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Note 3 - Goodwill and Intangible Assets, Net | 3 Months Ended
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Mar. 31, 2025
Notes to Financial Statements |
Goodwill Disclosure [Text Block] | NOTE 3. GOODWILL AND INTANGIBLE ASSETS, NET Intangible assets, net consist of the following:
|  | March 31, 2025 |
|  | 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 |  |  | 4.4 |  |  | $ | 3,300 |  |  | $ | (385 | ) |  | $ | — |  |  | $ | — |  |  | $ | 2,915 |
Host agreements |  |  | 8.2 |  |  |  | 58,000 |  |  |  | (26,422 | ) |  |  | — |  |  |  | — |  |  |  | 31,578 |
Development agreement |  |  | 4.4 |  |  |  | 21,373 |  |  |  | (8,015 | ) |  |  | — |  |  |  | — |  |  |  | 13,358 |
Developed technology |  |  | 7.1 |  |  |  | 44,464 |  |  |  | (10,258 | ) |  |  | — |  |  |  | (408 | ) |  |  | 33,798 |
B2B relationships |  |  | 4.8 |  |  |  | 28,000 |  |  |  | (9,459 | ) |  |  | — |  |  |  | (78 | ) |  |  | 18,463 |
B2C relationships |  |  | 9.6 |  |  |  | 13,000 |  |  |  | (2,618 | ) |  |  | — |  |  |  | — |  |  |  | 10,382 |
Marketing agreement |  |  | 19.4 |  |  |  | 4,500 |  |  |  | (131 | ) |  |  | — |  |  |  | — |  |  |  | 4,369 |
|  |  |  |  |  |  | 172,637 |  |  |  | (57,288 | ) |  |  | — |  |  |  | (486 | ) |  |  | 114,863 |
Indefinite lived intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trademarks |  | Indefinite |  |  |  | 199,900 |  |  |  | — |  |  |  | (32,275 | ) |  |  | — |  |  |  | 167,625 |
Gaming license rights |  | Indefinite |  |  |  | 1,393,081 |  |  |  | (33,960 | ) |  |  | (253,974 | ) |  |  | — |  |  |  | 1,105,147 |
|  |  |  |  |  |  | 1,592,981 |  |  |  | (33,960 | ) |  |  | (286,249 | ) |  |  | — |  |  |  | 1,272,772 |
Balances, March 31, 2025 |  |  |  |  |  | $ | 1,765,618 |  |  | $ | (91,248 | ) |  | $ | (286,249 | ) |  | $ | (486 | ) |  | $ | 1,387,635 |
|  | December 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 |  |  | 2.1 |  |  | $ | 7,225 |  |  | $ | (4,145 | ) |  | $ | — |  |  | $ | — |  |  | $ | 3,080 |
Host agreements |  |  | 8.4 |  |  |  | 58,000 |  |  |  | (25,456 | ) |  |  | — |  |  |  | — |  |  |  | 32,544 |
Development agreement |  |  | 4.6 |  |  |  | 21,373 |  |  |  | (7,251 | ) |  |  | — |  |  |  | — |  |  |  | 14,122 |
Developed technology |  |  | 7.3 |  |  |  | 43,435 |  |  |  | (9,045 | ) |  |  | — |  |  |  | (418 | ) |  |  | 33,972 |
B2B relationships |  |  | 5.0 |  |  |  | 28,000 |  |  |  | (8,481 | ) |  |  | — |  |  |  | (80 | ) |  |  | 19,439 |
B2C relationships |  |  | 9.8 |  |  |  | 13,000 |  |  |  | (2,347 | ) |  |  | — |  |  |  | — |  |  |  | 10,653 |
Marketing agreement |  |  | 19.7 |  |  |  | 4,500 |  |  |  | (75 | ) |  |  | — |  |  |  | — |  |  |  | 4,425 |
|  |  |  |  |  |  | 175,533 |  |  |  | (56,800 | ) |  |  | — |  |  |  | (498 | ) |  |  | 118,235 |
Indefinite lived intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trademarks |  | Indefinite |  |  |  | 199,900 |  |  |  | — |  |  |  | (32,275 | ) |  |  | — |  |  |  | 167,625 |
Gaming license rights |  | Indefinite |  |  |  | 1,393,081 |  |  |  | (33,960 | ) |  |  | (253,974 | ) |  |  | — |  |  |  | 1,105,147 |
|  |  |  |  |  |  | 1,592,981 |  |  |  | (33,960 | ) |  |  | (286,249 | ) |  |  | — |  |  |  | 1,272,772 |
Balances, December 31, 2024 |  |  |  |  |  | $ | 1,768,514 |  |  | $ | (90,760 | ) |  | $ | (286,249 | ) |  | $ | (498 | ) |  | $ | 1,391,007 |
The following table presents the future amortization expense for our amortizing intangible assets as of March 31, 2025:
(In thousands) |  | Customer Relationships |  |  | Host Agreements |  |  | Development Agreement |  |  | Developed Technology |  |  | B2B Relationships |  |  | B2C Relationships |  |  | Marketing Agreement |  |  | Total |
For the year ending |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2025 (excluding three months ended March 31, 2025) |  | $ | 495 |  |  | $ | 2,901 |  |  | $ | 2,289 |  |  | $ | 3,878 |  |  | $ | 2,857 |  |  | $ | 812 |  |  | $ | 169 |  |  | $ | 13,401 |
2026 |  |  | 660 |  |  |  | 3,867 |  |  |  | 3,053 |  |  |  | 5,178 |  |  |  | 3,914 |  |  |  | 1,083 |  |  |  | 225 |  |  |  | 17,980 |
2027 |  |  | 660 |  |  |  | 3,867 |  |  |  | 3,053 |  |  |  | 5,178 |  |  |  | 3,914 |  |  |  | 1,083 |  |  |  | 225 |  |  |  | 17,980 |
2028 |  |  | 660 |  |  |  | 3,867 |  |  |  | 3,053 |  |  |  | 4,933 |  |  |  | 3,914 |  |  |  | 1,083 |  |  |  | 225 |  |  |  | 17,735 |
2029 |  |  | 440 |  |  |  | 3,867 |  |  |  | 1,910 |  |  |  | 4,291 |  |  |  | 3,296 |  |  |  | 1,083 |  |  |  | 225 |  |  |  | 15,112 |
Thereafter |  |  | — |  |  |  | 13,209 |  |  |  | — |  |  |  | 10,340 |  |  |  | 568 |  |  |  | 5,238 |  |  |  | 3,300 |  |  |  | 32,655 |
Total future amortization |  | $ | 2,915 |  |  | $ | 31,578 |  |  | $ | 13,358 |  |  | $ | 33,798 |  |  | $ | 18,463 |  |  | $ | 10,382 |  |  | $ | 4,369 |  |  | $ | 114,863 |
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. There were no impairments of our intangible assets during the three months ended March 31, 2025. Goodwill consists of the following:
|  | March 31, 2025 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | 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 |  |  | 104,737 |  |  |  | — |  |  |  | (82,000 | ) |  |  | 4 |  |  |  | 22,741 |
Managed & Other |  |  | 30,529 |  |  |  | — |  |  |  | (30,529 | ) |  |  | — |  |  |  | — |
Balances, March 31, 2025 |  | $ | 1,372,099 |  |  | $ | (6,134 | ) |  | $ | (408,078 | ) |  | $ | 4 |  |  | $ | 957,891 |
|  | December 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 |  |  | 104,737 |  |  |  | — |  |  |  | (82,000 | ) |  |  | 2 |  |  |  | 22,739 |
Managed & Other |  |  | 30,529 |  |  |  | — |  |  |  | (30,529 | ) |  |  | — |  |  |  | — |
Balances, December 31, 2024 |  | $ | 1,372,099 |  |  | $ | (6,134 | ) |  | $ | (408,078 | ) |  | $ | 2 |  |  | $ | 957,889 |

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