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Note 8 - Leases

9 Months Ended

Sep. 30, 2019

NOTE 8. LEASES

We have operating and finance leases primarily for three casino hotel properties, corporate offices, parking ramps, and gaming and other equipment. Our leases have remaining lease terms of one year to 57 years, some of which include options to extend the leases for up to 68 years, and some of which include options to terminate the leases within one year. Certain of our lease agreements, including the Master Lease, include provisions for variable lease payments, which represent lease payments that vary due to changes in facts or circumstances occurring after the commencement date other than the passage of time. Such variable lease payments are expensed in the period in which the obligation for these payments is incurred. Variable lease expense recognized in the three and nine months ended September 30, 2019 was not material.

The components of lease expense were as follows:

	*Three Months Ended*		*Nine Months Ended*
*(In thousands)*	*September 30, 2019*		*September 30, 2019*
Operating lease cost	$	36,272	$	108,314
Short-term lease cost		109		334

Supplemental cash flow information related to leases was as follows:

	*Three Months Ended*		*Nine Months Ended*
*(In thousands)*	*September 30, 2019*		*September 30, 2019*
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	35,015	$	106,705

Right-of-use assets obtained in exchange for lease obligations:
Operating leases		—		8,491

Supplemental balance sheet information related to leases was as follows:

*(In thousands, except lease term and discount rate)*	*September 30, 2019*
Operating Leases
Operating lease right-of-use assets	$	909,734

Current lease liabilities (included in accrued liabilities)	$	67,540
Operating lease liabilities		842,194
Total operating lease liabilities	$	909,734

Weighted Average Remaining Lease Term
Operating leases (in years)		18.9

Weighted Average Discount Rate
Operating leases		9.0	%

Maturities of lease liabilities were as follows:

*(In thousands)*	*Operating Leases*
For the period ending December 31,
Last quarter of 2019	$	34,795
2020		141,708
2021		134,728
2022		114,062
2023		111,970
Thereafter		1,377,613
Total lease payments		1,914,876
Less imputed interest		(1,005,142	)
Less current portion (included in accrued liabilities)		(67,540	)
Long-term portion of operating lease liabilities	$	842,194