Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 31, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q/A | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-38850 | |
Entity Registrant Name | Bally’s Corporation | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-0904604 | |
Entity Address, Address Line One | 100 Westminster Street | |
Entity Address, City or Town | Providence, | |
Entity Address, State or Province | RI | |
Entity Address, Postal Zip Code | 02903 | |
City Area Code | 401 | |
Local Phone Number | 475-8474 | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Trading Symbol | BALY | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 54,363,371 | |
Amendment Flag | true | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001747079 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Description | The Company is filing this Amendment No. 1 on Form 10-Q/A (this “Amendment” or “Form 10-Q/A”) to amend the following items of its Quarterly Report on Form 10-Q for the third quarter ended September 30, 2021 (the “Form 10-Q” or “Original Filing”):•Part I, Item 1, “Financial Statements”;•Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”;•Part I, Item 3, “Quantitative and Qualitative Disclosures About Market Risk”•Part I, Item 4. “Controls and Procedures”•Part II, Item 1A, “Risk Factors”; and•Part II, Item 6, “Exhibits” The other Items of the Original Filing have not been amended and, accordingly, have not been repeated in this Form 10-Q/A.The only changes to the Original Filing are those related to the matters described below and only in the items listed above. Except as described above, no changes have been made to the Original Filing, and this Form 10-Q/A does not modify, amend or update any of the other financial information or other information contained in the Original Filing. In addition, in accordance with SEC rules, this Form 10-Q/A includes updated certifications from our Chief Executive Officer and Chief Financial Officer as Exhibits 31.1, 31.2, 32.1 and 32.2. Otherwise, the information contained in this Form 10-Q/A is as of the date of the Original Filing and does not reflect any information or events occurring after the date of the Original Filing. |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 164,259 | $ 123,445 |
Restricted cash | 1,844,758 | 3,110 |
Accounts receivable, net | 39,770 | 14,798 |
Inventory | 12,048 | 9,296 |
Income Taxes Receivable | 102,388 | 84,483 |
Prepaid expenses and other current assets | 79,255 | 53,823 |
Total current assets | 2,242,478 | 288,955 |
Property and equipment, net | 780,656 | 749,029 |
Right of use assets, net | 499,133 | 36,112 |
Goodwill | 444,908 | 186,979 |
Intangible assets, net | 996,686 | 663,395 |
Other assets | 5,842 | 5,385 |
Total assets | 4,969,703 | 1,929,855 |
Liabilities and Stockholders’ Equity | ||
Current portion of long-term debt | 5,750 | 5,750 |
Current portion of lease liabilities | 20,567 | 1,520 |
Accounts payable | 36,976 | 15,869 |
Accrued liabilities | 207,283 | 120,055 |
Total current liabilities | 270,576 | 143,194 |
Long-term debt, net | 2,556,421 | 1,094,105 |
Long-term portion of lease liabilities | 504,885 | 62,025 |
Pension benefit obligations | 8,147 | 9,215 |
Deferred tax liability | 63,123 | 36,983 |
Naming rights liability | 190,270 | 243,965 |
Contingent consideration payable | 43,691 | 0 |
Other long-term liabilities | 15,139 | 13,770 |
Total liabilities | 3,652,252 | 1,603,257 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock | 445 | 307 |
Preferred Stock, Value, Issued | 0 | 0 |
Additional paid-in-capital | 1,368,908 | 294,643 |
Treasury stock, at cost | 0 | 0 |
Retained (deficit) earnings | (51,226) | 34,792 |
Accumulated other comprehensive loss | (4,436) | (3,144) |
Total stockholders’ equity | 1,313,691 | 326,598 |
Stockholders' Equity Attributable to Noncontrolling Interest | 3,760 | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,317,451 | 326,598 |
Total liabilities and stockholders’ equity | $ 4,969,703 | $ 1,929,855 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock issued (in shares) | 44,581,568 | 30,685,938 |
Common stock outstanding (in shares) | 44,581,568 | 30,685,938 |
Preferred stock par value (in dollars per share) | $ 0.01 | |
Preferred stock authorized (in shares) | 10,000,000 | |
Treasury stock (in shares) | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue: | ||||
Total revenue | $ 314,779,000 | $ 116,624,000 | $ 774,778,000 | $ 254,696,000 |
Operating (income) costs and expenses: | ||||
Advertising, general and administrative | 142,905,000 | 43,996,000 | 324,615,000 | 117,594,000 |
Goodwill and asset impairment | 0 | 0 | 4,675,000 | 8,554,000 |
Pre-Opening Costs | 232,000 | 0 | 1,772,000 | 0 |
Acquisition, integration and restructuring | 6,797,000 | 2,740,000 | 37,457,000 | 6,984,000 |
Gain from insurance recoveries, net of losses | (7,942,000) | (10,000) | (19,197,000) | (1,036,000) |
Rebranding | 427,000 | 0 | 1,722,000 | 0 |
Gain on sale-leaseback | 0 | 0 | (53,425,000) | 0 |
Depreciation and amortization | 29,000,000 | 9,932,000 | 67,503,000 | 28,054,000 |
Total operating (income) costs and expenses | 287,045,000 | 93,241,000 | 637,038,000 | 255,445,000 |
Income (loss) from operations | 27,734,000 | 23,383,000 | 137,740,000 | (749,000) |
Other income (expense): | ||||
Interest income | 547,000 | 42,000 | 1,601,000 | 297,000 |
Interest expense, net of amounts capitalized | (31,853,000) | (16,950,000) | (74,480,000) | (43,688,000) |
Change in value of naming rights liabilities | 6,965,000 | 0 | (1,371,000) | 0 |
Bargain purchase gain | (1,039,000) | 0 | 23,075,000 | 0 |
Loss on extinguishment of debt | (19,419,000) | 0 | (19,419,000) | 0 |
Foreign exchange loss, net | (42,896,000) | 0 | (43,353,000) | 0 |
Other, net | (3,084,000) | 0 | (6,450,000) | 0 |
Total other expense, net | (90,779,000) | (16,908,000) | (120,397,000) | (43,391,000) |
(Loss) income before provision for income taxes | (63,045,000) | 6,475,000 | 17,343,000 | (44,140,000) |
(Benefit) provision for income taxes | (5,400,000) | (248,000) | 16,751,000 | (18,430,000) |
Net (loss) income | (57,645,000) | 6,723,000 | 592,000 | (25,710,000) |
Net Income (Loss) Available to Common Stockholders, Basic, Total | $ (57,645,000) | $ 6,723,000 | $ 592,000 | $ (25,710,000) |
Net income per share, basic (in dollars per share) | $ (1.16) | $ 0.22 | $ 0.01 | $ (0.83) |
Weighted average common shares outstanding, basic (in shares) | 49,506 | 30,458 | 45,573 | 30,825 |
Net income per share, diluted (in dollars per share) | $ (1.16) | $ 0.22 | $ 0.01 | $ (0.83) |
Weighted average common shares outstanding, diluted (in shares) | 49,506 | 30,635 | 45,876 | 30,825 |
Gaming | ||||
Revenue: | ||||
Total revenue | $ 227,594,000 | $ 96,588,000 | $ 585,791,000 | $ 196,191,000 |
Operating (income) costs and expenses: | ||||
Cost of net revenue | 75,174,000 | 25,996,000 | 182,059,000 | 59,080,000 |
Racing | ||||
Revenue: | ||||
Total revenue | 2,022,000 | 1,684,000 | 6,593,000 | 4,817,000 |
Operating (income) costs and expenses: | ||||
Cost of net revenue | 1,996,000 | 1,681,000 | 5,715,000 | 4,877,000 |
Hotel | ||||
Revenue: | ||||
Total revenue | 32,903,000 | 6,874,000 | 68,277,000 | 16,635,000 |
Operating (income) costs and expenses: | ||||
Cost of net revenue | 9,413,000 | 2,482,000 | 22,068,000 | 6,926,000 |
Food and beverage | ||||
Revenue: | ||||
Total revenue | 29,504,000 | 6,889,000 | 68,386,000 | 23,875,000 |
Operating (income) costs and expenses: | ||||
Cost of net revenue | 21,419,000 | 6,016,000 | 50,632,000 | 21,951,000 |
Other | ||||
Revenue: | ||||
Total revenue | 22,756,000 | 4,589,000 | 45,731,000 | 13,178,000 |
Other | ||||
Operating (income) costs and expenses: | ||||
Cost of net revenue | $ 7,624,000 | $ 408,000 | $ 11,442,000 | $ 2,461,000 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (57,645,000) | $ 592,000 |
Foreign currency translation adjustment | (781,000) | (1,414,000) |
Defined benefit pension plan reclassification adjustment | 41,000 | 122,000 |
Other comprehensive loss | (740,000) | (1,292,000) |
Net (loss) income | $ (58,385,000) | $ (700,000) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) - USD ($) | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained (Deficit) Earnings | Retained (Deficit) Earnings Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Loss | Noncontrolling Interest | AOCI Attributable to Parent | AOCI Including Portion Attributable to Noncontrolling Interest |
Beginning balance (in shares) at Dec. 31, 2019 | 32,113,328 | ||||||||||
Beginning balance at Dec. 31, 2019 | $ 211,411,000 | $ 412,000 | $ 185,544,000 | $ (223,075,000) | $ 250,418,000 | $ (58,000) | $ (1,888,000) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Release of restricted stock (in shares) | 131,131 | ||||||||||
Release of restricted stock | (2,483,000) | $ 1,000 | (2,484,000) | ||||||||
Dividends | (3,174,000) | (3,174,000) | |||||||||
Share-based compensation | 5,542,000 | 5,542,000 | |||||||||
Retirement of treasury shares | 0 | $ 107,000 | 48,618,000 | 254,416,000 | 205,691,000 | ||||||
Share repurchases (in shares) | (1,649,768) | ||||||||||
Share repurchases | (31,341,000) | (31,341,000) | |||||||||
Net loss | (8,878,000) | (8,878,000) | |||||||||
Ending balance (in shares) at Mar. 31, 2020 | 30,594,691 | ||||||||||
Ending balance at Mar. 31, 2020 | 171,019,000 | $ (58,000) | $ 306,000 | 139,984,000 | 0 | 32,617,000 | (1,888,000) | ||||
Beginning balance (in shares) at Dec. 31, 2019 | 32,113,328 | ||||||||||
Beginning balance at Dec. 31, 2019 | $ 211,411,000 | $ 412,000 | 185,544,000 | (223,075,000) | 250,418,000 | $ (58,000) | (1,888,000) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Share repurchases (in shares) | (1,812,393) | ||||||||||
Share repurchases | $ (33,292,000) | ||||||||||
Net loss | (25,710,000) | ||||||||||
Ending balance (in shares) at Sep. 30, 2020 | 30,476,057 | ||||||||||
Ending balance at Sep. 30, 2020 | 156,165,000 | $ 304,000 | 143,180,000 | 0 | 14,569,000 | (1,888,000) | |||||
Beginning balance (in shares) at Mar. 31, 2020 | 30,594,691 | ||||||||||
Beginning balance at Mar. 31, 2020 | 171,019,000 | $ (58,000) | $ 306,000 | 139,984,000 | 0 | 32,617,000 | (1,888,000) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Release of restricted stock (in shares) | 24,427 | ||||||||||
Release of restricted stock | (81,000) | $ 0 | (81,000) | ||||||||
Share-based compensation | 2,127,000 | 2,127,000 | |||||||||
Retirement of treasury shares | 0 | $ 2,000 | 733,000 | 1,951,000 | 1,216,000 | ||||||
Share repurchases (in shares) | (162,625) | ||||||||||
Share repurchases | (1,951,000) | (1,951,000) | |||||||||
Net loss | (23,555,000) | (23,555,000) | |||||||||
Ending balance (in shares) at Jun. 30, 2020 | 30,456,493 | ||||||||||
Ending balance at Jun. 30, 2020 | 147,559,000 | $ 304,000 | 141,297,000 | 0 | 7,846,000 | (1,888,000) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Share-based compensation | 1,799,000 | 1,799,000 | |||||||||
Stock options exercised (in shares) | 19,564 | ||||||||||
Stock options exercised | 84,000 | 84,000 | |||||||||
Net loss | 6,723,000 | 6,723,000 | |||||||||
Ending balance (in shares) at Sep. 30, 2020 | 30,476,057 | ||||||||||
Ending balance at Sep. 30, 2020 | 156,165,000 | $ 304,000 | 143,180,000 | 0 | 14,569,000 | (1,888,000) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 326,598,000 | ||||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 30,685,938 | ||||||||||
Beginning balance at Dec. 31, 2020 | 326,598,000 | $ 307,000 | 294,643,000 | 0 | 34,792,000 | $ (3,144,000) | $ (3,144,000) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Release of restricted stock (in shares) | 23,811 | ||||||||||
Release of restricted stock | (990,000) | $ 0 | (990,000) | ||||||||
Share-based compensation | 4,483,000 | 4,483,000 | |||||||||
Stock options exercised (in shares) | 30,000 | ||||||||||
Stock options exercised | 129,000 | 129,000 | |||||||||
Penny warrants exercised (in shares) | 932,949 | ||||||||||
Penny warrants exercised | $ (9,000) | (9,000) | |||||||||
Reclassification of Sinclair options | 59,724,000 | 59,724,000 | |||||||||
Issuance of MKF penny warrants | 64,694,000 | 64,694,000 | |||||||||
Stock issued for equity purchase (in shares) | 221,391 | ||||||||||
Stock issued for equity purchase | 11,776,000 | $ 2,000 | 11,774,000 | ||||||||
Other comprehensive income (loss) | (1,012,000) | (1,012,000) | |||||||||
Net loss | (10,705,000) | (10,705,000) | |||||||||
Ending balance (in shares) at Mar. 31, 2021 | 31,894,089 | ||||||||||
Ending balance at Mar. 31, 2021 | 454,697,000 | $ 318,000 | 434,457,000 | (9,000) | 24,087,000 | (4,156,000) | |||||
Beginning balance (in shares) at Dec. 31, 2020 | 30,685,938 | ||||||||||
Beginning balance at Dec. 31, 2020 | 326,598,000 | $ 307,000 | 294,643,000 | 0 | 34,792,000 | (3,144,000) | (3,144,000) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Noncontrolling Interest, Increase from Business Combination | $ 3,760,000 | ||||||||||
Stock options exercised (in shares) | 70,000 | ||||||||||
Other comprehensive income (loss) | $ (1,292,000) | ||||||||||
Net loss | 592,000 | ||||||||||
Ending balance (in shares) at Sep. 30, 2021 | 44,581,568 | ||||||||||
Ending balance at Sep. 30, 2021 | 1,313,691,000 | $ 445,000 | 1,368,908,000 | 0 | (51,226,000) | (4,436,000) | (4,436,000) | (4,436,000) | |||
Beginning balance (in shares) at Mar. 31, 2021 | 31,894,089 | ||||||||||
Beginning balance at Mar. 31, 2021 | 454,697,000 | $ 318,000 | 434,457,000 | (9,000) | 24,087,000 | (4,156,000) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Release of restricted stock (in shares) | 9,181 | ||||||||||
Release of restricted stock | (321,000) | (205,000) | (116,000) | ||||||||
Share-based compensation | 3,901,000 | 3,901,000 | |||||||||
Stock options exercised (in shares) | 40,000 | ||||||||||
Stock options exercised | 172,000 | 172,000 | |||||||||
Retirement of treasury shares | 0 | $ 21,000 | 28,488,000 | 114,842,000 | 86,333,000 | ||||||
Common stock offering (in shares) | 12,650,000 | ||||||||||
Common stock offering | 667,873,000 | $ 127,000 | 667,746,000 | ||||||||
Sinclair shares exchanged for penny warrants (in shares) | (2,086,908) | ||||||||||
Sinclair shares exchanged for penny warrants | 0 | (114,717,000) | (114,717,000) | ||||||||
Sinclair issuance of penny warrants | 50,000,000 | 50,000,000 | |||||||||
Stock issued for equity purchase (in shares) | 2,084,765 | ||||||||||
Stock issued for equity purchase | 121,500,000 | $ 21,000 | 121,479,000 | ||||||||
Other comprehensive income (loss) | 460,000 | 460,000 | |||||||||
Net loss | 68,942,000 | 68,942,000 | |||||||||
Ending balance (in shares) at Jun. 30, 2021 | 44,591,127 | ||||||||||
Ending balance at Jun. 30, 2021 | 1,367,224,000 | $ 445,000 | 1,363,779,000 | 0 | 6,696,000 | (3,696,000) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Release of restricted stock (in shares) | 483 | ||||||||||
Release of restricted stock | (12,000) | $ 0 | (12,000) | ||||||||
Share-based compensation | 5,449,000 | 5,449,000 | |||||||||
Noncontrolling Interest, Increase from Business Combination | 3,760,000 | $ 3,760,000 | |||||||||
Retirement of treasury shares | $ 0 | 308,000 | 585,000 | 277,000 | |||||||
Share repurchases (in shares) | 0 | ||||||||||
Stock issued for equity purchase (in shares) | (10,042) | ||||||||||
Stock issued for equity purchase | (585,000) | ||||||||||
Other comprehensive income (loss) | $ (740,000) | (740,000) | |||||||||
Net loss | (57,645,000) | (57,645,000) | |||||||||
Ending balance (in shares) at Sep. 30, 2021 | 44,581,568 | ||||||||||
Ending balance at Sep. 30, 2021 | 1,313,691,000 | $ 445,000 | $ 1,368,908,000 | $ 0 | $ (51,226,000) | $ (4,436,000) | $ (4,436,000) | $ (4,436,000) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,317,451,000 | $ 3,760,000 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) | 3 Months Ended |
Mar. 31, 2020 $ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Common stock cash dividend declared (in dollars per share) | $ 0.10 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income (loss ) | $ 592,000 | $ (25,710,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 67,503,000 | 28,054,000 |
Amortization of operating lease right of use assets | 7,497,000 | 875,000 |
Share-based compensation | 13,833,000 | 9,468,000 |
Amortization of debt discount and debt issuance costs | 4,890,000 | 3,256,000 |
Gain from insurance recoveries, net of losses | (18,660,000) | 0 |
Gain on sale-leaseback | (53,425,000) | 0 |
Loss on assets and liabilities measured at fair value | 21,280,000 | 0 |
Gain (Loss) on Extinguishment of Debt | 19,419,000 | 0 |
Deferred income taxes | (1,296,000) | (6,209,000) |
Goodwill and asset impairment | 4,675,000 | 8,554,000 |
Change in value of naming rights liabilities | 1,371,000 | 0 |
Change in contingent consideration payable | (14,830,000) | 0 |
Bargain purchase gain | (23,075,000) | 0 |
Other operating activities | 4,260,000 | 162,000 |
Foreign exchange loss, net | 43,353,000 | 0 |
Changes in current operating assets and liabilities | (6,544,000) | (16,739,000) |
Net cash provided by operating activities | 70,843,000 | 1,711,000 |
Cash flows from investing activities: | ||
Cash paid for acquisitions, net of cash acquired | (371,655,000) | (275,947,000) |
Proceeds from sale-leaseback | 144,000,000 | 0 |
Foreign exchange forward contract premiums | (22,592,000) | 0 |
Capital expenditures | (67,158,000) | (8,566,000) |
Insurance proceeds from hurricane damage | 18,660,000 | 0 |
Other investing activities | (3,382,000) | 0 |
Net cash used in investing activities | (302,127,000) | (288,513,000) |
Revolver payments | (85,000,000) | (250,000,000) |
Term loan proceeds, net of fees of $0 and $13,820, respectively | 0 | 261,180,000 |
Cash flows from financing activities: | ||
Issuance of common stock, net | 667,872,000 | 0 |
Revolver borrowings | 275,000,000 | 250,000,000 |
Term loan repayments | (4,313,000) | (2,938,000) |
Senior note proceeds, net of fees | 1,487,003,000 | 0 |
Repayments of Senior Debt | 210,000,000 | 0 |
Payment for Debt Extinguishment or Debt Prepayment Cost | 14,175,000 | 0 |
Payment of financing fees | (9,968,000) | (1,117,000) |
Share repurchases | 0 | (33,292,000) |
Issuance of Sinclair penny warrants | 50,000,000 | 0 |
Payment of shareholder dividends | 0 | (3,199,000) |
Share redemption for tax withholdings - restricted stock | 1,323,000 | 2,564,000 |
Stock options exercised | 301,000 | 84,000 |
Net cash provided by financing activities | 2,155,397,000 | 218,154,000 |
Effect of foreign currency on cash and cash equivalents | (41,651,000) | 0 |
Net change in cash and cash equivalents and restricted cash | 1,882,462,000 | (68,648,000) |
Cash and cash equivalents and restricted cash, beginning of period | 126,555,000 | 185,502,000 |
Cash and cash equivalents and restricted cash, end of period | 2,009,017,000 | 116,854,000 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest, net of amounts capitalized | 51,396,000 | 33,627,000 |
Income Taxes Paid, Net | 35,736,000 | 4,385,000 |
Non-cash investing and financing activities: | ||
Unpaid property and equipment | 2,974,000 | 388,000 |
Stock and equity instruments issued for acquisition of SportCaller and Monkey Knife Fight | 197,383,000 | 0 |
Acquisitions in exchange for contingent liability | 58,685,000 | 0 |
Deferred purchase price payable | 14,071,000 | 0 |
Deposit applied to fixed asset purchases | $ 4,000,000 | $ 0 |
GENERAL INFORMATION AND SIGNIFI
GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | GENERAL INFORMATION Organization Bally’s Corporation (the “Company” or “Bally’s”) is a U.S. full-service sports betting/iGaming company with physical casinos and online gaming solutions united under a single, prominent brand. The Company, through its wholly owned subsidiary Twin River Management Group, Inc. (“TRMG”), owns or manages the following properties: Property by Segment (1) Location Type Built/Acquired East Bally’s Twin River Lincoln Casino Resort (“Bally’s Twin River”) Lincoln, Rhode Island Casino and Resort 2007 Bally’s Tiverton Casino & Hotel (“Bally’s Tiverton”) Tiverton, Rhode Island Casino and Hotel 2018 Dover Downs Hotel & Casino (“Dover Downs”) Dover, Delaware Casino, Hotel and Raceway 2019 Bally’s Atlantic City Atlantic City, New Jersey Casino and Hotel 2020 Bally’s Evansville Casino & Hotel (“Bally’s Evansville”) Evansville, Indiana Casino and Hotel 2021 West Hard Rock Hotel & Casino (“Hard Rock Biloxi”) Biloxi, Mississippi Casino and Resort 2014 Bally’s Vicksburg Casino (“Bally’s Vicksburg”) Vicksburg, Mississippi Casino and Hotel 2020 Bally’s Kansas City Casino (“Bally’s Kansas City”) Kansas City, Missouri Casino 2020 Bally’s Black Hawk (2) Black Hawk, Colorado Three Casinos 2020 Bally’s Shreveport Casino & Hotel (“Bally’s Shreveport”) Shreveport, Louisiana Casino and Hotel 2020 Bally’s Lake Tahoe Casino Resort (“Bally’s Lake Tahoe”) Lake Tahoe, Nevada Casino and Resort 2021 Bally’s Quad Cities Casino & Hotel (“Bally’s Quad Cities”) Rock Island, Illinois Casino and Hotel 2021 __________________________________ (1) During the second quarter of 2021, the Company updated its reportable segments to better align with its strategic growth initiatives in light of recent and pending acquisitions. Refer to Note 17 “Segment Reporting” for further information. (2) Includes the recently rebranded Bally’s Black Hawk North Casino, Bally’s Black Hawk West Casino and Bally’s Black Hawk East Casino (previously Golden Gulch Casino). In addition to the properties noted above, the Company also owns the Bally’s Arapahoe Park racetrack and 13 off-track betting licenses (“Bally’s Arapahoe Park”) in Aurora, Colorado. Under the Bally Interactive division, the Company owns and manages Bally Interactive, formerly Bet.Works, a U.S. based sports betting platform provider, Horses Mouth Limited (“SportCaller”), a leading Business-to-Business (“B2B”) free-to-play game provider for sports betting and media companies across North America, the UK, Europe, Asia, Australia, LATAM and Africa, Monkey Knife Fight (“MKF”), a North American gaming platform and daily fantasy sports operator, the Association of Volleyball Professionals (“AVP”), a premier professional beach volleyball organization and host of the longest-running domestic beach volleyball tour in the United States, and Telescope Inc. (“Telescope”), a leading provider of real-time audience engagement solutions for live events, gamified second screen experiences and interactive livestreams. On October 1, 2021, the Company completed the acquisition of Gamesys Group, Plc. (“Gamesys”), a leading international online gaming operator that provides entertainment to a global consumer base. The Company’s common stock is listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “BALY.” Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in the consolidation. Certain prior year amounts have been reclassified to conform to the current year’s presentation. The financial statements of our foreign subsidiary is translated into U.S. dollars using exchange rates in effect at period-end for assets and liabilities and average exchange rates during each reporting period for results of operations. Adjustments resulting from financial statement translations are reflected as a separate component of accumulated other comprehensive income (loss). Foreign currency transaction gains and losses are included in net income (loss). The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”) for interim financial information, including the instructions to Form 10-Q and Rule 10-01 of the SEC’s Regulation S-X. Accordingly, certain information and note disclosures normally required in complete financial statements prepared in conformity with accounting principles generally accepted in the United States have been condensed or omitted. In the Company’s opinion, these condensed consolidated financial statements include all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. There were no material changes in significant accounting policies from those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. We have made estimates and judgments affecting the amounts reported in our condensed consolidated financial statements and the accompanying notes. The actual results that we experience may differ materially from our estimates. Correction of Cash Flow Classification Subsequent to the issuance of the Company’s Form 10-Q for the quarterly period ended June 30, 2021, the Company concluded that the $144.0 million in proceeds from the sale-leaseback of the Company’s Dover property were incorrectly classified as cash provided by financing activities rather than cash provided by investing activities within the Company’s unaudited condensed consolidated statement of cash flows for the six months ended June 30, 2021. The accompanying unaudited condensed consolidated statement of cash flows for the nine months ended September 30, 2021 correctly reflects such amount as cash provided by investing activities. The Company will correct the unaudited condensed consolidated statement of cash flows for the six months ended June 30, 2021 when it files its Form 10-Q for the quarterly period ended June 30, 2022 with the SEC. The correction of this error had no effect on the Company’s net cash provided by operating activities or the accompanying unaudited condensed consolidated balance sheet, unaudited condensed consolidated statement of operations, unaudited condensed consolidated statement of comprehensive income, or unaudited condensed consolidated statement of Stockholders’ equity as of and for the three and nine months ended September 30, 2021. Acquisition of Gamesys Group, Plc. On October 1, 2021, the Company completed its acquisition of Gamesys for 9,773,537 shares of Bally’s common stock and approximately £1.554 billion in cash (the “Acquisition”). Based on the October 1, 2021 closing price of $53.08 per share of the Company’s common stock, and a foreign exchange rate of 1.354, the aggregate consideration paid to former Gamesys shareholders in connection with the Acquisition was approximately $2.62 billion. Consideration paid includes $518.8 million in shares and $2.10 billion in cash. In connection with the Acquisition, the Company refinanced its and Gamesys’ debt with, among other sources, the proceeds of the senior notes offering completed in August 2021, a new bank credit facility entered into on October 1, 2021 and the Company’s common stock offering completed in April 2021. See Note 11 “Long-Term Debt” for further information. Given the short period of time from the completion of the Acquisition, the date of these condensed consolidated financial statements and the size and complexity of the transaction, the initial accounting for the business combination is incomplete at this time. The Company is not able to provide the valuation of certain components of consideration transferred or provide the allocation of consideration paid to the assets acquired or liabilities assumed. The Company will reflect the preliminary purchase price allocation in its consolidated financial statements for the year ending December 31, 2021. Gamesys' Chief Executive Officer, Lee Fenton, became Bally’s Chief Executive Officer and joined Bally’s Board of Directors in the class of directors with a term that expires at Bally’s 2023 annual shareholders meeting. George Papanier became President, Retail, the head of Bally’s on-land business, and remains a member of Bally’s Board of Directors. COVID-19 Pandemic |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents and Restricted Cash The Company considers all cash balances and highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. As of September 30, 2021 and December 31, 2020, restricted cash was $1.84 billion and $3.1 million, respectively. The balance at September 30, 2021 includes $1.49 billion of proceeds from the senior notes offering, explained in Note 11 “Long-Term Debt,” and $667.9 million of cash proceeds from the Company’s April 2021 common stock offering, which were classified as restricted for use in the Acquisition. These amounts were held in escrow in GBP and were translated to USD using the foreign exchange rate as of September 30, 2021, resulting in a foreign exchange loss reflected within the condensed consolidated statements of operations within Foreign exchange loss, net for the three and nine months ended September 30, 2021. In addition, restricted cash was comprised of video lottery terminal (“VLT”) and table games cash payable to the State of Rhode Island and certain cash accounts at other properties, which is unavailable for the Company’s use. The following table reconciles cash and restricted cash in the condensed consolidated balance sheets to the total shown on the condensed consolidated statements of cash flows. September 30, December 31, (in thousands) 2021 2020 Cash and cash equivalents $ 164,259 $ 123,445 Restricted cash 1,844,758 3,110 Total cash and cash equivalents and restricted cash $ 2,009,017 $ 126,555 Accounts Receivable, Net Accounts receivable, net consists of the following: September 30, December 31, (in thousands) 2021 2020 Amounts due from Rhode Island and Delaware (1) $ 8,674 $ 3,880 Gaming receivables 11,195 7,893 Non-gaming receivables 23,483 6,092 Accounts receivable 43,352 17,865 Less: Allowance for doubtful accounts (3,582) (3,067) Accounts receivable, net $ 39,770 $ 14,798 __________________________________ (1) Represents the Company’s share of VLT and table games revenue for Bally’s Twin River and Bally’s Tiverton due from the State of Rhode Island and from the State of Delaware for Dover Downs. Property and Equipment Property and equipment are recorded at cost. Property and equipment obtained in connection with acquisitions is valued at its estimated fair value as of the date of acquisition. Additions subsequent to the acquisition date are recorded at cost. Property and equipment are depreciated over the estimated useful lives of the assets using the straight-line method. Expenditures for renewals and betterments that extend the life or value of an asset are capitalized and expenditures for repairs and maintenance are charged to expense as incurred. The costs and related accumulated depreciation applicable to assets sold or disposed are removed from the balance sheet accounts and the resulting gains or losses are reflected in the condensed consolidated statements of operations. Development costs directly associated with the acquisition, development and construction of a project are capitalized as a cost of the project during the periods in which activities necessary to prepare the property for its intended use are in progress. Interest costs associated with major construction projects are capitalized as part of the cost of the constructed assets. When no debt is incurred specifically for a project, interest is capitalized on amounts expended for the project using the weighted-average cost of borrowing. Capitalization of interest ceases when the project (or discernible portions of the project) is substantially complete. If substantially all of the construction activities of a project are suspended, capitalization of interest will cease until such activities are resumed. During the three and nine months ended September 30, 2021 and 2020, there was no capitalized interest. As of September 30, 2021 and December 31, 2020, property and equipment was comprised of the following: (in thousands) Estimated September 30, 2021 December 31, 2020 Land $ 75,328 $ 78,506 Land improvements 3-20 34,054 29,965 Building and improvements 5-40 633,086 635,145 Equipment 1-10 169,483 125,667 Furniture and fixtures 3-10 41,030 30,277 Construction in process 22,574 8,799 Total property, plant and equipment 975,555 908,359 Less: Accumulated depreciation (194,899) (159,330) Property and equipment, net $ 780,656 $ 749,029 Construction in process relates to costs capitalized in conjunction with major improvements that have not yet been placed in service, and accordingly are not currently being depreciated. The construction in process balance at September 30, 2021 includes $10.5 million of costs associated with the various capital projects at Bally’s Atlantic City, Bally Interactive, Bally’s Kansas City, the Rhode Island properties, and Hard Rock Biloxi, as well as $5.3 million of costs associated with software development within our Interactive division. The construction in process balance at December 31, 2021 included costs associated with various capital projects in process, primarily at Hard Rock Biloxi and Dover Downs. Depreciation expense relating to property and equipment for the three months ended September 30, 2021 and 2020 was $13.5 million and $8.9 million, respectively. Depreciation expense relating to property and equipment for the nine months ended September 30, 2021 and 2020 was $37.4 million and $23.9 million, respectively. Gain from insurance recoveries, net of losses Gain from insurance recoveries, net of losses relate to losses incurred resulting from storms impacting the Company’s properties, net of insurance recovery proceeds. During the three and nine months ended September 30, 2021, the Company recorded gain from insurance recoveries, net of losses, of $7.9 million and $19.2 million, respectively, primarily attributable to insurance proceeds received due to the effects of Hurricane Zeta, which made landfall in Louisiana shutting down the Company’s Hard Rock Biloxi property for three days during the fourth quarter of 2020. During the three and nine months ended September 30, 2020, we recorded a gain on insurance recoveries of $10,000 and $1.0 million, respectively, related to proceeds received for a damaged roof at the Bally’s Arapahoe Park racetrack. Long-lived Assets The Company reviews its long-lived assets, other than goodwill and intangible assets not subject to amortization, for indicators of impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If an asset is still under development, the analysis includes the remaining construction costs. Cash flows expected to be generated by the related assets are estimated over the assets’ useful lives based on updated projections. If the evaluation indicates that the carrying amount of an asset may not be recoverable, the potential impairment is measured based on a fair value discounted cash flow model. In connection with its rebranding initiatives, as decisions are made, it is possible that the Company could be required to record impairment charges which could be material. During the second quarter of 2021, the Company recorded an impairment charge on certain of its intangible assets as a result of the Company’s rebranding. Refer to Note 6 “Goodwill and Intangible Assets” for further information. Strategic Partnership - Sinclair Broadcast Group On November 18, 2020, the Company and Sinclair Broadcast Group, Inc. (“Sinclair”) entered into a Framework Agreement (the “Sinclair Agreement”), which provides for a long-term strategic relationship between the Company and Sinclair combining Bally’s integrated, proprietary sports betting technology with Sinclair’s portfolio of local broadcast stations and live regional sports networks and its Tennis Channel, Stadium sports network and STIRR streaming service, whereby the Company will receive naming rights to the regional sports networks and certain integrations to network programming in exchange for annual fees paid in cash, the issuance of warrants and options, and an agreement to share in certain tax benefits resulting from the Transaction with Sinclair (the “TRA”). The initial term of the agreement is ten years from the commencement date of the re-branded Sinclair regional sports networks and can be renewed for one additional 5-year term unless either the Company or Sinclair elect not to renew. Naming Rights Intangible Asset - Under the terms of the Sinclair Agreement, the Company is required to pay annual naming rights fees to Sinclair for naming rights of the regional sports networks which escalate annually and total $88.0 million over the 10-year term of the agreement beginning April 1, 2021. The Company accounted for this transaction as an asset acquisition in accordance with the “Acquisition of Assets Rather Than a Business” subsections of Accounting Standards Codification (“ASC”) 805-50 using a cost accumulation model. The naming rights intangible asset represents the consideration transferred on the acquisition date comprised of the present value of annual naming rights fees, the fair value of the warrants and options and an estimate of the Tax Receivable Agreement payments, each explained below. The naming rights intangible asset was $323.7 million and $338.2 million as of September 30, 2021 and December 31, 2020, respectively. Amortization began on April 1, 2021, the commencement date of the re-branded Sinclair regional sports networks, and was $8.6 million and $17.2 million for the three and nine months ended September 30, 2021, respectively. Refer to Note 6 “Goodwill and Intangible Assets” for further information. Naming Rights Fees - The present value of the annual naming rights fees was recorded as part of the cost of the naming rights intangible asset with a corresponding liability which will be accreted through interest expense over the life of the agreement. The total value of the liability as of September 30, 2021 and December 31, 2020 was $58.3 million and $56.6 million, respectively. The short-term portion of the liability, which was $2.0 million as of September 30, 2021 and December 31, 2020, is recorded within “Accrued liabilities” and the long-term portion of the liability, which was $56.3 million and $54.6 million as of September 30, 2021 and December 31 2020, respectively, is recorded within “Naming rights liabilities” in the condensed consolidated balance sheets. Accretion expense for the three and nine months ended September 30, 2021 was $1.1 million and $3.2 million respectively, and was reported in “Interest expense, net of amounts capitalized” in the condensed consolidated statements of operations. Warrants and Options - The Company issued to Sinclair (i) an immediately exercisable warrant to purchase up to 4,915,726 shares of the Company at an exercise price of $0.01 per share (“the Penny Warrants”), (ii) a warrant to purchase up to a maximum of 3,279,337 additional shares of the Company at a price of $0.01 per share subject to the achievement of various performance metrics (the “Performance Warrants”), and (iii) an option to purchase up to 1,639,669 additional shares in four tranches with purchase prices ranging from $30.00 to $45.00 per share, exercisable over a seven-year period beginning on the fourth anniversary of the November 18, 2020 closing (the “Options”). The exercise and purchase prices and the number of shares issuable upon exercise of the warrants and options are subject to customary anti-dilution adjustments. The issuance pursuant to the warrants and options of shares in excess of 19.9% of the Company’s currently outstanding shares was subject to the approval of the Company’s stockholders in accordance with the rules of the New York Stock Exchange (“NYSE”), which was obtained on January 27, 2021. Penny Warrants . The Penny Warrants were determined to be an equity classified instrument because they are indexed to the Company’s own stock and met the conditions to be classified as equity under ASC 815, Derivatives and Hedging , including sufficient available shares for the Company to settle the exercise of the warrants in shares. The fair value of the Penny Warrants approximates the fair value of the underlying shares and was $150.4 million on November 18, 2020 at issuance, and was recorded to “Additional paid-in-capital” in the condensed consolidated balance sheets, with an offset to the naming rights intangible asset. Performance Warrants . The Performance Warrants are accounted for as a derivative liability because the underlying performance metrics represent an adjustment to the settlement amount that is not indexed to the Company’s own stock and thus equity classification is precluded under ASC 815. The fair value as of September 30, 2021 and December 31, 2020 was $88.0 million and $88.1 million, respectively, and is recorded within “Naming Rights liabilities” of the condensed consolidated balance sheets. Refer to Note 7 “Derivative Instruments” for further information. Options . As of December 31, 2020, the Options were accounted for as a derivative liability because the Options could have been required to be settled in cash, outside the Company’s control, prior to formal stockholder approval. The fair value of the Options as of December 31, 2020 was $58.2 million. Upon stockholder approval on January 27, 2021, the Options met the criteria to be classified as equity, at which point, the Options were adjusted to fair value and $59.7 million was reclassified from “Naming rights liabilities” to “Additional paid-in-capital” in the condensed consolidated balance sheet. The increase in fair value of the Options from December 31, 2020 through January 27, 2021 was $1.5 million and resulted in a mark to market loss in the first quarter of 2021, reported in “Change in value of naming rights liabilities” in the condensed consolidated statements of operations. Refer to Note 7 “Derivative Instruments” for further information |
RECENTLY ADOPTED AND ISSUED ACC
RECENTLY ADOPTED AND ISSUED ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
RECENTLY ADOPTED AND ISSUED ACCOUNTING PRONOUNCEMENTS | RECENTLY ADOPTED AND ISSUED ACCOUNTING PRONOUNCEMENTS Recently Issued Accounting Pronouncements Standards implemented In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740)–Simplifying the Accounting for Income Taxes . This amendment serves to simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740, Income Taxes. The amendment also improves the consistent application of ASC Topic 740 by clarifying and amending existing guidance. This amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020, with early adoption permitted. The Company’s adoption of this ASU in the first quarter of 2021, did not have a material impact to its condensed consolidated financial statements. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITION The Company accounts for revenue earned from contracts with customers under ASC 606, Revenue from Contracts with Customers . The Company generates revenue from five principal sources: gaming services, hotel, racing, food and beverage and other. Gaming revenue includes the share of VLT revenue for Bally’s Twin River and Bally’s Tiverton, in each case, as determined by each property’s respective master VLT contracts with the State of Rhode Island. Bally’s Twin River is entitled to a 28.85% share of VLT revenue on the initial 3,002 units and a 26.00% share of VLT revenue generated from units in excess of 3,002 units. Beginning July 1, 2021, Bally’s Twin River is entitled to an additional 7.00% share of revenue on VLTs owned by the Company. Bally’s Tiverton is entitled to receive a percentage of VLT revenue that is equivalent to the percentage received by Bally’s Twin River. Gaming revenue also includes Bally’s Twin River’s and Bally’s Tiverton’s share of table games revenue. Bally’s Twin River and Bally’s Tiverton each were entitled to an 83.5% share of table games revenue generated as of September 30, 2021 and 2020. Revenue is recognized when the wager is complete, which is when the customer has received the benefits of the Company’s gaming services and the Company has a present right to payment. The Company records revenue from its Rhode Island operations on a net basis which is the percentage share of VLT and table games revenue received as the Company acts as an agent in operating the gaming services on behalf of the State of Rhode Island. Gaming revenue also includes Dover Downs’ share of revenue as determined under the Delaware State Lottery Code from the date of its acquisition. Dover Downs is authorized to conduct video lottery, sports wagering, table game and internet gaming operations as one of three “Licensed Agents” under the Delaware State Lottery Code. Licensing, administration and control of gaming operations in Delaware is under the Delaware State Lottery Office and Delaware’s Department of Safety and Homeland Security, Division of Gaming Enforcement. As of September 30, 2021 and 2020, Dover Downs was entitled to an approximately 42% share of VLT revenue and an 80% share of table games revenue. Revenue is recognized when the wager is complete, which is when the customer has received the benefits of the Company’s gaming services and the Company has a present right to payment. The Company records revenue from its Delaware operations on a net basis, which is the percentage share of VLT and table games revenue received, as the Company acts as an agent in operating the gaming services on behalf of the State of Delaware. Gaming revenue also includes the casino revenue of Hard Rock Biloxi, Bally’s Black Hawk, beginning January 23, 2020, Bally’s Kansas City and Bally’s Vicksburg, beginning July 1, 2020, Bally’s Atlantic City, beginning November 18, 2020, Bally’s Shreveport, beginning December 23, 2020, Bally’s Lake Tahoe, beginning April 6, 2021, Bally’s Evansville, beginning June 3, 2021, and Bally’s Quad Cities, beginning June 14, 2021, which is the aggregate net difference between gaming wins and losses, with liabilities recognized for funds deposited by customers before gaming play occurs, for chips outstanding and “ticket-in, ticket-out” coupons in the customers’ possession, and for accruals related to the anticipated payout of progressive jackpots. Progressive slot machines, which contain base jackpots that increase at a progressive rate based on the number of credits played, are charged to revenue as the amount of the progressive jackpots increase. Gaming services contracts have two performance obligations for those customers earning incentives under the Company’s player loyalty programs and a single performance obligation for customers who do not participate in the programs. The Company applies a practical expedient by accounting for its gaming contracts on a portfolio basis as such wagers have similar characteristics and the Company reasonably expects the effects on the consolidated financial statements of applying the revenue recognition guidance to the portfolio to not differ materially from that which would result if applying the guidance to an individual wagering contract. For purposes of allocating the transaction price in a wagering contract between the wagering performance obligation and the obligation associated with incentives earned under loyalty programs, the Company allocates an amount to the loyalty program contract liability based on the stand-alone selling price of the incentive earned for a hotel room stay, food and beverage or other amenity. The estimated standalone selling price of hotel rooms is determined based on observable prices. The standalone selling price of food and beverage, and other miscellaneous goods and services is determined based upon the actual retail prices charged to customers for those items. The performance obligations for the incentives earned under the loyalty programs are deferred and recognized as revenue when the customer redeems the incentive. The allocated revenue for gaming wagers is recognized when the wagers occur as all such wagers settle immediately. The estimated retail value related to goods and services provided to guests without charge or upon redemption under the Company’s player loyalty programs included in departmental revenues, and therefore reducing gaming revenues, are as follows for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Hotel $ 18,410 $ 3,962 $ 37,813 $ 9,710 Food and beverage 18,505 4,082 44,334 12,989 Other 2,513 464 4,923 2,270 $ 39,428 $ 8,508 $ 87,070 $ 24,969 During 2020, the Company entered into several multi-year agreements with third-party operators for online sports betting and iGaming market access in the states of Colorado and New Jersey from which the Company has received or expects to receive one-time, up front market access fees in cash or equity securities (specific to one operator agreement) and certain other fees in cash generally based on a percentage of the gross gaming revenue generated by the operator, with certain annual minimum guarantees due to the Company. The one-time market access fees received have been recorded as deferred revenue and will be recognized as gaming revenue ratably over the respective contract terms, beginning with the commencement of operations of each respective agreement. The Company recognized commissions in certain states from online sports betting and iGaming which are included in gaming revenue for the nine months ended September 30, 2021. Deferred revenue associated with third-party operators for online sports betting and iGaming market access was $8.7 million as of September 30, 2021 and is included in “Accrued liabilities” and “Other long-term liabilities” in the condensed consolidated balance sheets. Racing revenue includes Bally’s Twin River’s, Bally’s Tiverton’s, Bally’s Arapahoe Park’s and Dover Downs’ share of wagering from live racing and the import of simulcast signals. Racing revenue is recognized when the wager is complete based on an established take-out percentage. The Company functions as an agent to the pari-mutuel pool. Therefore, fees and obligations related to the Company’s share of purse funding, simulcasting fees, tote fees, pari-mutuel taxes, and other fees directly related to the Company’s racing operations are reported on a net basis and included as a deduction to racing revenue. Hotel revenue is recognized at the time of occupancy, which is when the customer obtains control through occupancy of the room. Advance deposits for hotel rooms are recorded as liabilities until revenue recognition criteria are met. Food and beverage revenue are recognized at the time the goods are sold from Company-operated outlets. All other revenues, including market access, daily fantasy sports and B2B service revenue generated by the Bally Interactive operating segment, are recognized at the time the goods are sold or the service is provided. Sales tax and other taxes collected on behalf of governmental authorities are accounted for on a net basis and are not included in revenue or operating expenses. In the second quarter of 2021, the Company changed its reportable segments to better align with its strategic growth initiatives in light of recent and pending acquisitions. Refer to Note 17 “Segment Reporting” for further information. The following tables provide a disaggregation of revenue by segment: (in thousands) East West Other Total Three Months Ended September 30, 2021 Gaming $ 131,338 $ 95,674 $ 582 $ 227,594 Racing 306 — 1,716 2,022 Hotel 17,883 15,020 — 32,903 Food and beverage 18,324 11,166 14 29,504 Other 9,124 2,743 10,889 22,756 Total revenue $ 176,975 $ 124,603 $ 13,201 $ 314,779 Three Months Ended September 30, 2020 Gaming $ 50,250 $ 46,338 $ — $ 96,588 Racing 68 — 1,616 1,684 Hotel 2,398 4,476 — 6,874 Food and beverage 3,230 3,659 — 6,889 Other 3,119 1,427 43 4,589 Total revenue $ 59,065 $ 55,900 $ 1,659 $ 116,624 Nine Months Ended September 30, 2021 Gaming $ 308,490 $ 275,928 $ 1,373 $ 585,791 Racing 1,696 — 4,897 6,593 Hotel 35,813 32,464 — 68,277 Food and beverage 41,394 26,952 40 68,386 Other 21,065 7,846 16,820 45,731 Total revenue $ 408,458 $ 343,190 $ 23,130 $ 774,778 Nine Months Ended September 30, 2020 Gaming $ 114,779 $ 81,412 $ — $ 196,191 Racing 1,115 — 3,702 4,817 Hotel 6,462 10,173 — 16,635 Food and beverage 14,525 9,350 — 23,875 Other 9,967 3,104 107 13,178 Total revenue $ 146,848 $ 104,039 $ 3,809 $ 254,696 Revenue included in operations from SportCaller from the date of its acquisition, February 5, 2021, MKF from the date of its acquisition, March 23, 2021, Bally Interactive from the date of its acquisition, May 28, 2021, AVP from the date of its acquisition, July 12, 2021, and Telescope from the date of its acquisition, August 12, 2021, each through September 30, 2021 are reported in “Other.” Revenue included in operations from Bally’s Lake Tahoe from the date of acquisition, April 6, 2021, and Bally’s Quad Cities from the date of its acquisition, June 14, 2021, through September 30, 2021, are reported in “West.” Revenue included in operations from Bally’s Evansville from the date of its acquisition, June 3, 2021, through September 30, 2021, is reported in “East.” Refer to Note 5. “Acquisitions” for further information. The Company’s receivables related to contracts with customers are primarily comprised of marker balances and other amounts due from gaming activities, amounts due for hotel stays, and amounts due from tracks and off track betting (“OTB”) locations. The Company’s receivables related to contracts with customers were $27.0 million and $12.0 million as of September 30, 2021 and December 31, 2020, respectively. Contract and Contract Related Liabilities 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. Loyalty program incentives earned by customers are typically redeemed within one year from when they are earned and expire if a customer’s account is inactive for more than 12 months; therefore, the majority of these incentives outstanding at the end of a period will either be redeemed or expire within the next 12 months. While properties were operating at limited capacity, many extended the expiration dates for tiered status programs or temporarily suspended periodic purges of unused loyalty points. As properties have resumed operations at full capacity, many have reinstated their pre-COVID-19 practices or put new loyalty programs into place. The Company’s contract liabilities related to loyalty programs were $17.7 million and $15.5 million as of September 30, 2021 and December 31, 2020, respectively, and are included as “Accrued liabilities” in the condensed consolidated balance sheets. The Company recognized $5.8 million and $1.4 million of revenue related to loyalty program redemptions for the three months ended September 30, 2021 and 2020, respectively, and $18.0 million and $3.7 million for the nine months ended September 30, 2021 and 2020. Advance deposits are typically for future banquet events, hotel room reservations and interactive player deposits. The banquet and hotel reservation deposits are usually received weeks or months in advance of the event or hotel stay. The Company holds restricted cash for interactive player deposits, and records a corresponding withdrawal liability. The Company’s contract liabilities related to advance deposits from customers were $3.9 million and $1.0 million as of September 30, 2021 and December 31, 2020, respectively, and are included as “Accrued liabilities” in the condensed consolidated balance sheets. Unpaid wagers include unpaid pari-mutuel tickets and unpaid sports bet tickets. Unpaid pari-mutuel tickets not claimed within 12 months by the customer who earned them are escheated to the state. The Company’s contract liabilities related to unpaid wagers were $1.9 million and $0.9 million as of September 30, 2021 and December 31, 2020, respectively, and are included as “Accrued liabilities” in the condensed consolidated balance sheets. |
ACQUISITIONS
ACQUISITIONS | 3 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS Recent Acquisitions The Company accounted for all of the following recent acquisitions as business combinations using the acquisition method with Bally’s as the accounting acquirer in accordance with ASC 805. Under this method of accounting, the purchase price is allocated to the assets acquired and liabilities assumed of the acquiree based upon their estimated fair values at the acquisition date. The fair value of the identifiable intangible assets acquired are determined by using an income approach. Significant assumptions utilized in the income approach are based on company-specific information and projections, which are not observable in the market and are thus considered Level 3 measurements as defined by authoritative guidance. The purchase price allocation for the acquisitions of Bally’s Atlantic City, Bally’s Shreveport, Bally’s Lake Tahoe, Bally’s Evansville, Bally’s Quad Cities, SportCaller, Monkey Knife Fight, Bally Interactive, AVP and Telescope, are preliminary and will be finalized when valuations are complete and final assessments of the fair value of other acquired assets and assumed liabilities are completed. There can be no assurance that such finalizations will not result in material changes from the preliminary purchase price allocations. The Company’s estimates and assumptions are subject to change during the measurement period (up to one year from the acquisition date), as the Company finalizes the valuations of certain tangible and intangible assets acquired and liabilities assumed. The Company recorded transaction costs related to its recent and pending acquisitions of $6.8 million and $37.5 million during the three and nine months ended September 30, 2021, respectively, and $2.7 million and $7.0 million during the three and nine months ended September 30, 2020, respectively. These costs are included in “Acquisition, integration and restructuring” in the condensed consolidated statements of operations. Refer to Note 10 “Acquisition, Integration and Restructuring” for further information. Bally’s Kansas City and Bally’s Vicksburg On July 1, 2020, the Company completed its acquisition of the operations and real estate of Bally’s Kansas City and Bally’s Vicksburg from affiliates of Caesars Entertainment, Inc. (“Caesars”). The total consideration paid by the Company in connection with the acquisition was approximately $229.9 million, or $225.5 million net of cash acquired, excluding transaction costs. The following table summarizes the consideration paid and the fair values of the assets acquired and liabilities assumed as of July 1, 2020 in connection with the acquisitions: As of July 1, 2020 (in thousands) Preliminary as of December 31, 2020 Year to Date Adjustments Final as of September 30, 2021 Cash and cash equivalents $ 4,362 $ — $ 4,362 Accounts receivable, net 582 — 582 Inventory 164 — 164 Prepaid expenses and other current assets 686 (256) 430 Property and equipment, net 60,865 — 60,865 Right of use asset 10,315 — 10,315 Intangible assets, net 138,160 — 138,160 Other assets 117 — 117 Goodwill 53,896 380 54,276 Accounts payable (614) — (614) Accrued liabilities (3,912) (236) (4,148) Lease liability (34,452) — (34,452) Other long-term liabilities (306) 112 (194) Total purchase price $ 229,863 $ — $ 229,863 Revenue included in operations from Bally’s Kansas City and Bally’s Vicksburg for the three and nine months ended September 30, 2021 was $30.9 million and $91.4 million, respectively. Net income included in operations from Bally’s Kansas City and Bally’s Vicksburg for the three and nine months ended September 30, 2021 was $4.3 million and $16.9 million, respectively. Bally’s Atlantic City On November 18, 2020, the Company completed its acquisition of Bally’s Atlantic City from Caesars and paid cash of approximately $24.7 million at closing, or $16.1 million net of cash acquired, excluding transaction costs. The Company recorded a liability of $2.0 million related to a net working capital adjustment which was reflected in “Accrued liabilities” in the condensed consolidated balance sheets as of December 31, 2020. The amount was paid in full during the first quarter of 2021. In connection with the approval of the Company’s interim gaming license in the state of New Jersey, the Company committed to the New Jersey Casino Control Commission to spend $90.0 million, increased to $100.0 million in the second quarter of 2021, in capital expenditures over a span of five years to refurbish and upgrade the property’s facilities and expand its amenities. In connection with this commitment, the Company reached an agreement with Caesars, whereby Caesars would reimburse the Company for $30.0 million of the capital expenditure commitment by December 31, 2021. This commitment was accounted for as a contingent consideration asset under ASC 805 and was recognized at its present value as of the acquisition date, which was determined to be $27.7 million, as it represents consideration due back from the seller in connection with a business combination, and is included in “Prepaid expenses and other assets” in the condensed consolidated balance sheets. This contingent consideration asset resulted in an adjusted purchase price of $(0.9) million. The following table summarizes the consideration paid and the preliminary fair values of the assets acquired and liabilities assumed in connection with the acquisition of Bally’s Atlantic City on November 18, 2020. There were no purchase accounting adjustments recorded during the nine months ended September 30, 2021. (in thousands) Preliminary as of September 30, 2021 Cash and cash equivalents $ 8,651 Accounts receivable, net 1,122 Inventory 721 Prepaid expenses and other current assets 1,402 Property and equipment, net 40,898 Intangible assets, net 1,120 Accounts payable (3,131) Accrued liabilities (7,983) Deferred income tax liabilities (11,132) Net assets acquired 31,668 Bargain purchase gain (32,595) Total purchase price $ (927) The identifiable intangible assets recorded in connection with the closing of the Bally’s Atlantic City acquisition based on preliminary valuations include rated player relationships of $0.9 million and hotel and conference pre-bookings of $0.2 million, which are being amortized on a straight-line basis over estimated useful lives of approximately eight years and three years, respectively. The Company determined that the value of the intangible asset related to gaming licenses was de minimis, primarily due to the previously mentioned capital expenditure commitment required to obtain the licenses. The preliminary fair value of the identifiable intangible assets acquired was determined by using a cost approach and an income approach for the rated player relationships and pre-bookings, respectively. Based on the preliminary purchase price allocation, the fair value of the assets acquired and liabilities assumed exceed the purchase price consideration and therefore, a bargain purchase gain of $32.6 million was recorded during the fourth quarter ended December 31, 2020. The Company believes that it was able to acquire the net assets of Bally’s Atlantic City for less than fair value as a result of a capital expenditure requirement imposed on the Company by the New Jersey Casino Control Commission, which would have been imposed on the seller had they not divested the property. Revenue included in operations from Bally’s Atlantic City for the three and nine months ended September 30, 2021 was $46.8 million and $108.4 million, respectively. Bally’s Shreveport Casino & Hotel On December 23, 2020, the Company completed its acquisition of Bally’s Shreveport for a total purchase price of approximately $137.2 million. Cash paid by the Company at closing, net of $5.0 million of cash acquired and offset by a receivable of $0.8 million resulting from a net working capital adjustment, was $133.1 million, excluding transaction costs. The identifiable intangible assets recorded in connection with the closing of the Bally’s Shreveport acquisition based on preliminary valuations include gaming licenses of $57.7 million with an indefinite life and rated player relationships of $0.4 million, which are being amortized on a straight-line basis over estimated useful lives of approximately eight years. The preliminary fair value of the identifiable intangible assets acquired was determined by using an income approach. The following table summarizes the consideration paid and the preliminary fair values of the assets acquired and liabilities assumed in connection with the acquisition of Bally’s Shreveport on December 23, 2020. There were no purchase accounting adjustments recorded during the nine months ended September 30, 2021. (in thousands) Preliminary as of September 30, 2021 Cash and cash equivalents $ 4,980 Accounts receivable, net 1,936 Inventory 495 Prepaid expenses and other current assets 245 Property and equipment, net 125,822 Right of use assets 9,260 Intangible assets, net 58,140 Other assets 403 Accounts payable and Accrued liabilities (6,138) Lease liability (14,540) Deferred tax liability (11,457) Other long-term liabilities (680) Net assets acquired 168,466 Bargain purchase gain (31,276) Total purchase price $ 137,190 Based on the preliminary purchase price allocation, the fair value of the assets acquired and liabilities assumed exceed the purchase price consideration and therefore, a bargain purchase gain of $31.3 million was recorded during the fourth quarter of 2020. The Company believes that it was able to acquire the net assets of Bally’s Shreveport for less than fair value as a result of a distressed sale whereby Eldorado was required by the Federal Trade Commission to divest the Bally’s Shreveport property prior to its merger with Caesars coupled with the timing of the agreement to purchase which was in the middle of COVID-19 related shutdowns of casinos in the United States. Revenue included in operations from Bally’s Shreveport for the three and nine months ended September 30, 2021 was $28.7 million and $90.6 million, respectively. Net income included in operations from Bally’s Shreveport for the three and nine months ended September 30, 2021 was $4.0 million and $16.5 million, respectively. Bally’s Lake Tahoe Casino Resort On April 6, 2021, the Company acquired Bally’s Lake Tahoe, formerly MontBleu Resort Casino & Spa, in Lake Tahoe, Nevada from Eldorado and certain of its affiliates for $14.2 million, payable one year from the closing date and subject to customary post-closing adjustments. The deferred purchase price is included within “Accrued liabilities” of the condensed consolidated balance sheet. The identifiable intangible assets recorded in connection with the closing of the Bally’s Lake Tahoe acquisition based on preliminary valuations include gaming licenses of $5.2 million with an indefinite life and a tradename of $0.2 million, which is being amortized on a straight-line basis over its estimated useful life of approximately six months. The preliminary fair value of the identifiable intangible assets acquired was determined by using an income approach. The following table summarizes the consideration paid and the preliminary fair values of the assets acquired and liabilities assumed in connection with the acquisition of Bally’s Lake Tahoe on April 6, 2021: As of April 6, 2021 (in thousands) Preliminary as of June 30, 2021 Year to Date Adjustments Preliminary as of September 30, 2021 Total current assets $ 5,089 $ — $ 5,089 Property and equipment, net 6,361 — 6,361 Right of use assets, net 57,017 — 57,017 Intangible assets, net 5,430 — 5,430 Accounts payable and Accrued liabilities (3,095) (307) (3,402) Lease liability (52,927) — (52,927) Other long-term liabilities (1,127) — (1,127) Net assets acquired 16,748 (307) 16,441 Bargain purchase gain (2,576) 307 (2,269) Total purchase price $ 14,172 $ — $ 14,172 Based on the preliminary purchase price allocation, the fair value of the assets acquired and liabilities assumed exceed the purchase price consideration and therefore, a bargain purchase gain of $2.6 million was recorded during the second quarter ended June 30, 2021. An adjustment of $0.3 million, reducing the bargain purchase gain to $2.3 million, was recorded in the third quarter ended September 30, 2021. The original agreement to acquire Bally’s Lake Tahoe from Eldorado was made concurrently with the agreement of Bally’s Shreveport and the Company believes that it was able to acquire Bally’s Lake Tahoe for less than fair value as a result of a distressed sale prior to Eldorado’s merger by Caesars, as noted above. Revenue included in operations from Bally’s Lake Tahoe for the three and nine months ended September 30, 2021 was $11.3 million and $21.0 million, respectively. Net income included in operations from Bally’s Lake Tahoe for the three and nine months ended September 30, 2021 was $0.5 million and $1.0 million, respectively. Bally’s Evansville On June 3, 2021, the Company completed the acquisition of the Bally’s Evansville casino operations from Caesars. The total purchase price was $139.7 million, subject to customary adjustments. Cash paid by the Company at closing, net of $9.4 million cash acquired and offset by a payable of $1.7 million resulting from a net working capital adjustment, was $128.1 million, excluding transaction costs. In connection with the acquisition of the Bally’s Evansville casino operations, the Company entered into a sale-leaseback arrangement with an affiliate of Gaming & Leisure Properties, Inc. (“GLPI”) for the Dover Downs property. Refer to Note 12 “Leases” for further information. The identifiable intangible assets recorded in connection with the closing of the Bally’s Evansville acquisition based on preliminary valuations include gaming licenses of $153.6 million with an indefinite life and rated player relationships of $0.6 million which are being amortized on a straight-line basis over an estimated useful life of approximately eight years. The preliminary fair value of the identifiable intangible assets acquired was determined by using an income approach. The following table summarizes the consideration paid and the preliminary fair values of the assets acquired and liabilities assumed in connection with the acquisition of Bally’s Evansville on June 3, 2021: As of June 3, 2021 (in thousands) Preliminary as of June 30, 2021 Year to Date Adjustments Preliminary as of September 30, 2021 Cash and cash equivalents $ 9,355 $ — $ 9,355 Accounts receivable, net 1,492 (18) 1,474 Inventory and Prepaid expenses and other current assets 1,212 (10) 1,202 Property and equipment, net 12,325 — 12,325 Right of use assets, net 285,772 — 285,772 Intangible assets, net 154,210 — 154,210 Other assets 468 — 468 Accounts payable and Accrued liabilities (10,568) (70) (10,638) Lease liability (285,772) — (285,772) Deferred tax liability (7,469) — (7,469) Other long-term liabilities (310) — (310) Net assets acquired 160,715 (98) 160,617 Bargain purchase gain (21,537) 628 (20,909) Total purchase price $ 139,178 $ 530 $ 139,708 Based on the preliminary purchase price allocation, the fair value of the assets acquired and liabilities assumed exceed the purchase price consideration and therefore, a bargain purchase gain of $21.5 million was recorded during the second quarter ended June 30, 2021. An adjustment of $0.6 million, reducing the bargain purchase gain to $20.9 million, was recorded in the third quarter ended September 30, 2021. The Company believes it was able to acquire Bally’s Evansville for less than fair value as a result of a distressed sale prior to Eldorado’s merger with Caesars, as noted above. Revenue included in operations from Bally’s Evansville for the three and nine months ended September 30, 2021 was $40.1 million and $51.8 million, respectively. Net income included in operations from Bally’s Evansville for the three and nine months ended September 30, 2021 was $4.3 million and $5.1 million, respectively. Bally’s Quad Cities Casino & Hotel On June 14, 2021, the Company completed its acquisition of Bally’s Quad Cities in Rock Island, Illinois. Pursuant to the terms of the Equity Purchase Agreement, the Company has acquired all of the outstanding equity securities of The Rock Island Boatworks, Inc., for a purchase price of $118.9 million in cash, subject to customary post-closing adjustments. Cash paid by the Company at closing, net of $3.2 million cash acquired, the $4.0 million deposit paid in the third quarter of 2020 and offset by a receivable of $0.3 million resulting from a networking capital adjustment, was $112.3 million, excluding transaction costs. The identifiable intangible assets recorded in connection with the closing of the Bally’s Quad Cities acquisition based on preliminary valuations include gaming licenses of $30.3 million with an indefinite life, as well as, rated player relationships and a tradename of $0.7 million and $0.2 million, respectively, which are being amortized on a straight-line basis over their estimated useful lives of approximately 9 years and 4 months, respectively. The preliminary fair value of the identifiable intangible assets acquired was determined by using an income approach. The following table summarizes the consideration paid and the preliminary fair values of the assets acquired and liabilities assumed in connection with the Bally’s Quad Cities acquisition on June 14, 2021: As of June 14, 2021 (in thousands) Preliminary as of June 30, 2021 Year to Date Adjustments Preliminary as of September 30, 2021 Cash and cash equivalents $ 3,241 $ (308) $ 2,933 Accounts receivable, net 2,855 131 2,986 Inventory and Prepaid expenses and other current assets 844 (46) 798 Property and equipment, net 73,135 — 73,135 Intangible assets, net 31,180 — 31,180 Goodwill 14,191 402 14,593 Total current liabilities (6,244) (453) (6,697) Total purchase price $ 119,202 $ (274) $ 118,928 Revenue included in operations from Bally’s Quad Cities for the three and nine months ended September 30, 2021 was $12.3 million and $14.6 million, respectively. Interactive Acquisitions SportCaller - On February 5, 2021, the Company acquired SportCaller for total consideration of $42.6 million including $24.0 million in cash, and 221,391 of the Company’s common shares at closing, pending adjustment, and up to $12.0 million in value of additional shares if SportCaller meets certain post-closing performance targets (calculated based on a USD to Euro exchange ratio of 0.8334). Monkey Knife Fight - On March 23, 2021, the Company acquired Fantasy Sports Shark, LLC d/b/a/ Monkey Knife Fight for total consideration of $118.6 million including (1) immediately exercisable penny warrants to purchase up to 984,446 of the Company’s common shares (subject to adjustment) at closing and (2) contingent penny warrants to purchase up to 787,557 additional Company common shares, half of which are issuable on each of the first and second anniversary of closing. The contingency relates to MKF’s continued operations in jurisdictions in which it operates at closing at future dates. The Company paid cash of $22.8 million, net of cash acquired, for SportCaller and MKF. Total non-cash consideration transferred for SportCaller and MKF was $135.3 million, which included $58.7 million of the fair value of contingent consideration as of the SportCaller and MKF acquisition dates. Refer to Note 8 “Fair Value Measurements” for further information. Bally Interactive - On May 28, 2021, the Company acquired Bally Interactive, formerly Bet.Works Corp., for approximately $71.6 million in cash and 2,084,765 of the Company’s common shares, subject in each case to customary adjustments. The shareholders of Bally Interactive will not transfer any shares of Company common stock received prior to June 1, 2022 and, for the following 12 months, may transfer only up to 1% of the Company’s common stock per every 90 days. AVP - On July 12, 2021, the Company acquired AVP, a premier professional beach volleyball organization and host of the longest-running domestic beach volleyball tour in the United States, for $10.0 million in cash, subject to customary post-closing adjustments. Telescope - On August 12, 2021, the Company acquired an 84.16% controlling interest in Telescope, a leading provider of real-time audience engagement solutions for live events, gamified second screen experiences and interactive livestreams, for $27.7 million, subject to customary post-closing adjustments. The remaining 15.84% of Telescope is owned by certain selling shareholders and is reported as a non-controlling interest. The non-controlling interest is convertible into shares of Bally’s common stock based on a fixed exchange ratio share-settlement feature, valued using the Company’s common stock price, and is classified as permanent equity. Earnings attributable to the non-controlling interest are not material for the quarter ended September 30, 2021. The identifiable intangible assets recorded in connection with the closing of SportCaller, MKF, Bally Interactive, AVP, and Telescope (collectively the “Bally Interactive Acquisitions”) are based on preliminary valuations and include customer relationships of $41.5 million, which are being amortized over estimated useful lives between three three ten These Bally Interactive transactions have been accounted for as business combinations using the acquisition method with Bally’s as the accounting acquirer in accordance with ASC 805. The following table summarizes the consideration paid and the preliminary fair values of the assets acquired and liabilities assumed in connection with the Bally Interactive Acquisitions: (in thousands) Preliminary as of September 30, 2021 Cash and cash equivalents $ 7,435 Accounts receivable, net 4,061 Prepaid expenses and other current assets 2,143 Property and equipment, net 518 Intangible assets, net 167,075 Goodwill 243,138 Total current liabilities (13,770) Deferred tax liability (15,805) Acquired non-controlling interest (3,760) Net investment in the Bally Interactive Acquisitions $ 391,035 During the nine months ended September 30, 2021, the Company recorded purchase accounting adjustments for MKF, SportCaller and Bally Interactive, increasing intangible assets by $0.5 million and reducing goodwill and current liabilities by $0.5 million and $1.1 million, respectively. Revenue included in operations from the Bally Interactive Acquisitions from their respective dates of acquisition, each noted above, for the three and nine months ended September 30, 2021 was $11.4 million and $18.0 million, respectively. Supplemental Pro Forma Consolidated Information The following table represents unaudited supplemental pro forma consolidated revenue and net (loss) income based on Bally’s Lake Tahoe and Bally’s Evansville’s historical reporting periods as if the acquisitions had occurred as of January 1, 2020. The revenue, earnings and proforma effects of other acquisitions completed during the nine months ended September 30, 2021, which include Bally’s Quad Cities and the Bally Interactive Acquisitions, are not material to results of operations, individually or in the aggregate: Three Months Ended Nine Months Ended (in thousands, except per share data) September 30, 2020 September 30, 2021 September 30, 2020 Revenue $ 159,708 $ 844,356 $ 349,100 Net income (loss) $ 11,111 $ (3,145) $ (46,140) Net income (loss) per share, basic $ 0.36 $ (0.07) $ (1.50) Net income (loss) per share, diluted $ 0.36 $ (0.07) $ (1.50) Pending Acquisitions Tropicana Las Vegas |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The change in carrying value of goodwill by reportable segment for the nine months ended September 30, 2021 and 2020 is as follows (in thousands): East West Other Total Goodwill as of December 31, 2020 $ 84,148 $ 102,831 $ — $ 186,979 Goodwill from current year business acquisitions — 14,593 243,138 257,731 Effect of foreign exchange — — (182) (182) Purchase accounting adjustments on prior year business acquisitions — 380 — 380 Goodwill as of September 30, 2021 $ 84,148 $ 117,804 $ 242,956 $ 444,908 East West Total Goodwill as of December 31, 2019 $ 84,148 $ 48,934 $ 133,082 Goodwill from current year business acquisitions — 58,743 58,743 Impairment charges — (5,254) (5,254) Goodwill as of September 30, 2020 $ 84,148 $ 102,423 $ 186,571 The change in intangible assets, net for the nine months ended September 30, 2021 is as follows (in thousands): Intangible assets, net as of December 31, 2020 $ 663,395 Intangible assets from current year business combinations 357,895 Change in TRA 2,689 Effect of foreign exchange (1,172) Impairment charges (4,675) Other 8,677 Less: Accumulated amortization (30,123) Intangible assets, net as of September 30, 2021 $ 996,686 The Company’s identifiable intangible assets consist of the following: Weighted September 30, 2021 (in thousands, except years) Gross Carrying Amount Accumulated Net Amortizable intangible assets: Naming rights - Sinclair (1) 9.5 $ 340,930 $ (17,202) $ 323,728 Trade names 28.0 20,439 (16,787) 3,652 Hard Rock license 25.8 8,000 (1,758) 6,242 Customer relationships 6.1 54,909 (9,876) 45,033 Developed technology 8.7 121,697 (6,273) 115,424 Other 3.4 7,522 (1,318) 6,204 Total amortizable intangible assets 553,497 (53,214) 500,283 Intangible assets not subject to amortization: Gaming licenses Indefinite 476,209 — 476,209 Bally’s trade name Indefinite 18,981 — 18,981 Novelty game licenses Indefinite 1,213 — 1,213 Total unamortizable intangible assets 496,403 — 496,403 Total intangible assets, net $ 1,049,900 $ (53,214) $ 996,686 (1) Naming rights intangible asset in connection with Sinclair Agreement. Refer to Note 2 “Significant Accounting Policies” for further information. Amortization began on April 1, 2021, the commencement date of the re-branded Sinclair regional sports networks. There was no amortization expense for the year ended December 31, 2020. Weighted December 31, 2020 (in thousands, except years) Gross Carrying Amount Accumulated Net Amortizable intangible assets: Naming rights - Sinclair (2) 10.0 $ 338,241 $ — $ 338,241 Trade names 8.6 21,600 (16,475) 5,125 Hard Rock license 26.5 8,000 (1,576) 6,424 Player relationships 5.8 10,515 (5,483) 5,032 Other 3.7 1,950 (750) 1,200 Total amortizable intangible assets 380,306 (24,284) 356,022 Intangible assets not subject to amortization: Gaming licenses Indefinite 287,108 — 287,108 Bally’s trade name Indefinite 19,052 — 19,052 Novelty game licenses Indefinite 1,213 — 1,213 Total unamortizable intangible assets 307,373 — 307,373 Total intangible assets, net $ 687,679 $ (24,284) $ 663,395 (2) See note (1) above. 2021 Tradename Impairment During the second quarter of 2021, the Company committed to rebrand a majority of its casino portfolio with the Bally’s tradename. In connection with this rebranding initiative, the Company determined it should complete an interim quantitative impairment test of its tradenames at Dover Downs and Bally’s Black Hawk, formerly the Black Hawk Casinos. As a result of the analysis, the Company recorded an impairment charge of $4.7 million during the second quarter ended June 30, 2021 which is recorded within “ Goodwill and asset impairment” of the condensed consolidated statement of operations. Dover Downs and Bally’s Black Hawk are reported within the East and West reportable segments, respectively. 2020 Black Hawk Casinos Impairment Late in the first quarter of 2020, as a result of the economic and market conditions surrounding the COVID-19 pandemic and the decline in stock price and market capitalization the Company experienced at the time, the Company determined that it was more likely than not that the carrying value of all of its reporting units exceeded these units’ respective fair values and performed an interim quantitative impairment test of goodwill. Based on this analysis, the Company determined that only the carrying value of its Black Hawk Casinos reporting unit exceeded its fair value by an amount that exceeded the assigned goodwill and indefinite lived intangibles as of the acquisition date. As a result, the Company recorded a total impairment charge of $8.6 million for the nine months ended September 30, 2020, which is included in the “West” reportable segment, and was allocated between goodwill and intangible assets with charges of $5.3 million and $3.3 million, respectively. Refer to Note 5 “Acquisitions” for further information about the preliminary purchase price allocation and goodwill and intangible balance estimated as of the acquisition date. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS Foreign Exchange Forward Contracts On April 16, 2021, a subsidiary of the Company entered into a foreign exchange forward contract to hedge the risk of appreciation of the GBP-denominated purchase price related to the Gamesys acquisition pursuant to which the subsidiary can purchase approximately £900 million at a contracted exchange rate. On April 16, 2021, a subsidiary of the Company entered into two foreign exchange forward contracts to hedge the risk of appreciation of both the GBP-denominated and Euro-denominated debt held by Gamesys which would be paid off at closing of the Gamesys acquisition pursuant to which the subsidiary can purchase £200 million and €336 million, at contracted exchange rates, respectively. To enter into these foreign exchange forward contracts, the Company paid total premiums to the contract counterparties of $22.6 million. On August 20, 2021, two of the above mentioned foreign exchange forward contracts were modified, decreasing the notional amount of the GBP-denominated forward purchase commitments by £746 million to £354 million, collectively. The Company received $1.7 million upon settlement of the modification, which decreased the remaining fair value of the contracts. The Company’s foreign exchange forward contracts are not designated as hedging instruments under ASC 815. These derivative instruments are reported at fair value as an asset or liability in the condensed consolidated balance sheet. Gains (losses) recognized in earnings resulting from the change in fair value are reported within “Other, net” on the condensed consolidated statements of operations. Sinclair Agreement As noted in Note 2 “Significant Accounting Policies,” on November 18, 2020, Bally’s entered into a long-term strategic relationship with Sinclair. The Sinclair Agreement provides for Performance Warrants and Options, the accounting for which is explained below. Performance Warrants - The Performance Warrants are accounted for as a derivative liability because the underlying performance metrics represent an adjustment to the settlement amount that is not indexed to the Company’s own stock and thus equity classification is precluded under ASC 815. The Performance Warrants are expected to continue to be classified as liability awards with changes in fair value reported within “Change in value of naming rights liabilities” in the condensed consolidated statements of operations. Options - As of December 31, 2020, the Options were accounted for as a derivative liability because the Options could have been required to be settled in cash, outside the Company’s control, prior to formal stockholder approval. Upon stockholder approval on January 27, 2021, the Options met the criteria to be classified as equity, at which point, the Options were adjusted to fair value of $59.7 million and were reclassified from “Naming rights liabilities” to “Additional paid-in-capital” in the condensed consolidated balance sheet. The increase in fair value of the Options from $58.2 million as of December 31, 2020, through January 27, 2021 was $1.5 million and resulted in a mark to market loss in the first quarter of 2021, reported within “Change in value of naming rights liabilities” in the condensed consolidated statements of operations. The fair values of derivative assets and liabilities not designated as hedging instruments as of September 30, 2021 and December 31, 2020 are as follows: (in thousands) Balance Sheet Location September 30, December 31, Assets: Foreign exchange forward contracts Prepaid expenses and other current assets $ 106 $ — Total Assets $ 106 $ — Liabilities: Sinclair Performance Warrants Naming rights liabilities $ 87,964 $ 88,119 Sinclair Options Naming rights liabilities — 58,198 Total Liabilities $ 87,964 $ 146,317 The gains (losses) recognized in the condensed consolidated statement of operations for derivatives not designated as hedging instruments during the three and nine months ended September 30, 2021 are as follows: Condensed Consolidated Statements of Operations Location September 30, 2021 (in thousands) Three months ended Nine months ended Foreign exchange forward contracts Other, net $ (6,003) $ (20,776) Sinclair Performance Warrants Change in value of naming rights liabilities 6,965 155 Sinclair Options Change in value of naming rights liabilities — (1,526) |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Company categorizes financial assets and liabilities based on the following fair value hierarchy: Level 1: Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: Inputs other than quoted prices included in Level 1 that are observable, either directly or indirectly; Level 3: Unobservable inputs in which little or no market data exists requiring an entity to develop its own assumptions. The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: September 30, 2021 (in thousands) Level 1 Level 2 Level 3 Assets: Foreign exchange forward contracts $ — $ 106 $ — Other current assets 336 — — Total $ 336 $ 106 $ — Liabilities: Sinclair Performance Warrants $ — $ — $ 87,964 Contingent consideration — — 43,691 Total $ — $ — $ 131,655 December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Liabilities: Sinclair Performance Warrants $ — $ — $ 88,119 Sinclair Options — 58,198 — Total $ — $ 58,198 $ 88,119 The Performance Warrants and acquisition related contingent consideration payable are Level 3 liabilities. A summary of the Level 3 activity is as follows: ( in thousands) Performance Warrants Contingent Consideration Total Beginning as of December 31, 2020 $ 88,119 $ — $ 88,119 Additions in the period (acquisition fair value) — 58,623 58,623 Change in fair value (155) (14,932) (15,087) Ending as of September 30, 2021 $ 87,964 $ 43,691 $ 131,655 Foreign exchange forward contracts The fair values of foreign exchange forward contract assets and liabilities are classified within Level 2 of the fair value hierarchy as the valuation inputs are based on quoted prices and market observable data of similar instruments in active markets, such as currency spot and forward rates. Sinclair Performance Warrants Sinclair Performance Warrants are accounted for as a derivative instrument classified as a liability within Level 3 of the hierarchy as the warrants are not traded in active markets and are subject to certain assumptions and estimates made by management related to the probability of meeting performance milestones. These assumptions and the probability of meeting performance targets may have a significant impact on the value of the warrant. The Performance warrants are valued using an option pricing model, considering the Company’s estimated probabilities of achieving the performance milestones for each tranche. Inputs to this valuation approach include volatility of the Company’s common stock trading price, risk free interest rates, the Company’s common stock price as of the valuation date, and expected terms. Contingent Consideration Contingent consideration related to acquisitions is recorded at fair value as a liability on the acquisition date and is remeasured at each reporting date, based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. In connection with the acquisitions of SportCaller and MKF on February 5, 2021 and March 23, 2021, respectively, the Company recorded contingent consideration at fair value of $58.6 million as of the acquisition dates. After the acquisition dates and until the contingencies are resolved, the fair value of contingent consideration payable is adjusted each reporting period based primarily on the expected probability of achievement of the contingency targets which are subject to management’s estimate and the Company’s stock price. These changes in fair value are recognized within “Other, net” of the condensed consolidated statements of operations. Refer to Note 5 “Acquisitions” for further information. Sinclair Options As noted in Note 7 “Derivative Instruments,” as of December 31, 2020, the Sinclair Options were accounted for as a derivative liability. The fair value was based on a Black-Scholes model using Level 2 inputs, including volatility rates, risk free rates, the Company’s common stock price and expected term. Upon stockholder approval on January 27, 2021, the Options met the criteria to be classified as equity. Other current assets |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILTIES | ACCRUED LIABILITIES As of September 30, 2021 and December 31, 2020, accrued liabilities consisted of the following: (in thousands) September 30, December 31, Gaming liabilities $ 41,506 $ 33,795 Compensation 31,673 21,708 Acquisition related liabilities and transaction services (1) 18,459 7,174 Property taxes 11,335 3,486 Bally’s trade name accrual, current portion 9,943 9,475 Insurance reserves 10,171 7,188 Purses due to horsemen 9,803 5,726 Legal 4,745 1,761 Interest payable 17,112 3,076 Other 52,536 26,666 Total accrued liabilities $ 207,283 $ 120,055 __________________________________ (1) Includes the deferred purchase price payable for Bally’s Lake Tahoe of $14.2 million |
ACQUISITION, INTEGRATION AND RE
ACQUISITION, INTEGRATION AND RESTRUCTURING | 3 Months Ended |
Sep. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
ACQUISITION, INTEGRATION AND RESTRUCTURING | ACQUISITION, INTEGRATION AND RESTRUCTURING The following table reflects acquisition, integration and restructuring expenses the Company recorded during the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Acquisition and integration costs: Gamesys $ 3,749 $ — $ 17,320 $ — Bally’s Evansville 329 — 6,421 — Bally Interactive acquisitions (1) 842 — 4,833 — Bally’s Quad Cities 162 658 1,790 658 Richmond, Virginia (2) 13 — 1,890 — Bally’s Atlantic City 2 683 1,144 2,203 Bally’s Shreveport 37 727 964 1,758 Bally’s Lake Tahoe 82 — 947 — Bally’s Kansas City and Bally’s Vicksburg — 497 107 1,359 Other (3) 1,581 175 2,041 986 Total 6,797 2,740 37,457 6,964 Restructuring expense — — — 20 Total acquisition, integration and restructuring $ 6,797 $ 2,740 $ 37,457 $ 6,984 (1) Costs associated with the acquisition of SportCaller, MKF, AVP and Telescope, which are included within the Bally Interactive division. (2) Costs associated with a proposal to develop a casino in the City of Richmond, Virginia, which the Company is no longer pursuing. (3) Includes costs in connection with the development of a casino in Centre County, Pennsylvania in addition to the acquisitions of Tropicana Las Vegas, Bally’s Black Hawk, Dover Downs and other pending and closed acquisitions. |
LONG-TERM DEBT
LONG-TERM DEBT | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT As of September 30, 2021 and December 31, 2020, long-term debt consisted of the following: (in thousands) September 30, December 31, Term Loan principal $ 564,813 $ 569,125 Revolving Credit Facility 225,000 35,000 6.75% Senior Notes due 2027 315,000 525,000 5.625% Senior notes due 2029 750,000 — 5.875% Senior notes due 2031 750,000 — Less: Unamortized original issue discount (22,467) (11,771) Less: Unamortized deferred financing fees (20,175) (17,499) Long-term debt, including current maturities 2,562,171 1,099,855 Less: Current portion of Term Loan and Revolving Credit Facility (5,750) (5,750) Long-term debt, net $ 2,556,421 $ 1,094,105 May 2019 Senior Secured Credit Facility On May 10, 2019, the Company entered into a credit agreement (the “Credit Agreement”) with Citizens Bank, N.A., as administrative agent, and the lenders party thereto, consisting of a $300 million Term Loan B facility (the “Term Loan Facility”) and a $250 million revolving credit facility (the “Revolving Credit Facility”). On May 11, 2020, the Company amended the Credit Agreement to increase the Term Loan Facility by $275 million to $525 million. On March 9, 2021, the Company amended the Credit Agreement to increase the borrowing limit under the Revolving Credit Facility to $325 million. As of September 30, 2021, there were $225.0 million of outstanding borrowings under the Revolving Credit Facility at a weighted average interest rate of 4.73%. As of September 30, 2021, the interest rate for the increased portion of the Term Loan Facility was 10.25%. The Company’s obligations under the Revolving Credit Facility and the Term Loan Facility were terminated and amounts outstanding were repaid in connection with the Company’s entry into the New Credit Facility on October 1, 2021 as described below under “Subsequent Events.” 6.75% Senior Notes due 2027 On May 10, 2019, the Company issued $400 million aggregate principal amount of 6.75% unsecured senior notes due June 1, 2027, and, on October 9, 2020, the Company issued an additional $125 million aggregate principal amount of 6.75% unsecured senior notes due June 1, 2027 (together, the “Senior Notes”). On September 7, 2021, the Company redeemed $210 million aggregate principal amount of the Senior Notes at a redemption price of 106.750% of the principal amount using a portion of the proceeds of the Company’s April 2021 public offering of common stock. Accordingly, as of September 30, 2021, $315 million aggregate principal amount of the Senor Notes remained outstanding. On October 5, 2021, the Company redeemed the remaining $315 million aggregate principal amount of the Senior Notes at a redemption price of 109.074% of the principal amount using a portion of the proceeds of its New Term Loan Facility described below under “Subsequent Events.” As of October 5, 2021, no amounts pertaining to these Senior Notes remained outstanding. In connection with the redemption of $210 million aggregate principal amount of Senior Notes on September 7, 2021, as noted above, the Company recorded a loss on extinguishment of debt of $19.4 million during the three months ended September 30, 2021. The Company was in compliance with all debt covenants as of September 30, 2021. New Senior Notes On August 20, 2021, two unrestricted subsidiaries (together, the “Escrow Issuers”) of the Company issued $750.0 million aggregate principal amount of 5.625% senior notes due 2029 (the “2029 Notes”) and $750.0 million aggregate principal amount of 5.875% Senior Notes due 2031 (the “2031 Notes” and, together with the 2029 Notes, the “New Senior Notes”). The New Senior Notes were issued pursuant to an indenture, dated as of August 20, 2021, among the Escrow Issuers and U.S. Bank National Association, as trustee. Certain of the net proceeds from the New Senior Notes offering were placed in escrow accounts for use in connection with the Gamesys Acquisition. There are no operations at Bally’s Corporation. Cash held was de minimis at September 30, 2021 and December 31, 2020. Subsequent Events Company Assumption of New Senior Notes Issuer Obligation On October 1, 2021, upon the closing of the Gamesys Acquisition, the Company assumed the issuer obligation under the New Senior Notes. The New Senior Notes are guaranteed, jointly and severally, by each of the Company’s restricted subsidiaries that guarantees the Company’s obligations under its New Credit Facility. The 2029 Notes mature on September 1, 2029 and the 2031 Notes mature on September 1, 2031. Interest is payable on the New Senior Notes in cash semi-annually on March 1 and September 1 of each year, beginning on March 1, 2022. The Company may redeem some or all of the New Senior Notes at any time prior to September 1, 2024, in the case of the 2029 Notes, and September 1, 2026, in the case of the 2031 Notes, at prices equal to 100% of the principal amount of the New Senior Notes to be redeemed plus certain “make-whole” premiums, plus accrued and unpaid interest. In addition, prior to September 1, 2024, the Company may redeem up to 40% of the original principal amount of each series of the New Senior Notes with proceeds of certain equity offerings at a redemption price equal to 105.625% of the principal amount, in the case of the 2029 Notes, and 105.875%, in the case of the 2031 Notes, plus accrued and unpaid interest. The Company may redeem some or all of the New Senior Notes at any time on or after September 1, 2024, in the case of the 2029 Notes, and September 1, 2026, in the case of the 2031 Notes, at certain redemption prices set forth in the indenture plus accrued and unpaid interest. The indenture contains covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, (1) incur additional indebtedness, (2) pay dividends on or make distributions in respect of capital stock or make certain other restricted payments or investments, (3) enter into certain transactions with affiliates, (4) sell or otherwise dispose of assets, (5) create or incur liens and (6) merge, consolidate or sell all or substantially all of the Company’s assets. These covenants are subject to exceptions and qualifications set forth in the indenture. New Credit Facility On October 1, 2021, the Company and certain of its subsidiaries entered into a credit agreement (the “New Credit Agreement”) with Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and the other lenders party thereto, providing for senior secured financing of up to $2.565 billion, consisting of a senior secured term loan facility in an aggregate principal amount of $1.945 billion (the “New Term Loan Facility”), which will mature in 2028, and a senior secured revolving credit facility in an aggregate principal amount of $620.0 million (the “New Revolving Credit Facility”), which will mature in 2026. The New Revolving Credit Facility was undrawn at closing. The credit facilities allow the Company to increase the size of the New Term Loan Facility or request one or more incremental term loan facilities or increase commitments under the New Revolving Credit Facility or add one or more incremental revolving facilities in an aggregate amount not to exceed the greater of $650 million and 100% of the Company’s consolidated EBITDA for the most recent four-quarter period plus or minus certain amounts as specified in the New Credit Agreement, including an unlimited amount subject to compliance with a consolidated total secured net leverage ratio as set out in the New Credit Agreement. The credit facilities are guaranteed by the Company’s restricted subsidiaries, subject to certain exceptions, and secured by a first-priority lien on substantially all of the Company’s and each of the guarantors’ assets, subject to certain exceptions. Borrowings under the credit facilities bear interest at a rate equal to, at the Company’s option, either (1) LIBOR determined by reference to the costs of funds for U.S. dollar deposits for the interest period relevant to such borrowing, adjusted for certain additional costs and subject to a floor of 0.50% in the case of term loans and 0.00% in the case of revolving loans or (2) a base rate determined by reference to the greatest of (a) the federal funds rate plus 0.50%, (b) the prime rate, (c) the one-month LIBOR rate plus 1.00%, (d) solely in the case of term loans, 1.50%, and (e) solely in the case of revolving loans, 1.00%, in each case of clauses (1) and (2), plus an applicable margin. In addition, on a quarterly basis, the Company is required to pay each lender under the New Revolving Credit Facility a 0.50% or 0.375% commitment fee in respect of commitments under the New Revolving Credit Facility, with the applicable commitment fee determined based on the Company’s total net leverage ratio. |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
LEASES | LEASES GLPI Master Lease In connection with the acquisition of Bally’s Evansville, an affiliate of GLPI has agreed to acquire the real estate associated with the Evansville Casino from the Seller for $340.0 million and lease it to the Company under a master lease agreement (the “Master Lease”). GLPI has also agreed to acquire the real estate associated with Dover Downs for $144.0 million and lease it back to the Company under the Master Lease. The Master Lease with GLPI has an initial term of 15 years and includes four, five-year options to renew and requires combined minimum annual payments of $40.0 million, subject to escalation. The acquisition of Evansville and commencement of the Master Lease was June 4, 2021. During the second quarter of 2021, the Company sold the real estate associated with Dover Downs to GLPI and recorded a gain of $53.4 million representing the difference in the transaction price and the derecognition of assets. This gain is reflected as “Gain on sale-leaseback” in the condensed consolidated statements of operations. During the second quarter of 2021, the company recognized a lease liability and corresponding right of use asset of $117.3 million and $276.9 million related to Dover Downs and Bally’s Evansville, respectively. These leases are accounted for as operating leases within the provisions of ASC 842 over the lease term or until a re-assessment event occurs. Operating Leases In addition to the operating lease components under the GLPI Master Lease, the Company is committed under various long-term operating lease agreements primarily related to submerged tidelands, property and equipment at Hard Rock Biloxi, Bally’s Kansas City, Bally’s Shreveport, and Bally’s Lake Tahoe. These leases include various renewal options which are included in the lease term when the Company has determined it is reasonably certain of exercising the options. Certain of these leases include percentage rent payments based on property revenues and/or rent escalation provisions determined by increases in the consumer price index (“CPI”). These percentage rent and escalation provisions are treated as variable lease payments and recognized as lease expense in the period in which the obligation for those payments are incurred. Discount rates used to determine the present value of the lease payments are based on a credit-adjusted secured borrowing rate commensurate with the term of the lease. In the second quarter of 2021, in connection with the acquisition of Bally’s Lake Tahoe, the Company assumed a lease for the real estate and land underlying the operations of the Bally’s Lake Tahoe facility. The original term of the lease expires on December 31, 2035, at which point the Company will have five options to renew the lease for additional periods of five years each. The renewal options have not been included in the calculation of the lease liability or right of use asset as the Company is not reasonably certain to exercise the options. The fixed rent due under the lease can escalate each year based on changes in CPI. Additionally, the Company is obligated to pay an annual percentage rent based on property net revenues. Additionally, certain of the Company’s subsidiaries lease office space, parking space, memorabilia and equipment under agreements classified as operating leases that expire on various dates through 2027. Variable expenses generally represent the Company’s share of the landlord’s operating expenses, percentage rent and CPI increases. The Company does not have any leases classified as financing leases. The Company had operating lease liabilities of approximately $525.5 million and $63.5 million as of September 30, 2021 and December 31, 2020, respectively, and right of use assets of approximately $499.1 million and $36.1 million as of September 30, 2021 and December 31, 2020, respectively, which were included in the condensed consolidated balance sheets. The following summarizes quantitative information about the Company’s operating leases: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Operating leases: Operating lease costs $ 13,214 $ 1,083 $ 20,909 $ 2,183 Variable lease costs 706 13 1,624 37 Operating lease expense 13,920 1,096 22,533 2,220 Short-term lease expense 5,084 526 7,907 1,381 Total lease expense $ 19,004 $ 1,622 $ 30,440 $ 3,601 Supplemental cash flow and other information for the three and nine months ended September 30, 2021 and 2020, related to operating leases was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Cash paid for amounts included in the lease liability - operating cash flows from operating leases $ 12,249 $ 543 $ 18,386 $ 1,642 Right of use assets obtained in exchange for operating lease liabilities $ 1,106 $ — $ 127,729 $ 116 September 30, 2021 December 31, 2020 Weighted average remaining lease term 15.9 years 24.3 years Weighted average discount rate 6.2 % 7.3 % As of September 30, 2021, future minimum rental commitments under noncancelable operating leases are as follows: (in thousands) September 30, 2021 Remaining 2021 $ 14,934 2022 52,256 2023 52,292 2024 52,304 2025 52,092 Thereafter 611,680 Total 835,558 Less: present value discount (310,106) Operating lease liabilities $ 525,452 Future operating lease payments as shown above include $108.1 million related to extension options that are reasonably certain of being exercised. |
EQUITY PLANS
EQUITY PLANS | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
EQUITY PLANS | EQUITY PLANS Equity Incentive Plans The Company has three equity incentive plans: the 2010 BLB Worldwide Holdings, Inc. Stock Option Plan (the “2010 Option Plan”), the 2015 Stock Incentive Plan (“2015 Incentive Plan”) and the Bally’s Corporation 2021 Equity Incentive Plan (“2021 Incentive Plan”), collectively (the “Equity Incentive Plans”). The 2010 Option Plan provided for options to acquire 2,455,368 shares of the Company’s common stock. Options granted to employees, officers and directors of the Company under the 2010 Option Plan vested on various schedules by individual as defined in the individual participants’ option agreements. Vested options can generally be exercised all or in part at any time until the tenth anniversary of the date of grant. Effective December 9, 2015, it was determined that no new awards would be granted under the 2010 Option Plan. During the nine months ended September 30, 2021, there were 70,000 options exercised at a weighted average exercise price of $4.31 per share and an aggregate intrinsic value of $0.3 million. As of September 30, 2021, there were 20,000 unexercised options outstanding. The 2015 Incentive Plan provided for the grant of stock options, restricted stock award (“RSAs”), restricted share units (“RSUs”), performance share units (“PSUs”) and other stock-based awards (collectively, “restricted awards”) (including those with performance-based vesting criteria) to employees, directors or consultants of the Company. The 2015 Incentive Plan authorized for the issuance of up to 1,700,000 shares of the Company’s common stock pursuant to grants of awards made under the plan. Effective May 18, 2021, no new awards will be granted under the 2015 Incentive Plan as a result of the new 2021 Incentive Plan being approved at the Company’s 2021 Annual Shareholder Meeting. The 2021 Incentive Plan provides for the grant of stock options, RSAs, RSUs, PSUs and other awards (including those with performance-based vesting criteria) to employees, directors or consultants of the Company. The 4,250,000 shares of the Company’s common stock, decreased by the number of shares subject to awards granted under the 2015 Incentive Plan between December 31, 2020 and May 18, 2021, or 221,464 shares, plus any shares subject to awards granted under the 2021 Incentive Plan or the 2015 Incentive Plan that are added back to the share pool under the 2021 Incentive Plan pursuant to the plan’s share counting rules, are authorized for issuance under the 2021 Incentive Plan. During the nine months ended September 30, 2021, the Company granted 488,009 restricted awards with an aggregate intrinsic value of $27.5 million of which 221,667 were granted under the 2015 Incentive Plan and 266,342 were granted under the 2021 Incentive Plan. As of September 30, 2021, 3,707,178 shares remain available for grant under the 2021 Incentive Plan, which includes shares added back to the share pool based on share counting rules. There were 875,988 restricted awards outstanding as of September 30, 2021. Share-Based Compensation |
BENEFIT PLANS
BENEFIT PLANS | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
BENEFIT PLANS | BENEFIT PLANSThe Company participates in and contributes to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover certain of its union-represented employees. The Company acquired a defined benefit pension plan with the acquisition of Dover Downs on March 28, 2019 (“Dover Downs Pension Plan”) which is a non-contributory, tax qualified defined benefit pension plan that has been frozen since July 2011. Dover Downs Defined Benefit Pension Plan The net periodic benefit (income) cost and other changes in plan assets and benefit obligations, excluding service cost, is set forth in the table below for the three and nine months ended September 30, 2021 and 2020. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Service cost $ — $ — $ — $ — Interest cost 224 223 672 669 Expected return on plan assets (357) (357) (1,071) (1,071) Net periodic benefit income $ (133) $ (134) $ (399) $ (402) Contributions Minimum pension contributions of $0.5 million are required to be made to the Dover Downs Pension Plan under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), in 2021. The Company expects to contribute approximately $0.7 million in 2021. The Company contributed $0.2 million and $0.4 million to the Dover Downs Pension Plan during the three and nine months ended September 30, 2021, respectively. In 2020, under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), minimum required contributions for single-employer pension plans, including quarterly contributions, that were otherwise due during calendar year 2020 were instead due January 1, 2021. During the three and nine months ended September 30, 2020, the Company contributed $0.5 million to the Dover Downs Pension Plan which included the minimum required contributions for first and second quarters of 2020, including all applicable interest after having elected not to make a contribution to the Dover Downs Pension Plan for the first quarter of 2020, as well as the final payment for the 2019 plan year. 401(k) Plan |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | STOCKHOLDERS’ EQUITY Capital Return Program and Quarterly Cash Dividend On June 14, 2019, the Company announced that its Board of Directors approved a capital return program under which the Company could expend a total of up to $250 million for a share repurchase program and payment of dividends. Share repurchases may be effected in various ways, which could include open-market or private repurchase transactions, accelerated stock repurchase programs, tender offers or other transactions. The amount, timing and terms of any return of capital transaction will be determined based on prevailing market conditions and other factors. The Company expects to fund any share repurchases and dividends from existing capital resources. There is no fixed time period to complete share repurchases. On July 26, 2019, the Company completed a modified Dutch auction tender offer (“Offer”), purchasing 2,504,971 common shares at an aggregate purchase price of $73.9 million. The Offer was funded with cash on hand. On February 10, 2020 and October 4, 2021, the Board of Directors approved increases in the capital return program of $100 million and $350 million, respectively. Total share repurchase activity, including a private repurchase transaction, during the nine months ended September 30, 2020 was as follows: (in thousands, except share data) Nine Months Ended September 30, 2020 Number of common shares repurchased 1,812,393 Total cost $ 33,292 Average cost per share, including commissions $ 18.37 __________________________________ There was no share repurchase activity during the nine months ended September 30, 2021. Common Stock Offering On April 20, 2021, the Company completed an underwritten public offering of common stock at a price to the public of $55.00 per share. The Company issued a total of 12,650,000 shares of Bally’s common stock in the offering, which included 1,650,000 shares issued pursuant to the full exercise of the underwriters' over-allotment option. The net proceeds from the offering were approximately $671.4 million, after deducting underwriting discounts, but before expenses. On April 20, 2021, the Company issued to affiliates of Sinclair a warrant to purchase 909,090 common shares for an aggregate purchase price of $50.0 million, the same price per share as the public offering price in Bally’s common stock public offering ($55.00 per share). The net proceeds were used to finance a portion of the purchase price of the Gamesys acquisition. The exercise price of the warrant is nominal, and its exercise is subject to, among other conditions, requisite gaming authority approvals. Sinclair agreed not to acquire more than 4.9% of Bally’s outstanding common shares without such approvals. In addition, in accordance with the agreements that Bally’s and Sinclair entered into in November 2020, Sinclair exchanged 2,086,908 common shares for substantially identical warrants. Treasury Stock The Company records the repurchase of shares of common stock at cost based on the settlement date of the transaction. Upon settlement, these shares are classified as treasury stock, which is a reduction to stockholders’ equity. Treasury stock is included in authorized and issued shares but excluded from outstanding shares. There was no share repurchase activity during the three and nine months ended September 30, 2021. As mentioned above, Sinclair exchanged 2,086,908 common shares for substantially identical warrants. The common stock received by the Company was recorded as treasury stock and subsequently retired during the second quarter of 2021. The Company retired 10,042 and 2,099,268 shares of its common stock held in treasury during the three and nine months ended September 30, 2021, respectively. The Company retired 10,892,083 shares of its common stock held in treasury during the nine months ended September 30, 2020. There were no shares retired during the three months ended September 30, 2020. The shares were returned to the status of authorized but unissued shares. As of September 30, 2021, there were no shares remaining in treasury. During the nine months ended September 30, 2020, the Company paid cash dividends of $0.10 per common share, for a total cost of approximately $3.2 million. There were no cash dividends paid during the nine months ended September 30, 2021. As of September 30, 2021 and December 31, 2020, $84.9 million remained available for use under the above-mentioned capital return program. Shares Outstanding As of September 30, 2021, the Company had 44,581,568 common shares issued and outstanding. The Company issued warrants, options and other contingent consideration in acquisitions and strategic partnerships that are expected to result in the issuance of common shares in future periods resulting from the exercise of warrants and options or the achievement of certain performance targets. These incremental shares and the shares issued by the consummation of the Gamesys acquisition on October 1, 2021 are summarized below: Sinclair Penny Warrants (Note 2) 7,911,724 Sinclair Performance Warrants (Note 2) 3,279,337 Sinclair Options (1) (Note 2) 1,639,669 Monkey Knife Fight penny warrants (Note 5) 24,611 Monkey Knife Fight contingent shares (Note 5) 787,557 Telescope contingent shares (Note 5) 75,678 SportCaller contingent shares (2) (Note 5) 230,830 Gamesys acquisition (Note 1) 9,773,537 Outstanding awards under Equity Incentive Plans (Note 13) 895,988 24,618,931 __________________________________ (1) Consists of four equal tranches to purchase shares with exercise prices ranging from $30.00 to $45.00 per share, exercisable over a seven-year period beginning on the fourth anniversary of the November 18, 2020 closing of the Sinclair Agreement. (2) The contingent consideration related to the SportCaller acquisition is 10M EUR, payable in shares subject to certain post-acquisition earnout targets and based on share price at time of payment. For purposes of this estimate, the Company used the EUR>USD conversion rate of 1.1574 as of September 30, 2021 and the closing share price of Company common shares of $50.14 per share to calculate the shares expected to be issued if all earn-out targets are met. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Comprehensive Income (Loss) Note | ACCUMULATED OTHER COMPREHENSIVE LOSS The following table reflects the changes in accumulated other comprehensive loss by component, net of tax, for the nine months ended September 30, 2021. There was no change in accumulated other comprehensive loss for the nine months ended September 30, 2020. (in thousands) Foreign Currency Translation Adjustment Benefit Plans Total Accumulated other comprehensive loss at December 31, 2020 $ — $ (3,144) $ (3,144) Current period other comprehensive loss (1,414) — (1,414) Reclassification adjustment to net earnings (1) — 122 122 Accumulated other comprehensive loss at September 30, 2021 $ (1,414) $ (3,022) $ (4,436) __________________________________ |
SEGMENT REPORTING
SEGMENT REPORTING | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING During the second quarter of 2021, the Company updated its reporting segments to better align with its strategic growth initiatives in light of recent and pending acquisitions. The growth and diversification achieved through the Company’s recent and pending acquisitions has resulted in a change in the way the Company’s chief operating decision maker makes operating decisions, assesses the performance of the business and allocates resources. As a result of this realignment, the Company determined it had four operating segments: East, West, Bally Interactive and Bally’s Arapahoe Park. Bally Interactive and Bally’s Arapahoe Park were determined to be immaterial operating segments and are therefore, included in the “Other” category along with interest expense and certain corporate operating expenses that are not allocated to the other segments, including, among other expenses, share-based compensation, merger and acquisition costs and certain non-recurring charges. The properties included within the East and West reportable segments, along with the components of the Other category, are as follows: East West Other Bally’s Twin River Lincoln Casino Resort (1) Hard Rock Biloxi (3) Bally Interactive (5) Bally’s Tiverton Casino & Hotel (1) Bally’s Vicksburg (3) Bally’s Arapahoe Park Dover Downs (2) Bally’s Kansas City Casino (4) Twin River Management Group (6) Bally’s Atlantic City (2) Bally’s Black Hawk (4) Bally’s Evansville Bally’s Shreveport Casino & Hotel (3) Bally’s Lake Tahoe Casino Resort Bally’s Quad Cities Casino Hotel ___________________________________________ (1) Previously reported within the “Rhode Island” segment. (2) Previously reported within the “Mid-Atlantic” segment. (3) Previously reported within the “Southeast” segment. (4) Previously reported within the “West” segment. (5) Immaterial operating segment which includes SportCaller, MKF and Bally Interactive (formerly Bet.Works) as well as online and mobile sports betting operations. (6) Immaterial operating segment that includes interest expense and certain operating expenses that are not allocated to the other segments, which include, among other expenses, share-based compensation, merger and acquisition costs and certain non-recurring charges. The Company is currently evaluating the acquisition of Gamesys for segment reporting purposes, but it is expected that it will be reported as International Interactive and the Company’s existing operating segment Bally Interactive, will be reported as North America Interactive. It is expected that the pending acquisition of Tropicana Las Vegas will be reported in the West and the Pennsylvania development project will be included in the East. As of September 30, 2021, the Company’s operations are predominately within the United States and has immaterial operations in other jurisdictions. The Company does not have any revenues from any individual customers that exceed 10% of total reported revenues. The following table shows revenues, income (loss), and identifiable assets for each of the Company’s reportable segments. The Other category is included in the following tables in order to reconcile the segment information to the Company’s condensed consolidated financial statements. The prior year results presented below were reclassified to conform to the new segment presentation. (in thousands) East West Other Total Three Months Ended September 30, 2021 Total revenue $ 176,975 $ 124,603 $ 13,201 $ 314,779 Income (loss) from operations 34,469 31,217 (37,952) 27,734 Net income (loss) 25,386 24,001 (107,032) (57,645) Depreciation and amortization 5,763 8,279 14,958 29,000 Interest expense, net of amounts capitalized 15 — 31,838 31,853 Change in value of naming rights liabilities — — 6,965 6,965 Gain (adjustment) on bargain purchases — — (1,039) (1,039) Capital expenditures 13,630 11,050 6,693 31,373 Goodwill 84,148 117,804 242,956 444,908 Total assets 1,282,971 1,090,759 2,595,973 4,969,703 Three Months Ended September 30, 2020 Total revenue $ 59,065 $ 55,900 $ 1,659 $ 116,624 Income (loss) from operations 14,578 14,524 (5,719) 23,383 Net income (loss) 10,702 11,381 (15,360) 6,723 Depreciation and amortization 5,571 4,279 82 9,932 Interest expense, net of amounts capitalized 30 — 16,920 16,950 Capital expenditures 914 2,104 100 3,118 Goodwill 84,148 102,423 — 186,571 Total assets 627,654 593,038 36,189 1,256,881 Nine Months Ended September 30, 2021 Total revenue $ 408,458 $ 343,190 $ 23,130 $ 774,778 Income (loss) from operations 124,825 100,693 (87,778) 137,740 Net income (loss) 90,353 77,397 (167,158) 592 Depreciation and amortization 17,275 21,695 28,533 67,503 Interest expense, net of amounts capitalized 49 — 74,431 74,480 Gain on sale-leaseback (53,425) — — (53,425) Change in value of naming rights liabilities — — (1,371) (1,371) Gain on bargain purchases — — 23,075 23,075 Capital expenditures 25,436 33,773 7,949 67,158 Goodwill 84,148 117,804 242,956 444,908 Total assets 1,282,971 1,090,759 2,595,973 4,969,703 Nine Months Ended September 30, 2020 Total revenue $ 146,848 $ 104,039 $ 3,809 $ 254,696 Income (loss) from operations 9,096 8,295 (18,140) (749) Net income (loss) 6,602 7,710 (40,022) (25,710) Depreciation and amortization 18,022 9,804 228 28,054 Interest expense, net of amounts capitalized 107 — 43,581 43,688 Capital expenditures 4,299 3,524 743 8,566 Goodwill 84,148 102,423 — 186,571 Total assets 627,654 593,038 36,189 1,256,881 |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | EARNINGS (LOSS) PER SHARE Basic earnings (loss) per common share is calculated in accordance with ASC 260, Earnings Per Share , which requires entities that have issued securities other than common stock that participate in dividends with common stock (“participating securities”) to apply the two-class method to compute basic earnings (loss) per common share. The two-class method is an earnings allocation method under which basic earnings (loss) per common share is calculated for each class of common stock and participating security as if all such earnings had been distributed during the period. To calculate basic earnings (loss) per share, the earnings allocated to common shares is divided by the weighted average number of common shares outstanding, contingently issuable warrants, and RSUs, RSAs, and PSUs for which no future service is required as a condition to the delivery of the underlying common stock (collectively, basic shares). Diluted earnings per share includes the determinants of basic earnings per share and, in addition, reflects the dilutive effect of the common stock deliverable for stock options, using the treasury stock method, and for RSUs, RSAs and PSUs for which future service is required as a condition to the delivery of the underlying common stock. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2021 2020 2021 2020 Net (loss) income $ (57,645) $ 6,723 $ 592 $ (25,710) Weighted average common shares outstanding - basic 49,506 30,458 45,573 30,825 Weighted average effect of dilutive securities — 177 303 — Weighted average common shares outstanding - diluted 49,506 30,635 45,876 30,825 Basic earnings (loss) per share $ (1.16) $ 0.22 $ 0.01 $ (0.83) Diluted earnings (loss) per share $ (1.16) $ 0.22 $ 0.01 $ (0.83) There were 4,953,791 and 4,922,577 share-based awards that were considered anti-dilutive for the three and nine months ended September 30, 2021, respectively. There were 88,244 share-based awards that were considered anti-dilutive for the nine months ended September 30, 2020. There were no share-based awards that were considered anti-dilutive for the three months ended September 30, 2020. On November 18, 2020, the Company issued penny warrants, performance-based warrants, and options which participate in dividends with the Company’s common stock subject to certain contingencies. In the period in which the contingencies are met, those instruments are participating securities to which income will be allocated using the two-class method. The warrants and options do not participate in net losses. The penny warrants were considered exercisable for little to no consideration and are therefore, included in basic shares outstanding at their issuance date. For the three and nine months ended September 30, 2021, the shares underlying the performance warrants were anti-dilutive as certain contingencies were not met. Refer to Note 2 “Significant Accounting Policies” for further information regarding the Sinclair Transaction. |
CORRECTION OF CURRENT PERIOD CO
CORRECTION OF CURRENT PERIOD CONSOLIDATED FINANCIAL STATEMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
CORRECTION OF CURRENT PERIOD CONSOLIDATED FINANCIAL STATEMENTS | CORRECTION OF UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS In connection with finalizing the third quarter 2022 financial reporting process, a prior period accounting error was identified in the Company’s previously reported unaudited interim condensed consolidated financial statements as of and for the three- and nine-month periods ended September 30, 2021 (the “previously reported financial statements”). Based on management’s evaluation of the error in consideration of the SEC Staff’s Accounting Bulletins Nos. 99 (“SAB 99”) and 108 (“SAB 108”) and interpretations therewith, the Company concluded the error is not material to the Company’s previously reported financial statements. However, the Company further concluded that the error could not be corrected as an out-of-period adjustment in the Company’s current period unaudited interim condensed consolidated financial statements as of and for the three- and nine-month periods ended September 30, 2022, because to do so would cause a material misstatement in those financial statements. Accordingly, the Company referred to the guidance prescribed by SAB 108 which specifies that the error must be corrected the next time the previously reported financial statements are filed. Therefore, in conjunction with the Company’s filing of this Form 10-Q/A to amend management’s assessment of the Company’s internal controls over financial reporting and disclosure controls and procedures, the Company corrected the error in the accompanying unaudited interim condensed consolidated financial statements as of and for the three- and nine-month periods ended September 30, 2021 as an immaterial revision of the previously reported financial statements and related notes thereto. The following is a description of the accounting error and its impact on the Company’s previously reported financial statements: In anticipation of the Company’s planned acquisition of Gamesys and to comply with the “certain funds” requirements under UK law, approximately $1.80 billion US dollars were converted into approximately £1.31 billion GB pound sterling (“GB sterling”) in August 2021 and held as restricted cash for use in the acquisition. The GB sterling spot rate declined as compared to the corresponding rate on the date of conversion, which resulted in a foreign exchange loss of approximately $42.9 million as of September 30, 2021. The Company recognized the loss as an unrealized loss – foreign currency translation adjustment – in the Company’s previously reported unaudited interim condensed consolidated statement of comprehensive income (loss) for the three- and nine-month periods ended September 30, 2021. However, as prescribed by ASC 830, Foreign Currency Matters, (“ASC 830”), since the Company’s functional currency is the US dollar, the $42.9 million should have been recognized as a loss on foreign currency translation in the Company’s previously reported unaudited interim condensed consolidated statement of operations for the three- and nine-month periods ended September 30, 2021. As a result, other expenses and net (loss) for the three month period ended September 30, 2021 were understated by $42.9 million and other expenses and net income for the nine month period ended September 30, 2021 was understated and overstated by $42.9 million in the Company’s previously reported unaudited interim condensed consolidated statement of operations. Similarly, foreign currency translation adjustment and total other comprehensive loss were overstated by $42.9 million, respectively, in the Company’s previously reported unaudited interim condensed consolidated statement of comprehensive loss for the three and nine month periods ended September 30, 2021 and accumulated other comprehensive loss and retained deficit were overstated and understated, respectively, by $42.9 million in the Company’s previously reported unaudited interim condensed consolidated statement of stockholders’ equity for the three- and nine-month periods ended September 30, 2021. Given the non-deductible nature of foreign currency translation gains and losses, the error had no impact on the Company’s previously reported income tax account balances. The following tables present the impact of correcting the error on the Company’s previously reported unaudited interim condensed consolidated financial statements as of and for the three- and nine-month periods ended September 30, 2021 (in thousands): Consolidated Balance Sheet as of September 30, 2021 As Previously Issued Adjustment As Revised Retained deficit $ (8,328) $ (42,898) $ (51,226) Accumulated other comprehensive (loss) income (47,334) 42,898 (4,436) Consolidated Statement of Operations for the Three Months Ended September 30, 2021 As Previously Issued Adjustment As Revised Foreign exchange loss, net (1) $ 2 $ (42,898) $ (42,896) Other, net (1) (3,084) — (3,084) Total other expense, net (47,881) (42,898) (90,779) Loss before provision for income taxes $ (20,147) $ (42,898) $ (63,045) Net loss (14,747) (42,898) (57,645) Basic loss per share (0.30) (0.86) (1.16) Diluted loss per share (0.30) (0.86) (1.16) __________________________________ (1) Foreign exchange loss, net was included in Other, net in the previously issued Form 10-Q for the period ended September 30, 2021. Consolidated Statement of Operations for the Nine Months Ended September 30, 2021 As Previously Issued Adjustment As Revised Foreign exchange loss, net (1) $ (455) $ (42,898) $ (43,353) Other, net (1) (6,450) — (6,450) Total other expense, net (77,499) (42,898) (120,397) Income (loss) before provision for income taxes $ 60,241 $ (42,898) $ 17,343 Net income (loss) 43,490 (42,898) 592 Basic income (loss) per share 0.95 (0.94) 0.01 Diluted income (loss) per share 0.95 (0.94) 0.01 __________________________________ (1) Foreign exchange loss, net was included in Other, net in the previously issued Form 10-Q for the period ended September 30, 2021. Consolidated Statement of Comprehensive (Loss) Income for the Three Months Ended September 30, 2021 As Previously Issued Adjustment As Revised Net loss $ (14,747) $ (42,898) $ (57,645) Foreign currency translation adjustment (43,679) 42,898 (781) Other comprehensive (loss) income (43,638) 42,898 (740) Consolidated Statement of Comprehensive (Loss) Income for the Nine Months Ended September 30, 2021 As Previously Issued Adjustment As Revised Net income (loss) $ 43,490 $ (42,898) $ 592 Foreign currency translation adjustment (44,312) 42,898 (1,414) Other comprehensive (loss) income (44,190) 42,898 (1,292) Consolidated Statement of Stockholders' Equity for the Three Months Ended September 30, 2021 As Previously Issued Adjustment As Revised Retained deficit $ (8,328) $ (42,898) $ (51,226) Net loss (14,747) (42,898) (57,645) Accumulated other comprehensive (loss) income (47,334) 42,898 (4,436) Other comprehensive (loss) income (43,638) 42,898 (740) Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2021 As Previously Issued Adjustment As Revised Net income (loss) $ 43,490 $ (42,898) $ 592 Foreign exchange loss, net (1) 455 42,898 43,353 Other operating activities (1) 4,260 — 4,260 __________________________________ (1) Foreign exchange loss, net was included in Other operating activities in the previously issued Form 10-Q for the period ended September 30, 2021 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Acquisitions On October 1, 2021, the Company completed its acquisition of Gamesys for approximately £1.554 billion in cash and 9,773,537 of the Company’s common shares, subject in each case to customary adjustments. The Company financed the Acquisition and refinanced its and Gamesys’ debt, utilizing, among other sources, the net proceeds from Bally’s April 2021 common stock offering, the proceeds of borrowings under new bank credit facilities, as well as the issuance of new bonds. Refer to Note 1 “General Information” for further information. On October 25, 2021, the Company acquired Degree 53 Limited (“Degree 53”), a UK-based creative agency that specializes in multi-channel website and personalized mobile app and software development for the online gambling and sports industries. Senior Notes On October 1, 2021, Bally’s assumed the issuer obligation under two series of notes issued into escrow on August 20, 2021: $750 million aggregate principal amount of 5.625% senior notes due 2029 and $750 million aggregate principal amount of 5.875% Senior Notes due 2031. Refer to Note 11 “Long-Term Debt” for further information. Credit Facility On October 1, 2021, Bally’s entered into a credit agreement providing for senior secured credit facilities consisting of a $1.945 billion senior secured first lien term loan facility and an undrawn $620 million senior secured first lien revolving credit facility. Refer to Note 11 “Long-Term Debt” for further information. Capital Return Program On October 4, 2021, the Board of Directors approved an increase in the capital return program of $350 million. Refer to Note 15 “Stockholders’ Equity” for further information. |
GENERAL INFORMATION AND SIGNI_2
GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Standards implemented In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740)–Simplifying the Accounting for Income Taxes . This amendment serves to simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740, Income Taxes. The amendment also improves the consistent application of ASC Topic 740 by clarifying and amending existing guidance. This amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2020, with early adoption permitted. The Company’s adoption of this ASU in the first quarter of 2021, did not have a material impact to its condensed consolidated financial statements. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash The Company considers all cash balances and highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost. Property and equipment obtained in connection with acquisitions is valued at its estimated fair value as of the date of acquisition. Additions subsequent to the acquisition date are recorded at cost. Property and equipment are depreciated over the estimated useful lives of the assets using the straight-line method. Expenditures for renewals and betterments that extend the life or value of an asset are capitalized and expenditures for repairs and maintenance are charged to expense as incurred. The costs and related accumulated depreciation applicable to assets sold or disposed are removed from the balance sheet accounts and the resulting gains or losses are reflected in the condensed consolidated statements of operations. |
Long-Lived Assets | Long-lived Assets The Company reviews its long-lived assets, other than goodwill and intangible assets not subject to amortization, for indicators of impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If an asset is still under development, the analysis includes the remaining construction costs. Cash flows expected to be generated by the related assets are estimated over the assets’ useful lives based on updated projections. If the evaluation indicates that the carrying amount of an asset may not be recoverable, the potential impairment is measured based on a fair value discounted cash flow model. In connection with its rebranding initiatives, as decisions are made, it is possible that the Company could be required to record impairment charges which could be material. During the second quarter of 2021, the Company recorded an impairment charge on certain of its intangible assets as a result of the Company’s rebranding. Refer to Note 6 “Goodwill and Intangible Assets” for further information. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Restricted Cash | The following table reconciles cash and restricted cash in the condensed consolidated balance sheets to the total shown on the condensed consolidated statements of cash flows. September 30, December 31, (in thousands) 2021 2020 Cash and cash equivalents $ 164,259 $ 123,445 Restricted cash 1,844,758 3,110 Total cash and cash equivalents and restricted cash $ 2,009,017 $ 126,555 |
Schedule of Cash and Restricted Cash | The following table reconciles cash and restricted cash in the condensed consolidated balance sheets to the total shown on the condensed consolidated statements of cash flows. September 30, December 31, (in thousands) 2021 2020 Cash and cash equivalents $ 164,259 $ 123,445 Restricted cash 1,844,758 3,110 Total cash and cash equivalents and restricted cash $ 2,009,017 $ 126,555 |
Schedule of Accounts Receivable | Accounts Receivable, Net Accounts receivable, net consists of the following: September 30, December 31, (in thousands) 2021 2020 Amounts due from Rhode Island and Delaware (1) $ 8,674 $ 3,880 Gaming receivables 11,195 7,893 Non-gaming receivables 23,483 6,092 Accounts receivable 43,352 17,865 Less: Allowance for doubtful accounts (3,582) (3,067) Accounts receivable, net $ 39,770 $ 14,798 __________________________________ (1) Represents the Company’s share of VLT and table games revenue for Bally’s Twin River and Bally’s Tiverton due from the State of Rhode Island and from the State of Delaware for Dover Downs. |
Property, Plant and Equipment | As of September 30, 2021 and December 31, 2020, property and equipment was comprised of the following: (in thousands) Estimated September 30, 2021 December 31, 2020 Land $ 75,328 $ 78,506 Land improvements 3-20 34,054 29,965 Building and improvements 5-40 633,086 635,145 Equipment 1-10 169,483 125,667 Furniture and fixtures 3-10 41,030 30,277 Construction in process 22,574 8,799 Total property, plant and equipment 975,555 908,359 Less: Accumulated depreciation (194,899) (159,330) Property and equipment, net $ 780,656 $ 749,029 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Net Revenue | The estimated retail value related to goods and services provided to guests without charge or upon redemption under the Company’s player loyalty programs included in departmental revenues, and therefore reducing gaming revenues, are as follows for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Hotel $ 18,410 $ 3,962 $ 37,813 $ 9,710 Food and beverage 18,505 4,082 44,334 12,989 Other 2,513 464 4,923 2,270 $ 39,428 $ 8,508 $ 87,070 $ 24,969 (in thousands) East West Other Total Three Months Ended September 30, 2021 Gaming $ 131,338 $ 95,674 $ 582 $ 227,594 Racing 306 — 1,716 2,022 Hotel 17,883 15,020 — 32,903 Food and beverage 18,324 11,166 14 29,504 Other 9,124 2,743 10,889 22,756 Total revenue $ 176,975 $ 124,603 $ 13,201 $ 314,779 Three Months Ended September 30, 2020 Gaming $ 50,250 $ 46,338 $ — $ 96,588 Racing 68 — 1,616 1,684 Hotel 2,398 4,476 — 6,874 Food and beverage 3,230 3,659 — 6,889 Other 3,119 1,427 43 4,589 Total revenue $ 59,065 $ 55,900 $ 1,659 $ 116,624 Nine Months Ended September 30, 2021 Gaming $ 308,490 $ 275,928 $ 1,373 $ 585,791 Racing 1,696 — 4,897 6,593 Hotel 35,813 32,464 — 68,277 Food and beverage 41,394 26,952 40 68,386 Other 21,065 7,846 16,820 45,731 Total revenue $ 408,458 $ 343,190 $ 23,130 $ 774,778 Nine Months Ended September 30, 2020 Gaming $ 114,779 $ 81,412 $ — $ 196,191 Racing 1,115 — 3,702 4,817 Hotel 6,462 10,173 — 16,635 Food and beverage 14,525 9,350 — 23,875 Other 9,967 3,104 107 13,178 Total revenue $ 146,848 $ 104,039 $ 3,809 $ 254,696 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid and the fair values of the assets acquired and liabilities assumed as of July 1, 2020 in connection with the acquisitions: As of July 1, 2020 (in thousands) Preliminary as of December 31, 2020 Year to Date Adjustments Final as of September 30, 2021 Cash and cash equivalents $ 4,362 $ — $ 4,362 Accounts receivable, net 582 — 582 Inventory 164 — 164 Prepaid expenses and other current assets 686 (256) 430 Property and equipment, net 60,865 — 60,865 Right of use asset 10,315 — 10,315 Intangible assets, net 138,160 — 138,160 Other assets 117 — 117 Goodwill 53,896 380 54,276 Accounts payable (614) — (614) Accrued liabilities (3,912) (236) (4,148) Lease liability (34,452) — (34,452) Other long-term liabilities (306) 112 (194) Total purchase price $ 229,863 $ — $ 229,863 The following table summarizes the consideration paid and the preliminary fair values of the assets acquired and liabilities assumed in connection with the acquisition of Bally’s Atlantic City on November 18, 2020. There were no purchase accounting adjustments recorded during the nine months ended September 30, 2021. (in thousands) Preliminary as of September 30, 2021 Cash and cash equivalents $ 8,651 Accounts receivable, net 1,122 Inventory 721 Prepaid expenses and other current assets 1,402 Property and equipment, net 40,898 Intangible assets, net 1,120 Accounts payable (3,131) Accrued liabilities (7,983) Deferred income tax liabilities (11,132) Net assets acquired 31,668 Bargain purchase gain (32,595) Total purchase price $ (927) The following table summarizes the consideration paid and the preliminary fair values of the assets acquired and liabilities assumed in connection with the acquisition of Bally’s Shreveport on December 23, 2020. There were no purchase accounting adjustments recorded during the nine months ended September 30, 2021. (in thousands) Preliminary as of September 30, 2021 Cash and cash equivalents $ 4,980 Accounts receivable, net 1,936 Inventory 495 Prepaid expenses and other current assets 245 Property and equipment, net 125,822 Right of use assets 9,260 Intangible assets, net 58,140 Other assets 403 Accounts payable and Accrued liabilities (6,138) Lease liability (14,540) Deferred tax liability (11,457) Other long-term liabilities (680) Net assets acquired 168,466 Bargain purchase gain (31,276) Total purchase price $ 137,190 The following table summarizes the consideration paid and the preliminary fair values of the assets acquired and liabilities assumed in connection with the acquisition of Bally’s Lake Tahoe on April 6, 2021: As of April 6, 2021 (in thousands) Preliminary as of June 30, 2021 Year to Date Adjustments Preliminary as of September 30, 2021 Total current assets $ 5,089 $ — $ 5,089 Property and equipment, net 6,361 — 6,361 Right of use assets, net 57,017 — 57,017 Intangible assets, net 5,430 — 5,430 Accounts payable and Accrued liabilities (3,095) (307) (3,402) Lease liability (52,927) — (52,927) Other long-term liabilities (1,127) — (1,127) Net assets acquired 16,748 (307) 16,441 Bargain purchase gain (2,576) 307 (2,269) Total purchase price $ 14,172 $ — $ 14,172 The following table summarizes the consideration paid and the preliminary fair values of the assets acquired and liabilities assumed in connection with the acquisition of Bally’s Evansville on June 3, 2021: As of June 3, 2021 (in thousands) Preliminary as of June 30, 2021 Year to Date Adjustments Preliminary as of September 30, 2021 Cash and cash equivalents $ 9,355 $ — $ 9,355 Accounts receivable, net 1,492 (18) 1,474 Inventory and Prepaid expenses and other current assets 1,212 (10) 1,202 Property and equipment, net 12,325 — 12,325 Right of use assets, net 285,772 — 285,772 Intangible assets, net 154,210 — 154,210 Other assets 468 — 468 Accounts payable and Accrued liabilities (10,568) (70) (10,638) Lease liability (285,772) — (285,772) Deferred tax liability (7,469) — (7,469) Other long-term liabilities (310) — (310) Net assets acquired 160,715 (98) 160,617 Bargain purchase gain (21,537) 628 (20,909) Total purchase price $ 139,178 $ 530 $ 139,708 The following table summarizes the consideration paid and the preliminary fair values of the assets acquired and liabilities assumed in connection with the Bally’s Quad Cities acquisition on June 14, 2021: As of June 14, 2021 (in thousands) Preliminary as of June 30, 2021 Year to Date Adjustments Preliminary as of September 30, 2021 Cash and cash equivalents $ 3,241 $ (308) $ 2,933 Accounts receivable, net 2,855 131 2,986 Inventory and Prepaid expenses and other current assets 844 (46) 798 Property and equipment, net 73,135 — 73,135 Intangible assets, net 31,180 — 31,180 Goodwill 14,191 402 14,593 Total current liabilities (6,244) (453) (6,697) Total purchase price $ 119,202 $ (274) $ 118,928 The following table summarizes the consideration paid and the preliminary fair values of the assets acquired and liabilities assumed in connection with the Bally Interactive Acquisitions: (in thousands) Preliminary as of September 30, 2021 Cash and cash equivalents $ 7,435 Accounts receivable, net 4,061 Prepaid expenses and other current assets 2,143 Property and equipment, net 518 Intangible assets, net 167,075 Goodwill 243,138 Total current liabilities (13,770) Deferred tax liability (15,805) Acquired non-controlling interest (3,760) Net investment in the Bally Interactive Acquisitions $ 391,035 |
Business Acquisition, Pro Forma Information | The following table represents unaudited supplemental pro forma consolidated revenue and net (loss) income based on Bally’s Lake Tahoe and Bally’s Evansville’s historical reporting periods as if the acquisitions had occurred as of January 1, 2020. The revenue, earnings and proforma effects of other acquisitions completed during the nine months ended September 30, 2021, which include Bally’s Quad Cities and the Bally Interactive Acquisitions, are not material to results of operations, individually or in the aggregate: Three Months Ended Nine Months Ended (in thousands, except per share data) September 30, 2020 September 30, 2021 September 30, 2020 Revenue $ 159,708 $ 844,356 $ 349,100 Net income (loss) $ 11,111 $ (3,145) $ (46,140) Net income (loss) per share, basic $ 0.36 $ (0.07) $ (1.50) Net income (loss) per share, diluted $ 0.36 $ (0.07) $ (1.50) |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The change in carrying value of goodwill by reportable segment for the nine months ended September 30, 2021 and 2020 is as follows (in thousands): East West Other Total Goodwill as of December 31, 2020 $ 84,148 $ 102,831 $ — $ 186,979 Goodwill from current year business acquisitions — 14,593 243,138 257,731 Effect of foreign exchange — — (182) (182) Purchase accounting adjustments on prior year business acquisitions — 380 — 380 Goodwill as of September 30, 2021 $ 84,148 $ 117,804 $ 242,956 $ 444,908 East West Total Goodwill as of December 31, 2019 $ 84,148 $ 48,934 $ 133,082 Goodwill from current year business acquisitions — 58,743 58,743 Impairment charges — (5,254) (5,254) Goodwill as of September 30, 2020 $ 84,148 $ 102,423 $ 186,571 |
Schedule of Finite-Lived Intangible Assets | The change in intangible assets, net for the nine months ended September 30, 2021 is as follows (in thousands): Intangible assets, net as of December 31, 2020 $ 663,395 Intangible assets from current year business combinations 357,895 Change in TRA 2,689 Effect of foreign exchange (1,172) Impairment charges (4,675) Other 8,677 Less: Accumulated amortization (30,123) Intangible assets, net as of September 30, 2021 $ 996,686 The Company’s identifiable intangible assets consist of the following: Weighted September 30, 2021 (in thousands, except years) Gross Carrying Amount Accumulated Net Amortizable intangible assets: Naming rights - Sinclair (1) 9.5 $ 340,930 $ (17,202) $ 323,728 Trade names 28.0 20,439 (16,787) 3,652 Hard Rock license 25.8 8,000 (1,758) 6,242 Customer relationships 6.1 54,909 (9,876) 45,033 Developed technology 8.7 121,697 (6,273) 115,424 Other 3.4 7,522 (1,318) 6,204 Total amortizable intangible assets 553,497 (53,214) 500,283 Intangible assets not subject to amortization: Gaming licenses Indefinite 476,209 — 476,209 Bally’s trade name Indefinite 18,981 — 18,981 Novelty game licenses Indefinite 1,213 — 1,213 Total unamortizable intangible assets 496,403 — 496,403 Total intangible assets, net $ 1,049,900 $ (53,214) $ 996,686 (1) Naming rights intangible asset in connection with Sinclair Agreement. Refer to Note 2 “Significant Accounting Policies” for further information. Amortization began on April 1, 2021, the commencement date of the re-branded Sinclair regional sports networks. There was no amortization expense for the year ended December 31, 2020. Weighted December 31, 2020 (in thousands, except years) Gross Carrying Amount Accumulated Net Amortizable intangible assets: Naming rights - Sinclair (2) 10.0 $ 338,241 $ — $ 338,241 Trade names 8.6 21,600 (16,475) 5,125 Hard Rock license 26.5 8,000 (1,576) 6,424 Player relationships 5.8 10,515 (5,483) 5,032 Other 3.7 1,950 (750) 1,200 Total amortizable intangible assets 380,306 (24,284) 356,022 Intangible assets not subject to amortization: Gaming licenses Indefinite 287,108 — 287,108 Bally’s trade name Indefinite 19,052 — 19,052 Novelty game licenses Indefinite 1,213 — 1,213 Total unamortizable intangible assets 307,373 — 307,373 Total intangible assets, net $ 687,679 $ (24,284) $ 663,395 (2) See note (1) above. |
Schedule of Indefinite-Lived Intangible Assets | The Company’s identifiable intangible assets consist of the following: Weighted September 30, 2021 (in thousands, except years) Gross Carrying Amount Accumulated Net Amortizable intangible assets: Naming rights - Sinclair (1) 9.5 $ 340,930 $ (17,202) $ 323,728 Trade names 28.0 20,439 (16,787) 3,652 Hard Rock license 25.8 8,000 (1,758) 6,242 Customer relationships 6.1 54,909 (9,876) 45,033 Developed technology 8.7 121,697 (6,273) 115,424 Other 3.4 7,522 (1,318) 6,204 Total amortizable intangible assets 553,497 (53,214) 500,283 Intangible assets not subject to amortization: Gaming licenses Indefinite 476,209 — 476,209 Bally’s trade name Indefinite 18,981 — 18,981 Novelty game licenses Indefinite 1,213 — 1,213 Total unamortizable intangible assets 496,403 — 496,403 Total intangible assets, net $ 1,049,900 $ (53,214) $ 996,686 (1) Naming rights intangible asset in connection with Sinclair Agreement. Refer to Note 2 “Significant Accounting Policies” for further information. Amortization began on April 1, 2021, the commencement date of the re-branded Sinclair regional sports networks. There was no amortization expense for the year ended December 31, 2020. Weighted December 31, 2020 (in thousands, except years) Gross Carrying Amount Accumulated Net Amortizable intangible assets: Naming rights - Sinclair (2) 10.0 $ 338,241 $ — $ 338,241 Trade names 8.6 21,600 (16,475) 5,125 Hard Rock license 26.5 8,000 (1,576) 6,424 Player relationships 5.8 10,515 (5,483) 5,032 Other 3.7 1,950 (750) 1,200 Total amortizable intangible assets 380,306 (24,284) 356,022 Intangible assets not subject to amortization: Gaming licenses Indefinite 287,108 — 287,108 Bally’s trade name Indefinite 19,052 — 19,052 Novelty game licenses Indefinite 1,213 — 1,213 Total unamortizable intangible assets 307,373 — 307,373 Total intangible assets, net $ 687,679 $ (24,284) $ 663,395 (2) See note (1) above. |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives Not Designated as Hedging Instruments - Table | The fair values of derivative assets and liabilities not designated as hedging instruments as of September 30, 2021 and December 31, 2020 are as follows: (in thousands) Balance Sheet Location September 30, December 31, Assets: Foreign exchange forward contracts Prepaid expenses and other current assets $ 106 $ — Total Assets $ 106 $ — Liabilities: Sinclair Performance Warrants Naming rights liabilities $ 87,964 $ 88,119 Sinclair Options Naming rights liabilities — 58,198 Total Liabilities $ 87,964 $ 146,317 |
Derivative Instruments, Gain (Loss) | The gains (losses) recognized in the condensed consolidated statement of operations for derivatives not designated as hedging instruments during the three and nine months ended September 30, 2021 are as follows: Condensed Consolidated Statements of Operations Location September 30, 2021 (in thousands) Three months ended Nine months ended Foreign exchange forward contracts Other, net $ (6,003) $ (20,776) Sinclair Performance Warrants Change in value of naming rights liabilities 6,965 155 Sinclair Options Change in value of naming rights liabilities — (1,526) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: September 30, 2021 (in thousands) Level 1 Level 2 Level 3 Assets: Foreign exchange forward contracts $ — $ 106 $ — Other current assets 336 — — Total $ 336 $ 106 $ — Liabilities: Sinclair Performance Warrants $ — $ — $ 87,964 Contingent consideration — — 43,691 Total $ — $ — $ 131,655 December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Liabilities: Sinclair Performance Warrants $ — $ — $ 88,119 Sinclair Options — 58,198 — Total $ — $ 58,198 $ 88,119 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | A summary of the Level 3 activity is as follows: ( in thousands) Performance Warrants Contingent Consideration Total Beginning as of December 31, 2020 $ 88,119 $ — $ 88,119 Additions in the period (acquisition fair value) — 58,623 58,623 Change in fair value (155) (14,932) (15,087) Ending as of September 30, 2021 $ 87,964 $ 43,691 $ 131,655 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | As of September 30, 2021 and December 31, 2020, accrued liabilities consisted of the following: (in thousands) September 30, December 31, Gaming liabilities $ 41,506 $ 33,795 Compensation 31,673 21,708 Acquisition related liabilities and transaction services (1) 18,459 7,174 Property taxes 11,335 3,486 Bally’s trade name accrual, current portion 9,943 9,475 Insurance reserves 10,171 7,188 Purses due to horsemen 9,803 5,726 Legal 4,745 1,761 Interest payable 17,112 3,076 Other 52,536 26,666 Total accrued liabilities $ 207,283 $ 120,055 __________________________________ (1) Includes the deferred purchase price payable for Bally’s Lake Tahoe of $14.2 million |
ACQUISITION, INTEGRATION AND _2
ACQUISITION, INTEGRATION AND RESTRUCTURING (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | The following table reflects acquisition, integration and restructuring expenses the Company recorded during the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Acquisition and integration costs: Gamesys $ 3,749 $ — $ 17,320 $ — Bally’s Evansville 329 — 6,421 — Bally Interactive acquisitions (1) 842 — 4,833 — Bally’s Quad Cities 162 658 1,790 658 Richmond, Virginia (2) 13 — 1,890 — Bally’s Atlantic City 2 683 1,144 2,203 Bally’s Shreveport 37 727 964 1,758 Bally’s Lake Tahoe 82 — 947 — Bally’s Kansas City and Bally’s Vicksburg — 497 107 1,359 Other (3) 1,581 175 2,041 986 Total 6,797 2,740 37,457 6,964 Restructuring expense — — — 20 Total acquisition, integration and restructuring $ 6,797 $ 2,740 $ 37,457 $ 6,984 (1) Costs associated with the acquisition of SportCaller, MKF, AVP and Telescope, which are included within the Bally Interactive division. (2) Costs associated with a proposal to develop a casino in the City of Richmond, Virginia, which the Company is no longer pursuing. (3) Includes costs in connection with the development of a casino in Centre County, Pennsylvania in addition to the acquisitions of Tropicana Las Vegas, Bally’s Black Hawk, Dover Downs and other pending and closed acquisitions. |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | As of September 30, 2021 and December 31, 2020, long-term debt consisted of the following: (in thousands) September 30, December 31, Term Loan principal $ 564,813 $ 569,125 Revolving Credit Facility 225,000 35,000 6.75% Senior Notes due 2027 315,000 525,000 5.625% Senior notes due 2029 750,000 — 5.875% Senior notes due 2031 750,000 — Less: Unamortized original issue discount (22,467) (11,771) Less: Unamortized deferred financing fees (20,175) (17,499) Long-term debt, including current maturities 2,562,171 1,099,855 Less: Current portion of Term Loan and Revolving Credit Facility (5,750) (5,750) Long-term debt, net $ 2,556,421 $ 1,094,105 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of Quantitative Information of Operating Leases | The following summarizes quantitative information about the Company’s operating leases: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Operating leases: Operating lease costs $ 13,214 $ 1,083 $ 20,909 $ 2,183 Variable lease costs 706 13 1,624 37 Operating lease expense 13,920 1,096 22,533 2,220 Short-term lease expense 5,084 526 7,907 1,381 Total lease expense $ 19,004 $ 1,622 $ 30,440 $ 3,601 Supplemental cash flow and other information for the three and nine months ended September 30, 2021 and 2020, related to operating leases was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Cash paid for amounts included in the lease liability - operating cash flows from operating leases $ 12,249 $ 543 $ 18,386 $ 1,642 Right of use assets obtained in exchange for operating lease liabilities $ 1,106 $ — $ 127,729 $ 116 |
Supplemental Balance Sheet Information | September 30, 2021 December 31, 2020 Weighted average remaining lease term 15.9 years 24.3 years Weighted average discount rate 6.2 % 7.3 % |
Schedule of Future Minimum Rental Commitments | As of September 30, 2021, future minimum rental commitments under noncancelable operating leases are as follows: (in thousands) September 30, 2021 Remaining 2021 $ 14,934 2022 52,256 2023 52,292 2024 52,304 2025 52,092 Thereafter 611,680 Total 835,558 Less: present value discount (310,106) Operating lease liabilities $ 525,452 |
BENEFIT PLANS (Tables)
BENEFIT PLANS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The net periodic benefit (income) cost and other changes in plan assets and benefit obligations, excluding service cost, is set forth in the table below for the three and nine months ended September 30, 2021 and 2020. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Service cost $ — $ — $ — $ — Interest cost 224 223 672 669 Expected return on plan assets (357) (357) (1,071) (1,071) Net periodic benefit income $ (133) $ (134) $ (399) $ (402) |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Share Repurchase Activity | Total share repurchase activity, including a private repurchase transaction, during the nine months ended September 30, 2020 was as follows: (in thousands, except share data) Nine Months Ended September 30, 2020 Number of common shares repurchased 1,812,393 Total cost $ 33,292 Average cost per share, including commissions $ 18.37 __________________________________ |
Schedule of Outstanding Warrants, Options, and Contingent Shares | The Company issued warrants, options and other contingent consideration in acquisitions and strategic partnerships that are expected to result in the issuance of common shares in future periods resulting from the exercise of warrants and options or the achievement of certain performance targets. These incremental shares and the shares issued by the consummation of the Gamesys acquisition on October 1, 2021 are summarized below: Sinclair Penny Warrants (Note 2) 7,911,724 Sinclair Performance Warrants (Note 2) 3,279,337 Sinclair Options (1) (Note 2) 1,639,669 Monkey Knife Fight penny warrants (Note 5) 24,611 Monkey Knife Fight contingent shares (Note 5) 787,557 Telescope contingent shares (Note 5) 75,678 SportCaller contingent shares (2) (Note 5) 230,830 Gamesys acquisition (Note 1) 9,773,537 Outstanding awards under Equity Incentive Plans (Note 13) 895,988 24,618,931 __________________________________ (1) Consists of four equal tranches to purchase shares with exercise prices ranging from $30.00 to $45.00 per share, exercisable over a seven-year period beginning on the fourth anniversary of the November 18, 2020 closing of the Sinclair Agreement. (2) The contingent consideration related to the SportCaller acquisition is 10M EUR, payable in shares subject to certain post-acquisition earnout targets and based on share price at time of payment. For purposes of this estimate, the Company used the EUR>USD conversion rate of 1.1574 as of September 30, 2021 and the closing share price of Company common shares of $50.14 per share to calculate the shares expected to be issued if all earn-out targets are met. |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE LOSS The following table reflects the changes in accumulated other comprehensive loss by component, net of tax, for the nine months ended September 30, 2021. There was no change in accumulated other comprehensive loss for the nine months ended September 30, 2020. (in thousands) Foreign Currency Translation Adjustment Benefit Plans Total Accumulated other comprehensive loss at December 31, 2020 $ — $ (3,144) $ (3,144) Current period other comprehensive loss (1,414) — (1,414) Reclassification adjustment to net earnings (1) — 122 122 Accumulated other comprehensive loss at September 30, 2021 $ (1,414) $ (3,022) $ (4,436) __________________________________ |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segment Information | The following table shows revenues, income (loss), and identifiable assets for each of the Company’s reportable segments. The Other category is included in the following tables in order to reconcile the segment information to the Company’s condensed consolidated financial statements. The prior year results presented below were reclassified to conform to the new segment presentation. (in thousands) East West Other Total Three Months Ended September 30, 2021 Total revenue $ 176,975 $ 124,603 $ 13,201 $ 314,779 Income (loss) from operations 34,469 31,217 (37,952) 27,734 Net income (loss) 25,386 24,001 (107,032) (57,645) Depreciation and amortization 5,763 8,279 14,958 29,000 Interest expense, net of amounts capitalized 15 — 31,838 31,853 Change in value of naming rights liabilities — — 6,965 6,965 Gain (adjustment) on bargain purchases — — (1,039) (1,039) Capital expenditures 13,630 11,050 6,693 31,373 Goodwill 84,148 117,804 242,956 444,908 Total assets 1,282,971 1,090,759 2,595,973 4,969,703 Three Months Ended September 30, 2020 Total revenue $ 59,065 $ 55,900 $ 1,659 $ 116,624 Income (loss) from operations 14,578 14,524 (5,719) 23,383 Net income (loss) 10,702 11,381 (15,360) 6,723 Depreciation and amortization 5,571 4,279 82 9,932 Interest expense, net of amounts capitalized 30 — 16,920 16,950 Capital expenditures 914 2,104 100 3,118 Goodwill 84,148 102,423 — 186,571 Total assets 627,654 593,038 36,189 1,256,881 Nine Months Ended September 30, 2021 Total revenue $ 408,458 $ 343,190 $ 23,130 $ 774,778 Income (loss) from operations 124,825 100,693 (87,778) 137,740 Net income (loss) 90,353 77,397 (167,158) 592 Depreciation and amortization 17,275 21,695 28,533 67,503 Interest expense, net of amounts capitalized 49 — 74,431 74,480 Gain on sale-leaseback (53,425) — — (53,425) Change in value of naming rights liabilities — — (1,371) (1,371) Gain on bargain purchases — — 23,075 23,075 Capital expenditures 25,436 33,773 7,949 67,158 Goodwill 84,148 117,804 242,956 444,908 Total assets 1,282,971 1,090,759 2,595,973 4,969,703 Nine Months Ended September 30, 2020 Total revenue $ 146,848 $ 104,039 $ 3,809 $ 254,696 Income (loss) from operations 9,096 8,295 (18,140) (749) Net income (loss) 6,602 7,710 (40,022) (25,710) Depreciation and amortization 18,022 9,804 228 28,054 Interest expense, net of amounts capitalized 107 — 43,581 43,688 Capital expenditures 4,299 3,524 743 8,566 Goodwill 84,148 102,423 — 186,571 Total assets 627,654 593,038 36,189 1,256,881 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computations of Basic and Diluted EPS | Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share data) 2021 2020 2021 2020 Net (loss) income $ (57,645) $ 6,723 $ 592 $ (25,710) Weighted average common shares outstanding - basic 49,506 30,458 45,573 30,825 Weighted average effect of dilutive securities — 177 303 — Weighted average common shares outstanding - diluted 49,506 30,635 45,876 30,825 Basic earnings (loss) per share $ (1.16) $ 0.22 $ 0.01 $ (0.83) Diluted earnings (loss) per share $ (1.16) $ 0.22 $ 0.01 $ (0.83) |
CORRECTION OF CURRENT PERIOD _2
CORRECTION OF CURRENT PERIOD CONSOLIDATED FINANCIAL STATEMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | The following tables present the impact of correcting the error on the Company’s previously reported unaudited interim condensed consolidated financial statements as of and for the three- and nine-month periods ended September 30, 2021 (in thousands): Consolidated Balance Sheet as of September 30, 2021 As Previously Issued Adjustment As Revised Retained deficit $ (8,328) $ (42,898) $ (51,226) Accumulated other comprehensive (loss) income (47,334) 42,898 (4,436) Consolidated Statement of Operations for the Three Months Ended September 30, 2021 As Previously Issued Adjustment As Revised Foreign exchange loss, net (1) $ 2 $ (42,898) $ (42,896) Other, net (1) (3,084) — (3,084) Total other expense, net (47,881) (42,898) (90,779) Loss before provision for income taxes $ (20,147) $ (42,898) $ (63,045) Net loss (14,747) (42,898) (57,645) Basic loss per share (0.30) (0.86) (1.16) Diluted loss per share (0.30) (0.86) (1.16) __________________________________ (1) Foreign exchange loss, net was included in Other, net in the previously issued Form 10-Q for the period ended September 30, 2021. Consolidated Statement of Operations for the Nine Months Ended September 30, 2021 As Previously Issued Adjustment As Revised Foreign exchange loss, net (1) $ (455) $ (42,898) $ (43,353) Other, net (1) (6,450) — (6,450) Total other expense, net (77,499) (42,898) (120,397) Income (loss) before provision for income taxes $ 60,241 $ (42,898) $ 17,343 Net income (loss) 43,490 (42,898) 592 Basic income (loss) per share 0.95 (0.94) 0.01 Diluted income (loss) per share 0.95 (0.94) 0.01 __________________________________ (1) Foreign exchange loss, net was included in Other, net in the previously issued Form 10-Q for the period ended September 30, 2021. Consolidated Statement of Comprehensive (Loss) Income for the Three Months Ended September 30, 2021 As Previously Issued Adjustment As Revised Net loss $ (14,747) $ (42,898) $ (57,645) Foreign currency translation adjustment (43,679) 42,898 (781) Other comprehensive (loss) income (43,638) 42,898 (740) Consolidated Statement of Comprehensive (Loss) Income for the Nine Months Ended September 30, 2021 As Previously Issued Adjustment As Revised Net income (loss) $ 43,490 $ (42,898) $ 592 Foreign currency translation adjustment (44,312) 42,898 (1,414) Other comprehensive (loss) income (44,190) 42,898 (1,292) Consolidated Statement of Stockholders' Equity for the Three Months Ended September 30, 2021 As Previously Issued Adjustment As Revised Retained deficit $ (8,328) $ (42,898) $ (51,226) Net loss (14,747) (42,898) (57,645) Accumulated other comprehensive (loss) income (47,334) 42,898 (4,436) Other comprehensive (loss) income (43,638) 42,898 (740) Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2021 As Previously Issued Adjustment As Revised Net income (loss) $ 43,490 $ (42,898) $ 592 Foreign exchange loss, net (1) 455 42,898 43,353 Other operating activities (1) 4,260 — 4,260 __________________________________ (1) Foreign exchange loss, net was included in Other operating activities in the previously issued Form 10-Q for the period ended September 30, 2021 |
GENERAL INFORMATION AND SIGNI_3
GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - Gamesys - Subsequent Event $ / shares in Units, £ in Millions, $ in Millions | Oct. 01, 2021 GBP (£) shares | Oct. 01, 2021 USD ($) $ / shares shares |
Class of Stock [Line Items] | ||
Number of shares acquired (in shares) | shares | 9,773,537 | 9,773,537 |
Consideration paid in cash | £ 1,554 | $ 2,100 |
Share price (in dollars or pence per share) | $ / shares | $ 53.08 | |
Foreign exchange rate | 1.354 | |
Total consideration paid | $ 2,620 | |
Amount of consideration paid in shares | $ 518.8 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Jun. 01, 2021 USD ($) | Jan. 27, 2021 USD ($) | Jan. 27, 2021 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 USD ($) | Apr. 20, 2021 $ / shares shares | Dec. 31, 2020 USD ($) | Nov. 18, 2020 USD ($) $ / shares shares | |
Property, Plant and Equipment [Line Items] | ||||||||||
Restricted cash | $ 1,844,758,000 | $ 1,844,758,000 | $ 3,110,000 | |||||||
Senior note proceeds, net of fees | 1,487,003,000 | $ 0 | ||||||||
Issuance of common stock, net | 667,872,000 | 0 | ||||||||
Depreciation expense | 13,500,000 | $ 8,900,000 | 37,400,000 | 23,900,000 | ||||||
Gain from insurance recoveries, net of losses | (7,942,000) | $ (10,000) | (19,197,000) | $ (1,036,000) | ||||||
Amortization of intangible assets | 30,123,000 | |||||||||
Naming rights liability | 190,270,000 | 190,270,000 | 243,965,000 | |||||||
Number of common shares called by warrant (in shares) | shares | 909,090 | |||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 55 | |||||||||
Percent of warrants and options subject to approval | 0.199 | |||||||||
Equity, increase in fair value | $ 1,500,000 | |||||||||
Capital Projects | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Construction in Progress, Gross | 10,500,000 | 10,500,000 | ||||||||
Software Development | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Construction in Progress, Gross | 5,300,000 | 5,300,000 | ||||||||
Penny Warrant | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of common shares called by warrant (in shares) | shares | 4,915,726 | |||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 0.01 | |||||||||
Fair value of underlying shares | $ 150,400,000 | |||||||||
Performance Warrant | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 0.01 | |||||||||
Fair value | 88,000,000 | 88,000,000 | 88,100,000 | |||||||
Performance Warrant | Maximum | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of common shares called by warrant (in shares) | shares | 3,279,337 | |||||||||
Option on Securities | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of common shares called by warrant (in shares) | shares | 1,639,669 | |||||||||
Fair value | 58,200,000 | |||||||||
Option on Securities | Maximum | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 45 | |||||||||
Option on Securities | Minimum | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 30 | |||||||||
Penny Warrant and Options | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Equity fair value adjustment | $ 59,700,000 | |||||||||
Naming Rights | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Amortization of intangible assets | (8,600,000) | (17,200,000) | ||||||||
Sinclair Agreement | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Naming rights, total fees | $ 88,000,000 | |||||||||
Naming rights liability | 58,300,000 | 58,300,000 | 56,600,000 | |||||||
Accretion expense | 1,100,000 | 3,200,000 | ||||||||
Tax benefit shared, in percent | 0.60 | |||||||||
Estimate in tax receivable agreement liability | 45,700,000 | 45,700,000 | 43,000,000 | |||||||
Increase of liability | 2,700,000 | 2,700,000 | ||||||||
Sinclair Agreement | Accrued Liabilities | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Short-term portion of liability | 2,000,000 | 2,000,000 | 2,000,000 | |||||||
Sinclair Agreement | Naming Rights Liability | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Long-term portion of liability | 56,300,000 | 56,300,000 | 54,600,000 | |||||||
Sinclair Agreement | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Initial term | 10 years | |||||||||
Naming rights, intangible assets | $ 323,700,000 | $ 323,700,000 | $ 338,200,000 |
Significant Accounting Polici_5
Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 164,259 | $ 123,445 | ||
Restricted cash | 1,844,758 | 3,110 | ||
Total cash and cash equivalents and restricted cash | $ 2,009,017 | $ 126,555 | $ 116,854 | $ 185,502 |
Significant Accounting Polici_6
Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 43,352 | $ 17,865 |
Less: Allowance for doubtful accounts | (3,582) | (3,067) |
Accounts receivable, net | 39,770 | 14,798 |
Rhode Island and Delaware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 8,674 | 3,880 |
Gaming receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 11,195 | 7,893 |
Non-gaming receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 23,483 | $ 6,092 |
Significant Accounting Polici_7
Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 975,555 | $ 908,359 |
Less: Accumulated depreciation | (194,899) | (159,330) |
Property and equipment, net | 780,656 | 749,029 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 75,328 | 78,506 |
Land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 34,054 | 29,965 |
Land improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 3 years | |
Land improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 20 years | |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 633,086 | 635,145 |
Building and improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 5 years | |
Building and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 40 years | |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 169,483 | 125,667 |
Equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 1 year | |
Equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 10 years | |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 41,030 | 30,277 |
Furniture and fixtures | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 3 years | |
Furniture and fixtures | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (in years) | 10 years | |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 22,574 | $ 8,799 |
RECENTLY ADOPTED AND ISSUED A_2
RECENTLY ADOPTED AND ISSUED ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (1,317,451) | $ (326,598) |
REVENUE RECOGNITION - Additiona
REVENUE RECOGNITION - Additional Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 USD ($) terminal | Sep. 30, 2020 USD ($) | Sep. 30, 2021 USD ($) terminal | Sep. 30, 2020 USD ($) | Dec. 31, 2020 USD ($) | |
Disaggregation of Revenue [Line Items] | |||||
Contracts with customers receivables | $ 27 | $ 27 | $ 12 | ||
Loyalty Programs | |||||
Disaggregation of Revenue [Line Items] | |||||
Contract liabilities | 17.7 | 17.7 | 15.5 | ||
Contract liabilities, revenue recognized | 5.8 | $ 1.4 | 18 | $ 3.7 | |
Customer Deposits | |||||
Disaggregation of Revenue [Line Items] | |||||
Contract liabilities | 3.9 | 3.9 | 1 | ||
Unpaid Tickets | |||||
Disaggregation of Revenue [Line Items] | |||||
Contract liabilities | 1.9 | 1.9 | $ 0.9 | ||
Online Sports Betting and iGaming Market Access | |||||
Disaggregation of Revenue [Line Items] | |||||
Contract with Customer, Liability | $ 8.7 | $ 8.7 | |||
East Segment | VLT Revenue | |||||
Disaggregation of Revenue [Line Items] | |||||
Number of video lottery terminals (VLTs) | terminal | 3,002 | 3,002 | |||
East Segment | Table Games Revenue | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of share of revenues | 83.50% | 83.50% | |||
East Segment | Threshold One | VLT Revenue | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of share of revenues | 28.85% | 28.85% | |||
East Segment | Threshold Two | VLT Revenue | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of share of revenues | 26% | 26% | |||
East Segment | Threshold Three | VLT Revenue | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of share of revenues | 7% | 7% | |||
Delaware Property [Member] | VLT Revenue | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of share of revenues | 42% | 42% | |||
Delaware Property [Member] | Table Games Revenue | |||||
Disaggregation of Revenue [Line Items] | |||||
Percentage of share of revenues | 80% | 80% |
REVENUE RECOGNITION - Loyalty P
REVENUE RECOGNITION - Loyalty Programs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Hotel | ||||
Disaggregation of Revenue [Line Items] | ||||
Goods and services provided without charge | $ 18,410 | $ 3,962 | $ 37,813 | $ 9,710 |
Food and beverage | ||||
Disaggregation of Revenue [Line Items] | ||||
Goods and services provided without charge | 18,505 | 4,082 | 44,334 | 12,989 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Goods and services provided without charge | 2,513 | 464 | 4,923 | 2,270 |
Loyalty Programs | ||||
Disaggregation of Revenue [Line Items] | ||||
Goods and services provided without charge | $ 39,428 | $ 8,508 | $ 87,070 | $ 24,969 |
REVENUE RECOGNITION - Disaggreg
REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 314,779 | $ 116,624 | $ 774,778 | $ 254,696 |
Gaming | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 227,594 | 96,588 | 585,791 | 196,191 |
Racing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,022 | 1,684 | 6,593 | 4,817 |
Hotel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 32,903 | 6,874 | 68,277 | 16,635 |
Food and beverage | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 29,504 | 6,889 | 68,386 | 23,875 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 22,756 | 4,589 | 45,731 | 13,178 |
East Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 176,975 | 59,065 | 408,458 | 146,848 |
East Segment | Gaming | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 131,338 | 50,250 | 308,490 | 114,779 |
East Segment | Racing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 306 | 68 | 1,696 | 1,115 |
East Segment | Hotel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 17,883 | 2,398 | 35,813 | 6,462 |
East Segment | Food and beverage | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 18,324 | 3,230 | 41,394 | 14,525 |
East Segment | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 9,124 | 3,119 | 21,065 | 9,967 |
West Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 124,603 | 55,900 | 343,190 | 104,039 |
West Segment | Gaming | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 95,674 | 46,338 | 275,928 | 81,412 |
West Segment | Racing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
West Segment | Hotel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 15,020 | 4,476 | 32,464 | 10,173 |
West Segment | Food and beverage | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 11,166 | 3,659 | 26,952 | 9,350 |
West Segment | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,743 | 1,427 | 7,846 | 3,104 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 13,201 | 1,659 | 23,130 | 3,809 |
Other | Gaming | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 582 | 0 | 1,373 | 0 |
Other | Racing | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,716 | 1,616 | 4,897 | 3,702 |
Other | Hotel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Other | Food and beverage | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 14 | 0 | 40 | 0 |
Other | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 10,889 | $ 43 | $ 16,820 | $ 107 |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) £ in Millions | 3 Months Ended | 4 Months Ended | 6 Months Ended | 9 Months Ended | |||||||||||||||||||||
Oct. 01, 2021 USD ($) | Oct. 01, 2021 GBP (£) | Aug. 12, 2021 USD ($) | Jul. 12, 2021 USD ($) | Jun. 14, 2021 USD ($) | Jun. 03, 2021 USD ($) | Jun. 01, 2021 USD ($) shares | Apr. 13, 2021 USD ($) | Apr. 06, 2021 USD ($) | Mar. 23, 2021 USD ($) shares | Feb. 05, 2021 USD ($) shares | Dec. 31, 2020 USD ($) | Dec. 23, 2020 USD ($) | Nov. 18, 2020 USD ($) | Sep. 30, 2020 USD ($) | Jul. 01, 2020 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Sep. 30, 2020 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 USD ($) | Jan. 22, 2021 shares | |
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Total consideration paid, net of cash acquired | $ 371,655,000 | $ 275,947,000 | |||||||||||||||||||||||
Transaction costs | $ 6,797,000 | $ 2,740,000 | 37,457,000 | 6,964,000 | |||||||||||||||||||||
Bargain purchase gain | $ (1,039,000) | 0 | 23,075,000 | 0 | |||||||||||||||||||||
Change in contingent consideration payable | $ (14,830,000) | 0 | |||||||||||||||||||||||
Telescope | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Ownership percentage by noncontrolling owners | 15.84% | ||||||||||||||||||||||||
Tropicana Evansville | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Renewal term (in years) | 5 years | 5 years | 5 years | 5 years | 5 years | ||||||||||||||||||||
Gamesys | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Transaction costs | $ 3,749,000 | 0 | $ 17,320,000 | 0 | |||||||||||||||||||||
Gamesys | Subsequent Event | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Total consideration paid | $ 2,620,000,000 | ||||||||||||||||||||||||
Consideration paid in cash | $ 2,100,000,000 | £ 1,554 | |||||||||||||||||||||||
Bally's Atlantic City | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Total consideration paid | $ 24,700,000 | ||||||||||||||||||||||||
Total consideration paid, net of cash acquired | 16,100,000 | ||||||||||||||||||||||||
Transaction costs | 2,000 | 683,000 | 1,144,000 | 2,203,000 | |||||||||||||||||||||
Intangible assets, net | 1,120,000 | ||||||||||||||||||||||||
Net revenue from date of acquisition | 46,800,000 | 108,400,000 | |||||||||||||||||||||||
Other Commitment | 90,000,000 | 100,000,000 | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | 100,000,000 | |||||||||||||||||||
Business Combination, Contingent Consideration, Asset | 30,000,000 | ||||||||||||||||||||||||
Contingent Consideration Asset, Fair Value Disclosure | 27,700,000 | ||||||||||||||||||||||||
YTD Adjustment, Consideration Transferred | (900,000) | ||||||||||||||||||||||||
Bargain purchase gain | 32,595,000 | $ 32,600,000 | |||||||||||||||||||||||
Total purchase price | (927,000) | ||||||||||||||||||||||||
Cash and cash equivalents | 8,651,000 | ||||||||||||||||||||||||
Accounts receivable, net | 1,122,000 | ||||||||||||||||||||||||
Bally's Atlantic City | Accrued Liabilities | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Business Combination, Net Working Capital Liability | 2,000,000 | ||||||||||||||||||||||||
Bally's Atlantic City | Customer relationships | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Intangible assets, net | $ 900,000 | ||||||||||||||||||||||||
Acquired intangible assets, useful life | 8 years | ||||||||||||||||||||||||
Bally's Atlantic City | Hotel and Conference Pre-bookings | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Intangible assets, net | $ 200,000 | ||||||||||||||||||||||||
Acquired intangible assets, useful life | 3 years | ||||||||||||||||||||||||
Shreveport Only | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Total consideration paid | $ 137,200,000 | ||||||||||||||||||||||||
Total consideration paid, net of cash acquired | 133,100,000 | ||||||||||||||||||||||||
Transaction costs | 37,000 | 727,000 | 964,000 | 1,758,000 | |||||||||||||||||||||
Intangible assets, net | 58,140,000 | ||||||||||||||||||||||||
Net revenue from date of acquisition | 28,700,000 | 90,600,000 | |||||||||||||||||||||||
Bargain purchase gain | $ 31,276,000 | 31,300,000 | |||||||||||||||||||||||
Cash Acquired from Acquisition | 5,000,000 | ||||||||||||||||||||||||
Business Combination, Acquired Receivable, Fair Value | 800,000 | ||||||||||||||||||||||||
Total purchase price | 137,190,000 | ||||||||||||||||||||||||
Cash and cash equivalents | 4,980,000 | ||||||||||||||||||||||||
Accounts receivable, net | 1,936,000 | ||||||||||||||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 4,000,000 | 16,500,000 | |||||||||||||||||||||||
Shreveport Only | License [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Intangible assets, net | 57,700,000 | ||||||||||||||||||||||||
Shreveport Only | Customer relationships | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Intangible assets, net | $ 400,000 | ||||||||||||||||||||||||
Acquired intangible assets, useful life | 8 years | ||||||||||||||||||||||||
Tropicana Las Vegas Hotel and Casino | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Total consideration paid | $ 300,000,000 | ||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings And Equipment | $ 150,000,000 | ||||||||||||||||||||||||
Term of contract (in years) | 50 years | ||||||||||||||||||||||||
Annual rent | $ 10,500,000 | ||||||||||||||||||||||||
Sale And Leaseback Transaction, Purchase Price | 150,000,000 | ||||||||||||||||||||||||
Sale And Leaseback Transaction, Annual Fixed Rent | $ 12,000,000 | ||||||||||||||||||||||||
Bally’s Kansas City and Bally’s Vicksburg | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Total consideration paid | $ 229,900,000 | ||||||||||||||||||||||||
Total consideration paid, net of cash acquired | $ 225,500,000 | ||||||||||||||||||||||||
Transaction costs | 0 | 497,000 | 107,000 | 1,359,000 | |||||||||||||||||||||
Intangible assets, net | 138,160,000 | 138,160,000 | 138,160,000 | 138,160,000 | 138,160,000 | 138,160,000 | |||||||||||||||||||
Net revenue from date of acquisition | 30,900,000 | 91,400,000 | |||||||||||||||||||||||
YTD Adjustment, Consideration Transferred | 0 | ||||||||||||||||||||||||
Total purchase price | 229,863,000 | 229,863,000 | 229,863,000 | 229,863,000 | 229,863,000 | 229,863,000 | |||||||||||||||||||
Cash and cash equivalents | 4,362,000 | 4,362,000 | 4,362,000 | 4,362,000 | 4,362,000 | 4,362,000 | |||||||||||||||||||
Accounts receivable, net | $ 582,000 | 582,000 | 582,000 | 582,000 | 582,000 | 582,000 | |||||||||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 4,300,000 | 16,900,000 | |||||||||||||||||||||||
Jumer's | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Total consideration paid | $ 118,900,000 | ||||||||||||||||||||||||
Transaction costs | 162,000 | 658,000 | 1,790,000 | 658,000 | |||||||||||||||||||||
Intangible assets, net | 31,180,000 | 31,180,000 | 31,180,000 | 31,180,000 | 31,180,000 | 31,180,000 | |||||||||||||||||||
Net revenue from date of acquisition | 12,300,000 | 14,600,000 | |||||||||||||||||||||||
Business Combination, Net Working Capital Liability | 112,300,000 | ||||||||||||||||||||||||
YTD Adjustment, Consideration Transferred | (274,000) | ||||||||||||||||||||||||
Total purchase price | 119,202,000 | 118,928,000 | 118,928,000 | 118,928,000 | 118,928,000 | 118,928,000 | |||||||||||||||||||
Other Payments to Acquire Businesses | $ (4,000,000) | 0 | (4,000,000) | ||||||||||||||||||||||
Cash and cash equivalents | 3,241,000 | 2,933,000 | 2,933,000 | 2,933,000 | 2,933,000 | 2,933,000 | |||||||||||||||||||
Accounts receivable, net | 2,855,000 | 2,986,000 | 2,986,000 | 2,986,000 | 2,986,000 | 2,986,000 | |||||||||||||||||||
Jumer's | License [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Intangible assets, net | 30,300,000 | ||||||||||||||||||||||||
Jumer's | Customer relationships | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Intangible assets, net | $ 700,000 | ||||||||||||||||||||||||
Acquired intangible assets, useful life | 9 years | ||||||||||||||||||||||||
Jumer's | Tradename | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Intangible assets, net | $ 200,000 | ||||||||||||||||||||||||
Acquired intangible assets, useful life | 4 months | ||||||||||||||||||||||||
Tropicana Evansville | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Total consideration paid | $ 139,700,000 | ||||||||||||||||||||||||
Total consideration paid, net of cash acquired | 128,100,000 | ||||||||||||||||||||||||
Transaction costs | 329,000 | 0 | 6,421,000 | 0 | |||||||||||||||||||||
Intangible assets, net | 154,210,000 | 154,210,000 | 154,210,000 | 154,210,000 | 154,210,000 | 154,210,000 | |||||||||||||||||||
Net revenue from date of acquisition | 40,100,000 | 51,800,000 | |||||||||||||||||||||||
Business Combination, Net Working Capital Liability | 1,700,000 | ||||||||||||||||||||||||
YTD Adjustment, Consideration Transferred | 530,000 | ||||||||||||||||||||||||
Bargain purchase gain | 21,537,000 | 20,909,000 | |||||||||||||||||||||||
Total purchase price | 139,178,000 | 139,708,000 | 139,708,000 | 139,708,000 | 139,708,000 | 139,708,000 | |||||||||||||||||||
Cash and cash equivalents | 9,355,000 | 9,355,000 | 9,355,000 | 9,355,000 | 9,355,000 | 9,355,000 | |||||||||||||||||||
Accounts receivable, net | 1,492,000 | 1,474,000 | 1,474,000 | 1,474,000 | 1,474,000 | 1,474,000 | |||||||||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 4,300,000 | 5,100,000 | |||||||||||||||||||||||
Tropicana Evansville | Dover Downs Real Estate | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Property, Plant and Equipment, Disposals | $ 144,000,000 | ||||||||||||||||||||||||
Tropicana Evansville | Tropicana Evansville | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Term of contract (in years) | 15 years | ||||||||||||||||||||||||
Tropicana Evansville | Dover Downs Real Estate | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Number of renewal terms | 4 | ||||||||||||||||||||||||
Tropicana Evansville | GLPI | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 340,000,000 | ||||||||||||||||||||||||
Tropicana Evansville | License [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Intangible assets, net | 153,600,000 | ||||||||||||||||||||||||
Tropicana Evansville | Customer relationships | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Intangible assets, net | $ 600,000 | ||||||||||||||||||||||||
Acquired intangible assets, useful life | 8 years | ||||||||||||||||||||||||
Dover Downs Real Estate | Dover Downs Real Estate | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Term of contract (in years) | 15 years | ||||||||||||||||||||||||
Bet.Works | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Stock issued for equity purchase (in shares) | shares | 2,084,765 | ||||||||||||||||||||||||
Payments of Capital Distribution | $ 71,600,000 | ||||||||||||||||||||||||
MontBleu Only | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Total consideration paid | $ 14,200,000 | ||||||||||||||||||||||||
Transaction costs | 82,000 | 0 | 947,000 | 0 | |||||||||||||||||||||
Intangible assets, net | 5,430,000 | 5,430,000 | 5,430,000 | 5,430,000 | 5,430,000 | 5,430,000 | |||||||||||||||||||
Net revenue from date of acquisition | 11,300,000 | 21,000,000 | |||||||||||||||||||||||
YTD Adjustment, Consideration Transferred | 0 | ||||||||||||||||||||||||
Bargain purchase gain | 2,576,000 | 2,269,000 | |||||||||||||||||||||||
Total purchase price | 14,172,000 | 14,172,000 | $ 14,172,000 | $ 14,172,000 | $ 14,172,000 | 14,172,000 | |||||||||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 500,000 | $ 1,000,000 | |||||||||||||||||||||||
MontBleu Only | License [Member] | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Intangible assets, net | $ 5,200,000 | ||||||||||||||||||||||||
MontBleu Only | Customer relationships | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquired intangible assets, useful life | 6 months | ||||||||||||||||||||||||
MontBleu Only | Tradename | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Intangible assets, net | $ 200,000 | ||||||||||||||||||||||||
Monkey Knife Fight | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Total consideration paid | $ 118,600,000 | ||||||||||||||||||||||||
Monkey Knife Fight | Penny Warrant | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Common stock available to acquire (in shares) | shares | 984,446 | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | shares | 787,557 | ||||||||||||||||||||||||
Horses Mouth Limited (SportCaller) | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Total consideration paid | $ 42,600,000 | ||||||||||||||||||||||||
Consideration paid in cash | $ 24,000,000 | ||||||||||||||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Shares | shares | 221,391 | ||||||||||||||||||||||||
Total fair value of Dover Downs stock purchased | $ 12,000,000 | ||||||||||||||||||||||||
Conversion rate | 0.8334 | 1.1574 | 1.1574 | 1.1574 | 1.1574 | 1.1574 | |||||||||||||||||||
SportCaller and MKF | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Total consideration paid, net of cash acquired | $ 22,800,000 | ||||||||||||||||||||||||
Transaction costs | $ 842,000 | $ 0 | 4,833,000 | $ 0 | |||||||||||||||||||||
Contingent Consideration Asset, Fair Value Disclosure | 58,700,000 | $ 58,700,000 | $ 58,700,000 | $ 58,700,000 | 58,700,000 | ||||||||||||||||||||
Business Combination, Non-cash Consideration Transferred | 135,300,000 | ||||||||||||||||||||||||
Bally's Interactive | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Net revenue from date of acquisition | 11,400,000 | 18,000,000 | |||||||||||||||||||||||
Bally’s Interactive Acquisitions | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Intangible assets, net | 167,075,000 | 167,075,000 | 167,075,000 | 167,075,000 | 167,075,000 | ||||||||||||||||||||
Cash and cash equivalents | 7,435,000 | 7,435,000 | 7,435,000 | 7,435,000 | 7,435,000 | ||||||||||||||||||||
Accounts receivable, net | $ 4,061,000 | $ 4,061,000 | $ 4,061,000 | $ 4,061,000 | $ 4,061,000 | ||||||||||||||||||||
Bally’s Interactive Acquisitions | Customer relationships | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Intangible assets, net | $ 41,500,000 | ||||||||||||||||||||||||
Bally’s Interactive Acquisitions | Customer relationships | Minimum | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquired intangible assets, useful life | 3 years | ||||||||||||||||||||||||
Bally’s Interactive Acquisitions | Customer relationships | Maximum | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquired intangible assets, useful life | 10 years | ||||||||||||||||||||||||
Bally’s Interactive Acquisitions | Developed Software | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Intangible assets, net | 122,400,000 | ||||||||||||||||||||||||
Bally’s Interactive Acquisitions | Developed Software | Minimum | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquired intangible assets, useful life | 3 years | ||||||||||||||||||||||||
Bally’s Interactive Acquisitions | Developed Software | Maximum | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquired intangible assets, useful life | 10 years | ||||||||||||||||||||||||
Bally’s Interactive Acquisitions | Tradename | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Intangible assets, net | $ 3,100,000 | ||||||||||||||||||||||||
Bally’s Interactive Acquisitions | Tradename | Minimum | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquired intangible assets, useful life | 10 years | ||||||||||||||||||||||||
Bally’s Interactive Acquisitions | Tradename | Maximum | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Acquired intangible assets, useful life | 15 years | ||||||||||||||||||||||||
AVP | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Total consideration paid | $ 10,000,000 | ||||||||||||||||||||||||
Telescope | |||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Total consideration paid | $ 27,700,000 | ||||||||||||||||||||||||
Percentage of voting interests acquired | 84.16% |
ACQUISITIONS - Identified Asset
ACQUISITIONS - Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||||||
Jun. 03, 2021 | Apr. 06, 2021 | Dec. 31, 2020 | Dec. 23, 2020 | Nov. 18, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 14, 2021 | Mar. 23, 2021 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | ||||||||||||||||
Prepaid expenses and other current assets | $ 1,212,000 | $ 1,202,000 | $ 1,202,000 | $ 1,202,000 | $ 1,202,000 | $ 1,202,000 | ||||||||||
Goodwill | $ 186,979,000 | 444,908,000 | $ 186,571,000 | 444,908,000 | 444,908,000 | 444,908,000 | 444,908,000 | $ 186,571,000 | $ 133,082,000 | |||||||
Noncontrolling Interest, Increase from Business Combination | (3,760,000) | (3,760,000) | ||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Bargain Purchase Gain | 307,000 | |||||||||||||||
Bargain purchase gain | 1,039,000 | $ 0 | (23,075,000) | $ 0 | ||||||||||||
YTD Adjustment, Cash | 0 | |||||||||||||||
Goodwill, YTD Purchase Accounting Adjustments | 380,000 | |||||||||||||||
Bally’s Kansas City and Bally’s Vicksburg | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Cash and cash equivalents | 4,362,000 | 4,362,000 | 4,362,000 | 4,362,000 | 4,362,000 | 4,362,000 | ||||||||||
Accounts receivable, net | 582,000 | 582,000 | 582,000 | 582,000 | 582,000 | 582,000 | ||||||||||
Inventory | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | 164,000 | ||||||||||
Prepaid expenses and other current assets | 686,000 | 430,000 | 430,000 | 430,000 | 430,000 | 430,000 | ||||||||||
Property and equipment, net | 60,865,000 | 60,865,000 | 60,865,000 | 60,865,000 | 60,865,000 | 60,865,000 | ||||||||||
Right of use asset | 10,315,000 | 10,315,000 | 10,315,000 | 10,315,000 | 10,315,000 | 10,315,000 | ||||||||||
Intangible assets, net | 138,160,000 | 138,160,000 | 138,160,000 | 138,160,000 | 138,160,000 | 138,160,000 | ||||||||||
Other Noncurrent Assets | 117,000 | 117,000 | 117,000 | 117,000 | 117,000 | 117,000 | ||||||||||
Goodwill | 53,896,000 | 54,276,000 | 54,276,000 | 54,276,000 | 54,276,000 | 54,276,000 | ||||||||||
Accounts payable | 614,000 | 614,000 | 614,000 | 614,000 | 614,000 | 614,000 | ||||||||||
Accrued liabilities | 3,912,000 | 4,148,000 | 4,148,000 | 4,148,000 | 4,148,000 | 4,148,000 | ||||||||||
Lease liability | (34,452,000) | |||||||||||||||
Lease liability | 34,452,000 | 34,452,000 | 34,452,000 | 34,452,000 | 34,452,000 | |||||||||||
Other long-term liabilities | 306,000 | 194,000 | 194,000 | 194,000 | 194,000 | 194,000 | ||||||||||
Total purchase price | 229,863,000 | 229,863,000 | 229,863,000 | 229,863,000 | 229,863,000 | 229,863,000 | ||||||||||
YTD Adjustment, Cash | 0 | |||||||||||||||
YTD Adjustment, Accounts Receivable | 0 | |||||||||||||||
YTD Adjustment, Inventory | 0 | |||||||||||||||
YTD Adjustment, Prepaid Expenses | (256,000) | |||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 0 | |||||||||||||||
YTD Adjustment, Operating Lease, ROU Assets | 0 | |||||||||||||||
YTD Adjustment, Intangibles | 0 | |||||||||||||||
YTD Adjustment, Other Noncurrent Assets | 0 | |||||||||||||||
Goodwill, YTD Purchase Accounting Adjustments | 380,000 | |||||||||||||||
YTD Adjustment, Accounts Payable | 0 | |||||||||||||||
YTD Adjustment Other Current Liabilities | 236,000 | |||||||||||||||
YTD Adjustment, Operating Lease Liabilities | 0 | |||||||||||||||
YTD Adjustment, Other Long-Term Liabilities | 112,000 | |||||||||||||||
YTD Adjustment, Consideration Transferred | 0 | |||||||||||||||
Bally's Atlantic City | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Cash and cash equivalents | $ 8,651,000 | |||||||||||||||
Accounts receivable, net | 1,122,000 | |||||||||||||||
Inventory | 721,000 | |||||||||||||||
Prepaid expenses and other current assets | 1,402,000 | |||||||||||||||
Property and equipment, net | 40,898,000 | |||||||||||||||
Intangible assets, net | 1,120,000 | |||||||||||||||
Accounts payable | 3,131,000 | |||||||||||||||
Accrued liabilities | 7,983,000 | |||||||||||||||
Deferred tax liability | (11,132,000) | |||||||||||||||
Net assets acquired | 31,668,000 | |||||||||||||||
Bargain purchase gain | (32,595,000) | $ (32,600,000) | ||||||||||||||
Total purchase price | (927,000) | |||||||||||||||
YTD Adjustment, Consideration Transferred | $ (900,000) | |||||||||||||||
Shreveport Only | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Cash and cash equivalents | $ 4,980,000 | |||||||||||||||
Accounts receivable, net | 1,936,000 | |||||||||||||||
Inventory | 495,000 | |||||||||||||||
Prepaid expenses and other current assets | 245,000 | |||||||||||||||
Property and equipment, net | 125,822,000 | |||||||||||||||
Right of use asset | 9,260,000 | |||||||||||||||
Intangible assets, net | 58,140,000 | |||||||||||||||
Other Noncurrent Assets | 403,000 | |||||||||||||||
Accounts payable and Accrued liabilities | (6,138,000) | |||||||||||||||
Deferred tax liability | (11,457,000) | |||||||||||||||
Lease liability | (14,540,000) | |||||||||||||||
Other long-term liabilities | 680,000 | |||||||||||||||
Net assets acquired | 168,466,000 | |||||||||||||||
Bargain purchase gain | $ (31,276,000) | (31,300,000) | ||||||||||||||
Total purchase price | $ 137,190,000 | |||||||||||||||
MontBleu Only | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Total current assets | $ 5,089,000 | 5,089,000 | 5,089,000 | 5,089,000 | 5,089,000 | 5,089,000 | ||||||||||
Property and equipment, net | 6,361,000 | 6,361,000 | 6,361,000 | 6,361,000 | 6,361,000 | 6,361,000 | ||||||||||
Right of use asset | 57,017,000 | 57,017,000 | 57,017,000 | 57,017,000 | 57,017,000 | 57,017,000 | ||||||||||
Intangible assets, net | 5,430,000 | 5,430,000 | 5,430,000 | 5,430,000 | 5,430,000 | 5,430,000 | ||||||||||
Accounts payable and Accrued liabilities | (3,095,000) | (3,402,000) | (3,402,000) | (3,402,000) | (3,402,000) | (3,402,000) | ||||||||||
Lease liability | (52,927,000) | (52,927,000) | (52,927,000) | (52,927,000) | (52,927,000) | (52,927,000) | ||||||||||
Other long-term liabilities | 1,127,000 | 1,127,000 | 1,127,000 | 1,127,000 | 1,127,000 | 1,127,000 | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Net Assets | (307,000) | |||||||||||||||
Net assets acquired | 16,748,000 | 16,441,000 | 16,441,000 | 16,441,000 | 16,441,000 | 16,441,000 | ||||||||||
Bargain purchase gain | (2,576,000) | (2,269,000) | ||||||||||||||
Total purchase price | $ 14,172,000 | 14,172,000 | 14,172,000 | 14,172,000 | 14,172,000 | 14,172,000 | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, current assets | 0 | |||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 0 | |||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Right of Use Assets | 0 | |||||||||||||||
YTD Adjustment, Intangibles | 0 | |||||||||||||||
YTD Adjustment, Accounts Payable | (307,000) | |||||||||||||||
YTD Adjustment, Operating Lease Liabilities | 0 | |||||||||||||||
YTD Adjustment, Other Long-Term Liabilities | 0 | |||||||||||||||
YTD Adjustment, Consideration Transferred | 0 | |||||||||||||||
Tropicana Evansville | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Cash and cash equivalents | 9,355,000 | 9,355,000 | 9,355,000 | 9,355,000 | 9,355,000 | 9,355,000 | ||||||||||
Accounts receivable, net | 1,492,000 | 1,474,000 | 1,474,000 | 1,474,000 | 1,474,000 | 1,474,000 | ||||||||||
Property and equipment, net | 12,325,000 | 12,325,000 | 12,325,000 | 12,325,000 | 12,325,000 | 12,325,000 | ||||||||||
Right of use asset | 285,772,000 | 285,772,000 | 285,772,000 | 285,772,000 | 285,772,000 | 285,772,000 | ||||||||||
Intangible assets, net | 154,210,000 | 154,210,000 | 154,210,000 | 154,210,000 | 154,210,000 | 154,210,000 | ||||||||||
Other Noncurrent Assets | 468,000 | 468,000 | 468,000 | 468,000 | 468,000 | 468,000 | ||||||||||
Accounts payable and Accrued liabilities | (10,568,000) | (10,638,000) | (10,638,000) | (10,638,000) | (10,638,000) | (10,638,000) | ||||||||||
Deferred tax liability | (7,469,000) | (7,469,000) | (7,469,000) | (7,469,000) | (7,469,000) | (7,469,000) | ||||||||||
Lease liability | (285,772,000) | (285,772,000) | (285,772,000) | (285,772,000) | (285,772,000) | (285,772,000) | ||||||||||
Other long-term liabilities | 310,000 | 310,000 | 310,000 | 310,000 | 310,000 | 310,000 | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Net Assets | (98,000) | |||||||||||||||
Net assets acquired | 160,715,000 | 160,617,000 | 160,617,000 | 160,617,000 | 160,617,000 | 160,617,000 | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Bargain Purchase Gain | 600,000 | 628,000 | ||||||||||||||
Bargain purchase gain | (21,537,000) | (20,909,000) | ||||||||||||||
Total purchase price | $ 139,178,000 | 139,708,000 | 139,708,000 | 139,708,000 | 139,708,000 | 139,708,000 | ||||||||||
YTD Adjustment, Accounts Receivable | (18,000) | |||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, current assets | (10,000) | |||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 0 | |||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Right of Use Assets | 0 | |||||||||||||||
YTD Adjustment, Intangibles | 0 | |||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Assets | 0 | |||||||||||||||
YTD Adjustment, Accounts Payable | (70,000) | |||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Lease | 0 | |||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Deferred Tax | 0 | |||||||||||||||
YTD Adjustment, Other Long-Term Liabilities | 0 | |||||||||||||||
YTD Adjustment, Consideration Transferred | 530,000 | |||||||||||||||
Jumer's | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Cash and cash equivalents | 2,933,000 | 2,933,000 | 2,933,000 | 2,933,000 | 2,933,000 | $ 3,241,000 | ||||||||||
Accounts receivable, net | 2,986,000 | 2,986,000 | 2,986,000 | 2,986,000 | 2,986,000 | 2,855,000 | ||||||||||
Prepaid expenses and other current assets | 798,000 | 798,000 | 798,000 | 798,000 | 798,000 | 844,000 | ||||||||||
Property and equipment, net | 73,135,000 | 73,135,000 | 73,135,000 | 73,135,000 | 73,135,000 | 73,135,000 | ||||||||||
Intangible assets, net | 31,180,000 | 31,180,000 | 31,180,000 | 31,180,000 | 31,180,000 | 31,180,000 | ||||||||||
Goodwill | 14,593,000 | 14,593,000 | 14,593,000 | 14,593,000 | 14,593,000 | 14,191,000 | ||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, current liabilities | (453,000) | |||||||||||||||
Accounts payable and Accrued liabilities | (6,697,000) | (6,697,000) | (6,697,000) | (6,697,000) | (6,697,000) | (6,244,000) | ||||||||||
Total purchase price | 118,928,000 | 118,928,000 | 118,928,000 | 118,928,000 | 118,928,000 | 119,202,000 | ||||||||||
YTD Adjustment, Cash | (308,000) | |||||||||||||||
YTD Adjustment, Accounts Receivable | 131,000 | |||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, current assets | (46,000) | |||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 0 | |||||||||||||||
YTD Adjustment, Intangibles | 0 | |||||||||||||||
Goodwill, YTD Purchase Accounting Adjustments | 402,000 | |||||||||||||||
YTD Adjustment, Consideration Transferred | (274,000) | |||||||||||||||
Business Combination, Net Working Capital Assets | $ 300,000 | |||||||||||||||
Bally’s Interactive Acquisitions | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Cash and cash equivalents | 7,435,000 | 7,435,000 | 7,435,000 | 7,435,000 | 7,435,000 | |||||||||||
Accounts receivable, net | 4,061,000 | 4,061,000 | 4,061,000 | 4,061,000 | 4,061,000 | |||||||||||
Prepaid expenses and other current assets | 2,143,000 | 2,143,000 | 2,143,000 | 2,143,000 | 2,143,000 | |||||||||||
Property and equipment, net | 518,000 | 518,000 | 518,000 | 518,000 | 518,000 | |||||||||||
Intangible assets, net | 167,075,000 | 167,075,000 | 167,075,000 | 167,075,000 | 167,075,000 | |||||||||||
Goodwill | 243,138,000 | 243,138,000 | 243,138,000 | 243,138,000 | 243,138,000 | $ 243,100,000 | ||||||||||
Accounts payable and Accrued liabilities | (13,770,000) | (13,770,000) | (13,770,000) | (13,770,000) | (13,770,000) | |||||||||||
Deferred tax liability | (15,805,000) | (15,805,000) | (15,805,000) | (15,805,000) | (15,805,000) | |||||||||||
YTD Adjustment, Intangibles | 500,000 | |||||||||||||||
Goodwill, YTD Purchase Accounting Adjustments | (500,000) | |||||||||||||||
YTD Adjustment Other Current Liabilities | (1,100,000) | |||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | $ 391,035,000 | $ 391,035,000 | $ 391,035,000 | $ 391,035,000 | $ 391,035,000 |
ACQUISITIONS - Pro Forma Revenu
ACQUISITIONS - Pro Forma Revenue (Details) - Series of Individually Immaterial Business Acquisitions - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Business Acquisition [Line Items] | |||
Revenue | $ 159,708 | $ 844,356 | $ 349,100 |
Net income (loss) | $ 11,111 | $ (3,145) | $ (46,140) |
Net income (loss) per share, basic | $ 0.36 | $ (0.07) | $ (1.50) |
Net income (loss) per share, diluted | $ 0.36 | $ (0.07) | $ (1.50) |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill [Line Items] | |||||
Goodwill and asset impairment | $ 0 | $ 0 | $ 4,675 | $ 8,554 | |
Goodwill, Impairment Loss | 5,254 | ||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 4,700 | $ 4,675 | $ 3,300 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 186,979,000 | $ 133,082,000 |
Goodwill from current year business acquisitions | 257,731,000 | 58,743,000 |
Effect of foreign exchange | (182,000) | |
Impairment charges | (5,254,000) | |
Ending balance | 444,908,000 | 186,571,000 |
Goodwill, YTD Purchase Accounting Adjustments | 380,000 | |
East Segment | ||
Goodwill [Roll Forward] | ||
Beginning balance | 84,148,000 | 84,148,000 |
Goodwill from current year business acquisitions | 0 | 0 |
Effect of foreign exchange | 0 | |
Impairment charges | 0 | |
Ending balance | 84,148,000 | 84,148,000 |
Goodwill, YTD Purchase Accounting Adjustments | 0 | |
West Segment | ||
Goodwill [Roll Forward] | ||
Beginning balance | 102,831,000 | 48,934,000 |
Goodwill from current year business acquisitions | 14,593,000 | 58,743,000 |
Effect of foreign exchange | 0 | |
Impairment charges | (5,254,000) | |
Ending balance | 117,804,000 | 102,423,000 |
Goodwill, YTD Purchase Accounting Adjustments | 380,000 | |
Other | ||
Goodwill [Roll Forward] | ||
Beginning balance | 0 | |
Goodwill from current year business acquisitions | 243,138,000 | |
Effect of foreign exchange | (182,000) | |
Ending balance | 242,956,000 | $ 0 |
Goodwill, YTD Purchase Accounting Adjustments | $ 0 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Rollforward of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Intangible assets, net as of December 31, 2020 | $ 663,395 | ||
Intangible assets from current year business combinations | 357,895 | ||
Change in TRA | 2,689 | ||
Effect of foreign exchange | (1,172) | ||
Impairment charges | $ (4,700) | (4,675) | $ (3,300) |
Other | 8,677 | ||
Less: Accumulated amortization | (30,123) | ||
Intangible assets, net as of September 30, 2021 | $ 996,686 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 9 Months Ended | |
Jun. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 553,497 | $ 380,306 | |
Accumulated Amortization | (53,214) | (24,284) | |
Net | 500,283 | 356,022 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 496,403 | 307,373 | |
Gross carrying amount | 1,049,900 | 687,679 | |
Intangible assets, net | 996,686 | 663,395 | |
Gaming licenses | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 476,209 | 287,108 | |
Bally’s trade name | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 18,981 | 19,052 | |
Novelty game licenses | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 1,213 | 1,213 | |
Naming rights - Sinclair | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining life | 10 years | 9 years 6 months | |
Gross Carrying Amount | $ 340,930 | 338,241 | |
Accumulated Amortization | (17,202) | 0 | |
Net | $ 323,728 | 338,241 | |
Bally’s trade name | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining life | 8 years 7 months 6 days | 28 years | |
Gross Carrying Amount | $ 20,439 | 21,600 | |
Accumulated Amortization | (16,787) | (16,475) | |
Net | $ 3,652 | 5,125 | |
Novelty game licenses | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining life | 26 years 6 months | 25 years 9 months 18 days | |
Gross Carrying Amount | $ 8,000 | 8,000 | |
Accumulated Amortization | (1,758) | (1,576) | |
Net | $ 6,242 | 6,424 | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining life | 5 years 9 months 18 days | 6 years 1 month 6 days | |
Gross Carrying Amount | $ 54,909 | 10,515 | |
Accumulated Amortization | (9,876) | (5,483) | |
Net | $ 45,033 | 5,032 | |
Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining life | 8 years 8 months 12 days | ||
Gross Carrying Amount | $ 121,697 | ||
Accumulated Amortization | (6,273) | ||
Net | $ 115,424 | ||
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average remaining life | 3 years 8 months 12 days | 3 years 4 months 24 days | |
Gross Carrying Amount | $ 7,522 | 1,950 | |
Accumulated Amortization | (1,318) | (750) | |
Net | $ 6,204 | $ 1,200 |
DERIVATIVE INSTRUMENTS - Narrat
DERIVATIVE INSTRUMENTS - Narrative (Details) $ in Thousands, € in Millions, £ in Millions | 1 Months Ended | |||||||
Aug. 20, 2021 USD ($) | Aug. 20, 2021 GBP (£) | Jan. 27, 2021 USD ($) | May 07, 2021 USD ($) | Jan. 27, 2021 USD ($) | Apr. 16, 2021 GBP (£) | Apr. 16, 2021 EUR (€) | Dec. 31, 2020 USD ($) | |
Derivative [Line Items] | ||||||||
Equity, increase in fair value | $ 1,500 | |||||||
Penny Warrant and Options | ||||||||
Derivative [Line Items] | ||||||||
Equity fair value adjustment | $ 59,700 | |||||||
Option on Securities | ||||||||
Derivative [Line Items] | ||||||||
Increase in fair value of Options | $ 58,200 | |||||||
Foreign Exchange Contract | ||||||||
Derivative [Line Items] | ||||||||
Cost of hedge | $ 22,600 | |||||||
Not Designated as Hedging Instrument | Foreign Exchange Contract | ||||||||
Derivative [Line Items] | ||||||||
Purchasable amount | £ | £ 354 | £ 900 | ||||||
Derivative, Cash Received on Hedge | $ 1,700 | |||||||
Increase (Decrease) in Derivative Assets | £ | £ 746 | |||||||
Not Designated as Hedging Instrument | Foreign Exchange Contract - Denominated Debt | ||||||||
Derivative [Line Items] | ||||||||
Purchasable amount | £ 200 | € 336 |
DERIVATIVE INSTRUMENTS - Instru
DERIVATIVE INSTRUMENTS - Instruments Designated and Hedging (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Total Assets | $ 106 | $ 0 |
Total Liabilities | 87,964 | 146,317 |
Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Total Assets | 106 | 0 |
Warrant | ||
Derivative [Line Items] | ||
Total Liabilities | 87,964 | 88,119 |
Option on Securities | ||
Derivative [Line Items] | ||
Total Liabilities | $ 0 | $ 58,198 |
DERIVATIVE INSTRUMENTS - Gain (
DERIVATIVE INSTRUMENTS - Gain (Loss) on Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments | $ (6,003) | $ (20,776) |
Warrant | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments | 6,965 | 155 |
Option on Securities | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments | $ 0 | $ (1,526) |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities, Fair Value, Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Level 1 | ||
Assets: | ||
Foreign exchange forward contracts | $ 0 | |
Other current assets | 336 | |
Total | 336 | |
Liabilities: | ||
Sinclair Performance Warrants | 0 | $ 0 |
Contingent consideration | 0 | |
Sinclair Options | 0 | |
Total | 0 | 0 |
Level 2 | ||
Assets: | ||
Foreign exchange forward contracts | 106 | |
Other current assets | 0 | |
Total | 106 | |
Liabilities: | ||
Sinclair Performance Warrants | 0 | 0 |
Contingent consideration | 0 | |
Sinclair Options | 58,198 | |
Total | 0 | 58,198 |
Level 3 | ||
Assets: | ||
Foreign exchange forward contracts | 0 | |
Other current assets | 0 | |
Total | 0 | |
Liabilities: | ||
Sinclair Performance Warrants | 87,964 | 88,119 |
Contingent consideration | 43,691 | |
Sinclair Options | 0 | |
Total | $ 131,655 | $ 88,119 |
FAIR VALUE MEASUREMENTS - Sch_2
FAIR VALUE MEASUREMENTS - Schedule of Performance Warrants and Acquisition Related Contingent Consideration (Details) - Level 3 $ in Thousands | 9 Months Ended |
Sep. 30, 2021 USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Additions in the period (acquisition fair value) | $ 58,623 |
Change in fair value | (15,087) |
Warrant | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Additions in the period (acquisition fair value) | 0 |
Change in fair value | (155) |
Contingent Consideration | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Additions in the period (acquisition fair value) | 58,623 |
Change in fair value | (14,932) |
Fair Value, Recurring | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning as of December 31, 2020 | 88,119 |
Ending as of September 30, 2021 | 131,655 |
Fair Value, Recurring | Warrant | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning as of December 31, 2020 | 88,119 |
Ending as of September 30, 2021 | 87,964 |
Fair Value, Recurring | Contingent Consideration | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning as of December 31, 2020 | 0 |
Ending as of September 30, 2021 | $ 43,691 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Mar. 23, 2021 | Dec. 31, 2020 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Contingent consideration payable | $ 43,691 | $ 0 | |
SportCaller and MKF | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Contingent consideration payable | $ 58,600 |
ACCRUED LIABILITIES (Details)
ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Gaming liabilities | $ 41,506 | $ 33,795 |
Compensation | 31,673 | 21,708 |
Acquisition related liabilities and transaction services | 18,459 | 7,174 |
Property taxes | 11,335 | 3,486 |
Bally’s trade name accrual, current portion | 9,943 | 9,475 |
Insurance reserves | 10,171 | 7,188 |
Purses due to horsemen | 9,803 | 5,726 |
Legal | 4,745 | 1,761 |
Interest payable | 17,112 | 3,076 |
Other | 52,536 | 26,666 |
Total accrued liabilities | $ 207,283 | $ 120,055 |
ACQUISITION, INTEGRATION AND _3
ACQUISITION, INTEGRATION AND RESTRUCTURING (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Acquisition costs | $ 6,797 | $ 2,740 | $ 37,457 | $ 6,964 |
Restructuring expense | 0 | 0 | 0 | 20 |
Total acquisition, integration and restructuring | 6,797 | 2,740 | 37,457 | 6,984 |
Gamesys | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Acquisition costs | 3,749 | 0 | 17,320 | 0 |
Richmond, VA | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Acquisition costs | 13 | 0 | 1,890 | 0 |
Bally's Atlantic City | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Acquisition costs | 2 | 683 | 1,144 | 2,203 |
Shreveport Only | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Acquisition costs | 37 | 727 | 964 | 1,758 |
Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Acquisition costs | 1,581 | 175 | 2,041 | 986 |
SportCaller and MKF | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Acquisition costs | 842 | 0 | 4,833 | 0 |
MontBleu Only | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Acquisition costs | 82 | 0 | 947 | 0 |
Tropicana Evansville | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Acquisition costs | $ 329 | $ 0 | $ 6,421 | $ 0 |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long Term Debt (Details) - USD ($) | Oct. 09, 2020 | Oct. 05, 2021 | Oct. 01, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | May 10, 2019 |
Debt Instrument [Line Items] | ||||||
Less: Unamortized original issue discount | $ (22,467,000) | $ (11,771,000) | ||||
Less: Unamortized deferred financing fees | (20,175,000) | (17,499,000) | ||||
Long-term debt, including current maturities | 2,562,171,000 | 1,099,855,000 | ||||
Less: Current portion of Term Loan and Revolving Credit Facility | (5,750,000) | (5,750,000) | ||||
Long-term debt, net | 2,556,421,000 | 1,094,105,000 | ||||
Line of Credit | Term Loan principal | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | 564,813,000 | 569,125,000 | ||||
Line of Credit | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 225,000,000 | 35,000,000 | ||||
Senior Notes | 6.75% Senior Notes due 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 6.75% | 6.75% | ||||
Long-term debt, gross | $ 315,000,000 | 525,000,000 | ||||
Debt Instrument, Increase (Decrease), Net | $ 125,000,000 | |||||
Senior Notes | 6.75% Senior Notes due 2027 | Subsequent Event | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 0 | |||||
Senior Notes | 5.625% Senior notes due 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 5.625% | |||||
Long-term debt, gross | $ 750,000,000 | 0 | ||||
Senior Notes | 5.625% Senior notes due 2029 | Subsequent Event | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 5.625% | |||||
Senior Notes | 5.875% Senior notes due 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 5.875% | |||||
Long-term debt, gross | $ 750,000,000 | $ 0 | ||||
Senior Notes | 5.875% Senior notes due 2031 | Subsequent Event | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 5.875% |
LONG-TERM DEBT - Additional Inf
LONG-TERM DEBT - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||||
Oct. 05, 2021 | Oct. 01, 2021 | Sep. 07, 2021 | May 11, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Aug. 05, 2021 | Mar. 09, 2021 | Dec. 31, 2020 | May 10, 2019 | |
Debt Instrument [Line Items] | ||||||||||||
Repayments of Senior Debt | $ 210,000,000 | $ 0 | ||||||||||
Loss on extinguishment of debt | $ 19,419,000 | $ 0 | $ 19,419,000 | $ 0 | ||||||||
Senior Notes | 6.75% Senior Notes due 2027 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 6.75% | 6.75% | 6.75% | |||||||||
Principal amount | $ 400,000,000 | |||||||||||
Redemption price percentage | 106.75% | |||||||||||
Long-term debt, gross | $ 315,000,000 | $ 315,000,000 | $ 525,000,000 | |||||||||
Repayments of Senior Debt | $ 210,000,000 | |||||||||||
Loss on extinguishment of debt | 19,400,000 | |||||||||||
Senior Notes | 6.75% Senior Notes due 2027 | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redemption price percentage | 109.074% | |||||||||||
Long-term debt, gross | $ 0 | |||||||||||
Repayments of Senior Debt | $ 315,000,000 | |||||||||||
Senior Notes | New Credit Facilities | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount | $ 2,565,000,000 | |||||||||||
Senior Notes | New Credit Facilities | Federal Funds Effective Swap Rate | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 0.50% | |||||||||||
Senior Notes | New Credit Facilities | LIBOR | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1% | |||||||||||
Senior Notes | Senior Notes Due 2029 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount of original principal amount redeemable | 40% | |||||||||||
Amount of notes redeemable plus accrued and unpaid interest | 105.625% | |||||||||||
Senior Notes | Senior Notes Due 2029 | Subsidiaries | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 5.625% | |||||||||||
Principal amount | $ 750,000,000 | |||||||||||
Senior Notes | Senior Notes Due 2031 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount of original principal amount redeemable | 40% | |||||||||||
Amount of notes redeemable plus accrued and unpaid interest | 105.875% | |||||||||||
Senior Notes | Senior Notes Due 2031 | Subsidiaries | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 5.875% | |||||||||||
Principal amount | $ 750,000,000 | |||||||||||
Line of Credit | New Credit Facilities | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Commitment increase limit | $ 650,000,000 | |||||||||||
Commitment increase limit, EBITDA | 100% | |||||||||||
Term Loan principal | New Credit Facilities | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1.50% | |||||||||||
Principal amount | $ 1,945,000,000 | |||||||||||
Debt Instrument, Interest Rate Floor | 0.50% | |||||||||||
Revolving Credit Facility | New Credit Facilities | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1% | |||||||||||
Principal amount | $ 620,000,000 | |||||||||||
Debt Instrument, Interest Rate Floor | 0% | |||||||||||
Revolving Credit Facility | New Credit Facilities | Subsequent Event | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Commitment fee | 0.50% | |||||||||||
Revolving Credit Facility | New Credit Facilities | Subsequent Event | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Commitment fee | 0.375% | |||||||||||
Term Loan principal | Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt, gross | $ 564,813,000 | $ 564,813,000 | 569,125,000 | |||||||||
Term Loan principal | Line of Credit | Senior Secured Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | 300,000,000 | |||||||||||
Interest rate | 10.25% | 10.25% | ||||||||||
Change in loan facility | $ 275,000,000 | |||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 525,000,000 | |||||||||||
Revolving Credit Facility | Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term debt, gross | $ 225,000,000 | $ 225,000,000 | $ 35,000,000 | |||||||||
Revolving Credit Facility | Line of Credit | Senior Secured Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 325,000,000 | $ 250,000,000 | ||||||||||
Interest rate | 4.73% | 4.73% | ||||||||||
Outstanding balance | $ 225,000,000 | $ 225,000,000 |
LEASES - Additional Information
LEASES - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |||||
Jun. 03, 2021 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Sep. 30, 2020 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 USD ($) | Dec. 31, 2020 USD ($) | |
Lessee, Lease, Description [Line Items] | |||||||
Gain on sale-leaseback | $ 0 | $ (53,400,000) | $ 0 | $ 53,425,000 | $ 0 | ||
Right of use assets, net | 499,133,000 | 499,133,000 | $ 36,112,000 | ||||
Lease liability | 525,452,000 | 525,452,000 | $ 63,500,000 | ||||
Future operating lease payments | $ 108,100,000 | 108,100,000 | |||||
Tropicana Evansville | Dover Downs Real Estate | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Property, Plant and Equipment, Disposals | $ 144,000,000 | ||||||
Tropicana Evansville | GLPI | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Property, Plant and Equipment, Additions | $ 340,000,000 | ||||||
Dover Downs Real Estate | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Right of use assets, net | 117,300,000 | ||||||
Dover Downs Real Estate | Tropicana Evansville | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Number of renewal terms | 4 | ||||||
Annual minimum payment | $ 40,000,000 | ||||||
Dover Downs Real Estate | Dover Downs Real Estate | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Term of contract (in years) | 15 years | ||||||
Tropicana Evansville | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Renewal term (in years) | 5 years | 5 years | |||||
Right of use assets, net | $ 276,900,000 | ||||||
Tropicana Evansville | Tropicana Evansville | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Term of contract (in years) | 15 years |
LEASES - Quantitative Informati
LEASES - Quantitative Information of Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lease, Cost [Abstract] | ||||
Operating lease costs | $ 13,214 | $ 1,083 | $ 20,909 | $ 2,183 |
Variable lease costs | 706 | 13 | 1,624 | 37 |
Operating lease expense | 13,920 | 1,096 | 22,533 | 2,220 |
Short-term lease expense | 5,084 | 526 | 7,907 | 1,381 |
Total lease expense | 19,004 | 1,622 | 30,440 | 3,601 |
Cash paid for amounts included in the lease liability - operating cash flows from operating leases | 12,249 | 543 | 18,386 | 1,642 |
Right of use assets obtained in exchange for operating lease liabilities | $ 1,106 | $ 0 | $ 127,729 | $ 116 |
LEASES - Supplemental Balance S
LEASES - Supplemental Balance Sheet Information (Details) | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Weighted average remaining lease term | 15 years 10 months 24 days | 24 years 3 months 18 days |
Weighted average discount rate | 6.20% | 7.30% |
LEASES - Future Minimum Rental
LEASES - Future Minimum Rental Commitments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Remaining 2021 | $ 14,934 | |
2022 | 52,256 | |
2023 | 52,292 | |
2024 | 52,304 | |
2025 | 52,092 | |
Thereafter | 611,680 | |
Total | 835,558 | |
Less: present value discount | (310,106) | |
Operating lease liabilities | $ 525,452 | $ 63,500 |
EQUITY PLANS (Details)
EQUITY PLANS (Details) | 3 Months Ended | 5 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 USD ($) shares | Jun. 30, 2021 $ / shares | Sep. 30, 2020 USD ($) | May 18, 2021 shares | Sep. 30, 2021 USD ($) plan shares | Sep. 30, 2020 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of incentive plans | plan | 3 | |||||
Stock options exercised (in shares) | 70,000 | |||||
Stock options exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 4.31 | |||||
Stock options exercised, intrinsic value | $ | $ 300,000 | |||||
Unexercised options outstanding | 20,000 | 20,000 | ||||
Share based compensation expense | $ | $ 5,400,000 | $ 1,800,000 | $ 13,800,000 | $ 9,500,000 | ||
Share based income tax benefit (expense) | $ | $ 1,500,000 | $ 700,000 | 4,000,000 | $ 3,600,000 | ||
Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options exercised, intrinsic value | $ | $ 27,500,000 | |||||
Restricted stock units issued in period (in shares) | 488,009 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 875,988 | 875,988 | ||||
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche One | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 33% | |||||
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Two | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 33% | |||||
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Three | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 33% | |||||
2010 Option Plan | Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock available to acquire (in shares) | 2,455,368 | 2,455,368 | ||||
2015 Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock available to acquire (in shares) | 1,700,000 | 1,700,000 | ||||
2015 Incentive Plan | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock units issued in period (in shares) | 221,667 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | 221,464 | |||||
2021 Equity Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock available to acquire (in shares) | 4,250,000 | 4,250,000 | ||||
2021 Incentive Plan | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options exercised, intrinsic value | $ | $ 266,342 | |||||
Shares available for grant (in shares) | 3,707,178 | 3,707,178 |
BENEFIT PLANS - Additional Info
BENEFIT PLANS - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Contributions to plan | $ 0.5 | |||||
Maximum percentage of employees income available for contribution | 100% | |||||
Employer contribution expense | $ 0.9 | $ 0.1 | $ 2.2 | $ 0.6 | ||
Dover Downs Pension Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Minimum required pension contributions | 0.5 | 0.5 | ||||
Expected future employer contributions, next fiscal year | $ 0.7 | |||||
Contributions to plan | $ 0.2 | $ 0.4 |
BENEFIT PLANS - Net Periodic Be
BENEFIT PLANS - Net Periodic Benefit (Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 224 | 223 | 672 | 669 |
Expected return on plan assets | (357) | (357) | (1,071) | (1,071) |
Net periodic benefit income | $ (133) | $ (134) | $ (399) | $ (402) |
STOCKHOLDERS_ EQUITY - Axis and
STOCKHOLDERS’ EQUITY - Axis and Domains (Details) $ in Millions | 1 Months Ended |
May 10, 2021 USD ($) shares | |
Over-Allotment Option | |
Subsidiary, Sale of Stock [Line Items] | |
Shares issued in public offering (in shares) | 1,650,000 |
Public Stock Offering | |
Subsidiary, Sale of Stock [Line Items] | |
Shares issued in public offering (in shares) | 12,650,000 |
Net proceeds from offering | $ | $ 671.4 |
Warrant | |
Class of Warrant or Right [Line Items] | |
Common shares exchanged for warrants (in shares) | 2,086,908 |
STOCKHOLDERS_ EQUITY - Addition
STOCKHOLDERS’ EQUITY - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2021 USD ($) shares | Sep. 30, 2020 shares | Jun. 30, 2020 USD ($) | Mar. 31, 2020 USD ($) | Sep. 30, 2021 USD ($) $ / shares shares | Sep. 30, 2020 USD ($) $ / shares shares | Apr. 20, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) shares | Feb. 10, 2020 USD ($) | Jul. 26, 2019 USD ($) shares | Jun. 14, 2019 USD ($) | |
Equity [Abstract] | |||||||||||
Stock repurchase program approved (up to) | $ | $ 250,000,000 | ||||||||||
Number of purchased shares (in shares) | 2,504,971 | ||||||||||
Aggregate purchase price | $ | $ 73,900,000 | ||||||||||
Capital return program | $ | $ 100,000,000 | ||||||||||
Treasury stock retired (in shares) | 0 | ||||||||||
Treasury stock (in shares) | 0 | 0 | |||||||||
Cash dividend per share (in dollars per share) | $ / shares | $ 0 | $ 0.10 | |||||||||
Cash dividend amount | $ | $ 3,200,000 | ||||||||||
Available amount remaining under capital return program | $ | $ 84,900,000 | $ 84,900,000 | $ 84,900,000 | ||||||||
Common stock price (in dollars per share) | $ / shares | $ 55 | ||||||||||
Number of common shares called by warrant (in shares) | 909,090 | ||||||||||
Aggregate purchase price | $ | $ 50,000,000 | ||||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 55 | ||||||||||
Maximum amount of outstanding common shares to be acquired | 0.049 | ||||||||||
Number of common shares repurchased | 0 | 1,812,393 | |||||||||
Total cost | $ | $ 1,951,000 | $ 31,341,000 | $ 33,292,000 | ||||||||
Average cost per share, including commissions | $ / shares | $ 18.37 | ||||||||||
Treasury shares retired (in shares) | 10,042 | 2,099,268 | 10,892,083 | ||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ / shares | $ 0 | $ 0.10 | |||||||||
Common stock issued (in shares) | 44,581,568 | 44,581,568 | 30,685,938 | ||||||||
Common stock outstanding (in shares) | 44,581,568 | 44,581,568 | 30,685,938 |
STOCKHOLDERS_ EQUITY - Shares O
STOCKHOLDERS’ EQUITY - Shares Outstanding (Details) € in Millions | Oct. 01, 2021 shares | Sep. 30, 2021 $ / shares shares | Apr. 20, 2021 $ / shares | Feb. 05, 2021 EUR (€) | Nov. 18, 2020 $ / shares |
Class of Warrant or Right [Line Items] | |||||
Options (in shares) | 20,000 | ||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 55 | ||||
Sinclair | |||||
Class of Warrant or Right [Line Items] | |||||
Exercisable term | 7 years | ||||
Subsequent Event | |||||
Class of Warrant or Right [Line Items] | |||||
Number of incremental shares outstanding | 24,618,931 | ||||
Subsequent Event | Sinclair | |||||
Class of Warrant or Right [Line Items] | |||||
Options (in shares) | 1,639,669 | ||||
Equity Incentive Plan | Subsequent Event | |||||
Class of Warrant or Right [Line Items] | |||||
Outstanding awards under Equity Incentive Plans (in shares) | 895,988 | ||||
Penny Warrant | |||||
Class of Warrant or Right [Line Items] | |||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 0.01 | ||||
Penny Warrant | Subsequent Event | Sinclair | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants (in shares) | 7,911,724 | ||||
Performance Warrant | |||||
Class of Warrant or Right [Line Items] | |||||
Exercise price of warrants (in dollars per share) | $ / shares | 0.01 | ||||
Performance Warrant | Subsequent Event | Sinclair | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants (in shares) | 3,279,337 | ||||
Option on Securities | Minimum | |||||
Class of Warrant or Right [Line Items] | |||||
Exercise price of warrants (in dollars per share) | $ / shares | 30 | ||||
Option on Securities | Minimum | Sinclair | |||||
Class of Warrant or Right [Line Items] | |||||
Exercise price of warrants (in dollars per share) | $ / shares | 30 | ||||
Option on Securities | Maximum | |||||
Class of Warrant or Right [Line Items] | |||||
Exercise price of warrants (in dollars per share) | $ / shares | 45 | ||||
Option on Securities | Maximum | Sinclair | |||||
Class of Warrant or Right [Line Items] | |||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 45 | ||||
Monkey Knife Fight | Subsequent Event | |||||
Class of Warrant or Right [Line Items] | |||||
Contingent shares (in shares) | 787,557 | ||||
Monkey Knife Fight | Penny Warrant | Subsequent Event | |||||
Class of Warrant or Right [Line Items] | |||||
Warrants (in shares) | 24,611 | ||||
Telescope | Subsequent Event | |||||
Class of Warrant or Right [Line Items] | |||||
Contingent shares (in shares) | 75,678 | ||||
SportCaller | |||||
Class of Warrant or Right [Line Items] | |||||
Consideration payable in shares | € | € 10 | ||||
Conversion rate | 1.1574 | 0.8334 | |||
Closing price (in usd per share) | $ / shares | $ 50.14 | ||||
SportCaller | Subsequent Event | |||||
Class of Warrant or Right [Line Items] | |||||
Contingent shares (in shares) | 230,830 | ||||
Gamesys | Subsequent Event | |||||
Class of Warrant or Right [Line Items] | |||||
Gamesys acquisition (in shares) | 9,773,537 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 1,367,224,000 | $ 454,697,000 | $ 326,598,000 | $ 326,598,000 |
OCI, before Reclassifications, Net of Tax, Attributable to Parent | (1,414,000) | |||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 122,000 | |||
Ending balance | 1,313,691,000 | 1,367,224,000 | 454,697,000 | 1,313,691,000 |
AOCI Attributable to Parent | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (3,144,000) | (3,144,000) | ||
Ending balance | (4,436,000) | (4,436,000) | ||
Foreign Currency Translation Adjustment | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 0 | 0 | ||
OCI, before Reclassifications, Net of Tax, Attributable to Parent | (1,414,000) | |||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 0 | |||
Ending balance | (1,414,000) | (1,414,000) | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (3,144,000) | (3,144,000) | ||
OCI, before Reclassifications, Net of Tax, Attributable to Parent | 0 | |||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 40,000 | $ 40,000 | $ 40,000 | 122,000 |
Ending balance | $ (3,022,000) | $ (3,022,000) |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Sep. 30, 2020 USD ($) | Jun. 30, 2020 USD ($) | Mar. 31, 2020 USD ($) | Sep. 30, 2021 USD ($) segment | Sep. 30, 2020 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Segment Reporting [Abstract] | ||||||||||
Number of operating segments | segment | 4 | |||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenue | $ 314,779,000 | $ 116,624,000 | $ 774,778,000 | $ 254,696,000 | ||||||
Income (loss) from operations | 27,734,000 | 23,383,000 | 137,740,000 | (749,000) | ||||||
Depreciation and amortization | 29,000,000 | 9,932,000 | 67,503,000 | 28,054,000 | ||||||
Interest expense, net of amounts capitalized | 31,853,000 | 16,950,000 | 74,480,000 | 43,688,000 | ||||||
Gain on sale-leaseback | 0 | $ 53,400,000 | 0 | (53,425,000) | 0 | |||||
Capital expenditures | 31,373,000 | 3,118,000 | 67,158,000 | 8,566,000 | ||||||
Goodwill | 444,908,000 | 186,571,000 | 444,908,000 | 186,571,000 | $ 186,979,000 | $ 133,082,000 | ||||
Total assets | 4,969,703,000 | 1,256,881,000 | 4,969,703,000 | 1,256,881,000 | 1,929,855,000 | |||||
Net loss | (57,645,000) | $ 68,942,000 | $ (10,705,000) | 6,723,000 | $ (23,555,000) | $ (8,878,000) | 592,000 | (25,710,000) | ||
Change in value of naming rights liabilities | 6,965,000 | 0 | (1,371,000) | 0 | ||||||
Bargain purchase gain | (1,039,000) | 0 | 23,075,000 | 0 | ||||||
Goodwill from current year business acquisitions | 257,731,000 | 58,743,000 | ||||||||
Goodwill, Impairment Loss | (5,254,000) | |||||||||
West Segment | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenue | 124,603,000 | 55,900,000 | 343,190,000 | 104,039,000 | ||||||
Income (loss) from operations | 31,217,000 | 14,524,000 | 100,693,000 | 8,295,000 | ||||||
Depreciation and amortization | 8,279,000 | 4,279,000 | 21,695,000 | 9,804,000 | ||||||
Interest expense, net of amounts capitalized | 0 | 0 | 0 | 0 | ||||||
Gain on sale-leaseback | 0 | |||||||||
Capital expenditures | 11,050,000 | 2,104,000 | 33,773,000 | 3,524,000 | ||||||
Goodwill | 117,804,000 | 102,423,000 | 117,804,000 | 102,423,000 | 102,831,000 | 48,934,000 | ||||
Total assets | 1,090,759,000 | 593,038,000 | 1,090,759,000 | 593,038,000 | ||||||
Net loss | 24,001,000 | 11,381,000 | 77,397,000 | 7,710,000 | ||||||
Change in value of naming rights liabilities | 0 | 0 | ||||||||
Bargain purchase gain | 0 | 0 | ||||||||
Goodwill from current year business acquisitions | 14,593,000 | 58,743,000 | ||||||||
Goodwill, Impairment Loss | (5,254,000) | |||||||||
Other | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenue | 13,201,000 | 1,659,000 | 23,130,000 | 3,809,000 | ||||||
Income (loss) from operations | (37,952,000) | (5,719,000) | (87,778,000) | (18,140,000) | ||||||
Depreciation and amortization | 14,958,000 | 82,000 | 28,533,000 | 228,000 | ||||||
Interest expense, net of amounts capitalized | 31,838,000 | 16,920,000 | 74,431,000 | 43,581,000 | ||||||
Gain on sale-leaseback | 0 | |||||||||
Capital expenditures | 6,693,000 | 100,000 | 7,949,000 | 743,000 | ||||||
Goodwill | 242,956,000 | 0 | 242,956,000 | 0 | 0 | |||||
Total assets | 2,595,973,000 | 36,189,000 | 2,595,973,000 | 36,189,000 | ||||||
Net loss | (107,032,000) | (15,360,000) | (167,158,000) | (40,022,000) | ||||||
Change in value of naming rights liabilities | 6,965,000 | (1,371,000) | ||||||||
Bargain purchase gain | (1,039,000) | 23,075,000 | ||||||||
Goodwill from current year business acquisitions | 243,138,000 | |||||||||
East Segment | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenue | 176,975,000 | 59,065,000 | 408,458,000 | 146,848,000 | ||||||
Income (loss) from operations | 34,469,000 | 14,578,000 | 124,825,000 | 9,096,000 | ||||||
Depreciation and amortization | 5,763,000 | 5,571,000 | 17,275,000 | 18,022,000 | ||||||
Interest expense, net of amounts capitalized | 15,000 | 30,000 | 49,000 | 107,000 | ||||||
Gain on sale-leaseback | (53,425,000) | |||||||||
Capital expenditures | 13,630,000 | 914,000 | 25,436,000 | 4,299,000 | ||||||
Goodwill | 84,148,000 | 84,148,000 | 84,148,000 | 84,148,000 | $ 84,148,000 | $ 84,148,000 | ||||
Total assets | 1,282,971,000 | 627,654,000 | 1,282,971,000 | 627,654,000 | ||||||
Net loss | 25,386,000 | $ 10,702,000 | 90,353,000 | 6,602,000 | ||||||
Change in value of naming rights liabilities | 0 | 0 | ||||||||
Bargain purchase gain | $ 0 | 0 | ||||||||
Goodwill from current year business acquisitions | $ 0 | 0 | ||||||||
Goodwill, Impairment Loss | $ 0 |
EARNINGS (LOSS) PER SHARE (Deta
EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net (loss) income | $ (57,645) | $ 6,723 | $ 592 | $ (25,710) |
Weighted average shares outstanding, basic (in shares) | 49,506,000 | 30,458,000 | 45,573,000 | 30,825,000 |
Weighted average effect of dilutive securities (in shares) | 0 | 177,000 | 303,000 | 0 |
Weighted average shares outstanding, diluted (in shares) | 49,506,000 | 30,635,000 | 45,876,000 | 30,825,000 |
Per share data | ||||
Basic (in dollars per share) | $ (1.16) | $ 0.22 | $ 0.01 | $ (0.83) |
Diluted (in dollars per share) | $ (1.16) | $ 0.22 | $ 0.01 | $ (0.83) |
Share-based awards considered to be anti-dilutive (in shares) | 4,953,791 | 0 | 4,922,577 | 88,244 |
CORRECTION OF CURRENT PERIOD _3
CORRECTION OF CURRENT PERIOD CONSOLIDATED FINANCIAL STATEMENTS - Additional Information (Details) £ in Millions | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Sep. 30, 2020 USD ($) | Jun. 30, 2020 USD ($) | Mar. 31, 2020 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2020 USD ($) | Aug. 31, 2021 USD ($) | Aug. 31, 2021 GBP (£) | Dec. 31, 2020 USD ($) | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Restricted cash | $ 1,844,758,000 | $ 1,844,758,000 | $ 3,110,000 | ||||||||
Foreign currency translation adjustment | (781,000) | (1,414,000) | |||||||||
Foreign exchange loss, net | (42,896,000) | $ 0 | (43,353,000) | $ 0 | |||||||
Other expenses | 90,779,000 | 16,908,000 | 120,397,000 | 43,391,000 | |||||||
Net loss | 57,645,000 | $ (68,942,000) | $ 10,705,000 | $ (6,723,000) | $ 23,555,000 | $ 8,878,000 | (592,000) | $ 25,710,000 | |||
Retained (deficit) earnings | 51,226,000 | 51,226,000 | $ (34,792,000) | ||||||||
Business Acquisition | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Restricted cash | $ 1,800,000,000 | £ 1,310 | |||||||||
Accumulated Other Comprehensive Loss | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Other comprehensive loss | (740,000) | ||||||||||
Adjustment | Foreign Currency Loss | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Foreign currency translation adjustment | 42,898,000 | 42,898,000 | |||||||||
Foreign exchange loss, net | (42,898,000) | (42,898,000) | |||||||||
Other expenses | 42,898,000 | 42,898,000 | |||||||||
Net loss | 42,898,000 | 42,898,000 | |||||||||
Retained (deficit) earnings | 42,898,000 | 42,898,000 | |||||||||
Adjustment | Accumulated Other Comprehensive Loss | Foreign Currency Loss | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Other comprehensive loss | $ 42,898,000 | $ 42,900,000 |
CORRECTION OF CURRENT PERIOD _4
CORRECTION OF CURRENT PERIOD CONSOLIDATED FINANCIAL STATEMENTS - Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Retained (deficit) earnings | $ (51,226) | $ 34,792 |
Accumulated other comprehensive loss | (4,436) | $ (3,144) |
As Previously Issued | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Retained (deficit) earnings | (8,328) | |
Accumulated other comprehensive loss | (47,334) | |
Adjustment | Foreign Currency Loss | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Retained (deficit) earnings | (42,898) | |
Accumulated other comprehensive loss | $ 42,898 |
CORRECTION OF CURRENT PERIOD _5
CORRECTION OF CURRENT PERIOD CONSOLIDATED FINANCIAL STATEMENTS - Consolidated Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Foreign exchange loss, net | $ (42,896) | $ 0 | $ (43,353) | $ 0 | ||||
Other, net | (3,084) | 0 | (6,450) | 0 | ||||
Interest Income (Expense), Net | (90,779) | (16,908) | (120,397) | (43,391) | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (63,045) | 6,475 | 17,343 | (44,140) | ||||
Net loss | $ (57,645) | $ 68,942 | $ (10,705) | $ 6,723 | $ (23,555) | $ (8,878) | $ 592 | $ (25,710) |
Basic (in dollars per share) | $ (1.16) | $ 0.22 | $ 0.01 | $ (0.83) | ||||
Diluted (in dollars per share) | $ (1.16) | $ 0.22 | $ 0.01 | $ (0.83) | ||||
As Previously Issued | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Foreign exchange loss, net | $ 2 | $ (455) | ||||||
Other, net | (3,084) | (6,450) | ||||||
Interest Income (Expense), Net | (47,881) | (77,499) | ||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (20,147) | 60,241 | ||||||
Net loss | $ (14,747) | $ 43,490 | ||||||
Basic (in dollars per share) | $ (0.30) | $ 0.95 | ||||||
Diluted (in dollars per share) | $ (0.30) | $ 0.95 | ||||||
Adjustment | Foreign Currency Loss | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Foreign exchange loss, net | $ (42,898) | $ (42,898) | ||||||
Other, net | 0 | 0 | ||||||
Interest Income (Expense), Net | (42,898) | (42,898) | ||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (42,898) | (42,898) | ||||||
Net loss | $ (42,898) | $ (42,898) | ||||||
Basic (in dollars per share) | $ (0.86) | $ (0.94) | ||||||
Diluted (in dollars per share) | $ (0.86) | $ (0.94) |
CORRECTION OF CURRENT PERIOD _6
CORRECTION OF CURRENT PERIOD CONSOLIDATED FINANCIAL STATEMENTS - Consolidated Statement of Comprehensive (Loss) Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Net loss | $ (57,645,000) | $ 68,942,000 | $ (10,705,000) | $ 6,723,000 | $ (23,555,000) | $ (8,878,000) | $ 592,000 | $ (25,710,000) |
Foreign currency translation adjustment | (781,000) | (1,414,000) | ||||||
Other comprehensive income (loss) | (740,000) | $ 460,000 | $ (1,012,000) | (1,292,000) | ||||
As Previously Issued | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Net loss | (14,747,000) | 43,490,000 | ||||||
Foreign currency translation adjustment | (43,679,000) | (44,312,000) | ||||||
Other comprehensive income (loss) | (43,638,000) | (44,190,000) | ||||||
Adjustment | Foreign Currency Loss | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Net loss | (42,898,000) | (42,898,000) | ||||||
Foreign currency translation adjustment | 42,898,000 | 42,898,000 | ||||||
Other comprehensive income (loss) | $ 42,898,000 | $ 42,898,000 |
CORRECTION OF CURRENT PERIOD _7
CORRECTION OF CURRENT PERIOD CONSOLIDATED FINANCIAL STATEMENTS - Consolidated Statement of Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | $ 1,313,691 | $ 1,367,224 | $ 454,697 | $ 156,165 | $ 147,559 | $ 171,019 | $ 1,313,691 | $ 156,165 | $ 326,598 | $ 211,411 |
Net loss | (57,645) | 68,942 | (10,705) | 6,723 | (23,555) | (8,878) | 592 | (25,710) | ||
Retained (Deficit) Earnings | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | (51,226) | 6,696 | 24,087 | 14,569 | 7,846 | 32,617 | (51,226) | 14,569 | $ 34,792 | 250,418 |
Net loss | (57,645) | $ 68,942 | $ (10,705) | 6,723 | (23,555) | (8,878) | ||||
Accumulated Other Comprehensive Loss | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | (4,436) | $ (1,888) | $ (1,888) | $ (1,888) | (4,436) | $ (1,888) | $ (1,888) | |||
Other comprehensive loss | (740) | |||||||||
As Previously Issued | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Net loss | (14,747) | 43,490 | ||||||||
As Previously Issued | Retained (Deficit) Earnings | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | (8,328) | (8,328) | ||||||||
As Previously Issued | Accumulated Other Comprehensive Loss | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | (47,334) | (47,334) | ||||||||
Other comprehensive loss | (43,638) | |||||||||
Adjustment | Foreign Currency Loss | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Net loss | (42,898) | (42,898) | ||||||||
Adjustment | Retained (Deficit) Earnings | Foreign Currency Loss | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | (42,898) | (42,898) | ||||||||
Adjustment | Accumulated Other Comprehensive Loss | Foreign Currency Loss | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Stockholders' equity | 42,898 | 42,898 | ||||||||
Other comprehensive loss | $ 42,898 | $ 42,900 |
CORRECTION OF CURRENT PERIOD _8
CORRECTION OF CURRENT PERIOD CONSOLIDATED FINANCIAL STATEMENTS - Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Net loss | $ (57,645) | $ 68,942 | $ (10,705) | $ 6,723 | $ (23,555) | $ (8,878) | $ 592 | $ (25,710) |
Foreign exchange loss, net | 43,353 | 0 | ||||||
Other operating activities | 4,260 | $ 162 | ||||||
As Previously Issued | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Net loss | (14,747) | 43,490 | ||||||
Foreign exchange loss, net | 455 | |||||||
Other operating activities | 4,260 | |||||||
Adjustment | Foreign Currency Loss | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Net loss | $ (42,898) | (42,898) | ||||||
Foreign exchange loss, net | 42,898 | |||||||
Other operating activities | $ 0 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) | Oct. 01, 2021 | Oct. 04, 2021 | Sep. 30, 2021 | Feb. 10, 2020 |
Subsequent Event [Line Items] | ||||
Capital return program | $ 100,000,000 | |||
Senior Notes | 5.625% Senior notes due 2029 | ||||
Subsequent Event [Line Items] | ||||
Interest rate | 5.625% | |||
Senior Notes | 5.875% Senior notes due 2031 | ||||
Subsequent Event [Line Items] | ||||
Interest rate | 5.875% | |||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Capital return program | $ 350,000,000 | |||
Subsequent Event | Senior Notes | 5.625% Senior notes due 2029 | ||||
Subsequent Event [Line Items] | ||||
Principal amount | $ 750,000,000 | |||
Interest rate | 5.625% | |||
Subsequent Event | Senior Notes | 5.875% Senior notes due 2031 | ||||
Subsequent Event [Line Items] | ||||
Principal amount | $ 750,000,000 | |||
Interest rate | 5.875% | |||
Subsequent Event | Secured Debt | Senior Secured First Lien | ||||
Subsequent Event [Line Items] | ||||
Principal amount | $ 1,945,000,000 | |||
Subsequent Event | Line of Credit | Senior Secured First Lien | Revolving Credit Facility | ||||
Subsequent Event [Line Items] | ||||
Maximum borrowing capacity | 620,000,000 | |||
Subsequent Event | Gamesys | ||||
Subsequent Event [Line Items] | ||||
Total consideration paid | $ 2,620,000,000 |