Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.21.1
LEASES (Tables)
3 Months Ended
Mar. 31, 2021
LEASES  
Components of Lease Expense, Lease Term and Discount Rate and Cash Flow Information

 

 

 

 

 

 

 

 

 

(In thousands)

    

 

    

Three Months Ended

 

 

 

 

March 31, 

Lease Costs

 

Statement of Operations Classification

 

2021

 

2020

Operating leases:

 

  

 

 

  

 

 

  

Fixed/base rent

 

Selling, General and Administrative Expenses

 

$

1,159

 

$

1,200

Variable payments

 

Selling, General and Administrative Expenses

 

 

402

 

 

154

Finance lease:

 

  

 

 

  

 

 

  

Amortization of leased assets

 

Depreciation and Amortization

 

 

39

 

 

40

Interest on lease liabilities

 

Interest Expense, Net

 

 

43

 

 

32

Total lease costs

 

 

 

$

1,643

 

$

1,426

 


 

 

 

 

 

 

 

Lease Term and Discount Rate

 

March 31, 2021

 

December 31, 2020

Weighted-average remaining lease term

 

  

 

 

  

 

Operating leases

 

20.97

years

 

20.4

years

Finance lease

 

6.5

years

 

6.8

years

Weighted-average discount rate

 

  

 

 

  

 

Operating leases

 

9.43

%

 

9.41

%

Finance lease

 

4.50

%

 

4.50

%

 


 

 

 

 

 

 

 

(In thousands)

    

Three Months Ended

 

 

March 31, 

Cash paid for amounts included in the measurement of lease liabilities:

 

2021

 

2020

Operating cash flows for operating leases

 

$

1,218

 

$

1,209

Operating cash flows for finance lease

 

$

43

 

$

32

Financing cash flows for finance lease

 

$

120

 

$

95

 

Balance Sheet Information For Leases

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leases

    

Balance Sheet Classification

    

March 31, 2021

 

December 31, 2020

Assets

 

  

 

 

  

 

 

  

Operating lease assets

   

Operating Lease Right-of-Use Assets, Net

   

$

16,600

 

$

17,361

Finance lease assets

 

Property and Equipment, Net(1)

 

 

4,840

 

 

4,879

Total lease assets

 

  

 

$

21,440

 

$

22,240

 

 

 

 

 

 

 

 

 

Liabilities

 

  

 

 

  

 

 

  

Current

 

  

 

 

  

 

 

  

Operating

 

Current Portion of Operating Lease Obligations

 

$

3,283

 

$

3,283

Finance

 

Current Portion of Finance Lease Obligation

 

 

490

 

 

491

Noncurrent

 

  

 

 

 

 

 

 

Operating

 

Operating Lease Obligations, Net of Current Portion

 

 

14,094

 

 

14,914

Finance

 

Finance Lease Obligation, Net of Current Portion

 

 

3,179

 

 

3,298

Total lease liabilities

 

  

 

$

21,046

 

$

21,986

__________

(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.

Operating Lease, Liability, Maturity

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

    

Operating

    

Financing

Years Ending December 31, 

 

Leases

 

Lease(1)

2021 (excluding the three months ended March 31, 2021)

 

$

3,574

 

$

435

2022

 

 

4,576

 

 

652

2023

 

 

2,984

 

 

652

2024

 

 

1,243

 

 

652

2025

 

 

1,046

 

 

652

Thereafter

 

 

30,070

 

 

1,195

Total future minimum lease payments

 

 

43,493

 

 

4,238

Less: Amount representing interest

 

 

(26,116)

 

 

(569)

Present value of lease liabilities

 

 

17,377

 

 

3,669

Less: Current lease obligations

 

 

(3,283)

 

 

(490)

Long-term lease obligations

 

$

14,094

 

$

3,179

__________

(1)The Company’s only material finance lease is at Rising Star Casino Resort for a 104‑room hotel.

Finance Lease, Liability, Maturity

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

    

Operating

    

Financing

Years Ending December 31, 

 

Leases

 

Lease(1)

2021 (excluding the three months ended March 31, 2021)

 

$

3,574

 

$

435

2022

 

 

4,576

 

 

652

2023

 

 

2,984

 

 

652

2024

 

 

1,243

 

 

652

2025

 

 

1,046

 

 

652

Thereafter

 

 

30,070

 

 

1,195

Total future minimum lease payments

 

 

43,493

 

 

4,238

Less: Amount representing interest

 

 

(26,116)

 

 

(569)

Present value of lease liabilities

 

 

17,377

 

 

3,669

Less: Current lease obligations

 

 

(3,283)

 

 

(490)

Long-term lease obligations

 

$

14,094

 

$

3,179

__________

(1)The Company’s only material finance lease is at Rising Star Casino Resort for a 104‑room hotel.