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Hurricane Laura | 6 Months Ended
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Jun. 30, 2021
Unusual or Infrequent Items, or Both [Abstract] |
Hurricane Laura | Hurricane LauraOn August 27, 2020, Hurricane Laura made landfall in Lake Charles, Louisiana, which caused significant damage to our L’Auberge Lake Charles property and closure of the property for approximately two weeks. The Company maintains insurance, subject to certain deductibles and coinsurance, for the repair or replacement of assets that suffered loss and provides coverage for interruption to our business, including lost profits. The Company recorded a receivable relating to our estimate of repairs and maintenance costs which have been incurred and property and equipment which have been written off, and for which we deem the recovery of such costs and property and equipment from our insurers to be probable. The insurance recovery receivable is included in “Receivables, net” within the unaudited Consolidated Balance Sheets. As we deem it is probable that the proceeds to be recovered from our insurers exceeds the total of our insurance recovery recorded and our insurers’ deductible and coinsurance, we did not record any loss associated with the impact of this natural disaster. Timing differences are likely to exist between the recognition of (i) impairment losses and capital expenditures made to repair or restore the assets and (ii) the receipt of insurance proceeds within the unaudited Consolidated Financial Statements. The amount of the receivable was $28.3 million and $23.0 million, as of June 30, 2021 and December 31, 2020, respectively. For the three and six months ended June 30, 2021, we identified an additional $1.3 million and $5.3 million of costs related to our policy claim, respectively. No proceeds were received from our insurers during the six months ended June 30, 2021. We continue to be in the process of quantifying the claim amount under the policies to be submitted to our insurers. We will record proceeds in excess of the recognized losses and lost profits under our business interruption insurance as a gain contingency in accordance with ASC 450, “Contingencies,” which we expect to recognize at the time of final settlement or when nonrefundable cash advances are made in a period subsequent to June 30, 2021. The following table summarizes the financial impact of Hurricane Laura related matters:
(in millions) | June 30, 2021 |  | December 31, 2020
Insurance Proceeds | $ | 47.5 |  |  | $ | 47.5 |
Deductible | $ | 15.0 |  |  | $ | 15.0 |
Coinsurance | $ | 2.5 |  |  | $ | 2.5 |
Clean-up and Restoration Costs | $ | 52.4 |  |  | $ | 47.1 |
Fixed Asset Write-off | $ | 23.2 |  |  | $ | 23.2 |
Inventory Write-off | $ | 0.2 |  |  | $ | 0.2 |
Insurance Receivable | $ | 28.3 |  |  | $ | 23.0 |

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- Definition The entire disclosure for an event or transaction that is unusual in nature or infrequent in occurrence, or both. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=114868817 + Details
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