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 14Restructuring 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.