LEASES (Tables)
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6 Months Ended |
Jun. 30, 2022 |
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| LEASES |
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| Components of Lease Expense |
The components of lease expense are as follows:
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(In thousands) |
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Three Months Ended |
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Six Months Ended |
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Classification within |
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June 30, |
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June 30, |
Lease Costs |
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Statement of Operations |
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2022 |
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2021 |
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2022 |
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2021 |
Operating leases: |
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Fixed/base rent |
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Selling, General and Administrative Expenses |
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$ |
1,172 |
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$ |
1,086 |
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$ |
2,337 |
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$ |
2,245 |
Short-term payments |
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Selling, General and Administrative Expenses |
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33 |
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— |
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70 |
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— |
Variable payments |
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Selling, General and Administrative Expenses |
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352 |
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|
418 |
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|
738 |
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|
820 |
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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78 |
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|
78 |
Interest on lease liabilities |
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Interest Expense, Net |
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35 |
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41 |
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72 |
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|
84 |
Total lease costs |
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$ |
1,631 |
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$ |
1,584 |
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$ |
3,295 |
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$ |
3,227 |
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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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June 30, |
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December 31, |
Leases |
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Balance Sheet Classification |
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2022 |
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2021 |
Assets |
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Operating lease assets |
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Operating Lease Right-of-Use Assets, Net |
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$ |
14,430 |
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$ |
15,814 |
Finance lease assets |
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Property and Equipment, Net(1) |
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4,644 |
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|
4,722 |
Total lease assets |
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$ |
19,074 |
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$ |
20,536 |
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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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$ |
3,668 |
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$ |
3,542 |
Finance |
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Current Portion of Finance Lease Obligation |
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|
526 |
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|
514 |
Noncurrent |
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Operating |
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Operating Lease Obligations, Net of Current Portion |
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11,293 |
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12,903 |
Finance |
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Finance Lease Obligation, Net of Current Portion |
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2,518 |
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|
2,783 |
Total lease liabilities |
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$ |
18,005 |
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$ |
19,742 |
__________
(1) |
Finance lease assets are recorded net of accumulated amortization of $3.1 million and $3.0 million as of June 30, 2022 and December 31, 2021, respectively. |
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| Operating Lease, Liability, Maturity |
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(In thousands) |
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Operating |
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Financing |
Years Ending December 31, |
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Leases |
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Lease(1) |
2022 (excluding the six months ended June 30, 2022) |
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$ |
2,450 |
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$ |
272 |
2023 |
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3,641 |
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|
652 |
2024 |
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1,768 |
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|
652 |
2025 |
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1,538 |
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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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39,502 |
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|
3,423 |
Less: Amount representing interest |
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(24,541) |
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(379) |
Present value of lease liabilities |
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14,961 |
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|
3,044 |
Less: Current lease obligations |
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(3,668) |
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(526) |
Long-term lease obligations |
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$ |
11,293 |
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$ |
2,518 |
__________
(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 |
Years Ending December 31, |
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Leases |
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Lease(1) |
2022 (excluding the six months ended June 30, 2022) |
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$ |
2,450 |
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$ |
272 |
2023 |
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3,641 |
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|
652 |
2024 |
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1,768 |
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|
652 |
2025 |
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1,538 |
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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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39,502 |
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3,423 |
Less: Amount representing interest |
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(24,541) |
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(379) |
Present value of lease liabilities |
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14,961 |
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|
3,044 |
Less: Current lease obligations |
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(3,668) |
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(526) |
Long-term lease obligations |
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$ |
11,293 |
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$ |
2,518 |
__________
(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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Lease Term and Discount Rate |
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June 30, 2022 |
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December 31, 2021 |
Weighted-average remaining lease term |
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Operating leases |
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22.9 |
years |
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21.5 |
years |
Finance lease |
|
5.3 |
years |
|
5.8 |
years |
Weighted-average discount rate |
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Operating leases |
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9.39 |
% |
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9.32 |
% |
Finance lease |
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4.50 |
% |
|
4.50 |
% |
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| Supplemental Cash Flow Information Related To Leases |
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(In thousands) |
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Six Months Ended |
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|
June 30, |
Cash paid for amounts included in the measurement of lease liabilities: |
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2022 |
|
2021 |
Operating cash flows for operating leases |
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$ |
2,436 |
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$ |
2,439 |
Operating cash flows for finance lease |
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$ |
72 |
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$ |
84 |
Financing cash flows for finance lease |
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$ |
254 |
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$ |
242 |
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