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v3.25.3

REVENUE RECOGNITION (Tables) | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Net Revenue | The estimated retail value related to goods and services provided to customers without charge or upon redemption under the Company’s player loyalty programs included in departmental revenues, and therefore reducing gaming revenues, are as follows:
| 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
Hotel | $ | 20,088 |  |  | $ | 49,527 |  |  |  | $ | 7,098 |  |  | $ | 22,697 |  |  | $ | 63,603 |
Food and beverage | 21,924 |  |  | 51,241 |  |  |  | 7,559 |  |  | 21,467 |  |  | 61,982 |
Retail, entertainment and other | 1,764 |  |  | 9,440 |  |  |  | 713 |  |  | 2,517 |  |  | 7,387 |
| $ | 43,776 |  |  | $ | 110,208 |  |  |  | $ | 15,370 |  |  | $ | 46,681 |  |  | $ | 132,972 |
The following tables provide a disaggregation of revenue by segment (in thousands):
Three Months Ended September 30, 2025 (Successor) | Casinos & Resorts |  | International Interactive |  | North America Interactive |  | Corporate & Other |  | Total
Gaming | $ | 301,541 |  |  | $ | 209,605 |  |  | $ | 33,361 |  |  | $ | — |  |  | $ | 544,507 |
Non-gaming: |  |  |  |  |  |  |  |  |
Hotel | 38,406 |  |  | — |  |  | — |  |  | — |  |  | 38,406 |
Food and beverage | 35,883 |  |  | — |  |  | — |  |  | — |  |  | 35,883 |
Licensing | — |  |  | 5,480 |  |  | — |  |  | — |  |  | 5,480 |
Retail, entertainment and other | 20,230 |  |  | — |  |  | 16,545 |  |  | 2,665 |  |  | 39,440 |
Total non-gaming revenue | 94,519 |  |  | 5,480 |  |  | 16,545 |  |  | 2,665 |  |  | 119,209 |
Total revenue | $ | 396,060 |  |  | $ | 215,085 |  |  | $ | 49,906 |  |  | $ | 2,665 |  |  | $ | 663,716 |
Period from February 8, 2025 to September 30, 2025 (Successor) |  |  |  |  |  |
Gaming | $ | 785,933 |  |  | $ | 513,201 |  |  | $ | 116,783 |  |  | $ | — |  |  | $ | 1,415,917 |
Non-gaming: |  |  |  |  |  |  |  |  |
Hotel | 90,833 |  |  | — |  |  | — |  |  | — |  |  | 90,833 |
Food and beverage | 90,965 |  |  | — |  |  | — |  |  | — |  |  | 90,965 |
Licensing | — |  |  | 17,409 |  |  | — |  |  | — |  |  | 17,409 |
Retail, entertainment and other | 48,513 |  |  | 3,291 |  |  | 17,182 |  |  | 5,834 |  |  | 74,820 |
Total non-gaming revenue | 230,311 |  |  | 20,700 |  |  | 17,182 |  |  | 5,834 |  |  | 274,027 |
Total revenue | $ | 1,016,244 |  |  | $ | 533,901 |  |  | $ | 133,965 |  |  | $ | 5,834 |  |  | $ | 1,689,944 |
Period from January 1, 2025 to February 7, 2025 (Predecessor) |  |  |  |  |  |
Gaming | $ | 95,984 |  |  | $ | 74,849 |  |  | $ | 14,934 |  |  | $ | — |  |  | $ | 185,767 |
Non-gaming: |  |  |  |  |  |  |  |  |
Hotel | 11,006 |  |  | — |  |  | — |  |  | — |  |  | 11,006 |
Food and beverage | 11,304 |  |  | — |  |  | — |  |  | — |  |  | 11,304 |
Licensing | — |  |  | 3,720 |  |  | — |  |  | — |  |  | 3,720 |
Retail, entertainment and other | 6,005 |  |  | 416 |  |  | 2,007 |  |  | 273 |  |  | 8,701 |
Total non-gaming revenue | 28,315 |  |  | 4,136 |  |  | 2,007 |  |  | 273 |  |  | 34,731 |
Total revenue | $ | 124,299 |  |  | $ | 78,985 |  |  | $ | 16,941 |  |  | $ | 273 |  |  | $ | 220,498 |
Three Months Ended September 30, 2024 (Predecessor) |  |  |  |  |  |  |  |
Gaming | $ | 256,234 |  |  | $ | 228,693 |  |  | $ | 38,979 |  |  | $ | — |  |  | $ | 523,906 |
Non-gaming: |  |  |  |  |  |  |  |  |
Hotel | 41,672 |  |  | — |  |  | — |  |  | — |  |  | 41,672 |
Food and beverage | 35,403 |  |  | — |  |  | — |  |  | — |  |  | 35,403 |
Retail, entertainment and other | 20,049 |  |  | 2,244 |  |  | 5,142 |  |  | 1,558 |  |  | 28,993 |
Total non-gaming revenue | 97,124 |  |  | 2,244 |  |  | 5,142 |  |  | 1,558 |  |  | 106,068 |
Total revenue | $ | 353,358 |  |  | $ | 230,937 |  |  | $ | 44,121 |  |  | $ | 1,558 |  |  | $ | 629,974 |
Nine Months Ended September 30, 2024 (Predecessor) |  |  |  |  |  |  |  |
Gaming | $ | 762,197 |  |  | $ | 687,109 |  |  | $ | 115,408 |  |  | $ | — |  |  | $ | 1,564,714 |
Non-gaming: |  |  |  |  |  |  |  |  |
Hotel | 118,026 |  |  | — |  |  | — |  |  | — |  |  | 118,026 |
Food and beverage | 103,478 |  |  | — |  |  | — |  |  | — |  |  | 103,478 |
Retail, entertainment and other | 55,037 |  |  | 7,907 |  |  | 14,780 |  |  | 6,171 |  |  | 83,895 |
Total non-gaming revenue | 276,541 |  |  | 7,907 |  |  | 14,780 |  |  | 6,171 |  |  | 305,399 |
Total revenue | $ | 1,038,738 |  |  | $ | 695,016 |  |  | $ | 130,188 |  |  | $ | 6,171 |  |  | $ | 1,870,113 |
Schedule of Contracts with Customers, Contract Liabilities | Liabilities related to contracts with customers as of September 30, 2025 (Successor) and December 31, 2024 (Predecessor) were as follows:
| Successor |  |  | Predecessor
| September 30, |  |  | December 31,
(in thousands) | 2025 |  |  | 2024
Unpaid wagers | $ | 37,322 |  |  |  | $ | 32,992 |
Advanced deposits from customers | 27,712 |  |  |  | 26,141 |
Loyalty programs | 10,074 |  |  |  | 12,167 |
Total | $ | 75,108 |  |  |  | $ | 71,300 |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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