Assets Held for Sale

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

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.