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GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The change in intangible assets, net for the nine months ended September 30, 2024 is as follows (in thousands):

Intangible assets, net as of December 31, 2023			$	1,871,428
Effect of foreign exchange			28,200
Internally developed software			36,283
Other intangibles acquired			2,127
Less: Amortization of intangible assets			(177,777)
Intangible assets, net as of September 30, 2024			$	1,760,261

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

									September 30, 2024
(in thousands)						Gross Carrying Amount						Accumulated Amortization						Net
Amortizable intangible assets:
Commercial rights - Sinclair(1)									$	315,847					$	(113,275)					$	202,572
Trade names									38,047						(20,938)						17,109
Hard Rock license									8,000						(2,485)						5,515
Customer relationships									1,005,459						(432,885)						572,574
Developed technology									277,147						(118,756)						158,391
Internally developed software									98,864						(22,884)						75,980
Gaming licenses									46,771						(17,983)						28,788
Other									11,591						(4,904)						6,687
Total amortizable intangible assets									1,801,726						(734,110)						1,067,616
Intangible assets not subject to amortization:
Gaming licenses									586,971						—						586,971
Trade names									104,341						—						104,341
Other									1,333						—						1,333
Total unamortizable intangible assets									692,645						—						692,645
Total intangible assets, net									$	2,494,371					$	(734,110)					$	1,760,261

__________________________________

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

									December 31, 2023
(in thousands)						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

__________________________________

(2)    See note (1) above.

Amortization of intangible assets was approximately $58.5 million and $57.3 million for the three months ended September 30, 2024 and 2023, respectively, and $177.8 million and $173.4 million for the nine months ended September 30, 2024 and 2023, respectively.

The following table reflects the remaining amortization expense associated with the finite-lived intangible assets as of September 30, 2024:

(in thousands)
Remaining 2024			$	61,246
2025			243,082
2026			241,276
2027			240,385
2028			186,318
Thereafter			95,309
Total			$	1,067,616

Schedule of Indefinite-Lived Intangible Assets

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

									September 30, 2024
(in thousands)						Gross Carrying Amount						Accumulated Amortization						Net
Amortizable intangible assets:
Commercial rights - Sinclair(1)									$	315,847					$	(113,275)					$	202,572
Trade names									38,047						(20,938)						17,109
Hard Rock license									8,000						(2,485)						5,515
Customer relationships									1,005,459						(432,885)						572,574
Developed technology									277,147						(118,756)						158,391
Internally developed software									98,864						(22,884)						75,980
Gaming licenses									46,771						(17,983)						28,788
Other									11,591						(4,904)						6,687
Total amortizable intangible assets									1,801,726						(734,110)						1,067,616
Intangible assets not subject to amortization:
Gaming licenses									586,971						—						586,971
Trade names									104,341						—						104,341
Other									1,333						—						1,333
Total unamortizable intangible assets									692,645						—						692,645
Total intangible assets, net									$	2,494,371					$	(734,110)					$	1,760,261

__________________________________

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

									December 31, 2023
(in thousands)						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

__________________________________

(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 September 30, 2024:

(in thousands)
Remaining 2024			$	61,246
2025			243,082
2026			241,276
2027			240,385
2028			186,318
Thereafter			95,309
Total			$	1,067,616

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