Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

v3.22.0.1
LEASES (Tables)
12 Months Ended
Dec. 31, 2021
LEASES  
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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December 31, 

Leases

    

Balance Sheet Classification

    

2021

​

2020

Assets

 

  

 

​

  

​

​

  

Operating lease assets

   

Operating Lease Right-of-Use Assets, Net

   

$

15,814

​

$

17,361

Finance lease assets

 

Property and Equipment, Net(1)

​

 

4,722

​

 

4,879

Total lease assets

 

  

​

$

20,536

​

$

22,240

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​

​

​

​

​

​

​

​

Liabilities

 

  

​

 

  

​

 

  

Current

 

  

​

 

  

​

 

  

Operating

 

Current Portion of Operating Lease Obligations

​

$

3,542

​

$

3,283

Finance

 

Current Portion of Finance Lease Obligation

​

 

514

​

 

491

Noncurrent

 

  

​

 

​

​

 

​

Operating

 

Operating Lease Obligations, Net of Current Portion

​

 

12,903

​

 

14,914

Finance

 

Finance Lease Obligation, Net of Current Portion

​

 

2,783

​

 

3,298

Total lease liabilities

 

  

​

$

19,742

​

$

21,986

__________

(1) Finance lease assets are recorded net of accumulated amortization of $3.0 million and $2.8 million as of December 31, 2021 and 2020, respectively.
Components of Lease Expense

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(In thousands)

    

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Year Ended

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December 31, 

Lease Costs

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Classification within Statement of Operations

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2021

 

2020

 

2019

Operating leases:

 

  

 

​

  

​

​

  

​

​

  

Fixed/base rent

 

Selling, General and Administrative Expenses

​

$

4,680

​

$

4,637

​

$

3,920

Short-term payments

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Selling, General and Administrative Expenses

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​

72

​

​

—

​

​

—

Variable payments

 

Selling, General and Administrative Expenses

​

 

1,739

​

 

863

​

 

788

Finance lease:

 

​

​

 

  

​

 

  

​

 

  

Amortization of leased assets

 

Depreciation and Amortization

​

 

157

​

 

157

​

 

158

Interest on lease liabilities

 

Interest Expense, Net

​

 

160

​

 

183

​

 

206

Total lease costs

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​

​

$

6,808

​

$

5,840

​

$

5,072

Operating Lease, Liability, Maturity

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​

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(In thousands)

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​

​

​

​

​

​

    

Operating

    

Financing

Years Ending December 31, 

​

Leases

​

Lease(1)

2022

​

$

4,852

​

$

597

2023

​

 

3,539

​

 

652

2024

​

 

1,663

​

 

652

2025

​

 

1,466

​

 

652

2026

​

 

965

​

 

652

Thereafter

​

 

29,140

​

 

543

Total future minimum lease payments

​

 

41,625

​

 

3,748

Less: Amount representing interest

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(25,180)

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(451)

Present value of lease liabilities

​

 

16,445

​

 

3,297

Less: Current lease obligations

​

 

(3,542)

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(514)

Long-term lease obligations

​

$

12,903

​

$

2,783

__________

(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

Maturities of lease liabilities are summarized as follows:

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(In thousands)

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​

​

​

​

​

​

    

Operating

    

Financing

Years Ending December 31, 

​

Leases

​

Lease(1)

2022

​

$

4,852

​

$

597

2023

​

 

3,539

​

 

652

2024

​

 

1,663

​

 

652

2025

​

 

1,466

​

 

652

2026

​

 

965

​

 

652

Thereafter

​

 

29,140

​

 

543

Total future minimum lease payments

​

 

41,625

​

 

3,748

Less: Amount representing interest

​

 

(25,180)

​

 

(451)

Present value of lease liabilities

​

 

16,445

​

 

3,297

Less: Current lease obligations

​

 

(3,542)

​

 

(514)

Long-term lease obligations

​

$

12,903

​

$

2,783

__________

(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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December 31, 

Lease Term and Discount Rate

​

2021

​

2020

Weighted-average remaining lease term

 

  

​

​

  

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Operating leases

 

21.5

years

​

20.4

years

Finance lease

 

5.8

years

​

6.8

years

Weighted-average discount rate

 

  

​

​

  

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Operating leases

 

9.32

%

​

9.41

%

Finance lease

 

4.50

%

​

4.50

%

Supplemental Cash Flow Information Related To Leases

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Supplemental cash flow information related to leases is as follows:

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(In thousands)

    

Year Ended

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December 31, 

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

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2021

​

2020

​

2019

Operating cash flows for operating leases

​

$

4,886

​

$

4,462

​

$

3,933

Operating cash flows for finance lease

​

$

160

​

$

183

​

$

206

Financing cash flows for finance lease

​

$

492

​

$

488

​

$

544