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GOODWILL AND OTHER INTANGIBLES | 12 Months Ended
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Dec. 31, 2023
GOODWILL AND OTHER INTANGIBLES |
GOODWILL AND OTHER INTANGIBLES | 4. GOODWILL AND OTHER INTANGIBLES Goodwill: The following table sets forth changes in the carrying value of goodwill by segment: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Contracted | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Sports | ​ | ​ | ​
​ | ​ | Midwest & South | ​ | West | ​ | Wagering | ​ | Total Goodwill, Net
Balance, January 1, 2022 | ​ | $ | 14,671 | ​ | $ | 6,615 | ​ | $ | — | ​ | $ | 21,286
Account activity | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Balance, December 31, 2022 | ​ | ​ | 14,671 | ​ | ​ | 6,615 | ​ | ​ | — | ​ | ​ | 21,286
Account activity | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Balance, December 31, 2023 | ​ | $ | 14,671 | ​ | $ | 6,615 | ​ | $ | — | ​ | $ | 21,286
​ Other Intangible Assets: The following tables set forth changes in the carrying value of intangible assets other than goodwill:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | December 31, 2023
​ |  | Weighted |  | Gross |  | ​ | ​ |  | ​ | ​ |  | Other
​ | ​ | Useful Life | ​ | Carrying | ​ | ​ | ​ | Accumulated | ​ | Intangible
​ | ​ | (Years) | ​ | Value | ​ | Additions | ​ | Amortization | ​ | Assets, Net
Land Lease and Water Rights |  | 34.3 | ​ | $ | 1,420 | ​ | $ | — | ​ | $ | (346) | ​ | $ | 1,074
Development Agreement | ​ | 5.0 | ​ | ​ | — | ​ | ​ | 275 | ​ | ​ | — | ​ | ​ | 275
Gaming Licenses |  | Indefinite | ​ |  | 7,843 | ​ |  | 65,155 | ​ |  | — | ​ |  | 72,998
Trade Names |  | Indefinite | ​ |  | 1,800 | ​ |  | — | ​ |  | — | ​ |  | 1,800
Trademarks |  | Indefinite | ​ |  | 121 | ​ |  | 3 | ​ |  | — | ​ |  | 124
​ | ​ | ​ | ​ | $ | 11,184 | ​ | $ | 65,433 | ​ | $ | (346) | ​ | $ | 76,271
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | December 31, 2022
​ |  | Weighted |  | Gross |  | ​ | ​ |  | ​ | ​ |  | Other
​ | ​ | Useful Life | ​ | Carrying | ​ | ​ | ​ | Accumulated | ​ | Intangible
​ | ​ | (Years) | ​ | Value | ​ | Additions | ​ | Amortization | ​ | Assets, Net
Land Lease and Water Rights |  | 35.3 | ​ | $ | 1,420 |  | $ | — |  | $ | (315) |  | $ | 1,105
Gaming Licenses |  | Indefinite |  | ​ | 7,843 |  | ​ | — |  | ​ | — |  | ​ | 7,843
Trade Names |  | Indefinite |  | ​ | 1,800 |  | ​ | — |  | ​ | — |  | ​ | 1,800
Trademarks |  | Indefinite |  | ​ | 121 |  | ​ | — |  | ​ | — |  | ​ | 121
​ | ​ | ​ | ​ | $ | 11,184 | ​ | $ | — | ​ | $ | (315) | ​ | $ | 10,869
​ ​ There were no impairments to goodwill or other intangible assets during 2022 and 2023. Land Lease Acquisition Costs and Water Rights. Upon its acquisition by the Company in 2012, Silver Slipper recognized intangible assets related to its lease agreement with Cure Land Company, LLC (see Note 7). The lease was valued at $970,000 and represents the excess fair value of the land over the estimated net present value of the land lease payments, and the water rights value of $450,000 represents the fair value of the water rights based upon market rates in Hancock County, Mississippi. Development Agreement. Chamonix recognized an intangible asset related to its payment of $275,000 in 2023 under an agreement with a third party to design, develop, construct, and operate its high-end steakhouse under certain exclusivity provisions. Amortization is expected to begin upon the commencement of operations in the first quarter of 2024 during the initial 5-year term of the contract. Gaming Licenses. Gaming licenses primarily represent the value of the license to conduct gaming in certain jurisdictions, which are subject to highly extensive regulatory oversight and, in some cases, a limitation on the number of licenses available for issuance. The values of gaming licenses were primarily estimated using a multi-period excess earning method of the income approach, which examines the economic returns contributed by the identified tangible and intangible assets of a company, and then isolates the excess return, which is attributable to the asset being valued, based on cash flows attributable to the gaming license. During 2023, a gaming license payment of $50.3 million was required to open American Place. At December 31, 2023, an additional $14.9 million was added to the estimated cost of such acquisition, reflecting the contingent component of the one-time gaming license fee in Illinois (see Note 9). Trade Names. Trade names represents the value of the Bronco Billy’s casino name, which has existed for approximately 32 years and provides brand recognition. The value was estimated using a relief-from-royalty method of the income approach based upon comparable trade name royalty agreements. Current and Future Amortization. Intangible asset amortization expense was approximately $31,000 each for the years ended December 31, 2023 and 2022. ​ Future amortization expense for intangible assets is as follows:
​ | ​ | ​ | ​
(In thousands) | ​ | ​ | ​
​ | ​ | ​ | ​
For Years ending December 31, |  | Amortization Expense
2024 | ​ | $ | 77
2025 | ​ |  | 86
2026 | ​ |  | 86
2027 | ​ |  | 86
2028 | ​ |  | 86
Thereafter | ​ |  | 928
​ | ​ | $ | 1,349
​

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