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Note 3 - Goodwill and Intangible Assets, Net

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 3. GOODWILL AND INTANGIBLE ASSETS, NET

Intangible assets, net consist of the following:

	*March 31, 2024*
	*Weighted*
	*Useful Life*		*Gross*					*Accumulated*			*Effect of Foreign*
	*Remaining*		*Carrying*		*Accumulated*			*Impairment*			*Currency*		*Intangible*
*(In thousands)*	*(in years)*		*Value*		*Amortization*			*Losses*			*Exchange*		*Assets, Net*
*Amortizing intangibles*
Customer relationships		0.8	$	3,925	$	(3,895	)	$	—		$	—	$	30
Host agreements		9.2		58,000		(22,556	)		—			—		35,444
Development agreement		5.4		21,373		(4,961	)		—			—		16,412
Developed technology		8.2		40,872		(5,575	)		—			57		35,354
B2B relationships		5.8		28,000		(5,545	)		—			14		22,469
B2C relationships		10.6		13,000		(1,535	)		—			—		11,465
				165,170		(44,067	)		—			71		121,174

*Indefinite lived intangible assets*
Trademarks	Indefinite			199,900		—			(32,275	)		—		167,625
Gaming license rights	Indefinite			1,378,081		(33,960	)		(253,974	)		—		1,090,147
				1,577,981		(33,960	)		(286,249	)		—		1,257,772
Balances, March 31, 2024			$	1,743,151	$	(78,027	)	$	(286,249	)	$	71	$	1,378,946

	*December 31, 2023*
	*Weighted*
	*Useful Life*		*Gross*					*Accumulated*			*Effect of Foreign*
	*Remaining*		*Carrying*		*Accumulated*			*Impairment*			*Currency*		*Intangible*
*(In thousands)*	*(in years)*		*Value*		*Amortization*			*Losses*			*Exchange*		*Assets, Net*
*Amortizing intangibles*
Customer relationships		0.1	$	35,050	$	(35,010	)	$	—		$	—	$	40
Host agreements		9.4		58,000		(21,589	)		—			—		36,411
Development agreement		5.6		21,373		(4,198	)		—			—		17,175
Developed technology		8.5		39,981		(4,482	)		—			225		35,724
B2B relationships		6.0		28,000		(4,566	)		—			52		23,486
B2C relationships		10.8		13,000		(1,264	)		—			—		11,736
				195,404		(71,109	)		—			277		124,572

*Indefinite lived intangible assets*
Trademarks	Indefinite			199,900		—			(32,275	)		—		167,625
Gaming license rights	Indefinite			1,378,081		(33,960	)		(243,474	)		—		1,100,647
				1,577,981		(33,960	)		(275,749	)		—		1,268,272
Balances, December 31, 2023			$	1,773,385	$	(105,069	)	$	(275,749	)	$	277	$	1,392,844

The following table presents the future amortization expense for our amortizing intangible assets as of March 31, 2024:

*(In thousands)*	*Customer Relationships*		*Host Agreements*		*Development Agreement*		*Developed Technology*		*B2B Relationships*		*B2C Relationships*		*Total*
*For the year ending December 31,*
2024 (excluding three months ended March 31, 2024)	$	30	$	2,900	$	2,290	$	3,465	$	2,949	$	812	$	12,446
2025		—		3,867		3,053		4,534		3,914		1,083		16,451
2026		—		3,867		3,053		4,526		3,914		1,083		16,443
2027		—		3,867		3,053		4,525		3,914		1,083		16,442
2028		—		3,867		3,053		4,265		3,914		1,083		16,182
Thereafter		—		17,076		1,910		14,039		3,864		6,321		43,210
Total future amortization	$	30	$	35,444	$	16,412	$	35,354	$	22,469	$	11,465	$	121,174

During the three months ended March 31, 2024, as a result of our first quarter 2024 impairment review, the Company recorded an impairment charge of $10.5 million for a gaming license right related to our Midwest & South segment. This noncash impairment charge is recorded in impairment of assets on the condensed consolidated statement of operations.

Goodwill consists of the following:

	*March 31, 2024*
									*Effect of*
	*Gross*					*Accumulated*			*Foreign*
	*Carrying*		*Accumulated*			*Impairment*			*Currency*		*Goodwill,*
*(In thousands)*	*Value*		*Amortization*			*Losses*			*Exchange*		*Net*
Goodwill, net by Segment
Las Vegas Locals	$	593,567	$	—		$	(188,079	)	$	—	$	405,488
Downtown Las Vegas		6,997		(6,134	)		—			—		863
Midwest & South		636,269		—			(107,470	)		—		528,799
Online		94,037		—			(82,000	)		113		12,150
Managed & Other		30,529		—			(30,529	)		—		—
Balances, March 31, 2024	$	1,361,399	$	(6,134	)	$	(408,078	)	$	113	$	947,300

	*December 31, 2023*
									*Effect of*
	*Gross*					*Accumulated*			*Foreign*
	*Carrying*		*Accumulated*			*Impairment*			*Currency*		*Goodwill,*
*(In thousands)*	*Value*		*Amortization*			*Losses*			*Exchange*		*Net*
Goodwill, net by Segment
Las Vegas Locals	$	593,567	$	—		$	(188,079	)	$	—	$	405,488
Downtown Las Vegas		6,997		(6,134	)		—			—		863
Midwest & South		636,269		—			(107,470	)		—		528,799
Online		94,037		—			(82,000	)		154		12,191
Managed & Other		30,529		—			(30,529	)		—		—
Balances, December 31, 2023	$	1,361,399	$	(6,134	)	$	(408,078	)	$	154	$	947,341