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 agreements at chain stores are accounted for as operating leases. Under chain store space 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 1 to 15 years. Some equipment leases and space 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 $9.0 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 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 $3.0 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 15, Related Party Transactions, for more detail.

The current and long-term obligations under finance leases are included in “current portion of long-term debt 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.

		Year Ended
(In thousands)	Classification	December 31, 2019
Operating lease cost
Operating lease cost	Operating and SG&A expenses	$	46,515
Variable lease cost	Operating and SG&A expenses		17,184
Short-term lease cost	Operating and SG&A expenses		6,617
Total operating lease cost		$	70,316

Finance lease cost
Amortization of lease assets	Depreciation and amortization	$	2,389
Interest on lease liabilities	Interest expense, net		439
Total finance lease cost		$	2,828

	Year Ended
(In thousands)	December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	47,084
Operating cash flows from finance leases		429
Financing cash flows from finance leases		2,485

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	97,790
Finance leases		7,559

(In thousands, except lease term and discount rate)	December 31, 2019
Operating leases
Operating lease right-of-use assets, gross	$	226,884
Accumulated amortization		(23,353	)
Operating lease right-of-use assets, net	$	203,531

Current portion of operating leases	$	33,883
Noncurrent operating leases		184,301
Total operating lease liabilities	$	218,184

Finance leases
Property and equipment, gross	$	19,920
Accumulated depreciation		(3,787	)
Property and equipment, net	$	16,133

Current portion of finance leases, net	$	3,662
Noncurrent finance leases, net		8,801
Total finance lease liabilities	$	12,463

The following presents additional information related to the Company’s leases as of December 31, 2019:

Weighted Average Remaining Lease Term
Operating leases	8.9 years
Finance leases	7.0 years

Weighted Average Discount Rate
Operating leases		6.0	%
Finance leases		6.5	%

	Operating			Finance
(In thousands)	Leases			Leases			Total
2020	$	45,171		$	4,442		$	49,613
2021		43,653			3,953			47,606
2022		37,218			2,617			39,835
2023		31,540			529			32,069
2024		30,490			227			30,717
Thereafter		101,441			3,828			105,269
Total lease payments		289,513			15,596			305,109
Less: interest		(71,329	)		(3,133	)		(74,462	)
Present value of lease liabilities	$	218,184		$	12,463		$	230,647

As of December 31, 2019, the Company does not have any leases that have not yet commenced but that create significant rights and obligations.

(In thousands)	Operating Leases
Remaining 2020	$	4,261
2021		3,280
2023		2,433
2024		1,763
2025		826
Thereafter		1,720
Total future minimum rentals	$	14,283

For the year ended December 31, 2018, operating lease rental expense, calculated on a straight-line basis, was $39.0 million, $1.6 million and $15.1 million for space agreements, related party leases and other operating leases, respectively. For the year ended December 31, 2017, operating lease rental expense, calculated on a straight-line basis, was $37.1 million, $2.0 million, and $13.4 million for space agreements, related party leases and other operating leases, respectively. The Company recorded rental revenue of $7.5 million and $1.3 million for the years ended December 31, 2018 and 2017, respectively.

	Operating		Finance
(In thousands)	Leases		Leases			Total
2019	$	55,859	$	1,817		$	57,676
2020		27,453		2,023			29,476
2021		23,041		1,405			24,446
2022		19,582		306			19,888
2023		16,115		253			16,368
Thereafter		103,436		7,644			111,080
Total minimum lease payments	$	245,486		13,448			258,934
Less: interest				(6,321	)		(6,321	)
Present value of lease liabilities			$	7,127		$	252,613