Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.19.1
LEASES (Tables)
3 Months Ended
Mar. 31, 2019
Leases [Abstract]  
Balance sheet information for leases
Leases recorded on the balance sheet consist of the following:
(In thousands, Unaudited)
 
 
 
 
 
 
 
 
 
Leases
 
Balance Sheet Classification
 
March 31, 2019
Assets
 
 
 
 
Operating lease assets
 
Operating Lease Right-of-Use Assets
 
$
19,316

Finance lease assets
 
Property and Equipment, Net(1)
 
5,155

Total lease assets
 
 
 
$
24,471

 
 
 
 
 
Liabilities
 
 
 
 
Current
 
 
 
 
Operating
 
Other Accrued Expenses and Current Operating Lease Obligations
 
$
2,172

Finance
 
Current Portion of Finance Lease Obligation
 
515

Noncurrent
 
 
 
 
Operating
 
Operating Lease Obligations, Net of Current Portion, and Other
 
17,371

Finance
 
Finance Lease Obligation, Net of Current Portion
 
4,182

Total lease liabilities
 
 
 
$
24,240

(1
)
 
Finance lease assets are recorded net of accumulated amortization of $2.6 million as of March 31, 2019.
Components of lease expense, Lease term and discount rate and Cash flow information
The components of lease expense are as follows:
(In thousands, Unaudited)
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2019
Lease Costs
 
Statement of Operations Classification
 
Operating leases:
 
 
 
 
Operating lease costs
 
Selling, General and Administrative Expenses
 
$
960

Short-term lease costs
 
Selling, General and Administrative Expenses
 
137

Variable lease costs
 
Selling, General and Administrative Expenses
 
184

Finance lease:
 
 
 
 
Amortization of leased assets
 
Depreciation and Amortization
 
40

Interest on lease liabilities
 
Interest Expense, Net
 
54

Total lease costs
 
 
 
$
1,375

Other information related to lease term and discount rate is as follows:
Lease Term and Discount Rate
 
March 31, 2019
 
 
(Unaudited)
Weighted-average remaining lease term
 
 
Operating leases
 
20.9 years
Finance lease
 
8.6 years
Weighted-average discount rate
 
 
Operating leases(1)
 
9.41%
Finance lease
 
4.50%
(1
)
 
Upon adoption of the new lease standard, discount rates used for existing operating leases were established on January 1, 2019.


Supplemental cash flow information related to leases is as follows:
(In thousands, Unaudited)
 
 
 
 
Three Months Ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
 
Operating cash flows for operating leases
 
$
961

Operating cash flows for finance lease
 
$
54

Financing cash flows for finance lease
 
$
125

Operating lease, liability, maturity

Maturities of lease liabilities as of March 31, 2019 are summarized as follows:
(In thousands, Unaudited)
 
 
 
 
 
 
Operating
Leases
 
Financing
Lease(1)
Year Ending December 31,
 
 
2019 (excluding the three months ended March 31, 2019)
 
$
2,887

 
$
508

2020
 
3,850

 
680

2021
 
3,719

 
652

2022
 
3,503

 
652

2023
 
2,478

 
652

Thereafter
 
32,152

 
2,499

Total future minimum lease payments
 
48,589

 
5,643

Less: Amount representing interest
 
(29,046
)
 
(946
)
Present value of lease liabilities
 
19,543

 
4,697

Less: Current lease obligations
 
(2,172
)
 
(515
)
Long-term lease obligations
 
$
17,371

 
$
4,182

(1
)
 
Our only material finance lease is at Rising Star Casino Resort for a 104-room hotel.
Finance lease, liability, maturity

Maturities of lease liabilities as of March 31, 2019 are summarized as follows:
(In thousands, Unaudited)
 
 
 
 
 
 
Operating
Leases
 
Financing
Lease(1)
Year Ending December 31,
 
 
2019 (excluding the three months ended March 31, 2019)
 
$
2,887

 
$
508

2020
 
3,850

 
680

2021
 
3,719

 
652

2022
 
3,503

 
652

2023
 
2,478

 
652

Thereafter
 
32,152

 
2,499

Total future minimum lease payments
 
48,589

 
5,643

Less: Amount representing interest
 
(29,046
)
 
(946
)
Present value of lease liabilities
 
19,543

 
4,697

Less: Current lease obligations
 
(2,172
)
 
(515
)
Long-term lease obligations
 
$
17,371

 
$
4,182

(1
)
 
Our only material finance lease is at Rising Star Casino Resort for a 104-room hotel.