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Note 10 - Leases

12 Months Ended

Dec. 31, 2024

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 52 years, some of which include options to extend the leases for up to 61 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, 2024, 2023 and 2022 was $32.7 million, $34.9 million and $22.4 million, respectively.

The components of lease expense were as follows:

	*Year Ended December 31,*
*(In thousands)*	*2024*		*2023*
Operating lease cost	$	158,283	$	161,190
Short-term lease cost		—		—

Supplemental cash flow information related to leases was as follows:

	*Year Ended December 31,*
*(In thousands)*	*2024*		*2023*
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	156,136	$	158,785

Right-of-use assets obtained in exchange for lease obligations:
Operating leases		31,556		41,840

Supplemental balance sheet information related to leases was as follows:

	*December 31,*
*(In thousands, except lease term and discount rate)*	*2024*			*2023*
Operating Leases
Operating lease right-of-use assets, including favorable lease rates asset	$	735,618		$	793,335

Current lease liabilities (included in accrued liabilities)	$	102,855		$	98,867
Operating lease liabilities		651,751			711,387
Total operating lease liabilities	$	754,606		$	810,254

Weighted Average Remaining Lease Term
Operating leases (in years)		14.6			14.9

Weighted Average Discount Rate
Operating leases		8.3	%		8.4	%

Maturities of lease liabilities are as follows:

*(In thousands)*	*Operating Leases*
*For the year ending December 31,*
2025	$	156,048
2026		155,863
2027		120,383
2028		119,742
2029		119,415
Thereafter		671,874
Total lease payments		1,343,325
Less imputed interest		(588,719	)
Less current portion (included in accrued liabilities)		(102,855	)
Long-term portion of operating lease liabilities	$	651,751

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 ending December 31,*
2025	$	1,533
2026		878
2027		456
2028		371
2029		115
Thereafter		615
Total	$	3,968