Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.22.2.2
LEASES (Tables)
9 Months Ended
Sep. 30, 2022
LEASES  
Components of Lease Expense

The components of lease expenses are as follows:

(In thousands)

    

    

Three Months Ended

    

Nine Months Ended

Classification within

September 30, 

September 30, 

Lease Costs

Statement of Operations

2022

 

2021

2022

 

2021

Operating leases:

 

 

 

  

  

 

  

  

Fixed/base rent

 

Selling, General and Administrative Expenses

$

1,206

$

1,112

$

3,549

$

3,357

Short-term payments

Selling, General and Administrative Expenses

33

29

103

29

Variable payments

 

Selling, General and Administrative Expenses

 

314

 

385

 

1,069

 

1,254

Finance lease:

 

 

  

 

 

  

 

  

Amortization of leased assets

 

Depreciation and Amortization

 

39

 

39

 

118

 

118

Interest on lease liabilities

 

Interest Expense, Net

 

34

 

38

 

106

 

122

Total lease costs

$

1,626

$

1,603

$

4,945

$

4,880

Balance Sheet Information For Leases

Leases recorded on the balance sheet consist of the following:

(In thousands)

September 30, 

December 31, 

Leases

    

Balance Sheet Classification

    

2022

2021

Assets

 

  

 

  

Operating lease assets

   

Operating Lease Right-of-Use Assets, Net

   

$

15,556

$

15,814

Finance lease assets

 

Property and Equipment, Net(1)

 

4,605

 

4,722

Total lease assets

 

  

$

20,161

$

20,536

Liabilities

 

  

 

  

 

  

Current

 

  

 

  

 

  

Operating

 

Current Portion of Operating Lease Obligations

$

3,103

$

3,542

Finance

 

Current Portion of Finance Lease Obligation

 

530

 

514

Noncurrent

 

  

 

 

Operating

 

Operating Lease Obligations, Net of Current Portion

 

12,962

 

12,903

Finance

 

Finance Lease Obligation, Net of Current Portion

 

2,384

 

2,783

Total lease liabilities

 

  

$

18,979

$

19,742

__________

(1)

Finance lease assets are recorded net of accumulated amortization of $3.1 million and $3.0 million as of September 30, 2022 and December 31, 2021, respectively.

Operating Lease, Liability, Maturity

(In thousands)

    

Operating

    

Financing

Years Ending December 31, 

Leases

Lease(1)

2022 (excluding the nine months ended September 30, 2022)

$

1,262

$

109

2023

 

3,694

 

652

2024

 

1,819

 

652

2025

 

1,543

 

652

2026

 

1,403

 

652

Thereafter

 

33,019

 

543

Total future minimum lease payments

 

42,740

 

3,260

Less: Amount representing interest

 

(26,675)

 

(346)

Present value of lease liabilities

 

16,065

 

2,914

Less: Current lease obligations

 

(3,103)

 

(530)

Long-term lease obligations

$

12,962

$

2,384

__________

(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)

2022 (excluding the nine months ended September 30, 2022)

$

1,262

$

109

2023

 

3,694

 

652

2024

 

1,819

 

652

2025

 

1,543

 

652

2026

 

1,403

 

652

Thereafter

 

33,019

 

543

Total future minimum lease payments

 

42,740

 

3,260

Less: Amount representing interest

 

(26,675)

 

(346)

Present value of lease liabilities

 

16,065

 

2,914

Less: Current lease obligations

 

(3,103)

 

(530)

Long-term lease obligations

$

12,962

$

2,384

__________

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

Other Information Related To Lease Term And Discount Rate

Other information related to lease term and discount rate is as follows:

Lease Term and Discount Rate

September 30, 2022

December 31, 2021

Weighted-average remaining lease term

 

  

  

Operating leases

 

23.2

years

21.5

years

Finance lease

 

5.0

years

5.8

years

Weighted-average discount rate

 

  

  

Operating leases

 

9.70

%

9.32

%

Finance lease

 

4.50

%

4.50

%

Supplemental Cash Flow Information Related To Leases

(In thousands)

    

Nine Months Ended

September 30, 

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

2022

2021

Operating cash flows for operating leases

$

3,670

$

3,652

Operating cash flows for finance lease

$

106

$

122

Financing cash flows for finance lease

$

383

$

367