GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

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

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(1) Casinos & Resorts amounts are net of accumulated goodwill impairment charges of $5.4 million.

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

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(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

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(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