GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The change in carrying value of goodwill by reportable segment for the three months ended March 31, 2024 is as follows (in thousands):


	Casinos & Resorts		International Interactive		North America Interactive		Total
Goodwill as of December 31, 2023(1)	$	313,493	$	1,586,590	$	35,720	$	1,935,803

Effect of foreign exchange	—		(20,647)		(95)		(20,742)
Purchase accounting adjustments on prior year business acquisition	(208)		—		—		(208)


Goodwill as of March 31, 2024(1)	$	313,285	$	1,565,943	$	35,625	$	1,914,853

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(1) Amounts are shown net of accumulated goodwill impairment charges of $5.4 million and $140.4 million for Casinos & Resorts and North America Interactive, respectively.

The change in intangible assets, net for the three months ended March 31, 2024 is as follows (in thousands):


Intangible assets, net as of December 31, 2023	$	1,871,428


Effect of foreign exchange	(13,582)

Internally developed software	12,325
Other intangibles acquired	2,727

Less: Accumulated amortization	(60,260)
Intangible assets, net as of March 31, 2024	$	1,812,638

The Company’s identifiable intangible assets consist of the following:


		March 31, 2024
(in thousands, except years)	Gross Carrying Amount			Accumulated Amortization			Net
Amortizable intangible assets:
Commercial rights - Sinclair(1)		$	315,847		$	(97,692)		$	218,155

Trade names		37,375			(19,480)			17,895
Hard Rock license		8,000			(2,364)			5,636
Customer relationships		960,366			(345,407)			614,959
Developed technology		264,206			(94,359)			169,847
Internally developed software		72,752			(15,397)			57,355
Gaming licenses		46,316			(14,152)			32,164
Other		11,491			(4,131)			7,360
Total amortizable intangible assets		1,716,353			(592,982)			1,123,371

Intangible assets not subject to amortization:
Gaming licenses		586,971			—			586,971
Trade names		99,781			—			99,781
Other		2,515			—			2,515
Total unamortizable intangible assets		689,267			—			689,267
Total intangible assets, net		$	2,405,620		$	(592,982)		$	1,812,638

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(1) Commercial rights intangible asset in connection with the Framework Agreement. Refer to Note 2 “S ummary of S ig nificant Accounting Policies” for further information.


		December 31, 2023
(in thousands, except years)	Gross Carrying Amount			Accumulated Amortization			Net
Amortizable intangible assets:
Commercial rights - Sinclair(2)		$	315,847		$	(89,901)		$	225,946

Trade names		37,042			(18,125)			18,917
Hard Rock license		8,000			(2,303)			5,697
Customer relationships		974,286			(314,053)			660,233
Developed technology		267,927			(86,119)			181,808
Internally developed software		61,687			(13,091)			48,596
Gaming licenses		45,008			(11,964)			33,044
Other		11,505			(3,621)			7,884
Total amortizable intangible assets		1,721,302			(539,177)			1,182,125

Intangible assets not subject to amortization:
Gaming licenses		586,971			—			586,971
Trade names		100,544			—			100,544
Other		1,788			—			1,788
Total unamortizable intangible assets		689,303			—			689,303
Total intangible assets, net		$	2,410,605		$	(539,177)		$	1,871,428

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(2) See note (1) above.

Amortization of intangible assets was approximately $60.3 million and $55.9 million for the three months ended March 31, 2024 and 2023, respectively.

The following table reflects the remaining amortization expense associated with the finite-lived intangible assets as of March 31, 2024:


(in thousands)
Remaining 2024	$	173,834
2025	229,551
2026	227,776
2027	226,743
2028	170,953
Thereafter	94,514
Total	$	1,123,371