CONSOLIDATED FINANCIAL INFORMATION

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General and Administrative Expense

Amounts included in General and administrative were 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
Advertising, general and administrative	$	262,601	$	677,430	$	100,969	$	257,540	$	713,963
Acquisition and integration	28,606		51,945		2,199		7,319		18,016
Merger costs	1,248		21,669		11,233		9,802		11,791
Restructuring charges, net(1)	—		—		—		(1,068)		17,921
Impairment charges	—		—		—		—		12,757
Total general and administrative	$	292,455	$	751,044	$	114,401	$	273,593	$	774,448

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(1) Includes $0.3 million and $20.0 million of employee-related severance costs within the Company’s Casinos & Resorts reportable segment related to the closure of its Tropicana Las Vegas casino on April 4, 2024 and immaterial adjustments within the International Interactive and North America Interactive reportable segments related to the 2023 interactive technology restructuring initiatives. There was no restructuring liability as of September 30, 2025 (Successor) and December 31, 2024 (Predecessor) on the condensed consolidated balance sheets.

Other Non-Operating (Expense) Income, Net

Amounts included in Other non-operating (expense) income, net were 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
Loss on extinguishment of debt	$	—	$	(17,372)	$	—	$	—	$	—
Change in value of performance warrants	—		—		(1,180)		(16,932)		(10,615)
(Loss) gain on fair value of fair value option assets	(10,669)		55,598		—		—		—
Net income (loss) from equity method investments	6,413		7,877		(594)		(1,073)		(284)
Foreign exchange gain (loss)	(32,097)		(37,044)		194		(30,246)		(26,447)
Other, net	(6,279)		(3,757)		(785)		(1,603)		(1,024)
Total other non-operating income (expense), net	$	(42,632)	$	5,302	$	(2,365)	$	(49,854)	$	(38,370)

Interest Expense, Net

Amounts included in interest expense, net were 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
Interest income	$	4,982	$	10,321	$	(1)	$	6,296	$	17,317
Interest expense	(110,848)		(265,446)		(27,228)		(80,271)		(238,623)
Total interest expense, net	$	(105,866)	$	(255,125)	$	(27,229)	$	(73,975)	$	(221,306)