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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of the Company’s provision for income taxes for the years ended December 31, 2024, 2023 and 2022 are presented below.
Components of Income (Loss) Before Income Taxes | Years Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
United States | $ | (150) |  |  | $ | (90) |  |  | $ | (590) |
Outside of the U.S. | 26 |  |  | 30 |  |  | 25 |
| $ | (124) |  |  | $ | (60) |  |  | $ | (565) |
Income Tax Provision (Benefit) from Continuing Operations | Years Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
United States |  |  |  |  |
Current |  |  |  |  |
Federal | $ | 38 |  |  | $ | — |  |  | $ | — |
State & Local | 27 |  |  | 23 |  |  | 7 |
Deferred |  |  |  |  |
Federal | 36 |  |  | (754) |  |  | (57) |
State & Local | (23) |  |  | (166) |  |  | 2 |
Outside of the U.S. |  |  |  |  |
Current | 10 |  |  | 9 |  |  | 7 |
Deferred | (1) |  |  | — |  |  | — |
| $ | 87 |  |  | $ | (888) |  |  | $ | (41) |
The following is an allocation of the total income tax provision (benefit) for the years ended December 31, 2024, 2023 and 2022:
| Years Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
Income tax provision (benefit) applicable to: |  |  |  |  |
Income from continuing operations | $ | 87 |  |  | $ | (888) |  |  | $ | (41) |
Discontinued operations | — |  |  | — |  |  | (50) |
Additional paid-in capital | — |  |  | (12) |  |  | — |
Other comprehensive income | — |  |  | 1 |  |  | (30) |
Schedule of Effective Income Tax Rate Reconciliation | The following is a reconciliation of the statutory federal income tax of 21% to the Company’s reported income tax provision (benefit) for the years ended December 31, 2024, 2023 and 2022:
| Years Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
Federal statutory income tax provision (benefit) | $ | (26) |  |  | $ | (13) |  |  | $ | (118) |
State and local income tax provision (benefit) | (16) |  |  | (13) |  |  | 1 |
Nondeductible compensation and benefits | 17 |  |  | 16 |  |  | 13 |
Goodwill impairment and write offs | 53 |  |  | 3 |  |  | 3 |
Increase (decrease) in uncertain tax positions | 1 |  |  | — |  |  | (1) |
Change in tax rates from change in tax law before valuation allowance | 38 |  |  | 25 |  |  | 86 |
Foreign taxes | 1 |  |  | 3 |  |  | 6 |
Deferred tax adjustment related to William Hill acquisition | — |  |  | — |  |  | 30 |
Minority interests | (14) |  |  | (9) |  |  | 3 |
Valuation allowance | 36 |  |  | (889) |  |  | (55) |
Tax credits | (10) |  |  | (14) |  |  | (10) |
Other | 7 |  |  | 3 |  |  | 1 |
Reported income tax provision (benefit) | $ | 87 |  |  | $ | (888) |  |  | $ | (41) |
Schedule of Deferred Tax Assets and Liabilities | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred taxes at December 31, 2024 and 2023 are as follows:
| As of December 31,
(In millions) | 2024 |  | 2023
Deferred tax assets: |  |  |
Loss carryforwards | $ | 391 |  |  | $ | 569 |
Excess business interest expense | 499 |  |  | 399 |
Credit carryforwards | 39 |  |  | 141 |
Financing obligation | 2,673 |  |  | 2,644 |
Long-term lease obligation | 202 |  |  | 208 |
Other | 237 |  |  | 233 |
| 4,041 |  |  | 4,194 |
Deferred tax liabilities: |  |  |
Identified intangibles | (677) |  |  | (759) |
Fixed assets | (2,214) |  |  | (2,295) |
Right-of-use assets | (168) |  |  | (174) |
Other | (94) |  |  | (101) |
| (3,153) |  |  | (3,329) |
Valuation allowance | (956) |  |  | (920) |
Net deferred tax liabilities | $ | (68) |  |  | $ | (55) |
Summary of Tax Credit Carryforwards | As of December 31, 2024, the Company had federal and state net operating loss carryforwards of $52 million and $9.1 billion, respectively, and federal general business tax credit and research tax credit carryforwards of $89 million, which will expire on various dates as follows:
Year of Expiration | Net Operating Losses |  | Tax Credits
(In millions) | Federal |  | States |  | Federal
2025-2029 | $ | — |  |  | $ | 955 |  |  | $ | — |
2030-2034 | 33 |  |  | 2,571 |  |  | — |
2035-2044 | — |  |  | 3,173 |  |  | 89 |
Do not expire | 19 |  |  | 2,391 |  |  | — |
| $ | 52 |  |  | $ | 9,090 |  |  | $ | 89 |
Summary of Operating Loss Carryforwards | As of December 31, 2024, the Company had federal and state net operating loss carryforwards of $52 million and $9.1 billion, respectively, and federal general business tax credit and research tax credit carryforwards of $89 million, which will expire on various dates as follows:
Year of Expiration | Net Operating Losses |  | Tax Credits
(In millions) | Federal |  | States |  | Federal
2025-2029 | $ | — |  |  | $ | 955 |  |  | $ | — |
2030-2034 | 33 |  |  | 2,571 |  |  | — |
2035-2044 | — |  |  | 3,173 |  |  | 89 |
Do not expire | 19 |  |  | 2,391 |  |  | — |
| $ | 52 |  |  | $ | 9,090 |  |  | $ | 89 |
Schedule of Unrecognized Tax Benefits Roll Forward |
Reconciliation of Unrecognized Tax Benefits | Years Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
Balance as of beginning of year | $ | 124 |  |  | $ | 128 |  |  | $ | 157 |
Sale of William Hill International | — |  |  | — |  |  | (24) |
Additions based on tax positions related to the current year | — |  |  | — |  |  | 3 |
Additions for tax positions of prior years | 1 |  |  | 1 |  |  | 1 |
Reductions for tax positions for prior years | (9) |  |  | (5) |  |  | (8) |
Expiration of statutes | — |  |  | — |  |  | (1) |
Balance as of end of year | $ | 116 |  |  | $ | 124 |  |  | $ | 128 |

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