LEASES (Tables)
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9 Months Ended |
Sep. 30, 2021 |
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| LEASES |
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| Components of Lease Expense |
The components of lease expense are as follows:
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(In thousands) |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
Lease Costs |
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Classification within Statement of Operations |
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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 |
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Selling, General and Administrative Expenses |
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$ |
1,112 |
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$ |
1,156 |
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$ |
3,357 |
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$ |
3,478 |
Short-term payments |
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Selling, General and Administrative Expenses |
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29 |
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— |
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29 |
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— |
Variable payments |
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Selling, General and Administrative Expenses |
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|
385 |
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|
219 |
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1,254 |
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|
442 |
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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118 |
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|
118 |
Interest on lease liabilities |
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Interest Expense, Net |
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|
38 |
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|
45 |
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|
122 |
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|
139 |
Total lease costs |
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$ |
1,603 |
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$ |
1,459 |
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$ |
4,880 |
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$ |
4,177 |
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| Balance Sheet Information For Leases |
Leases recorded on the balance sheet consist of the following:
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(In thousands) |
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September 30, |
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December 31, |
Leases |
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Balance Sheet Classification |
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2021 |
|
2020 |
Assets |
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Operating lease assets |
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Operating Lease Right-of-Use Assets, Net |
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$ |
16,619 |
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$ |
17,361 |
Finance lease assets |
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Property and Equipment, Net(1) |
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|
4,762 |
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|
4,879 |
Total lease assets |
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$ |
21,381 |
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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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$ |
3,492 |
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$ |
3,283 |
Finance |
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Current Portion of Finance Lease Obligation |
|
|
508 |
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|
491 |
Noncurrent |
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Operating |
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Operating Lease Obligations, Net of Current Portion |
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13,813 |
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|
14,914 |
Finance |
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Finance Lease Obligation, Net of Current Portion |
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|
2,914 |
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|
3,298 |
Total lease liabilities |
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$ |
20,727 |
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$ |
21,986 |
__________
(1) |
Finance lease assets are recorded net of accumulated amortization of $3.0 million and $2.8 million as of September 30, 2021 and December 31, 2020, respectively. |
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| Operating Lease, Liability, Maturity |
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(In thousands) |
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Operating |
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Financing |
Years Ending December 31, |
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Leases |
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Lease(1) |
2021 (excluding the nine months ended September 30, 2021) |
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$ |
1,234 |
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$ |
108 |
2022 |
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|
4,852 |
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|
652 |
2023 |
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|
3,539 |
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|
652 |
2024 |
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|
1,663 |
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|
652 |
2025 |
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|
1,466 |
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|
652 |
Thereafter |
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30,105 |
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|
1,195 |
Total future minimum lease payments |
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|
42,859 |
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|
3,911 |
Less: Amount representing interest |
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|
(25,554) |
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|
(489) |
Present value of lease liabilities |
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|
17,305 |
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|
3,422 |
Less: Current lease obligations |
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(3,492) |
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|
(508) |
Long-term lease obligations |
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$ |
13,813 |
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$ |
2,914 |
__________
(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, |
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Leases |
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Lease(1) |
2021 (excluding the nine months ended September 30, 2021) |
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$ |
1,234 |
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$ |
108 |
2022 |
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4,852 |
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|
652 |
2023 |
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3,539 |
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|
652 |
2024 |
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|
1,663 |
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|
652 |
2025 |
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|
1,466 |
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|
652 |
Thereafter |
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30,105 |
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|
1,195 |
Total future minimum lease payments |
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42,859 |
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|
3,911 |
Less: Amount representing interest |
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(25,554) |
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|
(489) |
Present value of lease liabilities |
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|
17,305 |
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|
3,422 |
Less: Current lease obligations |
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(3,492) |
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|
(508) |
Long-term lease obligations |
|
$ |
13,813 |
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$ |
2,914 |
__________
(1)The Company’s only material finance lease is at Rising Star Casino Resort for a 104-room hotel.
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| Other Information Related To Lease Term And Discount Rate |
Other information related to lease term and discount rate is as follows:
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Lease Term and Discount Rate |
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September 30, 2021 |
|
December 31, 2020 |
Weighted-average remaining lease term |
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Operating leases |
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20.8 |
years |
|
20.4 |
years |
Finance lease |
|
6.0 |
years |
|
6.8 |
years |
Weighted-average discount rate |
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Operating leases |
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9.28 |
% |
|
9.41 |
% |
Finance lease |
|
4.50 |
% |
|
4.50 |
% |
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| Supplemental Cash Flow Information Related To Leases |
Supplemental cash flow information related to leases is as follows:
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(In thousands) |
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Nine Months Ended |
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|
September 30, |
Cash paid for amounts included in the measurement of lease liabilities: |
|
2021 |
|
2020 |
Operating cash flows for operating leases |
|
$ |
3,652 |
|
$ |
3,250 |
Operating cash flows for finance lease |
|
$ |
122 |
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$ |
139 |
Financing cash flows for finance lease |
|
$ |
367 |
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$ |
369 |
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