INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Domestic and Foreign Components of Income Before Income Taxes

The domestic and foreign components of income before income taxes were as follows:


	Year Ended December 31,
	2025		2024		2023
	(In thousands)
Domestic operations	$	(237,067)	$	256,890	$	1,214,888
Foreign operations	517,846		860,175		257,875
	$	280,779	$	1,117,065	$	1,472,763

Schedule of Components of the Provision for Income Taxes

The components of the provision for (benefit from) income taxes were as follows:


	Year Ended December 31,
	2025		2024		2023
Federal:	(In thousands)
Current	$	(17,647)	$	126,933	$	259,128
Deferred (excluding separate components)	113,941		(22,919)		48,363
Deferred – valuation allowance change	(283,694)		(9,506)		(153,768)
Other noncurrent	(13,658)		1,458		(10,969)
(Benefit) provision for federal income taxes	(201,058)		95,966		142,754
State:
Current	32,865		10,477		24,931
Deferred (excluding separate components)	(28,878)		(3,731)		(11,206)
Deferred – operating loss carryforward	4,150		(880)		12,219
Deferred – valuation allowance change	(1,020)		3,177		2,140
Provision for state income taxes	7,117		9,043		28,084
Foreign:
Current	3,423		(2,363)		(223)
Deferred (excluding separate components)	(72,232)		(4,250)		(5,611)
Deferred – operating loss carryforward	(10,807)		(39,769)		57,485
Deferred – valuation allowance change	33,464		(6,170)		(64,650)
Benefit for foreign income taxes	(46,152)		(52,552)		(12,999)
	$	(240,093)	$	52,457	$	157,839

Schedule of Reconciliation of the Federal Income Tax Statutory Rate and the Company's Effective Tax Rate

A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate for the year ended December 31, 2025 was as follows (in thousands, except percentages):


	Year ended December 31, 2025
	Amount		Percent
U.S. federal statutory rate	$	58,965	21.0	%
State and local income taxes, net of federal income tax effect1	6,248		2.2	%
Foreign tax effects
Macau
Statutory tax rate differential	(75,044)		(26.7)	%
Tax holiday benefit	(144,831)		(51.6)	%
Other	(7,478)		(2.7)	%
Brazil
Statutory tax rate differential	(7,505)		(2.7)	%
Changes in valuation allowance	20,217		7.2	%
Other	(588)		(0.2)	%
Hong Kong	40,868		14.6	%
Malta	23,513		8.4	%
Other foreign jurisdictions	10,939		3.9	%
Effects of cross-border tax laws	12,682		4.5	%
Tax credits	(16,486)		(5.9)	%
Changes in valuation allowance	(283,694)		(101.0)	%
Nontaxable and nondeductible items
Foreign currency transaction gain or loss	60,501		21.5	%
Goodwill impairment	53,788		19.2	%
Other	25,997		9.3	%
Other adjustments	(18,185)		(6.5)	%
Effective tax rate	$	(240,093)	(85.5)	%

1State taxes in New Jersey comprise the majority (greater than 50 percent) of the tax effect in this category.

A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate was as follows:


	Year Ended December 31,
	2024		2023
Federal income tax statutory rate	21.0	%	21.0	%
Noncontrolling interest	(0.2)		(0.1)
Foreign income/losses taxed at other than U.S. statutory rate	(19.5)		(3.6)
Federal valuation allowance	(0.9)		(10.4)
State taxes, net	0.6		1.5
General business credits	(1.5)		(1.2)
Incremental U.S. tax on foreign earnings	4.5		2.4
Permanent and other items	0.7		1.1
	4.7	%	10.7	%

Schedule of Tax-Effected Components of the Company's Net Deferred Tax Liability

The tax-effected components of the Company’s net deferred tax liability were as follows:


	December 31,
	2025		2024
Deferred tax assets – federal and state:	(In thousands)
Net operating loss carryforward	$	10,915	$	14,193
Accruals, reserves and other	52,615		66,328
Lease liabilities	5,732,208		5,750,744
Tax credits	334,468		1,008,363
Intangibles	95,100		—
	6,225,306		6,839,628
Less: Valuation allowance	(277,391)		(867,416)
	5,947,915		5,972,212
Deferred tax assets – foreign:
Net operating loss carryforward	191,777		180,970
Accruals, reserves and other	9,049		6,673
Property and equipment	39,059		37,832
Lease liabilities	207		1,488
	240,092		226,963
Less: Valuation allowance	(144,108)		(173,984)
	95,984		52,979
Total deferred tax assets	$	6,043,899	$	6,025,191
Deferred tax liabilities – federal and state:
Property and equipment	$	(548,951)	$	(438,455)
Investments in unconsolidated affiliates	(585,266)		(583,865)
Investment in equity securities	(2,234,665)		(2,232,601)
ROU assets	(5,187,169)		(5,283,821)
Intangibles	—		(237,107)
	(8,556,051)		(8,775,849)
Deferred tax liabilities – foreign:
Intangibles	(15,123)		(21,414)
	(15,123)		(21,414)
Total deferred tax liability	(8,571,174)		(8,797,263)
Net deferred tax liability	$	(2,527,275)	$	(2,772,072)

Schedule Of Income Taxes Paid Net Of Refunds

A reconciliation of income taxes paid (refunds received), net was as follows:


	Year Ended December 31,
		2025

U.S. federal		$	(53,373)
U.S. state and local		19,519
Foreign		(765)
Income tax refunds received, net		$	(34,619)

Schedule of Income Tax Valuation Allowance

Deferred income tax valuation allowance consisted of the following:


	Balance at Beginning of Period		Increase		Decrease		Balance at End of Period
Deferred income tax valuation allowance:	(In thousands)
Year Ended December 31, 2025	$	1,041,400	$	—	$	(619,901)	$	421,499
Year Ended December 31, 2024	1,778,446		—		(737,046)		1,041,400
Year Ended December 31, 2023	2,886,575		—		(1,108,129)		1,778,446