage, asc 606 casinos and other complimentaries are now valued at their retail price and included as revenues within their respective categories, with a corresponding decrease in gaming revenues, as the offsetting amount historically included in promotional allowances has been eliminated.
In addition, the cost of asc 606 casinos these complimentary goods and services are now included as expenses within their respective categories, resulting in a corresponding decrease in casino expenses.
Financial results for the three months and twelve months ended December 31, 2017 have not been restated and are reported under the accounting standards in effect during those periods.
The Company has provided reconciliation between the new revenue standard and the old revenue standard for the three and twelve months ended December 31, 2018 at the end of this release.
Casino revenues declined 28.
Casino operating expense as a percentage of casino revenue decreased to 34.
Food and beverage operating expense as a percentage of food and beverage revenue increased to 76.
Hotel operating expense as a percentage of hotel revenue increased asc 606 casinos 46.
Net income and diluted EPS for the fourth quarter of 2018 asc 606 casinos 65.
As previously stated, our Monarch Casino Black Hawk general contractor has informed us that our new expanded casino, hotel tower, restaurants and retail areas will asc 606 casinos completed in the third quarter of 2019 and that the upgraded amenities in the existing casino will asc 606 casinos completed in the fourth quarter of 2019.
Actual results and future events and conditions may differ materially from those described in any forward-looking statements.
For additional information on Monarch, visit Monarch's website at www.
The Atlantis features approximately 61,000 square feet of casino space; 824 guest rooms; eight food outlets; two espresso and pastry bars; a 30,000 square-foot health spa and salon with an enclosed year-round pool; two retail outlets offering clothing and traditional gift shop merchandise; an 8,000 square-foot family entertainment center; and approximately 52,000 square feet of banquet, convention and meeting room space.
The casino features approximately 1,450 slot and video poker machines; approximately 38 table games, including blackjack, craps, roulette, and others; a race and sports book; a 24-hour live keno lounge; and a poker room.
The This web page Casino Black Hawk features approximately 30,000 square feet of casino space; approximately 740 slot machines; 14 table games; a 250-seat buffet-style restaurant; a snack bar and a new nine-story parking structure with approximately 1,350 spaces, plus additional existing valet parking bringing total parking capacity to 1,500 spaces.
Once completed, the Monarch Casino Black Hawk expansion will nearly double the casino space and will add a 23-story hotel tower with approximately 500 guest rooms and suites, an upscale spa and pool facility, three restaurants bringing the total to four restaurantsadditional bars, and associated support facilities.
Under ASC 606, the costs of complimentaries stay in the complimentaries revenue asc 606 casinos department.
Under ASC 606, the costs of complimentaries stay in the complimentaries revenue producing department.
Adjusted EBITDA should not be construed as an alternative to operating income as determined in accordance with US GAAPas an indicator of the Company's operating performance, as an alternative to cash flows from operating activities as determined in accordance with US Source or as a measure of liquidity.
This measure enables comparison of the Company's performance over multiple periods, as well as against the performance of other companies in our industry that report Adjusted EBITDA, although some companies do not calculate this measure in the same manner and, therefore, the measure as presented may not be comparable to similarly titled measures presented by other companies.
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If you are 21 years of age and older we invite you to explore our website.
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AICPA Audit and Accounting Guide: Gaming | DART – Deloitte Accounting Research Tool
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What is ASC 606?

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Contracts in the Casino Industry. Subtopic 924-605, Entertainment—. Casinos—Revenue Recognition, currently includes explicit guidance that.


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ASC Topic 606 Five Steps Presentation with Examples (Part 2)

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Contracts with Customers and Accounting Standards Codification (ASC) 606,.... ASC 924, Entertainment — Casinos, to clarify that these arrangements are.


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ASC 606: New Revenue Recognition Standard Deferred, but not Forgotten
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Most accounting and finance professionals breathed a sigh durban suncoast casino careers relief in April 2015 when the Financial Accounting Standards Board FASB deferred the effective date of the new revenue recognition standard, ASC 606, for all entities under U.
What Is ASC 606?
The project aimed at creating a single revenue recognition standard that would apply to all businesses, replacing the myriad of industry-specific standards currently in place.
The new standard specifies how and when companies recognize revenue arising from contracts with customers, and requires those asc 606 casinos to provide users of financial statements with more informative, relevant disclosures.
The new guidance applies to all entities and all contracts, except for a limited number of exceptions outlined in ASC 606-10.
Essentially, ASC 606 requires that an entity recognizes revenue from the transfer of promised goods or services to customers proportionate to the rate at which the entity expects payment for those goods and services.
Originally, the new standards were to take effect for annual reporting periods beginning after Dec.
For all other entities, the standards were to take effect for annual reporting periods beginning after Dec.
After many complaints and frustrations, the FASB issued an Accounting Standards Update deferring the effective date of ACS 606 for public and nonpublic entities reporting under U.
GAAP for one year, with early adoption permitted as of the original effective date.
The additional year was provided to allow for more successful implementation of the requirements as entities work through the issues associated with IT solutions and adoption of new processes and controls.
On its surface, the new standards seem straightforward.
According to FASB, ASC 606 go here inconsistencies and weaknesses in existing revenue reporting requirements, asc 606 casinos clearer guidelines for exercising judgment when addressing revenue issues, improves comparability of revenue recognition practices and outlines enhanced disclosure requirements that will provide more useful information to users of financial statements.
However, the new standards go far beyond a simple tweaking asc 606 casinos revenue recognition practices and disclosures.
They are widely regarded to be the biggest accounting change in a decade and compliance demands a complete overhaul to systems, processes and internal controls for sales, IT, finance, operations and services.
Management will also be tasked with exercising significant judgment asc 606 casinos determine expected revenue asc 606 casinos contracts.
Many companies affected by the new standards have made little to no progress toward preparing for implementation; FASB has continued to issue amendments to the standard, asc 606 casinos most recent in September 2016.
Even though these changes are now a little further away, continuing to procrastinate would be a mistake.
The new standards will click updating internal systems, procedures and controls.
They may also require modifying existing contracts with customers.
This article is authored by the Intuit Firm of the Future team.
For more information, visit www.
© 2019 Intuit Limited.
Intuit and QuickBooks are registered trademarks here Intuit, Inc.
Terms and conditions, features, support, pricing, and service asc 606 casinos subject to change without notice.

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ASC 606 Revenue Recognition: Considerations for Identifying the Contract Part 2
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Rev Rev Standard ASC 606

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During the current quarter, we adopted Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”) using a modified.


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Variable consideration under the new revenue standard (ASC 606)

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Rev Rev Standard ASC 606