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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Schedule of Multiemployer Plans

The following table outlines the Company’s participation in multi-employer pension plans for the years ended December 31, 2020, 2019 and 2018 and sets forth the calendar year contributions and accruals for each plan. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The most recent Pension Protection Act zone status available in 2020 and 2019 relates to the plans’ two most recent fiscal year-ends. The zone status is based on information that the Company received from the plans’ administrators and is certified by each plan’s actuary. Plans certified in the red zone are generally less than 65% funded, plans certified in the orange zone are both less than 80% funded and have an accumulated funding deficiency or are expected to have a deficiency in any of the next six plan years, plans certified in the yellow zone are less than 80% funded, and plans certified in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates whether a financial improvement plan (“FIP”) for yellow/orange zone plans, or a rehabilitation plan (“RP”) for red zone plans, is either pending or has been implemented. As of December 31, 2020 and 2019, all plans that have either a FIP or RP requirement have had the respective plan implemented.

						EIN/ Pension Plan Number						Pension Protection Act Zone Status												FIP/RP Status Pending/ Implemented						Contributions and Accruals (in $000’s)																		Company Contributions > 5%						Union Contract Expires
Pension Fund												2020						2019												2020						2019						2018
SEIU National Industry Pension Fund						52-6148540						Red						Red						Yes/Implemented						$	366					$	910					$	845					No						4/30/2022
New England Carpenters Pension Fund (1)						51-6040899						Green						Green						No						91						121						138						No						6/2/2020(4)
Plumbers and Pipefitters Pension Fund						52-6152779						Yellow						Yellow						Yes/Implemented						171						299						311						No						8/29/2021
Rhode Island Laborers Pension Fund						51-6095806						Green						Green						No						483						785						934						Yes						10/31/2022
New England Teamsters Pension Fund						04-6372430						Red						Red						Yes/Implemented						230						361						582						No						6/30/2023
The Legacy Plan of the UNITE HERE Retirement Fund (3)						82-0994119/001						Red						Red						Yes/Implemented						578						936						1,474						No						6/30/2021
The Adjustable Plan of the UNITE HERE Retirement Fund (3)						82-0994119/002						N/A(2)						N/A(2)						No																														5/31/2022
Local 68 Engineers Union Pension Fund						51-0176618						Red						Red						Yes/Implemented						22						—						—						No						4/30/2022
Northeast Carpenters Pension Fund						11-1991772						Green						Green						No						10						—						—						No						4/30/2022
International Painters and Allied Trades Industry Pension Fund						52-6073909						Red						Red						Yes/Implemented						5						—						—						No						4/30/2022
Total Contributions																														$	1,956					$	3,412					$	4,284

__________________________________

(1)Effective January 1, 2018, the Rhode Island Carpenters Pension Fund (05-6016572) merged into the New England Carpenters Pension Fund.

(2)The Plan is not subject to the Pension Protection Act of 2016 zone status certification rule.

(3)Formerly listed as Hotel & Restaurant Employees International Pension Fund - Allocations of contributions between the two plans are determined by the plan administrator. Unions at both our Twin River Lincoln and Bally's Atlantic City properties participate in the UNITE HERE Retirement funds.

(4)Contract renewal is currently in negotiations

Schedule of Benefit Obligation, Fair Value of Plan Assets, and Funded Status of Plan

For the defined benefit pension plan, the accumulated benefit obligation is equal to the projected benefit obligation. The following tables present the benefit obligation, fair value of plan assets and funded status of the plan:

			Year Ended December 31,
(in thousands)			2020						2019
Changes in Benefit Obligation
Beginning benefit obligation			$	27,849					$	24,067
Service cost			—						—
Interest cost			897						666
Actuarial (gain) loss			3,069						3,588
Benefits paid			(880)						(472)
Benefit obligation at end of year			$	30,935					$	27,849
Changes in Plan Assets
Beginning fair value of plan assets			$	19,162					$	17,454
Actual return (loss) on plan assets			2,653						1,815
Employer contributions			786						365
Benefits paid			(880)						(472)
Settlement payments			—						—
Fair value of plan assets at end of year			$	21,721					$	19,162
Unfunded status at end of year			$	(9,214)					$	(8,687)

Schedule of Periodic Benefit (Income) Cost

Net periodic benefit (income) cost and other changes in plan assets and benefit obligations recognized consist of the following:

			Year Ended December 31,
(in thousands)			2020						2019
Net Periodic Benefit (Income) Cost
Interest cost			$	897					$	666
Expected return on plan assets			(1,428)						(967)
Net periodic benefit (income) cost			$	(531)					$	(301)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
Net actuarial loss			$	1,844					$	2,740
Total expense recognized in other comprehensive income			$	1,844					$	2,740
Total expense recognized in net periodic benefit cost (income) and other comprehensive income (loss)			$	1,313					$	2,439

Schedule of Assumptions Used

The principal assumptions used to determine net periodic pension benefit cost and benefit obligation under the Dover Downs Pension Plan as of December 31, 2020 consist of the following:

			Year Ended December 31,
			2020						2019
Benefit obligation assumptions:
Discount rate			2.55		%				3.28		%
Net periodic benefit cost assumptions:
Discount rate			3.28		%				4.05		%
Expected return on plan assets			7.5		%				7.5		%
Average future years of service			8.9						n/a

Schedule of Allocation of Plan Assets

The asset allocation targets and the actual allocation of pension assets in the Dover Downs Pension Plan as of December 31, 2020 are as follows:

Asset Category						Target						December 31, 2020
Equity Securities						60		%				64		%
Debt Securities						40		%				32		%
Other						—		%				4		%
Total						100		%				100		%

The fair values of pension assets in the Dover Downs Pension Plan as of December 31, 2020 by asset category are as follows:

(in thousands)
Asset Category						Total						Level 1						Level 2						Level 3
Mutual funds/ETFs:
Equity-large cap						$	7,986					$	7,986					$	—					$	—
Equity-mid cap						1,254						1,254						—						—
Equity-small cap						1,243						1,243						—						—
Equity-international						3,343						3,343						—						—
Fixed income						6,944						6,944						—						—
Money market						951						951						—						—
Total mutual funds/ETFs						$	21,721					$	21,721					$	—					$	—

Schedule of Estimated Future Benefit Payments

The estimated future benefit payments under the Dover Downs Pension Plan are as follows:

(in thousands)
Year Ending December 31,
2021			$	944
2022			991
2023			1,081
2024			1,126
2025			1,179
2026-2030			6,398

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