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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Carrying Amounts and Estimated Fair Values by Input Level | The carrying amounts and estimated fair values by input level of the Company’s financial instruments were as follows:
| December 31, 2023
(in millions) | Carrying Amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,071.8 |  |  | $ | 1,071.8 |  |  | $ | 1,071.8 |  |  | $ | — |  |  | $ | — |
Equity securities | $ | 10.7 |  |  | $ | 10.7 |  |  | $ | 10.7 |  |  | $ | — |  |  | $ | — |
Available-for-sale debt securities | $ | 24.2 |  |  | $ | 24.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 24.2 |
Held-to-maturity securities | $ | 6.7 |  |  | $ | 6.7 |  |  | $ | — |  |  | $ | 6.7 |  |  | $ | — |
Promissory notes | $ | 7.9 |  |  | $ | 7.9 |  |  | $ | — |  |  | $ | 7.9 |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |  |  |  |
Long-term debt |  |  |  |  |  |  |  |  |
Amended Credit Facilities | $ | 1,471.7 |  |  | $ | 1,483.5 |  |  | $ | 1,483.5 |  |  | $ | — |  |  | $ | — |
5.625% Notes | $ | 399.7 |  |  | $ | 388.0 |  |  | $ | 388.0 |  |  | $ | — |  |  | $ | — |
4.125% Notes | $ | 394.6 |  |  | $ | 340.0 |  |  | $ | 340.0 |  |  | $ | — |  |  | $ | — |
Convertible Notes | $ | 326.1 |  |  | $ | 427.6 |  |  | $ | 427.6 |  |  | $ | — |  |  | $ | — |
Other long-term obligations | $ | 173.5 |  |  | $ | 172.1 |  |  | $ | — |  |  | $ | 18.0 |  |  | $ | 154.1 |
Other liabilities | $ | 79.0 |  |  | $ | 78.9 |  |  | $ | — |  |  | $ | 2.7 |  |  | $ | 76.2 |
| December 31, 2022
(in millions) | Carrying Amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,624.0 |  |  | $ | 1,624.0 |  |  | $ | 1,624.0 |  |  | $ | — |  |  | $ | — |
Equity securities | $ | 17.1 |  |  | $ | 17.1 |  |  | $ | — |  |  | $ | 17.1 |  |  | $ | — |
Held-to-maturity securities | $ | 6.7 |  |  | $ | 6.7 |  |  | $ | — |  |  | $ | 6.7 |  |  | $ | — |
Promissory notes | $ | 7.9 |  |  | $ | 7.9 |  |  | $ | — |  |  | $ | 7.9 |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |  |  |  |
Long-term debt |  |  |  |  |  |  |  |  |
Amended Credit Facilities | $ | 1,503.6 |  |  | $ | 1,514.7 |  |  | $ | 1,514.7 |  |  | $ | — |  |  | $ | — |
5.625% Notes | $ | 399.7 |  |  | $ | 371.0 |  |  | $ | 371.0 |  |  | $ | — |  |  | $ | — |
4.125% Notes | $ | 393.8 |  |  | $ | 327.0 |  |  | $ | 327.0 |  |  | $ | — |  |  | $ | — |
Convertible Notes | $ | 324.3 |  |  | $ | 550.8 |  |  | $ | 550.8 |  |  | $ | — |  |  | $ | — |
Other long-term obligations | $ | 156.1 |  |  | $ | 154.4 |  |  | $ | — |  |  | $ | 36.4 |  |  | $ | 118.0 |
Other liabilities | $ | 9.9 |  |  | $ | 9.6 |  |  | $ | — |  |  | $ | 2.4 |  |  | $ | 7.2 |
Puts and calls related to certain Barstool shares | $ | 0.4 |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | — |
Summary of the Changes in Fair Value of Level 3 Assets and Liabilities | The following table summarizes the changes in fair value of our Level 3 assets and liabilities measured on a recurring basis:
(in millions) | Other Assets and Liabilities
Balance as of January 1, 2021 | $ | 7.3 |
Additions | 75.5 |
Interest | 17.9 |
Payments | (1.7) |
Included in earnings (1) | 1.9 |
Balance as of December 31, 2021 | 100.9 |
Interest | 27.6 |
Payments | (2.7) |
Included in loss (1) | (0.6) |
Balance as of December 31, 2022 | 125.2 |
Additions | 90.0 |
Interest | 36.1 |
Payments | (2.9) |
Included in loss and other comprehensive loss (1)(2) | 6.1 |
Balance as of December 31, 2023 | $ | 254.5 |
(1)The expense is included in “General and administrative” within our Consolidated Statements of Operations. (2)Includes unrealized gains and losses on debt securities within our Consolidated Statements of Comprehensive Income (Loss).
Schedule of the Assets Measured at Fair Value on a Non-Recurring Basis | The following table sets forth the assets measured at fair value on a non-recurring basis as of December 31, 2023 and 2022.
(in millions) | Valuation Date |  | Valuation Technique |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Balance |  | Total Reduction in Fair Value Recorded
Goodwill | 10/1/2023 |  | Discounted cash flow and market approach |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 30.0 |
Gaming licenses | 10/1/2023 |  | Discounted cash flow |  | $ | — |  |  | $ | — |  |  | $ | 130.0 |  |  | $ | 130.0 |  |  | $ | 100.6 |
Gaming licenses | 10/1/2022 |  | Discounted cash flow |  | $ | — |  |  | $ | — |  |  | $ | 74.0 |  |  | $ | 74.0 |  |  | $ | 13.6 |
Goodwill (1) | 9/30/2022 |  | Discounted cash flow and market approach |  | $ | — |  |  | $ | — |  |  | $ | 30.0 |  |  | $ | 30.0 |  |  | $ | 37.4 |
Gaming licenses (1) | 9/30/2022 |  | Discounted cash flow |  | $ | — |  |  | $ | — |  |  | $ | 101.0 |  |  | $ | 101.0 |  |  | $ | 65.4 |
(1)During the third quarter of 2022, we identified an indicator of impairment on our goodwill and other intangible assets. See Note 9, “Goodwill and Other Intangible Assets” for more information.
Summary of Significant Unobservable Inputs used in Fair Value Calculations | The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 assets and liabilities on a recurring basis as of December 31, 2023:
| Valuation Technique |  | Unobservable Input |  | Discount Rate
Available-for-sale debt securities | Discounted cash flow |  | Discount rate |  | 35.0%
Other long-term obligation | Discounted cash flow |  | Discount rate |  | 27.0%
Contingent purchase price - Plainridge Park Casino | Discounted cash flow |  | Discount rate |  | 6.7%
As discussed in Note 9, “Goodwill and Other Intangible Assets,” we recorded impairment on our goodwill at the Greektown reporting unit and on our gaming licenses associated with Greektown, PNRC, and Ameristar East Chicago, which are indefinite-lived intangible assets, as a result of our 2023 annual assessment for impairment. Additionally, we recorded impairments on our goodwill and gaming licenses associated with Greektown as a result of the third quarter of 2022 interim assessment for impairment. Our annual assessment for impairment as of October 1, 2022 resulted in an additional impairment charge associated with our gaming license at PNRC. The following table presents quantitative information about the significant unobservable inputs used in the fair value measurements of other indefinite-lived intangible assets as of the valuation date below:
(in millions) | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range or Amount
As of December 31, 2023 |  |  |  |  |  |  |
Gaming licenses | $ | 130.0 |  |  | Discounted cash flow |  | Discount rate |  | 12.5% - 13.0%
|  |  |  |  | Long-term revenue growth rate |  | 2.0 | %
As of December 31, 2022 |  |  |  |  |  |  |
Gaming licenses | $ | 74.0 |  |  | Discounted cash flow |  | Discount rate |  | 13.0 | %
|  |  |  |  | Long-term revenue growth rate |  | 2.0 | %
As of September 30, 2022 |  |  |  |  |  |  |
Gaming licenses | $ | 101.0 |  |  | Discounted cash flow |  | Discount rate |  | 13.0 | %
|  |  |  |  | Long-term revenue growth rate |  | 2.0 | %

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