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FAIR VALUE MEASUREMENTS | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS: Accounting guidance provides for valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). A fair value hierarchy using three broad levels prioritizes the inputs to valuation techniques used to measure fair value. The following is a brief description of those three levels: •Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. •Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. •Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. 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. 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 The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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