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Leases (Tables) | 3 Months Ended
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Mar. 31, 2019
Leases [Abstract] |
Other information related to leases, components of lease expense and supplemental cash flow information | Other information related to lease term and discount rate was as follows:
|  | March 31, 2019
Weighted Average Remaining Lease Term |  |
Operating leases (1) |  | 29.8 years |
Finance leases (2) |  | 29.5 years |
Financing obligations (3) |  | 31.1 years |
Weighted Average Discount Rate |  |
Operating leases (1) |  | 6.9 | %
Finance leases (2) |  | 6.8 | %
Financing obligations (3) |  | 8.1 | %
(1) | Amounts consist of (i) land components associated with our Master Leases that were concluded to be operating leases at the adoption date of the new lease standard; (ii) our Meadows Lease; (iii) our Margaritaville Lease; (iv) ground and levee leases with landlords which were not assumed by our REIT landlords and remain an obligation of the Company; and (v) building and equipment not contained within leases with our REIT landlords. For leases where the rate implicit in the lease is not readily determinable, we use our incremental borrowing rate based on the information available at the adoption date in determining the present value of lease payments.
(2) | Amounts primarily represent finance leases associated with our Dayton and Mahoning Valley properties (which are included in the Penn Master Lease) that under previous GAAP utilized specific build-to-suit guidance. The adoption of the new lease standard required the Company to evaluate the components utilizing the guidance contained within the new lease standard, which resulted in all components being classified as finance leases.
For leases where the rate implicit in the lease is not readily determinable, we use our incremental borrowing rate based on the information available at the adoption date in determining the present value of lease payments.
(3) | Amounts consist of components contained within each of the Master Leases determined to continue to be financing obligations (which consist primarily of building components) at the adoption date of the new lease standard.
The components of lease expense were as follows:
| Classification |  |
(in thousands) | Gaming Expense |  | Food, Beverage, Hotel and Other Expense |  | General and Administrative |  | Interest Expense |  | Depreciation and Amortization |  | Total for the three months ended March 31, 2019
Operating Lease Costs |  |  |  |  |  |  |  |  |  |  |
Rent expense associated with triple net leases classified as operating leases (1) | $ | — |  |  | $ | — |  |  | $ | 84,730 |  |  | $ | — |  |  | $ | — |  |  | $ | 84,730 |
Operating lease cost | 137 |  |  | 156 |  |  | 4,097 |  |  | — |  |  | — |  |  | 4,390 |
Short-term lease cost | 12,936 |  |  | 160 |  |  | 568 |  |  | — |  |  | — |  |  | 13,664 |
Variable lease cost | 1,259 |  |  | 2 |  |  | 315 |  |  | — |  |  | — |  |  | 1,576 |
Total | $ | 14,332 |  |  | $ | 318 |  |  | $ | 89,710 |  |  | $ | — |  |  | $ | — |  |  | $ | 104,360 |
Finance Lease Costs |  |  |  |  |  |  |  |  |  |  |
Interest expense associated with finance leases (2) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,827 |  |  | $ | — |  |  | $ | 3,827 |
Amortization expense associated with finance leases (2) | — |  |  | — |  |  | — |  |  | — |  |  | 1,959 |  |  | 1,959 |
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,827 |  |  | $ | 1,959 |  |  | $ | 5,786 |
Financing Obligation Costs |  |  |  |  |  |  |  |  |  |  |
Interest expense associated with financing obligations (3) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 97,672 |  |  | $ | — |  |  | $ | 97,672 |
(1) | Pertains to the components contained within the Master Leases (primarily land components) determined to be operating leases, the Meadows Lease, and the Margaritaville Lease.
(2) | Primarily pertains to the Dayton and Mahoning Valley finance leases.
(3) Pertains to the components contained within the Master Leases (primarily building components) determined to continue to be financing obligations, inclusive of contingent variable interest expense associated with Columbus and Toledo.Supplemental cash flow information related to leases was as follows:
(in thousands) | For the three months ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities |
Operating cash flows from finance leases | $ | 3,827 |
Operating cash flows from operating leases | $ | 90,629 |
Financing cash flows from finance leases | $ | 1,640 |
Schedule of future minimum lease commitments, operating leases | The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of March 31, 2019:
(in thousands) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31, |  |  |  |  |
2019 (excluding the three months ended March 31, 2019) | $ | 275,761 |  |  | $ | 15,701 |  |  | $ | 292,189 |
2020 | 352,916 |  |  | 21,028 |  |  | 374,715 |
2021 | 336,908 |  |  | 21,021 |  |  | 367,278 |
2022 | 336,660 |  |  | 20,909 |  |  | 367,278 |
2023 | 333,540 |  |  | 20,083 |  |  | 367,278 |
Thereafter | 7,665,371 |  |  | 398,727 |  |  | 9,637,956 |
Total lease payments | 9,301,156 |  |  | 497,469 |  |  | 11,406,694 |
Less: Amounts representing interest | (5,336,870 | ) |  | (274,647 | ) |  | (7,224,861 | )
Present value of future lease payments | 3,964,286 |  |  | 222,822 |  |  | 4,181,833 |
Less: Current portion of lease obligations | (95,894 | ) |  | (5,874 | ) |  | (52,600 | )
Long-term portion of lease obligations | $ | 3,868,392 |  |  | $ | 216,948 |  |  | $ | 4,129,233 |
Schedule of future minimum lease commitments, finance leases | The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of March 31, 2019:
(in thousands) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31, |  |  |  |  |
2019 (excluding the three months ended March 31, 2019) | $ | 275,761 |  |  | $ | 15,701 |  |  | $ | 292,189 |
2020 | 352,916 |  |  | 21,028 |  |  | 374,715 |
2021 | 336,908 |  |  | 21,021 |  |  | 367,278 |
2022 | 336,660 |  |  | 20,909 |  |  | 367,278 |
2023 | 333,540 |  |  | 20,083 |  |  | 367,278 |
Thereafter | 7,665,371 |  |  | 398,727 |  |  | 9,637,956 |
Total lease payments | 9,301,156 |  |  | 497,469 |  |  | 11,406,694 |
Less: Amounts representing interest | (5,336,870 | ) |  | (274,647 | ) |  | (7,224,861 | )
Present value of future lease payments | 3,964,286 |  |  | 222,822 |  |  | 4,181,833 |
Less: Current portion of lease obligations | (95,894 | ) |  | (5,874 | ) |  | (52,600 | )
Long-term portion of lease obligations | $ | 3,868,392 |  |  | $ | 216,948 |  |  | $ | 4,129,233 |
Schedule of future minimum lease commitments, financing obligations | The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of March 31, 2019:
(in thousands) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31, |  |  |  |  |
2019 (excluding the three months ended March 31, 2019) | $ | 275,761 |  |  | $ | 15,701 |  |  | $ | 292,189 |
2020 | 352,916 |  |  | 21,028 |  |  | 374,715 |
2021 | 336,908 |  |  | 21,021 |  |  | 367,278 |
2022 | 336,660 |  |  | 20,909 |  |  | 367,278 |
2023 | 333,540 |  |  | 20,083 |  |  | 367,278 |
Thereafter | 7,665,371 |  |  | 398,727 |  |  | 9,637,956 |
Total lease payments | 9,301,156 |  |  | 497,469 |  |  | 11,406,694 |
Less: Amounts representing interest | (5,336,870 | ) |  | (274,647 | ) |  | (7,224,861 | )
Present value of future lease payments | 3,964,286 |  |  | 222,822 |  |  | 4,181,833 |
Less: Current portion of lease obligations | (95,894 | ) |  | (5,874 | ) |  | (52,600 | )
Long-term portion of lease obligations | $ | 3,868,392 |  |  | $ | 216,948 |  |  | $ | 4,129,233 |

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