Bally's Corp (BALY) presents a deeply negative liquidation posture at December 31, 2025 (Successor period following the February 7, 2025 merger with Standard General / Queen Casino & Entertainment). MFFAIS latest CLV is negative $7.18B, LLV negative $6.99B, and OLV negative $6.93B — all consistent with the asset structure disclosed in this 10-K. Total assets of $11.23B are dominated by intangibles and goodwill (the filing discloses $214.5M accumulated amortization against finite-lived intangibles with remaining amortization schedule implying gross book value well north of $2.5B, plus indefinite-lived gaming licenses valued via fresh-start purchase accounting), PP&E, and operating lease right-of-use assets — all categories that receive severe liquidation haircuts (0% for intangibles, 50-70% for PP&E, variable for ROU assets). Against these haircut assets, the liability stack remains at face: $4.94B in long-term debt principal, $1.33B in accrued liabilities, $554M in deferred tax liabilities net, $553M operating lease obligations (minimum rent payable of $3.37B per prior 10-Q), and contingent consideration of $115M. The fresh-start accounting reset triggered by the merger inflated intangible assets to fair value (purchase price allocation), meaning book goodwill and intangibles reflect acquisition premiums that yield zero in liquidation. Combined net loss for the full calendar year 2025 (Successor Feb 8–Dec 31 loss of $650M plus Predecessor Jan 1–Feb 7 loss of $51M) totals $701M, driven materially by $219.5M intangible amortization, $181.6M asset impairment charges, and significant transaction/merger costs. Post-balance sheet, on February 11, 2026 the Company entered a new $1.1B term loan and repaid $1.48B on the prior Term Loan Facility plus $448M on the Revolving Credit Facility (drawn in January 2026 for New York gaming license fee) — this materially reshapes the debt stack but occurs after the period-end balance sheet date. The Chicago permanent casino development remains a substantial off-balance sheet capital commitment (contractual minimum $1.34B total, GLP Capital committed to advance up to $940M; $95.3M of capex incurred in the Successor period relates to Chicago). Operating lease obligations under GLPI master leases ($101.5M + $32.2M + $31.7M annual minimums, 15-year initial terms) do not extinguish in liquidation. Management also disclosed a material weakness in income tax accounting controls as of December 31, 2025, meaning deferred tax balances carry additional reliability risk. Filing discusses the Star Entertainment Group investment (A$200M commitment, fair-value-option accounting) in MD&A but does not separately tag the carrying value of this investment in XBRL — its liquidation recovery is speculative given Star's financial distress.
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