Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 26, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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, $0.01 par value | |
Trading Symbol | BALY | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 40,484,950 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001747079 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and cash equivalents | $ 169,356 | $ 163,194 |
Restricted cash | 141,533 | 152,068 |
Accounts receivable, net | 66,931 | 70,328 |
Inventory | 15,719 | 14,629 |
Income Taxes Receivable | 32,491 | 62,215 |
Prepaid expenses and other current assets | 110,107 | 108,096 |
Assets held for sale | 0 | 1,815 |
Total current assets | 536,137 | 572,345 |
Property and equipment, net | 1,100,733 | 1,174,888 |
Right of use assets, net | 1,144,815 | 1,160,288 |
Goodwill | 1,914,853 | 1,935,803 |
Intangible assets, net | 1,812,638 | 1,871,428 |
Deferred tax asset | 13,245 | 36,034 |
Other assets | 113,575 | 110,317 |
Total assets | 6,635,996 | 6,861,103 |
Liabilities and Stockholders’ Equity | ||
Current portion of long-term debt | 19,450 | 19,450 |
Current portion of lease liabilities | 53,216 | 54,842 |
Accounts payable | 59,401 | 69,161 |
Accrued Income Taxes, Current | 41,150 | 78,301 |
Accrued and other current liabilities | 702,560 | 651,719 |
Liabilities related to assets held for sale | 0 | 1,307 |
Total current liabilities | 875,777 | 874,780 |
Long-term debt, net | 3,660,920 | 3,643,185 |
Long-term portion of financing obligation | 200,000 | 200,000 |
Long-term portion of lease liabilities | 1,139,685 | 1,148,407 |
Deferred tax liability | 150,520 | 125,590 |
Commercial rights liability | 62,503 | 113,626 |
Other long-term liabilities | 96,786 | 119,661 |
Total liabilities | 6,186,191 | 6,225,249 |
Commitments and contingencies (Note 17) | ||
Stockholders’ equity: | ||
Common stock | 405 | 400 |
Preferred Stock, Value, Issued | 0 | 0 |
Additional paid-in-capital | 1,402,384 | 1,400,479 |
Treasury stock, at cost | 0 | 0 |
Accumulated deficit | (729,809) | (555,895) |
Accumulated other comprehensive loss | (223,603) | (209,558) |
Total stockholders’ equity | 449,377 | 635,426 |
Stockholders' Equity Attributable to Noncontrolling Interest | 428 | 428 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 449,805 | 635,854 |
Total liabilities and stockholders’ equity | $ 6,635,996 | $ 6,861,103 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
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) | 40,483,375 | 39,973,202 |
Common stock outstanding (in shares) | 40,483,375 | 39,973,202 |
Preferred stock par value (in dollars per share) | $ 0.01 | |
Preferred stock authorized (in shares) | 10,000,000 | |
Preferred stock outstanding (in shares) | 0 | 0 |
Treasury stock (in shares) | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue: | ||
Total revenue | $ 618,482 | $ 598,720 |
Operating (income) costs and expenses: | ||
General and administrative | 248,436 | 251,608 |
Gain on sale-leaseback | 0 | (374,186) |
Depreciation and amortization | 159,746 | 74,561 |
Total operating costs and expenses | 692,437 | 221,988 |
(Loss) income from operations | (73,955) | 376,732 |
Other (expense) income: | ||
Interest expense, net | (73,131) | (63,264) |
Other non-operating income, net | 4,554 | 2,610 |
Total other expense, net | (68,577) | (60,654) |
(Loss) income before income taxes | (142,532) | 316,078 |
Provision for income taxes | 31,382 | 137,742 |
Net (loss) income | $ (173,914) | $ 178,336 |
Net income per share, basic (in dollars per share) | $ (3.61) | $ 3.28 |
Weighted average common shares outstanding, basic (in shares) | 48,119 | 54,420 |
Net income per share, diluted (in dollars per share) | $ (3.61) | $ 3.24 |
Weighted average common shares outstanding, diluted (in shares) | 48,119 | 55,089 |
Gaming | ||
Revenue: | ||
Total revenue | $ 516,057 | $ 486,895 |
Operating (income) costs and expenses: | ||
Cost of net revenue | 236,144 | 217,661 |
Non-Casino | ||
Revenue: | ||
Total revenue | 102,425 | 111,825 |
Operating (income) costs and expenses: | ||
Cost of net revenue | $ 48,111 | $ 52,344 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (173,914) | $ 178,336 |
Foreign currency translation adjustments | (37,794) | 52,073 |
Net unrealized derivative gain on cash flow hedges, net of tax | 12,283 | 0 |
Net unrealized derivative gain on net investment hedges, net of tax | 11,466 | 0 |
Other comprehensive loss | (14,045) | 52,073 |
Net (loss) income | $ (187,959) | $ 230,409 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Loss | Non-controlling Interest |
Beginning balance (in shares) at Dec. 31, 2022 | 46,670,057 | ||||||
Beginning balance at Dec. 31, 2022 | $ 806,247 | $ 466 | $ 1,636,366 | $ 0 | $ (535,373) | $ (295,640) | $ 428 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Release of restricted stock (in shares) | 124,050 | ||||||
Issuance of restricted stock and other stock awards | (1,331) | $ 1 | (1,332) | ||||
Share-based compensation | 6,040 | 6,040 | |||||
Retirement of treasury shares | $ 0 | $ (10) | (35,987) | 19,753 | 16,244 | ||
Share repurchases (in shares) | (1,026,343) | (1,026,343) | |||||
Share repurchases | $ (19,753) | (19,753) | |||||
Other comprehensive income | 52,073 | 52,073 | |||||
Net loss | 178,336 | 178,336 | |||||
Ending balance (in shares) at Mar. 31, 2023 | 45,767,764 | ||||||
Ending balance at Mar. 31, 2023 | $ 1,021,612 | $ 457 | 1,605,087 | 0 | (340,793) | (243,567) | 428 |
Beginning balance (in shares) at Dec. 31, 2023 | 39,973,202 | 39,973,202 | |||||
Beginning balance at Dec. 31, 2023 | $ 635,854 | $ 400 | 1,400,479 | 0 | (555,895) | (209,558) | 428 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Release of restricted stock (in shares) | 423,805 | ||||||
Issuance of restricted stock and other stock awards | (2,774) | $ 4 | (2,778) | ||||
Share-based compensation | 3,058 | 3,058 | |||||
Stock issued for equity purchase (in shares) | 86,368 | ||||||
Stock Issued During Period, Value, Acquisitions, Net Of Decrease For Tax Withholding Obligation | (124) | $ 1 | (125) | ||||
Other | 1,750 | 1,750 | |||||
Other comprehensive income | (14,045) | (14,045) | |||||
Net loss | $ (173,914) | (173,914) | |||||
Ending balance (in shares) at Mar. 31, 2024 | 40,483,375 | 40,483,375 | |||||
Ending balance at Mar. 31, 2024 | $ 449,805 | $ 405 | $ 1,402,384 | $ 0 | $ (729,809) | $ (223,603) | $ 428 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (173,914) | $ 178,336 |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
Depreciation and amortization | 159,746 | 74,561 |
Non-cash lease expense | 14,222 | 13,972 |
Share-based compensation | 3,058 | 6,040 |
Amortization of debt discount and debt issuance costs | 2,877 | 2,766 |
Gain on sale-leaseback | 0 | (374,186) |
Gain on extinguishment of debt | 0 | (4,044) |
Deferred income taxes | 26,890 | 58,818 |
Net gain on assets and liabilities measured at fair value | (3,461) | (310) |
Net gain on equity method investments | (555) | (2,100) |
Change in value of commercial rights liabilities | 0 | 267 |
Change in contingent consideration payable | (1,835) | 1,206 |
Foreign exchange (gain) loss | (2,816) | 4,308 |
Other operating activities | 1,877 | (693) |
Changes in operating assets and liabilities | (33,943) | 24,947 |
Net cash used in operating activities | (7,854) | (16,112) |
Cash flows from investing activities: | ||
Cash paid for acquisitions, net of cash acquired | 208 | (38,243) |
Proceeds from sale-leaseback | 0 | 411,000 |
Capital expenditures | (28,053) | (43,678) |
Cash paid for capitalized software | (13,583) | (7,143) |
Acquisition of gaming licenses | (1,211) | (1,900) |
Other investing activities | (762) | (400) |
Net cash (used in) provided by investing activities | (43,401) | 319,636 |
Cash flows from financing activities: | ||
Issuance of long-term debt | 135,000 | 0 |
Repayments of long-term debt | (119,863) | (152,483) |
Deferred payables | 42,195 | 0 |
Share repurchases | 0 | (19,753) |
Other financing activities | (6,005) | (1,332) |
Net cash provided by (used in) financing activities | 51,327 | (173,568) |
Effect of foreign currency on cash and cash equivalents | (4,445) | 2,819 |
Change in cash and cash equivalents and restricted cash held for sale | 0 | (1,097) |
Net change in cash and cash equivalents and restricted cash | (4,373) | 131,678 |
Cash and cash equivalents and restricted cash, beginning of period | 315,262 | 265,184 |
Cash and cash equivalents and restricted cash, end of period | 310,889 | 396,862 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest, net of amounts capitalized | 100,128 | 82,724 |
Income Taxes Paid, Net | (10,410) | 6,113 |
Non-cash investing and financing activities: | ||
Unpaid property and equipment | 18,854 | 32,095 |
Bally’s Chicago - land development liability | 956 | 142,567 |
Unpaid internally developed software | 633 | 0 |
Investment in GLP Capital, L.P. | 0 | 14,412 |
Investment in RI Joint Venture | $ 0 | $ 17,832 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Reconciliation of cash and cash equivalents and restricted cash: | ||||
Cash and cash equivalents | $ 169,356 | $ 163,194 | ||
Restricted cash | 141,533 | 152,068 | ||
Total cash and cash equivalents and restricted cash | $ 310,889 | $ 315,262 | $ 396,862 | $ 265,184 |
GENERAL INFORMATION
GENERAL INFORMATION | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | GENERAL INFORMATION Description of Business Bally’s Corporation (the “Company,” or “Bally’s”) is a global gaming, hospitality and entertainment company with casinos and resorts and online gaming (“iGaming”) businesses. The Company owns and manages the following properties within its Casinos & Resorts reportable segment: Casinos & Resorts Location Type Built/Acquired Bally’s Twin River Lincoln Casino Resort (“Bally’s Twin River”) Lincoln, Rhode Island Casino and Resort 2004 Bally’s Arapahoe Park Aurora, Colorado Racetrack/OTB Site 2004 Hard Rock Hotel & Casino Biloxi (“Hard Rock Biloxi”) (2) Biloxi, Mississippi Casino and Resort 2014 Bally’s Tiverton Casino & Hotel (“Bally’s Tiverton”) (2) Tiverton, Rhode Island Casino and Hotel 2018 Bally’s Dover Casino Resort (“Bally’s Dover”) (2) Dover, Delaware Casino, Resort and Raceway 2019 Bally’s Black Hawk (1)(2) Black Hawk, Colorado Three Casinos 2020 Bally’s Kansas City Casino (“Bally’s Kansas City”) Kansas City, Missouri Casino 2020 Bally’s Vicksburg Casino (“Bally’s Vicksburg”) Vicksburg, Mississippi Casino and Hotel 2020 Bally’s Atlantic City Casino Resort (“Bally’s Atlantic City”) Atlantic City, New Jersey Casino and Resort 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 Evansville Casino & Hotel (“Bally’s Evansville”) (2) Evansville, Indiana Casino and Hotel 2021 Bally’s Quad Cities Casino & Hotel (“Bally’s Quad Cities”) (2) Rock Island, Illinois Casino and Hotel 2021 Tropicana Las Vegas Casino and Resort (“Tropicana Las Vegas”) (2)(4) Las Vegas, Nevada Casino and Resort 2022 Bally’s Chicago Casino (“Bally’s Chicago”) (3) Chicago, Illinois Casino 2023 Bally’s Golf Links at Ferry Point (“Bally’s Golf Links”) Bronx, New York Golf Course 2023 __________________________________ (1) Includes Bally’s Black Hawk North Casino, Bally’s Black Hawk West Casino and Bally’s Black Hawk East Casino. (2) Properties leased from Gaming and Leisure Properties, Inc. (“GLPI”). Refer to Note 15 “ Leases (3) Temporary casino facility as permanent casino resort is constructed. (4) This property closed on April 2, 2024 as part of a plan to redevelop the site with a state-of-the-art integrated resort and ballpark. The Company’s International Interactive reportable segment primarily includes the interactive activities in Europe and Asia of Gamesys Group Ltd. (“Gamesys”), an iCasino and online bingo platform provider and operator. The North America Interactive reportable segment includes a portfolio of sports betting, iGaming, and free-to-play gaming brands, and the North American operations of Gamesys. Segment Reportin |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and entities the Company identifies as variable interest entities (“VIEs”), of which the Company is determined to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year’s presentation. The financial statements of our foreign subsidiaries are translated into US Dollars (“USD”) 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 loss. Foreign currency transaction gains and losses are included in net 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 (“GAAP”) 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, 2023. 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. Equity Method Investments On January 1, 2023, the Company and International Game Technology PLC (“IGT”) contributed certain tangible assets and leases to Rhode Island VLT Company, LLC (the “RI Joint Venture”) in exchange for equity interests of the RI Joint Venture. The Company contributed video lottery terminals (“VLTs”) and player tracking equipment to the joint venture for a 40% equity interest of the RI Joint Venture. The 40% ownership in the joint venture qualifies for equity method accounting. In addition to this joint venture, the Company also has other investments in unconsolidated subsidiaries, which are accounted for using equity method accounting. The Company records its share of net income or loss within “Other non-operating income, net” in the condensed consolidated statements of operations. For the three months ended March 31, 2024 and 2023, the Company recorded a gain on equity method investments of $0.6 million and $2.1 million, respectively. Variable Interest Entities The Company evaluates entities for which control is achieved through means other than voting rights to determine if it is the primary beneficiary of a VIE. An entity is a VIE if it has any of the following characteristics (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support (ii) equity holders, as a group, lack the characteristics of a controlling financial interest or (iii) the entity is structured with non-substantive voting rights. The primary beneficiary of the VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. In determining whether it is the primary beneficiary of the VIE, the Company considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities and significance of the Company’s investment and other means of participation in the VIE’s expected profits/losses. Significant judgments related to these determinations include estimates about the current and future fair values and performance of assets held by these VIEs and general market conditions. Management has analyzed and concluded that Breckenridge Curacao B.V. (“Breckenridge”) is a VIE because it does not have sufficient equity investment at risk. The Company has determined that it is the primary beneficiary and consolidates the VIE because (a) although the Company does not control all decisions of Breckenridge, the Company has the power to direct the activities of Breckenridge that most significantly impact its economic performance through various contracts with the entity and (b) the nature of these agreements between Breckenridge and the Company provides the Company with the obligation to absorb losses and the right to receive benefits based on fees that are based upon off-market rates and commensurate to the level of services provided. The Company receives significant benefits in the form of fees that are not at market and commensurate to the level of services provided. As a result, the Company consolidates all of the assets, liabilities and results of operations of Breckenridge and its subsidiaries in the accompanying condensed consolidated financial statements. As of March 31, 2024 and December 31, 2023, Breckenridge had total assets of $154.9 million and $161.3 million, respectively, and total liabilities of $85.5 million and $87.7 million, respectively. Breckenridge had revenues of $61.9 million and $84.0 million for the three months ended March 31, 2024 and 2023, respectively. The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents includes cash balances and highly liquid investments with an original maturity of three months or less. Restricted cash includes cash collateral in connection with amounts due to the Chicago Tribune (refer to Note 8 “ Property and Equipment Accounts Receivable, Net Accounts receivable, net consists of the following: March 31, December 31, (in thousands) 2024 2023 Amounts due from Rhode Island and Delaware (1) $ 14,791 $ 13,028 Gaming receivables 25,427 26,127 Non-gaming receivables 33,131 37,221 Accounts receivable 73,349 76,376 Less: Allowance for credit losses (6,418) (6,048) Accounts receivable, net $ 66,931 $ 70,328 __________________________________ (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 for Bally’s Dover from the State of Delaware. Deferred Payables In order to execute on its strategy of improving working capital efficiency, the Company will, from time to time, participate in trade finance or deferred payable initiatives, including programs that may securitize or accelerate liquidity realized from receivables, or alternatively extend trade terms with certain suppliers or vendors. In certain cases, where the Company is not able to extend payment terms directly with suppliers or vendors, the Company will consider deferred payable solutions that simulate such trade term extensions. These solutions generally involve entering into exchange agreements with intermediary institutions who will make payment to the supplier or vendor within the original terms on behalf of the Company, in exchange for a new bill with terms that conforms to the Company’s payment policy of net 90 days. The Company will then pay the new bill to the intermediary institutions, inclusive of any embedded premium, which the Company records as Interest expense, net, within three months or less. Amounts outstanding under these deferred payable arrangements were $41.9 million as of March 31, 2024 and are included in Accrued and other current liabilities on the condensed consolidated balance sheets. For the three months ended March 31, 2024, the Company incurred $0.8 million of interest expense under these arrangements. There was no interest expense incurred under these arrangements for the three months ended March 31, 2023. Gaming Expenses Gaming expenses include, among other things, payroll costs and expenses associated with the operation of VLTs, slots and table games, including gaming taxes payable to jurisdictions in which the Company operates outside of Rhode Island and Delaware, and marketing costs directly associated with the Company’s iGaming products and services. These marketing expenses are included within Gaming expenses in the condensed consolidated statements of operations and were $46.2 million and $45.9 million for the three months ended March 31, 2024 and 2023, respectively. Gaming expenses also include racing expenses comprised of payroll costs, off track betting (“OTB”) commissions and other expenses associated with the operation of live racing and simulcasting. Advertising Expense The Company expenses advertising costs as incurred. For the three months ended March 31, 2024 and 2023, advertising expense was $5.6 million and $5.4 million, respectively. Advertising costs are included in “General and administrative” on the condensed consolidated statements of operations. Share-Based Compensation The Company recognized total share-based compensation expense of $3.1 million and $6.0 million for the three months ended March 31, 2024 and 2023, respectively. The total income tax benefit for share-based compensation arrangements was $0.8 million and $1.6 million for the three months ended March 31, 2024 and 2023, respectively. Strategic Partnership - Sinclair Broadcast Group In 2020, the Company and Sinclair Broadcast Group, Inc. (“Sinclair”) entered into a Framework Agreement (the “Framework Agreement”), which provides for a long-term strategic relationship between Sinclair and the Company. Under the Framework Agreement, the Company issued warrants and options and agreed to share tax benefits and received naming, integration and other rights, including access to Sinclair’s Tennis Channel, Stadium Sports Network and STIRR streaming service. Under a Commercial Agreement (the “Commercial Agreement”) contemplated by the Framework Agreement, the Company paid annual fees to Diamond Sports Group (“Diamond”), a Sinclair subsidiary, for naming rights over Diamond’s regional sports networks (“RSNs”) and other consideration. The Company accounted for this relationship as an asset acquisition in accordance with the “Acquisition of Assets Rather Than a Business” subsections of ASC 805-50, Business Combinations—Related Issues , using a cost accumulation model. The total intangible asset (“Commercial rights intangible asset”) represents the present value of the naming rights fees and other consideration, including the fair value of the warrants and options, and an estimate of the tax-sharing payments, each explained below. The Commercial rights intangible asset, net of accumulated amortization, was $218.2 million and $225.9 million as of March 31, 2024 and December 31, 2023, respectively. Amortization was $7.8 million and $7.7 million for the three months ended March 31, 2024 and 2023, respectively. Refer to Note 9 “ Goodwill and Intangible Assets The present value of the naming rights fees was recorded as part of intangible assets, with a corresponding liability, which will be accreted through interest expense. As of December 31, 2023, the total value of the liability was $57.7 million, with $8.0 million recorded within “Accrued and other current liabilities” related to the short-term portion of the liability, and $49.7 million related to the long-term portion of the liability reflected as “Commercial rights liability” in the condensed consolidated balance sheets. Accretion expense reported in “Interest expense, net” in our condensed consolidated statements of operations was $1.1 million for the three months ended March 31, 2023. In the first quarter of 2024, the Company’s obligation to pay Diamond for the naming rights terminated upon the bankruptcy court’s approval of certain settlement terms, which the court approved on March 1, 2024. Refer to Note 17 “ Commitments and Contingencies Under the Framework Agreement, 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 Penny Warrants and Options are equity classified instruments under ASC 815. 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 Commercial rights intangible asset. 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. Refer to Note 11 “ Fair Value Measurements Under the Framework Agreement, the Company agreed to share 60% of the tax benefits it realizes from the Penny Warrants, Options, Performance Warrants and other related payments. Changes in the estimate of the tax benefit to be realized and tax rates in effect at the time, among other changes, are treated as an adjustment to the intangible asset. The liability for these obligations was $17.7 million and $19.1 million as of March 31, 2024 and December 31, 2023, respectively, and is reflected in Commercial rights liabilities within our condensed consolidated balance sheets. Provision for Income Taxes During the three months ended March 31, 2024 and 2023, the Company recorded a provision for income tax of $31.4 million, at an effective year to date tax rate of (22.0)% and a provision for income tax of $137.7 million, at an effective year to date tax rate of 43.6%, respectively. The 2024 year to date effective tax rate differed from the US federal statutory tax rate of 21%, creating a provision for income tax on the Company’s Loss before income taxes, largely due to an increase in the valuation allowance, coupled with a tax liability for foreign discrete items. The 2023 year to date effective tax rate was higher than the US federal statutory tax rate of 21%, largely due to an increase in the valuation allowance and a tax liability for a discrete item related to the deferred gain on sale leaseback transactions in Mississippi and Rhode Island. |
CONSOLIDATED FINANCIAL INFORMAT
CONSOLIDATED FINANCIAL INFORMATION | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONSOLIDATED FINANCIAL INFORMATION | CONSOLIDATED FINANCIAL INFORMATION General and Administrative Expense Amounts included in General and administrative for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended (in thousands) 2024 2023 Advertising, general and administrative $ 224,971 $ 221,005 Acquisition and integration 4,852 13,781 Restructuring 18,613 16,822 Total general and administrative $ 248,436 $ 251,608 Other Non-Operating Income, Net Amounts included in Other non-operating income, net for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended (in thousands) 2024 2023 Change in value of commercial rights liabilities $ — $ (267) Net gain on equity method investments 555 2,100 Gain on extinguishment of debt — 4,044 Foreign exchange gain (loss) 2,816 (4,308) Other, net 1,183 1,041 Total other non-operating income, net $ 4,554 $ 2,610 |
RECENTLY ADOPTED AND ISSUED ACC
RECENTLY ADOPTED AND ISSUED ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
RECENTLY ADOPTED AND ISSUED ACCOUNTING PRONOUNCEMENTS | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Standards to Be Implemented In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative . The amendments in this update align the requirements in the ASC to the SEC’s regulations. The effective date for each amended topic in the ASC is the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective. Early adoption is prohibited. The Company is currently in the process of evaluating the impact of this amendment on its condensed consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures . The amendments in this update enhance the disclosures required for significant segment expenses on an annual and interim basis. The guidance will apply retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. The Company is currently in the process of evaluating the impact of this amendment on its condensed consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures . The amendments in this update enhance the transparency and decision usefulness of income tax disclosures. This update will be effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the impact of this amendment on its condensed consolidated financial statements and related disclosures. In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements . This amendment to the Codification removes references to various Concepts Statements. This update will be effective for public business entities for fiscal years beginning after December 15, 2024, with early adoption permitted if adopted as of the beginning of the fiscal year that includes that interim period. The Company is currently in the process of evaluating the impact of this amendment on its condensed consolidated financial statements and related disclosures. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITION The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers , which requires companies to recognize revenue in a way that depicts the transfer of promised goods or services. In addition, the standard requires more detailed disclosures to enable readers of the financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Company generates revenue from four principal sources: (1) gaming (which includes retail gaming, online gaming, sports betting and racing), (2) hotel, (3) food and beverage and (4) retail, entertainment and other. The Company determines revenue recognition through the following steps: • Identify the contract, or contracts, with the customer; • Identify the performance obligations in the contract; • Determine the transaction price; • Allocate the transaction price to performance obligations in the contract; and • Recognize revenue when or as the Company satisfies performance obligations by transferring the promised goods or services. The amount of revenue recognized by the Company is measured at the transaction price or the amount of consideration that the Company expects to receive through satisfaction of the identified performance obligations. Retail gaming, online gaming and sports betting revenue, each as described below, contain two performance obligations. Retail gaming transactions have an obligation to honor the outcome of a wager and to pay out an amount equal to the stated odds, including the return of the initial wager, if the customer receives a winning hand. These elements of honoring the outcome of the hand of play and generating a payout are considered one performance obligation. Online gaming and sports betting represent a single performance obligation for the Company to operate contests or games and award prizes or payouts to users based on results of the arrangement. Revenue is recognized at the conclusion of each contest, wager or wagering game hand. Incentives can be used across online gaming products. The Company allocates a portion of the transaction price to certain customer incentives that create material future customer rights and are a separate performance obligation. In addition, in the event of a multi-stage contest, the Company will allocate transaction price ratably from contest start to the contest’s final stage. Racing revenue is earned through advance deposit wagering which consists of patrons wagering through an advance deposit account. Each wagering contract contains a single performance obligation. The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not the total amount wagered. The transaction price for racing operations, inclusive of live racing events conducted at the Company’s racing facilities, is the commission received from the pari-mutuel pool less contractual fees and obligations primarily consisting of purse funding requirements, simulcasting fees, tote fees and certain pari-mutuel taxes that are directly related to the racing operations. The transaction price for hotel, food, beverage, retail, entertainment and other is the net amount collected from the customer for such goods and services. Hotel, food, beverage, retail, entertainment and other services have been determined to be separate, stand-alone performance obligations and revenue is recognized as the good or service is transferred at the point in time of the transaction. The following contains a description of each of the Company’s revenue streams: Gaming Revenue Retail Gaming The Company recognizes retail gaming revenue as the net win from gaming activities, which is the difference between gaming inflows and outflows, not the total amount wagered. Progressive jackpots are estimated and recognized as revenue at the time the obligation to pay the jackpot is established. Gaming revenues are recognized net of certain cash and free play incentives. 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 to account for its gaming contracts on a portfolio basis as such wagers have similar characteristics and the Company reasonably expects the impact on the consolidated financial statements of applying the revenue recognition guidance to the portfolio would not differ materially from the application of 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 performance obligation related to loyalty program incentives are deferred and recognized as revenue upon redemption by the customer. The amount associated with gaming wagers is recognized at the point the wager occurs, as it is settled immediately. 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 on VLT revenue generated from units in excess of 3,002 units. Bally’s Tiverton is entitled to receive a percentage of VLT revenue that is equivalent to the percentage received by Bally’s Twin River. From July 1, 2021 through December 31, 2022, Bally’s Twin River and Bally’s Tiverton were entitled to an additional 7.00% share of revenue, as the Technology Provider, on VLTs owned by the Company. Beginning on January 1, 2023, the Company contributed all of its VLT assets to the RI Joint Venture and the RI Joint Venture, as the sole Technology Provider, is now entitled to that additional 7.00% of VLT revenue. 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 March 31, 2024 and 2023. Revenue is recognized when the wager is settled, 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 Bally’s Dover’s share of revenue as determined under the Delaware State Lottery Code from the date of its acquisition. Bally’s Dover 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 March 31, 2024 and 2023, Bally’s Dover was entitled to an approximate 42% share of VLT revenue and 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 includes casino revenue of the Company’s other properties which is the aggregate net difference between gaming wins and losses, with deferred revenue recognized for prepaid deposits by customers prior to play, 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. Online Gaming The Company’s online gaming operations, similar to land-based casinos, generates revenue from player wagers net of payouts and incentives awarded to players. The revenue is earned from operating online bingo and casino websites, which consists of the difference between total amounts wagered by players less winnings payable to players, bonuses allocated and jackpot contributions. Online gaming revenue is recognized at the point in time when the player completes a gaming session and payout occurs. There is no significant degree of uncertainty involved in quantifying the amount of gaming revenue earned, including bonuses, jackpot contributions and loyalty points. Bonuses, jackpot contributions and loyalty points are measured at fair value at each reporting date. Sports Betting Sports betting involves a player wagering money on an outcome or series of outcomes. If a player wins the wager, the Company pays the player a pre-determined amount known as fixed odds. Sports betting revenue is generated through built-in theoretical margins in each sports wagering opportunity offered to players. Revenue is recognized as total wagers net of payouts made and incentives awarded to players. The Company has entered into several multi-year agreements with third-party operators for online sports betting and iGaming market access in several jurisdictions 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 three months ended March 31, 2024 and 2023. Deferred revenue associated with third-party operators for online sports betting and iGaming market access was $3.6 million and $3.7 million as of March 31, 2024 and December 31, 2023, respectively, and is included in “Accrued and other current liabilities” and “Other long-term liabilities” in the condensed consolidated balance sheets. Racing Racing revenue includes several of our casinos and resorts’ share of wagering from live racing and the import of simulcast signals. Racing revenue is recognized upon completion of the wager based upon 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 reduction to racing revenue. Non-gaming Revenue Non-gaming revenue consists of hotel, food, beverage, retail, entertainment and other revenue. Hotel revenue is recognized when the customer obtains control through occupancy of the room over their stay at the hotel. Advance deposits for hotel rooms are recorded as liabilities until revenue recognition criteria are met. Food, beverage and retail revenues are recognized at the time the goods are sold from Company-operated outlets. The estimated standalone selling price of hotel rooms is determined based on observable prices. The standalone selling price of food, beverage, retail, entertainment and other goods and services are determined based upon the actual retail prices charged to customers for those items. Other revenue includes cancellation fees for hotel and meeting space services, which are recognized upon cancellation by the customer, and golf revenues from the Company’s operations of Bally’s Golf Links, which are recognized at the time of sale. Additionally, other revenue includes market access and business-to-business service revenue generated by the International Interactive and North America Interactive reportable segments, which is recognized at the time the goods are sold or the service is provided, and are included in Non-gaming revenue within our condensed consolidated statements of operations. 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 months ended March 31, 2024 and 2023: Three Months Ended (in thousands) 2024 2023 Hotel $ 20,479 $ 22,435 Food and beverage 20,213 19,474 Retail, entertainment and other 2,428 2,591 $ 43,120 $ 44,500 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. The following tables provide a disaggregation of revenue by segment (in thousands): Three Months Ended March 31, 2024 Casinos & Resorts International Interactive North America Interactive Total Gaming $ 250,418 $ 231,267 $ 34,372 $ 516,057 Non-gaming: Hotel 41,090 — — 41,090 Food and beverage 34,952 — — 34,952 Retail, entertainment and other 15,869 3,416 7,098 26,383 Total non-gaming revenue 91,911 3,416 7,098 102,425 Total revenue $ 342,329 $ 234,683 $ 41,470 $ 618,482 Three Months Ended March 31, 2023 Gaming $ 233,107 $ 237,181 $ 16,607 $ 486,895 Non-gaming: Hotel 47,332 — — 47,332 Food and beverage 33,608 — — 33,608 Retail, entertainment and other 14,739 8,391 7,755 30,885 Total non-gaming revenue 95,679 8,391 7,755 111,825 Total revenue $ 328,786 $ 245,572 $ 24,362 $ 598,720 Contract Assets and Contract Related Liabilities 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 OTB locations. The Company’s receivables related to contracts with customers were $35.5 million and $38.5 million as of March 31, 2024 and December 31, 2023, respectively. The Company has the following liabilities related to contracts with customers: liabilities for loyalty programs, advance deposits made for goods and services yet to be provided and unpaid wagers. All of the contract liabilities are short-term in nature and are included in “Accrued and other current liabilities” in the condensed consolidated balance sheets. 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. 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. Unpaid wagers include the Company’s outstanding chip liability and unpaid slot, pari-mutuel and sports betting tickets. Liabilities related to contracts with customers as of March 31, 2024 and December 31, 2023 were as follows: March 31, December 31, (in thousands) 2024 2023 Loyalty programs $ 15,349 $ 16,803 Advanced deposits from customers 28,141 29,052 Unpaid wagers 18,619 20,481 Total $ 62,109 $ 66,336 The Company recognized $7.6 million and $5.9 million of revenue related to loyalty program redemptions for the three months ended March 31, 2024 and 2023, respectively. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS | BUSINESS COMBINATIONS Casinos & Resorts Acquisitions Bally’s Golf Links - On September 12, 2023, the Company completed the acquisition of Trump Golf Links at Ferry Point, subsequently renamed Bally’s Golf Links at Ferry Point, which includes the assignment of a license agreement to operate an 18-hole links-style golf course located in the Bronx, New York. The total purchase consideration included cash paid, net of cash acquired and net working capital adjustments, which amounted to $55.0 million. This acquisition continues the Company’s strategic objective of developing a diversified portfolio within its Casinos & Resorts segment. Total purchase consideration also included contingent consideration valued at $58.6 million, the fair value at acquisition date, under GAAP, of expected cash payments totaling up to $125 million to the seller, based upon future events, which are uncertain. The contingent consideration was recorded at fair value, using discounted cash flow analyses, and will be remeasured quarterly, with fair value adjustments recognized in earnings, until the contingencies are resolved. The settlement of the contingent consideration liabilities will be due to the seller in the event the license agreement is extended or if the Company is successful in its bid for a casino license. The following table summarizes the consideration paid and the fair values of the assets acquired and liabilities assumed in connection with the Casinos & Resorts acquisition as of March 31, 2024: Bally’s Golf Links (in thousands) Preliminary (2) Total current assets $ 1,108 Property and equipment, net 505 Intangible assets, net (1) 6,500 Other assets 2,000 Goodwill 103,824 Total current liabilities (345) Total purchase price $ 113,592 __________________________________ (1) Bally’s Golf Links’ intangible assets include a concessionaire license of $6.5 million, which is being amortized over its estimated useful life of approximately 12 years. (2) The Company recorded adjustments to the preliminary purchase price allocation during the three months ended March 31, 2024 which decreased Goodwill and the total purchase price by $0.2 million. Goodwill recognized is deductible for local tax purposes and has been assigned as of the acquisition date to the Company’s Casinos & Resorts reportable segment, which includes the reporting unit expected to benefit from the synergies of the acquisitions. Qualitative factors that contribute to the recognition of goodwill include expected synergies from integrating the business into the Company’s casino portfolio and future development of its omni-channel strategy. The Company incurred $0.2 million of acquisition costs related to the above Casinos & Resorts acquisition during the three months ended March 31, 2024. There were no acquisition costs related to the above Casinos & Resorts acquisition during the three months ended March 31, 2023. These costs are included within “General and administrative” of the condensed consolidated statements of operations. International Interactive Acquisition Casino Secret - On January 5, 2023, the Company completed the acquisition of BACA Limited (“Casino Secret”), a European based online casino that offers slots, tables and live dealer games to Asian markets for total consideration of $50.4 million. Cash paid by the Company, net of $8.3 million cash acquired, was $38.7 million, excluding transaction costs. The following table summarizes the consideration paid and the fair values of the assets acquired and liabilities assumed in connection with the International Interactive acquisition: (in thousands) Casino Secret Final (2) Total current assets $ 8,862 Property and equipment, net 50 Intangible assets, net (1) 29,471 Goodwill 18,422 Total current liabilities (6,371) Total purchase price $ 50,434 __________________________________ (1) Casino Secret intangible assets include player relationships and trade names of $26.0 million and $3.5 million, respectively, which are both being amortized on a straight-line basis over their estimated useful lives of approximately 7 years. (2) The Company did not record adjustments to the preliminary purchase price allocation during the three months ended March 31, 2024. Total goodwill recorded in connection with the above acquisition was $18.4 million, and is not deductible for local tax purposes. Qualitative factors that contribute to the recognition of goodwill include certain intangible assets that are not recognized as separate identifiable intangible assets apart from goodwill, which consist primarily of benefits from acquiring a talented technology workforce and management team experienced in the online gaming industry, and securing buyer-specific synergies expected to contribute to the Company’s omni-channel strategy which are expected to increase revenue and profits within the Company’s International Interactive reportable segment. The goodwill of the acquisition has been assigned, as of the acquisition date, to the Company’s International Interactive reportable segment. The Company incurred $1.2 million of acquisition costs related to the above International Interactive acquisition during the three months ended March 31, 2023. There were no acquisition costs related to the International Interactive acquisition during the three months ended March 31, 2024. These costs are included within “General and administrative” of the condensed consolidated statements of operations. |
PREPAID EXPENSES AND OTHER ASSE
PREPAID EXPENSES AND OTHER ASSETS | 3 Months Ended |
Mar. 31, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets Disclosure | PREPAID EXPENSES AND OTHER CURRENT ASSETS As of March 31, 2024 and December 31, 2023, prepaid expenses and other current assets was comprised of the following: March 31, December 31, (in thousands) 2024 2023 Services and license agreements $ 40,975 $ 32,466 Short term derivative assets 11,031 9,530 Due from payment service providers 10,606 12,662 Prepaid marketing 14,519 8,685 Prepaid insurance 7,497 12,181 Gaming taxes and licenses 6,535 9,309 Sales tax 6,204 7,565 Purse funds 483 6,404 Other 12,257 9,294 Total prepaid expenses and other current assets $ 110,107 $ 108,096 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | PROPERTY AND EQUIPMENT As of March 31, 2024 and December 31, 2023, property and equipment was comprised of the following: March 31, December 31, (in thousands) 2024 2023 Land $ 238,997 $ 238,997 Land improvements 163,215 162,211 Building and improvements 676,431 673,071 Equipment 270,634 264,398 Furniture and fixtures 69,171 68,746 Construction in process 86,537 73,810 Total property, plant and equipment 1,504,985 1,481,233 Less: Accumulated depreciation (404,252) (306,345) Property and equipment, net $ 1,100,733 $ 1,174,888 Depreciation expense relating to property and equipment was $99.5 million for the three months ended March 31, 2024, and $18.7 million for the three months ended March 31, 2023. Depreciation expense during the three months ended March 31, 2024 included $80.1 million of accelerated depreciation related to the closure of the Tropicana Las Vegas property. Refer to Note 13 “ Restructuring Expens e Bally’s Chicago A wholly-owned indirect subsidiary of the Company, Bally’s Chicago Operating Company, LLC entered into a Lease Termination and Short Term License Agreement with Chicago Tribune Company, LLC (“Tribune”), effective March 31, 2023, which, among other things, provides that the Company will have possession of 777 West Chicago Avenue, Chicago, Illinois 60610 on or before July 5, 2024, subject to $150 million in payments by the Company to Tribune payable in full upon Tribune vacating the site on or prior to July 5, 2024 (the “Payment”). $10 million of the Payment was paid upon execution of the Lease Termination and Short Term License Agreement and $90 million of the Payment was paid during the third quarter of 2023. The balance Payment amount of $50 million is secured by cash-collateralized letters of credit, issued by Citizens Bank. Cash collaterals are reported as restricted cash as of March 31, 2024. The Company recorded the present value of the remaining payments of $48.7 million within “Accrued and other current liabilities” with an offsetting increase to “Property and equipment, net” within the condensed consolidated balance sheets as of March 31, 2024. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2024 | |
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 three months ended March 31, 2024 is as follows (in thousands): Casinos & Resorts International Interactive North America Interactive Total Goodwill as of December 31, 2023 (1) $ 313,493 $ 1,586,590 $ 35,720 $ 1,935,803 Effect of foreign exchange — (20,647) (95) (20,742) Purchase accounting adjustments on prior year business acquisition (208) — — (208) Goodwill as of March 31, 2024 (1) $ 313,285 $ 1,565,943 $ 35,625 $ 1,914,853 __________________________________ (1) Amounts are shown net of accumulated goodwill impairment charges of $5.4 million and $140.4 million for Casinos & Resorts and North America Interactive, respectively. The change in intangible assets, net for the three months ended March 31, 2024 is as follows (in thousands): Intangible assets, net as of December 31, 2023 $ 1,871,428 Effect of foreign exchange (13,582) Internally developed software 12,325 Other intangibles acquired 2,727 Less: Accumulated amortization (60,260) Intangible assets, net as of March 31, 2024 $ 1,812,638 The Company’s identifiable intangible assets consist of the following: March 31, 2024 (in thousands, except years) Gross Carrying Amount Accumulated Net Amortizable intangible assets: Commercial rights - Sinclair (1) $ 315,847 $ (97,692) $ 218,155 Trade names 37,375 (19,480) 17,895 Hard Rock license 8,000 (2,364) 5,636 Customer relationships 960,366 (345,407) 614,959 Developed technology 264,206 (94,359) 169,847 Internally developed software 72,752 (15,397) 57,355 Gaming licenses 46,316 (14,152) 32,164 Other 11,491 (4,131) 7,360 Total amortizable intangible assets 1,716,353 (592,982) 1,123,371 Intangible assets not subject to amortization: Gaming licenses 586,971 — 586,971 Trade names 99,781 — 99,781 Other 2,515 — 2,515 Total unamortizable intangible assets 689,267 — 689,267 Total intangible assets, net $ 2,405,620 $ (592,982) $ 1,812,638 __________________________________ (1) Commercial rights intangible asset in connection with the Framework Agreement. Refer to Note 2 “ S ummary of S ig nificant Accounting Policies December 31, 2023 (in thousands, except years) Gross Carrying Amount Accumulated Net Amortizable intangible assets: Commercial rights - Sinclair (2) $ 315,847 $ (89,901) $ 225,946 Trade names 37,042 (18,125) 18,917 Hard Rock license 8,000 (2,303) 5,697 Customer relationships 974,286 (314,053) 660,233 Developed technology 267,927 (86,119) 181,808 Internally developed software 61,687 (13,091) 48,596 Gaming licenses 45,008 (11,964) 33,044 Other 11,505 (3,621) 7,884 Total amortizable intangible assets 1,721,302 (539,177) 1,182,125 Intangible assets not subject to amortization: Gaming licenses 586,971 — 586,971 Trade names 100,544 — 100,544 Other 1,788 — 1,788 Total unamortizable intangible assets 689,303 — 689,303 Total intangible assets, net $ 2,410,605 $ (539,177) $ 1,871,428 __________________________________ (2) See note (1) above. Amortization of intangible assets was approximately $60.3 million and $55.9 million for the three months ended March 31, 2024 and 2023, respectively. The following table reflects the remaining amortization expense associated with the finite-lived intangible assets as of March 31, 2024: (in thousands) Remaining 2024 $ 173,834 2025 229,551 2026 227,776 2027 226,743 2028 170,953 Thereafter 94,514 Total $ 1,123,371 |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS The Company utilizes derivative instruments in order to mitigate interest rate and currency exchange rate risk in accordance with its financial risk and liability management policy. In 2023, the Company entered into a series of interest rate contracts and cross currency swap derivative transactions with multiple bank counterparties in order to synthetically convert a notional aggregate amount of $500.0 million of the Company’s USD denominated variable rate Term Loan Facility, as disclosed in Note 14 “ Long-Term Debt Derivative Instruments Designated as Hedging Instruments Net Investment Hedges Cross Currency Swaps - The Company is exposed to fluctuations in foreign exchange rates on investments it holds in its European foreign entities. The Company uses fixed and fixed-cross-currency swaps to hedge its exposure to changes in the foreign exchange rate on its foreign investment in Europe and their exposure to changes in the EUR-GBP exchange rate. Currency forward agreements involve fixing the USD-EUR exchange rate for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in USD for their fair value at or close to their settlement date. Cross-currency swaps involve the receipt of functional-currency-fixed-rate amounts from a counterparty in exchange for the Company making foreign-currency-fixed-rate payments over the life of the agreement. These derivative arrangements qualify as net investment hedges under ASC 815, with the gain or loss resulting from changes in the spot value of the derivative reported in other comprehensive income (loss). Amounts are reclassified out of other comprehensive income (loss) into earnings when the hedged net investment is either sold or substantially liquidated. Additionally, the accrual of foreign currency and USD denominated coupons will be recognized in “Interest expense, net” in the condensed consolidated statements of operations. Refer to Note 11 “ Fair Value Measurements Stockholders’ Equity The following tables summarize the Company’s net investment hedges as of March 31, 2024 and December 31, 2023 (in thousands): Net Investment Hedges Notional Sold Notional Purchased Cross currency swaps € 461,595 £ 387,531 Cross currency swaps £ 546,759 $ 700,000 Cash Flow Hedges Interest Rate Contracts - The Company’s objectives in using interest rate derivatives are to hedge its exposure to variability in cash flows on a portion of its floating-rate debt, to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps and collars as part of its financial risk and liability management policy. The Company’s interest rate swaps and collars are designated as cash flow hedges under ASC 815. The changes in the fair value of these instruments are recorded as a component of accumulated other comprehensive income (loss) and reclassified into “Interest expense, net” in the condensed consolidated statements of operations in the same period in which the hedged interest payments associated with the Company’s borrowings are recorded. Refer to Note 11 “ Fair Value Measurements Stockholders’ Equity The following table summarizes the Company’s cash flow hedges as of March 31, 2024 and December 31, 2023 (in thousands): Cash Flow Hedges Notional Amount Index Cap Floor (1) Interest rate contracts - swaps $ 500,000 US - SOFR $— $— Interest rate contracts - collars $ 500,000 US - SOFR 4.25% 3.22% __________________________________ (1) Weighted average rate. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS 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: March 31, 2024 (in thousands) Balance Sheet Location Level 1 Level 2 Level 3 Assets: Cash and cash equivalents Cash and cash equivalents $ 169,356 $ — $ — Restricted cash Restricted cash 141,533 — — Convertible loans Other assets — — 4,082 Investments in equity securities Other assets 3,391 — — Investment in GLPI partnership Other assets — 13,206 — Derivative assets designated as hedging instruments: Interest rate contracts Prepaid expenses and other current assets — 6,612 — Interest rate contracts Other assets — 408 — Cross currency swaps Prepaid expenses and other current assets — 4,419 — Cross currency swaps Other assets — 6,929 — Total derivative assets at fair value — 18,368 — Total assets $ 314,280 $ 31,574 $ 4,082 Liabilities: Contingent consideration Other long-term liabilities $ — $ — $ 56,745 Derivative liabilities not designated as hedging instruments: Sinclair Performance Warrants Commercial rights liabilities — — 44,703 Derivative liabilities designated as hedging instruments: Interest rate contracts Other long-term liabilities — 5,616 — Cross currency swaps Accrued and other current liabilities — 1,000 — Cross currency swaps Other long-term liabilities — 24,874 — Total derivative liabilities at fair value — 31,490 44,703 Total liabilities $ — $ 31,490 $ 101,448 December 31, 2023 (in thousands) Balance Sheet Location Level 1 Level 2 Level 3 Assets: Cash and cash equivalents Cash and cash equivalents $ 163,194 $ — $ — Restricted cash Restricted cash 152,068 — — Convertible loans Other assets — — 4,115 Investments in equity securities Other assets 3,409 — — Investment in GLPI partnership Other assets — 14,146 — Derivative assets designated as hedging instruments: Interest rate contracts Prepaid expenses and other current assets — 5,356 — Cross currency swaps Prepaid expenses and other current assets — 4,174 — Cross currency swaps Other assets — 6,477 — Total derivative assets at fair value — 16,007 — Total assets $ 318,671 $ 30,153 $ 4,115 Liabilities: Contingent consideration Other long-term liabilities $ — $ — $ 58,580 Derivatives not designated as hedging instruments Sinclair Performance Warrants Commercial rights liabilities — — 44,703 Derivative liabilities designated as hedging instruments: Interest rate contracts Other long-term liabilities — 21,492 — Cross currency swaps Accrued and other current liabilities — 1,225 — Cross currency swaps Other long-term liabilities — 29,376 — Total derivative liabilities at fair value — 52,093 44,703 Total liabilities $ — $ 52,093 $ 103,283 The following tables summarize the changes in fair value of the Company’s Level 3 assets and liabilities: (in thousands) Sinclair Performance Warrants Contingent Consideration Convertible Loans Beginning as of December 31, 2023 $ 44,703 $ 58,580 $ 4,115 Change in fair value — (1,835) (33) Ending as of March 31, 2024 $ 44,703 $ 56,745 $ 4,082 (in thousands) Sinclair Performance Warrants Contingent Consideration Convertible Loans Beginning as of December 31, 2022 $ 36,987 $ 8,220 $ 10,212 Additions in the period (acquisition fair value) — — 500 Change in fair value 267 1,241 126 Ending as of March 31, 2023 $ 37,254 $ 9,461 $ 10,838 The gains (losses) recognized in the condensed consolidated statements of operations for derivative instruments during the three months ended March 31, 2024 and 2023 are as follows: Condensed Consolidated Statements of Operations Location Three Months Ended (in thousands) 2024 2023 Derivatives not designated as hedging instruments Sinclair Performance Warrants Other non-operating income, net $ — $ (267) Derivatives designated as hedging instruments Interest rate contracts Interest expense, net $ (2,886) $ — Cross currency swaps Interest expense, net (1,211) — Interest Rate Contracts and Cross Currency Swaps The fair values of interest rate contracts and cross currency swap assets and liabilities are classified within Level 2 of the fair value hierarchy as the valuation inputs are based on estimates using currency spot and forward rates and standard pricing models that consider the value of future cash flows as of the balance sheet date, discounted to a present value using discount factors that match both the time to maturity and currency of the underlying instruments. These standard pricing models utilize inputs that are derived from or corroborated by observable market data such as interest rate yield curves as well as currency spot and forward rates. Changes in the fair value of these contracts are reported as a component of other comprehensive income (loss). 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 between 40% and 67%, risk free rates between 3.84% and 4.79%, the Company’s common stock price for each period and expected terms between 1.5 and 6.3 years. The fair value is recorded within “Commercial rights liabilities” of the condensed consolidated balance sheets. Contingent Consideration Contingent consideration related to acquisitions is recorded at fair value as a liability on the acquisition date and subsequently 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. The remeasurements are based primarily on the expected probability of achievement of the contingency targets which are subject to management’s estimates. These changes in fair value are recognized within “Other, non-operating expenses, net” of the condensed consolidated statements of operations. In connection with the acquisitions of SportCaller and Monkey Knife Fight (“MKF”) in the first quarter of 2021, the Company recorded contingent consideration of $58.7 million. During the second quarter of 2023, the Company, in satisfaction of contingencies related to the respective acquisition agreements, settled the remaining contingent consideration of $9.3 million, comprised of 386,926 immediately exercisable penny warrants, 103,656 shares of Bally’s Corporation common stock and a de minimis payment in cash. In connection with the acquisition of Bally’s Golf Links on September 12, 2023, the Company recorded contingent consideration, which was valued at $56.7 million as of March 31, 2024. Refer to Note 6 “ Business Combinations Convertible Loans The Company has certain agreements with vendors to provide a portfolio of games to its customers. Pursuant to these agreements, the Company has issued loans to its vendors and has an option to convert the loans to shares of the vendors’ equity, exercisable within a specified time period. The Company recorded instruments within “Other assets” at their fair value. The fair value of the loans to vendors have share values based on unobservable inputs and are classified within Level 3 of the hierarchy, with changes to fair value included within “Other non-operating expenses, net” of the condensed consolidated statements of operations. Investments in Equity Securities The Company has a long term investment in an unconsolidated entity which it accounts for under the equity method of accounting. The Company has elected the fair value option allowed by ASC 825, Financial Instruments , with respect to this investment. Under the fair value option, the investment is remeasured at fair value at each reporting period through earnings. The Company measures fair value using quoted prices in active markets that are classified within Level 1 of the hierarchy, with changes to fair value included within “Other non-operating expenses, net” of the condensed consolidated statements of operations. Investment in GLPI Partnership The Company holds a limited partnership interest in GLP Capital, L.P., the operating partnership of GLPI. The investment is reported at fair value based on Level 2 inputs, with changes to fair value included within “Other non-operating expenses, net” of the condensed consolidated statements of operations. Long-Term Debt The fair value of the Company’s Term Loan Facility and senior notes are estimated based on quoted prices in active markets and are classified as Level 1 measurements. The fair value of the Revolving Credit Facility approximates its carrying amount as it is revolving, variable rate debt, and is also classified as a Level 1 measurement. In the table below, the carrying amounts of the Company’s long-term debt is net of debt issuance costs and debt discounts. Refer to Note 14 “ Long-Term Debt March 31, 2024 December 31, 2023 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Term Loan Facility $ 1,868,169 $ 1,869,226 $ 1,871,330 $ 1,888,100 5.625% Senior Notes due 2029 736,953 577,500 736,447 596,250 5.875% Senior Notes due 2031 720,248 542,063 719,858 570,544 |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILTIES | ACCRUED AND OTHER CURRENT LIABILITIES As of March 31, 2024 and December 31, 2023, accrued and other current liabilities consisted of the following: (in thousands) March 31, December 31, Gaming liabilities $ 169,139 $ 177,557 Diamond Sports Group non-cash liability (1) 202,572 144,883 Compensation 89,702 83,112 Bally’s Chicago - land development liability 48,695 47,739 Interest payable 44,238 66,587 Other 148,214 131,841 Total accrued and other current liabilities $ 702,560 $ 651,719 __________________________________ (1) Refer to Note 17 “ Commitments and Contingencies |
RESTRUCTURING
RESTRUCTURING | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
ACQUISITION, INTEGRATION AND RESTRUCTURING | RESTRUCTURING EXPENSE On January 18, 2023, the Company announced a restructuring plan of the Interactive business intended to reduce operating costs and continue the Company’s commitment to achieving profitable operations in its North America Interactive segment which included a reduction of the Company’s then current Interactive workforce by up to 15 percent. In furtherance of and as an expansion of the January 2023 restructuring plan, on October 20, 2023, the Company announced further restructuring initiatives targeted at reshaping the technology utilized by its Interactive segments. On January 29, 2024, the Company announced that it will cease its operations at the Tropicana Las Vegas on April 2, 2024 in order to redevelop the site with a state-of-the-art integrated resort and ballpark. As a result of the closure, the Company incurred restructuring charges representing employee related severance costs and accelerated depreciation of certain property and equipment. The components of restructuring charges by segment for the three months ended March 31, 2024 are summarized as follows: (in thousands) Casinos & Resorts International Interactive North America Interactive Other Total Severance and employee related benefits (1) $ 19,655 $ 52 $ (1,479) $ 385 $ 18,613 Accelerated depreciation expense (2) 80,117 — — — 80,117 Total restructuring charges $ 99,772 $ 52 $ (1,479) $ 385 $ 98,730 __________________________________ (1) Included within “General and administrative” of the condensed consolidated statements of operations. (2) Included within “Depreciation and amortization” of the condensed consolidated statements of operations. The components of restructuring charges by segment for the three months ended March 31, 2023 are summarized as follows: (in thousands) International Interactive North America Interactive Other Total Severance and employee related benefits (1) $ 9,332 $ 5,858 $ 1,632 $ 16,822 __________________________________ (1) Included within “General and administrative” of the condensed consolidated statements of operations. The changes in the Company’s restructuring related liabilities for the three months ended March 31, 2024 and 2023 is as follows: (in thousands) Balance as of December 31, 2023 $ 5,291 Charges 18,613 Payments (2,356) Effect of foreign exchange (850) Balance as of March 31, 2024 $ 20,698 The restructuring liability as of March 31, 2024 and December 31, 2023 is included within “Accrued and other current liabilities” on the condensed consolidated balance sheets. |
LONG-TERM DEBT
LONG-TERM DEBT | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT As of March 31, 2024 and December 31, 2023, long-term debt consisted of the following: (in thousands) March 31, December 31, Term Loan Facility (1) $ 1,901,238 $ 1,906,100 Revolving Credit Facility 355,000 335,000 5.625% Senior Notes due 2029 750,000 750,000 5.875% Senior Notes due 2031 735,000 735,000 Less: Unamortized original issue discount (22,775) (23,756) Less: Unamortized deferred financing fees (38,093) (39,709) Long-term debt, including current portion 3,680,370 3,662,635 Less: Current portion of Term Loan and Revolving Credit Facility (19,450) (19,450) Long-term debt, net of discount and deferred financing fees, excluding current portion $ 3,660,920 $ 3,643,185 __________________________________ (1) The Company has a series of interest rate and cross currency swap derivatives to synthetically convert $500.0 million notional of the Company’s USD denominated variable rate Term Loan Facility into fixed rate debt through its maturity in 2028. Refer to Note 10 “ Derivative Instruments 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 “Senior Notes”). The 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 Senior Notes offering were placed in escrow accounts for use in connection with the Gamesys acquisition. On October 1, 2021, upon the closing of the Gamesys acquisition, the Company assumed the issuer obligation under the Senior Notes. The Senior Notes are guaranteed, jointly and severally, by each of the Company’s restricted subsidiaries that guarantees the Company’s obligations under its Credit Agreement (as defined below). The 2029 Notes mature on September 1, 2029 and the 2031 Notes mature on September 1, 2031. Interest is payable on the 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 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 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 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 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. During the three months ended March 31, 2023, the Company repurchased and retired $15.0 million of the 2031 Notes at a weighted average price of 70.80% of the principal. In connection with the repurchase of these 2031 Notes, the Company recorded a gain on extinguishment of debt of $4.0 million recorded within “Other non-operating income, net” in the condensed consolidated statements of operations. 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. Credit Facility On October 1, 2021, the Company and certain of its subsidiaries entered into a credit agreement (the “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 “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 “Revolving Credit Facility”), which will mature in 2026. The credit facilities allow the Company to increase the size of the Term Loan Facility or request one or more incremental term loan facilities or increase commitments under the 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 Credit Agreement, including an unlimited amount subject to compliance with a consolidated total secured net leverage ratio as set out in the 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. As of June 30, 2023, with the discontinuation of the LIBOR reference rate, borrowings under the credit facilities bear interest at a rate equal to, at the Company’s option, either (1) the term Secured Overnight Financing Rate (“SOFR”), 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 SOFR 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 Revolving Credit Facility a 0.50% or 0.375% commitment fee in respect of commitments under the Revolving Credit Facility, with the applicable commitment fee determined based on the Company’s total net leverage ratio. The credit facilities contain covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, incur additional indebtedness, pay dividends or make certain other restricted payments, sell assets, make certain investments and grant liens. These covenants are subject to exceptions and qualifications set forth in the Credit Agreement. The Revolving Credit Facility contains a financial covenant regarding a maximum first lien net leverage ratio that applies when borrowings under the Revolving Credit Facility exceed 30% of the total revolving commitment. As of March 31, 2024, the Company was in compliance with all such covenants. Derivative Instruments |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
LEASES | LEASES Operating Leases The Company is committed under various operating lease agreements for real estate and property used in operations. Certain 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 the Company’s incremental borrowing rate commensurate with the term of the lease. The Company had total operating lease liabilities of $1.19 billion and $1.20 billion as of March 31, 2024 and December 31, 2023, respectively, and right of use assets of $1.14 billion and $1.16 billion as of March 31, 2024 and December 31, 2023, respectively, which were included in the condensed consolidated balance sheets. GLPI Leases As of March 31, 2024, the Company’s Bally’s Evansville, Bally’s Dover, Bally’s Quad Cities, Bally’s Black Hawk, Bally’s Tiverton and Hard Rock Biloxi properties are leased under the terms of a master lease agreement (the “Master Lease”) with GLPI. All GLPI leases are accounted for as operating leases within the provisions of ASC 842, Leases (“ASC 842”), over the lease term or until a re-assessment event occurs. The Master Lease has an initial term of 15 years and includes four, five-year options to renew and requires combined minimum annual payments of $100.5 million, subject to minimum 1% annual escalation or greater escalation dependent on CPI. The renewal options are not reasonably certain of exercise as of March 31, 2024. On January 3, 2023, the Company completed a transaction with GLP Capital, L.P., the operating partnership of GLPI, related to the land and real estate assets of Bally’s Tiverton and Hard Rock Biloxi for total consideration of $625.4 million. The transaction was structured as a tax-free capital contribution and a substantial portion of the proceeds was used to reduce the Company’s debt. These properties were added to the Master Lease, increasing minimum annual payments by $48.5 million. During the three months ended March 31, 2023, the Company recorded a gain of $374.2 million representing the difference in the transaction price and the derecognition of assets. This gain is reflected as “Gain from sale-leaseback, net” in the condensed consolidated statements of operations. In addition to the properties under the Master Lease explained above, the Company also entered into a lease with GLPI for the land associated with Tropicana Las Vegas. This lease has an initial term of 50 years (with a maximum term of 99 years with renewal options) at annual rent of $10.5 million, subject to minimum 1% annual escalation or greater escalation dependent on CPI. The renewal options are not reasonably certain of exercise as of March 31, 2024. Components of lease expense, included within “General and administrative” in the condensed consolidated statements of operations, for operating leases during the three months ended March 31, 2024 and 2023 are as follows: Three Months Ended (in thousands) 2024 2023 Operating leases: Operating lease cost $ 37,331 $ 36,819 Variable lease cost 2,786 2,470 Operating lease expense 40,117 39,289 Short-term lease expense 5,345 2,326 Total lease expense $ 45,462 $ 41,615 Supplemental cash flow and other information related to operating leases for the three months ended March 31, 2024 and 2023 are as follows: Three Months Ended (in thousands) 2024 2023 Cash paid for amounts included in the lease liability - operating cash flows from operating leases $ 31,549 $ 31,777 Right of use assets obtained in exchange for operating lease liabilities $ — $ 396,565 March 31, 2024 December 31, 2023 Weighted average remaining lease term 17.5 years 17.6 years Weighted average discount rate 7.5 % 7.5 % As of March 31, 2024, future minimum lease payments under noncancelable operating leases are as follows: (in thousands) March 31, 2024 Remaining 2024 $ 105,806 2025 142,729 2026 142,029 2027 136,813 2028 139,087 Thereafter 1,610,537 Total lease payments 2,277,001 Less: present value discount (1,084,100) Lease obligations $ 1,192,901 Future minimum lease payments disclosed in the table above include $87.7 million related to extension options that are reasonably certain of being exercised. Financing Obligation Bally’s Chicago Operating Company, LLC., an indirect wholly-owned subsidiary of the Company, entered into a ground lease for the land on which Bally’s Chicago will be built, which is accounted for as a financing obligation in accordance with ASC 470, Debt, as the transaction did not qualify as a sale under ASC 842. The lease commenced November 18, 2022 and has a 99-year term followed by ten separate 20-year renewals at the Company’s option. The Company recorded land within “Property and equipment, net” of $200.0 million with a corresponding liability within ”Long-term portion of financing obligation” of $200.0 million on its condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023. All lease payments are recorded as interest expense and there is no reduction to the financing obligation over the lease term. Bally’s Chicago made cash payments, and recorded corresponding interest expense of $4.6 million and $4.3 million during the three months ended March 31, 2024 and 2023, respectively. Lessor The Company leases its hotel rooms to patrons and records the corresponding lessor revenue in “ Non-gaming revenue |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | STOCKHOLDERS’ EQUITY Capital Return Program The Company has a Board of Directors approved capital return program under which the Company may expend a total of up to $700 million for share repurchases and payment of dividends. Future 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. There is no fixed time period to complete share repurchases. As of March 31, 2024 and December 31, 2023, $95.5 million was available for use under the capital return program. There was no share repurchase activity during the three months ended March 31, 2024. Total share repurchase activity during the three months ended 2023 was as follows: (in thousands, except share and per share data) Three Months Ended Number of common shares repurchased 1,026,343 Total cost $ 19,753 Average cost per share, including commissions $ 19.25 All shares repurchased during the three months ended March 31, 2023 were transferred to treasury stock and all 1,026,343 shares were retired during that same quarter. The shares were returned to the status of authorized but unissued shares. As of March 31, 2024, there were no shares remaining in treasury. There were no cash dividends paid during the three months ended March 31, 2024 and 2023. Common Stock Offering On April 20, 2021, the Company issued a total of 12,650,000 shares of Bally’s common stock in an underwritten public offering at a price to the public of $55.00 per share. 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, or $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. Preferred Stock The Company has authorized the issuance of up to 10 million shares of $0.01 par value preferred stock. As of March 31, 2024 and December 31, 2023, no shares of preferred stock have been issued. Shares Outstanding As of March 31, 2024, the Company had 40,483,375 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 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 MKF penny warrants (Note 11) 44,128 Telescope contingent shares (Note 11) 8,626 Outstanding awards under Equity Incentive Plans 1,621,053 14,504,537 __________________________________ (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 Framework Agreement. Accumulated Other Comprehensive Income (Loss) The following tables reflect the changes in accumulated other comprehensive loss by component for the three months ended March 31, 2024 and 2023, respectively: (in thousands) Foreign Currency Translation Adjustment Benefit Plans Cash Flow Hedges (1) Net Investment Hedges Total Accumulated other comprehensive income (loss) at December 31, 2023 $ (177,203) $ 886 $ (11,246) $ (21,995) $ (209,558) Other comprehensive income (loss) before reclassifications (37,794) — 20,426 6,526 (10,842) Reclassifications from accumulated other comprehensive income (loss) to earnings — — (2,886) (1,211) (4,097) Tax effect — — (5,257) 6,151 894 Accumulated other comprehensive income (loss) at March 31, 2024 $ (214,997) $ 886 $ 1,037 $ (10,529) $ (223,603) __________________________________ (1) As of March 31, 2024, approximately $7.3 million of existing gains and losses are estimated to be reclassified into earnings within the next 12 months. (in thousands) Foreign Currency Translation Adjustment Benefit Plans Total Accumulated other comprehensive income (loss) at December 31, 2022 $ (295,984) $ 344 $ (295,640) Other comprehensive income 52,073 — 52,073 Accumulated other comprehensive income (loss) at March 31, 2023 $ (243,911) $ 344 $ (243,567) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Litigation Diamond commenced reorganization proceedings under Chapter 11 of the Bankruptcy Code in March 2023. In July 2023, Diamond commenced litigation against Sinclair, Bally’s and others as part of its bankruptcy proceedings, challenging a series of transactions between Sinclair and Diamond. One of the 19 counts in the complaint includes Bally’s as a defendant, alleging that the Commercial Agreement with Sinclair involved fraudulent transfers and unlawful distributions. In the first quarter of 2024, Diamond agreed to settle these claims against all defendants, including Bally’s. Under the settlement terms, Diamond would receive payments from Sinclair and would reject the Commercial Agreement. Bally’s would continue to have naming rights on Diamond’s RSNs through the 2024 major league baseball season at no cost to either party (unless Diamond agrees with a new counterparty that will pay for such naming rights). Bally’s, in turn, would receive a release of all claims Diamond may have against it. Bally’s obligation to pay Diamond for the naming rights terminated upon the bankruptcy court’s approval of the settlement terms, which the court approved on March 1, 2024, and the Company derecognized the rights fees liability against the non-cash liability established at December 31, 2023. Bally’s has recorded a $202.6 million non-cash liability to reflect the effect of the termination of naming rights on its remaining commercial rights intangible asset originally recorded at the time that the arrangement was agreed, which is expected to occur in 2024. The Company is a party to other various legal and administrative proceedings which have arisen in the ordinary course of its business. Estimated losses are accrued for these proceedings when the loss is probable and can be estimated. The current liability for the estimated losses associated with these proceedings is not material to the Company’s consolidated financial condition and those estimated losses are not expected to have a material impact on results of operations. Although the Company maintains what it believes is adequate insurance coverage to mitigate the risk of loss pertaining to covered matters, legal and administrative proceedings can be costly, time-consuming and unpredictable. Although no assurance can be given, the Company does not believe that the final outcome of these matters, including costs to defend itself in such matters, will have a material adverse effect on the company’s consolidated financial statements. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. Capital Expenditure Commitments Bally’s Atlantic City - As part of the regulatory approval process with the State of New Jersey, the Company committed to spend $100 million in capital expenditures over a five year period to invest in and improve the property. The commitment calls for expenditures of no less than $85 million in aggregate by 2023. The remaining $15 million of committed capital must be spent over 2024 and 2025. From 2021 through 2025, no less than $35 million must be invested in the hotel and no less than $65 million must be invested in non-hotel projects. As of March 31, 2024, approximately $5.5 million of the commitment to invest in non-hotel projects remains. Bally’s Twin River - Pursuant to the terms of the Regulatory Agreement in Rhode Island, the Company is committed to invest $100 million in its Rhode Island properties over the term of the master contract through June 30, 2043, including an expansion and the addition of new amenities at Bally’s Twin River. As of March 31, 2024, approximately $57.4 million of the commitment remains. Bally’s Chicago - Pursuant to the Host Community Agreement with the City of Chicago, the Company’s indirect subsidiary is required to spend at least $1.34 billion on the design, construction and outfitting of the temporary casino and the permanent resort and casino. The actual cost of the development may exceed this minimum capital investment requirement. In addition, land acquisition costs and financing costs, among other types of costs, are not counted toward meeting this requirement. City of Chicago Guaranty In connection with the Host Community Agreement, entered into by Bally’s Chicago Operating Company, LLC (the “Developer”), a wholly-owned indirect subsidiary of the Company, the Company provided the City of Chicago with a performance guaranty whereby the Company agreed to have and maintain available financial resources in an amount reasonably sufficient to allow the Developer to complete its obligations under the host community agreement. In addition, upon notice from the City of Chicago that the Developer has failed to perform various obligations under the host community agreement, the Company has agreed to indemnify the City of Chicago against any and all liability, claim or reasonable and documented expense the City of Chicago may suffer or incur by reason of any nonperformance of any of the Developer’s obligations. Bally’s Chicago Casino Fees Under the Illinois Gambling Act, the Company must pay various gaming license fees to the Illinois Gaming Board in connection with the Company’s casino operations. These fees include: (i) a $250,000 land based gaming fee to operate the casino on land prior to commencing operations, (ii) a $250,000 license fee prior to receiving an owners license and gambling operations commence, (iii) gaming position fees equal to the minimum initial fee of $30,000 per gaming position to be paid within 30 days of issuance of an owners license or Temporary Operating Permit (“TOP”), (iv) a $15 million reconciliation fee upon issuance of a TOP or an owners license, whichever is earlier, and (v) a reconciliation fee payment three years after the date operations commenced (in a temporary or permanent facility) in an amount equal to 75% of the adjusted gross receipt (“AGR”) for the most lucrative 12-month period of operations, minus the amount equal to the initial payment per gaming position paid. On September 9, 2023, operations commenced at the Company’s Bally’s Chicago temporary casino, which triggered $135.3 million in such required gaming license fees to be paid to the Illinois Gaming Board, satisfying the Company’s commitment to pay fees (i), (ii), (iii) and (iv). Sponsorship Commitments As of March 31, 2024, the Company has entered into multiple sponsorship agreements with various professional sports leagues and teams. These agreements commit a total of $146.2 million through 2037 and grant the Company rights to use official league marks for branding and promotions, among other benefits. Interactive Technology Commitments The Company has certain multi-year agreements with its various market access and content providers, as well as its online sports betting platform partners, that require the Company to pay variable fees based on revenue, with minimum annual guarantees. As of March 31, 2024, the cumulative minimum obligation committed in these agreements is approximately $46.1 million through 2029. |
SEGMENT REPORTING
SEGMENT REPORTING | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | The Company has three operating and reportable segments: Casinos & Resorts, International Interactive and North America Interactive. The “Other” category includes interest expense for the Company and certain unallocated corporate operating expenses and other adjustments, including eliminations of transactions among segments to reconcile to the Company’s consolidated results including, among other expenses, share-based compensation, acquisition and other transaction costs and certain non-recurring charges. The Company’s three reportable segments as of March 31, 2024 are: Casinos & Resorts - Includes the Company’s 16 casino and resort properties, one horse racetrack and one golf course. International Interactive - Gamesys’ European and Asian operations. North America Interactive - A portfolio of sports betting, iGaming, and free-to-play gaming brands, and the North American operations of Gamesys. As of March 31, 2024, the Company’s operations were predominately in the US, Europe and Asia with a less substantive footprint in other countries world-wide. For geographical reporting purposes, revenue generated outside of the US has been aggregated into the International Interactive reporting segment, and consists primarily of revenue from the UK and Japan. Revenue generated from the UK and Japan represented approximately 26% and 10% of total revenue, respectively, for the three months ended March 31, 2024, and approximately 24% and 12%, respectively for the three months ended March 31, 2023. The Company does not have any revenues from any individual customers that exceed 10% of total reported revenues. Beginning in the third quarter of 2023, the Company updated its measure of segment performance to Adjusted EBITDAR (defined below) from Adjusted EBITDA. The prior year results presented below were reclassified to conform to the new segment presentation. Management believes segment Adjusted EBITDAR is representative of its ongoing business operations including its ability to service debt and to fund capital expenditures, acquisitions and operations, in addition to it being a commonly used measure of performance in the gaming industry and used by industry analysts to evaluate operations and operating performance. The following table sets forth revenue and Adjusted EBITDAR for the Company’s three reportable segments and reconciles Adjusted EBITDAR on a consolidated basis to net (loss) income. The Other category is included in the following tables in order to reconcile the segment information to the Company’s condensed consolidated financial statements. Three Months Ended (in thousands) 2024 2023 Revenue Casinos & Resorts $ 342,329 $ 328,786 International Interactive 234,683 245,572 North America Interactive 41,470 24,362 Total $ 618,482 $ 598,720 Adjusted EBITDAR (1) Casinos & Resorts $ 89,418 $ 105,123 International Interactive 83,532 80,301 North America Interactive (10,158) (10,563) Other (14,677) (17,268) Total 148,115 157,593 Operating income (costs) and (expense): Rent expense associated with triple net operating leases (2) (31,647) (31,238) Depreciation and amortization (159,746) (74,561) Transaction costs (6,794) (22,018) Restructuring (18,613) (16,822) Share-based compensation (3,058) (6,040) Gain on sale-leaseback — 374,186 Other (2,212) (4,368) (Loss) income from operations (73,955) 376,732 Other (expense) income Interest expense, net of interest income (73,131) (63,264) Other 4,554 2,610 Total other expense, net (68,577) (60,654) (Loss) income before income taxes (142,532) 316,078 Provision for income taxes (31,382) (137,742) Net (loss) income $ (173,914) $ 178,336 __________________________________ (1) Adjusted EBITDAR is defined as earnings, or loss, for the Company before interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, acquisition, integration and restructuring expense, share-based compensation, and certain other gains or losses as well as, when presented for our reporting segments, an adjustment related to the allocation of corporate cost among segments, plus rent expense associated with triple net operating leases. Adjusted EBITDAR should not be construed as an alternative to GAAP net income, its most directly comparable GAAP measure, nor is it directly comparable to similarly titled measures presented by other companies. (2) Consists primarily of the operating lease components contained within certain triple net leases with GLPI. Refer to Note 15 “ Leases Three Months Ended March 31, (in thousands) 2024 2023 Capital Expenditures Casinos & Resorts $ 9,879 $ 25,225 International Interactive 246 781 North America Interactive 260 526 Other (1) 17,668 17,146 Total $ 28,053 $ 43,678 __________________________________ (1) Includes $17.5 million related to our future Bally’s Chicago permanent facility. |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | 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 (in thousands, except per share data) 2024 2023 Net (loss) income applicable to common stockholders $ (173,914) $ 178,336 Weighted average common shares outstanding, basic 48,119 54,420 Weighted average effect of dilutive securities — 669 Weighted average common shares outstanding, diluted 48,119 55,089 Basic earnings per share $ (3.61) $ 3.28 Diluted earnings per share $ (3.61) $ 3.24 There were 5,157,927 and 5,094,394 share-based awards that were considered anti-dilutive for the three months ended March 31, 2024 and 2023, respectively. On November 18, 2020, the Company issued Penny Warrants, Performance 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 Performance 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 months ended March 31, 2024 and 2023, the shares underlying the Performance Warrants were anti-dilutive as certain contingencies were not met. Refer to Note 2 “ S ummary of S igni ficant Accounting Policies |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net loss | $ (173,914) | $ 178,336 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash |
Deferred Charges, Policy | Deferred Payables |
Consolidation, Variable Interest Entity, Policy | Variable Interest Entities The Company evaluates entities for which control is achieved through means other than voting rights to determine if it is the primary beneficiary of a VIE. An entity is a VIE if it has any of the following characteristics (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support (ii) equity holders, as a group, lack the characteristics of a controlling financial interest or (iii) the entity is structured with non-substantive voting rights. The primary beneficiary of the VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary. In determining whether it is the primary beneficiary of the VIE, the Company considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities and significance of the Company’s investment and other means of participation in the VIE’s expected profits/losses. Significant judgments related to these determinations include estimates about the current and future fair values and performance of assets held by these VIEs and general market conditions. |
Equity Method Investments, Policy | Equity Method Investments On January 1, 2023, the Company and International Game Technology PLC (“IGT”) contributed certain tangible assets and leases to Rhode Island VLT Company, LLC (the “RI Joint Venture”) in exchange for equity interests of the RI Joint Venture. The Company contributed video lottery terminals (“VLTs”) and player tracking equipment to the joint venture for a 40% equity interest of the RI Joint Venture. The 40% ownership in the joint venture qualifies for equity method accounting. In addition to this joint venture, the Company also has other investments in unconsolidated subsidiaries, which are accounted for using equity method accounting. The Company records its share of net income or loss within “Other non-operating income, net” in the condensed consolidated statements of operations. For the three months ended March 31, 2024 and 2023, the Company recorded a gain on equity method investments of $0.6 million and $2.1 million, respectively. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable, net consists of the following: March 31, December 31, (in thousands) 2024 2023 Amounts due from Rhode Island and Delaware (1) $ 14,791 $ 13,028 Gaming receivables 25,427 26,127 Non-gaming receivables 33,131 37,221 Accounts receivable 73,349 76,376 Less: Allowance for credit losses (6,418) (6,048) Accounts receivable, net $ 66,931 $ 70,328 __________________________________ (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 for Bally’s Dover from the State of Delaware. |
CONSOLIDATED FINANCIAL INFORM_2
CONSOLIDATED FINANCIAL INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule Of General And Administrative Expense | Amounts included in General and administrative for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended (in thousands) 2024 2023 Advertising, general and administrative $ 224,971 $ 221,005 Acquisition and integration 4,852 13,781 Restructuring 18,613 16,822 Total general and administrative $ 248,436 $ 251,608 |
Schedule of Other Nonoperating Expense | Amounts included in Other non-operating income, net for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended (in thousands) 2024 2023 Change in value of commercial rights liabilities $ — $ (267) Net gain on equity method investments 555 2,100 Gain on extinguishment of debt — 4,044 Foreign exchange gain (loss) 2,816 (4,308) Other, net 1,183 1,041 Total other non-operating income, net $ 4,554 $ 2,610 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 months ended March 31, 2024 and 2023: Three Months Ended (in thousands) 2024 2023 Hotel $ 20,479 $ 22,435 Food and beverage 20,213 19,474 Retail, entertainment and other 2,428 2,591 $ 43,120 $ 44,500 The following tables provide a disaggregation of revenue by segment (in thousands): Three Months Ended March 31, 2024 Casinos & Resorts International Interactive North America Interactive Total Gaming $ 250,418 $ 231,267 $ 34,372 $ 516,057 Non-gaming: Hotel 41,090 — — 41,090 Food and beverage 34,952 — — 34,952 Retail, entertainment and other 15,869 3,416 7,098 26,383 Total non-gaming revenue 91,911 3,416 7,098 102,425 Total revenue $ 342,329 $ 234,683 $ 41,470 $ 618,482 Three Months Ended March 31, 2023 Gaming $ 233,107 $ 237,181 $ 16,607 $ 486,895 Non-gaming: Hotel 47,332 — — 47,332 Food and beverage 33,608 — — 33,608 Retail, entertainment and other 14,739 8,391 7,755 30,885 Total non-gaming revenue 95,679 8,391 7,755 111,825 Total revenue $ 328,786 $ 245,572 $ 24,362 $ 598,720 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable | Liabilities related to contracts with customers as of March 31, 2024 and December 31, 2023 were as follows: March 31, December 31, (in thousands) 2024 2023 Loyalty programs $ 15,349 $ 16,803 Advanced deposits from customers 28,141 29,052 Unpaid wagers 18,619 20,481 Total $ 62,109 $ 66,336 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [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 in connection with the Casinos & Resorts acquisition as of March 31, 2024: Bally’s Golf Links (in thousands) Preliminary (2) Total current assets $ 1,108 Property and equipment, net 505 Intangible assets, net (1) 6,500 Other assets 2,000 Goodwill 103,824 Total current liabilities (345) Total purchase price $ 113,592 __________________________________ (1) Bally’s Golf Links’ intangible assets include a concessionaire license of $6.5 million, which is being amortized over its estimated useful life of approximately 12 years. (2) The Company recorded adjustments to the preliminary purchase price allocation during the three months ended March 31, 2024 which decreased Goodwill and the total purchase price by $0.2 million. The following table summarizes the consideration paid and the fair values of the assets acquired and liabilities assumed in connection with the International Interactive acquisition: (in thousands) Casino Secret Final (2) Total current assets $ 8,862 Property and equipment, net 50 Intangible assets, net (1) 29,471 Goodwill 18,422 Total current liabilities (6,371) Total purchase price $ 50,434 __________________________________ (1) Casino Secret intangible assets include player relationships and trade names of $26.0 million and $3.5 million, respectively, which are both being amortized on a straight-line basis over their estimated useful lives of approximately 7 years. (2) The Company did not record adjustments to the preliminary purchase price allocation during the three months ended March 31, 2024. |
PREPAID EXPENSES AND OTHER AS_2
PREPAID EXPENSES AND OTHER ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure | As of March 31, 2024 and December 31, 2023, prepaid expenses and other current assets was comprised of the following: March 31, December 31, (in thousands) 2024 2023 Services and license agreements $ 40,975 $ 32,466 Short term derivative assets 11,031 9,530 Due from payment service providers 10,606 12,662 Prepaid marketing 14,519 8,685 Prepaid insurance 7,497 12,181 Gaming taxes and licenses 6,535 9,309 Sales tax 6,204 7,565 Purse funds 483 6,404 Other 12,257 9,294 Total prepaid expenses and other current assets $ 110,107 $ 108,096 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | As of March 31, 2024 and December 31, 2023, property and equipment was comprised of the following: March 31, December 31, (in thousands) 2024 2023 Land $ 238,997 $ 238,997 Land improvements 163,215 162,211 Building and improvements 676,431 673,071 Equipment 270,634 264,398 Furniture and fixtures 69,171 68,746 Construction in process 86,537 73,810 Total property, plant and equipment 1,504,985 1,481,233 Less: Accumulated depreciation (404,252) (306,345) Property and equipment, net $ 1,100,733 $ 1,174,888 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The change in carrying value of goodwill by reportable segment for the three months ended March 31, 2024 is as follows (in thousands): Casinos & Resorts International Interactive North America Interactive Total Goodwill as of December 31, 2023 (1) $ 313,493 $ 1,586,590 $ 35,720 $ 1,935,803 Effect of foreign exchange — (20,647) (95) (20,742) Purchase accounting adjustments on prior year business acquisition (208) — — (208) Goodwill as of March 31, 2024 (1) $ 313,285 $ 1,565,943 $ 35,625 $ 1,914,853 __________________________________ (1) Amounts are shown net of accumulated goodwill impairment charges of $5.4 million and $140.4 million for Casinos & Resorts and North America Interactive, respectively. |
Schedule of Finite-Lived Intangible Assets | The change in intangible assets, net for the three months ended March 31, 2024 is as follows (in thousands): Intangible assets, net as of December 31, 2023 $ 1,871,428 Effect of foreign exchange (13,582) Internally developed software 12,325 Other intangibles acquired 2,727 Less: Accumulated amortization (60,260) Intangible assets, net as of March 31, 2024 $ 1,812,638 The Company’s identifiable intangible assets consist of the following: March 31, 2024 (in thousands, except years) Gross Carrying Amount Accumulated Net Amortizable intangible assets: Commercial rights - Sinclair (1) $ 315,847 $ (97,692) $ 218,155 Trade names 37,375 (19,480) 17,895 Hard Rock license 8,000 (2,364) 5,636 Customer relationships 960,366 (345,407) 614,959 Developed technology 264,206 (94,359) 169,847 Internally developed software 72,752 (15,397) 57,355 Gaming licenses 46,316 (14,152) 32,164 Other 11,491 (4,131) 7,360 Total amortizable intangible assets 1,716,353 (592,982) 1,123,371 Intangible assets not subject to amortization: Gaming licenses 586,971 — 586,971 Trade names 99,781 — 99,781 Other 2,515 — 2,515 Total unamortizable intangible assets 689,267 — 689,267 Total intangible assets, net $ 2,405,620 $ (592,982) $ 1,812,638 __________________________________ (1) Commercial rights intangible asset in connection with the Framework Agreement. Refer to Note 2 “ S ummary of S ig nificant Accounting Policies December 31, 2023 (in thousands, except years) Gross Carrying Amount Accumulated Net Amortizable intangible assets: Commercial rights - Sinclair (2) $ 315,847 $ (89,901) $ 225,946 Trade names 37,042 (18,125) 18,917 Hard Rock license 8,000 (2,303) 5,697 Customer relationships 974,286 (314,053) 660,233 Developed technology 267,927 (86,119) 181,808 Internally developed software 61,687 (13,091) 48,596 Gaming licenses 45,008 (11,964) 33,044 Other 11,505 (3,621) 7,884 Total amortizable intangible assets 1,721,302 (539,177) 1,182,125 Intangible assets not subject to amortization: Gaming licenses 586,971 — 586,971 Trade names 100,544 — 100,544 Other 1,788 — 1,788 Total unamortizable intangible assets 689,303 — 689,303 Total intangible assets, net $ 2,410,605 $ (539,177) $ 1,871,428 __________________________________ (2) See note (1) above. Amortization of intangible assets was approximately $60.3 million and $55.9 million for the three months ended March 31, 2024 and 2023, respectively. The following table reflects the remaining amortization expense associated with the finite-lived intangible assets as of March 31, 2024: (in thousands) Remaining 2024 $ 173,834 2025 229,551 2026 227,776 2027 226,743 2028 170,953 Thereafter 94,514 Total $ 1,123,371 |
Schedule of Indefinite-Lived Intangible Assets | The Company’s identifiable intangible assets consist of the following: March 31, 2024 (in thousands, except years) Gross Carrying Amount Accumulated Net Amortizable intangible assets: Commercial rights - Sinclair (1) $ 315,847 $ (97,692) $ 218,155 Trade names 37,375 (19,480) 17,895 Hard Rock license 8,000 (2,364) 5,636 Customer relationships 960,366 (345,407) 614,959 Developed technology 264,206 (94,359) 169,847 Internally developed software 72,752 (15,397) 57,355 Gaming licenses 46,316 (14,152) 32,164 Other 11,491 (4,131) 7,360 Total amortizable intangible assets 1,716,353 (592,982) 1,123,371 Intangible assets not subject to amortization: Gaming licenses 586,971 — 586,971 Trade names 99,781 — 99,781 Other 2,515 — 2,515 Total unamortizable intangible assets 689,267 — 689,267 Total intangible assets, net $ 2,405,620 $ (592,982) $ 1,812,638 __________________________________ (1) Commercial rights intangible asset in connection with the Framework Agreement. Refer to Note 2 “ S ummary of S ig nificant Accounting Policies December 31, 2023 (in thousands, except years) Gross Carrying Amount Accumulated Net Amortizable intangible assets: Commercial rights - Sinclair (2) $ 315,847 $ (89,901) $ 225,946 Trade names 37,042 (18,125) 18,917 Hard Rock license 8,000 (2,303) 5,697 Customer relationships 974,286 (314,053) 660,233 Developed technology 267,927 (86,119) 181,808 Internally developed software 61,687 (13,091) 48,596 Gaming licenses 45,008 (11,964) 33,044 Other 11,505 (3,621) 7,884 Total amortizable intangible assets 1,721,302 (539,177) 1,182,125 Intangible assets not subject to amortization: Gaming licenses 586,971 — 586,971 Trade names 100,544 — 100,544 Other 1,788 — 1,788 Total unamortizable intangible assets 689,303 — 689,303 Total intangible assets, net $ 2,410,605 $ (539,177) $ 1,871,428 __________________________________ (2) See note (1) above. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table reflects the remaining amortization expense associated with the finite-lived intangible assets as of March 31, 2024: (in thousands) Remaining 2024 $ 173,834 2025 229,551 2026 227,776 2027 226,743 2028 170,953 Thereafter 94,514 Total $ 1,123,371 |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following tables summarize the Company’s net investment hedges as of March 31, 2024 and December 31, 2023 (in thousands): Net Investment Hedges Notional Sold Notional Purchased Cross currency swaps € 461,595 £ 387,531 Cross currency swaps £ 546,759 $ 700,000 The following table summarizes the Company’s cash flow hedges as of March 31, 2024 and December 31, 2023 (in thousands): Cash Flow Hedges Notional Amount Index Cap Floor (1) Interest rate contracts - swaps $ 500,000 US - SOFR $— $— Interest rate contracts - collars $ 500,000 US - SOFR 4.25% 3.22% __________________________________ (1) Weighted average rate. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 (in thousands) Balance Sheet Location Level 1 Level 2 Level 3 Assets: Cash and cash equivalents Cash and cash equivalents $ 169,356 $ — $ — Restricted cash Restricted cash 141,533 — — Convertible loans Other assets — — 4,082 Investments in equity securities Other assets 3,391 — — Investment in GLPI partnership Other assets — 13,206 — Derivative assets designated as hedging instruments: Interest rate contracts Prepaid expenses and other current assets — 6,612 — Interest rate contracts Other assets — 408 — Cross currency swaps Prepaid expenses and other current assets — 4,419 — Cross currency swaps Other assets — 6,929 — Total derivative assets at fair value — 18,368 — Total assets $ 314,280 $ 31,574 $ 4,082 Liabilities: Contingent consideration Other long-term liabilities $ — $ — $ 56,745 Derivative liabilities not designated as hedging instruments: Sinclair Performance Warrants Commercial rights liabilities — — 44,703 Derivative liabilities designated as hedging instruments: Interest rate contracts Other long-term liabilities — 5,616 — Cross currency swaps Accrued and other current liabilities — 1,000 — Cross currency swaps Other long-term liabilities — 24,874 — Total derivative liabilities at fair value — 31,490 44,703 Total liabilities $ — $ 31,490 $ 101,448 December 31, 2023 (in thousands) Balance Sheet Location Level 1 Level 2 Level 3 Assets: Cash and cash equivalents Cash and cash equivalents $ 163,194 $ — $ — Restricted cash Restricted cash 152,068 — — Convertible loans Other assets — — 4,115 Investments in equity securities Other assets 3,409 — — Investment in GLPI partnership Other assets — 14,146 — Derivative assets designated as hedging instruments: Interest rate contracts Prepaid expenses and other current assets — 5,356 — Cross currency swaps Prepaid expenses and other current assets — 4,174 — Cross currency swaps Other assets — 6,477 — Total derivative assets at fair value — 16,007 — Total assets $ 318,671 $ 30,153 $ 4,115 Liabilities: Contingent consideration Other long-term liabilities $ — $ — $ 58,580 Derivatives not designated as hedging instruments Sinclair Performance Warrants Commercial rights liabilities — — 44,703 Derivative liabilities designated as hedging instruments: Interest rate contracts Other long-term liabilities — 21,492 — Cross currency swaps Accrued and other current liabilities — 1,225 — Cross currency swaps Other long-term liabilities — 29,376 — Total derivative liabilities at fair value — 52,093 44,703 Total liabilities $ — $ 52,093 $ 103,283 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables summarize the changes in fair value of the Company’s Level 3 assets and liabilities: (in thousands) Sinclair Performance Warrants Contingent Consideration Convertible Loans Beginning as of December 31, 2023 $ 44,703 $ 58,580 $ 4,115 Change in fair value — (1,835) (33) Ending as of March 31, 2024 $ 44,703 $ 56,745 $ 4,082 (in thousands) Sinclair Performance Warrants Contingent Consideration Convertible Loans Beginning as of December 31, 2022 $ 36,987 $ 8,220 $ 10,212 Additions in the period (acquisition fair value) — — 500 Change in fair value 267 1,241 126 Ending as of March 31, 2023 $ 37,254 $ 9,461 $ 10,838 |
Derivative Instruments, Gain (Loss) | The gains (losses) recognized in the condensed consolidated statements of operations for derivative instruments during the three months ended March 31, 2024 and 2023 are as follows: Condensed Consolidated Statements of Operations Location Three Months Ended (in thousands) 2024 2023 Derivatives not designated as hedging instruments Sinclair Performance Warrants Other non-operating income, net $ — $ (267) Derivatives designated as hedging instruments Interest rate contracts Interest expense, net $ (2,886) $ — Cross currency swaps Interest expense, net (1,211) — |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | In the table below, the carrying amounts of the Company’s long-term debt is net of debt issuance costs and debt discounts. Refer to Note 14 “ Long-Term Debt March 31, 2024 December 31, 2023 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value Term Loan Facility $ 1,868,169 $ 1,869,226 $ 1,871,330 $ 1,888,100 5.625% Senior Notes due 2029 736,953 577,500 736,447 596,250 5.875% Senior Notes due 2031 720,248 542,063 719,858 570,544 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | As of March 31, 2024 and December 31, 2023, accrued and other current liabilities consisted of the following: (in thousands) March 31, December 31, Gaming liabilities $ 169,139 $ 177,557 Diamond Sports Group non-cash liability (1) 202,572 144,883 Compensation 89,702 83,112 Bally’s Chicago - land development liability 48,695 47,739 Interest payable 44,238 66,587 Other 148,214 131,841 Total accrued and other current liabilities $ 702,560 $ 651,719 __________________________________ (1) Refer to Note 17 “ Commitments and Contingencies |
RESTRUCTURING (Tables)
RESTRUCTURING (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | The components of restructuring charges by segment for the three months ended March 31, 2024 are summarized as follows: (in thousands) Casinos & Resorts International Interactive North America Interactive Other Total Severance and employee related benefits (1) $ 19,655 $ 52 $ (1,479) $ 385 $ 18,613 Accelerated depreciation expense (2) 80,117 — — — 80,117 Total restructuring charges $ 99,772 $ 52 $ (1,479) $ 385 $ 98,730 __________________________________ (1) Included within “General and administrative” of the condensed consolidated statements of operations. (2) Included within “Depreciation and amortization” of the condensed consolidated statements of operations. The components of restructuring charges by segment for the three months ended March 31, 2023 are summarized as follows: (in thousands) International Interactive North America Interactive Other Total Severance and employee related benefits (1) $ 9,332 $ 5,858 $ 1,632 $ 16,822 __________________________________ (1) Included within “General and administrative” of the condensed consolidated statements of operations. |
Restructuring Reserve | The changes in the Company’s restructuring related liabilities for the three months ended March 31, 2024 and 2023 is as follows: (in thousands) Balance as of December 31, 2023 $ 5,291 Charges 18,613 Payments (2,356) Effect of foreign exchange (850) Balance as of March 31, 2024 $ 20,698 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | As of March 31, 2024 and December 31, 2023, long-term debt consisted of the following: (in thousands) March 31, December 31, Term Loan Facility (1) $ 1,901,238 $ 1,906,100 Revolving Credit Facility 355,000 335,000 5.625% Senior Notes due 2029 750,000 750,000 5.875% Senior Notes due 2031 735,000 735,000 Less: Unamortized original issue discount (22,775) (23,756) Less: Unamortized deferred financing fees (38,093) (39,709) Long-term debt, including current portion 3,680,370 3,662,635 Less: Current portion of Term Loan and Revolving Credit Facility (19,450) (19,450) Long-term debt, net of discount and deferred financing fees, excluding current portion $ 3,660,920 $ 3,643,185 __________________________________ Derivative Instruments |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Quantitative Information of Operating Leases | Components of lease expense, included within “General and administrative” in the condensed consolidated statements of operations, for operating leases during the three months ended March 31, 2024 and 2023 are as follows: Three Months Ended (in thousands) 2024 2023 Operating leases: Operating lease cost $ 37,331 $ 36,819 Variable lease cost 2,786 2,470 Operating lease expense 40,117 39,289 Short-term lease expense 5,345 2,326 Total lease expense $ 45,462 $ 41,615 Supplemental cash flow and other information related to operating leases for the three months ended March 31, 2024 and 2023 are as follows: Three Months Ended (in thousands) 2024 2023 Cash paid for amounts included in the lease liability - operating cash flows from operating leases $ 31,549 $ 31,777 Right of use assets obtained in exchange for operating lease liabilities $ — $ 396,565 |
Supplemental Balance Sheet Information | March 31, 2024 December 31, 2023 Weighted average remaining lease term 17.5 years 17.6 years Weighted average discount rate 7.5 % 7.5 % |
Schedule of Future Minimum Rental Commitments | As of March 31, 2024, future minimum lease payments under noncancelable operating leases are as follows: (in thousands) March 31, 2024 Remaining 2024 $ 105,806 2025 142,729 2026 142,029 2027 136,813 2028 139,087 Thereafter 1,610,537 Total lease payments 2,277,001 Less: present value discount (1,084,100) Lease obligations $ 1,192,901 |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Share Repurchase Activity | There was no share repurchase activity during the three months ended March 31, 2024. Total share repurchase activity during the three months ended 2023 was as follows: (in thousands, except share and per share data) Three Months Ended Number of common shares repurchased 1,026,343 Total cost $ 19,753 Average cost per share, including commissions $ 19.25 |
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 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 MKF penny warrants (Note 11) 44,128 Telescope contingent shares (Note 11) 8,626 Outstanding awards under Equity Incentive Plans 1,621,053 14,504,537 __________________________________ (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 Framework Agreement. |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables reflect the changes in accumulated other comprehensive loss by component for the three months ended March 31, 2024 and 2023, respectively: (in thousands) Foreign Currency Translation Adjustment Benefit Plans Cash Flow Hedges (1) Net Investment Hedges Total Accumulated other comprehensive income (loss) at December 31, 2023 $ (177,203) $ 886 $ (11,246) $ (21,995) $ (209,558) Other comprehensive income (loss) before reclassifications (37,794) — 20,426 6,526 (10,842) Reclassifications from accumulated other comprehensive income (loss) to earnings — — (2,886) (1,211) (4,097) Tax effect — — (5,257) 6,151 894 Accumulated other comprehensive income (loss) at March 31, 2024 $ (214,997) $ 886 $ 1,037 $ (10,529) $ (223,603) __________________________________ (1) As of March 31, 2024, approximately $7.3 million of existing gains and losses are estimated to be reclassified into earnings within the next 12 months. (in thousands) Foreign Currency Translation Adjustment Benefit Plans Total Accumulated other comprehensive income (loss) at December 31, 2022 $ (295,984) $ 344 $ (295,640) Other comprehensive income 52,073 — 52,073 Accumulated other comprehensive income (loss) at March 31, 2023 $ (243,911) $ 344 $ (243,567) |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segment Information | The following table sets forth revenue and Adjusted EBITDAR for the Company’s three reportable segments and reconciles Adjusted EBITDAR on a consolidated basis to net (loss) income. The Other category is included in the following tables in order to reconcile the segment information to the Company’s condensed consolidated financial statements. Three Months Ended (in thousands) 2024 2023 Revenue Casinos & Resorts $ 342,329 $ 328,786 International Interactive 234,683 245,572 North America Interactive 41,470 24,362 Total $ 618,482 $ 598,720 Adjusted EBITDAR (1) Casinos & Resorts $ 89,418 $ 105,123 International Interactive 83,532 80,301 North America Interactive (10,158) (10,563) Other (14,677) (17,268) Total 148,115 157,593 Operating income (costs) and (expense): Rent expense associated with triple net operating leases (2) (31,647) (31,238) Depreciation and amortization (159,746) (74,561) Transaction costs (6,794) (22,018) Restructuring (18,613) (16,822) Share-based compensation (3,058) (6,040) Gain on sale-leaseback — 374,186 Other (2,212) (4,368) (Loss) income from operations (73,955) 376,732 Other (expense) income Interest expense, net of interest income (73,131) (63,264) Other 4,554 2,610 Total other expense, net (68,577) (60,654) (Loss) income before income taxes (142,532) 316,078 Provision for income taxes (31,382) (137,742) Net (loss) income $ (173,914) $ 178,336 __________________________________ (1) Adjusted EBITDAR is defined as earnings, or loss, for the Company before interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, acquisition, integration and restructuring expense, share-based compensation, and certain other gains or losses as well as, when presented for our reporting segments, an adjustment related to the allocation of corporate cost among segments, plus rent expense associated with triple net operating leases. Adjusted EBITDAR should not be construed as an alternative to GAAP net income, its most directly comparable GAAP measure, nor is it directly comparable to similarly titled measures presented by other companies. (2) Consists primarily of the operating lease components contained within certain triple net leases with GLPI. Refer to Note 15 “ Leases Three Months Ended March 31, (in thousands) 2024 2023 Capital Expenditures Casinos & Resorts $ 9,879 $ 25,225 International Interactive 246 781 North America Interactive 260 526 Other (1) 17,668 17,146 Total $ 28,053 $ 43,678 __________________________________ (1) Includes $17.5 million related to our future Bally’s Chicago permanent facility. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Computations of Basic and Diluted EPS | Three Months Ended (in thousands, except per share data) 2024 2023 Net (loss) income applicable to common stockholders $ (173,914) $ 178,336 Weighted average common shares outstanding, basic 48,119 54,420 Weighted average effect of dilutive securities — 669 Weighted average common shares outstanding, diluted 48,119 55,089 Basic earnings per share $ (3.61) $ 3.28 Diluted earnings per share $ (3.61) $ 3.24 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 73,349 | $ 76,376 |
Less: Allowance for credit losses | (6,418) | (6,048) |
Accounts receivable, net | 66,931 | 70,328 |
Rhode Island and Delaware | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 14,791 | 13,028 |
Gaming receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 25,427 | 26,127 |
Non-gaming receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 33,131 | $ 37,221 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||
Jun. 01, 2021 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Apr. 20, 2021 $ / shares shares | Nov. 18, 2020 $ / shares shares | |
Summary of Significant Accounting Policies - Additional Information Details [Line Items] | ||||||
Net gain on equity method investments | $ 555 | $ 2,100 | ||||
Assets | 6,635,996 | $ 6,861,103 | ||||
Liabilities | 6,186,191 | 6,225,249 | ||||
Revenue | 618,482 | 598,720 | ||||
Supplier finance program, obligation, current | 41,900 | |||||
Interest Expense | 73,131 | 63,264 | ||||
Advertising Expense | 5,600 | 5,400 | ||||
Share based compensation expense | 3,058 | 6,040 | ||||
Share based income tax benefit (expense) | 800 | 1,600 | ||||
Amortization of intangible assets | 60,260 | 55,900 | ||||
Commercial rights liability | 62,503 | 113,626 | ||||
Number of common shares called by warrant (in shares) | shares | 909,090 | |||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 55 | |||||
Provision for income taxes | $ 31,382 | $ 137,742 | ||||
Effective Income Tax Rate Reconciliation, Percent | (22.00%) | 43.60% | ||||
Deferred Payables | ||||||
Summary of Significant Accounting Policies - Additional Information Details [Line Items] | ||||||
Interest Expense | $ 800 | $ 0 | ||||
Rhode Island Joint Venture | ||||||
Summary of Significant Accounting Policies - Additional Information Details [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 40% | |||||
North America Interactive & International Interactive Segments | ||||||
Summary of Significant Accounting Policies - Additional Information Details [Line Items] | ||||||
Advertising Expense | $ 46,200 | 45,900 | ||||
Variable Interest Entity, Primary Beneficiary | Breckenridge Curacao B.V | ||||||
Summary of Significant Accounting Policies - Additional Information Details [Line Items] | ||||||
Assets | 154,900 | 161,300 | ||||
Liabilities | 85,500 | 87,700 | ||||
Revenue | 61,900 | 84,000 | ||||
Penny Warrant | ||||||
Summary of Significant Accounting Policies - Additional Information Details [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 | |||||
Performance Warrant | ||||||
Summary of Significant Accounting Policies - Additional Information Details [Line Items] | ||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 0.01 | |||||
Performance Warrant | Maximum | ||||||
Summary of Significant Accounting Policies - Additional Information Details [Line Items] | ||||||
Number of common shares called by warrant (in shares) | shares | 3,279,337 | |||||
Option on Securities | ||||||
Summary of Significant Accounting Policies - Additional Information Details [Line Items] | ||||||
Number of common shares called by warrant (in shares) | shares | 1,639,669 | |||||
Option on Securities | Maximum | ||||||
Summary of Significant Accounting Policies - Additional Information Details [Line Items] | ||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 45 | |||||
Option on Securities | Minimum | ||||||
Summary of Significant Accounting Policies - Additional Information Details [Line Items] | ||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 30 | |||||
Commercial Rights | ||||||
Summary of Significant Accounting Policies - Additional Information Details [Line Items] | ||||||
Amortization of intangible assets | (7,800) | (7,700) | ||||
Sinclair Commercial Agreement | ||||||
Summary of Significant Accounting Policies - Additional Information Details [Line Items] | ||||||
Commercial rights liability | 57,700 | |||||
Accretion expense | $ 1,100 | |||||
Tax benefit shared, in percent | 0.60 | |||||
Estimate in tax receivable agreement liability | 17,700 | 19,100 | ||||
Sinclair Commercial Agreement | Accrued Liabilities | ||||||
Summary of Significant Accounting Policies - Additional Information Details [Line Items] | ||||||
Short-term portion of liability | 8,000 | |||||
Sinclair Commercial Agreement | Commercial Rights Liability | ||||||
Summary of Significant Accounting Policies - Additional Information Details [Line Items] | ||||||
Long-term portion of liability | 49,700 | |||||
Sinclair Commercial Agreement | ||||||
Summary of Significant Accounting Policies - Additional Information Details [Line Items] | ||||||
Commercial rights, intangible assets | $ 218,200 | $ 225,900 |
CONSOLIDATED FINANCIAL INFORM_3
CONSOLIDATED FINANCIAL INFORMATION - Schedule of General and Administrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Advertising, general and administrative | $ 224,971 | $ 221,005 |
Acquisition and integration | 4,852 | 13,781 |
Restructuring | 18,613 | 16,822 |
Total general and administrative | $ 248,436 | $ 251,608 |
CONSOLIDATED FINANCIAL INFORM_4
CONSOLIDATED FINANCIAL INFORMATION - Other Non-Operating Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Change in Value of Commercial Rights Liabilities | $ 0 | $ (267) |
Net gain on equity method investments | 555 | 2,100 |
Gain (Loss) on Extinguishment of Debt | 0 | 4,044 |
Foreign Currency Transaction Gain (Loss), before Tax | 2,816 | (4,308) |
Other, net | 1,183 | 1,041 |
Total other non-operating income, net | $ 4,554 | $ 2,610 |
RECENTLY ADOPTED AND ISSUED A_2
RECENTLY ADOPTED AND ISSUED ACCOUNTING PRONOUNCEMENTS (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Pronouncements | Standards to Be Implemented In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative . The amendments in this update align the requirements in the ASC to the SEC’s regulations. The effective date for each amended topic in the ASC is the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective. Early adoption is prohibited. The Company is currently in the process of evaluating the impact of this amendment on its condensed consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures . The amendments in this update enhance the disclosures required for significant segment expenses on an annual and interim basis. The guidance will apply retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. The Company is currently in the process of evaluating the impact of this amendment on its condensed consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures . The amendments in this update enhance the transparency and decision usefulness of income tax disclosures. This update will be effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the impact of this amendment on its condensed consolidated financial statements and related disclosures. In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements . This amendment to the Codification removes references to various Concepts Statements. This update will be effective for public business entities for fiscal years beginning after December 15, 2024, with early adoption permitted if adopted as of the beginning of the fiscal year that includes that interim period. The Company is currently in the process of evaluating the impact of this amendment on its condensed consolidated financial statements and related disclosures. |
REVENUE RECOGNITION - Additiona
REVENUE RECOGNITION - Additional Information (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) terminal | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Disaggregation of Revenue [Line Items] | |||
Contracts with customers receivables | $ 35,500 | $ 38,500 | |
Contract liabilities | 62,109 | 66,336 | |
Revenue | $ 618,482 | $ 598,720 | |
VLT Revenue | Rhode Island Properties [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Number of video lottery terminals (VLTs) | terminal | 3,002 | ||
VLT Revenue | Delaware Property [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of share of revenues | 42% | ||
Table Games Revenue | Rhode Island Properties [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of share of revenues | 83.50% | ||
Table Games Revenue | Delaware Property [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of share of revenues | 80% | ||
Loyalty Programs | |||
Disaggregation of Revenue [Line Items] | |||
Contract liabilities | $ 15,349 | 16,803 | |
Contract liabilities, revenue recognized | 7,600 | 5,900 | |
Customer Deposits | |||
Disaggregation of Revenue [Line Items] | |||
Contract liabilities | 28,141 | 29,052 | |
Unpaid Tickets | |||
Disaggregation of Revenue [Line Items] | |||
Contract liabilities | 18,619 | 20,481 | |
Online Sports Betting and iGaming Market Access | |||
Disaggregation of Revenue [Line Items] | |||
Contract with Customer, Liability | 3,600 | $ 3,700 | |
Gaming | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 516,057 | 486,895 | |
Threshold One | VLT Revenue | Rhode Island Properties [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of share of revenues | 28.85% | ||
Threshold Two | VLT Revenue | Rhode Island Properties [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of share of revenues | 26% | ||
Threshold Three | VLT Revenue | Rhode Island Properties [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Percentage of share of revenues | 7% | ||
International Interactive | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 234,683 | 245,572 | |
International Interactive | Gaming | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 231,267 | $ 237,181 |
REVENUE RECOGNITION - Loyalty P
REVENUE RECOGNITION - Loyalty Programs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Goods and services provided without charge | $ 43,120 | $ 44,500 |
Hotel | ||
Disaggregation of Revenue [Line Items] | ||
Goods and services provided without charge | 20,479 | 22,435 |
Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Goods and services provided without charge | 20,213 | 19,474 |
Retail, entertainment and other | ||
Disaggregation of Revenue [Line Items] | ||
Goods and services provided without charge | $ 2,428 | $ 2,591 |
REVENUE RECOGNITION - Disaggreg
REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 618,482 | $ 598,720 |
Gaming | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 516,057 | 486,895 |
Non-gaming | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 102,425 | 111,825 |
Hotel | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 41,090 | 47,332 |
Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 34,952 | 33,608 |
Retail, entertainment and other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 26,383 | 30,885 |
Casinos & Resorts | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 342,329 | 328,786 |
Casinos & Resorts | Gaming | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 250,418 | 233,107 |
Casinos & Resorts | Non-gaming | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 91,911 | 95,679 |
Casinos & Resorts | Hotel | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 41,090 | 47,332 |
Casinos & Resorts | Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 34,952 | 33,608 |
Casinos & Resorts | Retail, entertainment and other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 15,869 | 14,739 |
North America Interactive | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 41,470 | 24,362 |
North America Interactive | Gaming | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 34,372 | 16,607 |
North America Interactive | Non-gaming | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 7,098 | 7,755 |
North America Interactive | Hotel | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
North America Interactive | Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
North America Interactive | Retail, entertainment and other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 7,098 | 7,755 |
International Interactive | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 234,683 | 245,572 |
International Interactive | Gaming | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 231,267 | 237,181 |
International Interactive | Non-gaming | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 3,416 | 8,391 |
International Interactive | Hotel | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
International Interactive | Food and beverage | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 0 | 0 |
International Interactive | Retail, entertainment and other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 3,416 | $ 8,391 |
BUSINESS COMBINATIONS - Narrati
BUSINESS COMBINATIONS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Sep. 12, 2023 | Jan. 05, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Business Acquisition [Line Items] | |||||
Acquisition and integration | $ 4,852 | $ 13,781 | |||
Goodwill | 1,914,853 | $ 1,935,803 | |||
International Interactive | |||||
Business Acquisition [Line Items] | |||||
Acquisition and integration | 0 | 1,200 | |||
Goodwill | 1,565,943 | 1,586,590 | |||
Casinos & Resorts | |||||
Business Acquisition [Line Items] | |||||
Acquisition and integration | 200 | $ 0 | |||
Goodwill | 313,285 | $ 313,493 | |||
Casino Secret | |||||
Business Acquisition [Line Items] | |||||
Cash and Equivalents Acquired | $ (8,300) | ||||
Total consideration paid, net of cash acquired | 38,700 | ||||
Total purchase price | $ 50,400 | 50,434 | |||
Goodwill | 18,422 | ||||
Bally's Golf Links | |||||
Business Acquisition [Line Items] | |||||
Total consideration paid, net of cash acquired | $ 55,000 | ||||
Contingent consideration payable | 58,600 | 56,700 | |||
Total purchase price | 113,592 | ||||
Goodwill | $ 103,824 | ||||
Undiscounted Potential Consideration Payable | $ 125,000 |
BUSINESS COMBINATIONS - Identif
BUSINESS COMBINATIONS - Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 12, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Jan. 05, 2023 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,914,853 | $ 1,935,803 | ||
Purchase accounting adjustments on prior year business acquisition | (208) | |||
Casino Secret | ||||
Business Acquisition [Line Items] | ||||
Total current assets | 8,862 | |||
Property and equipment, net | 50 | |||
Intangible assets, net(1) | 29,471 | |||
Goodwill | 18,422 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (6,371) | |||
Total purchase price | $ 50,434 | $ 50,400 | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | |||
Casino Secret | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Intangible assets, net(1) | $ 26,000 | |||
Casino Secret | Trade names | ||||
Business Acquisition [Line Items] | ||||
Intangible assets, net(1) | 3,500 | |||
Bally's Golf Links | ||||
Business Acquisition [Line Items] | ||||
Total current assets | 1,108 | |||
Property and equipment, net | 505 | |||
Intangible assets, net(1) | 6,500 | |||
Goodwill | 103,824 | |||
Other Noncurrent Assets | 2,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (345) | |||
Total purchase price | 113,592 | |||
Purchase accounting adjustments on prior year business acquisition | (200) | |||
Increase to total purchase price | $ (200) | |||
Bally's Golf Links | Licensing Agreements | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 6,500 | |||
Acquired intangible assets, useful life | 12 years |
PREPAID EXPENSES AND OTHER AS_3
PREPAID EXPENSES AND OTHER ASSETS (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Services and License Agreements, Current | $ 40,975 | $ 32,466 |
Due from Payment Service Providers, Current | 10,606 | 12,662 |
Prepaid Marketing, Current | 14,519 | 8,685 |
Derivative Asset, Current | 11,031 | 9,530 |
Prepaid Taxes, Current | 6,204 | 7,565 |
Prepaid Gaming Taxes And Licenses, Current | 6,535 | 9,309 |
Purse Funds, Current | 483 | 6,404 |
Prepaid Insurance, Current | 7,497 | 12,181 |
Other Assets, Current | 12,257 | 9,294 |
Prepaid expenses and other current assets | $ 110,107 | $ 108,096 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | $ 1,504,985,000 | $ 1,481,233,000 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (404,252,000) | (306,345,000) | ||
Property and equipment, net | 1,100,733,000 | 1,174,888,000 | ||
Depreciation expense | 99,500,000 | $ 18,700,000 | ||
Accelerated depreciation expense | 80,117,000 | |||
Interest Costs Capitalized | 1,800,000 | $ 2,900,000 | ||
Payments for Rent | $ 10,000,000 | 90,000,000 | ||
Lease Termination Payments | 150,000,000 | |||
Lease Termination Payments Secured By Letters Of Credit | 50,000,000 | |||
Retail Casinos | ||||
Property, Plant and Equipment [Line Items] | ||||
Accelerated depreciation expense | 80,117,000 | |||
Accrued Liabilities | ||||
Property, Plant and Equipment [Line Items] | ||||
Lease Termination Payments | 48,700,000 | |||
Land [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 238,997,000 | 238,997,000 | ||
Land Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 163,215,000 | 162,211,000 | ||
Building Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 676,431,000 | 673,071,000 | ||
Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 270,634,000 | 264,398,000 | ||
Furniture and Fixtures [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 69,171,000 | 68,746,000 | ||
Construction in Progress [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | $ 86,537,000 | $ 73,810,000 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of intangible assets | $ 60,260 | $ 55,900 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 1,935,803 |
Effect of foreign exchange | (20,742) |
Purchase accounting adjustments on prior year business acquisition | (208) |
Ending balance | 1,914,853 |
Casinos & Resorts | |
Goodwill [Roll Forward] | |
Beginning balance | 313,493 |
Effect of foreign exchange | 0 |
Purchase accounting adjustments on prior year business acquisition | (208) |
Ending balance | 313,285 |
Goodwill, Impaired, Accumulated Impairment Loss | 5,400 |
International Interactive | |
Goodwill [Roll Forward] | |
Beginning balance | 1,586,590 |
Effect of foreign exchange | (20,647) |
Purchase accounting adjustments on prior year business acquisition | 0 |
Ending balance | 1,565,943 |
North America Interactive | |
Goodwill [Roll Forward] | |
Beginning balance | 35,720 |
Effect of foreign exchange | (95) |
Purchase accounting adjustments on prior year business acquisition | 0 |
Ending balance | 35,625 |
Goodwill, Impaired, Accumulated Impairment Loss | $ 140,400 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Rollforward of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Finite-lived Intangible Assets [Roll Forward] | ||
Intangible assets, net as of December 31, 2023 | $ 1,871,428 | |
Effect of foreign exchange | (13,582) | |
Internally developed software | 12,325 | |
Other intangibles acquired | 2,727 | |
Less: Accumulated amortization | (60,260) | $ (55,900) |
Intangible assets, net as of March 31, 2024 | $ 1,812,638 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,716,353 | $ 1,721,302 |
Accumulated Amortization | (592,982) | (539,177) |
Net | 1,123,371 | 1,182,125 |
Gross Carrying Amount | 689,267 | 689,303 |
Gross Carrying Amount | 2,405,620 | 2,410,605 |
Intangible assets, net | 1,812,638 | 1,871,428 |
Gaming licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 586,971 | 586,971 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 99,781 | 100,544 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,515 | 1,788 |
Commercial rights - Sinclair | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 315,847 | 315,847 |
Accumulated Amortization | (97,692) | (89,901) |
Net | 218,155 | 225,946 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 37,375 | 37,042 |
Accumulated Amortization | (19,480) | (18,125) |
Net | 17,895 | 18,917 |
Hard Rock license | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 8,000 | 8,000 |
Accumulated Amortization | (2,364) | (2,303) |
Net | 5,636 | 5,697 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 960,366 | 974,286 |
Accumulated Amortization | (345,407) | (314,053) |
Net | 614,959 | 660,233 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 264,206 | 267,927 |
Accumulated Amortization | (94,359) | (86,119) |
Net | 169,847 | 181,808 |
Internally developed software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 72,752 | 61,687 |
Accumulated Amortization | (15,397) | (13,091) |
Net | 57,355 | 48,596 |
Gaming licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 46,316 | 45,008 |
Accumulated Amortization | (14,152) | (11,964) |
Net | 32,164 | 33,044 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 11,491 | 11,505 |
Accumulated Amortization | (4,131) | (3,621) |
Net | $ 7,360 | $ 7,884 |
GOODWILL AND INTANGIBLE ASSET_6
GOODWILL AND INTANGIBLE ASSETS - Schedule of Amortization (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remaining 2024 | $ 173,834 | |
2025 | 229,551 | |
2026 | 227,776 | |
2027 | 226,743 | |
2028 | 170,953 | |
Thereafter | 94,514 | |
Net | $ 1,123,371 | $ 1,182,125 |
DERIVATIVE INSTRUMENTS - Narrat
DERIVATIVE INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Oct. 01, 2021 | |
Offsetting Assets [Line Items] | ||
Currency bought | five years | |
New Credit Facilities | Senior Notes | ||
Offsetting Assets [Line Items] | ||
Principal amount | $ 2,565 | |
Interest rate contracts - swaps | ||
Offsetting Assets [Line Items] | ||
Derivative, Amount of Hedged Item | $ 500 | |
Interest rate contracts - swaps | New Credit Facilities | Senior Notes | ||
Offsetting Assets [Line Items] | ||
Principal amount | $ 200 |
DERIVATIVE INSTRUMENTS - Instru
DERIVATIVE INSTRUMENTS - Instruments Designated as Hedging (Details) £ in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 GBP (£) | Mar. 31, 2024 USD ($) | |
Derivative [Line Items] | ||
Currency bought | five years | |
Interest rate contracts - swaps | Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Cash Flow Hedges - Notional amount | $ 500,000 | |
Interest rate contracts - swaps | Designated as Hedging Instrument | Cash Flow Hedging | Maximum | Secured Overnight Financing Rate (SOFR) | ||
Derivative [Line Items] | ||
Variable interest rate | 0% | 0% |
Interest rate contracts - swaps | Designated as Hedging Instrument | Cash Flow Hedging | Minimum | Secured Overnight Financing Rate (SOFR) | ||
Derivative [Line Items] | ||
Variable interest rate | 0% | 0% |
Cross currency swaps | Designated as Hedging Instrument | Net Investment Hedging | ||
Derivative [Line Items] | ||
Notional sold | 461,595 | |
Currency bought | 387,531 | |
Net Investment Hedges - Notional amount | £ 546,759 | $ 700,000 |
Interest Rate Cap | Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Cash Flow Hedges - Notional amount | $ 500,000 | |
Interest Rate Cap | Designated as Hedging Instrument | Cash Flow Hedging | Maximum | Secured Overnight Financing Rate (SOFR) | ||
Derivative [Line Items] | ||
Variable interest rate | 4.25% | 4.25% |
Interest Rate Cap | Designated as Hedging Instrument | Cash Flow Hedging | Minimum | Secured Overnight Financing Rate (SOFR) | ||
Derivative [Line Items] | ||
Variable interest rate | 3.22% | 3.22% |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities, Fair Value, Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Foreign Exchange Contract | ||
Liabilities: | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued and other current liabilities | |
Other Assets | Interest rate contracts - swaps | ||
Assets: | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | |
Other Assets | Cross currency swaps | ||
Assets: | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | |
Prepaid Expenses and Other Current Assets | Interest rate contracts - swaps | ||
Assets: | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid expenses and other current assets | |
Prepaid Expenses and Other Current Assets | Cross currency swaps | ||
Assets: | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid expenses and other current assets | |
Other Noncurrent Liabilities | Interest rate contracts - swaps | ||
Liabilities: | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other long-term liabilities | |
Other Noncurrent Liabilities | Cross currency swaps | ||
Liabilities: | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other long-term liabilities | |
Accrued Liabilities | Cross currency swaps | ||
Liabilities: | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued and other current liabilities | |
Level 1 | ||
Assets: | ||
Total assets | $ 0 | $ 0 |
Liabilities: | ||
Derivative Liability | 0 | 0 |
Level 1 | Interest rate contracts - swaps | Designated as Hedging Instrument | ||
Assets: | ||
Derivative Asset | 0 | |
Liabilities: | ||
Derivative Liability | 0 | 0 |
Level 1 | Other Assets | Interest rate contracts - swaps | Designated as Hedging Instrument | ||
Assets: | ||
Derivative Asset | 0 | |
Level 1 | Other Assets | Cross currency swaps | Designated as Hedging Instrument | ||
Assets: | ||
Derivative Asset | 0 | 0 |
Level 1 | Prepaid Expenses and Other Current Assets | Interest rate contracts - swaps | Designated as Hedging Instrument | ||
Assets: | ||
Derivative Asset | 0 | |
Level 1 | Prepaid Expenses and Other Current Assets | Cross currency swaps | Designated as Hedging Instrument | ||
Assets: | ||
Derivative Asset | 0 | 0 |
Level 1 | Other Noncurrent Liabilities | Cross currency swaps | Designated as Hedging Instrument | ||
Liabilities: | ||
Derivative Liability | 0 | 0 |
Level 1 | Accrued Liabilities | Cross currency swaps | Designated as Hedging Instrument | ||
Liabilities: | ||
Derivative Liability | 0 | 0 |
Level 2 | ||
Assets: | ||
Total assets | 18,368 | 16,007 |
Liabilities: | ||
Derivative Liability | 31,490 | 52,093 |
Level 2 | Interest rate contracts - swaps | Designated as Hedging Instrument | ||
Assets: | ||
Derivative Asset | 5,356 | |
Liabilities: | ||
Derivative Liability | 5,616 | 21,492 |
Level 2 | Other Assets | Interest rate contracts - swaps | Designated as Hedging Instrument | ||
Assets: | ||
Derivative Asset | 408 | |
Level 2 | Other Assets | Cross currency swaps | Designated as Hedging Instrument | ||
Assets: | ||
Derivative Asset | 6,929 | 6,477 |
Level 2 | Prepaid Expenses and Other Current Assets | Interest rate contracts - swaps | Designated as Hedging Instrument | ||
Assets: | ||
Derivative Asset | 6,612 | |
Level 2 | Prepaid Expenses and Other Current Assets | Cross currency swaps | Designated as Hedging Instrument | ||
Assets: | ||
Derivative Asset | 4,419 | 4,174 |
Level 2 | Other Noncurrent Liabilities | Cross currency swaps | Designated as Hedging Instrument | ||
Liabilities: | ||
Derivative Liability | 24,874 | 29,376 |
Level 2 | Accrued Liabilities | Cross currency swaps | Designated as Hedging Instrument | ||
Liabilities: | ||
Derivative Liability | 1,000 | 1,225 |
Level 3 | ||
Assets: | ||
Total assets | 0 | 0 |
Liabilities: | ||
Derivative Liability | 44,703 | 44,703 |
Level 3 | Interest rate contracts - swaps | Designated as Hedging Instrument | ||
Assets: | ||
Derivative Asset | 0 | |
Liabilities: | ||
Derivative Liability | 0 | 0 |
Level 3 | Other Assets | Interest rate contracts - swaps | Designated as Hedging Instrument | ||
Assets: | ||
Derivative Asset | 0 | |
Level 3 | Other Assets | Cross currency swaps | Designated as Hedging Instrument | ||
Assets: | ||
Derivative Asset | 0 | 0 |
Level 3 | Prepaid Expenses and Other Current Assets | Interest rate contracts - swaps | Designated as Hedging Instrument | ||
Assets: | ||
Derivative Asset | 0 | |
Level 3 | Prepaid Expenses and Other Current Assets | Cross currency swaps | Designated as Hedging Instrument | ||
Assets: | ||
Derivative Asset | 0 | 0 |
Level 3 | Other Noncurrent Liabilities | Cross currency swaps | Designated as Hedging Instrument | ||
Liabilities: | ||
Derivative Liability | 0 | 0 |
Level 3 | Accrued Liabilities | Cross currency swaps | Designated as Hedging Instrument | ||
Liabilities: | ||
Derivative Liability | 0 | 0 |
Fair Value, Recurring | Level 1 | ||
Assets: | ||
Cash and cash equivalents | 169,356 | 163,194 |
Restricted cash | 141,533 | 152,068 |
Convertible loans | 0 | |
Investments in equity securities | 3,409 | |
Total assets | 314,280 | 318,671 |
Liabilities: | ||
Sinclair Performance Warrants | 0 | 0 |
Contingent consideration | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Recurring | Level 1 | Other Assets | ||
Assets: | ||
Convertible loans | 0 | |
Investments in equity securities | 3,391 | |
Investment in GLPI partnership | 0 | 0 |
Fair Value, Recurring | Level 2 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Convertible loans | 0 | |
Investments in equity securities | 0 | |
Total assets | 31,574 | 30,153 |
Liabilities: | ||
Sinclair Performance Warrants | 0 | 0 |
Contingent consideration | 0 | 0 |
Total liabilities | 31,490 | 52,093 |
Fair Value, Recurring | Level 2 | Other Assets | ||
Assets: | ||
Convertible loans | 0 | |
Investments in equity securities | 0 | |
Investment in GLPI partnership | 13,206 | 14,146 |
Fair Value, Recurring | Level 3 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Convertible loans | 4,115 | |
Investments in equity securities | 0 | |
Total assets | 4,082 | 4,115 |
Liabilities: | ||
Sinclair Performance Warrants | 44,703 | 44,703 |
Contingent consideration | 56,745 | 58,580 |
Total liabilities | 101,448 | 103,283 |
Fair Value, Recurring | Level 3 | Other Assets | ||
Assets: | ||
Convertible loans | 4,082 | |
Investments in equity securities | 0 | |
Investment in GLPI partnership | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Sch_2
FAIR VALUE MEASUREMENTS - Schedule of Performance Warrants and Acquisition Related Contingent Consideration (Details) - Level 3 - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Warrant | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | $ 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease) | $ 0 | 267 |
Contingent Consideration | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease) | (1,835) | 1,241 |
Contingent Consideration | Other Assets | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases | 500 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Period Increase (Decrease) | (33) | 126 |
Fair Value, Recurring | Warrant | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | 44,703 | 36,987 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | 44,703 | 37,254 |
Fair Value, Recurring | Contingent Consideration | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | 58,580 | 8,220 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | 56,745 | 9,461 |
Fair Value, Recurring | Contingent Consideration | Other Assets | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | 4,115 | 10,212 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance | $ 4,082 | $ 10,838 |
FAIR VALUE MEASUREMENTS - Sch_3
FAIR VALUE MEASUREMENTS - Schedule of Derivative Instruments Gain (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Warrant | ||
Derivative [Line Items] | ||
Gain (loss) on derivative instruments | $ 0 | $ (267) |
Interest rate contracts - swaps | Interest Expense | ||
Derivative [Line Items] | ||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax | (2,886) | 0 |
Cross currency swaps | Interest Expense | ||
Derivative [Line Items] | ||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax | $ (1,211) | $ 0 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Sep. 12, 2023 | Mar. 23, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Payment for contingent consideration | $ 9,300 | ||
Minimum | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Expected volatility rate | 40% | ||
Risk free interest rate | 3.84% | ||
Expected term | 1 year 6 months | ||
Maximum | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Expected volatility rate | 67% | ||
Risk free interest rate | 4.79% | ||
Expected term | 6 years 3 months 18 days | ||
SportCaller and MKF | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Contingent consideration payable | $ 58,700 | ||
Monkey Knife Fight | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Contingent shares issued (in shares) | 386,926 | ||
Horses Mouth Limited (SportCaller) | Common Stock | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Stock issued for equity purchase (in shares) | 103,656 | ||
Bally's Golf Links | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Contingent consideration payable | $ 56,700 | $ 58,600 |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair Value of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Senior Notes | 5.625% Senior Notes due 2029 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.625% | |
Senior Notes | 5.625% Senior Notes due 2029 | Carrying Amount | Level 1 | ||
Debt Instrument [Line Items] | ||
Long-term debt, fair value | $ 736,953 | $ 736,447 |
Senior Notes | 5.625% Senior Notes due 2029 | Fair Value | Level 1 | ||
Debt Instrument [Line Items] | ||
Long-term debt, fair value | $ 577,500 | 596,250 |
Senior Notes | 5.875% Senior Notes due 2031 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.875% | |
Senior Notes | 5.875% Senior Notes due 2031 | Carrying Amount | Level 1 | ||
Debt Instrument [Line Items] | ||
Long-term debt, fair value | $ 720,248 | 719,858 |
Senior Notes | 5.875% Senior Notes due 2031 | Fair Value | Level 1 | ||
Debt Instrument [Line Items] | ||
Long-term debt, fair value | 542,063 | 570,544 |
Term Loan Facility(1) | Line of Credit | Carrying Amount | Level 1 | ||
Debt Instrument [Line Items] | ||
Long-term debt, fair value | 1,868,169 | 1,871,330 |
Term Loan Facility(1) | Line of Credit | Fair Value | Level 1 | ||
Debt Instrument [Line Items] | ||
Long-term debt, fair value | $ 1,869,226 | $ 1,888,100 |
ACCRUED LIABILITIES (Details)
ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Gaming liabilities | $ 169,139 | $ 177,557 |
Diamond Sports Group non-cash liability | 202,572 | 144,883 |
Bally’s Chicago - land development liability | 48,695 | 47,739 |
Compensation | 89,702 | 83,112 |
Interest payable | 44,238 | 66,587 |
Other | 148,214 | 131,841 |
Total accrued and other current liabilities | $ 702,560 | $ 651,719 |
RESTRUCTURING (Details)
RESTRUCTURING (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 18, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | |||
Percentage of positions expected to be eliminated | 15% | ||
Restructuring | $ 18,613 | $ 16,822 | |
Accelerated depreciation expense | 80,117 | ||
Total restructuring charges | 98,730 | ||
Retail Casinos | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 19,655 | ||
Accelerated depreciation expense | 80,117 | ||
Total restructuring charges | 99,772 | ||
International Interactive | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 52 | 9,332 | |
Accelerated depreciation expense | 0 | ||
Total restructuring charges | 52 | ||
North America Interactive | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | (1,479) | 5,858 | |
Accelerated depreciation expense | 0 | ||
Total restructuring charges | (1,479) | ||
Corporate and Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring | 385 | $ 1,632 | |
Accelerated depreciation expense | 0 | ||
Total restructuring charges | $ 385 |
RESTRUCTURING - Restructuring C
RESTRUCTURING - Restructuring Charges and Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 18, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Business Acquisition [Line Items] | |||
Percentage of positions expected to be eliminated | 15% | ||
Restructuring Reserve [Roll Forward] | |||
Restructuring reserve, beginning balance | $ 5,291 | ||
Restructuring | 18,613 | $ 16,822 | |
Payments | (2,356) | ||
Restructuring reserve, ending balance | 20,698 | ||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | $ (850) |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Less: Unamortized original issue discount | $ (22,775) | $ (23,756) |
Less: Unamortized deferred financing fees | (38,093) | (39,709) |
Long-term debt, including current portion | 3,680,370 | 3,662,635 |
Less: Current portion of Term Loan and Revolving Credit Facility | (19,450) | (19,450) |
Long-term debt, net of discount and deferred financing fees, excluding current portion | 3,660,920 | 3,643,185 |
Line of Credit | Term Loan Facility(1) | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 1,901,238 | 1,906,100 |
Line of Credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 355,000 | 335,000 |
Senior Notes | 5.625% Senior Notes due 2029 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.625% | |
Long-term debt, gross | $ 750,000 | 750,000 |
Senior Notes | 5.875% Senior Notes due 2031 | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.875% | |
Long-term debt, gross | $ 735,000 | $ 735,000 |
LONG-TERM DEBT - Additional Inf
LONG-TERM DEBT - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Oct. 05, 2021 | Oct. 01, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Aug. 05, 2021 | |
Debt Instrument [Line Items] | ||||||
Gain (Loss) on Extinguishment of Debt | $ 0 | $ 4,044 | ||||
Senior Notes | New Credit Facilities | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 2,565,000 | |||||
Maximum capacity on line of credit | 30% | |||||
Senior Notes | New Credit Facilities | Federal Funds Effective Swap Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.50% | |||||
Senior Notes | New Credit Facilities | Secured Overnight Financing Rate (SOFR) | ||||||
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 | |||||
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% | |||||
Repayments of Senior Debt | $ 15,000 | |||||
Redemption price percentage | 70.80% | |||||
Senior Notes | Senior Notes Due 2031 | Subsidiaries | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 5.875% | |||||
Principal amount | $ 750,000 | |||||
Line of Credit | New Credit Facilities | ||||||
Debt Instrument [Line Items] | ||||||
Commitment increase limit | $ 650,000 | |||||
Commitment increase limit, EBITDA | 100% | |||||
Term Loan Facility(1) | New Credit Facilities | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.50% | |||||
Principal amount | $ 1,945,000 | |||||
Debt Instrument, Interest Rate Floor | 0.50% | |||||
Revolving Credit Facility | New Credit Facilities | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1% | |||||
Principal amount | $ 620,000 | |||||
Debt Instrument, Interest Rate Floor | 0% | |||||
Revolving Credit Facility | New Credit Facilities | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fee | 0.50% | |||||
Revolving Credit Facility | New Credit Facilities | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fee | 0.375% | |||||
Term Loan Facility(1) | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 1,901,238 | $ 1,906,100 | ||||
Revolving Credit Facility | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 355,000 | $ 335,000 |
LEASES - Additional Information
LEASES - Additional Information (Details) | 3 Months Ended | ||||||
Jan. 03, 2023 USD ($) | Nov. 18, 2022 renewalTerm | Apr. 13, 2021 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Jun. 03, 2021 USD ($) | |
Lessee, Lease, Description [Line Items] | |||||||
Gain on sale-leaseback | $ 0 | $ 374,186,000 | |||||
Right of use assets, net | 1,144,815,000 | $ 1,160,288,000 | |||||
Lease liability | 1,192,901,000 | 1,200,000,000 | |||||
Future operating lease payments | 87,700,000 | ||||||
Current portion of lease liabilities | $ 53,216,000 | 54,842,000 | |||||
Increase (Decrease) In Lessee, Operating Lease, Annual Minimum Payment | $ 48,500,000 | ||||||
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenue | ||||||
Land | 200,000,000 | ||||||
Operating Lease, Lease Income | $ 41,100,000 | 47,300,000 | |||||
Financing Obligation | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Principal amount | $ 200,000,000 | ||||||
Repayments of Secured Debt | $ 4,600,000 | $ 4,300,000 | |||||
Debt Instrument, Renewal Term, Period | 20 years | ||||||
Debt Instrument, Number Of Renewal Options | renewalTerm | 10 | ||||||
Debt Instrument, Term | 99 years | ||||||
GLP Capital, L.P. | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Payments to Acquire Real Estate | $ 625,400,000 | ||||||
Tropicana Las Vegas Hotel and Casino | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Term of contract (in years) | 50 years | ||||||
Annual minimum payment | $ 10,500,000 | ||||||
Tropicana Las Vegas Hotel and Casino | Maximum | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Term of contract (in years) | 99 years | ||||||
GLPI Master Lease [Member] | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Term of contract (in years) | 15 years | ||||||
Number of renewal terms | 4 | ||||||
Renewal term (in years) | 5 years | ||||||
Annual minimum payment | $ 100,500,000 |
LEASES - Quantitative Informati
LEASES - Quantitative Information of Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lease, Cost [Abstract] | ||
Operating lease cost | $ 37,331 | $ 36,819 |
Variable lease cost | 2,786 | 2,470 |
Operating lease expense | 40,117 | 39,289 |
Short-term lease expense | 5,345 | 2,326 |
Total lease expense | 45,462 | 41,615 |
Cash paid for amounts included in the lease liability - operating cash flows from operating leases | 31,549 | 31,777 |
Right of use assets obtained in exchange for operating lease liabilities | $ 0 | $ 396,565 |
LEASES - Supplemental Balance S
LEASES - Supplemental Balance Sheet Information (Details) | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Weighted average remaining lease term | 17 years 6 months | 17 years 7 months 6 days |
Weighted average discount rate | 7.50% | 7.50% |
LEASES - Future Minimum Rental
LEASES - Future Minimum Rental Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Remaining 2024 | $ 105,806 | |
2025 | 142,729 | |
2026 | 142,029 | |
2027 | 136,813 | |
2028 | 139,087 | |
Thereafter | 1,610,537 | |
Total lease payments | 2,277,001 | |
Less: present value discount | (1,084,100) | |
Lease obligations | $ 1,192,901 | $ 1,200,000 |
STOCKHOLDERS_ EQUITY - Addition
STOCKHOLDERS’ EQUITY - Additional Information (Details) | 1 Months Ended | 3 Months Ended | |||
May 10, 2021 USD ($) shares | Mar. 31, 2024 USD ($) shares | Mar. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2023 shares | Apr. 20, 2021 USD ($) $ / shares shares | |
Class of Stock [Line Items] | |||||
Stock repurchase program approved (up to) | $ | $ 700,000,000 | ||||
Available amount remaining under capital return program | $ | $ 95,500,000 | ||||
Number of common shares repurchased | 1,026,343 | ||||
Total cost | $ | $ 19,753,000 | ||||
Average cost per share, including commissions | $ / shares | $ 19.25 | ||||
Treasury shares retired (in shares) | 1,026,343 | ||||
Treasury stock (in shares) | 0 | ||||
Cash dividend amount | $ | $ 0 | ||||
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 | ||||
Common stock issued (in shares) | 40,483,375 | 39,973,202 | |||
Common stock outstanding (in shares) | 40,483,375 | 39,973,202 | |||
Preferred stock authorized (in shares) | 10,000,000 | ||||
Preferred stock, shares issued (in shares) | 0 | 0 | |||
Warrant | |||||
Class of Stock [Line Items] | |||||
Common shares exchanged for warrants (in shares) | 2,086,908 | ||||
Public Stock Offering | |||||
Class of Stock [Line Items] | |||||
Shares issued in public offering (in shares) | 12,650,000 | ||||
Net proceeds from offering | $ | $ 671,400,000 |
STOCKHOLDERS_ EQUITY - Shares O
STOCKHOLDERS’ EQUITY - Shares Outstanding (Details) - $ / shares | Mar. 31, 2024 | Apr. 20, 2021 | Nov. 18, 2020 |
Class of Warrant or Right [Line Items] | |||
Number of incremental shares outstanding | 14,504,537 | ||
Exercise price of warrants (in dollars per share) | $ 55 | ||
Sinclair | |||
Class of Warrant or Right [Line Items] | |||
Options (in shares) | 1,639,669 | ||
Exercisable term | 7 years | ||
Equity Incentive Plan | |||
Class of Warrant or Right [Line Items] | |||
Outstanding awards under Equity Incentive Plans (in shares) | 1,621,053 | ||
Penny Warrant | |||
Class of Warrant or Right [Line Items] | |||
Exercise price of warrants (in dollars per share) | $ 0.01 | ||
Penny Warrant | 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) | 0.01 | ||
Performance Warrant | 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) | 30 | ||
Option on Securities | Minimum | Sinclair | |||
Class of Warrant or Right [Line Items] | |||
Exercise price of warrants (in dollars per share) | 30 | ||
Option on Securities | Maximum | |||
Class of Warrant or Right [Line Items] | |||
Exercise price of warrants (in dollars per share) | 45 | ||
Option on Securities | Maximum | Sinclair | |||
Class of Warrant or Right [Line Items] | |||
Exercise price of warrants (in dollars per share) | $ 45 | ||
Monkey Knife Fight | Penny Warrant | |||
Class of Warrant or Right [Line Items] | |||
Warrants (in shares) | 44,128 | ||
Telescope | |||
Class of Warrant or Right [Line Items] | |||
Contingent shares (in shares) | 8,626 |
SHAREHOLDERS_ EQUITY - Accumula
SHAREHOLDERS’ EQUITY - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | $ 635,854 | $ 806,247 |
Ending balance | 449,805 | 1,021,612 |
AOCI Attributable to Parent | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (209,558) | (295,640) |
Other comprehensive income (loss) before reclassifications | (10,842) | 52,073 |
Reclassifications from accumulated other comprehensive income (loss) to earnings | 4,097 | |
Tax effect | 894 | |
Ending balance | (223,603) | (243,567) |
Foreign Currency Translation Adjustment | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (177,203) | (295,984) |
Other comprehensive income (loss) before reclassifications | (37,794) | 52,073 |
Reclassifications from accumulated other comprehensive income (loss) to earnings | 0 | |
Tax effect | 0 | |
Ending balance | (214,997) | (243,911) |
Benefit Plans | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | 886 | 344 |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Reclassifications from accumulated other comprehensive income (loss) to earnings | 0 | |
Tax effect | 0 | |
Ending balance | 886 | $ 344 |
Cash Flow Hedges | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (11,246) | |
Other comprehensive income (loss) before reclassifications | 20,426 | |
Reclassifications from accumulated other comprehensive income (loss) to earnings | 2,886 | |
Tax effect | (5,257) | |
Ending balance | 1,037 | |
Cash flow hedge gain (loss) to be reclassified within 12 months | 7,300 | |
Net Investment Hedges | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (21,995) | |
Other comprehensive income (loss) before reclassifications | 6,526 | |
Reclassifications from accumulated other comprehensive income (loss) to earnings | 1,211 | |
Tax effect | 6,151 | |
Ending balance | $ (10,529) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Nov. 18, 2020 | |
Loss Contingencies [Line Items] | ||
Gain (Loss) Related to Litigation Settlement | $ 202,600 | |
Capital expenditures period | 5 years | |
Contractual Obligation | $ 146,200 | |
Capital expenditures, Bally's Atlantic City | ||
Loss Contingencies [Line Items] | ||
Commitments calls for expenditures in years one through three | 85,000 | |
Commitments calls for expenditures in years four and five | 15,000 | |
Interactive Technology Commitments | ||
Loss Contingencies [Line Items] | ||
Contractual Obligation | 46,100 | |
Bally’s Atlantic City | ||
Loss Contingencies [Line Items] | ||
Capital expenditures, committed amount | 5,500 | $ 100,000 |
Capital expenditures, committed amount, hotel | 35,000 | |
Capital expenditures, committed amount, non-hotel projects | 65,000 | |
Bally's Rhode Island | ||
Loss Contingencies [Line Items] | ||
Capital expenditures, committed amount | 57,400 | $ 100,000 |
Bally's Chicago | ||
Loss Contingencies [Line Items] | ||
Capital expenditures, committed amount | 1,340,000 | |
Accounts Payable | $ 135,300 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) segment Property | Mar. 31, 2023 USD ($) | |
Segment Reporting [Abstract] | ||
Number of operating segments | segment | 3 | |
Number of reporting segments | segment | 3 | |
Number Of Casino And Resort Properties | Property | 16 | |
Number Of Horse Race Tracks | Property | 1 | |
Number Of Golf Courses | Property | 1 | |
Segment Reporting Information [Line Items] | ||
Disclosure on Geographic Areas, Description of Revenue from External Customers | For geographical reporting purposes, revenue generated outside of the US has been aggregated into the International Interactive reporting segment, and consists primarily of revenue from the UK and Japan. Revenue generated from the UK and Japan represented approximately 26% and 10% of total revenue, respectively, for the three months ended March 31, 2024, and approximately 24% and 12%, respectively for the three months ended March 31, 2023. | |
Revenue | $ 618,482 | $ 598,720 |
Adjusted EBITDAR | 148,115 | 157,593 |
Depreciation and amortization | (159,746) | (74,561) |
Transaction costs | (6,794) | (22,018) |
Restructuring | (18,613) | (16,822) |
Share-based compensation | (3,058) | (6,040) |
Gain on sale-leaseback | 0 | 374,186 |
Other | (2,212) | (4,368) |
(Loss) income from operations | (73,955) | 376,732 |
Interest expense, net of interest income | (73,131) | (63,264) |
Other | 4,554 | 2,610 |
Total other expense, net | (68,577) | (60,654) |
(Loss) income before income taxes | (142,532) | 316,078 |
Provision for income taxes | (31,382) | (137,742) |
Net loss | (173,914) | 178,336 |
Capital Expenditures | 28,053 | 43,678 |
GLPI | ||
Segment Reporting Information [Line Items] | ||
Operating leases, rent expense, net | $ (31,647) | $ (31,238) |
UNITED KINGDOM | Revenue Benchmark | Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Concentration Risk, Percentage | 26% | 24% |
JAPAN | Revenue Benchmark | Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Concentration Risk, Percentage | 10% | 12% |
Retail Casinos | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 342,329 | $ 328,786 |
Adjusted EBITDAR | 89,418 | 105,123 |
Restructuring | (19,655) | |
Segment, Expenditure, Addition to Long-Lived Assets | 9,879 | 25,225 |
North America Interactive | ||
Segment Reporting Information [Line Items] | ||
Revenue | 41,470 | 24,362 |
Adjusted EBITDAR | (10,158) | (10,563) |
Restructuring | 1,479 | (5,858) |
Segment, Expenditure, Addition to Long-Lived Assets | 260 | 526 |
International Interactive | ||
Segment Reporting Information [Line Items] | ||
Revenue | 234,683 | 245,572 |
Adjusted EBITDAR | 83,532 | 80,301 |
Restructuring | (52) | (9,332) |
Segment, Expenditure, Addition to Long-Lived Assets | 246 | 781 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDAR | (14,677) | (17,268) |
Restructuring | (385) | (1,632) |
Segment, Expenditure, Addition to Long-Lived Assets | $ 17,668 | $ 17,146 |
EARNINGS (LOSS) PER SHARE (Deta
EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net (loss) income | $ (173,914) | $ 178,336 |
Weighted average shares outstanding, basic (in shares) | 48,119,000 | 54,420,000 |
Weighted average effect of dilutive securities (in shares) | 0 | 669,000 |
Weighted average shares outstanding, diluted (in shares) | 48,119,000 | 55,089,000 |
Earnings Per Share, Basic and Diluted [Abstract] | ||
Basic (in dollars per share) | $ (3.61) | $ 3.28 |
Diluted (in dollars per share) | $ (3.61) | $ 3.24 |
Share-based awards considered to be anti-dilutive (in shares) | 5,157,927 | 5,094,394 |