v3.26.1
LEASES (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Schedule of Quantitative Information of Operating Leases
Components of lease expense, included within General and administrative in the condensed consolidated statements of operations, for operating leases were as follows:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025
Operating leases:
Operating lease cost$76,149 $59,454 $144,784 $93,474 $21,714 
Variable lease cost2,649 2,389 5,163 4,128 1,238 
Operating lease expense78,798 61,843 149,947 97,602 22,952 
Short-term lease expense5,894 7,063 12,050 10,446 2,393 
Total lease expense$84,692 $68,906 $161,997 $108,048 $25,345 

Supplemental cash flow and other information related to operating leases are as follows:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025
Cash paid for amounts included in the lease liability - operating cash flows from operating leases$73,299 $62,141 $138,964 $80,625 $30,843 
Right of use assets obtained in exchange for operating lease liabilities6,728 22,977 516,640 22,977 — 
GLPI Development Advances received
176,085 — 274,034 — — 

June 30, 2026 (Successor)December 31, 2025 (Successor)
Weighted average remaining lease term14.9 years15.6 years
Weighted average discount rate7.5 %7.3 %
Schedule of Future Minimum Rental Commitments
As of June 30, 2026 (Successor), future minimum lease payments under noncancellable operating leases are as follows:
(in thousands)June 30, 2026 (Successor)
Remaining 2026$142,594 
2027292,327 
2028289,686 
2029290,399 
2030292,158 
Thereafter2,816,119 
Total lease payments4,123,283 
Less: present value discount(1,731,016)
Lease obligations(1)
$2,392,267 
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(1)    Total lease obligations exclude future minimum lease payments under the Chicago MLA, which has not yet commenced as of June 30, 2026 (Successor).