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SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company has three operating and reportable segments: Casinos & Resorts, International Interactive and North America Interactive. The “Corporate & Other” category includes interest expense, select immaterial operating segments, unallocated corporate operating expenses, and other adjustments, such as eliminations of inter-segment transactions, to reconcile with the Company’s consolidated results. This category further accounts for other expenses such as share-based compensation, acquisition and transaction costs, and other non-recurring charges.

During the first quarter of 2025, the Company moved a component of the North America Interactive operating segment to a separate operating segment, which is reported in the Corporate & Other category, to better align with the Company’s strategic growth initiatives and how its chief operating decision maker evaluates performance and allocates resources. Comparable prior period segment results have been re-cast to reflect this change. The prior year results presented below were reclassified to conform to the new segment presentation.

The Company’s three reportable segments as of September 30, 2025 (Successor) are:

Casinos & Resorts - Includes the Company’s 19 casino and resort properties, one horse racetrack and one golf course in the US.

International Interactive - Includes the Company’s interactive European gaming operations, the Company’s global licensing revenue generating operations, as well as one casino property, Bally's Newcastle, in the UK.

North America Interactive - A portfolio of sports betting, iGaming, and free-to-play gaming brands.

The Company’s chief operating decision maker is its Executive Committee, consisting of the Chief Executive Officer, President, and Chief Financial Officer. The Company uses consolidated Adjusted EBITDA and segment Adjusted EBITDAR to analyze the performance of its business and they are used as determining factors for performance-based compensation for members of the Company’s management team. The Company uses consolidated Adjusted EBITDA and segment Adjusted EBITDAR when evaluating the operating performance of the business because management believes that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a more fulsome understanding of the core operating results and as a means to evaluate period-to-period performance.

Management believes segment Adjusted EBITDAR is representative of its ongoing business operations including its ability to service debt and to fund capital expenditures, acquisitions and operations, in addition to it being a commonly used measure of performance in the gaming industry and used by industry analysts to evaluate operations and operating performance.

As of September 30, 2025 (Successor), the Company’s operations were predominately in the US and Europe with a less substantive footprint in other countries world-wide. For geographical reporting purposes, revenue generated outside of the US has been aggregated into the International Interactive reporting segment, and consists primarily of revenue from the UK. Revenue generated from the UK represented approximately 29%, 28% and 32% of total revenue for the three months ended September 30, 2025 (Successor) the period from February 8, 2025 to September 30, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively. For the three and nine months ended September 30, 2024 (Predecessor), the Company’s revenue generated outside of the US consisted primarily of revenue from the UK and Japan of approximately 28% and 27% of total revenue, respectively. The Company does not have any revenues from any individual customers that exceed 10% of total reported revenues.

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.
SuccessorPredecessor
(in thousands)Three Months Ended September 30, 2025Period from February 8, 2025 to September 30, 2025Period from January 1, 2025 to February 7, 2025Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
Revenue
Casinos & Resorts$396,060 $1,016,244 $124,299 $353,358 $1,038,738 
International Interactive215,085 533,901 78,985 230,937 695,016 
North America Interactive49,906 133,965 16,941 44,121 130,188 
Corporate & Other2,665 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 $289,661 
International Interactive91,861 222,261 28,940 90,030 254,854 
North America Interactive(5,990)(5,851)(5,661)(6,004)(17,314)
Corporate & Other(17,953)(45,162)(6,774)(18,135)(50,954)
Total175,838 456,675 40,059 166,333 476,247 
Operating (expense) income
Rent expense associated with triple net operating leases(2)
(45,242)(113,562)(15,669)(28,602)(91,986)
Depreciation and amortization(78,371)(197,584)(22,343)(77,800)(316,328)
Transaction costs(35,183)(78,967)(5,106)(19,788)(31,952)
Restructuring — — — 1,068 (17,921)
Tropicana Las Vegas demolition and closure costs(6,464)(22,093)(2,605)(19,643)(35,664)
Share-based compensation(1,938)(7,028)(1,954)(4,099)(11,629)
(Loss) gain on sale-leaseback, net— — — (150,000)(150,000)
Impairment charges— — — — (12,757)
Merger Agreement costs(3)
(1,248)(21,669)(11,233)(9,802)(11,791)
Payment Service Provider write-off (4)
— — — (6,333)(6,333)
Other(6,403)(19,030)(1,915)(8,989)(15,923)
Income (loss) from operations989 (3,258)(20,766)(157,655)(226,037)
Other (expense) income
Interest expense, net of interest income(105,866)(255,125)(27,229)(73,975)(221,306)
Other(42,632)5,302 (2,365)(49,854)(38,370)
Total other expense, net(148,498)(249,823)(29,594)(123,829)(259,676)
Loss before income taxes(147,509)(253,081)(50,360)(281,484)(485,713)
Benefit (provision) for income taxes41,310 (47,038)(664)33,629 3,748 
Net loss$(106,199)$(300,119)$(51,024)$(247,855)$(481,965)
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(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 & ResortsInternational InteractiveNorth America Interactive
Three Months Ended September 30, 2025 (Successor)
Revenue$396,060 $215,085 $49,906 
Less: segment expenses
Marketing costs20,191 24,046 11,752 
Gaming tax58,718 40,400 11,230 
Compensation114,181 23,269 7,936 
Other direct costs— 22,597 18,990 
Casino property costs59,931 — — 
General and administrative27,367 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 costs49,243 56,852 31,567 
Gaming tax135,550 107,373 31,772 
Compensation273,086 58,059 20,219 
Other direct costs— 56,739 48,579 
Casino property costs154,977 — — 
General and administrative99,759 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 costs8,814 8,362 5,055 
Gaming tax20,917 16,535 6,461 
Compensation41,381 8,492 3,213 
Other direct costs— 8,183 8,355 
Casino property costs26,653 — — 
General and administrative10,712 6,261 2,220 
Other segment items (1)
(7,732)2,212 (2,702)
Segment EBITDAR$23,554 $28,940 $(5,661)
Casinos & ResortsInternational InteractiveNorth America Interactive
Three Months Ended September 30, 2024 (Predecessor)
Revenue$353,358 $230,937 $44,121 
Less: segment expenses
Marketing costs25,741 27,139 10,245 
Gaming tax48,072 41,853 13,984 
Compensation101,431 22,958 7,151 
Other direct costs— 33,117 14,140 
Casino property costs35,849 — — 
General and administrative18,314 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 costs67,077 96,261 35,305 
Gaming tax142,234 114,541 34,254 
Compensation293,091 81,884 17,017 
Other direct costs— 33,117 14,140 
Casino property costs141,633 74,242 28,970 
General and administrative52,838 48,856 13,610 
Other segment items (1)
52,204 (8,739)4,206 
Segment EBITDAR$289,661 $254,854 $(17,314)
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(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.
SuccessorPredecessor
(in thousands)Three Months Ended September 30, 2025Period from February 8, 2025 to September 30, 2025Period from January 1, 2025 to February 7, 2025Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
Capital Expenditures
Casinos & Resorts$22,182 $45,307 $5,306 $20,768 $44,973 
International Interactive618 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 
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(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.
Total assets are not regularly reviewed for each operating segment when assessing segment performance or allocating resources and accordingly, are not presented.