XML 69 R15.htm IDEA: XBRL DOCUMENT
v3.19.3

Leases | 9 Months Ended
--- | ---
Sep. 30, 2019
Leases [Abstract] |
Leases | Note 9 – Leases Company as Lessee The Company has operating and finance leases for offices, taverns, land, vehicles, slot machines, and equipment. In addition, slot placement contracts in the form of space lease agreements at chain stores are accounted for as operating leases. Under chain store space lease agreements, the Company pays fixed monthly rental fees for the right to install, maintain and operate its slots at business locations, which are recorded in gaming expenses. The leases, excluding land, have remaining lease terms of 1 year to 28 years, some of which include options to extend the leases for an additional 5 to 15 years. Some equipment leases and space lease agreements include options to terminate the lease with 60 days’ to 1 year’s notice. The Company leases slot machines from gaming equipment manufacturers under short-term agreements. Most of the slot machine leases have variable rent structures, with amounts determined based on the performance of those machines. Certain others are short-term in nature, with fixed payment amounts. The Company has an operating ground lease with the Maryland Department of Natural Resources for approximately 270 acres in the Rocky Gap State Park on which Rocky Gap is situated. The Company leases approximately 20 acres of land in Laughlin, Nevada for the Laughlin Event Center and four parcels of land in Pahrump, Nevada on which the Gold Town Casino is located. The Company leases approximately 4.5 acres of undeveloped land in Carson City. Upon the adoption of Topic 842, the Company wrote off the associated ROU asset for this land lease of $9 million to its beginning balance of retained earnings as of January 1, 2019. The Company is also lessee for nine taverns and locations subject to space lease agreements that it does not plan to develop, operate, or sub-lease. The Company wrote off the associated ROU asset for these ten leases of $3 million to its beginning balance of retained earnings as of January 1, 2019. The Company leases its office headquarters building from a related party. See Note 12, Related Party Transactions, for more detail. The current and long-term obligations under finance leases are included in “current portion of long-term debt, net and finance leases” and “long-term debt, net and finance leases”, respectively. The majority of the finance leases relate to vehicles used within the Company’s Distributed Gaming business and equipment for the Company’s casinos. The components of lease expense are follows:
|  |  | Three Months Ended |  |  | Nine Months Ended |
(In thousands) | Classification |  | September 30, 2019 |  |  | September 30, 2019 |
Operating lease cost |  |  |  |  |  |  |  |  |
Operating lease cost | Operating and SG&A expenses |  | $ | 11,397 |  |  | $ | 34,453 |
Variable lease cost | Operating and SG&A expenses |  |  | 6,411 |  |  |  | 15,065 |
Short-term lease cost | Operating and SG&A expenses |  |  | 1,029 |  |  |  | 3,190 |
Total operating lease cost |  |  | $ | 18,837 |  |  | $ | 52,708 |
Finance lease cost |  |  |  |  |  |  |  |  |
Amortization of lease assets | Depreciation and amortization |  | $ | 493 |  |  | $ | 1,492 |
Interest on lease liabilities | Interest expense, net |  |  | 78 |  |  |  | 276 |
Total finance lease cost |  |  | $ | 571 |  |  | $ | 1,768 |
Supplemental cash flow information related to leases is as follows:
|  | Nine Months Ended |
(In thousands) |  | September 30, 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from operating leases |  | $ | 35,057 |
Operating cash flows from finance leases |  |  | 276 |
Financing cash flows from finance leases |  |  | 1,267 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |
Operating leases |  | $ | 36,117 |
Finance leases |  |  | 5,768 |
Supplemental balance sheet information related to leases is as follows:
(In thousands, except lease term and discount rate) |  | September 30, 2019 |
Operating leases |  |  |  |
Operating lease right-of-use assets, gross |  | $ | 175,898 |
Accumulated amortization |  |  | 26,987 |
Operating lease right-of-use assets, net |  | $ | 148,911 |
Current portion of operating leases |  | $ | 25,822 |
Noncurrent operating leases |  |  | 138,104 |
Total operating lease liabilities |  | $ | 163,926 |
Finance leases |  |  |  |
Property and equipment, gross |  | $ | 18,209 |
Accumulated depreciation |  |  | (3,356 | )
Property and equipment, net |  | $ | 14,853 |
Current portion of finance leases, net |  | $ | 3,201 |
Noncurrent finance leases, net |  |  | 8,368 |
Total finance lease liabilities |  | $ | 11,569 |
Weighted Average Remaining Lease Term |  |  |  |
Operating leases |  | 10.3 years |
Finance leases |  | 6.9 years |
Weighted Average Discount Rate |  |  |  |
Operating leases |  |  | 6.3 | %
Finance leases |  |  | 6.5 | %
Maturity of Lease Liabilities
|  | Operating |  |  | Finance |  |  |  |  |
(In thousands) |  | Leases |  |  | Leases |  |  | Total |
Remaining 2019 |  | $ | 11,373 |  |  | $ | 1,037 |  |  | $ | 12,410 |
2020 |  |  | 30,776 |  |  |  | 3,787 |  |  |  | 34,563 |
2021 |  |  | 29,441 |  |  |  | 3,290 |  |  |  | 32,731 |
2022 |  |  | 22,906 |  |  |  | 1,954 |  |  |  | 24,860 |
2023 |  |  | 17,469 |  |  |  | 529 |  |  |  | 17,998 |
Thereafter |  |  | 117,243 |  |  |  | 4,055 |  |  |  | 121,298 |
Total lease payments |  |  | 229,208 |  |  |  | 14,652 |  |  |  | 243,860 |
Less: interest |  |  | (65,282 | ) |  |  | (3,083 | ) |  |  | (68,365 | )
Present value of lease liabilities |  | $ | 163,926 |  |  | $ | 11,569 |  |  | $ | 175,495 |
As of September 30, 2019, the Company does not have any leases that have not yet commenced but that create significant rights and obligations. Company as Lessor Minimum and contingent operating lease income is as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
(In thousands) |  | September 30, 2019 |  |  | September 30, 2019 |
Minimum rental income |  | $ | 1,923 |  |  | $ | 5,721 |
Contingent rental income |  |  | 552 |  |  |  | 1,137 |
Total rental income |  | $ | 2,475 |  |  | $ | 6,858 |
Future minimum rental payments to be received under operating leases:
(In thousands) |  | Operating Leases |
Remaining 2019 |  | $ | 1,113 |
2020 |  |  | 4,204 |
2021 |  |  | 3,272 |
2022 |  |  | 2,433 |
2023 |  |  | 1,763 |
Thereafter |  |  | 2,546 |
Total future minimum rentals |  | $ | 15,331 |
Disclosures related to periods prior to adoption of Topic 842 For the three months ended September 30, 2018, operating lease rental expense, calculated on a straight-line basis, was $9.6 million, $0.4 million and $3.8 million for space lease agreements, related party leases and other operating leases, respectively. For the nine months ended September 30, 2018, operating lease rental expense, calculated on a straight-line basis, was $29.0 million, $1.2 million, and $11.2 million for space lease agreements, related party leases and other operating leases, respectively. The Company recorded rental revenue of $1.9 million and $5.5 million for the three and nine months ended September 30, 2018, respectively.

X
- Definition The entire disclosure for entity's leasing arrangements. + References No definition available. + Details
Name: | gden_LeasesDisclosureTextBlock
Namespace Prefix: | gden_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration