The following are the Company’s acquisitions for the years ended December 31, 2025 and 2024, that resulted in the recording of goodwill. See Note 10, Business and Asset Acquisitions, for more information on how the amount of goodwill for the respective acquisitions was calculated.

On December 2, 2024, the Company acquired Fairmount Park - Casino & Racing (“Fairmount”) for total stock consideration of $40.5 million, of which $12.0 million was initially recorded as goodwill. In July 2025, there was a reduction in goodwill related to the acquisition of Fairmount due to the cancellation of 173,262 previously-issued shares that were being held in escrow due to revisions to the closing statement. The cancellation of these shares resulted in a $2.0 million reduction in the fair value of the consideration paid to acquire Fairmount. As such, total goodwill related to the Fairmount acquisition was reduced to $10.0 million.

On November 1, 2024, the Company completed its acquisition of Toucan Gaming, a distributed gaming operator in the state of Louisiana, for total cash consideration of $41.6 million, of which $2.1 million was initially recorded as goodwill. In November 2025, there was an increase in goodwill related to the acquisition of Toucan Gaming due to working capital adjustments. These adjustments resulted in $0.2 million increase in the fair value of the consideration paid to acquire Toucan. As such, total goodwill related to the Toucan Gaming acquisition increased to $2.3 million.

On September 19, 2024, the Company completed its acquisition of Lucky 7’s Beverages, LLC (“Lucky 7s”), a hospitality location in Billings, Montana, for a total purchase price of $0.8 million, of which $0.1 million was recorded as goodwill.

On September 19, 2024, the Company completed its acquisition of 24th Street Station Casino (“24th Street Station”), a hospitality location in Billings, Montana, for a total purchase price of $0.8 million, of which $0.1 million was recorded as goodwill.

On June 26, 2024, the Company acquired BRM Services, Inc. (“Jorgenson’s Lounge”), a hospitality location in Helena, Montana, for a total purchase price of $1.1 million, of which $0.3 million was recorded as goodwill.






Goodwill balance as of January 1, 2024	$	101,554
Addition to goodwill for acquisition of Jorgenson's Lounge	306
Addition to goodwill for acquisition of Lucky 7s	145
Addition to goodwill for acquisition of 24th Street Station	146
Addition to goodwill for acquisition of Toucan Gaming	2,130
Addition to goodwill for acquisition of Fairmount	11,971
Goodwill balance as of December 31, 2024	$	116,252
Cancellation of shares previously issued for acquisition of Fairmount	(2,007)
Adjustment to goodwill for acquisition of Toucan Gaming	181
Goodwill balance as of December 31, 2025	$	114,426

The Company conducted its annual goodwill impairment test on October 1, 2025. The Company conducted a qualitative assessment to determine whether it is more likely than not that the goodwill was impaired. Under the qualitative assessment, the Company considered both positive and negative factors, including macroeconomic conditions, industry events, and financial performance, to make a determination of whether it is more likely than not that the fair value of the goodwill is less than its carrying amount. In performing this assessment, the Company considered such factors as its historical performance, its growth opportunities in existing markets; new markets and new products in determining whether the goodwill was impaired. The Company also referenced its forecasts of revenue, operating income, and capital expenditures and concluded it is more likely than not, that the carrying value of its goodwill was not impaired as of October 1, 2025.

Other intangible assets, net consist of definite-lived trade names, customer relationships, software applications and indefinite-lived operating licenses. The Company determines the fair value of trade name assets acquired in acquisitions using a relief from royalty valuation method which requires assumptions such as projected revenue and a royalty rate. Customer relationships, software applications and trade names are amortized over their estimated 7 to 20-year useful lives. Operating licenses were assigned an indefinite useful life based on the Company's expected use of the licenses and determined that no legal, regulatory, contractual, competitive, economic, or other factors limit the useful life of these operating licenses.


		2025						2024
	Amortization Period	Gross Carrying Amount		Accumulated Amortization (1)		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Customer Relationships	7 years	$	6,800	$	(4,112)	$	2,688	$	6,800	$	(3,325)	$	3,475
Software Applications	8 years	7,800		(3,494)		4,306		7,800		(2,519)		5,281
Trade Names	20 years	11,700		(1,859)		9,841		11,700		(1,265)		10,435
Operating licenses	Indefinite	44,199		N/A		44,199		34,749		N/A		34,749
		$	70,499	$	(9,465)	$	61,034	$	61,049	$	(7,109)	$	53,940

(1)Included in accumulated amortization is an impairment charge of $0.8 million on the customer relationships intangible related to the surrender of the Company’s manufacturing license in Louisiana on October 31, 2024 due to the acquisition of Toucan Gaming. The impairment charge is recorded within Other expenses, net on consolidated statement of operations and comprehensive income.

Amortization expense of other intangible assets, net was $2.3 million, $2.4 million and $2.4 million for the years ended December 31, 2025, 2024 and 2023 respectively. The Company’s estimated annual amortization expense relating to other intangible assets over the next five years is $2.3 million.

In May 2025, a one-time payment of $9.5 million was required to open the casino at Fairmount. This payment, which represents a one-time gaming license fee to register the gaming positions in the casino, was recorded as an indefinite-lived operating license.

Indefinite-lived intangibles are tested for impairment annually or when triggering events occur. There were no indicators of impairment of indefinite-lived intangibles as of December 31, 2025.