Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

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:

	June 30, 2025
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:(1)
Cash and cash equivalents	$	671.6	$	671.6	$	671.6	$	—	$	—
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	$	1,888.9	$	1,902.7	$	—	$	1,902.7	$	—
5.625% Notes	$	399.8	$	398.5	$	—	$	398.5	$	—
4.125% Notes	$	395.9	$	368.0	$	—	$	368.0	$	—
Convertible Notes	$	106.2	$	111.1	$	—	$	111.1	$	—
Other long-term obligations	$	8.6	$	7.6	$	—	$	7.6	$	—
Other liabilities	$	44.7	$	44.7	$	—	$	2.7	$	42.0

	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

(1)During the three months ended June 30, 2025, the Company sold its equity securities for $12.0 million and recognized a gain of $0.6 million.

Schedule 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, 2025	$	274.6
Interest (1)	13.9
Included in income and other comprehensive income (1)	(215.0)
Balance as of June 30, 2025	$	73.5

(1)Primarily relates to the interest expense and non-cash gain on financing arrangement. See Note 5, “Long-Term Debt.”

Schedule of Significant Unobservable Inputs Used in Calculating Level 3 Assets and Liabilities

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 June 30, 2025:

	Valuation Technique	Unobservable Input	Discount Rate
Available-for-sale debt securities	Discounted cash flow	Discount rate	35.0	%
Contingent purchase price - Plainridge Park Casino	Discounted cash flow	Discount rate	5.9	%