Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024


Amounts in thousands	2024		2023		2022
(Loss) income before taxes:
US	$	(96,548)	$	(30,793)	$	(10,142)
Foreign		3,136		6,961		16,152
Total (loss) income before taxes	$	(93,412)	$	(23,832)	$	6,010



	For the year ended December 31,
Amounts in thousands		2024		2023		2022
US - Current	$	333	$	1,088	$	3,176
US - Deferred		26,227		(6,504)		(14,981)
Provision (benefit) for US income taxes	$	26,560	$	(5,416)	$	(11,805)

Foreign - Current	$	2,174	$	17,085	$	4,291
Foreign - Deferred		(1,061)		(17,012)		(146)
Provision for foreign income taxes	$	1,113	$	73	$	4,145
Total provision (benefit) for income taxes	$	27,673	$	(5,343)	$	(7,660)


Amounts in thousands	2024	2023	2022
US federal income tax statutory rate	21.0%	21.0%	21.0%
Foreign tax rate differential	(0.2%)	23.3%	18.6%
State income tax (net of federal benefit)	2.5%	2.1%	0.9%
Income taxed to owners of non-controlling interest (Smooth Bourbon)	1.6%	4.7%	—
Meals, entertainment, gifts and giveaways	(0.2%)	(1.0%)	3.7%
Statutory to US GAAP adjustments, including foreign currency	(0.8%)	0.8%	(3.7%)
Valuation allowance	(52.2%)	(5.5%)	(173.5%)
Unrecognized tax benefit	0.6%	(0.3%)	(4.7%)
Stock options	(0.2%)	(1.0%)	7.0%
Effect of cross-border tax laws (GILTI, Subpart F)	(0.7%)	—	2.5%
Foreign dividend withholding - current	(1.3%)	(5.1%)	—
Foreign dividend withholding - unremitted earnings	0.2%	(15.0%)	—
Permanent and other items	0.1%	(1.6%)	0.7%
Total provision for income taxes	(29.6%)	22.4%	(127.5%)


Amounts in thousands		2024		2023
Deferred tax assets (liabilities) – US Federal and state:
Deferred tax assets
Amortization of goodwill for tax	$	15,984	$	8,115
Financing obligation to VICI Properties, Inc. subsidiaries		141,614		127,074
NOL carryforward		4,344		2,705
Operating and finance leases		331		394
Disallowed interest expense		20,456		11,036
Accrued liabilities and other		1,096		1,780
		183,825		151,104
Valuation allowance		(49,279)		—
	$	134,546	$	151,104
Deferred tax liabilities
Property and equipment	$	(135,522)	$	(126,426)
Operating and finance leases		(312)		(375)
Prepaid expenses		(411)		(475)
Unremitted foreign subsidiary earnings		(3,044)		(2,343)
	$	(139,289)	$	(129,619)
Long-term deferred tax (liability) asset	$	(4,743)	$	21,485

Deferred tax assets (liabilities) – foreign
Deferred tax assets
Property and equipment	$	613	$	314
Financing obligation to VICI Properties, Inc. subsidiaries		35,818		38,354
NOL carryforward		9,967		10,245
Accrued liabilities and other		867		978
Operating and finance leases		5,580		5,138
Subsidiary liquidation		1,831		2,378
Exchange rate gain		695		589
		55,371		57,996
Valuation allowance		(11,016)		(11,389)
	$	44,355	$	46,607
Deferred tax liabilities
Property and equipment	$	(21,765)	$	(24,425)
Exchange rate loss		(1)		(4)
Intangibles		(980)		(1,062)
Operating and finance leases		(4,975)		(4,485)
Unremitted foreign subsidiary earnings		(302)		(1,225)
Others		(475)		(609)
	$	(28,498)	$	(31,810)
Long-term deferred tax asset	$	15,857	$	14,797


Amounts in thousands	2024		2023
Unrecognized tax benefit - January 1	$	539	$	528
Gross increases - tax positions in prior period		—		11
Gross decreases - tax positions in prior period		—		—
Gross increases - tax positions in current period		—		—
Settlements		—		—
Lapse of statute of limitations		(539)		—
Unrecognized tax benefit - December 31	$	—	$	539