LEASES (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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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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December 31, |
Leases |
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Balance Sheet Classification |
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2021 |
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2020 |
Assets |
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Operating lease assets |
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Operating Lease Right-of-Use Assets, Net |
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$ |
15,814 |
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$ |
17,361 |
Finance lease assets |
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Property and Equipment, Net(1) |
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|
4,722 |
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|
4,879 |
Total lease assets |
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$ |
20,536 |
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$ |
22,240 |
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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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$ |
3,542 |
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$ |
3,283 |
Finance |
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Current Portion of Finance Lease Obligation |
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|
514 |
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|
491 |
Noncurrent |
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Operating |
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Operating Lease Obligations, Net of Current Portion |
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12,903 |
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14,914 |
Finance |
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Finance Lease Obligation, Net of Current Portion |
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2,783 |
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|
3,298 |
Total lease liabilities |
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$ |
19,742 |
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$ |
21,986 |
__________
| (1) |
Finance lease assets are recorded net of accumulated amortization of $3.0 million and $2.8 million as of December 31, 2021 and 2020, respectively.
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| Components of Lease Expense |
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(In thousands) |
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Year Ended |
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December 31, |
Lease Costs |
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Classification within Statement of Operations |
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2021 |
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2020 |
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2019 |
Operating leases: |
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Fixed/base rent |
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Selling, General and Administrative Expenses |
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$ |
4,680 |
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$ |
4,637 |
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$ |
3,920 |
Short-term payments |
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Selling, General and Administrative Expenses |
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72 |
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— |
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— |
Variable payments |
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Selling, General and Administrative Expenses |
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1,739 |
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|
863 |
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|
788 |
Finance lease: |
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Amortization of leased assets |
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Depreciation and Amortization |
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157 |
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157 |
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|
158 |
Interest on lease liabilities |
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Interest Expense, Net |
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|
160 |
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|
183 |
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|
206 |
Total lease costs |
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$ |
6,808 |
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$ |
5,840 |
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$ |
5,072 |
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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 |
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$ |
4,852 |
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$ |
597 |
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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41,625 |
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|
3,748 |
Less: Amount representing interest |
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(25,180) |
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(451) |
Present value of lease liabilities |
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16,445 |
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|
3,297 |
Less: Current lease obligations |
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(3,542) |
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(514) |
Long-term lease obligations |
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$ |
12,903 |
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$ |
2,783 |
__________
| (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 |
Maturities of lease liabilities are summarized as follows:
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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 |
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$ |
4,852 |
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$ |
597 |
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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41,625 |
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|
3,748 |
Less: Amount representing interest |
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(25,180) |
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(451) |
Present value of lease liabilities |
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16,445 |
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|
3,297 |
Less: Current lease obligations |
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(3,542) |
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(514) |
Long-term lease obligations |
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$ |
12,903 |
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$ |
2,783 |
__________
| (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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December 31, |
Lease Term and Discount Rate |
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2021 |
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2020 |
Weighted-average remaining lease term |
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Operating leases |
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21.5 |
years |
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20.4 |
years |
Finance lease |
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5.8 |
years |
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6.8 |
years |
Weighted-average discount rate |
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Operating leases |
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9.32 |
% |
|
9.41 |
% |
Finance lease |
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4.50 |
% |
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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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Year Ended |
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December 31, |
Cash paid for amounts included in the measurement of lease liabilities: |
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2021 |
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2020 |
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2019 |
Operating cash flows for operating leases |
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$ |
4,886 |
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$ |
4,462 |
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$ |
3,933 |
Operating cash flows for finance lease |
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$ |
160 |
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$ |
183 |
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$ |
206 |
Financing cash flows for finance lease |
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$ |
492 |
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$ |
488 |
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$ |
544 |
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