LEASES (Tables)
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3 Months Ended |
Mar. 31, 2020 |
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| LEASES |
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| Balance Sheet Information For Leases |
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(In thousands)
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Leases
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Balance Sheet Classification
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March 31, 2020
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December 31, 2019
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Assets
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Operating lease assets
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Operating Lease Right-of-Use Assets, Net
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$
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19,674
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$
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19,171
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Finance lease assets
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Property and Equipment, Net(1)
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4,997
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5,037
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Total lease assets
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$
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24,671
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$
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24,208
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Liabilities
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Current
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Operating
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Current Portion of Operating Lease Obligations
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$
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3,113
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$
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2,707
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Finance
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Current Portion of Finance Lease Obligation
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473
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448
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Noncurrent
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Operating
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Operating Lease Obligations, Net of Current Portion
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16,794
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16,706
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Finance
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Finance Lease Obligation, Net of Current Portion
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3,708
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3,829
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Total lease liabilities
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$
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24,088
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$
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23,690
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(1)Finance lease assets are recorded net of accumulated amortization of $2.7 million as of March 31, 2020.
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| Components of Lease Expense, Lease Term and Discount Rate and Cash Flow Information |
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(In thousands)
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Three Months Ended
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March 31,
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Lease Costs
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Statement of Operations Classification
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2020
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2019
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Operating leases:
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Fixed/base rent
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Selling, General and Administrative Expenses
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$
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1,200
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$
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960
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Variable payments
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Selling, General and Administrative Expenses
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154
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184
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Finance lease:
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Amortization of leased assets
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Depreciation and Amortization
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40
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40
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Interest on lease liabilities
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Interest Expense, Net
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32
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54
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Total lease costs
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$
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1,426
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$
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1,238
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Lease Term and Discount Rate
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March 31, 2020
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December 31, 2019
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Weighted-average remaining lease term
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Operating leases
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19.3
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years
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20.2
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years
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Finance lease
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7.5
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years
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7.8
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years
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Weighted-average discount rate
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Operating leases(1)
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9.38
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%
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9.40
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%
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Finance lease
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4.50
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%
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4.50
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%
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(1)Upon adoption of the new lease standard, discount rates used for existing operating leases were established on January 1, 2019.
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(In thousands)
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Three Months Ended
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March 31,
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Cash paid for amounts included in the measurement of lease liabilities:
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2020
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2019
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Operating cash flows for operating leases
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$
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1,209
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$
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961
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Operating cash flows for finance lease
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$
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32
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$
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54
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Financing cash flows for finance lease
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$
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95
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$
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125
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| Operating Lease, Liability, Maturity |
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(In thousands)
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Operating
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Financing
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Year Ending December 31,
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Leases
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Lease(1)
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2020 (excluding the three months ended March 31, 2020)
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$
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3,451
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$
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488
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2021
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4,684
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652
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2022
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4,468
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652
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2023
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2,876
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652
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2024
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1,135
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652
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Thereafter
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31,017
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1,847
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Total future minimum lease payments
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47,631
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4,943
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Less: Amount representing interest
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(27,724)
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(762)
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Present value of lease liabilities
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19,907
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4,181
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Less: Current lease obligations
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(3,113)
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(473)
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Long-term lease obligations
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$
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16,794
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$
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3,708
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(1)The Company’s only material finance lease is at Rising Star Casino Resort for a 104‑room hotel.
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| Finance Lease, Liability, Maturity |
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(In thousands)
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Operating
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Financing
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Year Ending December 31,
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Leases
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Lease(1)
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2020 (excluding the three months ended March 31, 2020)
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$
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3,451
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$
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488
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2021
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4,684
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652
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2022
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4,468
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652
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2023
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2,876
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652
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2024
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1,135
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652
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Thereafter
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31,017
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1,847
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Total future minimum lease payments
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47,631
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4,943
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Less: Amount representing interest
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(27,724)
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(762)
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Present value of lease liabilities
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19,907
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4,181
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Less: Current lease obligations
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(3,113)
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(473)
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Long-term lease obligations
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$
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16,794
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$
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3,708
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(1)The Company’s only material finance lease is at Rising Star Casino Resort for a 104‑room hotel.
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