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COMMITMENTS AND CONTINGENCIES | 9 Months Ended
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Sep. 30, 2025
COMMITMENTS AND CONTINGENCIES. |
COMMITMENTS AND CONTINGENCIES. | 9. COMMITMENTS AND CONTINGENCIES Litigation The Company is party to a number of pending legal proceedings related to matters that occurred in the normal course of business. Management does not expect that the outcome of any such proceedings, either individually or in the aggregate, will have a material effect on the Company’s financial position, results of operations and cash flows. Contingent Gaming License Fees in Illinois As required for its gaming licensure at American Place, the Company continues to accrue for a “Reconciliation Payment” that will be due to the Illinois Gaming Board (“IGB”) over a long-term basis. The Reconciliation Payment is calculated in February 2026 (three years after the commencement of gaming operations in Illinois) in an amount equal to 75% of the adjusted gross receipts for the most lucrative trailing 12-month period of operations, offset by certain licensing fees already paid by the Company. The Reconciliation Payment is due in installments over a period of six years, expected to begin in 2026 or early 2027. The estimated present value of the long-term obligation for the Company’s gaming license in Illinois consists of the following, and results in a corresponding increase to the Illinois gaming license valuation: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) | ​ | September 30, | ​ | December 31,
​ |  | 2025 |  | 2024
Estimated IGB Reconciliation Fee(1) | ​ | $ | 53,506 | ​ | $ | 46,039
Less: Amount representing interest(2) | ​ | ​ | (8,955) | ​ | ​ | (11,173)
Present value of IGB Reconciliation Fee(3) | ​ | $ | 44,551 | ​ | $ | 34,866
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(1) | Calculated based upon gaming revenues generated during the trailing 12-months of the corresponding dates. This one-time fee will be paid in installments that are expected to begin in 2026 or early 2027 and extend over a period of six years.
(2) | The effective interest rate of the Revolving Credit Facility (see Note 6) is used to impute interest on this long-term obligation and its corresponding increase to the Illinois gaming license valuation, which approximates their fair values.
(3) | The current and noncurrent balances are located respectively within “Other accrued liabilities” and “Other long-term liabilities, net of current portion” on the consolidated balance sheets.

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