LEASES (Tables)
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6 Months Ended |
Jun. 30, 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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Six Months Ended |
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June 30, |
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June 30, |
Lease Costs |
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Statement of Operations Classification |
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2021 |
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2020 |
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2021 |
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2020 |
Operating leases: |
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Fixed/base rent(1) |
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Selling, General and Administrative Expenses |
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$ |
1,086 |
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$ |
1,199 |
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$ |
2,245 |
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$ |
2,399 |
Variable payments |
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Selling, General and Administrative Expenses |
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|
418 |
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|
4 |
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|
820 |
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|
158 |
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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39 |
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78 |
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|
79 |
Interest on lease liabilities |
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Interest Expense, Net |
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|
41 |
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|
62 |
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|
84 |
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|
94 |
Total lease costs |
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$ |
1,584 |
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$ |
1,304 |
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$ |
3,227 |
|
$ |
2,730 |
__________
| (1) |
Starting in March 2021, rent expenses of approximately $60,000 and $79,000 were subsequently capitalized as construction costs for Chamonix for the respective three- and six-months ended June 30, 2021.
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Lease Term and Discount Rate |
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June 30, 2021 |
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December 31, 2020 |
Weighted-average remaining lease term |
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Operating leases |
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20.15 |
years |
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20.4 |
years |
Finance lease |
|
6.3 |
years |
|
6.8 |
years |
Weighted-average discount rate |
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Operating leases |
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9.20 |
% |
|
9.41 |
% |
Finance lease |
|
4.50 |
% |
|
4.50 |
% |
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(In thousands) |
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Six Months Ended |
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|
June 30, |
Cash paid for amounts included in the measurement of lease liabilities: |
|
2021 |
|
2020 |
Operating cash flows for operating leases(1) |
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$ |
2,439 |
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$ |
1,659 |
Operating cash flows for finance lease |
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$ |
84 |
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$ |
94 |
Financing cash flows for finance lease |
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$ |
242 |
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$ |
251 |
__________
| (1) |
Starting in March 2021, cash paid for base rents of approximately $57,000 and $76,000 were subsequently capitalized as construction costs for Chamonix for the respective three- and six-months ended June 30, 2021.
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| Balance Sheet Information For Leases |
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(In thousands) |
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Leases |
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Balance Sheet Classification |
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June 30, 2021 |
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December 31, 2020 |
Assets |
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Operating lease assets |
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Operating Lease Right-of-Use Assets, Net |
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$ |
17,443 |
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$ |
17,361 |
Finance lease assets |
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Property and Equipment, Net(1) |
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|
4,801 |
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|
4,879 |
Total lease assets |
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$ |
22,244 |
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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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$ |
3,454 |
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$ |
3,283 |
Finance |
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Current Portion of Finance Lease Obligation |
|
|
458 |
|
|
491 |
Noncurrent |
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Operating |
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Operating Lease Obligations, Net of Current Portion |
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|
14,710 |
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|
14,914 |
Finance |
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Finance Lease Obligation, Net of Current Portion |
|
|
3,090 |
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|
3,298 |
Total lease liabilities |
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$ |
21,712 |
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$ |
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. |
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| Operating Lease, Liability, Maturity |
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(In thousands) |
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Operating |
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Financing |
Years Ending December 31, |
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Leases |
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Lease(1) |
2021 (excluding the six months ended June 30, 2021) |
|
$ |
2,447 |
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$ |
274 |
2022 |
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|
4,852 |
|
|
652 |
2023 |
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|
3,539 |
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|
652 |
2024 |
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|
1,663 |
|
|
652 |
2025 |
|
|
1,466 |
|
|
652 |
Thereafter |
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|
30,105 |
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|
1,195 |
Total future minimum lease payments |
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|
44,072 |
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|
4,077 |
Less: Amount representing interest |
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|
(25,908) |
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|
(529) |
Present value of lease liabilities |
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|
18,164 |
|
|
3,548 |
Less: Current lease obligations |
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(3,454) |
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|
(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.
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| Finance Lease, Liability, Maturity |
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(In thousands) |
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Operating |
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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 |
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|
1,663 |
|
|
652 |
2025 |
|
|
1,466 |
|
|
652 |
Thereafter |
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|
30,105 |
|
|
1,195 |
Total future minimum lease payments |
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|
44,072 |
|
|
4,077 |
Less: Amount representing interest |
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|
(25,908) |
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|
(529) |
Present value of lease liabilities |
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|
18,164 |
|
|
3,548 |
Less: Current lease obligations |
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|
(3,454) |
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|
(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.
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