LEASES (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| LEASES |
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| Components of Lease Expense |
The components of lease expenses are as follows:
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(In thousands) |
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Three Months Ended |
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Nine Months Ended |
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Classification within |
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September 30, |
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September 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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$ |
1,206 |
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$ |
1,112 |
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$ |
3,549 |
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$ |
3,357 |
Short-term payments |
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Selling, General and Administrative Expenses |
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33 |
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29 |
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|
103 |
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29 |
Variable payments |
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Selling, General and Administrative Expenses |
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314 |
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|
385 |
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|
1,069 |
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|
1,254 |
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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118 |
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|
118 |
Interest on lease liabilities |
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Interest Expense, Net |
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|
34 |
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|
38 |
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|
106 |
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|
122 |
Total lease costs |
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$ |
1,626 |
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$ |
1,603 |
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$ |
4,945 |
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$ |
4,880 |
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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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September 30, |
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December 31, |
Leases |
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Balance Sheet Classification |
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2022 |
|
2021 |
Assets |
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Operating lease assets |
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Operating Lease Right-of-Use Assets, Net |
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$ |
15,556 |
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$ |
15,814 |
Finance lease assets |
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Property and Equipment, Net(1) |
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|
4,605 |
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|
4,722 |
Total lease assets |
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$ |
20,161 |
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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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$ |
3,103 |
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$ |
3,542 |
Finance |
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Current Portion of Finance Lease Obligation |
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|
530 |
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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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12,962 |
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12,903 |
Finance |
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Finance Lease Obligation, Net of Current Portion |
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2,384 |
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|
2,783 |
Total lease liabilities |
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$ |
18,979 |
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$ |
19,742 |
__________
(1) |
Finance lease assets are recorded net of accumulated amortization of $3.1 million and $3.0 million as of September 30, 2022 and December 31, 2021, respectively. |
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| Operating Lease, Liability, Maturity |
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(In thousands) |
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Operating |
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Financing |
Years Ending December 31, |
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Leases |
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Lease(1) |
2022 (excluding the nine months ended September 30, 2022) |
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$ |
1,262 |
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$ |
109 |
2023 |
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|
3,694 |
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|
652 |
2024 |
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|
1,819 |
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|
652 |
2025 |
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|
1,543 |
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|
652 |
2026 |
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|
1,403 |
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|
652 |
Thereafter |
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|
33,019 |
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|
543 |
Total future minimum lease payments |
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|
42,740 |
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|
3,260 |
Less: Amount representing interest |
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(26,675) |
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|
(346) |
Present value of lease liabilities |
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|
16,065 |
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|
2,914 |
Less: Current lease obligations |
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(3,103) |
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|
(530) |
Long-term lease obligations |
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$ |
12,962 |
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$ |
2,384 |
__________
(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 nine months ended September 30, 2022) |
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$ |
1,262 |
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$ |
109 |
2023 |
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3,694 |
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|
652 |
2024 |
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1,819 |
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|
652 |
2025 |
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|
1,543 |
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|
652 |
2026 |
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|
1,403 |
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|
652 |
Thereafter |
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33,019 |
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|
543 |
Total future minimum lease payments |
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42,740 |
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|
3,260 |
Less: Amount representing interest |
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(26,675) |
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(346) |
Present value of lease liabilities |
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|
16,065 |
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|
2,914 |
Less: Current lease obligations |
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(3,103) |
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|
(530) |
Long-term lease obligations |
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$ |
12,962 |
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$ |
2,384 |
__________
(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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September 30, 2022 |
|
December 31, 2021 |
Weighted-average remaining lease term |
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Operating leases |
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23.2 |
years |
|
21.5 |
years |
Finance lease |
|
5.0 |
years |
|
5.8 |
years |
Weighted-average discount rate |
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Operating leases |
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9.70 |
% |
|
9.32 |
% |
Finance lease |
|
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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Nine Months Ended |
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|
September 30, |
Cash paid for amounts included in the measurement of lease liabilities: |
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2022 |
|
2021 |
Operating cash flows for operating leases |
|
$ |
3,670 |
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$ |
3,652 |
Operating cash flows for finance lease |
|
$ |
106 |
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$ |
122 |
Financing cash flows for finance lease |
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$ |
383 |
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$ |
367 |
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