LEASES (Tables)
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3 Months Ended |
Mar. 31, 2019 |
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| Leases [Abstract] |
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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, Unaudited) |
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Leases |
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Balance Sheet Classification |
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March 31, 2019 |
Assets |
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Operating lease assets |
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Operating Lease Right-of-Use Assets |
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$ |
19,316 |
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Finance lease assets |
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Property and Equipment, Net(1)
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5,155 |
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Total lease assets |
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$ |
24,471 |
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Liabilities |
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Current |
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Operating |
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Other Accrued Expenses and Current Operating Lease Obligations |
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$ |
2,172 |
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Finance |
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Current Portion of Finance Lease Obligation |
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515 |
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Noncurrent |
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Operating |
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Operating Lease Obligations, Net of Current Portion, and Other |
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17,371 |
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Finance |
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Finance Lease Obligation, Net of Current Portion |
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4,182 |
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Total lease liabilities |
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$ |
24,240 |
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(1 |
) |
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Finance lease assets are recorded net of accumulated amortization of $2.6 million as of March 31, 2019. |
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| Components of lease expense, Lease term and discount rate and Cash flow information |
The components of lease expense are as follows:
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(In thousands, Unaudited) |
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Three Months Ended March 31, 2019 |
Lease Costs |
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Statement of Operations Classification |
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Operating leases: |
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Operating lease costs |
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Selling, General and Administrative Expenses |
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$ |
960 |
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Short-term lease costs |
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Selling, General and Administrative Expenses |
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137 |
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Variable lease costs |
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Selling, General and Administrative Expenses |
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184 |
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Finance lease: |
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Amortization of leased assets |
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Depreciation and Amortization |
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40 |
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Interest on lease liabilities |
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Interest Expense, Net |
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54 |
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Total lease costs |
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$ |
1,375 |
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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, 2019 |
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(Unaudited) |
Weighted-average remaining lease term |
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Operating leases |
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20.9 years |
Finance lease |
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8.6 years |
Weighted-average discount rate |
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Operating leases(1)
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9.41% |
Finance lease |
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4.50% |
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(1 |
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Upon adoption of the new lease standard, discount rates used for existing operating leases were established on January 1, 2019. |
Supplemental cash flow information related to leases is as follows:
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(In thousands, Unaudited) |
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Three Months Ended March 31, 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |
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Operating cash flows for operating leases |
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$ |
961 |
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Operating cash flows for finance lease |
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$ |
54 |
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Financing cash flows for finance lease |
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$ |
125 |
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| Operating lease, liability, maturity |
Maturities of lease liabilities as of March 31, 2019 are summarized as follows:
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(In thousands, Unaudited) |
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Operating
Leases
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Financing
Lease(1)
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Year Ending December 31, |
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2019 (excluding the three months ended March 31, 2019) |
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$ |
2,887 |
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$ |
508 |
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2020 |
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3,850 |
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|
680 |
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2021 |
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3,719 |
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|
652 |
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2022 |
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3,503 |
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|
652 |
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2023 |
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2,478 |
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|
652 |
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Thereafter |
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32,152 |
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2,499 |
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Total future minimum lease payments |
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48,589 |
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5,643 |
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Less: Amount representing interest |
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(29,046 |
) |
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(946 |
) |
Present value of lease liabilities |
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19,543 |
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|
4,697 |
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Less: Current lease obligations |
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(2,172 |
) |
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(515 |
) |
Long-term lease obligations |
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$ |
17,371 |
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$ |
4,182 |
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(1 |
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Our 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 as of March 31, 2019 are summarized as follows:
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(In thousands, Unaudited) |
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Operating
Leases
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Financing
Lease(1)
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Year Ending December 31, |
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2019 (excluding the three months ended March 31, 2019) |
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$ |
2,887 |
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$ |
508 |
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2020 |
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3,850 |
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|
680 |
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2021 |
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3,719 |
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|
652 |
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2022 |
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3,503 |
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|
652 |
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2023 |
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2,478 |
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|
652 |
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Thereafter |
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32,152 |
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2,499 |
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Total future minimum lease payments |
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48,589 |
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5,643 |
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Less: Amount representing interest |
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(29,046 |
) |
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(946 |
) |
Present value of lease liabilities |
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19,543 |
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4,697 |
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Less: Current lease obligations |
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(2,172 |
) |
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(515 |
) |
Long-term lease obligations |
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$ |
17,371 |
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$ |
4,182 |
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(1 |
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Our only material finance lease is at Rising Star Casino Resort for a 104-room hotel. |
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