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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2020
GOODWILL AND INTANGIBLE ASSETS |
GOODWILL AND INTANGIBLE ASSETS | NOTE 3. GOODWILL AND INTANGIBLE ASSETS ​ Goodwill was $25.1 million at December 31, 2020 and 2019. The Company’s goodwill is related to the acquisition of Monarch Black Hawk in 2012. ​ The Company’s finite-lived intangible assets consist of assets related to its customer relationships and assets related to Cloud Computing Arrangement (CCA). Intangible assets at December 31 are (in thousands except years): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |
Customer list |  | ​ | ​ | ​ | ​ | ​ | ​
Total intangible assets | ​ | $ | 11,111 | ​ | $ | 10,490 | ​
Less accumulated amortization: | ​ |  | (10,138) | ​ |  | (8,952) | ​
Intangible assets, net |  | $ | 973 |  | $ | 1,538 | ​
Weighted-average life in years | ​ |  | 0.6 | ​ |  | 1.3 | ​
​ Customer relationships were valued at $10.5 million, representing the value associated with the future potential customer revenue production and are being amortized on a straight-line basis over nine years. Should events or changes in circumstances cause the carrying value of the customer relationship intangible asset to exceed its estimated fair value, an impairment charge in the amount of the excess would be recognized. As of December 31, 2020, and 2019, the customer relationships net intangible asset balance was $0.4 million and $1.5 million, respectively. ​ On January 1, 2020, the Company adopted ASU 2018-15, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement with the requirements for capitalizing implementation costs incurred to develop or obtain for internal-use software. In the fourth quarter of 2020, the Company installed a new hotel management system and capitalized as intangible assets $622 thousand, representing costs for coding, testing, integration with other software and activities in the development stage. The CCA intangible assets are amortized over 5 years. ​ Amortization expense of $1.2 million was recognized for each of the years ended December 31, 2020, 2019 and 2018. Estimated amortization expenses for the years ending December 31, 2021 through 2025 are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​
Year |  | Expense |
2021 |  | $ | 497 | ​
2022 | ​ | $ | 124 | ​
2023 | ​ | $ | 124 | ​
2024 | ​ | $ | 124 | ​
2025 | ​ | $ | 104 | ​
Total |  | $ | 973 | ​
​ The Company periodically evaluates the remaining useful lives of its finite-lived intangible assets to determine whether events and circumstances warrant a revision to the remaining period of amortization.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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