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Note 10 - Leases | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | 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 54 years, some of which include options to extend the leases for up to 63 years, and some of which include options to terminate the leases within one year. Certain of our lease agreements, including the Master Leases, 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 years ended December 31, 2022 and 2021 was $22.4 million and $20.1 million, respectively. As part of our annual 2021 impairment test, the Company recorded impairment charges of $5.8 million for operating lease right-of-use assets related to our Las Vegas Locals segment. The components of lease expense were as follows:
|  | Year Ended December 31, |
(In thousands) |  | 2022 |  |  | 2021 |
Operating lease cost |  | $ | 153,961 |  |  | $ | 125,693 |
Short-term lease cost |  |  | (685 | ) |  |  | (1,667 | )
Supplemental cash flow information related to leases was as follows:
|  | Year Ended December 31, |
(In thousands) |  | 2022 |  |  | 2021 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 155,085 |  |  | $ | 129,053 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |
Operating leases |  |  | 32,080 |  |  |  | 55,673 |
Supplemental balance sheet information related to leases was as follows:
|  | December 31, |
(In thousands, except lease term and discount rate) |  | 2022 |  |  | 2021 |
Operating Leases |  |  |  |  |  |  |  |
Operating lease right-of-use assets, including favorable lease rates asset |  | $ | 830,345 |  |  | $ | 884,241 |
Current lease liabilities (included in accrued liabilities) |  | $ | 88,776 |  |  | $ | 84,884 |
Operating lease liabilities |  |  | 758,440 |  |  |  | 815,974 |
Total operating lease liabilities |  | $ | 847,216 |  |  | $ | 900,858 |
Weighted Average Remaining Lease Term |  |  |  |  |  |  |  |
Operating leases (in years) |  |  | 15.5 |  |  |  | 16.1 |
Weighted Average Discount Rate |  |  |  |  |  |  |  |
Operating leases |  |  | 8.7 | % |  |  | 8.6 | %
Maturities of lease liabilities are as follows:
(In thousands) |  | Operating Leases |
For the period ending December 31, |  |  |  |
2023 |  | $ | 152,487 |
2024 |  |  | 152,398 |
2025 |  |  | 120,710 |
2026 |  |  | 120,833 |
2027 |  |  | 119,928 |
Thereafter |  |  | 910,315 |
Total lease payments |  |  | 1,576,671 |
Less imputed interest |  |  | (729,455 | )
Less current portion (included in accrued liabilities) |  |  | (88,776 | )
Long-term portion of operating lease liabilities |  | $ | 758,440 |
Future minimum rental income, which is primarily related to retail and restaurant facilities located within our properties, is as follows:
(In thousands) |  | Minimum Rental Income |
For the Year Ended December 31, |  |  |  |
2023 |  | $ | 3,260 |
2024 |  |  | 2,417 |
2025 |  |  | 1,018 |
2026 |  |  | 338 |
2027 |  |  | 245 |
Thereafter |  |  | 930 |
Total |  | $ | 8,208 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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