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REVENUE RECOGNITION
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers, which requires the revenue to be recognized when a performance obligation is satisfied by transferring the control of promised goods or services and is measured at the transaction price or the amount of consideration that the Company expects to receive through satisfaction of the identified performance obligations. For a full description of the Company’s revenue policy, refer to Note 6, “Revenue Recognition” in Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

The Company generates revenue from six principal sources: (1) gaming (which includes retail gaming, online gaming, consumer lottery, sports betting and racing), (2) hotel, (3) food and beverage, (4) licensing, (5) technology services and (6) retail, entertainment and other.

The following table provides a disaggregation of total revenue by segment:

(in thousands)Casinos & ResortsBally’s Intralot B2BBally’s Intralot B2CNorth America InteractiveCorporate & OtherTotal
Three Months Ended June 30, 2026 (Successor)
Gaming$311,393 $— $242,856 $53,765 $— $608,014 
Non-gaming:
Hotel33,566 — — — — 33,566 
Food and beverage36,590 — — — — 36,590 
Licensing— 4,530 — — — 4,530 
Technology Services— 62,055 — — — 62,055 
Retail, entertainment and other19,468 12,903 625 12,299 2,184 47,479 
Non-gaming89,624 79,488 625 12,299 2,184 184,220 
Total revenue$401,017 $79,488 $243,481 $66,064 $2,184 $792,234 
(in thousands)Casinos & ResortsBally’s Intralot B2BBally’s Intralot B2CNorth America InteractiveCorporate & OtherTotal
Three Months Ended June 30, 2025 (Successor)
Gaming$305,858 $— $195,860 $55,913 $— $557,631 
Non-gaming:
Hotel33,714 — — — — 33,714 
Food and beverage34,828 — — — — 34,828 
Licensing— 7,046 — — — 7,046 
Retail, entertainment and other18,933 — 3,160 589 1,633 24,315 
Non-gaming87,475 7,046 3,160 589 1,633 99,903 
Total revenue$393,333 $7,046 $199,020 $56,502 $1,633 $657,534 
Six Months Ended June 30, 2026 (Successor)
Gaming$612,091 $— $481,988 $104,790 $— $1,198,869 
Non-gaming:
Hotel63,220 — — — — 63,220 
Food and beverage70,223 — — — — 70,223 
Licensing— 7,541 — — — 7,541 
Technology Services— 120,960 — — — 120,960 
Retail, entertainment and other35,211 24,943 1,431 21,730 3,828 87,143 
Non-gaming168,654 153,444 1,431 21,730 3,828 349,087 
Total revenue$780,745 $153,444 $483,419 $126,520 $3,828 $1,547,956 
Period from February 8, 2025 to June 30, 2025 (Successor)
Gaming$484,392 $— $303,596 $83,422 $— $871,410 
Non-gaming:
Hotel52,427 — — — — 52,427 
Food and beverage55,082 — — — — 55,082 
Licensing— 11,929 — — — 11,929 
Retail, entertainment and other28,283 — 3,291 637 3,169 35,380 
Non-gaming135,792 11,929 3,291 637 3,169 154,818 
Total revenue$620,184 $11,929 $306,887 $84,059 $3,169 $1,026,228 
Period from January 1, 2025 to February 7, 2025 (Predecessor)
Gaming$95,984 $— $74,849 $14,934 $— $185,767 
Non-gaming:
Hotel11,006 — — — — 11,006 
Food and beverage11,304 — — — — 11,304 
Licensing— 3,720 — — — 3,720 
Retail, entertainment and other6,005 — 416 2,007 273 8,701 
Non-gaming28,315 3,720 416 2,007 273 34,731 
Total revenue$124,299 $3,720 $75,265 $16,941 $273 $220,498 
Contract Assets and Contract Related Liabilities

The Company’s receivables related to contracts with customers are primarily comprised of marker balances, interactive platform business-to-business service receivables, other amounts due from gaming activities, amounts due for hotel stays and amounts due from tracks and OTB locations. The Company’s receivables related to contracts with customers were $57.3 million and $57.5 million as of June 30, 2026 (Successor) and December 31, 2025 (Successor), respectively.

The Company has the following liabilities related to contracts with customers: liabilities for loyalty programs, advance deposits made for goods and services yet to be provided and unpaid wagers. All of the contract liabilities are short-term in nature and are included in Accrued and Other Current Liabilities on the condensed consolidated balance sheet.

Liabilities related to contracts with customers were as follows:
(in thousands)June 30, 2026 (Successor)December 31, 2025 (Successor)
Unpaid wagers$53,945 $60,238 
Advanced deposits from customers28,888 27,512 
Loyalty programs9,813 10,519 
Total$92,646 $98,269 

The Company recognized $5.4 million and $5.3 million of revenue related to loyalty program redemptions for the three months ended June 30, 2026 and 2025 (Successor), respectively. The Company recognized $10.9 million, $8.5 million and $2.2 million of revenue related to loyalty program redemptions for the six months ended June 30, 2026 (Successor), the period from February 8, 2025 to June 30, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

Up Front License Fees

The Company periodically makes long-term investments in contracts to obtain the right to supply products and/or services to its customers. As consideration, the Company pays up front fees, which are recognized as Other assets in its condensed consolidated balance sheet. During the second quarter of 2026, the Company paid $98.9 million in up front license fees. These up front license fees will be amortized, on a straight-line basis, as a reduction of technology services revenue, over the estimated economic life of the contract term, reflecting the pattern in which economic benefits are expected to be realized. As of June 30, 2026 (Successor), the Company had $97.1 million of up front license contracts within Other assets. There were no investments held in up front license contracts as of December 31, 2025 (Successor).