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SEGMENT REPORTING (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Reportable Segment Information | The following table sets forth revenue and Adjusted EBITDAR for the Company’s three reportable segments and reconciles Adjusted EBITDAR on a consolidated basis to net (loss) income. The Other category is included in the following tables in order to reconcile the segment information to the Company’s condensed consolidated financial statements.
| Successor |  |  | Predecessor
(in thousands) | Three Months Ended September 30, 2025 |  | Period from February 8, 2025 to September 30, 2025 |  |  | Period from January 1, 2025 to February 7, 2025 |  | Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
Revenue |  |  |  |  |  |  |  |  |  |
Casinos & Resorts | $ | 396,060 |  |  | $ | 1,016,244 |  |  |  | $ | 124,299 |  |  | $ | 353,358 |  |  | $ | 1,038,738 |
International Interactive | 215,085 |  |  | 533,901 |  |  |  | 78,985 |  |  | 230,937 |  |  | 695,016 |
North America Interactive | 49,906 |  |  | 133,965 |  |  |  | 16,941 |  |  | 44,121 |  |  | 130,188 |
Corporate & Other | 2,665 |  |  | 5,834 |  |  |  | 273 |  |  | 1,558 |  |  | 6,171 |
Total | $ | 663,716 |  |  | $ | 1,689,944 |  |  |  | $ | 220,498 |  |  | $ | 629,974 |  |  | $ | 1,870,113 |
Adjusted EBITDAR(1) |  |  |  |  |  |  |  |  |  |
Casinos & Resorts | $ | 107,920 |  |  | $ | 285,427 |  |  |  | $ | 23,554 |  |  | $ | 100,442 |  |  | $ | 289,661 |
International Interactive | 91,861 |  |  | 222,261 |  |  |  | 28,940 |  |  | 90,030 |  |  | 254,854 |
North America Interactive | (5,990) |  |  | (5,851) |  |  |  | (5,661) |  |  | (6,004) |  |  | (17,314) |
Corporate & Other | (17,953) |  |  | (45,162) |  |  |  | (6,774) |  |  | (18,135) |  |  | (50,954) |
Total | 175,838 |  |  | 456,675 |  |  |  | 40,059 |  |  | 166,333 |  |  | 476,247 |
Operating (expense) income |  |  |  |  |  |  |  |  |  |
Rent expense associated with triple net operating leases(2) | (45,242) |  |  | (113,562) |  |  |  | (15,669) |  |  | (28,602) |  |  | (91,986) |
Depreciation and amortization | (78,371) |  |  | (197,584) |  |  |  | (22,343) |  |  | (77,800) |  |  | (316,328) |
Transaction costs | (35,183) |  |  | (78,967) |  |  |  | (5,106) |  |  | (19,788) |  |  | (31,952) |
Restructuring | — |  |  | — |  |  |  | — |  |  | 1,068 |  |  | (17,921) |
Tropicana Las Vegas demolition and closure costs | (6,464) |  |  | (22,093) |  |  |  | (2,605) |  |  | (19,643) |  |  | (35,664) |
Share-based compensation | (1,938) |  |  | (7,028) |  |  |  | (1,954) |  |  | (4,099) |  |  | (11,629) |
(Loss) gain on sale-leaseback, net | — |  |  | — |  |  |  | — |  |  | (150,000) |  |  | (150,000) |
Impairment charges | — |  |  | — |  |  |  | — |  |  | — |  |  | (12,757) |
Merger Agreement costs(3) | (1,248) |  |  | (21,669) |  |  |  | (11,233) |  |  | (9,802) |  |  | (11,791) |
Payment Service Provider write-off (4) | — |  |  | — |  |  |  | — |  |  | (6,333) |  |  | (6,333) |
Other | (6,403) |  |  | (19,030) |  |  |  | (1,915) |  |  | (8,989) |  |  | (15,923) |
Income (loss) from operations | 989 |  |  | (3,258) |  |  |  | (20,766) |  |  | (157,655) |  |  | (226,037) |
Other (expense) income |  |  |  |  |  |  |  |  |  |
Interest expense, net of interest income | (105,866) |  |  | (255,125) |  |  |  | (27,229) |  |  | (73,975) |  |  | (221,306) |
Other | (42,632) |  |  | 5,302 |  |  |  | (2,365) |  |  | (49,854) |  |  | (38,370) |
Total other expense, net | (148,498) |  |  | (249,823) |  |  |  | (29,594) |  |  | (123,829) |  |  | (259,676) |
Loss before income taxes | (147,509) |  |  | (253,081) |  |  |  | (50,360) |  |  | (281,484) |  |  | (485,713) |
Benefit (provision) for income taxes | 41,310 |  |  | (47,038) |  |  |  | (664) |  |  | 33,629 |  |  | 3,748 |
Net loss | $ | (106,199) |  |  | $ | (300,119) |  |  |  | $ | (51,024) |  |  | $ | (247,855) |  |  | $ | (481,965) |
__________________________________ (1) Adjusted EBITDAR is defined as earnings, or loss, for the Company before interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, acquisition, integration and restructuring expense, share-based compensation, and certain other gains or losses as well as, when presented for our reporting segments, an adjustment related to the allocation of corporate cost among segments, plus rent expense associated with triple net operating leases. Adjusted EBITDAR should not be construed as an alternative to GAAP net income, its most directly comparable GAAP measure, nor is it directly comparable to similarly titled measures presented by other companies. (2) Consists primarily of the operating lease components contained within certain triple net leases with GLPI. Refer to Note 15 “Leases” for further information. (3) Costs incurred in connection with the Merger Agreement discussed in Note 1 “General Information”. (4) In the three months ended September 30, 2024 (Predecessor), the Company recorded a $6.3 million charge to reduce amounts due from payment service providers (“PSP”) due to a circumstance whereby the payment processer for certain online sports wagering deposits failed to capture and settle funds with patrons of the Company. The Company was not able to recover the full amount due from the payment service provider, resulting in a write down to the recoverable amount. The following table sets forth significant segment expenses and other segment items by reportable segment (in thousands):
| Casinos & Resorts |  | International Interactive |  | North America Interactive
Three Months Ended September 30, 2025 (Successor) |  |  |  |  |
Revenue | $ | 396,060 |  |  | $ | 215,085 |  |  | $ | 49,906 |
Less: segment expenses |  |  |  |  |
Marketing costs | 20,191 |  |  | 24,046 |  |  | 11,752 |
Gaming tax | 58,718 |  |  | 40,400 |  |  | 11,230 |
Compensation | 114,181 |  |  | 23,269 |  |  | 7,936 |
Other direct costs | — |  |  | 22,597 |  |  | 18,990 |
Casino property costs | 59,931 |  |  | — |  |  | — |
General and administrative | 27,367 |  |  | 8,680 |  |  | 5,563 |
Other segment items (1) | 7,752 |  |  | 4,232 |  |  | 425 |
Segment EBITDAR | $ | 107,920 |  |  | $ | 91,861 |  |  | $ | (5,990) |
Period from February 8, 2025 to September 30, 2025 (Successor) |  |  |  |  |
Revenue | $ | 1,016,244 |  |  | $ | 533,901 |  |  | $ | 133,965 |
Less: segment expenses |  |  |  |  |
Marketing costs | 49,243 |  |  | 56,852 |  |  | 31,567 |
Gaming tax | 135,550 |  |  | 107,373 |  |  | 31,772 |
Compensation | 273,086 |  |  | 58,059 |  |  | 20,219 |
Other direct costs | — |  |  | 56,739 |  |  | 48,579 |
Casino property costs | 154,977 |  |  | — |  |  | — |
General and administrative | 99,759 |  |  | 29,325 |  |  | 13,025 |
Other segment items (1) | 18,202 |  |  | 3,292 |  |  | (5,346) |
Segment EBITDAR | $ | 285,427 |  |  | $ | 222,261 |  |  | $ | (5,851) |
Period from January 1, 2025 to February 7, 2025 (Predecessor) |  |  |  |  |
Revenue | $ | 124,299 |  |  | $ | 78,985 |  |  | $ | 16,941 |
Less: segment expenses |  |  |  |  |
Marketing costs | 8,814 |  |  | 8,362 |  |  | 5,055 |
Gaming tax | 20,917 |  |  | 16,535 |  |  | 6,461 |
Compensation | 41,381 |  |  | 8,492 |  |  | 3,213 |
Other direct costs | — |  |  | 8,183 |  |  | 8,355 |
Casino property costs | 26,653 |  |  | — |  |  | — |
General and administrative | 10,712 |  |  | 6,261 |  |  | 2,220 |
Other segment items (1) | (7,732) |  |  | 2,212 |  |  | (2,702) |
Segment EBITDAR | $ | 23,554 |  |  | $ | 28,940 |  |  | $ | (5,661) |
| Casinos & Resorts |  | International Interactive |  | North America Interactive
Three Months Ended September 30, 2024 (Predecessor) |  |  |  |  |
Revenue | $ | 353,358 |  |  | $ | 230,937 |  |  | $ | 44,121 |
Less: segment expenses |  |  |  |  |
Marketing costs | 25,741 |  |  | 27,139 |  |  | 10,245 |
Gaming tax | 48,072 |  |  | 41,853 |  |  | 13,984 |
Compensation | 101,431 |  |  | 22,958 |  |  | 7,151 |
Other direct costs | — |  |  | 33,117 |  |  | 14,140 |
Casino property costs | 35,849 |  |  | — |  |  | — |
General and administrative | 18,314 |  |  | 15,884 |  |  | 4,550 |
Other segment items (1) | 23,509 |  |  | (44) |  |  | 55 |
Segment EBITDAR | $ | 100,442 |  |  | $ | 90,030 |  |  | $ | (6,004) |
Nine months ended September 30, 2024 (Predecessor) |  |  |  |  |
Revenue | $ | 1,038,738 |  |  | $ | 695,016 |  |  | $ | 130,188 |
Less: segment expenses |  |  |  |  |
Marketing costs | 67,077 |  |  | 96,261 |  |  | 35,305 |
Gaming tax | 142,234 |  |  | 114,541 |  |  | 34,254 |
Compensation | 293,091 |  |  | 81,884 |  |  | 17,017 |
Other direct costs | — |  |  | 33,117 |  |  | 14,140 |
Casino property costs | 141,633 |  |  | 74,242 |  |  | 28,970 |
General and administrative | 52,838 |  |  | 48,856 |  |  | 13,610 |
Other segment items (1) | 52,204 |  |  | (8,739) |  |  | 4,206 |
Segment EBITDAR | $ | 289,661 |  |  | $ | 254,854 |  |  | $ | (17,314) |
__________________________________ (1) Other Segment Items primarily includes Gaming and non-gaming expenses within our Casinos & Resorts reportable segment, and certain other immaterial costs and allocations within each of the Company’s reportable segments.
| Successor |  |  | Predecessor
(in thousands) | Three Months Ended September 30, 2025 |  | Period from February 8, 2025 to September 30, 2025 |  |  | Period from January 1, 2025 to February 7, 2025 |  | Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
Capital Expenditures |  |  |  |  |  |  |  |  |  |
Casinos & Resorts | $ | 22,182 |  |  | $ | 45,307 |  |  |  | $ | 5,306 |  |  | $ | 20,768 |  |  | $ | 44,973 |
International Interactive | 618 |  |  | 906 |  |  |  | 148 |  |  | 86 |  |  | 444 |
North America Interactive | — |  |  | — |  |  |  | — |  |  | 886 |  |  | 1,575 |
Corporate & Other(1) | 27,933 |  |  | 83,942 |  |  |  | 10,970 |  |  | 70,576 |  |  | 108,765 |
Total | $ | 50,733 |  |  | $ | 130,155 |  |  |  | $ | 16,424 |  |  | $ | 92,316 |  |  | $ | 155,757 |
__________________________________ (1) Includes $27.9 million, $83.9 million, $11.0 million, $70.3 million and $108.3 million related to our future Bally’s Chicago permanent facility during the three months ended September 30, 2025 (Successor), the period from February 8, 2025 to September 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the three and nine months ended September 30, 2024 (Predecessor), respectively.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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