XML 67 R45.htm IDEA: XBRL DOCUMENT
v3.26.1

FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Fair Value, by Balance Sheet Grouping | The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. There were no assets and liabilities measured at fair value on a nonrecurring basis.
|  |  | Successor
|  |  | December 31, 2025
(in thousands) | Balance Sheet Location |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Cash and cash equivalents | Cash and cash equivalents |  | $798,423 |  | $— |  | $—
Restricted cash | Restricted cash |  | 108,263 |  | — |  | —
Investment in GLPI partnership | Other assets |  | — |  | 18,946 |  | —
Investment in The Star | Other assets |  | 301,285 |  | — |  | —
Derivative assets not designated as hedging instruments: |  |  |  |  |  |
Cross currency swaps | Prepaid expenses and other current assets |  | — |  | 3,975 |  | —
Cross currency swaps | Other assets |  | — |  | 1,111 |  | —
Total derivative assets at fair value |  | — |  | 5,086 |  | —
Total assets |  |  | $1,207,971 |  | $24,032 |  | $—
Liabilities: |  |  |  |  |  |  |
Contingent consideration | Accrued and other current liabilities |  | $— |  | $— |  | $115,000
Contingent consideration | Other long-term liabilities |  | — |  | — |  | 8,885
Derivative liabilities not designated as hedging instruments: |  |  |  |  |  |
Cross currency swaps | Accrued and other current liabilities |  | — |  | 17,643 |  | —
Cross currency swaps | Other long-term liabilities |  | — |  | 51,716 |  | —
Derivative liabilities designated as hedging instruments: |  |  |  |  |  |
Interest rate contracts | Accrued and other current liabilities |  | — |  | 9,166 |  | —
Interest rate contracts | Other long-term liabilities |  | — |  | 29,854 |  | —
Total derivative liabilities at fair value |  | — |  | 108,379 |  | —
Total liabilities |  |  | $— |  | $108,379 |  | $123,885
|  |  | Predecessor
|  |  | December 31, 2024
(in thousands) | Balance Sheet Location |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Cash and cash equivalents | Cash and cash equivalents |  | $171,233 |  | $— |  | $—
Restricted cash | Restricted cash |  | 60,021 |  | — |  | —
Investment in GLPI partnership | Other assets |  | — |  | 20,418 |  | —
Derivative assets not designated as hedging instruments |  |  |  |  |  |
Cross currency swaps | Prepaid expenses and other current assets |  | — |  | 4,871 |  | —
Cross currency swaps | Other assets |  | — |  | 615 |  | —
Derivative assets designated as hedging instruments: |  |  |  |  |  |
Interest rate contracts | Prepaid expenses and other current assets |  | — |  | 340 |  | —
Interest rate contracts | Other assets |  | — |  | 336 |  | —
Cross currency swaps | Prepaid expenses and other current assets |  | — |  | 148 |  | —
Cross currency swaps | Other assets |  | — |  | 13,181 |  | —
Total derivative assets at fair value |  | — |  | 19,491 |  | —
Total assets |  |  | $231,254 |  | $39,909 |  | $—
Liabilities: |  |  |  |  |  |  |
Contingent consideration | Other long-term liabilities |  | $— |  | $— |  | $59,923
Derivatives not designated as hedging instruments: |  |  |  |  |  |
Sinclair Performance Warrants | Other long-term liabilities |  | — |  | — |  | 58,668
Cross currency swaps | Other long-term liabilities |  | — |  | 11,174 |  | —
Derivative liabilities designated as hedging instruments: |  |  |  |  |  |
Interest rate contracts | Accrued and other current liabilities |  | — |  | 1,855 |  | —
Interest rate contracts | Other long-term liabilities |  | — |  | 13,372 |  | —
Cross currency swaps | Accrued and other current liabilities |  | — |  | 1,189 |  | —
Cross currency swaps | Other long-term liabilities |  | — |  | 1,624 |  | —
Total derivative liabilities at fair value |  | — |  | 29,214 |  | 58,668
Total liabilities |  |  | $— |  | $29,214 |  | $118,591
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table summarizes the changes in fair value of the Company’s Level 3 assets and liabilities:
(in thousands) | Sinclair Performance Warrant Liability |  | Contingent Consideration Liability
Balance as of December 31, 2023 (Predecessor) | $44,703 |  | $58,580
Change in fair value | 13,965 |  | 1,343
Balance as of December 31, 2024 (Predecessor) | 58,668 |  | 59,923
Change in fair value | 1,180 |  | 786
Balance as of February 7, 2025 (Predecessor) | $59,848 |  | $60,709
Balance as of February 8, 2025 (Successor) | $— |  | $60,709
Change in fair value | — |  | 63,176
Balance as of December 31, 2025 (Successor) | $— |  | $123,885
Derivative Instruments, Gain (Loss) | The gains (losses) recognized in the consolidated statements of operations for derivative instruments are as follows:
|  |  | Successor |  |  | Predecessor
| Consolidated Statements of Operations Location |  | 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) |  |  |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |
Deal Contingent FX Forwards | Other non-operating income (expense), net |  | $(774) |  |  | $— |  | $—
Sinclair Performance Warrants | Other non-operating income (expense), net |  | — |  |  | (1,180) |  | (13,965)
Cross currency swaps(1) | Other non-operating income (expense), net |  | 11,696 |  |  | 50 |  | (9,078)
Derivatives designated as hedging instruments |  |  |  |  |  |  |
Interest rate contracts | Interest expense, net |  | $4,422 |  |  | $(105) |  | $(11,031)
Cross currency swaps | Interest expense, net |  | 2,063 |  |  | 7 |  | (3,658)
__________________________________ (1)Amounts during the year ended December 31, 2024 (Predecessor), as a result of the Company’s de-designation of its EUR-GBP cross currency swaps as net investment hedges, are included in General and administrative.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | In the table below, the carrying amounts of the Company’s long-term debt is net of debt issuance costs, debt discounts and fair value adjustments. Refer to Note 14 “Long- Term Debt” for further information.
| Successor |  |  | Predecessor
| December 31, 2025 |  |  | December 31, 2024
(in thousands) | Carrying Amount |  | Fair Value |  |  | Carrying Amount |  | Fair Value
Term Loan Facility | $1,408,953 |  | $1,458,438 |  |  | $1,858,800 |  | $1,792,804
Intralot British Term Loan | 537,234 |  | 519,315 |  |  | — |  | —
Intralot Greek Term Loan | 234,962 |  | 230,370 |  |  | — |  | —
Intralot 6.00% Retail Bond due 2029 | 157,214 |  | 155,022 |  |  | — |  | —
5.625% Senior Notes due 2029 | 580,494 |  | 562,500 |  |  | 738,517 |  | 587,813
5.875% Senior Notes due 2031 | 517,458 |  | 484,181 |  |  | 721,456 |  | 535,631
Intralot 6.75% Senior Secured Notes due 2031 | 708,787 |  | 699,706 |  |  | — |  | —
Intralot Supplemental Indenture | 2,436 |  | 2,436 |  |  | — |  | —
Intralot Floating Rate Senior Notes due 2031 | 353,119 |  | 347,858 |  |  | — |  | —

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration