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Assets Held for Sale | 9 Months Ended
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Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held for Sale | Assets Held for SaleThe Company classifies assets as held for sale when a sale is probable, is expected to be completed within one year, and the asset group meets all of the accounting criteria to be classified as held for sale. As discussed in “Note 1 — Nature of Business and Basis of Presentation,” on August 24, 2022, the Company entered into definitive agreements to sell Rocky Gap. The Rocky Gap Transactions are expected to close in the second quarter of 2023, subject to satisfaction or waiver of customary regulatory approvals and closing conditions. As a result, the assets related to the Rocky Gap property were classified as held for sale as of September 30, 2022 and the Company ceased recording depreciation and amortization of the long-lived assets included in the sale from the date of execution of the definitive agreements. Operations of Rocky Gap have historically been represented in the Company’s Maryland Casino Resort reportable segment. The carrying amounts of the assets and liabilities held for sale in the Rocky Gap Transactions consisted of the following:
(In thousands) | September 30, 2022
ASSETS |
Current assets |
Cash and cash equivalents | $ | 7,172 |
Accounts receivables, net | 1,923 |
Prepaid expenses | 768 |
Inventories | 531 |
Other | 44 |
Total current assets held for sale | 10,438 |
Property and equipment, net | 23,717 |
Operating lease right-of-use assets, net | 5,980 |
Intangible assets, net | 1,064 |
Other assets | 11 |
Total assets held for sale | $ | 41,210 |
LIABILITIES |
Current liabilities |
Current portion of finance leases | $ | 103 |
Current portion of operating leases | 436 |
Accounts payable | 1,182 |
Accrued payroll and related | 1,416 |
Other accrued liabilities | 1,772 |
Total current liabilities related to assets held for sale | 4,909 |
Non-current finance leases | 228 |
Non-current operating leases | 5,206 |
Total liabilities related to assets held for sale | $ | 10,343 |
For the three and nine months ended September 30, 2022, Rocky Gap generated revenues of $21.6 million and $60.1 million, respectively, and pretax income of $7.3 million and $17.8 million, respectively. For the three and nine months ended September 30, 2021, Rocky Gap generated revenues of $21.6 million and $59.0 million, respectively, and pretax income of $7.0 million and $18.0 million, respectively.

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- References No definition available. + Details
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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 + Details
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