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CONSOLIDATED FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule Of General And Administrative Expense Amounts included in General and administrative were as follows:
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)
Advertising, general and administrative(1)
$994,557
$100,969
$976,153
Acquisition and integration
109,509
2,199
24,729
Merger costs(2)
22,677
11,233
14,808
Provision for credit loss on long-term note receivable(3)
17,074
—
—
Loss on disposal of business(3)
—
—
27,796
Total general and administrative
$1,143,817
$114,401
$1,043,486
__________________________________
(1)For the year ended December 31, 2024 (Predecessor), includes $20.0 million of employee-related severance costs within the Company’s Casinos &
Resorts reportable segment related to the closure of its Tropicana Las Vegas casino on April 4, 2024. There was no restructuring liability as of
December 31, 2025 (Successor) and December 31, 2024 (Predecessor) on the consolidated balance sheets.
(2)Refer to Note 1 “General Information” for further information.
(3)Refer to Note 3 “Related Party Transactions” for further information.
Schedule of Other Nonoperating Expense Amounts included in Other non-operating income (expense), net were as follows:
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)
Gain on fair value of fair value option assets
$218,950
$—
$—
Change in value of contingent consideration
(63,176)
(786)
(1,343)
Net income (loss) from equity method investments
(3,264)
(594)
(1,850)
Change in value of performance warrants
—
(1,180)
(13,965)
Foreign exchange (loss) gain
(34,768)
194
10,271
Loss on extinguishment of debt
(93,120)
—
—
Other, net
338
1
2,342
Total other non-operating income (expense), net
$24,960
$(2,365)
$(4,545)
Schedule of Interest Income and Interest Expense Disclosure Interest Expense, Net
Amounts included in Interest expense, net were as follows:
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)
Interest income
$8,340
$(1)
$20,718
Interest expense
(373,573)
(27,228)
(310,347)
Total interest expense, net
$(365,233)
$(27,229)
$(289,629)