INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2024

Finite-Lived Intangible Assets, Net [Abstract]

INTANGIBLE ASSETS

3. INTANGIBLE ASSETS

Intangible assets consist of finite and indefinite life assets. The following is a summary of the Company’s intangible assets as of September 30, 2024 (in thousands, except amortization period):

	Cost		Accumulated Amortization and Impairment			Net Balance		Original Weighted Average Amortization Period (in years)
Retail concession agreements	$	604,700	$	(85,814	)	$	518,886		39
Destination resort agreements		17,900		(7,750	)		10,150		15
Trade name		6,200		(700	)		5,500	Indefinite-life
Licensing agreement		1,000		(1,000	)		-		8
	$	629,800	$	(95,264	)	$	534,536

The following is a summary of the Company’s intangible assets as of December 31, 2023 (in thousands, except amortization period):

	Cost		Accumulated Amortization and Impairment			Net Balance		Original Weighted Average Amortization Period (in years)
Retail concession agreements	$	604,700	$	(74,186	)	$	530,514		39
Destination resort agreements		17,900		(6,946	)		10,954		15
Trade name		6,200		(700	)		5,500	Indefinite-life
Licensing agreement		1,000		(1,000	)		-		8
	$	629,800	$	(82,832	)	$	546,968

The Company amortizes intangible assets with definite lives on a straight-line basis over their estimated useful lives. Amortization expense for the three months ended September 30, 2024 and 2023 was $4.1 million and $4.2 million, respectively. Amortization expense for the nine months ended September 30, 2024 and 2023 was $12.4 million and $12.6 million, respectively. Amortization expense is estimated to be $16.6 million in each of the next five years beginning in 2024.