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LONG-TERM DEBT (Tables) | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | As of December 31, 2025 (Successor) and 2024 (Predecessor), long-term debt consisted of the following:
| Successor |  |  | Predecessor
(in thousands) | December 31, 2025 |  |  | December 31, 2024
Term Loan Facility(1) | $1,472,594 |  |  | $1,886,650
Intralot British Term Loan | 538,720 |  |  | —
Intralot Greek Term Loan | 234,962 |  |  | —
Revolving Credit Facility | — |  |  | —
Intralot 6.00% Greek Retail Bond due 2029 | 152,726 |  |  | —
Fixed Rate Senior Notes: |  |  |  |
5.625% Senior Notes due 2029 | 750,000 |  |  | 750,000
5.875% Senior Notes due 2031 | 735,000 |  |  | 735,000
Intralot 6.75% Senior Secured Notes due 2031 | 704,886 |  |  | —
Intralot Floating Rate Senior Notes due 2031(2) | 352,443 |  |  | —
Intralot Supplemental Indenture | 2,436 |  |  | —
Less: Unamortized original issue discount | — |  |  | (19,760)
Less: Unamortized deferred financing fees | — |  |  | (33,117)
Less: Unamortized fair value adjustment(3) | (443,110) |  |  | —
Long-term debt, including current portion | 4,500,657 |  |  | 3,318,773
Less: Current portion of Term Loan, Intralot Greek Term Loan and Revolving Credit Facility | (37,344) |  |  | (19,450)
Long-term debt, net of discount and deferred financing fees; excluding current portion | $4,463,313 |  |  | $3,299,323
__________________________________ (1)The Company has a series of interest rate derivatives to synthetically convert $1.0 billion notional of the Company’s variable rate Term Loan Facility into fixed rate debt, and a series of cross currency swap derivatives to synthetically convert $500.0 million and $200 million notional of the Company’s USD denominated Term Loan Facility into fixed rate EUR and GBP denominated debt, respectively, through its maturity in 2028. Refer to Note 11 “Derivative Instruments” for further information. (2)At December 31, 2025 the interest rate of the Floating Rate Senior Notes was 6.526%. (3)Represents adjustment to recognize the Company’s existing debt at fair value in the Company Merger, calculated as the difference between the fair value of the Company’s term loan facility and unsecured notes, estimated based on quoted prices in active markets as of the Closing Date, and the respective ending principal balances as of February 7, 2025. The adjustment is amortized through Interest expense, net using the effective interest method.
Schedule of Maturities of Long-term Debt | As of December 31, 2025 (Successor), the contractual annual principal maturities of long-term debt, including the Revolving Credit Facility, are as follows:
(in thousands) |
2026 | $37,344
2027 | 66,442
2028 | 1,492,434
2029 | 1,014,333
2030 | —
Thereafter | 2,333,214
| $4,943,767

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