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SEGMENT REPORTING | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING D uring the first quarter of 2025, the Company moved a component of the North America Interactive operating segment into a separate operating segment, which is reported in the Corporate & Other category. In the fourth quarter of 2025, the Company further updated its operating and reportable segments in connection with the Intralot Transaction. These changes were made to better align with the Company’s strategic growth initiatives and how its chief operating decision maker evaluates performance and allo cates resources. As a result, the Company determined it had four operating and reportable segments: Casinos & Resorts, Bally's Intralot B2B, Bally's Intralot B2C, and North America Interactive. Prior period reportable segment results and related disclosures have been conformed to reflect the Company’s current reportable segments. The Company’s four reportable segments as of December 31, 2025 (Successor) include: Casinos & Resorts - Includes 19 casino and resort properties, one horse racetrack and one golf course. Bally's Intralot B2B - Includes Intralot’s B2B global lottery and technology services operations and the Company’s licensing business. Bally's Intralot B2C - Includes the Company’s interactive European gaming operations, Intralot’s B2C lottery operations, as well as one casino property, Bally's Newcastle, in the UK. North America Interactive - A portfolio of sports betting and iGaming offerings in the United States and Canada. The “Corporate & Other” category includes interest expense, select immaterial operating segments, unallocated corporate operating expenses, and other adjustments, such as the elimination 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. 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 December 31, 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 consists primarily of revenue from the UK. Revenue generated from the UK represented approximately 28% and 32% of total revenue, respectively, during the period from February 8, 2025 to December 31, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor). During the year ended December 31, 2024 (Predecessor), revenue generated outside o f the US consisted primarily of revenue from the UK and Japan of approximately 28% and 6% 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 four reportable segments and reconciles Adjusted EBITDAR on a consolidated basis to net loss. The Other category is included in the following tables in order to reconcile the segment information to the Company’s consolidated financial statements.
| Successor |  |  | Predecessor
| Period from February 8, 2025 to December 31, 2025 |  |  | Period from January 1, 2025 to February 7, 2025 |  | Year Ended December 31, 2024
(in thousands) |  |  |
Revenue |  |  |  |  |  |
Casinos & Resorts | $1,382,438 |  |  | $124,299 |  | $1,363,113
Bally's Intralot B2B | 97,354 |  |  | 3,720 |  | 6,861
Bally's Intralot B2C | 752,996 |  |  | 75,265 |  | 902,632
North America Interactive | 196,310 |  |  | 16,941 |  | 170,317
Corporate & Other | 7,091 |  |  | 273 |  | 7,555
Total | $2,436,189 |  |  | $220,498 |  | $2,450,478
Adjusted EBITDAR(1) |  |  |  |  |  |
Casinos & Resorts | $370,774 |  |  | $23,554 |  | $370,518
Bally's Intralot B2B | 34,769 |  |  | 3,720 |  | 6,861
Bally's Intralot B2C | 297,788 |  |  | 25,220 |  | 329,599
North America Interactive | (5,007) |  |  | (5,661) |  | (27,498)
Corporate & Other | (61,087) |  |  | (6,774) |  | (64,950)
Total | 637,237 |  |  | 40,059 |  | 614,530
Operating (expense) income: |  |  |  |  |  |
Rent expense associated with triple net operating leases(2) | (159,228) |  |  | (15,669) |  | (118,919)
Depreciation and amortization | (293,118) |  |  | (22,343) |  | (379,544)
Transaction costs | (100,488) |  |  | (5,106) |  | (41,060)
Restructuring | — |  |  | — |  | (17,921)
Tropicana Las Vegas demolition and closure costs | (28,332) |  |  | (2,605) |  | (59,838)
Share-based compensation | (31,111) |  |  | (1,954) |  | (14,752)
Gain on sale-leaseback, net | — |  |  | — |  | 86,254
Impairment charges | (181,620) |  |  | — |  | (248,879)
Loss on disposal of business | — |  |  | — |  | (27,796)
Merger Agreement and Intralot Transaction costs(3) | (63,161) |  |  | (11,233) |  | (14,808)
Payment service provider write-off (4) | — |  |  | — |  | (6,333)
Other | (57,881) |  |  | (1,915) |  | (29,262)
Loss from operations | (277,702) |  |  | (20,766) |  | (258,328)
Other income (expense) |  |  |  |  |  |
Interest expense, net | (365,233) |  |  | (27,229) |  | (289,629)
Other | 24,960 |  |  | (2,365) |  | (4,545)
Total other expense, net | (340,273) |  |  | (29,594) |  | (294,174)
Loss before income taxes | (617,975) |  |  | (50,360) |  | (552,502)
Provision for income taxes | (47,564) |  |  | (664) |  | (15,252)
Net loss | $(665,539) |  |  | $(51,024) |  | $(567,754)
__________________________________ (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. (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 and Intralot Transaction discussed in Note 1 “General Information.” (4)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. In addition to amounts recovered, the Company received $5.1 million from the PSP as a signing bonus for entering into an extension agreement. The following table sets forth significant segment expenses and other segment items by reportable segment:
(in thousands) | Casinos & Resorts |  | Bally's Intralot B2B |  | Bally's Intralot B2C |  | North America Interactive
Period from February 8, 2025 to December 31, 2025 (Successor) |  |  |  |  |  |  |
Revenue | $1,382,438 |  | $97,354 |  | $752,996 |  | $196,310
Less: segment expenses |  |  |  |  |  |  |
Marketing costs | 60,679 |  | 1,353 |  | 81,914 |  | 47,513
Gaming tax | 187,963 |  | 249 |  | 148,120 |  | 38,307
Compensation | 388,994 |  | 25,986 |  | 78,014 |  | 26,633
Other direct costs | — |  | 5,943 |  | 74,549 |  | 47,420
Casino property costs | 153,110 |  | — |  | — |  | —
General and administrative | 70,073 |  | 16,108 |  | 40,415 |  | 27,729
Other segment items(1) | 150,845 |  | 12,946 |  | 32,196 |  | 13,715
Segment EBITDAR | $370,774 |  | $34,769 |  | $297,788 |  | $(5,007)
Period from January 1, 2025 to February 7, 2025 (Predecessor) |  |  |  |  |  |  |
Revenue | $124,299 |  | $3,720 |  | $75,265 |  | $16,941
Less: segment expenses |  |  |  |  |  |  |
Marketing costs | 8,814 |  | — |  | 8,362 |  | 5,055
Gaming tax | 20,917 |  | — |  | 16,535 |  | 6,461
Compensation | 41,381 |  | — |  | 8,492 |  | 3,213
Other direct costs | — |  | — |  | 8,183 |  | 8,355
Casino property costs | 26,653 |  | — |  | — |  | —
General and administrative | 10,712 |  | — |  | 6,261 |  | 2,220
Other Segment Items(1) | (7,732) |  | — |  | 2,212 |  | (2,702)
Segment EBITDAR | $23,554 |  | $3,720 |  | $25,220 |  | $(5,661)
Year Ended December 31, 2024 (Predecessor) |  |  |  |  |  |  |
Revenue | $1,363,113 |  | $6,861 |  | $902,632 |  | $170,317
Less: segment expenses |  |  |  |  |  |  |
Marketing costs | 89,245 |  | — |  | 118,449 |  | 51,927
Gaming tax | 190,505 |  | — |  | 158,691 |  | 48,015
Compensation | 393,160 |  | — |  | 97,431 |  | 38,057
Other direct costs | — |  | — |  | 134,192 |  | 57,065
Casino property costs | 141,218 |  | — |  | — |  | —
General and administrative | 73,143 |  | — |  | 64,359 |  | 22,863
Other segment items(1) | 105,324 |  | — |  | (89) |  | (20,112)
Segment EBITDAR | $370,518 |  | $6,861 |  | $329,599 |  | $(27,498)
__________________________________ (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.
| Successor |  |  | Predecessor
| Period from February 8, 2025 to December 31, 2025 |  |  | Period from January 1, 2025 to February 7, 2025 |  | Year Ended December 31, 2024
(in thousands) |  |  |
Capital Expenditures |  |  |  |  |  |
Casinos & Resorts | $60,783 |  |  | $5,306 |  | $60,373
Bally's Intralot B2B | 5,360 |  |  | — |  | —
Bally's Intralot B2C | 5,017 |  |  | 148 |  | 706
North America Interactive | 818 |  |  | — |  | 2,147
Corporate & Other(1) | 95,891 |  |  | 10,970 |  | 136,601
Total | $167,869 |  |  | $16,424 |  | $199,827
__________________________________ (1)Includes $95.3 million, $11.0 million, and $133.6 million related to our future Bally’s Chicago project during the period from February 8, 2025 to December 31, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the year ended December 31, 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.

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- Definition The entire disclosure for reporting segments including data and tables. 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