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Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible AssetsThe Company’s goodwill balance as of March 31, 2021 and December 31, 2020 was $158.4 million, of which $60.3 million related to the Casinos reportable segment and $98.1 million related to the Distributed Gaming reportable segment.
Intangible assets, net, consisted of the following:
March 31, 2021
(In thousands)Useful Life (Years)Gross Carrying ValueCumulative AmortizationCumulative ImpairmentIntangible Assets, Net
Indefinite-lived intangible assets
Trade namesIndefinite$53,690 $— $(6,890)$46,800 
53,690 — (6,890)46,800 
Amortizing intangible assets
Customer relationships
4-16
81,105 (31,481)— 49,624 
Player relationships
2-14
42,990 (39,330)— 3,660 
Non-compete agreements
2-5
9,840 (7,735)— 2,105 
Gaming license (1)
152,100 (1,104)— 996 
In-place lease value41,170 (986)— 184 
Leasehold interest4570 (543)— 27 
Other
4-25
1,814 (1,300)— 514 
139,589 (82,479)— 57,110 
Balance, March 31, 2021$193,279 $(82,479)$(6,890)$103,910 
(1)Relates to Rocky Gap.
December 31, 2020
(In thousands)Useful Life (Years)Gross Carrying ValueCumulative AmortizationCumulative ImpairmentIntangible Assets, Net
Indefinite-lived intangible assets
Trade namesIndefinite$53,690 $— $(6,890)$46,800 
53,690 — (6,890)46,800 
Amortizing intangible assets
Customer relationships
4-16
81,105 (30,012)— 51,093 
Player relationships
2-14
42,990 (39,116)— 3,874 
Non-compete agreements
2-5
9,840 (7,385)— 2,455 
Gaming license (1)
152,100 (1,070)— 1,030 
In-place lease value41,170 (918)— 252 
Leasehold interest4570 (504)— 66 
Other
4-25
1,814 (1,275)— 539 
139,589 (80,280)— 59,309 
Balance, December 31, 2020$193,279 $(80,280)$(6,890)$106,109 
(1)Relates to Rocky Gap.
Total amortization expense related to intangible assets was $2.2 million and $5.6 million for the three months ended March 31, 2021 and 2020, respectively.
The Company tests goodwill and indefinite-lived intangible assets for impairment annually, in the last quarter of the year, unless events or changes in circumstances indicate that it is more likely than not that the carrying value of a reporting unit exceeds its fair value. Finite-lived intangible assets are evaluated for potential impairment whenever there is an indicator that the carrying value of an asset group may not be recoverable. While the impact of the COVID-19 pandemic on the Company’s operations is ongoing, management determined that there were no new indicators of impairment for the three months ended March 31, 2021 and the Company concluded that there was no impairment of the Company’s goodwill and intangible assets as of March 31, 2021.
During the first quarter of 2020, the Company concluded that the COVID-19 pandemic had an adverse impact on its operations and financial results, particularly within the Company’s Casinos segment due to the mandatory property closures, which management considered an indicator of impairment, and necessitated a performance of interim qualitative and quantitative impairment tests. The Company’s interim assessment resulted in recognition of a non-cash impairment of its Casinos segment goodwill of $6.5 million.
The estimated fair value of goodwill was determined using discounted cash flow models which utilized Level 3 inputs as follows: discount rate of 12.0%; long-term revenue growth rate of 3.0%. The impairment charge is included in “Impairment of goodwill and intangible assets” on the consolidated statements of operations.
To the extent the Company becomes aware of new facts and circumstances arising from the COVID-19 pandemic that impact its operations, the Company will revise its cash flow projections accordingly, as its estimates of future cash flows are highly dependent upon certain assumptions, including, but not limited to, the nature, timing, and extent of elimination or change of the restrictions on the Company’s operations and the extent and timing of the economic recovery globally, nationally, and specifically within the gaming industry. If such assumptions are not accurate, the Company may be required to record impairment charges in future periods, whether in connection with its regular review procedures, or earlier, if an indicator of an impairment is present prior to such evaluation.