LEASES (Tables)
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6 Months Ended |
Jun. 30, 2020 |
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| LEASES |
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| Balance Sheet Information For Leases |
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(In thousands)
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Leases
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Balance Sheet Classification
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June 30, 2020
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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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18,917
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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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4,958
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5,037
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Total lease assets
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$
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23,875
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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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3,166
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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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481
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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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16,130
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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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3,546
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3,829
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Total lease liabilities
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$
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23,323
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$
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23,690
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(1)Finance lease assets are recorded net of accumulated amortization of $2.8 million as of June 30, 2020.
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| Components of Lease Expense, Lease Term and Discount Rate and Cash Flow Information |
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(In thousands)
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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Lease Costs
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Statement of Operations Classification
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2020
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2019
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2020
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2019
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Operating leases:
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Fixed/base rent
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Selling, General and Administrative Expenses
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$
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1,199
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$
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958
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$
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2,399
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$
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1,918
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Variable payments
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Selling, General and Administrative Expenses
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4
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171
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158
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355
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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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39
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39
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79
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79
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Interest on lease liabilities
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Interest Expense, Net
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62
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52
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94
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106
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Total lease costs
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$
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1,304
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$
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1,220
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$
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2,730
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$
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2,458
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Lease Term and Discount Rate
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June 30, 2020
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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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19.8
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years
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20.2
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years
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Finance lease
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7.3
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years
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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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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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4.50
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%
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(1)Upon adoption of the new lease standard, discount rates used for existing operating leases were established on January 1, 2019.
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(In thousands)
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Six Months Ended
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June 30,
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Cash paid for amounts included in the measurement of lease liabilities:
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2020
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2019
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Operating cash flows for operating leases
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$
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1,659
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$
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1,928
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Operating cash flows for finance lease
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$
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94
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$
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106
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Financing cash flows for finance lease
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$
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251
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$
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263
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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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Years Ending December 31,
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Leases
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Lease(1)
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2020 (excluding the six months ended June 30, 2020)
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$
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2,397
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$
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272
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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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31,017
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1,847
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Total future minimum lease payments
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46,577
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4,727
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Less: Amount representing interest
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(27,281)
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(700)
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Present value of lease liabilities
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19,296
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4,027
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Less: Current lease obligations
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(3,166)
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(481)
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Long-term lease obligations
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$
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16,130
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$
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3,546
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(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 |
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(In thousands)
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Operating
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Financing
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Years Ending December 31,
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Leases
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Lease(1)
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2020 (excluding the six months ended June 30, 2020)
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$
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2,397
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$
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272
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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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31,017
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1,847
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Total future minimum lease payments
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46,577
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4,727
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Less: Amount representing interest
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(27,281)
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(700)
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Present value of lease liabilities
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19,296
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4,027
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Less: Current lease obligations
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(3,166)
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(481)
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Long-term lease obligations
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$
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16,130
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$
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3,546
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(1)The Company’s only material finance lease is at Rising Star Casino Resort for a 104‑room hotel.
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