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GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended
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Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill | The change in carrying value of goodwill by reportable segment for the six months ended June 30, 2022 is as follows (in thousands):
| Casinos & Resorts |  | North America Interactive |  | International Interactive |  | Total
Goodwill as of December 31, 2021(1) | $ | 201,952 |  |  | $ | 283,358 |  |  | $ | 1,637,343 |  |  | $ | 2,122,653 |
Effect of foreign exchange | — |  |  | (1,223) |  |  | (149,784) |  |  | (151,007) |
Purchase accounting adjustments on prior year business acquisitions | (1,285) |  |  | 239 |  |  | (542) |  |  | (1,588) |
Goodwill as of June 30, 2022(1) | $ | 200,667 |  |  | $ | 282,374 |  |  | $ | 1,487,017 |  |  | $ | 1,970,058 |
__________________________________ (1) Casinos & Resorts amounts are net of accumulated goodwill impairment charges of $5.4 million.
Schedule of Finite-Lived Intangible Assets | The change in intangible assets, net for the six months ended June 30, 2022 is as follows (in thousands):
Intangible assets, net as of December 31, 2021 | $ | 2,477,952 |
Additions in current period | 85,160 |
Change in TRA | (6,403) |
Effect of foreign exchange | (125,342) |
Other | (319) |
Less: Amortization | (120,799) |
Intangible assets, net as of June 30, 2022 | $ | 2,310,249 |
The Company’s identifiable intangible assets consist of the following:
| Weighted average remaining life (in years) |  | June 30, 2022
(in thousands, except years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortizable intangible assets: |  |  |  |  |  |
Naming rights - Sinclair(1) | 8.7 |  | $ | 330,988 |  |  | $ | (42,497) |  |  | $ | 288,491 |
Trade names | 10.6 |  | 28,132 |  |  | (18,175) |  |  | 9,957 |
Hard Rock license | 25.0 |  | 8,000 |  |  | (1,939) |  |  | 6,061 |
Customer relationships | 6.2 |  | 941,010 |  |  | (111,275) |  |  | 829,735 |
Developed technology | 6.7 |  | 366,997 |  |  | (43,780) |  |  | 323,217 |
Internally developed software | 4.7 |  | 50,167 |  |  | (3,416) |  |  | 46,751 |
Gaming licenses | 8.5 |  | 30,764 |  |  | (2,670) |  |  | 28,094 |
Other | 3.4 |  | 4,124 |  |  | (1,461) |  |  | 2,663 |
Total amortizable intangible assets |  |  | 1,760,182 |  |  | (225,213) |  |  | 1,534,969 |
Intangible assets not subject to amortization: |  |  |  |  |  |  |
Gaming licenses | Indefinite |  | 528,871 |  |  | — |  |  | 528,871 |
Trade names | Indefinite |  | 245,053 |  |  | — |  |  | 245,053 |
Other | Indefinite |  | 1,356 |  |  | — |  |  | 1,356 |
Total unamortizable intangible assets |  |  | 775,280 |  |  | — |  |  | 775,280 |
Total intangible assets, net |  |  | $ | 2,535,462 |  |  | $ | (225,213) |  |  | $ | 2,310,249 |
__________________________________ (1) Naming rights intangible asset in connection with Sinclair Agreement. Refer to Note 2 “Significant Accounting Policies” for further information. Amortization began on April 1, 2021, the commencement date of the re-branded Sinclair regional sports networks.
| Weighted average remaining life (in years) |  | December 31, 2021
(in thousands, except years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortizable intangible assets: |  |  |  |  |  |  |
Naming rights - Sinclair(2) | 9.2 |  | $ | 337,391 |  |  | $ | (25,721) |  |  | $ | 311,670 |
Trade names | 10.6 |  | 28,439 |  |  | (17,481) |  |  | 10,958 |
Hard Rock license | 25.5 |  | 8,000 |  |  | (1,818) |  |  | 6,182 |
Customer relationships | 6.7 |  | 1,026,797 |  |  | (46,789) |  |  | 980,008 |
Developed technology | 7.2 |  | 392,481 |  |  | (19,690) |  |  | 372,791 |
Internally developed software | 4.8 |  | 20,952 |  |  | (727) |  |  | 20,225 |
Gaming licenses | 10.0 |  | 30,409 |  |  | (591) |  |  | 29,818 |
Other | 4.4 |  | 2,413 |  |  | (1,121) |  |  | 1,292 |
Total amortizable intangible assets |  |  | 1,846,882 |  |  | (113,938) |  |  | 1,732,944 |
Intangible assets not subject to amortization: |  |  |  |  |  |  |
Gaming licenses | Indefinite |  | 478,171 |  |  | — |  |  | 478,171 |
Trade names | Indefinite |  | 265,099 |  |  | — |  |  | 265,099 |
Other | Indefinite |  | 1,738 |  |  | — |  |  | 1,738 |
Total unamortizable intangible assets |  |  | 745,008 |  |  | — |  |  | 745,008 |
Total intangible assets, net |  |  | $ | 2,591,890 |  |  | $ | (113,938) |  |  | $ | 2,477,952 |
__________________________________ (2) See note (1) above. Amortization of intangible assets was approximately $58.7 million and $13.0 million for the three months ended June 30, 2022 and 2021, respectively, and approximately $120.8 million and $14.7 million for the six months ended June 30, 2022 and 2021, respectively. The following table reflects the remaining amortization expense associated with the finite-lived intangible assets as of June 30, 2022:
(in thousands) |
Remaining 2022 | $ | 120,799 |
2023 | 234,775 |
2024 | 231,950 |
2025 | 228,097 |
2026 | 222,708 |
Thereafter | 496,640 |
Total | $ | 1,534,969 |
Schedule of Indefinite-Lived Intangible Assets | The Company’s identifiable intangible assets consist of the following:
| Weighted average remaining life (in years) |  | June 30, 2022
(in thousands, except years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortizable intangible assets: |  |  |  |  |  |
Naming rights - Sinclair(1) | 8.7 |  | $ | 330,988 |  |  | $ | (42,497) |  |  | $ | 288,491 |
Trade names | 10.6 |  | 28,132 |  |  | (18,175) |  |  | 9,957 |
Hard Rock license | 25.0 |  | 8,000 |  |  | (1,939) |  |  | 6,061 |
Customer relationships | 6.2 |  | 941,010 |  |  | (111,275) |  |  | 829,735 |
Developed technology | 6.7 |  | 366,997 |  |  | (43,780) |  |  | 323,217 |
Internally developed software | 4.7 |  | 50,167 |  |  | (3,416) |  |  | 46,751 |
Gaming licenses | 8.5 |  | 30,764 |  |  | (2,670) |  |  | 28,094 |
Other | 3.4 |  | 4,124 |  |  | (1,461) |  |  | 2,663 |
Total amortizable intangible assets |  |  | 1,760,182 |  |  | (225,213) |  |  | 1,534,969 |
Intangible assets not subject to amortization: |  |  |  |  |  |  |
Gaming licenses | Indefinite |  | 528,871 |  |  | — |  |  | 528,871 |
Trade names | Indefinite |  | 245,053 |  |  | — |  |  | 245,053 |
Other | Indefinite |  | 1,356 |  |  | — |  |  | 1,356 |
Total unamortizable intangible assets |  |  | 775,280 |  |  | — |  |  | 775,280 |
Total intangible assets, net |  |  | $ | 2,535,462 |  |  | $ | (225,213) |  |  | $ | 2,310,249 |
__________________________________ (1) Naming rights intangible asset in connection with Sinclair Agreement. Refer to Note 2 “Significant Accounting Policies” for further information. Amortization began on April 1, 2021, the commencement date of the re-branded Sinclair regional sports networks.
| Weighted average remaining life (in years) |  | December 31, 2021
(in thousands, except years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortizable intangible assets: |  |  |  |  |  |  |
Naming rights - Sinclair(2) | 9.2 |  | $ | 337,391 |  |  | $ | (25,721) |  |  | $ | 311,670 |
Trade names | 10.6 |  | 28,439 |  |  | (17,481) |  |  | 10,958 |
Hard Rock license | 25.5 |  | 8,000 |  |  | (1,818) |  |  | 6,182 |
Customer relationships | 6.7 |  | 1,026,797 |  |  | (46,789) |  |  | 980,008 |
Developed technology | 7.2 |  | 392,481 |  |  | (19,690) |  |  | 372,791 |
Internally developed software | 4.8 |  | 20,952 |  |  | (727) |  |  | 20,225 |
Gaming licenses | 10.0 |  | 30,409 |  |  | (591) |  |  | 29,818 |
Other | 4.4 |  | 2,413 |  |  | (1,121) |  |  | 1,292 |
Total amortizable intangible assets |  |  | 1,846,882 |  |  | (113,938) |  |  | 1,732,944 |
Intangible assets not subject to amortization: |  |  |  |  |  |  |
Gaming licenses | Indefinite |  | 478,171 |  |  | — |  |  | 478,171 |
Trade names | Indefinite |  | 265,099 |  |  | — |  |  | 265,099 |
Other | Indefinite |  | 1,738 |  |  | — |  |  | 1,738 |
Total unamortizable intangible assets |  |  | 745,008 |  |  | — |  |  | 745,008 |
Total intangible assets, net |  |  | $ | 2,591,890 |  |  | $ | (113,938) |  |  | $ | 2,477,952 |
__________________________________ (2) See note (1) above.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table reflects the remaining amortization expense associated with the finite-lived intangible assets as of June 30, 2022:
(in thousands) |
Remaining 2022 | $ | 120,799 |
2023 | 234,775 |
2024 | 231,950 |
2025 | 228,097 |
2026 | 222,708 |
Thereafter | 496,640 |
Total | $ | 1,534,969 |

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