LEASES (Tables)
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9 Months Ended |
Sep. 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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September 30,
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December 31,
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Leases
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Balance Sheet Classification
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2020
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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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18,097
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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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4,918
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5,037
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Total lease assets
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$
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23,015
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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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3,263
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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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486
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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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15,723
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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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3,422
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3,829
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Total lease liabilities
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$
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22,894
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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 $2.8 million as of September 30, 2020.
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| Components of Lease Expense, Lease Term and Discount Rate and Cash Flow Information |
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(In thousands)
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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Lease Costs
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Statement of Operations Classification
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2020
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2019
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2020
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2019
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Operating leases:
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Fixed/base rent
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Selling, General and Administrative Expenses
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$
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1,156
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$
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959
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$
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3,478
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$
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2,877
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Variable payments
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Selling, General and Administrative Expenses
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219
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146
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442
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501
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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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40
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118
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119
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Interest on lease liabilities
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Interest Expense, Net
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45
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51
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139
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157
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Total lease costs
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$
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1,459
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$
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1,196
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$
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4,177
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$
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3,654
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Lease Term and Discount Rate
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September 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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19.9
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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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7.0
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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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9.38
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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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Nine Months Ended
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September 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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3,250
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$
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2,881
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Operating cash flows for finance lease
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$
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139
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$
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157
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Financing cash flows for finance lease
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$
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369
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$
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403
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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 nine months ended September 30, 2020)
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$
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1,212
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$
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108
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2021
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4,792
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652
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2022
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4,576
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652
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2023
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2,984
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652
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2024
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1,243
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652
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Thereafter
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31,116
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1,847
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Total future minimum lease payments
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45,923
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4,563
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Less: Amount representing interest
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(26,937)
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(655)
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Present value of lease liabilities
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18,986
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3,908
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Less: Current lease obligations
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(3,263)
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(486)
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Long-term lease obligations
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$
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15,723
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$
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3,422
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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 nine months ended September 30, 2020)
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$
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1,212
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$
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108
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2021
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4,792
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652
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2022
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4,576
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652
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2023
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2,984
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652
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2024
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1,243
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652
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Thereafter
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31,116
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1,847
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Total future minimum lease payments
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45,923
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4,563
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Less: Amount representing interest
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(26,937)
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(655)
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Present value of lease liabilities
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18,986
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3,908
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Less: Current lease obligations
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(3,263)
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(486)
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Long-term lease obligations
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$
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15,723
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$
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3,422
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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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