LEASES (Tables)
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6 Months Ended |
Jun. 30, 2019 |
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| Leases [Abstract] |
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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, Unaudited) |
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Leases |
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Balance Sheet Classification |
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June 30, 2019 |
Assets |
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Operating lease assets |
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Operating Lease Right-of-Use Assets, Net |
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$ |
18,769 |
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Finance lease assets |
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Property and Equipment, Net(1)
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5,115 |
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Total lease assets |
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$ |
23,884 |
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Liabilities |
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Current |
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Operating |
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Other Accrued Expenses and Current Operating Lease Obligations |
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$ |
2,219 |
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Finance |
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Current Portion of Finance Lease Obligation |
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493 |
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Noncurrent |
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Operating |
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Operating Lease Obligations, Net of Current Portion, and Other |
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16,794 |
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Finance |
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Finance Lease Obligation, Net of Current Portion |
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4,065 |
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Total lease liabilities |
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$ |
23,571 |
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(1 |
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Finance lease assets are recorded net of accumulated amortization of $2.6 million as of June 30, 2019. |
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| Components of Lease Expense, Lease Term and Discount Rate and Cash Flow Information |
Other information related to lease term and discount rate is as follows:
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Lease Term and Discount Rate |
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June 30, 2019 |
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(Unaudited) |
Weighted-average remaining lease term |
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Operating leases |
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21.1 years |
Finance lease |
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8.3 years |
Weighted-average discount rate |
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Operating leases(1)
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9.42% |
Finance lease |
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4.50% |
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(1 |
) |
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Upon adoption of the new lease standard, discount rates used for existing operating leases were established on January 1, 2019. |
Supplemental cash flow information related to leases is as follows:
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(In thousands, Unaudited) |
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Six Months Ended
June 30, 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |
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Operating cash flows for operating leases |
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$ |
1,928 |
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Operating cash flows for finance lease |
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$ |
106 |
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Financing cash flows for finance lease |
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$ |
263 |
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The components of lease expense are as follows:
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(In thousands, Unaudited) |
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Three Months Ended June 30, 2019 |
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Six Months Ended June 30, 2019 |
Lease Costs |
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Statement of Operations Classification |
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Operating leases: |
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Operating leases |
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Selling, General and Administrative Expenses |
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$ |
958 |
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$ |
1,918 |
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Variable leases |
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Selling, General and Administrative Expenses |
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171 |
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355 |
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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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79 |
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Interest on lease liabilities |
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Interest Expense, Net |
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52 |
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106 |
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Total lease costs |
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$ |
1,220 |
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$ |
2,458 |
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| Operating Lease, Liability, Maturity |
Maturities of lease liabilities as of June 30, 2019 are summarized as follows:
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(In thousands, Unaudited) |
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Operating
Leases
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Financing
Lease(1)
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Year Ending December 31, |
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2019 (excluding the six months ended June 30, 2019) |
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$ |
1,921 |
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$ |
317 |
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2020 |
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3,850 |
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680 |
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2021 |
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3,719 |
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652 |
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2022 |
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3,503 |
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652 |
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2023 |
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2,478 |
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652 |
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Thereafter |
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32,152 |
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2,499 |
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Total future minimum lease payments |
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47,623 |
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5,452 |
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Less: Amount representing interest |
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(28,610 |
) |
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(894 |
) |
Present value of lease liabilities |
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19,013 |
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4,558 |
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Less: Current lease obligations |
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(2,219 |
) |
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(493 |
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Long-term lease obligations |
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$ |
16,794 |
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$ |
4,065 |
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(1 |
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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 |
Maturities of lease liabilities as of June 30, 2019 are summarized as follows:
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(In thousands, Unaudited) |
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Operating
Leases
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Financing
Lease(1)
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Year Ending December 31, |
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2019 (excluding the six months ended June 30, 2019) |
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$ |
1,921 |
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$ |
317 |
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2020 |
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3,850 |
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680 |
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2021 |
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3,719 |
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652 |
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2022 |
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3,503 |
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|
652 |
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2023 |
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2,478 |
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652 |
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Thereafter |
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32,152 |
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2,499 |
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Total future minimum lease payments |
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47,623 |
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5,452 |
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Less: Amount representing interest |
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(28,610 |
) |
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(894 |
) |
Present value of lease liabilities |
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19,013 |
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4,558 |
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Less: Current lease obligations |
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(2,219 |
) |
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(493 |
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Long-term lease obligations |
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$ |
16,794 |
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$ |
4,065 |
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(1 |
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The Company’s only material finance lease is at Rising Star Casino Resort for a 104-room hotel. |
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