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REVENUE RECOGNITION (Tables)

9 Months Ended

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

X

- 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

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X

- 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

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