LEASES (Tables)
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3 Months Ended |
Mar. 31, 2022 |
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| LEASES |
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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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March 31, |
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December 31, |
Leases |
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Balance Sheet Classification |
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2022 |
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2021 |
Assets |
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Operating lease assets |
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Operating Lease Right-of-Use Assets, Net |
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$ |
14,998 |
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$ |
15,814 |
Finance lease assets |
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Property and Equipment, Net(1) |
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4,683 |
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|
4,722 |
Total lease assets |
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$ |
19,681 |
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$ |
20,536 |
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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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$ |
3,609 |
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$ |
3,542 |
Finance |
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Current Portion of Finance Lease Obligation |
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520 |
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|
514 |
Noncurrent |
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Operating |
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Operating Lease Obligations, Net of Current Portion |
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11,963 |
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12,903 |
Finance |
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Finance Lease Obligation, Net of Current Portion |
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2,651 |
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2,783 |
Total lease liabilities |
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$ |
18,743 |
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$ |
19,742 |
__________
(1) |
Finance lease assets are recorded net of accumulated amortization of $3.0 million for each of March 31, 2022 and December 31, 2021. |
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| Components of Lease Expense |
The components of lease expense are as follows:
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(In thousands) |
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Three Months Ended |
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March 31, |
Lease Costs |
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Classification within Statement of Operations |
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2022 |
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2021 |
Operating leases: |
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Fixed/base rent |
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Selling, General and Administrative Expenses |
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$ |
1,165 |
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$ |
1,159 |
Short-term payments |
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Selling, General and Administrative Expenses |
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27 |
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— |
Variable payments |
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Selling, General and Administrative Expenses |
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384 |
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|
402 |
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 |
Interest on lease liabilities |
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Interest Expense, Net |
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37 |
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|
43 |
Total lease costs |
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$ |
1,652 |
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$ |
1,643 |
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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) |
2022 (excluding the three months ended March 31, 2022) |
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$ |
3,631 |
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$ |
434 |
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 |
2026 |
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|
965 |
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|
652 |
Thereafter |
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29,140 |
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|
543 |
Total future minimum lease payments |
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40,404 |
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3,585 |
Less: Amount representing interest |
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(24,832) |
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(414) |
Present value of lease liabilities |
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15,572 |
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|
3,171 |
Less: Current lease obligations |
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(3,609) |
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(520) |
Long-term lease obligations |
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$ |
11,963 |
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$ |
2,651 |
__________
(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) |
2022 (excluding the three months ended March 31, 2022) |
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$ |
3,631 |
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$ |
434 |
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 |
2026 |
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|
965 |
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|
652 |
Thereafter |
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29,140 |
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|
543 |
Total future minimum lease payments |
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40,404 |
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3,585 |
Less: Amount representing interest |
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(24,832) |
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(414) |
Present value of lease liabilities |
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15,572 |
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|
3,171 |
Less: Current lease obligations |
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(3,609) |
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(520) |
Long-term lease obligations |
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$ |
11,963 |
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$ |
2,651 |
__________
(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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March 31, 2022 |
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December 31, 2021 |
Weighted-average remaining lease term |
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Operating leases |
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22.3 |
years |
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21.5 |
years |
Finance lease |
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5.5 |
years |
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5.8 |
years |
Weighted-average discount rate |
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Operating leases |
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9.35 |
% |
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9.32 |
% |
Finance lease |
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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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Three Months Ended |
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March 31, |
Cash paid for amounts included in the measurement of lease liabilities: |
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2022 |
|
2021 |
Operating cash flows for operating leases |
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$ |
1,221 |
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$ |
1,218 |
Operating cash flows for finance lease |
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$ |
37 |
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$ |
43 |
Financing cash flows for finance lease |
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$ |
126 |
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$ |
120 |
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