Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.21.2
LEASES (Tables)
6 Months Ended
Jun. 30, 2021
LEASES  
Components of Lease Expense, Lease Term and Discount Rate and Cash Flow Information

(In thousands)

    

    

Three Months Ended

    

Six Months Ended

June 30, 

June 30, 

Lease Costs

Statement of Operations Classification

2021

 

2020

2021

 

2020

Operating leases:

 

  

 

  

  

 

  

  

Fixed/base rent(1)

 

Selling, General and Administrative Expenses

$

1,086

$

1,199

$

2,245

$

2,399

Variable payments

 

Selling, General and Administrative Expenses

 

418

 

4

 

820

 

158

Finance lease:

 

  

 

  

 

 

  

 

  

Amortization of leased assets

 

Depreciation and Amortization

 

39

 

39

 

78

 

79

Interest on lease liabilities

 

Interest Expense, Net

 

41

 

62

 

84

 

94

Total lease costs

$

1,584

$

1,304

$

3,227

$

2,730

__________

(1) Starting in March 2021, rent expenses of approximately $60,000 and $79,000 were subsequently capitalized as construction costs for Chamonix for the respective three- and six-months ended June 30, 2021.

Lease Term and Discount Rate

June 30, 2021

December 31, 2020

Weighted-average remaining lease term

 

  

  

Operating leases

 

20.15

years

20.4

years

Finance lease

 

6.3

years

6.8

years

Weighted-average discount rate

 

  

  

Operating leases

 

9.20

%

9.41

%

Finance lease

 

4.50

%

4.50

%

(In thousands)

    

Six Months Ended

June 30, 

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

2021

2020

Operating cash flows for operating leases(1)

$

2,439

$

1,659

Operating cash flows for finance lease

$

84

$

94

Financing cash flows for finance lease

$

242

$

251

__________

(1) Starting in March 2021, cash paid for base rents of approximately $57,000 and $76,000 were subsequently capitalized as construction costs for Chamonix for the respective three- and six-months ended June 30, 2021.
Balance Sheet Information For Leases

(In thousands)

Leases

    

Balance Sheet Classification

    

June 30, 2021

December 31, 2020

Assets

 

  

 

  

  

Operating lease assets

   

Operating Lease Right-of-Use Assets, Net

   

$

17,443

$

17,361

Finance lease assets

 

Property and Equipment, Net(1)

 

4,801

 

4,879

Total lease assets

 

  

$

22,244

$

22,240

Liabilities

 

  

 

  

 

  

Current

 

  

 

  

 

  

Operating

 

Current Portion of Operating Lease Obligations

$

3,454

$

3,283

Finance

 

Current Portion of Finance Lease Obligation

 

458

 

491

Noncurrent

 

  

 

 

Operating

 

Operating Lease Obligations, Net of Current Portion

 

14,710

 

14,914

Finance

 

Finance Lease Obligation, Net of Current Portion

 

3,090

 

3,298

Total lease liabilities

 

  

$

21,712

$

21,986

__________

(1)

Finance lease assets are recorded net of accumulated amortization of $2.9 million and $2.8 million as of June 30, 2021 and December 31, 2020, respectively.

Operating Lease, Liability, Maturity

(In thousands)

    

Operating

    

Financing

Years Ending December 31, 

Leases

Lease(1)

2021 (excluding the six months ended June 30, 2021)

$

2,447

$

274

2022

 

4,852

 

652

2023

 

3,539

 

652

2024

 

1,663

 

652

2025

 

1,466

 

652

Thereafter

 

30,105

 

1,195

Total future minimum lease payments

 

44,072

 

4,077

Less: Amount representing interest

 

(25,908)

 

(529)

Present value of lease liabilities

 

18,164

 

3,548

Less: Current lease obligations

 

(3,454)

 

(458)

Long-term lease obligations

$

14,710

$

3,090

__________

(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 six months ended June 30, 2021)

$

2,447

$

274

2022

 

4,852

 

652

2023

 

3,539

 

652

2024

 

1,663

 

652

2025

 

1,466

 

652

Thereafter

 

30,105

 

1,195

Total future minimum lease payments

 

44,072

 

4,077

Less: Amount representing interest

 

(25,908)

 

(529)

Present value of lease liabilities

 

18,164

 

3,548

Less: Current lease obligations

 

(3,454)

 

(458)

Long-term lease obligations

$

14,710

$

3,090

__________

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