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Goodwill and Intangible Assets, Net | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net The Company tests goodwill, and indefinite-lived intangible assets comprised of trade names for impairment annually during the fourth quarter of each year, and whenever events or circumstances indicate that it is more likely than not that the carrying value of a reporting unit exceeds its fair value. Finite-lived intangible assets are evaluated for potential impairment whenever there is an indicator that the carrying value of an asset group may not be recoverable. Refer to “Note 2 — Summary of Significant Accounting Policies” for further information on the Company’s accounting policies related to its goodwill and intangible assets. The estimated fair value of goodwill for the years ended December 31, 2024 and 2023 was determined using an income valuation approach utilizing discounted cash flow models. The income valuation approach conducted in 2024 utilized the following Level 3 inputs: discount rates of 13.5%-14.5% and long-term revenue growth rate of 2.5%. The income valuation approach conducted in 2023 utilized a discount rate of 14.0%-14.5% and long-term revenue growth rate of 3.0%. The estimated fair value of indefinite-lived intangible assets for the years ended December 31, 2024 and 2023 was determined using an income approach by applying the relief from royalty method using Level 3 inputs. The Company utilized a royalty rate of 1.0% to 2.0% in both periods and the same discount rate and long-term revenue growth rate as the rates applied to valuation of goodwill. The Company’s 2024 annual review of goodwill and intangible assets for impairment resulted in a full impairment of goodwill and trade name of certain of the Company’s Nevada Locals Casinos in the amount of $1.8 million and $0.6 million, respectively. The results of the analyses conducted for the year ended December 31, 2023 indicated no impairment of the Company’s goodwill and intangible assets. The following table summarizes goodwill balances by reportable segment:
(In thousands) |  | Nevada Casino Resorts |  | Nevada Locals Casinos |  | Nevada Taverns |  | Distributed Gaming |  | Total Goodwill
Balance, Balance, January 1, 2023 |  | $ | 22,105 |  |  | $ | 38,187 |  |  | $ | 20,459 |  |  | $ | 77,645 |  |  | $ | 158,396 |
Goodwill acquired during the year (1) |  | — |  |  | — |  |  | 3,574 |  |  | — |  |  | 3,574 |
Goodwill related to assets held for sale (2) |  | — |  |  | — |  |  | — |  |  | (69,452) |  |  | (69,452) |
Goodwill related to sale of a business (3) |  | — |  |  | — |  |  | — |  |  | (8,193) |  |  | (8,193) |
Balance, December 31, 2023 |  | $ | 22,105 |  |  | $ | 38,187 |  |  | $ | 24,033 |  |  | $ | — |  |  | $ | 84,325 |
Goodwill acquired during the year (4) |  | — |  |  | — |  |  | 3,988 |  |  | — |  |  | 3,988 |
Goodwill impairment (5) |  |  |  | (1,773) |  |  | — |  |  | — |  |  | (1,773) |
Balance, December 31, 2024 |  | $ | 22,105 |  |  | $ | 36,414 |  |  | $ | 28,021 |  |  | $ | — |  |  | $ | 86,540 |
(1) Related to the acquisition of Lucky’s taverns discussed in “Note 1 — Nature of Business and Basis of Presentation.” (2) Related to the distributed gaming operations in Nevada that continued to be classified as assets held for sale as of December 31, 2023 and were subsequently sold in January 2024. Refer to “Note 3 — Divestitures” for further information. (3) Related to the distributed gaming operations in Montana sold in September 2023. Refer to “Note 3 — Divestitures” for further information. (4) Related to the acquisition of GAP taverns discussed in “Note 1 — Nature of Business and Basis of Presentation.” (5) Related to the impairment of goodwill and trade name of certain of the Company’s Nevada Locals Casinos. Intangible assets, net, consisted of the following:
|  | December 31, 2024
(In thousands) |  | Useful Life (Years) |  | Gross Carrying Value |  | Cumulative Amortization |  | Cumulative Impairment |  | Intangible Assets, Net
Indefinite-lived intangible assets |  |  |  |  |  |  |  |  |  |
Trade names |  | Indefinite |  | $ | 55,524 |  |  | $ | — |  |  | $ | (7,516) |  |  | $ | 48,008 |
|  |  |  | 55,524 |  |  | — |  |  | (7,516) |  |  | 48,008 |
Amortizing intangible assets |  |  |  |  |  |  |  |  |  |
Player relationships |  | 2-14 |  | 44,268 |  |  | (41,905) |  |  | — |  |  | 2,363 |
Non-compete agreements |  | 2-5 |  | 7,147 |  |  | (4,131) |  |  | — |  |  | 3,016 |
|  |  |  | 51,415 |  |  | (46,036) |  |  | — |  |  | 5,379 |
Balance, December 31, 2024 |  |  |  | $ | 106,939 |  |  | $ | (46,036) |  |  | $ | (7,516) |  |  | $ | 53,387 |
|  | December 31, 2023
(In thousands) |  | Useful Life (Years) |  | Gross Carrying Value |  | Cumulative Amortization |  | Cumulative Impairment |  | Intangible Assets, Net
Indefinite-lived intangible assets |  |  |  |  |  |  |  |  |  |
Trade names |  | Indefinite |  | $ | 54,790 |  |  | $ | — |  |  | $ | (6,890) |  |  | $ | 47,900 |
|  |  |  | 54,790 |  |  | — |  |  | (6,890) |  |  | 47,900 |
Amortizing intangible assets |  |  |  |  |  |  |  |  |  |
Player relationships |  | 2-14 |  | 43,916 |  |  | (41,050) |  |  | — |  |  | 2,866 |
Non-compete agreements |  | 2-5 |  | 5,747 |  |  | (2,578) |  |  | — |  |  | 3,169 |
|  |  |  | 49,663 |  |  | (43,628) |  |  | — |  |  | 6,035 |
Balance, December 31, 2023 |  |  |  | $ | 104,453 |  |  | $ | (43,628) |  |  | $ | (6,890) |  |  | $ | 53,935 |
Total amortization expense related to intangible assets was $2.4 million for each of the years ended December 31, 2024 and 2023, and $7.4 million for the year ended December 31, 2022. Estimated future amortization expense related to intangible assets is as follows:
(In thousands) |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total (1)
Estimated amortization expense |  | $ | 2,680 |  |  | $ | 2,022 |  |  | $ | 304 |  |  | $ | 236 |  |  | $ | 137 |  |  | $ | — |  |  | $ | 5,379 |
(1) The Company did not have intangible assets that were not placed in service as of December 31, 2024.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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