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Goodwill and Intangible Assets, Net
 12 Months Ended
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 ResortsNevada Locals CasinosNevada TavernsDistributed GamingTotal 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 ImpairmentIntangible Assets, Net
Indefinite-lived intangible assets
Trade namesIndefinite$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 ImpairmentIntangible Assets, Net
Indefinite-lived intangible assets
Trade namesIndefinite$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)20252026202720282029Thereafter
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.