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.


	For the three months ended
	March 31,
Amounts in thousands	2026		2025
Operating lease expense	$	1,728	$	1,771

Finance lease expense:
Amortization of right-of-use assets	$	69	$	50
Interest on lease liabilities		13		15
Total finance lease expense	$	82	$	65

Short-term lease expense	$	34	$	33

Variable lease expense	$	380	$	340

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.


	For the three months ended
	March 31,
Amounts in thousands	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	14	$	14
Operating cash flows from operating leases		1,657		1,658
Financing cash flows from finance leases		98		72

Right-of-use assets obtained in exchange for operating lease liabilities	$	89	$	3,528
Right-of-use assets obtained in exchange for finance lease liabilities	$	—	$	284


	As of		As of
Amounts in thousands	March 31, 2026		December 31, 2025
Operating leases
Leased right-of-use assets, net	$	30,862	$	32,753

Current portion of operating lease liabilities		5,160		5,155
Operating lease liabilities, net of current portion		29,214		31,093
Total operating lease liabilities		34,374		36,248

Finance leases
Finance lease right-of-use assets, gross		1,634		1,657
Accumulated depreciation		(594)		(533)
Property and equipment, net		1,040		1,124

Current portion of finance lease liabilities		299		330
Finance lease liabilities, net of current portion		422		499
Total finance lease liabilities		721		829

Weighted-average remaining lease term
Operating leases		11.3 years		11.2 years
Finance leases		2.4 years		2.5 years

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


Amounts in thousands		Operating Leases	Finance Leases
2026	$	5,252	$	260
2027		6,867		303
2028		6,688		178
2029		6,240		46
2030		4,236		—
Thereafter		29,992		—
Total lease payments		59,275		787
Less imputed interest		(24,901)		(66)
Total	$	34,374	$	721