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RESTRUCTURING

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

ACQUISITION, INTEGRATION AND RESTRUCTURING

RESTRUCTURING EXPENSE

On January 18, 2023, the Company announced a restructuring plan of the Interactive business intended to reduce operating costs and continue the Company’s commitment to achieving profitable operations in its North America Interactive segment which included a reduction of the Company’s then current Interactive workforce by up to 15 percent. In furtherance of and as an expansion of the January 2023 restructuring plan, on October 20, 2023, the Company announced further restructuring initiatives targeted at reshaping the technology utilized by its Interactive segments.

On January 29, 2024, the Company announced that it will cease its operations at the Tropicana Las Vegas on April 2, 2024 in order to redevelop the site with a state-of-the-art integrated resort and ballpark. As a result of the closure, the Company incurred restructuring charges representing employee related severance costs and accelerated depreciation of certain property and equipment.

The components of restructuring charges by segment for the three months ended March 31, 2024 are summarized as follows:

(in thousands)			Casinos & Resorts						International Interactive						North America Interactive						Other						Total
Severance and employee related benefits(1)			$	19,655					$	52					$	(1,479)					$	385					$	18,613
Accelerated depreciation expense(2)			80,117						—						—						—						80,117
Total restructuring charges			$	99,772					$	52					$	(1,479)					$	385					$	98,730

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(1)    Included within “General and administrative” of the condensed consolidated statements of operations.

(2)    Included within “Depreciation and amortization” of the condensed consolidated statements of operations.

The components of restructuring charges by segment for the three months ended March 31, 2023 are summarized as follows:

(in thousands)									International Interactive						North America Interactive						Other						Total
Severance and employee related benefits(1)									$	9,332					$	5,858					$	1,632					$	16,822

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(1)    Included within “General and administrative” of the condensed consolidated statements of operations.

The changes in the Company’s restructuring related liabilities for the three months ended March 31, 2024 and 2023 is as follows:

(in thousands)
Balance as of December 31, 2023			$	5,291
Charges			18,613
Payments			(2,356)
Effect of foreign exchange			(850)
Balance as of March 31, 2024			$	20,698

The restructuring liability as of March 31, 2024 and December 31, 2023 is included within “Accrued and other current liabilities” on the condensed consolidated balance sheets.

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- Definition

The entire description for costs incurred to effect a business combination that have been expensed during the period. Such costs could include business integration costs, systems integration and conversion costs, and severance and other employee-related costs.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 805
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//805/tableOfContent

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- References

No definition available.

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