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Note 3 - Goodwill and Intangible Assets, Net | 9 Months Ended
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Sep. 30, 2022
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 3. GOODWILL AND INTANGIBLE ASSETS, NET Intangible assets, net consist of the following:
|  | September 30, 2022 |
|  | Weighted |  |  | Gross |  |  |  |  |  |  | Accumulated |  |  |  |  |
|  | Useful Life |  |  | Carrying |  |  | Accumulated |  |  | Impairment |  |  | Intangible |
(In thousands) |  | Remaining (in years) |  |  | Value |  |  | Amortization |  |  | Losses |  |  | Assets, Net |
Amortizing intangibles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | 0.8 |  |  | $ | 68,100 |  |  | $ | (66,289 | ) |  | $ | — |  |  | $ | 1,811 |
Host agreements |  | 10.7 |  |  |  | 58,000 |  |  |  | (16,756 | ) |  |  | — |  |  |  | 41,244 |
Development agreement (1) |  | 6.9 |  |  |  | 21,373 |  |  |  | (382 | ) |  |  | — |  |  |  | 20,991 |
|  |  |  |  |  | 147,473 |  |  |  | (83,427 | ) |  |  | — |  |  |  | 64,046 |
Indefinite lived intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trademarks |  | Indefinite |  |  |  | 204,000 |  |  |  | — |  |  |  | (32,775 | ) |  |  | 171,225 |
Gaming license rights |  | Indefinite |  |  |  | 1,378,081 |  |  |  | (33,960 | ) |  |  | (222,174 | ) |  |  | 1,121,947 |
|  |  |  |  |  | 1,582,081 |  |  |  | (33,960 | ) |  |  | (254,949 | ) |  |  | 1,293,172 |
Balances, September 30, 2022 |  |  |  |  | $ | 1,729,554 |  |  | $ | (117,387 | ) |  | $ | (254,949 | ) |  | $ | 1,357,218 |
(1) Amortization of the development agreement began on August 15, 2022 upon the opening of the Sky River Casino.
|  | December 31, 2021 |
|  | Weighted |  |  | Gross |  |  |  |  |  |  | Accumulated |  |  |  |  |
|  | Useful Life |  |  | Carrying |  |  | Accumulated |  |  | Impairment |  |  | Intangible |
(In thousands) |  | Remaining (in years) |  |  | Value |  |  | Amortization |  |  | Losses |  |  | Assets, Net |
Amortizing intangibles |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | 1.5 |  |  | $ | 68,100 |  |  | $ | (63,798 | ) |  | $ | — |  |  | $ | 4,302 |
Host agreements |  | 11.4 |  |  |  | 58,000 |  |  |  | (13,856 | ) |  |  | — |  |  |  | 44,144 |
Development agreement |  | — |  |  |  | 21,373 |  |  |  | — |  |  |  | — |  |  |  | 21,373 |
|  |  |  |  |  | 147,473 |  |  |  | (77,654 | ) |  |  | — |  |  |  | 69,819 |
Indefinite lived intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trademarks |  | Indefinite |  |  |  | 204,000 |  |  |  | — |  |  |  | (27,200 | ) |  |  | 176,800 |
Gaming license rights |  | Indefinite |  |  |  | 1,377,935 |  |  |  | (33,960 | ) |  |  | (222,174 | ) |  |  | 1,121,801 |
|  |  |  |  |  | 1,581,935 |  |  |  | (33,960 | ) |  |  | (249,374 | ) |  |  | 1,298,601 |
Balances, December 31, 2021 |  |  |  |  | $ | 1,729,408 |  |  | $ | (111,614 | ) |  | $ | (249,374 | ) |  | $ | 1,368,420 |
The following table presents the future amortization expense for our amortizing intangible assets as of September 30, 2022:
(In thousands) |  | Customer Relationships |  |  | Host Agreements |  |  | Development Agreement |  |  | Total |
For the year ending December 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2022 (excluding nine months ended September 30, 2022) |  | $ | 831 |  |  | $ | 967 |  |  | $ | 763 |  |  | $ | 2,561 |
2023 |  |  | 940 |  |  |  | 3,867 |  |  |  | 3,053 |  |  |  | 7,860 |
2024 |  |  | 40 |  |  |  | 3,867 |  |  |  | 3,053 |  |  |  | 6,960 |
2025 |  |  | — |  |  |  | 3,867 |  |  |  | 3,053 |  |  |  | 6,920 |
2026 |  |  | — |  |  |  | 3,867 |  |  |  | 3,053 |  |  |  | 6,920 |
Thereafter |  |  | — |  |  |  | 24,809 |  |  |  | 8,016 |  |  |  | 32,825 |
Total future amortization |  | $ | 1,811 |  |  | $ | 41,244 |  |  | $ | 20,991 |  |  | $ | 64,046 |
As a result of our third quarter 2022 impairment review, the Company recorded an impairment charge of $5.6 million for a trademark related to a property in our Midwest & South segment, which is included in impairment of assets for the three and nine months ended September 30, 2022. To the extent gaming volumes deteriorate in the near future, discount rates continue to increase significantly, or we do not meet our projected performance, we may recognize further impairments, and such impairments could be material. Goodwill consists of the following:
|  | Gross |  |  |  |  |  |  | Accumulated |  |  |  |  |
|  | Carrying |  |  | Accumulated |  |  | Impairment |  |  | Goodwill, |
(In thousands) |  | Value |  |  | Amortization |  |  | Losses |  |  | Net |
Goodwill, net by Reportable Segment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas Locals |  | $ | 593,567 |  |  | $ | — |  |  | $ | (188,079 | ) |  | $ | 405,488 |
Downtown Las Vegas |  |  | 6,997 |  |  |  | (6,134 | ) |  |  | — |  |  |  | 863 |
Midwest & South |  |  | 666,798 |  |  |  | — |  |  |  | (101,862 | ) |  |  | 564,936 |
Balances, September 30, 2022 |  | $ | 1,267,362 |  |  | $ | (6,134 | ) |  | $ | (289,941 | ) |  | $ | 971,287 |
There have been no changes in goodwill, net, during the nine months ended September 30, 2022.

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