Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of debt outstanding

The following table reflects our outstanding debt (in order of priority and maturity):

	As of
	June 30, 2025								December 31, 2024
	Final Maturity	Rate(s)	Face Value		Unamortized debt discount/premium and deferred financing costs, net		Book Value		Book Value
Senior Secured Credit Facilities:
LNWI Revolver	2030	variable	$	195	$	—	$	195	$	—
LNWI Term Loan A	2028	variable	800		(2)		798		—
LNWI Term Loan B	2029	variable	2,145		(21)		2,124		2,133
LNWI Senior Notes:
2028 Unsecured Notes	2028	7.000%	700		(4)		696		695
2029 Unsecured Notes	2029	7.250%	500		(4)		496		496
2031 Unsecured Notes	2031	7.500%	550		(6)		544		543
Other	—	—	3		—		3		3
Total long-term debt outstanding			$	4,893	$	(37)	$	4,856	$	3,870
Less: current portion of long-term debt							(38)		(23)
Long-term debt, excluding current portion							$	4,818	$	3,847
Fair value of debt(1)			$	4,935
(1) Fair value of our fixed rate and variable interest rate debt is classified within Level 2 in the fair value hierarchy and has been calculated based on the quoted market prices of our securities.