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GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended
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Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill | T he change in carrying value of goodwill by reportable segment for 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) is as follows:
(in thousands) | Casinos & Resorts(3)(4) |  | Bally's Intralot B2B |  | Bally's Intralot B2C |  | North America Interactive |  | Corporate & Other |  | Total
Goodwill as of December 31, 2023 (Predecessor)(1)(3) | $313,493 |  | $— |  | $1,586,590 |  | $35,720 |  | $— |  | $1,935,803
Goodwill from current year business combinations | — |  | — |  | 1,176 |  | — |  | — |  | 1,176
Effect of foreign exchange | — |  | (3,390) |  | (40,810) |  | (334) |  | — |  | (44,534)
Purchase accounting adjustments on prior year business combinations | (208) |  | — |  | — |  | — |  | — |  | (208)
Current year divestiture | — |  | — |  | (20,657) |  | — |  | — |  | (20,657)
Reporting unit re-allocation | — |  | 158,733 |  | (158,733) |  | — |  | — |  | —
Impairment charges | — |  | (71,636) |  | — |  | — |  | — |  | (71,636)
Goodwill as of December 31, 2024 (Predecessor)(1)(2)(4) | 313,285 |  | 83,707 |  | 1,367,566 |  | 35,386 |  | — |  | 1,799,944
Effect of foreign exchange | — |  | (97) |  | (11,171) |  | — |  | — |  | (11,268)
Goodwill as of February 7, 2025 (Predecessor)(1)(2)(4) | $313,285 |  | $83,610 |  | $1,356,395 |  | $35,386 |  | $— |  | $1,788,676
Goodwill as of February 8, 2025 (Successor) | 612,191 |  | 86,008 |  | 630,252 |  | 56,845 |  | 205,352 |  | 1,590,648
Goodwill from current period business combinations | — |  | 977,338 |  | 785,888 |  | — |  | — |  | 1,763,226
Current year measurement period adjustments | 7,922 |  | (21,219) |  | 20,875 |  | 324 |  | 47,936 |  | 55,838
Goodwill measurement period segment re-allocation | 21,942 |  | 11,416 |  | 235,834 |  | (57,169) |  | (212,023) |  | —
Impairment charges | — |  | (72,497) |  | — |  | — |  | — |  | (72,497)
Effect of foreign exchange | — |  | 13,133 |  | 82,545 |  | — |  | — |  | 95,678
Goodwill as of December 31, 2025 (Successor)(5)(6) | $642,055 |  | $994,179 |  | $1,755,394 |  | $— |  | $41,265 |  | $3,432,893
__________________________________ (1)Amounts are shown net of accumulated goodwill impairment charges of $5.4 million and $140.4 million for Casinos & Resorts and North America Interactive, respectively. (2)Amounts are shown net of accumulated goodwill impairment charges of $71.6 million for Bally's Intralot B2B. (3)As of December 31, 2023 (Predecessor), amounts shown include $50.4 million of goodwill associated with reporting units with negative carrying value. (4)As of February 7, 2025 (Predecessor) and December 31, 2024 (Predecessor), amounts shown include $59.2 million of goodwill associated with reporting units with negative carrying value. (5)As of December 31, 2025 (Successor), amounts shown include $115.8 million of goodwill associated with reporting units with negative carrying value. (6)Amounts are shown net of accumulated goodwill impairment charges of $73.3 million for Bally's Intralot B2B.
Schedule of Identifiable Intangible Assets | The change in intangible assets, net for 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) is as follows (in thousands):
Intangible assets, net as of December 31, 2023 (Predecessor) | $1,871,428
Derecognition of Commercial rights - Sinclair | (202,572)
Effect of foreign exchange | (24,871)
Impairment charges | (164,486)
Capitalized software | 48,392
Other intangibles acquired | 3,059
Intangible assets disposed | (2,074)
Less: Amortization of intangible assets | (221,533)
Intangible assets, net as of December 31, 2024 (Predecessor) | $1,307,343
Effect of foreign exchange | (3,662)
Capitalized software | 3,054
Less: Amortization of intangible assets | (14,765)
Intangible assets, net as of February 7, 2025 (Predecessor) | $1,291,970
Intangible assets, net as of February 8, 2025 (Successor) | $1,941,245
Additions from current year business combinations | 828,235
Measurement period adjustments | (47,542)
Impairment charges | (109,123)
Additions in current period(1) | 503,813
Capitalized software | 31,214
Effect of foreign exchange | 72,664
Less: Amortization of intangible assets | (219,523)
Intangible assets, net as of December 31, 2025 (Successor) | $3,000,983
__________________________________ (1)Amount includes $500.0 million acquisition of New York gaming license. Refer to Note 19 “Commitments and Contingencies” for further information. The Company’s identifiable intangible assets consist of the following:
| Weighted average remaining life (in years) |  | December 31, 2025 (Successor)
(in thousands, except years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortizable intangible assets: |  |  |  |  |  |  |
Gaming licenses | 14.4 |  | $1,279,780 |  | $(43,882) |  | $1,235,898
Customer relationships | 11.0 |  | 588,320 |  | (91,471) |  | 496,849
Developed technology | 8.7 |  | 535,530 |  | (53,724) |  | 481,806
Backlog | 7.8 |  | 297,551 |  | (8,554) |  | 288,997
Trade names | 11.8 |  | 144,801 |  | (8,628) |  | 136,173
Licensing asset | 6.1 |  | 34,902 |  | (1,384) |  | 33,518
Internally developed software | 4.1 |  | 31,214 |  | (1,351) |  | 29,863
Other | 9.6 |  | 25,412 |  | (5,533) |  | 19,879
Total amortizable intangible assets |  |  | 2,937,510 |  | (214,527) |  | 2,722,983
Intangible assets not subject to amortization: |  |  |  |  |  |  |
Trade names | Indefinite |  | 278,000 |  | — |  | 278,000
Total unamortizable intangible assets |  |  | 278,000 |  | — |  | 278,000
Total intangible assets, net |  |  | $3,215,510 |  | $(214,527) |  | $3,000,983
| Weighted average remaining life (in years) |  | December 31, 2024 (Predecessor)
(in thousands, except years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortizable intangible assets: |  |  |  |  |  |  |
Customer relationships | 4.1 |  | $660,005 |  | $(272,333) |  | $387,672
Developed technology | 5.1 |  | 210,712 |  | (70,073) |  | 140,639
Internally developed software | 3.7 |  | 105,284 |  | (26,791) |  | 78,493
Gaming licenses | 5.6 |  | 47,797 |  | (19,864) |  | 27,933
Trade names | 7.0 |  | 31,723 |  | (18,032) |  | 13,691
Hard Rock license | 22.5 |  | 8,000 |  | (2,545) |  | 5,455
Other | 9.6 |  | 11,473 |  | (4,918) |  | 6,555
Total amortizable intangible assets |  |  | 1,074,994 |  | (414,556) |  | 660,438
Intangible assets not subject to amortization: |  |  |  |  |  |  |
Gaming licenses | Indefinite |  | 546,908 |  | — |  | 546,908
Trade Names | Indefinite |  | 98,784 |  | — |  | 98,784
Other | Indefinite |  | 1,213 |  | — |  | 1,213
Total unamortizable intangible assets |  |  | 646,905 |  | — |  | 646,905
Total intangible assets, net |  |  | $1,721,899 |  | $(414,556) |  | $1,307,343
Schedule of Identifiable Intangible Assets | The change in intangible assets, net for 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) is as follows (in thousands):
Intangible assets, net as of December 31, 2023 (Predecessor) | $1,871,428
Derecognition of Commercial rights - Sinclair | (202,572)
Effect of foreign exchange | (24,871)
Impairment charges | (164,486)
Capitalized software | 48,392
Other intangibles acquired | 3,059
Intangible assets disposed | (2,074)
Less: Amortization of intangible assets | (221,533)
Intangible assets, net as of December 31, 2024 (Predecessor) | $1,307,343
Effect of foreign exchange | (3,662)
Capitalized software | 3,054
Less: Amortization of intangible assets | (14,765)
Intangible assets, net as of February 7, 2025 (Predecessor) | $1,291,970
Intangible assets, net as of February 8, 2025 (Successor) | $1,941,245
Additions from current year business combinations | 828,235
Measurement period adjustments | (47,542)
Impairment charges | (109,123)
Additions in current period(1) | 503,813
Capitalized software | 31,214
Effect of foreign exchange | 72,664
Less: Amortization of intangible assets | (219,523)
Intangible assets, net as of December 31, 2025 (Successor) | $3,000,983
__________________________________ (1)Amount includes $500.0 million acquisition of New York gaming license. Refer to Note 19 “Commitments and Contingencies” for further information. The Company’s identifiable intangible assets consist of the following:
| Weighted average remaining life (in years) |  | December 31, 2025 (Successor)
(in thousands, except years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortizable intangible assets: |  |  |  |  |  |  |
Gaming licenses | 14.4 |  | $1,279,780 |  | $(43,882) |  | $1,235,898
Customer relationships | 11.0 |  | 588,320 |  | (91,471) |  | 496,849
Developed technology | 8.7 |  | 535,530 |  | (53,724) |  | 481,806
Backlog | 7.8 |  | 297,551 |  | (8,554) |  | 288,997
Trade names | 11.8 |  | 144,801 |  | (8,628) |  | 136,173
Licensing asset | 6.1 |  | 34,902 |  | (1,384) |  | 33,518
Internally developed software | 4.1 |  | 31,214 |  | (1,351) |  | 29,863
Other | 9.6 |  | 25,412 |  | (5,533) |  | 19,879
Total amortizable intangible assets |  |  | 2,937,510 |  | (214,527) |  | 2,722,983
Intangible assets not subject to amortization: |  |  |  |  |  |  |
Trade names | Indefinite |  | 278,000 |  | — |  | 278,000
Total unamortizable intangible assets |  |  | 278,000 |  | — |  | 278,000
Total intangible assets, net |  |  | $3,215,510 |  | $(214,527) |  | $3,000,983
| Weighted average remaining life (in years) |  | December 31, 2024 (Predecessor)
(in thousands, except years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortizable intangible assets: |  |  |  |  |  |  |
Customer relationships | 4.1 |  | $660,005 |  | $(272,333) |  | $387,672
Developed technology | 5.1 |  | 210,712 |  | (70,073) |  | 140,639
Internally developed software | 3.7 |  | 105,284 |  | (26,791) |  | 78,493
Gaming licenses | 5.6 |  | 47,797 |  | (19,864) |  | 27,933
Trade names | 7.0 |  | 31,723 |  | (18,032) |  | 13,691
Hard Rock license | 22.5 |  | 8,000 |  | (2,545) |  | 5,455
Other | 9.6 |  | 11,473 |  | (4,918) |  | 6,555
Total amortizable intangible assets |  |  | 1,074,994 |  | (414,556) |  | 660,438
Intangible assets not subject to amortization: |  |  |  |  |  |  |
Gaming licenses | Indefinite |  | 546,908 |  | — |  | 546,908
Trade Names | Indefinite |  | 98,784 |  | — |  | 98,784
Other | Indefinite |  | 1,213 |  | — |  | 1,213
Total unamortizable intangible assets |  |  | 646,905 |  | — |  | 646,905
Total intangible assets, net |  |  | $1,721,899 |  | $(414,556) |  | $1,307,343
Schedule of Remaining Amortization Expense | The following table shows the remaining amortization expense associated with finite lived intangible assets as of December 31, 2025 (Successor):
(in thousands) |
2026 | $329,948
2027 | 328,863
2028 | 308,473
2029 | 237,569
2030 | 178,430
Thereafter | 1,339,700
| $2,722,983

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