XML 74 R52.htm IDEA: XBRL DOCUMENT
v3.26.1

SEGMENT REPORTING (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Segment Reporting [Abstract] |
Schedule of Reportable Segment Information | The following table sets forth revenue and Adjusted EBITDAR for the Company’s four reportable segments and reconciles Adjusted EBITDAR on a consolidated basis to net loss. The Other category is included in the following tables in order to reconcile the segment information to the Company’s consolidated financial statements.
| Successor |  |  | Predecessor
| 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) |  |  |
Revenue |  |  |  |  |  |
Casinos & Resorts | $1,382,438 |  |  | $124,299 |  | $1,363,113
Bally's Intralot B2B | 97,354 |  |  | 3,720 |  | 6,861
Bally's Intralot B2C | 752,996 |  |  | 75,265 |  | 902,632
North America Interactive | 196,310 |  |  | 16,941 |  | 170,317
Corporate & Other | 7,091 |  |  | 273 |  | 7,555
Total | $2,436,189 |  |  | $220,498 |  | $2,450,478
Adjusted EBITDAR(1) |  |  |  |  |  |
Casinos & Resorts | $370,774 |  |  | $23,554 |  | $370,518
Bally's Intralot B2B | 34,769 |  |  | 3,720 |  | 6,861
Bally's Intralot B2C | 297,788 |  |  | 25,220 |  | 329,599
North America Interactive | (5,007) |  |  | (5,661) |  | (27,498)
Corporate & Other | (61,087) |  |  | (6,774) |  | (64,950)
Total | 637,237 |  |  | 40,059 |  | 614,530
Operating (expense) income: |  |  |  |  |  |
Rent expense associated with triple net operating leases(2) | (159,228) |  |  | (15,669) |  | (118,919)
Depreciation and amortization | (293,118) |  |  | (22,343) |  | (379,544)
Transaction costs | (100,488) |  |  | (5,106) |  | (41,060)
Restructuring | — |  |  | — |  | (17,921)
Tropicana Las Vegas demolition and closure costs | (28,332) |  |  | (2,605) |  | (59,838)
Share-based compensation | (31,111) |  |  | (1,954) |  | (14,752)
Gain on sale-leaseback, net | — |  |  | — |  | 86,254
Impairment charges | (181,620) |  |  | — |  | (248,879)
Loss on disposal of business | — |  |  | — |  | (27,796)
Merger Agreement and Intralot Transaction costs(3) | (63,161) |  |  | (11,233) |  | (14,808)
Payment service provider write-off (4) | — |  |  | — |  | (6,333)
Other | (57,881) |  |  | (1,915) |  | (29,262)
Loss from operations | (277,702) |  |  | (20,766) |  | (258,328)
Other income (expense) |  |  |  |  |  |
Interest expense, net | (365,233) |  |  | (27,229) |  | (289,629)
Other | 24,960 |  |  | (2,365) |  | (4,545)
Total other expense, net | (340,273) |  |  | (29,594) |  | (294,174)
Loss before income taxes | (617,975) |  |  | (50,360) |  | (552,502)
Provision for income taxes | (47,564) |  |  | (664) |  | (15,252)
Net loss | $(665,539) |  |  | $(51,024) |  | $(567,754)
__________________________________ (1)Adjusted EBITDAR is defined as earnings, or loss, for the Company before interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, acquisition, integration and restructuring expense, share-based compensation, and certain other gains or losses as well as, when presented for our reporting segments, an adjustment related to the allocation of corporate cost among segments, plus rent expense associated with triple net operating leases. (2)Consists primarily of the operating lease components contained within certain triple net leases with GLPI. Refer to Note 15 “Leases” for further information. (3)Costs incurred in connection with the Merger Agreement and Intralot Transaction discussed in Note 1 “General Information.” (4)The Company recorded a $6.3 million charge to reduce amounts due from payment service providers (“PSP”) due to a circumstance whereby the payment processer for certain online sports wagering deposits failed to capture and settle funds with patrons of the Company. The Company was not able to recover the full amount due from the payment service provider, resulting in a write down to the recoverable amount. In addition to amounts recovered, the Company received $5.1 million from the PSP as a signing bonus for entering into an extension agreement. The following table sets forth significant segment expenses and other segment items by reportable segment:
(in thousands) | Casinos & Resorts |  | Bally's Intralot B2B |  | Bally's Intralot B2C |  | North America Interactive
Period from February 8, 2025 to December 31, 2025 (Successor) |  |  |  |  |  |  |
Revenue | $1,382,438 |  | $97,354 |  | $752,996 |  | $196,310
Less: segment expenses |  |  |  |  |  |  |
Marketing costs | 60,679 |  | 1,353 |  | 81,914 |  | 47,513
Gaming tax | 187,963 |  | 249 |  | 148,120 |  | 38,307
Compensation | 388,994 |  | 25,986 |  | 78,014 |  | 26,633
Other direct costs | — |  | 5,943 |  | 74,549 |  | 47,420
Casino property costs | 153,110 |  | — |  | — |  | —
General and administrative | 70,073 |  | 16,108 |  | 40,415 |  | 27,729
Other segment items(1) | 150,845 |  | 12,946 |  | 32,196 |  | 13,715
Segment EBITDAR | $370,774 |  | $34,769 |  | $297,788 |  | $(5,007)
Period from January 1, 2025 to February 7, 2025 (Predecessor) |  |  |  |  |  |  |
Revenue | $124,299 |  | $3,720 |  | $75,265 |  | $16,941
Less: segment expenses |  |  |  |  |  |  |
Marketing costs | 8,814 |  | — |  | 8,362 |  | 5,055
Gaming tax | 20,917 |  | — |  | 16,535 |  | 6,461
Compensation | 41,381 |  | — |  | 8,492 |  | 3,213
Other direct costs | — |  | — |  | 8,183 |  | 8,355
Casino property costs | 26,653 |  | — |  | — |  | —
General and administrative | 10,712 |  | — |  | 6,261 |  | 2,220
Other Segment Items(1) | (7,732) |  | — |  | 2,212 |  | (2,702)
Segment EBITDAR | $23,554 |  | $3,720 |  | $25,220 |  | $(5,661)
Year Ended December 31, 2024 (Predecessor) |  |  |  |  |  |  |
Revenue | $1,363,113 |  | $6,861 |  | $902,632 |  | $170,317
Less: segment expenses |  |  |  |  |  |  |
Marketing costs | 89,245 |  | — |  | 118,449 |  | 51,927
Gaming tax | 190,505 |  | — |  | 158,691 |  | 48,015
Compensation | 393,160 |  | — |  | 97,431 |  | 38,057
Other direct costs | — |  | — |  | 134,192 |  | 57,065
Casino property costs | 141,218 |  | — |  | — |  | —
General and administrative | 73,143 |  | — |  | 64,359 |  | 22,863
Other segment items(1) | 105,324 |  | — |  | (89) |  | (20,112)
Segment EBITDAR | $370,518 |  | $6,861 |  | $329,599 |  | $(27,498)
__________________________________ (1)Other Segment Items primarily includes Gaming and non-gaming expenses within our Casinos & Resorts reportable segment, and certain other immaterial costs and allocations within each of the Company’s reportable segments.
| Successor |  |  | Predecessor
| 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) |  |  |
Capital Expenditures |  |  |  |  |  |
Casinos & Resorts | $60,783 |  |  | $5,306 |  | $60,373
Bally's Intralot B2B | 5,360 |  |  | — |  | —
Bally's Intralot B2C | 5,017 |  |  | 148 |  | 706
North America Interactive | 818 |  |  | — |  | 2,147
Corporate & Other(1) | 95,891 |  |  | 10,970 |  | 136,601
Total | $167,869 |  |  | $16,424 |  | $199,827
__________________________________ (1)Includes $95.3 million, $11.0 million, and $133.6 million related to our future Bally’s Chicago project during 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.

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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