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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The components of income (loss) before taxes are as follows:
| Successor |  |  | Predecessor
(in thousands) | Period from February 8, 2025 to December 31, 2025 |  |  | Period from January 1, 2025 to February 7, 2025 |  | Year Ended December 31, 2024
Domestic | $(432,530) |  |  | $(60,066) |  | $(456,728)
Foreign | (185,445) |  |  | 9,706 |  | (95,774)
Total | $(617,975) |  |  | $(50,360) |  | $(552,502)
Schedule of Components of Provision for Income Taxes | The components of the provision (benefit) for income taxes are as follows:
| Successor |  |  | Predecessor
(in thousands) | Period from February 8, 2025 to December 31, 2025 |  |  | Period from January 1, 2025 to February 7, 2025 |  | Year Ended December 31, 2024
Current taxes |  |  |  |  |  |
Federal | $(488) |  |  | $— |  | $(3,219)
State | (175) |  |  | 3 |  | 1,390
Foreign | 41,959 |  |  | 1,762 |  | (6,866)
| 41,296 |  |  | 1,765 |  | (8,695)
Deferred taxes |  |  |  |  |  |
Federal | 19,928 |  |  | (367) |  | (18,326)
State | 2,744 |  |  | (734) |  | (10,789)
Foreign | (16,404) |  |  | — |  | 53,062
| 6,268 |  |  | (1,101) |  | 23,947
Provision for income taxes | $47,564 |  |  | $664 |  | $15,252
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the provision for income taxes to the amount computed by applying the 21% US federal income tax rate to income (loss) before income taxes after the adoption of ASU 2023-09 is as follows:
| Successor |  |  | Predecessor
| Period from February 8, 2025 to December 31, 2025 |  |  | Period from January 1, 2025 to February 7, 2025
(in thousands, except percentages) | Amount |  | Percentage |  |  | Amount |  | Percentage
Income tax expense at US Federal Statutory Tax Rate | $(129,774) |  | 21.0% |  |  | $(10,576) |  | 21.0%
State and local income taxes, net of federal effect(1)(2) | 2,539 |  | (0.4)% |  |  | (577) |  | 1.2%
Foreign tax effects: |  |  |  |  |  |  |  |
Gibraltar |  |  |  |  |  |  |  |
Statutory tax rate difference between Gibraltar and United States | 25,700 |  | (4.2)% |  |  | (39) |  | 0.1%
Nondeductible expenses and nontaxable income | (1,944) |  | 0.3% |  |  | 1,481 |  | (2.9)%
Other | 563 |  | (0.1)% |  |  | (95) |  | 0.2%
United Kingdom |  |  |  |  |  |  |  |
Statutory tax rate difference between the United Kingdom and United States | 686 |  | (0.1)% |  |  | 41 |  | (0.1)%
Changes in valuation allowance | 10,357 |  | (1.7)% |  |  | 134 |  | (0.3)%
Nondeductible expenses and nontaxable income | (20,325) |  | 3.3% |  |  | (520) |  | 1.0%
Other | 4,999 |  | (0.8)% |  |  | (1) |  | —%
Jersey |  |  |  |  |  |  |  |
Statutory tax rate difference between Jersey and United States | 25,329 |  | (4.1)% |  |  | (901) |  | 1.8%
Other | 4,709 |  | (0.8)% |  |  | (56) |  | 0.1%
Isle of Man |  |  |  |  |  |  |  |
Statutory tax rate difference between the Isle of Man and United States | 7,702 |  | (1.2)% |  |  | (301) |  | 0.6%
Spain |  |  |  |  |  |  |  |
Provincial tax rate difference between Ceuta and United States | (7,920) |  | 1.3% |  |  | 67 |  | (0.2)%
Greece |  |  |  |  |  |  |  |
Changes in valuation allowance | 8,978 |  | (1.5)% |  |  | — |  | —%
Other | (147) |  | —% |  |  | — |  | —%
Other foreign jurisdictions | 5,813 |  | (0.9)% |  |  | (86) |  | 0.2%
Effect of cross-border tax laws |  |  |  |  |  |  |  |
Global intangible low-taxed income | (6,742) |  | 1.1% |  |  | 2,302 |  | (4.6)%
Subpart F income | 3,518 |  | (0.6)% |  |  | 789 |  | (1.6)%
Other | 69 |  | —% |  |  | — |  | —%
Changes in valuation allowances | 88,531 |  | (14.3)% |  |  | 6,392 |  | (12.7)%
Nontaxable or nondeductible items |  |  |  |  |  |  |  |
Nondeductible transaction costs | 11,241 |  | (1.8)% |  |  | 2,235 |  | (4.4)%
Other | 4,416 |  | (0.7)% |  |  | 356 |  | (0.7)%
Changes in unrecognized tax benefits | (514) |  | 0.1% |  |  | 19 |  | —%
Other adjustments |  |  |  |  |  |  |  |
Current period adjustment to deferred tax liability | 8,653 |  | (1.4)% |  |  | — |  | —%
Other | 1,127 |  | (0.2)% |  |  | — |  | —%
Effective Tax Rate | $47,564 |  | (7.7)% |  |  | $664 |  | (1.3)%
__________________________________ (1)The state and local jurisdictions that contribute to the majority of the tax effect in this category for the period from February 8, 2025 to December 31, 2025 (Successor) include Delaware, Illinois, Louisiana, Mississippi, Missouri, Kansas City (Missouri), and Pennsylvania. (2)The state and local jurisdictions that contribute to the majority of the tax effect in this category for the period from January 1, 2025 to February 7, 2025 (Predecessor) include Rhode Island, Illinois and Indiana. A reconciliation of the effective rate to the statutory US federal tax rate before the adoption of ASU 2023-09 is as follows:
| Predecessor
(in thousands) | Year Ended December 31, 2024
Income tax benefit at statutory federal rate | $(116,025)
State income taxes, net of federal effect | (30,390)
Foreign tax rate adjustment | 64,884
Nondeductible professional fees | 3,117
Other permanent differences including lobbying expense | (8,906)
Share-based compensation | 992
CARES Act | (3,153)
Return to provision adjustments | 6,455
Global intangible low-tax income | 17,941
Change in uncertain tax positions | 681
Change in valuation allowance | 79,656
Total provision (benefit) for income taxes | $15,252
Effective income tax rate on continuing operations | (2.8)%
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred income taxes are as follows:
| Successor |  |  | Predecessor
(in thousands) | December 31, 2025 |  |  | December 31, 2024
Deferred tax assets: |  |  |  |
Interest | $415,119 |  |  | $283,757
Net operating loss carryforwards | 112,748 |  |  | 44,510
Property and equipment | — |  |  | 26,911
Accrued and other current liabilities | 31,693 |  |  | 5,498
Framework Agreement liabilities | 6,324 |  |  | 20,344
Share-based compensation | 10,529 |  |  | 5,876
Goodwill | 12,426 |  |  | —
Leases | 51,153 |  |  | 16,183
Valuation allowance | (275,077) |  |  | (234,599)
Total deferred tax assets, net | 364,915 |  |  | 168,480
Deferred tax liabilities: |  |  |  |
Land | (13,530) |  |  | (4,167)
Property and equipment | (91,875) |  |  | —
Change in accounting method | — |  |  | (281)
Cumulative translation adjustment | (44,275) |  |  | —
RI Joint Venture and GLPI Partnership | (174,647) |  |  | (175,614)
Revaluation of instruments | (193,254) |  |  | —
Amortizable assets | (388,365) |  |  | (104,323)
Total deferred tax liabilities | (905,946) |  |  | (284,385)
Net deferred tax liabilities | $(541,031) |  |  | $(115,905)
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances of the gross liability for uncertain tax positions is as follows (in thousands):
Uncertain tax position liability at December 31, 2023 (Predecessor) | $29,286
Increases related to tax positions taken during the period | (4,462)
Uncertain tax position liability at December 31, 2024 (Predecessor) | 24,824
Decreases related to tax positions taken during the period | (19)
Uncertain tax position liability at February 7, 2025 (Predecessor) | 24,805
Uncertain tax position liability at February 8, 2025 (Successor) | $26,747
Decreases related to tax positions taken during prior periods | (586)
Decreases related to settlements with taxing authorities | (5,539)
Uncertain tax position liability at December 31, 2025 (Successor) | $20,622
Schedule of Cash Flow, Supplemental Disclosures | Income taxes paid, net of refunds received were as follows:
| Successor
(in thousands) | Period from February 8, 2025 to December 31, 2025
US Federal | $5,226
US state and local |
New Jersey | (2,742)
Other states | 31
Total | (2,711)
Foreign: |
Gibraltar | 38,788
United Kingdom | 3,548
Spain | 2,662
Other foreign jurisdictions | 2,601
Total | 47,599
Total income taxes paid, net of refunds | $50,114
__________________________________ During the period from January 1, 2025 to February 7, 2025 (Predecessor), cash received from income tax refunds was $0.1 million in the State of Delaware.

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