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Leases | 9 Months Ended
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Sep. 30, 2022
Leases [Abstract] |
Leases | 12.LEASES The Company determines if an arrangement is a lease at inception. The right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate in each of the jurisdictions in which its subsidiaries operate to calculate the present value of lease payments. Lease terms may include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain that the Company will exercise those options. Operating lease expense is recorded on a straight-line basis over the lease term. The Company accounts for lease agreements with lease and non-lease components as a single lease component for all asset classes. The Company does not establish ROU assets or lease liabilities for operating leases with terms of 12 months or less. The Company’s operating and finance leases include land, casino space, corporate offices, and gaming and other equipment. The leases have remaining lease terms of one month to 15 years. The components of lease expense were as follows:
|  | For the three months ended |  | For the nine months ended
|  | September 30, |  | September 30,
Amounts in thousands |  | 2022 |  | 2021 |  | 2022 |  | 2021
Operating lease expense |  | $ | 1,305 |  | $ | 1,463 |  | $ | 3,988 |  | $ | 4,445
Finance lease expense: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 26 |  | $ | 31 |  | $ | 110 |  | $ | 97
Interest on lease liabilities |  |  | 10 |  |  | 1 |  |  | 19 |  |  | 5
Total finance lease expense |  | $ | 36 |  | $ | 32 |  | $ | 129 |  | $ | 102
Variable lease expense |  | $ | 415 |  | $ | 554 |  | $ | 1,139 |  | $ | 942
Variable lease expense relates primarily to rates based on changes in indexes that are excluded from the lease liability and fluctuations in foreign currency related to leases in Poland. Supplemental cash flow information related to leases was as follows:
|  | For the nine months ended
|  | September 30,
Amounts in thousands |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | 15 |  | $ | 5
Operating cash flows from operating leases |  |  | 3,579 |  |  | 3,960
Financing cash flows from finance leases |  |  | 115 |  |  | 93
Right-of-use assets obtained in exchange for operating lease liabilities |  | $ | 1,050 |  | $ | 334
Supplemental balance sheet information related to leases was as follows:
|  | As of |  | As of
Amounts in thousands |  | September 30, 2022 |  | December 31, 2021
Operating leases |  |  |  |  |  |
Leased right-of-use assets, net |  | $ | 27,470 |  | $ | 28,383
Current portion of operating lease liabilities |  |  | 3,610 |  |  | 3,915
Operating lease liabilities, net of current portion |  |  | 26,539 |  |  | 27,229
Total operating lease liabilities |  |  | 30,149 |  |  | 31,144
Finance leases |  |  |  |  |  |
Finance lease right-of-use assets, gross |  |  | 747 |  |  | 424
Accumulated depreciation |  |  | (142) |  |  | (342)
Property and equipment, net |  |  | 605 |  |  | 82
Current portion of finance lease liabilities |  |  | 149 |  |  | 38
Finance lease liabilities, net of current portion |  |  | 430 |  |  | 43
Total finance lease liabilities |  |  | 579 |  |  | 81
Weighted-average remaining lease term |  |  |  |  |  |
Operating leases |  |  | 10.8 years |  |  | 11.2 years
Finance leases |  |  | 3.8 years |  |  | 2.2 years
Weighted-average discount rate |  |  |  |  |  |
Operating leases |  |  | 4.9% |  |  | 4.7%
Finance leases |  |  | 7.0% |  |  | 4.0%
Maturities of lease liabilities as of September 30, 2022 were as follows:
Amounts in thousands |  |  | Operating Leases |  | Finance Leases
2022 |  | $ | 1,215 |  | $ | 49
2023 |  |  | 4,845 |  |  | 180
2024 |  |  | 4,179 |  |  | 174
2025 |  |  | 3,228 |  |  | 159
2026 |  |  | 2,995 |  |  | 84
Thereafter |  |  | 23,837 |  |  | 15
Total lease payments |  |  | 40,299 |  |  | 661
Less imputed interest |  |  | (10,150) |  |  | (82)
Total |  | $ | 30,149 |  | $ | 579

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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