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Leases | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | 9. LEASES The Company determines if an arrangement is a lease at inception. 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 48 years. The Master Lease was evaluated as a sale-leaseback of real estate. The Company determined that the Master Lease did not qualify for sale-leaseback accounting and accounted for the transaction as a financing obligation based on the fair value of the real estate assets subject to the Master Lease (see Notes 2 and 7). The components of lease expense were as follows:
|  | For the year ended
|  | December 31,
Amounts in thousands |  | 2023 |  | 2022 |  |  | 2021
Operating lease expense |  | $ | 5,686 |  | $ | 5,345 |  | $ | 5,864
Finance lease expense: |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 108 |  | $ | 136 |  | $ | 128
Interest on lease liabilities |  |  | 40 |  |  | 29 |  |  | 6
Total finance lease expense |  | $ | 148 |  | $ | 165 |  | $ | 134
Variable lease expense |  | $ | 1,405 |  | $ | 1,478 |  | $ | 1,290
Variable lease expense relates primarily to rates based on a percentage of gaming revenue, 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 year ended
|  | December 31,
Amounts in thousands |  | 2023 |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | 41 |  | $ | 25 |  | $ | 6
Operating cash flows from operating leases |  |  | 5,499 |  |  | 5,168 |  |  | 5,201
Financing cash flows from finance leases |  |  | 166 |  |  | 157 |  |  | 123
Right-of-use assets obtained in exchange for operating lease liabilities |  | $ | 3,718 |  | $ | 1,076 |  | $ | 407
Supplemental balance sheet information related to leases was as follows:
|  | As of |  | As of
Amounts in thousands |  | December 31, 2023 |  | December 31, 2022
Operating leases |  |  |  |  |  |
Leased right-of-use assets, net |  | $ | 25,973 |  | $ | 27,190
Current portion of operating lease liabilities |  |  | 3,395 |  |  | 3,947
Operating lease liabilities, net of current portion |  |  | 25,834 |  |  | 26,016
Total operating lease liabilities |  |  | 29,229 |  |  | 29,963
Finance leases |  |  |  |  |  |
Finance lease right-of-use assets, gross |  |  | 1,028 |  |  | 764
Accumulated depreciation |  |  | (296) |  |  | (175)
Property and equipment, net |  |  | 732 |  |  | 589
Current portion of finance lease liabilities |  |  | 199 |  |  | 150
Finance lease liabilities, net of current portion |  |  | 427 |  |  | 399
Total finance lease liabilities |  |  | 626 |  |  | 549
Weighted-average remaining lease term |  |  |  |  |  |
Operating leases |  |  | 14.6 years |  |  | 10.5 years
Finance leases |  |  | 3.4 years |  |  | 3.6 years
Weighted-average discount rate |  |  |  |  |  |
Operating leases |  |  | 8.7% |  |  | 4.9%
Finance leases |  |  | 7.7% |  |  | 7.0%
Maturities of lease liabilities as of December 31, 2023 were as follows:
Amounts in thousands |  |  | Operating Leases |  | Finance Leases
2024 |  | $ | 4,989 |  | $ | 240
2025 |  |  | 4,171 |  |  | 221
2026 |  |  | 3,863 |  |  | 143
2027 |  |  | 3,803 |  |  | 72
2028 |  |  | 3,684 |  |  | 39
Thereafter |  |  | 36,568 |  |  | —
Total lease payments |  |  | 57,078 |  |  | 715
Less imputed interest |  |  | (27,849) |  |  | (89)
Total |  | $ | 29,229 |  | $ | 626
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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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