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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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