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GOODWILL AND INTANGIBLE ASSETS (Tables) | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill | 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.
Schedule of Finite-Lived Intangible Assets | 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 |
Schedule of Indefinite-Lived Intangible Assets | 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 |
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, 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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