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BUSINESS COMBINATIONS (Tables) | 12 Months Ended
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Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Business Combination, Recognized Asset Acquired and Liability Assumed | The preliminary allocation of the purchase price is as follows:
As of October 8, 2025 |
(in thousands) | Preliminary as of December 31, 2025
Cash and cash equivalents | $2,054,955
Restricted cash | 41,341
Other current assets | 143,403
Property and equipment | 87,769
Right of use assets | 20,486
Intangible assets | 828,235
Other assets | 39,349
Total current liabilities | (150,097)
Lease liabilities | (18,211)
Long-term debt | (1,982,214)
Other long-term liabilities | (159,822)
Non-controlling interest | (1,063,664)
Goodwill | 1,763,226
Total fair value of net assets acquired | $1,604,756
The preliminary and final allocation of the purchase price is as follows:
| As of February 7, 2025
(in thousands) | Preliminary as of February 7, 2025 |  | Year to Date Adjustments |  | Final as of December 31, 2025
Cash and cash equivalents | $173,550 |  | $— |  | $173,550
Restricted cash | 57,352 |  | — |  | 57,352
Other current assets | 210,447 |  | — |  | 210,447
Property and equipment | 1,065,486 |  | (4,745) |  | 1,060,741
Right of use assets | 1,692,346 |  | 17,215 |  | 1,709,561
Goodwill | 1,555,354 |  | 55,838 |  | 1,611,192
Intangible assets | 1,866,963 |  | (47,542) |  | 1,819,421
Other assets | 131,457 |  | (10,570) |  | 120,887
Total current liabilities | (548,702) |  | (19,200) |  | (567,902)
Lease liabilities | (1,823,153) |  | (17,215) |  | (1,840,368)
Long-term debt | (2,914,688) |  | — |  | (2,914,688)
Other long-term liabilities | (510,765) |  | 26,219 |  | (484,546)
Net assets acquired | $955,647 |  | $— |  | $955,647
Business Combination, Intangible Asset, Acquired, Finite-Lived and Indefinite-Lived | The Company recorded intangible assets based on estimates of fair value which consisted of the following:
|  | Valuation Approach |  | Estimated Useful Life (in years) |  | Estimated Fair Value
Developed technology |  | Relief from royalty method |  | 13 |  | $258,568
Intralot trade name |  | Relief from royalty method |  | 13 |  | 61,390
Customer relationships |  | Multi-period excess earnings method |  | 22 |  | 213,220
Backlog |  | Multi-period excess earnings method |  | 8 |  | 295,057
Total fair value of intangible assets |  |  |  |  |  | $828,235
The Company recorded intangible assets based on estimates of fair value which consisted of the following:
|  | Valuation Approach |  | Estimated Useful Life (in years) |  | Estimated Fair Value
Gaming licenses |  | Greenfield/Replacement Cost method |  | 2-18 |  | $716,998
Customer relationships |  | Multi-Period Excess Earnings/ Replacement Cost method |  | 1-7 |  | 348,034
Developed technology |  | Relief from royalty method |  | 5 |  | 252,700
Trade names |  | Relief from royalty method |  | 12 |  | 74,600
Intellectual property license |  | Relief from royalty method |  | 7 |  | 141,000
Other amortizing intangibles |  | Various methods |  | 1-22 |  | 8,089
Indefinite lived trade name |  | Relief from royalty method |  | Indefinite |  | 278,000
Total fair value of intangible assets |  |  |  |  |  | $1,819,421
Business Combination, Pro Forma Information | The following unaudited pro forma financial information is presented to illustrate the estimated effects of the transaction as if the transaction had occurred on January 1, 2024:
| Year Ended December 31,
(in thousands) | 2025 |  | 2024
Pro forma revenue | $2,958,027 |  | $2,867,048
Pro forma net loss | $(720,051) |  | $(587,595)

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