LEASES (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| LEASES |
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| Lease Balance Sheet Disclosure |
Leases recorded on the balance sheet consist of the following:
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(In Thousands)
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Leases
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Balance Sheet Classification
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December 31, 2019
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Assets
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Operating lease assets
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Operating Lease Right-of-Use Assets, Net
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$
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19,171
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Finance lease assets
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Property and Equipment, Net(1)
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5,037
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Total lease assets
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$
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24,208
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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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$
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2,707
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Finance
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Current Portion of Finance Lease Obligation
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448
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Noncurrent
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Operating
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Operating Lease Obligations, Net of Current Portion
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16,706
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Finance
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Finance Lease Obligation, Net of Current Portion
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3,829
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Total lease liabilities
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$
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23,690
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Finance lease assets are recorded net of accumulated amortization of $2.7 million as of December 31, 2019.
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| Components of Lease Expense, Lease Term and Discount Rate and Cash Flow Information |
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(In Thousands)
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Year Ended
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Lease Costs
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Statement of Operations Classification
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December 31, 2019
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Operating leases:
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Fixed/base rent
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Selling, General and Administrative Expenses
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$
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3,920
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Variable payments
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Selling, General and Administrative Expenses
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788
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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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158
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Interest on lease liabilities
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Interest Expense, Net
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206
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Total lease costs
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$
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5,072
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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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December 31, 2019
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Weighted-average remaining lease term
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Operating leases
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20.2
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years
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Finance lease
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7.8
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years
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Weighted-average discount rate
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Operating leases(1)
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9.40
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%
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Finance lease
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4.50
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%
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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.
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Supplemental cash flow information related to leases is as follows:
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(In Thousands)
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Year Ended
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Cash paid for amounts included in the measurement of lease liabilities:
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December 31, 2019
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Operating cash flows for operating leases
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$
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3,933
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Operating cash flows for finance lease
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$
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206
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Financing cash flows for finance lease
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$
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544
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| Operating Lease, Liability, Maturity |
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(In Thousands)
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Operating
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Financing
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Year Ending December 31,
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Leases(1)
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Lease(2)
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2020
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$
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4,815
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$
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616
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2021
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4,684
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652
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2022
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4,468
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652
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2023
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2,876
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652
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2024
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1,135
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652
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Thereafter
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31,018
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1,847
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Total future minimum lease payments
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48,996
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5,071
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Less: Amount representing interest
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(28,186)
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(794)
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Present value of lease liabilities
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20,810
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4,277
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Less: Current lease obligations
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(2,707)
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(448)
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Long-term lease obligations
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$
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18,103
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$
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3,829
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(1)
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As of December 31, 2019, the Company has an operating lease that has not yet commenced for which the present value of lease payments over the lease term totals $1.4 million. Accordingly, this lease is not recorded on the Consolidated Balance Sheet at December 31, 2019. This operating lease will commence in 2020 with a term of 3.5 years.
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(2)
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The Company’s only material finance lease is at Rising Star Casino Resort for a 104-room hotel.
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| Finance Lease, Liability, Maturity |
Maturities of lease liabilities are summarized as follows:
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(In Thousands)
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Operating
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Financing
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Year Ending December 31,
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Leases(1)
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Lease(2)
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2020
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$
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4,815
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$
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616
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2021
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4,684
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652
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2022
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4,468
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652
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2023
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2,876
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652
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2024
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1,135
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652
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Thereafter
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31,018
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1,847
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Total future minimum lease payments
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48,996
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5,071
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Less: Amount representing interest
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(28,186)
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(794)
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Present value of lease liabilities
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20,810
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4,277
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Less: Current lease obligations
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(2,707)
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(448)
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Long-term lease obligations
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$
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18,103
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$
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3,829
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(1)
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As of December 31, 2019, the Company has an operating lease that has not yet commenced for which the present value of lease payments over the lease term totals $1.4 million. Accordingly, this lease is not recorded on the Consolidated Balance Sheet at December 31, 2019. This operating lease will commence in 2020 with a term of 3.5 years.
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(2)
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The Company’s only material finance lease is at Rising Star Casino Resort for a 104-room hotel.
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