XML 67 R45.htm IDEA: XBRL DOCUMENT v3.26.1

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis. Financial

assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value

measurement. There were no assets and liabilities measured at fair value on a nonrecurring basis.

			Successor
			December 31, 2025
(in thousands)	Balance Sheet Location		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	Cash and cash equivalents		$798,423		$—		$—
Restricted cash	Restricted cash		108,263		—		—
Investment in GLPI partnership	Other assets		—		18,946		—
Investment in The Star	Other assets		301,285		—		—
Derivative assets not designated as hedging instruments:
Cross currency swaps	Prepaid expenses and other current assets		—		3,975		—
Cross currency swaps	Other assets		—		1,111		—
Total derivative assets at fair value			—		5,086		—
Total assets			$1,207,971		$24,032		$—
Liabilities:
Contingent consideration	Accrued and other current liabilities		$—		$—		$115,000
Contingent consideration	Other long-term liabilities		—		—		8,885
Derivative liabilities not designated as hedging instruments:
Cross currency swaps	Accrued and other current liabilities		—		17,643		—
Cross currency swaps	Other long-term liabilities		—		51,716		—
Derivative liabilities designated as hedging instruments:
Interest rate contracts	Accrued and other current liabilities		—		9,166		—
Interest rate contracts	Other long-term liabilities		—		29,854		—
Total derivative liabilities at fair value			—		108,379		—
Total liabilities			$—		$108,379		$123,885

			Predecessor
			December 31, 2024
(in thousands)	Balance Sheet Location		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	Cash and cash equivalents		$171,233		$—		$—
Restricted cash	Restricted cash		60,021		—		—
Investment in GLPI partnership	Other assets		—		20,418		—
Derivative assets not designated as hedging instruments
Cross currency swaps	Prepaid expenses and other current assets		—		4,871		—
Cross currency swaps	Other assets		—		615		—
Derivative assets designated as hedging instruments:
Interest rate contracts	Prepaid expenses and other current assets		—		340		—
Interest rate contracts	Other assets		—		336		—
Cross currency swaps	Prepaid expenses and other current assets		—		148		—
Cross currency swaps	Other assets		—		13,181		—
Total derivative assets at fair value			—		19,491		—
Total assets			$231,254		$39,909		$—
Liabilities:
Contingent consideration	Other long-term liabilities		$—		$—		$59,923
Derivatives not designated as hedging instruments:
Sinclair Performance Warrants	Other long-term liabilities		—		—		58,668
Cross currency swaps	Other long-term liabilities		—		11,174		—
Derivative liabilities designated as hedging instruments:
Interest rate contracts	Accrued and other current liabilities		—		1,855		—
Interest rate contracts	Other long-term liabilities		—		13,372		—
Cross currency swaps	Accrued and other current liabilities		—		1,189		—
Cross currency swaps	Other long-term liabilities		—		1,624		—
Total derivative liabilities at fair value			—		29,214		58,668
Total liabilities			$—		$29,214		$118,591

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the changes in fair value of the Company’s Level 3 assets and liabilities:

(in thousands)	Sinclair Performance Warrant Liability		Contingent Consideration Liability
Balance as of December 31, 2023 (Predecessor)	$44,703		$58,580
Change in fair value	13,965		1,343
Balance as of December 31, 2024 (Predecessor)	58,668		59,923
Change in fair value	1,180		786
Balance as of February 7, 2025 (Predecessor)	$59,848		$60,709
Balance as of February 8, 2025 (Successor)	$—		$60,709
Change in fair value	—		63,176
Balance as of December 31, 2025 (Successor)	$—		$123,885

Derivative Instruments, Gain (Loss)

The gains (losses) recognized in the consolidated statements of operations for derivative instruments are as follows:

			Successor			Predecessor
	Consolidated Statements of Operations Location		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)
Derivatives not designated as hedging instruments
Deal Contingent FX Forwards	Other non-operating income (expense), net		$(774)			$—		$—
Sinclair Performance Warrants	Other non-operating income (expense), net		—			(1,180)		(13,965)
Cross currency swaps(1)	Other non-operating income (expense), net		11,696			50		(9,078)
Derivatives designated as hedging instruments
Interest rate contracts	Interest expense, net		$4,422			$(105)		$(11,031)
Cross currency swaps	Interest expense, net		2,063			7		(3,658)

__________________________________

(1)Amounts during the year ended December 31, 2024 (Predecessor), as a result of the Company’s de-designation of its EUR-GBP cross currency swaps as

net investment hedges, are included in General and administrative.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

In the table below, the carrying amounts of

the Company’s long-term debt is net of debt issuance costs, debt discounts and fair value adjustments. Refer to Note 14 “Long-

Term Debt” for further information.

	Successor					Predecessor
	December 31, 2025					December 31, 2024
(in thousands)	Carrying Amount		Fair Value			Carrying Amount		Fair Value
Term Loan Facility	$1,408,953		$1,458,438			$1,858,800		$1,792,804
Intralot British Term Loan	537,234		519,315			—		—
Intralot Greek Term Loan	234,962		230,370			—		—
Intralot 6.00% Retail Bond due 2029	157,214		155,022			—		—
5.625% Senior Notes due 2029	580,494		562,500			738,517		587,813
5.875% Senior Notes due 2031	517,458		484,181			721,456		535,631
Intralot 6.75% Senior Secured Notes due 2031	708,787		699,706			—		—
Intralot Supplemental Indenture	2,436		2,436			—		—
Intralot Floating Rate Senior Notes due 2031	353,119		347,858			—		—

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-13

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CC
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration