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EQUITY PLANS | 12 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
EQUITY PLANS | EQUITY PLANS Equi ty Incentive Plans As of December 31, 2025 (Successor), the Company has one equity incentive plan: the Bally’s Corporation 2021 Equity Incentive Plan (“2021 Incentive Plan”). The 2021 Incentive Plan was approved by shareholders at its 2 021 Annual Meeting of Shareholders effective May 18, 2021. The 2021 Incentive Plan provides for the grant of stock options, RSAs, RSUs, PSUs and other awards (including those with performance-based vesting criteria) (collectively, “restricted awards” to employees, directors or consultants of the Company. As of December 31, 2025 (Successor), 1.0 million shares were available for grant under the 2021 Incentive Plan. As a result of the Merger described in Note 1, “General Information”, all outstanding restricted stock awards granted under the Queen Casino’s Amended and Restated 2023 Equity Incentive Plan were cancelled and converted into restricted stock awards under the Company’s 2021 Incentive Plan. The conversion was based on an exchange ratio set forth in the Merger Agreement and resulted in the issuance of 1,754,410 restricted awards. Sh are-Based Compensation The Company recognized total share-based compens ation expense of $31.1 million, $2.0 million and $14.8 million 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), respectively. The total income tax benefit for share-based compensation arrangements was $8.1 million, $0.5 million and $3.9 million, 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), respectively. As of December 31, 2025 (Successor), there was $4.8 million of unrecognized compensation cost related to outstanding share- based compensation arrangements (including RSA, RSU and PSU arrangements and stock options) which is expected to be recognized over a weighted average period of 1.2 years. Restricted Stock Units and Performance-Based Restricted Stock Units Under the 2021 Incentive Plan, RSUs and PSUs have been awarded to eligible employees, members of the Company’s senior management and certain members of its Board of Directors. Each RSU and PSU represents the right to receive one share of the Company’s common stock. RSUs generally vest in one-third increments over a three year period and compensation cost is recognized over the respective service periods based on the grant date fair value. PSUs generally vest over a three year period depending on the individual award agreement and become eligible for vesting upon attainment of performance objectives for the performance period. The number of PSUs that may become eligible for vesting varies and is dependent upon whether the performance targets are met, partially met or exceeded each year. The fair value of RSUs and PSUs is based on the Company’s common stock price as of the grant date. The following summary presents information of equity-classified RSU and PSU activity for the period from February 8, 2025 to December 31, 2025 (Successor) and period from January 1, 2025 to February 7, 2025 (Predecessor):
| Restricted Stock Units |  | Performance Stock Units |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024 (Predecessor) | 981,340 |  | 326,155 |  | $15.85
Granted | — |  | — |  | —
Vested | (11,148) |  | — |  | 22.10
Forfeited | (7,811) |  | — |  | 14.45
Outstanding at February 7, 2025 (Predecessor) | 962,381 |  | 326,155 |  | $15.80
Outstanding at February 8, 2025 (Successor) | 962,381 |  | 326,155 |  | $15.80
Granted | 1,407,245 |  | 443,383 |  | 14.66
Vested | (1,555,300) |  | (363,960) |  | 16.54
Forfeited | (90,309) |  | (100,054) |  | 15.24
Outstanding at December 31, 2025 (Successor) | 724,017 |  | 305,524 |  | $12.49
The total intrinsic value of RSUs vested was $27.1 million, $0.2 million, and $6.9 million, 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), respectively. For PSU awards, performance objectives for each year are established no later than 90 days following the start of the year. As the performance targets have not yet been established for the PSUs that are eligible to be earned in 2026 or later, a grant date has not yet been established for those awards in accordance with ASC 718. The grant date for the 2025 (Successor) and 2024 (Predecessor) performance periods have been established and based upon achievement of the performance criteria for the calendar years ended December 31, 2025 (Successor) and 2024 (Predecessor), 305,524 and 326,155 PSUs, respectively, became eligible for vesting. Stock Options During the fourth quarter of 2025 (Successor), the Company granted equity-classified stock options under the 2021 Incentive Plan. The stock options vest in three equal annual installments, half of which are based on continuous service with the Company and half of which are based on the achievement of applicable performance criteria for each of the years ended December 31, 2026, 2027 and 2028. There were no stock options outstanding for the period ending February 7, 2025 (Predecessor). The following summary presents information of stock options activity for the period from February 8, 2025 to December 31, 2025 (Successor):
| Stock Options |  | Weighted Average Grant Date Fair Value
Outstanding at February 8, 2025 (Successor) | — |  | $—
Granted | 1,567,500 |  | 5.32
Outstanding at December 31, 2025 (Successor) | 1,567,500 |  | $5.32
The following table summarizes the Company’s stock options outstanding as of December 31, 2025 (Successor):
|  | Options Outstanding
Exercise Price |  | Number Outstanding |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price
$18.25 |  | 1,567,500 |  | 2.0 years |  | $18.25
As of December 31, 2025 (Successor), no options were exercisable and the options outstanding had no intrinsic value.

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