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PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
As of December 31, 2025 (Successor) and 2024 (Predecessor), property and equipment, net was comprised of the following:
Successor
Predecessor
(in thousands)
December 31,
2025
December 31,
2024
Land and improvements
$98,527
$49,553
Building and improvements
712,236
370,086
Equipment
265,357
280,946
Furniture and fixtures
54,146
64,109
Construction in process(1)
27,621
149,906
Total property and equipment
1,157,887
914,600
Less: Accumulated depreciation
(94,148)
(283,898)
Property and equipment, net
$1,063,739
$630,702
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(1)Refer to Note 15 “Leases” for further information on the Company’s reclassification of its construction in process related to the construction of its
permanent casino resort in Chicago in connection with the signing of the Chicago MLA.
Depreciation expense relating to property and equipment 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 2024 (Predecessor) was
$73.6 million, $7.6 million, and $158.0 million, respectively.