XML 17 R8.htm IDEA: XBRL DOCUMENT
v3.23.2

Assets Held for Sale | 6 Months Ended
--- | ---
Jun. 30, 2023
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 July 25, 2023, the Company sold Rocky Gap. The definitive agreements for the Rocky Gap sale were entered into in August 2022 and, 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 presented in the Company’s Maryland Casino Resort reportable segment. The Company incurred $0.3 million in transactions costs since the announcement of the sale, which were recorded in selling, general and administrative expenses during the fourth quarter of 2022 and for the six months ended June 30, 2023. In July 2023, the Company incurred an additional $8.0 million in transaction costs, $1.9 million of which were paid upon closing. Refer to “Note 13 — Subsequent Events” for further information. As discussed in “Note 1 — Nature of Business and Basis of Presentation,” on March 3, 2023, the Company entered into definitive agreements to sell its Distributed Gaming Operations. The Distributed Gaming Transactions are expected to close during the fourth quarter of 2023, subject to satisfaction or waiver of customary regulatory approvals and closing conditions. As a result, the assets related to the Distributed Gaming Operations were classified as held for sale as of March 31, 2023 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. Distributed Gaming Operations have historically been presented in the Company’s Distributed Gaming reportable segment. The carrying amounts of the assets and liabilities held for sale in the Rocky Gap Transactions and Distributed Gaming Transactions consisted of the following:
| June 30, 2023
(In thousands) | Maryland Casino Resort |  | Distributed Gaming |  | Total
ASSETS |  |  |  |  |
Current assets |  |  |  |  |
Cash and cash equivalents | $ | 6,297 |  |  | $ | 38,398 |  |  | $ | 44,695 |
Accounts receivables, net | 2,027 |  |  | 3,053 |  |  | 5,080 |
Prepaid expenses | 605 |  |  | 1,795 |  |  | 2,400 |
Inventories | 760 |  |  | — |  |  | 760 |
Other | 60 |  |  | 2,442 |  |  | 2,502 |
Total current assets held for sale | 9,749 |  |  | 45,688 |  |  | 55,437 |
Property and equipment, net | 24,441 |  |  | 33,868 |  |  | 58,309 |
Operating lease right-of-use assets, net | 5,980 |  |  | 46,326 |  |  | 52,306 |
Goodwill | — |  |  | 77,645 |  |  | 77,645 |
Intangible assets, net | 1,064 |  |  | 38,506 |  |  | 39,570 |
Other assets | 2 |  |  | 6,541 |  |  | 6,543 |
Total assets held for sale | $ | 41,236 |  |  | $ | 248,574 |  |  | $ | 289,810 |
LIABILITIES |  |  |  |  |
Current liabilities |  |  |  |  |
Current portion of long-term debt and finance leases | $ | 105 |  |  | $ | 2,433 |  |  | $ | 2,538 |
Current portion of operating leases | 436 |  |  | 24,203 |  |  | 24,639 |
Accounts payable | 1,585 |  |  | 3,630 |  |  | 5,215 |
Accrued payroll and related | 923 |  |  | 1,370 |  |  | 2,293 |
Other accrued liabilities | 2,631 |  |  | 4,758 |  |  | 7,389 |
Total current liabilities related to assets held for sale | 5,680 |  |  | 36,394 |  |  | 42,074 |
Non-current finance leases | 153 |  |  | — |  |  | 153 |
Non-current operating leases | 5,206 |  |  | 22,433 |  |  | 27,639 |
Other long-term obligations | — |  |  | 66 |  |  | 66 |
Total liabilities related to assets held for sale | $ | 11,039 |  |  | $ | 58,893 |  |  | $ | 69,932 |
Revenues and pretax income generated by the assets held for sale were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Maryland Casino Resort |  |  |  |  |  |  |
Revenues | $ | 19,605 |  |  | $ | 20,546 |  |  | $ | 37,733 |  |  | $ | 38,438 |
Pretax income | 5,693 |  |  | 6,049 |  |  | 10,810 |  |  | 10,537 |
Distributed Gaming |  |  |  |  |  |  |
Revenues | $ | 89,084 |  |  | $ | 93,225 |  |  | $ | 179,485 |  |  | $ | 183,993 |
Pretax income | 9,400 |  |  | 8,191 |  |  | 16,943 |  |  | 16,555 |

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

X
- 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 -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration