GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The change in carrying value of goodwill by reportable segment for the six months ended June 30, 2023 is as follows (in thousands):


	Casinos & Resorts		North America Interactive		International Interactive		Total
Goodwill as of December 31, 2022(1)	$	209,257	$	39,740	$	1,497,205	$	1,746,202
Goodwill from current year business acquisition	—		—		18,139		18,139
Effect of foreign exchange	—		160		55,015		55,175
Purchase accounting adjustments on prior year business acquisition	204		—		—		204

Goodwill as of June 30, 2023(1)	$	209,461	$	39,900	$	1,570,359	$	1,819,720

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(1) Amounts are shown net of accumulated goodwill impairment charges of $5.4 million and $140.4 million for Casinos and Resorts and North America Interactive, respectively.

The change in intangible assets, net for the six months ended June 30, 2023 is as follows (in thousands):


Intangible assets, net as of December 31, 2022	$	1,961,938
Intangible assets from current year business combinations	29,471

Change in TRA with Sinclair(1)	(752)
Effect of foreign exchange	37,389

Internally developed software	15,503
Other intangibles acquired	10,807
Less: Amortization	(116,107)
Intangible assets, net as of June 30, 2023	$	1,938,249

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(1) Refer to Note 2 “Significant Accounting Policies” for further information.

The Company’s identifiable intangible assets consist of the following:


	Weighted average remaining life (in years)	June 30, 2023
(in thousands, except years)		Gross Carrying Amount		Accumulated Amortization		Net
Amortizable intangible assets:
Naming rights - Sinclair(1)	7.6	$	313,833	$	(74,474)	$	239,359

Trade names	5.3	21,360		(16,738)		4,622
Hard Rock license	24.0	8,000		(2,182)		5,818
Customer relationships	5.3	964,697		(241,138)		723,559
Developed technology	5.3	265,239		(66,310)		198,929
Internally developed software	3.1	45,039		(16,856)		28,183
Gaming licenses	6.7	43,919		(8,211)		35,708
Other	2.4	5,237		(2,792)		2,445
Total amortizable intangible assets		1,667,324		(428,701)		1,238,623

Intangible assets not subject to amortization:
Gaming licenses	Indefinite	529,171		—		529,171
Trade names	Indefinite	169,298		—		169,298
Other	Indefinite	1,157		—		1,157
Total unamortizable intangible assets		699,626		—		699,626
Total intangible assets, net		$	2,366,950	$	(428,701)	$	1,938,249

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(1) Naming rights intangible asset in connection with Sinclair Agreement. Refer to Note 2 “Significant Accounting Policies” for further information. Amortization began on April 1, 2021, the commencement date of the re-branded Sinclair regional sports networks.


	Weighted average remaining life (in years)	December 31, 2022
(in thousands, except years)		Gross Carrying Amount		Accumulated Amortization		Net
Amortizable intangible assets:
Naming rights - Sinclair(2)	8.1	$	314,585	$	(58,982)	$	255,603

Trade names	2.7	17,750		(16,196)		1,554
Hard Rock license	24.5	8,000		(2,061)		5,939
Customer relationships	5.8	907,199		(166,155)		741,044
Developed technology	5.7	256,512		(45,769)		210,743
Internally developed software	4.0	26,520		(5,444)		21,076
Gaming licenses	7.8	34,016		(4,892)		29,124
Other	2.6	4,917		(2,110)		2,807
Total amortizable intangible assets		1,569,499		(301,609)		1,267,890

Intangible assets not subject to amortization:
Gaming licenses	Indefinite	529,171		—		529,171
Trade names	Indefinite	164,391		—		164,391
Other	Indefinite	486		—		486
Total unamortizable intangible assets		694,048		—		694,048
Total intangible assets, net		$	2,263,547	$	(301,609)	$	1,961,938

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(2) See note (1) above.

Amortization of intangible assets was approximately $60.2 million and $58.7 million for the three months ended June 30, 2023 and 2022, respectively, and approximately $116.1 million and $120.8 million for the six months ended June 30, 2023 and 2022, respectively.

The following table reflects the remaining amortization expense associated with the finite-lived intangible assets as of June 30, 2023:


(in thousands)
Remaining 2023	$	113,069
2024	229,095
2025	220,223
2026	218,208
2027	217,555
Thereafter	240,473
Total	$	1,238,623