Leases

12 Months Ended

Dec. 31, 2023

16. LEASES

Our operating leases with terms greater than one year are primarily related to buildings and land. Our operating leases with terms less than one year are primarily related to equipment. Most of our building and land leases have terms of 2 to 10 years and include one or more options to renew, with renewal terms that can extend the lease term from 1 to 5 years or more. Certain of our lease agreements include lease payments based on a percentage of net gaming revenue and others include rental payment adjustments periodically for inflation. The estimated discount rate for each of our leases is determined based on adjustments made to our secured debt borrowing rate.

The components of total lease cost were as follows:


	Years Ended December 31,
(in millions)	2023		2022
Short-term lease cost (a) (b)	$	16.4	$	12.5
Operating lease cost (b)	7.4		8.1
Finance lease interest expense	1.6		0.4
Finance lease amortization expense (b)	3.5		0.7
Total lease cost	$	28.9	$	21.7

(a)Includes leases with terms of one year or less.

(b)Includes variable lease costs, which were not material.

Supplemental cash flow information related to leases are as follows:


	Years Ended December 31,
(in millions)	2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	6.3	$	6.5
Operating cash flows from finance leases	1.4		0.5
Financing cash flows from finance leases	1.7		0.4

ROUAs obtained in exchange for lease obligations
Operating leases	$	1.9	$	10.7
Finance leases	33.4		6.2

Other information related to operating leases was as follows:


	December 31,
Weighted Average Remaining Lease Term	2023		2022
Operating leases	5.7 years		6.5 years
Finance leases	11.8 years		14.9 years

Weighted Average Discount Rate
Operating leases	4.3	%	4.1	%
Finance leases	4.8	%	4.1	%

As of December 31, 2023, the future undiscounted cash flows associated with the Company's operating and financing lease liabilities were as follows:


(in millions)
Years Ended December 31,	Operating Leases		Finance Leases
2024	$	6.1	$	4.2
2025	5.5		4.6
2026	4.7		4.7
2027	3.1		4.7
2028	2.0		4.7
Thereafter	4.9		32.1
Total future minimum lease payments	26.3		55.0
Less: Imputed interest	3.0		13.6
Present value of lease liabilities	$	23.3	$	41.4

Reported lease liabilities as of December 31, 2023
Accrued expense and other current liabilities (current maturities of leases)	$	5.4	$	2.5
Other liabilities (non-current maturities of leases)	17.9		38.9
Present value of lease liabilities	$	23.3	$	41.4

Leases