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Hurricane Laura | 3 Months Ended
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Mar. 31, 2023
Unusual or Infrequent Items, or Both [Abstract] |
Hurricane Laura | Hurricane Laura On August 27, 2020, Hurricane Laura made landfall in Lake Charles, Louisiana, which caused significant damage to our L’Auberge Lake Charles property, which closed for approximately two weeks. The Company maintains insurance, subject to certain deductibles and coinsurance, that covers business interruption, including lost profits, and covers the repair or replacement of assets that suffered losses. 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 was included in “Accounts Receivable, net” within the unaudited Consolidated Balance Sheets. As we deemed it probable that the proceeds to be recovered from our insurers would exceed 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 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. We did not receive additional proceeds during the three months ended March 31, 2023, as compared to $37.5 million of proceeds received during the three months ended March 31, 2022, which resulted in a gain of $8.8 million that is included in “General and administrative expenses” within our unaudited Consolidated Statements of Operations. Additionally, we did not have a receivable balance as of December 31, 2022. As of May 4, 2023, the insurance claim remains open, and we expect to receive additional future proceeds. We record proceeds in excess of the recognized losses and lost profits under our business interruption insurance as a gain contingency in accordance with ASC Topic 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 March 31, 2023. The following tables summarize the financial impact of Hurricane Laura related matters:
| Life to date through
(in millions) | March 31, 2023 |  | December 31, 2022
Insurance proceeds received through the end of the period | $ | 86.9 |  |  | $ | 86.9 |
Deductible | $ | 15.0 |  |  | $ | 15.0 |
Coinsurance | $ | 2.5 |  |  | $ | 2.5 |
Clean-up, restoration, and other costs | $ | 52.8 |  |  | $ | 52.8 |
Fixed asset write-off | $ | 23.2 |  |  | $ | 23.2 |
Inventory write-off | $ | 0.2 |  |  | $ | 0.2 |

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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 https://asc.fasb.org/subtopic&trid=114868817 + Details
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