BALLY'S CORP, 10-K filed on 3/15/2024
Annual Report
v3.24.0.1
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Feb. 14, 2024
Jun. 30, 2023
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
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     $ 529.8
Entity Common Stock, Shares Outstanding   40,089,295  
Documents Incorporated by Reference
Portions of the registrant’s definitive Proxy Statement for the Annual Meeting of Stockholders to be held on May 16, 2024 are incorporated by reference into Part III of this Annual Report on Form 10-K.
    
Amendment Flag false    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001747079    
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Firm ID 34
Auditor Location New York, New York
v3.24.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets    
Cash and cash equivalents $ 163,194 $ 212,515
Restricted cash 152,068 52,669
Accounts receivable, net 70,328 71,673
Inventory 14,629 14,191
Tax receivable 62,215 53,771
Prepaid expenses and other current assets 108,096 100,717
Assets held for sale 1,815 17,177
Total current assets 572,345 522,713
Property and equipment, net 1,174,888 1,202,102
Right of use assets, net 1,160,288 808,926
Goodwill 1,935,803 1,746,202
Intangible assets, net 1,871,428 1,961,938
Deferred tax asset 36,034 25,544
Other assets 110,317 32,688
Total assets 6,861,103 6,300,113
Liabilities and Stockholders’ Equity    
Current portion of long-term debt 19,450 19,450
Current portion of lease liabilities 54,842 32,929
Accounts payable 69,161 70,071
Accrued income taxes 78,301 56,012
Accrued liabilities 651,719 573,931
Liabilities related to assets held for sale 1,307 3,409
Total current liabilities 874,780 755,802
Long-term debt, net 3,643,185 3,469,105
Long-term portion of financing obligation 200,000 200,000
Long-term portion of lease liabilities 1,148,407 803,212
Deferred tax liability 125,590 138,017
Commercial rights liabilities 113,626 109,807
Other long-term liabilities 119,661 17,923
Total liabilities 6,225,249 5,493,866
Commitments and contingencies (Note 22)
Stockholders’ equity:    
Common stock ($0.01 par value; 200,000,000 shares authorized; 39,973,202 and 46,670,057 shares issued; 39,973,202 and 46,670,057 shares outstanding 400 466
Preferred stock ($0.01 par value; 10,000,000 shares authorized; no shares outstanding) 0 0
Additional paid-in-capital 1,400,479 1,636,366
Treasury stock, at cost, no shares outstanding as of December 31, 2023 and 2022 0 0
Accumulated deficit (555,895) (535,373)
Accumulated other comprehensive loss (209,558) (295,640)
Total Bally’s Corporation stockholders’ equity 635,426 805,819
Non-controlling interest 428 428
Total stockholders’ equity 635,854 806,247
Total liabilities and stockholders’ equity $ 6,861,103 $ 6,300,113
Common stock par value (in dollars per share) $ 0.01 $ 0.01
Common Stock, Shares Authorized 200,000,000 200,000,000
v3.24.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2023
Dec. 31, 2022
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) 39,973,202 46,670,057
Common stock outstanding (in shares) 39,973,202 46,670,057
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
v3.24.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue:      
Total revenue $ 2,449,073 $ 2,255,705 $ 1,322,443
Operating (income) costs and expenses:      
General and administrative 1,113,976 825,706 597,946
Gain from sale-leaseback, net (374,321) (50,766) (53,425)
Impairment charges 149,825 463,978 4,675
Depreciation and amortization 350,408 300,559 144,786
Total operating costs and expenses 2,345,064 2,548,713 1,229,061
Income (loss) from operations 104,009 (293,008) 93,382
Other (expense) income:      
Interest expense, net (277,561) (208,153) (117,924)
Other non-operating income (expense), net (12,186) 46,692 (94,532)
Total other expense, net (289,747) (161,461) (212,456)
Loss before income taxes (185,738) (454,469) (119,074)
Provision (benefit) for income taxes 1,762 (28,923) (4,377)
Net loss $ (187,500) $ (425,546) $ (114,697)
Net income per share, basic (in dollars per share) $ (3.51) $ (7.32) $ (2.31)
Weighted average common shares outstanding, basic (in shares) 53,350,817 58,111,699 49,643,991
Net income per share, diluted (in dollars per share) $ (3.51) $ (7.32) $ (2.31)
Weighted average common shares outstanding, diluted (in shares) 53,350,817 58,111,699 49,643,991
Gaming      
Revenue:      
Total revenue $ 1,992,041 $ 1,846,124 $ 1,053,492
Operating (income) costs and expenses:      
Cost of net revenue 888,937 812,918 407,032
Non-gaming      
Revenue:      
Total revenue 457,032 409,581 268,951
Operating (income) costs and expenses:      
Cost of net revenue $ 216,239 $ 196,318 $ 128,047
v3.24.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net loss $ (187,500) $ (425,546) $ (114,697)
Other comprehensive income (loss):      
Foreign currency translation adjustments 118,781 (270,151) (25,833)
Defined benefit pension plan adjustments, net of tax 542 1,320 2,168
Net unrealized derivative loss on cash flow hedges, net of tax (11,246) 0 0
Net unrealized derivative loss on net investment hedges, net of tax (21,995) 0 0
Other comprehensive income (loss) 86,082 (268,831) (23,665)
Total comprehensive loss $ (101,418) $ (694,377) $ (138,362)
v3.24.0.1
CONSOLIDATED STATEMENTS OF CHANGES IN 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, 2020   30,685,938          
Beginning balance at Dec. 31, 2020 $ 326,598 $ 307 $ 294,643 $ 0 $ 34,792 $ (3,144)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of restricted stock and other stock awards (in shares)   121,379          
Issuance of restricted stock and other stock awards (3,375) $ 1 (3,260) (116)      
Share-based compensation 20,143   20,143        
Retirement of treasury shares $ 0 $ 35 71,574 173,285 101,676    
Share repurchases (in shares) (2,188,532) (2,188,532)          
Share repurchases $ (87,024)     (87,024)      
Reclassification of Sinclair options 59,724   59,724        
Penny warrants exercised (in shares)   932,949          
Penny warrants exercised 0 $ 9   9      
Sinclair shares exchanged for penny warrants (in shares)   (2,086,908)          
Sinclair shares exchanged for penny warrants 0   (114,717) (114,717)      
Sinclair issuance of penny warrants 50,000   50,000        
Stock options exercised (in shares)   70,000          
Stock options exercised 301   301        
Stock issued in business combination (in shares)   221,391          
Stock Issued in business combination 11,776 $ 2 11,774        
Equity Issued During Period, Value, Acquisitions 120,915 $ 21 121,479 (585)      
Issuance Of Warrants 64,694   64,694        
Stock Issued During Period, Shares, New Issues   12,650,000          
Stock Issued During Period, Value, New Issues 667,873 $ 127 667,746        
Shares issued for purchase of Gamesys (in shares)   9,773,537          
Shares issued for purchase of Gamesys 518,779 $ 98 518,681        
Noncontrolling Interest, Increase from Business Combination 3,760           $ 3,760
Bally’s Interactive equity issuance (in shares)   2,074,723          
Other comprehensive loss (23,665)         (23,665)  
Net loss (114,697)       (114,697)    
Ending balance (in shares) at Dec. 31, 2021   52,254,477          
Ending 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 $ (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 Warrants 12,010   12,010        
Stock Issued During Period, Shares, Conversion of Units   67,052          
Stock Issued During Period, Value, Conversion of Units 0 $ 1 3,331       (3,332)
Other comprehensive loss (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 $ (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 Warrants 7,371   7,371        
Other comprehensive loss 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
v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net loss $ (187,500) $ (425,546) $ (114,697)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 350,408 300,559 144,786
Non-cash lease expense 56,945 32,438 14,924
Share-based compensation 24,074 27,912 20,143
Impairment charges 149,825 463,978 4,675
Amortization of debt discount and debt issuance costs 11,312 10,896 7,557
(Gain) loss on extinguishment of debt (4,044) 0 103,007
Gain from insurance recoveries 0 (1,265) (18,660)
Gain from sale-leaseback, net (374,321) (50,766) (53,425)
Diamond Sports Group non-cash liability 144,883 0 0
Contract termination 0 0 30,000
Deferred income taxes (23,923) (88,129) (5,217)
Loss (gain) on assets and liabilities measured at fair value 1,180 (3,251) 21,440
Net gain on equity method investments (4,255) 0 0
Change in value of commercial rights liabilities 7,716 (32,577) (17,029)
Change in contingent consideration payable 1,024 (10,747) (23,503)
Adjustment (gain) on bargain purchase 0 107 (22,841)
Foreign exchange loss (gain) 11,019 (516) 33,461
Other operating activities 11,166 10,764 19,712
Changes in current operating assets and liabilities 13,105 37,114 (61,579)
Net cash provided by operating activities 188,614 270,971 82,754
Cash flows from investing activities:      
Cash paid for acquisitions, net of cash acquired (93,900) (146,317) (2,274,221)
Proceeds from sale-leaseback 411,000 150,000 144,000
Purchase of Bally’s Chicago land 0 200,000 0
Advance deposit in connection with sale-leaseback transactions 0 200,000 0
Foreign exchange forward contract premiums 0 0 (22,592)
Capital expenditures (311,483) (212,256) (97,525)
Insurance proceeds 0 1,265 18,660
Cash paid for capitalized software (45,200) (37,121) (15,891)
Acquisition of gaming licenses (145,485) (55,117) (30,159)
Purchase of equity securities 0 (3,175) 0
Other intangible asset acquisitions 0 (665) (19,157)
Other investing activities (22,723) 464 (19)
Net cash used in investing activities (207,791) (302,922) (2,296,904)
Cash flows from financing activities:      
Issuance of long-term debt 448,000 597,000 3,787,553
Repayments of long-term debt (280,070) (564,450) (1,877,575)
Proceeds from Bally’s Chicago land financing obligation 0 200,000 0
Payment of financing fees 0 0 (65,297)
Payment of redemption premium on debt extinguishment 0 0 (67,857)
Payment of deferred consideration 0 (30,025) 0
Share repurchases (99,081) (153,366) (87,024)
Issuance of common stock, net 0 0 667,872
Issuance of Sinclair penny warrants 0 0 50,000
Other financing activities (3,094) (5,922) (3,074)
Net cash provided by financing activities 65,755 43,237 2,404,598
Effect of foreign currency on cash and cash equivalents 5,153 (20,722) (42,163)
Change in cash and cash equivalents and restricted cash classified as assets held for sale (1,653) (220) 0
Net change in cash and cash equivalents and restricted cash 50,078 (9,656) 148,285
Cash and cash equivalents and restricted cash, beginning of period 265,184 274,840 126,555
Cash and cash equivalents and restricted cash, end of period 315,262 265,184 274,840
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of amounts capitalized 249,510 200,901 65,927
Cash received from income tax refunds, net of cash paid 14,444 (38,199) 42,291
Change in cash and cash equivalents and restricted cash classified as assets held for sale      
Unpaid property and equipment 22,397 24,080 31,123
Unpaid internally developed software 1,891 0 0
Bally’s Chicago - land development liability 47,739 0 0
Investment in GLP Capital, L.P. 14,412 0 0
Investment in RI Joint Venture 17,832 0 0
Non-controlling interest 0 (3,332) 3,760
Stock and equity instruments issued for North America Interactive acquisitions and Gamesys 0 0 716,162
Net purchase consideration for acquisitions 58,580 0 58,685
Deferred purchase price payable 0 0 14,071
Deposit applied to acquisition purchase price $ 0 $ 0 $ 4,000
v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Cash Flows [Abstract]        
Cash and cash equivalents $ 163,194 $ 212,515 $ 206,193  
Restricted cash 152,068 52,669 68,647  
Total cash and cash equivalents and restricted cash $ 315,262 $ 265,184 $ 274,840 $ 126,555
v3.24.0.1
GENERAL INFORMATION
 12 Months Ended
Dec. 31, 2023
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. 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(1)(2)
Black Hawk, ColoradoThree Casinos2020
Bally’s Kansas City Casino (“Bally’s Kansas City”)
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”)
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
Tropicana Las Vegas Casino and Resort (“Tropicana Las Vegas”)(2)
Las Vegas, NevadaCasino and Resort2022
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 17 “Leases” for further information.
(3)    Temporary casino facility, as a permanent casino resort is being constructed.

The Company’s International Interactive reportable segment primarily includes the interactive activities in Europe and Asia of Gamesys Group Ltd. (“Gamesys”), an iCasino and online bingo platform provider and operator.

The North America Interactive reportable segment includes a portfolio of sports betting, iGaming, and free-to-play gaming brands, and the North American operations of Gamesys.
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2023
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

On January 1, 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 within “Other non-operating income, net” in the consolidated statements of operations. For the year ended December 31, 2023, the Company recorded net gains on equity method investments of $4.3 million.
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 Breckenridge Curacao B.V. (“Breckenridge”) is a VIE because it does not have sufficient equity investment at risk. The Company has determined that it is the primary beneficiary and consolidates the VIE because (a) although the Company does not control all decisions of Breckenridge, the Company has the power to direct the activities of Breckenridge that most significantly impact its economic performance through various contracts with the entity and (b) the nature of these agreements between Breckenridge and the Company provides the Company with the obligation to absorb losses and the right to receive benefits based on fees that are based upon off-market rates and commensurate to the level of services provided. The Company receives significant benefits in the form of fees that are not at market and commensurate to the level of services provided. As a result, the Company consolidates all of the assets, liabilities and results of operations of Breckenridge and its subsidiaries in the accompanying consolidated financial statements. As of December 31, 2023 and 2022, Breckenridge had total assets of $161.3 million and $93.4 million, respectively, total liabilities of $87.7 million and $77.1 million, respectively, and revenues of $293.3 million, $298.1 million and $79.6 million for the years ended December 31, 2023, 2022 and 2021, 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 doubtful accounts, valuation of goodwill and intangible assets, recoverability and useful lives of tangible and intangible long-lived assets, accruals for players club card incentives and 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 cash collateral in connection with amounts due to the Chicago Tribune (refer to Note 9 “Property and Equipment”), player deposits, payment service provider deposits, 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)20232022
Accounts due from Rhode Island and Delaware(1)
$13,028 $15,865 
Gaming receivables26,127 19,065 
Non-gaming receivables37,221 42,532 
Accounts receivable76,376 77,462 
Less: Allowance for doubtful accounts(6,048)(5,789)
Accounts receivable, net$70,328 $71,673 
__________________________________
(1)    Represents the Company’s share of VLT and table games revenue for Bally’s Twin River and Bally’s Tiverton due from the State of Rhode Island and from the State of Delaware for Bally’s Dover.

An allowance for doubtful accounts 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 doubtful accounts is as follows:
December 31,
(in thousands)202320222021
Balance at beginning of year$5,789 $4,454 $3,067 
Charges to expense1,250 1,649 1,717 
Deductions(991)(602)(701)
Other adjustments— 288 371 
Balance at end of year$6,048 $5,789 $4,454 

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, 2023, 2022 and 2021, there was $13.6 million, $1.9 million and $0.2 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.

The Bally’s Chicago ground lease 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. Lease payments are included in “Interest expense, net” within our consolidated statements of operations. Refer to Note 17 “Leases” for further information.

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.

For the quantitative goodwill impairment test, the Company estimates the fair value of the reporting unit using both income and market-based approaches. Specifically, the Company applies the discounted cash flow (“DCF”) method under the income approach and the guideline company under the market approach and weighs the results of the two valuation methodologies based on the facts and circumstances surrounding the reporting unit. For the DCF method, the Company relies on the present value of expected future cash flows, including terminal value, utilizing a market-based weighted average cost of capital (“WACC”) determined separately for the reporting unit as of the valuation date. The determination of fair value under the DCF method involves 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 utilizes a comparison of the reporting unit to comparable publicly-traded companies and transactions and, based on the observed earnings multiples, ultimately selects multiples to apply to the reporting unit. The Company then compares the fair value of its reporting units to the carrying amounts. If the carrying amount of the reporting unit exceeds the fair value, an impairment is recorded equal to the amount of the excess (not to exceed the amount of goodwill allocated to the reporting unit).

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 14 “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 10 “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.

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 $11.3 million, $10.9 million and $7.6 million for the years ended December 31, 2023, 2022 and 2021, 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 liabilities” in the consolidated balance sheets and were $21.0 million and $16.2 million as of December 31, 2023 and 2022, respectively.

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 18 “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 14 “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 and retail, entertainment and other. Refer to Note 5 “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 marketing costs directly associated with the Company’s iGaming products and services. These marketing expenses are included within Gaming expenses in the consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021 were $178.7 million, $174.7 million and $60.8 million, respectively. 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. For the years ended December 31, 2023, 2022 and 2021, advertising expense was $19.0 million, $26.8 million and $7.5 million, respectively, and are included in “General and administrative” on 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, net of interest income and 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.

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 (Loss) Per Share

Basic earnings (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 earnings (loss) per common share. The two-class method is an earnings allocation method under which basic earnings (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 earnings (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 11 “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 11 “Derivative Instruments” for further information.
v3.24.0.1
CONSOLIDATED FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
CONSOLIDATED FINANCIAL INFORMATION CONSOLIDATED FINANCIAL INFORMATION
General and Administrative Expense

Amounts included in General and administrative for the years ended December 31, 2023, 2022 and 2021 were as follows:
Year Ended December 31,
(in thousands)202320222021
Advertising, general and administrative$888,787 $776,226 $496,658 
Diamond Sports Group non-cash liability(1)
144,883 — — 
Acquisition and integration49,292 49,480 71,288 
Restructuring31,014 — — 
Contract termination— — 30,000 
Total general and administrative$1,113,976 $825,706 $597,946 
__________________________________
(1)    Refer to Note 22 “Commitments and Contingencies” for further information

Other Non-Operating Income (Expense)

Amounts included in Other non-operating income (expense), net for the years ended December 31, 2023, 2022 and 2021 were as follows:
Year Ended December 31,
(in thousands)202320222021
Change in value of commercial rights liabilities$(7,716)$32,577 $17,029 
Net gain on equity method investments4,255 — — 
(Adjustment) gain on bargain purchases— (107)22,841 
Gain (loss) on extinguishment of debt4,044 — (103,007)
Foreign exchange (loss) gain(11,019)516 (33,461)
Other, net(1,750)13,706 2,066 
Total other non-operating (expense) income, net$(12,186)$46,692 $(94,532)
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RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
RECENTLY ISSUED AND ADOPTED ACCOUNTING PRONOUNCEMENTS RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
Standards Implemented

In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this update address diversity in practice and inconsistency related to recognition of an acquired contract liability and the effect of payment terms on subsequent revenue recognition for the acquirer. This update is effective for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years, with early adoption permitted. The Company’s adoption of this ASU in the first quarter of 2023 did not have a material impact on its consolidated financial statements.

In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848. The amendments in this update defer the sunset date of Topic 848, which applies to entities which have transactions that reference LIBOR or other reference rates which are expected to be discontinued due to reference rate reform, until December 31, 2024. The Company’s adoption of this ASU in the second quarter of 2023 did not have a material impact on its consolidated financial statements.

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 November 2023, the FASB issued 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 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.
v3.24.0.1
REVENUE RECOGNITION
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers, which requires companies to recognize revenue in a way that depicts the transfer of promised goods or services. In addition, the standard requires more detailed disclosures to enable readers of the financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company generates revenue from four principal sources: (1) gaming (which includes retail gaming, online gaming, sports betting and racing), (2) hotel, (3) food and beverage and (4) retail, entertainment and other.

The Company determines revenue recognition through the following steps:
•Identify the contract, or contracts, with the customer;
•Identify the performance obligations in the contract;
•Determine the transaction price;
•Allocate the transaction price to performance obligations in the contract; and
•Recognize revenue when or as the Company satisfies performance obligations by transferring the promised goods or services

The amount of revenue recognized by the Company is measured at the transaction price or the amount of consideration that the Company expects to receive through satisfaction of the identified performance obligations.
Retail gaming, online gaming and sports betting revenue, each as described below, contain two performance obligations. Retail gaming transactions 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. 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. Revenue is recognized at the conclusion of each contest, wager or wagering game hand. Incentives can be used across online gaming products. The Company allocates a portion of the transaction price to certain customer incentives that create material future customer rights and are a separate performance obligation. 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. 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.

The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not the total amount wagered. 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. The transaction price for hotel, food, beverage, retail, entertainment and other is the net amount collected from the customer for such goods and services. Hotel, food, beverage, 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.

The following contains a description of each of the Company’s revenue streams:

Gaming Revenue

Retail Gaming

The Company recognizes retail gaming revenue as the net win from gaming activities, which is the difference between gaming inflows and outflows, not the total amount wagered. Progressive jackpots are estimated and recognized as revenue at the time the obligation to pay the jackpot is established. Gaming revenues are recognized net of certain cash and free play incentives.

Gaming services contracts have two performance obligations for those customers earning incentives under the Company’s player loyalty programs and a single performance obligation for customers who do not participate in the programs. 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. 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 for a hotel room stay, food and beverage or other amenity. The performance obligation related to loyalty program incentives are deferred and recognized as revenue upon redemption by the customer. The amount associated with gaming wagers is recognized at the point the wager occurs, as it is settled immediately.

Gaming revenue includes the share of VLT revenue for Bally’s Twin River and Bally’s Tiverton, in each case, as determined by each property’s respective master VLT contracts with the State of Rhode Island. Bally’s Twin River is entitled to a 28.85% share of VLT revenue on the initial 3,002 units and a 26.00% share on VLT revenue generated from units in excess of 3,002 units. Bally’s Tiverton is entitled to receive a percentage of VLT revenue that is equivalent to the percentage received by Bally’s Twin River. From July 1, 2021 through December 31, 2022, Bally’s Twin River and Bally’s Tiverton were entitled to an additional 7.00% share of revenue, as the technology provider, on VLTs owned by the Company. Beginning on January 1, 2023, the Company contributed all of its VLT assets to the RI Joint Venture and the RI Joint Venture, as the sole Technology Provider, is now entitled to that additional 7.00% of VLT revenue.

Gaming revenue also includes Bally’s Twin River’s and Bally’s Tiverton’s share of table games revenue. Bally’s Twin River and Bally’s Tiverton each were entitled to an 83.5% share of table games revenue generated as of December 31, 2023 and 2022. 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 records revenue from its Rhode Island operations on a net basis which is the percentage share of VLT and table games revenue received as the Company acts as an agent in operating the gaming services on behalf of the State of Rhode Island.
Gaming revenue also includes Bally’s Dover’s share of revenue as determined under the Delaware State Lottery Code from the date of its acquisition. Bally’s Dover is authorized to conduct video lottery, sports wagering, table game and internet gaming operations as one of three “Licensed Agents” under the Delaware State Lottery Code. Licensing, administration and control of gaming operations in Delaware is under the Delaware State Lottery Office and Delaware’s Department of Safety and Homeland Security, Division of Gaming Enforcement. As of December 31, 2023 and 2022, Bally’s Dover was entitled to an approximate 42% share of VLT revenue and 80% share of table games revenue. Revenue is recognized when the wager is complete, 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 records revenue from its Delaware operations on a net basis, which is the percentage share of VLT and table games revenue received, as the Company acts as an agent in operating the gaming services on behalf of the State of Delaware.

Gaming revenue includes casino revenue of the Company’s other properties which is the aggregate net difference between gaming wins and losses, with deferred revenue recognized for prepaid deposits by customers prior to play, for chips outstanding and “ticket-in, ticket-out” coupons in the customers’ possession, and for accruals related to the anticipated payout of progressive jackpots. Progressive slot machines, which contain base jackpots that increase at a progressive rate based on the number of credits played, are charged to revenue as the amount of the progressive jackpots increase.

Online gaming

The Company’s online gaming operations, similar to land-based casinos, generates revenue from player wagers net of payouts and incentives awarded to players.

Online gaming revenue includes the online bingo and casino revenue of Gamesys since the date of acquisition, beginning October 1, 2021. The revenue is earned from operating online bingo and casino websites, which consists of the difference between total amounts wagered by players less winnings payable to players, bonuses allocated and jackpot contributions. Online gaming revenue is recognized at the point in time when the player completes a gaming session and payout occurs. There is no significant degree of uncertainty involved in quantifying the amount of gaming revenue earned, including bonuses, jackpot contributions and loyalty points. Bonuses, jackpot contributions and loyalty points are measured at fair value at each reporting date.

Sports betting

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. Sports betting revenue is generated through built-in theoretical margins in each sports wagering opportunity offered to players. Revenue is recognized as total wagers net of payouts made and incentives awarded to players.

The Company has entered into several multi-year agreements with third-party operators for online sports betting and iGaming market access in several jurisdictions from which the Company has received or expects to receive one-time, up front market access fees in cash or equity securities (specific to one operator agreement) and certain other fees in cash generally based on a percentage of the gross gaming revenue generated by the operator, with certain annual minimum guarantees due to the Company. The one-time market access fees received have been recorded as deferred revenue and will be recognized as gaming revenue ratably over the respective contract terms, beginning with the commencement of operations of each respective agreement. The Company recognized commissions in certain states from online sports betting and iGaming which are included in gaming revenue for the year ended December 31, 2023 and 2022. Deferred revenue associated with third-party operators for online sports betting and iGaming market access was $3.7 million and $4.1 million as of December 31, 2023 and 2022, respectively, and is included in “Accrued liabilities” and “Other long-term liabilities” in the consolidated balance sheets.

Racing

Racing revenue includes several of our casinos and resorts’ share of wagering from live racing and the import of simulcast signals. Racing revenue is recognized upon completion of the wager based upon an established take-out percentage. The Company functions as an agent to the pari-mutuel pool. Therefore, fees and obligations related to the Company’s share of purse funding, simulcasting fees, tote fees, pari-mutuel taxes, and other fees directly related to the Company’s racing operations are reported on a net basis and included as a reduction to racing revenue.
Non-gaming Revenue

Non-gaming revenue consists of hotel, food, beverage, retail, entertainment and other revenue. 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. The estimated standalone selling price of hotel rooms is determined based on observable prices. The standalone selling price of food, beverage, retail, entertainment and other goods and services are determined based upon the actual retail prices charged to customers for those items. 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 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, 2023, 2022 and 2021:
 Years Ended December 31,
(in thousands)202320222021
Hotel$94,650 $87,540 $55,782 
Food and beverage80,899 70,476 61,038 
Retail, entertainment and other11,100 10,195 7,556 
 $186,649 $168,211 $124,376 

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.
The following table provides a disaggregation of total revenue by segment (in thousands):
Years Ended December 31,Casinos & ResortsInternational InteractiveNorth America InteractiveTotal
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 
2021
Gaming$803,940 $239,110 $10,442 $1,053,492 
Non-gaming:
Hotel95,356 — — 95,356 
Food and beverage92,906 — — 92,906 
Retail, entertainment and other40,626 12,153 27,910 80,689 
Total non-gaming revenue228,888 12,153 27,910 268,951 
Total revenue$1,032,828 $251,263 $38,352 $1,322,443 

Revenue included in operations from Bally’s Golf Links from the date of its acquisition, September 12, 2023, is reported in the Casinos & Resorts segment and was $1.4 million. Revenue included in operations from Casino Secret from the date of its acquisition, January 5, 2023, is reported in the International Interactive segment and was $36.4 million. Refer to Note 6 “Business Combinations” for further information.

Contract Assets and Contract Related Liabilities

The Company’s receivables related to contracts with customers are primarily comprised of marker balances and 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 $38.5 million and $44.0 million as of December 31, 2023 and 2022, 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 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 for future banquet events, hotel room reservations and interactive player deposits. The banquet and hotel reservation deposits are usually received weeks or months in advance of the event or hotel stay. 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, 2023 and 2022 were as follows:
December 31,
20232022
Loyalty programs$16,803 $20,264 
Advanced deposits from customers29,052 27,956 
Unpaid wagers20,481 14,038 
Total$66,336 $62,258 
The Company recognized $35.7 million, $31.0 million and $20.1 million of revenue related to loyalty program redemptions for the years ended December 31, 2023, 2022 and 2021, respectively.
v3.24.0.1
BUSINESS COMBINATIONS
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [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 $55.2 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, and will be remeasured quarterly, with fair value adjustments recognized in earnings, until the contingencies are resolved. 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 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.

Bally’s Quad Cities - On June 14, 2021, the Company completed its acquisition of Bally’s Quad Cities. Pursuant to the terms of the Equity Purchase Agreement, the Company acquired all of the outstanding equity securities of The Rock Island Boatworks, Inc., for $118.9 million in cash. Cash paid by the Company, net of $2.9 million cash acquired and the $4.0 million deposit paid in the third quarter of 2020, was $112.0 million, excluding transaction costs.

Bally’s Evansville - On June 3, 2021, the Company completed its acquisition of Bally’s Evansville for $139.7 million. Cash paid by the Company at closing, net of $9.4 million cash acquired, was $130.4 million, excluding transaction costs. In connection with the acquisition of the Bally’s Evansville casino operations, the Company entered into a sale-leaseback arrangement with an affiliate of GLPI for the Bally’s Dover property. Refer to Note 17 “Leases” for further information.

Bally’s Lake Tahoe - On April 6, 2021, the Company completed its acquisition of Bally’s Lake Tahoe for $14.2 million. The deferred purchase price is included within “Accrued liabilities” of the consolidated balance sheet as of December 31, 2021 and was paid in April 2022.
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, 2023:

Acquired during the year ended December 31, 20232022202120212021
(in thousands)Bally’s Golf LinksTropicana Las VegasBally’s Quad CitiesBally’s EvansvilleBally’s Lake Tahoe
Preliminary(6)
Final(7)
Final(8)
Final(8)
Final(8)
Total current assets$1,108 $7,924 $6,717 $12,031 $4,683 
Property and equipment, net505 136,116 73,135 12,325 6,361 
Right of use assets, net— 164,884 — 285,772 57,017 
Goodwill104,032 8,794 13,308 — — 
Intangible assets, net(1) to (5)
6,500 5,140 31,180 154,210 5,430 
Other assets2,000 766 — 468 — 
Total current liabilities(345)(10,129)(5,412)(10,927)(3,546)
Lease liabilities— (164,884)— (285,772)(52,927)
Other long-term liabilities— (395)— (7,543)(904)
Net assets acquired113,800 148,216 118,928 160,564 16,114 
Bargain purchase gain— — — (20,856)(1,942)
Total purchase price$113,800 $148,216 $118,928 $139,708 $14,172 
__________________________________
(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)    Bally’s Quad Cities’ intangible assets include gaming licenses of $30.3 million with an indefinite life, as well as rated player relationships and a trade name of $0.7 million and $0.2 million, respectively, which are being amortized on a straight-line basis over their estimated useful lives of approximately nine years and four months, respectively.
(4)    Bally’s Evansville’s intangible assets include gaming licenses of $153.6 million with an indefinite life and rated player relationships of $0.6 million which are being amortized on a straight-line basis over an estimated useful life of approximately eight years.
(5)    Bally’s Lake Tahoe’s intangible assets include gaming licenses of $5.2 million with an indefinite life and a trade name of $0.2 million, which are being amortized on a straight-line basis over its estimated useful life of approximately six months.
(6)    The Company recorded adjustments to the preliminary purchase price allocation during the year ended December 31, 2023 which increased goodwill and the total purchase price by $2.6 million.
(7)    The Company recorded adjustments to the preliminary purchase price allocation during the year ended December 31, 2023 which decreased total current assets by $0.2 million, increased goodwill by $0.2 million, decreased total current liabilities by $0.1 million and increased the total purchase price by $0.1 million.
(8)    The Company recorded immaterial adjustments to purchase price allocations for 2021 acquisitions during the year ended December 31, 2022.

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.

During the year ended December 31, 2021, the Company recorded bargain purchase gains related to Bally’s Evansville and Bally’s Lake Tahoe of $20.9 million and $2.0 million, respectively. During the year ended December 31, 2022, based on the final purchase price allocation for Bally’s Lake Tahoe, an adjustment of $0.1 million was recorded reducing the bargain purchase gain to $1.9 million.

The Company incurred $1.1 million, $4.0 million and $10.4 million of acquisition costs related to the above Casinos & Resorts acquisitions during the years ended December 31, 2023, 2022 and 2021, respectively. These costs are included within “General and administrative” of 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
Preliminary(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 recorded adjustments to the preliminary purchase price allocation during the year ended December 31, 2023 which decreased right of use assets and corresponding lease liabilities by $0.4 million, increased goodwill by $0.3 million, decreased total current liabilities by $0.8 million, and increased the total purchase price by $1.1 million.

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” of the consolidated statements of operations.

North America Interactive Acquisitions

During 2021, the Company completed six acquisitions within its North America Interactive segment for an aggregate net investment of $400.3 million. The Company paid cash $128.8 million, net of cash acquired. Total non-cash consideration was $255.7 million, which included $58.7 million of the fair value of contingent consideration representing the issuance of Company shares if certain post-closing performance targets are met and contingent penny warrants to purchase additional Company common shares based on future operations in certain jurisdictions.

In connection with one of the North America Interactive acquisitions, the Company recorded a 15.84% non-controlling interest representing shares convertible into shares of Bally’s common stock based on a fixed exchange ratio share-settlement feature, valued using the Company’s common stock price, classified as permanent equity. During the year ended December 31, 2022, certain selling shareholders exercised their right to convert to Bally’s common stock reducing the non-controlling interest. Earnings attributable to the non-controlling interest are not material for the years ended December 31, 2023, 2022 and 2021.
The following table summarizes the consideration paid and the fair values of the assets acquired and liabilities assumed in connection with the North America Interactive Acquisitions:

(in thousands)
Final(2)
Cash and cash equivalents$8,689 
Accounts receivable, net4,498 
Prepaid expenses and other current assets
3,104 
Property and equipment, net596 
Intangible assets, net(1)
167,075 
Goodwill
250,730 
Total current liabilities
(14,787)
Deferred tax liability(15,811)
Acquired non-controlling interest(3,760)
Net investment in North America Interactive Acquisitions
$400,334 
__________________________________
(1)    Include customer relationships of $41.5 million, which are being amortized over estimated useful lives between three and ten years, developed software of $122.4 million, which is being amortized over estimated useful lives between three and ten years, and trade names of $3.1 million, which are being amortized over estimated useful lives between 10 and 15 years.
(2)    The Company recorded immaterial adjustments to the purchase price allocation during the year ended December 31, 2022.

Total goodwill recorded in connection with the North America Interactive Acquisitions was $250.7 million, of which $102.9 million is 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 North America Interactive reportable segment. The goodwill of the North America Interactive Acquisitions has been assigned, as of the acquisition date, to the Company’s North America Interactive reportable segment.

The Company incurred $3.9 million and $5.3 million of transaction costs related to the North America Interactive Acquisitions in the years ended December 31, 2022 and 2021, respectively. The Company did not incur any costs related to the North America Interactive Acquisitions in the year ended December 31, 2023. These costs are included within “General and administrative” of the consolidated statements of operations.

Gamesys Acquisition

On October 1, 2021, the Company completed the acquisition of Gamesys. Total consideration was $2.60 billion, which consisted of $2.08 billion paid in cash and 9,773,537 shares of Bally’s common stock. Cash paid by the Company at closing, net of cash received of $183.3 million and a $10.3 million post-acquisition expense, explained below, was $1.90 billion, excluding transaction costs. During the year ended December 31, 2022, the Company incurred $6.3 million of transaction costs related to the acquisition of Gamesys compared to $43.5 million during the year ended December 31, 2021. These costs are included within “General and administrative” expense in the consolidated statements of operations.

Certain unvested and outstanding equity options held by Gamesys employees were discretionarily accelerated and vested by the Gamesys Board of Directors, requiring allocation of the fair value of post-acquisition service to purchase consideration, with the remainder allocated to non-recurring post-acquisition expense. The fair value of $36.4 million was attributed to pre-acquisition service and included in consideration transferred. In the fourth quarter of 2021, the fair value of $10.3 million, attributable to post-acquisition expense was recorded within “General and administrative” expense in the consolidated statements of operations.
The following table summarizes the consideration paid and the fair values of the assets acquired and liabilities assumed in connection with the acquisition of Gamesys as of October 1, 2021:

(in thousands)
Final(2)
Cash and cash equivalents and restricted cash$183,306 
Accounts receivable, net35,851 
Prepaid expenses and other current assets
28,418 
Property and equipment, net15,230 
Right of use assets, net14,185 
Goodwill
1,683,762 
Intangible assets, net(1)
1,510,323 
Other assets17,668 
Accounts payable(47,881)
Accrued income taxes(40,250)
Accrued liabilities(180,237)
Long-term debt, net(456,469)
Lease liabilities(14,185)
Deferred tax liability(143,924)
Other long-term liabilities(6,680)
Total purchase price
$2,599,117 
__________________________________
(1)    Intangible assets include customer relationships of $980.2 million and developed technology of $282.0 million, both of which are being amortized over seven years, and trade names of $247.1 million, which have indefinite lives.
(2)    During the year ended December 31, 2022, the Company recorded adjustments to the purchase price allocation including a $0.5 million increase to prepaid expenses and other current assets, a $5.3 million increase to goodwill, a $2.7 million decrease to intangible assets, net and a $3.1 million increase to accrued liabilities.

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. Goodwill associated with the Gamesys acquisition is assigned as of the acquisition date to the Company’s International Interactive and North America Interactive reportable segments in the amounts of $1.65 billion and $33.3 million, respectively, which include the reporting units expected to benefit from the synergies arising from the acquisition. Goodwill recognized is not deductible for local tax purposes.

Revenue and net income included in operations from Gamesys reported in the Company’s International Interactive and North America Interactive reportable segments for the year ended December 31, 2021 was $257.1 million and $18.2 million, respectively.

Supplemental Pro Forma Consolidated Information

The following unaudited pro forma consolidated financial information for the twelve months ended December 31, 2021 combines the results of the Company for the year ended December 31, 2021 and the unaudited results of Bally’s Lake Tahoe, Bally’s Evansville and Gamesys for each period subsequent to their respective acquisition dates through December 31, 2021. The revenue, earnings and pro forma effects of the Bally’s Interactive Acquisitions and Bally’s Quad Cities completed during the year ended December 31, 2021, and the acquisitions completed during the years ended December 31, 2023 and 2022 are not material to results of operations, individually or in the aggregate.
These unaudited pro forma financial results are presented for informational purposes only and do not purport to be indicative of the operating results of the Company that would have been achieved had the acquisitions actually taken place on January 1, 2021. In addition, these results are not intended to be a projection of future results and do not reflect events that may occur, including but not limited to revenue enhancements, cost savings or operating synergies that the combined Company may achieve as a result of the acquisitions.
(in thousands, except per share data)Years Ended December 31, 2021
Revenue$2,221,870 
Net income$46,048 
v3.24.0.1
ASSETS AND LIABILITIES HELD FOR SALE
 12 Months Ended
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
ASSETS AND LIABILITIES HELD FOR SALE ASSETS AND LIABILITIES HELD FOR SALE
The Company applies a criteria that must be met before an asset is classified as held for sale, including that management, with the appropriate authority, commits to a plan to sell the asset at a reasonable price in relation to its fair value and is actively seeking a buyer. The Company recognizes assets held for sale at the lower of carrying value or fair market value less costs to sell, as estimated based on comparable asset sales, offers received, or a discounted cash flow model. The Company then compares the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows do not exceed the carrying value, then an impairment charge is recorded for any difference between fair value and the carrying value. Due to an evaluation of the expected fair value less costs to sell during the year ended December 31, 2023, the Company recognized impairment charges of $9.4 million and $4.0 million on goodwill and intangible assets held for sale, respectively. These charges have been accounted for within “Impairment charges” in the consolidated statements of operations.

As of December 31, 2022, one of the Company’s North America Interactive businesses met the criteria to be classified as assets held for sale but did not qualify as discontinued operations as it did not represent a strategic shift having a major effect on the Company’s operations and financial results. As of December 31, 2023, the Company is still pursuing the plan to sell the business, however, it does not expect it will be completed within one year.

The major classes of assets and liabilities classified as held for sale as of December 31, 2023 and 2022 are as follows:

(in thousands)December 31, 2023December 31, 2022
Assets:
Restricted cash, prepaid expenses and other current assets$1,815 $3,756 
Goodwill— 9,399 
Intangible assets, net— 4,022 
Assets held for sale(1)
$1,815 $17,177 
Liabilities related to assets held for sale(1)(2)
$1,307 $3,409 
__________________________________
(1)    All assets and liabilities held for sale were classified as current as of December 31, 2023 and 2022.
(2)    Liabilities related to assets held for sale were made up of accounts payable and accrued liabilities.

The revenues and net loss attributable to the business classified as held for sale were not significant for the years ended December 31, 2023 and 2022.
v3.24.0.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS
 12 Months Ended
Dec. 31, 2023
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, 2023 and 2022, prepaid expenses and other assets was comprised of the following:
December 31,
(in thousands)20232022
Services and license agreements$32,466 $31,396 
Due from payment service providers12,662 30,621 
Prepaid insurance12,181 6,374 
Short term derivative assets9,530 — 
Gaming taxes and licenses9,309 4,644 
Prepaid marketing8,685 8,042 
Sales tax7,565 5,900 
Purse funds6,404 8,093 
Other9,294 5,647 
   Total prepaid expenses and other current assets$108,096 $100,717 
v3.24.0.1
PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
As of December 31, 2023 and 2022, property and equipment, net was comprised of the following:
 December 31,
(in thousands)20232022
Land$238,997 $259,378 
Land improvements162,211 31,197 
Building and improvements673,071 752,964 
Equipment264,398 246,340 
Furniture and fixtures68,746 63,753 
Construction in process73,810 116,181 
Total property, plant and equipment1,481,233 1,469,813 
Less: Accumulated depreciation(1)
(306,345)(267,711)
Property and equipment, net$1,174,888 $1,202,102 
__________________________________
(1)    Depreciation expenses on property and equipment for the years ended December 31, 2023, 2022 and 2021 was $118.7 million, $71.7 million and $53.7 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, provides that the Company will 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 balance Payment amount of $50 million is secured by cash-collateralized letters of credit, issued by Citizens Bank. Cash collaterals are reported as restricted cash as of December 31, 2023.

The Company recorded the present value of the remaining payments of $47.7 million within “Accrued liabilities” with an offsetting increase to “Property and equipment, net” within the consolidated balance sheets as of December 31, 2023.
v3.24.0.1
GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
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 discounted cash flow (“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 weighted average cost of capital (“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.

2023 Annual Impairment Assessment

As of October 1, 2023, 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 determined that the fair value of the reporting unit exceeded its carrying amount and thus, there was no impairment. The estimated fair value of the reporting unit was determined through a combination of a discounted cash flow model and market-based approach, which utilized Level 3 inputs. 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 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 North America Interactive reporting unit all reporting units within the Casinos and Resorts segment exceeded their carrying amounts 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 annual impairment test, the Company evaluated whether facts and circumstances surrounding its indefinite lived intangible assets remained appropriate. For one indefinite lived trademark in the International Interactive segment, the Company determined that based on a combination of factors regarding the Company’s intended use of the trademark and future uncertainty, that a useful life of 7 years should be applied. The change in useful life 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. 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 assuming the Company built a new casino with similar utility to that of the existing casino. The primary inputs to the valuation involve estimating projected revenues and operating cash flows, 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. 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 15 “Restructuring Expense”), the Company recorded impairment charges of $5.7 million, related to certain technology intangible assets which will no longer be utilized.

As of December 31, 2023, the Bally’s Tiverton, Bally’s Dover and Hard Rock Biloxi reporting units within the Company’s Casinos & Resorts reportable segment had negative carrying amounts of net assets. Goodwill assigned to these reporting units as of December 31, 2023 were $0.4 million, $1.0 million and $48.9 million, respectively.

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. These charges are recorded within “Impairment charges” in the consolidated statements of operations.

2021 Trade Name Impairment

During the second quarter of 2021, the Company committed to rebrand a majority of its casino portfolio with Bally’s trade name. In connection with this rebranding initiative, the Company determined it should complete an interim quantitative impairment test of its trade names at Bally’s Dover and Bally’s Black Hawk. As a result of the analysis, the Company recorded an impairment charge of $4.7 million during the three months ended June 30, 2021 recorded within “Impairment charges” on the consolidated statements of operations within the Casinos & Resorts reportable segment.
The change in carrying value of goodwill by reportable segment for the years ended December 31, 2023 and 2022 is as follows:
(in thousands)Casinos & ResortsInternational InteractiveNorth America InteractiveTotal
Goodwill as of December 31, 2021(1)
$201,952 $1,637,343 $283,358 $2,122,653 
Goodwill from current year business combinations8,590 — — 8,590 
Impairment charges— — (231,569)(231,569)
Effect of foreign exchange— (145,424)(2,889)(148,313)
Purchase accounting adjustments on prior year business combinations(1,285)5,286 239 4,240 
Transferred to assets held for sale (2)
— — (9,399)(9,399)
Goodwill as of December 31, 2022(3)
$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(3)
$313,493 $1,586,590 $35,720 $1,935,803 
__________________________________
(1)    Amounts are shown net of accumulated goodwill impairment charges of $5.4 million for Casinos and Resorts.
(2)    Goodwill transferred to assets held for sale consists of $100.6 million of goodwill and $91.2 million of accumulated impairment.
(3)    Amounts are shown net of accumulated goodwill impairment charges of $5.4 million and $140.4 million for Casinos and Resorts and North America Interactive, respectively.

The change in intangible assets, net for the years ended December 31, 2023 and 2022 is as follows (in thousands):
Intangible assets, net as of December 31, 2021$2,477,952 
Intangible assets from current year business combinations5,140 
Effect of foreign exchange(125,911)
Impairment charges(232,409)
Internally developed software37,121 
Other intangibles acquired32,976 
Transferred to assets held for sale(4,022)
Less: Accumulated amortization(228,909)
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 
__________________________________
(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, 2023
(in thousands, except years)Gross Carrying AmountAccumulated
Amortization		Net
Amortizable intangible assets:   
Commercial rights - Sinclair(1)
7.2$315,847 $(89,901)$225,946 
Trade names5.837,042 (18,125)18,917 
Hard Rock license23.58,000 (2,303)5,697 
Customer relationships4.8974,286 (314,053)660,233 
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 
Other9.911,505 (3,621)7,884 
Total amortizable intangible assets1,721,302 (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 assets689,303 — 689,303 
Total intangible assets, net$2,410,605 $(539,177)$1,871,428 
__________________________________
(1)    Commercial rights intangible asset in connection with Framework Agreement. Refer to Note 14 “Strategic Partnership - Sinclair Broadcast Group” for further information.

Weighted
average
remaining life
(in years)		December 31, 2022
(in thousands, except years)Gross
amount		Accumulated
amortization		Net
Amount
Amortizable intangible assets:    
Commercial rights - Sinclair(2)
8.1$314,585 $(58,982)$255,603 
Trade names2.717,750 (16,196)1,554 
Hard Rock license24.58,000 (2,061)5,939 
Customer relationships5.8907,199 (166,155)741,044 
Developed technology5.7256,512 (45,769)210,743 
Internally developed software4.026,520 (5,444)21,076 
Gaming licenses7.834,016 (4,892)29,124 
Other2.64,917 (2,110)2,807 
Total amortizable intangible assets 1,569,499 (301,609)1,267,890 
Intangible assets not subject to amortization: 
Gaming licensesIndefinite529,171 — 529,171 
Trade NamesIndefinite164,391 — 164,391 
OtherIndefinite486 —486 
Total unamortizable intangible assets 694,048 — 694,048 
Total intangible assets, net $2,263,547 $(301,609)$1,961,938 
__________________________________
(2)    See note (1) above.

Amortization of intangible assets was approximately $231.7 million, $228.9 million and $91.1 million for the years ended
December 31, 2023, 2022 and 2021, respectively.

Refer to Note 6 “Business Combinations” for further information about the preliminary purchase price allocation and provisional goodwill and intangible balances added from current year business combinations. Refer to Note 14 “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, 2023:
(in thousands)
2024$233,887 
2025229,416 
2026227,799 
2027226,254 
2028174,017 
Thereafter90,752 
 $1,182,125 
v3.24.0.1
DERIVATIVE INSTRUMENTS
 12 Months Ended
Dec. 31, 2023
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, 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 16 “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.

Derivative Instruments Designated as Hedging Instruments

Net Investment Hedges

Cross Currency Swaps - 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 qualify 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 will be recognized in “Interest expense, net” in the consolidated statements of operations. During the year ended December 31, 2023, the Company recognized $1.35 million of related expense. Refer to Note 12 “Fair Value Measurements” and Note 19 “Stockholders’ Equity” for further information.

The following tables summarize the Company’s net investment hedges as of December 31, 2023 (in thousands):
Net Investment HedgesNotional SoldNotional Purchased
Cross currency swaps€461,595 £387,531 
Cross currency swaps£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. During the year ended December 31, 2023, the Company recognized $1.95 million of related expense. Refer to Note 12 “Fair Value Measurements” and Note 19 “Stockholders’ Equity” for further information.

The following tables summarize the Company’s cash flow hedges as of December 31, 2023 (in thousands):
Cash Flow HedgesNotional AmountIndexCap
Floor(1)
Interest rate contracts - swaps$500,000 US - SOFR——
Interest rate contracts - collars$500,000 US - SOFR4.25%
3.22%
__________________________________
(1)    Weighted average rate.

Economic Hedges

The Company utilizes short term operational hedges or forward currency exchange rate contracts to mitigate foreign currency exchange rate risk. These instruments are not designated as hedging instruments under ASC 815. The fair value of these instruments are recorded as derivative assets or liabilities on the consolidated balance sheets with changes in fair value recognized in earnings within “Other non-operating income, net” on the consolidated statements of operations.
v3.24.0.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2023
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 7, 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, 2023
(in thousands)Balance Sheet LocationLevel 1Level 2Level 3
Assets:
Cash and cash equivalentsCash and cash equivalents$163,194 $— $— 
Restricted cashRestricted cash152,068 — — 
Convertible loansOther assets— — 4,115 
Investments in equity securitiesOther assets3,409 — — 
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$318,671 $30,153 $4,115 
Liabilities:
Contingent considerationOther long-term liabilities$— $— $58,580 
Derivative liabilities not designated as hedging instruments:
Sinclair Performance WarrantsCommercial rights liabilities— — 44,703 
Derivative liabilities designated as hedging instruments:
Interest rate contractsOther long-term liabilities— 21,492 — 
Cross currency swapsAccrued liabilities— 1,225 — 
Cross currency swapsOther long-term liabilities— 29,376 — 
Total derivative liabilities at fair value— 52,093 44,703 
Total liabilities$— $52,093 $103,283 

December 31, 2022
(in thousands)Balance Sheet LocationLevel 1Level 2Level 3
Assets:
Cash and cash equivalentsCash and cash equivalents$212,515 $— $— 
Restricted cashRestricted cash52,669 — — 
Convertible loansPrepaid expenses and other current assets657 — — 
Convertible loansOther assets— — 10,212 
Investments in equity securitiesOther assets2,395 — — 
Total assets$268,236 $— $10,212 
Liabilities:
Contingent considerationAccrued liabilities$— $— $8,220 
Derivatives not designated as hedging instruments:
Sinclair Performance WarrantsCommercial rights liabilities— — 36,987 
Total liabilities$— $— $45,207 

There were no transfers made among the three levels in the fair value hierarchy for the years ended December 31, 2023 and 2022.
The following table summarizes the changes in fair value of the Company’s Level 3 assets and liabilities:
( in thousands)Sinclair Performance WarrantsContingent ConsiderationConvertible LoansTotal
Balance as of December 31, 2021$69,564 $34,931 $2,025 $106,520 
Additions in the period (acquisition fair value)— — 3,777 3,777 
Reductions in the period— (15,862)— (15,862)
Change in fair value(32,577)(10,849)4,410 (39,016)
Balance as of December 31, 202236,987 8,220 10,212 55,419 
Additions in the period (acquisition fair value)— 58,580 1,667 60,247 
Reductions in the period— (9,292)(3,500)(12,792)
Change in fair value7,716 1,072 (4,264)4,524 
Balance as of December 31, 2023$44,703 $58,580 $4,115 $107,398 

The gains (losses) recognized in the consolidated statements of operations for derivatives not designated as hedging instruments during the years ended December 31, 2023, 2022 and 2021 are as follows:
Consolidated Statements of Operations LocationYear Ended December 31,
(in thousands)202320222021
Foreign exchange forward contractsOther non-operating income (expense), net$— $— $(20,882)
Sinclair Performance WarrantsOther non-operating income (expense), net(7,716)32,577 18,555 
Sinclair OptionsOther non-operating income (expense), net— — (1,526)

Interest Rate Contracts and Cross Currency Swaps

The fair values of interest rate and cross currency swap contract 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. Changes in the fair value of these contracts are reported as a component of other comprehensive income (loss).

Foreign Exchange Forward Contracts

The foreign exchange forward contracts are accounted for as derivative assets and liabilities and are classified within Level 2 of the fair value hierarchy as the valuation inputs are based on quoted prices and market observable data of similar instruments in active markets, such as currency spot and forward rates. Gains (losses) recognized in earnings resulting from the change in fair value are reported within “Other non-operating income, net” on 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 “Commercial rights liabilities” of the consolidated balance sheets.
Sinclair Options

Sinclair Options are accounted for as an equity classified instrument under ASC 815. The fair value of the options are based on a Black-Scholes model using Level 2 inputs, including volatility rates, risk free rates, the Company’s common stock price and expected term. The fair value of the Options was $59.7 million as of December 31, 2023 and 2022, and is recorded within “Additional paid-in-capital” 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” of 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 first quarter of 2022, the Company settled contingent consideration of $15.9 million, comprised of 393,778 immediately exercisable penny warrants, 107,832 shares of Bally’s Corporation common stock and $0.1 million in cash. During the second quarter of 2023, the Company 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, all in satisfaction of contingencies related to the respective acquisition agreements.

In connection with the acquisition of Bally’s Golf Links on September 12, 2023, the Company recorded contingent consideration at fair value of $58.6 million. Refer to Note 6 “Business Combinations” for further information.

Convertible loans

The Company has certain agreements with vendors to provide a portfolio of games to its customers. Pursuant to these agreements, the Company has issued loans to its vendors and has an option to convert the loans to shares of the vendors’ equity, exercisable within a specified time period. The Company recorded the short-term portion of the instruments within “Prepaid expenses and other current assets” and the long-term portion of the instruments within “Other assets” at their fair value. The fair value of the loans to vendors with share prices quoted on active markets are classified within Level 1 of the hierarchy and the fair value of the loans to vendors with share values based on unobservable inputs are classified within Level 3 of the hierarchy, both with changes to fair value included within “Other non-operating expenses, net” of the consolidated statements of operations.

Investment in equity securities

The Company has a long term investment in an unconsolidated entity which it accounts for under the equity method of accounting. The Company has elected the fair value option allowed by ASC 825, Financial Instruments, with respect to this investment. Under the fair value option, the investment is remeasured at fair value at each reporting period through earnings. The Company measures fair value using quoted prices in active markets that are classified within Level 1 of the hierarchy, with changes to fair value included within “Other non-operating expenses, net” of the consolidated statements of operations.

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 expenses, net” of the consolidated statements of operations.

Long-term debt

The fair value of the Company’s Term Loan Facility and senior 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 16 “Long-Term Debt” for further information.
 December 31, 2023December 31, 2022
(in thousands)Carrying AmountFair ValueCarrying AmountFair Value
Term Loan Facility$1,871,330 $1,888,100 $1,884,082 $1,872,238 
5.625% Senior Notes due 2029
736,447 596,250 734,497 555,000 
5.875% Senior Notes due 2031
719,858 570,544 732,976 529,905 
v3.24.0.1
ACCRUED LIABILITIES
 12 Months Ended
Dec. 31, 2023
Payables and Accruals [Abstract]  
ACCRUED LIABILTIES ACCRUED LIABILITIES
As of December 31, 2023 and 2022, accrued liabilities consisted of the following:
 December 31,
(in thousands)20232022
Gaming liabilities$177,557 $168,386 
Diamond Sports Group non-cash liability(1)
144,883 — 
Compensation83,112 60,463 
Interest payable66,587 36,173 
Bally’s Chicago - land development liability47,739 — 
GLPI advance deposit(2)
— 200,000 
Other131,841 108,909 
Total accrued liabilities$651,719 $573,931 
__________________________________
(1)    Refer to Note 22 “Commitments and Contingencies” for further information
(2)    Refer to Note 17 “Leases” for further information
v3.24.0.1
STRATEGIC PARTNERSHIP - SINCLAIR BROADCAST GROUP
 12 Months Ended
Dec. 31, 2023
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 was required to pay annual fees to Diamond Sports Group (“Diamond”), a Sinclair subsidiary, for naming rights over Diamond’s regional sports networks (“RSNs”) and other consideration which escalated annually and total $88.0 million over a 10-year term.

In March 2023, Diamond commenced reorganization proceedings under Chapter 11 of the Bankruptcy Code, and in July 2023, Diamond commenced litigation against Sinclair, Bally’s and others as part of its bankruptcy proceedings. Subsequent to December 31, 2023, Diamond agreed to settle its claims against all defendants, including Bally’s. 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. Refer to Note 22 “Commitments and Contingencies” for further information.

The Company accounted for this relationship 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”) represents 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 Commercial rights intangible asset, net of accumulated amortization, was $225.9 million and $255.6 million as of December 31, 2023 and 2022, respectively. Amortization was $30.9 million, $33.3 million and $25.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. Refer to Note 10 “Goodwill and Intangible Assets” for further information.
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. The total value of the liability as of December 31, 2023 and 2022 was $57.7 million and $59.3 million, respectively. The short-term portion of the liability, which was $8.0 million and $6.0 million as of December 31, 2023 and 2022, respectively, is recorded within “Accrued liabilities” and the long-term portion of the liability, which was $49.7 million and $53.3 million as of December 31 2023 and 2022, respectively, is reflected as “Commercial rights liability” in our consolidated balance sheets. Accretion expense reported in “Interest expense, net” in our consolidated statements of operations was $4.4 million, $4.4 million and $4.3 million for years ended December 31, 2023, 2022 and 2021.

Under the Framework Agreement, the Company issued to Sinclair (i) an immediately exercisable warrant to purchase up to 4,915,726 shares of the Company at an exercise price of $0.01 per share (“the Penny Warrants”), (ii) a warrant to purchase up to a maximum of 3,279,337 additional shares of the Company at a price of $0.01 per share subject to the achievement of various performance metrics (the “Performance Warrants”), and (iii) 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 on the fourth anniversary of the November 18, 2020 closing (the “Options”). The exercise and purchase prices and the number of shares issuable upon exercise of the warrants and options are subject to customary anti-dilution adjustments.

The Penny Warrants and Options are equity classified instruments under ASC 815. The fair value of the Penny Warrants approximates the fair value of the underlying shares and was $150.4 million on November 18, 2020 at issuance, and was recorded to “Additional paid-in-capital” in the consolidated balance sheets, with an offset to the Commercial rights intangible asset. The Company recorded $59.7 million, related to the Options, as of December 31, 2023 and 2022, and is included within “Additional paid-in capital” in the consolidated balance sheets.

The Performance Warrants are accounted for as a derivative liability 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. Refer to Note 12 “Fair Value Measurements” for further information.

Under the Framework Agreement, 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. The liability for these obligations was $19.1 million and $19.4 million as of December 31, 2023 and 2022, respectively, and is reflected in our consolidated balance sheets. The change in value of the liability is included in “Other non-operating expenses, net” in our consolidated statements of operations.
v3.24.0.1
RESTRUCTURING EXPENSE
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
RESTRUCTURING EXPENSE RESTRUCTURING EXPENSE
On January 18, 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 by up to 15 percent.

In furtherance of and as an expansion of the January 2023 restructuring plan, on October 20, 2023, the Company announced further restructuring initiatives targeted at reshaping the technology utilized by its Interactive segments. During the year ended December 31, 2023, the Company incurred restructuring charges of $31.0 million representing employee related severance costs as well as $5.7 million of impairment charges representing the impairment of certain technology which will no longer be utilized.

The components of restructuring charges by segment, for the year ended December 31, 2023, are summarized as follows:
International InteractiveNorth America InteractiveOtherTotal
Severance and employee related benefits(1)
$19,591 $9,735 $1,688 $31,014 
Impairment(2)
— 5,745 — 5,745 
Total restructuring charges$19,591 $15,480 $1,688 $36,759 
__________________________________
(1)    Included within “General and administrative” of the consolidated statements of operations.
(2)    Included within “Impairment charges” of the consolidated statements of operations.
The changes in the Company’s restructuring related liabilities for the year ended December 31, 2023 is as follows:
(in thousands)
Balance as of December 31, 2022$— 
Charges31,014 
Payments(26,649)
Effect of foreign exchange926 
Balance as of December 31, 2023
$5,291 

The restructuring liability as of December 31, 2023 is included within “Accrued liabilities” on the consolidated balance sheets.
v3.24.0.1
LONG-TERM DEBT
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
As of December 31, 2023 and 2022, long-term debt consisted of the following:
 December 31,
(in thousands)20232022
Term Loan Facility(1)
$1,906,100 $1,925,550 
Revolving Credit Facility335,000 137,000 
5.625% Senior Notes due 2029
750,000 750,000 
5.875% Senior Notes due 2031
735,000 750,000 
Less: Unamortized original issue discount(23,756)(27,729)
Less: Unamortized deferred financing fees(39,709)(46,266)
Long-term debt, including current portion3,662,635 3,488,555 
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 $3,643,185 $3,469,105 
__________________________________
(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 11 “Derivative Instruments” for further information.

Senior 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 “Senior Notes”). The Senior 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 Senior 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 Senior Notes. The Senior 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 Senior 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 Senior Notes at any time prior to September 1, 2024, in the case of the 2029 Notes, and September 1, 2026, in the case of the 2031 Notes, at prices equal to 100% of the principal amount of the Senior Notes to be redeemed plus certain “make-whole” premiums, plus accrued and unpaid interest. In addition, prior to September 1, 2024, the Company may redeem up to 40% of the original principal amount of each series of the Senior Notes with proceeds of certain equity offerings at a redemption price equal to 105.625% of the principal amount, in the case of the 2029 Notes, and 105.875%, in the case of the 2031 Notes, 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.

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, 2023, 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 11 “Derivative Instruments” for further information.

6.75% Senior Notes due 2027

On May 10, 2019, the Company, issued $400 million aggregate principal amount of 6.75% unsecured senior notes due June 1, 2027 and, on October 9, 2020, the Company issued an additional $125 million aggregate principal amount of 6.75% unsecured senior notes due June 1, 2027 (together, the “2027 Notes”). On September 7, 2021, the Company redeemed $210 million aggregate principal amount of the 2027 Notes at a redemption price of 106.750% of the principal amount using a portion of the proceeds of the Company’s April 2021 public offering of common stock. On October 5, 2021, the Company redeemed the remaining $315 million aggregate principal amount of the 2027 Notes at a redemption price of 109.074% of the principal amount using a portion of the proceeds of its Term Loan Facility. In connection with the termination of a prior credit agreement and the 2027 Notes, the Company recorded a loss on extinguishment of debt of $103.0 million in its consolidated statements of operations during the year ended December 31, 2021.
Debt Maturities

As of December 31, 2023, the contractual annual principal maturities of long-term debt, including the Revolving Credit Facility, are as follows:
(in thousands)
2024$19,450 
202519,450 
2026354,450 
202719,450 
20281,828,300 
Thereafter1,485,000 
 $3,726,100 
v3.24.0.1
LEASES
 12 Months Ended
Dec. 31, 2023
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 $1.20 billion and $836.1 million as of December 31, 2023 and 2022, respectively, and right of use assets of $1.16 billion and $808.9 million as of December 31, 2023 and 2022, respectively, which were included in the consolidated balance sheets.

GLPI Leases

As of December 31, 2023, 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”) 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 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, 2023.

In connection with the sale of the real estate for Bally’s Dover in the second quarter of 2021, the Company received proceeds of $144.0 million and recognized a net gain of $53.4 million. In connection with the sale of the real estate for Bally’s Quad Cities and Bally’s Black Hawk during the second quarter of 2022, the Company received proceeds of $150.0 million and recognized a gain of $50.8 million. The gains recorded on the transactions represent the difference in the respective transaction prices and the derecognition of assets and are recorded within “Gain from sale-leaseback, net” in the consolidated statements of operations.
On January 3, 2023, the Company completed a transaction with GLP Capital, L.P., the operating partnership of GLPI, related to the land and real estate assets of Bally’s Tiverton and Hard Rock Biloxi for total consideration of $625.4 million. 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. These properties were added to the Master Lease, increasing minimum annual payments by $48.5 million. An advance deposit of $200.0 million was received in the third quarter of 2022 in connection with this agreement, which was recorded within “Accrued liabilities” in the consolidated balance sheets as of December 31, 2022. During the year ended December 31, 2023, the Company recorded a gain of $374.3 million representing the difference in the transaction price and the derecognition of assets. This gain is reflected as “Gain from sale-leaseback, net” in the consolidated statements of operations.

In addition to the properties under the Master Lease explained above, the Company also entered into a lease with GLPI for the land associated with Tropicana Las Vegas, which the Company acquired during the third quarter of 2022. 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. The renewal options are not reasonably certain of exercise as of December 31, 2023.


Components of lease expense included within “General and administrative” for operating leases during the years ended December 31, 2023, 2022 and 2021 are as follows:
Year Ended December 31,
(in thousands)202320222021
Operating lease cost$148,375 $75,675 $36,354 
Variable lease cost10,360 8,386 4,191 
Operating lease expense158,735 84,061 40,545 
Short-term lease expense13,249 17,536 11,746 
Total lease expense$171,984 $101,597 $52,291 

Supplemental cash flow and other information related to operating leases for the year ended December 31, 2023 and 2022, are as follows:
Year Ended December 31,
($ in thousands)20232022
Cash paid for amounts included in the lease liability - operating cash flows from operating leases$132,871 $68,689 
Right of use assets obtained in exchange for operating lease liabilities$406,043 $341,747 
Weighted average remaining lease term17.6 years20.7 years
Weighted average discount rate7.5 %6.7 %

As of December 31, 2023, future minimum lease payments under noncancelable operating leases are as follows:

(in thousands)
2024$138,135 
2025142,825 
2026142,139 
2027136,914 
2028139,187 
Thereafter1,610,842 
Total lease payments2,310,042 
Less: present value discount(1,106,793)
Lease obligations$1,203,249 

Future minimum lease payments disclosed in the table above include $87.7 million related to extension options that are reasonably certain of being exercised.
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 and 2022. All lease payments are recorded as interest expense and there is no reduction to the financing obligation over the lease term. Bally’s Chicago made cash payments, and recorded corresponding interest expense, of $17.4 million and $2.0 million during the years ended December 31, 2023 and 2022, respectively.

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, 2023, 2022, and 2021, the Company recognized $200.7 million, $153.8 million and $95.4 million of lessor revenues related to the rental of hotel rooms, respectively. Hotel leasing arrangements vary in duration, but are short-term in nature.
v3.24.0.1
EQUITY PLANS
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
EQUITY PLANS EQUITY PLANS
Equity Incentive Plans

As of December 31, 2023, the Company has two equity incentive plans: the 2015 Stock Incentive Plan (“2015 Incentive Plan”) and the Bally’s Corporation 2021 Equity Incentive Plan (“2021 Incentive Plan”), collectively (the “Equity Incentive Plans”).

The 2015 Incentive Plan provided for the grant of stock options, time-based RSUs, RSAs, PSUs and other awards (collectively, “restricted awards”) (including those with performance-based vesting criteria) to employees, directors or consultants of the Company. The 2015 Incentive Plan authorized for the issuance of up to 1,700,000 shares of the Company’s common stock pursuant to grants of awards made under the plan. Effective May 18, 2021, no new awards were granted under the 2015 Incentive Plan as a result of the new 2021 Incentive Plan being approved at the Company’s 2021 Annual Shareholder Meeting. The 2021 Incentive Plan provides for the grant of stock options, RSAs, RSUs, PSUs and other awards (including those with performance-based vesting criteria) to employees, directors or consultants of the Company. The 4,250,000 shares of the Company’s common stock, decreased by the number of shares subject to awards granted under the 2015 Incentive Plan between December 31, 2020 and May 18, 2021, or 221,464 shares, plus any shares subject to awards granted under the 2021 Incentive Plan or the 2015 Incentive Plan that are added back to the share pool under the 2021 Incentive Plan pursuant to the plan’s share counting rules, are authorized for issuance under the 2021 Incentive Plan. As of December 31, 2023, 1,563,230 shares were available for grant under the 2021 Incentive Plan.

Share-Based Compensation

The Company recognized total share-based compensation expense of $24.1 million, $27.9 million and $20.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. The total income tax benefit for share-based compensation arrangements was $6.2 million, $7.1 million, and $5.1 million, for the years ended December 31, 2023, 2022 and 2021, respectively.

As of December 31, 2023, there was $17.0 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 1.9 years.


Restricted Stock Units and Performance-Based Restricted Stock Units

Under the 2015 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, 2023:
 Restricted Stock
Units		Performance
Stock Units		Weighted
Average
Grant Date
Fair Value
Outstanding at December 31, 2022654,327 62,133 $38.35 
Granted1,111,773 419,341 18.58 
Vested(454,260)(63,151)35.88 
Forfeited(135,229)(70,506)27.21 
Outstanding at December 31, 20231,176,611 347,817 $20.83 

The weighted average grant date fair value for RSUs and PSUs was $18.58, $30.13 and $53.52 in 2023, 2022, and 2021, respectively.

The total intrinsic value of RSUs vested was $8.5 million, $15.3 million and $9.1 million, for the years ended December 31, 2023, 2022, and 2021, 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 2024 or later, a grant date has not yet been established for those awards in accordance with ASC 718. The grant date for the 2023, 2022, and 2021 performance periods have been established and, based upon achievement of the performance criteria for the years ended December 31, 2023, 2022, and 2021, 348,835, 62,133 and 29,995 PSUs, respectively, became eligible for vesting.
v3.24.0.1
STOCKHOLDERS’ EQUITY
 12 Months Ended
Dec. 31, 2023
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, 2023, $95.5 million was available for use under the capital return program.

Total share repurchase activity during the years ended December 31, 2023, 2022 and 2021 is as follows:
Year Ended December 31,
(in thousands, except share and per share data)2023
2022(1)
2021
Number of common shares repurchased7,581,428 6,621,841 2,188,532 
Total cost$99,081 $153,366 $87,024 
Average cost per share, including commissions$13.07 $23.16 $39.76 
__________________________________
(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, 2022, and 2021 were transferred to treasury stock. The Company retired 7,581,428, 7,394,642 and 3,492,222 shares of its common stock held in treasury during the years ended December 31, 2023, 2022, and 2021, respectively. The shares were returned to the status of authorized but unissued shares. As of December 31, 2023, there were no shares remaining in treasury.

There were no cash dividends paid during the years ended December 31, 2023, 2022, and 2021.
Common Stock Offering

On April 20, 2021, the Company issued a total of 12,650,000 shares of Bally’s common stock in an underwritten public offering at a price to the public of $55.00 per share. Net proceeds from the offering were approximately $671.4 million, after deducting underwriting discounts, but before expenses.

On April 20, 2021, the Company issued to affiliates of Sinclair a warrant to purchase 909,090 common shares for an aggregate purchase price of $50.0 million, or $55.00 per share. The net proceeds were used to finance a portion of the purchase price of the Gamesys acquisition. The exercise price of the warrant is nominal and its exercise is subject to, among other conditions, requisite gaming authority approvals. Sinclair agreed not to acquire more than 4.9% of Bally’s outstanding common shares without such approvals. In addition, in accordance with the agreements that Bally’s and Sinclair entered into in November 2020, Sinclair exchanged 2,086,908 common shares for substantially identical warrants.

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, 2023 and 2022, no shares of preferred stock have been issued.

Shares Outstanding

As of December 31, 2023, the Company had 39,973,202 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 (Note 14)
7,911,724
Sinclair Performance Warrants (Note 14)
3,279,337
Sinclair Options(1) (Note 14)
1,639,669
MKF Penny warrants (Note 12)
44,128
Telescope Contingent shares (Note 12)
8,626
Outstanding awards under Equity Incentive Plans (Note 18)
1,524,428
14,407,912
__________________________________
(1)    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.
Accumulated Other Comprehensive Income (Loss)

The following table reflects the change in accumulated other comprehensive loss by component for the years ended December 31, 2023, 2022 and 2021:
(in thousands)Foreign Currency Translation AdjustmentBenefit Plans
Cash Flow Hedges(1)
Net Investment HedgesTotal
Accumulated other comprehensive loss at December 31, 2020$— $(3,144)$— $— $(3,144)
Other comprehensive income (loss) before reclassifications(25,833)3,040 — — (22,793)
Reclassifications from accumulated other comprehensive income (loss) to earnings— 104 — — 104 
Tax effect— (976)— — (976)
Accumulated other comprehensive loss at December 31, 2021(25,833)(976)— — (26,809)
Other comprehensive income (loss) before reclassifications(270,151)1,911 — — (268,240)
Tax effect— (591)— — (591)
Accumulated other comprehensive income (loss) at December 31, 2022(295,984)344 — — (295,640)
Other comprehensive income (loss) before reclassifications118,781 977 (14,183)(18,116)87,459 
Reclassifications from accumulated other comprehensive income (loss) to earnings— — (1,953)(1,350)(3,303)
Effects of settlement (Note 20)
— (244)— — (244)
Tax effect— (191)4,890 (2,529)2,170 
Accumulated other comprehensive income (loss) at December 31, 2023$(177,203)$886 $(11,246)$(21,995)$(209,558)
__________________________________
(1)    As of December 31, 2023, approximately $5.0 million of existing gains and losses are estimated to be reclassified into earnings within the next 12 months.
v3.24.0.1
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
Multi-employer Defined Benefit Plans

The Company participates in and contributes to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover certain of its union-represented employees. The risks of participating in these multi-employer plans are different from single-employer plans in the following aspects:

•Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers.
•If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.
•If the Company chooses to stop participating in some of its multi-employer plans, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability.

The following table outlines the Company’s participation in multi-employer pension plans for the years ended December 31, 2023, 2022 and 2021 and sets forth the calendar year contributions and accruals for each plan. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The most recent Pension Protection Act zone status available in 2023 and 2022 relates to the plans’ two most recent fiscal year-ends. The zone status is based on information that the Company received from the plans’ administrators and is certified by each plan’s actuary. Plans certified in the red zone are generally less than 65% funded, plans certified in the orange zone are both less than 80% funded and have an accumulated funding deficiency or are expected to have a deficiency in any of the next six plan years, plans certified in the yellow zone are less than 80% funded and plans certified in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates whether a financial improvement plan (“FIP”) for yellow/orange zone plans, or a rehabilitation plan (“RP”) for red zone plans, is either pending or has been implemented. As of December 31, 2023 and 2022, all plans that have either a FIP or RP requirement have had the respective plan implemented.
 EIN/ Pension
Plan Number		Pension Protection Act
Zone Status		FIP/RP Status
Pending/
Implemented
Contributions and Accruals (in $000’s)
Company
Contributions > 5%		Union
Contract
Expires
Pension Fund20232022202320222021
SEIU National Industry Pension Fund52-6148540RedRedYes/Implemented$562 $495 $460 No4/30/2025
New England Carpenters Pension Fund51-6040899GreenGreenNo138 95 75 No5/31/2024
Plumbers and Pipefitters Pension Fund52-6152779GreenYellowNo277 267 175 No8/30/2026
Rhode Island Laborers Pension Fund51-6095806GreenGreenNo597 656 671 No10/31/2025
New England Teamsters Pension Fund04-6372430RedRedYes/Implemented298 278 254 No6/30/2028
The Legacy Plan of the UNITE HERE Retirement Fund(2)
82-0994119/001RedRedYes/Implemented1,014 963 1,319 No8/31/2028
The Adjustable Plan of the UNITE HERE Retirement Fund(2)
82-0994119/002
N/A(1)
N/A(1)
No5/31/2026
Local 68 Engineers Union Pension Fund51-0176618YellowYellowYes/Implemented289 286 269 No4/30/2027
Northeast Carpenters Pension Fund11-1991772GreenGreenNo94 127 122 No4/30/2027
International Painters and Allied Trades Industry Pension Fund52-6073909RedYellowNo68 82 80 No4/30/2027
Total Contributions$3,337 $3,249 $3,425   
__________________________________
(1)The Plan is not subject to the Pension Protection Act of 2016 zone status certification rule.
(2)Formerly listed as Hotel & Restaurant Employees International Pension Fund - Allocations of contributions between the two plans are determined by the plan administrator. Unions at Bally’s Twin River and Bally’s Atlantic City participate in the UNITE HERE Retirement funds.


Contributions, based on wages paid to covered employees totaled approximately $3.3 million, $3.2 million and $3.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. These aggregate contributions were not individually significant to any of the respective plans. The Company’s share of the unfunded vested liability related to its multi-employer plans, if any, other than the New England Teamsters and Trucking Industry Pension Fund discussed below, is not determinable.

Under the terms of certain collective bargaining agreements, the Company contributes to a number of multi-employer annuity funds. Contributions are made at a fixed rate per hour worked, in accordance with the collective bargaining agreements. These plans are not subject to the withdrawal liability provisions applicable to multi-employer defined benefit pension plans. Contributions made to these plans by the Company were $2.8 million, $2.6 million and $2.5 million for the years ended December 31, 2023, 2022 and 2021, 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, 2023 and 2022, the benefit obligation was $16.9 million and $20.8 million, respectively, and the fair value of plan assets were $16.5 million and $19.0 million, respectively. The Company did not make any contributions to the plan during the year ended December 31, 2023 and does not expect to contribute in 2024. Net periodic benefit income and total income recognized in other comprehensive income for the year ended December 31, 2023 were $0.3 million and $0.7 million, respectively. Amounts relating to the plan recognized in the consolidated balance sheets as of December 31, 2023 and 2022 consist of non-current liabilities of $0.5 million and $1.8 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.
Defined Contribution Plans

The Company has a retirement savings plan under Section 401(k) of the Internal Revenue Code covering its US non-union employees and certain union employees. The plan allows employees to defer up to the lesser of the Internal Revenue Code prescribed maximum amount or 100% of their income on a pre-tax basis through contributions to the plan. Gamesys also operates defined contribution retirement benefit plans for their U.K., US, Toronto, Isle of Man and Gibraltar offices. Eligible employees are allowed to contribute between 3-5% of their base salary to the various plans and the Company matches all employee contributions. Total employer contribution expense attributable to defined contribution plans was $8.5 million, $7.1 million and $4.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.
v3.24.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The components of income (loss) before taxes are as follows:

Years Ended December 31,
(in thousands)202320222021
Domestic$(244,412)$(444,549)$(126,347)
Foreign58,674 (9,920)7,273 
Total$(185,738)$(454,469)$(119,074)

The components of the provision (benefit) for income taxes are as follows:
Years Ended December 31,
(in thousands)202320222021
Current taxes   
Federal$(4,419)$9,318 $(10,284)
State3,673 8,289 4,676 
Foreign26,431 41,599 6,448 
25,685 59,206 840 
Deferred taxes
Federal11,302 (32,304)294 
State720 (9,429)4,770 
Foreign(35,945)(46,396)(10,281)
(23,923)(88,129)(5,217)
Provision (benefit) for income taxes$1,762 $(28,923)$(4,377)
The effective rate varies from the statutory US federal tax rate as follows:
 Years Ended December 31,
(in thousands)202320222021
Income tax (benefit) expense at statutory federal rate$(39,009)$(95,439)$(15,997)
State income taxes, net of federal effect(14,716)(10,096)7,462 
Foreign tax rate adjustment(50,082)(17,455)(7,165)
Nondeductible professional fees430 1,370 10,421 
Other permanent differences including lobbying expense1,066 2,414 4,696 
Share-based compensation2,577 3,348 2,227 
Gain on bargain purchases— 22 (4,796)
CARES Act— — (5,320)
Return to provision adjustments(8,810)(2,275)(595)
Global intangible low-tax income (“GILTI”)14,333 2,404 327 
Loss on derivative instruments— — 4,363 
Goodwill— 28,935 — 
Change in uncertain tax positions1,103 (2,224)— 
Change in valuation allowance94,870 60,073 — 
Total provision (benefit) for income taxes$1,762 $(28,923)$(4,377)
Effective income tax rate on continuing operations(0.9)%6.4 %3.7 %

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, 2023 and 2022 are as follows:
 Years Ended December 31,
(in thousands)20232022
Deferred tax assets:  
Accrued liabilities and other$44,707 $5,585 
Share-based compensation7,818 1,699 
Commercial rights liabilities31,376 29,248 
Self constructed assets— 5,690 
Interest195,628 79,757 
Goodwill— 3,140 
Net operating loss carryforwards28,468 19,043 
Valuation allowance(154,943)(60,073)
Total deferred tax assets, net153,054 84,089 
Deferred tax liabilities:
Land(4,142)(4,058)
Property and equipment(46,472)(52,202)
Change in accounting method(280)(73)
RI Joint Venture and GLPI Partnership(108,598)— 
Amortizable assets(83,118)(140,229)
Total deferred tax liabilities(242,610)(196,562)
Net deferred tax liabilities$(89,556)$(112,473)
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 $154.9 million and $60.1 million valuation allowance has been established as of December 31, 2023 and 2022, respectively. The change in valuation allowance for the years ended December 31, 2023 and 2022 was $94.9 million and $60.1 million, respectively. There was no change in valuation allowance for the year ended December 31, 2021.

At December 31, 2023, the Company’s cash and cash equivalents totaled $163.2 million, of which approximately 10% was held in locations outside the US. During the year ended December 31, 2022, the Company changed its assertion and will not indefinitely reinvest undistributed earnings. Accordingly, the Company has determined that no deferred tax liability is required for undistributed foreign earnings at December 31, 2023 and 2022 and will continue to monitor for future changes.

For the years ended December 31, 2023 and 2022 the net deferred tax liabilities decreased by $22.9 million and decreased by $90.1 million, respectively. 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. For the year ended December 31, 2022, a decrease of $88.1 million was included in income from operations, a decrease related to the foreign exchange remeasurement of $1.4 million and a decrease of $0.6 million included in other comprehensive loss.

As of December 31, 2023, the Company has $25.4 million of federal net operating carryforwards subject to a section 382 limitation with an unlimited carryforward period. There was $9.1 million of federal net operating carryforwards subject to a section 382 limitation with an unlimited carryforward period as of December 31, 2022. As of December 31, 2023 and 2022, the Company had $310.3 million and $174.5 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, 2023, the Company expects to utilize all acquired tax attributes prior to expiration.

CARES Act

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. 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.

The Company realized a tax benefit of $5.3 million in the year ended December 31, 2021. 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, 2023, there was $29.3 million tax contingency accruals and deferred tax asset reductions for uncertain tax positions, of which $25.7 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)20232022
2021(1)
Uncertain tax position liability at the beginning of the year$11,277 $5,131 $— 
Increases related to tax positions taken during the year18,009 — — 
Increases related to tax positions taken during prior period— 11,277 5,131 
Decreases related to tax positions taken during prior periods— (5,131)— 
Uncertain tax position liability at the end of the year$29,286 $11,277 $5,131 
__________________________________
(1)    There was an acquired tax contingency accrual of $5.1 million for uncertain tax positions recorded as of December 31, 2021.

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 $0.7 million and $0.1 million as of December 31, 2023 and 2022, respectively. The Company has recorded $0.6 million and $0.1 million of interest on uncertain tax positions on the consolidated statements of operations for the years ended December 31, 2023 and 2022, 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 2023, 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 2023. 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.
v3.24.0.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Litigation

Diamond commenced reorganization proceedings under Chapter 11 of the Bankruptcy Code in March 2023. In July 2023, Diamond commenced litigation against Sinclair, Bally’s and others as part of its bankruptcy proceedings, challenging a series of transactions between Sinclair and Diamond. One of the 19 counts in the complaint includes Bally’s as a defendant, alleging that the Commercial Agreement with Sinclair involved fraudulent transfers and unlawful distributions. Subsequent to December 31, 2023, Diamond agreed to settle these claims against all defendants, including Bally’s. Under 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. 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. Bally’s recognized a $144.9 million non-cash liability to reflect the net effect of the termination of naming rights on its remaining commercial rights intangible asset originally recorded at the time that the arrangement was agreed.

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.

Master Video Lottery Terminal Contract

The current terms for the Twin River Casino Hotel and Tiverton Casino Hotel contracts with the Division of Lotteries of the Rhode Island Department of Revenue end on July 1, 2043. The Tiverton Casino Hotel contract was automatically assigned, pursuant to Rhode Island law, from Newport Grand to Tiverton Casino Hotel upon commencement of gaming operations at the Tiverton Casino Hotel.

In connection with the Company’s joint venture with IGT, a joint venture was organized as the Rhode Island VLT Company, LLC to supply the State of Rhode Island with all VLTs at both Bally’s Twin River and Bally’s Tiverton. Under the transaction agreement for the joint venture, dated December 21, 2022, the Company has agreed to pay $7.5 million to an affiliate of IGT, payable in two equal parts, the first was paid in the first half of 2023 and the second will be payable on or before June 15, 2024.

Capital Expenditure Commitments

Bally’s Atlantic City - As part of the regulatory approval process with the State of New Jersey, the Company committed to spend $100 million in capital expenditures over a five year period to invest in and improve the property. The commitment calls for expenditures of no less than $85 million in aggregate by 2023. The remaining $15 million of committed capital must be spent over 2024 and 2025. From 2021 through 2025, no less than $35 million must be invested in the hotel and no less than $65 million must be invested in non-hotel projects. As of December 31, 2023, approximately $7.7 million of the commitment remains.

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, 2023, approximately $64 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.
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 must pay various gaming license fees to the Illinois Gaming Board in connection with the Company’s casino operations. These fees include: (i) a $250,000 land based gaming fee to operate the casino on land prior to commencing operations, (ii) a $250,000 license fee prior to receiving an owners license and gambling operations commence, (iii) gaming position fees equal to the minimum initial fee of $30,000 per gaming position to be paid within 30 days of issuance of an owners license or Temporary Operating Permit (“TOP”), (iv) a $15 million reconciliation fee upon issuance of a TOP or an owners license, whichever is earlier, and (v) 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. On September 9, 2023, operations commenced at the Company’s Bally’s Chicago temporary casino, which triggered $135.3 million in such required gaming license fees to be paid to the Illinois Gaming Board.

Sponsorship Commitments

As of December 31, 2023, the Company has entered into multiple sponsorship agreements with various professional sports leagues and teams. These agreements commit a total of $135.0 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. The cumulative minimum obligation committed in these agreements is approximately $55.4 million, beginning in 2024, and extending through 2028.

Collective Bargaining Agreements

As of December 31, 2023, the Company had approximately 10,500 employees. Most of the Company’s employees in Rhode Island, Nevada and New Jersey are represented by a labor union and have collective bargaining agreements with the Company. As of such date, the Company had 32 collective bargaining agreements covering approximately 3,040 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.
v3.24.0.1
SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company has three operating and reportable segments: Casinos & Resorts, International Interactive and North America Interactive. The “Other” category includes interest expense for the Company and certain unallocated corporate operating expenses and other adjustments, including eliminations of transactions among segments to reconcile to the Company’s consolidated results including, among other expenses, share-based compensation, acquisition and other transaction costs and certain non-recurring charges.

The Company’s three reportable segments as of December 31, 2023 are:

Casinos & Resorts - Includes the Company’s 16 casino and resort properties, one horse racetrack and one golf course.

International Interactive - Gamesys’ European and Asian operations.
North America Interactive - A portfolio of sports betting, iGaming, and free-to-play gaming brands, and the North American operations of Gamesys.

As of December 31, 2023, the Company’s operations were predominately in the US, Europe and Asia 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 25% and 11%, 25% and 12%, and 11% and 6% of total revenue, respectively, during the year ended December 31, 2023, 2022 and 2021, respectively. The Company does not have any revenues from any individual customers that exceed 10% of total reported revenues.

Beginning in the third quarter of 2023, the Company updated its measure of segment performance to Adjusted EBITDAR (defined below) from Adjusted EBITDA. The prior year results presented below were reclassified to conform to the new segment presentation. 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.

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)202320222021
Revenue
Casinos & Resorts$1,363,291 $1,227,563 $1,032,828 
International Interactive973,210 946,442 251,263 
North America Interactive112,572 81,700 38,352 
Total$2,449,073 $2,255,705 $1,322,443 
Adjusted EBITDAR(1)
Casinos & Resorts$428,968 $398,930 $345,276 
International Interactive343,559 321,651 69,944 
North America Interactive(55,653)(65,729)(12,413)
Other(63,770)(53,024)(45,334)
Total653,104 601,828 357,473 
Operating income (costs) and (expenses):
Rent expense associated with triple net operating leases(2)
(125,775)(53,313)(27,571)
Depreciation and amortization(350,408)(300,559)(144,786)
Transaction costs(80,376)(85,604)(84,543)
Restructuring(31,014)— — 
Share-based compensation(24,074)(27,912)(20,143)
Gain from sale-leaseback, net374,321 50,766 53,425 
Impairment charges(149,825)(463,978)(4,675)
Diamond Sports Group non-cash liability(144,883)— — 
Other(17,061)(14,236)(35,798)
Income (loss) from operations104,009 (293,008)93,382 
Other income (expense)
Interest expense, net of interest income(277,561)(208,153)(117,924)
Other(12,186)46,692 (94,532)
Total other expense, net(289,747)(161,461)(212,456)
Loss before income taxes(185,738)(454,469)(119,074)
(Provision) benefit for income taxes(1,762)28,923 4,377 
Net loss$(187,500)$(425,546)$(114,697)
__________________________________
(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. Adjusted EBITDAR should not be construed as an alternative to GAAP net income, its most directly comparable GAAP measure, nor is it directly comparable to similarly titled measures presented by other companies.
(2)    Consists primarily of the operating lease components contained within certain triple net leases with GLPI. Refer to Note 17 “Leases” for further information.

Years Ended December 31,
(in thousands)202320222021
Capital Expenditures
Casinos & Resorts$143,526 $183,693 $92,479 
International Interactive2,462 12,392 4,166 
North America Interactive1,986 6,635 172 
Other163,509 9,536 708 
Total$311,483 $212,256 $97,525 
Total assets are not regularly reviewed for each operating segment when assessing segment performance or allocating resources and accordingly, are not presented. As of December 31, 2023, over 98% of the Company’s long-lived assets, consisting primarily of property and equipment, are located within the US.
v3.24.0.1
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
EARNINGS PER SHARE LOSS PER SHARE
Diluted earnings per share includes the determinants of basic earnings per share and, in addition, reflects the dilutive effect of the common stock deliverable for stock options, using the treasury stock method, and for RSUs, RSAs and PSUs for which future service is required as a condition to the delivery of the underlying common stock.
 Years Ended December 31,
 202320222021
Net loss applicable to common stockholders$(187,500)$(425,546)$(114,697)
Weighted average common shares outstanding, basic53,350,817 58,111,699 49,643,991 
Weighted average effect of dilutive securities— — — 
Weighted average common shares outstanding, diluted53,350,817 58,111,699 49,643,991 
Per share data
Basic$(3.51)$(7.32)$(2.31)
Diluted$(3.51)$(7.32)$(2.31)
Anti-dilutive shares excluded from the calculation of diluted earnings per share5,021,833 5,188,388 5,015,803 
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, 2023, 2022 and 2021, the shares underlying the Performance Warrants were anti-dilutive as certain contingencies were not met. Refer to Note 14 “Strategic Partnership - Sinclair Broadcast Group” for further information.
v3.24.0.1
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On January 29, 2024, the Company announced that it will 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 expects to incur between $15 million to $20 million of severance charges and accelerated depreciation of approximately $80 million, during the first quarter of 2024.
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net loss $ (187,500) $ (425,546) $ (114,697)
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2023
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
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2023
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).
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.
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 doubtful accounts, valuation of goodwill and intangible assets, recoverability and useful lives of tangible and intangible long-lived assets, accruals for players club card incentives and 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 doubtful accounts 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.
The Bally’s Chicago ground lease 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. Lease payments are included in “Interest expense, net” within our consolidated statements of operations. Refer to Note 17 “Leases” for further information.
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.

For the quantitative goodwill impairment test, the Company estimates the fair value of the reporting unit using both income and market-based approaches. Specifically, the Company applies the discounted cash flow (“DCF”) method under the income approach and the guideline company under the market approach and weighs the results of the two valuation methodologies based on the facts and circumstances surrounding the reporting unit. For the DCF method, the Company relies on the present value of expected future cash flows, including terminal value, utilizing a market-based weighted average cost of capital (“WACC”) determined separately for the reporting unit as of the valuation date. The determination of fair value under the DCF method involves 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 utilizes a comparison of the reporting unit to comparable publicly-traded companies and transactions and, based on the observed earnings multiples, ultimately selects multiples to apply to the reporting unit. The Company then compares the fair value of its reporting units to the carrying amounts. If the carrying amount of the reporting unit exceeds the fair value, an impairment is recorded equal to the amount of the excess (not to exceed the amount of goodwill allocated to the reporting unit).

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 14 “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. The self-insurance liabilities are included in “Accrued liabilities” in the consolidated balance sheets
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 18 “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 11 “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 11 “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 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 marketing costs directly associated with the Company’s iGaming products and services. These marketing expenses are included within Gaming expenses in the consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021 were $178.7 million, $174.7 million and $60.8 million, respectively. 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, net of interest income and 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.
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
Earnings (Loss) Per Share

Basic earnings (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 earnings (loss) per common share. The two-class method is an earnings allocation method under which basic earnings (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 earnings (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 October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this update address diversity in practice and inconsistency related to recognition of an acquired contract liability and the effect of payment terms on subsequent revenue recognition for the acquirer. This update is effective for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years, with early adoption permitted. The Company’s adoption of this ASU in the first quarter of 2023 did not have a material impact on its consolidated financial statements.

In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848. The amendments in this update defer the sunset date of Topic 848, which applies to entities which have transactions that reference LIBOR or other reference rates which are expected to be discontinued due to reference rate reform, until December 31, 2024. The Company’s adoption of this ASU in the second quarter of 2023 did not have a material impact on its consolidated financial statements.

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 November 2023, the FASB issued 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 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.
v3.24.0.1
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Recently Adopted and Issued Accounting Pronouncements
Standards Implemented

In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this update address diversity in practice and inconsistency related to recognition of an acquired contract liability and the effect of payment terms on subsequent revenue recognition for the acquirer. This update is effective for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years, with early adoption permitted. The Company’s adoption of this ASU in the first quarter of 2023 did not have a material impact on its consolidated financial statements.

In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848. The amendments in this update defer the sunset date of Topic 848, which applies to entities which have transactions that reference LIBOR or other reference rates which are expected to be discontinued due to reference rate reform, until December 31, 2024. The Company’s adoption of this ASU in the second quarter of 2023 did not have a material impact on its consolidated financial statements.

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 November 2023, the FASB issued 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 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.
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Accounts Receivable
Accounts receivable, net consists of the following:
December 31,
(in thousands)20232022
Accounts due from Rhode Island and Delaware(1)
$13,028 $15,865 
Gaming receivables26,127 19,065 
Non-gaming receivables37,221 42,532 
Accounts receivable76,376 77,462 
Less: Allowance for doubtful accounts(6,048)(5,789)
Accounts receivable, net$70,328 $71,673 
__________________________________
(1)    Represents the Company’s share of VLT and table games revenue for Bally’s Twin River and Bally’s Tiverton due from the State of Rhode Island and from the State of Delaware for Bally’s Dover.
Schedule of Allowance for Doubtful Accounts Activity for the allowance for doubtful accounts is as follows:
December 31,
(in thousands)202320222021
Balance at beginning of year$5,789 $4,454 $3,067 
Charges to expense1,250 1,649 1,717 
Deductions(991)(602)(701)
Other adjustments— 288 371 
Balance at end of year$6,048 $5,789 $4,454 
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, 2023 and 2022, property and equipment, net was comprised of the following:
 December 31,
(in thousands)20232022
Land$238,997 $259,378 
Land improvements162,211 31,197 
Building and improvements673,071 752,964 
Equipment264,398 246,340 
Furniture and fixtures68,746 63,753 
Construction in process73,810 116,181 
Total property, plant and equipment1,481,233 1,469,813 
Less: Accumulated depreciation(1)
(306,345)(267,711)
Property and equipment, net$1,174,888 $1,202,102 
__________________________________
(1)    Depreciation expenses on property and equipment for the years ended December 31, 2023, 2022 and 2021 was $118.7 million, $71.7 million and $53.7 million, respectively.
v3.24.0.1
CONSOLIDATED FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Other Nonoperating Expense
Amounts included in Other non-operating income (expense), net for the years ended December 31, 2023, 2022 and 2021 were as follows:
Year Ended December 31,
(in thousands)202320222021
Change in value of commercial rights liabilities$(7,716)$32,577 $17,029 
Net gain on equity method investments4,255 — — 
(Adjustment) gain on bargain purchases— (107)22,841 
Gain (loss) on extinguishment of debt4,044 — (103,007)
Foreign exchange (loss) gain(11,019)516 (33,461)
Other, net(1,750)13,706 2,066 
Total other non-operating (expense) income, net$(12,186)$46,692 $(94,532)
Schedule Of General And Administrative Expense
Amounts included in General and administrative for the years ended December 31, 2023, 2022 and 2021 were as follows:
Year Ended December 31,
(in thousands)202320222021
Advertising, general and administrative$888,787 $776,226 $496,658 
Diamond Sports Group non-cash liability(1)
144,883 — — 
Acquisition and integration49,292 49,480 71,288 
Restructuring31,014 — — 
Contract termination— — 30,000 
Total general and administrative$1,113,976 $825,706 $597,946 
__________________________________
(1)    Refer to Note 22 “Commitments and Contingencies” for further information
v3.24.0.1
REVENUE RECOGNITION (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023, 2022 and 2021:
 Years Ended December 31,
(in thousands)202320222021
Hotel$94,650 $87,540 $55,782 
Food and beverage80,899 70,476 61,038 
Retail, entertainment and other11,100 10,195 7,556 
 $186,649 $168,211 $124,376 
The following table provides a disaggregation of total revenue by segment (in thousands):
Years Ended December 31,Casinos & ResortsInternational InteractiveNorth America InteractiveTotal
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 
2021
Gaming$803,940 $239,110 $10,442 $1,053,492 
Non-gaming:
Hotel95,356 — — 95,356 
Food and beverage92,906 — — 92,906 
Retail, entertainment and other40,626 12,153 27,910 80,689 
Total non-gaming revenue228,888 12,153 27,910 268,951 
Total revenue$1,032,828 $251,263 $38,352 $1,322,443 
Contract with Customer, Contract Liabilities
Liabilities related to contracts with customers as of December 31, 2023 and 2022 were as follows:
December 31,
20232022
Loyalty programs$16,803 $20,264 
Advanced deposits from customers29,052 27,956 
Unpaid wagers20,481 14,038 
Total$66,336 $62,258 
v3.24.0.1
BUSINESS COMBINATIONS (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [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, 2023:

Acquired during the year ended December 31, 20232022202120212021
(in thousands)Bally’s Golf LinksTropicana Las VegasBally’s Quad CitiesBally’s EvansvilleBally’s Lake Tahoe
Preliminary(6)
Final(7)
Final(8)
Final(8)
Final(8)
Total current assets$1,108 $7,924 $6,717 $12,031 $4,683 
Property and equipment, net505 136,116 73,135 12,325 6,361 
Right of use assets, net— 164,884 — 285,772 57,017 
Goodwill104,032 8,794 13,308 — — 
Intangible assets, net(1) to (5)
6,500 5,140 31,180 154,210 5,430 
Other assets2,000 766 — 468 — 
Total current liabilities(345)(10,129)(5,412)(10,927)(3,546)
Lease liabilities— (164,884)— (285,772)(52,927)
Other long-term liabilities— (395)— (7,543)(904)
Net assets acquired113,800 148,216 118,928 160,564 16,114 
Bargain purchase gain— — — (20,856)(1,942)
Total purchase price$113,800 $148,216 $118,928 $139,708 $14,172 
__________________________________
(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)    Bally’s Quad Cities’ intangible assets include gaming licenses of $30.3 million with an indefinite life, as well as rated player relationships and a trade name of $0.7 million and $0.2 million, respectively, which are being amortized on a straight-line basis over their estimated useful lives of approximately nine years and four months, respectively.
(4)    Bally’s Evansville’s intangible assets include gaming licenses of $153.6 million with an indefinite life and rated player relationships of $0.6 million which are being amortized on a straight-line basis over an estimated useful life of approximately eight years.
(5)    Bally’s Lake Tahoe’s intangible assets include gaming licenses of $5.2 million with an indefinite life and a trade name of $0.2 million, which are being amortized on a straight-line basis over its estimated useful life of approximately six months.
(6)    The Company recorded adjustments to the preliminary purchase price allocation during the year ended December 31, 2023 which increased goodwill and the total purchase price by $2.6 million.
(7)    The Company recorded adjustments to the preliminary purchase price allocation during the year ended December 31, 2023 which decreased total current assets by $0.2 million, increased goodwill by $0.2 million, decreased total current liabilities by $0.1 million and increased the total purchase price by $0.1 million.
(8)    The Company recorded immaterial adjustments to purchase price allocations for 2021 acquisitions during the year ended December 31, 2022.
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
Preliminary(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 recorded adjustments to the preliminary purchase price allocation during the year ended December 31, 2023 which decreased right of use assets and corresponding lease liabilities by $0.4 million, increased goodwill by $0.3 million, decreased total current liabilities by $0.8 million, and increased the total purchase price by $1.1 million.
The following table summarizes the consideration paid and the fair values of the assets acquired and liabilities assumed in connection with the North America Interactive Acquisitions:

(in thousands)
Final(2)
Cash and cash equivalents$8,689 
Accounts receivable, net4,498 
Prepaid expenses and other current assets
3,104 
Property and equipment, net596 
Intangible assets, net(1)
167,075 
Goodwill
250,730 
Total current liabilities
(14,787)
Deferred tax liability(15,811)
Acquired non-controlling interest(3,760)
Net investment in North America Interactive Acquisitions
$400,334 
__________________________________
(1)    Include customer relationships of $41.5 million, which are being amortized over estimated useful lives between three and ten years, developed software of $122.4 million, which is being amortized over estimated useful lives between three and ten years, and trade names of $3.1 million, which are being amortized over estimated useful lives between 10 and 15 years.
(2)    The Company recorded immaterial adjustments to the purchase price allocation during the year ended December 31, 2022.
The following table summarizes the consideration paid and the fair values of the assets acquired and liabilities assumed in connection with the acquisition of Gamesys as of October 1, 2021:

(in thousands)
Final(2)
Cash and cash equivalents and restricted cash$183,306 
Accounts receivable, net35,851 
Prepaid expenses and other current assets
28,418 
Property and equipment, net15,230 
Right of use assets, net14,185 
Goodwill
1,683,762 
Intangible assets, net(1)
1,510,323 
Other assets17,668 
Accounts payable(47,881)
Accrued income taxes(40,250)
Accrued liabilities(180,237)
Long-term debt, net(456,469)
Lease liabilities(14,185)
Deferred tax liability(143,924)
Other long-term liabilities(6,680)
Total purchase price
$2,599,117 
__________________________________
(1)    Intangible assets include customer relationships of $980.2 million and developed technology of $282.0 million, both of which are being amortized over seven years, and trade names of $247.1 million, which have indefinite lives.
(2)    During the year ended December 31, 2022, the Company recorded adjustments to the purchase price allocation including a $0.5 million increase to prepaid expenses and other current assets, a $5.3 million increase to goodwill, a $2.7 million decrease to intangible assets, net and a $3.1 million increase to accrued liabilities.
Business Combinations, Pro Forma Information
The following unaudited pro forma consolidated financial information for the twelve months ended December 31, 2021 combines the results of the Company for the year ended December 31, 2021 and the unaudited results of Bally’s Lake Tahoe, Bally’s Evansville and Gamesys for each period subsequent to their respective acquisition dates through December 31, 2021. The revenue, earnings and pro forma effects of the Bally’s Interactive Acquisitions and Bally’s Quad Cities completed during the year ended December 31, 2021, and the acquisitions completed during the years ended December 31, 2023 and 2022 are not material to results of operations, individually or in the aggregate.
These unaudited pro forma financial results are presented for informational purposes only and do not purport to be indicative of the operating results of the Company that would have been achieved had the acquisitions actually taken place on January 1, 2021. In addition, these results are not intended to be a projection of future results and do not reflect events that may occur, including but not limited to revenue enhancements, cost savings or operating synergies that the combined Company may achieve as a result of the acquisitions.
(in thousands, except per share data)Years Ended December 31, 2021
Revenue$2,221,870 
Net income$46,048 
v3.24.0.1
ASSETS AND LIABILITIES HELD FOR SALE (Tables)
 12 Months Ended
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Assets and liabilities classified as held for sale
The major classes of assets and liabilities classified as held for sale as of December 31, 2023 and 2022 are as follows:

(in thousands)December 31, 2023December 31, 2022
Assets:
Restricted cash, prepaid expenses and other current assets$1,815 $3,756 
Goodwill— 9,399 
Intangible assets, net— 4,022 
Assets held for sale(1)
$1,815 $17,177 
Liabilities related to assets held for sale(1)(2)
$1,307 $3,409 
__________________________________
(1)    All assets and liabilities held for sale were classified as current as of December 31, 2023 and 2022.
(2)    Liabilities related to assets held for sale were made up of accounts payable and accrued liabilities.
v3.24.0.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)
 12 Months Ended
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Prepaid Expenses and Other Assets
As of December 31, 2023 and 2022, prepaid expenses and other assets was comprised of the following:
December 31,
(in thousands)20232022
Services and license agreements$32,466 $31,396 
Due from payment service providers12,662 30,621 
Prepaid insurance12,181 6,374 
Short term derivative assets9,530 — 
Gaming taxes and licenses9,309 4,644 
Prepaid marketing8,685 8,042 
Sales tax7,565 5,900 
Purse funds6,404 8,093 
Other9,294 5,647 
   Total prepaid expenses and other current assets$108,096 $100,717 
v3.24.0.1
PROPERTY AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023 and 2022, property and equipment, net was comprised of the following:
 December 31,
(in thousands)20232022
Land$238,997 $259,378 
Land improvements162,211 31,197 
Building and improvements673,071 752,964 
Equipment264,398 246,340 
Furniture and fixtures68,746 63,753 
Construction in process73,810 116,181 
Total property, plant and equipment1,481,233 1,469,813 
Less: Accumulated depreciation(1)
(306,345)(267,711)
Property and equipment, net$1,174,888 $1,202,102 
__________________________________
(1)    Depreciation expenses on property and equipment for the years ended December 31, 2023, 2022 and 2021 was $118.7 million, $71.7 million and $53.7 million, respectively.
v3.24.0.1
GOODWILL AND INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023 and 2022 is as follows:
(in thousands)Casinos & ResortsInternational InteractiveNorth America InteractiveTotal
Goodwill as of December 31, 2021(1)
$201,952 $1,637,343 $283,358 $2,122,653 
Goodwill from current year business combinations8,590 — — 8,590 
Impairment charges— — (231,569)(231,569)
Effect of foreign exchange— (145,424)(2,889)(148,313)
Purchase accounting adjustments on prior year business combinations(1,285)5,286 239 4,240 
Transferred to assets held for sale (2)
— — (9,399)(9,399)
Goodwill as of December 31, 2022(3)
$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(3)
$313,493 $1,586,590 $35,720 $1,935,803 
__________________________________
(1)    Amounts are shown net of accumulated goodwill impairment charges of $5.4 million for Casinos and Resorts.
(2)    Goodwill transferred to assets held for sale consists of $100.6 million of goodwill and $91.2 million of accumulated impairment.
(3)    Amounts are shown net of accumulated goodwill impairment charges of $5.4 million and $140.4 million for Casinos and Resorts and North America Interactive, respectively.
Schedule of Identifiable Intangible Assets
The change in intangible assets, net for the years ended December 31, 2023 and 2022 is as follows (in thousands):
Intangible assets, net as of December 31, 2021$2,477,952 
Intangible assets from current year business combinations5,140 
Effect of foreign exchange(125,911)
Impairment charges(232,409)
Internally developed software37,121 
Other intangibles acquired32,976 
Transferred to assets held for sale(4,022)
Less: Accumulated amortization(228,909)
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 
__________________________________
(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, 2023
(in thousands, except years)Gross Carrying AmountAccumulated
Amortization		Net
Amortizable intangible assets:   
Commercial rights - Sinclair(1)
7.2$315,847 $(89,901)$225,946 
Trade names5.837,042 (18,125)18,917 
Hard Rock license23.58,000 (2,303)5,697 
Customer relationships4.8974,286 (314,053)660,233 
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 
Other9.911,505 (3,621)7,884 
Total amortizable intangible assets1,721,302 (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 assets689,303 — 689,303 
Total intangible assets, net$2,410,605 $(539,177)$1,871,428 
__________________________________
(1)    Commercial rights intangible asset in connection with Framework Agreement. Refer to Note 14 “Strategic Partnership - Sinclair Broadcast Group” for further information.

Weighted
average
remaining life
(in years)		December 31, 2022
(in thousands, except years)Gross
amount		Accumulated
amortization		Net
Amount
Amortizable intangible assets:    
Commercial rights - Sinclair(2)
8.1$314,585 $(58,982)$255,603 
Trade names2.717,750 (16,196)1,554 
Hard Rock license24.58,000 (2,061)5,939 
Customer relationships5.8907,199 (166,155)741,044 
Developed technology5.7256,512 (45,769)210,743 
Internally developed software4.026,520 (5,444)21,076 
Gaming licenses7.834,016 (4,892)29,124 
Other2.64,917 (2,110)2,807 
Total amortizable intangible assets 1,569,499 (301,609)1,267,890 
Intangible assets not subject to amortization: 
Gaming licensesIndefinite529,171 — 529,171 
Trade NamesIndefinite164,391 — 164,391 
OtherIndefinite486 —486 
Total unamortizable intangible assets 694,048 — 694,048 
Total intangible assets, net $2,263,547 $(301,609)$1,961,938 
__________________________________
(2)    See note (1) above.
Schedule of Identifiable Intangible Assets
The change in intangible assets, net for the years ended December 31, 2023 and 2022 is as follows (in thousands):
Intangible assets, net as of December 31, 2021$2,477,952 
Intangible assets from current year business combinations5,140 
Effect of foreign exchange(125,911)
Impairment charges(232,409)
Internally developed software37,121 
Other intangibles acquired32,976 
Transferred to assets held for sale(4,022)
Less: Accumulated amortization(228,909)
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 
__________________________________
(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, 2023
(in thousands, except years)Gross Carrying AmountAccumulated
Amortization		Net
Amortizable intangible assets:   
Commercial rights - Sinclair(1)
7.2$315,847 $(89,901)$225,946 
Trade names5.837,042 (18,125)18,917 
Hard Rock license23.58,000 (2,303)5,697 
Customer relationships4.8974,286 (314,053)660,233 
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 
Other9.911,505 (3,621)7,884 
Total amortizable intangible assets1,721,302 (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 assets689,303 — 689,303 
Total intangible assets, net$2,410,605 $(539,177)$1,871,428 
__________________________________
(1)    Commercial rights intangible asset in connection with Framework Agreement. Refer to Note 14 “Strategic Partnership - Sinclair Broadcast Group” for further information.

Weighted
average
remaining life
(in years)		December 31, 2022
(in thousands, except years)Gross
amount		Accumulated
amortization		Net
Amount
Amortizable intangible assets:    
Commercial rights - Sinclair(2)
8.1$314,585 $(58,982)$255,603 
Trade names2.717,750 (16,196)1,554 
Hard Rock license24.58,000 (2,061)5,939 
Customer relationships5.8907,199 (166,155)741,044 
Developed technology5.7256,512 (45,769)210,743 
Internally developed software4.026,520 (5,444)21,076 
Gaming licenses7.834,016 (4,892)29,124 
Other2.64,917 (2,110)2,807 
Total amortizable intangible assets 1,569,499 (301,609)1,267,890 
Intangible assets not subject to amortization: 
Gaming licensesIndefinite529,171 — 529,171 
Trade NamesIndefinite164,391 — 164,391 
OtherIndefinite486 —486 
Total unamortizable intangible assets 694,048 — 694,048 
Total intangible assets, net $2,263,547 $(301,609)$1,961,938 
__________________________________
(2)    See note (1) above.
Schedule of Remaining Amortization Expense
The following table shows the remaining amortization expense associated with finite lived intangible assets as of December 31, 2023:
(in thousands)
2024$233,887 
2025229,416 
2026227,799 
2027226,254 
2028174,017 
Thereafter90,752 
 $1,182,125 
v3.24.0.1
DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following tables summarize the Company’s net investment hedges as of December 31, 2023 (in thousands):
Net Investment HedgesNotional SoldNotional Purchased
Cross currency swaps€461,595 £387,531 
Cross currency swaps£546,759 $700,000 
The following tables summarize the Company’s cash flow hedges as of December 31, 2023 (in thousands):
Cash Flow HedgesNotional AmountIndexCap
Floor(1)
Interest rate contracts - swaps$500,000 US - SOFR——
Interest rate contracts - collars$500,000 US - SOFR4.25%
3.22%
__________________________________
(1)    Weighted average rate.
v3.24.0.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
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 7, 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, 2023
(in thousands)Balance Sheet LocationLevel 1Level 2Level 3
Assets:
Cash and cash equivalentsCash and cash equivalents$163,194 $— $— 
Restricted cashRestricted cash152,068 — — 
Convertible loansOther assets— — 4,115 
Investments in equity securitiesOther assets3,409 — — 
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$318,671 $30,153 $4,115 
Liabilities:
Contingent considerationOther long-term liabilities$— $— $58,580 
Derivative liabilities not designated as hedging instruments:
Sinclair Performance WarrantsCommercial rights liabilities— — 44,703 
Derivative liabilities designated as hedging instruments:
Interest rate contractsOther long-term liabilities— 21,492 — 
Cross currency swapsAccrued liabilities— 1,225 — 
Cross currency swapsOther long-term liabilities— 29,376 — 
Total derivative liabilities at fair value— 52,093 44,703 
Total liabilities$— $52,093 $103,283 

December 31, 2022
(in thousands)Balance Sheet LocationLevel 1Level 2Level 3
Assets:
Cash and cash equivalentsCash and cash equivalents$212,515 $— $— 
Restricted cashRestricted cash52,669 — — 
Convertible loansPrepaid expenses and other current assets657 — — 
Convertible loansOther assets— — 10,212 
Investments in equity securitiesOther assets2,395 — — 
Total assets$268,236 $— $10,212 
Liabilities:
Contingent considerationAccrued liabilities$— $— $8,220 
Derivatives not designated as hedging instruments:
Sinclair Performance WarrantsCommercial rights liabilities— — 36,987 
Total liabilities$— $— $45,207 
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 ConsiderationConvertible LoansTotal
Balance as of December 31, 2021$69,564 $34,931 $2,025 $106,520 
Additions in the period (acquisition fair value)— — 3,777 3,777 
Reductions in the period— (15,862)— (15,862)
Change in fair value(32,577)(10,849)4,410 (39,016)
Balance as of December 31, 202236,987 8,220 10,212 55,419 
Additions in the period (acquisition fair value)— 58,580 1,667 60,247 
Reductions in the period— (9,292)(3,500)(12,792)
Change in fair value7,716 1,072 (4,264)4,524 
Balance as of December 31, 2023$44,703 $58,580 $4,115 $107,398 
Derivative Instruments, Gain (Loss)
The gains (losses) recognized in the consolidated statements of operations for derivatives not designated as hedging instruments during the years ended December 31, 2023, 2022 and 2021 are as follows:
Consolidated Statements of Operations LocationYear Ended December 31,
(in thousands)202320222021
Foreign exchange forward contractsOther non-operating income (expense), net$— $— $(20,882)
Sinclair Performance WarrantsOther non-operating income (expense), net(7,716)32,577 18,555 
Sinclair OptionsOther non-operating income (expense), net— — (1,526)
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 16 “Long-Term Debt” for further information.
 December 31, 2023December 31, 2022
(in thousands)Carrying AmountFair ValueCarrying AmountFair Value
Term Loan Facility$1,871,330 $1,888,100 $1,884,082 $1,872,238 
5.625% Senior Notes due 2029
736,447 596,250 734,497 555,000 
5.875% Senior Notes due 2031
719,858 570,544 732,976 529,905 
v3.24.0.1
ACCRUED LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2023
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities
As of December 31, 2023 and 2022, accrued liabilities consisted of the following:
 December 31,
(in thousands)20232022
Gaming liabilities$177,557 $168,386 
Diamond Sports Group non-cash liability(1)
144,883 — 
Compensation83,112 60,463 
Interest payable66,587 36,173 
Bally’s Chicago - land development liability47,739 — 
GLPI advance deposit(2)
— 200,000 
Other131,841 108,909 
Total accrued liabilities$651,719 $573,931 
__________________________________
(1)    Refer to Note 22 “Commitments and Contingencies” for further information
(2)    Refer to Note 17 “Leases” for further information
v3.24.0.1
RESTRUCTURING EXPENSE (Tables)
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Restructuring Charges
The components of restructuring charges by segment, for the year ended December 31, 2023, are summarized as follows:
International InteractiveNorth America InteractiveOtherTotal
Severance and employee related benefits(1)
$19,591 $9,735 $1,688 $31,014 
Impairment(2)
— 5,745 — 5,745 
Total restructuring charges$19,591 $15,480 $1,688 $36,759 
__________________________________
(1)    Included within “General and administrative” of the consolidated statements of operations.
(2)    Included within “Impairment charges” of the consolidated statements of operations.
Restructuring Reserve
The changes in the Company’s restructuring related liabilities for the year ended December 31, 2023 is as follows:
(in thousands)
Balance as of December 31, 2022$— 
Charges31,014 
Payments(26,649)
Effect of foreign exchange926 
Balance as of December 31, 2023
$5,291 
v3.24.0.1
LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
As of December 31, 2023 and 2022, long-term debt consisted of the following:
 December 31,
(in thousands)20232022
Term Loan Facility(1)
$1,906,100 $1,925,550 
Revolving Credit Facility335,000 137,000 
5.625% Senior Notes due 2029
750,000 750,000 
5.875% Senior Notes due 2031
735,000 750,000 
Less: Unamortized original issue discount(23,756)(27,729)
Less: Unamortized deferred financing fees(39,709)(46,266)
Long-term debt, including current portion3,662,635 3,488,555 
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 $3,643,185 $3,469,105 
__________________________________
(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 11 “Derivative Instruments” for further information.
Schedule of Maturities of Long-term Debt
As of December 31, 2023, the contractual annual principal maturities of long-term debt, including the Revolving Credit Facility, are as follows:
(in thousands)
2024$19,450 
202519,450 
2026354,450 
202719,450 
20281,828,300 
Thereafter1,485,000 
 $3,726,100 
v3.24.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Quantitative Information of Operating Leases
Components of lease expense included within “General and administrative” for operating leases during the years ended December 31, 2023, 2022 and 2021 are as follows:
Year Ended December 31,
(in thousands)202320222021
Operating lease cost$148,375 $75,675 $36,354 
Variable lease cost10,360 8,386 4,191 
Operating lease expense158,735 84,061 40,545 
Short-term lease expense13,249 17,536 11,746 
Total lease expense$171,984 $101,597 $52,291 

Supplemental cash flow and other information related to operating leases for the year ended December 31, 2023 and 2022, are as follows:
Year Ended December 31,
($ in thousands)20232022
Cash paid for amounts included in the lease liability - operating cash flows from operating leases$132,871 $68,689 
Right of use assets obtained in exchange for operating lease liabilities$406,043 $341,747 
Weighted average remaining lease term17.6 years20.7 years
Weighted average discount rate7.5 %6.7 %
Schedule of Future Minimum Rental Commitments
As of December 31, 2023, future minimum lease payments under noncancelable operating leases are as follows:

(in thousands)
2024$138,135 
2025142,825 
2026142,139 
2027136,914 
2028139,187 
Thereafter1,610,842 
Total lease payments2,310,042 
Less: present value discount(1,106,793)
Lease obligations$1,203,249 
v3.24.0.1
EQUITY PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023:
 Restricted Stock
Units		Performance
Stock Units		Weighted
Average
Grant Date
Fair Value
Outstanding at December 31, 2022654,327 62,133 $38.35 
Granted1,111,773 419,341 18.58 
Vested(454,260)(63,151)35.88 
Forfeited(135,229)(70,506)27.21 
Outstanding at December 31, 20231,176,611 347,817 $20.83 
v3.24.0.1
STOCKHOLDERS’ EQUITY (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Schedule of Share Repurchase Activity
Total share repurchase activity during the years ended December 31, 2023, 2022 and 2021 is as follows:
Year Ended December 31,
(in thousands, except share and per share data)2023
2022(1)
2021
Number of common shares repurchased7,581,428 6,621,841 2,188,532 
Total cost$99,081 $153,366 $87,024 
Average cost per share, including commissions$13.07 $23.16 $39.76 
__________________________________
(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 (Note 14)
7,911,724
Sinclair Performance Warrants (Note 14)
3,279,337
Sinclair Options(1) (Note 14)
1,639,669
MKF Penny warrants (Note 12)
44,128
Telescope Contingent shares (Note 12)
8,626
Outstanding awards under Equity Incentive Plans (Note 18)
1,524,428
14,407,912
__________________________________
(1)    Consists of four equal tranches to purchase shares with exercise prices ranging from $30.00 to $45.00 per share, exercisable over a seven-year period beginning on the fourth anniversary of the November 18, 2020 closing of the Framework Agreement.
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table reflects the change in accumulated other comprehensive loss by component for the years ended December 31, 2023, 2022 and 2021:
(in thousands)Foreign Currency Translation AdjustmentBenefit Plans
Cash Flow Hedges(1)
Net Investment HedgesTotal
Accumulated other comprehensive loss at December 31, 2020$— $(3,144)$— $— $(3,144)
Other comprehensive income (loss) before reclassifications(25,833)3,040 — — (22,793)
Reclassifications from accumulated other comprehensive income (loss) to earnings— 104 — — 104 
Tax effect— (976)— — (976)
Accumulated other comprehensive loss at December 31, 2021(25,833)(976)— — (26,809)
Other comprehensive income (loss) before reclassifications(270,151)1,911 — — (268,240)
Tax effect— (591)— — (591)
Accumulated other comprehensive income (loss) at December 31, 2022(295,984)344 — — (295,640)
Other comprehensive income (loss) before reclassifications118,781 977 (14,183)(18,116)87,459 
Reclassifications from accumulated other comprehensive income (loss) to earnings— — (1,953)(1,350)(3,303)
Effects of settlement (Note 20)
— (244)— — (244)
Tax effect— (191)4,890 (2,529)2,170 
Accumulated other comprehensive income (loss) at December 31, 2023$(177,203)$886 $(11,246)$(21,995)$(209,558)
__________________________________
(1)    As of December 31, 2023, approximately $5.0 million of existing gains and losses are estimated to be reclassified into earnings within the next 12 months.
v3.24.0.1
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Multiemployer Plans
The following table outlines the Company’s participation in multi-employer pension plans for the years ended December 31, 2023, 2022 and 2021 and sets forth the calendar year contributions and accruals for each plan. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The most recent Pension Protection Act zone status available in 2023 and 2022 relates to the plans’ two most recent fiscal year-ends. The zone status is based on information that the Company received from the plans’ administrators and is certified by each plan’s actuary. Plans certified in the red zone are generally less than 65% funded, plans certified in the orange zone are both less than 80% funded and have an accumulated funding deficiency or are expected to have a deficiency in any of the next six plan years, plans certified in the yellow zone are less than 80% funded and plans certified in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates whether a financial improvement plan (“FIP”) for yellow/orange zone plans, or a rehabilitation plan (“RP”) for red zone plans, is either pending or has been implemented. As of December 31, 2023 and 2022, all plans that have either a FIP or RP requirement have had the respective plan implemented.
 EIN/ Pension
Plan Number		Pension Protection Act
Zone Status		FIP/RP Status
Pending/
Implemented
Contributions and Accruals (in $000’s)
Company
Contributions > 5%		Union
Contract
Expires
Pension Fund20232022202320222021
SEIU National Industry Pension Fund52-6148540RedRedYes/Implemented$562 $495 $460 No4/30/2025
New England Carpenters Pension Fund51-6040899GreenGreenNo138 95 75 No5/31/2024
Plumbers and Pipefitters Pension Fund52-6152779GreenYellowNo277 267 175 No8/30/2026
Rhode Island Laborers Pension Fund51-6095806GreenGreenNo597 656 671 No10/31/2025
New England Teamsters Pension Fund04-6372430RedRedYes/Implemented298 278 254 No6/30/2028
The Legacy Plan of the UNITE HERE Retirement Fund(2)
82-0994119/001RedRedYes/Implemented1,014 963 1,319 No8/31/2028
The Adjustable Plan of the UNITE HERE Retirement Fund(2)
82-0994119/002
N/A(1)
N/A(1)
No5/31/2026
Local 68 Engineers Union Pension Fund51-0176618YellowYellowYes/Implemented289 286 269 No4/30/2027
Northeast Carpenters Pension Fund11-1991772GreenGreenNo94 127 122 No4/30/2027
International Painters and Allied Trades Industry Pension Fund52-6073909RedYellowNo68 82 80 No4/30/2027
Total Contributions$3,337 $3,249 $3,425   
__________________________________
(1)The Plan is not subject to the Pension Protection Act of 2016 zone status certification rule.
(2)Formerly listed as Hotel & Restaurant Employees International Pension Fund - Allocations of contributions between the two plans are determined by the plan administrator. Unions at Bally’s Twin River and Bally’s Atlantic City participate in the UNITE HERE Retirement funds.
v3.24.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
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)202320222021
Domestic$(244,412)$(444,549)$(126,347)
Foreign58,674 (9,920)7,273 
Total$(185,738)$(454,469)$(119,074)
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)202320222021
Current taxes   
Federal$(4,419)$9,318 $(10,284)
State3,673 8,289 4,676 
Foreign26,431 41,599 6,448 
25,685 59,206 840 
Deferred taxes
Federal11,302 (32,304)294 
State720 (9,429)4,770 
Foreign(35,945)(46,396)(10,281)
(23,923)(88,129)(5,217)
Provision (benefit) for income taxes$1,762 $(28,923)$(4,377)
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)202320222021
Income tax (benefit) expense at statutory federal rate$(39,009)$(95,439)$(15,997)
State income taxes, net of federal effect(14,716)(10,096)7,462 
Foreign tax rate adjustment(50,082)(17,455)(7,165)
Nondeductible professional fees430 1,370 10,421 
Other permanent differences including lobbying expense1,066 2,414 4,696 
Share-based compensation2,577 3,348 2,227 
Gain on bargain purchases— 22 (4,796)
CARES Act— — (5,320)
Return to provision adjustments(8,810)(2,275)(595)
Global intangible low-tax income (“GILTI”)14,333 2,404 327 
Loss on derivative instruments— — 4,363 
Goodwill— 28,935 — 
Change in uncertain tax positions1,103 (2,224)— 
Change in valuation allowance94,870 60,073 — 
Total provision (benefit) for income taxes$1,762 $(28,923)$(4,377)
Effective income tax rate on continuing operations(0.9)%6.4 %3.7 %
Schedule of Deferred Tax Assets and Liabilities Significant components of the Company’s deferred income taxes at December 31, 2023 and 2022 are as follows:
 Years Ended December 31,
(in thousands)20232022
Deferred tax assets:  
Accrued liabilities and other$44,707 $5,585 
Share-based compensation7,818 1,699 
Commercial rights liabilities31,376 29,248 
Self constructed assets— 5,690 
Interest195,628 79,757 
Goodwill— 3,140 
Net operating loss carryforwards28,468 19,043 
Valuation allowance(154,943)(60,073)
Total deferred tax assets, net153,054 84,089 
Deferred tax liabilities:
Land(4,142)(4,058)
Property and equipment(46,472)(52,202)
Change in accounting method(280)(73)
RI Joint Venture and GLPI Partnership(108,598)— 
Amortizable assets(83,118)(140,229)
Total deferred tax liabilities(242,610)(196,562)
Net deferred tax liabilities$(89,556)$(112,473)
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)20232022
2021(1)
Uncertain tax position liability at the beginning of the year$11,277 $5,131 $— 
Increases related to tax positions taken during the year18,009 — — 
Increases related to tax positions taken during prior period— 11,277 5,131 
Decreases related to tax positions taken during prior periods— (5,131)— 
Uncertain tax position liability at the end of the year$29,286 $11,277 $5,131 
__________________________________
(1)    There was an acquired tax contingency accrual of $5.1 million for uncertain tax positions recorded as of December 31, 2021.
v3.24.0.1
SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Reportable Segment Information
Years Ended December 31,
(in thousands)202320222021
Revenue
Casinos & Resorts$1,363,291 $1,227,563 $1,032,828 
International Interactive973,210 946,442 251,263 
North America Interactive112,572 81,700 38,352 
Total$2,449,073 $2,255,705 $1,322,443 
Adjusted EBITDAR(1)
Casinos & Resorts$428,968 $398,930 $345,276 
International Interactive343,559 321,651 69,944 
North America Interactive(55,653)(65,729)(12,413)
Other(63,770)(53,024)(45,334)
Total653,104 601,828 357,473 
Operating income (costs) and (expenses):
Rent expense associated with triple net operating leases(2)
(125,775)(53,313)(27,571)
Depreciation and amortization(350,408)(300,559)(144,786)
Transaction costs(80,376)(85,604)(84,543)
Restructuring(31,014)— — 
Share-based compensation(24,074)(27,912)(20,143)
Gain from sale-leaseback, net374,321 50,766 53,425 
Impairment charges(149,825)(463,978)(4,675)
Diamond Sports Group non-cash liability(144,883)— — 
Other(17,061)(14,236)(35,798)
Income (loss) from operations104,009 (293,008)93,382 
Other income (expense)
Interest expense, net of interest income(277,561)(208,153)(117,924)
Other(12,186)46,692 (94,532)
Total other expense, net(289,747)(161,461)(212,456)
Loss before income taxes(185,738)(454,469)(119,074)
(Provision) benefit for income taxes(1,762)28,923 4,377 
Net loss$(187,500)$(425,546)$(114,697)
__________________________________
(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. Adjusted EBITDAR should not be construed as an alternative to GAAP net income, its most directly comparable GAAP measure, nor is it directly comparable to similarly titled measures presented by other companies.
(2)    Consists primarily of the operating lease components contained within certain triple net leases with GLPI. Refer to Note 17 “Leases” for further information.

Years Ended December 31,
(in thousands)202320222021
Capital Expenditures
Casinos & Resorts$143,526 $183,693 $92,479 
International Interactive2,462 12,392 4,166 
North America Interactive1,986 6,635 172 
Other163,509 9,536 708 
Total$311,483 $212,256 $97,525 
v3.24.0.1
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted EPS
Diluted earnings per share includes the determinants of basic earnings per share and, in addition, reflects the dilutive effect of the common stock deliverable for stock options, using the treasury stock method, and for RSUs, RSAs and PSUs for which future service is required as a condition to the delivery of the underlying common stock.
 Years Ended December 31,
 202320222021
Net loss applicable to common stockholders$(187,500)$(425,546)$(114,697)
Weighted average common shares outstanding, basic53,350,817 58,111,699 49,643,991 
Weighted average effect of dilutive securities— — — 
Weighted average common shares outstanding, diluted53,350,817 58,111,699 49,643,991 
Per share data
Basic$(3.51)$(7.32)$(2.31)
Diluted$(3.51)$(7.32)$(2.31)
Anti-dilutive shares excluded from the calculation of diluted earnings per share5,021,833 5,188,388 5,015,803 
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Product Information [Line Items]      
Net gain on equity method investments $ 4,255,000 $ 0 $ 0
Amortization of debt discount and debt issuance costs 11,312,000 10,896,000 7,557,000
Self-insurance liabilities 21,000,000 16,200,000  
Advertising Expense 19,000,000 26,800,000 7,500,000
Variable Interest Entity [Line Items]      
Assets 6,861,103,000 6,300,113,000  
Liabilities 6,225,249,000 5,493,866,000  
Total revenue 2,449,073,000 2,255,705,000 1,322,443,000
Capitalized interest $ 13,600,000 1,900,000 200,000
Rhode Island Joint Venture      
Product Information [Line Items]      
Ownership percentage 40.00%    
Interactive Segments      
Product Information [Line Items]      
Advertising Expense $ 178,700,000 174,700,000 60,800,000
Variable Interest Entity, Primary Beneficiary | Breckenridge Curacao B.V      
Variable Interest Entity [Line Items]      
Assets 161,300,000 93,400,000  
Liabilities 87,700,000 77,100,000  
Total revenue $ 293,300,000 $ 298,100,000 $ 79,600,000
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accounts Receivable (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable $ 76,376 $ 77,462
Less: Allowance for doubtful accounts (6,048) (5,789)
Accounts receivable, net 70,328 71,673
Rhode Island and Delaware    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable 13,028 15,865
Gaming receivables    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable 26,127 19,065
Non-gaming receivables    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable $ 37,221 $ 42,532
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Allowance for Doubtful Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at beginning of year $ 5,789 $ 4,454 $ 3,067
Charges to expense 1,250 1,649 1,717
Deductions (991) (602) (701)
Other adjustments 0 288 371
Balance at end of year $ 6,048 $ 5,789 $ 4,454
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details)
Dec. 31, 2023
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
v3.24.0.1
CONSOLIDATED FINANCIAL INFORMATION - Schedule of General and Administrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Advertising, general and administrative $ 888,787 $ 776,226 $ 496,658
Diamond Sports Group non-cash liability recognized 144,883 0 0
Acquisition and integration 49,292 49,480 71,288
Restructuring 31,014 0 0
Contract termination 0 0 30,000
Total general and administrative $ 1,113,976 $ 825,706 $ 597,946
v3.24.0.1
CONSOLIDATED FINANCIAL INFORMATION - Other Non-Operating Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Change in value of commercial rights liabilities $ (7,716) $ 32,577 $ 17,029
Net gain on equity method investments 4,255 0 0
Adjustment (gain) on bargain purchase 0 (107) 22,841
Gain (loss) on extinguishment of debt 4,044 0 (103,007)
Foreign exchange (loss) gain (11,019) 516 (33,461)
Other, net (1,750) 13,706 2,066
Other non-operating income (expense), net $ (12,186) $ 46,692 $ (94,532)
v3.24.0.1
REVENUE RECOGNITION - Additional Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
terminal
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Disaggregation of Revenue [Line Items]      
Total revenue $ 2,449,073 $ 2,255,705 $ 1,322,443
Contracts with customers receivables 38,500 44,000  
Bally's Golf Links      
Disaggregation of Revenue [Line Items]      
Total revenue 1,400    
Casino Secret      
Disaggregation of Revenue [Line Items]      
Total revenue $ 36,400    
VLT revenue | Delaware      
Disaggregation of Revenue [Line Items]      
Percentage of share of revenues 42.00%    
Table games revenue | Delaware      
Disaggregation of Revenue [Line Items]      
Percentage of share of revenues 80.00%    
Loyalty programs      
Disaggregation of Revenue [Line Items]      
Total revenue $ 35,700 31,000 20,100
Online sports betting and iGaming market access      
Disaggregation of Revenue [Line Items]      
Deferred revenue 3,700 4,100  
Gaming      
Disaggregation of Revenue [Line Items]      
Total revenue $ 1,992,041 $ 1,846,124 1,053,492
Threshold Three | VLT revenue | Rhode Island      
Disaggregation of Revenue [Line Items]      
Percentage of share of revenues 7.00% 7.00%  
Rhode Island [Member] | VLT revenue      
Disaggregation of Revenue [Line Items]      
Number of video lottery terminals (VLTs) | terminal 3,002    
Rhode Island [Member] | Table games revenue      
Disaggregation of Revenue [Line Items]      
Percentage of share of revenues 83.50%    
Rhode Island [Member] | Threshold one | VLT revenue      
Disaggregation of Revenue [Line Items]      
Percentage of share of revenues 28.85%    
Rhode Island [Member] | Threshold two | VLT revenue      
Disaggregation of Revenue [Line Items]      
Percentage of share of revenues 26.00%    
International Interactive      
Disaggregation of Revenue [Line Items]      
Total revenue $ 973,210 $ 946,442 251,263
International Interactive | Gaming      
Disaggregation of Revenue [Line Items]      
Total revenue $ 952,921 $ 899,934 $ 239,110
v3.24.0.1
REVENUE RECOGNITION - Disaggregation of Revenue by Loyalty Program (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Hotel      
Disaggregation of Revenue [Line Items]      
Goods and services provided without charge $ 94,650 $ 87,540 $ 55,782
Food and beverage      
Disaggregation of Revenue [Line Items]      
Goods and services provided without charge 80,899 70,476 61,038
Retail, entertainment and other      
Disaggregation of Revenue [Line Items]      
Goods and services provided without charge 11,100 10,195 7,556
Loyalty programs      
Disaggregation of Revenue [Line Items]      
Goods and services provided without charge $ 186,649 $ 168,211 $ 124,376
v3.24.0.1
REVENUE RECOGNITION - Disaggregation of Revenue by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]      
Total revenue $ 2,449,073 $ 2,255,705 $ 1,322,443
Gaming      
Disaggregation of Revenue [Line Items]      
Total revenue 1,992,041 1,846,124 1,053,492
Non-gaming      
Disaggregation of Revenue [Line Items]      
Total revenue 457,032 409,581 268,951
Hotel      
Disaggregation of Revenue [Line Items]      
Total revenue 200,650 153,750 95,356
Food and beverage      
Disaggregation of Revenue [Line Items]      
Total revenue 143,521 115,322 92,906
Retail, entertainment and other      
Disaggregation of Revenue [Line Items]      
Total revenue 112,861 140,509 80,689
Casinos & Resorts      
Disaggregation of Revenue [Line Items]      
Total revenue 1,363,291 1,227,563 1,032,828
Casinos & Resorts | Gaming      
Disaggregation of Revenue [Line Items]      
Total revenue 954,725 907,431 803,940
Casinos & Resorts | Non-gaming      
Disaggregation of Revenue [Line Items]      
Total revenue 408,566 320,132 228,888
Casinos & Resorts | Hotel      
Disaggregation of Revenue [Line Items]      
Total revenue 200,650 153,750 95,356
Casinos & Resorts | Food and beverage      
Disaggregation of Revenue [Line Items]      
Total revenue 143,521 115,322 92,906
Casinos & Resorts | Retail, entertainment and other      
Disaggregation of Revenue [Line Items]      
Total revenue 64,395 51,060 40,626
North America Interactive      
Disaggregation of Revenue [Line Items]      
Total revenue 112,572 81,700 38,352
North America Interactive | Gaming      
Disaggregation of Revenue [Line Items]      
Total revenue 84,395 38,759 10,442
North America Interactive | Non-gaming      
Disaggregation of Revenue [Line Items]      
Total revenue 28,177 42,941 27,910
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 | Retail, entertainment and other      
Disaggregation of Revenue [Line Items]      
Total revenue 28,177 42,941 27,910
International Interactive      
Disaggregation of Revenue [Line Items]      
Total revenue 973,210 946,442 251,263
International Interactive | Gaming      
Disaggregation of Revenue [Line Items]      
Total revenue 952,921 899,934 239,110
International Interactive | Non-gaming      
Disaggregation of Revenue [Line Items]      
Total revenue 20,289 46,508 12,153
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 0 0 0
International Interactive | Retail, entertainment and other      
Disaggregation of Revenue [Line Items]      
Total revenue $ 20,289 $ 46,508 $ 12,153
v3.24.0.1
REVENUE RECOGNITION - Contract Liability (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]    
Contract liabilities related to loyalty programs $ 66,336 $ 62,258
Loyalty programs    
Disaggregation of Revenue [Line Items]    
Contract liabilities related to loyalty programs 16,803 20,264
Customer deposits    
Disaggregation of Revenue [Line Items]    
Contract liabilities related to loyalty programs 29,052 27,956
Unpaid tickets    
Disaggregation of Revenue [Line Items]    
Contract liabilities related to loyalty programs $ 20,481 $ 14,038
v3.24.0.1
BUSINESS COMBINATIONS - Casinos and Resorts (Details) - USD ($)
$ in Thousands
 7 Months Ended 12 Months Ended
Sep. 12, 2023
Sep. 26, 2022
Oct. 01, 2021
Jun. 14, 2021
Jun. 03, 2021
Apr. 06, 2021
Sep. 30, 2020
Apr. 24, 2020
Dec. 31, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Sep. 30, 2022
Business Combination[Line Items]                          
Total consideration paid, net of cash acquired                   $ 93,900 $ 146,317 $ 2,274,221  
Goodwill                 $ 2,122,653 1,935,803 1,746,202 2,122,653  
Year to date adjustments, goodwill     $ 5,300             204 4,240    
Acquisition and integration                   $ 49,292 49,480 71,288  
Bargain purchase gain recognized, extensible enumeration not disclosed                   bargain purchase gains      
Casinos & Resorts                          
Business Combination[Line Items]                          
Goodwill                 201,952 $ 313,493 209,257 201,952  
Year to date adjustments, goodwill                   204 (1,285)    
Acquisition and integration                   1,100 4,000 10,400  
Bally's Golf Links                          
Business Combination[Line Items]                          
Total consideration paid, net of cash acquired $ 55,200                        
Contingent consideration payable 58,600                        
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                   104,032      
Intangible assets, net                   6,500      
Other assets                   2,000      
Total current liabilities                   (345)      
Lease liabilities                   0      
Other long-term liabilities                   0      
Net assets acquired                   113,800      
Bargain purchase gain                   0      
Total purchase price                   113,800      
Year to date adjustments, goodwill                   2,600      
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 cash equivalents   $ 1,700                      
Term of contract   50 years                     50 years
Annual rent                   10,500      
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)      
Net assets acquired                   148,216      
Bargain purchase gain                 $ 0        
Total purchase price                   148,216      
Year to date adjustments, goodwill                   200      
Year to date adjustments, other current assets                   (200)      
Year to date adjustments, current liabilities                   100      
Year to date adjustment, purchase price                   100      
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                  
Quad Cities                          
Business Combination[Line Items]                          
Consideration paid       $ 118,900                  
Total consideration paid, net of cash acquired       112,000                  
Cash and cash equivalents       2,900                  
Other payments to acquire businesses             $ 4,000            
Total current assets                   6,717      
Property and equipment, net                   73,135      
Right of use assets, net                   0      
Goodwill                   13,308      
Intangible assets, net                   31,180      
Other assets                   0      
Total current liabilities                   (5,412)      
Lease liabilities                   0      
Other long-term liabilities                   0      
Net assets acquired                   118,928      
Bargain purchase gain                       0  
Total purchase price                   118,928      
Quad Cities | Gaming licenses                          
Business Combination[Line Items]                          
Intangible assets, net       30,300                  
Quad Cities | Customer relationships                          
Business Combination[Line Items]                          
Intangible assets, net       $ 700                  
Acquired intangible assets, useful life       9 years                  
Quad Cities | Trade names                          
Business Combination[Line Items]                          
Intangible assets, net       $ 200                  
Acquired intangible assets, useful life       4 months                  
Bally's Evansville                          
Business Combination[Line Items]                          
Consideration paid         $ 139,700                
Total consideration paid, net of cash acquired         130,400                
Cash and cash equivalents         9,400                
Total current assets                   12,031      
Property and equipment, net                   12,325      
Right of use assets, net                   285,772      
Goodwill                   0      
Intangible assets, net                   154,210      
Other assets                   468      
Total current liabilities                   (10,927)      
Lease liabilities                   (285,772)      
Other long-term liabilities                   (7,543)      
Net assets acquired                   160,564      
Bargain purchase gain                     (20,900) (20,856)  
Total purchase price                   139,708      
Bally's Evansville | Gaming licenses                          
Business Combination[Line Items]                          
Intangible assets, net         153,600                
Bally's Evansville | Customer relationships                          
Business Combination[Line Items]                          
Intangible assets, net         $ 600                
Acquired intangible assets, useful life         8 years                
Bally's Lake Tahoe                          
Business Combination[Line Items]                          
Consideration paid               $ 14,200          
Total current assets                   4,683      
Property and equipment, net                   6,361      
Right of use assets, net                   57,017      
Goodwill                   0      
Intangible assets, net                   5,430      
Other assets                   0      
Total current liabilities                   (3,546)      
Lease liabilities                   (52,927)      
Other long-term liabilities                   (904)      
Net assets acquired                   16,114      
Bargain purchase gain                   (1,900) $ (2,000) $ (1,942)  
Total purchase price                   14,172      
Bargain purchase, gain recognized, increase (decrease) amount                   $ 100      
Bally's Lake Tahoe | Gaming licenses                          
Business Combination[Line Items]                          
Intangible assets, net           $ 5,200              
Bally's Lake Tahoe | Customer relationships                          
Business Combination[Line Items]                          
Acquired intangible assets, useful life           6 months              
Bally's Lake Tahoe | Trade names                          
Business Combination[Line Items]                          
Intangible assets, net           $ 200              
v3.24.0.1
BUSINESS COMBINATIONS - Interactive Acquisitions (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jan. 05, 2023
Oct. 01, 2021
Dec. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Aug. 12, 2021
Mar. 23, 2021
Business Combination[Line Items]                
Total consideration paid, net of cash acquired       $ 93,900 $ 146,317 $ 2,274,221    
Acquisition and integration       49,292 49,480 71,288    
Goodwill     $ 1,935,803 1,935,803 1,746,202 2,122,653    
Acquired non-controlling interest           (3,760)    
Year to date adjustments, prepaid expenses and other current assets   $ 500            
Year to date adjustments, goodwill   5,300   204 4,240      
Year to date adjustments, intangibles assets   (2,700)            
Year to date adjustments, accrued liabilities   3,100            
Telescope [Member]                
Business Combination[Line Items]                
Ownership percentage by noncontrolling owners             15.84%  
International Interactive                
Business Combination[Line Items]                
Acquisition and integration       1,200        
Goodwill     1,586,590 1,586,590 1,497,205 1,637,343    
Year to date adjustments, goodwill       0 5,286      
North America Interactive                
Business Combination[Line Items]                
Goodwill     35,720 35,720 39,740 283,358    
Year to date adjustments, goodwill       0 239      
Casino Secret                
Business Combination[Line Items]                
Total consideration paid, net of cash acquired $ 38,700              
Consideration paid 50,400              
Cash and cash equivalents $ 8,300              
Property and equipment, net     50 50        
Total current assets     8,862 8,862        
Goodwill     18,422 18,422        
Intangible assets, net     29,471 29,471        
Total current liabilities     (6,371) (6,371)        
Total purchase price     50,434 50,434        
Year to date adjustments, right of use asset       (400)        
Year to date adjustments, goodwill       300        
Year to date adjustments, current liabilities       800        
Year to date adjustment, purchase price       1,100        
Acquired intangible assets, useful life 7 years              
Casino Secret | Customer relationships                
Business Combination[Line Items]                
Intangible assets, net     26,000 26,000        
Casino Secret | Trade names                
Business Combination[Line Items]                
Intangible assets, net     3,500 3,500        
North America Interactive                
Business Combination[Line Items]                
Total consideration paid, net of cash acquired           128,800    
Contingent consideration payable           58,700    
Acquisition and integration         3,900 5,300    
Cash and cash equivalents     8,689 8,689        
Accounts receivable, net     4,498 4,498        
Prepaid expenses and other current assets     3,104 3,104        
Property and equipment, net     596 596        
Goodwill     250,730 250,730       $ 250,700
Intangible assets, net     167,075 167,075        
Total current liabilities     (14,787) (14,787)        
Deferred tax liability     (15,811) (15,811)        
Acquired non-controlling interest       (3,760)        
Net investment in North America Interactive Acquisitions     400,334 $ 400,334   400,300    
Non-cash consideration transferred           255,700    
Goodwill, tax deductible               102,900
North America Interactive | Customer relationships                
Business Combination[Line Items]                
Intangible assets, net               41,500
North America Interactive | Customer relationships | Minimum                
Business Combination[Line Items]                
Acquired intangible assets, useful life       3 years        
North America Interactive | Customer relationships | Maximum                
Business Combination[Line Items]                
Acquired intangible assets, useful life       10 years        
North America Interactive | Trade names                
Business Combination[Line Items]                
Intangible assets, net               3,100
North America Interactive | Trade names | Minimum                
Business Combination[Line Items]                
Acquired intangible assets, useful life       10 years        
North America Interactive | Trade names | Maximum                
Business Combination[Line Items]                
Acquired intangible assets, useful life       15 years        
North America Interactive | Developed Software                
Business Combination[Line Items]                
Intangible assets, net               $ 122,400
North America Interactive | Developed Software | Minimum                
Business Combination[Line Items]                
Acquired intangible assets, useful life       3 years        
North America Interactive | Developed Software | Maximum                
Business Combination[Line Items]                
Acquired intangible assets, useful life       10 years        
Gamesys                
Business Combination[Line Items]                
Payments to Acquire Businesses, Gross   2,080,000            
Total consideration paid, net of cash acquired   1,900,000            
Consideration paid   2,600,000            
Acquisition and integration         6,300 $ 43,500    
Cash and cash equivalents   183,306            
Accounts receivable, net   35,851            
Prepaid expenses and other current assets   28,418            
Property and equipment, net   15,230            
Right of use assets, net   14,185            
Goodwill   1,683,762            
Intangible assets, net   1,510,323            
Other assets   17,668            
Accounts payable   (47,881)            
Accrued income taxes   (40,250)            
Accrued liabilities   (180,237)            
Long-term debt, net   (456,469)            
Lease liabilities   (14,185)            
Deferred tax liability   (143,924)            
Other long-term liabilities   (6,680)            
Total purchase price   $ 2,599,117            
Equity interest issued or issuable, number of shares   9,773,537            
Post combination expense     $ 10,300          
Pre-combination service included in consideration transferred   $ 36,400            
Net revenue from date of acquisition         257,100      
Net income from date of acquisition         $ 18,200      
Gamesys | Customer relationships                
Business Combination[Line Items]                
Intangible assets, net   980,200            
Gamesys | Trade names                
Business Combination[Line Items]                
Intangible assets, net   247,100            
Gamesys | Developed Software                
Business Combination[Line Items]                
Intangible assets, net   $ 282,000            
Acquired intangible assets, useful life   7 years            
Gamesys | International Interactive                
Business Combination[Line Items]                
Goodwill   $ 1,650,000            
Gamesys | North America Interactive                
Business Combination[Line Items]                
Goodwill   $ 33,300            
v3.24.0.1
BUSINESS COMBINATIONS - Unaudited Supplemental Pro Forma Consolidated Revenue and Net Income (Details) - Gamesys, Lake Tahoe & Evansville
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
Business Combination[Line Items]  
Business Acquisition, Pro Forma Revenue $ 2,221,870
Business Acquisition, Pro Forma Net Income $ 46,048
v3.24.0.1
ASSETS AND LIABILITIES HELD FOR SALE (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Jun. 30, 2021
Dec. 31, 2023
Dec. 31, 2022
Disposal Group, Including Discontinued Operation, Assets, Current [Abstract]        
Restricted cash, prepaid expenses and other current assets $ 1,815   $ 1,815 $ 3,756
Goodwill 0   0 9,399
Intangible assets, net 0   0 4,022
Assets held for sale 1,815   1,815 17,177
Liabilities related to assets held for sale 1,307   1,307 3,409
Impairment charges 9,400     231,569
Impairment of intangible assets (excluding goodwill) $ 4,000 $ 4,700 $ 136,404 $ 232,409
v3.24.0.1
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Services and license agreements $ 32,466 $ 31,396
Due from payment service providers 12,662 30,621
Prepaid insurance 12,181 6,374
Short term derivative assets 9,530 0
Gaming taxes and licenses 9,309 4,644
Prepaid marketing 8,685 8,042
Sales tax 7,565 5,900
Purse funds 6,404 8,093
Other 9,294 5,647
Total prepaid expenses and other current assets $ 108,096 $ 100,717
v3.24.0.1
PROPERTY AND EQUIPMENT - Schedule of property and equipment, net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]      
Total property, plant and equipment $ 1,481,233 $ 1,469,813  
Less: Accumulated depreciation (306,345) (267,711)  
Property, Plant and Equipment, Net 1,174,888 1,202,102  
Depreciation expense 118,700 71,700 $ 53,700
Land      
Property, Plant and Equipment [Line Items]      
Total property, plant and equipment 238,997 259,378  
Land improvements      
Property, Plant and Equipment [Line Items]      
Total property, plant and equipment 162,211 31,197  
Building and improvements      
Property, Plant and Equipment [Line Items]      
Total property, plant and equipment 673,071 752,964  
Equipment      
Property, Plant and Equipment [Line Items]      
Total property, plant and equipment 264,398 246,340  
Furniture and fixtures      
Property, Plant and Equipment [Line Items]      
Total property, plant and equipment 68,746 63,753  
Construction in process      
Property, Plant and Equipment [Line Items]      
Total property, plant and equipment $ 73,810 $ 116,181  
v3.24.0.1
PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Dec. 31, 2023
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
Accrued liabilities    
Property, Plant and Equipment [Line Items]    
Payable due to lease termination   $ 47,700
v3.24.0.1
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Oct. 01, 2023
USD ($)
Dec. 31, 2023
USD ($)
Jun. 30, 2021
USD ($)
Dec. 31, 2023
USD ($)
License
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Oct. 01, 2021
USD ($)
Goodwill [Line Items]              
Impairment charges       $ 149,825 $ 463,978 $ 4,675  
Impairment of intangible assets (excluding goodwill)   $ 4,000 $ 4,700 136,404 232,409    
Impairment charges   9,400     231,569    
Amortization of Intangible Assets       $ 231,700 228,900 91,100  
Number of gaming licenses | License       3      
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]     Impairment charges        
Goodwill   1,935,803   $ 1,935,803 1,746,202 2,122,653  
Bally's Tiverton              
Goodwill [Line Items]              
Goodwill   400   400      
Bally's Dover              
Goodwill [Line Items]              
Goodwill   1,000   1,000      
Hard Rock Biloxi              
Goodwill [Line Items]              
Goodwill   48,900   48,900      
Gamesys              
Goodwill [Line Items]              
Impairment charges $ 54,000            
Goodwill             $ 1,683,762
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         231,569    
Goodwill   35,720   35,720 39,740 283,358  
North America Interactive | Gamesys              
Goodwill [Line Items]              
Goodwill             33,300
International Interactive              
Goodwill [Line Items]              
Impairment charges         0    
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)         73,300    
Goodwill   1,586,590   1,586,590 1,497,205 1,637,343  
International Interactive | Gamesys              
Goodwill [Line Items]              
Goodwill             $ 1,650,000
Casinos & Resorts              
Goodwill [Line Items]              
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill)       76,700      
Goodwill   $ 313,493   $ 313,493 $ 209,257 $ 201,952  
v3.24.0.1
GOODWILL AND INTANGIBLE ASSETS - Schedule of goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Oct. 01, 2021
Dec. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Goodwill [Roll Forward]          
Goodwill as of beginning     $ 1,746,202 $ 2,122,653  
Goodwill from current year business combinations     122,454 8,590  
Impairment charges   $ (9,400)   (231,569)  
Effect of foreign exchange     71,147 (148,313)  
Year to date adjustments, goodwill $ 5,300   204 4,240  
Current year divestiture   (4,200) (4,204)    
Transferred to assets held for sale       (9,399)  
Goodwill as of ending   1,935,803 1,935,803 1,746,202  
Held-for-sale          
Goodwill [Roll Forward]          
Goodwill as of beginning     100,600    
Goodwill as of ending       100,600  
Goodwill, Impaired, Accumulated Impairment Loss       91,200  
Casinos & Resorts          
Goodwill [Roll Forward]          
Goodwill as of beginning     209,257 201,952  
Goodwill from current year business combinations     104,032 8,590  
Effect of foreign exchange     0 0  
Year to date adjustments, goodwill     204 (1,285)  
Current year divestiture     0    
Transferred to assets held for sale       0  
Goodwill as of ending   313,493 313,493 209,257  
Goodwill, Impaired, Accumulated Impairment Loss       (5,400) $ (5,400)
North America Interactive          
Goodwill [Roll Forward]          
Goodwill as of beginning     39,740 283,358  
Goodwill from current year business combinations     0 0  
Impairment charges       (231,569)  
Effect of foreign exchange     184 (2,889)  
Year to date adjustments, goodwill     0 239  
Current year divestiture     (4,204)    
Transferred to assets held for sale       0  
Goodwill as of ending   35,720 35,720 39,740  
Goodwill, Impaired, Accumulated Impairment Loss       (140,400)  
International Interactive          
Goodwill [Roll Forward]          
Goodwill as of beginning     1,497,205 1,637,343  
Goodwill from current year business combinations     18,422 0  
Impairment charges       0  
Effect of foreign exchange     70,963 (145,424)  
Year to date adjustments, goodwill     0 5,286  
Current year divestiture     0    
Transferred to assets held for sale       (9,399)  
Goodwill as of ending   $ 1,586,590 $ 1,586,590 1,497,205  
Casinos & Resorts          
Goodwill [Roll Forward]          
Impairment charges       $ 0  
v3.24.0.1
GOODWILL AND INTANGIBLE ASSETS - Changes in Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Jun. 30, 2021
Dec. 31, 2023
Dec. 31, 2022
Change in Intangible Assets [Roll Forward]        
Intangible assets, net, beginning balance     $ 1,961,938 $ 2,477,952
Effect of foreign exchange     46,926 (125,911)
Impairment charges $ (4,000) $ (4,700) (136,404) (232,409)
Internally developed software     47,091 37,121
Other intangibles acquired(1)     147,619  
Transferred to assets held for sale       (4,022)
Less: Accumulated amortization (231,713)   (231,713) (228,909)
Intangible assets, net, ending balance 1,871,428   1,871,428 1,961,938
Unamortizable intangible assets 689,303   689,303 694,048
Gaming licenses        
Change in Intangible Assets [Roll Forward]        
Unamortizable intangible assets 586,971   586,971 529,171
Current Year Acquisitions        
Change in Intangible Assets [Roll Forward]        
Intangible assets acquired     35,971 5,140
Other Acquisitions        
Change in Intangible Assets [Roll Forward]        
Intangible assets acquired       $ 32,976
Bally's Chicago | Gaming licenses        
Change in Intangible Assets [Roll Forward]        
Unamortizable intangible assets $ 135,300   $ 135,300  
v3.24.0.1
GOODWILL AND INTANGIBLE ASSETS - Schedule of Identifiable Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Amortizable intangible assets:      
Gross amount $ 1,721,302 $ 1,569,499  
Accumulated amortization (539,177) (301,609)  
Net Amount 1,182,125 1,267,890  
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Unamortizable intangible assets 689,303 694,048  
Gross total intangible assets 2,410,605 2,263,547  
Intangible assets, net 1,871,428 1,961,938 $ 2,477,952
Internally developed software 47,091 37,121  
Gaming licenses      
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Unamortizable intangible assets 586,971 529,171  
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 100,544 164,391  
Other      
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Unamortizable intangible assets $ 1,788 $ 486  
Naming rights      
Amortizable intangible assets:      
Weighted average remaining life (in years) 7 years 2 months 12 days 8 years 1 month 6 days  
Gross amount $ 315,847 $ 314,585  
Accumulated amortization (89,901) (58,982)  
Net Amount $ 225,946 $ 255,603  
Trade names      
Amortizable intangible assets:      
Weighted average remaining life (in years) 5 years 9 months 18 days 2 years 8 months 12 days  
Gross amount $ 37,042 $ 17,750  
Accumulated amortization (18,125) (16,196)  
Net Amount $ 18,917 $ 1,554  
Licensing Agreements      
Amortizable intangible assets:      
Weighted average remaining life (in years) 23 years 6 months 24 years 6 months  
Gross amount $ 8,000 $ 8,000  
Accumulated amortization (2,303) (2,061)  
Net Amount $ 5,697 $ 5,939  
Customer relationships      
Amortizable intangible assets:      
Weighted average remaining life (in years) 4 years 9 months 18 days 5 years 9 months 18 days  
Gross amount $ 974,286 $ 907,199  
Accumulated amortization (314,053) (166,155)  
Net Amount $ 660,233 $ 741,044  
Technology-Based Intangible Assets      
Amortizable intangible assets:      
Weighted average remaining life (in years) 4 years 9 months 18 days 5 years 8 months 12 days  
Gross amount $ 267,927 $ 256,512  
Accumulated amortization (86,119) (45,769)  
Net Amount $ 181,808    
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Internally developed software   $ 210,743  
Computer Software, Intangible Asset      
Amortizable intangible assets:      
Weighted average remaining life (in years) 3 years 6 months 4 years  
Gross amount $ 61,687 $ 26,520  
Accumulated amortization (13,091) (5,444)  
Net Amount $ 48,596    
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Internally developed software   $ 21,076  
Gaming licenses      
Amortizable intangible assets:      
Weighted average remaining life (in years) 6 years 4 months 24 days 7 years 9 months 18 days  
Gross amount $ 45,008 $ 34,016  
Accumulated amortization (11,964) (4,892)  
Net Amount $ 33,044    
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Internally developed software   $ 29,124  
Other      
Amortizable intangible assets:      
Weighted average remaining life (in years) 9 years 10 months 24 days 2 years 7 months 6 days  
Gross amount $ 11,505 $ 4,917  
Accumulated amortization (3,621) (2,110)  
Net Amount $ 7,884 $ 2,807  
v3.24.0.1
GOODWILL AND INTANGIBLE ASSETS - Schedule of Remaining Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]    
2024 $ 233,887  
2025 229,416  
2026 227,799  
2027 226,254  
2028 174,017  
Thereafter 90,752  
Net Amount $ 1,182,125 $ 1,267,890
v3.24.0.1
DERIVATIVE INSTRUMENTS - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Oct. 01, 2021
Offsetting Assets [Line Items]    
Currency bought five years  
Net Investment Hedging    
Offsetting Assets [Line Items]    
Reclassifications from accumulated other comprehensive income (loss) to earnings $ (1,350)  
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, Amount of Hedged Item 500,000  
Interest Rate Swap | New Credit Facilities | 6.75% Senior Notes due 2027    
Offsetting Assets [Line Items]    
Principal amount   $ 200,000
Cross currency swaps | Cash Flow Hedging    
Offsetting Assets [Line Items]    
Reclassifications from accumulated other comprehensive income (loss) to earnings $ (1,950)  
v3.24.0.1
DERIVATIVE INSTRUMENTS - Instruments Designated as Hedging (Details)
£ in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
GBP (£)
Dec. 31, 2023
USD ($)
Derivative [Line Items]    
Currency bought five years  
Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging    
Derivative [Line Items]    
Cash Flow Hedges - Notional amount   $ 500,000
Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging | Maximum | Secured Overnight Financing Rate (SOFR)    
Derivative [Line Items]    
Variable interest rate 0.00% 0.00%
Interest Rate Swap | Designated as Hedging Instrument | Cash Flow Hedging | Minimum | Secured Overnight Financing Rate (SOFR)    
Derivative [Line Items]    
Variable interest rate 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 £ 546,759 $ 700,000
Interest Rate Cap | Designated as Hedging Instrument | Cash Flow Hedging    
Derivative [Line Items]    
Cash Flow Hedges - Notional amount   $ 500,000
Interest Rate Cap | Designated as Hedging Instrument | Cash Flow Hedging | Maximum | Secured Overnight Financing Rate (SOFR)    
Derivative [Line Items]    
Variable interest rate 4.25% 4.25%
Interest Rate Cap | Designated as Hedging Instrument | Cash Flow Hedging | Minimum | Secured Overnight Financing Rate (SOFR)    
Derivative [Line Items]    
Variable interest rate 3.22% 3.22%
v3.24.0.1
FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities, Fair Value, Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Accrued liabilities | Cross currency swaps    
Liabilities:    
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued liabilities  
Other Noncurrent Liabilities | Interest Rate Swap    
Liabilities:    
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other long-term 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  
Liabilities:    
Derivative liability 0  
Level 1 | Interest Rate Swap | Designated as Hedging Instrument    
Assets:    
Derivative asset 0  
Liabilities:    
Derivative liability 0  
Level 1 | Other Assets | Cross currency swaps | 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  
Level 1 | Accrued liabilities | Cross currency swaps | Designated as Hedging Instrument    
Liabilities:    
Derivative liability 0  
Level 1 | Other Noncurrent Liabilities | Cross currency swaps | Designated as Hedging Instrument    
Liabilities:    
Derivative liability 0  
Level 2    
Assets:    
Total 16,007  
Liabilities:    
Derivative liability 52,093  
Level 2 | Interest Rate Swap | Designated as Hedging Instrument    
Assets:    
Derivative asset 5,356  
Liabilities:    
Derivative liability 21,492  
Level 2 | Other Assets | Cross currency swaps | Designated as Hedging Instrument    
Assets:    
Derivative asset 6,477  
Level 2 | Prepaid Expenses and Other Current Assets | Cross currency swaps | Designated as Hedging Instrument    
Assets:    
Derivative asset 4,174  
Level 2 | Accrued liabilities | Cross currency swaps | Designated as Hedging Instrument    
Liabilities:    
Derivative liability 1,225  
Level 2 | Other Noncurrent Liabilities | Cross currency swaps | Designated as Hedging Instrument    
Liabilities:    
Derivative liability 29,376  
Level 3    
Assets:    
Total 0  
Liabilities:    
Derivative liability 44,703  
Level 3 | Interest Rate Swap | Designated as Hedging Instrument    
Assets:    
Derivative asset 0  
Liabilities:    
Derivative liability 0  
Level 3 | Other Assets | Cross currency swaps | 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  
Level 3 | Accrued liabilities | Cross currency swaps | Designated as Hedging Instrument    
Liabilities:    
Derivative liability 0  
Level 3 | Other Noncurrent Liabilities | Cross currency swaps | Designated as Hedging Instrument    
Liabilities:    
Derivative liability 0  
Fair Value, Recurring | Level 1    
Assets:    
Cash and cash equivalents 163,194 $ 212,515
Restricted cash 152,068 52,669
Convertible loans   657
Convertible loans 0 0
Investments in equity securities 3,409  
Investments in equity securities   2,395
Total 318,671 268,236
Liabilities:    
Contingent consideration 0  
Contingent consideration   0
Sinclair Performance Warrants 0 0
Total 0 0
Fair Value, Recurring | Level 1 | Other Assets    
Assets:    
Investment in GLPI partnership 0  
Fair Value, Recurring | Level 2    
Assets:    
Cash and cash equivalents 0 0
Restricted cash 0 0
Convertible loans   0
Convertible loans 0 0
Investments in equity securities 0  
Investments in equity securities   0
Total 30,153 0
Liabilities:    
Contingent consideration 0  
Contingent consideration   0
Sinclair Performance Warrants 0 0
Total 52,093 0
Fair Value, Recurring | Level 2 | Other Assets    
Assets:    
Investment in GLPI partnership 14,146  
Fair Value, Recurring | Level 3    
Assets:    
Cash and cash equivalents 0 0
Restricted cash 0 0
Convertible loans   0
Convertible loans 4,115 10,212
Investments in equity securities 0  
Investments in equity securities   0
Total 4,115 10,212
Liabilities:    
Contingent consideration 58,580  
Contingent consideration   8,220
Sinclair Performance Warrants 44,703 36,987
Total 103,283 $ 45,207
Fair Value, Recurring | Level 3 | Other Assets    
Assets:    
Investment in GLPI partnership $ 0  
v3.24.0.1
FAIR VALUE MEASUREMENTS - Schedule of Level 3 Activity (Details) - Level 3 - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Additions in the period (acquisition fair value) $ 60,247 $ 3,777
Reductions in the period (12,792) (15,862)
Change in fair value 4,524 (39,016)
Warrant    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Additions in the period (acquisition fair value) 0 0
Reductions in the period 0 0
Change in fair value 7,716 (32,577)
Contingent Consideration    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Additions in the period (acquisition fair value) 58,580 0
Reductions in the period (9,292) (15,862)
Change in fair value 1,072 (10,849)
Contingent Consideration | Other Assets    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Additions in the period (acquisition fair value) 1,667 3,777
Reductions in the period (3,500) 0
Change in fair value (4,264) 4,410
Fair Value, Recurring    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 55,419 106,520
Ending ending 107,398 55,419
Fair Value, Recurring | Warrant    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 36,987 69,564
Ending ending 44,703 36,987
Fair Value, Recurring | Contingent Consideration    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 8,220 34,931
Ending ending 58,580 8,220
Fair Value, Recurring | Contingent Consideration | Other Assets    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 10,212 2,025
Ending ending $ 4,115 $ 10,212
v3.24.0.1
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jan. 27, 2021
Jun. 30, 2023
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
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 $ 15,900          
Penny Warrant and Options                
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                
Adjusted fair value $ 59,700              
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        
Foreign Exchange Contract                
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                
Gain (loss) on derivative instruments       $ 0 $ 0 $ (20,882)    
Warrant                
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                
Gain (loss) on derivative instruments       (7,716) 32,577 18,555    
Option on Securities                
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                
Gain (loss) on derivative instruments       $ 0 $ 0 $ (1,526)    
SportCaller and MKF                
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]                
Contingent consideration payable               $ 58,700
Payment for Contingent Consideration Liability, Investing Activities     $ 100          
Contingently Issuable Shares, Shares Issued   386,926 393,778          
Stock issued in business combination (in shares)     107,832          
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             $ 58,600  
v3.24.0.1
FAIR VALUE MEASUREMENTS - Fair Value of Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
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 $ 736,447 $ 734,497
Senior Notes | 5.625% Senior Notes Due 2029 | Fair Value | Level 1    
Debt Instrument [Line Items]    
Long-term debt, fair value $ 596,250 555,000
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 $ 719,858 732,976
Senior Notes | 5.875% Senior Notes Due 2031 | Fair Value | Level 1    
Debt Instrument [Line Items]    
Long-term debt, fair value 570,544 529,905
Term Loan Facility(1) | Line of credit | Carrying Amount | Level 1    
Debt Instrument [Line Items]    
Long-term debt, fair value 1,871,330 1,884,082
Term Loan Facility(1) | Line of credit | Fair Value | Level 1    
Debt Instrument [Line Items]    
Long-term debt, fair value $ 1,888,100 $ 1,872,238
v3.24.0.1
ACCRUED LIABILITIES (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Payables and Accruals [Abstract]    
Gaming liabilities $ 177,557 $ 168,386
Diamond Sports Group non-cash liability 144,883 0
Compensation 83,112 60,463
Bally’s Chicago - land development liability 47,739 0
Interest payable 66,587 36,173
GLPI advance deposit 0 200,000
Other 131,841 108,909
Total accrued liabilities $ 651,719 $ 573,931
v3.24.0.1
STRATEGIC PARTNERSHIP - SINCLAIR BROADCAST GROUP (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jan. 27, 2021
USD ($)
Nov. 18, 2020
USD ($)
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Apr. 20, 2021
$ / shares
shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]            
Shares for purchase from exercisable warrants (in shares) | shares           909,090
Exercise price of warrants (in USD per share) | $ / shares           $ 55.00
Commercial rights liabilities     $ 113,626 $ 109,807    
Amortization of Intangible Assets     $ 231,700 228,900 $ 91,100  
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      
Fair value of underlying shares   $ 150,400        
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      
Penny Warrant and Options            
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]            
Adjusted fair value $ 59,700          
Naming Rights - Sinclair            
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]            
Amortization of Intangible Assets     $ 30,900 33,300 25,700  
Sinclair Agreement            
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]            
Commercial rights fees   $ 88,000        
Liability     19,100 19,400    
Commercial rights liabilities     57,700 59,300    
Accretion Expense     4,400 4,400 $ 4,300  
Accrued liabilities | Sinclair Agreement            
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]            
Commercial rights liabilities     8,000 6,000    
Naming Rights Liability | Sinclair Agreement            
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]            
Commercial Rights Liability, Noncurrent     49,700 53,300    
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     $ 225,900 $ 255,600    
v3.24.0.1
RESTRUCTURING EXPENSE - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 18, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Restructuring and Related Activities [Abstract]        
Percentage of positions expected to be eliminated 15.00%      
Restructuring   $ 31,014 $ 0 $ 0
Impairment charges   $ 5,745    
v3.24.0.1
RESTRUCTURING EXPENSE - Restructuring Charges By Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]      
Restructuring $ 31,014 $ 0 $ 0
Impairment charges 5,745    
Total restructuring charges 36,759    
International Interactive      
Restructuring Cost and Reserve [Line Items]      
Restructuring 19,591    
Impairment charges 0    
Total restructuring charges 19,591    
North America Interactive      
Restructuring Cost and Reserve [Line Items]      
Restructuring 9,735    
Impairment charges 5,745    
Total restructuring charges 15,480    
Other Segment      
Restructuring Cost and Reserve [Line Items]      
Restructuring 1,688    
Impairment charges 0    
Total restructuring charges $ 1,688    
v3.24.0.1
RESTRUCTURING EXPENSE - Restructuring Charges and Reserve (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Restructuring Reserve [Roll Forward]      
Restructuring reserve, beginning balance $ 0    
Restructuring 31,014 $ 0 $ 0
Payments (26,649)    
Effect of foreign exchange 926    
Restructuring reserve, ending balance $ 5,291 $ 0  
v3.24.0.1
LONG-TERM DEBT - Schedule of Long Term Debt (Details) - USD ($)
$ in Thousands
 12 Months Ended
Oct. 05, 2021
Sep. 07, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
May 10, 2019
Debt Instrument [Line Items]            
Long-term debt, gross     $ 3,726,100      
Less: Unamortized original issue discount     (23,756) $ (27,729)    
Less: Unamortized deferred financing fees     (39,709) (46,266)    
Long-term debt, including current portion     3,662,635 3,488,555    
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     3,643,185 3,469,105    
(Gain) loss on extinguishment of debt     (4,044) 0 $ 103,007  
Line of credit | Term Loan Facility(1)            
Debt Instrument [Line Items]            
Long-term debt, gross     1,906,100 1,925,550    
Line of credit | Revolving Credit Facility            
Debt Instrument [Line Items]            
Long-term debt, gross     $ 335,000 137,000    
6.75% Senior Notes due 2027 | 6.75% Senior Notes due 2027            
Debt Instrument [Line Items]            
Interest rate           6.75%
Redemption price percentage 109.074% 106.75%        
(Gain) loss on extinguishment of debt       103,000    
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 $ 750,000    
v3.24.0.1
LONG-TERM DEBT - Additional Information (Details) - USD ($)
 12 Months Ended
Oct. 05, 2021
Oct. 01, 2021
Sep. 07, 2021
Oct. 09, 2020
Dec. 31, 2023
Aug. 20, 2021
May 10, 2019
6.75% Senior Notes due 2027 | 6.75% Senior Notes due 2027              
Debt Instrument [Line Items]              
Interest rate             6.75%
Principal amount             $ 400,000,000
Additional unsecured senior notes       $ 125,000,000      
Redemption price percentage 109.074%   106.75%        
Repayments of Senior Debt $ 315,000,000   $ 210,000,000        
6.75% Senior Notes due 2027 | Senior Notes Due 2031              
Debt Instrument [Line Items]              
Interest rate           5.875%  
Redemption price percentage         70.80%    
Amount of original principal amount redeemable         40.00%    
Amount of notes redeemable plus accrued and unpaid interest         105.875%    
Repayments of Senior Debt         $ 15,000,000    
6.75% Senior Notes due 2027 | Senior Notes Due 2031 | Subsidiaries              
Debt Instrument [Line Items]              
Principal amount           $ 750,000,000  
6.75% Senior Notes due 2027 | Senior Notes Due 2029              
Debt Instrument [Line Items]              
Interest rate           5.625%  
Amount of original principal amount redeemable         40.00%    
Amount of notes redeemable plus accrued and unpaid interest         105.625%    
6.75% Senior Notes due 2027 | Senior Notes Due 2029 | Subsidiaries              
Debt Instrument [Line Items]              
Principal amount           $ 750,000,000  
6.75% Senior Notes due 2027 | New Credit Facilities              
Debt Instrument [Line Items]              
Principal amount   $ 2,565,000,000          
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%          
Term Loan Facility(1) | New Credit Facilities              
Debt Instrument [Line Items]              
Basis spread on variable rate   1.50%          
Principal amount   $ 1,945,000,000          
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   $ 620,000,000          
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   $ 650,000,000          
Commitment increase limit, EBITDA   100.00%          
v3.24.0.1
LONG-TERM DEBT - Schedule of Maturities of Long-term Debt (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Debt Disclosure [Abstract]  
2024 $ 19,450
2025 19,450
2026 354,450
2027 19,450
2028 1,828,300
Thereafter 1,485,000
Long-term debt, including current portion $ 3,726,100
v3.24.0.1
LEASES - Additional Information (Details)
 3 Months Ended 12 Months Ended
Jan. 03, 2023
USD ($)
Nov. 18, 2022
renewalTerm
Jun. 03, 2021
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Sep. 30, 2022
USD ($)
Sep. 26, 2022
Lessee, Lease, Description [Line Items]                    
Operating lease liability           $ 1,203,249,000 $ 836,100,000      
Right of use assets           1,160,288,000 808,926,000      
Future operating lease payments           87,700,000        
Proceeds from Sale of Lease Receivables       $ 150,000,000 $ 144,000,000          
Deposit Liability To Acquire Property And Equipment                 $ 200,000,000  
Increase in minimum annual payment $ 48,500,000                  
Land           200,000,000        
Operating Lease, Lease Income           $ 200,700,000 153,800,000 $ 95,400,000    
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]           Total revenue        
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           17,400,000 $ 2,000,000      
GLP Capital, L.P.                    
Lessee, Lease, Description [Line Items]                    
Payments to Acquire Real Estate $ 625,400,000                  
Tropicana Las Vegas Hotel and Casino                    
Lessee, Lease, Description [Line Items]                    
Term of contract                 50 years 50 years
Annual rent           $ 10,500,000        
GLPI Master Lease                    
Lessee, Lease, Description [Line Items]                    
Term of contract     15 years              
Renewal term     5 years              
Number of renewal terms     4              
Annual minimum payment     $ 100,500,000              
Maximum | Tropicana Las Vegas Hotel and Casino                    
Lessee, Lease, Description [Line Items]                    
Term of contract                 99 years  
v3.24.0.1
LEASES - Quantitative Information of Operating Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Lease, Cost [Abstract]      
Operating lease cost $ 148,375 $ 75,675 $ 36,354
Variable lease cost 10,360 8,386 4,191
Operating lease expense 158,735 84,061 40,545
Short-term lease expense 13,249 17,536 11,746
Total lease expense 171,984 101,597 $ 52,291
Cash paid for amounts included in the lease liability - operating cash flows from operating leases 132,871 68,689  
Right of use assets obtained in exchange for operating lease liabilities $ 406,043 $ 341,747  
Weighted average remaining lease term 17 years 7 months 6 days 20 years 8 months 12 days  
Weighted average discount rate 7.50% 6.70%  
v3.24.0.1
LEASES - Future Minimum Rental Commitments (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
2024 $ 138,135  
2024 142,825  
2026 142,139  
2027 136,914  
2028 139,187  
Thereafter 1,610,842  
Total lease payments 2,310,042  
Less: present value discount (1,106,793)  
Lease obligations $ 1,203,249 $ 836,100
v3.24.0.1
EQUITY PLANS - Additional Information (Details)
$ / shares in Units, $ in Thousands
 5 Months Ended 12 Months Ended
May 18, 2021
shares
Dec. 31, 2023
USD ($)
plan
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2021
USD ($)
$ / shares
shares
Dec. 09, 2015
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of incentive plans | plan   2      
Share based compensation expense | $   $ 24,074 $ 27,912 $ 20,143  
Share-based income tax benefit (expense) | $   6,200 $ 7,100 $ 5,100  
Unrecognized share-based compensation expense | $   $ 17,000      
Period for recognition   1 year 10 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   $ 18.58 $ 30.13 $ 53.52  
Restricted stock units (RSUs)          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Total intrinsic value of RSUs | $   $ 8,500 $ 15,300 $ 9,100  
Performance Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Granted (in shares)   63,151      
Granted (in shares)   419,341      
2015 Incentive plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Common stock available to acquire (in shares)         1,700,000
Shares available for grant (in shares)   1,563,230      
2015 Incentive plan | Restricted stock units (RSUs)          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Other share increase (decrease) 221,464        
Vesting period   3 years      
2015 Incentive plan | Performance Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Granted (in shares)   348,835 62,133 29,995  
2015 Incentive plan | Performance Stock Units | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period   3 years      
2021 Equity Incentive Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Common stock available to acquire (in shares)   4,250,000      
v3.24.0.1
EQUITY PLANS EQUITY PLANS - RSU and PSU equity activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
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) 654,327    
Granted (in shares) 1,111,773    
Vested (in shares) (454,260)    
Forfeited (in shares) 135,229    
Outstanding at end of period (in shares) 1,176,611 654,327  
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) 62,133    
Granted (in shares) 419,341    
Vested (in shares) (63,151)    
Forfeited (in shares) 70,506    
Outstanding at end of period (in shares) 347,817 62,133  
RSUs and PSUs      
Weighted Average Grant Date Fair Value      
Outstanding at beginning of period (in dollar per share) $ 38.35    
Granted (in dollar per share) 18.58 $ 30.13 $ 53.52
Vested (in dollar per share) 35.88    
Forfeited (in dollar per share) 27.21    
Outstanding at end of period (in dollar per share) $ 20.83 $ 38.35  
v3.24.0.1
STOCKHOLDERS’ EQUITY - Additional Information (Details)
 1 Months Ended 12 Months Ended
Jul. 27, 2022
shares
May 10, 2021
USD ($)
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
$ / shares
shares
Dec. 31, 2021
shares
May 18, 2021
shares
Apr. 20, 2021
USD ($)
$ / shares
shares
Class of Stock [Line Items]              
Common stock issued (in shares)     39,973,202 46,670,057      
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) | $ / shares     $ 0.01 $ 0.01      
Stock repurchase program approved (up to) | $     $ 700,000,000        
Treasury stock retired (in shares)     7,581,428 7,394,642 3,492,222    
Treasury stock (in shares)     0 0      
Cash dividend amount | $     $ 0        
Available amount remaining under capital return program | $     $ 95,500,000        
Sale of Stock, Price Per Share | $ / shares             $ 55.00
Shares for purchase from exercisable warrants (in shares)             909,090
Class of Warrant or Right, Aggregate Purchase Price | $             $ 50,000,000
Exercise price of warrants (in USD per share) | $ / shares             $ 55.00
Maximum Amount of Outstanding Common Shares to be Acquired             0.049
Number of common shares repurchased 4,700,000   7,581,428 6,621,841 2,188,532    
Common stock outstanding (in shares)     39,973,202 46,670,057      
Preferred stock, par value (in dollars per share) | $ / shares     $ 0.01 $ 0.01      
Warrant              
Class of Stock [Line Items]              
Conversion of Stock, Shares Converted   2,086,908          
Public Stock Offering              
Class of Stock [Line Items]              
Sale of Stock, Number of Shares Issued in Transaction   12,650,000          
Sale of Stock, Consideration Received on Transaction | $   $ 671,400,000          
v3.24.0.1
STOCKHOLDERS’ EQUITY - Share Repurchase (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jul. 27, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Equity [Abstract]        
Number of common shares repurchased (in shares) 4,700,000 7,581,428 6,621,841 2,188,532
Total cost $ 103,300 $ 99,081 $ 153,366 $ 87,024
Average cost per share, including commissions (in dollar per share) $ 22.00 $ 13.07 $ 23.16 $ 39.76
v3.24.0.1
STOCKHOLDERS’ EQUITY - Shares Outstanding (Details) - $ / shares
Dec. 31, 2023
Apr. 20, 2021
Nov. 18, 2020
Class of Warrant or Right [Line Items]      
Number of incremental shares outstanding 14,407,912    
Exercise price of warrants (in USD per share)   $ 55.00  
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) 1,524,428    
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    
Telescope [Member]      
Class of Warrant or Right [Line Items]      
Contingent shares (in shares) 8,626    
v3.24.0.1
STOCKHOLDERS’ EQUITY - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance $ 806,247 $ 1,615,802 $ 326,598
Ending balance 635,854 806,247 1,615,802
Accumulated Foreign Currency Adjustment Attributable to Parent      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance (295,984) (25,833) 0
Other comprehensive income (loss) before reclassifications 118,781 (270,151) (25,833)
Reclassifications from accumulated other comprehensive income (loss) to earnings 0   0
Effects of settlement (Note 20) 0    
Tax effect 0 0 0
Ending balance (177,203) (295,984) (25,833)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance 344 (976) (3,144)
Other comprehensive income (loss) before reclassifications 977 1,911 3,040
Reclassifications from accumulated other comprehensive income (loss) to earnings 0   104
Effects of settlement (Note 20) (244)    
Tax effect (191) (591) (976)
Ending balance 886 344 (976)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance 0 0 0
Other comprehensive income (loss) before reclassifications (14,183) 0 0
Reclassifications from accumulated other comprehensive income (loss) to earnings (1,953)   0
Effects of settlement (Note 20) 0    
Tax effect 4,890 0 0
Ending balance (11,246) 0 0
Cash flow hedge gain (loss) to be reclassified within 12 months 5,000    
Accumulated Gain (Loss), Net, Net Investment Hedge, Parent      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance 0 0 0
Other comprehensive income (loss) before reclassifications (18,116) 0 0
Reclassifications from accumulated other comprehensive income (loss) to earnings (1,350)   0
Effects of settlement (Note 20) 0    
Tax effect (2,529) 0 0
Ending balance (21,995) 0 0
Accumulated Other Comprehensive Loss      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance (295,640) (26,809) (3,144)
Other comprehensive income (loss) before reclassifications 87,459 (268,240) (22,793)
Reclassifications from accumulated other comprehensive income (loss) to earnings (3,303)   104
Effects of settlement (Note 20) (244)    
Tax effect 2,170 (591) (976)
Ending balance $ (209,558) $ (295,640) $ (26,809)
v3.24.0.1
EMPLOYEE BENEFIT PLANS - Schedule of Multiemployer Plans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Multiemployer Plans [Line Items]      
Total Contributions $ 3,337 $ 3,249 $ 3,425
SEIU National Industry Pension Fund      
Multiemployer Plans [Line Items]      
Total Contributions 562 495 460
New England Carpenters Pension Fund      
Multiemployer Plans [Line Items]      
Total Contributions 138 95 75
Plumbers and Pipefitters Pension Fund      
Multiemployer Plans [Line Items]      
Total Contributions 277 267 175
Rhode Island Laborers Pension Fund      
Multiemployer Plans [Line Items]      
Total Contributions 597 656 671
New England Teamsters Pension Fund      
Multiemployer Plans [Line Items]      
Total Contributions 298 278 254
Legacy And Adjustable Plan Of The UNITE HERE Retirement Fund      
Multiemployer Plans [Line Items]      
Total Contributions 1,014 963 1,319
Local 68 Engineers Union Pension Fund      
Multiemployer Plans [Line Items]      
Total Contributions 289 286 269
Northeast Carpenters Pension Fund      
Multiemployer Plans [Line Items]      
Total Contributions 94 127 122
International Painters and Allied Trades Industry Pension Fund      
Multiemployer Plans [Line Items]      
Total Contributions $ 68 $ 82 $ 80
v3.24.0.1
EMPLOYEE BENEFIT PLANS - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Total Contributions $ 3,337 $ 3,249 $ 3,425
Non-current liabilities $ (500) (1,800)  
Maximum percentage of employees income available for contribution 100.00%    
Employer contribution expense $ 8,500 7,100 4,800
Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Employer matching contribution, percent of employees' gross pay 3.00%    
Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Employer matching contribution, percent of employees' gross pay 5.00%    
Dover Downs Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Benefit Obligation $ 16,900 20,800  
Fair value of plan assets 16,500 19,000  
Other comprehensive (income) loss, defined benefit plan, after reclassification adjustment, before tax (700)    
Net periodic benefit cost (credit) (300)    
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    
Certain bargaining agreements      
Defined Benefit Plan Disclosure [Line Items]      
Total Contributions $ 2,800 $ 2,600 $ 2,500
v3.24.0.1
INCOME TAXES - Components of Income (Loss) Before Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Domestic $ (244,412) $ (444,549) $ (126,347)
Foreign 58,674 (9,920) 7,273
Loss before income taxes $ (185,738) $ (454,469) $ (119,074)
v3.24.0.1
INCOME TAXES - Components of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current taxes      
Federal $ (4,419) $ 9,318 $ (10,284)
State 3,673 8,289 4,676
Current Foreign Tax Expense (Benefit) 26,431 41,599 6,448
Current income taxes 25,685 59,206 840
Deferred taxes      
Federal 11,302 (32,304) 294
State 720 (9,429) 4,770
Deferred Foreign Income Tax Expense (Benefit) (35,945) (46,396) (10,281)
Deferred income taxes (23,923) (88,129) (5,217)
Total provision (benefit) for income taxes $ 1,762 $ (28,923) $ (4,377)
v3.24.0.1
INCOME TAXES INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Income tax (benefit) expense at statutory federal rate $ (39,009,000) $ (95,439,000) $ (15,997,000)
State income taxes, net of federal effect (14,716,000) (10,096,000) 7,462,000
Foreign tax rate adjustment (50,082,000) (17,455,000) (7,165,000)
Nondeductible professional fees 430,000 1,370,000 10,421,000
Other permanent differences including lobbying expense 1,066,000 2,414,000 4,696,000
Share-based compensation 2,577,000 3,348,000 2,227,000
Gain on bargain purchases 0 22,000 (4,796,000)
CARES Act 0 0 (5,320,000)
Return to provision adjustments (8,810,000) (2,275,000) (595,000)
Global intangible low-tax income (“GILTI”) 14,333,000 2,404,000 327,000
Loss on derivative instruments 0 0 4,363,000
Goodwill 0 28,935,000 0
Change in uncertain tax positions 1,103,000 (2,224,000) 0
Change in valuation allowance 94,870,000 60,073,000 0
Total provision (benefit) for income taxes $ 1,762,000 $ (28,923,000) $ (4,377,000)
Effective income tax rate on continuing operations (0.90%) 6.40% 3.70%
v3.24.0.1
INCOME TAXES INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets:    
Accrued liabilities and other $ 44,707 $ 5,585
Share-based compensation 7,818 1,699
Commercial rights liabilities 31,376 29,248
Self constructed assets 0 5,690
Interest 195,628 79,757
Goodwill 0 3,140
Net operating loss carryforwards 28,468 19,043
Valuation allowance (154,943) (60,073)
Total deferred tax assets, net 153,054 84,089
Deferred tax liabilities:    
Land (4,142) (4,058)
Property and equipment (46,472) (52,202)
Change in accounting method (280) (73)
RI Joint Venture and GLPI Partnership (108,598) 0
Amortizable assets (83,118) (140,229)
Total deferred tax liabilities (242,610) (196,562)
Net deferred tax liabilities $ (89,556) $ (112,473)
v3.24.0.1
INCOME TAXES INCOME TAXES - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Loss Carryforwards [Line Items]        
Provision (benefit) for income taxes $ 1,762,000 $ (28,923,000) $ (4,377,000)  
Effective income tax rate on continuing operations (0.90%) 6.40% 3.70%  
Valuation allowance $ (154,943,000) $ (60,073,000)    
Increase (decrease) in net deferred tax liabilities 22,900,000 (90,100,000)    
Deferred income taxes (23,923,000) (88,129,000) $ (5,217,000)  
CARES Act 0 0 (5,320,000)  
Unrecognized tax benefits 29,286,000 11,277,000 5,131,000 $ 0
Cash and cash equivalents $ 163,194,000 212,515,000 206,193,000  
Cash and cash equivalents held outside of the United States (as a percent) 10.00%      
Change in valuation allowance $ 94,900,000 60,100,000 $ 0  
Tax contingency accruals 25,700,000      
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Contingencies 29,300,000      
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued 700,000 100,000    
Unrecognized Tax Benefits, Interest on Income Taxes Expense 600,000 100,000    
Operating Income (Loss)        
Operating Loss Carryforwards [Line Items]        
Increase (decrease) in net deferred tax liabilities 23,900,000 (88,100,000)    
Other Comprehensive Income (Loss)        
Operating Loss Carryforwards [Line Items]        
Increase (decrease) in net deferred tax liabilities (2,200,000) 600,000    
Domestic Tax Authority        
Operating Loss Carryforwards [Line Items]        
Operating loss carryforwards 25,400,000 9,100,000    
State and Local Jurisdiction        
Operating Loss Carryforwards [Line Items]        
Operating loss carryforwards $ 310,300,000 $ 174,500,000    
v3.24.0.1
INCOME TAXES INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Uncertain tax position liability at the beginning of the year $ 11,277 $ 5,131 $ 0
Increases related to tax positions taken during the year 18,009 0 0
Increases related to tax positions taken during prior period 0 11,277 5,131
Decreases related to tax positions taken during prior periods 0 (5,131) 0
Uncertain tax position liability at the end of the year $ 29,286 $ 11,277 5,131
Unrecognized tax benefits, increase resulting from acquisition     $ 5,100
v3.24.0.1
COMMITMENTS AND CONTINGENCIES (Details)
$ in Thousands
 12 Months Ended
Dec. 21, 2022
USD ($)
Dec. 31, 2023
USD ($)
employee
agreement
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Nov. 18, 2020
USD ($)
Loss Contingencies [Line Items]          
Diamond Sports Group non-cash liability   $ 144,883 $ 0 $ 0  
Capital expenditures period   5 years      
Number of employees | employee   10,500      
Number of agreements | agreement   32,000      
Contractual Obligation   $ 135,000      
Diamond Sports Group non-cash liability recognized   144,883 $ 0 $ 0  
Capital expenditures, Bally's Atlantic City          
Loss Contingencies [Line Items]          
Commitments calls for expenditures in years one through three   85,000      
Commitments calls for expenditures in years four and five   15,000      
Interactive Technology Commitments          
Loss Contingencies [Line Items]          
Contractual Obligation   $ 55,400      
Workforce subject to collective bargaining arrangements expiring within one year          
Loss Contingencies [Line Items]          
Number of employees | employee   3,040      
Bally's Atlantic City          
Loss Contingencies [Line Items]          
Capital expenditures, committed amount   $ 7,700     $ 100,000
Capital expenditures, committed amount, hotel         35,000
Capital expenditures, committed amount, non-hotel projects         65,000
Bally's Rhode Island          
Loss Contingencies [Line Items]          
Capital expenditures, committed amount   64,000     $ 100,000
Rhode Island VLT Company, LLC          
Loss Contingencies [Line Items]          
Business Combination, Price of Acquisition, Expected $ 7,500        
Bally's Chicago          
Loss Contingencies [Line Items]          
Capital expenditures, committed amount   1,340,000      
Accounts Payable   $ 135,300      
v3.24.0.1
SEGMENT REPORTING (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Dec. 31, 2023
USD ($)
segment
Property
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Segment Reporting Information [Line Items]          
Number of operating segments | segment     3    
Number of reportable segments | segment     3    
Number Of Casino And Resort Properties | Property     16    
Number Of Horse Tracks | Property     1    
Number Of Golf Courses | Property     1    
Total revenue     $ 2,449,073 $ 2,255,705 $ 1,322,443
Adjusted EBITDAR     653,104 601,828 357,473
Depreciation and amortization     (350,408) (300,559) (144,786)
Transaction costs     (80,376) (85,604) (84,543)
Restructuring     (31,014) 0 0
Share-based compensation     (24,074) (27,912) (20,143)
Gain from sale-leaseback, net $ 50,800 $ 53,400 374,321 50,766 53,425
Impairment charges     (149,825) (463,978) (4,675)
Diamond Sports Group non-cash liability     (144,883) 0 0
Other     (17,061) (14,236) (35,798)
Income (loss) from operations     104,009 (293,008) 93,382
Interest expense, net     (277,561) (208,153) (117,924)
Other non-operating income (expense), net     (12,186) 46,692 (94,532)
Total other expense, net     (289,747) (161,461) (212,456)
Loss before income taxes     (185,738) (454,469) (119,074)
Provision (benefit) for income taxes     (1,762) 28,923 4,377
Net loss     (187,500) (425,546) (114,697)
Capital expenditures     $ 311,483 212,256 97,525
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 25% and 11%, 25% and 12%, and 11% and 6% of total revenue, respectively, during the year ended December 31, 2023, 2022 and 2021, respectively.    
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]   Impairment charges      
GLPI          
Segment Reporting Information [Line Items]          
Operating Lease, Expense     $ (125,775) $ (53,313) $ (27,571)
UNITED STATES          
Segment Reporting Information [Line Items]          
Property, Plant and Equipment, Percentage     98.00%    
Revenue Benchmark | Geographic Concentration Risk | UNITED KINGDOM          
Segment Reporting Information [Line Items]          
Concentration risk     25.00% 25.00% 11.00%
Revenue Benchmark | Geographic Concentration Risk | JAPAN          
Segment Reporting Information [Line Items]          
Concentration risk     11.00% 12.00% 6.00%
Casinos & Resorts          
Segment Reporting Information [Line Items]          
Total revenue     $ 1,363,291 $ 1,227,563 $ 1,032,828
Adjusted EBITDAR     428,968 398,930 345,276
Capital expenditures     143,526 183,693 92,479
North America Interactive          
Segment Reporting Information [Line Items]          
Total revenue     112,572 81,700 38,352
Adjusted EBITDAR     (55,653) (65,729) (12,413)
Restructuring     (9,735)    
Impairment charges       (390,700)  
Capital expenditures     1,986 6,635 172
International Interactive          
Segment Reporting Information [Line Items]          
Total revenue     973,210 946,442 251,263
Adjusted EBITDAR     343,559 321,651 69,944
Restructuring     (19,591)    
Capital expenditures     2,462 12,392 4,166
Other          
Segment Reporting Information [Line Items]          
Adjusted EBITDAR     (63,770) (53,024) (45,334)
Capital expenditures     $ 163,509 $ 9,536 $ 708
v3.24.0.1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share [Abstract]      
Net Income (Loss) Available to Common Stockholders, Basic $ (187,500) $ (425,546) $ (114,697)
Weighted average shares outstanding, basic (in shares) 53,350,817 58,111,699 49,643,991
Weighted average effect of dilutive securities (in shares) 0 0 0
Weighted average shares outstanding, diluted (in shares) 53,350,817 58,111,699 49,643,991
Earnings Per Share, Basic and Diluted [Abstract]      
Basic (in dollars per share) $ (3.51) $ (7.32) $ (2.31)
Diluted (in dollars per share) $ (3.51) $ (7.32) $ (2.31)
Anti-dilutive shares excluded from the calculation of diluted earnings per share (in shares) 5,021,833 5,188,388 5,015,803
v3.24.0.1
SUBSEQUENT EVENTS (Details) - Subsequent event
$ in Thousands
Mar. 31, 2024
USD ($)
Accelerated Depreciation  
Subsequent Event [Line Items]  
Restructuring and related cost, expected cost $ 80,000
Minimum | Employee Severance  
Subsequent Event [Line Items]  
Restructuring and related cost, expected cost 15,000
Maximum | Employee Severance  
Subsequent Event [Line Items]  
Restructuring and related cost, expected cost $ 20,000