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GOODWILL AND OTHER INTANGIBLES | 12 Months Ended
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Dec. 31, 2024
GOODWILL AND OTHER INTANGIBLES |
GOODWILL AND OTHER INTANGIBLES | 5. 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, 2023 | ​ | $ | 14,671 | ​ | $ | 6,615 | ​ | $ | — | ​ | $ | 21,286
Account activity | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Balance, December 31, 2023 | ​ | ​ | 14,671 | ​ | ​ | 6,615 | ​ | ​ | — | ​ | ​ | 21,286
Goodwill related to assets held for sale(1) | ​ | ​ | — | ​ | ​ | (1,809) | ​ | ​ | — | ​ | ​ | (1,809)
Balance, December 31, 2024 | ​ | $ | 14,671 | ​ | $ | 4,806 | ​ | $ | — | ​ | $ | 19,477
__________
(1) | Related to assets held for sale at Stockman’s (see Note 3 for details).
​ Other Intangible Assets: The following tables set forth changes in the carrying value of intangible assets other than goodwill:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | December 31, 2024
​ |  | Weighted Useful |  | Gross |  | ​ | ​ |  | ​ | ​ |  | Other
​ | ​ | Life Remaining | ​ | Carrying | ​ | ​ | ​ | Accumulated | ​ | Intangible
​ | ​ | (in years) | ​ | Value | ​ | Additions | ​ | Amortization | ​ | Assets, Net
Land Lease and Water Rights |  | 33.3 | ​ | $ | 1,420 | ​ | $ | — | ​ | $ | (381) | ​ | $ | 1,039
Development Agreement | ​ | 4.3 | ​ | ​ | 275 | ​ | ​ | — | ​ | ​ | (38) | ​ | ​ | 237
Gaming Licenses | ​ | 10.0 | ​ | ​ | 555 | ​ | ​ | — | ​ | ​ | (26) | ​ | ​ | 529
Gaming Licenses |  | Indefinite | ​ |  | 72,443 | ​ |  | 19,961 | ​ |  | — | ​ |  | 92,404
Trade Names |  | Indefinite | ​ |  | 1,800 | ​ |  | — | ​ |  | — | ​ |  | 1,800
Trademarks |  | Indefinite | ​ |  | 124 | ​ |  | — | ​ |  | — | ​ |  | 124
​ | ​ | ​ | ​ | $ | 76,617 | ​ | $ | 19,961 | ​ | $ | (445) | ​ | $ | 96,133
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | December 31, 2023
​ |  | Weighted Useful |  | Gross |  | ​ | ​ |  | ​ | ​ |  | Other
​ | ​ | Life Remaining | ​ | Carrying | ​ | ​ | ​ | Accumulated | ​ | Intangible
​ | ​ | (in 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
​ There were no impairments to goodwill or other intangible assets during 2023 and 2024. 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 8). 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 a 5-year agreement with a third party to design, develop, construct, and operate its high-end steakhouse under certain exclusivity provisions. Amortization began upon the commencement of operations in April 2024. 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. Starting on December 31, 2023, additional accruals were made to the estimated cost of such acquisition, reflecting the contingent component of an additional one-time gaming license fee in Illinois (see Note 10). Trade Names. Trade names represent the value of the Bronco Billy’s casino name, which has existed for approximately 33 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 $99,000 and $31,000 for the years ended December 31, 2024 and 2023, respectively. ​ Future amortization expense for intangible assets is as follows:
​ | ​ | ​ | ​
(In thousands) | ​ | ​ | ​
​ | ​ | ​ | ​
For Years ending December 31, |  | Amortization Expense
2025 | ​ | $ | 139
2026 | ​ |  | 139
2027 | ​ |  | 139
2028 | ​ |  | 139
2029 | ​ |  | 101
Thereafter | ​ |  | 1,148
​ | ​ | $ | 1,805
​

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