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Subsequent Events
6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events 15.SUBSEQUENT EVENTS

The Company evaluated subsequent events and accounting and disclosure requirements related to including material subsequent events in its condensed consolidated financial statements and related notes.

On August 5, 2020, the Company announced that it had entered into a definitive agreement to sell the casino operations of Century Casino Calgary for CAD 10.0 million ($7.5 million based on the exchange rate on July 31, 2020) plus a three year quarterly earn out as specified in the agreement. The CAD 10.0 million was paid at the execution of the definitive agreement and is non-refundable except in the event the Company is in breach of certain covenants set out in the agreement and subject to working capital and other adjustments. The Company will continue to operate Century Sports (sports bar, bowling and entertainment) and to own the real estate. Upon closing of the transaction, the Company will enter into a three year lease agreement with the purchaser of the casino operations for annual net rent of CAD 480,000 ($358,102 based on the exchange rate on July 31, 2020). The transaction is expected to close in fall 2020 subject to approval by the AGLC as well as other customary closing conditions. On August 2, 2020, Macquarie provided a consent to the sale of the casino operations of Century Casino Calgary.

The Company recorded a loss of $0.1 million to general and administrative expenses on its condensed consolidated statement of (loss) earnings for the three and six months ended June 30, 2020 related to the estimated costs the Company will incur for the sale. Held for sale assets on the Company’s condensed consolidated balance sheet as of June 30, 2020 include $0.1 million in inventories and $0.5 million in property and equipment, net. Held for sale liabilities on the Company’s condensed consolidated balance sheet as of June 30, 2020 include $0.2 million in accrued liabilities.