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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2015	Mar. 02, 2016
Document and Entity Information
Entity Registrant Name	PENN NATIONAL GAMING INC
Entity Central Index Key	0000921738
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		81,220,032
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Current assets
Cash and cash equivalents	$ 223,489	$ 208,673	$ 230,707	$ 292,995
Receivables, net of allowance for doubtful accounts of $2,633 and $2,004 at September 30, 2015 and December 31, 2014, respectively	40,929	41,618
Prepaid expenses	66,150	70,785
Deferred income taxes	30,267	40,343
Other current assets	12,819	11,189
Total current assets	373,654	372,608
Property and equipment, net	3,029,375	2,669,732
Other assets
Investment in and advances to unconsolidated affiliates	171,904	179,551
Goodwill	911,923	874,184
Other intangible assets, net	431,876	419,453
Advances to the Jamul Tribe	143,866	62,048
Other assets	79,408	87,318
Total other assets	1,738,977	1,622,554
Total assets	5,142,006	4,664,894
Current liabilities
Current portion of financing obligation to GLPI	49,352	46,884
Current maturities of long-term debt	87,801	30,853
Accounts payable	68,190	43,136
Accrued expenses	87,671	133,092
Accrued interest	8,861	5,163
Accrued salaries and wages	89,355	84,034
Gaming, pari-mutuel, property, and other taxes	68,594	51,972
Insurance financing	2,353	13,680
Other current liabilities	72,677	75,773
Total current liabilities	534,854	484,587
Long-term liabilities
Long-term financing obligation to GLPI, net of current portion	3,526,709	3,564,629
Long-term debt, net of current maturities and debt issuance costs	1,598,813	1,210,577
Deferred income taxes	131,092	78,633
Noncurrent tax liabilities	8,907	7,035
Other noncurrent liabilities	17,833	27,447
Total long-term liabilities	5,283,354	4,888,321
Shareholders' equity (deficit)
Common stock ($.01 par value, 200,000,000 shares authorized, 82,682,474 and 81,329,210 shares issued and 80,515,081 and 79,161,817 shares outstanding, at September 30, 2015 and December 31, 2014, respectively)	826	813
Treasury stock, at cost (2,167,393 shares held at September 30, 2015 and December 31, 2014)	(28,414)	(28,414)
Additional paid-in capital	980,857	956,146
Retained deficit	(1,625,525)	(1,635,277)
Accumulated other comprehensive loss	(3,946)	(1,282)
Total shareholders' equity (deficit)	(676,202)	(708,014)	$ (562,264)	$ (550,852)
Total liabilities and shareholders' equity (deficit)	5,142,006	4,664,894
Series C Preferred Stock
Shareholders' equity (deficit)
Series C Preferred stock ($.01 par value, 18,500 shares authorized, 8,624 shares issued and outstanding at September 30, 2015 and December 31, 2014)

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Receivables, net of allowance for doubtful accounts (in dollars)	$ 2,633	$ 2,004
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	82,682,474	81,329,210
Common stock, shares outstanding	80,515,081	79,161,817
Treasury stock, shares issued	2,167,393	2,167,393
Series C Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	18,500	18,500
Preferred stock, shares issued	8,624	8,624
Preferred Stock, Shares Outstanding	8,624	8,624

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Gaming	$ 651,284	$ 573,216	$ 1,861,539	$ 1,720,057
Food, beverage and other	124,721	107,266	350,905	322,710
Management service fee	2,871	3,240	7,614	8,803
Revenues	778,876	683,722	2,220,058	2,051,570
Less promotional allowances	(39,579)	(37,782)	(115,667)	(112,404)
Net revenues	739,297	645,940	2,104,391	1,939,166
Operating expenses
Gaming	334,219	288,355	942,730	855,730
Food, beverage and other	89,151	79,040	249,883	236,981
General and administrative	107,614	116,345	342,771	331,655
Depreciation and amortization	66,141	62,021	191,785	202,080
Impairment losses				4,560
Insurance recoveries		(5,674)		(5,674)
Total operating expenses	597,125	540,087	1,727,169	1,625,332
Income from operations	142,172	105,853	377,222	313,834
Other income (expenses)
Interest expense	(111,406)	(105,933)	(329,550)	(315,516)
Interest income	3,083	1,025	7,396	2,282
Income from unconsolidated affiliates	3,759	2,291	11,895	6,247
Other	2,672	1,583	4,805	1,391
Total other expenses	(101,892)	(101,034)	(305,454)	(305,596)
Income from operations before income taxes	40,280	4,819	71,768	8,238
Income tax provision	35,380	20,167	62,016	42,279
Net income (loss)	$ 4,900	$ (15,348)	$ 9,752	$ (34,041)
Earnings per common share:
Basic earnings (loss) per common share (in dollars per share)	$ 0.06	$ (0.20)	$ 0.11	$ (0.43)
Diluted earnings (loss) per common share (in dollars per share)	$ 0.05	$ (0.20)	$ 0.11	$ (0.43)

Condensed Consolidated Statements of Comprehensive Income (loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Condensed Consolidated Statements of Comprehensive Income (loss)
Net income (loss)	$ 4,900	$ (15,348)	$ 9,752	$ (34,041)
Other comprehensive loss, net of tax:
Foreign currency translation adjustment during the period	(1,487)	(876)	(2,664)	(957)
Other comprehensive loss	(1,487)	(876)	(2,664)	(957)
Comprehensive income (loss)	$ 3,413	$ (16,224)	$ 7,088	$ (34,998)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Deficit	Accumulated Other Comprehensive Loss	Total
Balance at Dec. 31, 2013		$ 799	$ (28,414)	$ 925,335	$ (1,448,955)	$ 383	$ (550,852)
Balance (in shares) at Dec. 31, 2013	8,624	77,788,393
Increase (Decrease) in Shareholders' Equity
Share-based compensation arrangements, net of tax benefits of $9,830 and $10,143 for the nine months ended September 30, 2014 and 2015 respectively		$ 9		24,059			24,068
Share-based compensation arrangements (in shares)		865,138
Impact of Spin-Off to Gaming and Leisure Properties, Inc					(482)		(482)
Foreign currency translation adjustment						(957)	(957)
Net income (loss)					(34,041)		(34,041)
Balance at Sep. 30, 2014		$ 808	(28,414)	949,394	(1,483,478)	(574)	(562,264)
Balance (in shares) at Sep. 30, 2014	8,624	78,653,531
Balance at Dec. 31, 2014		$ 813	(28,414)	956,146	(1,635,277)	(1,282)	(708,014)
Balance (in shares) at Dec. 31, 2014	8,624	79,161,817
Increase (Decrease) in Shareholders' Equity
Share-based compensation arrangements, net of tax benefits of $9,830 and $10,143 for the nine months ended September 30, 2014 and 2015 respectively		$ 13		24,711			24,724
Share-based compensation arrangements (in shares)		1,353,264
Foreign currency translation adjustment						(2,664)	(2,664)
Net income (loss)					9,752		9,752
Balance at Sep. 30, 2015		$ 826	$ (28,414)	$ 980,857	$ (1,625,525)	$ (3,946)	$ (676,202)
Balance (in shares) at Sep. 30, 2015	8,624	80,515,081

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit)
Share-based compensation arrangements, net of tax benefits	$ 10,143	$ 9,830

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net income (loss)	$ 9,752	$ (34,041)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	191,785	202,080
Amortization of items charged to interest expense	4,730	4,532
Accretion of settlement value on other noncurrent liabilities	(5,944)
Loss on sale of fixed assets	801	98
Income from unconsolidated affiliates	(11,895)	(6,247)
Distributions of earnings from unconsolidated affiliates	22,050	17,500
Deferred income taxes	50,460	(870)
Charge for stock-based compensation	6,446	8,012
Impairment losses and writedowns		7,860
(Increase) decrease, net of businesses acquired
Accounts receivable	5,015	9,469
Prepaid expenses and other current assets	6,288	(4,457)
Other assets	8,869	4,315
Increase (decrease), net of businesses acquired
Accounts payable	4,763	4,019
Accrued expenses	1,248	(14,447)
Accrued interest	3,680	2,886
Accrued salaries and wages	(862)	(3,059)
Gaming, pari-mutuel, property and other taxes	15,041	13,298
Income taxes	1,666	23,717
Other current and noncurrent liabilities	(11,756)	5,065
Other noncurrent tax liabilities	4,008	(3,147)
Net cash provided by operating activities	306,145	236,583
Investing activities
Capital project expenditures, net of reimbursements	(125,169)	(95,568)
Capital maintenance expenditures	(41,866)	(65,699)
Advances to the Jamul Tribe	(64,228)	(30,499)
Proceeds from sale of property and equipment	389	1,172
Investment in joint ventures	(2,799)	(1,000)
Decrease in cash in escrow		18,000
Acquisition of businesses and gaming and other licenses	(450,170)	(118,678)
Net cash used in investing activities	(683,843)	(292,272)
Financing activities
Proceeds from exercise of options	8,069	6,223
Proceeds from issuance of long-term debt, net of issuance costs	517,290	64,935
Principal payments on financing obligation with GLPI	(35,452)	(31,899)
Principal payments on long-term debt	(92,885)	(40,703)
Principal payments on long-term obligations	(3,307)	(15,000)
Proceeds from insurance financing	885	14,816
Payments on insurance financing	(12,212)	(14,801)
Tax benefit from stock options exercised	10,126	9,830
Net cash provided by (used in) financing activities	392,514	(6,599)
Net increase (decrease) in cash and cash equivalents	14,816	(62,288)
Cash and cash equivalents at beginning of year	208,673	292,995
Cash and cash equivalents at end of period	223,489	230,707
Supplemental disclosure
Interest expense paid, net of amounts capitalized	321,276	308,886
Income taxes paid	$ 879	$ 11,247

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	1 Months Ended		9 Months Ended
	Jan. 31, 2015	Apr. 30, 2014	Sep. 30, 2014
Increased property and equipment, net	$ 15.3
Increased total debt	$ 15.3
Increase in liabilities		$ 18.5
Increase to other intangible assets		$ 18.5
Real estate construction costs that were funded by Gaming and Leisure Properties, Inc. for the Hollywood Gaming at Dayton Raceway and Hollywood Gaming at Mahoning Valley Race Course facilities
Increase in liabilities			$ 118.9
Increase to other intangible assets			118.9
Relocation fees for Hollywood Gaming at Dayton Raceway and Hollywood Gaming at Mahoning
Increase in liabilities			150.0
Increase to other intangible assets			150.0
Unpaid gaming license fees for Hollywood Gaming at Dayton Raceway and Hollywood Gaming at Mahoning Valley Race Course
Increase in liabilities			50.0
Increase to other intangible assets			$ 50.0

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2015
Organization and Basis of Presentation
Organization and Basis of Presentation	1. Organization and Basis of Presentation Penn National Gaming, Inc. (“Penn”) and together with its subsidiaries (collectively, the “Company”) is a diversified, multi-jurisdictional owner and manager of gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. As of September 30, 2015, the Company owned, managed, or had ownership interests in twenty-seven facilities in the following seventeen jurisdictions: Florida, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia and Ontario, Canada. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The condensed consolidated financial statements include the accounts of Penn and its subsidiaries. Investment in and advances to unconsolidated affiliates, that do not meet the consolidation criteria of the authoritative guidance for voting interest, controlling interest or variable interest entities (“VIE”), are accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses for the reporting periods. Actual results could differ from those estimates. For purposes of comparability, certain prior period amounts have been reclassified to conform to the current year presentation. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The notes to the consolidated financial statements contained in the Annual Report on Form 10-K/A for the year ended December 31, 2014 should be read in conjunction with these condensed consolidated financial statements. As described in Note 2, the Company restated its financial statements for the years ended December 31, 2014 and 2013. The 10-K/A was filed concurrently with this Form 10-Q. The December 31, 2014 financial information has been derived from the Company’s audited consolidated financial statements.

Restatement

9 Months Ended

Sep. 30, 2015

Restatement

Restatement

2.Restatement

The restatement of the Company’s financial statements primarily results from the Company’s accounting for its November 1, 2013 distribution of real estate assets to Gaming and Leisure Properties, Inc. (GLPI) under the Master Lease Agreement, was previously recognized as a sale-leaseback. Upon further consideration, the Company did not meet all of the requirements for sale-leaseback accounting under Accounting Standards Codification (“ASC”) 840, “Leases”, and therefore the transaction should be accounted for as a financing obligation rather than a distribution of assets followed by an operating lease. Specifically, the lease contains provisions that would indicate that the Company has prohibited forms of continuing involvement in the leased property such that sale-leaseback accounting would not be permitted. As a result, the Company is precluded from derecognizing the real estate assets and is instead required to recognize a financing obligation for the minimum lease payments due under the Master Lease. The restated condensed consolidated balance sheets therefore include an adjustment to property and equipment, net for the carrying value of the real property of $2.04 billion at December 31, 2014, and additional liabilities of $3.61 billion at December 31, 2014, representing the present value of the future minimum lease payments due to GLPI under the Master Lease and the funded construction of certain leased real estate assets in development at the date of the Spin-Off. Consequently, the restated condensed consolidated statements of operations no longer report rent expense for the obligations under the Master Lease, but rather include interest expense associated with the financing obligation and depreciation expense related to the real estate assets. The lease payment amounts previously recorded as rent expense were $104.6 million and $313.5 million for the three and nine months ended September 30, 2014, respectively. The increases to interest expense and depreciation expense as a result of the correction of the accounting for the Master Lease are $94.5 million and $22.2 million for the three months ended September 30, 2014, respectively, and $281.6 million and $66.7 million for the nine months ended September 30, 2014, respectively.

This change in accounting treatment also resulted in adjustments to the carrying amounts of the Company’s reporting units as well as differences in the allocation of the GLPI rental obligation to the impacted reporting units, which changed each reporting unit’s fair value. The resultant changes to impairment charges are described below.

As part of its restatement, the Company also identified certain other errors affecting the condensed consolidated financial statements as of December 31, 2014 and for the three and nine months ended September 30, 2014:

The Company had originally recorded goodwill and other intangible asset impairment charges of $312.5 million and $745.9 million at October 1, 2013, the date of its annual impairment test, and November 1, 2013 (the Spin-Off date), respectively, and impairment charges of $316.5 million at October 1, 2014. The Company corrected certain errors in its goodwill and indefinite-lived gaming license intangible asset impairment analyses which incorporated the adjustments to the carrying amounts and estimated fair values of the Company’s reporting units mentioned above as well as the impact of its deferred tax valuation allowance. This resulted in a decrease to the Company’s previously recognized impairment charges of $161.2 million and $334.1 million for the years ended December 31, 2014 and 2013, respectively, which along with the relocation fee accounting error described below, resulted in a significant increase to the Company’s goodwill and other intangible assets at December 31, 2014.

During 2014, the Company incurred an aggregate liability of $150 million to State of Ohio in return for the right to locate its racing operations from Toledo, Ohio to Dayton, Ohio (Hollywood Gaming at Dayton Raceway) and from Grove City, Ohio to Austintown, Ohio (Hollywood Gaming at Mahoning Valley). The Company originally accounted for these amounts as a cost of the real estate was therefore including them in property and equipment, net and was amortizing them over the fifteen year base lease term of the Master Lease. The Company has now concluded that these costs should have been recognized as an additional cost incurred for obtaining the gaming licenses for these two properties and capitalized as other intangible assets that are not amortized, but are considered for impairment on an annual basis or more frequently if impairment indicators exist. This resulted in a decrease to depreciation expense of $0.9 million for the three and nine months ended September 30, 2014.

The Company corrected the classification of a corporate airplane lease that had previously been accounted for as an operating lease but upon review should have been accounted for as a capital lease. This resulted in an increase to net property and equipment of $7.0 million at December 31, 2014, as well as an increase to long term debt of $24.9 million at December 31, 2014. It also resulted in an increase to interest expense, with an offsetting decrease to general and administrative costs of $0.2 million and $0.5 million for the three and nine months ended September 30, 2014, respectively, as well as an increase to depreciation expense of $0.5 million and $1.5 million for the three and nine months ended September 30, 2014, respectively.

The Company reclassified a contingent earn-out liability from long-term debt to other liabilities which totaled $19.2 million at December 31, 2014.

The Company concluded that as a result of the failed spin-off-leaseback accounting treatment which resulted in a significant increase to our deferred tax assets, a valuation allowance should be recorded on the Company’s deferred tax assets given the significant negative evidence associated with being in a three year cumulative pre-tax loss position and the insufficient objectively verifiable positive evidence to support the realization of the Company’s deferred tax assets. This resulted in an increase to the Company’s income tax provision of $17.8 million and $34.5 million for the three and nine months ended September 30, 2014, respectively.

The Company concluded that the Carlino exchange transaction should have been accounted for as a treasury stock transaction that is measured using the fair value of the exchanged instruments. See Note 3 in the Company’s Form 10-K/A for additional information.

The Company corrected the income tax provision and related income tax balances on the condensed consolidated balance sheet and condensed consolidated statements of cash flows for each of the previously identified errors.

The Company corrected certain other errors that were not individually material to the condensed consolidated financial statements.

The effect of the restatement on previously issued interim financial information as of and for the three and nine months ended September 30, 2014 is set forth in this footnote.

The condensed consolidated financial statements for 2014 included in this Form 10-Q have been restated to reflect the adjustments described above. The following is a summary of the effect of the restatement on (i) the Company’s condensed consolidated balance sheets at December 31, 2014 (ii) the Company’s condensed consolidated statements of operations for the three and nine months ended September 30, 2014 and (iii) the Company’s condensed consolidated statements of cash flows for the nine months ended September 30, 2014. The Company did not present a summary of the effect of the restatement on the condensed consolidated statement of changes in shareholders’ equity (deficit) for any of the above referenced periods because the impact to retained earnings on the condensed consolidated statement of changes in shareholders’ equity (deficit) is reflected below in the balance sheet summary. The Company did not present a summary of the effect of the restatement on the condensed consolidated statement of comprehensive income (loss) for any of the above referenced periods because the impact to net income (loss) is reflected below in the restated condensed consolidated statement of operations and the restatement adjustments did not affect any other component of comprehensive income (loss).

Penn National Gaming, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(in thousands, except share and per share data)

The following table presents the condensed consolidated balance sheet as previously reported, restatement adjustments and the condensed consolidated balance sheet as restated at December 31, 2014:

	As Previously			Restatement
	Reported			Adjustments			As Restated

Assets
Current assets
Cash and cash equivalents	$	208,673		$	—		$	208,673
Receivables, net of allowance for doubtful accounts of $2,004	41,618			—			41,618
Prepaid expenses	68,947			1,838			70,785
Deferred income taxes	55,579			(15,236		)	40,343
Other current assets	11,189			—			11,189

Total current assets	386,006			(13,398		)	372,608

Property and equipment, net	769,145			1,900,587			2,669,732

Other assets
Investment in and advances to unconsolidated affiliates	179,551			—			179,551
Goodwill	277,582			596,602			874,184
Other intangible assets, net	370,562			48,891			419,453
Deferred income taxes	79,067			(79,067		)	—
Advances to Jamul Tribe	62,048			—			62,048
Other assets	87,318			—			87,318

Total other assets	1,056,128			566,426			1,622,554

Total assets	$	2,211,279		$	2,453,615		$	4,664,894


Liabilities
Current liabilities
Current portion of financing obligation to GLPI	—			46,884			46,884
Current maturities of long-term debt	30,853			—			30,853
Accounts payable	43,136			—			43,136
Accrued expenses	130,818			2,274			133,092
Accrued interest	5,163			—			5,163
Accrued salaries and wages	84,034			—			84,034
Gaming, pari-mutuel, property, and other taxes	52,132			(160		)	51,972
Insurance financing	13,680			—			13,680
Other current liabilities	75,703			70			75,773

Total current liabilities	435,519			49,068			484,587


Long-term liabilities
Long-term financing obligation to GLPI, net of current portion	—			3,564,629			3,564,629
Long-term debt, net of current maturities and debt issuance costs	1,204,828			5,749			1,210,577
Deferred income taxes	—			78,633			78,633
Noncurrent tax liabilities	8,188			(1,153		)	7,035
Other noncurrent liabilities	8,258			19,189			27,447

Total long-term liabilities	1,221,274			3,667,047			4,888,321


Shareholders’ equity (deficit)
Series C Preferred stock ($.01 par value, 18,500 shares authorized, 8,624 shares issued and outstanding at December 31, 2014)	—			—			—
Common stock ($.01 par value, 200,000,000 shares authorized, 81,329,210 shares issued and 79,161,817 shares outstanding, at December 31, 2014)	786			27			813
Treasury stock, at cost (2,167,393 shares held at December 31, 2014)	—			(28,414		)	(28,414		)
Additional paid-in capital	918,370			37,776			956,146
Retained deficit	(363,388		)	(1,271,889		)	(1,635,277		)
Accumulated other comprehensive (loss) income	(1,282		)	—			(1,282		)

Total shareholders’ equity (deficit)	554,486			(1,262,500		)	(708,014		)

Total liabilities and shareholders’ equity (deficit)	$	2,211,279		$	2,453,615		$	4,664,894

The following table presents the condensed consolidated statement of operations as previously reported, restatement adjustments and the condensed consolidated statement of operations as restated for the three months ended September 30, 2014:

	As Previously			Restatement
	Reported			Adjustments			As Restated

Revenues
Gaming	$	573,216		$	—		$	573,216
Food, beverage and other	107,266			—			107,266
Management service fee	3,240			—			3,240

Revenues	683,722			—			683,722
Less promotional allowances	(37,782		)	—			(37,782		)

Net revenues	645,940			—			645,940


Operating expenses
Gaming	288,355			—			288,355
Food, beverage and other	79,040			—			79,040
General and administrative	116,510			(165		)	116,345
Rental expense related to Master Lease	104,625			(104,625		)	—
Depreciation and amortization	40,253			21,768			62,021
Insurance (recoveries) deductible charges	(5,674		)	—			(5,674		)

Total operating expenses	623,109			(83,022		)	540,087

Income from operations	22,831			83,022			105,853


Other income (expenses)
Interest expense	(11,189		)	(94,744		)	(105,933		)
Interest income	1,025			—			1,025
Income from unconsolidated affiliates	2,291			—			2,291
Other	1,583			—			1,583

Total other expenses	(6,290		)	(94,744		)	(101,034		)


Income from operations before income taxes	16,541			(11,722		)	4,819
Income tax provision	8,042			12,125			20,167

Net income (loss)	$	8,499		$	(23,847	)	$	(15,348	)


Earnings (loss) per common share:
Basic earnings (loss) per common share	$	0.10		$	(0.30	)	$	(0.20	)
Diluted earnings (loss) per common share	$	0.10		$	(0.30	)	$	(0.20	)

	As Previously			Restatement
	Reported			Adjustments			As Restated

Revenues
Gaming	$	1,720,057		$	—		$	1,720,057
Food, beverage and other	322,710			—			322,710
Management service fee	8,803			—			8,803

Revenues	2,051,570			—			2,051,570
Less promotional allowances	(112,404		)	—			(112,404		)

Net revenues	1,939,166			—			1,939,166


Operating expenses
Gaming	858,539			(2,809		)	855,730
Food, beverage and other	236,981			—			236,981
General and administrative	332,147			(492		)	331,655
Rental expense related to Master Lease	313,547			(313,547		)	—
Depreciation and amortization	134,802			67,278			202,080
Impairment losses	4,560			—			4,560
Insurance (recoveries) deductible charges	(5,674		)	—			(5,674		)

Total operating expenses	1,874,902			(249,570		)	1,625,332

Income from operations	64,264			249,570			313,834


Other income (expenses)
Interest expense	(33,376		)	(282,140		)	(315,516		)
Interest income	2,282			—			2,282
Income from unconsolidated affiliates	6,247			—			6,247
Other	1,391			—			1,391

Total other expenses	(23,456		)	(282,140		)	(305,596		)


Income from operations before income taxes	40,808			(32,570		)	8,238
Income tax provision	23,596			18,683			42,279

Net income (loss)	$	17,212		$	(51,253	)	$	(34,041	)


Earnings (loss) per common share:
Basic earnings (loss) per common share	$	0.20		$	(0.63	)	$	(0.43	)
Diluted earnings (loss) per common share	$	0.19		$	(0.62	)	$	(0.43	)

The following table presents the condensed consolidated statement of cash flow as previously reported, restatement adjustments and the condensed consolidated statement of cash flows as restated for the nine months ended September 30, 2014:

	As Previously			Restatement
	Reported			Adjustments			As Restated

Operating activities
Net income (loss)	$	17,212		$	(51,253	)	$	(34,041	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	134,802			67,278			202,080
Amortization of items charged to interest expense	4,532			—			4,532
Accretion of settlement value on other noncurrent liabilities	456			(456		)	—
Gain on sale of fixed assets	98			—			98
Income from unconsolidated affiliates	(6,247		)	—			(6,247		)
Distributions of earnings from unconsolidated affiliates	17,500			—			17,500
Deferred income taxes	(24,972		)	24,102			(870		)
Charge for stock-based compensation	8,012			—			8,012
Impairment losses and write downs	7,860			—			7,860
Decrease (increase), net of businesses acquired
Accounts receivable	9,469			—			9,469
Prepaid expenses and other current assets	(4,467		)	10			(4,457		)
Other assets	4,325			(10		)	4,315
Increase (decrease), net of businesses acquired
Accounts payable	4,019			—			4,019
Accrued expenses	(11,427		)	(3,020		)	(14,447		)
Accrued interest	2,430			456			2,886
Accrued salaries and wages	(2,993		)	(66		)	(3,059		)
Gaming, pari-mutuel, property and other taxes	13,237			61			13,298
Income taxes	25,205			(1,488		)	23,717
Other current and noncurrent liabilities	4,856			209			5,065
Other noncurrent tax liabilities	777			(3,924		)	(3,147		)

Net cash provided by operating activities	204,684			31,899			236,583

Investing activities
Capital project expenditures, net of reimbursements	(95,568		)	—			(95,568		)
Capital maintenance expenditures	(65,699		)	—			(65,699		)
Advances to Jamul Tribe	(30,499		)	—			(30,499		)
Proceeds from sale of property and equipment	1,172			—			1,172
Investment in joint ventures	(1,000		)	—			(1,000		)
Decrease in cash in escrow	18,000			—			18,000
Acquisitions of businesses and gaming and other licenses, net of cash acquired	(118,678		)	—			(118,678		)

Net cash used in investing activities	(292,272		)	—			(292,272		)

Financing activities
Proceeds from exercise of options	6,223			—			6,223
Proceeds from issuance of long-term debt, net of issuance costs	64,935			—			64,935
Principal payments on financing obligation with GLPI	—			(31,899		)	(31,899		)
Principal payments on long-term debt	(40,703		)	—			(40,703		)
Principal payments on long-term obligations	(15,000		)	—			(15,000		)
Proceeds from insurance financing	14,816			—			14,816
Payments on insurance financing	(14,801		)	—			(14,801		)
Tax benefit from stock options exercised	9,830			—			9,830

Net cash provided (used) by financing activities	25,300			(31,899		)	(6,599		)

Net (decrease) in cash and cash equivalents	(62,288		)	—			(62,288		)
Cash and cash equivalents at beginning of year	292,995						292,995

Cash and cash equivalents at end of year	$	230,707		$	—		$	230,707


Supplemental disclosure
Interest expense paid, net of amounts capitalized	$	25,946		$	282,940		$	308,886
Income taxes paid	$	11,247		$	—		$	11,247

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2015

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

3. Summary of Significant Accounting Policies

Revenue Recognition and Promotional Allowances

Gaming revenue consists mainly of slot and video lottery gaming machine revenue as well as to a lesser extent table game and poker revenue. Gaming revenue is the aggregate net difference between gaming wins and losses, with liabilities recognized for funds deposited by customers before gaming play occurs, for “ticket-in, ticket-out” coupons in the customers’ possession, and for accruals related to the anticipated payout of progressive jackpots. Progressive slot machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are charged to revenue as the amount of the jackpots increases. Table game revenue is the aggregate of table drop adjusted for the change in aggregate table chip inventory. Table drop is the total dollar amount of the currency, coins, chips, tokens and outstanding markers (credit instruments) that are removed from the live gaming tables.

Food, beverage and other revenue, including racing revenue, is recognized as services are performed. Racing revenue includes the Company’s share of pari-mutuel wagering on live races after payment of amounts returned as winning wagers, its share of wagering from import and export simulcasting, and its share of wagering from its off-track wagering facilities.

Revenue from the management service contract for Casino Rama is based upon contracted terms and is recognized when services are performed.

Revenues are recognized net of certain sales incentives in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605-50, “Revenue Recognition—Customer Payments and Incentives.” The Company records certain sales incentives and points earned in point-loyalty programs as a reduction of revenue.

The retail value of accommodations, food and beverage, and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The estimated cost of providing such promotional allowances is primarily included in food, beverage and other expense.

The amounts included in promotional allowances for the three and nine months ended September 30, 2015 and 2014 are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
	(in thousands)
Rooms	$	8,649	$	8,644	$	25,888	$	25,140
Food and beverage	28,245		26,518		82,896		79,907
Other	2,685		2,620		6,883		7,357

Total promotional allowances	$	39,579	$	37,782	$	115,667	$	112,404

The estimated cost of providing such complimentary services for the three and nine months ended September 30, 2015 and 2014 are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
	(in thousands)
Rooms	$	1,085	$	930	$	2,999	$	2,690
Food and beverage	11,280		10,945		32,761		33,161
Other	881		900		2,605		2,661

Total cost of complimentary services	$	13,246	$	12,775	$	38,365	$	38,512

Gaming and Racing Taxes

The Company is subject to gaming and pari-mutuel taxes based on gross gaming revenue and pari-mutuel revenue in the jurisdictions in which it operates. The Company primarily recognizes gaming and pari-mutuel tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states where or in which wagering occurs. In certain states in which the Company operates, gaming taxes are based on graduated rates. The Company records gaming tax expense at the Company’s estimated effective gaming tax rate for the year, considering estimated taxable gaming revenue and the applicable rates. Such estimates are adjusted each interim period. If gaming tax rates change during the year, such changes are applied prospectively in the determination of gaming tax expense in future interim periods. Finally, the Company recognizes purse expense based on the statutorily required percentage of revenue that is required to be paid out in the form of purses to the winning owners of horse races run at the Company’s racetracks in the period in which wagering occurs. For the three and nine months ended September 30, 2015, these expenses, which are recorded primarily within gaming expense in the condensed consolidated statements of income, were $259.4 million and $730.9 million, as compared to $221.5 million and $661.5 million for the three and nine months ended September 30, 2014, respectively.

Failed Spin-Off-Leaseback Financing Obligation

The Company’s spin-off of real property assets and corresponding Master Lease Agreement with GLPI on November 1, 2013 did not meet all of the requirements for sale-leaseback accounting treatment under Accounting Standards Codification (ASC) 840 “Leases” and therefore is accounted for as a financing obligation rather than a distribution of assets followed by an operating lease. Specifically, the Master Lease contains provisions that would indicate the Company has prohibited forms of continuing involvement in the leased assets which are not a normal leaseback. As a result of the failed spin-off-leaseback accounting, the Company calculated a financing obligation at the inception of the Master Lease based on the future minimum lease payments discounted at 9.70%. The discount rate represents the estimated incremental borrowing rate over the lease term of 35 years, which included renewal options that were reasonably assured of being exercised given the high percentage of the Company’s earnings that are derived from the Master Lease properties operations to the Company and the lack of alternative economically feasible leasing options for such real estate. The minimum lease payments are recorded as interest expense and in part as a payment of principal reducing the financing obligation. Contingent rentals are recorded as additional interest expense. The real property assets in the transaction remain on the consolidated balance sheets and continue to be depreciated over the remaining useful lives.

Payments Related to the Master Lease

As of September 30, 2015, the Company financed with Gaming and Leisure Properties, Inc. (“GLPI”) real property assets associated with eighteen of the Company’s gaming and related facilities used in the Company’s operations.

The rent structure under the Master Lease, which became effective November 1, 2013, includes a fixed component, a portion of which is subject to an annual escalator of up to 2% if certain rent coverage ratio thresholds are met, and a variable component that is based on the performance of the facilities, which is prospectively adjusted, subject to a floor of zero (i) every five years by an amount equal to 4% of the average change to net revenues of all facilities under the Master Lease (other than Hollywood Casino Columbus and Hollywood Casino Toledo) during the preceding five years, and (ii) monthly by an amount equal to 20% of the change in net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo during the preceding month. In addition, with the openings of Hollywood Gaming at Mahoning Valley Race Course and Hollywood Gaming at Dayton Raceway in the third quarter of 2014, these properties began paying rent subject to the terms of the Master Lease, for which the annual rental obligation is calculated as 10% of the real estate construction costs paid for by GLPI related to these facilities.

The Master Lease is commonly known as a triple-net lease. Accordingly, in addition to rent, the Company is required to pay the following, among other things: (1) all facility maintenance; (2) all insurance required in connection with the leased properties and the business conducted on the leased properties; (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor); and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. At the Company’s option, the Master Lease may be extended for up to four five-year renewal terms beyond the initial fifteen-year term, on the same terms and conditions.

Total payments under the Master Lease for the three and nine months ended September 30, 2015 was $108.9 million and $327.3 million, as compared to $104.6 million and $313.5 million for the three and nine months ended September 30, 2014, respectively.

Long-term asset related to the Jamul Tribe

On April 5, 2013, the Company announced that, subject to final National Indian Gaming Commission approval, it and the Jamul Indian Village of California (the “Jamul Tribe”) had entered into definitive agreements to jointly develop a Hollywood Casino branded gaming facility on the Jamul Tribe’s trust land in San Diego County, California. The definitive agreements were entered into to: (i) secure the development, management, and branding services of the Company to assist the Jamul Tribe during the pre-development and entitlement phase of the project; (ii) set forth the terms and conditions under which the Company will provide a loan or loans to the Jamul Tribe to fund certain development costs; and (iii) create an exclusive arrangement between the parties.

The Jamul Tribe is a federally recognized Indian Tribe holding a government-to-government relationship with the U.S. through the U.S. Department of the Interior’s Bureau of Indian Affairs and possesses certain inherent powers of self-government. The Jamul Tribe is the beneficial owner of approximately six acres of reservation land located within the exterior boundaries of the State of California held by the U.S. in trust for the Jamul Tribe (the “Property”). The Jamul Tribe exercises jurisdiction over the Property pursuant to its powers of self-government and consistent with the resolutions and ordinances of the Jamul Tribe. The arrangement between the Jamul Tribe and the Company provides the Jamul Tribe with the expertise, knowledge and capacity of a proven developer and operator of gaming facilities and provides the Company with the exclusive right to administer and oversee planning, designing, development, construction management, and coordination during the development and construction of the project as well as the management of a gaming facility on the Property.

The proposed $390 million development project will include a three-story gaming and entertainment facility of approximately 200,000 square feet featuring over 1,700 slot machines, 43 live table games, including poker, multiple restaurants, bars and lounges and a partially enclosed parking structure with over 1,800 spaces. In mid-January 2014, the Company announced the commencement of construction activities at the site and it is anticipated that the facility will open in mid-2016. The Company may, under certain circumstances, provide backstop financing to the Jamul Tribe in connection with the project and, upon opening, will manage and provide branding for the casino. The Company has a conditional loan commitment to the Jamul Tribe (that can be terminated under certain circumstances) for up to $400 million and anticipates it will fund approximately $390 million related to this development.

The Company is accounting for the development agreement and related loan commitment letter with the Jamul Tribe as a loan (note receivable) with accrued interest in accordance with ASC 310 “Receivables.” The loan represents advances made by the Company to the Jamul Tribe for the development and construction of a gaming facility for the Jamul Tribe on reservation land. As such, the Jamul Tribe will own the casino and its related assets and liabilities. San Diego Gaming Ventures, LLC (a wholly owned subsidiary of the Company) is a separate legal entity established to account for the loan and, upon completion of the project and subsequent commencement of gaming operations on the Property, will be the Penn entity which receives management and licensing fees from the Jamul Tribe. The Company has a note receivable with the Jamul Tribe for $143.9 million and $62.0 million, which includes accrued interest of $10.1 million and $3.3 million, at September 30, 2015 and December 31, 2014, respectively. Collectability of the note receivable will be derived from the revenues of the casino operations once the project is completed. Based on the Company’s current progress with this project, the Company believes collectability of the note is highly certain. However, in the event that the Company’s internal projections related to the profitability of this project and/or the timing of the opening are inaccurate, the Company may be required to record a reserve related to the collectability of this note receivable.

The Company considered whether the arrangement with the Jamul Tribe represents a variable interest that should be accounted for pursuant to the VIE Subsections of ASC 810 “Consolidation” (“ASC 810”). The Company noted that the scope and scope exceptions of ASC 810-10-15-12(e) states that a reporting entity shall not consolidate a government organization or financing entity established by a government organization (other than certain financing entities established to circumvent the provisions of the VIE Subsections of ASC 810). Based on the status of the Jamul Tribe as a government organization, the Company believes its arrangement with the Jamul Tribe is not within the scope defined by ASC 810.

Earnings Per Share

The Company calculates earnings per share (“EPS”) in accordance with ASC 260, “Earnings Per Share” (“ASC 260”). Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options and unvested restricted shares.

At September 30, 2015 and 2014, the Company had outstanding 8,624 shares of Series C Convertible Preferred Stock. The Company determined that the preferred stock qualified as a participating security as defined in ASC 260 since these securities participate in dividends with the Company’s common stock. In accordance with ASC 260, a company is required to use the two-class method when computing EPS when a company has a security that qualifies as a “participating security.” The two-class method is an earnings allocation formula that determines EPS for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. A participating security is included in the computation of basic EPS using the two-class method. Under the two-class method, basic EPS for the Company’s common stock is computed by dividing net income applicable to common stock by the weighted-average common shares outstanding during the period. Diluted EPS for the Company’s common stock is computed using the more dilutive of the two-class method or the if-converted method.

Since the Company’s preferred shareholders are not obligated to fund the losses of the Company nor is the contractual principal of the Series C Preferred Stock reduced as a result of losses incurred by the Company, no allocation of the Company’s undistributed losses resulting from the net loss for the three and nine months ended September 30, 2014 is required. As such, since the Company reported a net loss for the three and nine months ended September 30, 2014, it was required by ASC 260 to use basic weighted-average common shares outstanding, rather than diluted weighted-average common shares outstanding, when calculating diluted EPS.

The following table sets forth the allocation of net income for the three and nine months ended September 30, 2015 under the two-class method:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2015		2015
	(in thousands)

Net income	$	4,900	$	9,752
Net income applicable to preferred stock	476		951

Net income applicable to common stock	$	4,424	$	8,801

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and nine months ended September 30, 2015:

	Three Months Ended September 30,	Nine Months Ended September 30,
	2015	2015
	(in thousands)

Determination of shares:
Weighted-average common shares outstanding	80,243	79,803
Assumed conversion of dilutive employee stock-based awards	2,355	2,307
Assumed conversion of restricted stock	58	60

Diluted weighted-average common shares outstanding before participating security	82,656	82,170
Assumed conversion of preferred stock	8,624	8,624

Diluted weighted-average common shares outstanding	91,280	90,794

Options to purchase 1,621,219 shares and 7,195,937 shares were outstanding during the nine months ended September 30, 2015 and 2014, respectively, but were not included in the computation of diluted EPS because they were antidilutive.

The following tables present the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2015 and 2014 (in thousands, except per share data):

	Three Months Ended September		Nine Months Ended September
	2015		2015

Calculation of basic EPS:
Net income applicable to common stock	$	4,424	$	8,801
Weighted-average common shares outstanding	80,243		79,803
Basic EPS	$	0.06	$	0.11

Calculation of diluted EPS using two-class method:
Net income applicable to common stock	$	4,424	$	8,801
Diluted weighted-average common shares outstanding before participating security	82,656		82,170
Diluted EPS	$	0.05	$	0.11

	Three months ended September 30,			Nine months ended September 30,
	2014			2014
	(As Restated)			(As Restated)

Calculation of basic and diluted EPS:
Net loss	$	(15,348	)	$	(34,041	)
Weighted-average common shares outstanding	78,510			78,297
Basic and Diluted EPS	$	(0.20	)	$	(0.43	)

Stock-Based Compensation

The Company accounts for stock compensation under ASC 718, “Compensation-Stock Compensation,” which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant.

The fair value for stock options was estimated at the date of grant using the Black-Scholes option-pricing model, which requires management to make certain assumptions. The risk-free interest rate was based on the U.S. Treasury spot rate with a term equal to the expected life assumed at the date of grant. Expected volatility was estimated based on the historical volatility of the Company’s stock price over a period of 5.45 years, in order to match the expected life of the options at the grant date. Historically, at the grant date, there has been no expected dividend yield assumption since the Company has not paid any cash dividends on its common stock since its initial public offering in May 1994 and since the Company intends to retain all of its earnings to finance the development of its business for the foreseeable future. The weighted-average expected life was based on the contractual term of the stock option and expected employee exercise dates, which was based on the historical and expected exercise behavior of the Company’s employees. The Company granted 1,696,653 stock options during the nine months ended September 30, 2015.

Stock-based compensation expense for the three and nine months ended September 30, 2015 was $2.0 million and $6.4 million, as compared to $2.9 million and $8.0 million for the three and nine months ended September 30, 2014, respectively, and is included within the condensed consolidated statements of income under general and administrative expense.

The Company’s cash-settled phantom stock unit awards (“PSUs”), which vest over a period of three to five years, entitle employees and directors to receive cash based on the fair value of the Company’s common stock on the vesting date. The PSUs are accounted for as liability awards and are re-measured at fair value each reporting period until they become vested with compensation expense being recognized over the requisite service period in accordance with ASC 718-30, “Compensation—Stock Compensation, Awards Classified as Liabilities.” The Company had a liability, which is included in accrued salaries and wages within the condensed consolidated balance sheets, associated with its PSUs of $6.0 million and $8.2 million at September 30, 2015 and December 31, 2014, respectively. For PSUs held by Penn employees, there was $20.5 million of total unrecognized compensation cost at September 30, 2015 that will be recognized over the grants remaining weighted average vesting period of 1.9 years. For the three and nine months ended September 30, 2015, the Company recognized $1.9 million and $11.4 million of compensation expense associated with these awards, as compared to $2.1 million and $4.7 million for the three and nine months ended September 30, 2014. The increase was primarily due to the stock price increase for both Penn and GLPI awards held by Penn employees in the current year compared with stock price declines in the prior year. Amounts paid by the Company for the three and nine months ended September 30, 2015 on these cash-settled awards totaled $7.6 million and $12.9 million, as compared $6.0 million for the nine months ended September 30, 2014, respectively. The increase was primarily due to one-time Transition Award Program awards granted on July 23, 2014, related to the Spin-Off (see Note 3 in the Company’s Form 10-K/A), of $5.7 million.

For the Company’s stock appreciation rights (“SARs”), the fair value of the SARs is calculated during each reporting period and estimated using the Black-Scholes option pricing model based on the various inputs discussed below. The Company’s SARs, which vest over a period of four years, are accounted for as liability awards since they will be settled in cash. The Company had a liability, which is included in accrued salaries and wages within the condensed consolidated balance sheets, associated with its SARs of $7.7 million and $6.3 million at September 30, 2015 and December 31, 2014, respectively. For SARs held by Penn employees, there was $6.6 million of total unrecognized compensation cost at September 30, 2015 that will be recognized over the awards remaining weighted average vesting period of 2.73 years. For the three and nine months ended September 30, 2015, the Company recognized ($3.0) million and $4.1 million of compensation expense associated with these awards, as compared to $0.1 million and $0.2 million for the three and nine months ended September 30, 2014, respectively. The decrease for the three months ending September 30, 2015 was primarily due to the stock price declines for both Penn and GLPI awards held by Penn employees. The increase for the nine months ended September 30, 2015 was primarily due to the stock price increase for both Penn and GLPI awards held by Penn employees in the current year compared with stock price declines in the prior year. Amounts paid by the Company for the three and nine months ended September 30, 2015 on these cash-settled awards totaled $0.3 million and $2.6 million, as compared to $0.4 million and $1.6 million for the three and nine months ended September 30, 2014, respectively.

The following are the weighted-average assumptions used in the Black-Scholes option-pricing model at September 30, 2015 and 2014:

	2015		2014

Risk-free interest rate	1.55	%	1.68	%
Expected volatility	31.86	%	44.80	%
Dividend yield	—		—
Weighted-average expected life (years)	5.45		5.45

Segment Information

The Company’s Chief Executive Officer and President, who is the Company’s Chief Operating Decision Maker, as that term is defined in ASC 280, “Segment Reporting” (“ASC 280”), measures and assesses the Company’s business performance based on regional operations of various properties grouped together based primarily on their geographic locations. The Company’s reportable segments are: (i) East/Midwest, (ii) West, and (iii) Southern Plains.

The East/Midwest reportable segment consists of the following properties: Hollywood Casino at Charles Town Races, Hollywood Casino Bangor, Hollywood Casino at Penn National Race Course, Hollywood Casino Lawrenceburg, Hollywood Casino Toledo, Hollywood Casino Columbus, Hollywood Gaming at Dayton Raceway, which opened on August 28, 2014, Hollywood Gaming at Mahoning Valley Race Course, which opened on September 17, 2014, and Plainridge Park Casino, which opened on June 24, 2015. It also includes the Company’s Casino Rama management service contract.

The West reportable segment consists of the following properties: Zia Park Casino, the M Resort, and Tropicana Las Vegas, which was acquired on August 25, 2015, as well as the Hollywood Casino Jamul — San Diego project with the Jamul Indian Village, which the Company anticipates completing in mid-2016.

The Southern Plains reportable segment consists of the following properties: Hollywood Casino Aurora, Hollywood Casino Joliet, Argosy Casino Alton, Argosy Casino Riverside, Hollywood Casino Tunica, Hollywood Casino Gulf Coast, Boomtown Biloxi, Hollywood Casino St. Louis, and Prairie State Gaming, which was acquired on September 1, 2015, and includes the Company’s 50% investment in Kansas Entertainment, LLC (“Kansas Entertainment”), which owns the Hollywood Casino at Kansas Speedway. On July 30, 2014, the Company closed Argosy Casino Sioux City.

The Other category consists of the Company’s standalone racing operations, namely Rosecroft Raceway, Sanford-Orlando Kennel Club, and the Company’s joint venture interests in Sam Houston Race Park, Valley Race Park, and Freehold Raceway, as well as the Company’s 50% joint venture with the Cordish Companies in New York (which is in the process of being dissolved). If the Company is successful in obtaining gaming operations at these locations, they would be assigned to one of the Company’s regional executives and reported in their respective reportable segment. The Other category also includes the Company’s corporate overhead operations, which does not meet the definition of an operating segment under ASC 280 and Penn Interactive Ventures, LLC, the Company’s wholly-owned subsidiary which represents its social online gaming initiatives, which would meet the definition of an operating segment under ASC 280, however is immaterial to the Company’s operations.

See Note 10 — “Segment Information” for further information with respect to the Company’s segments.

Other Comprehensive Income

The Company accounts for comprehensive income in accordance with ASC 220, “Comprehensive Income,” which establishes standards for the reporting and presentation of comprehensive income in the consolidated financial statements. The Company presents comprehensive income in two separate but consecutive statements. For the three and nine months ended September 30, 2015 and 2014, the only component of accumulated other comprehensive income was foreign currency translation adjustments.

New Accounting Pronouncements	9 Months Ended
New Accounting Pronouncements	Sep. 30, 2015
New Accounting Pronouncements
New Accounting Pronouncements	4. New Accounting Pronouncements In February 2016, the FASB issued its new lease accounting guidance. Under the new guidance, ASU 2016-02, Leases, lessor accounting is largely unchanged. The new lease guidance simplifies the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. Under the new guidance, lessees will be required to recognize a lease liability, which is a lessor’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control use of, a specified asset for the lease term for all leases (with the exception of short-term leases) at the adoption date. The new guidance is effective for fiscal years, and for interim periods within those fiscal years, ending after December 15, 2018. Early adoption is permitted for any interim or annual financial statements net yet issued. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing and operating leases) must apply a modified retrospective approach for all leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Management is currently assessing the impact the new lease guidance will have on the consolidated financial statements. In November 2015, the FASB issued guidance that requires entities to present deferred tax assets (DTAs) and deferred tax liabilities (DTLs) as noncurrent in a classified balance sheet. The amended guidance simplifies the current guidance, which requires entities to separately present DTAs and DTLs as current and noncurrent in a classified balance sheet. For public entities, the amendments are effective after December 15, 2016, and interim periods within those years with early adoption permitted for any interim or annual financial statements not yet issued. Entities are permitted to apply the amendment either prospectively or retrospectively. The Company plans to early adopt FASB accounting standard ASU 2015-17 on a retrospective basis as of December 31, 2015 in order to simplify the presentation of deferred taxes. In April 2015, the FASB issued revised guidance to simplify the presentation of debt issuance costs in the balance sheet. The revised guidance requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the existing presentation of debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this revised guidance, and therefore there is no impact to the statement of income. The revised guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of this revised guidance is permitted for financial statements that have not been previously issued. An entity should apply the revised guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the revised guidance. The Company has elected to early adopt the revised guidance and as such debt issuance costs are now presented as a direct reduction of long-term debt on the Company’s condensed consolidated balance sheets. See Note 7 for further information regarding debt issuance costs. In February 2015, the FASB issued new consolidation guidance to modify the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The main provisions of the new guidance include modifying the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, the evaluation of fees paid to a decision maker or a service provider as a variable interest, and the effect of fee arrangements and related parties on the primary beneficiary determination, as well as provides a scope exception for certain investment funds. The new guidance is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. A reporting entity may apply the new guidance using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. A reporting entity also may apply the new guidance retrospectively. Management is in the process of assessing the impact of the new guidance on existing consolidation conclusions and equity method investments, but does not anticipate any change. In May 2014, the FASB issued new revenue recognition guidance, which will supersede nearly all existing revenue recognition guidance. The core principle of the guidance is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve the core principle, the new guidance implements a five-step process for customer contract revenue recognition. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows arising from contracts with customers. This new guidance was originally to be effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and early adoption is prohibited. In April 2015, the FASB issued a one-year deferral of the effective date of this new guidance resulting in it now being effective for the Company beginning in fiscal year 2018. Entities can transition to the new guidance either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Management is currently assessing the impact the new revenue recognition guidance will have on the consolidated financial statements.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2015
Acquisitions
Acquisitions	5. Acquisitions Tropicana Las Vegas Hotel and Casino Acquisition On August 25, 2015, the Company acquired 100% of Tropicana Las Vegas Hotel and Casino in Las Vegas, Nevada from Trilliant Gaming Nevada, Inc. for a purchase price of $357.7 million. The purchase price for this cash transaction was funded by revolving commitments under the Company’s existing senior secured credit facility and approximately $280 million of incremental commitments under an amended senior secured credit facility. The preliminary purchase price allocation resulted in an increase to property and equipment, net, current assets, goodwill, other assets, current liabilities and other liabilities, of $365.5 million, $16.0 million, $14.8 million, $4.6 million, $25.8 million, and $17.4 million, respectively based on their estimated fair values at August 25, 2015. The results of the Tropicana Las Vegas facility have been included in the Company’s consolidated financial statements since the acquisition date. The Tropicana Las Vegas facility is situated on 35 acres of land located on the Las Vegas Strip with 1,470 remodeled guest rooms and suites, a 50,000 square foot casino gaming floor featuring 775 slot and video poker machines and 36 table games including blackjack, mini-baccarat, craps and roulette, three full-service restaurants, a 1,200 seat performance theater, a 300 seat comedy club, a nightclub, beach club and 2,095 parking spaces. We believe this acquisition fulfills our strategic objectives of obtaining a presence on the Las Vegas Strip. Prairie State Gaming Acquisition On September 1, 2015, the Company acquired 100% of Prairie State Gaming (“PSG”) from The Robert H. Miller Trust and Illinois Funding, LLC in an all cash transaction. The transaction was funded by revolving commitments under the Company’s amended senior secured credit facility. The results of Prairie State Gaming have been included in the Company’s consolidated financial statements since the acquisition date. PSG is one of the largest slot-route operators in Illinois with operations including more than 1,100 video gaming terminals across a network of 270 bar and retail gaming establishments throughout Illinois. We intend to leverage our gaming experience, relationships and purchasing power to improve its PSG’s performance and expand its network.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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+ Details

Property and Equipment

9 Months Ended

Sep. 30, 2015

Property and Equipment

Property and Equipment

6. Property and Equipment

Property and equipment, net, consists of the following:

	September 30,			December 31,
	2015			2014
	(in thousands)

Property and equipment - non-leased
Land and improvements	$	297,580		$	42,350
Building and improvements	398,207			173,043
Furniture, fixtures, and equipment	1,308,349			1,213,143
Leasehold improvements	126,442			120,984
Construction in progress	11,699			69,367

	2,142,277			1,618,887
Less accumulated depreciation	(1,082,611		)	(988,490		)

	1,059,666			630,397


Property and equipment - leased
Land and improvements	382,536			382,702
Building and improvements	2,219,018			2,219,018

	2,601,554			2,601,720
Less accumulated depreciation	(631,845		)	(562,385		)

	1,969,709			2,039,335

Property and equipment, net	$	3,029,375		$	2,669,732

Property and equipment, net increased by $359.6 million for the nine months ended September 30, 2015 primarily due to the acquisitions of Tropicana Las Vegas Hotel and Casino and Prairie State Gaming on August 25, 2015 and September 1, 2015, respectively and construction costs for the development of Plainridge Park Casino as well as normal capital maintenance expenditures, all of which were partially offset by depreciation expense for the nine months ended September 30, 2015.

Depreciation expense totaled $66.0 million and $191.7 million for the three and nine months ended September 30, 2015, of which $23.1 million and $69.5 million related to assets under the Master Lease, as compared to $61.4 million and $190.9 million for the three and nine months ended September 30, 2014, of which $22.2 million and $66.7 million related to assets under the Master Lease, respectively. Interest capitalized in connection with major construction projects was $0 and $1.8 million for the three and nine months ended September 30, 2015, as compared to $0.3 million and $0.5 million for the three and nine months ended September 30, 2014, respectively.

Long-term Debt

9 Months Ended

Sep. 30, 2015

Long-term Debt

Long-term Debt

7. Long-term Debt

Long-term debt, net of current maturities, is as follows:

	September 30,			December 31,
	2015			2014
				(Restated)
	(in thousands)

Senior secured credit facility	$	1,236,597		$	807,500
$300 million 5.875% senior unsecured notes due November 1, 2021	300,000			300,000
Other long term obligations	146,992			135,000
Capital leases	28,897			25,137

	1,712,486			1,267,637
Less current maturities of long-term debt	(87,801		)	(30,853		)
Less discount on senior secured credit facility Term Loan B	(928		)	(1,056		)
Less debt issuance costs, net of accumulated amortization of $11.4 million and $6.8 million, respectively	(24,944		)	(25,151		)

	$	1,598,813		$	1,210,577

The following is a schedule of future minimum repayments of long-term debt as of September 30, 2015 (in thousands):

Within one year	$	87,801
1-3 years	163,388
3-5 years	854,794
Over 5 years	606,275

Total minimum payments	$	1,712,258

Senior Secured Credit Facility

On April 28, 2015, the Company entered into an agreement to amend its senior secured credit facility. In August 2015, the amendment to the senior secured credit facility went into effect increasing the capacity under an existing five year revolver from $500 million to $633.2 million and increased the existing five year $500 million Term Loan A facility by $146.7 million. The seven year $250 million Term Loan B facility remained unchanged. At September 30, 2015, the Company’s senior secured credit facility had a gross outstanding balance of $1,236.6 million, consisting of a $601.0 million Term Loan A facility, a $245.6 million Term Loan B facility, and $390.0 million outstanding on the revolving credit facility. Additionally, at September 30, 2015, the Company had conditional obligations under letters of credit issued pursuant to the senior secured credit facility with face amounts aggregating $23.2 million, resulting in $220.0 million of available borrowing capacity as of September 30, 2015 under the revolving credit facility.

Other Long Term Obligations

Other long term obligations at September 30, 2015 of $147.0 million included $131.7 million related to the relocation fees for Hollywood Gaming at Dayton Raceway and Hollywood Gaming at Mahoning Valley Race Course, and $15.3 million related to the repayment obligation of a hotel and event center located near Hollywood Casino Lawrenceburg; all of which are more fully described below.

Ohio Relocation Fees

In June 2013, the Company finalized the terms of its memorandum of understanding with the State of Ohio, which included an agreement by the Company to pay a relocation fee in return for being able to relocate its existing racetracks in Toledo and Grove City to Dayton and Mahoning Valley, respectively. Upon opening of these two racinos in Ohio in the third quarter of 2014, the relocation fee for each new racino was recorded at the present value of the contractual obligation, which was calculated to be $75 million based on the 5% discount rate included in the agreement. The relocation fee for each facility is payable as follows: $7.5 million upon the opening of the facility and eighteen semi-annual payments of $4.8 million beginning one year from the commencement of operations. This obligation is accreted to interest expense at an effective yield of 5.0%. The amount included in interest expense related to this obligation was $1.6 million and $5.0 million for the three and nine months ended September 30, 2015, respectively.

Event Center

The City of Lawrenceburg Department of Redevelopment recently completed construction of a hotel and event center located less than a mile away from Hollywood Casino Lawrenceburg. Effective in mid-January 2015, by contractual agreement, a repayment obligation for the hotel and event center was assumed by a wholly-owned subsidiary of the Company in the amount of $15.3 million, which was financed through a loan with the City of Lawrenceburg Department of Redevelopment. The Company is obligated to make annual payments on the loan of approximately $1 million for twenty years beginning January 2016. This obligation is accreted to interest expense at its effective yield of 3.0%. The amount included in interest expense related to this obligation was $0.1 million and $0.3 million for the three and nine months ended September 30, 2015, respectively.

Capital Leases

Capital leases are primarily comprised of a ten year corporate airplane lease that expires in August 2016, which has a ten year renewal option. The lease obligation has been recorded at the lessor’s initial cost of the plane, of $24.9 million at both September 30, 2015 and December 31, 2014, since the agreement has broad based default provisions that could result in potential damages equal to this amount. The lease obligation was classified as a capital lease based on the provisions of ASC 840 “Leases” which requires that the remedies for events of default under the provision described in this scenario be included in the minimum lease payment calculation for purposes of lease classification and that the probability of such an event of default will occur is not relevant to this determination.

Debt Issuance Costs

As discussed in Note 4, the Company elected to early adopt accounting guidance issued in April 2015 to simplify the presentation of debt issuance costs. This change in accounting principle was implemented retrospectively as of March 31, 2015. Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense using the effective interest method over the contractual term of the underlying indebtedness. The Company has reclassified debt issuance costs as a direct reduction to the related debt obligation in its condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014.

Covenants

The Company’s senior secured credit facility and $300 million 5.875% senior unsecured notes require it, among other obligations, to maintain specified financial ratios and to satisfy certain financial tests, including fixed charge coverage, interest coverage, senior leverage and total leverage ratios. In addition, the Company’s senior secured credit facility and $300 million 5.875% senior unsecured notes restrict, among other things, its ability to incur additional indebtedness, incur guarantee obligations, amend debt instruments, pay dividends, create liens on assets, make investments, engage in mergers or consolidations, and otherwise restrict corporate activities.

At September 30, 2015, the Company was in compliance with all required financial covenants. The Company has received a waiver through March 15, 2016, from its lenders under its senior secured credit facility to file its financial statements with the SEC through the quarter ended September 30, 2015. Additionally, starting on February 8, 2016, the Company is required to pay an additional 25 basis points annually under its $300 million senior unsecured notes until the Company becomes current with its SEC filings.

Master Lease Financing Obligation	9 Months Ended
Master Lease Financing Obligation	Sep. 30, 2015
Master Lease Financing Obligation
Master Lease Financing Obligation	8. Master Lease Financing Obligation The Company’s lease obligation with GLPI is accounted for as a financing obligation. The obligation was calculated at the inception of the transaction based on the future minimum lease payments due to GLPI under the Master Lease discounted at 9.70%, which represents the estimated incremental borrowing rate over the lease term, including renewal options that were reasonably assured of being exercised and the funded construction of certain leased real estate assets in development at the date of the Spin-Off. Total payments under the Master Lease for the three and nine months ended September 30, 2015 was $109.0 million and $327.3 million as compared to $104.6 million and $313.5 million for the three and nine months ended September 30, 2014, respectively. The interest expense recognized for the three and nine months ended September 30, 2015 was $97.8 million and $291.9 million as compared to $94.6 million and $281.6 million for the three and nine months ended September 30, 2014, respectively. The interest expense recognized for the three and nine months ended September 30, 2015 includes $10.8 million and $32.9 million from contingent payments associated with the monthly variable components for Hollywood Casino Columbus and Hollywood Casino Toledo, as compared to $10.3 million and $31.0 million for the three and nine months ended September 30, 2014, respectively. As well as $0.8 million and $2.4 million from contingent payments associated with the annual escalator during the three and nine months ended September 30, 2015.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2015
Commitments and Contingencies
Commitments and Contingencies	9. Commitments and Contingencies Litigation Bankruptcy Litigation With the acquisition of the Tropicana Las Vegas and its associated entities in August 2015, the Company assumed litigation arising from the Bankruptcy Chapter 11 reorganization (“Bankruptcy”) of Tropicana Las Vegas’ former affiliate, Tropicana Entertainment Holdings, LLC (“TEH”). In this Bankruptcy proceeding, there is an unresolved dispute related to the payment of certain professional fees and expenses totaling approximately $13.5 million. TEH takes the position that, pursuant to an Intercompany Agreement signed by TEH and Tropicana, Tropicana must reimburse TEH for a portion of certain professional fees that were incurred and paid by TEH during the Chapter 11 cases. Tropicana Las Vegas contends that it owes no reimbursement to TEH for the professional fees paid by TEH prior to effective date of the bankruptcy plan, and as a result, its potential liability in respect of such claimed professional fees and expenses should be limited to the current balance of a professional fee escrow account of approximately $3.8 million. On January 5, 2016, the Bankruptcy Court entered an order consistent with Tropicana Las Vegas’s position. On January 19, 2015, TEH and other parties appealed the order. This appeal remains pending. At this point, management cannot predict the outcome and ultimate resolution of this disputed claim and no assurance can be provided regarding Tropicana Las Vegas’s liability in this regard.

Segment Information

9 Months Ended

Sep. 30, 2015

Segment Information

Segment Information

10. Segment Information

The following tables present certain information with respect to the Company’s segments. Intersegment revenues between the Company’s segments were not material in any of the periods presented below. The income (loss) from operations by segment presented below does not include allocations for corporate overhead costs or expenses associated with utilizing property subject to the Master Lease.

Three months ended September 30, 2015	East/Midwest			West		Southern Plains			Other (1)			Total
Income (loss) from operations	$	117,254		$	11,021	$	53,701		$	(39,804	)	$	142,172
Charge for stock compensation	—			—		—			2,025			2,025
Depreciation and amortization	26,303			4,115		10,886			24,837			66,141
Plainridge contingent purchase price	(6,651		)	—		—			—			(6,651		)
(Gain) loss on disposal of assets	33			185		35			24			277
Income from unconsolidated affiliates	—			—		3,832			(73		)	3,759
Non-operating items for Kansas JV	—			—		2,539			—			2,539

Adjusted EBITDA	$	136,939		$	15,321	$	70,993		$	(12,991	)	$	210,262


Three months ended September 30, 2014	East/Midwest			West		Southern Plains			Other (1)			Total

	(Restated)			(Restated)		(Restated)			(Restated)			(Restated)
Income (loss) from operations	$	86,941		$	12,000	$	53,789		$	(46,877	)	$	105,853
Charge for stock compensation	—			—		—			2,915			2,915
Insurance recoveries	—			—		(5,674		)	—			(5,674		)
Depreciation and amortization	23,394			1,913		12,265			24,449			62,021
Loss (gain) on disposal of assets	12			47		89			(3		)	145
Income (loss) from unconsolidated affiliates	—			—		2,546			(255		)	2,291
Non-operating items for Kansas JV	—			—		2,944			—			2,944

Adjusted EBITDA	$	110,347		$	13,960	$	65,959		$	(19,771	)	$	170,495

Nine months ended September 30, 2015	East/Midwest			West		Southern Plains			Other (1)			Total
Income (loss) from operations	$	309,131		$	42,275	$	166,129		$	(140,313	)	$	377,222
Charge for stock compensation	—			—		—			6,446			6,446
Depreciation and amortization	76,214			8,374		32,366			74,831			191,785
Plainridge contingent purchase price	(5,944		)	—		—			—			(5,944		)
(Gain) loss on disposal of assets	(11		)	509		155			148			801
Income from unconsolidated affiliates	—			—		12,020			(125		)	11,895
Non-operating items for Kansas JV	—			—		7,818			—			7,818

Adjusted EBITDA	$	379,390		$	51,158	$	218,488		$	(59,013	)	$	590,023


Nine months ended September 30, 2014	East/Midwest			West		Southern Plains			Other (1)			Total

	(Restated)			(Restated)		(Restated)			(Restated)			(Restated)
Income (loss) from operations	$	246,532		$	44,250	$	154,964		$	(131,912	)	$	313,834
Charge for stock compensation	—			—		—			8,012			8,012
Impairment losses	4,560			—		—			—			4,560
Insurance recoveries	—			—		(5,674		)	—			(5,674		)
Depreciation and amortization	76,128			5,154		47,088			73,710			202,080
(Gain) loss on disposal of assets	(104		)	112		106			(16		)	98
Income (loss) from unconsolidated affiliates	—			—		7,619			(1,372		)	6,247
Non-operating items for Kansas JV	—			—		8,804			—			8,804

Adjusted EBITDA	$	327,116		$	49,516	$	212,907		$	(51,578	)	$	537,961


	East/Midwest			West		Southern Plains			Other (1)			Total

	(in thousands)
Three months ended September 30, 2015
Net revenues	$	449,821		$	70,828	$	213,284		$	5,364		$	739,297
Capital expenditures	40,022			1,423		4,623			478			46,546

Three months ended September 30, 2014 (as restated)
Net revenues	$	371,505		$	58,626	$	210,309		$	5,500		$	645,940
Capital expenditures	63,979			8,091		7,124			1,759			80,953

Nine months ended September 30, 2015
Net revenues	$	1,254,121		$	197,078	$	637,242		$	15,950		$	2,104,391
Capital expenditures	138,746			6,637		19,074			2,578			167,035

Nine months ended September 30, 2014 (as restated)
Net revenues	$	1,082,310		$	178,579	$	658,792		$	19,485		$	1,939,166
Capital expenditures	91,077			24,138		40,457			5,595			161,267

Balance sheet at September 30, 2015
Total assets	1,077,562			764,443		1,095,062			2,204,939			5,142,006
Investment in and advances to unconsolidated affiliates	89			—		105,439			66,376			171,904
Goodwill and other intangible assets, net	427,516			158,339		753,718			4,226			1,343,799

Balance sheet at December 31, 2014 (as restated)
Total assets	1,007,162			287,551		1,076,290			2,293,891			4,664,894
Investment in and advances to unconsolidated affiliates	94			—		115,469			63,988			179,551
Goodwill and other intangible assets, net	427,335			143,242		718,982			4,078			1,293,637

(1)

Includes depreciation expense associated with the real property assets under the Master Lease with GLPI. In addition, total assets include these assets. The interest expense associated with the financing obligation is reflected in the other category. Net revenues and income (loss) from unconsolidated affiliates relate to the Company’s stand-alone racing operations, namely Rosecroft Raceway, Sanford Orlando Kennel Club and the Company’s Texas and New Jersey joint ventures which do not have gaming operations.

Management uses adjusted EBITDA as the primary measure of the operating performance of its segments, including the evaluation of operating personnel and is especially relevant in evaluating large, long lived casino projects because they provide a perspective on the current effects of operating decisions separated from the substantial non-operational depreciation charges and financing costs of such projects. The Company defines adjusted EBITDA as earnings before interest, taxes, stock compensation, debt extinguishment charges, impairment charges, insurance recoveries and deductible charges, depreciation and amortization, changes in the estimated fair value of contingent purchase price to the previous owners of Plainridge Racecourse, gain or loss on disposal of assets, and other income or expenses. Adjusted EBITDA is also inclusive of results from discontinued operations, income or loss from unconsolidated affiliates, with our share of non-operating items (such as depreciation and amortization) added back for our joint venture in Kansas Entertainment. Adjusted EBITDA should not be construed as alternatives to operating income, as indicators of the Company’s operating performance, as alternatives to cash flows from operating activities, as measures of liquidity, or as any other measures of performance determined in accordance with GAAP. The Company has significant uses of cash flows, including capital expenditures, interest payments, taxes and debt principal repayments, which are not reflected in adjusted EBITDA.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2015
Income Taxes
Income Taxes	11. Income Taxes At September 30, 2015 and December 31, 2014, the Company had a net deferred tax liability balance of $100.8 million and $38.3 million, respectively, within its condensed consolidated balance sheets. The Company accounts for income taxes in accordance with ASC 740 “Income Taxes”. Under ASC 740, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amount and the tax bases of existing assets and liabilities and are measured at the prevailing enacted tax rates that will be in effect when these differences are settled or realized. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. In the fourth quarter of 2013, the Company concluded that as a result of the failed spin-off-leaseback accounting treatment which resulted in a significant increase to its deferred tax assets, a valuation allowance should be recorded on the Company’s deferred tax assets given the significant negative evidence associated with being in or expecting to be in a three year cumulative pre-tax loss position and the insufficient objectively verifiable positive evidence to support the realization of the Company’s deferred tax assets. This resulted in an increase to the Company’s income tax provision of $17.8 million and $30.9 million for the three and nine months ended September 30, 2015, respectively, and $17.8 million and $34.5 million for the three and nine months ended September 30, 2014, respectively. The Company calculates the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate (“ETR”) to the full year projected pretax book income or loss excluding certain discrete items. The Company’s ETR (income taxes as a percentage of income from operations before income taxes) was 87.83% and 86.41% for the three and nine months ended September 30, 2015, primarily due to the year-over-year increase in pre-tax earnings that had a favorable impact to our effective rate compared to the three and nine months ended September 30, 2014 whose effective tax rate was not meaningful due to the low levels of pretax income recorded in these periods. The increase in the valuation allowance recorded since December 31, 2014 increased our quarterly and year to date effective tax rate by approximately 43%.

Fair Value Measurements

9 Months Ended

Sep. 30, 2015

Fair Value Measurements

Fair Value Measurements

12. Fair Value Measurements

ASC 820, “Fair Value Measurements and Disclosures,” establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy are described below:

Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets, such as interest rates and yield curves that are observable at commonly quoted intervals.

Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions, as there is little, if any, related market activity.

The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy.

The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate:

Cash and cash equivalents

The fair value of the Company’s cash and cash equivalents approximates the carrying value of the Company’s cash and cash equivalents, due to the short maturity of the cash equivalents.

Long-term debt

The fair value of the Company’s Term Loan A and B components of its senior secured credit facility and senior unsecured notes is estimated based on quoted prices in active markets and as such is a Level 1 measurement. The fair value of the remainder of the Company’s senior secured credit facility approximates its carrying value as it is revolving, variable rate debt and as such is a Level 2 measurement.

Other long term obligations at September 30, 2015 include the relocation fees for Hollywood Gaming at Dayton Raceway and Hollywood Gaming at Mahoning Valley Race Course, and the repayment obligation of a hotel and event center located near Hollywood Casino Lawrenceburg. The fair value of the relocation fees for Hollywood Gaming at Dayton Raceway and Hollywood Gaming at Mahoning Valley Race Course approximates its carrying value as the discount rate of 5.0% approximates the market rate of similar debt instruments and as such is a Level 2 measurement. Finally, the fair value of the repayment obligation for the hotel and event center is estimated based on a rate consistent with comparable municipal bonds and as such is a Level 2 measurement. See Note 7 for further details regarding the Company’s other long term obligations.

Other Liabilities

Other liabilities at September 30, 2015, include the contingent purchase price consideration related to the purchase of Plainridge Racecourse. The fair value of the Company’s contingent purchase price consideration related to its Plainridge Racecourse acquisition is estimated based on an income approach using a discounted cash flow model and as such is a Level 3 measurement. At each reporting period, the Company assesses the fair value of this obligation and changes in its value are recorded in earnings. The amount related to the change in fair value of this obligation resulted in a reduction to general and administrative expense of $6.7 million and $5.9 million for the three and nine months ended September 30, 2015, respectively.

The carrying amounts and estimated fair values by input level of the Company’s financial instruments at September 30, 2015 and December 31, 2014 are as follows (in thousands):

	September 30, 2015
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	223,489	$	223,489	$	223,489	$	—	$	—
Financial liabilities:
Long-term debt
Senior secured credit facility	1,214,633		1,230,292		840,292		390,000		—
Senior unsecured notes	296,091		303,000		303,000		—		—
Other long-term obligations	146,992		145,644		—		145,644		—
Other Liabilities	13,245		13,245		—		—		13,245

	December 31, 2014
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	208,673	$	208,673	$	208,673	$	—	$	—
Financial liabilities:
Long-term debt
Senior secured credit facility	785,683		799,556		714,556		85,000		—
Senior unsecured notes	295,610		276,000		276,000		—		—
Other long-term obligations	135,000		135,000		—		135,000		—
Other Liabilities	19,189		19,189		—		—		19,189

The following table summarizes the changes in fair value of the Company’s Level 3 liabilities (in thousands):

	Nine Months Ended September 30, 2015
	Liabilities
	Contingent Purchase Price

Balance at January 1, 2015	$	19,189
Total (gains) (realized or unrealized):
Included in earnings	(5,944		)

Balance at September 30, 2015	$	13,245

The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 liabilities:

	Valuation	Unobservable
	Technique	Input	Rate
Contingent purchase price	Discounted cash flow	Discount rate	8.30	%

Insurance Recoveries	9 Months Ended
Insurance Recoveries	Sep. 30, 2015
Insurance Recoveries
Insurance Recoveries	13. Insurance Recoveries Hollywood Casino St. Louis Tornado On May 31, 2013, Hollywood Casino St. Louis sustained damage as a result of a tornado and was forced to close for approximately fourteen hours. At the time of the tornado, the Company carried property insurance coverage with a limit of $600 million for both property damage and business interruption applicable to this event. This coverage included a $2.5 million property damage deductible and two days of business interruption deductible for the peril of a tornado. The Company received $8.7 million in insurance proceeds related to the tornado at Hollywood Casino St. Louis, with $5.7 million received in 2014 and $3.0 million received in 2013. As the insurance recovery amount exceeded the net book value of assets believed to be damaged or destroyed and other costs incurred as a result of the tornado at Hollywood Casino St. Louis in 2013, the Company recorded a pre-tax gain of $5.7 million during the three months ended September 30, 2014. During the third quarter of 2014, the insurance claim for the tornado at Hollywood Casino St. Louis was settled and no further proceeds will be received. Previously, the Company recorded a $2.5 million pre-tax loss for the property damage insurance deductible during the three months ended June 30, 2013, and a $2.4 million pre-tax gain for proceeds received that exceeded the net book value of assets believed to be damaged or destroyed and other costs incurred as a result of the tornado at Hollywood Casino St. Louis during the three months ended December 31, 2013.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2015

Summary of Significant Accounting Policies

Revenue Recognition and Promotional Allowances

Revenue from the management service contract for Casino Rama is based upon contracted terms and is recognized when services are performed.

The amounts included in promotional allowances for the three and nine months ended September 30, 2015 and 2014 are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
	(in thousands)
Rooms	$	8,649	$	8,644	$	25,888	$	25,140
Food and beverage	28,245		26,518		82,896		79,907
Other	2,685		2,620		6,883		7,357

Total promotional allowances	$	39,579	$	37,782	$	115,667	$	112,404

The estimated cost of providing such complimentary services for the three and nine months ended September 30, 2015 and 2014 are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
	(in thousands)
Rooms	$	1,085	$	930	$	2,999	$	2,690
Food and beverage	11,280		10,945		32,761		33,161
Other	881		900		2,605		2,661

Total cost of complimentary services	$	13,246	$	12,775	$	38,365	$	38,512

Gaming and Racing Taxes

Failed Spin-Off-Leaseback Financing Obligation

Payments Related to the Master Lease

Long-term asset related to the Jamul Tribe

Earnings Per Share

The following table sets forth the allocation of net income for the three and nine months ended September 30, 2015 under the two-class method:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2015		2015
	(in thousands)

Net income	$	4,900	$	9,752
Net income applicable to preferred stock	476		951

Net income applicable to common stock	$	4,424	$	8,801

	Three Months Ended September 30,	Nine Months Ended September 30,
	2015	2015
	(in thousands)

Determination of shares:
Weighted-average common shares outstanding	80,243	79,803
Assumed conversion of dilutive employee stock-based awards	2,355	2,307
Assumed conversion of restricted stock	58	60

Diluted weighted-average common shares outstanding before participating security	82,656	82,170
Assumed conversion of preferred stock	8,624	8,624

Diluted weighted-average common shares outstanding	91,280	90,794

	Three Months Ended September		Nine Months Ended September
	2015		2015

Calculation of basic EPS:
Net income applicable to common stock	$	4,424	$	8,801
Weighted-average common shares outstanding	80,243		79,803
Basic EPS	$	0.06	$	0.11

Calculation of diluted EPS using two-class method:
Net income applicable to common stock	$	4,424	$	8,801
Diluted weighted-average common shares outstanding before participating security	82,656		82,170
Diluted EPS	$	0.05	$	0.11

	Three months ended September 30,			Nine months ended September 30,
	2014			2014
	(As Restated)			(As Restated)

Calculation of basic and diluted EPS:
Net loss	$	(15,348	)	$	(34,041	)
Weighted-average common shares outstanding	78,510			78,297
Basic and Diluted EPS	$	(0.20	)	$	(0.43	)

Stock-Based Compensation

The following are the weighted-average assumptions used in the Black-Scholes option-pricing model at September 30, 2015 and 2014:

	2015		2014

Risk-free interest rate	1.55	%	1.68	%
Expected volatility	31.86	%	44.80	%
Dividend yield	—		—
Weighted-average expected life (years)	5.45		5.45

Segment Information

See Note 10 — “Segment Information” for further information with respect to the Company’s segments.

Other Comprehensive Income

Restatement (Tables)

9 Months Ended

Sep. 30, 2015

Restatement

Summary of effects of the restatement on the Company's consolidated balance sheets , consolidated statements of operations, and consolidated statements of cash flows

(in thousands, except share and per share data)

The following table presents the condensed consolidated balance sheet as previously reported, restatement adjustments and the condensed consolidated balance sheet as restated at December 31, 2014:

	As Previously			Restatement
	Reported			Adjustments			As Restated

Assets
Current assets
Cash and cash equivalents	$	208,673		$	—		$	208,673
Receivables, net of allowance for doubtful accounts of $2,004	41,618			—			41,618
Prepaid expenses	68,947			1,838			70,785
Deferred income taxes	55,579			(15,236		)	40,343
Other current assets	11,189			—			11,189

Total current assets	386,006			(13,398		)	372,608

Property and equipment, net	769,145			1,900,587			2,669,732

Other assets
Investment in and advances to unconsolidated affiliates	179,551			—			179,551
Goodwill	277,582			596,602			874,184
Other intangible assets, net	370,562			48,891			419,453
Deferred income taxes	79,067			(79,067		)	—
Advances to Jamul Tribe	62,048			—			62,048
Other assets	87,318			—			87,318

Total other assets	1,056,128			566,426			1,622,554

Total assets	$	2,211,279		$	2,453,615		$	4,664,894


Liabilities
Current liabilities
Current portion of financing obligation to GLPI	—			46,884			46,884
Current maturities of long-term debt	30,853			—			30,853
Accounts payable	43,136			—			43,136
Accrued expenses	130,818			2,274			133,092
Accrued interest	5,163			—			5,163
Accrued salaries and wages	84,034			—			84,034
Gaming, pari-mutuel, property, and other taxes	52,132			(160		)	51,972
Insurance financing	13,680			—			13,680
Other current liabilities	75,703			70			75,773

Total current liabilities	435,519			49,068			484,587


Long-term liabilities
Long-term financing obligation to GLPI, net of current portion	—			3,564,629			3,564,629
Long-term debt, net of current maturities and debt issuance costs	1,204,828			5,749			1,210,577
Deferred income taxes	—			78,633			78,633
Noncurrent tax liabilities	8,188			(1,153		)	7,035
Other noncurrent liabilities	8,258			19,189			27,447

Total long-term liabilities	1,221,274			3,667,047			4,888,321


Shareholders’ equity (deficit)
Series C Preferred stock ($.01 par value, 18,500 shares authorized, 8,624 shares issued and outstanding at December 31, 2014)	—			—			—
Common stock ($.01 par value, 200,000,000 shares authorized, 81,329,210 shares issued and 79,161,817 shares outstanding, at December 31, 2014)	786			27			813
Treasury stock, at cost (2,167,393 shares held at December 31, 2014)	—			(28,414		)	(28,414		)
Additional paid-in capital	918,370			37,776			956,146
Retained deficit	(363,388		)	(1,271,889		)	(1,635,277		)
Accumulated other comprehensive (loss) income	(1,282		)	—			(1,282		)

Total shareholders’ equity (deficit)	554,486			(1,262,500		)	(708,014		)

Total liabilities and shareholders’ equity (deficit)	$	2,211,279		$	2,453,615		$	4,664,894

	As Previously			Restatement
	Reported			Adjustments			As Restated

Revenues
Gaming	$	573,216		$	—		$	573,216
Food, beverage and other	107,266			—			107,266
Management service fee	3,240			—			3,240

Revenues	683,722			—			683,722
Less promotional allowances	(37,782		)	—			(37,782		)

Net revenues	645,940			—			645,940


Operating expenses
Gaming	288,355			—			288,355
Food, beverage and other	79,040			—			79,040
General and administrative	116,510			(165		)	116,345
Rental expense related to Master Lease	104,625			(104,625		)	—
Depreciation and amortization	40,253			21,768			62,021
Insurance (recoveries) deductible charges	(5,674		)	—			(5,674		)

Total operating expenses	623,109			(83,022		)	540,087

Income from operations	22,831			83,022			105,853


Other income (expenses)
Interest expense	(11,189		)	(94,744		)	(105,933		)
Interest income	1,025			—			1,025
Income from unconsolidated affiliates	2,291			—			2,291
Other	1,583			—			1,583

Total other expenses	(6,290		)	(94,744		)	(101,034		)


Income from operations before income taxes	16,541			(11,722		)	4,819
Income tax provision	8,042			12,125			20,167

Net income (loss)	$	8,499		$	(23,847	)	$	(15,348	)


Earnings (loss) per common share:
Basic earnings (loss) per common share	$	0.10		$	(0.30	)	$	(0.20	)
Diluted earnings (loss) per common share	$	0.10		$	(0.30	)	$	(0.20	)

	As Previously			Restatement
	Reported			Adjustments			As Restated

Revenues
Gaming	$	1,720,057		$	—		$	1,720,057
Food, beverage and other	322,710			—			322,710
Management service fee	8,803			—			8,803

Revenues	2,051,570			—			2,051,570
Less promotional allowances	(112,404		)	—			(112,404		)

Net revenues	1,939,166			—			1,939,166


Operating expenses
Gaming	858,539			(2,809		)	855,730
Food, beverage and other	236,981			—			236,981
General and administrative	332,147			(492		)	331,655
Rental expense related to Master Lease	313,547			(313,547		)	—
Depreciation and amortization	134,802			67,278			202,080
Impairment losses	4,560			—			4,560
Insurance (recoveries) deductible charges	(5,674		)	—			(5,674		)

Total operating expenses	1,874,902			(249,570		)	1,625,332

Income from operations	64,264			249,570			313,834


Other income (expenses)
Interest expense	(33,376		)	(282,140		)	(315,516		)
Interest income	2,282			—			2,282
Income from unconsolidated affiliates	6,247			—			6,247
Other	1,391			—			1,391

Total other expenses	(23,456		)	(282,140		)	(305,596		)


Income from operations before income taxes	40,808			(32,570		)	8,238
Income tax provision	23,596			18,683			42,279

Net income (loss)	$	17,212		$	(51,253	)	$	(34,041	)


Earnings (loss) per common share:
Basic earnings (loss) per common share	$	0.20		$	(0.63	)	$	(0.43	)
Diluted earnings (loss) per common share	$	0.19		$	(0.62	)	$	(0.43	)

	As Previously			Restatement
	Reported			Adjustments			As Restated

Operating activities
Net income (loss)	$	17,212		$	(51,253	)	$	(34,041	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	134,802			67,278			202,080
Amortization of items charged to interest expense	4,532			—			4,532
Accretion of settlement value on other noncurrent liabilities	456			(456		)	—
Gain on sale of fixed assets	98			—			98
Income from unconsolidated affiliates	(6,247		)	—			(6,247		)
Distributions of earnings from unconsolidated affiliates	17,500			—			17,500
Deferred income taxes	(24,972		)	24,102			(870		)
Charge for stock-based compensation	8,012			—			8,012
Impairment losses and write downs	7,860			—			7,860
Decrease (increase), net of businesses acquired
Accounts receivable	9,469			—			9,469
Prepaid expenses and other current assets	(4,467		)	10			(4,457		)
Other assets	4,325			(10		)	4,315
Increase (decrease), net of businesses acquired
Accounts payable	4,019			—			4,019
Accrued expenses	(11,427		)	(3,020		)	(14,447		)
Accrued interest	2,430			456			2,886
Accrued salaries and wages	(2,993		)	(66		)	(3,059		)
Gaming, pari-mutuel, property and other taxes	13,237			61			13,298
Income taxes	25,205			(1,488		)	23,717
Other current and noncurrent liabilities	4,856			209			5,065
Other noncurrent tax liabilities	777			(3,924		)	(3,147		)

Net cash provided by operating activities	204,684			31,899			236,583

Investing activities
Capital project expenditures, net of reimbursements	(95,568		)	—			(95,568		)
Capital maintenance expenditures	(65,699		)	—			(65,699		)
Advances to Jamul Tribe	(30,499		)	—			(30,499		)
Proceeds from sale of property and equipment	1,172			—			1,172
Investment in joint ventures	(1,000		)	—			(1,000		)
Decrease in cash in escrow	18,000			—			18,000
Acquisitions of businesses and gaming and other licenses, net of cash acquired	(118,678		)	—			(118,678		)

Net cash used in investing activities	(292,272		)	—			(292,272		)

Financing activities
Proceeds from exercise of options	6,223			—			6,223
Proceeds from issuance of long-term debt, net of issuance costs	64,935			—			64,935
Principal payments on financing obligation with GLPI	—			(31,899		)	(31,899		)
Principal payments on long-term debt	(40,703		)	—			(40,703		)
Principal payments on long-term obligations	(15,000		)	—			(15,000		)
Proceeds from insurance financing	14,816			—			14,816
Payments on insurance financing	(14,801		)	—			(14,801		)
Tax benefit from stock options exercised	9,830			—			9,830

Net cash provided (used) by financing activities	25,300			(31,899		)	(6,599		)

Net (decrease) in cash and cash equivalents	(62,288		)	—			(62,288		)
Cash and cash equivalents at beginning of year	292,995						292,995

Cash and cash equivalents at end of year	$	230,707		$	—		$	230,707


Supplemental disclosure
Interest expense paid, net of amounts capitalized	$	25,946		$	282,940		$	308,886
Income taxes paid	$	11,247		$	—		$	11,247

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2015

Summary of Significant Accounting Policies

Schedule of promotional allowances

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
	(in thousands)
Rooms	$	8,649	$	8,644	$	25,888	$	25,140
Food and beverage	28,245		26,518		82,896		79,907
Other	2,685		2,620		6,883		7,357

Total promotional allowances	$	39,579	$	37,782	$	115,667	$	112,404

Schedule of estimated cost of providing complimentary services

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
	(in thousands)
Rooms	$	1,085	$	930	$	2,999	$	2,690
Food and beverage	11,280		10,945		32,761		33,161
Other	881		900		2,605		2,661

Total cost of complimentary services	$	13,246	$	12,775	$	38,365	$	38,512

Schedule of allocation of net income attributable to shareholders under the two-class method

	Three Months Ended September 30,		Nine Months Ended September 30,
	2015		2015
	(in thousands)

Net income	$	4,900	$	9,752
Net income applicable to preferred stock	476		951

Net income applicable to common stock	$	4,424	$	8,801

Schedule of reconciliation of the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS

	Three Months Ended September 30,	Nine Months Ended September 30,
	2015	2015
	(in thousands)

Determination of shares:
Weighted-average common shares outstanding	80,243	79,803
Assumed conversion of dilutive employee stock-based awards	2,355	2,307
Assumed conversion of restricted stock	58	60

Diluted weighted-average common shares outstanding before participating security	82,656	82,170
Assumed conversion of preferred stock	8,624	8,624

Diluted weighted-average common shares outstanding	91,280	90,794

Schedule of calculation of basic and diluted EPS for the entity's common stock

	Three Months Ended September		Nine Months Ended September
	2015		2015

Calculation of basic EPS:
Net income applicable to common stock	$	4,424	$	8,801
Weighted-average common shares outstanding	80,243		79,803
Basic EPS	$	0.06	$	0.11

Calculation of diluted EPS using two-class method:
Net income applicable to common stock	$	4,424	$	8,801
Diluted weighted-average common shares outstanding before participating security	82,656		82,170
Diluted EPS	$	0.05	$	0.11

	Three months ended September 30,			Nine months ended September 30,
	2014			2014
	(As Restated)			(As Restated)

Calculation of basic and diluted EPS:
Net loss	$	(15,348	)	$	(34,041	)
Weighted-average common shares outstanding	78,510			78,297
Basic and Diluted EPS	$	(0.20	)	$	(0.43	)

Weighted-average assumptions used in Black-Scholes option-pricing model

	2015		2014

Risk-free interest rate	1.55	%	1.68	%
Expected volatility	31.86	%	44.80	%
Dividend yield	—		—
Weighted-average expected life (years)	5.45		5.45

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2015

Property and Equipment

Schedule of property and equipment, net

	September 30,			December 31,
	2015			2014
	(in thousands)

Property and equipment - non-leased
Land and improvements	$	297,580		$	42,350
Building and improvements	398,207			173,043
Furniture, fixtures, and equipment	1,308,349			1,213,143
Leasehold improvements	126,442			120,984
Construction in progress	11,699			69,367

	2,142,277			1,618,887
Less accumulated depreciation	(1,082,611		)	(988,490		)

	1,059,666			630,397


Property and equipment - leased
Land and improvements	382,536			382,702
Building and improvements	2,219,018			2,219,018

	2,601,554			2,601,720
Less accumulated depreciation	(631,845		)	(562,385		)

	1,969,709			2,039,335

Property and equipment, net	$	3,029,375		$	2,669,732

Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2015

Long-term Debt

Schedule of long-term debt, net of current maturities

	September 30,			December 31,
	2015			2014
				(Restated)
	(in thousands)

Senior secured credit facility	$	1,236,597		$	807,500
$300 million 5.875% senior unsecured notes due November 1, 2021	300,000			300,000
Other long term obligations	146,992			135,000
Capital leases	28,897			25,137

	1,712,486			1,267,637
Less current maturities of long-term debt	(87,801		)	(30,853		)
Less discount on senior secured credit facility Term Loan B	(928		)	(1,056		)
Less debt issuance costs, net of accumulated amortization of $11.4 million and $6.8 million, respectively	(24,944		)	(25,151		)

	$	1,598,813		$	1,210,577

Schedule of future minimum repayments of long-term debt

The following is a schedule of future minimum repayments of long-term debt as of September 30, 2015 (in thousands):

Within one year	$	87,801
1-3 years	163,388
3-5 years	854,794
Over 5 years	606,275

Total minimum payments	$	1,712,258

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Segment Information (Tables)

9 Months Ended

Sep. 30, 2015

Segment Information

Schedule of information with respect to the Company's segments

Three months ended September 30, 2015	East/Midwest			West		Southern Plains			Other (1)			Total
Income (loss) from operations	$	117,254		$	11,021	$	53,701		$	(39,804	)	$	142,172
Charge for stock compensation	—			—		—			2,025			2,025
Depreciation and amortization	26,303			4,115		10,886			24,837			66,141
Plainridge contingent purchase price	(6,651		)	—		—			—			(6,651		)
(Gain) loss on disposal of assets	33			185		35			24			277
Income from unconsolidated affiliates	—			—		3,832			(73		)	3,759
Non-operating items for Kansas JV	—			—		2,539			—			2,539

Adjusted EBITDA	$	136,939		$	15,321	$	70,993		$	(12,991	)	$	210,262


Three months ended September 30, 2014	East/Midwest			West		Southern Plains			Other (1)			Total

	(Restated)			(Restated)		(Restated)			(Restated)			(Restated)
Income (loss) from operations	$	86,941		$	12,000	$	53,789		$	(46,877	)	$	105,853
Charge for stock compensation	—			—		—			2,915			2,915
Insurance recoveries	—			—		(5,674		)	—			(5,674		)
Depreciation and amortization	23,394			1,913		12,265			24,449			62,021
Loss (gain) on disposal of assets	12			47		89			(3		)	145
Income (loss) from unconsolidated affiliates	—			—		2,546			(255		)	2,291
Non-operating items for Kansas JV	—			—		2,944			—			2,944

Adjusted EBITDA	$	110,347		$	13,960	$	65,959		$	(19,771	)	$	170,495

Nine months ended September 30, 2015	East/Midwest			West		Southern Plains			Other (1)			Total
Income (loss) from operations	$	309,131		$	42,275	$	166,129		$	(140,313	)	$	377,222
Charge for stock compensation	—			—		—			6,446			6,446
Depreciation and amortization	76,214			8,374		32,366			74,831			191,785
Plainridge contingent purchase price	(5,944		)	—		—			—			(5,944		)
(Gain) loss on disposal of assets	(11		)	509		155			148			801
Income from unconsolidated affiliates	—			—		12,020			(125		)	11,895
Non-operating items for Kansas JV	—			—		7,818			—			7,818

Adjusted EBITDA	$	379,390		$	51,158	$	218,488		$	(59,013	)	$	590,023


Nine months ended September 30, 2014	East/Midwest			West		Southern Plains			Other (1)			Total

	(Restated)			(Restated)		(Restated)			(Restated)			(Restated)
Income (loss) from operations	$	246,532		$	44,250	$	154,964		$	(131,912	)	$	313,834
Charge for stock compensation	—			—		—			8,012			8,012
Impairment losses	4,560			—		—			—			4,560
Insurance recoveries	—			—		(5,674		)	—			(5,674		)
Depreciation and amortization	76,128			5,154		47,088			73,710			202,080
(Gain) loss on disposal of assets	(104		)	112		106			(16		)	98
Income (loss) from unconsolidated affiliates	—			—		7,619			(1,372		)	6,247
Non-operating items for Kansas JV	—			—		8,804			—			8,804

Adjusted EBITDA	$	327,116		$	49,516	$	212,907		$	(51,578	)	$	537,961


	East/Midwest			West		Southern Plains			Other (1)			Total

	(in thousands)
Three months ended September 30, 2015
Net revenues	$	449,821		$	70,828	$	213,284		$	5,364		$	739,297
Capital expenditures	40,022			1,423		4,623			478			46,546

Three months ended September 30, 2014 (as restated)
Net revenues	$	371,505		$	58,626	$	210,309		$	5,500		$	645,940
Capital expenditures	63,979			8,091		7,124			1,759			80,953

Nine months ended September 30, 2015
Net revenues	$	1,254,121		$	197,078	$	637,242		$	15,950		$	2,104,391
Capital expenditures	138,746			6,637		19,074			2,578			167,035

Nine months ended September 30, 2014 (as restated)
Net revenues	$	1,082,310		$	178,579	$	658,792		$	19,485		$	1,939,166
Capital expenditures	91,077			24,138		40,457			5,595			161,267

Balance sheet at September 30, 2015
Total assets	1,077,562			764,443		1,095,062			2,204,939			5,142,006
Investment in and advances to unconsolidated affiliates	89			—		105,439			66,376			171,904
Goodwill and other intangible assets, net	427,516			158,339		753,718			4,226			1,343,799

Balance sheet at December 31, 2014 (as restated)
Total assets	1,007,162			287,551		1,076,290			2,293,891			4,664,894
Investment in and advances to unconsolidated affiliates	94			—		115,469			63,988			179,551
Goodwill and other intangible assets, net	427,335			143,242		718,982			4,078			1,293,637

(1)

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Measurements

Schedule of estimated fair values of financial instruments

The carrying amounts and estimated fair values by input level of the Company’s financial instruments at September 30, 2015 and December 31, 2014 are as follows (in thousands):

	September 30, 2015
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	223,489	$	223,489	$	223,489	$	—	$	—
Financial liabilities:
Long-term debt
Senior secured credit facility	1,214,633		1,230,292		840,292		390,000		—
Senior unsecured notes	296,091		303,000		303,000		—		—
Other long-term obligations	146,992		145,644		—		145,644		—
Other Liabilities	13,245		13,245		—		—		13,245

	December 31, 2014
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	208,673	$	208,673	$	208,673	$	—	$	—
Financial liabilities:
Long-term debt
Senior secured credit facility	785,683		799,556		714,556		85,000		—
Senior unsecured notes	295,610		276,000		276,000		—		—
Other long-term obligations	135,000		135,000		—		135,000		—
Other Liabilities	19,189		19,189		—		—		19,189

Summary of the changes in fair value of Level 3 liabilities

The following table summarizes the changes in fair value of the Company’s Level 3 liabilities (in thousands):

	Nine Months Ended September 30, 2015
	Liabilities
	Contingent Purchase Price

Balance at January 1, 2015	$	19,189
Total (gains) (realized or unrealized):
Included in earnings	(5,944		)

Balance at September 30, 2015	$	13,245

Summary of significant unobservable inputs used in calculating fair value Level 3 liabilities

	Valuation	Unobservable
	Technique	Input	Rate
Contingent purchase price	Discounted cash flow	Discount rate	8.30	%

Organization and Basis of Presentation (Details)	Sep. 30, 2015 jurisdiction facility
Organization and Basis of Presentation
Number of facilities the entity owned, managed, or had ownership interests in \| facility	27
Number of jurisdictions in which the entity operates \| jurisdiction	17

Restatement (Details) - USD ($) $ in Thousands				3 Months Ended		9 Months Ended		12 Months Ended
Restatement (Details) - USD ($) $ in Thousands	Oct. 01, 2014	Nov. 01, 2013	Oct. 01, 2013	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Restatement
Additional assets for the real property				$ 3,029,375		$ 3,029,375		$ 2,669,732
Increases to interest expense				111,406	$ 105,933	329,550	$ 315,516
General and administrative				107,614	116,345	342,771	331,655
Increases (decrease) to depreciation expense				66,000	61,400	191,700	190,900
Goodwill and other intangible asset impairment charges							4,560
Long-term debt				1,712,258		1,712,258
Increase to income tax provision				35,380	20,167	62,016	42,279
Correction of the failed spin-off-leaseback accounting treatment
Restatement
Increase to income tax provision				$ 17,800		$ 30,900
Previously Reported
Restatement
Additional assets for the real property								769,145
Rental expense related to Master Lease					104,625		313,547
Increases to interest expense					11,189		33,376
General and administrative					116,510		332,147
Goodwill and other intangible asset impairment charges							4,560
Increase to income tax provision					8,042		23,596
Previously Reported \| Revision of sale-leaseback to financing obligation
Restatement
Rental expense related to Master Lease					104,600		313,500
Previously Reported \| Correction of errors in goodwill and indefinite-lived gaming license intangible asset impairment analyses
Restatement
Goodwill and other intangible asset impairment charges	$ 316,500	$ 745,900	$ 312,500
Previously Reported \| Reclassification of real estate zoning costs to cost of gaming licenses within other intangible assets
Restatement
Cost of gaming licenses with other intangible assets								150,000
Restatement Adjustment
Restatement
Additional assets for the real property								1,900,587
Rental expense related to Master Lease					(104,625)		(313,547)
Increases to interest expense					94,744		282,140
General and administrative					(165)		(492)
Increase to income tax provision					12,125		18,683
Restatement Adjustment \| Revision of sale-leaseback to financing obligation
Restatement
Additional assets for the real property								2,040,000
Additional liabilities								3,610,000
Increases to interest expense					94,500		281,600
Increases (decrease) to depreciation expense					22,200		66,700
Restatement Adjustment \| Correction of errors in goodwill and indefinite-lived gaming license intangible asset impairment analyses
Restatement
Goodwill and other intangible asset impairment charges								(161,200)	$ (334,100)
Restatement Adjustment \| Reclassification of real estate zoning costs to cost of gaming licenses within other intangible assets
Restatement
Increases (decrease) to depreciation expense					(900)		(900)
Restatement Adjustment \| Correction of corporate airplane lease accounting treatment
Restatement
Additional assets for the real property								7,000
General and administrative					(200)		(500)
Increases (decrease) to depreciation expense					500		1,500
Long-term debt								24,900
Restatement Adjustment \| Reclassification of contingent earn-out liability
Restatement
Long-term debt								$ 19,200
Restatement Adjustment \| Correction of the failed spin-off-leaseback accounting treatment
Restatement
Increase to income tax provision					$ 17,800		$ 34,500

Restatement (Details 2) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Current assets
Cash and cash equivalents	$ 223,489	$ 208,673	$ 230,707	$ 292,995
Receivables, net of allowance for doubtful accounts of $2,004	40,929	41,618
Prepaid expenses	66,150	70,785
Deferred income taxes	30,267	40,343
Other current assets	12,819	11,189
Total current assets	373,654	372,608
Property and equipment, net	3,029,375	2,669,732
Other assets
Investment in and advances to unconsolidated affiliates	171,904	179,551
Goodwill	911,923	874,184
Other intangible assets, net	431,876	419,453
Advances to Jamul Tribe	143,866	62,048
Other assets	79,408	87,318
Total other assets	1,738,977	1,622,554
Total assets	5,142,006	4,664,894
Current liabilities
Current portion of financing obligation to GLPI	49,352	46,884
Current maturities of long-term debt	87,801	30,853
Accounts payable	68,190	43,136
Accrued expenses	87,671	133,092
Accrued interest	8,861	5,163
Accrued salaries and wages	89,355	84,034
Gaming, pari-mutuel, property, and other taxes	68,594	51,972
Insurance financing	2,353	13,680
Other current liabilities	72,677	75,773
Total current liabilities	534,854	484,587
Long-term liabilities
Long-term financing obligation to GLPI, net of current portion	3,526,709	3,564,629
Long-term debt, net of current maturities and debt issuance costs	1,598,813	1,210,577
Deferred income taxes	131,092	78,633
Noncurrent tax liabilities	8,907	7,035
Other noncurrent liabilities	17,833	27,447
Total long-term liabilities	5,283,354	4,888,321
Shareholders' equity (deficit)
Common stock ($.01 par value, 200,000,000 shares authorized, 81,329,210 shares issued and 79,161,817 shares outstanding, at December 31, 2014)	$ 826	$ 813
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	82,682,474	81,329,210
Common stock, shares outstanding	80,515,081	79,161,817
Treasury stock, at cost (2,167,393 shares held at December 31, 2014)	$ (28,414)	$ (28,414)
Treasury stock, shares issued	2,167,393	2,167,393
Additional paid-in capital	$ 980,857	$ 956,146
Retained deficit	(1,625,525)	(1,635,277)
Accumulated other comprehensive (loss) income	(3,946)	(1,282)
Total shareholders' equity (deficit)	(676,202)	(708,014)	(562,264)	(550,852)
Total liabilities and shareholders' equity (deficit)	5,142,006	4,664,894
Receivables, net of allowance for doubtful accounts (in dollars)	$ 2,633	$ 2,004
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	82,682,474	81,329,210
Common stock, shares outstanding	80,515,081	79,161,817
Treasury stock, shares issued	2,167,393	2,167,393
Series C Preferred Stock
Shareholders' equity (deficit)
Series C Preferred stock ($.01 par value, 18,500 shares authorized, 8,624 shares issued and outstanding at December 31, 2014)
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	18,500	18,500
Preferred stock, shares issued	8,624	8,624
Preferred stock , shares outstanding (in shares)	8,624	8,624
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	18,500	18,500
Preferred stock, shares issued	8,624	8,624
Preferred Stock, Shares Outstanding	8,624	8,624
Previously Reported
Current assets
Cash and cash equivalents		$ 208,673	$ 230,707	$ 292,995
Receivables, net of allowance for doubtful accounts of $2,004		41,618
Prepaid expenses		68,947
Deferred income taxes		55,579
Other current assets		11,189
Total current assets		386,006
Property and equipment, net		769,145
Other assets
Investment in and advances to unconsolidated affiliates		179,551
Goodwill		277,582
Other intangible assets, net		370,562
Deferred income taxes		79,067
Advances to Jamul Tribe		62,048
Other assets		87,318
Total other assets		1,056,128
Total assets		2,211,279
Current liabilities
Current maturities of long-term debt		30,853
Accounts payable		43,136
Accrued expenses		130,818
Accrued interest		5,163
Accrued salaries and wages		84,034
Gaming, pari-mutuel, property, and other taxes		52,132
Insurance financing		13,680
Other current liabilities		75,703
Total current liabilities		435,519
Long-term liabilities
Long-term debt, net of current maturities and debt issuance costs		1,204,828
Noncurrent tax liabilities		8,188
Other noncurrent liabilities		8,258
Total long-term liabilities		1,221,274
Shareholders' equity (deficit)
Common stock ($.01 par value, 200,000,000 shares authorized, 81,329,210 shares issued and 79,161,817 shares outstanding, at December 31, 2014)		786
Additional paid-in capital		918,370
Retained deficit		(363,388)
Accumulated other comprehensive (loss) income		(1,282)
Total shareholders' equity (deficit)		554,486
Total liabilities and shareholders' equity (deficit)		2,211,279
Previously Reported \| Series C Preferred Stock
Shareholders' equity (deficit)
Series C Preferred stock ($.01 par value, 18,500 shares authorized, 8,624 shares issued and outstanding at December 31, 2014)
Restatement Adjustment
Current assets
Prepaid expenses		1,838
Deferred income taxes		(15,236)
Total current assets		(13,398)
Property and equipment, net		1,900,587
Other assets
Goodwill		596,602
Other intangible assets, net		48,891
Deferred income taxes		(79,067)
Total other assets		566,426
Total assets		2,453,615
Current liabilities
Current portion of financing obligation to GLPI		46,884
Accrued expenses		2,274
Gaming, pari-mutuel, property, and other taxes		(160)
Other current liabilities		70
Total current liabilities		49,068
Long-term liabilities
Long-term financing obligation to GLPI, net of current portion		3,564,629
Long-term debt, net of current maturities and debt issuance costs		5,749
Deferred income taxes		78,633
Noncurrent tax liabilities		(1,153)
Other noncurrent liabilities		19,189
Total long-term liabilities		3,667,047
Shareholders' equity (deficit)
Common stock ($.01 par value, 200,000,000 shares authorized, 81,329,210 shares issued and 79,161,817 shares outstanding, at December 31, 2014)		27
Treasury stock, at cost (2,167,393 shares held at December 31, 2014)		(28,414)
Additional paid-in capital		37,776
Retained deficit		(1,271,889)
Total shareholders' equity (deficit)		(1,262,500)
Total liabilities and shareholders' equity (deficit)		2,453,615
Restatement Adjustment \| Series C Preferred Stock
Shareholders' equity (deficit)
Series C Preferred stock ($.01 par value, 18,500 shares authorized, 8,624 shares issued and outstanding at December 31, 2014)

Restatement (Details 3) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Gaming	$ 651,284	$ 573,216	$ 1,861,539	$ 1,720,057
Food, beverage and other	124,721	107,266	350,905	322,710
Management service fee	2,871	3,240	7,614	8,803
Revenues	778,876	683,722	2,220,058	2,051,570
Less promotional allowances	(39,579)	(37,782)	(115,667)	(112,404)
Net revenues	739,297	645,940	2,104,391	1,939,166
Operating expenses
Gaming	334,219	288,355	942,730	855,730
Food, beverage and other	89,151	79,040	249,883	236,981
General and administrative	107,614	116,345	342,771	331,655
Depreciation and amortization	66,141	62,021	191,785	202,080
Impairment losses				4,560
Insurance (recoveries) deductible charges		(5,674)		(5,674)
Total operating expenses	597,125	540,087	1,727,169	1,625,332
Income from operations	142,172	105,853	377,222	313,834
Other income (expenses)
Interest expense	(111,406)	(105,933)	(329,550)	(315,516)
Interest income	3,083	1,025	7,396	2,282
Income from unconsolidated affiliates	3,759	2,291	11,895	6,247
Other	2,672	1,583	4,805	1,391
Total other expenses	(101,892)	(101,034)	(305,454)	(305,596)
Income from operations before income taxes	40,280	4,819	71,768	8,238
Income tax provision	35,380	20,167	62,016	42,279
Net income (loss)	$ 4,900	$ (15,348)	$ 9,752	$ (34,041)
Earnings (loss) per common share:
Basic earnings (loss) per common share (in dollars per share)	$ 0.06	$ (0.20)	$ 0.11	$ (0.43)
Diluted earnings (loss) per common share (in dollars per share)	$ 0.05	$ (0.20)	$ 0.11	$ (0.43)
Previously Reported
Revenues
Gaming		$ 573,216		$ 1,720,057
Food, beverage and other		107,266		322,710
Management service fee		3,240		8,803
Revenues		683,722		2,051,570
Less promotional allowances		(37,782)		(112,404)
Net revenues		645,940		1,939,166
Operating expenses
Gaming		288,355		858,539
Food, beverage and other		79,040		236,981
General and administrative		116,510		332,147
Rental expense related to Master Lease		104,625		313,547
Depreciation and amortization		40,253		134,802
Impairment losses				4,560
Insurance (recoveries) deductible charges		(5,674)		(5,674)
Total operating expenses		623,109		1,874,902
Income from operations		22,831		64,264
Other income (expenses)
Interest expense		(11,189)		(33,376)
Interest income		1,025		2,282
Income from unconsolidated affiliates		2,291		6,247
Other		1,583		1,391
Total other expenses		(6,290)		(23,456)
Income from operations before income taxes		16,541		40,808
Income tax provision		8,042		23,596
Net income (loss)		$ 8,499		$ 17,212
Earnings (loss) per common share:
Basic earnings (loss) per common share (in dollars per share)		$ 0.10		$ 0.20
Diluted earnings (loss) per common share (in dollars per share)		$ 0.10		$ 0.19
Restatement Adjustment
Operating expenses
Gaming				$ (2,809)
General and administrative		$ (165)		(492)
Rental expense related to Master Lease		(104,625)		(313,547)
Depreciation and amortization		21,768		67,278
Total operating expenses		(83,022)		(249,570)
Income from operations		83,022		249,570
Other income (expenses)
Interest expense		(94,744)		(282,140)
Total other expenses		(94,744)		(282,140)
Income from operations before income taxes		(11,722)		(32,570)
Income tax provision		12,125		18,683
Net income (loss)		$ (23,847)		$ (51,253)
Earnings (loss) per common share:
Basic earnings (loss) per common share (in dollars per share)		$ (0.30)		$ (0.63)
Diluted earnings (loss) per common share (in dollars per share)		$ (0.30)		$ (0.62)

Restatement (Details 4) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Restatement (Details 4) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net income (loss)	$ 4,900	$ (15,348)	$ 9,752	$ (34,041)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	66,141	62,021	191,785	202,080
Amortization of items charged to interest expense			4,730	4,532
Accretion of settlement value on other noncurrent liabilities			(5,944)
Gain on sale of fixed assets	277	145	801	98
Income from unconsolidated affiliates	(3,759)	(2,291)	(11,895)	(6,247)
Distributions of earnings from unconsolidated affiliates			22,050	17,500
Deferred income taxes			50,460	(870)
Charge for stock-based compensation			6,446	8,012
Impairment losses and writedowns				7,860
Decrease (increase), net of businesses acquired
Accounts receivable			5,015	9,469
Prepaid expenses and other current assets			6,288	(4,457)
Other assets			8,869	4,315
Increase (decrease), net of businesses acquired
Accounts payable			4,763	4,019
Accrued expenses			1,248	(14,447)
Accrued interest			3,680	2,886
Accrued salaries and wages			(862)	(3,059)
Gaming, pari-mutuel, property and other taxes			15,041	13,298
Income taxes			1,666	23,717
Other current and noncurrent liabilities			(11,756)	5,065
Other noncurrent tax liabilities			4,008	(3,147)
Net cash provided by operating activities			306,145	236,583
Investing activities
Capital project expenditures, net of reimbursements			(125,169)	(95,568)
Capital maintenance expenditures			(41,866)	(65,699)
Advances to Jamul Tribe			(64,228)	(30,499)
Proceeds from sale of property and equipment			389	1,172
Investment in joint ventures			(2,799)	(1,000)
Decrease in cash in escrow				18,000
Acquisition of businesses and gaming and other licenses			(450,170)	(118,678)
Net cash used in investing activities			(683,843)	(292,272)
Financing activities
Proceeds from exercise of options			8,069	6,223
Proceeds from issuance of long-term debt, net of issuance costs			517,290	64,935
Principal payments on financing obligation with GLPI			(35,452)	(31,899)
Principal payments on long-term debt			(92,885)	(40,703)
Principal payments on long-term obligations			(3,307)	(15,000)
Proceeds from insurance financing			885	14,816
Payments on insurance financing			(12,212)	(14,801)
Tax benefit from stock options exercised			10,126	9,830
Net cash provided by (used in) financing activities			392,514	(6,599)
Net increase (decrease) in cash and cash equivalents			14,816	(62,288)
Cash and cash equivalents at beginning of year			208,673	292,995
Cash and cash equivalents at end of period	$ 223,489	230,707	223,489	230,707
Supplemental disclosure
Interest expense paid, net of amounts capitalized			321,276	308,886
Income taxes paid			879	11,247
Previously Reported
Operating activities
Net income (loss)		8,499		17,212
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		40,253		134,802
Amortization of items charged to interest expense				4,532
Accretion of settlement value on other noncurrent liabilities				456
Gain on sale of fixed assets				98
Income from unconsolidated affiliates		(2,291)		(6,247)
Distributions of earnings from unconsolidated affiliates				17,500
Deferred income taxes				(24,972)
Charge for stock-based compensation				8,012
Impairment losses and writedowns				7,860
Decrease (increase), net of businesses acquired
Accounts receivable				9,469
Prepaid expenses and other current assets				(4,467)
Other assets				4,325
Increase (decrease), net of businesses acquired
Accounts payable				4,019
Accrued expenses				(11,427)
Accrued interest				2,430
Accrued salaries and wages				(2,993)
Gaming, pari-mutuel, property and other taxes				13,237
Income taxes				25,205
Other current and noncurrent liabilities				4,856
Other noncurrent tax liabilities				777
Net cash provided by operating activities				204,684
Investing activities
Capital project expenditures, net of reimbursements				(95,568)
Capital maintenance expenditures				(65,699)
Advances to Jamul Tribe				(30,499)
Proceeds from sale of property and equipment				1,172
Investment in joint ventures				(1,000)
Decrease in cash in escrow				18,000
Acquisition of businesses and gaming and other licenses				(118,678)
Net cash used in investing activities				(292,272)
Financing activities
Proceeds from exercise of options				6,223
Proceeds from issuance of long-term debt, net of issuance costs				64,935
Principal payments on long-term debt				(40,703)
Principal payments on long-term obligations				(15,000)
Proceeds from insurance financing				14,816
Payments on insurance financing				(14,801)
Tax benefit from stock options exercised				9,830
Net cash provided by (used in) financing activities				25,300
Net increase (decrease) in cash and cash equivalents				(62,288)
Cash and cash equivalents at beginning of year			$ 208,673	292,995
Cash and cash equivalents at end of period		230,707		230,707
Supplemental disclosure
Interest expense paid, net of amounts capitalized				25,946
Income taxes paid				11,247
Restatement Adjustment
Operating activities
Net income (loss)		(23,847)		(51,253)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		$ 21,768		67,278
Accretion of settlement value on other noncurrent liabilities				(456)
Deferred income taxes				24,102
Decrease (increase), net of businesses acquired
Prepaid expenses and other current assets				10
Other assets				(10)
Increase (decrease), net of businesses acquired
Accrued expenses				(3,020)
Accrued interest				456
Accrued salaries and wages				(66)
Gaming, pari-mutuel, property and other taxes				61
Income taxes				(1,488)
Other current and noncurrent liabilities				209
Other noncurrent tax liabilities				(3,924)
Net cash provided by operating activities				31,899
Financing activities
Principal payments on financing obligation with GLPI				(31,899)
Net cash provided by (used in) financing activities				(31,899)
Supplemental disclosure
Interest expense paid, net of amounts capitalized				$ 282,940

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue recognition
Promotional allowances	$ 39,579	$ 37,782	$ 115,667	$ 112,404
Cost of complimentary services	13,246	12,775	38,365	38,512
Gaming and Racing Taxes
Gaming expense	259,400	221,500	730,900	661,500
Rooms
Revenue recognition
Promotional allowances	8,649	8,644	25,888	25,140
Cost of complimentary services	1,085	930	2,999	2,690
Food and beverage
Revenue recognition
Promotional allowances	28,245	26,518	82,896	79,907
Cost of complimentary services	11,280	10,945	32,761	33,161
Other
Revenue recognition
Promotional allowances	2,685	2,620	6,883	7,357
Cost of complimentary services	$ 881	$ 900	$ 2,605	$ 2,661
Master Lease Agreement
Spin-Off of Real Estate Assets through a Real Estate Investment Trust
Discount rate			9.70%
Lease term			35 years

Summary of Significant Accounting Policies (Details 2) - Master Lease Agreement $ in Millions		3 Months Ended		9 Months Ended
	Nov. 01, 2013	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($) facility item	Sep. 30, 2014 USD ($)
Rental expense related to the master lease
Number of lease renewal options \| item				4
Term of lease renewal options				5 years
Initial term of Master Lease				15 years
Total rental expense \| $		$ 108.9	$ 104.6	$ 327.3	$ 313.5
Facilities Held Under Leases
Rental expense related to the master lease
Number of real property assets associated with Company's gaming and related facilities \| facility				18
Annual escalator in fixed component of rent structure, if certain rent coverage ratio thresholds are met (as a percent)	2.00%
Period over which operating lease component is adjusted	5 years
Adjustment to operating lease component as percentage of the average change to net revenues during preceding five years	4.00%
Adjustment to operating lease component as percentage of the average change to net revenues during preceding month	20.00%
Real estate construction costs paid for by GLPI to facilities (as a percent)			10.00%

Summary of Significant Accounting Policies (Details 3) - Jamul Tribe $ in Millions	Apr. 05, 2013 USD ($) ft² a item	Sep. 30, 2015 USD ($)	Dec. 31, 2014 USD ($)
Long-term asset related to the Jamul Tribe
Land owned (in acres) \| a	6
Proposed facility development cost	$ 390.0
Number of stories at facility \| item	3
Size of gaming floor at facility (in square feet) \| ft²	200,000
Number of slot machines at facility \| item	1,700
Number of table games at facility \| item	43
Number of parking spaces \| item	1,800
Loan commitment		$ 400.0
Anticipated loan funding		390.0
Note receivable		143.9	$ 62.0
Interest receivable		$ 10.1	$ 3.3

Summary of Significant Accounting Policies (Details 4) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Net income loss available to common stockholders
Net income	$ 4,900	$ (15,348)	$ 9,752	$ (34,041)
Net income applicable to preferred stock	476		951
Net income applicable to common stock	$ 4,424		$ 8,801
Determination of shares:
Weighted-average common shares outstanding (in shares)	80,243,000		79,803,000
Assumed conversion of dilutive employee stock-based awards (in shares)	2,355,000		2,307,000
Assumed conversion of restricted stock (in shares)	58,000		60,000
Diluted weighted-average common shares outstanding before participating security	82,656,000		82,170,000
Assumed conversion of preferred stock (in shares)	8,624,000		8,624,000
Diluted weighted-average common shares outstanding (in shares)	91,280,000		90,794,000
Anti-dilutive securities, options to purchase shares outstanding			1,621,219	7,195,937
Calculation of basic EPS:
Net income applicable to common stock	$ 4,424		$ 8,801
Weighted-average common shares outstanding (in shares)	80,243,000		79,803,000
Basic EPS	$ 0.06	$ (0.20)	$ 0.11	$ (0.43)
Calculation of diluted EPS using two-class method:
Net income applicable to common stock	$ 4,424		$ 8,801
Diluted weighted-average common shares outstanding before participating security	82,656,000		82,170,000
Diluted EPS	$ 0.05	$ (0.20)	$ 0.11	$ (0.43)
Calculation of basic ad diluted EPS:
Net income	$ 4,900	$ (15,348)	$ 9,752	$ (34,041)
Weighted-average common shares outstanding (in shares)		78,510		78,297
Basic and Diluted EPS		$ (0.20)		$ (0.43)
Series C Preferred Stock
Earnings Per Share
Preferred stock , shares outstanding (in shares)	8,624		8,624		8,624

Summary of Significant Accounting Policies (Details 5) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Stock-based compensation costs
Time period of historical volatility of stock used to estimate expected volatility			5 years 5 months 12 days
Expected dividend yield assumption (as a percent)			0.00%
Granted (in shares)			1,696,653
Accrued salaries and wages	$ 89,355		$ 89,355		$ 84,034
Stock based compensation expense	2,025	$ 2,915	$ 6,446	$ 8,012
Weighted-average assumptions used in the Black-Scholes option-pricing model
Risk-free interest rate (as a percent)			1.55%	1.68%
Expected volatility (as a percent)			31.86%	44.80%
Weighted-average expected life (years)			5 years 5 months 12 days	5 years 5 months 12 days
Phantom Share Units (PSUs)
Stock-based compensation costs
Accrued salaries and wages	6,000		$ 6,000		8,200
Total compensation cost related to nonvested awards not yet recognized	20,500		$ 20,500
Period for recognition of unrecognized compensation cost			1 year 10 months 24 days
Stock based compensation expense	1,900	2,100	$ 11,400	$ 4,700
Amounts paid on cash settled awards	7,600		$ 12,900	6,000
Phantom Share Units (PSUs) \| Minimum
Stock-based compensation costs
Vesting period			3 years
Phantom Share Units (PSUs) \| Maximum
Stock-based compensation costs
Vesting period			5 years
Stock Appreciation Rights (SARs)
Stock-based compensation costs
Vesting period			4 years
Accrued salaries and wages	7,700		$ 7,700		$ 6,300
Total compensation cost related to nonvested awards not yet recognized	6,600		$ 6,600
Period for recognition of unrecognized compensation cost			2 years 8 months 23 days
Stock based compensation expense	3,000	100	$ 4,100	200
Amounts paid on cash settled awards	$ 300	$ 400	$ 2,600	$ 1,600

Summary of Significant Accounting Policies (Details 6)	Sep. 30, 2015	Sep. 01, 2015
Kansas Entertainment
Segment Information
Ownership interest in joint venture (as a percent)		50.00%
Cordish
Segment Information
Ownership interest in joint venture (as a percent)	50.00%

Acquisitions (Details) $ in Thousands	Sep. 01, 2015 item	Aug. 25, 2015 USD ($) ft² a item restaurant room	Sep. 30, 2015 USD ($)	Dec. 31, 2014 USD ($)
Acquisitions
Goodwill			$ 911,923	$ 874,184
Tropicana Las Vegas Hotel And Casino
Acquisitions
Percentage of voting interest to be acquired		100.00%
Purchase price		$ 357,700
Payment for acquisitions		280,000
Property and equipment, net		365,500
Current assets		16,000
Goodwill		14,800
Other assets		4,600
Current liabilities		25,800
Other liabilities		$ 17,400
Area of land ( in acres) \| a		35
Number of remodeled guest rooms and suites at facility \| room		1,470
Size of gaming floor at facility (in square feet) \| ft²		50,000
Number of slot and video poker machines \| item		775
Number of table games at facility \| item		36
Number of restaurants \| restaurant		3
Number of seats in performance theater \| item		1,200
Number of seats in comedy club, a night club and beach club \| item		300
Number of parking spaces \| item		2,095
Prairie State Gaming
Acquisitions
Percentage of voting interest to be acquired	100.00%
Number of bar and retail gaming establishments with video gaming terminals \| item	270
Minimum \| Prairie State Gaming
Acquisitions
Number of video gaming terminals acquired \| item	1,100

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Plant and equipment
Property and equipment, net	$ 3,029,375		$ 3,029,375		$ 2,669,732
Increase in property and equipment			359,600
Depreciation expense	66,000	$ 61,400	191,700	$ 190,900
Interest capitalized in connection with major construction projects	0	300	1,800	500
Land and Land Improvements - non-leased
Plant and equipment
Property and equipment	297,580		297,580		42,350
Land and Land Improvements Leased
Plant and equipment
Property and equipment	382,536		382,536		382,702
Building and Building Improvements - non-leased
Plant and equipment
Property and equipment	398,207		398,207		173,043
Buildings and Building Improvements Leased
Plant and equipment
Property and equipment	2,219,018		2,219,018		2,219,018
Furniture, Fixtures and Equipment
Plant and equipment
Property and equipment	1,308,349		1,308,349		1,213,143
Leasehold Improvements
Plant and equipment
Property and equipment	126,442		126,442		120,984
Construction In Progress - non-leased
Plant and equipment
Property and equipment	11,699		11,699		69,367
Non-leased Assets
Plant and equipment
Property and equipment	2,142,277		2,142,277		1,618,887
Less accumulated depreciation	(1,082,611)		(1,082,611)		(988,490)
Property and equipment, net	1,059,666		1,059,666		630,397
Leased Assets
Plant and equipment
Property and equipment	2,601,554		2,601,554		2,601,720
Less accumulated depreciation	(631,845)		(631,845)		(562,385)
Property and equipment, net	1,969,709		1,969,709		$ 2,039,335
Master Lease Agreement
Plant and equipment
Depreciation expense	$ 23,100	$ 22,200	$ 69,500	$ 66,700

Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Long-term Debt
Long-term debt	$ 1,712,486	$ 1,267,637
Less current maturities of long-term debt	(87,801)	(30,853)
Less discount on senior secured credit facility Term Loan B	(928)	(1,056)
Less debt issuance costs, net of accumulated amortization of $11.4 million and $6.8 million, respectively	(24,944)	(25,151)
Long-term debt, net of current maturities	1,598,813	1,210,577
Accumulated amortization for debt issuance costs	11,400	6,800
Senior secured credit facility
Long-term Debt
Long-term debt	1,236,597	807,500
$300 million 5.875% senior unsecured notes due November 1, 2021
Long-term Debt
Long-term debt	$ 300,000	300,000
Debt instrument interest rate stated percentage	5.875%
Principal amount	$ 300,000
Other long-term obligations
Long-term Debt
Long-term debt	146,992	135,000
Capital leases
Long-term Debt
Long-term debt	$ 28,897	$ 25,137

Long-term Debt (Details 2) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
Long-term Debt (Details 2) $ in Thousands	Feb. 08, 2016 USD ($)	Jan. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($) item	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Aug. 31, 2015 USD ($)	Jul. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Future minimum repayments of long-term debt
Within one year			$ 87,801		$ 87,801
1-3 years			163,388		163,388
3-5 years			854,794		854,794
Over 5 years			606,275		606,275
Total minimum payments			1,712,258		1,712,258
Long-term Debt
Interest expense			111,406	$ 105,933	329,550	$ 315,516
Long-term debt			1,712,486		$ 1,712,486				$ 1,267,637
Hollywood Gaming at Dayton Raceway And Mahoning Valley Race Course
Long-term Debt
Discount rate (as a percent)					5.00%
Capital leases
Long-term Debt
Lease term					10 years
Capital lease term renewal option					10 years
Capital lease obligation			24,900		$ 24,900				24,900
Senior secured credit facility
Long-term Debt
Gross outstanding balance			1,236,600		1,236,600
Letters of credit outstanding			23,200		23,200
Long-term debt			1,236,597		$ 1,236,597				807,500
Revolving credit facility
Long-term Debt
Term of debt					5 years
Maximum borrowing capacity							$ 633,200	$ 500,000
Gross outstanding balance			390,000		$ 390,000
Available borrowing capacity			220,000		$ 220,000
Term Loan A Facility
Long-term Debt
Term of debt					5 years
Maximum borrowing capacity							$ 146,700	$ 500,000
Gross outstanding balance			601,000		$ 601,000
Term Loan B Facility
Long-term Debt
Term of debt					7 years
Maximum borrowing capacity			250,000		$ 250,000
Gross outstanding balance			$ 245,600		$ 245,600
$300 million 5.875% senior unsecured notes due November 1, 2021
Long-term Debt
Debt instrument interest rate stated percentage			5.875%		5.875%
Principal amount			$ 300,000		$ 300,000
Long-term debt			300,000		300,000				300,000
$300 million 5.875% senior unsecured notes due November 1, 2021 \| Subsequent Event
Long-term Debt
Additional interest (as a percent)	0.25%
Long-term debt	$ 300,000
Other long-term obligations
Long-term Debt
Other long term obligations			147,000		147,000
Long-term debt			146,992		146,992				$ 135,000
Other long-term obligations \| Hollywood Gaming at Dayton Raceway And Mahoning Valley Race Course
Long-term Debt
Other long term obligations			131,700		131,700
Other long-term obligations \| Hollywood Casino Lawrenceburg
Long-term Debt
Other long term obligations			15,300		15,300
Other long-term obligations \| Racetracks in Toledo and Grove City to Dayton and Austintown
Long-term Debt
Number of new facilities \| item				2
Contractual obligation, relocation fee				$ 75,000
Discount rate (as a percent)				5.00%
Relocation fee payable upon opening of the facility				$ 7,500		$ 7,500
Number of semi-annual payments \| item				18
Semi-annual payment amount beginning one year from the commencement of operation				$ 4,800
Effective yield				5.00%		5.00%
Interest expense			$ 1,600		$ 5,000
Other long-term obligations \| City of Lawrenceburg Department of Redevelopment
Long-term Debt
Term of debt					20 years
Purchase price of hotel and event center		$ 15,300
Annual payment amount					$ 1,000
Effective yield			3.00%		3.00%
Interest expense			$ 100		$ 300

Master Lease Financing Obligation (Details) - Master Lease Agreement - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Capital Leased Assets
Discount rate (as a percent)			9.70%
Total payments under Master Lease	$ 109.0	$ 104.6	$ 327.3	$ 313.5
Interest expense for the Master Lease	97.8	94.6	291.9	281.6
Hollywood Casinos in Columbus, Ohio and Toledo, Ohio
Capital Leased Assets
Contingent payments included in Master Lease interest expense associated with the monthly variable components for Hollywood Casino Columbus and Hollywood Casino Toledo	10.8	$ 10.3	32.9	$ 31.0
Annual Escalator
Capital Leased Assets
Contingent payments included in Master Lease interest expense associated with the monthly variable components for Hollywood Casino Columbus and Hollywood Casino Toledo	$ 0.8		$ 2.4

Commitments and Contingencies (Details) - Bankruptcy litigation $ in Millions	1 Months Ended
	Aug. 31, 2015 USD ($)
Litigation
Damages sought value	$ 13.5
Professional fees and expenses claim limited to escrow deposit	$ 3.8

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Segment information
Income (loss) from operations	$ 142,172	$ 105,853	$ 377,222	$ 313,834
Charge for stock compensation	2,025	2,915	6,446	8,012
Insurance recoveries		(5,674)		(5,674)
Depreciation and amortization	66,141	62,021	191,785	202,080
Plainridge contingent purchase price	(6,651)		(5,944)
Loss on sale of fixed assets	277	145	801	98
Income (loss) from unconsolidated affiliates	3,759	2,291	11,895	6,247
Nonoperating items	(101,892)	(101,034)	(305,454)	(305,596)
Impairment losses				4,560
Adjusted EBITDA	210,262	170,495	590,023	537,961
Net revenues	739,297	645,940	2,104,391	1,939,166
Capital expenditures	46,546	80,953	167,035	161,267
Total assets	5,142,006		5,142,006		$ 4,664,894
Investment in and advances to unconsolidated affiliates	171,904		171,904		179,551
Goodwill and other intangible assets, net	1,343,799		1,343,799		1,293,637
Kansas Entertainment
Segment information
Nonoperating items	2,539	2,944	7,818	8,804
East/Midwest
Segment information
Income (loss) from operations	117,254	86,941	309,131	246,532
Depreciation and amortization	26,303	23,394	76,214	76,128
Plainridge contingent purchase price	(6,651)		(5,944)
Loss on sale of fixed assets	33	12	(11)	(104)
Impairment losses				4,560
Adjusted EBITDA	136,939	110,347	379,390	327,116
Net revenues	449,821	371,505	1,254,121	1,082,310
Capital expenditures	40,022	63,979	138,746	91,077
Total assets	1,077,562		1,077,562		1,007,162
Investment in and advances to unconsolidated affiliates	89		89		94
Goodwill and other intangible assets, net	427,516		427,516		427,335
West
Segment information
Income (loss) from operations	11,021	12,000	42,275	44,250
Depreciation and amortization	4,115	1,913	8,374	5,154
Loss on sale of fixed assets	185	47	509	112
Adjusted EBITDA	15,321	13,960	51,158	49,516
Net revenues	70,828	58,626	197,078	178,579
Capital expenditures	1,423	8,091	6,637	24,138
Total assets	764,443		764,443		287,551
Goodwill and other intangible assets, net	158,339		158,339		143,242
Southern Plains
Segment information
Income (loss) from operations	53,701	53,789	166,129	154,964
Insurance recoveries		(5,674)		(5,674)
Depreciation and amortization	10,886	12,265	32,366	47,088
Loss on sale of fixed assets	35	89	155	106
Income (loss) from unconsolidated affiliates	3,832	2,546	12,020	7,619
Adjusted EBITDA	70,993	65,959	218,488	212,907
Net revenues	213,284	210,309	637,242	658,792
Capital expenditures	4,623	7,124	19,074	40,457
Total assets	1,095,062		1,095,062		1,076,290
Investment in and advances to unconsolidated affiliates	105,439		105,439		115,469
Goodwill and other intangible assets, net	753,718		753,718		718,982
Southern Plains \| Kansas Entertainment
Segment information
Nonoperating items	2,539	2,944	7,818	8,804
Other
Segment information
Income (loss) from operations	(39,804)	(46,877)	(140,313)	(131,912)
Charge for stock compensation	2,025	2,915	6,446	8,012
Depreciation and amortization	24,837	24,449	74,831	73,710
Loss on sale of fixed assets	24	(3)	148	(16)
Income (loss) from unconsolidated affiliates	(73)	(255)	(125)	(1,372)
Adjusted EBITDA	(12,991)	(19,771)	(59,013)	(51,578)
Net revenues	5,364	5,500	15,950	19,485
Capital expenditures	478	$ 1,759	2,578	$ 5,595
Total assets	2,204,939		2,204,939		2,293,891
Investment in and advances to unconsolidated affiliates	66,376		66,376		63,988
Goodwill and other intangible assets, net	$ 4,226		$ 4,226		$ 4,078

Income Taxes (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
Income Taxes (Details) $ in Thousands	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)
Income Taxes
Net deferred tax liability	$ 100,800		$ 100,800		$ 38,300
Increase to income tax provision	$ 35,380	$ 20,167	$ 62,016	$ 42,279
Increase in effective tax rate due to increase in valuation allowance (as a percent)					43.00
Percent of pretax (loss) income
Actual effective income tax rate (as a percent)	87.83%		86.41%
Restatement Adjustment
Income Taxes
Increase to income tax provision		12,125		18,683
Correction of the failed spin-off-leaseback accounting treatment
Income Taxes
Period of cumulative pre-tax loss position			3 years
Increase to income tax provision	$ 17,800		$ 30,900
Correction of the failed spin-off-leaseback accounting treatment \| Restatement Adjustment
Income Taxes
Increase to income tax provision		$ 17,800		$ 34,500

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Hollywood Gaming at Dayton Raceway And Mahoning Valley Race Course
Financial assets:
Discount rate (as a percent)		5.00%
Carrying Amount
Financial assets:
Cash and Cash Equivalents	$ 223,489	$ 223,489	$ 208,673
Debt Instrument, Fair Value Disclosure	13,245	13,245	19,189
Fair Value
Financial assets:
Cash and Cash Equivalents	223,489	223,489	208,673
Debt Instrument, Fair Value Disclosure	13,245	13,245	19,189
Level 1
Financial assets:
Cash and Cash Equivalents	223,489	223,489	208,673
Level 3
Financial assets:
Debt Instrument, Fair Value Disclosure	13,245	13,245	19,189
Plainridge Racecourse \| General and administrative expenses
Financial assets:
Change in fair value of contingent purchase price consideration	6,700	5,900
Senior secured credit facility \| Carrying Amount
Financial assets:
Debt Instrument, Fair Value Disclosure	1,214,633	1,214,633	785,683
Senior secured credit facility \| Fair Value
Financial assets:
Debt Instrument, Fair Value Disclosure	1,230,292	1,230,292	799,556
Senior secured credit facility \| Level 1
Financial assets:
Debt Instrument, Fair Value Disclosure	840,292	840,292	714,556
Senior secured credit facility \| Level 2
Financial assets:
Debt Instrument, Fair Value Disclosure	390,000	390,000	85,000
Senior Unsecured Notes \| Carrying Amount
Financial assets:
Debt Instrument, Fair Value Disclosure	296,091	296,091	295,610
Senior Unsecured Notes \| Fair Value
Financial assets:
Debt Instrument, Fair Value Disclosure	303,000	303,000	276,000
Senior Unsecured Notes \| Level 1
Financial assets:
Debt Instrument, Fair Value Disclosure	303,000	303,000	276,000
Other long-term obligations \| Carrying Amount
Financial assets:
Debt Instrument, Fair Value Disclosure	146,992	146,992	135,000
Other long-term obligations \| Fair Value
Financial assets:
Debt Instrument, Fair Value Disclosure	145,644	145,644	135,000
Other long-term obligations \| Level 2
Financial assets:
Debt Instrument, Fair Value Disclosure	$ 145,644	$ 145,644	$ 135,000

Fair Value Measurements (Details 2) - Contingent Purchase Price $ in Thousands	9 Months Ended
	Sep. 30, 2015 USD ($)
Changes in fair value of the Company's Level 3 liabilities:
Balance at beginning of the period	$ 19,189
Total (gains) (realized or unrealized):
Included in earnings	(5,944)
Balance at end of the period	$ 13,245
Income approach using discounted cash flow model
Fair value for Level 3 liabilities
Fair Value Inputs, Discount Rate	8.30%

Insurance Recoveries (Details) - Tornado - Hollywood Casino St Louis - USD ($) $ in Millions		3 Months Ended			9 Months Ended	12 Months Ended
	May 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Jun. 30, 2013	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Extraordinary Items
Number of hours for which casino was closed due to tornado	14 hours
Insurance policy limit	$ 600.0
Property damage deductible	$ 2.5
Delay in completion deductible	2 days
Insurance proceeds received to date					$ 8.7	$ 5.7	$ 3.0
Pre-tax gain recorded		$ 5.7	$ 2.4
Pre-tax loss recorded				$ 2.5