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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Carrying Value and Fair Value of Notes and Debentures | The following table sets forth the face value and fair value of our financial assets and liabilities for the periods presented (in millions):
| As of September 30, 2025 |  | As of December 31, 2024
| Face Value |  | Fair Value |  | Face Value |  | Fair Value
Level 1: |  |  |  |  |  |  |
Investments in equity securities | N/A |  | $ | — |  |  | N/A |  | $ | 19 |
Money market funds | N/A |  | 378 |  |  | N/A |  | 601 |
Deferred compensation assets | N/A |  | 51 |  |  | N/A |  | 47 |
Deferred compensation liabilities | N/A |  | 47 |  |  | N/A |  | 46 |
Level 2: |  |  |  |  |  |  |
Investments in equity securities (a) | N/A |  | 130 |  |  | N/A |  | 141 |
Interest rate swap (b) | N/A |  | — |  |  | N/A |  | 1 |
STG (c): |  |  |  |  |  |  |
9.750% Second Lien Senior Secured Notes due 2033 (d) | $ | 432 |  |  | 472 |  |  | $ | — |  |  | — |
8.125% First-Out First Lien Secured Notes due 2033 (d) | 1,430 |  |  | 1,472 |  |  | — |  |  | — |
5.500% Senior Notes due 2030 | 485 |  |  | 415 |  |  | 485 |  |  | 328 |
5.125% Senior Notes due 2027 (d) | 89 |  |  | 89 |  |  | 274 |  |  | 249 |
4.375% Second-Out First Lien Secured Notes due 2032 (d) | 238 |  |  | 171 |  |  | — |  |  | — |
4.125% Senior Secured Notes due 2030 (d) | — |  |  | — |  |  | 737 |  |  | 546 |
4.125% Unsecured Notes due 2030 (d) | 4 |  |  | 3 |  |  | — |  |  | — |
Term Loan B-2, due September 30, 2026 (d) | — |  |  | — |  |  | 1,175 |  |  | 1,160 |
Term Loan B-3, due April 1, 2028 (d) | 3 |  |  | 2 |  |  | 714 |  |  | 575 |
Term Loan B-4, due April 21, 2029 (d) | — |  |  | — |  |  | 731 |  |  | 589 |
Term Loan B-6, due December 31, 2029 (d) | 708 |  |  | 630 |  |  | — |  |  | — |
Term Loan B-7, due December 31, 2030 (d) | 728 |  |  | 648 |  |  | — |  |  | — |
Debt of variable interest entities (c) | 6 |  |  | 6 |  |  | 7 |  |  | 7 |
Level 3: |  |  |  |  |  |  |
Investments in equity securities (e) | N/A |  | 2 |  |  | N/A |  | 68 |
N/A - Not applicable (a)Consists of warrants to acquire marketable common equity securities. The fair value of the warrants are derived from the quoted trading prices of the underlying common equity securities less the exercise price. (b)T he fair value of the interest rate swap was a liability as of September 30, 2025 and an asset as of December 31, 2024. For further information, s ee Hedge Accounting within Note 1. Nature of Operations and Summary of Significant Accounting Policies and Interest Rate Swap within Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing. (c)Amounts are carried in our consolidated balance sheets net of debt discount and deferred financing cost, which are excluded in the above table, of $56 million and $36 million as of September 30, 2025 and December 31, 2024, respectively. (d)STG completed a series of financing transactions, including a new money financing and debt recapitalization, during the nine months ended September 30, 2025. In October 2025, STG repurchased the remaining $89 million aggregate principal amount of the 5.125% Senior Notes due 2027. For further information, see Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing. (e)Amounts primarily relate to warrants and options to acquire common equity in Bally’s. We recorded a fair value adjustment loss of $8 million for the nine months ended September 30, 2025 and gains of $18 million and $10 million for the three and nine months ended September 30, 2024, respectively. The fair value of the warrants is primarily derived from the quoted trading prices of the underlying common equity. The fair value of the options is derived utilizing the Black Scholes valuation model. The most significant inputs include the trading price of the underlying common stock and the exercise price of the options, which range from $30 to $45 per share. All outstanding awards to acquire common equity in Bally’s were converted to warrants and transferred to Level 2 during the nine months ended September 30, 2025.
Schedule of Changes in Level 3 Financial Liabilities Measured on Recurring Basis | The following table summarizes the changes in financial assets measured at fair value on a recurring basis and categorized as Level 3 under the fair value hierarchy for the three and nine months ended September 30, 2025 and 2024 (in millions):
Three Months Ended September 30, 2025
Fair value at June 30, 2025 | $ | 2 |
Fair value at September 30, 2025 | $ | 2 |
Nine Months Ended September 30, 2025
Fair value at December 31, 2024 | $ | 68 |
Transfer to Level 2 | (58) |
Measurement adjustments | (8) |
Fair value at September 30, 2025 | $ | 2 |
Three Months Ended September 30, 2024
Fair value at June 30, 2024 | $ | 42 |
Measurement adjustments | 16 |
Fair value at September 30, 2024 | $ | 58 |
Nine Months Ended September 30, 2024
Fair value at December 31, 2023 | $ | 46 |
Measurement adjustments | 12 |
Fair value at September 30, 2024 | $ | 58 |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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