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GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

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

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(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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- References

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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

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