Leases

6 Months Ended

Jun. 30, 2025

11.LEASES

The Company determines if an arrangement is a lease at inception. The right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate in each of the jurisdictions in which its subsidiaries operate to calculate the present value of lease payments. Lease terms may include options to extend or terminate the lease. These options are included in the lease term when it is reasonably certain that the Company will exercise those options. Operating lease expense is recorded on a straight-line basis over the lease term. The Company accounts for lease agreements with lease and non-lease components as a single lease component for all asset classes. The Company does not establish ROU assets or lease liabilities for operating leases with terms of 12 months or less. The Company’s operating and finance leases include land, casino space, corporate offices, and gaming and other equipment. The leases have remaining lease terms of one month to 47 years.

The components of lease expense were as follows:


	For the three months ended				For the six months ended
	June 30,				June 30,
Amounts in thousands	2025		2024		2025		2024
Operating lease expense	$	1,871	$	1,595	$	3,730	$	2,934

Finance lease expense:
Amortization of right-of-use assets	$	70	$	40	$	122	$	79
Interest on lease liabilities		18		14		34		28
Total finance lease expense	$	88	$	54	$	156	$	107

Short-term lease expense	$	33	$	32	$	65	$	63

Variable lease expense	$	363	$	263	$	725	$	537

Variable lease expense relates primarily to rates based on changes in indexes that are excluded from the lease liability and fluctuations in foreign currency related to leases in Poland.

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Supplemental cash flow information related to leases was as follows:


	For the six months ended
	June 30,
Amounts in thousands	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	34	$	28
Operating cash flows from operating leases		3,495		2,624
Financing cash flows from finance leases		170		124

Right-of-use assets obtained in exchange for operating lease liabilities	$	3,732	$	7,830
Right-of-use assets obtained in exchange for finance lease liabilities	$	403	$	—

Supplemental balance sheet information related to leases was as follows:


	As of		As of
Amounts in thousands	June 30, 2025		December 31, 2024
Operating leases
Leased right-of-use assets, net	$	34,854	$	30,015

Current portion of operating lease liabilities		5,185		4,034
Operating lease liabilities, net of current portion		33,224		29,148
Total operating lease liabilities		38,409		33,182

Finance leases
Finance lease right-of-use assets, gross		1,661		1,198
Accumulated depreciation		(391)		(256)
Property and equipment, net		1,270		942

Current portion of finance lease liabilities		383		260
Finance lease liabilities, net of current portion		641		494
Total finance lease liabilities		1,024		754

Weighted-average remaining lease term
Operating leases		11.4 years		12.5 years
Finance leases		2.9 years		3.3 years

Weighted-average discount rate
Operating leases		8.4%		8.6%
Finance leases		7.1%		7.7%

Maturities of lease liabilities as of June 30, 2025 were as follows:


Amounts in thousands		Operating Leases	Finance Leases
2025	$	3,693	$	227
2026		7,011		378
2027		6,945		307
2028		6,807		181
2029		6,347		47
Thereafter		34,548		—
Total lease payments		65,351		1,140
Less imputed interest		(26,942)		(116)
Total	$	38,409	$	1,024