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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of income (loss) before taxes are as follows:

	Successor			Predecessor
(in thousands)	Period from February 8, 2025 to December 31, 2025			Period from January 1, 2025 to February 7, 2025		Year Ended December 31, 2024
Domestic	$(432,530)			$(60,066)		$(456,728)
Foreign	(185,445)			9,706		(95,774)
Total	$(617,975)			$(50,360)		$(552,502)

Schedule of Components of Provision for Income Taxes

The components of the provision (benefit) for income taxes are as follows:

	Successor			Predecessor
(in thousands)	Period from February 8, 2025 to December 31, 2025			Period from January 1, 2025 to February 7, 2025		Year Ended December 31, 2024
Current taxes
Federal	$(488)			$—		$(3,219)
State	(175)			3		1,390
Foreign	41,959			1,762		(6,866)
	41,296			1,765		(8,695)
Deferred taxes
Federal	19,928			(367)		(18,326)
State	2,744			(734)		(10,789)
Foreign	(16,404)			—		53,062
	6,268			(1,101)		23,947
Provision for income taxes	$47,564			$664		$15,252

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the provision for income taxes to the amount computed by applying the 21% US federal income tax rate to

income (loss) before income taxes after the adoption of ASU 2023-09 is as follows:

	Successor					Predecessor
	Period from February 8, 2025 to December 31, 2025					Period from January 1, 2025 to February 7, 2025
(in thousands, except percentages)	Amount		Percentage			Amount		Percentage
Income tax expense at US Federal Statutory Tax Rate	$(129,774)		21.0%			$(10,576)		21.0%
State and local income taxes, net of federal effect(1)(2)	2,539		(0.4)%			(577)		1.2%
Foreign tax effects:
Gibraltar
Statutory tax rate difference between Gibraltar and United States	25,700		(4.2)%			(39)		0.1%
Nondeductible expenses and nontaxable income	(1,944)		0.3%			1,481		(2.9)%
Other	563		(0.1)%			(95)		0.2%
United Kingdom
Statutory tax rate difference between the United Kingdom and United States	686		(0.1)%			41		(0.1)%
Changes in valuation allowance	10,357		(1.7)%			134		(0.3)%
Nondeductible expenses and nontaxable income	(20,325)		3.3%			(520)		1.0%
Other	4,999		(0.8)%			(1)		—%
Jersey
Statutory tax rate difference between Jersey and United States	25,329		(4.1)%			(901)		1.8%
Other	4,709		(0.8)%			(56)		0.1%
Isle of Man
Statutory tax rate difference between the Isle of Man and United States	7,702		(1.2)%			(301)		0.6%
Spain
Provincial tax rate difference between Ceuta and United States	(7,920)		1.3%			67		(0.2)%
Greece
Changes in valuation allowance	8,978		(1.5)%			—		—%
Other	(147)		—%			—		—%
Other foreign jurisdictions	5,813		(0.9)%			(86)		0.2%
Effect of cross-border tax laws
Global intangible low-taxed income	(6,742)		1.1%			2,302		(4.6)%
Subpart F income	3,518		(0.6)%			789		(1.6)%
Other	69		—%			—		—%
Changes in valuation allowances	88,531		(14.3)%			6,392		(12.7)%
Nontaxable or nondeductible items
Nondeductible transaction costs	11,241		(1.8)%			2,235		(4.4)%
Other	4,416		(0.7)%			356		(0.7)%
Changes in unrecognized tax benefits	(514)		0.1%			19		—%
Other adjustments
Current period adjustment to deferred tax liability	8,653		(1.4)%			—		—%
Other	1,127		(0.2)%			—		—%
Effective Tax Rate	$47,564		(7.7)%			$664		(1.3)%

__________________________________

(1)The state and local jurisdictions that contribute to the majority of the tax effect in this category for the period from February 8, 2025 to December 31,

2025 (Successor) include Delaware, Illinois, Louisiana, Mississippi, Missouri, Kansas City (Missouri), and Pennsylvania.

(2)The state and local jurisdictions that contribute to the majority of the tax effect in this category for the period from January 1, 2025 to February 7, 2025

(Predecessor) include Rhode Island, Illinois and Indiana.

A reconciliation of the effective rate to the statutory US federal tax rate before the adoption of ASU 2023-09 is as follows:

	Predecessor
(in thousands)	Year Ended December 31, 2024
Income tax benefit at statutory federal rate	$(116,025)
State income taxes, net of federal effect	(30,390)
Foreign tax rate adjustment	64,884
Nondeductible professional fees	3,117
Other permanent differences including lobbying expense	(8,906)
Share-based compensation	992
CARES Act	(3,153)
Return to provision adjustments	6,455
Global intangible low-tax income	17,941
Change in uncertain tax positions	681
Change in valuation allowance	79,656
Total provision (benefit) for income taxes	$15,252
Effective income tax rate on continuing operations	(2.8)%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred income taxes are as follows:

	Successor			Predecessor
(in thousands)	December 31, 2025			December 31, 2024
Deferred tax assets:
Interest	$415,119			$283,757
Net operating loss carryforwards	112,748			44,510
Property and equipment	—			26,911
Accrued and other current liabilities	31,693			5,498
Framework Agreement liabilities	6,324			20,344
Share-based compensation	10,529			5,876
Goodwill	12,426			—
Leases	51,153			16,183
Valuation allowance	(275,077)			(234,599)
Total deferred tax assets, net	364,915			168,480
Deferred tax liabilities:
Land	(13,530)			(4,167)
Property and equipment	(91,875)			—
Change in accounting method	—			(281)
Cumulative translation adjustment	(44,275)			—
RI Joint Venture and GLPI Partnership	(174,647)			(175,614)
Revaluation of instruments	(193,254)			—
Amortizable assets	(388,365)			(104,323)
Total deferred tax liabilities	(905,946)			(284,385)
Net deferred tax liabilities	$(541,031)			$(115,905)

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances of the gross liability for

uncertain tax positions is as follows (in thousands):

Uncertain tax position liability at December 31, 2023 (Predecessor)	$29,286
Increases related to tax positions taken during the period	(4,462)
Uncertain tax position liability at December 31, 2024 (Predecessor)	24,824
Decreases related to tax positions taken during the period	(19)
Uncertain tax position liability at February 7, 2025 (Predecessor)	24,805
Uncertain tax position liability at February 8, 2025 (Successor)	$26,747
Decreases related to tax positions taken during prior periods	(586)
Decreases related to settlements with taxing authorities	(5,539)
Uncertain tax position liability at December 31, 2025 (Successor)	$20,622

Schedule of Cash Flow, Supplemental Disclosures

Income taxes paid, net of refunds received were as follows:

	Successor
(in thousands)	Period from February 8, 2025 to December 31, 2025
US Federal	$5,226
US state and local
New Jersey	(2,742)
Other states	31
Total	(2,711)
Foreign:
Gibraltar	38,788
United Kingdom	3,548
Spain	2,662
Other foreign jurisdictions	2,601
Total	47,599
Total income taxes paid, net of refunds	$50,114

__________________________________

During the period from January 1, 2025 to February 7, 2025 (Predecessor), cash received from income tax refunds was $0.1 million in the

State of Delaware.

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