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GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The change in carrying value of goodwill by reportable segment for the nine months ended September 30, 2025 (Successor) is as follows (in thousands):
| Casinos & Resorts |  | International Interactive |  | North America Interactive |  | Corporate & Other |  | Total
Goodwill as of December 31, 2024 (Predecessor)(1) | $ | 313,285 |  |  | $ | 1,451,273 |  |  | $ | 35,386 |  |  | $ | — |  |  | $ | 1,799,944 |
Effect of foreign exchange | — |  |  | (11,268) |  |  | — |  |  | — |  |  | (11,268) |
Goodwill as of February 7, 2025 (Predecessor)(1) | 313,285 |  |  | 1,440,005 |  |  | 35,386 |  |  | — |  |  | 1,788,676 |
Goodwill as of February 8, 2025 (Successor) | 612,191 |  |  | 716,260 |  |  | 56,845 |  |  | 205,352 |  |  | 1,590,648 |
Current year measurement period adjustments | (73) |  |  | 5,400 |  |  | 324 |  |  | 5,344 |  |  | 10,995 |
Goodwill measurement period segment re-allocation | (253,646) |  |  | 388,665 |  |  | (47,567) |  |  | (87,452) |  |  | — |
Effect of foreign exchange | — |  |  | 98,309 |  |  |  |  | — |  |  | 98,309 |
Goodwill as of September 30, 2025 (Successor) | $ | 358,472 |  |  | $ | 1,208,634 |  |  | $ | 9,602 |  |  | $ | 123,244 |  |  | $ | 1,699,952 |
__________________________________ (1) Amounts are shown net of accumulated goodwill impairment charges of $5.4 million, $71.6 million and $140.4 million for Casinos & Resorts, International Interactive and North America Interactive, respectively. The change in intangible assets, net for the nine months ended September 30, 2025 (Successor) is as follows (in thousands):
Intangible assets, net as of December 31, 2024 (Predecessor) | $ | 1,307,343 |
Effect of foreign exchange | (3,662) |
Capitalized software | 3,054 |
Less: Amortization of intangible assets | (14,765) |
Intangible assets, net as of February 07, 2025 (Predecessor) | $ | 1,291,970 |
Intangible assets, net as of February 08, 2025 (Successor) | $ | 1,941,245 |
Measurement period adjustments | (7,542) |
Additions in current period | 3,282 |
Effect of foreign exchange | 66,986 |
Capitalized software | 21,615 |
Less: Amortization of intangible assets | (150,269) |
Intangible assets, net as of September 30, 2025 (Successor) | $ | 1,875,317 |
The Company’s identifiable intangible assets consist of the following:
|  |  | Successor
|  |  | September 30, 2025
(in thousands) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortizable intangible assets: |  |  |  |  |  |
Trade names |  |  | $ | 82,702 |  |  | $ | (5,811) |  |  | $ | 76,891 |
Customer relationships |  |  | 374,496 |  |  | (65,303) |  |  | 309,193 |
Developed technology |  |  | 274,144 |  |  | (35,301) |  |  | 238,843 |
Internally developed software |  |  | 21,615 |  |  | (517) |  |  | 21,098 |
Gaming licenses |  |  | 753,854 |  |  | (32,143) |  |  | 721,711 |
Licensing asset |  |  | 159,336 |  |  | (14,655) |  |  | 144,681 |
Other |  |  | 25,385 |  |  | (5,086) |  |  | 20,299 |
Total amortizable intangible assets |  |  | 1,691,532 |  |  | (158,816) |  |  | 1,532,716 |
Intangible assets not subject to amortization: |  |  |  |  |  |  |
Gaming licenses |  |  | 61,101 |  |  | — |  |  | 61,101 |
Trade names |  |  | 281,500 |  |  | — |  |  | 281,500 |
Total indefinite lived intangible assets |  |  | 342,601 |  |  | — |  |  | 342,601 |
Total intangible assets, net |  |  | $ | 2,034,133 |  |  | $ | (158,816) |  |  | $ | 1,875,317 |
|  |  | Predecessor
|  |  | December 31, 2024
(in thousands) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortizable intangible assets: |  |  |  |  |  |  |
Trade names |  |  | $ | 31,723 |  |  | $ | (18,032) |  |  | $ | 13,691 |
Hard Rock license |  |  | 8,000 |  |  | (2,545) |  |  | 5,455 |
Customer relationships |  |  | 660,005 |  |  | (272,333) |  |  | 387,672 |
Developed technology |  |  | 210,712 |  |  | (70,073) |  |  | 140,639 |
Internally developed software |  |  | 105,284 |  |  | (26,791) |  |  | 78,493 |
Gaming licenses |  |  | 47,797 |  |  | (19,864) |  |  | 27,933 |
Other |  |  | 11,473 |  |  | (4,918) |  |  | 6,555 |
Total amortizable intangible assets |  |  | 1,074,994 |  |  | (414,556) |  |  | 660,438 |
Intangible assets not subject to amortization: |  |  |  |  |  |  |
Gaming licenses |  |  | 546,908 |  |  | — |  |  | 546,908 |
Trade names |  |  | 98,784 |  |  | — |  |  | 98,784 |
Other |  |  | 1,213 |  |  | — |  |  | 1,213 |
Total indefinite lived intangible assets |  |  | 646,905 |  |  | — |  |  | 646,905 |
Total intangible assets, net |  |  | $ | 1,721,899 |  |  | $ | (414,556) |  |  | $ | 1,307,343 |
Amortization of intangible assets was approximately $58.6 million and $58.5 million for the three months ended September 30, 2025 (Successor) and September 30, 2024 (Predecessor), respectively. Amortization of intangible assets was approximately $150.3 million, $14.8 million and $177.8 million for the period from February 8, 2025 to September 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the nine months ended September 30, 2024 (Predecessor), respectively. The following table reflects the remaining amortization expense associated with the finite-lived intangible assets as of September 30, 2025 (Successor):
(in thousands) |
Remaining 2025 | $ | 59,898 |
2026 | 238,912 |
2027 | 238,256 |
2028 | 217,848 |
2029 | 146,909 |
Thereafter | 630,893 |
Total | $ | 1,532,716 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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