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BUSINESS COMBINATIONS (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination, Recognized Asset Acquired and Liability Assumed The preliminary allocation of the purchase price is as follows:
As of October 8, 2025
(in thousands)
Preliminary as of
December 31, 2025
Cash and cash equivalents
$2,054,955
Restricted cash
41,341
Other current assets
143,403
Property and equipment
87,769
Right of use assets
20,486
Intangible assets
828,235
Other assets
39,349
Total current liabilities
(150,097)
Lease liabilities
(18,211)
Long-term debt
(1,982,214)
Other long-term liabilities
(159,822)
Non-controlling interest
(1,063,664)
Goodwill
1,763,226
Total fair value of net assets acquired
$1,604,756
The preliminary and final allocation of the purchase price is as follows:
As of February 7, 2025
(in thousands)
Preliminary as of
February 7, 2025
Year to Date
Adjustments
Final as of
December 31, 2025
Cash and cash equivalents
$173,550
$—
$173,550
Restricted cash
57,352
—
57,352
Other current assets
210,447
—
210,447
Property and equipment
1,065,486
(4,745)
1,060,741
Right of use assets
1,692,346
17,215
1,709,561
Goodwill
1,555,354
55,838
1,611,192
Intangible assets
1,866,963
(47,542)
1,819,421
Other assets
131,457
(10,570)
120,887
Total current liabilities
(548,702)
(19,200)
(567,902)
Lease liabilities
(1,823,153)
(17,215)
(1,840,368)
Long-term debt
(2,914,688)
—
(2,914,688)
Other long-term liabilities
(510,765)
26,219
(484,546)
Net assets acquired
$955,647
$—
$955,647
Business Combination, Intangible Asset, Acquired, Finite-Lived and Indefinite-Lived The Company recorded intangible assets based on estimates of fair value which consisted of the following:
Valuation Approach
Estimated Useful
Life (in years)
Estimated Fair
Value
Developed technology
Relief from royalty method
13
$258,568
Intralot trade name
Relief from royalty method
13
61,390
Customer relationships
Multi-period excess earnings method
22
213,220
Backlog
Multi-period excess earnings method
8
295,057
Total fair value of intangible assets
$828,235
The Company recorded intangible assets based on estimates of fair value which consisted of the following:
Valuation Approach
Estimated
Useful Life
(in years)
Estimated
Fair Value
Gaming licenses
Greenfield/Replacement Cost method
2-18
$716,998
Customer relationships
Multi-Period Excess Earnings/
Replacement Cost method
1-7
348,034
Developed technology
Relief from royalty method
5
252,700
Trade names
Relief from royalty method
12
74,600
Intellectual property license
Relief from royalty method
7
141,000
Other amortizing intangibles
Various methods
1-22
8,089
Indefinite lived trade name
Relief from royalty method
Indefinite
278,000
Total fair value of intangible assets
$1,819,421
Business Combination, Pro Forma Information The following unaudited pro forma financial information is presented to illustrate the estimated effects of the transaction as if
the transaction had occurred on January 1, 2024:
Year Ended December 31,
(in thousands)
2025
2024
Pro forma revenue
$2,958,027
$2,867,048
Pro forma net loss
$(720,051)
$(587,595)