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Note 10 - Leases

12 Months Ended

Dec. 31, 2020

NOTE 10. LEASES

We have operating and finance leases primarily for four casino hotel properties, corporate offices, parking ramps, gaming and other equipment. Our leases have remaining lease terms of one year to 56 years, some of which include options to extend the leases for up to 65 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 year ended December 31, 2020 was not material.

The components of lease expense were as follows:

	*Year Ended December 31,*
*(In thousands)*	*2020*			*2019*
Operating lease cost	$	156,280		$	163,027
Short-term lease cost		(275	)		481

Supplemental cash flow information related to leases was as follows:

	*Year Ended December 31,*
*(In thousands)*	*2020*		*2019*
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	147,560	$	160,333

Right-of-use assets obtained in exchange for lease obligations:
Operating leases		57,221		13,204

Supplemental balance sheet information related to leases was as follows:

	*December 31,*
*(In thousands, except lease term and discount rate)*	*2020*			*2019*
Operating Leases
Operating lease right-of-use assets, including favorable lease rates asset	$	928,814		$	936,170

Current lease liabilities (included in accrued liabilities)	$	90,478		$	87,686
Operating lease liabilities		848,825			840,285
Total operating lease liabilities	$	939,303		$	927,971

Weighted Average Remaining Lease Term
Operating leases (in years)		17.7			18.2

Weighted Average Discount Rate
Operating leases		8.8	%		8.9	%

Maturities of lease liabilities were as follows:

*(In thousands)*	*Operating Leases*
For the period ending December 31,
2021	$	163,576
2022		151,560
2023		119,116
2024		118,927
2025		119,000
Thereafter		1,248,846
Total lease payments		1,921,025
Less imputed interest		(981,722	)
Less current portion (included in accrued liabilities)		(90,478	)
Long-term portion of operating lease liabilities	$	848,825

Future minimum rental income, which is primarily related to retail and restaurant facilities located within our properties are as follows:

*(In thousands)*	*Minimum Rental Income*
*For the Year Ended December 31,*
2021	$	2,531
2022		2,307
2023		2,109
2024		1,655
2025		196
Thereafter		38
Total	$	8,836