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)
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(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)
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(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 
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(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.