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Leases (Tables) | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
Other information related to leases, components of lease expense and supplemental cash flow information | Supplemental cash flow information related to leases was as follows:
(in thousands) | For the six months ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities |
Operating cash flows from finance leases | $ | 7,657 |
Operating cash flows from operating leases | $ | 186,868 |
Financing cash flows from finance leases | $ | 2,941 |
Information related to lease term and discount rate was as follows:
| June 30, 2019
Weighted Average Remaining Lease Term |
Operating leases (1) | 27.8 years |
Finance leases (2) | 28.8 years |
Financing obligations (3) | 30.9 years |
Weighted Average Discount Rate (4) |
Operating leases | 6.7 | %
Finance leases | 6.8 | %
Financing obligations | 8.1 | %
(1) | Amount consists principally of (i) land components associated with our Master Leases; (ii) our Meadows Lease; (iii) our Margaritaville Lease; (iv) our Greektown Lease; (v) ground and levee leases with landlords which were not assumed by our REIT landlords; and (vi) building and equipment not associated with our Master Leases.
(2) | Amount consists primarily of the Dayton and Mahoning Valley finance leases.
(3) | Amount consists of the components contained within each of the Master Leases determined to continue to be financing obligations (primarily buildings) at the adoption date of the new lease standard.
(4) | 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.
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 June 30, 2019
Operating Lease Costs |  |  |  |  |  |  |  |  |  |  |
Rent expense associated with triple net leases classified as operating leases (1) | $ | — |  |  | $ | — |  |  | $ | 90,025 |  |  | $ | — |  |  | $ | — |  |  | $ | 90,025 |
Operating lease cost (2) | 146 |  |  | 113 |  |  | 4,346 |  |  | — |  |  | — |  |  | 4,605 |
Short-term lease cost | 14,226 |  |  | 375 |  |  | 212 |  |  | — |  |  | — |  |  | 14,813 |
Variable lease cost (2) | — |  |  | — |  |  | 260 |  |  | — |  |  | — |  |  | 260 |
Total | $ | 14,372 |  |  | $ | 488 |  |  | $ | 94,843 |  |  | $ | — |  |  | $ | — |  |  | $ | 109,703 |
Finance Lease Costs |  |  |  |  |  |  |  |  |  |  |
Interest expense (3) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,830 |  |  | $ | — |  |  | $ | 3,830 |
Amortization expense (3) | — |  |  | — |  |  | — |  |  | — |  |  | 1,956 |  |  | 1,956 |
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,830 |  |  | $ | 1,956 |  |  | $ | 5,786 |
Financing Obligation Costs |  |  |  |  |  |  |  |  |  |  |
Interest expense (4) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 98,369 |  |  | $ | — |  |  | $ | 98,369 |
| Classification |  |
(in thousands) | Gaming Expense |  | Food, Beverage, Hotel and Other Expense |  | General and Administrative |  | Interest Expense |  | Depreciation and Amortization |  | Total for the six months ended June 30, 2019
Operating Lease Costs |  |  |  |  |  |  |  |  |  |  |
Rent expense associated with triple net leases classified as operating leases (1) | $ | — |  |  | $ | — |  |  | $ | 174,755 |  |  | $ | — |  |  | $ | — |  |  | $ | 174,755 |
Operating lease cost (2) | 283 |  |  | 269 |  |  | 8,443 |  |  | — |  |  | — |  |  | 8,995 |
Short-term lease cost | 27,162 |  |  | 535 |  |  | 780 |  |  | — |  |  | — |  |  | 28,477 |
Variable lease cost (2) | 1,201 |  |  | 2 |  |  | 575 |  |  | — |  |  | — |  |  | 1,778 |
Total | $ | 28,646 |  |  | $ | 806 |  |  | $ | 184,553 |  |  | $ | — |  |  | $ | — |  |  | $ | 214,005 |
Finance Lease Costs |  |  |  |  |  |  |  |  |  |  |
Interest expense (3) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,657 |  |  | $ | — |  |  | $ | 7,657 |
Amortization expense (3) | — |  |  | — |  |  | — |  |  | — |  |  | 3,915 |  |  | 3,915 |
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,657 |  |  | $ | 3,915 |  |  | $ | 11,572 |
Financing Obligation Costs |  |  |  |  |  |  |  |  |  |  |
Interest expense (4) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 196,041 |  |  | $ | — |  |  | $ | 196,041 |
(1) | Pertains to the components contained within the Master Leases (primarily land) determined to be operating leases, the Meadows Lease, the Margaritaville Lease, and the Greektown Lease, inclusive of the variable expense associated with Columbus and Toledo for the operating lease components (the land) (see table above).
(2) | Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases, discussed in footnote (1) above.
(3) | Primarily pertains to the Dayton and Mahoning Valley finance leases.
(4) Pertains to the components contained within the Master Leases (primarily buildings) determined to continue to be financing obligations, inclusive of the variable expense associated with Columbus and Toledo for the finance lease components (the buildings) (see table above). Total monthly variable expenses were as follows:
| For the three months ended June 30, |  | For the six months ended June 30,
(in thousands) | 2019 |  | 2018 |  | 2019 |  | 2018
Variable expenses included in “General and administrative” | $ | 6,238 |  |  | $ | — |  |  | $ | 13,042 |  |  | $ | — |
Variable expenses included in “Interest expense” | 5,725 |  |  | 12,543 |  |  | 11,969 |  |  | 24,984 |
Total variable expenses | $ | 11,963 |  |  | $ | 12,543 |  |  | $ | 25,011 |  |  | $ | 24,984 |
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 June 30, 2019:
(in thousands) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31, |  |  |  |  |
2019 (excluding the six months ended June 30, 2019) | $ | 209,805 |  |  | $ | 10,749 |  |  | $ | 194,793 |
2020 | 408,009 |  |  | 21,481 |  |  | 374,715 |
2021 | 387,771 |  |  | 21,474 |  |  | 367,278 |
2022 | 384,825 |  |  | 21,362 |  |  | 367,278 |
2023 | 381,689 |  |  | 20,497 |  |  | 367,278 |
Thereafter | 8,159,497 |  |  | 403,820 |  |  | 9,637,956 |
Total lease payments | 9,931,596 |  |  | 499,383 |  |  | 11,309,298 |
Less: Amounts representing interest | (5,490,450 | ) |  | (273,694 | ) |  | (7,140,249 | )
Present value of future lease payments | 4,441,146 |  |  | 225,689 |  |  | 4,169,049 |
Less: Current portion of lease obligations | (123,797 | ) |  | (6,214 | ) |  | (49,890 | )
Long-term portion of lease obligations | $ | 4,317,349 |  |  | $ | 219,475 |  |  | $ | 4,119,159 |
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 June 30, 2019:
(in thousands) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31, |  |  |  |  |
2019 (excluding the six months ended June 30, 2019) | $ | 209,805 |  |  | $ | 10,749 |  |  | $ | 194,793 |
2020 | 408,009 |  |  | 21,481 |  |  | 374,715 |
2021 | 387,771 |  |  | 21,474 |  |  | 367,278 |
2022 | 384,825 |  |  | 21,362 |  |  | 367,278 |
2023 | 381,689 |  |  | 20,497 |  |  | 367,278 |
Thereafter | 8,159,497 |  |  | 403,820 |  |  | 9,637,956 |
Total lease payments | 9,931,596 |  |  | 499,383 |  |  | 11,309,298 |
Less: Amounts representing interest | (5,490,450 | ) |  | (273,694 | ) |  | (7,140,249 | )
Present value of future lease payments | 4,441,146 |  |  | 225,689 |  |  | 4,169,049 |
Less: Current portion of lease obligations | (123,797 | ) |  | (6,214 | ) |  | (49,890 | )
Long-term portion of lease obligations | $ | 4,317,349 |  |  | $ | 219,475 |  |  | $ | 4,119,159 |
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 June 30, 2019:
(in thousands) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31, |  |  |  |  |
2019 (excluding the six months ended June 30, 2019) | $ | 209,805 |  |  | $ | 10,749 |  |  | $ | 194,793 |
2020 | 408,009 |  |  | 21,481 |  |  | 374,715 |
2021 | 387,771 |  |  | 21,474 |  |  | 367,278 |
2022 | 384,825 |  |  | 21,362 |  |  | 367,278 |
2023 | 381,689 |  |  | 20,497 |  |  | 367,278 |
Thereafter | 8,159,497 |  |  | 403,820 |  |  | 9,637,956 |
Total lease payments | 9,931,596 |  |  | 499,383 |  |  | 11,309,298 |
Less: Amounts representing interest | (5,490,450 | ) |  | (273,694 | ) |  | (7,140,249 | )
Present value of future lease payments | 4,441,146 |  |  | 225,689 |  |  | 4,169,049 |
Less: Current portion of lease obligations | (123,797 | ) |  | (6,214 | ) |  | (49,890 | )
Long-term portion of lease obligations | $ | 4,317,349 |  |  | $ | 219,475 |  |  | $ | 4,119,159 |

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