Note 10 - Leases

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE 10.    LEASES

We have operating and finance leases primarily for three casino hotel properties, corporate offices, parking ramps, gaming and other equipment. Our leases have remaining lease terms of one year to 59 years, some of which include options to extend the leases for up to 67 years, and some of which include options to terminate the leases within one year. Certain of our lease agreements, including the Master Lease, include provisions for variable lease payments, which represent lease payments that vary due to changes in facts or circumstances occurring after the commencement date other than the passage of time. Such variable lease payments are expensed in the period in which the obligation for these payments is incurred. Variable lease expense recognized in the year ended ended December 31, 2019 was not material.

The components of lease expense were as follows:

	For the Year Ended
(In thousands)	December 31, 2019
Operating lease cost	$	163,027
Short-term lease cost		481

Supplemental cash flow information related to leases was as follows:

	For the Year Ended
(In thousands)	December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	160,333
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		13,204

Supplemental balance sheet information related to leases was as follows:

(In thousands, except lease term and discount rate)	December 31, 2019
Operating Leases
Operating lease right-of-use assets, including favorable lease rates asset	$	936,170
Current lease liabilities (included in accrued liabilities)	$	87,686
Operating lease liabilities		840,285
Total operating lease liabilities	$	927,971
Weighted Average Remaining Lease Term
Operating leases (in years)		18.2
Weighted Average Discount Rate
Operating leases		8.9	%

Maturities of lease liabilities were as follows:

(In thousands)	Operating Leases
For the period ending December 31,
2020	$	161,404
2021		145,491
2022		113,133
2023		112,346
2024		112,140
Thereafter		1,273,966
Total lease payments		1,918,480
Less imputed interest		(990,509	)
Less current portion (included in accrued liabilities)		(87,686	)
Long-term portion of operating lease liabilities	$	840,285

Future minimum rental income, which is primarily related to retail and restaurant facilities located within our properties are as follows:

(In thousands)	Minimum Rental Income
For the Year Ended December 31,
2020	$	4,798
2021		2,286
2022		2,030
2023		1,903
2024		1,425
Thereafter		156
Total	$	12,598