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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
Note 8—Goodwill and Other Intangible Assets
A reconciliation of goodwill and accumulated goodwill impairment losses, by reportable segment, is as follows:
(in millions)NortheastSouthWestMidwestInteractiveOtherTotal
Balance as of January 1, 2023
Goodwill, gross$923.5 $236.6 $216.8 $1,116.7 $1,628.4 $87.7 $4,209.7 
Accumulated goodwill impairment losses(798.8)(61.0)(16.6)(556.1)— (87.7)(1,520.2)
Goodwill, net$124.7 $175.6 $200.2 $560.6 $1,628.4 $— $2,689.5 
Goodwill acquired during year— — — — 231.9 — 231.9 
Goodwill disposed of during the year— — — — (231.9)— (231.9)
Effect of foreign currency exchange rates— — — — 35.6 — 35.6 
Impairment losses during year(30.0)— — — — — (30.0)
Balance as of December 31, 2023
Goodwill, gross$923.5 $236.6 $216.8 $1,116.7 $1,664.0 $87.7 $4,245.3 
Accumulated goodwill impairment losses(828.8)(61.0)(16.6)(556.1)— (87.7)(1,550.2)
Goodwill, net$94.7 $175.6 $200.2 $560.6 $1,664.0 $— $2,695.1 
Effect of foreign currency exchange rates— — — — (119.7)— (119.7)
Impairment losses during year— (6.1)— (6.2)— — (12.3)
Balance as of December 31, 2024
Goodwill, gross$923.5 $236.6 $216.8 $1,116.7 $1,544.3 $87.7 $4,125.6 
Accumulated goodwill impairment losses(828.8)(67.1)(16.6)(562.3)— (87.7)(1,562.5)
Goodwill, net$94.7 $169.5 $200.2 $554.4 $1,544.3 $— $2,563.1 
During the year ended December 31, 2023, in connection with the Barstool SPA, we recorded a pre-tax loss on disposal of $923.2 million, inclusive of a goodwill write-off of $231.9 million as well as trademarks and other intangible assets write-offs of $482.9 million, all within our Interactive segment. See Note 5, “Acquisitions and Dispositions.”
Annual Assessments for Impairment
For the year ended December 31,
202420232022
(in millions)GoodwillGaming LicensesTrademarksGoodwillGaming LicensesGoodwillGaming Licenses
Segment:
Northeast— 66.0 1.0 30.0 100.6 37.4 79.0 
South6.1 3.3 6.5 — — — — 
Midwest6.2 — — — — — — 
Total:$12.3 $69.3 $7.5 $30.0 $100.6 $37.4 $79.0 
In 2024, we recorded impairment charges totaling $12.3 million in our South and Midwest segments due to increased competition that led to slight reductions in long-term cash flow projections at certain of our properties. In 2023 and 2022, we recorded impairment charges of $30.0 million and $37.4 million, respectively, at our Hollywood Casino Greektown (“Greektown”) reporting unit due to continued economic challenges in the region in which it operates, as well as the majority of the hotel being out of service in 2022 for longer than anticipated during renovations caused by water damage. The estimated fair value of the reporting units was determined through a combination of a discounted cash flow model and a market-based approach, which utilized Level 3 inputs.
In 2024, 2023, and 2022, we recorded impairment charges of $69.3 million, $100.6 million, and $79.0 million, respectively, on our gaming licenses, primarily in our Northeast region. A former expansion of legislation in the market and increased supply resulted in reductions in long-term cash flow projections for certain of our properties, resulting in impairment of gaming licenses. The estimated fair values of the gaming licenses were determined by using a discounted cash flow model, which utilized Level 3 inputs.
In 2024, we recorded impairment charges of $7.5 million to our trademarks for one property each in our Northeast and South segments due to reductions in long-term projections as a result of increased competition. The estimated fair values of trademarks were determined by using discounted cash flow models, which utilized Level 3 inputs.
Impairment on goodwill, gaming licenses, and trademarks are recorded to “Impairment losses” within our Consolidated Statement of Operations.
Carrying Values of Goodwill and Other Intangible Assets
As of October 1, 2024, the date of the most recent annual impairment test, four reporting units had negative carrying amounts. The amount of goodwill at these reporting units was as follows (in millions):
Northeast segment
Plainridge Park Casino$6.3 
South segment
Ameristar Vicksburg$19.5 
West segment
Cactus Petes and Horseshu$10.2 
Midwest segment
Ameristar Council Bluffs$36.2 
The table below presents the gross carrying amount, accumulated amortization, and net carrying amount of each major class of other intangible assets:
December 31, 2024December 31, 2023
(in millions)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Indefinite-lived intangible assets
Gaming licenses$1,064.9 $— $1,064.9 $1,107.2 $— $1,107.2 
Trademarks319.5 — 319.5 334.4 — 334.4 
Other0.6 — 0.6 0.7 — 0.7 
Amortizing intangible assets
Customer relationships111.6 (106.6)5.0 112.1 (103.7)8.4 
Technology303.0 (184.9)118.1 286.0 (132.3)153.7 
Other40.1 (18.3)21.8 29.0 (15.2)13.8 
Total other intangible assets, net$1,839.7 $(309.8)$1,529.9 $1,869.4 $(251.2)$1,618.2 
During the year ended December 31, 2024, we acquired a gaming license for operating online sports wagering in the state of New York, which was recorded to “Gaming licenses” at its fair value of $25.0 million.
During the year ended December 31, 2023, in connection with the Barstool SPA, we recorded a pre-tax loss on disposal of $923.2 million, inclusive of trademarks and other intangible assets write-offs of $482.9 million in our Interactive segment. See Note 5, “Acquisitions and Dispositions.”
Amortization expense related to our amortizing intangible assets was $49.9 million, $58.8 million, and $56.7 million for the years ended December 31, 2024, 2023, and 2022, respectively. The following table presents the estimated amortization expense based on our amortizing intangible assets as of December 31, 2024 (in millions):
Years ending December 31:
2025$55.5 
202635.4 
202724.4 
202818.3 
20292.7 
Thereafter8.6 
Total$144.9