Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.19.3
LEASES (Tables)
9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
Balance Sheet Information For Leases

Leases recorded on the balance sheet consist of the following:

 

 

 

 

 

 

 

(In thousands, Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Leases

    

Balance Sheet Classification

    

September 30, 2019

Assets

 

  

 

 

  

Operating lease assets

 

Operating Lease Right-of-Use Assets, Net

 

$

18,240

Finance lease assets

 

Property and Equipment, Net(1)

 

 

5,076

Total lease assets

 

  

 

$

23,316

 

 

 

 

 

 

Liabilities

 

  

 

 

  

Current

 

  

 

 

  

Operating

 

Other Accrued Expenses and Current Operating Lease Obligations

 

$

2,266

Finance

 

Current Portion of Finance Lease Obligation

 

 

471

Noncurrent

 

  

 

 

 

Operating

 

Operating Lease Obligations, Net of Current Portion, and Other

 

 

16,225

Finance

 

Finance Lease Obligation, Net of Current Portion

 

 

3,948

Total lease liabilities

 

  

 

$

22,910

 

(1)Finance lease assets are recorded net of accumulated amortization of $2.6 million as of September 30, 2019.

 

Components of Lease Expense, Lease Term and Discount Rate and Cash Flow Information

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

 

 

 

 

Lease Term and Discount Rate

    

September 30, 2019

 

 

(Unaudited)

Weighted-average remaining lease term

 

  

 

Operating leases

 

21.3

years

Finance lease

 

8.0

years

Weighted-average discount rate

 

  

 

Operating leases(1)

 

9.44

%

Finance lease

 

4.50

%

 

(1)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:

 

 

 

 

 

(In thousands, Unaudited)

    

 

 

 

 

Nine Months Ended

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

 

September 30, 2019

Operating cash flows for operating leases

 

$

2,881

Operating cash flows for finance lease

 

$

157

Financing cash flows for finance lease

 

$

403

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands, Unaudited)

 

 

 

 

 

 

 

 

 

    

 

    

Three Months Ended

    

Nine Months Ended

Lease Costs

 

Statement of Operations Classification

 

September 30, 2019

 

September 30, 2019

Operating leases:

 

  

 

 

  

 

 

  

Fixed/base rent

 

Selling, General and Administrative Expenses

 

$

959

 

$

2,877

Variable payments

 

Selling, General and Administrative Expenses

 

 

146

 

 

501

Finance lease:

 

  

 

 

  

 

 

  

Amortization of leased assets

 

Depreciation and Amortization

 

 

40

 

 

119

Interest on lease liabilities

 

Interest Expense, Net

 

 

51

 

 

157

Total lease costs

 

 

 

$

1,196

 

$

3,654

 

Operating Lease, Liability, Maturity

Maturities of lease liabilities as of September 30, 2019 are summarized as follows:

 

 

 

 

 

 

 

(In thousands, Unaudited)

 

 

 

 

 

 

 

    

Operating

    

Financing

Year Ending December 31, 

 

Leases

 

Lease(1)

2019 (excluding the nine months ended September 30, 2019)

 

$

968

 

$

127

2020

 

 

3,850

 

 

680

2021

 

 

3,719

 

 

652

2022

 

 

3,503

 

 

652

2023

 

 

2,478

 

 

652

Thereafter

 

 

32,152

 

 

2,499

Total future minimum lease payments

 

 

46,670

 

 

5,262

Less: Amount representing interest

 

 

(28,179)

 

 

(843)

Present value of lease liabilities

 

 

18,491

 

 

4,419

Less: Current lease obligations

 

 

(2,266)

 

 

(471)

Long-term lease obligations

 

$

16,225

 

$

3,948

 

(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, Unaudited)

 

 

 

 

 

 

 

    

Operating

    

Financing

Year Ending December 31, 

 

Leases

 

Lease(1)

2019 (excluding the nine months ended September 30, 2019)

 

$

968

 

$

127

2020

 

 

3,850

 

 

680

2021

 

 

3,719

 

 

652

2022

 

 

3,503

 

 

652

2023

 

 

2,478

 

 

652

Thereafter

 

 

32,152

 

 

2,499

Total future minimum lease payments

 

 

46,670

 

 

5,262

Less: Amount representing interest

 

 

(28,179)

 

 

(843)

Present value of lease liabilities

 

 

18,491

 

 

4,419

Less: Current lease obligations

 

 

(2,266)

 

 

(471)

Long-term lease obligations

 

$

16,225

 

$

3,948

 

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