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GOODWILL AND INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill The change in carrying value of goodwill by reportable segment 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 December 31, 2024
(Predecessor) is as follows:
(in thousands)
Casinos &
Resorts(3)(4)
Bally's
Intralot B2B
Bally's
Intralot B2C
North
America
Interactive
Corporate
& Other
Total
Goodwill as of December 31,
2023 (Predecessor)(1)(3)
$313,493
$—
$1,586,590
$35,720
$—
$1,935,803
Goodwill from current year
business combinations
—
—
1,176
—
—
1,176
Effect of foreign exchange
—
(3,390)
(40,810)
(334)
—
(44,534)
Purchase accounting
adjustments on prior year
business combinations
(208)
—
—
—
—
(208)
Current year divestiture
—
—
(20,657)
—
—
(20,657)
Reporting unit re-allocation
—
158,733
(158,733)
—
—
—
Impairment charges
—
(71,636)
—
—
—
(71,636)
Goodwill as of December 31,
2024 (Predecessor)(1)(2)(4)
313,285
83,707
1,367,566
35,386
—
1,799,944
Effect of foreign exchange
—
(97)
(11,171)
—
—
(11,268)
Goodwill as of February 7, 2025
(Predecessor)(1)(2)(4)
$313,285
$83,610
$1,356,395
$35,386
$—
$1,788,676
Goodwill as of February 8, 2025
(Successor)
612,191
86,008
630,252
56,845
205,352
1,590,648
Goodwill from current period
business combinations
—
977,338
785,888
—
—
1,763,226
Current year measurement
period adjustments
7,922
(21,219)
20,875
324
47,936
55,838
Goodwill measurement
period segment re-allocation
21,942
11,416
235,834
(57,169)
(212,023)
—
Impairment charges
—
(72,497)
—
—
—
(72,497)
Effect of foreign exchange
—
13,133
82,545
—
—
95,678
Goodwill as of December 31,
2025 (Successor)(5)(6)
$642,055
$994,179
$1,755,394
$—
$41,265
$3,432,893
__________________________________
(1)Amounts are shown net of accumulated goodwill impairment charges of $5.4 million and $140.4 million for Casinos & Resorts and North America
Interactive, respectively.
(2)Amounts are shown net of accumulated goodwill impairment charges of $71.6 million for Bally's Intralot B2B.
(3)As of December 31, 2023 (Predecessor), amounts shown include $50.4 million of goodwill associated with reporting units with negative carrying value.
(4)As of February 7, 2025 (Predecessor) and December 31, 2024 (Predecessor), amounts shown include $59.2 million of goodwill associated with reporting
units with negative carrying value.
(5)As of December 31, 2025 (Successor), amounts shown include $115.8 million of goodwill associated with reporting units with negative carrying value.
(6)Amounts are shown net of accumulated goodwill impairment charges of $73.3 million for Bally's Intralot B2B.
Schedule of Identifiable Intangible Assets The change in intangible assets, net 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 December 31, 2024 (Predecessor) is as follows (in
thousands):
Intangible assets, net as of December 31, 2023 (Predecessor)
$1,871,428
Derecognition of Commercial rights - Sinclair
(202,572)
Effect of foreign exchange
(24,871)
Impairment charges
(164,486)
Capitalized software
48,392
Other intangibles acquired
3,059
Intangible assets disposed
(2,074)
Less: Amortization of intangible assets
(221,533)
Intangible assets, net as of December 31, 2024 (Predecessor)
$1,307,343
Effect of foreign exchange
(3,662)
Capitalized software
3,054
Less: Amortization of intangible assets
(14,765)
Intangible assets, net as of February 7, 2025 (Predecessor)
$1,291,970
Intangible assets, net as of February 8, 2025 (Successor)
$1,941,245
Additions from current year business combinations
828,235
Measurement period adjustments
(47,542)
Impairment charges
(109,123)
Additions in current period(1)
503,813
Capitalized software
31,214
Effect of foreign exchange
72,664
Less: Amortization of intangible assets
(219,523)
Intangible assets, net as of December 31, 2025 (Successor)
$3,000,983
__________________________________
(1)Amount includes $500.0 million acquisition of New York gaming license. Refer to Note 19 “Commitments and Contingencies” for further information.
The Company’s identifiable intangible assets consist of the following:
Weighted
average
remaining life
(in years)
December 31, 2025 (Successor)
(in thousands, except years)
Gross Carrying
Amount
Accumulated
Amortization
Net
Amortizable intangible assets:
 
 
 
Gaming licenses
14.4
$1,279,780
$(43,882)
$1,235,898
Customer relationships
11.0
588,320
(91,471)
496,849
Developed technology
8.7
535,530
(53,724)
481,806
Backlog
7.8
297,551
(8,554)
288,997
Trade names
11.8
144,801
(8,628)
136,173
Licensing asset
6.1
34,902
(1,384)
33,518
Internally developed software
4.1
31,214
(1,351)
29,863
Other
9.6
25,412
(5,533)
19,879
Total amortizable intangible assets
2,937,510
(214,527)
2,722,983
Intangible assets not subject to amortization:
Trade names
Indefinite
278,000
—
278,000
Total unamortizable intangible assets
278,000
—
278,000
Total intangible assets, net
$3,215,510
$(214,527)
$3,000,983
Weighted
average
remaining life
(in years)
December 31, 2024 (Predecessor)
(in thousands, except years)
Gross Carrying
Amount
Accumulated
Amortization
Net
Amortizable intangible assets:
 
 
 
 
Customer relationships
4.1
$660,005
$(272,333)
$387,672
Developed technology
5.1
210,712
(70,073)
140,639
Internally developed software
3.7
105,284
(26,791)
78,493
Gaming licenses
5.6
47,797
(19,864)
27,933
Trade names
7.0
31,723
(18,032)
13,691
Hard Rock license
22.5
8,000
(2,545)
5,455
Other
9.6
11,473
(4,918)
6,555
Total amortizable intangible assets
 
1,074,994
(414,556)
660,438
Intangible assets not subject to amortization:
 
Gaming licenses
Indefinite
546,908
—
546,908
Trade Names
Indefinite
98,784
—
98,784
Other
Indefinite
1,213
—
1,213
Total unamortizable intangible assets
 
646,905
—
646,905
Total intangible assets, net
 
$1,721,899
$(414,556)
$1,307,343
Schedule of Identifiable Intangible Assets The change in intangible assets, net 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 December 31, 2024 (Predecessor) is as follows (in
thousands):
Intangible assets, net as of December 31, 2023 (Predecessor)
$1,871,428
Derecognition of Commercial rights - Sinclair
(202,572)
Effect of foreign exchange
(24,871)
Impairment charges
(164,486)
Capitalized software
48,392
Other intangibles acquired
3,059
Intangible assets disposed
(2,074)
Less: Amortization of intangible assets
(221,533)
Intangible assets, net as of December 31, 2024 (Predecessor)
$1,307,343
Effect of foreign exchange
(3,662)
Capitalized software
3,054
Less: Amortization of intangible assets
(14,765)
Intangible assets, net as of February 7, 2025 (Predecessor)
$1,291,970
Intangible assets, net as of February 8, 2025 (Successor)
$1,941,245
Additions from current year business combinations
828,235
Measurement period adjustments
(47,542)
Impairment charges
(109,123)
Additions in current period(1)
503,813
Capitalized software
31,214
Effect of foreign exchange
72,664
Less: Amortization of intangible assets
(219,523)
Intangible assets, net as of December 31, 2025 (Successor)
$3,000,983
__________________________________
(1)Amount includes $500.0 million acquisition of New York gaming license. Refer to Note 19 “Commitments and Contingencies” for further information.
The Company’s identifiable intangible assets consist of the following:
Weighted
average
remaining life
(in years)
December 31, 2025 (Successor)
(in thousands, except years)
Gross Carrying
Amount
Accumulated
Amortization
Net
Amortizable intangible assets:
 
 
 
Gaming licenses
14.4
$1,279,780
$(43,882)
$1,235,898
Customer relationships
11.0
588,320
(91,471)
496,849
Developed technology
8.7
535,530
(53,724)
481,806
Backlog
7.8
297,551
(8,554)
288,997
Trade names
11.8
144,801
(8,628)
136,173
Licensing asset
6.1
34,902
(1,384)
33,518
Internally developed software
4.1
31,214
(1,351)
29,863
Other
9.6
25,412
(5,533)
19,879
Total amortizable intangible assets
2,937,510
(214,527)
2,722,983
Intangible assets not subject to amortization:
Trade names
Indefinite
278,000
—
278,000
Total unamortizable intangible assets
278,000
—
278,000
Total intangible assets, net
$3,215,510
$(214,527)
$3,000,983
Weighted
average
remaining life
(in years)
December 31, 2024 (Predecessor)
(in thousands, except years)
Gross Carrying
Amount
Accumulated
Amortization
Net
Amortizable intangible assets:
 
 
 
 
Customer relationships
4.1
$660,005
$(272,333)
$387,672
Developed technology
5.1
210,712
(70,073)
140,639
Internally developed software
3.7
105,284
(26,791)
78,493
Gaming licenses
5.6
47,797
(19,864)
27,933
Trade names
7.0
31,723
(18,032)
13,691
Hard Rock license
22.5
8,000
(2,545)
5,455
Other
9.6
11,473
(4,918)
6,555
Total amortizable intangible assets
 
1,074,994
(414,556)
660,438
Intangible assets not subject to amortization:
 
Gaming licenses
Indefinite
546,908
—
546,908
Trade Names
Indefinite
98,784
—
98,784
Other
Indefinite
1,213
—
1,213
Total unamortizable intangible assets
 
646,905
—
646,905
Total intangible assets, net
 
$1,721,899
$(414,556)
$1,307,343
Schedule of Remaining Amortization Expense The following table shows the remaining amortization expense associated with finite lived intangible assets as of December 31,
2025 (Successor):
(in thousands)
2026
$329,948
2027
328,863
2028
308,473
2029
237,569
2030
178,430
Thereafter
1,339,700
 
$2,722,983