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