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GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill | The change in carrying value of goodwill by reportable segment for the years ended December 31, 2020 and 2019 is as follows:
| Rhode Island |  | Mid-Atlantic |  | Southeast |  | West |  |  |  | Total
Goodwill as of December 31, 2018 | $ | 83,101 |  |  | $ | — |  |  | $ | 48,934 |  |  | $ | — |  |  |  |  | $ | 132,035 |
Goodwill from current year business combinations | — |  |  | 1,047 |  |  | — |  |  | — |  |  |  |  | 1,047 |
Goodwill as of December 31, 2019 | $ | 83,101 |  |  | $ | 1,047 |  |  | $ | 48,934 |  |  | $ | — |  |  |  |  | $ | 133,082 |
Goodwill from current year business combinations | — |  |  | — |  |  | 6,053 |  |  | 53,204 |  |  |  |  | 59,257 |
Impairment charges | — |  |  | — |  |  | — |  |  | (5,360) |  |  |  |  | (5,360) |
Goodwill as of December 31, 2020 | $ | 83,101 |  |  | $ | 1,047 |  |  | $ | 54,987 |  |  | $ | 47,844 |  |  |  |  | $ | 186,979 |
Schedule of Identifiable Intangible Assets | The change in intangible assets, net for the years ended December 31, 2020 and 2019 is as follows:
Intangible assets, net as of December 31, 2018 | $ | 110,104 |
Intangible assets from current year business combinations | 5,110 |
Other intangibles acquired | 1,092 |
Less: Accumulated amortization | (5,933) |
Intangible assets, net as of December 31, 2019 | $ | 110,373 |
Intangible assets from current year business combinations | 203,380 |
Other intangibles acquired(1) | 357,793 |
Impairment charges | (3,299) |
Less: Accumulated amortization | (4,852) |
Intangible assets, net as of December 31, 2020 | $ | 663,395 |
(1) Includes Naming rights and Bally’s trade name. The Company’s identifiable intangible assets consist of the following:
| Weighted average remaining life (in years) |  | December 31, 2020
(in thousands, except years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortizable intangible assets: |  |  |  |  |  |  |
Naming rights - Sinclair(1) | 10.0 |  | $ | 338,241 |  |  | $ | — |  |  | $ | 338,241 |
Rhode Island contract for VLT’s | 0.0 |  | 29,300 |  |  | (29,300) |  |  | — |
Trade names | 8.6 |  | 21,600 |  |  | (16,475) |  |  | 5,125 |
Hard Rock license | 26.5 |  | 8,000 |  |  | (1,576) |  |  | 6,424 |
Rated player relationships | 5.8 |  | 10,515 |  |  | (5,483) |  |  | 5,032 |
Other | 3.7 |  | 1,950 |  |  | (750) |  |  | 1,200 |
Total amortizable intangible assets |  |  | 409,606 |  |  | (53,584) |  |  | 356,022 |
Intangible assets not subject to amortization: |  |  |  |  |  |  |
Gaming licenses | Indefinite |  | 287,108 |  |  | — |  | 287,108 |
Bally’s trade name | Indefinite |  | 19,052 |  |  | — |  |  | 19,052 |
Novelty game licenses | Indefinite |  | 1,213 |  |  | — |  | 1,213 |
Total unamortizable intangible assets |  |  | 307,373 |  |  | — |  |  | 307,373 |
Total intangible assets, net |  |  | $ | 716,979 |  |  | $ | (53,584) |  |  | $ | 663,395 |
(1) Amortization will begin upon the commencement date of the re-branded Sinclair regional sports networks which had not occurred as of December 31, 2020. As such, there was no amortization expense for the year ended December 31, 2020.
| Weighted average remaining life (in years) |  | December 31, 2019
(in thousands, except years) |  | Gross amount |  | Accumulated amortization |  | Net Amount
Amortizable intangible assets: |  |  |  |  |  |  |
Rhode Island contract for VLT’s | 0.6 |  | $ | 29,300 |  |  | $ | (27,629) |  |  | $ | 1,671 |
Trade names | 7.0 |  | 19,500 |  |  | (14,576) |  |  | 4,924 |
Hard Rock license | 27.5 |  | 8,000 |  |  | (1,333) |  |  | 6,667 |
Rated player relationships | 5.1 |  | 7,765 |  |  | (4,660) |  |  | 3,105 |
Other | 3.2 |  | 1,220 |  |  | (534) |  |  | 686 |
Total amortizable intangible assets |  |  | 65,785 |  |  | (48,732) |  |  | 17,053 |
Intangible assets not subject to amortization: |  |  |  |  |  |  |
Rhode Island VLT license | Indefinite |  | 92,108 |  |  | — |  | 92,108 |
Novelty game licenses | Indefinite |  | 1,212 |  |  | — |  | 1,212 |
Total unamortizable intangible assets |  |  | 93,320 |  |  | — |  |  | 93,320 |
Total intangible assets, net |  |  | $ | 159,105 |  |  | $ | (48,732) |  |  | $ | 110,373 |
Schedule of Identifiable Intangible Assets | The change in intangible assets, net for the years ended December 31, 2020 and 2019 is as follows:
Intangible assets, net as of December 31, 2018 | $ | 110,104 |
Intangible assets from current year business combinations | 5,110 |
Other intangibles acquired | 1,092 |
Less: Accumulated amortization | (5,933) |
Intangible assets, net as of December 31, 2019 | $ | 110,373 |
Intangible assets from current year business combinations | 203,380 |
Other intangibles acquired(1) | 357,793 |
Impairment charges | (3,299) |
Less: Accumulated amortization | (4,852) |
Intangible assets, net as of December 31, 2020 | $ | 663,395 |
(1) Includes Naming rights and Bally’s trade name. The Company’s identifiable intangible assets consist of the following:
| Weighted average remaining life (in years) |  | December 31, 2020
(in thousands, except years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortizable intangible assets: |  |  |  |  |  |  |
Naming rights - Sinclair(1) | 10.0 |  | $ | 338,241 |  |  | $ | — |  |  | $ | 338,241 |
Rhode Island contract for VLT’s | 0.0 |  | 29,300 |  |  | (29,300) |  |  | — |
Trade names | 8.6 |  | 21,600 |  |  | (16,475) |  |  | 5,125 |
Hard Rock license | 26.5 |  | 8,000 |  |  | (1,576) |  |  | 6,424 |
Rated player relationships | 5.8 |  | 10,515 |  |  | (5,483) |  |  | 5,032 |
Other | 3.7 |  | 1,950 |  |  | (750) |  |  | 1,200 |
Total amortizable intangible assets |  |  | 409,606 |  |  | (53,584) |  |  | 356,022 |
Intangible assets not subject to amortization: |  |  |  |  |  |  |
Gaming licenses | Indefinite |  | 287,108 |  |  | — |  | 287,108 |
Bally’s trade name | Indefinite |  | 19,052 |  |  | — |  |  | 19,052 |
Novelty game licenses | Indefinite |  | 1,213 |  |  | — |  | 1,213 |
Total unamortizable intangible assets |  |  | 307,373 |  |  | — |  |  | 307,373 |
Total intangible assets, net |  |  | $ | 716,979 |  |  | $ | (53,584) |  |  | $ | 663,395 |
(1) Amortization will begin upon the commencement date of the re-branded Sinclair regional sports networks which had not occurred as of December 31, 2020. As such, there was no amortization expense for the year ended December 31, 2020.
| Weighted average remaining life (in years) |  | December 31, 2019
(in thousands, except years) |  | Gross amount |  | Accumulated amortization |  | Net Amount
Amortizable intangible assets: |  |  |  |  |  |  |
Rhode Island contract for VLT’s | 0.6 |  | $ | 29,300 |  |  | $ | (27,629) |  |  | $ | 1,671 |
Trade names | 7.0 |  | 19,500 |  |  | (14,576) |  |  | 4,924 |
Hard Rock license | 27.5 |  | 8,000 |  |  | (1,333) |  |  | 6,667 |
Rated player relationships | 5.1 |  | 7,765 |  |  | (4,660) |  |  | 3,105 |
Other | 3.2 |  | 1,220 |  |  | (534) |  |  | 686 |
Total amortizable intangible assets |  |  | 65,785 |  |  | (48,732) |  |  | 17,053 |
Intangible assets not subject to amortization: |  |  |  |  |  |  |
Rhode Island VLT license | Indefinite |  | 92,108 |  |  | — |  | 92,108 |
Novelty game licenses | Indefinite |  | 1,212 |  |  | — |  | 1,212 |
Total unamortizable intangible assets |  |  | 93,320 |  |  | — |  |  | 93,320 |
Total intangible assets, net |  |  | $ | 159,105 |  |  | $ | (48,732) |  |  | $ | 110,373 |
Schedule of Remaining Amortization Expense | The following table shows the remaining amortization expense associated with finite lived intangible assets as of December 31, 2020:
(in thousands) |
2021 | $ | 27,610 |
2022 | 36,005 |
2023 | 35,924 |
2024 | 35,274 |
2025 | 35,274 |
Thereafter | 185,935 |
| $ | 356,022 |

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