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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate Loans, net | 5. Real estate loans, net The Company entered into the Rockford Loan to fund the construction of the Hard Rock Casino Rockford in Rockford, Illinois. As of September 30, 2026 and December 31, 2025, $134 million and $150 million, respectively, were outstanding under the Rockford Loan. In June 2026, $16 million of the Rockford Loan was repaid and the maturity date was extended to December 31, 2029. The contractual interest rate remained unchanged at 8%. The amendment also requires a principal payment of $12 million on or before March 31, 2028 and an additional principal payment of $10 million on or before March 31, 2029. The Company also entered into the Ione Loan for up to $110 million, of which $98.4 million and $56.6 million was outstanding as of September 30, 2026 and December 31, 2025, respectively. The Ione Loan has an 11% annual interest rate and matures in September 2029. The Company also entered into the Dry Creek Loan on December 4, 2025, and $45.3 million was drawn as of September 30, 2026 and December 31, 2025. The term loan B was issued at an original issue discount of 3% and bears interest at SOFR plus 900 basis points, subject to a SOFR floor of 1%. Each term loan has a maturity of 6 years. As discussed in Note 1, the Company concluded that amounts funded and the commitment to fund the development of Virginia Live! should be accounted for as a loan and a loan commitment, respectively. As of September 30, 2026, $48.6 million was funded and has been classified as a real estate loan, with interest income recognized at an annual rate of 8.0%. Upon completion of construction and commencement of operations, the Company expects the arrangement to be evaluated under the sale-leaseback guidance in ASC 842 to determine the appropriate lease classification. The following is a summary of the balances of the Company's real estate loans, net.
(1) Includes an unearned discount of $1.2 million and $1.4 million at September 30, 2026 and December 31, 2025, respectively. The change in the allowance for credit losses for the Company's real estate loans is shown below (in thousands):
The amortized cost basis of the Company's real estate loans by year of origination is shown below as of September 30, 2026 (in thousands):
The real estate loans are subject to CECL, which is described in Note 3. The Company recorded a provision for credit losses of $2.0 million and $7.1 million for the three and nine months ended September 30, 2026 on the Company's real estate loans, respectively. The Company recorded a benefit for credit losses of $2.2 million and a provision for credit losses of $7.9 million for the three and nine months ended September 30, 2025 on the Company's real estate loans, respectively. Additionally, the Company recorded a provision of $4.1 million and a benefit of $10.0 million during the three and nine months ended September 30, 2026 on unfunded loan commitments compared to a benefit of $0.7 million during the three months ended September 30, 2025. The reserves for the unfunded loan commitment are recorded in other liabilities on the Condensed Consolidated Balance Sheets and totaled $6.8 million and $16.8 million at September 30, 2026 and December 31, 2025, respectively. The Company's borrowers were current on their loan obligations as of September 30, 2026 and December 31, 2025.
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