Leases

6 Months Ended

Jun. 30, 2026

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 46 years.

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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	2026		2025		2026		2025
Operating lease expense	$	1,732	$	1,871	$	3,442	$	3,730

Finance lease expense:
Amortization of right-of-use assets	$	65	$	70	$	133	$	122
Interest on lease liabilities		12		18		25		34
Total finance lease expense	$	77	$	88	$	158	$	156

Short-term lease expense	$	34	$	33	$	68	$	65

Variable lease expense	$	506	$	363	$	883	$	725

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.

Supplemental cash flow information related to leases was as follows:


	For the six months ended
	June 30,
Amounts in thousands	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	26	$	34
Operating cash flows from operating leases		3,281		3,495
Financing cash flows from finance leases		184		170

Right-of-use assets obtained in exchange for operating lease liabilities	$	89	$	3,732
Right-of-use assets obtained in exchange for finance lease liabilities	$	—	$	403

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Supplemental balance sheet information related to leases was as follows:


	As of		As of
Amounts in thousands	June 30, 2026		December 31, 2025
Operating leases
Operating lease right-of-use assets, net	$	29,364	$	32,753

Current portion of operating lease liabilities		5,227		5,155
Operating lease liabilities, net of current portion		27,676		31,093
Total operating lease liabilities		32,903		36,248

Finance leases
Finance lease right-of-use assets, gross		1,170		1,657
Accumulated depreciation		(476)		(533)
Property and equipment, net		694		1,124

Current portion of finance lease liabilities		278		330
Finance lease liabilities, net of current portion		343		499
Total finance lease liabilities		621		829

Weighted-average remaining lease term
Operating leases		11.4 years		11.2 years
Finance leases		2.2 years		2.5 years

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

Maturities of lease liabilities as of June 30, 2026 were as follows:


Amounts in thousands		Operating Leases	Finance Leases
2026	$	3,560	$	157
2027		6,799		298
2028		6,621		174
2029		6,171		45
2030		4,181		—
Thereafter		29,727		—
Total lease payments		57,059		674
Less: imputed interest		(24,156)		(53)
Total	$	32,903	$	621