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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Carrying Amounts and Estimated Fair Values by Input Level

The carrying amounts and estimated fair values by input level of the Company’s financial instruments were as follows:


	December 31, 2024
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	706.6	$	706.6	$	706.6	$	—	$	—
Equity securities	$	10.6	$	10.6	$	10.6	$	—	$	—
Available-for-sale debt securities	$	31.5	$	31.5	$	—	$	—	$	31.5
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	7.9	$	7.9	$	—	$	7.9	$	—
Financial liabilities:
Long-term debt
Amended Credit Facilities	$	1,437.0	$	1,453.9	$	—	$	1,453.9	$	—
5.625% Notes	$	399.8	$	393.0	$	—	$	393.0	$	—
4.125% Notes	$	395.5	$	356.0	$	—	$	356.0	$	—
Convertible Notes	$	327.9	$	355.7	$	—	$	355.7	$	—
Other long-term obligations	$	210.5	$	209.3	$	—	$	8.1	$	201.2
Other liabilities	$	44.6	$	44.6	$	—	$	2.7	$	41.9


	December 31, 2023
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	1,071.8	$	1,071.8	$	1,071.8	$	—	$	—
Equity securities	$	10.7	$	10.7	$	10.7	$	—	$	—
Available-for-sale debt securities	$	24.2	$	24.2	$	—	$	—	$	24.2
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	7.9	$	7.9	$	—	$	7.9	$	—
Financial liabilities:
Long-term debt
Amended Credit Facilities	$	1,471.7	$	1,483.5	$	1,483.5	$	—	$	—
5.625% Notes	$	399.7	$	388.0	$	388.0	$	—	$	—
4.125% Notes	$	394.6	$	340.0	$	340.0	$	—	$	—
Convertible Notes	$	326.1	$	427.6	$	427.6	$	—	$	—
Other long-term obligations	$	173.5	$	172.1	$	—	$	18.0	$	154.1
Other liabilities	$	79.0	$	78.9	$	—	$	2.7	$	76.2

Summary of the Changes in Fair Value of Level 3 Assets and Liabilities

The following table summarizes the changes in fair value of our Level 3 assets and liabilities measured on a recurring basis:


(in millions)	Other Assets and Liabilities
Balance as of January 1, 2022	$	100.9

Interest	27.6
Payments	(2.7)
Included in loss (1)	(0.6)
Balance as of December 31, 2022	125.2
Additions	90.0
Interest	36.1
Payments	(2.9)
Included in loss and other comprehensive loss (1)(2)	6.1
Balance as of December 31, 2023	254.5

Interest	47.1
Payment installments	(33.1)
Included in loss and other comprehensive loss (1)(2)	6.1
Balance as of December 31, 2024	$	274.6

(1)The expense is included in “General and administrative” within our Consolidated Statements of Operations.

(2)Includes unrealized gain on debt securities within our Consolidated Statements of Comprehensive Income (Loss).

Schedule of the Assets Measured at Fair Value on a Non-Recurring Basis

The following table sets forth the assets measured at fair value on a non-recurring basis as of December 31, 2024 and 2023:


(in millions)	Valuation Date	Valuation Technique	Level 1		Level 2		Level 3		Total Balance		Total Reduction in Fair Value Recorded
Goodwill	10/1/2024	Discounted cash flow and market approach	$	—	$	—	$	197.0	$	197.0	$	12.3
Gaming licenses	10/1/2024	Discounted cash flow	$	—	$	—	$	71.0	$	71.0	$	69.3
Trademarks	10/1/2024	Discounted cash flow	$	—	$	—	$	56.0	$	56.0	$	7.5
Goodwill	10/1/2023	Discounted cash flow and market approach	$	—	$	—	$	—	$	—	$	30.0
Gaming licenses	10/1/2023	Discounted cash flow	$	—	$	—	$	130.0	$	130.0	$	100.6

Summary of Significant Unobservable Inputs used in Fair Value Calculations

The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 assets and liabilities on a recurring basis as of December 31, 2024:

Valuation Technique

Unobservable Input

Discount Rate

Available-for-sale debt securities

Discounted cash flow

Discount rate

35.0%

Other long-term obligation

Discounted cash flow

Discount rate

27.0%

Contingent purchase price - Plainridge Park Casino

Discounted cash flow

Discount rate

6.6%

As discussed in Note 8, “Goodwill and Other Intangible Assets,” we recorded impairment charges on the indefinite-lived intangible asset classes below, following our annual impairment assessments in the Northeast, South, and Midwest segments for the year ended December 31, 2024, and in the Northeast segment for the year ended December 31, 2023. The table below presents quantitative information about the significant unobservable inputs used in the fair value measurements as of the valuation date below:


(in millions)	Fair Value		Valuation Technique	Unobservable Input	Range or Amount
As of December 31, 2024
Gaming licenses	$	71.0	Discounted cash flow	Discount rate	12.5	%
				Long-term revenue growth rate	2.0	%
Trademarks	$	56.0	Discounted cash flow	Discount rate	12.5% - 14.5%
				Long-term revenue growth rate	2.0% - 4.0%
				Pretax royalty rate	1.5% - 5.0%
As of December 31, 2023
Gaming licenses	$	130.0	Discounted cash flow	Discount rate	12.5% - 13.0%
				Long-term revenue growth rate	2.0	%