BALLY'S CORP, 10-K filed on 3/17/2025
Annual Report
v3.25.1
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Feb. 14, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Entity File Number 001-38850    
Entity Registrant Name BALLY’S CORPORATION    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 20-0904604    
Entity Address, Address Line One 100 Westminster Street    
Entity Address, City or Town Providence    
Entity Address, State or Province RI    
Entity Address, Postal Zip Code 02903    
City Area Code 401    
Local Phone Number 475-8474    
Title of 12(b) Security Common Stock, par value of $0.01 per share    
Trading Symbol BALY    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 285.4
Entity Common Stock, Shares Outstanding   48,509,873  
Documents Incorporated by Reference
Portions of the registrant’s definitive Proxy Statement for the Annual Meeting of Stockholders to be held on May 15, 2025 are incorporated by reference into Part III of this Annual Report on Form 10-K.
    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001747079    
v3.25.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Firm ID 34
Auditor Location New York, New York
v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets    
Cash and cash equivalents $ 171,233 $ 163,194
Restricted cash 60,021 152,068
Accounts receivable, net 55,486 70,328
Inventory 19,317 14,629
Tax receivable 26,345 62,215
Prepaid expenses and other current assets 115,471 108,096
Assets held for sale 0 1,815
Total current assets 447,873 572,345
Property and equipment, net 630,702 1,174,888
Right of use assets, net 1,544,936 1,160,288
Goodwill 1,799,944 1,935,803
Intangible assets, net 1,307,343 1,871,428
Deferred tax asset 2,309 36,034
Other assets 127,030 110,317
Total assets 5,860,137 6,861,103
Liabilities and Stockholders’ Equity    
Current portion of long-term debt 19,450 19,450
Current portion of lease liabilities 65,827 54,842
Accounts payable 85,771 69,161
Accrued income taxes 25,468 78,301
Accrued and other current liabilities 481,292 651,719
Liabilities related to assets held for sale 0 1,307
Total current liabilities 677,808 874,780
Long-term debt, net 3,299,323 3,643,185
Long-term portion of financing obligation 0 200,000
Long-term portion of lease liabilities 1,554,479 1,148,407
Deferred tax liability 118,214 125,590
Other long-term liabilities 179,411 233,287
Total liabilities 5,829,235 6,225,249
Commitments and contingencies (Note 22)
Stockholders’ equity:    
Common stock ($0.01 par value; 200,000,000 shares authorized; 40,787,007 and 39,973,202 shares issued; 40,787,007 and 39,973,202 shares outstanding 408 400
Preferred stock ($0.01 par value; 10,000,000 shares authorized; no shares outstanding) 0 0
Additional paid-in-capital 1,414,410 1,400,479
Treasury stock, at cost, no shares outstanding as of December 31, 2024 and 2023 0 0
Accumulated deficit (1,123,649) (555,895)
Accumulated other comprehensive loss (260,267) (209,558)
Total Bally’s Corporation stockholders’ equity 30,902 635,426
Non-controlling interest 0 428
Total stockholders’ equity 30,902 635,854
Total liabilities and stockholders’ equity $ 5,860,137 $ 6,861,103
Common stock par value (in dollars per share) $ 0.01 $ 0.01
Common Stock, Shares Authorized 200,000,000 200,000,000
v3.25.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Common stock par value (in dollars per share) $ 0.01 $ 0.01
Common stock authorized (in shares) 200,000,000 200,000,000
Common stock issued (in shares) 40,787,007 39,973,202
Common stock outstanding (in shares) 40,787,007 39,973,202
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock authorized (in shares) 10,000,000 10,000,000
Preferred stock outstanding (in shares) 0 0
Treasury stock (in shares) 0 0
v3.25.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue:      
Total revenue $ 2,450,478 $ 2,449,073 $ 2,255,705
Operating (income) costs and expenses:      
General and administrative 1,043,486 1,113,976 825,706
Gain on sale-leaseback, net (86,254) (374,321) (50,766)
Impairment charges 248,879 149,825 463,978
Depreciation and amortization 379,544 350,408 300,559
Total operating costs and expenses 2,708,806 2,345,064 2,548,713
(Loss) income from operations (258,328) 104,009 (293,008)
Interest expense, net (289,629) (277,561) (208,153)
Other (expense) income:      
Other non-operating income (expense), net (4,545) (12,186) 46,692
Total other expense, net (294,174) (289,747) (161,461)
Loss before income taxes (552,502) (185,738) (454,469)
Provision (benefit) for income taxes 15,252 1,762 (28,923)
Net loss $ (567,754) $ (187,500) $ (425,546)
Net income per share, basic (in dollars per share) $ (11.71) $ (3.51) $ (7.32)
Weighted average common shares outstanding, basic (in shares) 48,468,887 53,350,817 58,111,699
Net income per share, diluted (in dollars per share) $ (11.71) $ (3.51) $ (7.32)
Weighted average common shares outstanding, diluted (in shares) 48,468,887 53,350,817 58,111,699
Gaming      
Revenue:      
Total revenue $ 2,051,668 $ 1,992,041 $ 1,846,124
Operating (income) costs and expenses:      
Cost of net revenue 934,063 888,937 812,918
Non-gaming      
Revenue:      
Total revenue 398,810 457,032 409,581
Operating (income) costs and expenses:      
Cost of net revenue $ 189,088 $ 216,239 $ 196,318
v3.25.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net loss $ (567,754) $ (187,500) $ (425,546)
Other comprehensive income (loss):      
Foreign currency translation adjustments (84,542) 118,781 (270,151)
Defined benefit pension plan adjustments, net of tax 860 542 1,320
Net unrealized derivative gain (loss) on cash flow hedges, net of tax 3,057 (11,246) 0
Net unrealized derivative gain (loss) on net investment hedges, net of tax 29,916 (21,995) 0
Other comprehensive (loss) income (50,709) 86,082 (268,831)
Total comprehensive loss $ (618,463) $ (101,418) $ (694,377)
v3.25.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Treasury Stock
Retained Earnings (Deficit)
Accumulated Other Comprehensive Loss
Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2021   52,254,477          
Beginning balance at Dec. 31, 2021 $ 1,615,802 $ 530 $ 1,849,068 $ 29,166 $ (181,581) $ (26,809) $ 3,760
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of restricted stock and other stock awards (in shares)   458,603          
Issuance of restricted stock and other stock awards (5,524) $ 4 (5,957) 429      
Share-based compensation 27,912   27,912        
Retirement of treasury shares $ 0 $ (74) (253,783) 182,103 71,754    
Share repurchases (in shares) (6,621,841) (6,621,841)          
Share repurchases (including tender offer) $ (153,366)     (153,366)      
Penny warrants exercised (in shares)   383,934          
Penny warrants exercised 4 $ 4   0      
Stock options exercised (in shares)   20,000          
Stock options exercised 86   86        
Stock issued in business combination (in shares)   107,832          
Stock Issued in business combination 3,700 $ 1 3,699        
Issuance of MKF penny warrants 12,010   12,010        
Stock Issued During Period, Shares, Conversion of Units   67,052          
Stock Issued During Period, Value, Conversion of Units   $ 1 3,331       (3,332)
Noncontrolling Interest, Increase from Business Combination 0            
Other comprehensive income (268,831)         (268,831)  
Net loss (425,546)       (425,546)    
Ending balance (in shares) at Dec. 31, 2022   46,670,057          
Ending balance at Dec. 31, 2022 806,247 $ 466 1,636,366 0 (535,373) (295,640) 428
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of restricted stock and other stock awards (in shares)   444,115          
Issuance of restricted stock and other stock awards (2,229) $ 4 (2,762) 529      
Share-based compensation 24,074   24,074        
Retirement of treasury shares $ (998) $ (75) (267,054) 99,153 166,978    
Share repurchases (in shares) (7,581,428) (7,581,428)          
Share repurchases (including tender offer) $ (99,081)     (99,081)      
Penny warrants exercised (in shares)   377,253          
Penny warrants exercised 4 $ 4   0      
Stock issued in business combination (in shares)   103,656          
Stock Issued in business combination 1,884 $ 1 1,883        
Settlement of consideration - Bally’s Interactive (in shares)   (40,451)          
Settlement of consideration - Bally’s Interactive 0   601 (601)      
Issuance of MKF penny warrants 7,371   7,371        
Other comprehensive income 86,082         86,082  
Net loss (187,500)       (187,500)    
Ending balance (in shares) at Dec. 31, 2023   39,973,202          
Ending balance at Dec. 31, 2023 635,854 $ 400 1,400,479 0 (555,895) (209,558) 428
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of restricted stock and other stock awards (in shares)   723,990          
Issuance of restricted stock and other stock awards (2,814) $ 7 (2,821) 0      
Share-based compensation 14,752   14,752        
Stock issued in business combination (in shares)   81,190          
Stock Issued During Period, Shares, Conversion of Units   8,625          
Stock Issued During Period, Value, Conversion of Units   $ 0 428       (428)
Stock Issued During Period, Value, Acquisitions, Net Of Decrease For Tax Withholding Obligation (177) $ 1 (178)        
Noncontrolling Interest, Increase from Business Combination 0            
Stockholders' Equity, Other 1,750   1,750        
Other comprehensive income (50,709)         (50,709)  
Net loss (567,754)       (567,754)    
Ending balance (in shares) at Dec. 31, 2024   40,787,007          
Ending balance at Dec. 31, 2024 $ 30,902 $ 408 $ 1,414,410 $ 0 $ (1,123,649) $ (260,267) $ 0
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net loss $ (567,754) $ (187,500) $ (425,546)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 379,544 350,408 300,559
Non-cash lease expense 58,727 56,945 32,438
Share-based compensation 14,752 24,074 27,912
Impairment charges 248,879 149,825 463,978
Amortization of debt discount and debt issuance costs 11,707 11,312 10,896
(Gain) loss on extinguishment of debt 0 (4,044) 0
Gain on sale-leaseback, net (86,254) (374,321) (50,766)
Diamond Sports Group non-cash settlement 1,114 144,883 0
Loss on disposal of business 27,796 0 0
Deferred income taxes 23,947 (23,923) (88,129)
Loss (gain) on assets and liabilities measured at fair value (18,086) 1,180 (3,251)
Net loss (gain) on equity method investments 1,850 (4,255) 0
Change in value of performance warrants 13,965 7,716 (32,577)
Change in contingent consideration payable 1,343 1,024 (10,747)
Proceeds from interest rate contracts 15,312 0 0
Foreign exchange loss (gain) (10,271) 11,019 (516)
Other operating activities 17,031 11,166 9,606
Changes in current operating assets and liabilities (19,603) 13,105 37,114
Net cash provided by operating activities 113,999 188,614 270,971
Cash flows from investing activities:      
Cash paid for acquisitions, net of cash acquired (788) (93,900) (146,317)
Proceeds from sale-leaseback transactions 388,000 411,000 150,000
Purchase of Bally’s Chicago land 0 0 200,000
Advance deposit in connection with sale-leaseback transactions 0 0 200,000
Capital expenditures (199,827) (311,483) (212,256)
Cash paid for capitalized software (44,864) (45,200) (37,121)
Cash and cash equivalents transferred in sale of business (4,178) 0 0
Restricted cash transferred in sale of business (37,541) 0 0
Proceeds from net investment hedges 4,058 0 0
Acquisition of gaming licenses (2,508) (145,485) (55,117)
Purchase of equity securities 0 0 (3,175)
Other intangible asset acquisitions (929) 0 (665)
Other investing activities (3,588) (22,723) 1,729
Net cash provided by (used in) investing activities 97,835 (207,791) (302,922)
Cash flows from financing activities:      
Issuance of long-term debt 440,000 448,000 597,000
Repayments of long-term debt (794,450) (280,070) (564,450)
Deferred payables 73,709 0 0
Proceeds from Bally’s Chicago land financing obligation 0 0 200,000
Payment of deferred consideration (3,102) 0 (30,025)
Share repurchases 0 (99,081) (153,366)
Other financing activities (3,997) (3,094) (5,922)
Net cash (used in) provided by financing activities (287,840) 65,755 43,237
Effect of foreign currency on cash and cash equivalents (8,002) 5,153 (20,722)
Change in cash and cash equivalents and restricted cash classified as assets held for sale 0 (1,653) (220)
Net change in cash and cash equivalents and restricted cash (84,008) 50,078 (9,656)
Cash and cash equivalents and restricted cash, beginning of period 315,262 265,184 274,840
Cash and cash equivalents and restricted cash, end of period 231,254 315,262 265,184
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of amounts capitalized 314,245 249,510 200,901
Cash received from income tax refunds, net of cash paid 2,230 14,444 (38,199)
Change in cash and cash equivalents and restricted cash classified as assets held for sale      
Unpaid property and equipment 20,256 22,397 24,080
Unpaid internally developed software 5,419 1,891 0
Sale of business in exchange for note receivable 32,868 0 0
Bally’s Chicago - land development liability 0 47,739 0
Investment in GLP Capital, L.P. 6,837 14,412 0
Investment in Rhode Island VLT Company, LLC 0 17,832 0
Non-controlling interest acquired 428 0 3,332
Net purchase consideration for acquisitions $ 0 $ 58,580 $ 0
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Cash Flows [Abstract]        
Cash and cash equivalents $ 171,233 $ 163,194 $ 212,515  
Restricted cash 60,021 152,068 52,669  
Total cash and cash equivalents and restricted cash $ 231,254 $ 315,262 $ 265,184 $ 274,840
v3.25.1
GENERAL INFORMATION
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GENERAL INFORMATION GENERAL INFORMATION
Bally’s Corporation (the “Company,” or “Bally’s”) is a global gaming, hospitality and entertainment company with casinos and resorts and online gaming (“iGaming”) businesses. As of December 31, 2024, the Company owns and manages the following properties within its Casinos & Resorts reportable segment:
Casinos and ResortsLocationTypeBuilt/Acquired
Bally’s Twin River Lincoln Casino Resort (“Bally’s Twin River”)
Lincoln, Rhode IslandCasino and Resort2004
Bally’s Arapahoe Park
Aurora, ColoradoRacetrack/OTB Site2004
Hard Rock Hotel & Casino Biloxi (“Hard Rock Biloxi”)(2)
Biloxi, MississippiCasino and Resort2014
Bally’s Tiverton Casino & Hotel (“Bally’s Tiverton”)(2)
Tiverton, Rhode IslandCasino and Hotel2018
Bally’s Dover Casino Resort (“Bally’s Dover”)(2)
Dover, DelawareCasino, Resort and Raceway2019
Bally’s Black Hawk (“Bally's Black Hawk”)(1)(2)
Black Hawk, ColoradoThree Casinos2020
Bally’s Kansas City Casino (“Bally’s Kansas City”)(2)
Kansas City, MissouriCasino2020
Bally’s Vicksburg Casino (“Bally’s Vicksburg”)
Vicksburg, MississippiCasino and Hotel2020
Bally’s Atlantic City Casino Resort (“Bally’s Atlantic City”)
Atlantic City, New JerseyCasino and Resort2020
Bally’s Shreveport Casino & Hotel (“Bally’s Shreveport”)(2)
Shreveport, LouisianaCasino and Hotel2020
Bally’s Lake Tahoe Casino Resort (“Bally’s Lake Tahoe”)
Lake Tahoe, NevadaCasino and Resort2021
Bally’s Evansville Casino & Hotel (“Bally’s Evansville”)(2)
Evansville, IndianaCasino and Hotel2021
Bally’s Quad Cities Casino & Hotel (“Bally’s Quad Cities”)(2)
Rock Island, IllinoisCasino and Hotel2021
Bally’s Chicago Casino (“Bally’s Chicago”)(3)
Chicago, IllinoisCasino2023
Bally’s Golf Links at Ferry Point (“Bally’s Golf Links”)
Bronx, New YorkGolf Course2023
__________________________________
(1)    Includes Bally’s Black Hawk North Casino, Bally’s Black Hawk West Casino and Bally’s Black Hawk East Casino.
(2)    Properties leased from Gaming and Leisure Properties, Inc. (“GLPI”). Refer to Note 18 “Leases” for further information.
(3)    Temporary casino facility as a permanent casino resort is being constructed. Site of future permanent casino resort is leased from GLPI.

The Company’s International Interactive reportable segment includes the Company’s interactive European gaming operations, the Company’s global licensing revenue generating operations, as well as one casino property, Bally's Newcastle, in the UK.

The North America Interactive reportable segment portfolio of sports betting, iGaming, and free-to-play gaming brands.

Agreement and Plan of Merger

On July 25, 2024, the Company entered into an Agreement and Plan of Merger (as amended, the “Merger Agreement”) with SG Parent LLC, a Delaware limited liability company (“Parent”), The Queen Casino & Entertainment, Inc., a Delaware corporation and affiliate of Parent (“Queen”), Epsilon Sub I, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub I”), Epsilon Sub II, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub II”, and together with the Company and Merger Sub I, the “Company Parties”), and, solely for purposes of specified provisions thereof, SG CQ Gaming LLC, a Delaware limited liability company (“SG Gaming” and together with Parent and Queen, the “Buyer Parties”).

The Merger Agreement provides, among other things and on the terms and subject to the conditions therein, in connection with the closing of the transaction, (i) SG Gaming will contribute to the Company all shares of common stock of Queen that it owns (the “Queen Share Contribution”) in exchange for 26,909,895 shares of common stock of the Company (“Company Common Stock”) based on a 2.45368905950 share exchange ratio, (ii) the Company will issue approximately 3,542,205 shares of Company Common Stock to the other stockholders of Queen, (iii) immediately thereafter, Merger Sub I will merge into the Company (the “Company Merger”), with the Company surviving the Company Merger and (iv) immediately thereafter, Merger Sub II will merge into Queen (the “Queen Merger,” and together with the Company Merger, the “Mergers”), with Queen surviving the Queen Merger as a direct, wholly owned subsidiary of the Company.

At the effective time of the Merger, each share of the Company’s Common Stock issued and outstanding (other than shares of common stock owned by (i) the Company or any of its wholly owned subsidiaries, (ii) Parent or any of Parent’s affiliates, (iii) by holders exercising statutory appraisal rights; (iv) by SG Gaming following the Queen Share Contribution; or (v) by holders who have elected to have such shares remain issued and outstanding following the Company Merger (a “Rolling Share Election”)) will be converted into the right to receive cash consideration equal to $18.25 per share of common stock (the “Per Share Price”). Each holder of shares of Company Common Stock (other than the Company or its subsidiaries) will have the option to make a Rolling Share Election.
Concurrently with the Merger Agreement, the Company and Parent entered into support agreements with Standard RI Ltd. (“SRL”) (the “SG Support Agreement”), SBG Gaming, LLC, a designated subsidiary of Sinclair (“SBG”) (the “SBG Support Agreement”), and Noel Hayden (the “Hayden Support Agreement”), collectively known as the “Support Agreements”. The Support Agreements obligate the parties to vote their respective shares in favor of the Merger Agreement and related transactions, and to make a Rolling Share Election for their shares, including those acquired through options or warrants. Additionally, under the SBG Support Agreement, SBG agreed to waive its right to the options it previously acquired under the Framework Agreement, as described in Note 15, “Strategic Partnership - Sinclair Broadcast Group”, upon completion of the Merger, and in exchange, the Company will issue SBG warrants to purchase 384,536 shares of the Company’s common stock under substantially similar terms to the Penny Warrants issued to SBG under the Framework Agreement.
On February 7, 2025, the Company completed the above transactions with the Buyer Parties. Refer to Note 25 “Subsequent Events” for further information.
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of the Company, its majority-owned subsidiaries and entities the Company identifies as variable interest entities (“VIEs”), of which the Company is determined to be the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year’s presentation. The financial statements of our foreign subsidiaries are translated into US Dollars (“USD”) using exchange rates in effect at period-end for assets and liabilities and average exchange rates during each reporting period for results of operations. Adjustments resulting from financial statement translations are reflected as a separate component of accumulated other comprehensive income (loss). Foreign currency transaction gains and losses are included in net income (loss).

Equity Method Investments

In 2024, in connection with the disposal of its Asia Interactive Business, the Company acquired penny warrants that represent a 19.99% fully-diluted interest in the Buyer, as defined in Note 8 “Dispositions”, for approximately $1.9 million. The Company accounts for this interest as an equity method investment given the Company’s ability to exercise significant influence over, but not control, the counterparty to the agreement. Refer to Note 8 “Dispositions” for further information.

In 2023, the Company and International Game Technology PLC (“IGT”) contributed certain tangible assets and leases to Rhode Island VLT Company, LLC (the “RI Joint Venture”) in exchange for equity interests of the RI Joint Venture. The Company contributed video lottery terminals (“VLTs”) and player tracking equipment to the joint venture for a 40% equity interest of the RI Joint Venture. The 40% ownership in the joint venture qualifies for equity method accounting. In addition to this joint venture, the Company also has other investments in unconsolidated subsidiaries, which are accounted for using equity method accounting.

The Company records its share of net income or loss from equity method investments within “Other non-operating income, net” in the consolidated statements of operations. During the years ended December 31, 2024 and 2023, the Company recorded (loss) income from equity method investments of $(1.9) million and $4.3 million, respectively. There was no income or loss from equity method investments recorded by the Company during the year ended December 31, 2022.

Variable Interest Entities

The Company evaluates entities for which control is achieved through means other than voting rights to determine if it is the primary beneficiary of a VIE. An entity is a VIE if it has any of the following characteristics (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support (ii) equity holders, as a group, lack the characteristics of a controlling financial interest or (iii) the entity is structured with non-substantive voting rights. The primary beneficiary of the VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary.

In determining whether it is the primary beneficiary of the VIE, the Company considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities and significance of the Company’s investment and other means of participation in the VIE’s expected profits/losses. Significant judgments related to these determinations include estimates about the current and future fair values and performance of assets held by these VIEs and general market conditions.
Management has analyzed and concluded that a trust, that was established in connection with the disposal of the Asia Interactive Business, is a VIE that will be consolidated based on the applicable criterion. Refer to Note 8, “Dispositions” for further information.

As of December 31, 2024 and 2023, consolidated VIEs had total assets of $263.9 million and $161.3 million, respectively, and total liabilities of $27.9 million and $87.7 million, respectively. Consolidated VIEs had total revenues of $169.8 million, $293.3 million and $298.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with US GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and revenues and expenses and related disclosures of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates and judgments including those related to contingent value rights, the allowance for credit losses, valuation of goodwill and intangible assets, recoverability and useful lives of tangible and intangible long-lived assets, accruals for potential liabilities related to any lawsuits or claims brought against the Company, fair value of financial instruments, capitalized software development costs, stock compensation and valuation allowances for deferred tax assets. The Company bases its estimates and judgments on historical experience and other relevant factors impacting the carrying value of assets and liabilities. Actual results may differ from these estimates.

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents includes cash balances and highly liquid investments with an original maturity of three months or less. Restricted cash includes player deposits, payment service provider deposits, cash collateral in connection with amounts previously due to the Chicago Tribune (refer to Note 10 “Property and Equipment”), and VLT and table games related cash payable to certain states where we operate, which are unavailable for the Company’s use.

Concentrations of Credit Risk

The Company’s financial instruments which potentially expose the Company to concentrations of credit risk consisted of cash and cash equivalents and trade receivables. The Company maintains cash with financial institutions in excess of federally insured limits, however, management believes the credit risk is mitigated by the quality of the institutions holding such deposits.

Accounts Receivable, Net

Accounts receivable, net consists of the following:
December 31,
(in thousands)20242023
Accounts due from Rhode Island and Delaware(1)
$14,135 $13,028 
Gaming receivables20,700 26,127 
Non-gaming receivables27,803 37,221 
Accounts receivable62,638 76,376 
Less: Allowance for credit losses(7,152)(6,048)
Accounts receivable, net$55,486 $70,328 
__________________________________
(1)    Represents the Company’s share of revenue due from the State of Rhode Island and State of Delaware.

An allowance for credit losses is determined to reduce the Company’s receivables for amounts that may not be collected. The allowance is estimated based on historical collection experience, current economic and business conditions and forecasts that affect the collectability and review of individual customer accounts and any other known information. Activity for the allowance for credit losses is as follows:
December 31,
(in thousands)202420232022
Balance at beginning of year$6,048 $5,789 $4,454 
Charges to expense1,990 1,250 1,649 
Deductions(886)(991)(602)
Other adjustments— — 288 
Balance at end of year$7,152 $6,048 $5,789 

Inventory

Inventory is stated at the lower of cost or net realizable value on a first-in, first-out basis and consists primarily of food, beverage, promotional items and other supplies.

Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation and impairment losses, if applicable. Expenditures for renewals and betterments that extend the life or value of an asset are capitalized and expenditures for repairs and maintenance are charged to expense as incurred. The costs and related accumulated depreciation applicable to assets sold or disposed of are removed from the balance sheet accounts and the resulting gains or losses are reflected in the consolidated statements of operations. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets or the related lease term, if any, as follows:
Years
Land improvements
10-20
Building and improvements
2-50
Equipment
2-10
Furniture and fixtures
2-10

Development costs directly associated with the acquisition, development and construction of a project are capitalized as a cost of the project during the periods in which activities necessary to prepare the property for its intended use are in progress. Interest costs associated with major construction projects are capitalized as part of the cost of the constructed assets. When no debt is incurred specifically for a project, interest is capitalized on amounts expended for the project using the weighted average cost of borrowing. Capitalization of interest ceases when the project (or discernible portions of the project) is substantially complete. If substantially all of the construction activities of a project are suspended, capitalization of interest will cease until such activities are resumed. During the years ended December 31, 2024, 2023 and 2022, there was $8.0 million, $13.6 million and $1.9 million of capitalized interest, respectively.

Leases

The Company determines if a contract is or contains a lease at the contract inception date or the date in which a modification of an existing contract occurs. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (i) the right to obtain substantially all of the economic benefits from the use of the identified asset throughout the period of use and (ii) the right to direct the use of the identified asset.

Upon adoption of Accounting Standards Codification (“ASC”) 842, Leases, (“ASC 842”) the Company elected to account for lease and non-lease components as a single component for all classes of underlying assets. Additionally, the Company elected to not recognize short-term leases (defined as leases that are less than 12 months and do not contain purchase options) within the consolidated balance sheets.

The Company recognizes a lease liability for the present value of lease payments at the lease commencement date using its incremental borrowing rate commensurate with the lease term based on information available at the commencement date unless the rate implicit in the lease is readily determinable.
Certain of the Company’s leases include renewal options and escalation clauses; renewal options are included in the calculation of the lease liabilities and right of use assets when the Company determines it is reasonably certain to exercise the options. Variable expenses generally represent the Company’s share of the landlord’s operating expenses and consumer price index (“CPI”) increases. Rent expense associated with the Company’s long and short term leases and their associated variable expenses are reported in total operating costs and expenses within the consolidated statements of operations.

Goodwill

Goodwill consists of the excess of acquisition costs over the fair value of net assets acquired in business combinations. Goodwill is not amortized, but is reviewed for impairment annually as of October 1st, or when events or changes in the business environment indicate that the carrying value of the reporting unit may exceed its fair value, by comparing the fair value of each reporting unit to its carrying value, including goodwill.

When assessing goodwill for impairment, first, qualitative factors are assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Items that are considered in the qualitative assessment include, but are not limited to, the following: macroeconomic conditions, industry and market conditions and overall financial performance. If the results of the qualitative assessment indicate it is more likely than not that a reporting unit’s carrying value exceeds its fair value, or if the Company elects to bypass the qualitative assessment, a quantitative goodwill test is performed.

Intangible Assets

The Company’s intangible assets primarily consist of customer relationships, developed technology, internally developed software, gaming licenses and trade names. The Company also has a commercial rights intangible asset obtained through the Framework Agreement (as defined herein). Refer to Note 15 “Strategic Partnership - Sinclair Broadcast Group” for further information regarding the Sinclair Broadcast Group (“Sinclair”) commercial rights.

For its finite-lived intangible assets, the Company establishes a useful life upon initial recognition based on the period over which the asset is expected to contribute to the future cash flows of the Company and periodically evaluates the remaining useful lives to determine whether events and circumstances warrant a revision to the remaining amortization period. Finite-lived intangible assets are amortized over their remaining useful lives in a pattern in which the economic benefits of the intangible asset are consumed, which is generally on a straight-line basis. The Company reviews the carrying amount of its finite-lived intangible assets for possible impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Should events and circumstances indicate finite-lived intangible assets may not be recoverable, the Company performs a test for recoverability whereby estimated undiscounted cash flows are compared to the carrying values of the assets. Should the estimated undiscounted cash flows exceed the carrying value, no impairments are recorded. If the undiscounted cash flows do not exceed the carrying values, an impairment is recorded based on the fair value of the asset.

Customer Relationships - The Company considers customer relationships to be finite-lived intangible assets, which are amortized over their estimated useful lives, and are recognized as the result of a business combination.

Developed Technology - Developed technology relates to the design and development of sports betting and casino gaming software and online gaming products acquired through the Company’s acquisitions of the businesses within the International Interactive and North America Interactive segments. Developed technology is considered to be a finite-lived intangible asset, which are amortized over their estimated useful lives, which is generally between three to 10 years.

Internally Developed Software - Software that is developed for internal use is accounted for pursuant to ASC 350-40, Intangibles, Goodwill and Other - Internal-Use Software. Qualifying costs incurred to develop internal-use software are capitalized when (i) the preliminary project stage is completed, (ii) management has authorized further funding for the completion of the project and (iii) it is probable that the project will be completed and perform as intended. These capitalized costs include compensation for employees who develop internal-use software and external costs related to development of internal use software. Capitalization of these costs ceases once the project is substantially complete and the software is ready for its intended purpose. Once placed into service, internally developed software is amortized on a straight-line basis over its estimated useful life, which is generally five years. All other expenditures, including those incurred in order to maintain an intangible asset’s current level of performance, are expensed as incurred.
Gaming Licenses and Trade Names - Certain gaming licenses and trade names classified as finite-lived are amortized over their estimated useful lives. The Company also has certain gaming licenses, including its VLT licenses, and trade names, which are considered to be indefinite lived based on future expectations of operating its gaming properties indefinitely, continuing to brand its corporate name and certain properties under the Bally’s trade name indefinitely and continuing to indefinitely brand its online casino offerings within the International Interactive segment with the trade names acquired through the Gamesys acquisition. Intangible assets not subject to amortization are reviewed for impairment annually as of October 1 and between annual test dates whenever events or changes in circumstances may indicate that the carrying amount of the related asset may exceed its fair value.

Refer to Note 11 “Goodwill and Intangible Assets” for further information.

Long-lived Assets

The Company reviews its long-lived assets, other than goodwill and intangible assets not subject to amortization, for indicators of impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If an asset is still under development, the analysis includes the remaining construction costs. If the carrying value of the asset exceeds the expected undiscounted future cash flows generated by the asset, the asset is written down to its estimated fair value and an impairment loss is recognized.

Deferred Payables

In order to execute on its strategy of improving working capital efficiency, the Company will, from time to time, participate in trade finance or deferred payable initiatives, including programs that may extend trade terms with certain suppliers or vendors. In certain cases, where the Company is not able to extend payment terms directly with suppliers or vendors, the Company will consider deferred payable solutions that simulate such trade term extensions. These solutions generally involve entering into exchange agreements with intermediary institutions who will make payment to the supplier or vendor within the original terms on behalf of the Company, in exchange for a new bill with terms that conforms to the Company’s payment policy of net 90 days. The Company will then pay the new bill to the intermediary institutions, inclusive of any embedded premium, which the Company records as “Interest expense, net,” within three months or less.

During the year ended December 31, 2024, the Company borrowed $239.1 million, under these deferred payable arrangements and repaid $165.4 million. Amounts outstanding under these deferred payable arrangements were $72.8 million as of December 31, 2024 and are included in “Accrued and other current liabilities” on the consolidated balance sheets. For the year ended December 31, 2024, the Company incurred $6.4 million of interest expense, under these arrangements. These arrangements were not utilized by the Company during the years ended December 31, 2023 and 2022.

Debt Issuance Costs and Debt Discounts

Debt issuance costs and debt discounts incurred by the Company in connection with obtaining and amending financing have been included as a component of the carrying amount of debt in the consolidated balance sheets. Debt issuance costs and debt discounts are amortized over the contractual term of the debt to interest expense. Debt issuance costs of the revolving credit facility are amortized on a straight-line basis, while all other debt issuance costs and debt discounts are amortized using the effective interest method. Amortization of debt issuance costs and debt discounts included in “Interest expense” in the consolidated statements of operations was $11.7 million, $11.3 million and $10.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Self-Insurance Reserves

The Company is self-insured for employee medical insurance coverage, general liability and workers’ compensation up to certain stop-loss amounts. Self-insurance liabilities are estimated based on the Company’s claims experience using actuarial methods to estimate the future cost of claims and related expenses that have been reported but not settled and that have been incurred but not yet reported. The self-insurance liabilities are included in “Accrued and other current liabilities” in the consolidated balance sheets and were $23.9 million and $21.0 million as of December 31, 2024 and 2023, respectively.
Defined Contribution Plans

The Company operates defined contribution plans covering its non-union employees and certain union employees. The plans allow for employee salary deferrals, which are matched at the Company’s discretion. Total employer contribution expense attributable to defined contribution plans was $10.3 million, $8.5 million and $7.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Dover Downs Defined Benefit Pension Plan

The Company sponsors a non-contributory, tax qualified defined benefit pension plan that has been frozen since July 2011. As of December 31, 2024 and 2023, the benefit obligation was $16.1 million and $16.9 million, respectively, and the fair value of plan assets were $17.2 million and $16.5 million, respectively. The Company did not make any contributions to the plan during the year ended December 31, 2024 and does not expect to contribute in 2025. Net periodic benefit income and total income recognized in other comprehensive loss for the year ended December 31, 2024 were $0.4 million and $1.2 million, respectively. Amounts relating to the plan recognized in the consolidated balance sheets as of December 31, 2024 and 2023 consist of non-current assets of $1.1 million and non-current liabilities of $0.5 million, respectively.

During the year ended December 31, 2023, a settlement was recognized under the Dover Downs Defined Benefit Pension Plan as the total amount of lump sum benefit payments was greater than the sum of the service and interest costs for the fiscal year. The settlement reduced the Company’s benefit obligation by $3.4 million and reduced total income recognized in other comprehensive income for the year by $0.2 million.

Share-Based Compensation

The Company accounts for its share-based compensation in accordance with ASC 718, Compensation - Stock Compensation (“ASC 718”). The Company has two share-based employee compensation plans, which are described more fully in Note 19 “Equity Plans.” Share-based compensation consists of stock options, time-based restricted stock units (“RSUs”), restricted stock awards (“RSAs”) and performance-based restricted stock units (“PSUs”). The grant date closing price per share of the Company’s stock is used to estimate the fair value of RSUs and RSAs. Stock options are granted at exercise prices equal to the fair market value of the Company’s stock at the dates of grant. The Company recognizes share-based compensation expense on a straight-line basis over the requisite service period of the individual grants. PSUs vest, when and if earned, in accordance with the terms of the related PSU award agreements. The Company recognizes share-based compensation expense based on the target number of shares of common stock that may be earned pursuant to the award and the Company’s stock price on the date of grant and subsequently adjusts expense based on actual and forecasted performance compared to planned targets. Forfeitures are recognized as reductions to share-based compensation when they occur. 

Warrant/Option Liabilities

The Company accounts for Penny Warrants and Options in accordance with ASC 815-40, Contracts in an Entity’s Own Equity. The Penny Warrants and Options are classified in equity because they are indexed to the Company’s own stock and meet all conditions for equity classification. The Performance Warrants are accounted for as a derivative liability in accordance with ASC 815, Derivatives and Hedging (“ASC 815”) because the underlying performance metrics represent an adjustment to the settlement amount that is not indexed to the Company’s own stock and thus equity classification is precluded under ASC 815. The Performance Warrants are marked to market each reporting period, with changes in fair value recorded in “Other non-operating income (expense), net” in the consolidated statements of operations. Refer to Note 15 “Strategic Partnership - Sinclair Broadcast Group” for further information.

Sequencing Policy

Under ASC 815-40-35, the Company has adopted a sequencing policy to determine equity or asset/liability classification for contracts involving the Company’s own equity that require cash settlement if sufficient shares are not available to settle the contracts in equity. Under this policy, the Company has elected to allocate available shares to contracts based on the order in which they become exercisable.

Revenue

The Company accounts for revenue earned from contracts with customers under ASC 606, Revenue from Contracts with Customers (“ASC 606”). The Company generates revenue from four principal sources: gaming (which includes retail gaming, online gaming, sports betting and racing), hotel, food and beverage, licensing and retail, entertainment and other. Refer to Note 6 “Revenue Recognition” for further information.
Gaming Expenses

Gaming expenses include, among other things, payroll costs and expenses associated with the operation of VLTs, slots and table games, including gaming taxes payable to jurisdictions in which the Company operates outside of Rhode Island and Delaware, and certain marketing costs directly associated with the Company’s iGaming products and services. Gaming expenses also include racing expenses comprised of payroll costs, off track betting (“OTB”) commissions and other expenses associated with the operation of live racing and simulcasting.

Advertising Expenses

The Company expenses advertising costs as incurred. Advertising expenses, including production and agency fees of campaigns, for the years ended December 31, 2024, 2023 and 2022, advertising expense was $12.2 million, $19.0 million and $26.8 million, respectively, are included in “General and administrative” on the consolidated statements of operations. Additionally, the Company incurred certain advertising and marketing costs directly associated with the Company’s iGaming products and services of $170.1 million, $178.7 million and $174.7 million during the years ended December 31, 2024, 2023 and 2022, respectfully. These costs are included within Gaming expenses in the consolidated statements of operations.

Interest Expense, Net

Interest expense, net is comprised of interest costs for the Company’s debt, amortization of debt issuance costs and debt discounts, interest costs associated with the Company’s deferred payable arrangements, net of interest income earned on the note receivable (refer to Note 8, Dispositions), amounts capitalized for construction projects, realized changes in fair value relating to interest rate derivative contracts designated as cash flow hedges, and lease payments associated with the Company’s financing obligation during the years ended December 31, 2023 and 2022.

Income Taxes

The Company prepares its income tax provision in accordance with ASC 740, Income Taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that the rate change is enacted. A valuation allowance is required when it is “more likely than not” that all or a portion of the deferred taxes will not be realized. The consolidated financial statements reflect expected future tax consequences of uncertain tax positions presuming the taxing authorities’ full knowledge of the position and all relevant facts.

Loss Per Share

Basic loss per common share is calculated in accordance with ASC 260, Earnings Per Share, which requires entities that have issued securities other than common stock that participate in dividends with common stock (“participating securities”) to apply the two-class method to compute basic loss per common share. The two-class method is an earnings allocation method under which basic loss per common share is calculated for each class of common stock and participating security as if all such earnings had been distributed during the period. To calculate basic loss per share, the earnings allocated to common shares is divided by the weighted average number of common shares outstanding, contingently issuable warrants and RSUs, RSAs and PSUs for which no future service is required as a condition to the delivery of the underlying common stock (collectively, basic shares).

Foreign Currency

The Company’s functional currency is the US Dollar (“USD”). Foreign subsidiaries with a functional currency other than USD translate assets and liabilities at current exchange rates at the end of the reporting periods, while income and expense accounts are translated at average exchange rates for the respective periods. Translation adjustments resulting from this process are recorded to other comprehensive income (loss). Gains or losses from foreign currency remeasurements that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in “Other non-operating income (expense), net” on the consolidated statements of operations.
Comprehensive Income (Loss)

Comprehensive income (loss) includes changes in equity that result from transactions and economic events from non-owner sources. Comprehensive income (loss) consists of net income (loss), changes in defined benefit pension plan, net of tax, foreign currency translation adjustments and unrealized gains (losses) relating to cash flow and net investment hedges, net of tax.

Treasury Stock

The Company records the repurchase of shares of common stock at cost based on the settlement date of the transaction. These shares are classified as treasury stock, which is a reduction to stockholders’ equity. Treasury stock is included in authorized and issued shares but excluded from outstanding shares.

Business Combinations

The Company accounts for its acquisitions in accordance with ASC 805, Business Combinations. The Company initially allocates the purchase price of an acquisition to the assets acquired and liabilities assumed based on their estimated fair values, with any excess of consideration transferred recorded as goodwill. If the estimated fair value of net assets acquired and liabilities assumed exceeds the purchase price, the Company records a gain on bargain purchase in earnings in the period of acquisition. The results of operations of acquisitions are included in the consolidated financial statements from their respective dates of acquisition. Costs incurred to complete the business combination such as investment banking, legal and other professional fees are not considered part of consideration and are charged to general and administrative expense as they are incurred.

Segments

Operating segments are identified as components of an enterprise that engage in business activities from which it recognizes revenues and expenses, and for which discrete financial information is available and regularly reviewed by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance.

Fair Value Measurements

Fair value is determined using the principles of ASC 820, Fair Value Measurement. Fair value is described as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes and defines the inputs to valuation techniques as follows:

•Level 1: Observable quoted prices (unadjusted) for identical assets or liabilities in active markets.
•Level 2: Inputs are observable for the asset or liability either directly or through corroboration with observable market data.
•Level 3: Unobservable inputs.

The inputs used to measure the fair value of an asset or a liability are categorized within levels of the fair value hierarchy. The fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the measurement.

Derivative Instruments Designated as Hedging Instruments

Cross Currency Swaps - The Company uses fixed-to-fixed cross-currency swap agreements to hedge its exposure to adverse foreign currency exchange rate movements for its foreign operations. The Company has elected the spot method for designating these contracts as net investment hedges. These derivative arrangements qualify as net investment hedges under ASC 815, Derivatives and Hedging (“ASC 815”), with the gain or loss resulting from changes in the spot value of the derivative reported in other comprehensive income (loss) with amounts reclassified out of other comprehensive income (loss) into earnings when the hedged net investment is either sold or substantially liquidated. Refer to Note 12 “Derivative Instruments” for further information.

Interest Rate Contracts - The Company uses interest rate derivatives to hedge its exposure to variability in cash flows on its floating-rate debt to add stability to interest expense and manage its exposure to interest rate movements. The Company’s interest rate swaps and collars are designated as cash flow hedges under ASC 815, with changes in the fair value reported in other comprehensive income (loss) and reclassified into “Interest expense, net” in the consolidated statements of operations in the same period in which the hedged interest payments associated with the Company’s borrowings are recorded. Refer to Note 12 “Derivative Instruments” for further information.
v3.25.1
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
In the fourth quarter of 2024, the Company completed the sale of portions of its international interactive business in Asia and certain other international markets in its International Interactive reportable segment (the “Carved-Out Business”) to a company (the “Buyer”) formed by members of management of the Carved-Out Business (refer to Note 8, “Dispositions”). The Company purchased a warrant, representing a 19.99% fully diluted equity interest in the Carved-Out Business, which as a result is an unconsolidated entity accounted for under the equity method and is considered to be a related party under ASC 850. Revenues generated from this equity method investee are included in “Non-gaming revenue” and were $6.9 million for the year ended December 31, 2024. Receivables from this equity method investee are included in Accounts receivable, net and were $1.1 million as of December 31, 2024.

In connection with the disposal of the Carved-Out Business, the Company entered into a seven-year term loan with the Buyer for a principal amount of €30 million, subject to applicable interest. As of December 31, 2024, the Company has a loan receivable of approximately $31.2 million included in Other assets within the consolidated balance sheets, and has recorded interest income of $0.5 million included within Interest expense, net in the consolidated statements of operations during the year ended December 31, 2024.
v3.25.1
CONSOLIDATED FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
CONSOLIDATED FINANCIAL INFORMATION CONSOLIDATED FINANCIAL INFORMATION
General and Administrative Expense

Amounts included in General and administrative expense for the years ended December 31, 2024, 2023 and 2022 were as follows:
Year Ended December 31,
(in thousands)202420232022
Advertising, general and administrative$957,118 $888,787 $776,226 
Acquisition and integration
24,729 49,292 49,480 
Restructuring charges, net
17,921 31,014 — 
Loss on disposal of business(1)
27,796 — — 
Merger costs(2)
14,808 — — 
Diamond Sports Group non-cash settlement(3)
1,114 144,883 — 
Total general and administrative$1,043,486 $1,113,976 $825,706 
__________________________________
(1)    Refer to Note 8 “Dispositions” for further information.
(2)    Refer to Note 1 “General Information” and Note 25 “Subsequent Events” for further information.
(3)    Refer to Note 22 “Commitments and Contingencies” for further information.

Interest Expense, Net

Amounts included in Interest expense, net for the years ended December 31, 2024, 2023 and 2022 were as follows:
Year Ended December 31,
(in thousands)202420232022
Interest income
$20,718 $6,099 $616 
Interest expense
(310,347)(283,660)(208,769)
Total interest expense, net
$(289,629)$(277,561)$(208,153)
Other Non-Operating Income (Expense)

Amounts included in Other non-operating income (expense), net for the years ended December 31, 2024, 2023 and 2022 were as follows:
Year Ended December 31,
(in thousands)202420232022
Change in value of performance warrants
$(13,965)$(7,716)$32,577 
Net (loss) gain on equity method investments
(1,850)4,255 — 
Foreign exchange gain (loss)
10,271 (11,019)516 
Other, net999 2,294 13,599 
Total other non-operating (expense) income, net$(4,545)$(12,186)$46,692 
v3.25.1
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
RECENTLY ISSUED AND ADOPTED ACCOUNTING PRONOUNCEMENTS RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
Standards Implemented

In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The amendments in this update enhance the disclosures required for significant segment expenses on an annual and interim basis. The guidance will apply retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. The Company adopted the ASU as of December 31, 2024. Refer to Note 23 “Segment Reporting” for further information.

Standards to Be Implemented

In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this update align the requirements in the ASC to the Securities and Exchange Commission’s (“SEC”) regulations. The effective date for each amended topic in the ASC is the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective. Early adoption is prohibited. The Company is currently in the process of evaluating the impact of this amendment on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The amendments in this update enhance the transparency and decision usefulness of income tax disclosures. This update will be effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the impact of this amendment on its consolidated financial statements and related disclosures.

In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements. This amendment to the Codification removes references to various Concepts Statements. This update will be effective for public business entities for fiscal years beginning after December 15, 2024, with early adoption permitted if adopted as of the beginning of the fiscal year that includes that interim period. The Company is currently in the process of evaluating the impact of this amendment on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update require disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. This update will be effective for fiscal years beginning after December 15, 2026, and interim reporting periods in fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its financial statement disclosures.
v3.25.1
REVENUE RECOGNITION
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers, (“ASC 606”) which requires the revenue to be recognized when a performance obligation is satisfied by transferring the control of promised goods or services and is measured at the transaction price or the amount of consideration that the Company expects to receive through satisfaction of the identified performance obligations.

The Company generates revenue from five principal sources: (1) gaming (which includes retail gaming, online gaming, sports betting and racing), (2) hotel, (3) food and beverage, (4) licensing and (5) retail, entertainment and other.
Sales tax and other taxes collected on behalf of governmental authorities are accounted for on a net basis and are not included in revenue or operating expenses.
Gaming Revenue

Performance Obligations

Retail gaming service contracts involving our land-based casinos, each have an obligation to honor the outcome of a wager and to pay out an amount equal to the stated odds, including the return of the initial wager, if the customer receives a winning hand. These elements of honoring the outcome of the hand of play and generating a payout are considered one performance obligation, with an additional performance obligation for those customers earning incentives under the Company’s player loyalty program.

Online gaming and sports betting represent a single performance obligation for the Company to operate contests or games and award prizes or payouts to users based on results of the arrangement. Additionally, the use of incentives across the online gaming products create future customer rights and are a separate performance obligation.

Racing revenue is earned through advance deposit wagering, which consists of patrons wagering through an advance deposit account. Each wagering contract contains a single performance obligation.

Transaction Price

The Company applies a practical expedient to account for its gaming contracts on a portfolio basis as such wagers have similar characteristics and the Company reasonably expects the impact on the consolidated financial statements of applying the revenue recognition guidance to the portfolio would not differ materially from the application of an individual wagering contract. The transaction price for a retail gaming, online gaming or sports betting wagering contract is the difference between wins and losses, not the total amount wagered. In addition, in the event of a multi-stage contest, the Company will allocate transaction price ratably from contest start to the contest’s final stage.

The transaction price for racing operations, inclusive of live racing events conducted at the Company’s racing facilities, is the commission received from the pari-mutuel pool less contractual fees and obligations, primarily consisting of purse funding requirements, simulcasting fees, tote fees and certain pari-mutuel taxes that are directly related to the racing operations.

For purposes of allocating the transaction price in a wagering contract between the wagering performance obligation and the obligation associated with incentives earned under loyalty programs, the Company allocates an amount to the loyalty program contract liability based on the stand-alone selling price of the incentive earned. The performance obligation related to loyalty program incentives are deferred and recognized as revenue upon redemption by the customer.
Revenue Recognition

The allocated revenue for retail gaming wagers is recognized when the wagering occurs as all such wagers settle immediately. Online gaming revenue is recognized at the point in time when the player completes a gaming session and payout occurs. Sports betting involves a player wagering money on an outcome or series of outcomes. If a player wins the wager, the Company pays the player a pre-determined amount known as fixed odds, and its revenue is recognized as total wagers net of payouts made and incentives awarded to players. Racing revenue includes several of our casinos and resorts’ share of wagering from live racing and the import of simulcast signals, and is recognized upon completion of the wager based upon an established take-out percentage.

Certain operations within the Company’s Casinos & Resorts and North America Interactive reportable segment act as an agent in operating gaming services on behalf of the state in which they are licensed. At these respective casino properties, gaming revenue is recognized when the wager is settled, which is when the customer has received the benefits of the Company’s gaming services and the Company has a present right to payment. The Company recorded revenue from its operations in these states on a net basis, which represents the percentage share entitled to the Company.

The estimated retail value related to goods and services provided to guests without charge or upon redemption under the Company’s player loyalty programs included in departmental revenues, and therefore reducing gaming revenues, are as follows for the years ended December 31, 2024, 2023 and 2022:
 Years Ended December 31,
(in thousands)202420232022
Hotel$82,520 $94,650 $87,540 
Food and beverage82,025 80,899 70,476 
Retail, entertainment and other9,722 11,100 10,195 
 $174,267 $186,649 $168,211 
Non-gaming Revenue

Performance Obligations

Hotel, food and beverage, licensing and retail, entertainment and other services have been determined to be separate, stand-alone performance obligations and revenue is recognized as the good or service is transferred at the point in time of the transaction.

Transaction Price

The transaction price for hotel, food and beverage, licensing and retail, entertainment and other, is the net amount collected from the customer for such goods and services or under the license agreement. The estimated standalone selling price of hotel rooms is determined based on observable prices. The standalone selling price of these goods and services are determined based upon the actual retail prices charged to customers for those items.

Revenue Recognition

Hotel revenue is recognized when the customer obtains control through occupancy of the room over their stay at the hotel. Advance deposits for hotel rooms are recorded as liabilities until revenue recognition criteria are met. Food, beverage and retail revenues are recognized at the time the goods are sold from Company-operated outlets. Licensing revenue is recognized under the sales-and usage-based royalty exception available in ASC 606 for licenses of intellectual property whereby revenue is recognized in the period that the underlying sale or usage occurs as the fees due to the Company are contingent and based on the customer’s usage of the intellectual property. Other revenue includes cancellation fees for hotel and meeting space services, which are recognized upon cancellation by the customer, and golf revenues from the Company’s operations of Bally’s Golf Links, which are recognized at the time of sale. Additionally, other revenue includes market access and business-to-business service revenue generated by the International Interactive and North America Interactive reportable segments, which is recognized at the time the goods are sold or the service is provided, and are included in Non-gaming revenue within our consolidated statements of operations.
The following table provides a disaggregation of total revenue by segment (in thousands):
Years Ended December 31,Casinos & ResortsInternational InteractiveNorth America InteractiveTotal
2024   
Gaming$1,008,361 $893,756 $149,551 $2,051,668 
Non-gaming:
Hotel148,693 — — 148,693 
Food and beverage134,853 360 — 135,213 
Licensing— 6,861 — 6,861 
Retail, entertainment and other71,206 8,516 28,321 108,043 
Total non-gaming revenue354,752 15,737 28,321 398,810 
Total revenue$1,363,113 $909,493 $177,872 $2,450,478 
2023
Gaming$954,725 $952,921 $84,395 $1,992,041 
Non-gaming:
Hotel200,650 — — 200,650 
Food and beverage143,521 — — 143,521 
Retail, entertainment and other64,395 20,289 28,177 112,861 
Total non-gaming revenue408,566 20,289 28,177 457,032 
Total revenue$1,363,291 $973,210 $112,572 $2,449,073 
2022
Gaming$907,431 $899,934 $38,759 $1,846,124 
Non-gaming:
Hotel153,750 — — 153,750 
Food and beverage115,322 — — 115,322 
Retail, entertainment and other51,060 46,508 42,941 140,509 
Total non-gaming revenue320,132 46,508 42,941 409,581 
Total revenue$1,227,563 $946,442 $81,700 $2,255,705 

Contract Assets and Contract Related Liabilities

The Company’s receivables related to contracts with customers are primarily comprised of marker balances, interactive platform business-to-business service receivables, other amounts due from gaming activities, amounts due for hotel stays and amounts due from tracks and OTB locations. The Company’s receivables related to contracts with customers were $41.3 million and $38.5 million as of December 31, 2024 and 2023, respectively.

The Company has the following liabilities related to contracts with customers: liabilities for loyalty programs, advance deposits made for goods and services yet to be provided and unpaid wagers. All of the contract liabilities are short-term in nature and are included in “Accrued and other current liabilities” in the consolidated balance sheet.

Loyalty program incentives earned by customers are typically redeemed within one year from when they are earned and expire if a customer’s account is inactive for more than 12 months; therefore, the majority of these incentives outstanding at the end of a period will either be redeemed or expire within the next 12 months.

Advance deposits are typically interactive player deposits and customer deposits for future banquet events, hotel room reservations, and gift cards. The Company holds restricted cash for interactive player deposits and records a corresponding withdrawal liability.

Unpaid wagers include the Company’s outstanding chip liability and unpaid slot, pari-mutuel and sports betting tickets.
Liabilities related to contracts with customers as of December 31, 2024 and 2023 were as follows:
December 31,
20242023
Loyalty programs$12,167 $16,803 
Advanced deposits from customers26,141 29,052 
Unpaid wagers32,992 20,481 
Total$71,300 $66,336 
The Company recognized $30.5 million, $35.7 million and $31.0 million of revenue related to loyalty program redemptions for the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.1
BUSINESS COMBINATIONS
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
BUSINESS COMBINATIONS BUSINESS COMBINATIONS
Casinos & Resorts Acquisitions

Bally’s Golf Links - On September 12, 2023, the Company completed the acquisition of Trump Golf Links at Ferry Point, subsequently renamed Bally’s Golf Links at Ferry Point, which includes the assignment of a license agreement to operate an 18-hole links-style golf course located in the Bronx, New York.

The total purchase consideration included cash paid, net of cash acquired and net working capital adjustments, which amounted to $55.0 million. This acquisition continues the Company’s strategic objective of developing a diversified portfolio within its Casinos & Resorts segment.

Total purchase consideration also includes contingent consideration valued at $58.6 million, which is the fair value, under GAAP, of expected cash payments totaling up to $125 million to the seller, based upon future events, which are uncertain. The contingent consideration was recorded at fair value, using discounted cash flow analyses with level 3 inputs, and is remeasured quarterly, with fair value adjustments recognized in earnings, until the contingencies are resolved. Inputs to this valuation approach include the Company’s estimated probabilities of achieving the conditions for payment, expected terms between 1.5 and 3 years, and discount rates between 7.2% and 7.8%. The settlement of the contingent consideration liabilities will be due to the seller in the event the license agreement is extended or if the Company is successful in its bid for a casino license.

Tropicana Las Vegas - On September 26, 2022, the Company completed its acquisition of Tropicana Las Vegas for $148.2 million. Cash paid by the Company at closing net of $1.7 million cash acquired, was $146.5 million, excluding transaction costs. In connection with the acquisition of Tropicana Las Vegas, the Company’s indirect subsidiary, Tropicana Las Vegas, Inc., entered into a lease arrangement with GLPI to lease the land underlying the Tropicana Las Vegas property for an initial term of 50 years at annual rent of $10.5 million. On August 28, 2024, GLPI and Tropicana Las Vegas, Inc. entered into the First Amendment to Ground Lease to provide a funding mechanism for certain hard constructions costs with respect to the demolition, site preparation, and build out of certain portions of the leased property. Refer to Note 18 “Leases” for further information.
The following table summarizes the consideration paid and the fair values of the assets acquired and liabilities assumed in connection with the Casinos & Resorts acquisitions as of December 31, 2024:

Acquired during the year ended December 31, 20232022
(in thousands)Bally’s Golf LinksTropicana Las Vegas
Final(3)
Final(3)
Total current assets$1,108 $7,924 
Property and equipment, net505 136,116 
Right of use assets, net— 164,884 
Goodwill103,824 8,794 
Intangible assets, net(1)(2)
6,500 5,140 
Other assets2,000 766 
Total current liabilities(345)(10,129)
Lease liabilities— (164,884)
Other long-term liabilities— (395)
Total purchase price$113,592 $148,216 
__________________________________
(1)    Bally’s Golf Links’ intangible assets include a concessionaire license of $6.5 million, which is being amortized over its estimated useful life of approximately 12 years.
(2)    Tropicana Las Vegas intangible assets include rated player relationships, a trade name and pre-bookings of $2.6 million, $1.7 million and $0.8 million, respectively, which are being amortized on a straight-line basis over their estimated useful lives of approximately 9 years, 3 years and 2 years, respectively.
(3)    The Company recorded adjustments to the preliminary purchase price allocation during the year ended December 31, 2024 which decreased Goodwill and the total purchase price by $0.2 million.

Goodwill recognized is deductible for local tax purposes and has been assigned as of the acquisition date to the Company’s Casinos & Resorts reportable segment, which includes the reporting unit expected to benefit from the synergies of the acquisitions. Qualitative factors that contribute to the recognition of goodwill include an organized workforce and expected synergies from integrating the properties into the Company’s casino portfolio and future development of its omni-channel strategy.

The Company incurred $0.2 million, $1.1 million and $3.9 million of acquisition costs related to the above Casinos & Resorts acquisitions during the years ended December 31, 2024, 2023 and 2022, respectively. These costs are included within “General and administrative” in the consolidated statements of operations.

International Interactive Acquisition

Casino Secret - On January 5, 2023, the Company completed the acquisition of BACA Limited (“Casino Secret”), a European based online casino that offers slots, tables and live dealer games to Asian markets for total consideration of $50.4 million. Cash paid by the Company, net of $8.3 million cash acquired, was $38.7 million, excluding transaction costs.

The following table summarizes the consideration paid and the fair values of the assets acquired and liabilities assumed in connection with the International Interactive acquisition:
(in thousands)Casino Secret
Final(2)
Total current assets$8,862 
Property and equipment, net50 
Intangible assets, net(1)
29,471 
Goodwill18,422 
Total current liabilities(6,371)
Total purchase price$50,434 
__________________________________
(1)    Casino Secret intangible assets include player relationships and trade names of $26.0 million and $3.5 million, respectively, which are both being amortized on a straight-line basis over their estimated useful lives of approximately 7 years.
(2)    The Company did not record adjustments to the preliminary purchase price allocation during year ended December 31, 2024.
Total goodwill recorded in connection with the above acquisition was $18.4 million, and is not deductible for local tax purposes. Qualitative factors that contribute to the recognition of goodwill include certain intangible assets that are not recognized as separate identifiable intangible assets apart from goodwill, which consist primarily of benefits from acquiring a talented technology workforce and management team experienced in the online gaming industry, and securing buyer-specific synergies expected to contribute to the Company’s omni-channel strategy which are expected to increase revenue and profits within the Company’s International Interactive reportable segment. The goodwill of the acquisition has been assigned, as of the acquisition date, to the Company’s International Interactive reportable segment.
The Company incurred $1.2 million of acquisition costs related to the above International Interactive acquisition during the year ended December 31, 2023. These costs are included within “General and administrative” in the consolidated statements of operations. There were no acquisition costs related to the above International Interactive acquisition during the years ended December 31, 2024 and 2022.
v3.25.1
DISPOSITIONS
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
ASSETS AND LIABILITIES HELD FOR SALE DISPOSITIONS
During the fourth quarter of 2024, the Company completed the sale of the Carved-Out Business, as defined above, for total consideration of $32.9 million, which consisted of a €30 million seven-year term note, subject to applicable interest (refer to Note 3 “Related Party Transactions” for further information). The disposition includes the Company’s interest in various contracts with Breckenridge Curacao B.V. (“Breckenridge”), which was previously determined to be a VIE was consolidated by the Company. The Company disposed of net assets of approximately $56.2 million, which include the previously consolidated net assets of Breckenridge, and released foreign currency translation adjustments of $4.7 million. Additionally, the Company held a net investment hedge on the net investment in the foreign operations sold, and thus released $9.1 million of accumulated other comprehensive income as a result of dedesignating the hedge as of the disposal date. The Company recorded a pre-tax loss of approximately $27.8 million upon the sale, which is included in “General and administrative” in the consolidated statements of operations for the year ended December 31, 2024. The net assets disposed of consisted primarily of goodwill of $20.7 million, and working capital including cash and cash equivalents of $4.2 million and restricted cash of $37.5 million, which consists of player related funds and funds held with payment service providers, net of liabilities.

Ownership of certain intellectual property previously owned by Bally’s and used by the Carved-Out Business has been transferred into an independent trust (“the Trust”). The Trust licenses the use of such intellectual property to the Carved-Out Business under a new commercial license arrangement, with licensing fees paid to the Trust by the Buyer for a term of five years (subject to annual automatic extension) based on net gaming revenues of the Carved-Out Business. Any proceeds generated from the Trust property are distributed to the Company by the Trust and are recognized as licensing revenue and included in “Non-gaming revenue” in the consolidated statements of operations, as development of iGaming capabilities remains a core part of Bally’s strategy. Licensing revenue recognized by the Company was $6.9 million during the year ended December 31, 2024. The Company and the Buyer also entered into agreements pursuant to which the Company agreed to provide the Carved-Out Business with certain transition and software services for a period of two years. Income earned under these transitional service agreements is recognized in Total operating costs and expenses, as a reduction to the related expenses being passed through, in the consolidated statements of operations and was immaterial for the year ended December 31, 2024.

The Company evaluated the Trust to determine whether the entity meets the definition of a VIE under ASC 810 and concluded that the Trust is a VIE because the entity is formed with non-substantive voting rights. The Company has determined that it is the primary economic beneficiary of the Trust because all of the residual returns of the Trust accrue to the Company under the purposes set out in the Trust deed. Accordingly, under the application of ASC 810, the Company consolidates all of the assets, liabilities and results of operations of the Trust and its subsidiaries in the accompanying consolidated financial statements. Refer to Note 2 “Summary of Significant Accounting Policies” for further information.
v3.25.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS
 12 Months Ended
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure PREPAID EXPENSES AND OTHER CURRENT ASSETS
As of December 31, 2024 and 2023, prepaid expenses and other assets was comprised of the following:
December 31,
(in thousands)20242023
Services and license agreements$43,141 $33,182 
Taxes and licenses
18,988 19,973 
Short term notes receivable
17,342 — 
Prepaid marketing11,952 8,685 
Purse funds7,412 6,404 
Short term derivative assets5,359 9,530 
Prepaid insurance3,341 8,366 
Due from payment service providers— 12,662 
Other7,936 9,294 
   Total prepaid expenses and other current assets$115,471 $108,096 
v3.25.1
PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
As of December 31, 2024 and 2023, property and equipment, net was comprised of the following:
 December 31,
(in thousands)20242023
Land and improvements
$49,553 $401,208 
Building and improvements370,086 673,071 
Equipment280,946 264,398 
Furniture and fixtures64,109 68,746 
Construction in process149,906 73,810 
Total property, plant and equipment914,600 1,481,233 
Less: Accumulated depreciation(1)
(283,898)(306,345)
Property and equipment, net$630,702 $1,174,888 
__________________________________
(1)    Depreciation expense on property and equipment for the years ended December 31, 2024, 2023 and 2022 was $158.0 million, $118.7 million and $71.7 million, respectively.

Bally’s Chicago

A wholly-owned indirect subsidiary of the Company, Bally’s Chicago Operating Company, LLC entered into a Lease Termination and Short Term License Agreement with Chicago Tribune Company, LLC (“Tribune”), effective March 31, 2023, which, among other things, provided that the Company would have possession of 777 West Chicago Avenue, Chicago, Illinois 60610 (the “Permanent Chicago Site”) on or before July 5, 2024, subject to $150 million in payments by the Company to Tribune payable in full upon Tribune vacating the site on or prior to July 5, 2024 (the “Payment”). $10 million of the Payment was paid upon execution of the Lease Termination and Short Term License Agreement and $90 million of the Payment was paid during the third quarter of 2023. The Company paid the remaining $50 million on July 9, 2024 and gained possession of the property per the agreement with Tribune.

In the third quarter of 2024, as the result of a lease modification event, the Company derecognized $350.0 million of land relating to the site of the future Bally’s Chicago permanent facility. Refer to Note 18 “Leases” for further information
v3.25.1
GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
2024 Annual Impairment Assessment

As of October 1, 2024, the Company performed its annual impairment assessment of goodwill and long lived assets for all reporting units and asset groups. Each individual property within the Casinos and Resorts operating segment is determined to be its own reporting unit and asset group. The reporting units for the North America Interactive and International Interactive operating segments are the operating segments.

The Company performed a quantitative test of goodwill for its International Interactive reporting unit and one reporting unit within the Casinos and Resorts operating segment and determined that the fair value of the reporting units exceeded their respective carrying amounts and thus, there was no impairment. The estimated fair value of the reporting units were determined through a combination of a discounted cash flow model and market-based approach, which utilized Level 3 inputs including future cash flow projections for the reporting units, terminal growth rates of 3% and discount rates of 15% and 11%. If future results significantly vary from current estimates and related projections, the Company may be required to record impairment charges.

For the North America Interactive reporting unit and all other reporting units within the Casinos and Resorts segment with goodwill, the Company performed a qualitative analysis for the annual assessment of goodwill (commonly referred to as “Step Zero”). From a qualitative perspective, in evaluating whether it is more likely than not that the fair value of a reporting unit exceeds its carrying amount, relevant events and circumstances are taken into account, with greater weight assigned to events and circumstances that most affect the fair value or the carrying amounts of its assets. Items that were considered included, but were not limited to, the following: macroeconomic conditions, industry and market conditions and overall financial performance, and the most recent quantitative assessment performed for the reporting unit. After assessing these and other factors, the Company determined that it was more likely than not that the fair value of the reporting units subject to the qualitative assessment exceeded their carrying amounts as of October 1, 2024. If future results vary significantly from current estimates and related projections, the Company may be required to record impairment charges.

For four indefinite lived gaming licenses in the Casinos & Resorts segment, the Company determined it had an indicator of impairment based on declines in actual or projected results compared to those projected when the gaming licenses were originally valued at acquisition. The Company valued the gaming licenses using the Greenfield Method under the income approach which estimates the fair value of the gaming license using a discounted cash flow model assuming the Company built a new casino with similar utility to that of the existing casino. Level 3 inputs to the valuation include estimating projected revenues and operating cash flows, including terminal growth rates between 2% and 3%, estimated construction costs, and pre-opening expenses and is discounted at a market-based weighted average cost of capital (“WACC”), which was between 10% and 11% for three licenses. The fair values of three of the four gaming licenses were below their respective carrying values and the Company recorded a combined impairment loss of $38.6 million. The fair value of the fourth gaming license exceeded its carrying value.

For all other indefinite lived intangible assets, the Company performed a qualitative assessment of impairment and determined that it was more likely than not that the fair values of all assets exceed their carrying values as of October 1, 2024. If future results vary significantly from current estimates and related projections, the Company may be required to record impairment charges.

2024 Interim Impairment

During the fourth quarter of 2024, the Company divested a component within the International Interactive operating segment (refer to Note 8 “Dispositions” for further information). As a result of this divestiture, the Company allocated goodwill on a relative fair value basis to the divested component which also triggered the need for an interim impairment assessment. The Company estimated the fair value of the reporting units using both income and market-based approaches. Specifically, the Company applied the discounted cash flow (“DCF”) method under the income approach. The Company relied on the present value of expected future cash flows, including terminal value, utilizing a market-based WACC determined separately for the reporting unit as of the valuation date. The determination of fair value under the DCF method involved the use of significant Level 3 inputs and assumptions, including revenue growth rates driven by expected future activity, operating margins, capital expenditures, working capital requirements, tax rates, terminal growth rates of 3%, and a discount rate of 16%. The fair value of the International Interactive reporting unit exceeded its carrying value and thus no impairment was recorded. The Company allocated $20.7 million to the component that was divested, which was subsequently de-recognized.
As a result of this divestiture, the Company identified a triggering event related to a long lived asset group within its International Interactive operating segment. The triggering event was the result of the expected future cash flows of the asset group being below the carrying value of the long lived assets and therefore, a quantitative impairment analysis was performed. The fair value of the intangible assets were determined using a relief from royalty method, which utilized Level 3 inputs and was exceeded by the carrying value, indicating an impairment. Inputs to the valuation included revenue projections derived from the intangible assets, a discount rate of 16% and royalty rates between 3% and 12%. As a result of the analysis, the Company recorded an aggregate $197.5 million impairment charge in its International Interactive operating segment. The Company allocated the loss first to intangible assets, in the amount of $125.9 million, and then the residual of $71.6 million to goodwill. These charges are recorded within “Impairment charges” in the consolidated statements of operations.

2023 Annual Impairment Assessment

In 2023, the Company changed the useful life for one of its indefinite lived trademarks in the International Interactive segment which then required the Company to perform a quantitative test for impairment of the trademark. The fair value of the trademark was determined using a relief from royalty method, which utilized Level 3 inputs and was exceeded by the carrying value, indicating an impairment. Inputs to the valuation included revenue projections derived from the trademark, a discount rate of 15% and a royalty rate of 3%. As such, the Company recorded an impairment loss within the International Interactive segment of $54.0 million related to this trademark intangible asset. The decline in value of the trademark was primarily driven by the change in useful life and the de-emphasis of the trademark for other newer brands in Asia and Rest of World, resulting in a decline in actual and projected revenues attributable to the trademark as compared to when the fair value was determined during the purchase price allocation of the Gamesys acquisition. These charges are recorded within “Impairment charges” in the consolidated statements of operations.

For three indefinite lived gaming licenses in the Casinos & Resorts segment, the Company determined it had an indicator of impairment based on declines in results compared to those projected when the gaming licenses were originally valued at acquisition. The Company valued the gaming licenses using the Greenfield Method under the income approach which estimates the fair value of the gaming license using a discounted cash flow model with level 3 inputs assuming the Company built a new casino with similar utility to that of the existing casino. Level 3 inputs to the valuation include estimating projected revenues and operating cash flows, including terminal growth rates of 3%, estimated construction costs, and pre-opening expenses and is discounted at a rate that reflects the level of risk associated with receiving cash flows attributable to the license, which was 12.5% for these three licenses. The fair values of these gaming licenses were below their respective carrying values and the Company recorded an impairment loss of $76.7 million.

For all other indefinite lived intangible assets, the Company performed a qualitative assessment of impairment and determined that it was more likely than not that the fair values of all assets exceed their carrying values as of October 1, 2023. If future results vary significantly from current estimates and related projections, the Company may be required to record impairment charges.

In connection with the expansion of the Company’s restructuring plan announced on October 20, 2023 targeted at reshaping the technology utilized by its Interactive segments (refer to Note 16 “Restructuring Expense”), the Company recorded impairment charges of $5.7 million, related to certain technology intangible assets which will no longer be utilized.

2023 Interim Impairment

During the third quarter of 2023, the Company divested a component within the North America Interactive reporting unit. This divestiture required a relative fair value goodwill allocation to the divested component and a quantitative test for impairment of the remaining North America Interactive reporting unit. For the quantitative goodwill impairment test, the Company estimated the fair value of the reporting unit and asset group using both income and market-based approaches. Specifically, the Company applied the DCF method under the income approach and the guideline company under the market approach and weighted the results of the two valuation methodologies based on the facts and circumstances surrounding the reporting unit. For the DCF method, the Company relied on the present value of expected future cash flows, including terminal value, utilizing a market-based WACC determined separately for the reporting unit as of the valuation date. The determination of fair value under the DCF method involved the use of significant estimates and assumptions, including revenue growth rates driven by future gaming activity, operating margins, capital expenditures, working capital requirements, tax rates, terminal growth rates, and discount rates. For the market approach, the Company utilized a comparison of the reporting unit to comparable publicly-traded companies and transactions and, based on the observed earnings multiples, ultimately selected multiples to apply to the reporting unit. The fair value of the North America Interactive reporting unit exceeded its carrying value and thus no impairment was recorded. The Company allocated $4.2 million to the component that was divested, which was subsequently de-recognized.
2022 Impairment Assessment

For the North America Interactive reporting unit and asset group, primarily due to a decline in actual and projected revenues, the Company determined that it was more likely than not that the fair value of the reporting unit was less than its carrying value and therefore, a quantitative impairment analysis was performed. As a result of the analysis, the Company recorded an aggregate $390.7 million non-cash impairment charge in its North America Interactive reporting unit. The Company allocated the loss first to intangible assets, in the amount of $159.1 million, and then the residual of $231.6 million to goodwill.

The Company recorded an impairment loss within the International Interactive segment of $73.3 million related to a long-standing indefinite lived trademark acquired as part of the Gamesys acquisition. The fair value of the trademark was determined using a relief from royalty method, which utilized Level 3 inputs and included revenue projections derived from the trademark, a discount rate of 14.5%, royalty rate of 3%, and a terminal growth rate of 3%. These charges are recorded within “Impairment charges” in the consolidated statements of operations.

The change in carrying value of goodwill by reportable segment for the years ended December 31, 2024 and 2023 is as follows:
(in thousands)
Casinos & Resorts(3)
International InteractiveNorth America InteractiveTotal
Goodwill as of December 31, 2022(1)
$209,257 $1,497,205 $39,740 $1,746,202 
Goodwill from current year business combinations104,032 18,422 — 122,454 
Effect of foreign exchange— 70,963 184 71,147 
Purchase accounting adjustments on prior year business combinations204 — — 204 
Current year divestiture— — (4,204)(4,204)
Goodwill as of December 31, 2023(1)(3)
$313,493 $1,586,590 $35,720 $1,935,803 
Goodwill from current year business combinations— 1,176 — 1,176 
Impairment charges— (71,636)— (71,636)
Effect of foreign exchange— (44,200)(334)(44,534)
Purchase accounting adjustments on prior year business combinations(208)— — (208)
Current year divestiture— (20,657)— (20,657)
Goodwill as of December 31, 2024(2)(3)
$313,285 $1,451,273 $35,386 $1,799,944 
__________________________________
(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 $5.4 million, $71.6 million, and $140.4 million, for Casinos & Resorts, International Interactive and North America Interactive, respectively.
(3)    As of December 31, 2024 and 2023, amounts shown include $59.2 million and $50.4 million of goodwill associated with reporting units with negative carrying value, respectively.
The change in intangible assets, net for the years ended December 31, 2024 and 2023 is as follows (in thousands):
Intangible assets, net as of December 31, 2022$1,961,938 
Intangible assets from current year business combinations35,971 
Effect of foreign exchange46,926 
Impairment charges(136,404)
Internally developed software47,091 
Other intangibles acquired(1)
147,619 
Less: Accumulated amortization(231,713)
Intangible assets, net as of December 31, 2023$1,871,428 
Impairment charges(164,486)
Derecognition of Commercial rights - Sinclair
(202,572)
Internally developed software48,392 
Effect of foreign exchange(24,871)
Other intangibles acquired3,059 
Intangible assets disposed
(2,074)
Less: Accumulated amortization(221,533)
Intangible assets, net as of December 31, 2024$1,307,343 
__________________________________
(1)    Includes gaming license fees of $135.3 million paid to the Illinois Gaming Board upon commencement of operations at Bally’s Chicago temporary casino. Refer to Note 22 “Commitments and Contingencies” for further information.
The Company’s identifiable intangible assets consist of the following:

Weighted
average
remaining life
(in years)		December 31, 2024
(in thousands, except years)Gross Carrying AmountAccumulated
Amortization		Net
Amortizable intangible assets:   
Customer relationships4.1$660,005 $(272,333)$387,672 
Developed technology5.1210,712 (70,073)140,639 
Internally developed software3.7105,284 (26,791)78,493 
Gaming licenses5.647,797 (19,864)27,933 
Trade names7.031,723 (18,032)13,691 
Hard Rock license22.58,000 (2,545)5,455 
Other9.611,473 (4,918)6,555 
Total amortizable intangible assets1,074,994 (414,556)660,438 
Intangible assets not subject to amortization:
Gaming licensesIndefinite546,908 — 546,908 
Trade namesIndefinite98,784 — 98,784 
OtherIndefinite1,213 — 1,213 
Total unamortizable intangible assets646,905 — 646,905 
Total intangible assets, net$1,721,899 $(414,556)$1,307,343 


Weighted
average
remaining life
(in years)		December 31, 2023
(in thousands, except years)Gross
amount		Accumulated
amortization		Net
Amount
Amortizable intangible assets:    
Customer relationships4.8$974,286 $(314,053)$660,233 
Commercial rights - Sinclair(1)
7.2315,847 (89,901)225,946 
Developed technology4.8267,927 (86,119)181,808 
Internally developed software3.561,687 (13,091)48,596 
Gaming licenses6.445,008 (11,964)33,044 
Trade names5.837,042 (18,125)18,917 
Hard Rock license23.58,000 (2,303)5,697 
Other9.911,505 (3,621)7,884 
Total amortizable intangible assets 1,721,302 (539,177)1,182,125 
Intangible assets not subject to amortization: 
Gaming licensesIndefinite586,971 — 586,971 
Trade NamesIndefinite100,544 — 100,544 
OtherIndefinite1,788 —1,788 
Total unamortizable intangible assets 689,303 — 689,303 
Total intangible assets, net $2,410,605 $(539,177)$1,871,428 
__________________________________
(1)    Commercial rights intangible asset in connection with Framework Agreement15 “Strategic Partnership - Sinclair Broadcast Group” for further information.

Amortization of intangible assets was approximately $221.5 million, $231.7 million and $228.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Refer to Note 7 “Business Combinations” for further information about the goodwill and intangible balances added from business combinations. Refer to Note 15 “Strategic Partnership - Sinclair Broadcast Group” for intangible assets added through the Framework Agreement.

The following table shows the remaining amortization expense associated with finite lived intangible assets as of December 31, 2024:
(in thousands)
2025$188,437 
2026186,679 
2027185,713 
202839,476 
202919,247 
Thereafter40,886 
 $660,438 
v3.25.1
DERIVATIVE INSTRUMENTS
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTS
The Company utilizes derivative instruments in order to mitigate interest rate and currency exchange rate risk in accordance with its financial risk and liability management policy.

During the year ended December 31, 2024, the Company settled $500.0 million of notional interest rate collars and received $3.9 million in termination payments, reflecting the fair value on the settlement date. The fair value on the settlement date is recorded as a component of accumulated other comprehensive income (loss), which will be reclassified into “Interest expense, net” in the consolidated statements of operations in the same period in which the hedged interest payments associated with the Company’s borrowings are recorded. Additionally, the Company simultaneously entered into a series of interest rate contracts in a notional aggregate amount of $1.00 billion, to further manage the Company’s exposure to interest rate movements associated with the Company’s variable rate Term Loan Facility through its synthetic conversion to fixed rate debt. The tenor of these contracts were matched with the maturity of the Term Loan Facility tranche maturing on October 1, 2028.

During the year ended December 31, 2023, the Company entered into a series of interest rate contracts and cross currency swap derivative transactions with multiple bank counterparties in order to synthetically convert a notional aggregate amount of $500.0 million of the Company’s USD denominated variable rate Term Loan Facility, as disclosed in Note 17 “Long-Term Debt,” into fixed rate debt over five years and $200 million of the Term Loan Facility, to an equivalent GBP denominated floating rate instrument over three years. These contracts mature in October, 2028 and 2026, respectively.

Cross Currency Swaps

Net Investment Hedges - The Company is exposed to fluctuations in foreign exchange rates on investments it holds in its European foreign entities. The Company uses fixed and fixed-cross-currency swaps to hedge its exposure to changes in the foreign exchange rate on its foreign investment in Europe and their exposure to changes in the EUR-GBP exchange rate. Currency forward agreements involve fixing the USD-EUR exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in USD for their fair value at or close to their settlement date. Cross-currency swaps involve the receipt of functional-currency-fixed-rate amounts from a counterparty in exchange for the Company making foreign-currency-fixed-rate payments over the life of the agreement. These derivative arrangements qualified as net investment hedges under ASC 815, with the gain or loss resulting from changes in the spot value of the derivative reported in other comprehensive income (loss). Amounts are reclassified out of other comprehensive income (loss) into earnings when the hedged net investment is either sold or substantially liquidated. Additionally, the accrual of foreign currency and USD denominated coupons are recognized in “Interest expense, net” in the consolidated statements of operations.

Economic Hedges - During the fourth quarter of 2024, as a result of the sale of the Carved-Out Business, the Company dedesignated its EUR-GBP cross currency swaps as net investment hedges and began recording changes in fair value of the derivative and the accrual of foreign currency and USD denominated coupons through earnings reported in Other non-operating income (expense), net in the consolidated statements of operations. At the time of dedesignation, the total amount of accumulated other comprehensive loss was $9.1 million and was recorded as part of Loss on disposal of business in General and administrative expenses in the consolidated statements of operations. Refer to Note 8 “Dispositions,” Note 13 “Fair Value Measurements” and Note 20 “Stockholders’ Equity” for further information.
The following tables summarize the Company’s cross currency swap arrangements as of December 31, 2024 and 2023 (in thousands):
December 31, 2024December 31, 2023
Hedge Designation
Notional SoldNotional Purchased
Hedge Designation
Notional SoldNotional Purchased
Cross currency swapsEconomic Hedge€461,595 £387,531 Net Investment Hedge€461,595 £387,531 
Cross currency swapsNet Investment Hedge£546,759 $700,000 Net Investment Hedge£546,759 $700,000 

Cash Flow Hedges

Interest Rate Contracts - The Company’s objectives in using interest rate derivatives are to hedge its exposure to variability in cash flows on a portion of its floating-rate debt, to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps and collars as part of its financial risk and liability management policy. The Company’s interest rate swaps and collars are designated as cash flow hedges under ASC 815. The changes in the fair value of these instruments are recorded as a component of accumulated other comprehensive income (loss) and reclassified into “Interest expense, net” in the consolidated statements of operations in the same period in which the hedged interest payments associated with the Company’s borrowings are recorded. Refer to Note 13 “Fair Value Measurements” and Note 20 “Stockholders’ Equity” for further information.

The following tables summarize the Company’s cash flow hedges as of December 31, 2024 and 2023 (in thousands):
December 31, 2024December 31, 2023
Cash Flow HedgesIndexNotional AmountCap
Floor(1)
Notional AmountCap
Floor(1)
Interest rate contracts - swapsUS - SOFR$1,500,000 — %— %$500,000 — %— %
Interest rate contracts - collarsUS - SOFR$— — %— %$500,000 4.25 %3.22 %
__________________________________
(1)    Weighted average rate.
v3.25.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Except for the assets and liabilities held for sale and the corresponding impairment described in Note 11, there were no assets and liabilities measured at fair value on a nonrecurring basis. 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:
December 31, 2024
(in thousands)Balance Sheet LocationLevel 1Level 2Level 3
Assets:
Cash and cash equivalentsCash and cash equivalents$171,233 $— $— 
Restricted cashRestricted cash60,021 — — 
Investment in GLPI partnershipOther assets— 20,418 — 
Derivative assets not designated as hedging instruments:
Cross currency swapsPrepaid expenses and other current assets— 4,871 — 
Cross currency swapsOther assets— 615 — 
Derivative assets designated as hedging instruments:
Interest rate contractsPrepaid expenses and other current assets— 340 — 
Interest rate contractsOther assets— 336 — 
Cross currency swapsPrepaid expenses and other current assets— 148 — 
Cross currency swapsOther assets— 13,181 — 
Total derivative assets at fair value— 19,491 — 
Total assets$231,254 $39,909 $— 
Liabilities:
Contingent considerationOther long-term liabilities$— $— $59,923 
Derivative liabilities not designated as hedging instruments:
Sinclair Performance WarrantsOther long-term liabilities— — 58,668 
Cross currency swapsOther long-term liabilities— 11,174 — 
Derivative liabilities designated as hedging instruments:
Interest rate contracts
Accrued and other current liabilities— 1,855 — 
Interest rate contractsOther long-term liabilities— 13,372 — 
Cross currency swapsAccrued and other current liabilities— 1,189 — 
Cross currency swapsOther long-term liabilities— 1,624 — 
Total derivative liabilities at fair value— 29,214 58,668 
Total liabilities$— $29,214 $118,591 
December 31, 2023
(in thousands)Balance Sheet LocationLevel 1Level 2Level 3
Assets:
Cash and cash equivalentsCash and cash equivalents$163,194 $— $— 
Restricted cashRestricted cash152,068 — — 
Investment in GLPI partnershipOther assets— 14,146 — 
Derivative assets designated as hedging instruments:
Interest rate contractsPrepaid expenses and other current assets— 5,356 — 
Cross currency swapsPrepaid expenses and other current assets— 4,174 — 
Cross currency swapsOther assets— 6,477 — 
Total derivative assets at fair value— 16,007 — 
Total assets$315,262 $30,153 $— 
Liabilities:
Contingent considerationOther long-term liabilities$— $— $58,580 
Derivatives not designated as hedging instruments:
Sinclair Performance WarrantsOther long-term liabilities— — 44,703 
Derivative liabilities designated as hedging instruments:
Interest rate contractsOther long-term liabilities— 21,492 — 
Cross currency swapsAccrued and other current liabilities— 1,225 — 
Cross currency swapsOther long-term liabilities— 29,376 — 
Total derivative liabilities at fair value— 52,093 44,703 
Total liabilities$— $52,093 $103,283 

There were no transfers made among the three levels in the fair value hierarchy for the years ended December 31, 2024 and 2023.

The following table summarizes the changes in fair value of the Company’s Level 3 assets and liabilities:
( in thousands)Sinclair Performance WarrantsContingent Consideration
Balance as of December 31, 2022$36,987 $8,220 
Additions in the period (acquisition fair value)— 58,580 
Reductions in the period— (9,292)
Change in fair value7,716 1,072 
Balance as of December 31, 202344,703 58,580 
Change in fair value13,965 1,343 
Balance as of December 31, 2024$58,668 $59,923 
The gains (losses) recognized in the consolidated statements of operations for derivative instruments during the years ended December 31, 2024, 2023 and 2022 are as follows:
Consolidated Statements of Operations LocationYear Ended December 31,
(in thousands)202420232022
Derivatives not designated as hedging instruments
Sinclair Performance WarrantsOther non-operating income (expense), net$(13,965)$(7,716)$32,577 
Cross currency swaps
General and administrative(1)
(9,078)— — 
Derivatives designated as hedging instruments
Interest rate contractsInterest expense, net$11,031 $1,953 $— 
Cross currency swapsInterest expense, net3,658 1,350 — 
__________________________________
(1)    Amounts included in General and administrative during during the year ended December 31, 2024 as a result of the Company’s dedesignation of its EUR-GBP cross currency swaps as net investment hedges. Subsequent changes in fair value will be reported within Other non-operating income (expense), net.

Interest Rate Contracts and Cross Currency Swaps

The fair values of interest rate contracts and cross currency swap assets and liabilities are classified within Level 2 of the fair value hierarchy as the valuation inputs are based on estimates using currency spot and forward rates and standard pricing models that consider the value of future cash flows as of the balance sheet date, discounted to a present value using discount factors that match both the time to maturity and currency of the underlying instruments. These standard pricing models utilize inputs that are derived from or corroborated by observable market data such as interest rate yield curves as well as currency spot and forward rates. When designated as hedging instruments, changes in the fair value of these contracts are reported as a component of other comprehensive income (loss). When not designated as hedging instruments, changes in fair value of these contracts are reported within Other non-operating income (expense), net in the consolidated statements of operations.

Sinclair Performance Warrants

Sinclair Performance Warrants are accounted for as a derivative instrument classified as a liability within Level 3 of the hierarchy as the warrants are not traded in active markets and are subject to certain assumptions and estimates made by management related to the probability of meeting performance milestones. These assumptions and the probability of meeting performance targets may have a significant impact on the value of the warrant. The Performance Warrants are valued using an option pricing model, considering the Company’s estimated probabilities of achieving the performance milestones for each tranche. Inputs to this valuation approach include volatility between 40% and 67%, risk free rates between 3.84% and 4.79%, the Company’s common stock price for each period and expected terms between 1.5 and 6.3 years. The fair value is recorded within “Other long-term liabilities” in the consolidated balance sheets.

Contingent consideration

Contingent consideration related to acquisitions is recorded at fair value as a liability on the acquisition date and subsequently remeasured at each reporting date, based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The remeasurements are based primarily on the expected probability of achievement of the contingency targets which are subject to management’s estimates. These changes in fair value are recognized within “Other, non-operating expenses, net” in the consolidated statements of operations.

In connection with the acquisitions of SportCaller and Monkey Knife Fight (“MKF”) in the first quarter of 2021, the Company recorded contingent consideration of $58.7 million. During the second quarter of 2023, the Company, in satisfaction of contingencies related to the respective acquisition agreements, settled the remaining contingent consideration of $9.3 million, comprised of 386,926 immediately exercisable penny warrants, 103,656 shares of Bally’s Corporation common stock and a de minimis payment in cash.

In connection with the acquisition of Bally’s Golf Links on September 12, 2023, the Company recorded contingent consideration, which was valued at $59.9 million as of December 31, 2024. Refer to Note 7 “Business Combinations” for further information.
Investment in GLPI Partnership

The Company holds a limited partnership interest in GLP Capital, L.P., the operating partnership of GLPI. The investment is reported at fair value based on Level 2 inputs, with changes to fair value included within “Other non-operating income (expense), net” in the consolidated statements of operations.

Long-term debt

The fair value of the Company’s Term Loan Facility and unsecured notes are estimated based on quoted prices in active markets and are classified as Level 1 measurements. The fair value of the Revolving Credit Facility approximates its carrying amount as it is revolving, variable rate debt, and is also classified as a Level 1 measurement. In the table below, the carrying amounts of the Company’s long-term debt is net of debt issuance costs and debt discounts. Refer to Note 17 “Long-Term Debt” for further information.

 December 31, 2024December 31, 2023
(in thousands)Carrying AmountFair ValueCarrying AmountFair Value
Term Loan Facility$1,858,800 $1,792,804 $1,871,330 $1,888,100 
5.625% Senior Notes due 2029
738,517 587,813 736,447 596,250 
5.875% Senior Notes due 2031
721,456 535,631 719,858 570,544 
v3.25.1
ACCRUED AND OTHER CURRENT LIABILITIES
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
ACCRUED LIABILTIES
As of December 31, 2024 and 2023, accrued and other current liabilities consisted of the following:
 December 31,
(in thousands)20242023
Gaming liabilities$187,233 $177,557 
Diamond Sports Group non-cash settlement(1)
— 144,883 
Compensation66,356 83,112 
Interest payable60,792 66,587 
Bally’s Chicago - land development liability— 47,739 
Insurance reserve23,898 20,990 
Other143,013 110,851 
Total accrued and other current liabilities
$481,292 $651,719 
__________________________________
(1)    Refer to Note 15 “Strategic Partnership - Sinclair Broadcast Group” for further information
v3.25.1
STRATEGIC PARTNERSHIP - SINCLAIR BROADCAST GROUP
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Sinclair Agreement STRATEGIC PARTNERSHIP - SINCLAIR BROADCAST GROUP
In 2020, the Company and Sinclair entered into a Framework Agreement (the “Framework Agreement”) providing for a long-term strategic relationship between Sinclair and the Company. Under the Framework Agreement, the Company paid annual fees in cash, issued warrants and options and agreed to share tax benefits and received naming, integration and other rights, including access to Sinclair’s Tennis Channel, Stadium Sports Network and STIRR streaming service. Under a Commercial Agreement (the “Commercial Agreement”) contemplated by the Framework Agreement, the Company paid annual fees to Diamond Sports Group (“Diamond”), a Sinclair subsidiary, for naming rights over Diamond’s regional sports networks (“RSNs”) and other consideration.
In 2023, Diamond commenced reorganization proceedings under Chapter 11 of the Bankruptcy Code, and commenced litigation against Sinclair, Bally’s and others as part of its bankruptcy proceedings, and in 2024, agreed to settle its claims against all defendants, including Bally’s (the “Settlement Agreement”). Pursuant to the settlement terms, Diamond would receive payments from Sinclair and would reject the Commercial Agreement. Bally’s would continue to have naming rights on Diamond’s RSNs through the 2024 major league baseball season at no cost to either party (unless Diamond agrees with a new counterparty that will pay for such naming rights). Bally’s, in turn, would receive a release of all claims Diamond may have against it. Separately, Bally’s and Sinclair agreed that their relative rights and obligations under the Framework Agreement and all agreements contemplated thereby would terminate, except for rights and obligations in respect of certain local broadcast television station integrations under the Commercial Agreement, and except for their respective rights and obligations under the Option Agreement (regarding the Options referenced below), the Warrant Agreement (regarding the Penny Warrants referenced below), the Performance Warrant Agreement (regarding the Performance Warrants referenced below), the Registration Rights Agreement, the Investor Rights Agreement and the Tax Receivable Agreement. Bally’s obligation to pay Diamond for the naming rights terminated upon the bankruptcy court’s approval of the settlement terms, which the court approved on March 1, 2024 and in turn, the Company derecognized the rights fees liability against the non-cash settlement liability established as of December 31, 2023. The Company’s non-cash settlement liability reflects the effect of the termination of naming rights on its remaining commercial rights intangible asset originally recorded at the time the Framework Agreement. As of December 31, 2023, the non-cash settlement liability was $144.9 million.

The Company accounted for its relationship with Sinclair under the Framework Agreement as an asset acquisition in accordance with the “Acquisition of Assets Rather Than a Business” subsections of ASC 805-50, Business Combinations—Related Issues, using a cost accumulation model. The total intangible asset (“Commercial rights intangible asset”), prior to its derecognition in 2024, represented the present value of the naming rights fees and other consideration, including the fair value of the warrants and options, and an estimate of the tax-sharing payments, each explained below.

The present value of the naming rights fees was recorded as part of intangible assets, with a corresponding liability, which accreted through interest expense through the termination date of the Commercial Agreement. As of December 31, 2023, Commercial rights intangible asset, net of accumulated amortization, was $225.9 million. As of December 31, 2023, the short-term portion of the liability, which was $8.0 million, was recorded within “Accrued and other current liabilities”, and the long-term portion of the liability, which was $49.7 million, was reflected within “Other long-term liabilities” in our consolidated balance sheets.

Pursuant to the Settlement Agreement, in the fourth quarter of 2024, after the completion of the 2024 major league baseball season, the Company derecognized the Commercial rights intangible asset, relieving the Company’s non-cash settlement liability, and as such, there are no associated remaining balances as of December 31, 2024.
Under the Framework Agreement, the Company issued to Sinclair warrants to purchase up to 4,915,726 shares of the Company at an exercise price of $0.01 per share (“the Penny Warrants”), a warrant to purchase up to 3,279,337 shares of the Company at a price of $0.01 per share, subject to the achievement of various performance metrics (the “Performance Warrants”), and an option to purchase up to 1,639,669 additional shares, in four tranches with purchase prices ranging from $30.00 to $45.00 per share, exercisable over a seven-year period beginning in November 2024 (the “Options”). Additionally, the Company is required to share 60% of the tax benefit it realizes from the Penny Warrants, Options, Performance Warrants and other related payments. Changes in the estimate of the tax benefit to be realized and tax rates in effect at the time, among other changes, was treated as an adjustment to the intangible asset. Refer to Note 13 “Fair Value Measurements” and Note 25 “Subsequent Events” for further information on the Performance Warrants and Options.
v3.25.1
RESTRUCTURING EXPENSE
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
RESTRUCTURING EXPENSE RESTRUCTURING EXPENSE
In, 2023, the Company announced a restructuring plan of the Interactive business intended to reduce operating costs and continue the Company’s commitment to achieving profitable operations in its North America Interactive segment, which included a reduction of the Company’s then current Interactive workforce, and reshaping the technology utilized by both of its Interactive segments.

During 2024, the Company announced that it would cease its operations at the Tropicana Las Vegas on April 2, 2024 in order to redevelop the site with a state-of-the-art integrated resort and ballpark. As a result of the closure, the Company incurred restructuring charges representing employee-related severance costs and accelerated depreciation of certain property and equipment.
The components of restructuring charges by segment, for the years ended December 31, 2024 and 2023, are summarized as follows:
Year Ended December 31,
(in thousands)
20242023
Severance and employee related benefits(1)
Casinos & Resorts$20,037 $— 
International Interactive(794)19,591 
North America Interactive(1,732)9,735 
Other410 1,688 
Total severance and employee related benefits17,921 31,014 
Accelerated depreciation expense(2)
80,117 — 
Impairment(3)
— 5,745 
Total restructuring charges$98,038 $36,759 
__________________________________
(1)    Included within “General and administrative” in the consolidated statements of operations.
(2)    Included within “Depreciation and amortization” of the Casinos & Resorts reportable segment in the consolidated statements of operations.
(3)    Included within “Impairment charges” of the North America Interactive reportable segment in the consolidated statements of operations.

The changes in the Company’s restructuring related liabilities for the years ended December 31, 2024 and 2023 were as follows:
(in thousands)
Balance as of December 31, 2022$— 
Charges31,014 
Payments(26,649)
Effect of foreign exchange926 
Balance as of December 31, 20235,291 
Charges17,921 
Payments(22,370)
Effect of foreign exchange(842)
Balance as of December 31, 2024
$— 

The restructuring liability as of December 31, 2024 and 2023 is included within “Accrued and other current liabilities” on the consolidated balance sheets.
v3.25.1
LONG-TERM DEBT
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
As of December 31, 2024 and 2023, long-term debt consisted of the following:
 December 31,
(in thousands)20242023
Term Loan Facility(1)
$1,886,650 $1,906,100 
Revolving Credit Facility— 335,000 
5.625% Senior Notes due 2029
750,000 750,000 
5.875% Senior Notes due 2031
735,000 735,000 
Less: Unamortized original issue discount(19,760)(23,756)
Less: Unamortized deferred financing fees(33,117)(39,709)
Long-term debt, including current portion3,318,773 3,662,635 
Less: Current portion of Term Loan and Revolving Credit Facility(19,450)(19,450)
Long-term debt, net of discount and deferred financing fees; excluding current portion $3,299,323 $3,643,185 
__________________________________
(1)    The Company has a series of interest rate and cross currency swap derivatives to synthetically convert $500.0 million notional of the Company’s in USD denominated variable rate Term Loan Facility into fixed rate debt through its maturity in 2028. Refer to Note 12 “Derivative Instruments” for further information.

Unsecured Notes

On August 20, 2021, two unrestricted subsidiaries (together, the “Escrow Issuers”) of the Company issued $750.0 million aggregate principal amount of 5.625% senior notes due 2029 (the “2029 Notes”) and $750.0 million aggregate principal amount of 5.875% senior notes due 2031 (the “2031 Notes” and, together with the 2029 Notes, the “Unsecured Notes”). The Unsecured Notes were issued pursuant to an indenture, dated as of August 20, 2021, among the Escrow Issuers and U.S. Bank National Association, as trustee. Certain of the net proceeds from the Unsecured Notes offering were placed in escrow accounts for use in connection with the Gamesys acquisition. On October 1, 2021, upon the closing of the Gamesys acquisition, the Company assumed the issuer obligation under the Unsecured Notes. The Unsecured Notes are guaranteed, jointly and severally, by each of the Company’s restricted subsidiaries that guarantees the Company’s obligations under its Credit Agreement (as defined below).

The 2029 Notes mature on September 1, 2029 and the 2031 Notes mature on September 1, 2031. Interest is payable on the Unsecured Notes in cash semi-annually on March 1 and September 1 of each year, beginning on March 1, 2022.

The Company may redeem some or all of the 2031 Notes at any time prior to September 1, 2026 at a price equal to 100% of the principal amount of the 2031 Notes to be redeemed plus a “make-whole” premium, plus accrued and unpaid interest. The Company may redeem some or all of the Senior Notes at any time on or after September 1, 2024, in the case of the 2029 Notes, and September 1, 2026, in the case of the 2031 Notes, at certain redemption prices set forth in the indenture plus accrued and unpaid interest.

During the year ended December 31, 2023, the Company repurchased and retired $15.0 million of the 2031 Notes at a weighted average price of 70.80% of the principal. In connection with the repurchase of these 2031 Notes, the Company recorded a gain on extinguishment of debt of $4.0 million recorded within “Other non-operating income, net” in the consolidated statements of operations.

The indenture contains covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, (1) incur additional indebtedness, (2) pay dividends on or make distributions in respect of capital stock or make certain other restricted payments or investments, (3) enter into certain transactions with affiliates, (4) sell or otherwise dispose of assets, (5) create or incur liens and (6) merge, consolidate or sell all or substantially all of the Company’s assets. These covenants are subject to exceptions and qualifications set forth in the indenture.

Secured Notes

On February 7, 2025, in connection with the Merger, the Company issued $500.0 million of new first lien senior secured notes, maturing on October 2, 2028, at a rate per annum equal to 11.00%, payable quarterly in arrears. Refer to Note 25 “Subsequent Events” for further information.
Credit Facility

On October 1, 2021, the Company and certain of its subsidiaries entered into a credit agreement (the “Credit Agreement”) with Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and the other lenders party thereto, providing for senior secured financing of up to $2.565 billion, consisting of a senior secured term loan facility in an aggregate principal amount of $1.945 billion (the “Term Loan Facility”), which will mature in 2028, and a senior secured revolving credit facility in an aggregate principal amount of $620.0 million (the “Revolving Credit Facility”), which will mature in 2026.

The credit facilities allow the Company to increase the size of the Term Loan Facility or request one or more incremental term loan facilities or increase commitments under the Revolving Credit Facility or add one or more incremental revolving facilities in an aggregate amount not to exceed the greater of $650 million and 100% of the Company’s consolidated EBITDA for the most recent four-quarter period plus or minus certain amounts as specified in the Credit Agreement, including an unlimited amount subject to compliance with a consolidated total secured net leverage ratio as set out in the Credit Agreement.

The credit facilities are guaranteed by the Company’s restricted subsidiaries, subject to certain exceptions, and secured by a first-priority lien on substantially all of the Company’s and each of the guarantors’ assets, subject to certain exceptions.

As of June 30, 2023, with the discontinuation of the LIBOR reference rate, borrowings under the credit facilities bear interest at a rate equal to, at the Company’s option, either (1) the term Secured Overnight Financing Rate (“SOFR”), adjusted for certain additional costs and subject to a floor of 0.50% in the case of term loans and 0.00% in the case of revolving loans or (2) a base rate determined by reference to the greatest of (a) the federal funds rate plus 0.50%, (b) the prime rate, (c) the one-month SOFR rate plus 1.00%, (d) solely in the case of term loans, 1.50% and (e) solely in the case of revolving loans, 1.00%, in each case of clauses (1) and (2), plus an applicable margin. In addition, on a quarterly basis, the Company is required to pay each lender under the Revolving Credit Facility a 0.50% or 0.375% commitment fee in respect of commitments under the Revolving Credit Facility, with the applicable commitment fee determined based on the Company’s total net leverage ratio.

The credit facilities contain covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, incur additional indebtedness, pay dividends or make certain other restricted payments, sell assets, make certain investments and grant liens. These covenants are subject to exceptions and qualifications set forth in the Credit Agreement. The Revolving Credit Facility contains a financial covenant regarding a maximum first lien net leverage ratio that applies when borrowings under the Revolving Credit Facility exceed 30% of the total revolving commitment. As of December 31, 2024, the Company was in compliance with all such covenants.

In an effort to mitigate the interest rate risk associated with the Company’s variable rate credit facilities, the Company entered into a series of interest rate and cross currency swap derivative transactions during the second half of 2023. Refer to Note 12 “Derivative Instruments” for further information.

Debt Maturities

As of December 31, 2024, the contractual annual principal maturities of long-term debt, including the Revolving Credit Facility, are as follows:
(in thousands)
2025$19,450 
202619,450 
202719,450 
20281,828,300 
2029750,000 
Thereafter735,000 
 $3,371,650 
v3.25.1
LEASES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES LEASES
Operating Leases

The Company is committed under various operating lease agreements for real estate and property used in operations. Certain leases include various renewal options which are included in the lease term when the Company has determined it is reasonably certain of exercising the options. Certain of these leases include percentage rent payments based on property revenues and/or rent escalation provisions determined by increases in the CPI. These percentage rent and escalation provisions are treated as variable lease payments and recognized as lease expense in the period in which the obligation for those payments are incurred. Discount rates used to determine the present value of the lease payments are based on the Company’s incremental borrowing rate commensurate with the term of the lease.

The Company had total operating lease liabilities of $1.62 billion and $1.20 billion as of December 31, 2024 and 2023, respectively, and right of use assets of $1.54 billion and $1.16 billion as of December 31, 2024 and 2023, respectively, which were included in the consolidated balance sheets.

GLPI Leases

As of December 31, 2024, the Company’s Bally’s Evansville, Bally’s Dover, Bally’s Quad Cities, Bally’s Black Hawk, Bally’s Tiverton and Hard Rock Biloxi properties are leased under the terms of a master lease agreement (the “Master Lease No.1”) with GLPI. All GLPI leases are accounted for as operating leases within the provisions of ASC 842, over the lease term or until a re-assessment event occurs. The Master Lease No.1 has an initial term of 15 years and includes four, five-year options to renew and requires combined minimum annual payments of $100.5 million, subject to minimum 1% annual escalation or greater escalation dependent on CPI. The renewal options are not reasonably certain of exercise as of December 31, 2024.

In addition to the properties under the Master Lease No.1 explained above, the Company also entered into a lease with GLPI for the land associated with Tropicana Las Vegas. This lease has an initial term of 50 years (with a maximum term of 99 years with renewal options) at annual rent of $10.5 million, subject to minimum 1% annual escalation or greater escalation dependent on CPI. In 2024, the Company modified the lease and GLPI paid $48.6 million to the Company to fund the demolition of the building at the Tropicana Las Vegas site in exchange for increasing annual rent by $4.1 million, subject to a minimum 1% annual increase or greater based on CPI, for a total modified annual rent of $14.6 million. This lease modification did not change the lease classification. The cash received is treated as a lessor incentive, leading to an adjustment in the Right of Use asset for the total funding amount. Upon modification, the Lease Liability and Right of Use asset were adjusted to reflect the present value of the increased future lease payment. The renewal options are not reasonably certain of exercise as of December 31, 2024.

In 2024, the Company completed the sale lease-back transaction of certain real property interests underlying Bally’s Kansas City and Bally’s Shreveport to GLPI for $394.8 million under the terms of a new master lease agreement (the “Master Lease No.2”), with an initial term of 15 years, including four, five-year options to renew and minimum annual payments of $32.2 million, subject to minimum 1% annual escalation or greater escalation dependent on CPI. The transaction was structured as a tax-free capital contribution and a substantial portion of the proceeds was used to reduce the Company’s debt. The renewal options are not reasonably certain of exercise as of December 31, 2024. Under the terms of the Master Lease No.2, the Company assigned its rights and obligations related to existing ground leases underlying the Bally’s Kansas City and Bally’s Shreveport properties to GLPI, while remaining responsible to GLPI for rent under these leases as additional charges. This resulted in the termination of the previous right of use assets and lease liabilities related to the land leases and a gain of $26.4 million. In connection with the sale of the Bally’s Kansas City and Bally’s Shreveport assets, the Company recorded a gain of $209.8 million representing the difference in the transaction price and the derecognition of assets. These gains are reflected as “Gain from sale-leaseback, net” in the consolidated statements of operations.
Components of the Company’s lease costs during the years ended December 31, 2024, 2023 and 2022 were as follows:
Year Ended December 31,
(in thousands)202420232022
Operating lease expense(1)
Operating lease cost$157,829 $148,375 $75,675 
Variable lease cost12,121 10,360 8,386 
Operating lease expense169,950 158,735 84,061 
Short-term lease expense22,871 13,249 17,536 
Total operating lease expense
$192,821 $171,984 $101,597 
Gain on sale lease-back, net(2)(3)
$86,254 $374,321 $50,766 
__________________________________
(1)    Included within “General and administrative” in the Consolidated Statements of Operations
(2)    Included within “Gain on sale-leaseback, net” in the Consolidated Statements of Operations.
(3)    Gain on sale-leaseback, net is related to Bally’s Kansas City, Bally’s Shreveport and the Company’s Bally’s Chicago project during the year ended December 31, 2024, the Hard Rock Biloxi and Bally’s Tiverton properties during the year ended December 31, 2023, and Bally’s Quad Cities and Bally’s Black Hawk (“Bally's Black Hawk”) during the year ended December 31, 2022.

Supplemental cash flow and other information related to operating leases for the year ended December 31, 2024 and 2023, are as follows:
Year Ended December 31,
($ in thousands)202420232022
Cash paid for amounts included in the lease liability - operating cash flows from operating leases$145,891 $132,871 $68,689 
Right of use assets obtained in exchange for operating lease liabilities$495,747 $406,043 $341,747 
Derecognition of financing obligation$(200,000)$— $— 

December 31, 2024December 31, 2023
Weighted average remaining lease term26.2 years17.6 years
Weighted average discount rate8.5 %7.5 %

As of December 31, 2024, future minimum lease payments under noncancelable operating leases are as follows:

(in thousands)
2025$199,690 
2026200,068 
2027194,964 
2028197,307 
2029197,857 
Thereafter3,868,745 
Total lease payments4,858,631 
Less: present value discount(3,238,325)
Lease obligations$1,620,306 

Financing Obligation

Bally’s Chicago Operating Company, LLC., an indirect wholly-owned subsidiary of the Company, entered into a ground lease for the land on which Bally’s Chicago will be built, which is accounted for as a financing obligation in accordance with ASC 470, Debt, as the transaction did not qualify as a sale under ASC 842. The lease commenced November 18, 2022 and has a 99-year term followed by ten separate 20-year renewals at the Company’s option.
The Company recorded land within “Property and equipment, net” of $200.0 million with a corresponding liability within “Long-term portion of financing obligation” of $200.0 million on its consolidated balance sheets as of December 31, 2023. All lease payments were recorded as interest expense and there was no reduction to the financing obligation over the lease term. Bally’s Chicago made cash payments, and recorded corresponding interest expense, of $12.4 million, $17.4 million and $2.0 million during the years ended December 31, 2024, 2023 and 2022, respectively.

In the third quarter of 2024, GLP, an affiliate of GLPI, acquired the real estate underlying the Bally’s Chicago project, for which the Company was subject to the financing obligation, and assumed the existing lease. The lease with GLP was amended in the third quarter, creating a lease modification event whereby the land components previously classified as a financing obligation were reassessed and now classified as an operating lease. This change was due to the transfer of control of the land asset from the Company to the lessor, which permitted sale recognition in accordance with ASC 842. As a result of this reassessment, the Company derecognized $350.0 million from “Property and equipment, net related to the land asset and $200.0 million from the “Long-term portion of financing obligation” within our consolidated balance sheets. As a result of the lease modification, a $150.0 million offset in “Gain on sale-leaseback, net” was recorded in the consolidated statements of operations during the year ended December 31, 2024.

Pending Lease Transactions

On July 11, 2024, the Company entered into a Binding Term Sheet to form a strategic construction and financing arrangement with GLP which includes the funding to complete the construction of Bally’s Chicago’s permanent casino. On September 11, 2024, GLP completed its acquisition of the land on which we will build the permanent casino (as provided in the Binding Term Sheet), and we entered into an amendment to the existing land lease with GLP (as the new landlord) to reflect certain provision of the Binding Term Sheet. The Binding Term Sheet further provides that GLPI will enter into a new master lease agreement with Bally’s Chicago Operating Company, LLC (“Chicago MLA”). The amended ground lease with GLP includes, and the Chicago MLA will include, annual rent of $20 million, subject to customary escalation provisions. The Chicago MLA also provides up to $940 million in construction financing, subject to conditions and approvals. The Company will pay additional rent under the Chicago MLA based on a 8.5% capitalization rate on funded amounts. The initial lease term for the Chicago MLA will be for 15 years with renewal options to be agreed upon by the parties.

Lessor

The Company leases its hotel rooms to patrons and records the corresponding lessor revenue in “Non-gaming revenue” within our consolidated statements of operations. For the years ended December 31, 2024, 2023, and 2022, the Company recognized $148.7 million, $200.7 million and $153.8 million of lessor revenues related to the rental of hotel rooms, respectively. Hotel leasing arrangements vary in duration, but are short-term in nature.
v3.25.1
EQUITY PLANS
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
EQUITY PLANS EQUITY PLANS
Equity Incentive Plans

As of December 31, 2024, the Company has one equity incentive plan: the Bally’s Corporation 2021 Equity Incentive Plan (“2021 Incentive Plan”). The 2021 Incentive Plan was approved by shareholders at its 2021 Annual Meeting of Shareholders effective May 18, 2021. The 2021 Incentive Plan provides for the grant of stock options, RSAs, RSUs, PSUs and other awards (including those with performance-based vesting criteria) (collectively, “restricted awards” to employees, directors or consultants of the Company. As of December 31, 2024, 1.4 million shares were available for grant under the 2021 Incentive Plan.

Share-Based Compensation

The Company recognized total share-based compensation expense of $14.8 million, $24.1 million and $27.9 million for the years ended December 31, 2024, 2023 and 2022, respectively. The total income tax benefit for share-based compensation arrangements was $3.9 million, $6.2 million, and $7.1 million, for the years ended December 31, 2024, 2023 and 2022, respectively.

As of December 31, 2024, there was $9.7 million of unrecognized compensation cost related to outstanding share-based compensation arrangements (including stock options, RSA, RSU and PSU arrangements) which is expected to be recognized over a weighted average period of 1.4 years.
Restricted Stock Units and Performance-Based Restricted Stock Units

Under the 2021 Incentive Plan, RSUs and PSUs have been awarded to eligible employees, members of the Company’s senior management and certain members of its Board of Directors. Each RSU and PSU represents the right to receive one share of the Company’s common stock. RSUs generally vest in one-third increments over a three year period and compensation cost is recognized over the respective service periods based on the grant date fair value. PSUs generally vest over a three year period depending on the individual award agreement and become eligible for vesting upon attainment of performance objectives for the performance period. The number of PSUs that may become eligible for vesting varies and is dependent upon whether the performance targets are met, partially met or exceeded each year. The fair value of RSUs and PSUs is based on the Company’s common stock price as of the grant date.

The following summary presents information of equity-classified RSU and PSU activity for the year ended December 31, 2024:
 Restricted Stock
Units		Performance
Stock Units		Weighted
Average
Grant Date
Fair Value
Outstanding at December 31, 20231,176,611 347,817 $20.83 
Granted420,366 502,125 12.12 
Vested(526,907)(370,713)21.18 
Forfeited(88,730)(153,074)13.17 
Outstanding at December 31, 2024981,340 326,155 $15.85 

The weighted average grant date fair value for RSUs and PSUs was $12.12, $18.58 and $30.13 in 2024, 2023, and 2022, respectively.

The total intrinsic value of RSUs vested was $6.9 million, $8.5 million and $15.3 million, for the years ended December 31, 2024, 2023, and 2022, respectively.

For PSU awards, performance objectives for each year are established no later than 90 days following the start of the year. As the performance targets have not yet been established for the PSUs that are eligible to be earned in 2025 or later, a grant date has not yet been established for those awards in accordance with ASC 718. The grant date for the 2024, 2023, and 2022 performance periods have been established and, based upon achievement of the performance criteria for the years ended December 31, 2024, 2023, and 2022, 326,155, 348,835 and 62,133 PSUs, respectively, became eligible for vesting.
v3.25.1
STOCKHOLDERS’ EQUITY
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
STOCKHOLDERS’ EQUITY STOCKHOLDERS’ EQUITY
Capital Return Program

The Company has a Board of Directors approved capital return program under which the Company may expend a total of up to $700 million for share repurchases and payment of dividends. Future share repurchases may be effected in various ways, which could include open-market or private repurchase transactions, accelerated stock repurchase programs, tender offers or other transactions. The amount, timing and terms of any return of capital transaction will be determined based on prevailing market conditions and other factors. There is no fixed time period to complete share repurchases. As of December 31, 2024, $95.5 million was available for use under the capital return program.

There was no repurchase activity during the year ended December 31, 2024. Total share repurchase activity during the years ended December 31, 2023 and 2022 is as follows:
Year Ended December 31,
(in thousands, except share and per share data)2023
2022(1)
Number of common shares repurchased7,581,428 6,621,841 
Total cost$99,081 $153,366 
Average cost per share, including commissions$13.07 $23.16 
__________________________________
(1)    Includes 4.7 million shares repurchased from the Company’s modified Dutch auction tender offer completed July 27, 2022 at a price of $22.00 per share for an aggregate purchase price of $103.3 million.
All shares repurchased during the years ended December 31, 2023 and 2022 were transferred to treasury stock. The Company retired 7,581,428 and 7,394,642 shares of its common stock held in treasury during the years ended December 31, 2023 and 2022, respectively. The shares were returned to the status of authorized but unissued shares. As of December 31, 2024, there were no shares remaining in treasury.

There were no cash dividends paid during the years ended December 31, 2024, 2023, and 2022.

Preferred Stock

The Company has authorized the issuance of up to 10 million shares of $0.01 par value preferred stock. As of December 31, 2024 and 2023, no shares of preferred stock have been issued.

Shares Outstanding

As of December 31, 2024, the Company had 40,787,007 common shares issued and outstanding. The Company issued warrants, options and other contingent consideration in acquisitions and strategic partnerships that are expected to result in the issuance of common shares in future periods resulting from the exercise of warrants and options or the achievement of certain performance targets. These incremental shares are summarized below:

Sinclair Penny Warrants(1) (Note 15)
7,911,724
Sinclair Performance Warrants(2) (Note 15)
3,279,337
Sinclair Options(1) (Note 15)
1,639,669
MKF Penny warrants (Note 13)
44,128
Outstanding awards under Equity Incentive Plans (Note 19)
1,307,495
14,182,353
__________________________________
(1)    As of December 31, 2024 and 2023, the Options consists of four equal tranches to purchase shares with exercise prices ranging from $30.00 to $45.00 per share, exercisable over a seven-year period beginning on the fourth anniversary of the November 18, 2020 closing of the Framework Agreement. Pursuant to the Support Agreement, on February 7, 2025, all remaining Options were returned to Bally’s in exchange for an additional 384,536 Penny Warrants. Refer to Note 25 “Subsequent Events” for further information.
(2)    On February 7, 2025, the consummation of the Merger constituted a Change of Control under the Framework Agreement and as such, all performance warrants became immediately exercisable at a price of $0.01 per share. Refer to Note 25 “Subsequent Events” for further information
Accumulated Other Comprehensive Loss

The following table reflects the change in accumulated other comprehensive loss by component for the years ended December 31, 2024, 2023 and 2022:
(in thousands)
Foreign Currency Translation Adjustment(1)
Benefit Plans
Cash Flow Hedges(2)
Net Investment Hedges(3)
Total
Accumulated other comprehensive loss at December 31, 2021$(25,833)$(976)$— $— $(26,809)
Other comprehensive income (loss) before reclassifications(270,151)1,911 — — (268,240)
Reclassifications from accumulated other comprehensive income (loss) to earnings— — — — — 
Tax effect— (591)— — (591)
Accumulated other comprehensive loss at December 31, 2022(295,984)344 — — (295,640)
Other comprehensive income (loss) before reclassifications118,781 977 (14,183)(18,116)87,459 
Reclassifications from accumulated other comprehensive income (loss) to earnings— — (1,953)(1,350)(3,303)
Effects of settlement (Note 2)
— (244)— — (244)
Tax effect— (191)4,890 (2,529)2,170 
Accumulated other comprehensive income (loss) at December 31, 2023(177,203)886 (11,246)(21,995)(209,558)
Other comprehensive income (loss) before reclassifications(79,853)1,172 16,003 24,843 (37,835)
Reclassifications from accumulated other comprehensive income (loss) to earnings(4,689)— (11,031)5,420 (10,300)
Tax effect— (312)(1,915)(347)(2,574)
Accumulated other comprehensive income (loss) at December 31, 2024$(261,745)$1,746 $(8,189)$7,921 $(260,267)
__________________________________
(1)    Reclassifications from accumulated other comprehensive income (loss) to earnings includes the foreign currency translation adjustment of $(4.7) million released related to the Company’s sale of the Carved-Out Business (refer to Note 8 “Dispositions” for further information).
(2)    As of December 31, 2024, approximately $1.9 million of existing gains and losses are estimated to be reclassified into earnings within the next 12 months.
(3)    Reclassifications from accumulated other comprehensive income (loss) to earnings includes $9.1 million released as a result of dedesignating a EUR-GBP cross currency swap related to the Company’s sale of the Carved-Out Business (refer to Note 8 “Dispositions” for further information).
v3.25.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The components of income (loss) before taxes are as follows:
Years Ended December 31,
(in thousands)202420232022
Domestic$(456,728)$(244,412)$(444,549)
Foreign(95,774)58,674 (9,920)
Total$(552,502)$(185,738)$(454,469)

The components of the provision (benefit) for income taxes are as follows:
Years Ended December 31,
(in thousands)202420232022
Current taxes   
Federal$(3,219)$(4,419)$9,318 
State1,390 3,673 8,289 
Foreign(6,866)26,431 41,599 
(8,695)25,685 59,206 
Deferred taxes
Federal(18,326)11,302 (32,304)
State(10,789)720 (9,429)
Foreign53,062 (35,945)(46,396)
23,947 (23,923)(88,129)
Provision (benefit) for income taxes$15,252 $1,762 $(28,923)

The effective rate varies from the statutory US federal tax rate as follows:
 Years Ended December 31,
(in thousands)202420232022
Income tax (benefit) expense at statutory federal rate$(116,025)$(39,009)$(95,439)
State income taxes, net of federal effect(30,390)(14,716)(10,096)
Foreign tax rate adjustment64,884 (50,082)(17,455)
Nondeductible professional fees3,117 430 1,370 
Other permanent differences including lobbying expense(8,906)1,066 2,414 
Share-based compensation992 2,577 3,348 
Gain on bargain purchases— — 22 
CARES Act(3,153)— — 
Return to provision adjustments6,455 (8,810)(2,275)
Global intangible low-tax income (“GILTI”)17,941 14,333 2,404 
Goodwill— — 28,935 
Change in uncertain tax positions681 1,103 (2,224)
Change in valuation allowance79,656 94,870 60,073 
Total provision (benefit) for income taxes$15,252 $1,762 $(28,923)
Effective income tax rate on continuing operations(2.8)%(0.9)%6.4 %
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred income taxes at December 31, 2024 and 2023 are as follows:
 Years Ended December 31,
(in thousands)20242023
Deferred tax assets:  
Interest283,757 195,628 
Net operating loss carryforwards44,510 28,468 
Property and equipment
26,911 — 
Accrued and other current liabilities
21,681 44,707 
Framework Agreement liabilities
20,344 31,376 
Share-based compensation5,876 7,818 
Goodwill— — 
Valuation allowance(234,599)(154,943)
Total deferred tax assets, net168,480 153,054 
Deferred tax liabilities:
Land(4,167)(4,142)
Property and equipment— (46,472)
Change in accounting method(281)(280)
RI Joint Venture and GLPI Partnership(175,614)(108,598)
Amortizable assets(104,323)(83,118)
Total deferred tax liabilities(284,385)(242,610)
Net deferred tax liabilities$(115,905)$(89,556)
The Company will only recognize a deferred tax asset when, based on available evidence, realization is more likely than not. The Company has assessed its deferred tax liabilities arising from taxable temporary differences and has concluded such liabilities are not a sufficient source of income for the realization of deferred tax assets, including indefinite life taxable temporary differences which offset, subject to limitation, deferred tax assets with unlimited carryovers, such as the Section 163(j) interest limitation. Accordingly, a $234.6 million and $154.9 million valuation allowance has been established as of December 31, 2024 and 2023, respectively. The change in valuation allowance for the years ended December 31, 2024, 2023, and 2022 was $79.7 million, $94.9 million, and $60.1 million, respectively.

At December 31, 2024, the Company’s cash and cash equivalents totaled $171.2 million, of which approximately 7% was held in locations outside the US. The Company does not reinvest undistributed earnings, and accordingly, the Company has determined that no deferred tax liability is required for undistributed foreign earnings at December 31, 2024 and 2023 and will continue to monitor for future changes.

For the years ended December 31, 2024 and 2023 the net deferred tax liabilities increased by $26.3 million and decreased by $22.9 million, respectively. For the year ended December 31, 2024, an increase of $23.9 million was included in income from operations, offset by a decrease related to the foreign exchange remeasurement of $0.3 million, and an increase of $2.6 million was included in other comprehensive loss. For the year ended December 31, 2023, a decrease of $23.9 million was included in income from operations, a decrease related to the foreign exchange remeasurement of $1.2 million, and offset by an increase of $2.2 million included in other comprehensive loss.

As of December 31, 2024, the Company has $71.8 million of federal net operating carryforwards subject to a section 382 limitation with an unlimited carryforward period. There was $25.4 million of federal net operating carryforwards subject to a section 382 limitation with an unlimited carryforward period as of December 31, 2023. As of December 31, 2024 and 2023, the Company had $405.2 million and $310.3 million of state net operating loss carryforwards, respectively, which expire at various dates through 2041.
The Internal Revenue Code (IRC) Section 382 provides for a limitation of the annual use of net operating loss and tax credit carryforwards following certain ownership changes (as defined by the IRC Section 382) that limits the Company’s ability to utilize these carryforwards prior to expiration. Section 382 can also apply when we acquire subsidiaries with net operating loss carryforwards, as there may be limitations on the use of acquired net operating losses against our taxable income. As of December 31, 2024, the Company expects to utilize all acquired tax attributes prior to expiration.

The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) provides opportunities for additional liquidity, loan guarantees, and other government programs to support companies affected by the COVID-19 pandemic and their employees, including those that operate in the gaming area. The benefits of the CARES Act that were available to us included:

a.refund of federal income taxes due to five-year carryback of net operating loss incurred in 2020 when our 2020 tax return was filed in 2021;
b.relaxation of interest expense deduction limitation for income tax purposes; and
c.the employee retention credit, providing a refundable federal tax credit equal to 50% of the first $10,000 of qualified wages and benefits, including qualified medical plan contributions, paid to employees while they are not performing services after March 12, 2020 and before January 1, 2021.

During the year ended December 31, 2024, the Company realized a CARES Act tax benefit of $3.2 million. The Company realized no tax benefit during the years ended December 31, 2023 and 2022. The Company intends to continue to review and consider any available potential benefits under the CARES Act for which it qualifies, including those described above. The Company cannot predict the manner in which such benefits or any of the other benefits described herein will be allocated or administered and the Company cannot provide assurances that it will be able to access such benefits in a timely manner or at all. If the US government or any other governmental authority agrees to provide such aid under the CARES Act or any other crisis relief assistance, it may impose certain requirements on the recipients of the aid, including restrictions on executive officer compensation, dividends, prepayment of debt, limitations on debt and other similar restrictions that will apply for a period of time after the aid is repaid or redeemed in full.

From time to time, the Company may be subject to audits covering a variety of tax matters by taxing authorities in any taxing jurisdiction where the Company conducts business. While the Company believes that the tax returns filed and tax positions taken are supportable and accurate, some tax authorities may not agree with the positions taken. This can give rise to tax uncertainties which, upon audit, may not be resolved in the Company’s favor. As of December 31, 2024, there was $24.8 million tax contingency accruals and deferred tax asset reductions for uncertain tax positions, of which $22.1 million would impact the effective tax rate, if recognized. A reconciliation of the beginning and ending balances of the gross liability for uncertain tax positions is as follows:
(in thousands)202420232022
Uncertain tax position liability at the beginning of the year$29,286 $11,277 $5,131 
Increases related to tax positions taken during the year(4,462)18,009 — 
Increases related to tax positions taken during prior period— — 11,277 
Decreases related to tax positions taken during prior periods— — (5,131)
Uncertain tax position liability at the end of the year$24,824 $29,286 $11,277 

It is reasonably possible that the Company’s unrecognized tax benefits could change in the next twelve months, however the Company is unable to estimate a range at this time.

The Company records interest and penalties related to uncertain tax positions as a component of the income tax provision (benefit). The Company has reserved interest and penalties on uncertain tax positions of $1.0 million and $0.7 million as of December 31, 2024 and 2023, respectively. The Company has recorded $0.3 million and $0.6 million of interest on uncertain tax positions on the consolidated statements of operations for the years ended December 31, 2024 and 2023, respectively.

The Company and its subsidiaries file tax returns in several jurisdictions including the US and various US state and foreign jurisdictions. The Company remains subject to examination for US federal income tax purposes for the years ended December 31, 2015 through 2024, as a result of a 2020 net operating loss carryback claim. The Company remains subject to examination for state and foreign income tax purposes for the years ended December 31, 2013 through 2024. The Company is currently appealing an audit by the State of Colorado for tax years ended December 31, 2012 through 2015. Based on the current status of the Colorado appeal, the Company believes no additional reserves are necessary. In addition, the disallowance of a loss carryforward generated in a period outside of the normal statute of limitations is generally open until the statute of limitations expires in the year of the utilization of the loss.
v3.25.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Litigation

The Company is a party to other various legal and administrative proceedings which have arisen in the ordinary course of its business. Estimated losses are accrued for these proceedings when the loss is probable and can be estimated. The current liability for the estimated losses associated with these proceedings is not material to the Company’s consolidated financial condition and those estimated losses are not expected to have a material impact on results of operations. Although the Company maintains what it believes is adequate insurance coverage to mitigate the risk of loss pertaining to covered matters, legal and administrative proceedings can be costly, time-consuming and unpredictable.

Although no assurance can be given, the Company does not believe that the final outcome of these matters, including costs to defend itself in such matters, will have a material adverse effect on the company’s consolidated financial statements. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters.

Capital Expenditure Commitments

Bally’s Twin River - Pursuant to the terms of the Regulatory Agreement in Rhode Island, the Company is committed to invest $100 million in its Rhode Island properties over the term of the master contract through June 30, 2043, including an expansion and the addition of new amenities at Bally’s Twin River. As of December 31, 2024, approximately $45.1 million of the commitment remains.

Bally’s Chicago - Pursuant to the Host Community Agreement with the City of Chicago, the Company’s indirect subsidiary is required to spend at least $1.34 billion on the design, construction and outfitting of the temporary casino and the permanent resort and casino. The actual cost of the development may exceed this minimum capital investment requirement. In addition, land acquisition costs and financing costs, among other types of costs, are not counted toward meeting this requirement. As of December 31, 2024, approximately $1.02 billion of this commitment remains.

City of Chicago Guaranty

In connection with the Host Community Agreement, entered into by Bally’s Chicago Operating Company, LLC (the “Developer”), a wholly-owned indirect subsidiary of the Company, the Company provided the City of Chicago with a performance guaranty whereby the Company agreed to have and maintain available financial resources in an amount reasonably sufficient to allow the Developer to complete its obligations under the Host Community Agreement. In addition, upon notice from the City of Chicago that the Developer has failed to perform various obligations under the Host Community Agreement, the Company has agreed to indemnify the City of Chicago against any and all liability, claim or reasonable and documented expense the City of Chicago may suffer or incur by reason of any nonperformance of any of the Developer’s obligations.

Bally’s Chicago Casino Fees

Under the Illinois Gambling Act, the Company will be responsible to pay the Illinois Gaming Board a reconciliation fee payment three years after the date operations commenced (in a temporary or permanent facility) in an amount equal to 75% of the adjusted gross receipt (“AGR”) for the most lucrative 12-month period of operations, minus the amount equal to the initial payment per gaming position paid.

Sponsorship Commitments

As of December 31, 2024, the Company has entered into multiple sponsorship agreements with various professional sports leagues and teams. These agreements commit a total of $125.4 million through 2036 and grant the Company rights to use official league marks for branding and promotions, among other benefits.

Interactive Technology Commitments

The Company has certain multi-year agreements with its various market access and content providers, as well as its online sports betting platform partners, that require the Company to pay variable fees based on revenue, with minimum annual guarantees. As of December 31, 2024, the cumulative minimum obligation committed in these agreements is $52.4 million through 2029.
Collective Bargaining Agreements

As of December 31, 2024, the Company had approximately 10,000 employees. A large number of our employees at our Casinos & Resorts properties within several US states are represented by a labor union and are subject to collective bargaining agreements with us. As of December 31, 2024, the Company had 32 collective bargaining agreements covering approximately 3,442 employees. All collective bargaining agreements are in good standing and most have been renegotiated with terms between three and five years. There can be no assurance that we will be able to extend or enter into replacement agreements. If the Company is able to extend or enter into replacement agreements, there can be no assurance as to whether the terms will be on comparable terms to the existing agreements.
v3.25.1
SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company has three operating and reportable segments: Casinos & Resorts, International Interactive and North America Interactive. The “Corporate & Other” category includes interest expense, select immaterial operating segments, unallocated corporate operating expenses, and other adjustments, such as the elimination of inter-segment transactions, to reconcile with the Company's consolidated results. This category further accounts for other expenses such as share-based compensation, acquisition and transaction costs, and other non-recurring charges.

The Company’s three reportable segments as of December 31, 2024 include:

Casinos & Resorts - Includes the Company’s 15 casino and resort properties, one horse racetrack and one golf course.

International Interactive - Includes the Company’s interactive European gaming operations, the Company’s global licensing revenue generating operations, as well as one casino property, Bally's Newcastle, in the UK.

North America Interactive - A portfolio of sports betting, iGaming, and free-to-play gaming brands.

The Company’s chief operating decision maker is its Executive Committee, consisting of the Chief Executive Officer, President, and Chief Financial Officer. The Company uses consolidated Adjusted EBITDA and segment Adjusted EBITDAR to analyze the performance of its business and they are used as determining factors for performance-based compensation for members of the Company’s management team. The Company uses consolidated Adjusted EBITDA and segment Adjusted EBITDAR when evaluating the operating performance of the business because management believes that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a more fulsome understanding of the core operating results and as a means to evaluate period-to-period performance.

Management believes segment Adjusted EBITDAR is representative of its ongoing business operations including its ability to service debt and to fund capital expenditures, acquisitions and operations, in addition to it being a commonly used measure of performance in the gaming industry and used by industry analysts to evaluate operations and operating performance.

As of December 31, 2024, the Company’s operations were predominately in the US and Europe, with a less substantive footprint in other countries world-wide. For geographical reporting purposes, revenue generated outside of the US has been aggregated into the International Interactive reporting segment, and consists primarily of revenue from the UK and Japan. Revenue generated from the UK and Japan represented approximately 28% and 6%, 25% and 11%, and 25% and 12% of total revenue, respectively, during the year ended December 31, 2024, 2023 and 2022, respectively. The Company does not have any revenues from any individual customers that exceed 10% of total reported revenues.

The following table sets forth revenue and Adjusted EBITDAR for the Company’s three reportable segments and reconciles Adjusted EBITDAR on a consolidated basis to net loss. The Other category is included in the following tables in order to reconcile the segment information to the Company’s consolidated financial statements.
Years Ended December 31,
(in thousands)202420232022
Revenue
Casinos & Resorts$1,363,113 $1,363,291 $1,227,563 
International Interactive909,493 973,210 946,442 
North America Interactive177,872 112,572 81,700 
Total$2,450,478 $2,449,073 $2,255,705 
Adjusted EBITDAR(1)
Casinos & Resorts$370,518 $428,968 $398,930 
International Interactive336,460 343,559 321,651 
North America Interactive(40,236)(55,653)(65,729)
Corporate & Other(52,212)(63,770)(53,024)
Total614,530 653,104 601,828 
Operating (expense) income:
Rent expense associated with triple net operating leases(2)
(118,919)(125,775)(53,313)
Depreciation and amortization(379,544)(350,408)(300,559)
Transaction costs(41,060)(80,376)(85,604)
Restructuring(17,921)(31,014)— 
Tropicana Las Vegas demolition and closure costs
(59,838)— — 
Share-based compensation(14,752)(24,074)(27,912)
Gain on sale-leaseback, net86,254 374,321 50,766 
Impairment charges(248,879)(149,825)(463,978)
Loss on disposal of business(27,796)— — 
Merger Agreement costs(3)
(14,808)— — 
Payment service provider write-off (4)
(6,333)— — 
Diamond Sports Group non-cash settlement(1,114)(144,883)— 
Other(28,148)(17,061)(14,236)
(Loss) income from operations
(258,328)104,009 (293,008)
Other income (expense)
Interest expense, net(289,629)(277,561)(208,153)
Other(4,545)(12,186)46,692 
Total other expense, net(294,174)(289,747)(161,461)
Loss before income taxes(552,502)(185,738)(454,469)
(Provision) benefit for income taxes(15,252)(1,762)28,923 
Net loss
$(567,754)$(187,500)$(425,546)
__________________________________
(1)    Adjusted EBITDAR is defined as earnings, or loss, for the Company before interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, acquisition, integration and restructuring expense, share-based compensation, and certain other gains or losses as well as, when presented for our reporting segments, an adjustment related to the allocation of corporate cost among segments, plus rent expense associated with triple net operating leases.
(2)    Consists primarily of the operating lease components contained within certain triple net leases with GLPI. Refer to Note 18 “Leases” for further information.
(3)    Costs incurred in connection with the Merger Agreement discussed in Note 1 “General Information.”
(4)    In the third quarter, the Company recorded a $6.3 million charge to reduce amounts due from payment service providers (“PSP”) due to a circumstance whereby the payment processer for certain online sports wagering deposits failed to capture and settle funds with patrons of the Company. The Company was not able to recover the full amount due from the payment service provider, resulting in a write down to the recoverable amount. In addition to amounts recovered, the Company received $5.1 million from the PSP as a signing bonus for entering into an extension agreement.
The following table sets forth significant segment expenses and other segment items by reportable segment (in thousands):
Years Ended December 31,Casinos & ResortsInternational InteractiveNorth America Interactive
2024
Revenue$1,363,113 $909,493 $177,872 
Less: segment expenses
Marketing costs89,245 118,449 51,927 
Gaming tax190,505 158,691 48,015 
Compensation393,160 97,431 38,057 
Other direct costs— 134,192 57,065 
Casino property costs141,218 — — 
General and administrative73,143 64,359 22,863 
Other segment items(1)
105,324 (89)181 
Segment EBITDAR$370,518 $336,460 $(40,236)
2023
Revenue$1,363,291 $973,210 $112,572 
Less: segment expenses
Marketing costs71,356 144,296 42,039 
Gaming tax160,493 145,239 21,871 
Compensation379,835 104,538 40,620 
Other direct costs— 179,060 40,510 
Casino property costs144,663 — — 
General and administrative63,759 56,360 22,759 
Other segment items(1)
114,217 158 426 
Segment EBITDAR$428,968 $343,559 $(55,653)
2022
Revenue$1,227,563 $946,442 $81,700 
Less: segment expenses
Marketing costs66,169 169,861 20,012 
Gaming tax148,945 134,338 6,268 
Compensation325,047 91,369 64,555 
Other direct costs— 181,168 31,268 
Casino property costs125,940 — — 
General and administrative58,287 49,091 22,807 
Other segment items(1)
104,245 (1,036)2,519 
Segment EBITDAR$398,930 $321,651 $(65,729)
__________________________________
(1)    Other Segment Items primarily includes Gaming and non-gaming expenses within our Casinos & Resorts reportable segment, and certain other immaterial costs and allocations within each of the Company’s reportable segments.
Years Ended December 31,
(in thousands)202420232022
Capital Expenditures
Casinos & Resorts$60,373 $143,526 $183,693 
International Interactive706 2,462 12,392 
North America Interactive2,147 1,986 6,635 
Corporate & Other(1)
136,601 163,509 9,536 
Total$199,827 $311,483 $212,256 
__________________________________
(1)    Includes 133.6 million, 162.1 million and 8.5 million related to our future Bally’s Chicago project during the years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively.

Total assets are not regularly reviewed for each operating segment when assessing segment performance or allocating resources and accordingly, are not presented. As of December 31, 2024, over 97% of the Company’s long-lived assets, consisting primarily of property and equipment, are located within the United States.
v3.25.1
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE LOSS PER SHARE
Diluted earnings per share includes the determinants of basic earnings per share and, in addition, reflects the dilutive effect of the common stock deliverable for stock options, using the treasury stock method, and for RSUs, RSAs and PSUs for which future service is required as a condition to the delivery of the underlying common stock.
 Years Ended December 31,
 202420232022
Net loss applicable to common stockholders$(567,754)$(187,500)$(425,546)
Weighted average common shares outstanding, basic48,468,887 53,350,817 58,111,699 
Weighted average effect of dilutive securities— — — 
Weighted average common shares outstanding, diluted48,468,887 53,350,817 58,111,699 
Per share data
Basic$(11.71)$(3.51)$(7.32)
Diluted$(11.71)$(3.51)$(7.32)
Anti-dilutive shares excluded from the calculation of diluted earnings per share5,377,457 5,021,833 5,188,388 
On November 18, 2020, the Company issued Penny Warrants, Performance Warrants and Options which participate in dividends with the Company’s common stock subject to certain contingencies. In the period in which the contingencies are met, those instruments are participating securities to which income will be allocated using the two-class method. The Performance Warrants and Options do not participate in net losses. The Penny Warrants were considered exercisable for little to no consideration and are therefore included in basic shares outstanding at their issuance date. For the years ended December 31, 2024, 2023 and 2022, the shares underlying the Performance Warrants were anti-dilutive as certain contingencies were not met. Refer to Note 15 “Strategic Partnership - Sinclair Broadcast Group” for further information.
v3.25.1
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Merger

On February 7, 2025, the Company completed its previously announced transactions with the Buyer Parties. Pursuant to the terms of the Merger Agreement, Bally’s and Queen combined, with Queen shareholders receiving consideration of 30.5 million shares. Thereafter, the Company paid cash consideration of $18.25 per share to holders of 22.9 million of the Company’s outstanding shares, funded through the issuance of $500.0 million in senior secured notes due in 2028.
Bally’s stockholders owning 17.9 million outstanding shares elected to retain their Bally’s stock by means of a rollover election and continue as stockholders of Bally’s. As a result of the completion of the transactions contemplated by the Merger Agreement, there are 48.4 million shares outstanding as of February 7, 2025. The warrants issued under the Framework Agreement, the Support Agreements, and those in connection with the acquisition of MKF, representing the right to purchase up to 11.6 million shares of Bally’s common stock, remain outstanding. Refer to Note 1 “General Information,” Note 15 “Strategic Partnership - Sinclair Broadcast Group” and Note 20 “Stockholders' Equity” for further information.

Secured Notes

In connection with the closing of the Merger on February 7, 2025, the Company entered into a note purchase agreement and issued $500 million in aggregate principal amount of first lien senior secured notes due October 2, 2028, at an annual interest rate of 11%, payable quarterly. These notes are guaranteed by Bally's restricted subsidiaries and secured by the same collateral securing the Credit Facility. The agreement mandates redemption offers in certain situations, such as asset sales and unpermitted debt issuances, with specific redemption premiums applicable within the first two years. After two years, the notes can be redeemed at par. The agreement also includes covenants limiting additional indebtedness, dividend payments, asset sales, investments, and liens, subject to exceptions and qualifications.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net loss $ (567,754) $ (187,500) $ (425,546)
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have established policies and processes for assessing, identifying, and managing material risks from cybersecurity threats, and have integrated these processes into our overall risk management systems and practices. We routinely assess material risks from cybersecurity threats, including any potential unauthorized attack on, or use of, our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information stored therein.

Our data breach management policy classifies potential incidents by risk levels, and we typically prioritize our incident mitigation and impact evaluation efforts based on those risk classifications, while focusing on maintaining the resiliency of our systems. These risk assessments include identifying reasonably foreseeable potential internal and external risks, the likelihood of occurrence and any potential damage that could result from such risks, and the sufficiency of existing policies, procedures, systems, controls, and other safeguards in place to manage such risks.

Following these risk assessments, we design, implement, and maintain reasonable safeguards to minimize the identified risks; reasonably address any identified gaps in existing safeguards; update existing safeguards as necessary; and monitor the effectiveness of our safeguards. Some of the other steps we have taken to detect, identify, assess, classify, and attempt to mitigate cyber security and risks include:

•Adopting and periodically reviewing and updating information security and privacy policies;
•Conducting targeted audits and penetration tests throughout the year, using both internal and external resources;
•Complying with the Payment Card Industry Data Security Standard (PCI-DSS);
•Implementing an Information Security Management System (ISMS) that is certified as meeting the requirements of the ISO 27001 standard;
•Implementing a Privacy Information Management System (PIMS) that complies with the requirements of the ISO 27701 standard;
•Engaging an industry-leading, suitably qualified and experienced third party to independently evaluate our information security systems on a regular basis;
•Adopting a vendor risk management program, which includes receiving the results of cybersecurity evaluations conducted on certain vendors engaged in high-risk data processing;
•Providing security and data protection training and awareness to our employees, contractors and key partners with access to sensitive information and systems; and
•Maintaining cyber liability insurance.

At this time, we have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. For additional information regarding risks from cybersecurity threats, please refer to Item 1A “Risk Factors -Cybersecurity and Technology Risks.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We have established policies and processes for assessing, identifying, and managing material risks from cybersecurity threats, and have integrated these processes into our overall risk management systems and practices. We routinely assess material risks from cybersecurity threats, including any potential unauthorized attack on, or use of, our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information stored therein.
Our data breach management policy classifies potential incidents by risk levels, and we typically prioritize our incident mitigation and impact evaluation efforts based on those risk classifications, while focusing on maintaining the resiliency of our systems. These risk assessments include identifying reasonably foreseeable potential internal and external risks, the likelihood of occurrence and any potential damage that could result from such risks, and the sufficiency of existing policies, procedures, systems, controls, and other safeguards in place to manage such risks.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Cybersecurity and data protection falls under our overall risk management and oversight. Our Board of Directors periodically receives reports from our operations committee, cybersecurity management, external professional advisors, and other relevant Company personnel regarding various types of risks faced by the Company and the Company’s risk mitigation efforts related thereto, including cybersecurity risks and related mitigation efforts.

The Board also receives presentations from management regarding trends in cybersecurity risks and risk mitigation initiatives and plans, including briefings on recent breaches at other companies and key takeaways and lessons learned that are applicable to our business. The Board will also periodically review key cybersecurity-related benchmarks for the Company.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Company has a dedicated Security Forum and a Data Protection Committee comprising members from our senior leadership that convene on a regular basis to receive updates from our operations committee, cybersecurity management, external professional advisors, and other relevant Company personnel about the Cybersecurity & Privacy programs we have in place; discuss and assess material risks and planned risk mitigation, incidents and planned remediation efforts, trends observed, consider cybersecurity-related proposals, and review and adopt changes in cybersecurity policies.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Company has a dedicated Security Forum and a Data Protection Committee comprising members from our senior leadership that convene on a regular basis to receive updates from our operations committee, cybersecurity management, external professional advisors, and other relevant Company personnel about the Cybersecurity & Privacy programs we have in place; discuss and assess material risks and planned risk mitigation, incidents and planned remediation efforts, trends observed, consider cybersecurity-related proposals, and review and adopt changes in cybersecurity policies.
Cybersecurity Risk Role of Management [Text Block]
In the event we identify a potential cybersecurity issue, we have defined procedures for responding to such issues, including procedures that address when and how to engage with Company management, our Board of Directors, other stakeholders, and law enforcement when responding to such issues. We have a dedicated management team overseeing our cybersecurity initiatives, led by our Chief Information Officer, our Vice President and Global Data Privacy Officer, and our Vice President of Cybersecurity. Our Chief Information Officer has over 25 years’ experience overseeing and managing information technology teams and complex IT systems, and our Vice President of Cybersecurity has over 15 years’ experience developing and managing cybersecurity functions and strategies. Our Vice President of Global Data Privacy is a recognized leader in the industry with over 7 years of experience in managing global data privacy programs. Our cybersecurity management team regularly meets with senior executives and other team members to provide oversight with respect to our cybersecurity risk detection, identification, assessment, classification, and mitigation efforts.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] We have a dedicated management team overseeing our cybersecurity initiatives, led by our Chief Information Officer, our Vice President and Global Data Privacy Officer, and our Vice President of Cybersecurity.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our Chief Information Officer has over 25 years’ experience overseeing and managing information technology teams and complex IT systems, and our Vice President of Cybersecurity has over 15 years’ experience developing and managing cybersecurity functions and strategies. Our Vice President of Global Data Privacy is a recognized leader in the industry with over 7 years of experience in managing global data privacy programs.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Our cybersecurity management team regularly meets with senior executives and other team members to provide oversight with respect to our cybersecurity risk detection, identification, assessment, classification, and mitigation efforts.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Principles of Consolidation
Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of the Company, its majority-owned subsidiaries and entities the Company identifies as variable interest entities (“VIEs”), of which the Company is determined to be the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year’s presentation. The financial statements of our foreign subsidiaries are translated into US Dollars (“USD”) using exchange rates in effect at period-end for assets and liabilities and average exchange rates during each reporting period for results of operations. Adjustments resulting from financial statement translations are reflected as a separate component of accumulated other comprehensive income (loss). Foreign currency transaction gains and losses are included in net income (loss).
Equity Method Investments
Equity Method Investments

In 2024, in connection with the disposal of its Asia Interactive Business, the Company acquired penny warrants that represent a 19.99% fully-diluted interest in the Buyer, as defined in Note 8 “Dispositions”, for approximately $1.9 million. The Company accounts for this interest as an equity method investment given the Company’s ability to exercise significant influence over, but not control, the counterparty to the agreement. Refer to Note 8 “Dispositions” for further information.

In 2023, the Company and International Game Technology PLC (“IGT”) contributed certain tangible assets and leases to Rhode Island VLT Company, LLC (the “RI Joint Venture”) in exchange for equity interests of the RI Joint Venture. The Company contributed video lottery terminals (“VLTs”) and player tracking equipment to the joint venture for a 40% equity interest of the RI Joint Venture. The 40% ownership in the joint venture qualifies for equity method accounting. In addition to this joint venture, the Company also has other investments in unconsolidated subsidiaries, which are accounted for using equity method accounting.
The Company records its share of net income or loss from equity method investments within “Other non-operating income, net” in the consolidated statements of operations. During the years ended December 31, 2024 and 2023, the Company recorded (loss) income from equity method investments of $(1.9) million and $4.3 million, respectively. There was no income or loss from equity method investments recorded by the Company during the year ended December 31, 2022.
Consolidation, Variable Interest Entity, Policy
Variable Interest Entities

The Company evaluates entities for which control is achieved through means other than voting rights to determine if it is the primary beneficiary of a VIE. An entity is a VIE if it has any of the following characteristics (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support (ii) equity holders, as a group, lack the characteristics of a controlling financial interest or (iii) the entity is structured with non-substantive voting rights. The primary beneficiary of the VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary.

In determining whether it is the primary beneficiary of the VIE, the Company considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities and significance of the Company’s investment and other means of participation in the VIE’s expected profits/losses. Significant judgments related to these determinations include estimates about the current and future fair values and performance of assets held by these VIEs and general market conditions.
Management has analyzed and concluded that a trust, that was established in connection with the disposal of the Asia Interactive Business, is a VIE that will be consolidated based on the applicable criterion. Refer to Note 8, “Dispositions” for further information.

As of December 31, 2024 and 2023, consolidated VIEs had total assets of $263.9 million and $161.3 million, respectively, and total liabilities of $27.9 million and $87.7 million, respectively. Consolidated VIEs had total revenues of $169.8 million, $293.3 million and $298.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis.
Use of Estimates in the Preparation of Financial Statements
Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with US GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and revenues and expenses and related disclosures of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates and judgments including those related to contingent value rights, the allowance for credit losses, valuation of goodwill and intangible assets, recoverability and useful lives of tangible and intangible long-lived assets, accruals for potential liabilities related to any lawsuits or claims brought against the Company, fair value of financial instruments, capitalized software development costs, stock compensation and valuation allowances for deferred tax assets. The Company bases its estimates and judgments on historical experience and other relevant factors impacting the carrying value of assets and liabilities. Actual results may differ from these estimates.
Cash and Cash Equivalents and Restricted Cash
Cash and Cash Equivalents and Restricted Cash
Cash and cash equivalents includes cash balances and highly liquid investments with an original maturity of three months or less.
Concentrations of Credit Risk
Concentrations of Credit Risk
The Company’s financial instruments which potentially expose the Company to concentrations of credit risk consisted of cash and cash equivalents and trade receivables. The Company maintains cash with financial institutions in excess of federally insured limits, however, management believes the credit risk is mitigated by the quality of the institutions holding such deposits.
Allowance for Doubtful Accounts An allowance for credit losses is determined to reduce the Company’s receivables for amounts that may not be collected. The allowance is estimated based on historical collection experience, current economic and business conditions and forecasts that affect the collectability and review of individual customer accounts and any other known information.
Inventory
Inventory

Inventory is stated at the lower of cost or net realizable value on a first-in, first-out basis and consists primarily of food, beverage, promotional items and other supplies.
Property and Equipment
Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation and impairment losses, if applicable. Expenditures for renewals and betterments that extend the life or value of an asset are capitalized and expenditures for repairs and maintenance are charged to expense as incurred. The costs and related accumulated depreciation applicable to assets sold or disposed of are removed from the balance sheet accounts and the resulting gains or losses are reflected in the consolidated statements of operations. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets or the related lease term, if any, as follows:
Years
Land improvements
10-20
Building and improvements
2-50
Equipment
2-10
Furniture and fixtures
2-10
Development costs directly associated with the acquisition, development and construction of a project are capitalized as a cost of the project during the periods in which activities necessary to prepare the property for its intended use are in progress. Interest costs associated with major construction projects are capitalized as part of the cost of the constructed assets. When no debt is incurred specifically for a project, interest is capitalized on amounts expended for the project using the weighted average cost of borrowing. Capitalization of interest ceases when the project (or discernible portions of the project) is substantially complete. If substantially all of the construction activities of a project are suspended, capitalization of interest will cease until such activities are resumed.
Leases
Leases

The Company determines if a contract is or contains a lease at the contract inception date or the date in which a modification of an existing contract occurs. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (i) the right to obtain substantially all of the economic benefits from the use of the identified asset throughout the period of use and (ii) the right to direct the use of the identified asset.

Upon adoption of Accounting Standards Codification (“ASC”) 842, Leases, (“ASC 842”) the Company elected to account for lease and non-lease components as a single component for all classes of underlying assets. Additionally, the Company elected to not recognize short-term leases (defined as leases that are less than 12 months and do not contain purchase options) within the consolidated balance sheets.

The Company recognizes a lease liability for the present value of lease payments at the lease commencement date using its incremental borrowing rate commensurate with the lease term based on information available at the commencement date unless the rate implicit in the lease is readily determinable.
Certain of the Company’s leases include renewal options and escalation clauses; renewal options are included in the calculation of the lease liabilities and right of use assets when the Company determines it is reasonably certain to exercise the options. Variable expenses generally represent the Company’s share of the landlord’s operating expenses and consumer price index (“CPI”) increases. Rent expense associated with the Company’s long and short term leases and their associated variable expenses are reported in total operating costs and expenses within the consolidated statements of operations.
Goodwill and Intangible Assets
Goodwill

Goodwill consists of the excess of acquisition costs over the fair value of net assets acquired in business combinations. Goodwill is not amortized, but is reviewed for impairment annually as of October 1st, or when events or changes in the business environment indicate that the carrying value of the reporting unit may exceed its fair value, by comparing the fair value of each reporting unit to its carrying value, including goodwill.

When assessing goodwill for impairment, first, qualitative factors are assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. Items that are considered in the qualitative assessment include, but are not limited to, the following: macroeconomic conditions, industry and market conditions and overall financial performance. If the results of the qualitative assessment indicate it is more likely than not that a reporting unit’s carrying value exceeds its fair value, or if the Company elects to bypass the qualitative assessment, a quantitative goodwill test is performed.

Intangible Assets

The Company’s intangible assets primarily consist of customer relationships, developed technology, internally developed software, gaming licenses and trade names. The Company also has a commercial rights intangible asset obtained through the Framework Agreement (as defined herein). Refer to Note 15 “Strategic Partnership - Sinclair Broadcast Group” for further information regarding the Sinclair Broadcast Group (“Sinclair”) commercial rights.

For its finite-lived intangible assets, the Company establishes a useful life upon initial recognition based on the period over which the asset is expected to contribute to the future cash flows of the Company and periodically evaluates the remaining useful lives to determine whether events and circumstances warrant a revision to the remaining amortization period. Finite-lived intangible assets are amortized over their remaining useful lives in a pattern in which the economic benefits of the intangible asset are consumed, which is generally on a straight-line basis. The Company reviews the carrying amount of its finite-lived intangible assets for possible impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Should events and circumstances indicate finite-lived intangible assets may not be recoverable, the Company performs a test for recoverability whereby estimated undiscounted cash flows are compared to the carrying values of the assets. Should the estimated undiscounted cash flows exceed the carrying value, no impairments are recorded. If the undiscounted cash flows do not exceed the carrying values, an impairment is recorded based on the fair value of the asset.

Customer Relationships - The Company considers customer relationships to be finite-lived intangible assets, which are amortized over their estimated useful lives, and are recognized as the result of a business combination.

Developed Technology - Developed technology relates to the design and development of sports betting and casino gaming software and online gaming products acquired through the Company’s acquisitions of the businesses within the International Interactive and North America Interactive segments. Developed technology is considered to be a finite-lived intangible asset, which are amortized over their estimated useful lives, which is generally between three to 10 years.

Internally Developed Software - Software that is developed for internal use is accounted for pursuant to ASC 350-40, Intangibles, Goodwill and Other - Internal-Use Software. Qualifying costs incurred to develop internal-use software are capitalized when (i) the preliminary project stage is completed, (ii) management has authorized further funding for the completion of the project and (iii) it is probable that the project will be completed and perform as intended. These capitalized costs include compensation for employees who develop internal-use software and external costs related to development of internal use software. Capitalization of these costs ceases once the project is substantially complete and the software is ready for its intended purpose. Once placed into service, internally developed software is amortized on a straight-line basis over its estimated useful life, which is generally five years. All other expenditures, including those incurred in order to maintain an intangible asset’s current level of performance, are expensed as incurred.
Gaming Licenses and Trade Names - Certain gaming licenses and trade names classified as finite-lived are amortized over their estimated useful lives. The Company also has certain gaming licenses, including its VLT licenses, and trade names, which are considered to be indefinite lived based on future expectations of operating its gaming properties indefinitely, continuing to brand its corporate name and certain properties under the Bally’s trade name indefinitely and continuing to indefinitely brand its online casino offerings within the International Interactive segment with the trade names acquired through the Gamesys acquisition. Intangible assets not subject to amortization are reviewed for impairment annually as of October 1 and between annual test dates whenever events or changes in circumstances may indicate that the carrying amount of the related asset may exceed its fair value.
Long-lived Assets
Long-lived Assets

The Company reviews its long-lived assets, other than goodwill and intangible assets not subject to amortization, for indicators of impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If an asset is still under development, the analysis includes the remaining construction costs. If the carrying value of the asset exceeds the expected undiscounted future cash flows generated by the asset, the asset is written down to its estimated fair value and an impairment loss is recognized.
Debt Issuance Costs and Debt Discounts
Debt Issuance Costs and Debt Discounts
Debt issuance costs and debt discounts incurred by the Company in connection with obtaining and amending financing have been included as a component of the carrying amount of debt in the consolidated balance sheets. Debt issuance costs and debt discounts are amortized over the contractual term of the debt to interest expense. Debt issuance costs of the revolving credit facility are amortized on a straight-line basis, while all other debt issuance costs and debt discounts are amortized using the effective interest method.
Self Insurance Reserves
Self-Insurance Reserves
The Company is self-insured for employee medical insurance coverage, general liability and workers’ compensation up to certain stop-loss amounts. Self-insurance liabilities are estimated based on the Company’s claims experience using actuarial methods to estimate the future cost of claims and related expenses that have been reported but not settled and that have been incurred but not yet reported.
Share-Based Compensation
Share-Based Compensation
The Company accounts for its share-based compensation in accordance with ASC 718, Compensation - Stock Compensation (“ASC 718”). The Company has two share-based employee compensation plans, which are described more fully in Note 19 “Equity Plans.” Share-based compensation consists of stock options, time-based restricted stock units (“RSUs”), restricted stock awards (“RSAs”) and performance-based restricted stock units (“PSUs”). The grant date closing price per share of the Company’s stock is used to estimate the fair value of RSUs and RSAs. Stock options are granted at exercise prices equal to the fair market value of the Company’s stock at the dates of grant. The Company recognizes share-based compensation expense on a straight-line basis over the requisite service period of the individual grants. PSUs vest, when and if earned, in accordance with the terms of the related PSU award agreements. The Company recognizes share-based compensation expense based on the target number of shares of common stock that may be earned pursuant to the award and the Company’s stock price on the date of grant and subsequently adjusts expense based on actual and forecasted performance compared to planned targets. Forfeitures are recognized as reductions to share-based compensation when they occur.
Warrant/Option Liabilities
Warrant/Option Liabilities
The Company accounts for Penny Warrants and Options in accordance with ASC 815-40, Contracts in an Entity’s Own Equity. The Penny Warrants and Options are classified in equity because they are indexed to the Company’s own stock and meet all conditions for equity classification. The Performance Warrants are accounted for as a derivative liability in accordance with ASC 815, Derivatives and Hedging (“ASC 815”) because the underlying performance metrics represent an adjustment to the settlement amount that is not indexed to the Company’s own stock and thus equity classification is precluded under ASC 815. The Performance Warrants are marked to market each reporting period, with changes in fair value recorded in “Other non-operating income (expense), net” in the consolidated statements of operations.
Sequencing Policy
Sequencing Policy

Under ASC 815-40-35, the Company has adopted a sequencing policy to determine equity or asset/liability classification for contracts involving the Company’s own equity that require cash settlement if sufficient shares are not available to settle the contracts in equity. Under this policy, the Company has elected to allocate available shares to contracts based on the order in which they become exercisable.
Derivative Instruments Designated as Hedging Instruments

Cross Currency Swaps - The Company uses fixed-to-fixed cross-currency swap agreements to hedge its exposure to adverse foreign currency exchange rate movements for its foreign operations. The Company has elected the spot method for designating these contracts as net investment hedges. These derivative arrangements qualify as net investment hedges under ASC 815, Derivatives and Hedging (“ASC 815”), with the gain or loss resulting from changes in the spot value of the derivative reported in other comprehensive income (loss) with amounts reclassified out of other comprehensive income (loss) into earnings when the hedged net investment is either sold or substantially liquidated. Refer to Note 12 “Derivative Instruments” for further information.

Interest Rate Contracts - The Company uses interest rate derivatives to hedge its exposure to variability in cash flows on its floating-rate debt to add stability to interest expense and manage its exposure to interest rate movements. The Company’s interest rate swaps and collars are designated as cash flow hedges under ASC 815, with changes in the fair value reported in other comprehensive income (loss) and reclassified into “Interest expense, net” in the consolidated statements of operations in the same period in which the hedged interest payments associated with the Company’s borrowings are recorded. Refer to Note 12 “Derivative Instruments” for further information.
Revenue Policy
Revenue
The Company accounts for revenue earned from contracts with customers under ASC 606, Revenue from Contracts with Customers (“ASC 606”). The Company generates revenue from four principal sources: gaming (which includes retail gaming, online gaming, sports betting and racing), hotel, food and beverage, licensing and retail, entertainment and other.
Gaming and Racing Expenses
Gaming Expenses

Gaming expenses include, among other things, payroll costs and expenses associated with the operation of VLTs, slots and table games, including gaming taxes payable to jurisdictions in which the Company operates outside of Rhode Island and Delaware, and certain marketing costs directly associated with the Company’s iGaming products and services. Gaming expenses also include racing expenses comprised of payroll costs, off track betting (“OTB”) commissions and other expenses associated with the operation of live racing and simulcasting.
Advertising Expenses
Advertising Expenses
The Company expenses advertising costs as incurred.
Interest Expense
Interest Expense, Net

Interest expense, net is comprised of interest costs for the Company’s debt, amortization of debt issuance costs and debt discounts, interest costs associated with the Company’s deferred payable arrangements, net of interest income earned on the note receivable (refer to Note 8, Dispositions), amounts capitalized for construction projects, realized changes in fair value relating to interest rate derivative contracts designated as cash flow hedges, and lease payments associated with the Company’s financing obligation during the years ended December 31, 2023 and 2022.
Income Taxes
Income Taxes

The Company prepares its income tax provision in accordance with ASC 740, Income Taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that the rate change is enacted. A valuation allowance is required when it is “more likely than not” that all or a portion of the deferred taxes will not be realized. The consolidated financial statements reflect expected future tax consequences of uncertain tax positions presuming the taxing authorities’ full knowledge of the position and all relevant facts.
Earnings Per Share
Loss Per Share

Basic loss per common share is calculated in accordance with ASC 260, Earnings Per Share, which requires entities that have issued securities other than common stock that participate in dividends with common stock (“participating securities”) to apply the two-class method to compute basic loss per common share. The two-class method is an earnings allocation method under which basic loss per common share is calculated for each class of common stock and participating security as if all such earnings had been distributed during the period. To calculate basic loss per share, the earnings allocated to common shares is divided by the weighted average number of common shares outstanding, contingently issuable warrants and RSUs, RSAs and PSUs for which no future service is required as a condition to the delivery of the underlying common stock (collectively, basic shares).
Foreign Currency Transactions and Translations Policy
Foreign Currency

The Company’s functional currency is the US Dollar (“USD”). Foreign subsidiaries with a functional currency other than USD translate assets and liabilities at current exchange rates at the end of the reporting periods, while income and expense accounts are translated at average exchange rates for the respective periods. Translation adjustments resulting from this process are recorded to other comprehensive income (loss). Gains or losses from foreign currency remeasurements that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in “Other non-operating income (expense), net” on the consolidated statements of operations.
Comprehensive (Income) Loss
Comprehensive Income (Loss)

Comprehensive income (loss) includes changes in equity that result from transactions and economic events from non-owner sources. Comprehensive income (loss) consists of net income (loss), changes in defined benefit pension plan, net of tax, foreign currency translation adjustments and unrealized gains (losses) relating to cash flow and net investment hedges, net of tax.
Treasury Stock
Treasury Stock
The Company records the repurchase of shares of common stock at cost based on the settlement date of the transaction. These shares are classified as treasury stock, which is a reduction to stockholders’ equity. Treasury stock is included in authorized and issued shares but excluded from outstanding shares.
Business Combinations
Business Combinations

The Company accounts for its acquisitions in accordance with ASC 805, Business Combinations. The Company initially allocates the purchase price of an acquisition to the assets acquired and liabilities assumed based on their estimated fair values, with any excess of consideration transferred recorded as goodwill. If the estimated fair value of net assets acquired and liabilities assumed exceeds the purchase price, the Company records a gain on bargain purchase in earnings in the period of acquisition. The results of operations of acquisitions are included in the consolidated financial statements from their respective dates of acquisition. Costs incurred to complete the business combination such as investment banking, legal and other professional fees are not considered part of consideration and are charged to general and administrative expense as they are incurred.
Segments
Segments
Operating segments are identified as components of an enterprise that engage in business activities from which it recognizes revenues and expenses, and for which discrete financial information is available and regularly reviewed by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance.
Fair Value Measurement
Fair Value Measurements

Fair value is determined using the principles of ASC 820, Fair Value Measurement. Fair value is described as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes and defines the inputs to valuation techniques as follows:

•Level 1: Observable quoted prices (unadjusted) for identical assets or liabilities in active markets.
•Level 2: Inputs are observable for the asset or liability either directly or through corroboration with observable market data.
•Level 3: Unobservable inputs.
The inputs used to measure the fair value of an asset or a liability are categorized within levels of the fair value hierarchy. The fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the measurement.
Recently Adopted and Issued Accounting Pronouncements
Standards Implemented

In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The amendments in this update enhance the disclosures required for significant segment expenses on an annual and interim basis. The guidance will apply retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. The Company adopted the ASU as of December 31, 2024. Refer to Note 23 “Segment Reporting” for further information.

Standards to Be Implemented

In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this update align the requirements in the ASC to the Securities and Exchange Commission’s (“SEC”) regulations. The effective date for each amended topic in the ASC is the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective. Early adoption is prohibited. The Company is currently in the process of evaluating the impact of this amendment on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The amendments in this update enhance the transparency and decision usefulness of income tax disclosures. This update will be effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the impact of this amendment on its consolidated financial statements and related disclosures.

In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements. This amendment to the Codification removes references to various Concepts Statements. This update will be effective for public business entities for fiscal years beginning after December 15, 2024, with early adoption permitted if adopted as of the beginning of the fiscal year that includes that interim period. The Company is currently in the process of evaluating the impact of this amendment on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update require disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. This update will be effective for fiscal years beginning after December 15, 2026, and interim reporting periods in fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its financial statement disclosures.
Deferred Charges, Policy
Deferred Payables

In order to execute on its strategy of improving working capital efficiency, the Company will, from time to time, participate in trade finance or deferred payable initiatives, including programs that may extend trade terms with certain suppliers or vendors. In certain cases, where the Company is not able to extend payment terms directly with suppliers or vendors, the Company will consider deferred payable solutions that simulate such trade term extensions. These solutions generally involve entering into exchange agreements with intermediary institutions who will make payment to the supplier or vendor within the original terms on behalf of the Company, in exchange for a new bill with terms that conforms to the Company’s payment policy of net 90 days. The Company will then pay the new bill to the intermediary institutions, inclusive of any embedded premium, which the Company records as “Interest expense, net,” within three months or less.
v3.25.1
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Recently Adopted and Issued Accounting Pronouncements
Standards Implemented

In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The amendments in this update enhance the disclosures required for significant segment expenses on an annual and interim basis. The guidance will apply retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. The Company adopted the ASU as of December 31, 2024. Refer to Note 23 “Segment Reporting” for further information.

Standards to Be Implemented

In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this update align the requirements in the ASC to the Securities and Exchange Commission’s (“SEC”) regulations. The effective date for each amended topic in the ASC is the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective. Early adoption is prohibited. The Company is currently in the process of evaluating the impact of this amendment on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The amendments in this update enhance the transparency and decision usefulness of income tax disclosures. This update will be effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the impact of this amendment on its consolidated financial statements and related disclosures.

In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements. This amendment to the Codification removes references to various Concepts Statements. This update will be effective for public business entities for fiscal years beginning after December 15, 2024, with early adoption permitted if adopted as of the beginning of the fiscal year that includes that interim period. The Company is currently in the process of evaluating the impact of this amendment on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update require disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. This update will be effective for fiscal years beginning after December 15, 2026, and interim reporting periods in fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its financial statement disclosures.
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Accounts Receivable
Accounts receivable, net consists of the following:
December 31,
(in thousands)20242023
Accounts due from Rhode Island and Delaware(1)
$14,135 $13,028 
Gaming receivables20,700 26,127 
Non-gaming receivables27,803 37,221 
Accounts receivable62,638 76,376 
Less: Allowance for credit losses(7,152)(6,048)
Accounts receivable, net$55,486 $70,328 
__________________________________
(1)    Represents the Company’s share of revenue due from the State of Rhode Island and State of Delaware.
Schedule of Allowance for Doubtful Accounts Activity for the allowance for credit losses is as follows:
December 31,
(in thousands)202420232022
Balance at beginning of year$6,048 $5,789 $4,454 
Charges to expense1,990 1,250 1,649 
Deductions(886)(991)(602)
Other adjustments— — 288 
Balance at end of year$7,152 $6,048 $5,789 
Property and Equipment Depreciation is recorded using the straight-line method over the estimated useful lives of the assets or the related lease term, if any, as follows:
Years
Land improvements
10-20
Building and improvements
2-50
Equipment
2-10
Furniture and fixtures
2-10
As of December 31, 2024 and 2023, property and equipment, net was comprised of the following:
 December 31,
(in thousands)20242023
Land and improvements
$49,553 $401,208 
Building and improvements370,086 673,071 
Equipment280,946 264,398 
Furniture and fixtures64,109 68,746 
Construction in process149,906 73,810 
Total property, plant and equipment914,600 1,481,233 
Less: Accumulated depreciation(1)
(283,898)(306,345)
Property and equipment, net$630,702 $1,174,888 
__________________________________
(1)    Depreciation expense on property and equipment for the years ended December 31, 2024, 2023 and 2022 was $158.0 million, $118.7 million and $71.7 million, respectively.
v3.25.1
CONSOLIDATED FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Other Nonoperating Expense
Amounts included in Other non-operating income (expense), net for the years ended December 31, 2024, 2023 and 2022 were as follows:
Year Ended December 31,
(in thousands)202420232022
Change in value of performance warrants
$(13,965)$(7,716)$32,577 
Net (loss) gain on equity method investments
(1,850)4,255 — 
Foreign exchange gain (loss)
10,271 (11,019)516 
Other, net999 2,294 13,599 
Total other non-operating (expense) income, net$(4,545)$(12,186)$46,692 
Schedule Of General And Administrative Expense
Amounts included in General and administrative expense for the years ended December 31, 2024, 2023 and 2022 were as follows:
Year Ended December 31,
(in thousands)202420232022
Advertising, general and administrative$957,118 $888,787 $776,226 
Acquisition and integration
24,729 49,292 49,480 
Restructuring charges, net
17,921 31,014 — 
Loss on disposal of business(1)
27,796 — — 
Merger costs(2)
14,808 — — 
Diamond Sports Group non-cash settlement(3)
1,114 144,883 — 
Total general and administrative$1,043,486 $1,113,976 $825,706 
__________________________________
(1)    Refer to Note 8 “Dispositions” for further information.
(2)    Refer to Note 1 “General Information” and Note 25 “Subsequent Events” for further information.
(3)    Refer to Note 22 “Commitments and Contingencies” for further information.
Interest Income and Interest Expense Disclosure
Amounts included in Interest expense, net for the years ended December 31, 2024, 2023 and 2022 were as follows:
Year Ended December 31,
(in thousands)202420232022
Interest income
$20,718 $6,099 $616 
Interest expense
(310,347)(283,660)(208,769)
Total interest expense, net
$(289,629)$(277,561)$(208,153)
v3.25.1
REVENUE RECOGNITION (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The estimated retail value related to goods and services provided to guests without charge or upon redemption under the Company’s player loyalty programs included in departmental revenues, and therefore reducing gaming revenues, are as follows for the years ended December 31, 2024, 2023 and 2022:
 Years Ended December 31,
(in thousands)202420232022
Hotel$82,520 $94,650 $87,540 
Food and beverage82,025 80,899 70,476 
Retail, entertainment and other9,722 11,100 10,195 
 $174,267 $186,649 $168,211 
Non-gaming Revenue

Performance Obligations

Hotel, food and beverage, licensing and retail, entertainment and other services have been determined to be separate, stand-alone performance obligations and revenue is recognized as the good or service is transferred at the point in time of the transaction.

Transaction Price

The transaction price for hotel, food and beverage, licensing and retail, entertainment and other, is the net amount collected from the customer for such goods and services or under the license agreement. The estimated standalone selling price of hotel rooms is determined based on observable prices. The standalone selling price of these goods and services are determined based upon the actual retail prices charged to customers for those items.

Revenue Recognition

Hotel revenue is recognized when the customer obtains control through occupancy of the room over their stay at the hotel. Advance deposits for hotel rooms are recorded as liabilities until revenue recognition criteria are met. Food, beverage and retail revenues are recognized at the time the goods are sold from Company-operated outlets. Licensing revenue is recognized under the sales-and usage-based royalty exception available in ASC 606 for licenses of intellectual property whereby revenue is recognized in the period that the underlying sale or usage occurs as the fees due to the Company are contingent and based on the customer’s usage of the intellectual property. Other revenue includes cancellation fees for hotel and meeting space services, which are recognized upon cancellation by the customer, and golf revenues from the Company’s operations of Bally’s Golf Links, which are recognized at the time of sale. Additionally, other revenue includes market access and business-to-business service revenue generated by the International Interactive and North America Interactive reportable segments, which is recognized at the time the goods are sold or the service is provided, and are included in Non-gaming revenue within our consolidated statements of operations.
The following table provides a disaggregation of total revenue by segment (in thousands):
Years Ended December 31,Casinos & ResortsInternational InteractiveNorth America InteractiveTotal
2024   
Gaming$1,008,361 $893,756 $149,551 $2,051,668 
Non-gaming:
Hotel148,693 — — 148,693 
Food and beverage134,853 360 — 135,213 
Licensing— 6,861 — 6,861 
Retail, entertainment and other71,206 8,516 28,321 108,043 
Total non-gaming revenue354,752 15,737 28,321 398,810 
Total revenue$1,363,113 $909,493 $177,872 $2,450,478 
2023
Gaming$954,725 $952,921 $84,395 $1,992,041 
Non-gaming:
Hotel200,650 — — 200,650 
Food and beverage143,521 — — 143,521 
Retail, entertainment and other64,395 20,289 28,177 112,861 
Total non-gaming revenue408,566 20,289 28,177 457,032 
Total revenue$1,363,291 $973,210 $112,572 $2,449,073 
2022
Gaming$907,431 $899,934 $38,759 $1,846,124 
Non-gaming:
Hotel153,750 — — 153,750 
Food and beverage115,322 — — 115,322 
Retail, entertainment and other51,060 46,508 42,941 140,509 
Total non-gaming revenue320,132 46,508 42,941 409,581 
Total revenue$1,227,563 $946,442 $81,700 $2,255,705 
Contract with Customer, Contract Liabilities
Liabilities related to contracts with customers as of December 31, 2024 and 2023 were as follows:
December 31,
20242023
Loyalty programs$12,167 $16,803 
Advanced deposits from customers26,141 29,052 
Unpaid wagers32,992 20,481 
Total$71,300 $66,336 
v3.25.1
BUSINESS COMBINATIONS (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the consideration paid and the fair values of the assets acquired and liabilities assumed in connection with the Casinos & Resorts acquisitions as of December 31, 2024:

Acquired during the year ended December 31, 20232022
(in thousands)Bally’s Golf LinksTropicana Las Vegas
Final(3)
Final(3)
Total current assets$1,108 $7,924 
Property and equipment, net505 136,116 
Right of use assets, net— 164,884 
Goodwill103,824 8,794 
Intangible assets, net(1)(2)
6,500 5,140 
Other assets2,000 766 
Total current liabilities(345)(10,129)
Lease liabilities— (164,884)
Other long-term liabilities— (395)
Total purchase price$113,592 $148,216 
__________________________________
(1)    Bally’s Golf Links’ intangible assets include a concessionaire license of $6.5 million, which is being amortized over its estimated useful life of approximately 12 years.
(2)    Tropicana Las Vegas intangible assets include rated player relationships, a trade name and pre-bookings of $2.6 million, $1.7 million and $0.8 million, respectively, which are being amortized on a straight-line basis over their estimated useful lives of approximately 9 years, 3 years and 2 years, respectively.
(3)    The Company recorded adjustments to the preliminary purchase price allocation during the year ended December 31, 2024 which decreased Goodwill and the total purchase price by $0.2 million.
The following table summarizes the consideration paid and the fair values of the assets acquired and liabilities assumed in connection with the International Interactive acquisition:
(in thousands)Casino Secret
Final(2)
Total current assets$8,862 
Property and equipment, net50 
Intangible assets, net(1)
29,471 
Goodwill18,422 
Total current liabilities(6,371)
Total purchase price$50,434 
__________________________________
(1)    Casino Secret intangible assets include player relationships and trade names of $26.0 million and $3.5 million, respectively, which are both being amortized on a straight-line basis over their estimated useful lives of approximately 7 years.
(2)    The Company did not record adjustments to the preliminary purchase price allocation during year ended December 31, 2024.
v3.25.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)
 12 Months Ended
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Prepaid Expenses and Other Assets
As of December 31, 2024 and 2023, prepaid expenses and other assets was comprised of the following:
December 31,
(in thousands)20242023
Services and license agreements$43,141 $33,182 
Taxes and licenses
18,988 19,973 
Short term notes receivable
17,342 — 
Prepaid marketing11,952 8,685 
Purse funds7,412 6,404 
Short term derivative assets5,359 9,530 
Prepaid insurance3,341 8,366 
Due from payment service providers— 12,662 
Other7,936 9,294 
   Total prepaid expenses and other current assets$115,471 $108,096 
v3.25.1
PROPERTY AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment Depreciation is recorded using the straight-line method over the estimated useful lives of the assets or the related lease term, if any, as follows:
Years
Land improvements
10-20
Building and improvements
2-50
Equipment
2-10
Furniture and fixtures
2-10
As of December 31, 2024 and 2023, property and equipment, net was comprised of the following:
 December 31,
(in thousands)20242023
Land and improvements
$49,553 $401,208 
Building and improvements370,086 673,071 
Equipment280,946 264,398 
Furniture and fixtures64,109 68,746 
Construction in process149,906 73,810 
Total property, plant and equipment914,600 1,481,233 
Less: Accumulated depreciation(1)
(283,898)(306,345)
Property and equipment, net$630,702 $1,174,888 
__________________________________
(1)    Depreciation expense on property and equipment for the years ended December 31, 2024, 2023 and 2022 was $158.0 million, $118.7 million and $71.7 million, respectively.
v3.25.1
GOODWILL AND INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The change in carrying value of goodwill by reportable segment for the years ended December 31, 2024 and 2023 is as follows:
(in thousands)
Casinos & Resorts(3)
International InteractiveNorth America InteractiveTotal
Goodwill as of December 31, 2022(1)
$209,257 $1,497,205 $39,740 $1,746,202 
Goodwill from current year business combinations104,032 18,422 — 122,454 
Effect of foreign exchange— 70,963 184 71,147 
Purchase accounting adjustments on prior year business combinations204 — — 204 
Current year divestiture— — (4,204)(4,204)
Goodwill as of December 31, 2023(1)(3)
$313,493 $1,586,590 $35,720 $1,935,803 
Goodwill from current year business combinations— 1,176 — 1,176 
Impairment charges— (71,636)— (71,636)
Effect of foreign exchange— (44,200)(334)(44,534)
Purchase accounting adjustments on prior year business combinations(208)— — (208)
Current year divestiture— (20,657)— (20,657)
Goodwill as of December 31, 2024(2)(3)
$313,285 $1,451,273 $35,386 $1,799,944 
__________________________________
(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 $5.4 million, $71.6 million, and $140.4 million, for Casinos & Resorts, International Interactive and North America Interactive, respectively.
(3)    As of December 31, 2024 and 2023, amounts shown include $59.2 million and $50.4 million of goodwill associated with reporting units with negative carrying value, respectively.
Schedule of Identifiable Intangible Assets
The change in intangible assets, net for the years ended December 31, 2024 and 2023 is as follows (in thousands):
Intangible assets, net as of December 31, 2022$1,961,938 
Intangible assets from current year business combinations35,971 
Effect of foreign exchange46,926 
Impairment charges(136,404)
Internally developed software47,091 
Other intangibles acquired(1)
147,619 
Less: Accumulated amortization(231,713)
Intangible assets, net as of December 31, 2023$1,871,428 
Impairment charges(164,486)
Derecognition of Commercial rights - Sinclair
(202,572)
Internally developed software48,392 
Effect of foreign exchange(24,871)
Other intangibles acquired3,059 
Intangible assets disposed
(2,074)
Less: Accumulated amortization(221,533)
Intangible assets, net as of December 31, 2024$1,307,343 
__________________________________
(1)    Includes gaming license fees of $135.3 million paid to the Illinois Gaming Board upon commencement of operations at Bally’s Chicago temporary casino. Refer to Note 22 “Commitments and Contingencies” for further information.
The Company’s identifiable intangible assets consist of the following:

Weighted
average
remaining life
(in years)		December 31, 2024
(in thousands, except years)Gross Carrying AmountAccumulated
Amortization		Net
Amortizable intangible assets:   
Customer relationships4.1$660,005 $(272,333)$387,672 
Developed technology5.1210,712 (70,073)140,639 
Internally developed software3.7105,284 (26,791)78,493 
Gaming licenses5.647,797 (19,864)27,933 
Trade names7.031,723 (18,032)13,691 
Hard Rock license22.58,000 (2,545)5,455 
Other9.611,473 (4,918)6,555 
Total amortizable intangible assets1,074,994 (414,556)660,438 
Intangible assets not subject to amortization:
Gaming licensesIndefinite546,908 — 546,908 
Trade namesIndefinite98,784 — 98,784 
OtherIndefinite1,213 — 1,213 
Total unamortizable intangible assets646,905 — 646,905 
Total intangible assets, net$1,721,899 $(414,556)$1,307,343 


Weighted
average
remaining life
(in years)		December 31, 2023
(in thousands, except years)Gross
amount		Accumulated
amortization		Net
Amount
Amortizable intangible assets:    
Customer relationships4.8$974,286 $(314,053)$660,233 
Commercial rights - Sinclair(1)
7.2315,847 (89,901)225,946 
Developed technology4.8267,927 (86,119)181,808 
Internally developed software3.561,687 (13,091)48,596 
Gaming licenses6.445,008 (11,964)33,044 
Trade names5.837,042 (18,125)18,917 
Hard Rock license23.58,000 (2,303)5,697 
Other9.911,505 (3,621)7,884 
Total amortizable intangible assets 1,721,302 (539,177)1,182,125 
Intangible assets not subject to amortization: 
Gaming licensesIndefinite586,971 — 586,971 
Trade NamesIndefinite100,544 — 100,544 
OtherIndefinite1,788 —1,788 
Total unamortizable intangible assets 689,303 — 689,303 
Total intangible assets, net $2,410,605 $(539,177)$1,871,428 
__________________________________
(1)    Commercial rights intangible asset in connection with Framework Agreement15 “Strategic Partnership - Sinclair Broadcast Group” for further information.
Schedule of Identifiable Intangible Assets
The change in intangible assets, net for the years ended December 31, 2024 and 2023 is as follows (in thousands):
Intangible assets, net as of December 31, 2022$1,961,938 
Intangible assets from current year business combinations35,971 
Effect of foreign exchange46,926 
Impairment charges(136,404)
Internally developed software47,091 
Other intangibles acquired(1)
147,619 
Less: Accumulated amortization(231,713)
Intangible assets, net as of December 31, 2023$1,871,428 
Impairment charges(164,486)
Derecognition of Commercial rights - Sinclair
(202,572)
Internally developed software48,392 
Effect of foreign exchange(24,871)
Other intangibles acquired3,059 
Intangible assets disposed
(2,074)
Less: Accumulated amortization(221,533)
Intangible assets, net as of December 31, 2024$1,307,343 
__________________________________
(1)    Includes gaming license fees of $135.3 million paid to the Illinois Gaming Board upon commencement of operations at Bally’s Chicago temporary casino. Refer to Note 22 “Commitments and Contingencies” for further information.
The Company’s identifiable intangible assets consist of the following:

Weighted
average
remaining life
(in years)		December 31, 2024
(in thousands, except years)Gross Carrying AmountAccumulated
Amortization		Net
Amortizable intangible assets:   
Customer relationships4.1$660,005 $(272,333)$387,672 
Developed technology5.1210,712 (70,073)140,639 
Internally developed software3.7105,284 (26,791)78,493 
Gaming licenses5.647,797 (19,864)27,933 
Trade names7.031,723 (18,032)13,691 
Hard Rock license22.58,000 (2,545)5,455 
Other9.611,473 (4,918)6,555 
Total amortizable intangible assets1,074,994 (414,556)660,438 
Intangible assets not subject to amortization:
Gaming licensesIndefinite546,908 — 546,908 
Trade namesIndefinite98,784 — 98,784 
OtherIndefinite1,213 — 1,213 
Total unamortizable intangible assets646,905 — 646,905 
Total intangible assets, net$1,721,899 $(414,556)$1,307,343 


Weighted
average
remaining life
(in years)		December 31, 2023
(in thousands, except years)Gross
amount		Accumulated
amortization		Net
Amount
Amortizable intangible assets:    
Customer relationships4.8$974,286 $(314,053)$660,233 
Commercial rights - Sinclair(1)
7.2315,847 (89,901)225,946 
Developed technology4.8267,927 (86,119)181,808 
Internally developed software3.561,687 (13,091)48,596 
Gaming licenses6.445,008 (11,964)33,044 
Trade names5.837,042 (18,125)18,917 
Hard Rock license23.58,000 (2,303)5,697 
Other9.911,505 (3,621)7,884 
Total amortizable intangible assets 1,721,302 (539,177)1,182,125 
Intangible assets not subject to amortization: 
Gaming licensesIndefinite586,971 — 586,971 
Trade NamesIndefinite100,544 — 100,544 
OtherIndefinite1,788 —1,788 
Total unamortizable intangible assets 689,303 — 689,303 
Total intangible assets, net $2,410,605 $(539,177)$1,871,428 
__________________________________
(1)    Commercial rights intangible asset in connection with Framework Agreement15 “Strategic Partnership - Sinclair Broadcast Group” for further information.
Schedule of Remaining Amortization Expense
The following table shows the remaining amortization expense associated with finite lived intangible assets as of December 31, 2024:
(in thousands)
2025$188,437 
2026186,679 
2027185,713 
202839,476 
202919,247 
Thereafter40,886 
 $660,438 
v3.25.1
DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following tables summarize the Company’s cross currency swap arrangements as of December 31, 2024 and 2023 (in thousands):
December 31, 2024December 31, 2023
Hedge Designation
Notional SoldNotional Purchased
Hedge Designation
Notional SoldNotional Purchased
Cross currency swapsEconomic Hedge€461,595 £387,531 Net Investment Hedge€461,595 £387,531 
Cross currency swapsNet Investment Hedge£546,759 $700,000 Net Investment Hedge£546,759 $700,000 
The following tables summarize the Company’s cash flow hedges as of December 31, 2024 and 2023 (in thousands):
December 31, 2024December 31, 2023
Cash Flow HedgesIndexNotional AmountCap
Floor(1)
Notional AmountCap
Floor(1)
Interest rate contracts - swapsUS - SOFR$1,500,000 — %— %$500,000 — %— %
Interest rate contracts - collarsUS - SOFR$— — %— %$500,000 4.25 %3.22 %
__________________________________
(1)    Weighted average rate.
v3.25.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping
Except for the assets and liabilities held for sale and the corresponding impairment described in Note 11, there were no assets and liabilities measured at fair value on a nonrecurring basis. 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:
December 31, 2024
(in thousands)Balance Sheet LocationLevel 1Level 2Level 3
Assets:
Cash and cash equivalentsCash and cash equivalents$171,233 $— $— 
Restricted cashRestricted cash60,021 — — 
Investment in GLPI partnershipOther assets— 20,418 — 
Derivative assets not designated as hedging instruments:
Cross currency swapsPrepaid expenses and other current assets— 4,871 — 
Cross currency swapsOther assets— 615 — 
Derivative assets designated as hedging instruments:
Interest rate contractsPrepaid expenses and other current assets— 340 — 
Interest rate contractsOther assets— 336 — 
Cross currency swapsPrepaid expenses and other current assets— 148 — 
Cross currency swapsOther assets— 13,181 — 
Total derivative assets at fair value— 19,491 — 
Total assets$231,254 $39,909 $— 
Liabilities:
Contingent considerationOther long-term liabilities$— $— $59,923 
Derivative liabilities not designated as hedging instruments:
Sinclair Performance WarrantsOther long-term liabilities— — 58,668 
Cross currency swapsOther long-term liabilities— 11,174 — 
Derivative liabilities designated as hedging instruments:
Interest rate contracts
Accrued and other current liabilities— 1,855 — 
Interest rate contractsOther long-term liabilities— 13,372 — 
Cross currency swapsAccrued and other current liabilities— 1,189 — 
Cross currency swapsOther long-term liabilities— 1,624 — 
Total derivative liabilities at fair value— 29,214 58,668 
Total liabilities$— $29,214 $118,591 
December 31, 2023
(in thousands)Balance Sheet LocationLevel 1Level 2Level 3
Assets:
Cash and cash equivalentsCash and cash equivalents$163,194 $— $— 
Restricted cashRestricted cash152,068 — — 
Investment in GLPI partnershipOther assets— 14,146 — 
Derivative assets designated as hedging instruments:
Interest rate contractsPrepaid expenses and other current assets— 5,356 — 
Cross currency swapsPrepaid expenses and other current assets— 4,174 — 
Cross currency swapsOther assets— 6,477 — 
Total derivative assets at fair value— 16,007 — 
Total assets$315,262 $30,153 $— 
Liabilities:
Contingent considerationOther long-term liabilities$— $— $58,580 
Derivatives not designated as hedging instruments:
Sinclair Performance WarrantsOther long-term liabilities— — 44,703 
Derivative liabilities designated as hedging instruments:
Interest rate contractsOther long-term liabilities— 21,492 — 
Cross currency swapsAccrued and other current liabilities— 1,225 — 
Cross currency swapsOther long-term liabilities— 29,376 — 
Total derivative liabilities at fair value— 52,093 44,703 
Total liabilities$— $52,093 $103,283 
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 WarrantsContingent Consideration
Balance as of December 31, 2022$36,987 $8,220 
Additions in the period (acquisition fair value)— 58,580 
Reductions in the period— (9,292)
Change in fair value7,716 1,072 
Balance as of December 31, 202344,703 58,580 
Change in fair value13,965 1,343 
Balance as of December 31, 2024$58,668 $59,923 
Derivative Instruments, Gain (Loss)
The gains (losses) recognized in the consolidated statements of operations for derivative instruments during the years ended December 31, 2024, 2023 and 2022 are as follows:
Consolidated Statements of Operations LocationYear Ended December 31,
(in thousands)202420232022
Derivatives not designated as hedging instruments
Sinclair Performance WarrantsOther non-operating income (expense), net$(13,965)$(7,716)$32,577 
Cross currency swaps
General and administrative(1)
(9,078)— — 
Derivatives designated as hedging instruments
Interest rate contractsInterest expense, net$11,031 $1,953 $— 
Cross currency swapsInterest expense, net3,658 1,350 — 
__________________________________
(1)    Amounts included in General and administrative during during the year ended December 31, 2024 as a result of the Company’s dedesignation of its EUR-GBP cross currency swaps as net investment hedges. Subsequent changes in fair value will be reported within Other non-operating income (expense), net.
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 and debt discounts. Refer to Note 17 “Long-Term Debt” for further information.
 December 31, 2024December 31, 2023
(in thousands)Carrying AmountFair ValueCarrying AmountFair Value
Term Loan Facility$1,858,800 $1,792,804 $1,871,330 $1,888,100 
5.625% Senior Notes due 2029
738,517 587,813 736,447 596,250 
5.875% Senior Notes due 2031
721,456 535,631 719,858 570,544 
v3.25.1
ACCRUED AND OTHER CURRENT LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities
As of December 31, 2024 and 2023, accrued and other current liabilities consisted of the following:
 December 31,
(in thousands)20242023
Gaming liabilities$187,233 $177,557 
Diamond Sports Group non-cash settlement(1)
— 144,883 
Compensation66,356 83,112 
Interest payable60,792 66,587 
Bally’s Chicago - land development liability— 47,739 
Insurance reserve23,898 20,990 
Other143,013 110,851 
Total accrued and other current liabilities
$481,292 $651,719 
__________________________________
(1)    Refer to Note 15 “Strategic Partnership - Sinclair Broadcast Group” for further information
v3.25.1
RESTRUCTURING EXPENSE (Tables)
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Charges
The components of restructuring charges by segment, for the years ended December 31, 2024 and 2023, are summarized as follows:
Year Ended December 31,
(in thousands)
20242023
Severance and employee related benefits(1)
Casinos & Resorts$20,037 $— 
International Interactive(794)19,591 
North America Interactive(1,732)9,735 
Other410 1,688 
Total severance and employee related benefits17,921 31,014 
Accelerated depreciation expense(2)
80,117 — 
Impairment(3)
— 5,745 
Total restructuring charges$98,038 $36,759 
__________________________________
(1)    Included within “General and administrative” in the consolidated statements of operations.
(2)    Included within “Depreciation and amortization” of the Casinos & Resorts reportable segment in the consolidated statements of operations.
(3)    Included within “Impairment charges” of the North America Interactive reportable segment in the consolidated statements of operations.
Restructuring Reserve
The changes in the Company’s restructuring related liabilities for the years ended December 31, 2024 and 2023 were as follows:
(in thousands)
Balance as of December 31, 2022$— 
Charges31,014 
Payments(26,649)
Effect of foreign exchange926 
Balance as of December 31, 20235,291 
Charges17,921 
Payments(22,370)
Effect of foreign exchange(842)
Balance as of December 31, 2024
$— 
v3.25.1
LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
As of December 31, 2024 and 2023, long-term debt consisted of the following:
 December 31,
(in thousands)20242023
Term Loan Facility(1)
$1,886,650 $1,906,100 
Revolving Credit Facility— 335,000 
5.625% Senior Notes due 2029
750,000 750,000 
5.875% Senior Notes due 2031
735,000 735,000 
Less: Unamortized original issue discount(19,760)(23,756)
Less: Unamortized deferred financing fees(33,117)(39,709)
Long-term debt, including current portion3,318,773 3,662,635 
Less: Current portion of Term Loan and Revolving Credit Facility(19,450)(19,450)
Long-term debt, net of discount and deferred financing fees; excluding current portion $3,299,323 $3,643,185 
__________________________________
(1)    The Company has a series of interest rate and cross currency swap derivatives to synthetically convert $500.0 million notional of the Company’s in USD denominated variable rate Term Loan Facility into fixed rate debt through its maturity in 2028. Refer to Note 12 “Derivative Instruments” for further information.
Schedule of Maturities of Long-term Debt
As of December 31, 2024, the contractual annual principal maturities of long-term debt, including the Revolving Credit Facility, are as follows:
(in thousands)
2025$19,450 
202619,450 
202719,450 
20281,828,300 
2029750,000 
Thereafter735,000 
 $3,371,650 
v3.25.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Quantitative Information of Operating Leases
Components of the Company’s lease costs during the years ended December 31, 2024, 2023 and 2022 were as follows:
Year Ended December 31,
(in thousands)202420232022
Operating lease expense(1)
Operating lease cost$157,829 $148,375 $75,675 
Variable lease cost12,121 10,360 8,386 
Operating lease expense169,950 158,735 84,061 
Short-term lease expense22,871 13,249 17,536 
Total operating lease expense
$192,821 $171,984 $101,597 
Gain on sale lease-back, net(2)(3)
$86,254 $374,321 $50,766 
__________________________________
(1)    Included within “General and administrative” in the Consolidated Statements of Operations
(2)    Included within “Gain on sale-leaseback, net” in the Consolidated Statements of Operations.
(3)    Gain on sale-leaseback, net is related to Bally’s Kansas City, Bally’s Shreveport and the Company’s Bally’s Chicago project during the year ended December 31, 2024, the Hard Rock Biloxi and Bally’s Tiverton properties during the year ended December 31, 2023, and Bally’s Quad Cities and Bally’s Black Hawk (“Bally's Black Hawk”) during the year ended December 31, 2022.

Supplemental cash flow and other information related to operating leases for the year ended December 31, 2024 and 2023, are as follows:
Year Ended December 31,
($ in thousands)202420232022
Cash paid for amounts included in the lease liability - operating cash flows from operating leases$145,891 $132,871 $68,689 
Right of use assets obtained in exchange for operating lease liabilities$495,747 $406,043 $341,747 
Derecognition of financing obligation$(200,000)$— $— 

December 31, 2024December 31, 2023
Weighted average remaining lease term26.2 years17.6 years
Weighted average discount rate8.5 %7.5 %
Schedule of Future Minimum Rental Commitments
As of December 31, 2024, future minimum lease payments under noncancelable operating leases are as follows:

(in thousands)
2025$199,690 
2026200,068 
2027194,964 
2028197,307 
2029197,857 
Thereafter3,868,745 
Total lease payments4,858,631 
Less: present value discount(3,238,325)
Lease obligations$1,620,306 
v3.25.1
EQUITY PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of RSU and PSU Activity
The following summary presents information of equity-classified RSU and PSU activity for the year ended December 31, 2024:
 Restricted Stock
Units		Performance
Stock Units		Weighted
Average
Grant Date
Fair Value
Outstanding at December 31, 20231,176,611 347,817 $20.83 
Granted420,366 502,125 12.12 
Vested(526,907)(370,713)21.18 
Forfeited(88,730)(153,074)13.17 
Outstanding at December 31, 2024981,340 326,155 $15.85 
v3.25.1
STOCKHOLDERS’ EQUITY (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Share Repurchase Activity Total share repurchase activity during the years ended December 31, 2023 and 2022 is as follows:
Year Ended December 31,
(in thousands, except share and per share data)2023
2022(1)
Number of common shares repurchased7,581,428 6,621,841 
Total cost$99,081 $153,366 
Average cost per share, including commissions$13.07 $23.16 
__________________________________
(1)    Includes 4.7 million shares repurchased from the Company’s modified Dutch auction tender offer completed July 27, 2022 at a price of $22.00 per share for an aggregate purchase price of $103.3 million.
Schedule of Outstanding Warrants, Options, and Contingent Shares The Company issued warrants, options and other contingent consideration in acquisitions and strategic partnerships that are expected to result in the issuance of common shares in future periods resulting from the exercise of warrants and options or the achievement of certain performance targets. These incremental shares are summarized below:
Sinclair Penny Warrants(1) (Note 15)
7,911,724
Sinclair Performance Warrants(2) (Note 15)
3,279,337
Sinclair Options(1) (Note 15)
1,639,669
MKF Penny warrants (Note 13)
44,128
Outstanding awards under Equity Incentive Plans (Note 19)
1,307,495
14,182,353
__________________________________
(1)    As of December 31, 2024 and 2023, the Options consists of four equal tranches to purchase shares with exercise prices ranging from $30.00 to $45.00 per share, exercisable over a seven-year period beginning on the fourth anniversary of the November 18, 2020 closing of the Framework Agreement. Pursuant to the Support Agreement, on February 7, 2025, all remaining Options were returned to Bally’s in exchange for an additional 384,536 Penny Warrants. Refer to Note 25 “Subsequent Events” for further information.
(2)    On February 7, 2025, the consummation of the Merger constituted a Change of Control under the Framework Agreement and as such, all performance warrants became immediately exercisable at a price of $0.01 per share. Refer to Note 25 “Subsequent Events” for further information
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table reflects the change in accumulated other comprehensive loss by component for the years ended December 31, 2024, 2023 and 2022:
(in thousands)
Foreign Currency Translation Adjustment(1)
Benefit Plans
Cash Flow Hedges(2)
Net Investment Hedges(3)
Total
Accumulated other comprehensive loss at December 31, 2021$(25,833)$(976)$— $— $(26,809)
Other comprehensive income (loss) before reclassifications(270,151)1,911 — — (268,240)
Reclassifications from accumulated other comprehensive income (loss) to earnings— — — — — 
Tax effect— (591)— — (591)
Accumulated other comprehensive loss at December 31, 2022(295,984)344 — — (295,640)
Other comprehensive income (loss) before reclassifications118,781 977 (14,183)(18,116)87,459 
Reclassifications from accumulated other comprehensive income (loss) to earnings— — (1,953)(1,350)(3,303)
Effects of settlement (Note 2)
— (244)— — (244)
Tax effect— (191)4,890 (2,529)2,170 
Accumulated other comprehensive income (loss) at December 31, 2023(177,203)886 (11,246)(21,995)(209,558)
Other comprehensive income (loss) before reclassifications(79,853)1,172 16,003 24,843 (37,835)
Reclassifications from accumulated other comprehensive income (loss) to earnings(4,689)— (11,031)5,420 (10,300)
Tax effect— (312)(1,915)(347)(2,574)
Accumulated other comprehensive income (loss) at December 31, 2024$(261,745)$1,746 $(8,189)$7,921 $(260,267)
__________________________________
(1)    Reclassifications from accumulated other comprehensive income (loss) to earnings includes the foreign currency translation adjustment of $(4.7) million released related to the Company’s sale of the Carved-Out Business (refer to Note 8 “Dispositions” for further information).
(2)    As of December 31, 2024, approximately $1.9 million of existing gains and losses are estimated to be reclassified into earnings within the next 12 months.
(3)    Reclassifications from accumulated other comprehensive income (loss) to earnings includes $9.1 million released as a result of dedesignating a EUR-GBP cross currency swap related to the Company’s sale of the Carved-Out Business (refer to Note 8 “Dispositions” for further information).
v3.25.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The components of income (loss) before taxes are as follows:
Years Ended December 31,
(in thousands)202420232022
Domestic$(456,728)$(244,412)$(444,549)
Foreign(95,774)58,674 (9,920)
Total$(552,502)$(185,738)$(454,469)
Schedule of Components of Provision for Income Taxes
The components of the provision (benefit) for income taxes are as follows:
Years Ended December 31,
(in thousands)202420232022
Current taxes   
Federal$(3,219)$(4,419)$9,318 
State1,390 3,673 8,289 
Foreign(6,866)26,431 41,599 
(8,695)25,685 59,206 
Deferred taxes
Federal(18,326)11,302 (32,304)
State(10,789)720 (9,429)
Foreign53,062 (35,945)(46,396)
23,947 (23,923)(88,129)
Provision (benefit) for income taxes$15,252 $1,762 $(28,923)
Schedule of Effective Income Tax Rate Reconciliation
The effective rate varies from the statutory US federal tax rate as follows:
 Years Ended December 31,
(in thousands)202420232022
Income tax (benefit) expense at statutory federal rate$(116,025)$(39,009)$(95,439)
State income taxes, net of federal effect(30,390)(14,716)(10,096)
Foreign tax rate adjustment64,884 (50,082)(17,455)
Nondeductible professional fees3,117 430 1,370 
Other permanent differences including lobbying expense(8,906)1,066 2,414 
Share-based compensation992 2,577 3,348 
Gain on bargain purchases— — 22 
CARES Act(3,153)— — 
Return to provision adjustments6,455 (8,810)(2,275)
Global intangible low-tax income (“GILTI”)17,941 14,333 2,404 
Goodwill— — 28,935 
Change in uncertain tax positions681 1,103 (2,224)
Change in valuation allowance79,656 94,870 60,073 
Total provision (benefit) for income taxes$15,252 $1,762 $(28,923)
Effective income tax rate on continuing operations(2.8)%(0.9)%6.4 %
Schedule of Deferred Tax Assets and Liabilities Significant components of the Company’s deferred income taxes at December 31, 2024 and 2023 are as follows:
 Years Ended December 31,
(in thousands)20242023
Deferred tax assets:  
Interest283,757 195,628 
Net operating loss carryforwards44,510 28,468 
Property and equipment
26,911 — 
Accrued and other current liabilities
21,681 44,707 
Framework Agreement liabilities
20,344 31,376 
Share-based compensation5,876 7,818 
Goodwill— — 
Valuation allowance(234,599)(154,943)
Total deferred tax assets, net168,480 153,054 
Deferred tax liabilities:
Land(4,167)(4,142)
Property and equipment— (46,472)
Change in accounting method(281)(280)
RI Joint Venture and GLPI Partnership(175,614)(108,598)
Amortizable assets(104,323)(83,118)
Total deferred tax liabilities(284,385)(242,610)
Net deferred tax liabilities$(115,905)$(89,556)
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)202420232022
Uncertain tax position liability at the beginning of the year$29,286 $11,277 $5,131 
Increases related to tax positions taken during the year(4,462)18,009 — 
Increases related to tax positions taken during prior period— — 11,277 
Decreases related to tax positions taken during prior periods— — (5,131)
Uncertain tax position liability at the end of the year$24,824 $29,286 $11,277 
v3.25.1
SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Reportable Segment Information
The following table sets forth revenue and Adjusted EBITDAR for the Company’s three reportable segments and reconciles Adjusted EBITDAR on a consolidated basis to net loss. The Other category is included in the following tables in order to reconcile the segment information to the Company’s consolidated financial statements.
Years Ended December 31,
(in thousands)202420232022
Revenue
Casinos & Resorts$1,363,113 $1,363,291 $1,227,563 
International Interactive909,493 973,210 946,442 
North America Interactive177,872 112,572 81,700 
Total$2,450,478 $2,449,073 $2,255,705 
Adjusted EBITDAR(1)
Casinos & Resorts$370,518 $428,968 $398,930 
International Interactive336,460 343,559 321,651 
North America Interactive(40,236)(55,653)(65,729)
Corporate & Other(52,212)(63,770)(53,024)
Total614,530 653,104 601,828 
Operating (expense) income:
Rent expense associated with triple net operating leases(2)
(118,919)(125,775)(53,313)
Depreciation and amortization(379,544)(350,408)(300,559)
Transaction costs(41,060)(80,376)(85,604)
Restructuring(17,921)(31,014)— 
Tropicana Las Vegas demolition and closure costs
(59,838)— — 
Share-based compensation(14,752)(24,074)(27,912)
Gain on sale-leaseback, net86,254 374,321 50,766 
Impairment charges(248,879)(149,825)(463,978)
Loss on disposal of business(27,796)— — 
Merger Agreement costs(3)
(14,808)— — 
Payment service provider write-off (4)
(6,333)— — 
Diamond Sports Group non-cash settlement(1,114)(144,883)— 
Other(28,148)(17,061)(14,236)
(Loss) income from operations
(258,328)104,009 (293,008)
Other income (expense)
Interest expense, net(289,629)(277,561)(208,153)
Other(4,545)(12,186)46,692 
Total other expense, net(294,174)(289,747)(161,461)
Loss before income taxes(552,502)(185,738)(454,469)
(Provision) benefit for income taxes(15,252)(1,762)28,923 
Net loss
$(567,754)$(187,500)$(425,546)
__________________________________
(1)    Adjusted EBITDAR is defined as earnings, or loss, for the Company before interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, acquisition, integration and restructuring expense, share-based compensation, and certain other gains or losses as well as, when presented for our reporting segments, an adjustment related to the allocation of corporate cost among segments, plus rent expense associated with triple net operating leases.
(2)    Consists primarily of the operating lease components contained within certain triple net leases with GLPI. Refer to Note 18 “Leases” for further information.
(3)    Costs incurred in connection with the Merger Agreement discussed in Note 1 “General Information.”
(4)    In the third quarter, the Company recorded a $6.3 million charge to reduce amounts due from payment service providers (“PSP”) due to a circumstance whereby the payment processer for certain online sports wagering deposits failed to capture and settle funds with patrons of the Company. The Company was not able to recover the full amount due from the payment service provider, resulting in a write down to the recoverable amount. In addition to amounts recovered, the Company received $5.1 million from the PSP as a signing bonus for entering into an extension agreement.
The following table sets forth significant segment expenses and other segment items by reportable segment (in thousands):
Years Ended December 31,Casinos & ResortsInternational InteractiveNorth America Interactive
2024
Revenue$1,363,113 $909,493 $177,872 
Less: segment expenses
Marketing costs89,245 118,449 51,927 
Gaming tax190,505 158,691 48,015 
Compensation393,160 97,431 38,057 
Other direct costs— 134,192 57,065 
Casino property costs141,218 — — 
General and administrative73,143 64,359 22,863 
Other segment items(1)
105,324 (89)181 
Segment EBITDAR$370,518 $336,460 $(40,236)
2023
Revenue$1,363,291 $973,210 $112,572 
Less: segment expenses
Marketing costs71,356 144,296 42,039 
Gaming tax160,493 145,239 21,871 
Compensation379,835 104,538 40,620 
Other direct costs— 179,060 40,510 
Casino property costs144,663 — — 
General and administrative63,759 56,360 22,759 
Other segment items(1)
114,217 158 426 
Segment EBITDAR$428,968 $343,559 $(55,653)
2022
Revenue$1,227,563 $946,442 $81,700 
Less: segment expenses
Marketing costs66,169 169,861 20,012 
Gaming tax148,945 134,338 6,268 
Compensation325,047 91,369 64,555 
Other direct costs— 181,168 31,268 
Casino property costs125,940 — — 
General and administrative58,287 49,091 22,807 
Other segment items(1)
104,245 (1,036)2,519 
Segment EBITDAR$398,930 $321,651 $(65,729)
__________________________________
(1)    Other Segment Items primarily includes Gaming and non-gaming expenses within our Casinos & Resorts reportable segment, and certain other immaterial costs and allocations within each of the Company’s reportable segments.
Years Ended December 31,
(in thousands)202420232022
Capital Expenditures
Casinos & Resorts$60,373 $143,526 $183,693 
International Interactive706 2,462 12,392 
North America Interactive2,147 1,986 6,635 
Corporate & Other(1)
136,601 163,509 9,536 
Total$199,827 $311,483 $212,256 
__________________________________
(1)    Includes 133.6 million, 162.1 million and 8.5 million related to our future Bally’s Chicago project during the years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively.
v3.25.1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted EPS
Diluted earnings per share includes the determinants of basic earnings per share and, in addition, reflects the dilutive effect of the common stock deliverable for stock options, using the treasury stock method, and for RSUs, RSAs and PSUs for which future service is required as a condition to the delivery of the underlying common stock.
 Years Ended December 31,
 202420232022
Net loss applicable to common stockholders$(567,754)$(187,500)$(425,546)
Weighted average common shares outstanding, basic48,468,887 53,350,817 58,111,699 
Weighted average effect of dilutive securities— — — 
Weighted average common shares outstanding, diluted48,468,887 53,350,817 58,111,699 
Per share data
Basic$(11.71)$(3.51)$(7.32)
Diluted$(11.71)$(3.51)$(7.32)
Anti-dilutive shares excluded from the calculation of diluted earnings per share5,377,457 5,021,833 5,188,388 
v3.25.1
GENERAL INFORMATION - Description of Business (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Jul. 25, 2024
$ / shares
shares
Dec. 31, 2024
USD ($)
Business Combination[Line Items]    
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]   Prepaid expenses and other current assets
Deferred Payables    
Business Combination[Line Items]    
Interest Expense, Operating and Nonoperating | $   $ 6.4
Merger Agreement    
Business Combination[Line Items]    
Business Combination, Share Exchange Ratio 2.45368905950  
Business Combination, Consideration Transferred, Cash Right Per Common Share | $ / shares $ 18.25  
Shares for purchase from exercisable warrants (in shares) 384,536  
SG Gaming    
Business Combination[Line Items]    
Business Combination, Equity Interest Issued or Issuable, Number of Shares 26,909,895  
Queen    
Business Combination[Line Items]    
Business Combination, Share Exchange Ratio 3,542,205  
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Product Information [Line Items]      
Ownership percentage in disposed asset 19.99%    
Net (loss) gain on equity method investments $ (1,850,000) $ 4,255,000 $ 0
Assets 5,860,137,000 6,861,103,000  
Total revenue 2,450,478,000 2,449,073,000 2,255,705,000
Liabilities 5,829,235,000 6,225,249,000  
Capitalized interest 8,000,000.0 13,600,000 1,900,000
Supplier Finance Program, Obligation, Addition 239,100,000    
Supplier Finance Program, Obligation, Settlement 165,400,000    
Supplier Finance Program, Obligation, Current 72,800,000    
Amortization of debt discount and debt issuance costs 11,707,000 11,312,000 10,896,000
Self-insurance liabilities 23,900,000 21,000,000.0  
Advertising Expense $ 12,200,000 19,000,000.0 26,800,000
Rhode Island Joint Venture      
Product Information [Line Items]      
Ownership percentage 40.00%    
Asia Interactive Busines      
Product Information [Line Items]      
Proceeds from sale $ 1,900,000    
Interactive Segments      
Product Information [Line Items]      
Advertising Expense 170,100,000 178,700,000 174,700,000
Variable Interest Entity, Primary Beneficiary      
Product Information [Line Items]      
Assets 263,900,000 161,300,000  
Total revenue 169,800,000 293,300,000 $ 298,100,000
Liabilities $ 27,900,000    
Breckenridge Curacao B.V | Variable Interest Entity, Primary Beneficiary      
Product Information [Line Items]      
Liabilities   $ 87,700,000  
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Defined Benefit Plan (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Employer contribution expense $ 10,300 $ 8,500 $ 7,100
Non-current liabilities   (500)  
Noncurrent assets 1,100    
Dover Downs Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Benefit Obligation 16,100 16,900  
Fair value of plan assets 17,200 16,500  
Net periodic benefit cost (credit) (400)    
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, before tax $ (1,200)    
Defined benefit plan, benefit obligation, (increase) decrease for remeasurement due to settlement   (3,400)  
Defined benefit plan, settlement and curtailment gain (loss), before tax   $ 200  
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accounts Receivable (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable $ 62,638 $ 76,376
Less: Allowance for credit losses (7,152) (6,048)
Accounts receivable, net 55,486 70,328
Rhode Island and Delaware    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable 14,135 13,028
Gaming receivables    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable 20,700 26,127
Non-gaming receivables    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable $ 27,803 $ 37,221
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Allowance for Doubtful Accounts (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of year   $ 6,048 $ 5,789 $ 4,454
Charges to expense $ 6,300 1,990 1,250 1,649
Deductions   (886) (991) (602)
Other adjustments   0 0 288
Balance at end of year   $ 7,152 $ 6,048 $ 5,789
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details)
Dec. 31, 2024
Minimum | Land improvements  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 10 years
Minimum | Building and improvements  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 2 years
Minimum | Equipment  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 2 years
Minimum | Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 2 years
Maximum | Land improvements  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 20 years
Maximum | Building and improvements  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 50 years
Maximum | Equipment  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 10 years
Maximum | Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life 10 years
v3.25.1
RELATED PARTY TRANSACTIONS (Details)
$ in Thousands, € in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Related Party Transaction [Line Items]        
Ownership percentage in disposed asset 19.99%      
Total revenue $ 2,450,478   $ 2,449,073 $ 2,255,705
Accounts receivable, net 55,486   70,328  
Loss on disposal of business (27,796)   0 0
Other assets 127,030   110,317  
Interest expense, net 310,347   283,660 208,769
Non-gaming        
Related Party Transaction [Line Items]        
Total revenue 398,810   $ 457,032 $ 409,581
Related Party        
Related Party Transaction [Line Items]        
Accounts receivable, net $ 1,100      
Financing receivable, period 7 years      
Loss on disposal of business | €   € 30    
Other assets $ 31,200      
Interest expense, net 500      
Related Party | Non-gaming        
Related Party Transaction [Line Items]        
Total revenue $ 6,900      
v3.25.1
CONSOLIDATED FINANCIAL INFORMATION - Schedule of General and Administrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Advertising, general and administrative $ 957,118 $ 888,787 $ 776,226
Acquisition and integration 24,729 49,292 49,480
Total severance and employee related benefits 17,921 31,014 0
Loss on disposal of business 27,796 0 0
Merger costs 14,808 0 0
Diamond Sports Group non-cash liability recognized 1,114 144,883 0
Total general and administrative $ 1,043,486 $ 1,113,976 $ 825,706
v3.25.1
CONSOLIDATED FINANCIAL INFORMATION - Other Non-Operating Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Change in value of performance warrants $ (13,965) $ (7,716) $ 32,577
Net (loss) gain on equity method investments (1,850) 4,255 0
Gain (Loss) on Extinguishment of Debt 0 4,044 0
Foreign exchange gain (loss) 10,271 (11,019) 516
Other, net 999 2,294 13,599
Other non-operating income (expense), net $ (4,545) $ (12,186) $ 46,692
v3.25.1
CONSOLIDATED FINANCIAL INFORMATION - Schedule of Interest Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Interest income $ 20,718 $ 6,099 $ 616
Interest expense (310,347) (283,660) (208,769)
Total interest expense, net $ (289,629) $ (277,561) $ (208,153)
v3.25.1
REVENUE RECOGNITION - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Total revenue $ 2,450,478 $ 2,449,073 $ 2,255,705
Contracts with customers receivables 41,300 38,500  
Loyalty programs      
Disaggregation of Revenue [Line Items]      
Total revenue 30,500 35,700 31,000
Gaming      
Disaggregation of Revenue [Line Items]      
Total revenue 2,051,668 1,992,041 1,846,124
International Interactive      
Disaggregation of Revenue [Line Items]      
Total revenue 909,493 973,210 946,442
International Interactive | Gaming      
Disaggregation of Revenue [Line Items]      
Total revenue $ 893,756 $ 952,921 $ 899,934
v3.25.1
REVENUE RECOGNITION - Disaggregation of Revenue by Loyalty Program (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Hotel      
Disaggregation of Revenue [Line Items]      
Goods and services provided without charge $ 82,520 $ 94,650 $ 87,540
Food and beverage      
Disaggregation of Revenue [Line Items]      
Goods and services provided without charge 82,025 80,899 70,476
Retail, entertainment and other      
Disaggregation of Revenue [Line Items]      
Goods and services provided without charge 9,722 11,100 10,195
Loyalty programs      
Disaggregation of Revenue [Line Items]      
Goods and services provided without charge $ 174,267 $ 186,649 $ 168,211
v3.25.1
REVENUE RECOGNITION - Disaggregation of Revenue by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Total revenue $ 2,450,478 $ 2,449,073 $ 2,255,705
Gaming      
Disaggregation of Revenue [Line Items]      
Total revenue 2,051,668 1,992,041 1,846,124
Non-gaming      
Disaggregation of Revenue [Line Items]      
Total revenue 398,810 457,032 409,581
Hotel      
Disaggregation of Revenue [Line Items]      
Total revenue 148,693 200,650 153,750
Food and beverage      
Disaggregation of Revenue [Line Items]      
Total revenue 135,213 143,521 115,322
Licensing      
Disaggregation of Revenue [Line Items]      
Total revenue 6,861    
Retail, entertainment and other      
Disaggregation of Revenue [Line Items]      
Total revenue 108,043 112,861 140,509
Casinos & Resorts      
Disaggregation of Revenue [Line Items]      
Total revenue 1,363,113 1,363,291 1,227,563
Casinos & Resorts | Gaming      
Disaggregation of Revenue [Line Items]      
Total revenue 1,008,361 954,725 907,431
Casinos & Resorts | Non-gaming      
Disaggregation of Revenue [Line Items]      
Total revenue 354,752 408,566 320,132
Casinos & Resorts | Hotel      
Disaggregation of Revenue [Line Items]      
Total revenue 148,693 200,650 153,750
Casinos & Resorts | Food and beverage      
Disaggregation of Revenue [Line Items]      
Total revenue 134,853 143,521 115,322
Casinos & Resorts | Licensing      
Disaggregation of Revenue [Line Items]      
Total revenue 0    
Casinos & Resorts | Retail, entertainment and other      
Disaggregation of Revenue [Line Items]      
Total revenue 71,206 64,395 51,060
North America Interactive      
Disaggregation of Revenue [Line Items]      
Total revenue 177,872 112,572 81,700
North America Interactive | Gaming      
Disaggregation of Revenue [Line Items]      
Total revenue 149,551 84,395 38,759
North America Interactive | Non-gaming      
Disaggregation of Revenue [Line Items]      
Total revenue 28,321 28,177 42,941
North America Interactive | Hotel      
Disaggregation of Revenue [Line Items]      
Total revenue 0 0 0
North America Interactive | Food and beverage      
Disaggregation of Revenue [Line Items]      
Total revenue 0 0 0
North America Interactive | Licensing      
Disaggregation of Revenue [Line Items]      
Total revenue 0    
North America Interactive | Retail, entertainment and other      
Disaggregation of Revenue [Line Items]      
Total revenue 28,321 28,177 42,941
International Interactive      
Disaggregation of Revenue [Line Items]      
Total revenue 909,493 973,210 946,442
International Interactive | Gaming      
Disaggregation of Revenue [Line Items]      
Total revenue 893,756 952,921 899,934
International Interactive | Non-gaming      
Disaggregation of Revenue [Line Items]      
Total revenue 15,737 20,289 46,508
International Interactive | Hotel      
Disaggregation of Revenue [Line Items]      
Total revenue 0 0 0
International Interactive | Food and beverage      
Disaggregation of Revenue [Line Items]      
Total revenue 360 0 0
International Interactive | Licensing      
Disaggregation of Revenue [Line Items]      
Total revenue 6,861    
International Interactive | Retail, entertainment and other      
Disaggregation of Revenue [Line Items]      
Total revenue $ 8,516 $ 20,289 $ 46,508
v3.25.1
REVENUE RECOGNITION - Contract Liability (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]    
Contract liabilities related to loyalty programs $ 71,300 $ 66,336
Loyalty programs    
Disaggregation of Revenue [Line Items]    
Contract liabilities related to loyalty programs 12,167 16,803
Customer deposits    
Disaggregation of Revenue [Line Items]    
Contract liabilities related to loyalty programs 26,141 29,052
Unpaid tickets    
Disaggregation of Revenue [Line Items]    
Contract liabilities related to loyalty programs $ 32,992 $ 20,481
v3.25.1
BUSINESS COMBINATIONS - Casinos and Resorts (Details)
$ in Thousands
 12 Months Ended
Sep. 12, 2023
USD ($)
year
Sep. 26, 2022
USD ($)
Jun. 14, 2021
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Business Combination[Line Items]            
Total consideration paid, net of cash acquired       $ 788 $ 93,900 $ 146,317
Goodwill       1,799,944 1,935,803 1,746,202
Year to date adjustments, goodwill       (208) 204  
Merger costs       $ 14,808 0 0
GLPI Vegas Lease            
Business Combination[Line Items]            
Term of contract       50 years    
Annual rent       $ 10,500    
Maximum | GLPI Vegas Lease            
Business Combination[Line Items]            
Term of contract       99 years    
Casinos & Resorts            
Business Combination[Line Items]            
Goodwill       $ 313,285 313,493 209,257
Year to date adjustments, goodwill       (208) 204  
Merger costs       200 $ 1,100 $ 3,900
Bally's Golf Links            
Business Combination[Line Items]            
Total consideration paid, net of cash acquired $ 55,000          
Contingent consideration payable 58,600     59,900    
Consideration payable, range of outcomes, high $ 125,000          
Total current assets       1,108    
Property and equipment, net       505    
Right of use assets, net       0    
Goodwill       103,824    
Intangible assets, net       6,500    
Other assets       2,000    
Total current liabilities       (345)    
Lease liabilities       0    
Other long-term liabilities       0    
Total purchase price       113,592    
Year to date adjustments, goodwill       (200)    
Bally's Golf Links | Minimum | Measurement Input, Expected Term            
Business Combination[Line Items]            
Business Combination, Contingent Consideration, Liability, Measurement Input | year 1.5          
Bally's Golf Links | Minimum | Measurement Input, Discount Rate            
Business Combination[Line Items]            
Business Combination, Contingent Consideration, Liability, Measurement Input 0.072          
Bally's Golf Links | Maximum | Measurement Input, Expected Term            
Business Combination[Line Items]            
Business Combination, Contingent Consideration, Liability, Measurement Input | year 3          
Bally's Golf Links | Maximum | Measurement Input, Discount Rate            
Business Combination[Line Items]            
Business Combination, Contingent Consideration, Liability, Measurement Input 0.078          
Bally's Golf Links | Licensing Agreements            
Business Combination[Line Items]            
Finite-lived intangibles acquired $ 6,500          
Acquired intangible assets, useful life 12 years          
Tropicana Las Vegas Hotel and Casino            
Business Combination[Line Items]            
Consideration paid   $ 148,200        
Total consideration paid, net of cash acquired   146,500        
Cash and equivalents   $ 1,700        
Term of contract   50 years        
Total current assets       7,924    
Property and equipment, net       136,116    
Right of use assets, net       164,884    
Goodwill       8,794    
Intangible assets, net       5,140    
Other assets       766    
Total current liabilities       (10,129)    
Lease liabilities       (164,884)    
Other long-term liabilities       (395)    
Total purchase price       148,216    
Tropicana Las Vegas Hotel and Casino | Customer relationships            
Business Combination[Line Items]            
Intangible assets, net       2,600    
Acquired intangible assets, useful life     9 years      
Tropicana Las Vegas Hotel and Casino | Trade names            
Business Combination[Line Items]            
Intangible assets, net       1,700    
Acquired intangible assets, useful life     3 years      
Tropicana Las Vegas Hotel and Casino | Pre-Bookings            
Business Combination[Line Items]            
Intangible assets, net       $ 800    
Acquired intangible assets, useful life     2 years      
v3.25.1
BUSINESS COMBINATIONS - Interactive Acquisitions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 05, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Combination[Line Items]        
Total consideration paid, net of cash acquired   $ 788 $ 93,900 $ 146,317
Merger costs   14,808 0 0
Goodwill   1,799,944 1,935,803 1,746,202
Year to date adjustments, goodwill   (208) 204  
International Interactive        
Business Combination[Line Items]        
Merger costs   0 1,200  
Goodwill   1,451,273 1,586,590 1,497,205
Year to date adjustments, goodwill   0 0  
North America Interactive        
Business Combination[Line Items]        
Goodwill   35,386 35,720 $ 39,740
Year to date adjustments, goodwill   0 $ 0  
Casino Secret        
Business Combination[Line Items]        
Total consideration paid, net of cash acquired $ 38,700      
Consideration paid $ 50,400      
Property and equipment, net   50    
Total current assets   8,862    
Goodwill   18,422    
Intangible assets, net   29,471    
Total current liabilities   (6,371)    
Total purchase price   50,434    
Acquired intangible assets, useful life 7 years      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents $ (8,300)      
Casino Secret | Customer relationships        
Business Combination[Line Items]        
Intangible assets, net   26,000    
Casino Secret | Trade names        
Business Combination[Line Items]        
Intangible assets, net   $ 3,500    
v3.25.1
DISPOSITIONS (Details)
$ in Thousands, € in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Oct. 31, 2024
EUR (€)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Consideration | €         € 30
Consideration receivable, term         7 years
Loss on disposal of business   $ 27,796 $ 0 $ 0  
Disposal group, disposed of by sale, not discontinued operations | Carved-Out Business          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Consideration $ 32,900 32,900      
Assets net 56,200 56,200      
Release of foreign currency translation adjustments 4,700        
Release of accumulated other comprehensive income 9,100        
Loss on disposal of business 27,800        
Goodwill 20,700 20,700      
Cash and cash equivalents 4,200 4,200      
Restricted cash and cash equivalents $ 37,500 37,500      
Revenue recognized   $ 6,900      
Period of transition and software services   2 years      
v3.25.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Services and license agreements $ 43,141 $ 33,182
Due from payment service providers 0 12,662
Prepaid insurance 3,341 8,366
Short term derivative assets 5,359 9,530
Taxes and licenses 18,988 19,973
Short term notes receivable 17,342 0
Prepaid marketing 11,952 8,685
Purse funds 7,412 6,404
Other 7,936 9,294
Total prepaid expenses and other current assets $ 115,471 $ 108,096
v3.25.1
PROPERTY AND EQUIPMENT - Schedule of property and equipment, net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Total property, plant and equipment $ 914,600 $ 1,481,233  
Less: Accumulated depreciation (283,898) (306,345)  
Property, Plant and Equipment, Net 630,702 1,174,888  
Depreciation expense 158,000 118,700 $ 71,700
Land and improvements      
Property, Plant and Equipment [Line Items]      
Total property, plant and equipment 49,553 401,208  
Building and improvements      
Property, Plant and Equipment [Line Items]      
Total property, plant and equipment 370,086 673,071  
Equipment      
Property, Plant and Equipment [Line Items]      
Total property, plant and equipment 280,946 264,398  
Furniture and fixtures      
Property, Plant and Equipment [Line Items]      
Total property, plant and equipment 64,109 68,746  
Construction in process      
Property, Plant and Equipment [Line Items]      
Total property, plant and equipment $ 149,906 $ 73,810  
v3.25.1
PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Dec. 31, 2024
Sep. 30, 2024
Jul. 09, 2024
Property, Plant and Equipment [Line Items]        
Payable due to lease termination   $ 150,000    
Payments for rent $ 10,000 $ 90,000    
Lease termination payments secured by letters of credit       $ 50,000
Land        
Property, Plant and Equipment [Line Items]        
Dispositions   350.0 million 350.0 million  
v3.25.1
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
Jun. 30, 2022
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
License
Dec. 31, 2022
USD ($)
Goodwill [Line Items]          
Impairment charges     $ 248,879 $ 149,825 $ 463,978
Impairment of intangible assets (excluding goodwill) $ 38,600   164,486 136,404  
Impairment charges     71,636    
Amortization of Intangible Assets     221,500 $ 231,700 228,900
Number of gaming licenses | License       3  
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]   Impairment charges      
Goodwill $ 1,799,944   $ 1,799,944 $ 1,935,803 $ 1,746,202
Measurement Input, Discount Rate          
Goodwill [Line Items]          
Goodwill, Measurement Input 0.16   0.16 0.15 0.145
Measurement Input, Discount Rate | Valuation Technique, Discounted Cash Flow          
Goodwill [Line Items]          
Goodwill, Measurement Input       0.125  
Measurement Input, Discount Rate | Minimum          
Goodwill [Line Items]          
Goodwill, Measurement Input 0.10   0.10    
Measurement Input, Discount Rate | Minimum | Valuation Technique, Discounted Cash Flow          
Goodwill [Line Items]          
Goodwill, Measurement Input 0.15   0.15    
Measurement Input, Discount Rate | Minimum | Valuation, market approach          
Goodwill [Line Items]          
Goodwill, Measurement Input 0.11   0.11    
Measurement Input, Discount Rate | Maximum          
Goodwill [Line Items]          
Goodwill, Measurement Input 0.11   0.11    
Measurement Input, Royalty Rate          
Goodwill [Line Items]          
Goodwill, Measurement Input       0.03 0.03
Measurement Input, Royalty Rate | Minimum          
Goodwill [Line Items]          
Goodwill, Measurement Input 0.03   0.03    
Measurement Input, Royalty Rate | Maximum          
Goodwill [Line Items]          
Goodwill, Measurement Input 0.12   0.12    
Measurement Input, Terminal Growth Rate          
Goodwill [Line Items]          
Goodwill, Measurement Input 0.03   0.03   0.03
Measurement Input, Terminal Growth Rate | Minimum          
Goodwill [Line Items]          
Goodwill, Measurement Input 0.02   0.02    
Measurement Input, Terminal Growth Rate | Maximum          
Goodwill [Line Items]          
Goodwill, Measurement Input 0.03   0.03    
Gamesys          
Goodwill [Line Items]          
Impairment charges       $ 54,000  
2023 Interim Impairment Restructuring Plan          
Goodwill [Line Items]          
Impairment charges       5,700  
North America Interactive          
Goodwill [Line Items]          
Impairment charges         $ 390,700
Impairment of intangible assets (excluding goodwill)         159,100
Impairment charges     $ 0   231,600
Goodwill $ 35,386   35,386 35,720 39,740
Impairment charges     0 5,745  
International Interactive          
Goodwill [Line Items]          
Impairment of intangible assets (excluding goodwill)     125,900    
Impairment charges     71,636    
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)         73,300
Goodwill 1,451,273   1,451,273 1,586,590 1,497,205
Impairment charges     $ 197,500    
Impairment loss $ 20,700        
International Interactive | Measurement Input, Discount Rate          
Goodwill [Line Items]          
Goodwill, Measurement Input 0.16   0.16    
International Interactive | Measurement Input, Terminal Growth Rate          
Goodwill [Line Items]          
Goodwill, Measurement Input 0.03   0.03    
Casinos & Resorts          
Goodwill [Line Items]          
Impairment charges     $ 0    
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)       76,700  
Goodwill $ 313,285   $ 313,285 $ 313,493 $ 209,257
v3.25.1
GOODWILL AND INTANGIBLE ASSETS - Schedule of goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]        
Goodwill as of beginning   $ 1,935,803 $ 1,746,202  
Goodwill from current year business combinations   1,176 122,454  
Impairment charges   (71,636)    
Effect of foreign exchange   (44,534) 71,147  
Year to date adjustments, goodwill   (208) 204  
Current year divestiture $ (4,200) (20,657) (4,204)  
Goodwill as of ending 1,935,803 1,799,944 1,935,803 $ 1,746,202
Casinos & Resorts        
Goodwill [Roll Forward]        
Goodwill as of beginning   313,493 209,257  
Goodwill from current year business combinations   0 104,032  
Impairment charges   0    
Effect of foreign exchange   0 0  
Year to date adjustments, goodwill   (208) 204  
Current year divestiture   0 0  
Goodwill as of ending 313,493 313,285 313,493 209,257
Goodwill, Impaired, Accumulated Impairment Loss (5,400) (5,400) (5,400) (5,400)
Casinos & Resorts | Reporting Unit With Negative carrying Value        
Goodwill [Roll Forward]        
Goodwill as of beginning   50,400    
Goodwill as of ending 50,400 59,200 50,400  
North America Interactive        
Goodwill [Roll Forward]        
Goodwill as of beginning   35,720 39,740  
Goodwill from current year business combinations   0 0  
Impairment charges   0   (231,600)
Effect of foreign exchange   (334) 184  
Year to date adjustments, goodwill   0 0  
Current year divestiture   0 (4,204)  
Goodwill as of ending 35,720 35,386 35,720 39,740
Goodwill, Impaired, Accumulated Impairment Loss (140,400) (140,400) (140,400) (140,400)
International Interactive        
Goodwill [Roll Forward]        
Goodwill as of beginning   1,586,590 1,497,205  
Goodwill from current year business combinations   1,176 18,422  
Impairment charges   (71,636)    
Effect of foreign exchange   (44,200) 70,963  
Year to date adjustments, goodwill   0 0  
Current year divestiture   (20,657) 0  
Goodwill as of ending $ 1,586,590 $ 1,451,273 $ 1,586,590 1,497,205
Goodwill, Impaired, Accumulated Impairment Loss       $ (71,600)
v3.25.1
GOODWILL AND INTANGIBLE ASSETS - Changes in Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Change in Intangible Assets [Roll Forward]      
Intangible assets, net, beginning balance   $ 1,871,428 $ 1,961,938
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]   Impairment charges  
Effect of foreign exchange   $ (24,871) 46,926
Impairment charges $ (38,600) (164,486) (136,404)
Derecognition of Commercial rights - Sinclair   (202,572)  
Internally developed software   48,392 47,091
Other intangibles acquired   3,059  
Intangible assets disposed   (2,074)  
Less: Accumulated amortization (221,533) (221,533) (231,713)
Intangible assets, net, ending balance 1,307,343 1,307,343 1,871,428
Unamortizable intangible assets 646,905 646,905 689,303
Gaming licenses      
Change in Intangible Assets [Roll Forward]      
Unamortizable intangible assets $ 546,908 $ 546,908 586,971
Current Year Acquisitions      
Change in Intangible Assets [Roll Forward]      
Intangible assets acquired     35,971
Other Acquisitions      
Change in Intangible Assets [Roll Forward]      
Intangible assets acquired     147,619
Bally's Chicago | Gaming licenses      
Change in Intangible Assets [Roll Forward]      
Unamortizable intangible assets     $ 135,300
v3.25.1
GOODWILL AND INTANGIBLE ASSETS - Schedule of Identifiable Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Amortizable intangible assets:      
Gross amount $ 1,074,994 $ 1,721,302  
Accumulated amortization (414,556) (539,177)  
Net Amount 660,438 1,182,125  
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Unamortizable intangible assets 646,905 689,303  
Gross total intangible assets 1,721,899 2,410,605  
Intangible assets, net 1,307,343 1,871,428 $ 1,961,938
Internally developed software 48,392 47,091  
Gaming licenses      
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Unamortizable intangible assets 546,908 586,971  
Gaming licenses | Bally's Chicago      
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Unamortizable intangible assets   135,300  
Trade names      
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Unamortizable intangible assets 98,784 100,544  
Licensing      
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Unamortizable intangible assets $ 1,213 $ 1,788  
Naming rights      
Amortizable intangible assets:      
Weighted average remaining life (in years)   7 years 2 months 12 days  
Gross amount   $ 315,847  
Accumulated amortization   (89,901)  
Net Amount   $ 225,946  
Trade names      
Amortizable intangible assets:      
Weighted average remaining life (in years) 7 years 5 years 9 months 18 days  
Gross amount $ 31,723 $ 37,042  
Accumulated amortization (18,032) (18,125)  
Net Amount $ 13,691 $ 18,917  
Licensing Agreements      
Amortizable intangible assets:      
Weighted average remaining life (in years) 22 years 6 months 23 years 6 months  
Gross amount $ 8,000 $ 8,000  
Accumulated amortization (2,545) (2,303)  
Net Amount $ 5,455 $ 5,697  
Customer relationships      
Amortizable intangible assets:      
Weighted average remaining life (in years) 4 years 1 month 6 days 4 years 9 months 18 days  
Gross amount $ 660,005 $ 974,286  
Accumulated amortization (272,333) (314,053)  
Net Amount $ 387,672 $ 660,233  
Technology-Based Intangible Assets      
Amortizable intangible assets:      
Weighted average remaining life (in years) 5 years 1 month 6 days 4 years 9 months 18 days  
Gross amount $ 210,712 $ 267,927  
Accumulated amortization (70,073) (86,119)  
Net Amount $ 140,639    
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Internally developed software   $ 181,808  
Computer Software, Intangible Asset      
Amortizable intangible assets:      
Weighted average remaining life (in years) 3 years 8 months 12 days 3 years 6 months  
Gross amount $ 105,284 $ 61,687  
Accumulated amortization (26,791) (13,091)  
Net Amount $ 78,493    
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Internally developed software   $ 48,596  
Gaming licenses      
Amortizable intangible assets:      
Weighted average remaining life (in years) 5 years 7 months 6 days 6 years 4 months 24 days  
Gross amount $ 47,797 $ 45,008  
Accumulated amortization (19,864) (11,964)  
Net Amount $ 27,933    
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Internally developed software   $ 33,044  
Other      
Amortizable intangible assets:      
Weighted average remaining life (in years) 9 years 7 months 6 days 9 years 10 months 24 days  
Gross amount $ 11,473 $ 11,505  
Accumulated amortization (4,918) (3,621)  
Net Amount $ 6,555 $ 7,884  
v3.25.1
GOODWILL AND INTANGIBLE ASSETS - Schedule of Remaining Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
2025 $ 188,437  
2026 186,679  
2027 185,713  
2028 39,476  
2029 19,247  
Thereafter 40,886  
Net Amount $ 660,438 $ 1,182,125
v3.25.1
DERIVATIVE INSTRUMENTS - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Oct. 01, 2021
Offsetting Assets [Line Items]          
Proceeds from net investment hedges   $ 4,058 $ 0 $ 0  
Currency bought   five years      
Disposal group, disposed of by sale, not discontinued operations | Carved-Out Business          
Offsetting Assets [Line Items]          
Reclassifications from accumulated other comprehensive income (loss) to earnings $ 9,100        
New Credit Facilities | 6.75% Senior Notes due 2027          
Offsetting Assets [Line Items]          
Principal amount         $ 2,565,000
Interest Rate Swap          
Offsetting Assets [Line Items]          
Derivative, notional amount, terminated 500,000 $ 500,000      
Proceeds from net investment hedges   3,900      
Net investment hedges - notional amount 1,000,000 1,000,000      
Derivative, amount of hedged item $ 500,000 $ 500,000      
Interest Rate Swap | New Credit Facilities | 6.75% Senior Notes due 2027          
Offsetting Assets [Line Items]          
Principal amount         $ 200,000
v3.25.1
DERIVATIVE INSTRUMENTS - Instruments Designated as Hedging (Details)
£ in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2024
GBP (£)
Dec. 31, 2023
GBP (£)
Derivative [Line Items]        
Currency bought five years      
Interest Rate Swap        
Derivative [Line Items]        
Net investment hedges - notional amount $ 1,000,000      
Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging        
Derivative [Line Items]        
Cash Flow Hedges - Notional amount $ 1,500,000 $ 500,000    
Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging | Maximum        
Derivative [Line Items]        
Variable interest rate 0.00% 0.00% 0.00% 0.00%
Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging | Minimum        
Derivative [Line Items]        
Variable interest rate 0.00% 0.00% 0.00% 0.00%
Cross currency swaps | Designated as Hedging Instrument | Net Investment Hedging        
Derivative [Line Items]        
Notional sold   461,595    
Currency bought   387,531    
Net investment hedges - notional amount $ 700,000 $ 700,000 £ 546,759 £ 546,759
Cross currency swaps | Not Designated as Hedging Instrument, Economic Hedge        
Derivative [Line Items]        
Notional sold 461,595      
Cross currency swaps | Not Designated as Hedging Instrument, Economic Hedge | Net Investment Hedging        
Derivative [Line Items]        
Currency bought 387,531      
Interest Rate Cap | Designated as Hedging Instrument | Cash Flow Hedging        
Derivative [Line Items]        
Cash Flow Hedges - Notional amount $ 0 $ 500,000    
Interest Rate Cap | Designated as Hedging Instrument | Cash Flow Hedging | Maximum        
Derivative [Line Items]        
Variable interest rate 0.00% 4.25% 0.00% 4.25%
Interest Rate Cap | Designated as Hedging Instrument | Cash Flow Hedging | Minimum        
Derivative [Line Items]        
Variable interest rate 0.00% 3.22% 0.00% 3.22%
v3.25.1
FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities, Fair Value, Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accrued liabilities | Cross currency swaps    
Liabilities:    
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued and other current liabilities  
Other Noncurrent Liabilities | Cross currency swaps    
Liabilities:    
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other long-term liabilities  
Level 1    
Assets:    
Total $ 0 $ 0
Liabilities:    
Derivative liability 0 0
Level 1 | Interest Rate Swap | Designated as Hedging Instrument    
Assets:    
Derivative asset   0
Liabilities:    
Derivative liability   0
Level 1 | Cross currency swaps | Not Designated as Hedging Instrument    
Liabilities:    
Derivative liability   0
Level 1 | Other Assets | Interest Rate Swap | Designated as Hedging Instrument    
Assets:    
Derivative asset 0  
Level 1 | Other Assets | Cross currency swaps | Designated as Hedging Instrument    
Assets:    
Derivative asset 0 0
Level 1 | Prepaid Expenses and Other Current Assets | Interest Rate Swap | Designated as Hedging Instrument    
Assets:    
Derivative asset 0  
Level 1 | Prepaid Expenses and Other Current Assets | Cross currency swaps | Designated as Hedging Instrument    
Assets:    
Derivative asset 0 0
Level 1 | Accrued liabilities | Interest Rate Swap | Designated as Hedging Instrument    
Liabilities:    
Derivative liability 0  
Level 1 | Accrued liabilities | Cross currency swaps | Designated as Hedging Instrument    
Liabilities:    
Derivative liability 0 0
Level 1 | Other Noncurrent Liabilities | Interest Rate Swap | Designated as Hedging Instrument    
Liabilities:    
Derivative liability 0  
Level 1 | Other Noncurrent Liabilities | Cross currency swaps | Designated as Hedging Instrument    
Liabilities:    
Derivative liability 0 0
Level 2    
Assets:    
Total 19,491 16,007
Liabilities:    
Derivative liability 29,214 52,093
Level 2 | Interest Rate Swap | Designated as Hedging Instrument    
Assets:    
Derivative asset   5,356
Liabilities:    
Derivative liability   21,492
Level 2 | Cross currency swaps | Not Designated as Hedging Instrument    
Liabilities:    
Derivative liability   11,174
Level 2 | Other Assets | Interest Rate Swap | Designated as Hedging Instrument    
Assets:    
Derivative asset 336  
Level 2 | Other Assets | Cross currency swaps | Designated as Hedging Instrument    
Assets:    
Derivative asset 13,181 6,477
Level 2 | Prepaid Expenses and Other Current Assets | Interest Rate Swap | Designated as Hedging Instrument    
Assets:    
Derivative asset 340  
Level 2 | Prepaid Expenses and Other Current Assets | Cross currency swaps | Designated as Hedging Instrument    
Assets:    
Derivative asset 148 4,174
Level 2 | Accrued liabilities | Interest Rate Swap | Designated as Hedging Instrument    
Liabilities:    
Derivative liability 1,855  
Level 2 | Accrued liabilities | Cross currency swaps | Designated as Hedging Instrument    
Liabilities:    
Derivative liability 1,189 1,225
Level 2 | Other Noncurrent Liabilities | Interest Rate Swap | Designated as Hedging Instrument    
Liabilities:    
Derivative liability 13,372  
Level 2 | Other Noncurrent Liabilities | Cross currency swaps | Designated as Hedging Instrument    
Liabilities:    
Derivative liability 1,624 29,376
Level 3    
Assets:    
Total 0 0
Liabilities:    
Derivative liability 58,668 44,703
Level 3 | Interest Rate Swap | Designated as Hedging Instrument    
Assets:    
Derivative asset   0
Liabilities:    
Derivative liability   0
Level 3 | Cross currency swaps | Not Designated as Hedging Instrument    
Liabilities:    
Derivative liability   0
Level 3 | Other Assets | Interest Rate Swap | Designated as Hedging Instrument    
Assets:    
Derivative asset 0  
Level 3 | Other Assets | Cross currency swaps | Designated as Hedging Instrument    
Assets:    
Derivative asset 0 0
Level 3 | Prepaid Expenses and Other Current Assets | Interest Rate Swap | Designated as Hedging Instrument    
Assets:    
Derivative asset 0  
Level 3 | Prepaid Expenses and Other Current Assets | Cross currency swaps | Designated as Hedging Instrument    
Assets:    
Derivative asset 0 0
Level 3 | Accrued liabilities | Interest Rate Swap | Designated as Hedging Instrument    
Liabilities:    
Derivative liability 0  
Level 3 | Accrued liabilities | Cross currency swaps | Designated as Hedging Instrument    
Liabilities:    
Derivative liability 0 0
Level 3 | Other Noncurrent Liabilities | Interest Rate Swap | Designated as Hedging Instrument    
Liabilities:    
Derivative liability 0  
Level 3 | Other Noncurrent Liabilities | Cross currency swaps | Designated as Hedging Instrument    
Liabilities:    
Derivative liability 0 0
Fair Value, Recurring | Level 1    
Assets:    
Cash and cash equivalents 171,233 163,194
Restricted cash 60,021 152,068
Total 231,254 315,262
Liabilities:    
Contingent consideration 0  
Contingent consideration   0
Sinclair Performance Warrants   0
Total 0 0
Fair Value, Recurring | Level 1 | Not Designated as Hedging Instrument    
Liabilities:    
Sinclair Performance Warrants 0  
Fair Value, Recurring | Level 1 | Other Assets    
Assets:    
Investment in GLPI partnership 0 0
Fair Value, Recurring | Level 1 | Other Assets | Cross currency swaps | Not Designated as Hedging Instrument    
Assets:    
Derivative asset 0  
Fair Value, Recurring | Level 1 | Prepaid Expenses and Other Current Assets | Cross currency swaps | Not Designated as Hedging Instrument    
Assets:    
Derivative asset 0  
Fair Value, Recurring | Level 2    
Assets:    
Cash and cash equivalents 0 0
Restricted cash 0 0
Total 39,909 30,153
Liabilities:    
Contingent consideration 0  
Contingent consideration   0
Sinclair Performance Warrants   0
Total 29,214 52,093
Fair Value, Recurring | Level 2 | Not Designated as Hedging Instrument    
Liabilities:    
Sinclair Performance Warrants 0  
Fair Value, Recurring | Level 2 | Other Assets    
Assets:    
Investment in GLPI partnership 20,418 14,146
Fair Value, Recurring | Level 2 | Other Assets | Cross currency swaps | Not Designated as Hedging Instrument    
Assets:    
Derivative asset 615  
Fair Value, Recurring | Level 2 | Prepaid Expenses and Other Current Assets | Cross currency swaps | Not Designated as Hedging Instrument    
Assets:    
Derivative asset 4,871  
Fair Value, Recurring | Level 3    
Assets:    
Cash and cash equivalents 0 0
Restricted cash 0 0
Total 0 0
Liabilities:    
Contingent consideration 59,923  
Contingent consideration   58,580
Sinclair Performance Warrants   44,703
Total 118,591 103,283
Fair Value, Recurring | Level 3 | Not Designated as Hedging Instrument    
Liabilities:    
Sinclair Performance Warrants 58,668  
Fair Value, Recurring | Level 3 | Other Assets    
Assets:    
Investment in GLPI partnership 0 $ 0
Fair Value, Recurring | Level 3 | Other Assets | Cross currency swaps | Not Designated as Hedging Instrument    
Assets:    
Derivative asset 0  
Fair Value, Recurring | Level 3 | Prepaid Expenses and Other Current Assets | Cross currency swaps | Not Designated as Hedging Instrument    
Assets:    
Derivative asset $ 0  
v3.25.1
FAIR VALUE MEASUREMENTS - Schedule of Level 3 Activity (Details) - Level 3 - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Warrant    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Additions in the period (acquisition fair value)   $ 0
Reductions in the period   0
Change in fair value $ 13,965 7,716
Contingent Consideration    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Additions in the period (acquisition fair value)   58,580
Reductions in the period   (9,292)
Change in fair value 1,343 1,072
Fair Value, Recurring | Warrant    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 44,703 36,987
Ending ending 58,668 44,703
Fair Value, Recurring | Contingent Consideration    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 58,580 8,220
Ending ending $ 59,923 $ 58,580
v3.25.1
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Sep. 12, 2023
Mar. 23, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]            
Payment for Contingent Consideration Liability, Investing Activities $ 9,300          
Minimum            
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]            
Volatility   40.00%        
Risk free rates   3.84%        
Expected terms   1 year 6 months        
Maximum            
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]            
Volatility   67.00%        
Risk free rates   4.79%        
Expected terms   6 years 3 months 18 days        
Warrant            
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]            
Gain (loss) on derivative instruments   $ (13,965) $ (7,716) $ 32,577    
Interest Rate Swap | Interest Expense            
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]            
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax   11,031 1,953 0    
Cross currency swaps            
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]            
Gain (loss) on derivative instruments   (9,078) 0 0    
Cross currency swaps | Interest Expense            
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]            
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax   3,658 $ 1,350 $ 0    
SportCaller and MKF            
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]            
Contingent consideration payable           $ 58,700
Contingently Issuable Shares, Shares Issued 386,926          
SportCaller and MKF | Common Stock            
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]            
Stock issued in business combination (in shares) 103,656          
Bally's Golf Links            
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]            
Contingent consideration payable   $ 59,900     $ 58,600  
v3.25.1
FAIR VALUE MEASUREMENTS - Fair Value of Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Senior Notes | 5.625% Senior Notes Due 2029    
Debt Instrument [Line Items]    
Interest rate 5.625%  
Senior Notes | 5.625% Senior Notes Due 2029 | Carrying Amount | Level 1    
Debt Instrument [Line Items]    
Long-term debt, fair value $ 738,517 $ 736,447
Senior Notes | 5.625% Senior Notes Due 2029 | Fair Value | Level 1    
Debt Instrument [Line Items]    
Long-term debt, fair value $ 587,813 596,250
Senior Notes | 5.875% Senior Notes Due 2031    
Debt Instrument [Line Items]    
Interest rate 5.875%  
Senior Notes | 5.875% Senior Notes Due 2031 | Carrying Amount | Level 1    
Debt Instrument [Line Items]    
Long-term debt, fair value $ 721,456 719,858
Senior Notes | 5.875% Senior Notes Due 2031 | Fair Value | Level 1    
Debt Instrument [Line Items]    
Long-term debt, fair value 535,631 570,544
Term Loan Facility(1) | Line of credit | Carrying Amount | Level 1    
Debt Instrument [Line Items]    
Long-term debt, fair value 1,858,800 1,871,330
Term Loan Facility(1) | Line of credit | Fair Value | Level 1    
Debt Instrument [Line Items]    
Long-term debt, fair value $ 1,792,804 $ 1,888,100
v3.25.1
FAIR VALUE MEASUREMENTS - Schedule of Derivatives Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Warrant      
Derivative [Line Items]      
Gain (loss) on derivative instruments $ (13,965) $ (7,716) $ 32,577
Interest Rate Swap | Interest Expense      
Derivative [Line Items]      
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax 11,031 1,953 0
Cross currency swaps      
Derivative [Line Items]      
Gain (loss) on derivative instruments (9,078) 0 0
Cross currency swaps | Interest Expense      
Derivative [Line Items]      
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax $ 3,658 $ 1,350 $ 0
v3.25.1
ACCRUED AND OTHER CURRENT LIABILITIES (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]    
Gaming liabilities $ 187,233 $ 177,557
Diamond Sports Group non-cash liability 0 144,883
Compensation 66,356 83,112
Bally’s Chicago - land development liability 0 47,739
Interest payable 60,792 66,587
Other 143,013 110,851
Insurance reserve 23,898 20,990
Total accrued and other current liabilities $ 481,292 $ 651,719
v3.25.1
STRATEGIC PARTNERSHIP - SINCLAIR BROADCAST GROUP (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
Nov. 18, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Estimated litigation liability $ 144,900      
Amortization of Intangible Assets 221,500 $ 231,700 $ 228,900  
Penny warrant        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Shares for purchase from exercisable warrants (in shares) | shares   4,915,726    
Exercise price of warrants (in USD per share) | $ / shares   $ 0.01    
Performance Warrant        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Exercise price of warrants (in USD per share) | $ / shares   $ 0.01    
Performance Warrant | Maximum        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Shares for purchase from exercisable warrants (in shares) | shares   3,279,337    
Option on Securities        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Shares for purchase from exercisable warrants (in shares) | shares   1,639,669    
Exercise period   7 years    
Option on Securities | Maximum        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Exercise price of warrants (in USD per share) | $ / shares   $ 45.00    
Option on Securities | Minimum        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Exercise price of warrants (in USD per share) | $ / shares   $ 30.00    
Accrued liabilities | Sinclair Agreement        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Commercial rights liabilities   $ 8,000    
Naming Rights Liability | Sinclair Agreement        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Commercial Rights Liability, Noncurrent   49,700    
Sinclair Agreement        
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]        
Tax benefit required to be shared       0.60
Asset Acquisition, Assets Acquired And Liabilities Assumed, Intangible Assets $ 0 $ 225,900    
v3.25.1
RESTRUCTURING EXPENSE - Narrative (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
renewalTerm
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
renewalTerm
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Jul. 09, 2024
USD ($)
Restructuring and Related Activities [Abstract]              
Restructuring charges, net       $ 98,038,000 $ 36,759,000    
Payable due to lease termination   $ 150,000,000   150,000,000      
Payments for rent $ 10,000,000 90,000,000          
Lease termination payments secured by letters of credit             $ 50,000,000
Land         200,000,000    
Financing Lease, Derecognition     $ 200,000,000.0 200,000,000 0 $ 0  
Gain on sale-leaseback, net       $ (86,254,000) (374,321,000) (50,766,000)  
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]       Total revenue      
Operating Lease, Lease Income       $ 148,700,000 $ 200,700,000 $ 153,800,000  
Gain (Loss) on Disposition of Property Plant Equipment       (150,000,000.0)      
Tropicana Las Vegas Hotel and Casino              
Restructuring Cost and Reserve [Line Items]              
Annual minimum payment       14,600,000      
Payments for (Proceeds from) Tenant Allowance   48,600,000          
Lessee, Operating Lease, Annual Minimum Payment, Increase   $ 4,100,000          
GLPI Master Lease Agreement              
Restructuring and Related Activities [Abstract]              
Gain on sale-leaseback, net       (209,800,000)      
Loss on contract termination       26,400,000      
Restructuring Cost and Reserve [Line Items]              
Loss on contract termination       26,400,000      
Gain (loss) on termination of lease       $ 26,400,000      
Term of contract   15 years   15 years      
Number of renewal terms | renewalTerm   4   4      
Renewal term   5 years   5 years      
Annual minimum payment       $ 32,200,000      
GLPI Master Lease              
Restructuring Cost and Reserve [Line Items]              
Term of contract   15 years   15 years      
Number of renewal terms   4   4      
Renewal term   5 years   5 years      
Annual minimum payment       $ 100,500,000      
GLPI Vegas Lease              
Restructuring Cost and Reserve [Line Items]              
Term of contract   50 years   50 years      
Annual rent       $ 10,500,000      
GLPI Vegas Lease | Maximum              
Restructuring Cost and Reserve [Line Items]              
Term of contract   99 years   99 years      
v3.25.1
RESTRUCTURING EXPENSE - Restructuring Charges By Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]      
Total severance and employee related benefits $ 17,921 $ 31,014 $ 0
Restructuring charges, net $ 98,038 36,759  
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Depreciation and amortization, Impairment charges, General and administrative    
International Interactive      
Restructuring Cost and Reserve [Line Items]      
Total severance and employee related benefits $ (794) 19,591  
Impairment charges 197,500    
North America Interactive      
Restructuring Cost and Reserve [Line Items]      
Total severance and employee related benefits (1,732) 9,735  
Impairment charges 0 5,745  
Casinos & Resorts      
Restructuring Cost and Reserve [Line Items]      
Total severance and employee related benefits 20,037 0  
Accelerated depreciation expense 80,117 0  
Corporate & Other      
Restructuring Cost and Reserve [Line Items]      
Total severance and employee related benefits $ 410 $ 1,688  
v3.25.1
RESTRUCTURING EXPENSE - Restructuring Charges and Reserve (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restructuring Reserve [Roll Forward]      
Restructuring reserve, beginning balance $ 5,291 $ 0  
Charges 17,921 31,014 $ 0
Restructuring charges, net 98,038 36,759  
Payments (22,370) (26,649)  
Effect of foreign exchange (842) 926  
Restructuring reserve, ending balance $ 0 $ 5,291 $ 0
v3.25.1
LONG-TERM DEBT - Schedule of Long Term Debt (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Long-term debt, gross $ 3,371,650    
Less: Unamortized original issue discount (19,760) $ (23,756)  
Less: Unamortized deferred financing fees (33,117) (39,709)  
Long-term debt, including current portion 3,318,773 3,662,635  
Less: Current portion of Term Loan and Revolving Credit Facility (19,450) (19,450)  
Long-term debt, net of discount and deferred financing fees; excluding current portion 3,299,323 3,643,185  
(Gain) loss on extinguishment of debt 0 (4,044) $ 0
Line of credit | Term Loan Facility(1)      
Debt Instrument [Line Items]      
Long-term debt, gross 1,886,650 1,906,100  
Line of credit | Revolving Credit Facility      
Debt Instrument [Line Items]      
Long-term debt, gross $ 0 335,000  
6.75% Senior Notes due 2027 | 5.625% Senior Notes Due 2029      
Debt Instrument [Line Items]      
Interest rate 5.625%    
Long-term debt, gross $ 750,000 750,000  
6.75% Senior Notes due 2027 | 5.875% Senior Notes Due 2031      
Debt Instrument [Line Items]      
Interest rate 5.875%    
Long-term debt, gross $ 735,000 $ 735,000  
v3.25.1
LONG-TERM DEBT - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Oct. 01, 2021
Dec. 31, 2023
Feb. 07, 2025
Dec. 31, 2024
Aug. 20, 2021
6.75% Senior Notes due 2027 | Senior Notes Due 2031          
Debt Instrument [Line Items]          
Interest rate         5.875%
Redemption price percentage   70.80%      
Repayments of Senior Debt   $ 15.0      
6.75% Senior Notes due 2027 | Senior Notes Due 2031 | Subsidiaries          
Debt Instrument [Line Items]          
Principal amount         $ 750.0
6.75% Senior Notes due 2027 | Senior Notes Due 2029          
Debt Instrument [Line Items]          
Interest rate         5.625%
6.75% Senior Notes due 2027 | Senior Notes Due 2029 | Subsidiaries          
Debt Instrument [Line Items]          
Principal amount         $ 750.0
6.75% Senior Notes due 2027 | New Credit Facilities          
Debt Instrument [Line Items]          
Principal amount $ 2,565.0        
Maximum capacity on line of credit       30.00%  
6.75% Senior Notes due 2027 | New Credit Facilities | Federal funds effective swap rate          
Debt Instrument [Line Items]          
Basis spread on variable rate 0.50%        
6.75% Senior Notes due 2027 | New Credit Facilities | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate          
Debt Instrument [Line Items]          
Basis spread on variable rate 1.00%        
6.75% Senior Notes due 2027 | Senior Notes Due 2028 | Subsequent event          
Debt Instrument [Line Items]          
Interest rate     11.00%    
Principal amount     $ 500.0    
Term Loan Facility(1) | New Credit Facilities          
Debt Instrument [Line Items]          
Basis spread on variable rate 1.50%        
Principal amount $ 1,945.0        
Debt Instrument, Interest Rate Floor 0.50%        
Revolving Credit Facility | New Credit Facilities          
Debt Instrument [Line Items]          
Basis spread on variable rate 1.00%        
Principal amount $ 620.0        
Debt Instrument, Interest Rate Floor 0.00%        
Revolving Credit Facility | New Credit Facilities | Minimum          
Debt Instrument [Line Items]          
Commitment fee 0.50%        
Revolving Credit Facility | New Credit Facilities | Maximum          
Debt Instrument [Line Items]          
Commitment fee 0.375%        
Line of credit | New Credit Facilities          
Debt Instrument [Line Items]          
Commitment increase limit $ 650.0        
Commitment increase limit, EBITDA 100.00%        
v3.25.1
LONG-TERM DEBT - Schedule of Maturities of Long-term Debt (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Debt Disclosure [Abstract]  
2025 $ 19,450
2026 19,450
2027 19,450
2028 1,828,300
2029 750,000
Thereafter 735,000
Long-term debt, including current portion $ 3,371,650
v3.25.1
LEASES - Additional Information (Details)
 3 Months Ended 12 Months Ended
Jul. 11, 2024
USD ($)
Nov. 18, 2022
renewalTerm
Dec. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
renewalTerm
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Sep. 26, 2022
Lessee, Lease, Description [Line Items]              
Operating lease liability       $ 1,620,306,000 $ 1,200,000,000    
Right of use assets       (1,544,936,000) (1,160,288,000)    
Gain on sale-leaseback, net       (86,254,000) (374,321,000) $ (50,766,000)  
Long-term portion of lease liabilities       (1,554,479,000) (1,148,407,000)    
Land         200,000,000    
Operating Lease, Lease Income       $ 148,700,000 200,700,000 $ 153,800,000  
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]       Total revenue      
Bally's Chicago Operating Company, LLC ("Chicago MLA")              
Lessee, Lease, Description [Line Items]              
Lessor, Lease Not Yet Commenced, Annual Rent Expense $ 20,000,000            
Lessee, Lease Not yet Commenced, Discount Rate 8.50%            
Lessee, Lease Not yet Commenced, Term of Contract 15 years            
Lease Not Yet Commenced | Bally's Chicago Operating Company, LLC ("Chicago MLA")              
Lessee, Lease, Description [Line Items]              
Lease not yet commenced $ 940,000,000            
Financing Obligation              
Lessee, Lease, Description [Line Items]              
Debt Instrument, Term   99 years          
Debt Instrument, Number Of Renewal Options | renewalTerm   10          
Debt Instrument, Renewal Term, Period   20 years          
Principal amount         200,000,000    
Repayments of Secured Debt     $ 2,000,000 $ 12,400,000 $ 17,400,000    
Tropicana Las Vegas Hotel and Casino              
Lessee, Lease, Description [Line Items]              
Term of contract             50 years
GLPI Master Lease              
Lessee, Lease, Description [Line Items]              
Term of contract       15 years      
Number of renewal terms       4      
Renewal term       5 years      
Annual minimum payment       $ 100,500,000      
GLPI Vegas Lease              
Lessee, Lease, Description [Line Items]              
Term of contract       50 years      
Annual rent       $ 10,500,000      
GLPI Master Lease Agreement              
Lessee, Lease, Description [Line Items]              
Operating lease liability       $ 394,800,000      
Term of contract       15 years      
Number of renewal terms | renewalTerm       4      
Renewal term       5 years      
Annual minimum payment       $ 32,200,000      
Gain on sale-leaseback, net       (209,800,000)      
Gain (loss) on termination of lease       $ 26,400,000      
Maximum | GLPI Vegas Lease              
Lessee, Lease, Description [Line Items]              
Term of contract       99 years      
v3.25.1
LEASES - Quantitative Information of Operating Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lease, Cost [Abstract]        
Operating lease cost   $ 157,829 $ 148,375 $ 75,675
Variable lease cost   12,121 10,360 8,386
Operating lease expense   169,950 158,735 84,061
Short-term lease expense   22,871 13,249 17,536
Total operating lease expense   192,821 171,984 101,597
Gain on sale-leaseback, net   86,254 374,321 50,766
Cash paid for amounts included in the lease liability - operating cash flows from operating leases   145,891 132,871 68,689
Right of use assets obtained in exchange for operating lease liabilities   $ 495,747 $ 406,043 341,747
Weighted average remaining lease term   26 years 2 months 12 days 17 years 7 months 6 days  
Weighted average discount rate   8.50% 7.50%  
Derecognition of financing obligation $ (200,000) $ (200,000) $ 0 $ 0
v3.25.1
LEASES - Future Minimum Rental Commitments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
2025 $ 199,690  
2025 200,068  
2027 194,964  
2028 197,307  
2029 197,857  
Thereafter 3,868,745  
Total lease payments 4,858,631  
Less: present value discount (3,238,325)  
Lease obligations $ 1,620,306 $ 1,200,000
v3.25.1
EQUITY PLANS - Additional Information (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
plan
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of incentive plans | plan 1    
Share based compensation expense | $ $ 14,752 $ 24,074 $ 27,912
Share-based income tax benefit (expense) | $ 3,900 $ 6,200 $ 7,100
Unrecognized share-based compensation expense | $ $ 9,700    
Period for recognition 1 year 4 months 24 days    
RSUs and PSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average grant date fair values (in dollars per share) | $ / shares $ 12.12 $ 18.58 $ 30.13
Restricted stock units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total intrinsic value of RSUs | $ $ 6,900 $ 8,500 $ 15,300
Performance Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in shares) | shares 370,713    
Granted (in shares) | shares 502,125    
2015 Incentive plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares available for grant (in shares) | shares 1,400,000    
2015 Incentive plan | Restricted stock units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
2015 Incentive plan | Performance Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in shares) | shares 326,155 348,835 62,133
2015 Incentive plan | Performance Stock Units | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
v3.25.1
EQUITY PLANS EQUITY PLANS - RSU and PSU equity activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Outstanding at beginning of period (in shares) 1,176,611    
Granted (in shares) 420,366    
Vested (in shares) (526,907)    
Forfeited (in shares) 88,730    
Outstanding at end of period (in shares) 981,340 1,176,611  
Performance Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Outstanding at beginning of period (in shares) 347,817    
Granted (in shares) 502,125    
Vested (in shares) (370,713)    
Forfeited (in shares) 153,074    
Outstanding at end of period (in shares) 326,155 347,817  
RSUs and PSUs      
Weighted Average Grant Date Fair Value      
Outstanding at beginning of period (in dollar per share) $ 20.83    
Granted (in dollar per share) 12.12 $ 18.58 $ 30.13
Vested (in dollar per share) 21.18    
Forfeited (in dollar per share) 13.17    
Outstanding at end of period (in dollar per share) $ 15.85 $ 20.83  
v3.25.1
STOCKHOLDERS’ EQUITY - Additional Information (Details) - USD ($)
 12 Months Ended
Jul. 27, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
May 18, 2021
Class of Stock [Line Items]          
Common stock issued (in shares)   40,787,007 39,973,202    
Common stock authorized (in shares)   200,000,000 200,000,000    
Preferred stock authorized (in shares)   10,000,000 10,000,000   10,000,000
Preferred stock issued (in shares)   0 0    
Common stock par value (in dollars per share)   $ 0.01 $ 0.01    
Stock repurchase program approved (up to)   $ 700,000,000      
Treasury stock retired (in shares)     7,581,428 7,394,642  
Treasury stock (in shares)   0 0    
Cash dividend amount   $ 0 $ 0 $ 0  
Available amount remaining under capital return program   $ 95,500,000      
Number of common shares repurchased 4,700,000   7,581,428 6,621,841  
Common stock outstanding (in shares)   40,787,007 39,973,202    
Preferred stock, par value (in dollars per share)   $ 0.01 $ 0.01    
v3.25.1
STOCKHOLDERS’ EQUITY - Share Repurchase (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jul. 27, 2022
Dec. 31, 2023
Dec. 31, 2022
Equity [Abstract]      
Number of common shares repurchased (in shares) 4,700,000 7,581,428 6,621,841
Total cost $ 103,300 $ 99,081 $ 153,366
Average cost per share, including commissions (in dollar per share) $ 22.00 $ 13.07 $ 23.16
v3.25.1
STOCKHOLDERS’ EQUITY - Shares Outstanding (Details) - $ / shares
Feb. 07, 2025
Dec. 31, 2024
Dec. 31, 2023
Nov. 18, 2020
Class of Warrant or Right [Line Items]        
Number of incremental shares outstanding   14,182,353    
Common stock par value (in dollars per share)   $ 0.01 $ 0.01  
Subsequent event        
Class of Warrant or Right [Line Items]        
Additional warrants (in shares) 384,536      
Common stock par value (in dollars per share) $ 0.01      
Sinclair        
Class of Warrant or Right [Line Items]        
Options (in shares)   1,639,669    
Exercisable term       7 years
Equity Incentive Plan        
Class of Warrant or Right [Line Items]        
Outstanding awards under Equity Incentive Plans (in shares)   1,307,495    
Penny warrant        
Class of Warrant or Right [Line Items]        
Exercise price of warrants (in USD per share)     0.01  
Penny warrant | Sinclair        
Class of Warrant or Right [Line Items]        
Warrants (in shares)   7,911,724    
Performance Warrant        
Class of Warrant or Right [Line Items]        
Exercise price of warrants (in USD per share)     0.01  
Performance Warrant | Sinclair        
Class of Warrant or Right [Line Items]        
Warrants (in shares)   3,279,337    
Option on Securities | Minimum        
Class of Warrant or Right [Line Items]        
Exercise price of warrants (in USD per share)     30.00  
Option on Securities | Minimum | Sinclair        
Class of Warrant or Right [Line Items]        
Exercise price of warrants (in USD per share)       $ 30.00
Option on Securities | Maximum        
Class of Warrant or Right [Line Items]        
Exercise price of warrants (in USD per share)     $ 45.00  
Option on Securities | Maximum | Sinclair        
Class of Warrant or Right [Line Items]        
Exercise price of warrants (in USD per share)       $ 45.00
Monkey Knife Fight | Penny warrant        
Class of Warrant or Right [Line Items]        
Warrants (in shares)   44,128    
v3.25.1
STOCKHOLDERS’ EQUITY - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance   $ 635,854 $ 806,247 $ 1,615,802
Ending balance $ 30,902 30,902 635,854 806,247
Cross currency swaps        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Loss on derivative instruments   9,078 0 0
Tropicana Las Vegas Hotel and Casino        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Lessee, Operating Lease, Annual Minimum Payment, Increase (4,100)      
Accumulated Foreign Currency Adjustment Attributable to Parent        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance   (177,203) (295,984) (25,833)
Other comprehensive income (loss) before reclassifications   (79,853) 118,781 (270,151)
Reclassifications from accumulated other comprehensive income (loss) to earnings   (4,689) 0 0
Effects of settlement (Note 2)     0  
Tax effect   0 0 0
Ending balance (261,745) (261,745) (177,203) (295,984)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance   886 344 (976)
Other comprehensive income (loss) before reclassifications   1,172 977 1,911
Reclassifications from accumulated other comprehensive income (loss) to earnings   0 0 0
Effects of settlement (Note 2)     (244)  
Tax effect   (312) (191) (591)
Ending balance 1,746 1,746 886 344
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance   (11,246) 0 0
Other comprehensive income (loss) before reclassifications   16,003 (14,183) 0
Reclassifications from accumulated other comprehensive income (loss) to earnings   (11,031) (1,953) 0
Effects of settlement (Note 2)     0  
Tax effect   (1,915) 4,890 0
Ending balance (8,189) (8,189) (11,246) 0
Cash flow hedge gain (loss) to be reclassified within 12 months   1,900    
Accumulated Gain (Loss), Net, Net Investment Hedge, Parent        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance   (21,995) 0 0
Other comprehensive income (loss) before reclassifications   24,843 (18,116) 0
Reclassifications from accumulated other comprehensive income (loss) to earnings   5,420 (1,350) 0
Effects of settlement (Note 2)     0  
Tax effect   (347) (2,529) 0
Ending balance 7,921 7,921 (21,995) 0
Accumulated Other Comprehensive Loss        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning balance   (209,558) (295,640) (26,809)
Other comprehensive income (loss) before reclassifications   (37,835) 87,459 (268,240)
Reclassifications from accumulated other comprehensive income (loss) to earnings   (10,300) (3,303) 0
Effects of settlement (Note 2)     (244)  
Tax effect   (2,574) 2,170 (591)
Ending balance $ (260,267) $ (260,267) $ (209,558) $ (295,640)
v3.25.1
INCOME TAXES - Components of Income (Loss) Before Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Domestic $ (456,728) $ (244,412) $ (444,549)
Foreign (95,774) 58,674 (9,920)
Loss before income taxes $ (552,502) $ (185,738) $ (454,469)
v3.25.1
INCOME TAXES - Components of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current taxes      
Federal $ (3,219) $ (4,419) $ 9,318
State 1,390 3,673 8,289
Current Foreign Tax Expense (Benefit) (6,866) 26,431 41,599
Current income taxes (8,695) 25,685 59,206
Deferred taxes      
Federal (18,326) 11,302 (32,304)
State (10,789) 720 (9,429)
Deferred Foreign Income Tax Expense (Benefit) 53,062 (35,945) (46,396)
Deferred income taxes 23,947 (23,923) (88,129)
Total provision (benefit) for income taxes $ 15,252 $ 1,762 $ (28,923)
v3.25.1
INCOME TAXES INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Income tax (benefit) expense at statutory federal rate $ (116,025,000) $ (39,009,000) $ (95,439,000)
State income taxes, net of federal effect (30,390,000) (14,716,000) (10,096,000)
Foreign tax rate adjustment 64,884,000 (50,082,000) (17,455,000)
Nondeductible professional fees 3,117,000 430,000 1,370,000
Other permanent differences including lobbying expense (8,906,000) 1,066,000 2,414,000
Share-based compensation 992,000 2,577,000 3,348,000
Gain on bargain purchases 0 0 22,000
CARES Act (3,153,000) 0 0
Return to provision adjustments 6,455,000 (8,810,000) (2,275,000)
Global intangible low-tax income (“GILTI”) 17,941,000 14,333,000 2,404,000
Goodwill 0 0 28,935,000
Change in uncertain tax positions 681,000 1,103,000 (2,224,000)
Change in valuation allowance 79,656,000 94,870,000 60,073,000
Total provision (benefit) for income taxes $ 15,252,000 $ 1,762,000 $ (28,923,000)
Effective income tax rate on continuing operations (2.80%) (0.90%) 6.40%
v3.25.1
INCOME TAXES INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Accrued and other current liabilities $ 21,681 $ 44,707
Share-based compensation 5,876 7,818
Framework Agreement liabilities 20,344 31,376
Interest 283,757 195,628
Goodwill 0 0
Net operating loss carryforwards 44,510 28,468
Deferred Tax Assets, Property & Equipment 26,911 0
Valuation allowance (234,599) (154,943)
Total deferred tax assets, net 168,480 153,054
Deferred tax liabilities:    
Land (4,167) (4,142)
Property and equipment 0 (46,472)
Change in accounting method (281) (280)
RI Joint Venture and GLPI Partnership (175,614) (108,598)
Amortizable assets (104,323) (83,118)
Total deferred tax liabilities (284,385) (242,610)
Net deferred tax liabilities $ (115,905) $ (89,556)
v3.25.1
INCOME TAXES INCOME TAXES - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Loss Carryforwards [Line Items]        
Provision (benefit) for income taxes $ 15,252,000 $ 1,762,000 $ (28,923,000)  
Effective income tax rate on continuing operations (2.80%) (0.90%) 6.40%  
Valuation allowance $ (234,599,000) $ (154,943,000)    
Increase (decrease) in net deferred tax liabilities (26,300,000) (22,900,000)    
Deferred income taxes 23,947,000 (23,923,000) $ (88,129,000)  
CARES Act (3,153,000) 0 0  
Unrecognized tax benefits 24,824,000 29,286,000 11,277,000 $ 5,131,000
Cash and cash equivalents $ 171,233,000 163,194,000 212,515,000  
Cash and cash equivalents held outside of the United States (as a percent) 7.00%      
Change in valuation allowance $ 79,700,000 94,900,000 $ 60,100,000  
Tax contingency accruals 22,100,000      
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Contingencies 24,800,000      
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued 1,000,000 700,000    
Unrecognized Tax Benefits, Interest on Income Taxes Expense 300,000 600,000    
Operating Income (Loss)        
Operating Loss Carryforwards [Line Items]        
Increase (decrease) in net deferred tax liabilities (23,900,000) (23,900,000)    
Effect of foreign exchange remeasurement (300,000) (1,200,000)    
Other Comprehensive Income (Loss)        
Operating Loss Carryforwards [Line Items]        
Increase (decrease) in net deferred tax liabilities (2,600,000) (2,200,000)    
Domestic Tax Jurisdiction        
Operating Loss Carryforwards [Line Items]        
Operating loss carryforwards 71,800,000 25,400,000    
State and Local Jurisdiction        
Operating Loss Carryforwards [Line Items]        
Operating loss carryforwards $ 405,200,000 $ 310,300,000    
v3.25.1
INCOME TAXES INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]      
Uncertain tax position liability at the beginning of the year $ 29,286 $ 11,277 $ 5,131
Increases related to tax positions taken during the year (4,462)    
Increases related to tax positions taken during the year   18,009 0
Increases related to tax positions taken during prior period 0 0 11,277
Decreases related to tax positions taken during prior periods 0 0 (5,131)
Uncertain tax position liability at the end of the year $ 24,824 $ 29,286 $ 11,277
v3.25.1
COMMITMENTS AND CONTINGENCIES (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
employee
agreement
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Nov. 18, 2020
USD ($)
Loss Contingencies [Line Items]        
Diamond Sports Group non-cash settlement $ 1,114 $ 144,883 $ 0  
Number of employees | employee 10,000      
Number of agreements | agreement 32,000      
Contractual Obligation $ 125,400      
Diamond Sports Group non-cash liability recognized 1,114 $ 144,883 $ 0  
Interactive Technology Commitments        
Loss Contingencies [Line Items]        
Contractual Obligation $ 52,400      
Workforce subject to collective bargaining arrangements expiring within one year        
Loss Contingencies [Line Items]        
Number of employees | employee 3,442      
Bally's Rhode Island        
Loss Contingencies [Line Items]        
Capital expenditures, committed amount $ 45,100     $ 100,000
Bally's Chicago        
Loss Contingencies [Line Items]        
Capital expenditures, committed amount $ 1,020,000     $ 1,340,000
v3.25.1
SEGMENT REPORTING - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
Property
segment
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Number of operating segments | segment 3    
Number of reportable segments | segment 3    
Number Of Casino And Resort Properties 15    
Number Of Horse Tracks 1    
Number Of Golf Courses 1    
Disclosure on Geographic Areas, Description of Revenue from External Customers For geographical reporting purposes, revenue generated outside of the US has been aggregated into the International Interactive reporting segment, and consists primarily of revenue from the UK and Japan. Revenue generated from the UK and Japan represented approximately 28% and 6%, 25% and 11%, and 25% and 12% of total revenue, respectively, during the year ended December 31, 2024, 2023 and 2022, respectively.    
UNITED KINGDOM | Revenue Benchmark | Geographic Concentration Risk      
Segment Reporting Information [Line Items]      
Concentration risk 28.00% 25.00% 25.00%
JAPAN | Revenue Benchmark | Geographic Concentration Risk      
Segment Reporting Information [Line Items]      
Concentration risk 6.00% 11.00% 12.00%
UNITED STATES      
Segment Reporting Information [Line Items]      
Property, Plant and Equipment, Percentage 97.00%    
v3.25.1
SEGMENT REPORTING - Reconciliation Schedule (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Jun. 30, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]          
Total revenue     $ 2,450,478 $ 2,449,073 $ 2,255,705
Adjusted EBITDAR     614,530 653,104 601,828
Depreciation and amortization     (379,544) (350,408) (300,559)
Transaction costs     (41,060) (80,376) (85,604)
Restructuring     (17,921) (31,014) 0
Tropicana Las Vegas demolition and closure costs     (59,838) 0 0
Share-based compensation     (14,752) (24,074) (27,912)
Gain on sale-leaseback, net     86,254 374,321 50,766
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]   Impairment charges      
Impairment charges     (248,879) (149,825) (463,978)
Loss on disposal of business     (27,796) 0 0
Merger Agreement Costs     (14,808) 0 0
Payment Service Provider write-off     (6,333) 0 0
Diamond Sports Group non-cash settlement     (1,114) (144,883) 0
Other     (28,148) (17,061) (14,236)
(Loss) income from operations     (258,328) 104,009 (293,008)
Interest expense, net     (289,629) (277,561) (208,153)
Other     (4,545) (12,186) 46,692
Total other expense, net     (294,174) (289,747) (161,461)
Loss before income taxes     (552,502) (185,738) (454,469)
Provision (benefit) for income taxes     (15,252) (1,762) 28,923
Net loss     (567,754) (187,500) (425,546)
Proceeds from payment service provider $ 5,100        
GLPI          
Segment Reporting Information [Line Items]          
Rent expense associated with triple net operating leases     (118,919) (125,775) (53,313)
Casinos & Resorts          
Segment Reporting Information [Line Items]          
Total revenue     1,363,113 1,363,291 1,227,563
Adjusted EBITDAR     370,518 428,968 398,930
Merger Agreement Costs     (200) (1,100) (3,900)
International Interactive          
Segment Reporting Information [Line Items]          
Total revenue     909,493 973,210 946,442
Adjusted EBITDAR     336,460 343,559 321,651
Restructuring     794 (19,591)  
Merger Agreement Costs     0 (1,200)  
North America Interactive          
Segment Reporting Information [Line Items]          
Total revenue     177,872 112,572 81,700
Adjusted EBITDAR     (40,236) (55,653) (65,729)
Restructuring     1,732 (9,735)  
Impairment charges         (390,700)
Corporate & Other          
Segment Reporting Information [Line Items]          
Adjusted EBITDAR     (52,212) (63,770) $ (53,024)
Restructuring     $ (410) $ (1,688)  
v3.25.1
SEGMENT REPORTING - Schedule of Signicant Segment Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Total revenue $ 2,450,478 $ 2,449,073 $ 2,255,705
Self-insurance liabilities 23,900 21,000  
Casinos & Resorts      
Segment Reporting Information [Line Items]      
Total revenue 1,363,113 1,363,291 1,227,563
Marketing costs 89,245 71,356 66,169
Gaming tax 190,505 160,493 148,945
Compensation 393,160 379,835 325,047
Other direct costs 0 0 0
Casino property costs 141,218 144,663 125,940
General and administrative 73,143 63,759 58,287
Other Segment Items 105,324 114,217 104,245
Segment EBITDAR 370,518 428,968 398,930
International Interactive      
Segment Reporting Information [Line Items]      
Total revenue 909,493 973,210 946,442
Marketing costs 118,449 144,296 169,861
Gaming tax 158,691 145,239 134,338
Compensation 97,431 104,538 91,369
Other direct costs 134,192 179,060 181,168
Casino property costs 0 0 0
General and administrative 64,359 56,360 49,091
Other Segment Items (89) 158 (1,036)
Segment EBITDAR 336,460 343,559 321,651
North America Interactive      
Segment Reporting Information [Line Items]      
Total revenue 177,872 112,572 81,700
Marketing costs 51,927 42,039 20,012
Gaming tax 48,015 21,871 6,268
Compensation 38,057 40,620 64,555
Other direct costs 57,065 40,510 31,268
Casino property costs 0 0 0
General and administrative 22,863 22,759 22,807
Other Segment Items 181 426 2,519
Segment EBITDAR $ (40,236) $ (55,653) $ (65,729)
v3.25.1
SEGMENT REPORTING - Schedule of Capital Expenditures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Capital expenditures $ 199,827 $ 311,483 $ 212,256
Segment Reporting, Reconciling Item, Corporate Nonsegment | Ball's Chicago      
Segment Reporting Information [Line Items]      
Capital expenditures 133,600 162,100 8,500
Casinos & Resorts      
Segment Reporting Information [Line Items]      
Capital expenditures 60,373 143,526 183,693
International Interactive      
Segment Reporting Information [Line Items]      
Capital expenditures 706 2,462 12,392
North America Interactive      
Segment Reporting Information [Line Items]      
Capital expenditures 2,147 1,986 6,635
Corporate & Other      
Segment Reporting Information [Line Items]      
Capital expenditures $ 136,601 $ 163,509 $ 9,536
v3.25.1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Net Income (Loss) Available to Common Stockholders, Basic $ (567,754) $ (187,500) $ (425,546)
Weighted average shares outstanding, basic (in shares) 48,468,887 53,350,817 58,111,699
Weighted average effect of dilutive securities (in shares) 0 0 0
Weighted average shares outstanding, diluted (in shares) 48,468,887 53,350,817 58,111,699
Earnings Per Share, Basic and Diluted [Abstract]      
Basic (in dollars per share) $ (11.71) $ (3.51) $ (7.32)
Diluted (in dollars per share) $ (11.71) $ (3.51) $ (7.32)
Anti-dilutive shares excluded from the calculation of diluted earnings per share (in shares) 5,377,457 5,021,833 5,188,388
v3.25.1
SUBSEQUENT EVENTS (Details) - USD ($)
$ / shares in Units, $ in Millions
Feb. 07, 2025
Dec. 31, 2024
Dec. 31, 2023
Subsequent Event [Line Items]      
Common stock outstanding (in shares)   40,787,007 39,973,202
Subsequent event      
Subsequent Event [Line Items]      
Common stock outstanding (in shares) 48,400,000    
Shares for purchase from exercisable warrants (in shares) 11,600,000    
Subsequent event | Senior Notes Due 2028 | 6.75% Senior Notes due 2027      
Subsequent Event [Line Items]      
Principal amount $ 500.0    
Interest rate 11.00%    
Queen | Subsequent event      
Subsequent Event [Line Items]      
Consideration paid $ 30.5    
Price per share (in dollars per share) $ 18.25    
Equity interest issued or issuable, number of shares 22,900,000    
Number of shares rolled over 17,900,000