Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.20.2
LEASES (Tables)
6 Months Ended
Jun. 30, 2020
LEASES  
Balance Sheet Information For Leases

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leases

    

Balance Sheet Classification

    

June 30, 2020

 

December 31, 2019

Assets

 

  

 

 

  

 

 

  

Operating lease assets

   

Operating Lease Right-of-Use Assets, Net

   

$

18,917

 

$

19,171

Finance lease assets

 

Property and Equipment, Net(1)

 

 

4,958

 

 

5,037

Total lease assets

 

  

 

$

23,875

 

$

24,208

 

 

 

 

 

 

 

 

 

Liabilities

 

  

 

 

  

 

 

  

Current

 

  

 

 

  

 

 

  

Operating

 

Current Portion of Operating Lease Obligations

 

$

3,166

 

$

2,707

Finance

 

Current Portion of Finance Lease Obligation

 

 

481

 

 

448

Noncurrent

 

  

 

 

 

 

 

 

Operating

 

Operating Lease Obligations, Net of Current Portion

 

 

16,130

 

 

16,706

Finance

 

Finance Lease Obligation, Net of Current Portion

 

 

3,546

 

 

3,829

Total lease liabilities

 

  

 

$

23,323

 

$

23,690

 

(1)Finance lease assets are recorded net of accumulated amortization of $2.8 million as of June 30, 2020.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

    

 

    

Three Months Ended

    

Six Months Ended

 

 

 

 

June 30, 

 

June 30, 

Lease Costs

 

Statement of Operations Classification

 

2020

 

2019

 

2020

 

2019

Operating leases:

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Fixed/base rent

 

Selling, General and Administrative Expenses

 

$

1,199

 

$

958

 

$

2,399

 

$

1,918

Variable payments

 

Selling, General and Administrative Expenses

 

 

 4

 

 

171

 

 

158

 

 

355

Finance lease:

 

  

 

 

  

 

 

 

 

 

  

 

 

  

Amortization of leased assets

 

Depreciation and Amortization

 

 

39

 

 

39

 

 

79

 

 

79

Interest on lease liabilities

 

Interest Expense, Net

 

 

62

 

 

52

 

 

94

 

 

106

Total lease costs

 

 

 

$

1,304

 

$

1,220

 

$

2,730

 

$

2,458

 


 

 

 

 

 

 

 

Lease Term and Discount Rate

    

June 30, 2020

 

December 31, 2019

Weighted-average remaining lease term

 

  

 

 

  

 

Operating leases

 

19.8

years

 

20.2

years

Finance lease

 

7.3

years

 

7.8

years

Weighted-average discount rate

 

  

 

 

  

 

Operating leases(1)

 

9.40

%

 

9.40

%

Finance lease

 

4.50

%

 

4.50

%

 

(1)Upon adoption of the new lease standard, discount rates used for existing operating leases were established on January 1, 2019.


 

 

 

 

 

 

 

(In thousands)

    

Six Months Ended

 

 

June 30, 

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

 

2020

 

2019

Operating cash flows for operating leases

 

$

1,659

 

$

1,928

Operating cash flows for finance lease

 

$

94

 

$

106

Financing cash flows for finance lease

 

$

251

 

$

263

 

Operating Lease, Liability, Maturity

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

    

Operating

    

Financing

Years Ending December 31, 

 

Leases

 

Lease(1)

2020 (excluding the six months ended June 30, 2020)

 

$

2,397

 

$

272

2021

 

 

4,684

 

 

652

2022

 

 

4,468

 

 

652

2023

 

 

2,876

 

 

652

2024

 

 

1,135

 

 

652

Thereafter

 

 

31,017

 

 

1,847

Total future minimum lease payments

 

 

46,577

 

 

4,727

Less: Amount representing interest

 

 

(27,281)

 

 

(700)

Present value of lease liabilities

 

 

19,296

 

 

4,027

Less: Current lease obligations

 

 

(3,166)

 

 

(481)

Long-term lease obligations

 

$

16,130

 

$

3,546

 

(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)

 

 

 

 

 

 

 

    

Operating

    

Financing

Years Ending December 31, 

 

Leases

 

Lease(1)

2020 (excluding the six months ended June 30, 2020)

 

$

2,397

 

$

272

2021

 

 

4,684

 

 

652

2022

 

 

4,468

 

 

652

2023

 

 

2,876

 

 

652

2024

 

 

1,135

 

 

652

Thereafter

 

 

31,017

 

 

1,847

Total future minimum lease payments

 

 

46,577

 

 

4,727

Less: Amount representing interest

 

 

(27,281)

 

 

(700)

Present value of lease liabilities

 

 

19,296

 

 

4,027

Less: Current lease obligations

 

 

(3,166)

 

 

(481)

Long-term lease obligations

 

$

16,130

 

$

3,546

 

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