LEASES (Tables)
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3 Months Ended |
Mar. 31, 2021 |
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| LEASES |
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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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2021
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2020
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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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1,159
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$
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1,200
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Variable payments
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Selling, General and Administrative Expenses
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402
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154
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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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39
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40
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Interest on lease liabilities
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Interest Expense, Net
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43
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32
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Total lease costs
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$
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1,643
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$
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1,426
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Lease Term and Discount Rate
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March 31, 2021
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December 31, 2020
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Weighted-average remaining lease term
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Operating leases
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20.97
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years
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20.4
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years
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Finance lease
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6.5
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years
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6.8
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years
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Weighted-average discount rate
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Operating leases
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9.43
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%
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9.41
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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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(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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2021
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2020
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Operating cash flows for operating leases
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$
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1,218
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$
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1,209
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Operating cash flows for finance lease
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$
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43
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$
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32
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Financing cash flows for finance lease
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$
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120
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$
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95
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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, 2021
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December 31, 2020
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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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16,600
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$
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17,361
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Finance lease assets
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Property and Equipment, Net(1)
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4,840
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4,879
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Total lease assets
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$
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21,440
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$
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22,240
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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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3,283
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$
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3,283
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Finance
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Current Portion of Finance Lease Obligation
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490
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491
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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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14,094
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14,914
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Finance
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Finance Lease Obligation, Net of Current Portion
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3,179
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3,298
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Total lease liabilities
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$
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21,046
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$
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21,986
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__________
(1)Finance lease assets are recorded net of accumulated amortization of $2.9 million and $2.8 million as of March 31, 2021 and December 31, 2020, respectively.
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| Operating Lease, Liability, Maturity |
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(In thousands)
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Operating
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Financing
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Years Ending December 31,
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Leases
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Lease(1)
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2021 (excluding the three months ended March 31, 2021)
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$
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3,574
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$
|
435
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2022
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4,576
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|
652
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2023
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2,984
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|
652
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2024
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1,243
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|
652
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2025
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1,046
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|
652
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Thereafter
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30,070
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1,195
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Total future minimum lease payments
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43,493
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4,238
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Less: Amount representing interest
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(26,116)
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(569)
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Present value of lease liabilities
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17,377
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3,669
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Less: Current lease obligations
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(3,283)
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(490)
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Long-term lease obligations
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$
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14,094
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$
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3,179
|
__________
(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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Years Ending December 31,
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Leases
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Lease(1)
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2021 (excluding the three months ended March 31, 2021)
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$
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3,574
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$
|
435
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2022
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4,576
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|
652
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2023
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2,984
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|
652
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2024
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1,243
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|
652
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2025
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1,046
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|
652
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Thereafter
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30,070
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|
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1,195
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Total future minimum lease payments
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43,493
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4,238
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Less: Amount representing interest
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(26,116)
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(569)
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Present value of lease liabilities
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17,377
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3,669
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Less: Current lease obligations
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(3,283)
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(490)
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Long-term lease obligations
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$
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14,094
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$
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3,179
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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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