BALLY'S CORP, 10-Q filed on 8/11/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 31, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
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, $0.01 par value  
Trading Symbol BALY  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   49,122,902
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001747079  
Current Fiscal Year End Date --12-31  
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 174,567 $ 171,233
Restricted cash 66,336 60,021
Accounts receivable, net 89,955 55,486
Inventory 24,118 19,317
Tax receivable 3,043 26,345
Prepaid expenses and other current assets 131,958 115,471
Total current assets 489,977 447,873
Property and equipment, net 1,216,170 630,702
Right of use assets, net 1,934,380 1,544,936
Goodwill 1,720,333 1,799,944
Intangible assets, net 1,940,811 1,307,343
Deferred tax asset 2,605 2,309
Other assets 489,981 127,030
Total assets 7,794,257 5,860,137
Liabilities and Stockholders’ Equity    
Current portion of long-term debt 19,450 19,450
Current portion of lease liabilities 94,497 65,827
Accounts payable 125,725 85,771
Accrued income taxes 84,989 25,468
Accrued and other current liabilities 669,250 481,292
Total current liabilities 993,911 677,808
Long-term debt, net 3,561,719 3,299,323
Long-term portion of lease liabilities 2,023,377 1,554,479
Deferred tax liability 442,738 118,214
Other long-term liabilities 130,073 179,411
Total liabilities 7,151,818 5,829,235
Commitments and contingencies (Note 18)
Stockholders’ equity:    
Common stock 490 408
Preferred Stock, Value, Issued 0 0
Additional paid-in-capital 750,129 1,414,410
Accumulated deficit (193,920) (1,123,649)
Accumulated other comprehensive income (loss) 73,379 (260,267)
Total stockholders’ equity 630,078 30,902
Stockholders' Equity Attributable to Noncontrolling Interest 12,361 0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 642,439 30,902
Total liabilities and stockholders’ equity $ 7,794,257 $ 5,860,137
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
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) 49,120,097 40,787,007
Common stock outstanding (in shares) 49,120,097 40,787,007
Preferred stock par value (in dollars per share) $ 0.01  
Preferred stock authorized (in shares) 10,000,000  
Preferred stock outstanding (in shares) 0 0
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
shares in Thousands, $ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue:          
Total revenue $ 220,498 $ 657,534 $ 621,657 $ 1,026,228 $ 1,240,139
Operating costs and expenses:          
General and administrative 114,401 298,198 252,419 458,589 500,855
Depreciation and amortization 22,343 71,732 78,782 119,213 238,528
Total operating costs and expenses 241,264 659,971 616,084 1,030,475 1,308,521
(Loss) income from operations (20,766) (2,437) 5,573 (4,247) (68,382)
Other (expense) income:          
Other non-operating income (expense), net (2,365) 56,964 6,930 47,934 11,484
Nonoperating Income (Expense) (29,594) (40,558) (67,270) (101,325) (135,847)
Total other expense, net (27,229) (97,522) (74,200) (149,259) (147,331)
Loss before income taxes (50,360) (42,995) (61,697) (105,572) (204,229)
(Benefit) provision for income taxes 664 185,441 (1,501) 88,348 29,881
Net loss $ (51,024) $ (228,436) $ (60,196) $ (193,920) $ (234,110)
Net income per share, basic (in dollars per share) $ (1.05) $ (3.76) $ (1.24) $ (3.20) $ (4.85)
Weighted average common shares outstanding, basic (in shares) 48,743 60,686 48,498 60,554 48,308
Net income per share, diluted (in dollars per share) $ (1.05) $ (3.76) $ (1.24) $ (3.20) $ (4.85)
Weighted average common shares outstanding, diluted (in shares) 48,743 60,686 48,498 60,554 48,308
Gaming          
Revenue:          
Total revenue $ 185,767 $ 557,631 $ 524,751 $ 871,410 $ 1,040,808
Operating costs and expenses:          
Cost of net revenue 87,994 242,036 236,170 375,559 472,314
Non-Casino          
Revenue:          
Total revenue 34,731 99,903 96,906 154,818 199,331
Operating costs and expenses:          
Cost of net revenue $ 16,526 $ 48,005 $ 48,713 $ 77,114 $ 96,824
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]          
Net Income (Loss) $ (51,024) $ (228,436) $ (60,196) $ (193,920) $ (234,110)
Foreign currency translation adjustments (13,097) 102,442 (8,885) 145,482 (46,679)
Net unrealized derivative (loss) gain on cash flow hedges, net of tax 968 (6,400) 2,304 (19,828) 14,587
Net unrealized derivative (loss) gain on net investment hedges, net of tax 2,686 (34,826) 5,788 (52,275) 17,254
Other Comprehensive Income (Loss) (9,443) 61,216 (793) 73,379 (14,838)
Net loss $ (60,467) $ (167,220) $ (60,989) $ (120,541) $ (248,948)
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Treasury Stock, Common [Member]
Retained Earnings [Member]
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Noncontrolling Interest [Member]
Beginning balance (in shares) at Dec. 31, 2023   39,973,202          
Beginning balance at Dec. 31, 2023 $ 635,854 $ 400 $ 1,400,479 $ 0 $ (555,895) $ (209,558) $ 428
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Release of restricted stock (in shares)   423,805          
Issuance of restricted stock and other stock awards (2,774) $ 4 (2,778)        
Share-based compensation 3,058   3,058        
Settlement of consideration (124) $ 1 (125)        
Other 1,750   1,750        
Settlement of consideration to SportCaller (in shares)   86,368          
Net Income (Loss) (173,914)       (173,914)    
Other Comprehensive Income (Loss) (14,045)         (14,045)  
Ending balance (in shares) at Mar. 31, 2024   40,483,375          
Ending balance at Mar. 31, 2024 449,805 $ 405 1,402,384 0 (729,809) (223,603) 428
Beginning balance (in shares) at Dec. 31, 2023   39,973,202          
Beginning balance at Dec. 31, 2023 635,854 $ 400 1,400,479 0 (555,895) (209,558) 428
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net Income (Loss) (234,110)            
Other Comprehensive Income (Loss) (14,838)            
Ending balance (in shares) at Jun. 30, 2024   40,619,356          
Ending balance at Jun. 30, 2024 393,551 $ 406 1,407,118 0 (790,005) (224,396) 428
Beginning balance (in shares) at Mar. 31, 2024   40,483,375          
Beginning balance at Mar. 31, 2024 449,805 $ 405 1,402,384 0 (729,809) (223,603) 428
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Release of restricted stock (in shares)   135,981          
Issuance of restricted stock and other stock awards 263 $ 1 262 0      
Share-based compensation 4,472   4,472        
Net Income (Loss) (60,196)       (60,196)    
Other Comprehensive Income (Loss) (793)         (793)  
Ending balance (in shares) at Jun. 30, 2024   40,619,356          
Ending balance at Jun. 30, 2024 $ 393,551 $ 406 1,407,118 0 (790,005) (224,396) 428
Beginning balance (in shares) at Dec. 31, 2024 40,787,007 40,787,007          
Beginning balance at Dec. 31, 2024 $ 30,902 $ 408 1,414,410 0 (1,123,649) (260,267) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Release of restricted stock (in shares)   19,660          
Issuance of restricted stock and other stock awards (76)   (76)        
Share-based compensation 1,954   1,954        
Net Income (Loss) (51,024)       (51,024)    
Other Comprehensive Income (Loss) (9,443)         (9,443)  
Ending balance (in shares) at Feb. 07, 2025   40,806,667          
Ending balance at Feb. 07, 2025 (27,687) $ 408 1,416,288 0 (1,174,673) (269,710) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net Income (Loss) (193,920)            
Other Comprehensive Income (Loss) $ 73,379            
Ending balance (in shares) at Jun. 30, 2025 49,120,097 49,120,097          
Ending balance at Jun. 30, 2025 $ 642,439 $ 490 750,129 0 (193,920) 73,379 12,361
Beginning balance (in shares) at Feb. 08, 2025   71,258,763          
Beginning balance at Feb. 08, 2025 1,172,536 $ 712 1,171,824 0 0 0 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Share repurchases (in shares)   (22,804,384)          
Share repurchases (420,342) $ (228) (420,114)        
Release of restricted stock (in shares)   557,417          
Issuance of restricted stock and other stock awards (5,127) $ 5 (5,132)        
Bally’s Chicago Inc. Issuance 12,361           12,361
Share-based compensation 2,740   2,740        
Net Income (Loss) 34,516       34,516    
Other Comprehensive Income (Loss) 12,163         12,163  
Ending balance (in shares) at Mar. 31, 2025   49,011,796          
Ending balance at Mar. 31, 2025 808,847 $ 489 749,318 0 34,516 12,163 12,361
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Release of restricted stock (in shares)   108,301          
Issuance of restricted stock and other stock awards (224) $ 1 (225)        
Share-based compensation 2,350   2,350        
Other (1,314)   (1,314)        
Net Income (Loss) (228,436)       (228,436)    
Other Comprehensive Income (Loss) $ 61,216         61,216  
Ending balance (in shares) at Jun. 30, 2025 49,120,097 49,120,097          
Ending balance at Jun. 30, 2025 $ 642,439 $ 490 $ 750,129 $ 0 $ (193,920) $ 73,379 $ 12,361
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 1 Months Ended 2 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Mar. 31, 2025
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:        
Net loss $ (51,024)   $ (193,920) $ (234,110)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Depreciation and amortization 22,343   119,213 238,528
Non-cash amortization of right of use assets 7,228   35,390 28,876
Share-based compensation 1,954   5,090 7,530
Non-cash amortization of debt discount and debt issuance costs 1,004   35,521 5,781
Loss on extinguishment of debt 0   17,372 0
Deferred income taxes (3,010)   31,902 31,654
Gain on fair value of fair value option assets 0   (66,267) 0
(Income) loss from equity method investments 594   (1,464) (789)
Foreign exchange gain (194)   4,947 (3,799)
Other operating activities 3,511   (8,070) (6,502)
Changes in operating assets and liabilities (62,592)   79,085 (40,227)
Net cash provided by (used in) operating activities (80,186)   58,799 39,699
Cash flows from investing activities:        
Cash paid for acquisitions, net of cash acquired 0   21,233 208
Proceeds from net investment hedges 0 $ 0   2,051
Cash paid for The Star Investment 0   (83,720) 0
Capital expenditures (16,424)   (79,422) (63,762)
Cash paid for capitalized software (2,315)   (20,533) (24,209)
Acquisition of gaming licenses 0   (2,000) (1,211)
Other investing activities 1,042   890 (679)
Net cash used in investing activities (17,697)   (163,552) (87,602)
Cash flows from financing activities:        
Issuance of long-term debt 97,000   893,000 230,000
Repayments of long-term debt (10,000)   (347,486) (224,725)
Deferred payables 11,064   4,682 60,796
Payment of financing fees 0   (21,326) 0
Cash paid for repurchased shares 0   (416,180) 0
Bally’s Chicago Inc. issuance under private placement 0   12,361 0
Other financing activities (76)   (5,356) (6,269)
Net cash provided by financing activities 97,988   119,695 59,802
Effect of foreign currency on cash and cash equivalents and restricted cash (457)   (4,941) (2,812)
Net change in cash and cash equivalents and restricted cash (352)   10,001 9,087
Cash and cash equivalents and restricted cash, beginning of period 231,254 $ 230,902 230,902 315,262
Cash and cash equivalents and restricted cash, end of period 230,902   240,903 324,349
Supplemental disclosure of cash flow information:        
Cash paid for interest, net of amounts capitalized 39,069   116,136 158,505
Income taxes paid, net of refunds (73)   15,044 (13,630)
Non-cash investing and financing activities:        
Unpaid property and equipment 15,772   64,602 25,746
Unpaid capitalized software 6,158   1,149 781
Intralot shares received as settlement of loan receivable 0   46,905 0
Unpaid equity method investment 0   6,001 0
Bally’s Chicago - land development liability 0   0 1,931
Company Merger        
Non-cash investing and financing activities:        
Consideration issues 0   955,647 0
Queen        
Non-cash investing and financing activities:        
Consideration issues $ 0   $ 555,751 $ 0
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Feb. 07, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Reconciliation of cash and cash equivalents and restricted cash:          
Cash and cash equivalents $ 174,567 $ 173,549 $ 171,233    
Restricted cash 66,336 57,353 60,021    
Total cash and cash equivalents and restricted cash $ 240,903 $ 230,902 $ 231,254 $ 324,349 $ 315,262
v3.25.2
GENERAL INFORMATION
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations GENERAL INFORMATION
Description of Business

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 & 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
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
The Queen Baton Rouge(2)
Baton Rouge, LouisianaCasino2025
The Belle of Baton Rouge(2)
Baton Rouge, LouisianaCasino and Hotel2025
Casino Queen Marquette(2)
Marquette, IowaCasino2025
DraftKings at Casino Queen(2)
East St. Louis, IllinoisCasino and Hotel2025
__________________________________
(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 16 “Leases” for further information.
(3)    Temporary casino facility as permanent casino resort is constructed. Site of future permanent casino resort is leased from GLPI.

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

The North America Interactive reportable segment includes a portfolio of sports betting, iGaming, and free-to-play gaming brands, and the North American operations of Gamesys.

Refer to Note 19 “Segment Reporting” for further information.
Agreement and Plan of Merger

On February 7, 2025, the Company completed the previously announced transactions under the Agreement and Plan of Merger (as amended, the “Merger Agreement”) with SG Parent LLC, a Delaware limited liability company (“Parent”), The Queen Casino & Entertainment, Inc., a Delaware corporation and affiliate of Parent (“Queen”), Epsilon Sub I, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub I”), Epsilon Sub II, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub II”, and together with the Company and Merger Sub I, the “Company Parties”), and, solely for purposes of specified provisions thereof, SG CQ Gaming LLC, a Delaware limited liability company (“SG Gaming” and together with Parent and Queen, the “Buyer Parties”). As a result of the transactions, Parent and its affiliates beneficially own 73.8% of the issued and outstanding Company common stock.

Pursuant to the Merger Agreement, (i) SG Gaming contributed to the Company all shares of common stock of Queen that it owns (the “Queen Share Contribution”) in exchange for 26,909,895 shares of common stock of the Company (“Company Common Stock”) based on a 2.4536890595 share exchange ratio, (ii) the Company issued approximately 3,542,201 shares of Company Common Stock to the other stockholders of Queen, (iii) immediately thereafter, Merger Sub I merged into the Company (the “Company Merger”), with the Company surviving the Company Merger and (iv) immediately thereafter, Merger Sub II merged into Queen (the “Queen Merger,” and together with the Company Merger, the “Merger”), with Queen surviving the Queen Merger as a direct, wholly owned subsidiary of the Company.

At the effective time of the Merger, each share of the Company’s Common Stock issued and outstanding (other than shares of common stock owned by (i) the Company or any of its wholly owned subsidiaries, (ii) Parent or any of Parent’s affiliates, (iii) by holders exercising statutory appraisal rights; (iv) by SG Gaming following the Queen Share Contribution; or (v) by holders who have elected to have such shares remain issued and outstanding following the Company Merger (a “Rolling Share Election”)) were converted into the right to receive cash consideration equal to $18.25 per share of common stock (the “Per Share Price”). Each holder of shares of Company Common Stock (other than the Company or its subsidiaries) had the option to make a Rolling Share Election.

Concurrently with the Merger Agreement, the Company and Parent entered into support agreements with Standard RI Ltd. (“SRL”) (the “SG Support Agreement”), SBG Gaming, LLC, a designated subsidiary of Sinclair (“SBG”) (the “SBG Support Agreement”), and Noel Hayden (the “Hayden Support Agreement”), collectively known as the “Support Agreements”. The Support Agreements obligated the parties to vote their respective shares in favor of the Merger Agreement and related transactions, and to make a Rolling Share Election for their shares, including those acquired through options or warrants. Additionally, under the SBG Support Agreement, SBG agreed to waive its right to the options it previously acquired under a Framework Agreement originally entered into in 2020 (the “Framework Agreement”), upon completion of the Merger, and in exchange, the Company issued SBG warrants to purchase 384,536 shares of the Company’s common stock under substantially similar terms to the Penny Warrants issued to SBG under the Framework Agreement. In connection with the Merger, as of February 7, 2025, all outstanding Performance Warrants became immediately exercisable at a price of $0.01 per share.
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation

The accompanying unaudited condensed 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).
The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”) for interim financial information, including the instructions to Form 10-Q and Rule 10-01 of the SEC’s Regulation S-X. Accordingly, certain information and note disclosures normally required in complete financial statements prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted. In the Company’s opinion, these condensed consolidated financial statements include all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented.

These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

We have made estimates and judgments affecting the amounts reported in our condensed consolidated financial statements and the accompanying notes. The actual results that we experience may differ materially from our estimates.

As described in Note 1, “General Information”, the Company completed the Merger with Queen on February 7, 2025 (the “Closing”), with Queen surviving the Merger as a wholly-owned subsidiary of the Company. The Parent and its affiliates maintained a controlling financial interest, as defined by ASC 810, in Queen before and after the Merger, and in the Company upon consummation of the Merger. The Merger with Queen was accounted for as a transaction between entities under common control because the Parent and its affiliates contributed a wholly owned subsidiary into the Company, which became a controlled subsidiary of the Parent and its affiliates upon consummation of the merger. The Company has elected to push down its Parent’s basis in its net assets into its unaudited condensed consolidated financial statements, and as a result, unless the context otherwise requires, the “Company,” for periods prior to the Closing refers to Bally’s (“Predecessor”), and for the periods after the Closing refers to the combined Company of Bally’s and Queen (“Successor” or the “Company”). As a result of the Merger, the results of operations, financial position and cash flows of the Predecessor and the Successor are not directly comparable. As Bally’s was deemed to be the predecessor entity, the historical financial statements of Bally’s became the historical financial statements of the combined Company, upon the consummation of the Merger. As a result, the financial statements included in this report reflect (i) the historical operating results of Bally’s prior to the Merger and (ii) the combined results of the Company following the Closing. The accompanying unaudited condensed consolidated financial statements include a Predecessor period, which includes the period through February 7, 2025 concurrent with the Merger, and a Successor period from February 8, 2025 through June 30, 2025. A black line between the Successor and Predecessor periods has been placed in the condensed consolidated financial statements and in the tables to the notes to the condensed consolidated financial statements to highlight the lack of comparability between these two periods.

Queen is a regional gaming, hospitality and entertainment company that owns and operates four casinos across three states. The Merger expands the Company’s Casinos & Resorts geographic footprint and enhances the Company’s development pipeline, which aligns with the Company’s broader strategic initiatives.

Certain adjustments have been made to Queen’s historical carrying values to conform accounting policies with the Company, with any such adjustments being recorded to equity. The preliminary purchase price of Queen is estimated based on the fair value of all existing and outstanding shares of Queen that were exchanged for shares of Company common stock, with the net effect of the transaction being charged to equity.

The preliminary purchase price of Queen and adjustment to equity resulting from the merger consists of the following:
(in thousands, except share and per share data)Amount
Queen common stock outstanding on February 7, 2025 10,967,117 
Per share ratio2.45 
Equivalent Bally’s common stock to be issued26,909,895 
Bally’s common stock issued to settle Queen’s outstanding warrant and restricted stock awards 3,542,201 
Total Bally’s shares issued for Queen shares outstanding30,452,096 
Share price per Merger Agreement$18.25 
Total purchase price$555,751 
Less: Queen net assets assumed 217,027 
Equity adjustment associated with the Queen merger$338,724 
For the three months ended June 30, 2025 (Successor) and period from February 8, 2025 to June 30, 2025 (Successor), revenue for Queen was $61.3 million and $96.0 million, respectively and net income was $41.8 million and $54.8 million, respectively.

Equity Method Investments

In 2025, following the Queen merger, the Company has an investment in Intralot S.A. Integrated Lottery Systems and Services (“Intralot”), a Greek publicly listed company on the Athens Stock Exchange, that supplies integrated gaming and transaction processing systems, game content, sports betting management and interactive gaming services to the state-licensed gaming and lottery organizations worldwide. The total initial investment represented approximately 26.86% of the outstanding shares of Intralot. During the three months ended June 30, 2025 (Successor), an existing loan receivable was settled by payment to the Company in 34.3 million shares of Intralot. On June 30, 2025, the Company also purchased 4.8 million additional shares of Intralot for €1.06 per share. Both of these transactions brought the Company’s total investment in Intralot up to 33.34% of the outstanding shares of Intralot. The investment is accounted for as an equity method investment under the fair value option as the Company believes this best depicts the economics of the investment.

In 2024, the Company completed the sale of portions of its international interactive business in Asia and certain other international markets in its International Interactive reportable segment (the “Carved-Out Business”) to a company (the “Buyer”) formed by members of management of the Carved-Out Business. In connection with the disposition, the Company acquired penny warrants that represent a 19.99% fully diluted interest in the Buyer, for approximately $1.9 million. The Company accounts for this interest as an equity method investment.

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 and changes in fair value for equity method investments accounted for under the fair value option within Other non-operating income (expense), net in the condensed consolidated statements of operations. Refer to Note 4 “Consolidated Financial Information” for further information.

Variable Interest Entities

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

In determining whether it is the primary beneficiary of the VIE, the Company considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities and significance of the Company’s investment and other means of participation in the VIE’s expected profits/losses. Significant judgments related to these determinations include estimates about the current and future fair values and performance of assets held by these VIEs and general market conditions.

Management has analyzed and concluded that a trust that was established in connection with the disposal of the Asia Interactive Business, is a VIE that will be consolidated based on the applicable criteria.

As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), consolidated VIEs had total assets of $286.9 million and $263.9 million, respectively, and total liabilities of $33.4 million and $27.9 million, respectively. Consolidated VIEs had total revenue of $7.0 million and $46.5 million for the three months ended June 30, 2025 (Successor) and June 30, 2024 (Predecessor), respectively, and total revenue of $11.9 million, $3.7 million and $108.4 million for the period from February 8, 2025 to June 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the six months ended June 30, 2024 (Predecessor), 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.
Non-controlling interest

In the first quarter of 2025, Bally’s Chicago, Inc., a consolidated subsidiary of the Company, successfully completed a private placement (the “Private Placement”), whereby shares of Class A-1, A-2, A-3 and A-4 were issued to third parties for total consideration of $12.4 million, net of $0.8 million of issuance costs. Based on the shares issued in the private placement the Company has a de minimus non-controlling interest in Bally’s Chicago, Inc. as of June 30, 2025 (Successor). Net income attributable to non-controlling interest was de minimus for the three and six months ended June 30, 2025 (Successor).

The Star Entertainment Group Investment

On April 7, 2025, the Company entered into a Binding Term Sheet with The Star Entertainment Group Limited (“The Star”), an ASX-listed company, to invest up to A$300.0 million in a multi-tranche issuance of convertible notes and subordinated debt (the “Investment”). On April 8, 2025, The Star announced a commitment from its largest shareholder, Investment Holdings Pty, to subscribe for A$100.0 million of the Investment, reducing the Company’s commitment to A$200.0 million. On April 9, 2025, the Company funded A$66.7 million, consisting of Tranche 1A convertible notes of A$22.2 million (the “Convertible Notes”) and subordinated debt with a principal amount of A$44.4 million. Additionally, on May 23, 2025, the Company and The Star entered into a Subscription Agreement and a Subordination Deed Poll in favor of certain The Star’s senior lenders.

Following shareholder approval obtained on June 25, 2025, the Company funded an additional principal amount of A$66.7 million in subordinated debt on June 27, 2025 (together with the A$44.4 million, the “Subordinated Notes”). As of June 30, 2025, the outstanding principal balance on the Subordinated Notes and Convertible Notes were A$111.1 million and A$22.2 million, respectively.

The remainder of the Company’s A$66.7 million commitment is expected to be funded upon regulatory approval of the Investment (the “Forward Obligation”). Separately, upon such approval, the Subordinated Notes will settle into the Convertible Notes on a cashless basis. Both the Convertible Notes and Subordinated Notes mature on July 2, 2029, and bear interest at an annual rate of 9%, paid in-kind and compounded quarterly. The Star may elect to settle accrued interest in cash or by issuing its ordinary shares. The Company can convert the principal amount of the Convertible Notes into ordinary shares of The Star at any time once regulatory approval has been received at a conversion price of A$0.08 per share. The Company accounts for the instruments funded to date, along with the embedded derivatives associated with their conversion and redemption features, by utilizing the fair value option under ASC 825, Financial Instruments, as the Company believes this best depicts the economics of the investment. Refer to Note 12 “Fair Value Measurements” for further information.

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents includes cash balances and highly liquid investments with an original maturity of three months or less. Restricted cash includes player deposits, payment service provider deposits, and VLT and table games related cash payables to certain states where we operate, which are unavailable for the Company’s use.

Accounts Receivable, Net

Accounts receivable, net consists of the following:
SuccessorPredecessor
June 30,December 31,
(in thousands)20252024
Amounts due from Rhode Island and Delaware(1)
$15,289 $14,135 
Gaming receivables20,754 20,700 
Non-gaming receivables60,425 27,803 
Accounts receivable96,468 62,638 
Less: Allowance for credit losses(6,513)(7,152)
Accounts receivable, net$89,955 $55,486 
__________________________________
(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 for Bally’s Dover from the State of Delaware.
Deferred Payables

In order to execute on its strategy of improving working capital efficiency, the Company will, from time to time, participate in trade finance or deferred payable initiatives, including programs that may securitize or accelerate liquidity realized from receivables, or alternatively extend trade terms with certain suppliers or vendors. In certain cases, where the Company is not able to extend payment terms directly with suppliers or vendors, the Company will consider deferred payable solutions that simulate such trade term extensions. These solutions generally involve entering into exchange agreements with intermediary institutions who will make payments to the supplier or vendor within the original terms on behalf of the Company, in exchange for a new bill with terms that conform to the Company’s payment policy of net 90 days. The Company will then pay the new bill to the intermediary institutions, inclusive of any embedded premium, which the Company records as Interest expense, net, within three months or less. Amounts outstanding under these deferred payable arrangements were $94.7 million and $72.8 million as of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), respectively, and are included in Accrued and other current liabilities on the condensed consolidated balance sheets.

For the three months ended June 30, 2025 (Successor) and June 30, 2024 (Predecessor), the Company borrowed $92.2 million and $60.1 million, respectively under these deferred payable arrangements. For the period from February 8, 2025 to June 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the six months ended June 30, 2024 (Predecessor), the Company borrowed $106.1 million, $79.6 million and $102.3 million, respectively, under these deferred payable arrangements. For the three months ended June 30, 2025 (Successor) and June 30, 2024 (Predecessor), the Company repaid $96.5 million and $41.5 million, respectively. For the period from February 8, 2025 to June 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the six months ended June 30, 2024 (Predecessor) the Company repaid $101.5 million and $68.5 million and $41.5 million, respectively.

For the three months ended June 30, 2025 (Successor) and June 30, 2024 (Predecessor), the Company incurred $2.2 million and $1.4 million, respectively, of interest expense under these arrangements. For the period from February 8, 2025 to June 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the six months ended June 30, 2024 (Predecessor), the Company incurred $3.8 million, $0.5 million and 2.2 million, respectively, of interest expense under these arrangements.

Gaming Expenses

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

Advertising Expense

The Company expenses advertising costs as incurred. Advertising expenses, including production and agency fees of campaigns, for the three months ended June 30, 2025 (Successor) and June 30, 2024 (Predecessor) was $2.7 million and $4.0 million, respectively. Advertising expenses, including production and agency fees of campaign, for the period from February 8, 2025 to June 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the six months ended June 30, 2024 (Predecessor) was $4.1 million, $0.9 million, and $9.6 million respectively. The above advertising expenses are included in General and administrative on the condensed consolidated statements of operations. Additionally, the Company incurred certain advertising and marketing costs directly associated with the Company’s iGaming products and services of $31.5 million $47.0 million for the three months ended June 30, 2025 (Successor) and June 30, 2024 (Predecessor), respectively and $49.6 million, $12.6 million and $93.2 million during the period from February 8, 2025 to June 30, 2025 (Successor), period from January 1, 2025 to February 7, 2025 (Predecessor), and the six months ended June 30, 2024 (Predecessor), respectively. These costs are included within Gaming expenses in the condensed consolidated statements of operations.
Share-Based Compensation

The Company recognized total share-based compensation expense of $2.4 million and $4.5 million for the three months ended June 30, 2025 (Successor) and June 30, 2024 (Predecessor), and $5.1 million, $2.0 million and $7.5 million for the period from February 8, 2025 to June 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the six months ended June 30, 2024 (Predecessor), respectively. The total income tax benefit for share-based compensation arrangements was $0.6 million and $1.2 million for the three months ended June 30, 2025 (Successor) and June 30, 2024 (Predecessor), and $1.3 million, $0.5 million and $2.0 million for the period from February 8, 2025 to June 30, 2025 (Successor) the period from January 1, 2025 to February 7, 2025 (Predecessor), and the six months ended June 30, 2024 (Predecessor), respectively.

Strategic Partnership - Sinclair Broadcast Group

In 2020, the Company and Sinclair Broadcast Group, Inc. (“Sinclair”) entered into the Framework Agreement, providing for a long-term strategic relationship between Sinclair and the Company. Under the Framework Agreement, the Company issued to Sinclair warrants to purchase up to 4,915,726 shares of the Company at an exercise price of $0.01 per share (“the Penny Warrants”), a warrant to purchase up to 3,279,337 shares of the Company at an exercise price of $0.01 per share, subject to the achievement of various performance metrics (the “Performance Warrants”), and an option to purchase up to 1,639,669 additional shares, in four tranches with purchase prices ranging from $30.00 to $45.00 per share, exercisable over a seven-year period beginning in November 2024 (the “Options”). Additionally, the Company is required to share 60% of the tax benefits 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.

In connection with the Queen merger, as of February 7, 2025, all outstanding Performance Warrants became immediately exercisable at a price of $0.01 per share and the Options were returned to the Company in exchange for 384,536 penny warrants. The Performance Warrants were reclassified from liability to equity as of February 7, 2025. Refer to Note 12 “Fair Value Measurements” for more information.

Provision for Income Taxes

During the three months ended June 30, 2025 (Successor) and June 30, 2024 (Predecessor), the Company recorded a provision for income tax of $185.4 million and a benefit of $1.5 million, respectively. For the period from February 8, 2025 to June 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the six months ended June 30, 2024 (Predecessor), the Company recorded a provision of $88.3 million, $0.7 million and $29.9 million, respectively. The effective tax rate for three months ended June 30, 2025 (Successor) and June 30, 2024 (Predecessor) was (431.3)% and 2.4%, respectively. The effective tax rate for the period from February 8, 2025 to June 30, 2025 (Successor), period from January 1, 2025 to February 7, 2025 (Predecessor), and the six months ended June 30, 2024 (Predecessor) was (83.7)%, (1.3)%, and (14.6)%, respectively.

As of June 30, 2025 (Successor), the Company projects an annual tax provision relative to its pre-tax loss in the US due to the valuation allowance on interest, and a tax provision internationally relative to its pre-tax income, which results in a combined (99.0)% annual effective tax rate, as the combined pre-tax income by jurisdiction is minimized.
v3.25.2
RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
The Company holds a warrant, representing a 19.99% fully diluted equity interest in the Carved-Out Business, which as a result is an unconsolidated entity accounted for under the equity method and is considered to be a related party under ASC 850, Related Party Disclosures.

Revenues generated from this equity method investee are included in Non-gaming revenue and were $7.0 million, $11.9 million and $3.7 million for the three months ended June 30, 2025 (Successor), the period from February 8, 2025 to June 30, 2025 (Successor), and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively. There was no revenue generated from this equity method investee during the three and six months ended June 30, 2024 (Predecessor).

Receivables from this equity method investee are included in Accounts receivable, net and were $3.7 million and $1.1 million as of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), respectively.
In connection with the disposal of the Carved-Out Business, the Company entered into a seven-year term loan with the Buyer for a principal amount of €30 million, subject to applicable interest. As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), the Company had a loan receivable of approximately $33.2 million and $31.2 million, respectively, included in Other assets within the condensed consolidated balance sheets. The Company recorded interest income of $0.8 million, $1.3 million and $0.3 million, respectively, for the three months ended June 30, 2025 (Successor), the period from February 8, 2025 to June 30, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), included within Interest expense, net in the condensed consolidated statements of operations.
v3.25.2
CONSOLIDATED FINANCIAL INFORMATION
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
CONSOLIDATED FINANCIAL INFORMATION CONSOLIDATED FINANCIAL INFORMATION
General and Administrative Expense

Amounts included in General and administrative were as follows:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Advertising, general and administrative$274,413 $414,829 $100,969 $232,222 $456,423 
Acquisition and integration19,239 23,339 2,199 5,845 10,697 
Merger costs4,546 20,421 11,233 1,219 1,989 
Restructuring charges, net— — — 376 18,989 
Impairment charges— — — 12,757 12,757 
Total general and administrative$298,198 $458,589 $114,401 $252,419 $500,855 

Other Non-Operating (Expense) Income, Net

Amounts included in Other non-operating income (expense), net were as follows:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Loss on extinguishment of debt$— $(17,372)$— $— $— 
Change in value of performance warrants— — (1,180)6,317 6,317 
Gain on fair value of fair value option assets60,723 66,267 — — — 
Net income (loss) from equity method investments601 1,464 (594)234 789 
Foreign exchange gain (loss)(6,538)(4,947)194 983 3,799 
Other, net2,178 2,522 (785)(604)579 
Total other non-operating income (expense), net$56,964 $47,934 $(2,365)$6,930 $11,484 
Interest Expense, Net

Amounts included in interest expense, net were as follows:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Interest income$3,889 $5,339 $(1)$6,226 $11,021 
Interest expense(101,411)(154,598)(27,228)(80,426)(158,352)
Total interest expense, net$(97,522)$(149,259)$(27,229)$(74,200)$(147,331)
v3.25.2
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
RECENTLY ADOPTED AND ISSUED ACCOUNTING PRONOUNCEMENTS RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
Standards to Be Implemented

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 SEC’s 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 condensed 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 condensed consolidated financial statements and related disclosures.

In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements. This amendment to the Codification removes references to various Concepts Statements. This update will be effective for public business entities for fiscal years beginning after December 15, 2024, with early adoption permitted if adopted as of the beginning of the fiscal year that includes that interim period. The Company is currently in the process of evaluating the impact of this amendment on its condensed consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update require disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. This update will be effective for fiscal years beginning after December 15, 2026, and interim reporting periods in fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its financial statement disclosures.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. The amendments in this update revise the requirements for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a VIE that meets the definition of a business. The amendments require that an entity consider the same factors that are currently required for determining which entity is the accounting acquirer in other acquisition transactions. The amendments in this update will be effective for fiscal years beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The Company is currently evaluating the impact that this guidance will have on its financial statements and related disclosures.
v3.25.2
REVENUE RECOGNITION
 6 Months Ended
Jun. 30, 2025
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 the revenue to be recognized when a performance obligation is satisfied by transferring the control of promised goods or services and is measured at the transaction price or the amount of consideration that the Company expects to receive through satisfaction of the identified performance obligations.

The Company generates revenue from 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.
Sales tax and other taxes collected on behalf of governmental authorities are accounted for on a net basis and are not included in revenue or operating expenses.

Gaming Revenue

Performance Obligations

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

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

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

Transaction Price

The Company applies a practical expedient to account for its gaming contracts on a portfolio basis as such wagers have similar characteristics and the Company reasonably expects the impact on the consolidated financial statements of applying the revenue recognition guidance to the portfolio would not differ materially from the application of an individual wagering contract. The transaction price for a retail gaming, online gaming or sports betting wagering contract is the difference between wins and losses, not the total amount wagered. In addition, in the event of a multi-stage contest, the Company will allocate transaction price ratably from contest start to the contest’s final stage.
The transaction price for racing operations, inclusive of live racing events conducted at the Company’s racing facilities, is the commission received from the pari-mutuel pool less contractual fees and obligations, primarily consisting of purse funding requirements, simulcasting fees, tote fees and certain pari-mutuel taxes that are directly related to the racing operations.

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

Revenue Recognition

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

The estimated retail value related to goods and services provided to customers without charge or upon redemption under the Company’s player loyalty programs included in departmental revenues, and therefore reducing gaming revenues, are as follows:
 SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Hotel$18,643 $29,439 $7,098 $20,435 $40,906 
Food and beverage18,258 29,317 7,559 20,302 40,515 
Retail, entertainment and other4,953 7,676 713 2,442 4,870 
 $41,854 $66,432 $15,370 $43,179 $86,291 
Non-gaming Revenue

Performance Obligations

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

Transaction Price

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

Hotel revenue is recognized when the customer obtains control through occupancy of the room over their stay at the hotel. Advance deposits for hotel rooms are recorded as liabilities until revenue recognition criteria are met. Food, beverage and retail revenues are recognized at the time the goods are sold from Company-operated outlets. 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 condensed consolidated statements of operations.
The following tables provide a disaggregation of revenue by segment (in thousands):
Three Months Ended June 30, 2025 (Successor)
Casinos & ResortsInternational InteractiveNorth America InteractiveCorporate & OtherTotal
Gaming$305,858 $195,860 $55,913 $— $557,631 
Non-gaming:
Hotel33,714 — — — 33,714 
Food and beverage34,828 — — — 34,828 
Licensing— 7,046 — — 7,046 
Retail, entertainment and other18,933 3,160 589 1,633 24,315 
Total non-gaming revenue87,475 10,206 589 1,633 99,903 
Total revenue$393,333 $206,066 $56,502 $1,633 $657,534 
Period from February 8, 2025 to June 30, 2025 (Successor)
Gaming$484,392 $303,596 $83,422 $— $871,410 
Non-gaming:
Hotel52,427 — — — 52,427 
Food and beverage55,082 — — — 55,082 
Licensing— 11,929 — — 11,929 
Retail, entertainment and other28,283 3,291 637 3,169 35,380 
Total non-gaming revenue135,792 15,220 637 3,169 154,818 
Total revenue$620,184 $318,816 $84,059 $3,169 $1,026,228 
Period from January 1, 2025 to February 7, 2025 (Predecessor)
Gaming$95,984 $74,849 $14,934 $— $185,767 
Non-gaming:
Hotel11,006 — — — 11,006 
Food and beverage11,304 — — — 11,304 
Licensing— 3,720 — — 3,720 
Retail, entertainment and other6,005 416 2,007 273 8,701 
Total non-gaming revenue28,315 4,136 2,007 273 34,731 
Total revenue$124,299 $78,985 $16,941 $273 $220,498 
Three Months Ended June 30, 2024 (Predecessor)
Gaming$255,545 $227,149 $42,057 $— $524,751 
Non-gaming:
Hotel35,264 — — — 35,264 
Food and beverage33,123 — — — 33,123 
Retail, entertainment and other19,119 2,247 4,443 2,710 28,519 
Total non-gaming revenue87,506 2,247 4,443 2,710 96,906 
Total revenue$343,051 $229,396 $46,500 $2,710 $621,657 
Six Months Ended June 30, 2024 (Predecessor)
Gaming$505,963 $458,416 $76,429 $— $1,040,808 
Non-gaming:
Hotel76,354 — — — 76,354 
Food and beverage68,075 — — — 68,075 
Retail, entertainment and other34,988 5,663 9,638 4,613 54,902 
Total non-gaming revenue179,417 5,663 9,638 4,613 199,331 
Total revenue$685,380 $464,079 $86,067 $4,613 $1,240,139 
Contract Assets and Contract Related Liabilities

The Company’s receivables related to contracts with customers are primarily comprised of marker balances, interactive platform business-to-business service receivables, other amounts due from gaming activities, amounts due for hotel stays and amounts due from tracks and OTB locations. The Company’s receivables related to contracts with customers were $41.2 million and $41.3 million as of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), respectively.

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

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

Advance deposits are typically interactive player deposits and customer deposits for future banquet events, hotel room reservations, and gift cards. The Company holds restricted cash for interactive player deposits and records a corresponding withdrawal liability. The banquet and hotel reservation deposits are usually received weeks or months in advance of the event or hotel stay.

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 June 30, 2025 (Successor) and December 31, 2024 (Predecessor) were as follows:
SuccessorPredecessor
June 30,December 31,
(in thousands)20252024
Unpaid wagers$36,322 $32,992 
Advanced deposits from customers29,489 26,141 
Loyalty programs10,159 12,167 
Total$75,970 $71,300 
The Company recognized $5.3 million and $7.8 million for three months ended June 30, 2025 (Successor) and June 30, 2024 (Predecessor), respectively, of revenue related to loyalty program redemptions. The Company recognized $8.5 million, $2.2 million and $15.5 million, respectively, of revenue related to loyalty program redemptions for the period from February 8, 2025 to June 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the six months ended June 30, 2024 (Predecessor)
v3.25.2
BUSINESS COMBINATIONS
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
BUSINESS COMBINATIONS BUSINESS COMBINATIONS
Merger with Queen Casino & Entertainment, Inc.

The Merger between the Company and Queen was accounted for as a transaction between entities under common control in accordance with ASC Topic 805, Business Combinations (“ASC 805”), in which the accounting acquirer (Parent and its affiliates) obtained control of the Company. As described in Note 2, “Summary of Significant Accounting Policies”, the Company has elected to push down its Parent’s basis in its net assets into its financial statements, and as a result, the net assets of the Predecessor were measured and recognized at their fair values as of the acquisition date and were combined with those of Queen at Queen’s historical carrying amounts and are presented on a combined basis. The following disclosures relate to the Company’s election to apply push down and show the effect of the change in control.

The fair value of the Merger consideration was $955.6 million, which represents 52,364,192 total shares outstanding prior to the Merger multiplied by the Merger value of $18.25 per share. Immediately following the transaction, the Company repurchased 22,804,384 shares at a price of $18.25 for total a total repurchase price of $416.2 million.
The preliminary allocation of the purchase price is as follows:
As of February 7, 2025
(in thousands)Preliminary as of February 7, 2025Year to Date AdjustmentsPreliminary as of June 30, 2025
Cash and cash equivalents$173,550 $— $173,550 
Restricted cash57,352 — 57,352 
Other current assets210,447 — 210,447 
Property and equipment1,065,486 (4,745)1,060,741 
Right of use assets1,692,346 17,215 1,709,561 
Goodwill1,555,354 9,131 1,564,485 
Intangible assets1,866,963 (7,542)1,859,421 
Other assets131,457 — 131,457 
Total current liabilities(548,702)— (548,702)
Lease liabilities(1,823,153)(17,215)(1,840,368)
Long-term debt(2,914,688)— (2,914,688)
Other long-term liabilities(510,765)3,156 (507,609)
Net assets acquired$955,647 $— $955,647 

The purchase consideration has been allocated to the tangible and identifiable intangible assets and liabilities based upon their estimated fair values as of the acquisition date, with the excess of the purchase consideration over the aggregate net fair values recorded as goodwill, which is not deductible for tax purposes. Accounts receivable, other assets, current liabilities and inventories were stated at their historical carrying value, which approximates fair value given the short-term nature of these assets and liabilities. The estimate of fair value for property and equipment and owned real property was based on an assessment of the assets' condition as well as an evaluation of the current market value of such assets. The fair value of leasehold interests were estimated based on evaluating contractual rent payments relative to market rent giving consideration to the Company’s capitalization rates and rent coverage ratios, under the income method or by estimating the fee simple value and estimated rate of return, depending on the nature of the underlying leasehold interest. In connection with with remeasuring the Company’s lease liabilities, unfavorable off-market components of $130.8 million were recognized as a decrease to the Company’s right of use assets, and will be amortized as a reduction of lease expense on a straight line basis over the remaining lease term.
The Company recorded intangible assets based on estimates of fair value which consisted of the following:
Valuation ApproachEstimated Useful Life
(in years)		Estimated Fair Value
Gaming licensesGreenfield Method16$759,041 
Customer relationshipsMulti-period Excess earnings method4349,980 
Developed technologyRelief from royalty method5253,200 
Trade namesRelief from royalty method1274,700 
Intellectual property licenseRelief from royalty method7141,000 
Indefinite lived trade namesRelief from royalty methodIndefinite281,500 
Total fair value of intangible assets$1,859,421 

The valuation of intangible assets was determined using income approach methodologies including the greenfield method, multi-period excess earnings method and the relief from royalty method. Level 3 inputs used in estimating future cash flows included terminal growth rates of 3%, royalty rates between 2% and 19%, discount rates between 11% and 15%, operating cash flows, estimated construction costs, and pre-opening expenses, among others. The projected future cash flows are discounted to present value using an appropriate discount rate.
The estimated fair values were based on assumptions that the Company believes are reasonable. As of June 30, 2025 (Successor), the Company is in the process of completing its valuation of tangible and intangible assets and the allocation of the purchase price to the assets acquired and liabilities assumed, including the allocation of goodwill to reporting units, which will be completed once the valuation process has been finalized.

The Company incurred $4.5 million and $1.2 million of transaction related expenses for the three months ended June 30, 2025 (Successor) and June 30, 2024 (Predecessor), respectively. The Company incurred $20.4 million, $11.2 million and $2.0 million of transaction-related expenses for the period from February 8, 2025 to June 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor), and the six months ended June 30, 2024 (Predecessor), respectively. Transaction-related expenses were incurred in connection with the Merger and are primarily related to legal and professional fees, which have been included in General and administrative in the condensed consolidated statements of operations.
v3.25.2
PREPAID EXPENSES AND OTHER ASSETS
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets Disclosure PREPAID EXPENSES AND OTHER CURRENT ASSETS
As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), prepaid expenses and other current assets was comprised of the following:
SuccessorPredecessor
June 30,December 31,
(in thousands)20252024
Services and license agreements$54,319 $43,141 
Short term notes receivable19,811 17,342 
Sales tax17,807 18,988 
Prepaid marketing12,164 11,952 
Prepaid insurance11,366 3,341 
Short term derivative assets11,561 5,359 
Other4,930 15,348 
Total prepaid expenses and other current assets$131,958 $115,471 
v3.25.2
PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure PROPERTY AND EQUIPMENT
As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), property and equipment was comprised of the following:
SuccessorPredecessor
June 30,December 31,
(in thousands)20252024
Land and improvements$96,237 $49,553 
Building and improvements639,225 370,086 
Equipment94,024 280,946 
Furniture and fixtures140,171 64,109 
Construction in process296,188 149,906 
Total property, plant and equipment1,265,845 914,600 
Less: Accumulated depreciation(49,675)(283,898)
Property and equipment, net$1,216,170 $630,702 
Depreciation expense relating to property and equipment was $13.0 million and $19.8 million for the three months ended June 30, 2025 (Successor) and June 30, 2024 (Predecessor), respectively. Depreciation expense related to property and equipment was $27.5 million, $7.6 million and $119.3 million for the period from February 8, 2025 to June 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the six months ended June 30, 2024 (Predecessor), respectively. Depreciation expense during the six months ended June 30, 2024 (Predecessor) included $80.1 million of accelerated depreciation related to the closure of the Tropicana Las Vegas property on April 2, 2024. Refer to Note 14 “Restructuring Expense” for further information. The Company recorded capitalized interest of $3.1 million and $2.1 million for the three months ended June 30, 2025 (Successor) and June 30, 2024 (Predecessor), respectively. The Company recorded capitalized interest of $4.8 million, $0.8 million and $3.9 million during the period from February 8, 2025 to June 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the six months ended June 30, 2024 (Predecessor), respectively.
v3.25.2
GOODWILL AND INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
The change in carrying value of goodwill by reportable segment for the six months ended June 30, 2025 (Successor) is as follows (in thousands):
Casinos & ResortsInternational InteractiveNorth America InteractiveCorporate & OtherTotal
Goodwill as of December 31, 2024 (Predecessor)(1)
$313,285 $1,451,273 $35,386 $— $1,799,944 
Effect of foreign exchange— (11,268)— — (11,268)
Goodwill as of February 7, 2025 (Predecessor)(1)
313,285 1,440,005 35,386 — 1,788,676 
Goodwill as of February 8, 2025 (Successor)612,191 716,260 56,845 205,352 1,590,648 
Current year measurement period adjustments(73)5,400 324 3,480 9,131 
Goodwill measurement period segment re-allocation(253,874)387,070 (47,567)(85,629)— 
Effect of foreign exchange— 120,554 — 120,554 
Goodwill as of June 30, 2025 (Successor)
$358,244 $1,229,284 $9,602 $123,203 $1,720,333 
__________________________________
(1)    Amounts are shown net of accumulated goodwill impairment charges of $5.4 million, $71.6 million and $140.4 million for Casinos & Resorts, International Interactive and North America Interactive,respectively.
The change in intangible assets, net for the six months ended June 30, 2025 (Successor) is as follows (in thousands):
Intangible assets, net as of December 31, 2024 (Predecessor)
$1,307,343 
Effect of foreign exchange(3,662)
Capitalized software3,054 
Less: Amortization of intangible assets(14,765)
Intangible assets, net as of February 07, 2025 (Predecessor)$1,291,970 
Intangible assets, net as of February 08, 2025 (Successor)$1,941,245 
Measurement period adjustments(7,542)
Additions in current period3,282 
Effect of foreign exchange 80,003 
Capitalized software15,525 
Less: Amortization of intangible assets(91,702)
Intangible assets, net as of June 30, 2025 (Successor)
$1,940,811 

The Company’s identifiable intangible assets consist of the following:
Successor
June 30, 2025
(in thousands)Gross Carrying AmountAccumulated
Amortization		Net
Amortizable intangible assets:   
Trade names$84,282 $(4,103)$80,179 
Customer relationships381,038 (40,664)340,374 
Developed technology280,363 (21,968)258,395 
Internally developed software15,524 (1,329)14,195 
Gaming licenses753,854 (19,928)733,926 
Licensing asset159,224 (8,912)150,312 
Other25,385 (4,556)20,829 
Total amortizable intangible assets1,699,670 (101,460)1,598,210 
Intangible assets not subject to amortization:
Gaming licenses61,101 — 61,101 
Trade names281,500 — 281,500 
Total unamortizable intangible assets342,601 — 342,601 
Total intangible assets, net$2,042,271 $(101,460)$1,940,811 
Predecessor
December 31, 2024
(in thousands)Gross Carrying AmountAccumulated
Amortization		Net
Amortizable intangible assets:   
Trade names$31,723 $(18,032)$13,691 
Hard Rock license8,000 (2,545)5,455 
Customer relationships660,005 (272,333)387,672 
Developed technology210,712 (70,073)140,639 
Internally developed software105,284 (26,791)78,493 
Gaming licenses47,797 (19,864)27,933 
Other11,473 (4,918)6,555 
Total amortizable intangible assets1,074,994 (414,556)660,438 
Intangible assets not subject to amortization:
Gaming licenses546,908 — 546,908 
Trade names98,784 — 98,784 
Other1,213 — 1,213 
Total unamortizable intangible assets646,905 — 646,905 
Total intangible assets, net$1,721,899 $(414,556)$1,307,343 

Amortization of intangible assets was approximately $58.8 million and $59.0 million for the three months ended June 30, 2025 (Successor) and June 30, 2024 (Predecessor), respectively. Amortization of intangible assets was approximately $91.7 million, $14.8 million and $119.2 million for the period from February 8, 2025 to June 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the six months ended June 30, 2024 (Predecessor), respectively.

The following table reflects the remaining amortization expense associated with the finite-lived intangible assets as of June 30, 2025 (Successor):
(in thousands)
Remaining 2025
$120,693 
2026
240,690 
2027
240,034 
2028
219,671 
2029
146,781 
Thereafter630,341 
Total$1,598,210 
v3.25.2
DERIVATIVE INSTRUMENTS
 6 Months Ended
Jun. 30, 2025
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.

The Company has 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 15 “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.
Additionally, the Company has entered into a series of interest rate contracts in a notional aggregate amount of $1.00 billion, to further manage the Company’s exposure to interest rate movements associated with the Company’s variable rate Term Loan Facility through its synthetic conversion to fixed rate debt. The tenor of these contracts were matched with the maturity of the Term Loan Facility tranche maturing on October 1, 2028.

Cross Currency Swaps

Net Investment Hedges - The Company is exposed to fluctuations in foreign exchange rates on investments it holds in its European foreign entities. The Company uses fixed and fixed-cross-currency swaps to hedge its exposure to changes in the foreign exchange rate on its foreign investment in Europe and their exposure to changes in the EUR-GBP exchange rate. Currency forward agreements involve fixing the USD-EUR exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in USD for their fair value at or close to their settlement date. Cross-currency swaps involve the receipt of functional-currency-fixed-rate amounts from a counterparty in exchange for the Company making foreign-currency-fixed-rate payments over the life of the agreement. These derivative arrangements qualify as net investment hedges under ASC 815, Derivatives and Hedging, 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 condensed consolidated statements of operations. Refer to Note 12 “Fair Value Measurements” and Note 17 “Stockholders’ Equity” for further information.

Economic Hedges - During the fourth quarter of 2024, the Company dedesignated its EUR-GBP cross currency swaps as net investment hedges and began recording changes in fair value of the derivative and the accrual of foreign currency and USD denominated coupons through earnings reported in Other non-operating income (expense), net in the consolidated statements of operations.

The following tables summarize the Company’s cross currency swap arrangements as of June 30, 2025 (Successor) and December 31, 2024 (Predecessor) (in thousands):
Hedge DesignationNotional SoldNotional Purchased
Cross currency swapsEconomic Hedges€461,595 £387,531 
Cross currency swapsNet Investment Hedge£546,759 $700,000 

Cash Flow Hedges

Interest Rate Contracts - The Company’s objectives in using interest rate derivatives are to hedge its exposure to variability in cash flows on a portion of its floating-rate debt, to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps and collars as part of its financial risk and liability management policy. The Company’s interest rate swaps and collars are designated as cash flow hedges under ASC 815. The changes in the fair value of these instruments are recorded as a component of accumulated other comprehensive income (loss) and reclassified into “Interest expense, net” in the condensed consolidated statements of operations in the same period in which the hedged interest payments associated with the Company’s borrowings are recorded. Refer to Note 12 “Fair Value Measurements” and Note 17 “Stockholders’ Equity” for further information.

The following table summarizes the Company’s cash flow hedges as of June 30, 2025 (Successor) and December 31, 2024 (Predecessor) (in thousands):
SuccessorPredecessor
June 30, 2025December 31, 2024
Cash Flow HedgesIndexNotional AmountNotional Amount
Interest rate contracts - swapsUS - SOFR$1,500,000 $1,500,000 
v3.25.2
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
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:
Successor
June 30, 2025
(in thousands)Balance Sheet LocationLevel 1Level 2Level 3
Assets:
Cash and cash equivalentsCash and cash equivalents$174,567 $— $— 
Restricted cashRestricted cash66,336 — — 
Fair value option equity method investmentsOther assets275,381 — — 
Investment in GLPI partnershipOther assets— 19,790 — 
The Star Investment - fair value option:
Subordinated NotesOther assets— — 84,978 
Convertible NotesOther assets— — 17,153 
Forward Obligation(1)
Prepaid expenses and other current assets— — 6,901 
Derivative assets not designated as hedging instruments:
Cross currency swapsPrepaid expenses and other current assets— 4,577 — 
Derivative assets designated as hedging instruments:
Interest rate contractsPrepaid expenses and other current assets— 83 — 
Total derivative assets at fair value— 4,660 6,901 
Total assets$516,284 $24,450 $109,032 
Liabilities:
Contingent considerationAccrued and other current liabilities$— $— $54,336 
Contingent considerationOther long-term liabilities— — 8,048 
Derivative liabilities not designated as hedging instruments:
Cross Currency SwapsOther long-term liabilities— 20,736 — 
Derivative liabilities designated as hedging instruments:
Interest rate contractsAccrued and other current liabilities— 3,931 — 
Interest rate contractsOther long-term liabilities— 37,753 — 
Cross currency swapsAccrued and other current liabilities— 4,366 — 
Cross currency swapsOther long-term liabilities— 51,868 — 
Total derivative liabilities at fair value— 118,654 — 
Total liabilities$— $118,654 $62,384 
__________________________________
(1)    The Forward Obligation is considered a derivative instrument not designated as hedging.
Predecessor
December 31, 2024
(in thousands)Balance Sheet LocationLevel 1Level 2Level 3
Assets:
Cash and cash equivalentsCash and cash equivalents$171,233 $— $— 
Restricted cashRestricted cash60,021 — — 
Investment in GLPI partnershipOther assets— 20,418 — 
Derivative assets not designated as hedging instruments
Cross currency swapsPrepaid expenses and other current assets— 4,871 — 
Cross currency swapsOther assets— 615 — 
Derivative assets designated as hedging instruments:
Interest rate contractsPrepaid expenses and other current assets— 340 — 
Interest rate contractsOther assets— 336 — 
Cross currency swapsPrepaid expenses and other current assets— 148 — 
Cross currency swapsOther assets— 13,181 — 
Total derivative assets at fair value— 19,491 — 
Total assets$231,254 $39,909 $— 
Liabilities:
Contingent considerationOther long-term liabilities$— $— $59,923 
Derivatives not designated as hedging instruments
Sinclair Performance WarrantsOther long-term liabilities— — 58,668 
Cross currency swapsOther long-term liabilities— 11,174 — 
Derivative liabilities designated as hedging instruments:
Interest rate contractsAccrued and other current liabilities— 1,855 — 
Interest rate contractsOther long-term liabilities— 13,372 — 
Cross currency swapsAccrued and other current liabilities— 1,189 — 
Cross currency swapsOther long-term liabilities— 1,624 — 
Total derivative liabilities at fair value— 29,214 58,668 
Total liabilities$— $29,214 $118,591 

The following tables summarize the changes in fair value of the Company’s Level 3 assets and liabilities:
Sinclair Performance WarrantsContingent ConsiderationFair value option loans receivable
(in thousands)Subordinated NotesConvertible NotesForward Obligation
Beginning as of December 31, 2024 (Predecessor)
$58,668 $59,923 $— $— $— 
Change in fair value1,180 786 — — — 
Ending as of February 7, 2025 (Predecessor)$59,848 $60,709 $— $— $— 
Beginning as of February 8, 2025 (Successor)$— $60,709 $— $— $— 
Change in fair value— — — — — 
Ending as of March 31, 2025 (Successor)
— 60,709 — — — 
Additions in the period (acquisition fair value)— — 70,291 13,429 — 
Change in fair value— 1,675 11,655 2,485 6,728 
Effect of foreign exchange— — 3,032 1,239 173 
Ending as of June 30, 2025 (Successor)
$— $62,384 $84,978 $17,153 $6,901 

(in thousands)Sinclair Performance WarrantsContingent Consideration
Beginning as of December 31, 2023 (Predecessor)
$44,703 $58,580 
Change in fair value— (1,835)
Ending as of March 31, 2024 (Predecessor)
$44,703 $56,745 
Change in fair value(6,317)1,040 
Ending as of June 30, 2024 (Predecessor)
$38,386 $57,785 
The gains (losses) recognized in the condensed consolidated statements of operations for derivative instruments were as follows:

Condensed Consolidated Statements of Operations LocationSuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Derivatives not designated as hedging instruments
Sinclair Performance WarrantsOther non-operating income (expense), net$— $— $(1,180)$6,317 $6,317 
Cross Currency SwapsOther non-operating income (expense), net6,602 6,823 50 — — 
Derivatives designated as hedging instruments
Interest rate contractsInterest expense, net$898 $1,383 $(105)(2,809)(5,695)
Cross currency swapsInterest expense, net1,036 1,405 7 (1,325)(2,536)

Interest Rate Contracts and Cross Currency Swaps

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

Sinclair Performance Warrants

Sinclair Performance Warrants were accounted for as a derivative instrument classified as a liability within Level 3 of the hierarchy through February 7, 2024 (predecessor) 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 were 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. In connection with the Queen merger, as of February 7, 2025, all outstanding Performance Warrants became immediately exercisable at a price of $0.01 per share and were reclassified out of liabilities and into equity and are no longer measured at fair value. The fair value is recorded within Other long-term liabilities of the condensed consolidated balance sheets as of December 31, 2024 (predecessor).
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 income (expense), net” of the condensed consolidated statements of operations.

In connection with the acquisition of Bally’s Golf Links on September 12, 2023, the Company recorded contingent consideration, which had a total fair value of $62.4 million as of June 30, 2025 (Successor). The amount included in purchase consideration is the fair value, under GAAP, of expected cash payments totaling up to $125 million to the seller, based upon future events, which are uncertain. The contingent consideration was recorded at fair value, using discounted cash flow analyses with level 3 inputs, and is remeasured quarterly, with fair value adjustments recognized in earnings, until the contingencies are resolved. Inputs to this valuation approach include the Company’s estimated probabilities of achieving the conditions for payment, expected terms between 0.8 and 1.3 Years, and discount rates of 6.6%. 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.

Fair Value Option Equity Method Investment

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, 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 income (expense), net of the condensed 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 income (expense), net of the condensed consolidated statements of operations.

The Star Investment - Fair Value Option

As described in Note 2 “Summary of Significant Accounting Policies”, during the three months ended June 30, 2025 (Successor), the Company invested A$22.2 million of Convertible Notes and A$111.1 million of Subordinated Notes in The Star. These investments are accounted for as debt securities under ASC 320, Investments - Debt Securities, for which the Company has elected the fair value option allowed by ASC 825. Under the fair value option, the investment is remeasured at fair value at each reporting period, with changes in fair value included within Other non-operating income (expense), net. For the period ended June 30, 2025 (Successor), the Company recognized $0.9 million of interest income from the Star Investment, which it has elected to present as part of the total change in fair value. The company measures fair value using binomial lattice model as well as discounted cash flow model, classified within Level 3 of the hierarchy. Inputs to the valuation approach include the stock price and credit rating of The Star, volatility of 40%, recovery rate of 10%, risk free rate of 3.3%, and the Company’s estimate of the probability of default.

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 are net of debt issuance costs and debt discounts. Refer to Note 15 “Long-Term Debt” for further information.
SuccessorPredecessor
 June 30, 2025
December 31, 2024
(in thousands)Carrying AmountFair ValueCarrying AmountFair Value
Term Loan Facility$1,782,446 $1,671,855 $1,858,800 $1,792,804 
11.00% Senior Secured Notes due 2028
480,544 500,390 — — 
5.625% Senior Notes due 2029
563,179 430,313 738,517 587,813 
5.875% Senior Notes due 2031
505,000 403,331 721,456 535,631 
v3.25.2
ACCRUED AND OTHER CURRENT LIABILITIES
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
ACCRUED AND OTHER CURRENT LIABILITIES ACCRUED AND OTHER CURRENT LIABILITIES
As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), accrued and other current liabilities consisted of the following:
SuccessorPredecessor
(in thousands)June 30,
2025		December 31,
2024
Gaming liabilities$186,908 $187,233 
Interest payable72,999 60,792 
Compensation68,772 66,356 
Contingent consideration54,336 — 
Professional services47,861 19,343 
Construction accruals22,196 2,144 
Insurance reserves22,603 23,898 
Property taxes16,660 8,502 
Other176,915 113,024 
Total accrued and other current liabilities$669,250 $481,292 
v3.25.2
RESTRUCTURING
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
ACQUISITION, INTEGRATION AND RESTRUCTURING 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.

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 incurred restructuring charges representing employee-related severance costs and accelerated depreciation of certain property and equipment.
The components of restructuring charges by segment for the three and six month ended June 30, 2024 (Predecessor) are summarized as follows (in thousands):
Predecessor
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Severance and employee related benefits(1)
Casinos & Resorts$348 $20,003 
International Interactive3 55 
North America Interactive— (1,479)
Corporate & Other25 410 
Total severance and employee related benefits376 18,989 
Accelerated depreciation expense(2)
— 80,117 
Total restructuring charges$376 99,106 
__________________________________
(1)    Included within “General and administrative” of the condensed consolidated statements of operations.
(2)    Included within “Depreciation and amortization” of the Casinos & Resorts reportable segment within the condensed consolidated statements of operations.

The was no restructuring liability as of June 30, 2025 (Successor) and December 31, 2024 (Predecessor) on the condensed consolidated balance sheets.
v3.25.2
LONG-TERM DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), long-term debt consisted of the following:
SuccessorPredecessor
(in thousands)June 30,
2025		December 31,
2024
Term Loan Facility(1)
$1,876,925 $1,886,650 
Revolving Credit Facility250,000 — 
11.00% Senior Secured Notes due 2028
500,000 — 
5.625% Senior Notes due 2029
750,000 750,000 
5.875% Senior Notes due 2031
735,000 735,000 
Less: Unamortized original issue discount(13,685)(19,760)
Less: Unamortized deferred financing fees(5,771)(33,117)
Less: Unamortized fair value adjustment(2)
(511,300)— 
Long-term debt, including current portion3,581,169 3,318,773 
Less: Current portion of Term Loan and Revolving Credit Facility(19,450)(19,450)
Long-term debt, net of discount, deferred financing fees and fair value adjustment, excluding current portion$3,561,719 $3,299,323 
__________________________________
(1)    The Company has a series of interest rate derivatives to synthetically convert $1.0 billion notional of the Company’s variable rate Term Loan Facility into fixed rate debt, and a series of cross currency swap derivatives to synthetically convert $500.0 million and $200.0 million notional of the Company’s USD denominated Term Loan Facility into fixed rate EUR and GBP denominated debt, respectively, through its maturity in 2028. Refer to Note 11 “Derivative Instruments” for further information.
(2)    Represents adjustment to recognize the Company’s existing debt at fair value in the Company Merger, calculated as the difference between the fair value of the Company’s term loan facility and unsecured notes, estimated based on quoted prices in active markets as of the Closing Date, and the respective ending principal balances as of February 7, 2025. The adjustment is amortized through Interest Expense, Net using the effective interest method.
2028 Notes

In connection with the closing of the Merger on February 7, 2025, the Company entered into a note purchase agreement and issued $500.0 million in aggregate principal amount of first lien senior secured notes due 2028 (the “2028 Notes”) at an annual interest rate of 11%, payable in cash quarterly in arrears, beginning on April 1, 2025. The 2028 Notes were issued by the Company and certain of its restricted subsidiaries that guarantee the Company’s obligations under its Credit Agreement as guarantors, Alter Domus (US) LLC as the note agent and collateral agent, and the purchasers party thereto. The 2028 Notes mature on October 2, 2028. The 2028 Notes 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.

The note purchase agreement includes mandatory redemption offer provisions that require the Company to make an offer to redeem the 2028 Notes upon certain events, include with the proceeds of certain asset sales and casualty events, certain unpermitted debt issuances and a percentage of the Company’s and its restricted subsidiaries’ annual excess cash flow. The Company may also voluntarily redeem some or all of the 2028 Notes. Voluntary and mandatory redemptions of the 2028 Notes on or prior to the first anniversary of the issuance date are subject to a customary “make-whole” premium. Voluntary and mandatory repayments or redemptions of the 2028 Notes after the first anniversary of the issuance date but on or prior to the second anniversary are subject to a prepayment premium of 5.50% of the principal amount of notes so repaid or redeemed. Voluntary and mandatory repayments or redemptions of the 2028 Notes after the second anniversary are not subject to any prepayment or similar premium and may be made at par.

The note purchase agreement 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 note purchase agreement. As of June 30, 2025 (Successor), the Company was in compliance with all such covenants.

In connection with the Merger, the Company settled the pre-existing debt of Queen and recorded a loss on extinguishment of debt of $17.4 million, recorded within Other non-operating income (expense), net in the condensed consolidated statements of operations for the period from February 8, 2025 to June 30, 2025 (Successor).

Unsecured Notes

On August 20, 2021, two unrestricted subsidiaries (together, the “Escrow Issuers”) of the Company issued $750.0 million aggregate principal amount of 5.625% senior notes due 2029 (the “2029 Notes”) and $750.0 million aggregate principal amount of 5.875% Senior Notes due 2031 (the “2031 Notes” and, together with the 2029 Notes, the “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.
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 $650.0 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 June 30, 2025 (Successor), 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 utilizes interest rate and cross currency swap derivative instruments. Refer to Note 11 “Derivative Instruments” for further information.
v3.25.2
LEASES
 6 Months Ended
Jun. 30, 2025
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 consumer price index (“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 $2.12 billion and $1.62 billion as of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), respectively, and right of use assets of $1.93 billion and $1.54 billion as of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), respectively, which were included in the condensed consolidated balance sheets.
GLPI Leases

As of June 30, 2025 (Successor), the Company leases certain properties from GLPI under two separate master lease agreements, the “Master Lease,” and the “Master Lease No. 2.” 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 the “Master Lease” which requires combined initial minimum annual payments of $101.5 million. The Company’s Bally’s Kansas City and Bally’s Shreveport properties are leased under the terms of the “Master Lease No. 2” which requires combined initial minimum annual payments of $32.2 million. All components of the Master Lease and Master Lease No. 2 are accounted for as operating leases within the provisions of ASC 842, Leases (“ASC 842”), over the lease term or until a re-assessment event occurs. Both leases have an initial term of 15 years and include four, five-year options to renew and are subject to a minimum 1% annual escalation or greater escalation dependent on CPI. The renewal options are not reasonably certain of exercise as of June 30, 2025 (Successor).

Following the Merger, as of June 20, 2025 (Successor), the Company also has a master lease agreement through Queen with GLPI, the “Queen Master Lease”, with The Queen Baton Rouge, The Belle of Baton Rouge, Casino Queen Marquette and DraftKings at Casino Queen properties being leased under the terms of the Queen Master Lease, which requires initial combined minimum annual payments of $31.7 million. All components of the Queen Master Lease are accounted for as operating leases within the provisions of ASC 842, over the lease term or until a re-assessment event occurs. The Queen Master Lease has an initial term of 15 years and includes four, five-year options to renew and is subject to annual escalation. The renewal options are not reasonably certain of exercise as of June 30, 2025 (Successor).

In addition to the properties under the master leases explained above, the Company leases land associated with Tropicana Las Vegas under a ground lease established with GLPI in 2022. This lease has an initial term of 50 years, with the possibility of extending up to 99 years through renewal options, and requires initial minimum annual payments of $10.5 million, subject to minimum 1% annual escalation or greater escalation dependent on CPI. As of June 30, 2025 (Successor), the renewal options are not considered reasonably certain to be exercised. During the third quarter of 2024, the Company modified the lease and GLPI paid $48.6 million to the Company to fund the demolition of the building at the Tropicana Las Vegas site in exchange for an increase in annual rent of $4.1 million, also subject to a minimum 1% annual increase or greater based on CPI. This lease modification did not change the lease classification.

Components of lease expense, included within General and administrative in the condensed consolidated statements of operations, for operating leases were as follows:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Operating leases:
Operating lease cost$59,454 $93,474 $21,714 $36,957 $74,288 
Variable lease cost2,389 4,128 1,238 2,823 5,609 
Operating lease expense61,843 97,602 22,952 39,780 79,897 
Short-term lease expense7,063 10,446 2,393 5,633 11,488 
Total lease expense$68,906 $108,048 $25,345 $45,413 $91,385 
Supplemental cash flow and other information related to operating leases for the three months ended June 30, 2025 (Successor), the three months ended June 30, 2024 (Predecessor), the period from February 8, 2025 to June 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the six months ended June 30, 2024 (Predecessor) are as follows:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Cash paid for amounts included in the lease liability - operating cash flows from operating leases$62,141 $80,625 $30,843 $32,956 $64,505 
Right of use assets obtained in exchange for operating lease liabilities$22,977 $22,977 $— $631 $631 

SuccessorPredecessor
June 30, 2025
December 31, 2024
Weighted average remaining lease term25.8 years26.2 years
Weighted average discount rate7.3 %8.5 %
As of June 30, 2025 (Successor), future minimum lease payments under noncancellable operating leases are as follows:
Successor
(in thousands)June 30, 2025
Remaining 2025$121,496 
2026241,027 
2027236,324 
2028239,173 
2029240,173 
Thereafter4,150,215 
Total lease payments5,228,408 
Less: present value discount(3,110,534)
Lease obligations$2,117,874 

Pending Lease Transactions

On July 11, 2024, the Company entered into a Binding Term Sheet to form a strategic construction and financing arrangement with GLP, an affiliate of GLPI, which includes the funding to complete the construction of Bally’s Chicago’s permanent casino. GLP will amend the existing land lease through a new master lease agreement with Bally’s Chicago Operating Company, LLC (“Chicago MLA”). The Chicago MLA includes annual rent of $20 million, subject to customary escalation provisions. The Chicago MLA also provides up to $940 million in construction financing, subject to conditions and approvals. The Company will pay additional rent under the Chicago MLA based on a 8.5% capitalization rate on funded amounts. The initial lease term for the Chicago MLA is 15 years with renewal options to be agreed upon by the parties. On July 17, 2025, the Company signed the Chicago MLA with GLPI. Refer to Note 21 “Subsequent Events” for further information.

In addition, the Company plans to sell and lease back its Bally’s Twin River property to GLP by the end of 2026 for $735 million, with initial annual rent of $58.8 million. GLP has the right to call this transaction starting October 2026. All such transactions are subject to required regulatory approvals.
Lessor

The Company leases its hotel rooms to patrons and records the corresponding lessor revenue in Non-gaming revenue within our condensed consolidated statements of operations. The Company had lessor revenues related to the rental of hotel rooms of $33.7 million and $35.3 million for the three months ended June 30, 2025 (Successor) and three months ended June 30, 2024 (Predecessor), respectively. The Company had lessor revenues related to the rental of hotel rooms of $52.4 million, $11.0 million and $76.4 million for the period from February 8, 2025 to June 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the six months ended June 30, 2024 (Predecessor), respectively. Hotel leasing arrangements vary in duration, but are short-term in nature.
v3.25.2
STOCKHOLDERS’ EQUITY
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025 (Successor) and December 31, 2024 (Predecessor), $95.5 million was available for use under the capital return program. There was no share repurchase activity under the capital return program during the three months ended June 30, 2025 (Successor), period from February 8, 2025 to June 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the three and six months ended June 30, 2024 (Predecessor).

There were no cash dividends paid during the three months ended June 30, 2025 (Successor), the period from February 8, 2025 to June 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) or the three and six months ended June 30, 2024 (Predecessor).

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 June 30, 2025 (Successor) and December 31, 2024 (Predecessor), no shares of preferred stock have been issued.
Shares Outstanding

As of June 30, 2025 (Successor), the Company had 49,120,097 common shares issued and outstanding. The Company issued warrants 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 or the achievement of certain performance targets. These incremental shares are summarized below:

Sinclair Penny Warrants (Note 2)
11,575,597
MKF penny warrants (Note 12)
44,128
Outstanding awards under Equity Incentive Plans699,222
12,318,947

Accumulated Other Comprehensive Income (Loss)

The following tables reflect the changes in accumulated other comprehensive loss by component for the period from February 8, 2025 to June 30, 2025 (Successor), Period from January 1, 2025 to February 7, 2025 (Predecessor) and six months ended June 30, 2024 (Predecessor), respectively:
Predecessor
(in thousands)Foreign Currency Translation AdjustmentBenefit Plans
Cash Flow Hedges(1)
Net Investment HedgesTotal
Accumulated other comprehensive (loss) income at December 31, 2024 (Predecessor)
$(261,745)$1,746 $(8,189)$7,921 $(260,267)
Other comprehensive income (loss) before reclassifications(13,097)— 1,425 3,655 (8,017)
Reclassifications from accumulated other comprehensive income (loss) to earnings— — (105)7 (98)
Tax effect— — (352)(976)(1,328)
Accumulated other comprehensive (loss) income at February 07, 2025 (Predecessor)
$(274,842)$1,746 $(7,221)$10,607 $(269,710)


Successor
(in thousands)Foreign Currency Translation Adjustment
Cash Flow Hedges(1)
Net Investment HedgesTotal
Accumulated other comprehensive (loss) income at February 8, 2025 (Successor)
$— $— $— $— 
Other comprehensive income (loss) before reclassifications198,030 (28,414)(72,670)96,946 
Reclassifications from accumulated other comprehensive income (loss) to earnings— 1,383 1,405 2,788 
Tax effect(52,548)7,203 18,990 (26,355)
Accumulated other comprehensive (loss) income at June 30, 2025 (Successor)
$145,482 $(19,828)$(52,275)$73,379 
__________________________________
(1)    As of June 30, 2025 (Successor), approximately $10.9 million of existing gains and losses are estimated to be reclassified into earnings within the next 12 months.
Predecessor
(in thousands)Foreign Currency Translation AdjustmentBenefit PlansCash Flow HedgesNet Investment HedgesTotal
Accumulated other comprehensive (loss) income at December 31, 2023
$(177,203)$886 $(11,246)$(21,995)$(209,558)
Other comprehensive income (loss) before reclassifications(46,679)— 26,356 15,597 (4,726)
Reclassifications from accumulated other comprehensive income (loss) to earnings— — (5,695)(2,536)(8,231)
Tax effect— — (6,074)4,193 (1,881)
Accumulated other comprehensive (loss) income at June 30, 2024
$(223,882)$886 $3,341 $(4,741)$(224,396)
v3.25.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Litigation

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

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

Capital Expenditure Commitments

Bally’s Twin River - Pursuant to the terms of the Regulatory Agreement in Rhode Island, the Company is committed to invest $100 million in its Rhode Island properties over the term of the master contract through June 30, 2043, including an expansion and the addition of new amenities at Bally’s Twin River. As of June 30, 2025 (Successor), approximately $42.0 million of the commitment remains.

Bally’s Chicago - Pursuant to the Host Community Agreement with the City of Chicago, the Company’s indirect subsidiary is required to spend at least $1.34 billion on the design, construction and outfitting of the temporary casino and the permanent resort and casino. The actual cost of the development may exceed this minimum capital investment requirement. In addition, land acquisition costs and financing costs, among other types of costs, are not counted toward meeting this requirement. As of
June 30, 2025 (Successor), approximately $965.7 million of this commitment remains.

City of Chicago Guaranty

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

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

Sponsorship Commitments

As of June 30, 2025 (Successor), the Company has entered into multiple sponsorship agreements with various professional sports leagues and teams. These agreements commit a total of $114.3 million through 2036 and grant the Company rights to use official league marks for branding and promotions, among other benefits.

Interactive Technology Commitments

The Company has certain multi-year agreements with its various market access and content providers, as well as its online sports betting platform partners, that require the Company to pay variable fees based on revenue, with minimum annual guarantees. As of June 30, 2025 (Successor), the cumulative minimum obligation committed in these agreements is approximately $37.6 million through 2029.
v3.25.2
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company has three operating and reportable segments: Casinos & Resorts, International Interactive and North America Interactive. The “Corporate & Other” category includes interest expense, select immaterial operating segments, unallocated corporate operating expenses, and other adjustments, such as eliminations of inter-segment transactions, to reconcile with the Company’s consolidated results. This category further accounts for other expenses such as share-based compensation, acquisition and transaction costs, and other non-recurring charges.

During the first quarter of 2025, the Company moved a component of the North America Interactive operating segment to a separate operating segment, which is reported in the Corporate & Other category, to better align with the Company’s strategic growth initiatives and how its chief operating decision maker evaluates performance and allocates resources. Comparable prior period segment results have been re-cast to reflect this change. The prior year results presented below were reclassified to conform to the new segment presentation.

The Company’s three reportable segments as of June 30, 2025 (Successor) are:

Casinos & Resorts - Includes the Company’s 19 casino and resort properties, one horse racetrack and one golf course.

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

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

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

Management believes segment Adjusted EBITDAR is representative of its ongoing business operations including its ability to service debt and to fund capital expenditures, acquisitions and operations, in addition to it being a commonly used measure of performance in the gaming industry and used by industry analysts to evaluate operations and operating performance.
As of June 30, 2025 (Successor), the Company’s operations were predominately in the US and Europe with a less substantive footprint in other countries world-wide. For geographical reporting purposes, revenue generated outside of the US has been aggregated into the International Interactive reporting segment, and consists primarily of revenue from the UK. Revenue generated from the UK represented approximately 28%, 28% and 32% of total revenue for the three months ended June 30, 2025 (Successor) the period from February 8, 2025 to June 30, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively. For the three and six months ended June 30, 2024 (Predecessor), the Company’s revenue generated outside of the US consisted primarily of revenue from the UK and Japan of approximately 28% and 27% of total revenue, respectively. The Company does not have any revenues from any individual customers that exceed 10% of total reported revenues.

The following table sets forth revenue and Adjusted EBITDAR for the Company’s three reportable segments and reconciles Adjusted EBITDAR on a consolidated basis to net (loss) income. The Other category is included in the following tables in order to reconcile the segment information to the Company’s condensed consolidated financial statements.
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Revenue
Casinos & Resorts$393,333 $620,184 $124,299 $343,051 $685,380 
International Interactive206,066 318,816 78,985 229,396 464,079 
North America Interactive56,502 84,059 16,941 46,500 86,067 
Corporate & Other1,633 3,169 273 2,710 4,613 
Total$657,534 $1,026,228 $220,498 $621,657 $1,240,139 
Adjusted EBITDAR(1)
Casinos & Resorts$105,967 $177,507 $23,554 $99,801 $189,219 
International Interactive82,205 130,400 28,940 81,292 164,824 
North America Interactive2,484 139 (5,661)(2,196)(11,310)
Corporate & Other(17,506)(27,209)(6,774)(17,098)(32,819)
Total173,150 280,837 40,059 161,799 309,914 
Operating (expense) income
Rent expense associated with triple net operating leases(2)
(43,904)(68,320)(15,669)(31,737)(63,384)
Depreciation and amortization(71,732)(119,213)(22,343)(78,782)(238,528)
Transaction costs(36,046)(43,784)(5,106)(6,604)(12,164)
Restructuring — — — (376)(18,989)
Tropicana Las Vegas demolition and closure costs(9,698)(15,629)(2,605)(15,557)(16,021)
Share-based compensation(2,350)(5,090)(1,954)(4,472)(7,530)
Impairment charges— — — (12,757)(12,757)
Merger Agreement costs(3)
(4,546)(20,421)(11,233)(1,219)(1,989)
Other(7,311)268,210 38,144 (4,722)(6,934)
(Loss) income from operations(2,437)(4,247)(20,766)5,573 (68,382)
Other (expense) income
Interest expense, net of interest income(97,522)(149,259)(27,229)(74,200)(147,331)
Other56,964 47,934 (2,365)6,930 11,484 
Total other expense, net(40,558)(101,325)(29,594)(135,847)(67,270)
Loss before income taxes(42,995)(105,572)(50,360)(61,697)(204,229)
Benefit (provision) for income taxes(185,441)(88,348)(664)1,501 (29,881)
Net loss$(228,436)$(193,920)$(51,024)$(60,196)$(234,110)
__________________________________
(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 16 “Leases” for further information.
(3)    Costs incurred in connection with the Merger Agreement discussed in Note 1 “General Information”.
The following table sets forth significant segment expenses and other segment items by reportable segment (in thousands):
Casinos & ResortsInternational InteractiveNorth America Interactive
Three Months Ended June 30, 2025 (Successor)
Revenue$393,333 $206,066 $56,502 
Less: segment expenses
Marketing costs17,440 21,144 12,764 
Gaming tax47,659 43,912 11,530 
Compensation101,189 22,947 7,802 
Other direct costs— 22,729 17,937 
Casino property costs57,872 — — 
General and administrative57,451 11,913 4,366 
Other segment items (1)
5,755 1,216 (381)
Segment EBITDAR105,967 82,205 2,484 
Period from February 8, 2025 to June 30, 2025 (Successor)
Revenue$620,184 $318,816 $84,059 
Less: segment expenses
Marketing costs29,052 32,806 19,815 
Gaming tax76,832 66,973 20,542 
Compensation158,905 34,790 12,283 
Other direct costs— 34,142 29,589 
Casino property costs95,046 — — 
General and administrative72,392 20,645 7,462 
Other segment items (1)
10,450 (940)(5,771)
Segment EBITDAR$177,507 $130,400 $139 
Period from January 1, 2025 to February 7, 2025 (Predecessor)
Revenue$124,299 $78,985 $16,941 
Less: segment expenses
Marketing costs8,814 8,362 5,055 
Gaming tax20,917 16,535 6,461 
Compensation41,381 8,492 3,213 
Other direct costs— 8,183 8,355 
Casino property costs26,653 — — 
General and administrative10,712 6,261 2,220 
Other segment items (1)
(7,732)2,212 (2,702)
Segment EBITDAR$23,554 $28,940 $(5,661)
Casinos & ResortsInternational InteractiveNorth America Interactive
Three Months Ended June 30, 2024 (Predecessor)
Revenue$343,051 $229,396 $46,500 
Less: segment expenses
Marketing costs20,988 33,924 11,092 
Gaming tax48,754 37,911 14,843 
Compensation98,017 26,143 7,643 
Other direct costs— 36,368 17,235 
Casino property costs36,771 — — 
General and administrative17,088 14,195 1,621 
Other segment items (1)21,632 (437)(3,738)
Segment EBITDAR99,801 81,292 (2,196)
Six months ended June 30, 2024 (Predecessor)
Revenue$685,380 $464,079 $86,067 
Less: segment expenses
Marketing costs41,336 69,122 25,060 
Gaming tax94,162 72,688 20,270 
Compensation191,660 58,926 9,866 
Other direct costs— — — 
Casino property costs105,784 74,242 28,970 
General and administrative34,524 32,972 9,060 
Other segment items (1)
28,695 (8,695)4,151 
Segment EBITDAR$189,219 $164,824 $(11,310)
__________________________________
(1)    Other Segment Items primarily includes Gaming and non-gaming expenses within our Casinos & Resorts reportable segment, and certain other immaterial costs and allocations within each of the Company’s reportable segments.
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Capital Expenditures
Casinos & Resorts$12,419 $23,125 $5,306 $13,278 $23,157 
International Interactive288 288 148 112 358 
North America Interactive— — — 429 689 
Corporate & Other(1)
36,258 56,009 10,970 21,890 39,558 
Total$48,965 $79,422 $16,424 $35,709 $63,762 
__________________________________
(1)    Includes $36.3 million, $56.0 million, $11.0 million, $21.6 million and $39.1 million related to our future Bally’s Chicago permanent facility during the three months ended June 30, 2025 (Successor), the period from February 8, 2025 to June 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the three and six months ended June 30, 2024 (Predecessor), respectively.
Total assets are not regularly reviewed for each operating segment when assessing segment performance or allocating resources and accordingly, are not presented.
v3.25.2
EARNINGS (LOSS) PER SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE EARNINGS (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.

 SuccessorPredecessor
(in thousands, except per share data)Three Months Ended June 30, 2025Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Net loss applicable to common stockholders
$(228,436)$(193,920)$(51,024)$(60,196)$(234,110)
Weighted average common shares outstanding, basic60,686 60,554 48,743 48,498 48,308 
Weighted average effect of dilutive securities— — — — — 
Weighted average common shares outstanding, diluted60,686 60,554 48,743 48,498 48,308 
Basic loss per share$(3.76)$(3.20)$(1.05)$(1.24)$(4.85)
Diluted loss per share$(3.76)$(3.20)$(1.05)$(1.24)$(4.85)
There were 296,374, 231,580, 5,056,640, 4,951,558 and 5,254,089 share-based awards that were considered anti-dilutive for the three months ended June 30, 2025 (Successor), the period from February 8, 2025 to June 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and three and six months ended June 30, 2024 (Predecessor), respectively.

The Company has Penny Warrants 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 Penny Warrants were considered exercisable for little to no consideration and are therefore included in basic shares outstanding at their issuance date. Refer to Note 2 “Summary of Significant Accounting Policies” for further information regarding the Framework Agreement.
v3.25.2
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Transaction Agreement - International Interactive Business

On July 1, 2025, the Company’s Board of Directors, authorized the Company to enter into a definitive transaction agreement (the “Transaction Agreement”) with Intralot S.A., a Greek publicly listed company (“Intralot”). Following the expiration of a 10-day statutory waiting period under Greek law, the Company and Intralot entered into the Transaction Agreement on July 18, 2025, pursuant to which, at the closing (the “Closing”) of the transactions contemplated therein (the “Transactions”), Intralot will directly and/or indirectly acquire all of the issued and outstanding capital stock of Bally’s Holdings Limited, a Jersey limited company and subsidiary of the Company holding the Company’s “International Interactive” business, in exchange for total consideration valued at approximately €2.7 billion, consisting of (i) €1.5 billion in cash, subject to adjustment, and (ii) 873,707,073 newly issued ordinary shares of Intralot (“Intralot Shares”) at an implied value of €1.30 per Intralot Share. As a result of the Transactions, the Company is expected to become the majority shareholder of Intralot.

The Closing, which is expected to occur in the fourth quarter of 2025, is subject to the satisfaction or waiver of certain mutual closing conditions, including (i) the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the receipt of clearance under applicable non-U.S. antitrust law, (ii) the receipt of certain gaming regulatory clearances, (iii) the receipt of Intralot shareholder approval, (iv) the closing of an intended offering by Intralot of newly-issued Intralot Shares for cash, (v) the listing on the Athens Exchange of the Intralot Shares to be received by the Company in the Transactions, and (vi) Intralot’s receipt of debt financing. In that respect, a subsidiary of Intralot has obtained commitments from Citizens Bank, Deutsche Bank, Goldman Sachs, and Jefferies for debt financing up to €1.6 billion, which is expected to be refinanced through the debt capital markets and is subject to certain conditions.

As discussed in Note 2, “Summary of Significant Accounting Policies”, effective June 30, 2025, an existing loan receivable to the Company was settled through payment of shares of Intralot, and the Company also purchased additional shares in Intralot, which increased the Company’s ownership interest in Intralot from 26.86% to 33.34%, following which a mandatory tender offer obligation for the remaining outstanding shares of Intralot has been triggered subsequent to period-end.
One Big Beautiful Bill

On July 4, 2025, President Trump signed the One Big Beautiful Bill (“OBBB”), which resulted in many tax extensions and other rule changes, including the following which will have an effect on the Company’s tax provision in 2025 or 2026:

•Full expensing of U.S. research and development costs under Section 174A
•Retroactive expensing of unamortized U.S. research and development costs capitalized between 2022 and 2024; either all in 2025, or over two years in 2025 and 2026.
•Return of the Section 163(j) taxable income base excluding the deductions for depreciation and amortization in 2025 (change from “Tax EBIT” to “Tax EBITDA”).
•Decrease in the Section 250 deduction for Net CFC Tested Income (formerly GILTI) to 40% (from 50%) in 2026, instead of the scheduled decrease to 37.5% prior to the OBBB.
•Decrease in the Section 250 deduction for foreign-derived income to 33.34% (from 37.5%) in 2026, instead of the scheduled decrease to 21.875% prior to the OBBB.
•Increase in the foreign tax credit rate on Net CFC Tested Income (formerly GILTI) to 90% (from 80%), and a 10% disallowance on repatriation, in 2026.
•Removal of the allocation of interest expense and research and development expense to Net CFC Tested Income (formerly GILTI) in calculating the foreign tax credit limitation, effective in 2026.
The Company is currently evaluating the effect of the OBBB on its future interim and annual financial statements. The Company’s deferred tax asset for U.S. research and development costs may be reversed in subsequent financial statements, decreasing tax payable for a similar amount or increasing other tax attributes; and this research deduction may have an effect on the Section 163(j) limitation; as such, the full effect of the OBBB is not practical to estimate at this time.
Chicago MLA

On July 17, 2025, the Company entered into the Chicago MLA, as described in Note 11 “Leases,” with GLP, that amended the existing ground lease for the property on which the Company plans to develop its Permanent Facility and a development agreement with GLP (the “Chicago Development Agreement”) pursuant to which GLP has committed to advance up to $940 million (the “GLP Development Advances”) for the payment of hard costs used to construct the Permanent Facility in exchange for increasing the amount of rent payable to GLP under the Chicago MLA.

The Chicago MLA has an initial term of 15 years and includes four, five-year options to renew and is subject to annual escalation. Annual rent under the Chicago MLA is $20 million, with additional rent equal to 8.5% of the GLP Development Advances that are granted to the Company. The amended and restated ground lease will be accounted for as a lease modification event in the third quarter of 2025. The Company expects to begin drawing on the advance under the Chicago Development Agreement and thus incurring increased rent in the third quarter of 2025.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Mar. 31, 2025
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure              
Net Income (Loss) $ (51,024) $ 34,516 $ (228,436) $ (60,196) $ (173,914) $ (193,920) $ (234,110)
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
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.
Deferred Charges, Policy
Deferred Payables
In order to execute on its strategy of improving working capital efficiency, the Company will, from time to time, participate in trade finance or deferred payable initiatives, including programs that may securitize or accelerate liquidity realized from receivables, or alternatively extend trade terms with certain suppliers or vendors. In certain cases, where the Company is not able to extend payment terms directly with suppliers or vendors, the Company will consider deferred payable solutions that simulate such trade term extensions. These solutions generally involve entering into exchange agreements with intermediary institutions who will make payments to the supplier or vendor within the original terms on behalf of the Company, in exchange for a new bill with terms that conform to the Company’s payment policy of net 90 days. The Company will then pay the new bill to the intermediary institutions, inclusive of any embedded premium, which the Company records as Interest expense, net, within three months or less.
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.
Recently Issued Accounting Pronouncements
Standards to Be Implemented

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 SEC’s 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 condensed 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 condensed consolidated financial statements and related disclosures.

In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements. This amendment to the Codification removes references to various Concepts Statements. This update will be effective for public business entities for fiscal years beginning after December 15, 2024, with early adoption permitted if adopted as of the beginning of the fiscal year that includes that interim period. The Company is currently in the process of evaluating the impact of this amendment on its condensed consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update require disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. This update will be effective for fiscal years beginning after December 15, 2026, and interim reporting periods in fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its financial statement disclosures.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. The amendments in this update revise the requirements for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a VIE that meets the definition of a business. The amendments require that an entity consider the same factors that are currently required for determining which entity is the accounting acquirer in other acquisition transactions. The amendments in this update will be effective for fiscal years beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The Company is currently evaluating the impact that this guidance will have on its financial statements and related disclosures.
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Accounts Receivable
Accounts receivable, net consists of the following:
SuccessorPredecessor
June 30,December 31,
(in thousands)20252024
Amounts due from Rhode Island and Delaware(1)
$15,289 $14,135 
Gaming receivables20,754 20,700 
Non-gaming receivables60,425 27,803 
Accounts receivable96,468 62,638 
Less: Allowance for credit losses(6,513)(7,152)
Accounts receivable, net$89,955 $55,486 
__________________________________
(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 for Bally’s Dover from the State of Delaware.
Schedule of Business Acquisitions, by Acquisition
Certain adjustments have been made to Queen’s historical carrying values to conform accounting policies with the Company, with any such adjustments being recorded to equity. The preliminary purchase price of Queen is estimated based on the fair value of all existing and outstanding shares of Queen that were exchanged for shares of Company common stock, with the net effect of the transaction being charged to equity.

The preliminary purchase price of Queen and adjustment to equity resulting from the merger consists of the following:
(in thousands, except share and per share data)Amount
Queen common stock outstanding on February 7, 2025 10,967,117 
Per share ratio2.45 
Equivalent Bally’s common stock to be issued26,909,895 
Bally’s common stock issued to settle Queen’s outstanding warrant and restricted stock awards 3,542,201 
Total Bally’s shares issued for Queen shares outstanding30,452,096 
Share price per Merger Agreement$18.25 
Total purchase price$555,751 
Less: Queen net assets assumed 217,027 
Equity adjustment associated with the Queen merger$338,724 
v3.25.2
CONSOLIDATED FINANCIAL INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule Of General And Administrative Expense
Amounts included in General and administrative were as follows:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Advertising, general and administrative$274,413 $414,829 $100,969 $232,222 $456,423 
Acquisition and integration19,239 23,339 2,199 5,845 10,697 
Merger costs4,546 20,421 11,233 1,219 1,989 
Restructuring charges, net— — — 376 18,989 
Impairment charges— — — 12,757 12,757 
Total general and administrative$298,198 $458,589 $114,401 $252,419 $500,855 
Schedule of Other Nonoperating Expense
Amounts included in Other non-operating income (expense), net were as follows:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Loss on extinguishment of debt$— $(17,372)$— $— $— 
Change in value of performance warrants— — (1,180)6,317 6,317 
Gain on fair value of fair value option assets60,723 66,267 — — — 
Net income (loss) from equity method investments601 1,464 (594)234 789 
Foreign exchange gain (loss)(6,538)(4,947)194 983 3,799 
Other, net2,178 2,522 (785)(604)579 
Total other non-operating income (expense), net$56,964 $47,934 $(2,365)$6,930 $11,484 
Interest Income and Interest Expense Disclosure
Amounts included in interest expense, net were as follows:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Interest income$3,889 $5,339 $(1)$6,226 $11,021 
Interest expense(101,411)(154,598)(27,228)(80,426)(158,352)
Total interest expense, net$(97,522)$(149,259)$(27,229)$(74,200)$(147,331)
v3.25.2
REVENUE RECOGNITION (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Net Revenue
The estimated retail value related to goods and services provided to customers without charge or upon redemption under the Company’s player loyalty programs included in departmental revenues, and therefore reducing gaming revenues, are as follows:
 SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Hotel$18,643 $29,439 $7,098 $20,435 $40,906 
Food and beverage18,258 29,317 7,559 20,302 40,515 
Retail, entertainment and other4,953 7,676 713 2,442 4,870 
 $41,854 $66,432 $15,370 $43,179 $86,291 
The following tables provide a disaggregation of revenue by segment (in thousands):
Three Months Ended June 30, 2025 (Successor)
Casinos & ResortsInternational InteractiveNorth America InteractiveCorporate & OtherTotal
Gaming$305,858 $195,860 $55,913 $— $557,631 
Non-gaming:
Hotel33,714 — — — 33,714 
Food and beverage34,828 — — — 34,828 
Licensing— 7,046 — — 7,046 
Retail, entertainment and other18,933 3,160 589 1,633 24,315 
Total non-gaming revenue87,475 10,206 589 1,633 99,903 
Total revenue$393,333 $206,066 $56,502 $1,633 $657,534 
Period from February 8, 2025 to June 30, 2025 (Successor)
Gaming$484,392 $303,596 $83,422 $— $871,410 
Non-gaming:
Hotel52,427 — — — 52,427 
Food and beverage55,082 — — — 55,082 
Licensing— 11,929 — — 11,929 
Retail, entertainment and other28,283 3,291 637 3,169 35,380 
Total non-gaming revenue135,792 15,220 637 3,169 154,818 
Total revenue$620,184 $318,816 $84,059 $3,169 $1,026,228 
Period from January 1, 2025 to February 7, 2025 (Predecessor)
Gaming$95,984 $74,849 $14,934 $— $185,767 
Non-gaming:
Hotel11,006 — — — 11,006 
Food and beverage11,304 — — — 11,304 
Licensing— 3,720 — — 3,720 
Retail, entertainment and other6,005 416 2,007 273 8,701 
Total non-gaming revenue28,315 4,136 2,007 273 34,731 
Total revenue$124,299 $78,985 $16,941 $273 $220,498 
Three Months Ended June 30, 2024 (Predecessor)
Gaming$255,545 $227,149 $42,057 $— $524,751 
Non-gaming:
Hotel35,264 — — — 35,264 
Food and beverage33,123 — — — 33,123 
Retail, entertainment and other19,119 2,247 4,443 2,710 28,519 
Total non-gaming revenue87,506 2,247 4,443 2,710 96,906 
Total revenue$343,051 $229,396 $46,500 $2,710 $621,657 
Six Months Ended June 30, 2024 (Predecessor)
Gaming$505,963 $458,416 $76,429 $— $1,040,808 
Non-gaming:
Hotel76,354 — — — 76,354 
Food and beverage68,075 — — — 68,075 
Retail, entertainment and other34,988 5,663 9,638 4,613 54,902 
Total non-gaming revenue179,417 5,663 9,638 4,613 199,331 
Total revenue$685,380 $464,079 $86,067 $4,613 $1,240,139 
Contracts with Customers, Contract Liabilities
Liabilities related to contracts with customers as of June 30, 2025 (Successor) and December 31, 2024 (Predecessor) were as follows:
SuccessorPredecessor
June 30,December 31,
(in thousands)20252024
Unpaid wagers$36,322 $32,992 
Advanced deposits from customers29,489 26,141 
Loyalty programs10,159 12,167 
Total$75,970 $71,300 
v3.25.2
BUSINESS COMBINATIONS (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Business Acquisitions, by Acquisition
Certain adjustments have been made to Queen’s historical carrying values to conform accounting policies with the Company, with any such adjustments being recorded to equity. The preliminary purchase price of Queen is estimated based on the fair value of all existing and outstanding shares of Queen that were exchanged for shares of Company common stock, with the net effect of the transaction being charged to equity.

The preliminary purchase price of Queen and adjustment to equity resulting from the merger consists of the following:
(in thousands, except share and per share data)Amount
Queen common stock outstanding on February 7, 2025 10,967,117 
Per share ratio2.45 
Equivalent Bally’s common stock to be issued26,909,895 
Bally’s common stock issued to settle Queen’s outstanding warrant and restricted stock awards 3,542,201 
Total Bally’s shares issued for Queen shares outstanding30,452,096 
Share price per Merger Agreement$18.25 
Total purchase price$555,751 
Less: Queen net assets assumed 217,027 
Equity adjustment associated with the Queen merger$338,724 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The preliminary allocation of the purchase price is as follows:
As of February 7, 2025
(in thousands)Preliminary as of February 7, 2025Year to Date AdjustmentsPreliminary as of June 30, 2025
Cash and cash equivalents$173,550 $— $173,550 
Restricted cash57,352 — 57,352 
Other current assets210,447 — 210,447 
Property and equipment1,065,486 (4,745)1,060,741 
Right of use assets1,692,346 17,215 1,709,561 
Goodwill1,555,354 9,131 1,564,485 
Intangible assets1,866,963 (7,542)1,859,421 
Other assets131,457 — 131,457 
Total current liabilities(548,702)— (548,702)
Lease liabilities(1,823,153)(17,215)(1,840,368)
Long-term debt(2,914,688)— (2,914,688)
Other long-term liabilities(510,765)3,156 (507,609)
Net assets acquired$955,647 $— $955,647 
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
The Company recorded intangible assets based on estimates of fair value which consisted of the following:
Valuation ApproachEstimated Useful Life
(in years)		Estimated Fair Value
Gaming licensesGreenfield Method16$759,041 
Customer relationshipsMulti-period Excess earnings method4349,980 
Developed technologyRelief from royalty method5253,200 
Trade namesRelief from royalty method1274,700 
Intellectual property licenseRelief from royalty method7141,000 
Indefinite lived trade namesRelief from royalty methodIndefinite281,500 
Total fair value of intangible assets$1,859,421 
v3.25.2
PREPAID EXPENSES AND OTHER ASSETS (Tables)
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expenses and Other Assets
As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), prepaid expenses and other current assets was comprised of the following:
SuccessorPredecessor
June 30,December 31,
(in thousands)20252024
Services and license agreements$54,319 $43,141 
Short term notes receivable19,811 17,342 
Sales tax17,807 18,988 
Prepaid marketing12,164 11,952 
Prepaid insurance11,366 3,341 
Short term derivative assets11,561 5,359 
Other4,930 15,348 
Total prepaid expenses and other current assets$131,958 $115,471 
v3.25.2
PROPERTY AND EQUIPMENT (Tables)
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment
As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), property and equipment was comprised of the following:
SuccessorPredecessor
June 30,December 31,
(in thousands)20252024
Land and improvements$96,237 $49,553 
Building and improvements639,225 370,086 
Equipment94,024 280,946 
Furniture and fixtures140,171 64,109 
Construction in process296,188 149,906 
Total property, plant and equipment1,265,845 914,600 
Less: Accumulated depreciation(49,675)(283,898)
Property and equipment, net$1,216,170 $630,702 
v3.25.2
GOODWILL AND INTANGIBLE ASSETS (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The change in carrying value of goodwill by reportable segment for the six months ended June 30, 2025 (Successor) is as follows (in thousands):
Casinos & ResortsInternational InteractiveNorth America InteractiveCorporate & OtherTotal
Goodwill as of December 31, 2024 (Predecessor)(1)
$313,285 $1,451,273 $35,386 $— $1,799,944 
Effect of foreign exchange— (11,268)— — (11,268)
Goodwill as of February 7, 2025 (Predecessor)(1)
313,285 1,440,005 35,386 — 1,788,676 
Goodwill as of February 8, 2025 (Successor)612,191 716,260 56,845 205,352 1,590,648 
Current year measurement period adjustments(73)5,400 324 3,480 9,131 
Goodwill measurement period segment re-allocation(253,874)387,070 (47,567)(85,629)— 
Effect of foreign exchange— 120,554 — 120,554 
Goodwill as of June 30, 2025 (Successor)
$358,244 $1,229,284 $9,602 $123,203 $1,720,333 
__________________________________
(1)    Amounts are shown net of accumulated goodwill impairment charges of $5.4 million, $71.6 million and $140.4 million for Casinos & Resorts, International Interactive and North America Interactive,respectively.
Schedule of Finite-Lived Intangible Assets
The change in intangible assets, net for the six months ended June 30, 2025 (Successor) is as follows (in thousands):
Intangible assets, net as of December 31, 2024 (Predecessor)
$1,307,343 
Effect of foreign exchange(3,662)
Capitalized software3,054 
Less: Amortization of intangible assets(14,765)
Intangible assets, net as of February 07, 2025 (Predecessor)$1,291,970 
Intangible assets, net as of February 08, 2025 (Successor)$1,941,245 
Measurement period adjustments(7,542)
Additions in current period3,282 
Effect of foreign exchange 80,003 
Capitalized software15,525 
Less: Amortization of intangible assets(91,702)
Intangible assets, net as of June 30, 2025 (Successor)
$1,940,811 

The Company’s identifiable intangible assets consist of the following:
Successor
June 30, 2025
(in thousands)Gross Carrying AmountAccumulated
Amortization		Net
Amortizable intangible assets:   
Trade names$84,282 $(4,103)$80,179 
Customer relationships381,038 (40,664)340,374 
Developed technology280,363 (21,968)258,395 
Internally developed software15,524 (1,329)14,195 
Gaming licenses753,854 (19,928)733,926 
Licensing asset159,224 (8,912)150,312 
Other25,385 (4,556)20,829 
Total amortizable intangible assets1,699,670 (101,460)1,598,210 
Intangible assets not subject to amortization:
Gaming licenses61,101 — 61,101 
Trade names281,500 — 281,500 
Total unamortizable intangible assets342,601 — 342,601 
Total intangible assets, net$2,042,271 $(101,460)$1,940,811 
Predecessor
December 31, 2024
(in thousands)Gross Carrying AmountAccumulated
Amortization		Net
Amortizable intangible assets:   
Trade names$31,723 $(18,032)$13,691 
Hard Rock license8,000 (2,545)5,455 
Customer relationships660,005 (272,333)387,672 
Developed technology210,712 (70,073)140,639 
Internally developed software105,284 (26,791)78,493 
Gaming licenses47,797 (19,864)27,933 
Other11,473 (4,918)6,555 
Total amortizable intangible assets1,074,994 (414,556)660,438 
Intangible assets not subject to amortization:
Gaming licenses546,908 — 546,908 
Trade names98,784 — 98,784 
Other1,213 — 1,213 
Total unamortizable intangible assets646,905 — 646,905 
Total intangible assets, net$1,721,899 $(414,556)$1,307,343 

Amortization of intangible assets was approximately $58.8 million and $59.0 million for the three months ended June 30, 2025 (Successor) and June 30, 2024 (Predecessor), respectively. Amortization of intangible assets was approximately $91.7 million, $14.8 million and $119.2 million for the period from February 8, 2025 to June 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the six months ended June 30, 2024 (Predecessor), respectively.

The following table reflects the remaining amortization expense associated with the finite-lived intangible assets as of June 30, 2025 (Successor):
(in thousands)
Remaining 2025
$120,693 
2026
240,690 
2027
240,034 
2028
219,671 
2029
146,781 
Thereafter630,341 
Total$1,598,210 
Schedule of Indefinite-Lived Intangible Assets
The Company’s identifiable intangible assets consist of the following:
Successor
June 30, 2025
(in thousands)Gross Carrying AmountAccumulated
Amortization		Net
Amortizable intangible assets:   
Trade names$84,282 $(4,103)$80,179 
Customer relationships381,038 (40,664)340,374 
Developed technology280,363 (21,968)258,395 
Internally developed software15,524 (1,329)14,195 
Gaming licenses753,854 (19,928)733,926 
Licensing asset159,224 (8,912)150,312 
Other25,385 (4,556)20,829 
Total amortizable intangible assets1,699,670 (101,460)1,598,210 
Intangible assets not subject to amortization:
Gaming licenses61,101 — 61,101 
Trade names281,500 — 281,500 
Total unamortizable intangible assets342,601 — 342,601 
Total intangible assets, net$2,042,271 $(101,460)$1,940,811 
Predecessor
December 31, 2024
(in thousands)Gross Carrying AmountAccumulated
Amortization		Net
Amortizable intangible assets:   
Trade names$31,723 $(18,032)$13,691 
Hard Rock license8,000 (2,545)5,455 
Customer relationships660,005 (272,333)387,672 
Developed technology210,712 (70,073)140,639 
Internally developed software105,284 (26,791)78,493 
Gaming licenses47,797 (19,864)27,933 
Other11,473 (4,918)6,555 
Total amortizable intangible assets1,074,994 (414,556)660,438 
Intangible assets not subject to amortization:
Gaming licenses546,908 — 546,908 
Trade names98,784 — 98,784 
Other1,213 — 1,213 
Total unamortizable intangible assets646,905 — 646,905 
Total intangible assets, net$1,721,899 $(414,556)$1,307,343 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table reflects the remaining amortization expense associated with the finite-lived intangible assets as of June 30, 2025 (Successor):
(in thousands)
Remaining 2025
$120,693 
2026
240,690 
2027
240,034 
2028
219,671 
2029
146,781 
Thereafter630,341 
Total$1,598,210 
v3.25.2
DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following tables summarize the Company’s cross currency swap arrangements as of June 30, 2025 (Successor) and December 31, 2024 (Predecessor) (in thousands):
Hedge DesignationNotional SoldNotional Purchased
Cross currency swapsEconomic Hedges€461,595 £387,531 
Cross currency swapsNet Investment Hedge£546,759 $700,000 
The following table summarizes the Company’s cash flow hedges as of June 30, 2025 (Successor) and December 31, 2024 (Predecessor) (in thousands):
SuccessorPredecessor
June 30, 2025December 31, 2024
Cash Flow HedgesIndexNotional AmountNotional Amount
Interest rate contracts - swapsUS - SOFR$1,500,000 $1,500,000 
v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping
The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
Successor
June 30, 2025
(in thousands)Balance Sheet LocationLevel 1Level 2Level 3
Assets:
Cash and cash equivalentsCash and cash equivalents$174,567 $— $— 
Restricted cashRestricted cash66,336 — — 
Fair value option equity method investmentsOther assets275,381 — — 
Investment in GLPI partnershipOther assets— 19,790 — 
The Star Investment - fair value option:
Subordinated NotesOther assets— — 84,978 
Convertible NotesOther assets— — 17,153 
Forward Obligation(1)
Prepaid expenses and other current assets— — 6,901 
Derivative assets not designated as hedging instruments:
Cross currency swapsPrepaid expenses and other current assets— 4,577 — 
Derivative assets designated as hedging instruments:
Interest rate contractsPrepaid expenses and other current assets— 83 — 
Total derivative assets at fair value— 4,660 6,901 
Total assets$516,284 $24,450 $109,032 
Liabilities:
Contingent considerationAccrued and other current liabilities$— $— $54,336 
Contingent considerationOther long-term liabilities— — 8,048 
Derivative liabilities not designated as hedging instruments:
Cross Currency SwapsOther long-term liabilities— 20,736 — 
Derivative liabilities designated as hedging instruments:
Interest rate contractsAccrued and other current liabilities— 3,931 — 
Interest rate contractsOther long-term liabilities— 37,753 — 
Cross currency swapsAccrued and other current liabilities— 4,366 — 
Cross currency swapsOther long-term liabilities— 51,868 — 
Total derivative liabilities at fair value— 118,654 — 
Total liabilities$— $118,654 $62,384 
__________________________________
(1)    The Forward Obligation is considered a derivative instrument not designated as hedging.
Predecessor
December 31, 2024
(in thousands)Balance Sheet LocationLevel 1Level 2Level 3
Assets:
Cash and cash equivalentsCash and cash equivalents$171,233 $— $— 
Restricted cashRestricted cash60,021 — — 
Investment in GLPI partnershipOther assets— 20,418 — 
Derivative assets not designated as hedging instruments
Cross currency swapsPrepaid expenses and other current assets— 4,871 — 
Cross currency swapsOther assets— 615 — 
Derivative assets designated as hedging instruments:
Interest rate contractsPrepaid expenses and other current assets— 340 — 
Interest rate contractsOther assets— 336 — 
Cross currency swapsPrepaid expenses and other current assets— 148 — 
Cross currency swapsOther assets— 13,181 — 
Total derivative assets at fair value— 19,491 — 
Total assets$231,254 $39,909 $— 
Liabilities:
Contingent considerationOther long-term liabilities$— $— $59,923 
Derivatives not designated as hedging instruments
Sinclair Performance WarrantsOther long-term liabilities— — 58,668 
Cross currency swapsOther long-term liabilities— 11,174 — 
Derivative liabilities designated as hedging instruments:
Interest rate contractsAccrued and other current liabilities— 1,855 — 
Interest rate contractsOther long-term liabilities— 13,372 — 
Cross currency swapsAccrued and other current liabilities— 1,189 — 
Cross currency swapsOther long-term liabilities— 1,624 — 
Total derivative liabilities at fair value— 29,214 58,668 
Total liabilities$— $29,214 $118,591 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables summarize the changes in fair value of the Company’s Level 3 assets and liabilities:
Sinclair Performance WarrantsContingent ConsiderationFair value option loans receivable
(in thousands)Subordinated NotesConvertible NotesForward Obligation
Beginning as of December 31, 2024 (Predecessor)
$58,668 $59,923 $— $— $— 
Change in fair value1,180 786 — — — 
Ending as of February 7, 2025 (Predecessor)$59,848 $60,709 $— $— $— 
Beginning as of February 8, 2025 (Successor)$— $60,709 $— $— $— 
Change in fair value— — — — — 
Ending as of March 31, 2025 (Successor)
— 60,709 — — — 
Additions in the period (acquisition fair value)— — 70,291 13,429 — 
Change in fair value— 1,675 11,655 2,485 6,728 
Effect of foreign exchange— — 3,032 1,239 173 
Ending as of June 30, 2025 (Successor)
$— $62,384 $84,978 $17,153 $6,901 

(in thousands)Sinclair Performance WarrantsContingent Consideration
Beginning as of December 31, 2023 (Predecessor)
$44,703 $58,580 
Change in fair value— (1,835)
Ending as of March 31, 2024 (Predecessor)
$44,703 $56,745 
Change in fair value(6,317)1,040 
Ending as of June 30, 2024 (Predecessor)
$38,386 $57,785 
Derivative Instruments, Gain (Loss)
The gains (losses) recognized in the condensed consolidated statements of operations for derivative instruments were as follows:

Condensed Consolidated Statements of Operations LocationSuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Derivatives not designated as hedging instruments
Sinclair Performance WarrantsOther non-operating income (expense), net$— $— $(1,180)$6,317 $6,317 
Cross Currency SwapsOther non-operating income (expense), net6,602 6,823 50 — — 
Derivatives designated as hedging instruments
Interest rate contractsInterest expense, net$898 $1,383 $(105)(2,809)(5,695)
Cross currency swapsInterest expense, net1,036 1,405 7 (1,325)(2,536)
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 are net of debt issuance costs and debt discounts. Refer to Note 15 “Long-Term Debt” for further information.
SuccessorPredecessor
 June 30, 2025
December 31, 2024
(in thousands)Carrying AmountFair ValueCarrying AmountFair Value
Term Loan Facility$1,782,446 $1,671,855 $1,858,800 $1,792,804 
11.00% Senior Secured Notes due 2028
480,544 500,390 — — 
5.625% Senior Notes due 2029
563,179 430,313 738,517 587,813 
5.875% Senior Notes due 2031
505,000 403,331 721,456 535,631 
v3.25.2
ACCRUED AND OTHER CURRENT LIABILITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities
As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), accrued and other current liabilities consisted of the following:
SuccessorPredecessor
(in thousands)June 30,
2025		December 31,
2024
Gaming liabilities$186,908 $187,233 
Interest payable72,999 60,792 
Compensation68,772 66,356 
Contingent consideration54,336 — 
Professional services47,861 19,343 
Construction accruals22,196 2,144 
Insurance reserves22,603 23,898 
Property taxes16,660 8,502 
Other176,915 113,024 
Total accrued and other current liabilities$669,250 $481,292 
v3.25.2
RESTRUCTURING (Tables)
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Charges
The components of restructuring charges by segment for the three and six month ended June 30, 2024 (Predecessor) are summarized as follows (in thousands):
Predecessor
Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Severance and employee related benefits(1)
Casinos & Resorts$348 $20,003 
International Interactive3 55 
North America Interactive— (1,479)
Corporate & Other25 410 
Total severance and employee related benefits376 18,989 
Accelerated depreciation expense(2)
— 80,117 
Total restructuring charges$376 99,106 
__________________________________
(1)    Included within “General and administrative” of the condensed consolidated statements of operations.
(2)    Included within “Depreciation and amortization” of the Casinos & Resorts reportable segment within the condensed consolidated statements of operations.
v3.25.2
LONG-TERM DEBT (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), long-term debt consisted of the following:
SuccessorPredecessor
(in thousands)June 30,
2025		December 31,
2024
Term Loan Facility(1)
$1,876,925 $1,886,650 
Revolving Credit Facility250,000 — 
11.00% Senior Secured Notes due 2028
500,000 — 
5.625% Senior Notes due 2029
750,000 750,000 
5.875% Senior Notes due 2031
735,000 735,000 
Less: Unamortized original issue discount(13,685)(19,760)
Less: Unamortized deferred financing fees(5,771)(33,117)
Less: Unamortized fair value adjustment(2)
(511,300)— 
Long-term debt, including current portion3,581,169 3,318,773 
Less: Current portion of Term Loan and Revolving Credit Facility(19,450)(19,450)
Long-term debt, net of discount, deferred financing fees and fair value adjustment, excluding current portion$3,561,719 $3,299,323 
__________________________________
(1)    The Company has a series of interest rate derivatives to synthetically convert $1.0 billion notional of the Company’s variable rate Term Loan Facility into fixed rate debt, and a series of cross currency swap derivatives to synthetically convert $500.0 million and $200.0 million notional of the Company’s USD denominated Term Loan Facility into fixed rate EUR and GBP denominated debt, respectively, through its maturity in 2028. Refer to Note 11 “Derivative Instruments” for further information.
(2)    Represents adjustment to recognize the Company’s existing debt at fair value in the Company Merger, calculated as the difference between the fair value of the Company’s term loan facility and unsecured notes, estimated based on quoted prices in active markets as of the Closing Date, and the respective ending principal balances as of February 7, 2025. The adjustment is amortized through Interest Expense, Net using the effective interest method.
v3.25.2
LEASES (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Quantitative Information of Operating Leases
Components of lease expense, included within General and administrative in the condensed consolidated statements of operations, for operating leases were as follows:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Operating leases:
Operating lease cost$59,454 $93,474 $21,714 $36,957 $74,288 
Variable lease cost2,389 4,128 1,238 2,823 5,609 
Operating lease expense61,843 97,602 22,952 39,780 79,897 
Short-term lease expense7,063 10,446 2,393 5,633 11,488 
Total lease expense$68,906 $108,048 $25,345 $45,413 $91,385 
Supplemental cash flow and other information related to operating leases for the three months ended June 30, 2025 (Successor), the three months ended June 30, 2024 (Predecessor), the period from February 8, 2025 to June 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the six months ended June 30, 2024 (Predecessor) are as follows:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Cash paid for amounts included in the lease liability - operating cash flows from operating leases$62,141 $80,625 $30,843 $32,956 $64,505 
Right of use assets obtained in exchange for operating lease liabilities$22,977 $22,977 $— $631 $631 

SuccessorPredecessor
June 30, 2025
December 31, 2024
Weighted average remaining lease term25.8 years26.2 years
Weighted average discount rate7.3 %8.5 %
Schedule of Future Minimum Rental Commitments
As of June 30, 2025 (Successor), future minimum lease payments under noncancellable operating leases are as follows:
Successor
(in thousands)June 30, 2025
Remaining 2025$121,496 
2026241,027 
2027236,324 
2028239,173 
2029240,173 
Thereafter4,150,215 
Total lease payments5,228,408 
Less: present value discount(3,110,534)
Lease obligations$2,117,874 
v3.25.2
STOCKHOLDERS’ EQUITY (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Outstanding Warrants, Options, and Contingent Shares The Company issued warrants 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 or the achievement of certain performance targets. These incremental shares are summarized below:
Sinclair Penny Warrants (Note 2)
11,575,597
MKF penny warrants (Note 12)
44,128
Outstanding awards under Equity Incentive Plans699,222
12,318,947
Schedule of Accumulated Other Comprehensive Income (Loss)
The following tables reflect the changes in accumulated other comprehensive loss by component for the period from February 8, 2025 to June 30, 2025 (Successor), Period from January 1, 2025 to February 7, 2025 (Predecessor) and six months ended June 30, 2024 (Predecessor), respectively:
Predecessor
(in thousands)Foreign Currency Translation AdjustmentBenefit Plans
Cash Flow Hedges(1)
Net Investment HedgesTotal
Accumulated other comprehensive (loss) income at December 31, 2024 (Predecessor)
$(261,745)$1,746 $(8,189)$7,921 $(260,267)
Other comprehensive income (loss) before reclassifications(13,097)— 1,425 3,655 (8,017)
Reclassifications from accumulated other comprehensive income (loss) to earnings— — (105)7 (98)
Tax effect— — (352)(976)(1,328)
Accumulated other comprehensive (loss) income at February 07, 2025 (Predecessor)
$(274,842)$1,746 $(7,221)$10,607 $(269,710)


Successor
(in thousands)Foreign Currency Translation Adjustment
Cash Flow Hedges(1)
Net Investment HedgesTotal
Accumulated other comprehensive (loss) income at February 8, 2025 (Successor)
$— $— $— $— 
Other comprehensive income (loss) before reclassifications198,030 (28,414)(72,670)96,946 
Reclassifications from accumulated other comprehensive income (loss) to earnings— 1,383 1,405 2,788 
Tax effect(52,548)7,203 18,990 (26,355)
Accumulated other comprehensive (loss) income at June 30, 2025 (Successor)
$145,482 $(19,828)$(52,275)$73,379 
__________________________________
(1)    As of June 30, 2025 (Successor), approximately $10.9 million of existing gains and losses are estimated to be reclassified into earnings within the next 12 months.
Predecessor
(in thousands)Foreign Currency Translation AdjustmentBenefit PlansCash Flow HedgesNet Investment HedgesTotal
Accumulated other comprehensive (loss) income at December 31, 2023
$(177,203)$886 $(11,246)$(21,995)$(209,558)
Other comprehensive income (loss) before reclassifications(46,679)— 26,356 15,597 (4,726)
Reclassifications from accumulated other comprehensive income (loss) to earnings— — (5,695)(2,536)(8,231)
Tax effect— — (6,074)4,193 (1,881)
Accumulated other comprehensive (loss) income at June 30, 2024
$(223,882)$886 $3,341 $(4,741)$(224,396)
v3.25.2
SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Reportable Segment Information
The following table sets forth revenue and Adjusted EBITDAR for the Company’s three reportable segments and reconciles Adjusted EBITDAR on a consolidated basis to net (loss) income. The Other category is included in the following tables in order to reconcile the segment information to the Company’s condensed consolidated financial statements.
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Revenue
Casinos & Resorts$393,333 $620,184 $124,299 $343,051 $685,380 
International Interactive206,066 318,816 78,985 229,396 464,079 
North America Interactive56,502 84,059 16,941 46,500 86,067 
Corporate & Other1,633 3,169 273 2,710 4,613 
Total$657,534 $1,026,228 $220,498 $621,657 $1,240,139 
Adjusted EBITDAR(1)
Casinos & Resorts$105,967 $177,507 $23,554 $99,801 $189,219 
International Interactive82,205 130,400 28,940 81,292 164,824 
North America Interactive2,484 139 (5,661)(2,196)(11,310)
Corporate & Other(17,506)(27,209)(6,774)(17,098)(32,819)
Total173,150 280,837 40,059 161,799 309,914 
Operating (expense) income
Rent expense associated with triple net operating leases(2)
(43,904)(68,320)(15,669)(31,737)(63,384)
Depreciation and amortization(71,732)(119,213)(22,343)(78,782)(238,528)
Transaction costs(36,046)(43,784)(5,106)(6,604)(12,164)
Restructuring — — — (376)(18,989)
Tropicana Las Vegas demolition and closure costs(9,698)(15,629)(2,605)(15,557)(16,021)
Share-based compensation(2,350)(5,090)(1,954)(4,472)(7,530)
Impairment charges— — — (12,757)(12,757)
Merger Agreement costs(3)
(4,546)(20,421)(11,233)(1,219)(1,989)
Other(7,311)268,210 38,144 (4,722)(6,934)
(Loss) income from operations(2,437)(4,247)(20,766)5,573 (68,382)
Other (expense) income
Interest expense, net of interest income(97,522)(149,259)(27,229)(74,200)(147,331)
Other56,964 47,934 (2,365)6,930 11,484 
Total other expense, net(40,558)(101,325)(29,594)(135,847)(67,270)
Loss before income taxes(42,995)(105,572)(50,360)(61,697)(204,229)
Benefit (provision) for income taxes(185,441)(88,348)(664)1,501 (29,881)
Net loss$(228,436)$(193,920)$(51,024)$(60,196)$(234,110)
__________________________________
(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 16 “Leases” for further information.
(3)    Costs incurred in connection with the Merger Agreement discussed in Note 1 “General Information”.
The following table sets forth significant segment expenses and other segment items by reportable segment (in thousands):
Casinos & ResortsInternational InteractiveNorth America Interactive
Three Months Ended June 30, 2025 (Successor)
Revenue$393,333 $206,066 $56,502 
Less: segment expenses
Marketing costs17,440 21,144 12,764 
Gaming tax47,659 43,912 11,530 
Compensation101,189 22,947 7,802 
Other direct costs— 22,729 17,937 
Casino property costs57,872 — — 
General and administrative57,451 11,913 4,366 
Other segment items (1)
5,755 1,216 (381)
Segment EBITDAR105,967 82,205 2,484 
Period from February 8, 2025 to June 30, 2025 (Successor)
Revenue$620,184 $318,816 $84,059 
Less: segment expenses
Marketing costs29,052 32,806 19,815 
Gaming tax76,832 66,973 20,542 
Compensation158,905 34,790 12,283 
Other direct costs— 34,142 29,589 
Casino property costs95,046 — — 
General and administrative72,392 20,645 7,462 
Other segment items (1)
10,450 (940)(5,771)
Segment EBITDAR$177,507 $130,400 $139 
Period from January 1, 2025 to February 7, 2025 (Predecessor)
Revenue$124,299 $78,985 $16,941 
Less: segment expenses
Marketing costs8,814 8,362 5,055 
Gaming tax20,917 16,535 6,461 
Compensation41,381 8,492 3,213 
Other direct costs— 8,183 8,355 
Casino property costs26,653 — — 
General and administrative10,712 6,261 2,220 
Other segment items (1)
(7,732)2,212 (2,702)
Segment EBITDAR$23,554 $28,940 $(5,661)
Casinos & ResortsInternational InteractiveNorth America Interactive
Three Months Ended June 30, 2024 (Predecessor)
Revenue$343,051 $229,396 $46,500 
Less: segment expenses
Marketing costs20,988 33,924 11,092 
Gaming tax48,754 37,911 14,843 
Compensation98,017 26,143 7,643 
Other direct costs— 36,368 17,235 
Casino property costs36,771 — — 
General and administrative17,088 14,195 1,621 
Other segment items (1)21,632 (437)(3,738)
Segment EBITDAR99,801 81,292 (2,196)
Six months ended June 30, 2024 (Predecessor)
Revenue$685,380 $464,079 $86,067 
Less: segment expenses
Marketing costs41,336 69,122 25,060 
Gaming tax94,162 72,688 20,270 
Compensation191,660 58,926 9,866 
Other direct costs— — — 
Casino property costs105,784 74,242 28,970 
General and administrative34,524 32,972 9,060 
Other segment items (1)
28,695 (8,695)4,151 
Segment EBITDAR$189,219 $164,824 $(11,310)
__________________________________
(1)    Other Segment Items primarily includes Gaming and non-gaming expenses within our Casinos & Resorts reportable segment, and certain other immaterial costs and allocations within each of the Company’s reportable segments.
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Capital Expenditures
Casinos & Resorts$12,419 $23,125 $5,306 $13,278 $23,157 
International Interactive288 288 148 112 358 
North America Interactive— — — 429 689 
Corporate & Other(1)
36,258 56,009 10,970 21,890 39,558 
Total$48,965 $79,422 $16,424 $35,709 $63,762 
__________________________________
(1)    Includes $36.3 million, $56.0 million, $11.0 million, $21.6 million and $39.1 million related to our future Bally’s Chicago permanent facility during the three months ended June 30, 2025 (Successor), the period from February 8, 2025 to June 30, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the three and six months ended June 30, 2024 (Predecessor), respectively.
v3.25.2
EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Computations of Basic and Diluted EPS
 SuccessorPredecessor
(in thousands, except per share data)Three Months Ended June 30, 2025Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Net loss applicable to common stockholders
$(228,436)$(193,920)$(51,024)$(60,196)$(234,110)
Weighted average common shares outstanding, basic60,686 60,554 48,743 48,498 48,308 
Weighted average effect of dilutive securities— — — — — 
Weighted average common shares outstanding, diluted60,686 60,554 48,743 48,498 48,308 
Basic loss per share$(3.76)$(3.20)$(1.05)$(1.24)$(4.85)
Diluted loss per share$(3.76)$(3.20)$(1.05)$(1.24)$(4.85)
v3.25.2
GENERAL INFORMATION - Additional Information (Details)
Feb. 07, 2025
$ / shares
shares
Jun. 30, 2025
$ / shares
Dec. 31, 2024
$ / shares
Apr. 20, 2021
$ / shares
shares
Nov. 18, 2020
$ / shares
Business Acquisition [Line Items]          
Number of common shares called by warrant (in shares) | shares 384,536     909,090  
Common stock par value (in dollars per share)   $ 0.01 $ 0.01    
Exercise price of warrants (in dollars per share)       $ 55.00  
SG Parent LLC          
Business Acquisition [Line Items]          
Ownership percent   73.80%      
Performance Warrant          
Business Acquisition [Line Items]          
Exercise price of warrants (in dollars per share)         $ 0.01
Performance Warrant | Sinclair Commercial Agreement          
Business Acquisition [Line Items]          
Exercise price of warrants (in dollars per share) $ 0.01        
SG Gaming          
Business Acquisition [Line Items]          
Number of shares issuable (in shares) | shares 26,909,895        
Merger Agreement          
Business Acquisition [Line Items]          
Share exchange, conversion ratio 2.4536890595        
Cash right per common share $ 18.25        
Queen          
Business Acquisition [Line Items]          
Share exchange, conversion ratio 3,542,201        
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
$ / shares
shares
Jun. 25, 2025
AUD ($)
Jun. 30, 2025
USD ($)
€ / shares
$ / shares
shares
Feb. 07, 2025
USD ($)
$ / shares
shares
Jun. 30, 2025
USD ($)
$ / shares
shares
Mar. 31, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
$ / shares
shares
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
$ / shares
Jul. 17, 2025
USD ($)
Jul. 01, 2025
Jun. 30, 2025
AUD ($)
$ / shares
shares
Apr. 09, 2025
AUD ($)
Apr. 07, 2025
AUD ($)
Jun. 03, 2021
USD ($)
Apr. 20, 2021
$ / shares
shares
Nov. 18, 2020
$ / shares
shares
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Ownership percentage in disposed asset                   19.99%                
Net income (loss) from equity method investments       $ (594,000) $ 601,000   $ 234,000 $ 1,464,000 $ 789,000                  
Assets $ 7,794,257,000   $ 7,794,257,000   7,794,257,000     7,794,257,000   $ 5,860,137,000                
Revenue       220,498,000 657,534,000   621,657,000 1,026,228,000 1,240,139,000                  
Supplier finance program, obligation, addition       79,600,000 92,200,000   60,100,000 106,100,000 102,300,000                  
Supplier finance program, obligation, current $ 94,700,000   $ 94,700,000   94,700,000     94,700,000   $ 72,800,000                
Advertising Expense       900,000 2,700,000   4,000,000.0 4,100,000 9,600,000                  
Share based compensation expense       1,954,000 2,350,000   4,472,000 5,090,000 7,530,000                  
Share based income tax benefit (expense)       $ 500,000 600,000   1,200,000 1,300,000 2,000,000.0                  
Number of common shares called by warrant (in shares) | shares       384,536                         909,090  
Exercise price of warrants (in dollars per share) | $ / shares                                 $ 55.00  
(Benefit) provision for income taxes       $ 664,000 $ 185,441,000   $ (1,501,000) $ 88,348,000 $ 29,881,000                  
Effective income tax rate (99.00%)     (1.30%) (431.30%)   2.40% (83.70%) (14.60%)                  
Supplier finance program, obligation, settlement       $ 68,500,000 $ 96,500,000   $ 41,500,000 $ 101,500,000 $ 41,500,000                  
Common stock par value (in dollars per share) | $ / shares $ 0.01   $ 0.01   $ 0.01     $ 0.01   $ 0.01                
Liabilities $ 7,151,818,000   $ 7,151,818,000   $ 7,151,818,000     $ 7,151,818,000   $ 5,829,235,000                
Minimum lease payment $ 5,228,408,000   $ 5,228,408,000   $ 5,228,408,000     5,228,408,000                    
Issuance of long-term debt       $ 97,000,000       $ 893,000,000 230,000,000                  
Convertible Debt                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Debt Instrument, Convertible, Conversion Price | $ / shares                         $ 0.08          
Subordinated Debt                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Interest rate 9.00%   9.00%   9.00%     9.00%         9.00%          
GLPI Master Lease                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Renewal term (in years) 5 years   5 years   5 years     5 years         5 years          
Number of renewal terms                               4    
GLPI Master Lease | Subsequent Event                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Renewal term (in years)                     5 years              
Number of renewal terms                     4              
Intralot S.A. Integrated Lottery Systems and Services (“Intralot”)                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Ownership percent                       33.34%            
Penny Warrant                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Number of common shares called by warrant (in shares) | shares                                   4,915,726
Exercise price of warrants (in dollars per share) | $ / shares                                   $ 0.01
Performance Warrant                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Exercise price of warrants (in dollars per share) | $ / shares                                   $ 0.01
Performance Warrant | Maximum                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Number of common shares called by warrant (in shares) | shares                                   3,279,337
Option on Securities                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Number of common shares called by warrant (in shares) | shares                                   1,639,669
Option on Securities | Maximum                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Exercise price of warrants (in dollars per share) | $ / shares                                   $ 45.00
Option on Securities | Minimum                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Exercise price of warrants (in dollars per share) | $ / shares                                   $ 30.00
Sinclair Commercial Agreement                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Tax benefit shared, in percent                                   0.60
Sinclair Commercial Agreement | Penny Warrant                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Number of common shares called by warrant (in shares) | shares       384,536                            
Sinclair Commercial Agreement | Performance Warrant                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Exercise price of warrants (in dollars per share) | $ / shares       $ 0.01                            
North America Interactive & International Interactive Segments                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Advertising Expense       $ 12,600,000 $ 31,500,000   47,000,000 $ 49,600,000 93,200,000                  
Deferred Payables                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Interest Expense, Operating and Nonoperating       500,000 2,200,000   1,400,000 3,800,000 $ 2,200,000                  
Bally's Chicago                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Net proceeds from offering           $ 12,400,000                        
Payments of Stock Issuance Costs           $ 800,000                        
Variable Interest Entity, Primary Beneficiary                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Assets $ 286,900,000   $ 286,900,000   286,900,000     286,900,000   263,900,000                
Revenue         7,000,000.0   46,500,000                      
Liabilities $ 33,400,000   $ 33,400,000   $ 33,400,000     33,400,000   27,900,000                
Variable Interest Entity, Primary Beneficiary | Breckenridge Curacao B.V                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Revenue       $ 3,700,000     $ 108,400,000 $ 11,900,000                    
Asia Interactive Busines                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Proceeds from sale of equity method investment                   $ 1,900,000                
Intralot S.A. Integrated Lottery Systems and Services (“Intralot”)                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Ownership percent 26.86%   26.86%   26.86% 26.86%   26.86%         26.86%          
Number of shares owned | shares 34,300,000   34,300,000   34,300,000     34,300,000         34,300,000          
Number of shares acquired during the period (in shares) | shares     4,800,000                              
Shares acquired during the period (in dollars per share) | € / shares     $ 1.06                              
The Star Entertainment Group Limited (“The Star”)                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Investments                           $ 200,000,000.0        
The Star Entertainment Group Limited (“The Star”) | Settlement Tranche One                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Investments                           66,700,000        
The Star Entertainment Group Limited (“The Star”) | Convertible Debt                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Investments                         $ 22,200,000          
The Star Entertainment Group Limited (“The Star”) | Convertible Debt | Settlement Tranche One                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Investments                           $ 22,200,000        
The Star Entertainment Group Limited (“The Star”) | Subordinated Debt                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Investments                         $ 111,100,000          
Issuance of long-term debt   $ 66,700,000                                
The Star Entertainment Group Limited (“The Star”) | Subordinated Debt | Settlement Tranche One                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Investments   $ 44,400,000                                
The Star Entertainment Group Limited (“The Star”) | The Star Entertainment Group Limited (“The Star”) | Convertible Notes And Subordinated Debt                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Principal amount                             $ 300,000,000.0      
The Star Entertainment Group Limited (“The Star”) | Investment Holdings Pty                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Investments                             $ (100,000,000.0)      
Queen                                    
Summary of Significant Accounting Policies - Additional Information Details [Line Items]                                    
Revenue in acquiree since acquisition         $ 61,300,000     $ 96,000,000.0                    
Ne loss in acquiree since acquisition         $ (41,800,000)     $ (54,800,000)                    
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Business Combination (Details)
$ / shares in Units, $ in Thousands
Feb. 08, 2025
USD ($)
Feb. 07, 2025
USD ($)
$ / shares
shares
Jun. 30, 2025
shares
Dec. 31, 2024
shares
Business Acquisition [Line Items]        
Common stock outstanding (in shares)     49,120,097 40,787,007
Queen        
Business Acquisition [Line Items]        
Common stock outstanding (in shares)   10,967,117 52,364,192  
Queen        
Business Acquisition [Line Items]        
Per share ratio   2.45    
Equivalent Bally’s common stock to be issued (in shares)   26,909,895    
Bally’s common stock issued to settle Queen’s outstanding warrant and restricted stock awards (in shares)   3,542,201    
Number of shares issued   30,452,096    
Share price per Merger Agreement (in dollars per share) | $ / shares   $ 18.25    
Total purchase price | $ $ 416,200 $ 555,751    
Less: Queen net assets assumed | $   217,027    
Stock Issued During Period, Value, Acquisitions | $   $ 338,724    
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable $ 96,468 $ 62,638
Less: Allowance for credit losses (6,513) (7,152)
Accounts receivable, net 89,955 55,486
Rhode Island and Delaware    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable 15,289 14,135
Gaming receivables    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable 20,754 20,700
Non-gaming receivables    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable $ 60,425 $ 27,803
v3.25.2
RELATED PARTY TRANSACTIONS (Details)
$ in Thousands, € in Millions
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Related Party Transaction [Line Items]              
Ownership percentage in disposed asset             19.99%
Revenue $ 220,498 $ 657,534 $ 621,657 $ 1,026,228 $ 1,240,139    
Accounts receivable, net   89,955   89,955     $ 55,486
Other assets   489,981   489,981     127,030
Interest expense, net 27,228 101,411 80,426 154,598 158,352    
Non-Casino              
Related Party Transaction [Line Items]              
Revenue 34,731 99,903 96,906 154,818 199,331    
Related Party              
Related Party Transaction [Line Items]              
Accounts receivable, net   $ 3,700   $ 3,700     1,100
Financing receivable, period   7 years   7 years   7 years  
Other assets   $ 33,200   $ 33,200     $ 31,200
Term loan receivable | €           € 30  
Related Party | Non-Casino              
Related Party Transaction [Line Items]              
Revenue 3,700 7,000 $ 0 11,900 $ 0    
Interest expense, net $ 300 $ 800   $ 1,300      
v3.25.2
CONSOLIDATED FINANCIAL INFORMATION - Schedule of General and Administrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Mar. 31, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]            
Advertising, general and administrative $ 100,969   $ 274,413 $ 232,222 $ 414,829 $ 456,423
Acquisition and integration 2,199   19,239 5,845 23,339 10,697
Acquisition and integration 11,233   4,546 1,219 20,421 1,989
Restructuring charges, net 0   0 376 0 18,989
Impairment charges 0 $ 0 0 12,757 0 12,757
Total general and administrative $ 114,401   $ 298,198 $ 252,419 $ 458,589 $ 500,855
v3.25.2
CONSOLIDATED FINANCIAL INFORMATION - Other Non-Operating Expense (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
Change in value of performance warrants $ (1,180) $ 0 $ 6,317 $ 0 $ 6,317
Gain on fair value of fair value option assets 0 60,723 0 66,267 0
Net income (loss) from equity method investments (594) 601 234 1,464 789
Loss on extinguishment of debt 0 0 0 (17,372) 0
Foreign exchange gain (loss) 194 (6,538) 983 (4,947) 3,799
Other, net (785) 2,178 (604) 2,522 579
Total other non-operating income (expense), net $ (2,365) $ 56,964 $ 6,930 $ 47,934 $ 11,484
v3.25.2
CONSOLIDATED FINANCIAL INFORMATION - Schedule of Interest Expense (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
Interest income   $ 3,889 $ 6,226 $ 5,339 $ 11,021
Interest income $ (1)        
Interest expense, net (27,228) (101,411) (80,426) (154,598) (158,352)
Total other expense, net $ (27,229) $ (97,522) $ (74,200) $ (149,259) $ (147,331)
v3.25.2
REVENUE RECOGNITION - Additional Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Disaggregation of Revenue [Line Items]            
Contracts with customers receivables   $ 41,200   $ 41,200   $ 41,300
Contract liabilities   75,970   75,970   71,300
Revenue $ 220,498 657,534 $ 621,657 1,026,228 $ 1,240,139  
Loyalty Programs            
Disaggregation of Revenue [Line Items]            
Contract liabilities   10,159   10,159   12,167
Contract liabilities, revenue recognized 2,200 5,300 7,800 8,500 15,500  
Customer Deposits            
Disaggregation of Revenue [Line Items]            
Contract liabilities   29,489   29,489   26,141
Unpaid Tickets            
Disaggregation of Revenue [Line Items]            
Contract liabilities   36,322   36,322   $ 32,992
Gaming            
Disaggregation of Revenue [Line Items]            
Revenue $ 185,767 $ 557,631 $ 524,751 871,410 1,040,808  
International Interactive            
Disaggregation of Revenue [Line Items]            
Revenue       318,816 464,079  
International Interactive | Gaming            
Disaggregation of Revenue [Line Items]            
Revenue       $ 303,596 $ 458,416  
v3.25.2
REVENUE RECOGNITION - Loyalty Programs (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]          
Goods and services provided without charge $ 15,370 $ 41,854 $ 43,179 $ 66,432 $ 86,291
Hotel          
Disaggregation of Revenue [Line Items]          
Goods and services provided without charge 7,098 18,643 20,435 29,439 40,906
Food and beverage          
Disaggregation of Revenue [Line Items]          
Goods and services provided without charge 7,559 18,258 20,302 29,317 40,515
Retail, entertainment and other          
Disaggregation of Revenue [Line Items]          
Goods and services provided without charge $ 713 $ 4,953 $ 2,442 $ 7,676 $ 4,870
v3.25.2
REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]          
Total revenue $ 220,498 $ 657,534 $ 621,657 $ 1,026,228 $ 1,240,139
Corporate & Other          
Disaggregation of Revenue [Line Items]          
Total revenue 273 1,633 2,710 3,169 4,613
Gaming          
Disaggregation of Revenue [Line Items]          
Total revenue 185,767 557,631 524,751 871,410 1,040,808
Gaming | Corporate & Other          
Disaggregation of Revenue [Line Items]          
Total revenue 0 0 0 0 0
Non-gaming          
Disaggregation of Revenue [Line Items]          
Total revenue 34,731 99,903 96,906 154,818 199,331
Non-gaming | Corporate & Other          
Disaggregation of Revenue [Line Items]          
Total revenue 273 1,633 2,710 3,169 4,613
Hotel          
Disaggregation of Revenue [Line Items]          
Total revenue 11,006 33,714 35,264 52,427 76,354
Hotel | Corporate & Other          
Disaggregation of Revenue [Line Items]          
Total revenue 0 0 0 0 0
Food and beverage          
Disaggregation of Revenue [Line Items]          
Total revenue 11,304 34,828 33,123 55,082 68,075
Food and beverage | Corporate & Other          
Disaggregation of Revenue [Line Items]          
Total revenue 0 0 0 0 0
Licensing          
Disaggregation of Revenue [Line Items]          
Total revenue 3,720 7,046   11,929  
Licensing | Corporate & Other          
Disaggregation of Revenue [Line Items]          
Total revenue 0 0   0  
Retail, Entertainment And Other          
Disaggregation of Revenue [Line Items]          
Total revenue 8,701 24,315 28,519 35,380 54,902
Retail, Entertainment And Other | Corporate & Other          
Disaggregation of Revenue [Line Items]          
Total revenue 273 1,633 2,710 3,169 4,613
Casinos & Resorts          
Disaggregation of Revenue [Line Items]          
Total revenue       620,184 685,380
Casinos & Resorts | Operating Segments          
Disaggregation of Revenue [Line Items]          
Total revenue 124,299 393,333 343,051 620,184 685,380
Casinos & Resorts | Gaming          
Disaggregation of Revenue [Line Items]          
Total revenue       484,392 505,963
Casinos & Resorts | Gaming | Operating Segments          
Disaggregation of Revenue [Line Items]          
Total revenue 95,984 305,858 255,545    
Casinos & Resorts | Non-gaming          
Disaggregation of Revenue [Line Items]          
Total revenue       135,792 179,417
Casinos & Resorts | Non-gaming | Operating Segments          
Disaggregation of Revenue [Line Items]          
Total revenue 28,315 87,475 87,506    
Casinos & Resorts | Hotel          
Disaggregation of Revenue [Line Items]          
Total revenue       52,427 76,354
Casinos & Resorts | Hotel | Operating Segments          
Disaggregation of Revenue [Line Items]          
Total revenue 11,006 33,714 35,264    
Casinos & Resorts | Food and beverage          
Disaggregation of Revenue [Line Items]          
Total revenue       55,082 68,075
Casinos & Resorts | Food and beverage | Operating Segments          
Disaggregation of Revenue [Line Items]          
Total revenue 11,304 34,828 33,123    
Casinos & Resorts | Licensing | Operating Segments          
Disaggregation of Revenue [Line Items]          
Total revenue 0 0   0  
Casinos & Resorts | Retail, Entertainment And Other          
Disaggregation of Revenue [Line Items]          
Total revenue       28,283 34,988
Casinos & Resorts | Retail, Entertainment And Other | Operating Segments          
Disaggregation of Revenue [Line Items]          
Total revenue 6,005 18,933 19,119    
International Interactive          
Disaggregation of Revenue [Line Items]          
Total revenue       318,816 464,079
International Interactive | Operating Segments          
Disaggregation of Revenue [Line Items]          
Total revenue 78,985 206,066 229,396 318,816 464,079
International Interactive | Gaming          
Disaggregation of Revenue [Line Items]          
Total revenue       303,596 458,416
International Interactive | Gaming | Operating Segments          
Disaggregation of Revenue [Line Items]          
Total revenue 74,849 195,860 227,149    
International Interactive | Non-gaming          
Disaggregation of Revenue [Line Items]          
Total revenue       15,220 5,663
International Interactive | Non-gaming | Operating Segments          
Disaggregation of Revenue [Line Items]          
Total revenue 4,136 10,206 2,247    
International Interactive | Hotel          
Disaggregation of Revenue [Line Items]          
Total revenue       0 0
International Interactive | Hotel | Operating Segments          
Disaggregation of Revenue [Line Items]          
Total revenue 0 0 0    
International Interactive | Food and beverage          
Disaggregation of Revenue [Line Items]          
Total revenue       0 0
International Interactive | Food and beverage | Operating Segments          
Disaggregation of Revenue [Line Items]          
Total revenue 0 0 0    
International Interactive | Licensing | Operating Segments          
Disaggregation of Revenue [Line Items]          
Total revenue 3,720 7,046   11,929  
International Interactive | Retail, Entertainment And Other          
Disaggregation of Revenue [Line Items]          
Total revenue       3,291 5,663
International Interactive | Retail, Entertainment And Other | Operating Segments          
Disaggregation of Revenue [Line Items]          
Total revenue 416 3,160 2,247    
North America Interactive          
Disaggregation of Revenue [Line Items]          
Total revenue       84,059 86,067
North America Interactive | Operating Segments          
Disaggregation of Revenue [Line Items]          
Total revenue 16,941 56,502 46,500 84,059 86,067
North America Interactive | Gaming          
Disaggregation of Revenue [Line Items]          
Total revenue       83,422 76,429
North America Interactive | Gaming | Operating Segments          
Disaggregation of Revenue [Line Items]          
Total revenue 14,934 55,913 42,057    
North America Interactive | Non-gaming          
Disaggregation of Revenue [Line Items]          
Total revenue       637 9,638
North America Interactive | Non-gaming | Operating Segments          
Disaggregation of Revenue [Line Items]          
Total revenue 2,007 589 4,443    
North America Interactive | Hotel          
Disaggregation of Revenue [Line Items]          
Total revenue       0 0
North America Interactive | Hotel | Operating Segments          
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
North America Interactive | Food and beverage | Operating Segments          
Disaggregation of Revenue [Line Items]          
Total revenue 0 0 0    
North America Interactive | Licensing | Operating Segments          
Disaggregation of Revenue [Line Items]          
Total revenue 0 0   0  
North America Interactive | Retail, Entertainment And Other          
Disaggregation of Revenue [Line Items]          
Total revenue       $ 637 $ 9,638
North America Interactive | Retail, Entertainment And Other | Operating Segments          
Disaggregation of Revenue [Line Items]          
Total revenue $ 2,007 $ 589 $ 4,443    
v3.25.2
BUSINESS COMBINATIONS - Narrative (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 08, 2025
USD ($)
Feb. 07, 2025
USD ($)
$ / shares
shares
Feb. 07, 2025
USD ($)
$ / shares
shares
Jun. 30, 2025
USD ($)
shares
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
shares
Jun. 30, 2024
USD ($)
Dec. 31, 2024
shares
Business Acquisition [Line Items]                
Common stock outstanding (in shares) | shares       49,120,097   49,120,097   40,787,007
Acquisition and integration     $ 11,233 $ 4,546 $ 1,219 $ 20,421 $ 1,989  
Operating lease, present value adjustment   $ 130,800            
Queen                
Business Acquisition [Line Items]                
Common stock outstanding (in shares) | shares   10,967,117 10,967,117 52,364,192   52,364,192    
Measurement Input, Long-Term Revenue Growth Rate | Minimum | Valuation, Income Approach                
Business Acquisition [Line Items]                
Measurement input   0.03 0.03          
Measurement Input, Royalty Rate | Minimum | Valuation, Income Approach                
Business Acquisition [Line Items]                
Measurement input   0.02 0.02          
Measurement Input, Royalty Rate | Maximum | Valuation, Income Approach                
Business Acquisition [Line Items]                
Measurement input   0.19 0.19          
Measurement Input, Discount Rate | Minimum | Valuation, Income Approach                
Business Acquisition [Line Items]                
Measurement input   0.11 0.11          
Measurement Input, Discount Rate | Maximum | Valuation, Income Approach                
Business Acquisition [Line Items]                
Measurement input   0.15 0.15          
Queen                
Business Acquisition [Line Items]                
Share price (in dollars per share) | $ / shares   $ 18.25 $ 18.25          
Number of shares acquired for cash | shares   22,804,384 22,804,384          
Total purchase price $ 416,200 $ 555,751            
Acquisition and integration     $ 11,200 $ 4,500 $ 1,200 $ 20,400 $ 2,000  
Queen | Queen                
Business Acquisition [Line Items]                
Consideration transferred   $ 955,600            
Share price (in dollars per share) | $ / shares   $ 18.25 $ 18.25          
v3.25.2
BUSINESS COMBINATIONS - Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
 5 Months Ended
Jun. 30, 2025
Feb. 07, 2025
Feb. 06, 2025
Dec. 31, 2024
Business Acquisition [Line Items]        
Goodwill $ 1,720,333 $ 1,590,648 $ 1,788,676 $ 1,799,944
Queen        
Business Acquisition [Line Items]        
Cash and cash equivalents 173,550 173,550    
Restricted cash 57,352 57,352    
Other current assets 210,447 210,447    
Property and equipment 1,060,741 1,065,486    
Right of use assets 1,709,561 1,692,346    
Goodwill 1,564,485 1,555,354    
Intangible assets 1,859,421 1,866,963    
Other assets 131,457 131,457    
Total current liabilities (548,702) (548,702)    
Lease liabilities (1,840,368) (1,823,153)    
Long-term debt (2,914,688) (2,914,688)    
Other long-term liabilities (507,609) (510,765)    
Less: Queen net assets assumed 955,647 $ 955,647    
Year to Date Adjustments        
Property and equipment (4,745)      
Right of use assets 17,215      
Goodwill 9,131      
Intangible assets (7,542)      
Lease liabilities (17,215)      
Other long-term liabilities 3,156      
Net assets acquired $ 0      
v3.25.2
BUSINESS COMBINATIONS - Schedule of Intangible Assets Acquired (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Business Acquisition [Line Items]  
Measurement period adjustments $ (7,542)
Queen  
Business Acquisition [Line Items]  
Measurement period adjustments 1,859,421
Queen | Trade names  
Business Acquisition [Line Items]  
Estimated Fair Value $ 281,500
Queen | Gaming licenses  
Business Acquisition [Line Items]  
Estimated Useful Life (in years) 16 years
Estimated Fair Value $ 759,041
Queen | Customer relationships  
Business Acquisition [Line Items]  
Estimated Useful Life (in years) 4 years
Estimated Fair Value $ 349,980
Queen | Developed technology  
Business Acquisition [Line Items]  
Estimated Useful Life (in years) 5 years
Estimated Fair Value $ 253,200
Queen | Trade names  
Business Acquisition [Line Items]  
Estimated Useful Life (in years) 12 years
Estimated Fair Value $ 74,700
Queen | Intellectual property license  
Business Acquisition [Line Items]  
Estimated Useful Life (in years) 7 years
Estimated Fair Value $ 141,000
v3.25.2
PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Services and license agreements $ 54,319 $ 43,141
Short term notes receivable 19,811 17,342
Sales tax 17,807 18,988
Prepaid marketing 12,164 11,952
Prepaid insurance 11,366 3,341
Short term derivative assets 11,561 5,359
Other 4,930 15,348
Prepaid expenses and other current assets $ 131,958 $ 115,471
v3.25.2
PROPERTY AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment $ 1,265,845 $ 914,600
Less: Accumulated depreciation (49,675) (283,898)
Property and equipment, net 1,216,170 630,702
Land and Land Improvements    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 96,237 49,553
Building Improvements    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 639,225 370,086
Equipment    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 94,024 280,946
Furniture and Fixtures    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment 140,171 64,109
Construction in Progress    
Property, Plant and Equipment [Line Items]    
Total property, plant and equipment $ 296,188 $ 149,906
v3.25.2
PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Property, Plant and Equipment [Line Items]          
Depreciation expense $ 7,600,000 $ 13,000,000.0 $ 19,800,000 $ 27,500,000 $ 119,300,000
Accelerated depreciation expense         80,100,000
Interest Costs Capitalized $ 800,000 $ 3,100,000 2,100,000 $ 4,800,000 3,900,000
Retail Casinos          
Property, Plant and Equipment [Line Items]          
Accelerated depreciation expense     $ 0   $ 80,117,000
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]          
Amortization of intangible assets $ 14,765 $ 58,800 $ 59,000 $ 91,702 $ 119,200
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Rollforward of Goodwill (Details) - USD ($)
$ in Thousands
 1 Months Ended 5 Months Ended
Feb. 06, 2025
Jun. 30, 2025
Goodwill [Roll Forward]    
Beginning balance $ 1,799,944 $ 1,590,648
Effect of foreign exchange (11,268) 120,554
Ending balance 1,788,676 1,720,333
Current year measurement period adjustments   9,131
Goodwill measurement period segment re-allocation   0
Casinos & Resorts    
Goodwill [Roll Forward]    
Accumulated goodwill impairment   5,400
International Interactive    
Goodwill [Roll Forward]    
Accumulated goodwill impairment   71,600
North America Interactive    
Goodwill [Roll Forward]    
Accumulated goodwill impairment   140,400
Operating Segments | Casinos & Resorts    
Goodwill [Roll Forward]    
Beginning balance 313,285 612,191
Effect of foreign exchange 0 0
Ending balance 313,285 358,244
Current year measurement period adjustments   (73)
Goodwill measurement period segment re-allocation   (253,874)
Operating Segments | International Interactive    
Goodwill [Roll Forward]    
Beginning balance 1,451,273 716,260
Effect of foreign exchange (11,268) 120,554
Ending balance 1,440,005 1,229,284
Current year measurement period adjustments   5,400
Goodwill measurement period segment re-allocation   387,070
Operating Segments | North America Interactive    
Goodwill [Roll Forward]    
Beginning balance 35,386 56,845
Effect of foreign exchange 0
Ending balance 35,386 9,602
Current year measurement period adjustments   324
Goodwill measurement period segment re-allocation   (47,567)
Corporate & Other    
Goodwill [Roll Forward]    
Beginning balance 0 205,352
Effect of foreign exchange 0 0
Ending balance $ 0 123,203
Current year measurement period adjustments   3,480
Goodwill measurement period segment re-allocation   $ (85,629)
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Rollforward of Intangible Assets (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Finite-lived Intangible Assets [Roll Forward]          
Intangible assets, net as of December 31, 2024 (Predecessor) $ 1,307,343     $ 1,291,970  
Additions in current period       3,282  
Effect of foreign exchange (3,662)     80,003  
Capitalized software 3,054     15,525  
Less: Amortization of intangible assets (14,765) $ (58,800) $ (59,000) (91,702) $ (119,200)
Intangible assets, net as of June 30, 2025 (Successor) $ 1,291,970 $ 1,940,811   $ 1,940,811  
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Feb. 08, 2025
Feb. 07, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]        
Gross Carrying Amount $ 1,699,670     $ 1,074,994
Accumulated Amortization (101,460)     (414,556)
Net 1,598,210     660,438
Gross Carrying Amount 342,601     646,905
Gross Carrying Amount 2,042,271     1,721,899
Intangible assets, net 1,940,811 $ 1,941,245 $ 1,291,970 1,307,343
Gaming licenses        
Finite-Lived Intangible Assets [Line Items]        
Gross Carrying Amount 61,101     546,908
Trade names        
Finite-Lived Intangible Assets [Line Items]        
Gross Carrying Amount 281,500     98,784
Other        
Finite-Lived Intangible Assets [Line Items]        
Gross Carrying Amount       1,213
Trade names        
Finite-Lived Intangible Assets [Line Items]        
Gross Carrying Amount 84,282     31,723
Accumulated Amortization (4,103)     (18,032)
Net 80,179     13,691
Hard Rock license        
Finite-Lived Intangible Assets [Line Items]        
Gross Carrying Amount       8,000
Accumulated Amortization       (2,545)
Net       5,455
Customer relationships        
Finite-Lived Intangible Assets [Line Items]        
Gross Carrying Amount 381,038     660,005
Accumulated Amortization (40,664)     (272,333)
Net 340,374     387,672
Developed technology        
Finite-Lived Intangible Assets [Line Items]        
Gross Carrying Amount 280,363     210,712
Accumulated Amortization (21,968)     (70,073)
Net 258,395     140,639
Internally developed software        
Finite-Lived Intangible Assets [Line Items]        
Gross Carrying Amount 15,524     105,284
Accumulated Amortization (1,329)     (26,791)
Net 14,195     78,493
Gaming licenses        
Finite-Lived Intangible Assets [Line Items]        
Gross Carrying Amount 753,854     47,797
Accumulated Amortization (19,928)     (19,864)
Net 733,926     27,933
Other        
Finite-Lived Intangible Assets [Line Items]        
Gross Carrying Amount 25,385     11,473
Accumulated Amortization (4,556)     (4,918)
Net 20,829     $ 6,555
Intellectual property license        
Finite-Lived Intangible Assets [Line Items]        
Gross Carrying Amount 159,224      
Accumulated Amortization (8,912)      
Net $ 150,312      
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Schedule of Amortization (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Remaining 2025 $ 120,693  
2026 240,690  
2027 240,034  
2028 219,671  
2029 146,781  
Thereafter 630,341  
Net $ 1,598,210 $ 660,438
v3.25.2
DERIVATIVE INSTRUMENTS - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Oct. 01, 2021
Jun. 30, 2025
Cross currency swaps | USD EUR Exchange Future | Line of Credit | Line of Credit    
Offsetting Assets [Line Items]    
Derivative, amount of hedged item   $ 500,000
Derivative, term of contract   5 years
Cross currency swaps | USD GBP Exchange Future | Line of Credit | Line of Credit    
Offsetting Assets [Line Items]    
Derivative, amount of hedged item $ 200,000  
Derivative, term of contract 3 years  
Interest rate contracts    
Offsetting Assets [Line Items]    
Net investment hedges - notional amount   $ 1,000,000
v3.25.2
DERIVATIVE INSTRUMENTS - Instruments Designated as Hedging (Details) - Jun. 30, 2025 - Cross currency swaps - Designated as Hedging Instrument - Net Investment Hedging
€ in Thousands, £ in Thousands, $ in Thousands
USD ($)
EUR (€)
GBP (£)
Short      
Derivative [Line Items]      
Net investment hedges - notional amount   € 461,595 £ 546,759
Long      
Derivative [Line Items]      
Net investment hedges - notional amount $ 700,000   £ 387,531
v3.25.2
DERIVATIVE INSTRUMENTS - Summary of Cash Flow Hedged (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Interest rate contracts | Cash Flow Hedging | Designated as Hedging Instrument    
Derivative [Line Items]    
Cash flow hedges - notional amount $ 1,500,000 $ 1,500,000
v3.25.2
FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities, Fair Value, Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Prepaid expenses and other current assets | Interest rate contracts    
Assets:    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other current assets  
Prepaid expenses and other current assets | Cross currency swaps    
Assets:    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other current assets  
Level 1    
Assets:    
Total assets $ 0 $ 0
Liabilities:    
Derivative Liability 0 0
Level 1 | Interest rate contracts | Designated as Hedging Instrument    
Assets:    
Derivative Asset 0  
Level 1 | Cross currency swaps | Not Designated as Hedging Instrument    
Assets:    
Derivative Asset 0  
Liabilities:    
Derivative Liability 0  
Level 1 | Other assets | Interest rate contracts | Designated as Hedging Instrument    
Assets:    
Derivative Asset   0
Level 1 | Other assets | Cross currency swaps | Designated as Hedging Instrument    
Assets:    
Derivative Asset   0
Level 1 | Other assets | Cross currency swaps | Not Designated as Hedging Instrument    
Assets:    
Derivative Asset   0
Level 1 | Prepaid expenses and other current assets | Interest rate contracts | 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 | Prepaid expenses and other current assets | Cross currency swaps | Not Designated as Hedging Instrument    
Assets:    
Derivative Asset   0
Level 1 | Other long-term liabilities | Interest rate contracts | Designated as Hedging Instrument    
Liabilities:    
Derivative Liability 0 0
Level 1 | Other long-term liabilities | Cross currency swaps | Designated as Hedging Instrument    
Liabilities:    
Derivative Liability 0 0
Level 1 | Accrued and other current liabilities | Interest rate contracts | Designated as Hedging Instrument    
Liabilities:    
Derivative Liability 0 0
Level 1 | Accrued and other current liabilities | Cross currency swaps | Designated as Hedging Instrument    
Liabilities:    
Derivative Liability 0 0
Level 2    
Assets:    
Total assets 4,660 19,491
Liabilities:    
Derivative Liability 118,654 29,214
Level 2 | Interest rate contracts | Designated as Hedging Instrument    
Assets:    
Derivative Asset 83  
Level 2 | Cross currency swaps | Not Designated as Hedging Instrument    
Assets:    
Derivative Asset 4,577  
Liabilities:    
Derivative Liability 20,736  
Level 2 | Other assets | Interest rate contracts | Designated as Hedging Instrument    
Assets:    
Derivative Asset   336
Level 2 | Other assets | Cross currency swaps | Designated as Hedging Instrument    
Assets:    
Derivative Asset   13,181
Level 2 | Other assets | Cross currency swaps | Not Designated as Hedging Instrument    
Assets:    
Derivative Asset   615
Level 2 | Prepaid expenses and other current assets | Interest rate contracts | Designated as Hedging Instrument    
Assets:    
Derivative Asset   340
Level 2 | Prepaid expenses and other current assets | Cross currency swaps | Designated as Hedging Instrument    
Assets:    
Derivative Asset   148
Level 2 | Prepaid expenses and other current assets | Cross currency swaps | Not Designated as Hedging Instrument    
Assets:    
Derivative Asset   4,871
Level 2 | Other long-term liabilities | Interest rate contracts | Designated as Hedging Instrument    
Liabilities:    
Derivative Liability 37,753 13,372
Level 2 | Other long-term liabilities | Cross currency swaps | Designated as Hedging Instrument    
Liabilities:    
Derivative Liability 51,868 1,624
Level 2 | Accrued and other current liabilities | Interest rate contracts | Designated as Hedging Instrument    
Liabilities:    
Derivative Liability 3,931 1,855
Level 2 | Accrued and other current liabilities | Cross currency swaps | Designated as Hedging Instrument    
Liabilities:    
Derivative Liability 4,366 1,189
Level 3    
Assets:    
Total assets 6,901 0
Liabilities:    
Derivative Liability 0 58,668
Level 3 | Interest rate contracts | Designated as Hedging Instrument    
Assets:    
Derivative Asset 0  
Level 3 | Cross currency swaps | Not Designated as Hedging Instrument    
Assets:    
Derivative Asset 0  
Liabilities:    
Derivative Liability 0  
Level 3 | Other assets | Interest rate contracts | Designated as Hedging Instrument    
Assets:    
Derivative Asset   0
Level 3 | Other assets | Cross currency swaps | Designated as Hedging Instrument    
Assets:    
Derivative Asset   0
Level 3 | Other assets | Cross currency swaps | Not Designated as Hedging Instrument    
Assets:    
Derivative Asset   0
Level 3 | Prepaid expenses and other current assets | Interest rate contracts | 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 | Prepaid expenses and other current assets | Cross currency swaps | Not Designated as Hedging Instrument    
Assets:    
Derivative Asset   0
Level 3 | Other long-term liabilities | Interest rate contracts | Designated as Hedging Instrument    
Liabilities:    
Derivative Liability 0 0
Level 3 | Other long-term liabilities | Cross currency swaps | Designated as Hedging Instrument    
Liabilities:    
Derivative Liability 0 0
Level 3 | Accrued and other current liabilities | Interest rate contracts | Designated as Hedging Instrument    
Liabilities:    
Derivative Liability 0 0
Level 3 | Accrued and other current liabilities | Cross currency swaps | Designated as Hedging Instrument    
Liabilities:    
Derivative Liability 0 0
Fair Value, Recurring | Level 1    
Assets:    
Cash and cash equivalents 174,567 171,233
Restricted cash 66,336 60,021
Total assets 516,284 231,254
Liabilities:    
Contingent consideration   0
Total liabilities 0 0
Fair Value, Recurring | Level 1 | Other assets    
Assets:    
Fair value option equity method investments 275,381  
Investment in GLPI partnership 0 0
Fair Value, Recurring | Level 1 | Other assets | Subordinated Debt    
Assets:    
The Star Investment - fair value option: 0  
Fair Value, Recurring | Level 1 | Other assets | Convertible Debt    
Assets:    
The Star Investment - fair value option: 0  
Fair Value, Recurring | Level 1 | Prepaid expenses and other current assets | Convertible Debt    
Assets:    
Forward Obligation 0  
Fair Value, Recurring | Level 1 | Other long-term liabilities    
Liabilities:    
Contingent consideration 0  
Fair Value, Recurring | Level 1 | Other long-term liabilities | Not Designated as Hedging Instrument    
Liabilities:    
Sinclair Performance Warrants   0
Fair Value, Recurring | Level 1 | Accrued and other current liabilities    
Liabilities:    
Contingent consideration 0  
Fair Value, Recurring | Level 1 | Commercial Rights Liabilities | Not Designated as Hedging Instrument    
Liabilities:    
Sinclair Performance Warrants   0
Fair Value, Recurring | Level 2    
Assets:    
Cash and cash equivalents 0 0
Restricted cash 0 0
Total assets 24,450 39,909
Liabilities:    
Contingent consideration   0
Total liabilities 118,654 29,214
Fair Value, Recurring | Level 2 | Other assets    
Assets:    
Fair value option equity method investments 0  
Investment in GLPI partnership 19,790 20,418
Fair Value, Recurring | Level 2 | Other assets | Subordinated Debt    
Assets:    
The Star Investment - fair value option: 0  
Fair Value, Recurring | Level 2 | Other assets | Convertible Debt    
Assets:    
The Star Investment - fair value option: 0  
Fair Value, Recurring | Level 2 | Prepaid expenses and other current assets | Convertible Debt    
Assets:    
Forward Obligation 0  
Fair Value, Recurring | Level 2 | Other long-term liabilities    
Liabilities:    
Contingent consideration 0  
Fair Value, Recurring | Level 2 | Other long-term liabilities | Not Designated as Hedging Instrument    
Liabilities:    
Sinclair Performance Warrants   11,174
Fair Value, Recurring | Level 2 | Accrued and other current liabilities    
Liabilities:    
Contingent consideration 0  
Fair Value, Recurring | Level 2 | Commercial Rights Liabilities | Not Designated as Hedging Instrument    
Liabilities:    
Sinclair Performance Warrants   0
Fair Value, Recurring | Level 3    
Assets:    
Cash and cash equivalents 0 0
Restricted cash 0 0
Total assets 109,032 0
Liabilities:    
Contingent consideration   59,923
Total liabilities 62,384 118,591
Fair Value, Recurring | Level 3 | Other assets    
Assets:    
Fair value option equity method investments 0  
Investment in GLPI partnership 0 0
Fair Value, Recurring | Level 3 | Other assets | Subordinated Debt    
Assets:    
The Star Investment - fair value option: 84,978  
Fair Value, Recurring | Level 3 | Other assets | Convertible Debt    
Assets:    
The Star Investment - fair value option: 17,153  
Fair Value, Recurring | Level 3 | Prepaid expenses and other current assets | Convertible Debt    
Assets:    
Forward Obligation 6,901  
Fair Value, Recurring | Level 3 | Other long-term liabilities    
Liabilities:    
Contingent consideration 8,048  
Fair Value, Recurring | Level 3 | Other long-term liabilities | Not Designated as Hedging Instrument    
Liabilities:    
Sinclair Performance Warrants   0
Fair Value, Recurring | Level 3 | Accrued and other current liabilities    
Liabilities:    
Contingent consideration $ 54,336  
Fair Value, Recurring | Level 3 | Commercial Rights Liabilities | Not Designated as Hedging Instrument    
Liabilities:    
Sinclair Performance Warrants   $ 58,668
v3.25.2
FAIR VALUE MEASUREMENTS - Schedule of Performance Warrants and Acquisition Related Contingent Consideration (Details) - Level 3 - USD ($)
$ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended
Feb. 07, 2025
Mar. 31, 2025
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2024
Warrant          
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Additions in the period (acquisition fair value)     $ 0    
Change in fair value $ 1,180   0 $ (6,317) $ 0
Effect of foreign exchange     0    
Contingent Consideration          
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Additions in the period (acquisition fair value)     0    
Change in fair value 786   1,675 1,040 (1,835)
Effect of foreign exchange     0    
Fair Value Option Loan Receivable          
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Additions in the period (acquisition fair value)     70,291    
Change in fair value 0   11,655    
Effect of foreign exchange     3,032    
Fair Value Option Loan Receivable Two          
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Additions in the period (acquisition fair value)     13,429    
Change in fair value 0   2,485    
Effect of foreign exchange     1,239    
Forward Obligation          
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Additions in the period (acquisition fair value)     0    
Change in fair value 0   6,728    
Effect of foreign exchange     173    
Fair Value, Recurring | Warrant          
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Beginning Balance 58,668 $ 0 0 44,703 44,703
Change in fair value   0      
Ending Balance 59,848 0 0 38,386 44,703
Fair Value, Recurring | Contingent Consideration          
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Beginning Balance 59,923 60,709 60,709 56,745 58,580
Change in fair value   0      
Ending Balance 60,709 60,709 62,384 $ 57,785 $ 56,745
Fair Value, Recurring | Fair Value Option Loan Receivable          
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Beginning Balance 0 0 0    
Change in fair value   0      
Ending Balance 0 0 84,978    
Fair Value, Recurring | Fair Value Option Loan Receivable Two          
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Beginning Balance 0 0 0    
Change in fair value   0      
Ending Balance 0 0 17,153    
Fair Value, Recurring | Forward Obligation          
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Beginning Balance 0 0 0    
Change in fair value   0      
Ending Balance $ 0 $ 0 $ 6,901    
v3.25.2
FAIR VALUE MEASUREMENTS - Schedule of Derivative Instruments Gain (Loss) (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Warrant          
Derivative [Line Items]          
Gain (loss) on derivative instruments $ (1,180) $ 0 $ 6,317 $ 0 $ 6,317
Interest rate contracts | Interest Expense          
Derivative [Line Items]          
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax (105) 898 (2,809) 1,383 (5,695)
Cross currency swaps | Interest Expense          
Derivative [Line Items]          
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax 7 1,036 (1,325) 1,405 (2,536)
Cross Currency Swap          
Derivative [Line Items]          
Gain (loss) on derivative instruments $ 50 $ 6,602 $ 0 $ 6,823 $ 0
v3.25.2
FAIR VALUE MEASUREMENTS - Narrative (Details)
$ in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2025
AUD ($)
Jun. 30, 2025
USD ($)
Apr. 09, 2025
AUD ($)
Sep. 12, 2023
USD ($)
The Star Entertainment Group Limited (“The Star”)          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]          
Investments       $ 200,000  
Interest Income, Other $ 900        
Convertible Debt | The Star Entertainment Group Limited (“The Star”)          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]          
Investments   $ 22,200      
Subordinated Debt | The Star Entertainment Group Limited (“The Star”)          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]          
Investments   $ 111,100      
Measurement Input, Price Volatility          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]          
Equity Securities, FV-NI, Measurement Input   0.40 0.40    
Measurement Input, Recovery Rate          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]          
Equity Securities, FV-NI, Measurement Input   0.10 0.10    
Measurement Input, Risk Free Interest Rate          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]          
Equity Securities, FV-NI, Measurement Input   0.033 0.033    
Minimum          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]          
Expected volatility rate   40.00%      
Risk free interest rate   3.84%      
Expected term   1 year 6 months      
Maximum          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]          
Expected volatility rate   67.00%      
Risk free interest rate   4.79%      
Expected term   6 years 3 months 18 days      
Bally's Golf Links          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]          
Business Combination, Contingent Consideration, Liability     $ 125,000   $ 62,400
Queen | Measurement Input, Discount Rate          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]          
Business Combination, Contingent Consideration, Liability, Measurement Input   0.066 0.066    
Queen | Minimum | Measurement Input, Expected Term          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]          
Business Combination, Contingent Consideration, Liability, Measurement Input   0.8 0.8    
Queen | Maximum | Measurement Input, Expected Term          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]          
Business Combination, Contingent Consideration, Liability, Measurement Input   1.3 1.3    
v3.25.2
FAIR VALUE MEASUREMENTS - Fair Value of Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Feb. 07, 2025
Dec. 31, 2024
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 $ 563,179   $ 738,517
Senior Notes | 5.625% Senior Notes due 2029 | Fair Value | Level 1      
Debt Instrument [Line Items]      
Long-term debt, fair value $ 430,313   587,813
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 $ 505,000   721,456
Senior Notes | 5.875% Senior Notes due 2031 | Fair Value | Level 1      
Debt Instrument [Line Items]      
Long-term debt, fair value $ 403,331   535,631
Senior Notes | 11.00% Senior Notes Due 2028      
Debt Instrument [Line Items]      
Interest rate 11.00% 11.00%  
Senior Notes | 11.00% Senior Notes Due 2028 | Carrying Amount | Level 1      
Debt Instrument [Line Items]      
Long-term debt, fair value $ 480,544   0
Senior Notes | 11.00% Senior Notes Due 2028 | Fair Value | Level 1      
Debt Instrument [Line Items]      
Long-term debt, fair value 500,390   0
Term Loan Facility(1) | Line of Credit | Carrying Amount | Level 1      
Debt Instrument [Line Items]      
Long-term debt, fair value 1,782,446   1,858,800
Term Loan Facility(1) | Line of Credit | Fair Value | Level 1      
Debt Instrument [Line Items]      
Long-term debt, fair value $ 1,671,855   $ 1,792,804
v3.25.2
ACCRUED AND OTHER CURRENT LIABILITIES (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Gaming liabilities $ 186,908 $ 187,233
Compensation 68,772 66,356
Contingent consideration 54,336 0
Professional services 47,861 19,343
Interest payable 72,999 60,792
Construction accruals 22,196 2,144
Insurance reserves 22,603 23,898
Property taxes 16,660 8,502
Other 176,915 113,024
Total accrued and other current liabilities $ 669,250 $ 481,292
v3.25.2
RESTRUCTURING (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Jan. 18, 2023
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]            
Percentage of positions expected to be eliminated 15.00%          
Restructuring charges, net   $ 0 $ 0 $ 376 $ 0 $ 18,989
Accelerated depreciation expense           80,100
Total restructuring charges       376   99,106
Retail Casinos            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges, net       348   20,003
Accelerated depreciation expense       0   80,117
International Interactive            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges, net       3   55
North America Interactive            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges, net       0   (1,479)
Corporate Segment and Other Operating Segment            
Restructuring Cost and Reserve [Line Items]            
Restructuring charges, net       $ 25   $ 410
v3.25.2
RESTRUCTURING - Restructuring Charges and Reserve (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Jan. 18, 2023
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Business Acquisition [Line Items]            
Percentage of positions expected to be eliminated 15.00%          
Restructuring Reserve [Roll Forward]            
Restructuring charges, net   $ 0 $ 0 $ 376 $ 0 $ 18,989
v3.25.2
LONG-TERM DEBT - Schedule of Long Term Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Feb. 07, 2025
Dec. 31, 2024
Oct. 01, 2021
Debt Instrument [Line Items]        
Less: Unamortized original issue discount $ (13,685)   $ (19,760)  
Less: Unamortized deferred financing fees (5,771)   (33,117)  
Less: Unamortized fair value adjustment(2) (511,300)   0  
Long-term debt, including current portion 3,581,169   3,318,773  
Less: Current portion of Term Loan and Revolving Credit Facility (19,450)   (19,450)  
Long-term debt, net of discount, deferred financing fees and fair value adjustment, excluding current portion 3,561,719   3,299,323  
Interest rate contracts        
Debt Instrument [Line Items]        
Net investment hedges - notional amount 1,000,000      
Line of Credit | Term Loan Facility(1)        
Debt Instrument [Line Items]        
Long-term debt, gross 1,876,925   1,886,650  
Line of Credit | Revolving Credit Facility        
Debt Instrument [Line Items]        
Long-term debt, gross 250,000   0  
Line of Credit | Line of Credit | USD EUR Exchange Future | Cross currency swaps        
Debt Instrument [Line Items]        
Derivative, amount of hedged item $ 500,000      
Line of Credit | Line of Credit | USD GBP Exchange Future | Cross currency swaps        
Debt Instrument [Line Items]        
Derivative, amount of hedged item       $ 200,000
Senior Notes | 5.625% Senior Notes due 2029        
Debt Instrument [Line Items]        
Interest rate 5.625%      
Long-term debt, gross $ 750,000   750,000  
Senior Notes | 5.875% Senior Notes due 2031        
Debt Instrument [Line Items]        
Interest rate 5.875%      
Long-term debt, gross $ 735,000   735,000  
Senior Notes | 11.00% Senior Notes Due 2028        
Debt Instrument [Line Items]        
Interest rate 11.00% 11.00%    
Long-term debt, gross $ 500,000   $ 0  
v3.25.2
LONG-TERM DEBT - Additional Information (Details) - USD ($)
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Oct. 01, 2021
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Aug. 20, 2021
Debt Instrument [Line Items]                  
Loss on extinguishment of debt   $ 0 $ 0 $ 0 $ 17,372,000   $ 0    
Senior Notes | New Credit Facilities                  
Debt Instrument [Line Items]                  
Principal amount $ 2,565,000,000                
Maximum capacity on line of credit 30.00%                
Senior Notes | New Credit Facilities | Federal Funds Effective Swap Rate                  
Debt Instrument [Line Items]                  
Basis spread on variable rate 0.50%                
Senior Notes | New Credit Facilities | Secured Overnight Financing Rate (SOFR)                  
Debt Instrument [Line Items]                  
Basis spread on variable rate 1.00%                
Senior Notes | Senior Notes Due 2029                  
Debt Instrument [Line Items]                  
Amount of original principal amount redeemable           40.00%      
Amount of notes redeemable plus accrued and unpaid interest           105.625%      
Redemption price percentage           100.00%      
Senior Notes | Senior Notes Due 2029 | Subsidiaries                  
Debt Instrument [Line Items]                  
Principal amount                 $ 750,000,000
Interest rate                 5.625%
Senior Notes | Senior Notes Due 2031                  
Debt Instrument [Line Items]                  
Amount of original principal amount redeemable           40.00%      
Amount of notes redeemable plus accrued and unpaid interest           105.875%      
Senior Notes | Senior Notes Due 2031 | Subsidiaries                  
Debt Instrument [Line Items]                  
Principal amount                 $ 750,000,000
Interest rate                 5.875%
Senior Notes | Senior Notes Due 2028                  
Debt Instrument [Line Items]                  
Loss on extinguishment of debt         $ 17,400,000        
Debt Instrument, Prepayment Premium                 5.50%
Senior Notes | 11.00% Senior Notes Due 2028                  
Debt Instrument [Line Items]                  
Principal amount   $ 500,000,000.0              
Interest rate   11.00% 11.00%   11.00% 11.00%      
Long-term debt, gross     $ 500,000,000   $ 500,000,000 $ 500,000,000   $ 0  
Line of Credit | New Credit Facilities                  
Debt Instrument [Line Items]                  
Commitment increase limit $ 650,000,000                
Commitment increase limit, EBITDA 100.00%                
Term Loan Facility(1) | New Credit Facilities                  
Debt Instrument [Line Items]                  
Principal amount $ 1,945,000,000                
Basis spread on variable rate 1.50%                
Debt Instrument, Interest Rate Floor 0.50%                
Revolving Credit Facility | New Credit Facilities                  
Debt Instrument [Line Items]                  
Principal amount $ 620,000,000                
Basis spread on variable rate 1.00%                
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%                
Term Loan Facility(1) | Line of Credit                  
Debt Instrument [Line Items]                  
Long-term debt, gross     1,876,925,000   1,876,925,000 1,876,925,000   1,886,650,000  
Revolving Credit Facility | Line of Credit                  
Debt Instrument [Line Items]                  
Long-term debt, gross     $ 250,000,000   $ 250,000,000 $ 250,000,000   $ 0  
v3.25.2
LEASES - Additional Information (Details)
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Jul. 17, 2025
USD ($)
Apr. 13, 2021
USD ($)
Oct. 30, 2026
USD ($)
Feb. 07, 2025
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jan. 03, 2023
Jun. 03, 2021
USD ($)
Lessee, Lease, Description [Line Items]                        
Lease liability         $ 2,117,874,000 $ 1,620,000,000   $ 2,117,874,000 $ 2,117,874,000      
Right of use assets, net         1,934,380,000 1,544,936,000   1,934,380,000 1,934,380,000      
Minimum lease payment         5,228,408,000     5,228,408,000 5,228,408,000      
Commitments and contingencies (Note 18)                
Lease income       $ 11,000,000.0 33,700,000   $ 35,300,000 52,400,000   $ 76,400,000    
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]                 Revenue      
Operating lease cost       $ 21,714,000 $ 59,454,000   $ 36,957,000 $ 93,474,000   $ 74,288,000    
Forecast                        
Lessee, Lease, Description [Line Items]                        
Net book value     $ 735,000,000                  
Sale Leaseback Transaction, Annual Rent Income     $ 58,800,000                  
Tropicana Las Vegas Hotel and Casino                        
Lessee, Lease, Description [Line Items]                        
Annual minimum payment   $ 10,500,000                    
Term of contract (in years)                       50 years
Tropicana Las Vegas Hotel and Casino | Maximum                        
Lessee, Lease, Description [Line Items]                        
Term of contract (in years)                     99 years  
GLPI Master Lease                        
Lessee, Lease, Description [Line Items]                        
Annual minimum payment                 $ 101,500,000      
Term of contract (in years)                       15 years
Number of renewal terms                       4
Renewal term (in years)         5 years     5 years 5 years      
GLPI Master Lease | Subsequent Event                        
Lessee, Lease, Description [Line Items]                        
Term of contract (in years) 15 years                      
Number of renewal terms 4                      
Renewal term (in years) 5 years                      
Operating lease cost $ 20,000,000                      
Advances $ 940,000,000                      
GLPI Master Lease Agreement                        
Lessee, Lease, Description [Line Items]                        
Annual minimum payment                 $ 32,200,000      
Tropicana Las Vegas Hotel and Casino                        
Lessee, Lease, Description [Line Items]                        
Payments for (proceeds from) tenant allowance           $ 48,600,000            
Annual minimum payment         $ 4,100,000              
v3.25.2
LEASES - Quantitative Information of Operating Leases (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Lease, Cost [Abstract]          
Operating lease cost $ 21,714 $ 59,454 $ 36,957 $ 93,474 $ 74,288
Variable lease cost 1,238 2,389 2,823 4,128 5,609
Operating lease expense 22,952 61,843 39,780 97,602 79,897
Short-term lease expense 2,393 7,063 5,633 10,446 11,488
Total lease expense 25,345 68,906 45,413 108,048 91,385
Cash paid for amounts included in the lease liability - operating cash flows from operating leases 30,843 62,141 32,956 80,625 64,505
Right of use assets obtained in exchange for operating lease liabilities $ 0 $ 22,977 $ 631 $ 22,977 $ 631
v3.25.2
LEASES - Supplemental Balance Sheet Information (Details)
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted average remaining lease term 25 years 9 months 18 days 26 years 2 months 12 days
Weighted average discount rate 7.30% 8.50%
v3.25.2
LEASES - Future Minimum Rental Commitments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Remaining 2025 $ 121,496  
2026 241,027  
2027 236,324  
2028 239,173  
2029 240,173  
Thereafter 4,150,215  
Total lease payments 5,228,408  
Less: present value discount (3,110,534)  
Lease obligations $ 2,117,874 $ 1,620,000
v3.25.2
STOCKHOLDERS’ EQUITY - Additional Information (Details)
 1 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
USD ($)
shares
May 10, 2021
USD ($)
shares
Jun. 30, 2025
USD ($)
shares
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
shares
Apr. 20, 2021
USD ($)
$ / shares
shares
Class of Stock [Line Items]            
Stock repurchase program approved (up to) | $     $ 700,000,000      
Available amount remaining under capital return program | $     95,500,000   $ 95,500,000  
Cash dividend amount | $ $ 0   $ 0 $ 0    
Common stock price (in dollars per share) | $ / shares           $ 55.00
Number of common shares called by warrant (in shares) 384,536         909,090
Aggregate purchase price | $           $ 50,000,000
Exercise price of warrants (in dollars per share) | $ / shares           $ 55.00
Maximum amount of outstanding common shares to be acquired           0.049
Common stock issued (in shares)     49,120,097   40,787,007  
Common stock outstanding (in shares)     49,120,097   40,787,007  
Preferred stock authorized (in shares)     10,000,000      
Preferred stock, shares issued (in shares)     0   0  
Warrant            
Class of Stock [Line Items]            
Common shares exchanged for warrants (in shares)   2,086,908        
Public Stock Offering            
Class of Stock [Line Items]            
Shares issued in public offering (in shares)   12,650,000        
Net proceeds from offering | $   $ 671,400,000        
v3.25.2
STOCKHOLDERS’ EQUITY - Shares Outstanding (Details) - $ / shares
Jun. 30, 2025
Apr. 20, 2021
Nov. 18, 2020
Class of Warrant or Right [Line Items]      
Number of incremental shares outstanding 12,318,947    
Exercise price of warrants (in dollars per share)   $ 55.00  
Equity Incentive Plan      
Class of Warrant or Right [Line Items]      
Outstanding awards under Equity Incentive Plans (in shares) 699,222    
Penny Warrant      
Class of Warrant or Right [Line Items]      
Exercise price of warrants (in dollars per share)     $ 0.01
Penny Warrant | Sinclair      
Class of Warrant or Right [Line Items]      
Warrants (in shares) 11,575,597    
Performance Warrant      
Class of Warrant or Right [Line Items]      
Exercise price of warrants (in dollars per share)     0.01
Option on Securities | Minimum      
Class of Warrant or Right [Line Items]      
Exercise price of warrants (in dollars per share)     30.00
Option on Securities | Maximum      
Class of Warrant or Right [Line Items]      
Exercise price of warrants (in dollars per share)     $ 45.00
Monkey Knife Fight | Penny Warrant      
Class of Warrant or Right [Line Items]      
Warrants (in shares) 44,128    
v3.25.2
SHAREHOLDERS’ EQUITY - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 1 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2025
Jun. 30, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance $ 30,902 $ 1,172,536 $ 30,902 $ 635,854
Ending balance (27,687) 642,439 642,439 393,551
AOCI Attributable to Parent        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (260,267) 0 (260,267) (209,558)
Other comprehensive income (loss) before reclassifications (8,017) 96,946   (4,726)
Reclassifications from accumulated other comprehensive income (loss) to earnings 98 (2,788)   8,231
Tax effect (1,328) (26,355)   (1,881)
Ending balance (269,710) 73,379 73,379 (224,396)
Foreign Currency Translation Adjustment        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (261,745) 0 (261,745) (177,203)
Other comprehensive income (loss) before reclassifications (13,097) 198,030   (46,679)
Reclassifications from accumulated other comprehensive income (loss) to earnings 0 0   0
Tax effect 0 (52,548)   0
Ending balance (274,842) 145,482 145,482 (223,882)
Benefit Plans        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance 1,746   1,746 886
Other comprehensive income (loss) before reclassifications 0     0
Reclassifications from accumulated other comprehensive income (loss) to earnings 0     0
Tax effect 0     0
Ending balance 1,746     886
Cash Flow Hedges        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (8,189) 0 (8,189) (11,246)
Other comprehensive income (loss) before reclassifications 1,425 (28,414)   26,356
Reclassifications from accumulated other comprehensive income (loss) to earnings 105 (1,383)   5,695
Tax effect (352) 7,203   (6,074)
Ending balance (7,221) (19,828) (19,828) 3,341
Cash flow hedge gain (loss) to be reclassified within 12 months     (10,900)  
Net Investment Hedges        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance 7,921 0 7,921 (21,995)
Other comprehensive income (loss) before reclassifications 3,655 (72,670)   15,597
Reclassifications from accumulated other comprehensive income (loss) to earnings (7) (1,405)   2,536
Tax effect (976) 18,990   4,193
Ending balance $ 10,607 $ (52,275) $ (52,275) $ (4,741)
v3.25.2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Nov. 18, 2020
Loss Contingencies [Line Items]    
Contractual obligation $ 114,300  
Interactive Technology Commitments    
Loss Contingencies [Line Items]    
Contractual obligation 37,600  
Bally's Rhode Island    
Loss Contingencies [Line Items]    
Capital expenditures, committed amount   $ 100,000
Capital expenditures, remaining commitment 42,000  
Bally's Chicago    
Loss Contingencies [Line Items]    
Capital expenditures, committed amount 1,340,000  
Capital expenditures, remaining commitment $ 965,700  
v3.25.2
SEGMENT REPORTING - Narrative (Details)
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
property
plan
Jun. 30, 2024
Jun. 30, 2025
property
plan
Jun. 30, 2025
plan
segment
property
Segment Reporting Information [Line Items]          
Number of operating segments | segment         3
Number of reporting segments | segment         3
Number of casinos   19   19 19
Number of horse race tracks   1   1 1
Number of golf courses   1   1 1
Number Of Casinos | plan   1   1 1
UNITED KINGDOM | Revenue Benchmark | Geographic Concentration Risk          
Segment Reporting Information [Line Items]          
Concentration Risk, Percentage 32.00% 28.00% 28.00% 28.00%  
v3.25.2
SEGMENT REPORTING - Schedule of Financials by Segment (Details) - USD ($)
$ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Mar. 31, 2025
Mar. 31, 2025
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]                
Revenue $ 220,498     $ 657,534 $ 621,657   $ 1,026,228 $ 1,240,139
Adjusted EBITDAR 40,059     173,150 161,799   280,837 309,914
Depreciation and amortization (22,343)     (71,732) (78,782)   (119,213) (238,528)
Transaction costs (5,106)     (36,046) (6,604)   (43,784) (12,164)
Restructuring 0     0 (376)   0 (18,989)
Tropicana Las Vegas demolition and closure costs (2,605)     (9,698) (15,557)   (15,629) (16,021)
Share-based compensation (1,954)     (2,350) (4,472)   (5,090) (7,530)
Impairment charges 0 $ 0   0 (12,757)   0 (12,757)
Merger agreement costs (11,233)     (4,546) (1,219)   (20,421) (1,989)
Other 38,144     (7,311) (4,722)   268,210 (6,934)
(Loss) income from operations (20,766)     (2,437) 5,573   (4,247) (68,382)
Interest expense, net of interest income (27,229)     (97,522) (74,200)   (149,259) (147,331)
Other (2,365)     56,964 6,930   47,934 11,484
Total other expense, net (29,594)     (40,558) (135,847)   (101,325) (67,270)
Loss before income taxes (50,360)     (42,995) (61,697)   (105,572) (204,229)
(Benefit) provision for income taxes (664)     (185,441) 1,501   (88,348) (29,881)
Net Income (Loss) (51,024)   $ 34,516 (228,436) (60,196) $ (173,914) (193,920) (234,110)
Capital Expenditures 16,424     48,965 35,709   79,422 63,762
Corporate & Other                
Segment Reporting Information [Line Items]                
Revenue 273     1,633 2,710   3,169 4,613
Adjusted EBITDAR (6,774)     (17,506) (17,098)   (27,209) (32,819)
Segment, expenditure, addition to long-lived assets 10,970     36,258 21,890   56,009 39,558
GLPI                
Segment Reporting Information [Line Items]                
Operating leases, rent expense, net (15,669)     (43,904) (31,737)   (68,320) (63,384)
Ball's Chicago | Corporate & Other                
Segment Reporting Information [Line Items]                
Segment, expenditure, addition to long-lived assets 11,000     36,300 21,600   56,000 39,100
Retail Casinos                
Segment Reporting Information [Line Items]                
Restructuring         (348)     (20,003)
Retail Casinos | Operating Segments                
Segment Reporting Information [Line Items]                
Revenue 124,299     393,333 343,051   620,184 685,380
Adjusted EBITDAR 23,554     105,967 99,801   177,507 189,219
International Interactive                
Segment Reporting Information [Line Items]                
Revenue             318,816 464,079
Restructuring         (3)     (55)
International Interactive | Operating Segments                
Segment Reporting Information [Line Items]                
Revenue 78,985     206,066 229,396   318,816 464,079
Adjusted EBITDAR 28,940     82,205 81,292   130,400 164,824
Segment, expenditure, addition to long-lived assets 148     288 112   288 358
North America Interactive                
Segment Reporting Information [Line Items]                
Revenue             84,059 86,067
Restructuring         0     1,479
North America Interactive | Operating Segments                
Segment Reporting Information [Line Items]                
Revenue 16,941     56,502 46,500   84,059 86,067
Adjusted EBITDAR (5,661)     2,484 (2,196)   139 (11,310)
Segment, expenditure, addition to long-lived assets 0     0 429   0 689
Casinos & Resorts                
Segment Reporting Information [Line Items]                
Revenue             620,184 685,380
Casinos & Resorts | Operating Segments                
Segment Reporting Information [Line Items]                
Revenue 124,299     393,333 343,051   620,184 685,380
Segment, expenditure, addition to long-lived assets $ 5,306     $ 12,419 $ 13,278   $ 23,125 $ 23,157
v3.25.2
SEGMENT REPORTING - Schedule of Segment Information (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]          
Revenue $ 220,498 $ 657,534 $ 621,657 $ 1,026,228 $ 1,240,139
Casinos & Resorts          
Segment Reporting Information [Line Items]          
Revenue       620,184 685,380
International Interactive          
Segment Reporting Information [Line Items]          
Revenue       318,816 464,079
North America Interactive          
Segment Reporting Information [Line Items]          
Revenue       84,059 86,067
Operating Segments | Casinos & Resorts          
Segment Reporting Information [Line Items]          
Revenue 124,299 393,333 343,051 620,184 685,380
Marketing costs 8,814 17,440 20,988 29,052 41,336
Gaming tax 20,917 47,659 48,754 76,832 94,162
Compensation 41,381 101,189 98,017 158,905 191,660
Other direct costs 0 0 0 0 0
Casino property costs 26,653 57,872 36,771 95,046 105,784
General and administrative 10,712 57,451 17,088 72,392 34,524
Other Segment Items (7,732) 5,755 21,632 10,450 28,695
Segment EBITDAR 23,554 105,967 99,801 177,507 189,219
Operating Segments | International Interactive          
Segment Reporting Information [Line Items]          
Revenue 78,985 206,066 229,396 318,816 464,079
Marketing costs 8,362 21,144 33,924 32,806 69,122
Gaming tax 16,535 43,912 37,911 66,973 72,688
Compensation 8,492 22,947 26,143 34,790 58,926
Other direct costs 8,183 22,729 36,368 34,142 0
Casino property costs 0 0 0 0 74,242
General and administrative 6,261 11,913 14,195 20,645 32,972
Other Segment Items 2,212 1,216 (437) (940) (8,695)
Segment EBITDAR 28,940 82,205 81,292 130,400 164,824
Operating Segments | North America Interactive          
Segment Reporting Information [Line Items]          
Revenue 16,941 56,502 46,500 84,059 86,067
Marketing costs 5,055 12,764 11,092 19,815 25,060
Gaming tax 6,461 11,530 14,843 20,542 20,270
Compensation 3,213 7,802 7,643 12,283 9,866
Other direct costs 8,355 17,937 17,235 29,589 0
Casino property costs 0 0 0 0 28,970
General and administrative 2,220 4,366 1,621 7,462 9,060
Other Segment Items (2,702) (381) (3,738) (5,771) 4,151
Segment EBITDAR (5,661) 2,484 (2,196) 139 (11,310)
Corporate & Other          
Segment Reporting Information [Line Items]          
Revenue $ 273 $ 1,633 $ 2,710 $ 3,169 $ 4,613
v3.25.2
EARNINGS (LOSS) PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]          
Net loss $ (51,024) $ (228,436) $ (60,196) $ (193,920) $ (234,110)
Weighted average shares outstanding, basic (in shares) 48,743,000 60,686,000 48,498,000 60,554,000 48,308,000
Weighted average effect of dilutive securities (in shares) 0 0 0 0 0
Weighted average shares outstanding, diluted (in shares) 48,743,000 60,686,000 48,498,000 60,554,000 48,308,000
Earnings Per Share, Basic and Diluted [Abstract]          
Basic (in dollars per share) $ (1.05) $ (3.76) $ (1.24) $ (3.20) $ (4.85)
Diluted (in dollars per share) $ (1.05) $ (3.76) $ (1.24) $ (3.20) $ (4.85)
Share-based awards considered to be anti-dilutive (in shares) 231,580 296,374 4,951,558 5,056,640 5,254,089
v3.25.2
SUBSEQUENT EVENTS (Details)
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Jul. 17, 2025
USD ($)
Jul. 01, 2025
EUR (€)
€ / shares
shares
Feb. 07, 2025
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2025
Jun. 03, 2021
USD ($)
Subsequent Event [Line Items]                  
Operating lease cost     $ 21,714,000 $ 59,454,000 $ 36,957,000 $ 93,474,000 $ 74,288,000    
GLPI Master Lease                  
Subsequent Event [Line Items]                  
Term of contract (in years)                 15 years
Number of renewal terms                 4
Renewal term (in years)       5 years   5 years      
Intralot S.A. Integrated Lottery Systems and Services (“Intralot”)                  
Subsequent Event [Line Items]                  
Ownership percent   33.34%              
Intralot S.A. Integrated Lottery Systems and Services (“Intralot”)                  
Subsequent Event [Line Items]                  
Ownership percent       26.86%   26.86%   26.86%  
Subsequent Event | GLPI Master Lease                  
Subsequent Event [Line Items]                  
Advances $ 940,000,000                
Term of contract (in years) 15 years                
Number of renewal terms 4                
Renewal term (in years) 5 years                
Operating lease cost $ 20,000,000                
Additional rent, percent 8.50%                
Subsequent Event | Intralot S.A. Integrated Lottery Systems and Services (“Intralot”)                  
Subsequent Event [Line Items]                  
Equity adjustment associated with the Queen merger | €   € 2,700,000,000              
Total purchase price | €   € 1,500,000,000              
Number of shares issued | shares   873,707,073              
Share price (in dollars per share) | € / shares   € 1.30              
Subsequent Event | Line of Credit                  
Subsequent Event [Line Items]                  
Maximum borrowing capacity | €   € 1,600,000,000