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Leases | 6 Months Ended
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Jun. 30, 2024
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 48 years. The components of lease expense were as follows:
|  | For the three months ended |  | For the six months ended
|  | June 30, |  | June 30,
Amounts in thousands |  | 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease expense |  | $ | 1,595 |  | $ | 1,394 |  | $ | 2,934 |  | $ | 2,737
Finance lease expense: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 40 |  | $ | 23 |  | $ | 79 |  | $ | 47
Interest on lease liabilities |  |  | 14 |  |  | 9 |  |  | 28 |  |  | 18
Total finance lease expense |  | $ | 54 |  | $ | 32 |  | $ | 107 |  | $ | 65
Variable lease expense |  | $ | 263 |  | $ | 343 |  | $ | 537 |  | $ | 650
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 six months ended
|  | June 30,
Amounts in thousands |  | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from finance leases |  | $ | 28 |  | $ | 18
Operating cash flows from operating leases |  |  | 2,624 |  |  | 2,665
Financing cash flows from finance leases |  |  | 124 |  |  | 77
Right-of-use assets obtained in exchange for operating lease liabilities |  | $ | 7,830 |  | $ | 48
Supplemental balance sheet information related to leases was as follows:
|  | As of |  | As of
Amounts in thousands |  | June 30, 2024 |  | December 31, 2023
Operating leases |  |  |  |  |  |
Leased right-of-use assets, net |  | $ | 31,236 |  | $ | 25,973
Current portion of operating lease liabilities |  |  | 4,419 |  |  | 3,395
Operating lease liabilities, net of current portion |  |  | 30,264 |  |  | 25,834
Total operating lease liabilities |  |  | 34,683 |  |  | 29,229
Finance leases |  |  |  |  |  |
Finance lease right-of-use assets, gross |  |  | 1,142 |  |  | 1,028
Accumulated depreciation |  |  | (275) |  |  | (296)
Property and equipment, net |  |  | 867 |  |  | 732
Current portion of finance lease liabilities |  |  | 230 |  |  | 199
Finance lease liabilities, net of current portion |  |  | 489 |  |  | 427
Total finance lease liabilities |  |  | 719 |  |  | 626
Weighted-average remaining lease term |  |  |  |  |  |
Operating leases |  |  | 13.0 years |  |  | 14.6 years
Finance leases |  |  | 3.4 years |  |  | 3.4 years
Weighted-average discount rate |  |  |  |  |  |
Operating leases |  |  | 8.5% |  |  | 8.7%
Finance leases |  |  | 7.9% |  |  | 7.7%
Maturities of lease liabilities as of June 30, 2024 were as follows:
Amounts in thousands |  |  | Operating Leases |  | Finance Leases
2024 |  | $ | 3,357 |  | $ | 145
2025 |  |  | 5,644 |  |  | 267
2026 |  |  | 5,301 |  |  | 193
2027 |  |  | 5,239 |  |  | 124
2028 |  |  | 5,123 |  |  | 92
Thereafter |  |  | 37,913 |  |  | 5
Total lease payments |  |  | 62,577 |  |  | 826
Less imputed interest |  |  | (27,894) |  |  | (107)
Total |  | $ | 34,683 |  | $ | 719

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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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