Note 3 - Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 30, 2026

Notes to Financial Statements

Intangible Asset [Text Block]

NOTE 3. GOODWILL AND INTANGIBLE ASSETS, NET

Intangible assets, net consist of the following:

		*June 30, 2026*
		*Weighted*
		*Useful Life*				*Gross*								*Accumulated*				*Effect of Foreign*
		*Remaining*				*Carrying*				*Accumulated*				*Impairment*				*Currency*				*Intangible*
*(In thousands)*		*(in years)*				*Value*				*Amortization*				*Losses*				*Exchange*				*Assets, Net*
*Amortizing intangibles*
Customer relationships			3.2			$	3,300			$	(1,209	)		$	—			$	—			$	2,091
Host agreements			6.9				58,000				(31,256	)			—				—				26,744
Development agreement			3.1				21,373				(11,831	)			—				—				9,542
Developed technology			5.8				58,012				(16,932	)			—				(355	)			40,725
B2B relationships			4.2				40,200				(14,860	)			—				(58	)			25,282
B2C relationships			8.3				13,000				(3,972	)			—				—				9,028
Marketing agreement			18.2				4,500				(413	)			—				—				4,087
							198,385				(80,473	)			—				(413	)			117,499
*Indefinite lived intangible assets*
Trademarks		Indefinite					199,900				—				(32,275	)			—				167,625
Gaming license rights		Indefinite					1,491,835				(33,960	)			(253,974	)			—				1,203,901
							1,691,735				(33,960	)			(286,249	)			—				1,371,526
Balances, June 30, 2026						$	1,890,120			$	(114,433	)		$	(286,249	)		$	(413	)		$	1,489,025

		*December 31, 2025*
		*Weighted*
		*Useful Life*				*Gross*								*Accumulated*				*Effect of Foreign*
		*Remaining*				*Carrying*				*Accumulated*				*Impairment*				*Currency*				*Intangible*
*(In thousands)*		*(in years)*				*Value*				*Amortization*				*Losses*				*Exchange*				*Assets, Net*
*Amortizing intangibles*
Customer relationships			3.7			$	3,300			$	(880	)		$	—			$	—			$	2,420
Host agreements			7.4				58,000				(29,323	)			—				—				28,677
Development agreement			3.6				21,373				(10,304	)			—				—				11,069
Developed technology			6.4				47,361				(15,351	)			—				(80	)			31,930
B2B relationships			4.0				28,000				(12,395	)			—				(6	)			15,599
B2C relationships			8.8				13,000				(3,430	)			—				—				9,570
Marketing agreement			18.7				4,500				(300	)			—				—				4,200
							175,534				(71,983	)			—				(86	)			103,465
*Indefinite lived intangible assets*
Trademarks		Indefinite					199,900				—				(32,275	)			—				167,625
Gaming license rights		Indefinite					1,491,835				(33,960	)			(253,974	)			—				1,203,901
							1,691,735				(33,960	)			(286,249	)			—				1,371,526
Balances, December 31, 2025						$	1,867,269			$	(105,943	)		$	(286,249	)		$	(86	)		$	1,474,991

The following table presents the future amortization expense for our amortizing intangible assets as of June 30, 2026:

*(In thousands)*		*Customer Relationships*				*Host Agreements*				*Development Agreement*				*Developed Technology*				*B2B Relationships*				*B2C Relationships*				*Marketing Agreement*				*Total*
*For the year ending*
*December 31,*
2026 (excluding six months ended June 30, 2026)		$	331			$	1,934			$	1,526			$	3,760			$	2,915			$	541			$	112			$	11,119
2027			660				3,867				3,053				8,035				5,947				1,083				225				22,870
2028			660				3,867				3,053				7,827				5,947				1,083				225				22,662
2029			440				3,867				1,910				7,135				5,329				1,083				225				19,989
2030			—				3,867				—				6,587				2,233				1,083				225				13,995
Thereafter			—				9,342				—				7,381				2,911				4,155				3,075				26,864
Total future amortization		$	2,091			$	26,744			$	9,542			$	40,725			$	25,282			$	9,028			$	4,087			$	117,499

Goodwill consists of the following:

		*June 30, 2026*
														*Effect of*
		*Gross*								*Accumulated*				*Foreign*
		*Carrying*				*Accumulated*				*Impairment*				*Currency*				*Goodwill,*
*(In thousands)*		*Value*				*Amortization*				*Losses*				*Exchange*				*Net*
Goodwill, net by Segment
Las Vegas Locals		$	593,567			$	—			$	(188,079	)		$	—			$	405,488
Downtown Las Vegas			6,997				(6,134	)			—				—				863
Midwest & South			636,269				—				(107,470	)			—				528,799
Online			136,887				—				(82,000	)			21				54,908
Managed & Other			30,529				—				(30,529	)			—				—
Balances, June 30, 2026		$	1,404,249			$	(6,134	)		$	(408,078	)		$	21			$	990,058

		*December 31, 2025*
														*Effect of*
		*Gross*								*Accumulated*				*Foreign*
		*Carrying*				*Accumulated*				*Impairment*				*Currency*				*Goodwill,*
*(In thousands)*		*Value*				*Amortization*				*Losses*				*Exchange*				*Net*
Goodwill, net by Segment
Las Vegas Locals		$	593,567			$	—			$	(188,079	)		$	—			$	405,488
Downtown Las Vegas			6,997				(6,134	)			—				—				863
Midwest & South			636,269				—				(107,470	)			—				528,799
Online			104,737				—				(82,000	)			90				22,827
Managed & Other			30,529				—				(30,529	)			—				—
Balances, December 31, 2025		$	1,372,099			$	(6,134	)		$	(408,078	)		$	90			$	957,977