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Note 3 - Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 30, 2022

NOTE 3. GOODWILL AND INTANGIBLE ASSETS, NET

Intangible assets, net consist of the following:

	*June 30, 2022*
	*Weighted*	*Gross*					*Accumulated*
	*Useful Life*	*Carrying*		*Accumulated*			*Impairment*			*Intangible*
*(In thousands)*	*Remaining (in years)*	*Value*		*Amortization*			*Losses*			*Assets, Net*
*Amortizing intangibles*
Customer relationships	1.0	$	68,100	$	(65,459	)	$	—		$	2,641
Host agreements	10.9		58,000		(15,789	)		—			42,211
Development agreement	—		21,373		—			—			21,373
			147,473		(81,248	)		—			66,225

*Indefinite lived intangible assets*
Trademarks	Indefinite		204,000		—			(27,200	)		176,800
Gaming license rights	Indefinite		1,378,081		(33,960	)		(222,174	)		1,121,947
			1,582,081		(33,960	)		(249,374	)		1,298,747
Balances, June 30, 2022		$	1,729,554	$	(115,208	)	$	(249,374	)	$	1,364,972

	*December 31, 2021*
	*Weighted*	*Gross*					*Accumulated*
	*Useful Life*	*Carrying*		*Accumulated*			*Impairment*			*Intangible*
*(In thousands)*	*Remaining (in years)*	*Value*		*Amortization*			*Losses*			*Assets, Net*
*Amortizing intangibles*
Customer relationships	1.5	$	68,100	$	(63,798	)	$	—		$	4,302
Host agreements	11.4		58,000		(13,856	)		—			44,144
Development agreement	—		21,373		—			—			21,373
			147,473		(77,654	)		—			69,819

*Indefinite lived intangible assets*
Trademarks	Indefinite		204,000		—			(27,200	)		176,800
Gaming license rights	Indefinite		1,377,935		(33,960	)		(222,174	)		1,121,801
			1,581,935		(33,960	)		(249,374	)		1,298,601
Balances, December 31, 2021		$	1,729,408	$	(111,614	)	$	(249,374	)	$	1,368,420

The following table presents the future amortization expense for our amortizing intangible assets as of June 30, 2022:

*(In thousands)*	*Customer Relationships*		*Host Agreements*		*Total*
*For the year ending December 31,*
2022 (excluding six months ended June 30, 2022)	$	1,661	$	1,934	$	3,595
2023		940		3,867		4,807
2024		40		3,867		3,907
2025		—		3,867		3,867
2026		—		3,867		3,867
Thereafter		—		24,809		24,809
Total future amortization	$	2,641	$	42,211	$	44,852

Goodwill consists of the following:

	Gross					Accumulated
	Carrying		Accumulated			Impairment			Goodwill,
*(In thousands)*	Value		Amortization			Losses			Net
Goodwill, net by Reportable Segment
Las Vegas Locals	$	593,567	$	—		$	(188,079	)	$	405,488
Downtown Las Vegas		6,997		(6,134	)		—			863
Midwest & South		666,798		—			(101,862	)		564,936
Balances, June 30, 2022	$	1,267,362	$	(6,134	)	$	(289,941	)	$	971,287

There have been no changes in goodwill, net, during the six months ended June 30, 2022.