# ASC 924-10-05: Entertainment—Casinos — Overall — 05 Overview and Background

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/924/10/#05-overview-and-background)

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## ASC 924-10-05: 05 Overview and Background

[Read section](https://asc.understandingaccounting.org/asc/924/10/#05-overview-and-background)

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##### [924-10-05-1](https://asc.understandingaccounting.org/asc/924/10/#924-10-05-1)

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The Entertainment—Casinos Topic includes the following Subtopics:

1.  a
    
    Overall
    
2.  b
    
    Segment Reporting
    
3.  c
    
    Liabilities
    
4.  d
    
    [Subparagraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).
    
5.  e
    
    Other Expenses
    
6.  f
    
    Income Taxes
    
7.  g
    
    Derivatives and Hedging.

##### [924-10-05-2](https://asc.understandingaccounting.org/asc/924/10/#924-10-05-2)

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The Entertainment—Casinos Topic presents the accounting and reporting standards that are unique to entities in the gaming industry. Specific guidance is provided on accounting for all of the following:

1.  a
    
    Gaming [chips](https://asc.understandingaccounting.org/glossary/c/#chips "Money substitutes, in various denominations, issued by a gaming entity and used for wagering.")
    
2.  b
    
    Promotional allowances
    
3.  c
    
    [Base jackpots](https://asc.understandingaccounting.org/glossary/b/#base-jackpot "The fixed, minimum amount of a slot machine payout for a specific combination.")
    
4.  d
    
    [Slot machines](https://asc.understandingaccounting.org/glossary/s/#slot-machine "A type of mechanical or electrical apparatus used in connection with gaming.")
    
5.  e
    
    Income taxes.
    

Guidance also is provided for the disclosure of geographic segments, if any. General background information about the gaming industry follows.

##### [924-10-05-3](https://asc.understandingaccounting.org/asc/924/10/#924-10-05-3)

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Most states now have at least one form of legalized gambling. These include on-track and off-track betting on horse racing, on-track betting on dog racing, state lotteries, and jai alai. Casino gambling is legal in many areas of the world. Some of the casinos in other parts of the world are owned by publicly held entities based in the United States. In addition, legalized gaming throughout the United States has taken on the additional forms of Riverboat Gaming and Native American Gaming. With the expanded use of the internet for conducting business transactions, internet gaming entities have been formed in various parts of the world to provide online gaming and sports betting over the internet.

##### [924-10-05-4](https://asc.understandingaccounting.org/asc/924/10/#924-10-05-4)

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With the proliferation of gaming throughout the United States and the world, gaming facilities, in certain instances, have become large-scale destination resorts. Entities have invested significant amounts of capital in the physical plants of these facilities and derive a large portion of their revenues from ancillary sources including hotel, food and beverage, and retail operations.