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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2015	Mar. 10, 2016	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	PENN NATIONAL GAMING INC
Entity Central Index Key	0000921738
Document Type	10-K
Document Period End Date	Dec. 31, 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 Public Float			$ 1,340
Entity Common Stock, Shares Outstanding		81,288,782
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 237,009	$ 208,673
Receivables, net of allowance for doubtful accounts of $2,428 and $2,004 at December 31, 2015 and 2014, respectively	45,186	41,618
Prepaid expenses	76,784	70,785
Other current assets	13,497	11,189
Total current assets	372,476	332,265
Property and equipment, net	2,980,068	2,669,732
Other assets
Investment in and advances to unconsolidated affiliates	168,149	179,551
Goodwill	911,942	874,184
Other intangible assets, net	391,442	419,453
Advances to the Jamul Tribe	197,722	62,048
Other assets	116,953	87,318
Total other assets	1,786,208	1,622,554
Total assets	5,138,752	4,624,551
Current liabilities
Current portion of financing obligation to GLPI	50,548	46,884
Current maturities of long-term debt	92,108	30,853
Accounts payable	72,816	43,136
Accrued expenses	93,666	133,092
Accrued interest	7,091	5,163
Accrued salaries and wages	98,671	84,034
Gaming, pari-mutuel, property, and other taxes	57,486	51,972
Insurance financing	3,125	13,680
Other current liabilities	82,263	75,773
Total current liabilities	557,774	484,587
Long-term liabilities
Long-term financing obligation to GLPI, net of current portion	3,514,080	3,564,629
Long-term debt, net of current maturities and debt issuance costs	1,618,851	1,210,577
Deferred income taxes	107,921	38,290
Noncurrent tax liabilities		7,035
Other noncurrent liabilities	18,169	27,447
Total long-term liabilities	5,259,021	4,847,978
Shareholders' equity (deficit)
Common stock ($.01 par value, 200,000,000 shares authorized, 83,056,668 and 81,329,210 shares issued and 80,889,275 and 79,161,817 shares outstanding, at December 31, 2015 and 2014, respectively)	830	813
Treasury stock, at cost (2,167,393 shares held at December 31, 2015 and 2014)	(28,414)	(28,414)
Additional paid-in capital	988,686	956,146
Retained deficit	(1,634,591)	(1,635,277)
Accumulated other comprehensive loss	(4,554)	(1,282)
Total shareholders' equity (deficit)	(678,043)	(708,014)
Total liabilities and shareholders' equity (deficit)	5,138,752	4,624,551
Series B Preferred Stock
Shareholders' equity (deficit)
Preferred stock
Series C Preferred Stock
Shareholders' equity (deficit)
Preferred stock

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Receivables, allowance for doubtful accounts (in dollars)	$ 2,428	$ 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	83,056,668	81,329,210
Common stock, shares outstanding	80,889,275	79,161,817
Treasury stock, shares issued	2,167,393	2,167,393
Series B Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
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

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Gaming	$ 2,497,497	$ 2,297,175	$ 2,479,601
Food, beverage and other	485,534	432,021	450,568
Management service fee	10,314	11,650	13,176
Revenues	2,993,345	2,740,846	2,943,345
Less promotional allowances	(154,987)	(150,319)	(165,459)
Net revenues	2,838,358	2,590,527	2,777,886
Operating expenses
Gaming	1,271,679	1,146,159	1,247,515
Food, beverage and other	349,897	319,792	336,279
General and administrative	449,433	446,436	516,143
Depreciation and amortization	259,461	266,742	303,404
Impairment losses	40,042	159,884	798,305
Insurance recoveries, net of deductible charges		(5,674)	108
Total operating expenses	2,370,512	2,333,339	3,201,754
Income (loss) from operations	467,846	257,188	(423,868)
Other income (expenses)
Interest expense	(443,127)	(425,114)	(159,897)
Interest income	11,531	3,730	1,387
Income from unconsolidated affiliates	14,488	7,949	9,657
Loss on early extinguishment of debt			(61,660)
Other	5,872	2,944	8,004
Total other expenses	(411,236)	(410,491)	(202,509)
Income (loss) from continuing operations before income taxes	56,610	(153,303)	(626,377)
Income tax provision (benefit)	55,924	30,519	(33,580)
Net income (loss) from continuing operations	686	(183,822)	(592,797)
Income from discontinued operations, net of tax			11,545
Net income (loss)	$ 686	$ (183,822)	$ (581,252)
Earnings per common share - Basic:
Basic income (loss) from continuing operations (in dollars per share)	$ 0.01	$ (2.34)	$ (7.59)
Discontinued operations, net of tax (in dollars per share)			0.15
Basic earnings (loss) per common share	0.01	(2.34)	(7.44)
Earnings per share - Diluted
Basic income (loss) from continuing operations (in dollars per share)	0.01	(2.34)	(7.59)
Discontinued operations, net of tax,(dollars per share)			0.15
Diluted earnings (loss) per share (dollars per share)	$ 0.01	$ (2.34)	$ (7.44)
Weighted average basic shares outstanding	80,003	78,425	78,111
Weighted average diluted shares outstanding	90,904	78,425	78,111

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statements of Comprehensive Loss
Net income (loss)	$ 686	$ (183,822)	$ (581,252)
Other comprehensive loss, net of tax:
Foreign currency translation adjustment during the period	(3,272)	(1,665)	(1,245)
Change in fair value of corporate debt securities
Unrealized holding losses on corporate debt securities arising during the period			(98)
Less: Reclassification adjustments for gains included in net loss			(1,296)
Change in fair value of corporate debt securities, net			(1,394)
Other comprehensive loss	(3,272)	(1,665)	(2,639)
Comprehensive loss	$ (2,586)	$ (185,487)	$ (583,891)

Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained (Deficit) Earnings	Accumulated Other Comprehensive (Loss) Income	Total
Balance at Dec. 31, 2012		$ 774		$ 1,451,960	$ 785,834	$ 3,022	$ 2,241,590
Balance (in shares) at Dec. 31, 2012	12,275	77,446,601
Increase (Decrease) in Shareholders' Equity
Repurchase of Preferred Stock				(649,518)			(649,518)
Repurchase of Preferred Stock (in shares)	(6,498)
Exchange Series B Preferred Stock for Series C Preferred Stock	2,847
Share-based compensation arrangements, net of tax benefits of $10,771 , $10,360 and $14,826 for the year ended 2013, 2014 and 2015 respectively		$ 25		85,090			85,115
Share-based compensation arrangements (in shares)		2,509,185
Impact of stock exchange with Company's former CEO and related family trust (See Note 2)			$ (28,414)	37,803	1,306		10,695
Impact of stock exchange with Company's former CEO and related family trust (See Note 2) (in shares)		(2,167,393)
Impact of Spin-Off and financing obligation to Gaming and Leisure Properties, Inc. (See Note 2)					(1,654,843)		(1,654,843)
Change in fair value of corporate debt securities						(1,394)	(1,394)
Foreign currency translation adjustment						(1,245)	(1,245)
Net income (loss)					(581,252)		(581,252)
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 $10,771 , $10,360 and $14,826 for the year ended 2013, 2014 and 2015 respectively		$ 14		30,811			30,825
Share-based compensation arrangements (in shares)		1,373,424
Impact of Spin-Off and financing obligation to Gaming and Leisure Properties, Inc. (See Note 2)					(2,500)		(2,500)
Foreign currency translation adjustment						(1,665)	(1,665)
Net income (loss)					(183,822)		(183,822)
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 $10,771 , $10,360 and $14,826 for the year ended 2013, 2014 and 2015 respectively		$ 17		32,540			32,557
Share-based compensation arrangements (in shares)		1,727,458
Foreign currency translation adjustment						(3,272)	(3,272)
Net income (loss)					686		686
Balance at Dec. 31, 2015		$ 830	$ (28,414)	$ 988,686	$ (1,634,591)	$ (4,554)	$ (678,043)
Balance (in shares) at Dec. 31, 2015	8,624	80,889,275

Consolidated Statements of Changes in Shareholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statements of Changes in Shareholders' Equity (Deficit)
Share-based compensation arrangements, tax benefit	$ 14,826	$ 10,360	$ 10,771

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities
Net income (loss)	$ 686	$ (183,822)	$ (581,252)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	259,461	266,742	315,297
Amortization of items charged to interest expense	6,599	6,040	8,112
Accretion of settlement values on long term obligations and change in contingent purchase price liability	(5,374)	689	5,024
Transaction cost for Carlino exchange			10,695
Loss on sale of fixed assets	1,286	738	3,652
Income from unconsolidated affiliates	(14,488)	(7,949)	(9,657)
Distributions from unconsolidated affiliates	28,150	23,000	21,500
Loss on early extinguishment of debt			26,782
Deferred income taxes	57,236	2,908	(137,396)
Charge for stock-based compensation	8,223	10,666	22,809
Impairment losses and write downs	40,042	163,184	798,305
Gain on investment in corporate debt securities			(1,516)
Gain on sale of Bullwhackers			(444)
Decrease (increase), net of businesses acquired
Accounts receivable	710	10,046	5,034
Prepaid expenses and other current assets	10,345	(13,305)	786
Other assets	4,363	141	(36,956)
Increase (decrease), net of businesses acquired
Accounts payable	2,113	2,028	(2,175)
Accrued expenses	7,243	(19,512)	(25,551)
Accrued interest	1,910	136	(15,030)
Accrued salaries and wages	8,454	(2,530)	(2,317)
Gaming, pari-mutuel, property and other taxes	3,933	(44)	(1,592)
Income taxes	(13,383)	5,193	35,713
Other current and noncurrent liabilities	(6,404)	9,923	10,950
Other noncurrent tax liabilities	(2,123)	(12,049)	2,994
Net cash provided by operating activities	398,982	262,223	453,767
Investing activities
Capital project expenditures, net of reimbursements	(136,548)	(144,707)	(119,051)
Capital maintenance expenditures	(62,692)	(83,438)	(80,862)
Advances to Jamul Tribe	(105,658)	(47,093)	(5,602)
Purchase of note from the previous developer of the Jamul project	(24,000)
Proceeds from sale of property and equipment	561	1,665	3,837
Proceeds from investment in corporate debt securities			6,870
Proceeds related to damaged property and equipment			2,203
Proceeds from sale of Bullwhackers, net of cash on hand			4,996
Investment in joint ventures	(2,555)	(1,285)	(675)
Decrease in cash in escrow		18,000	8,000
Acquisition of gaming and other licenses	(50,605)	(76,596)	(1,603)
Acquisitions of businesses, net of cash acquired	(399,508)	(42,082)	1,530
Net cash used in investing activities	(781,005)	(375,536)	(180,357)
Financing activities
Proceeds from exercise of options	9,399	9,799	51,535
Repurchase of preferred stock			(649,518)
Cash contributed to GLPI in connection with Spin-Off			(240,202)
Principal payments on financing obligation with GLPI	(46,885)	(42,222)	(7,363)
Proceeds from issuance of long-term debt, net of issuance costs	562,076	104,935	4,745,790
Principal payments on long-term debt	(115,195)	(49,541)	(4,135,059)
Payments of other long-term obligations	(3,307)	(15,000)	(16,000)
Proceeds from insurance financing	4,720	28,888	19,233
Payments on insurance financing	(15,275)	(18,228)	(20,069)
Tax benefit from stock options exercised	14,826	10,360	10,771
Net cash provided by (used in) financing activities	410,359	28,991	(240,882)
Net Increase (decrease) in cash and cash equivalents	28,336	(84,322)	32,528
Cash and cash equivalents at beginning of year	208,673	292,995	260,467
Cash and cash equivalents at end of year	237,009	208,673	292,995
Supplemental disclosure
Interest expense paid, net of amounts capitalized	434,175	418,544	167,157
Income taxes paid	$ 5,116	$ 23,185	$ 69,758

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Jan. 31, 2015	Apr. 30, 2014	Dec. 31, 2015	Dec. 31, 2014
Non-cash transactions
Increased property and equipment, net	$ 15.3
Increase in liabilities	$ 15.3
Increase in acquired assets		$ 18.5
Increase in other non-current liabilities associated with acquisition		$ 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
Non-cash transactions
Increase in liabilities				$ 118.9
Increase to real property assets				$ 118.9
Relocation fees for Hollywood Gaming at Dayton Raceway and Hollywood Gaming at Mahoning
Non-cash transactions
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
Non-cash transactions
Increase in liabilities			50.0
Increase to other intangible assets			$ 50.0

Business and Basis of Presentation

12 Months Ended

Dec. 31, 2015

Business and Basis of Presentation

Business and Basis of Presentation

1. Business 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. The Company was incorporated in Pennsylvania in 1982 as PNRC Corp. and adopted its current name in 1994, when the Company became a publicly traded company. In 1997, we began our transition from a pari-mutuel company to a diversified gaming company with the acquisition of the Charles Town property and the introduction of video lottery terminals in West Virginia. Since 1997, we have continued to expand our gaming operations through strategic acquisitions, greenfield projects, and property expansions. We, along with our joint venture partner, opened Hollywood Casino at Kansas Speedway on February 3, 2012. In Ohio, we have opened four new gaming properties over the last four years, including: Hollywood Casino Toledo on May 29, 2012, Hollywood Casino Columbus on October 8, 2012, Hollywood Gaming at Dayton Raceway on August 28, 2014, and Hollywood Gaming at Mahoning Valley Race Course on September 17, 2014. In addition, on November 2, 2012, we acquired Harrah's St Louis, which we subsequently rebranded as Hollywood Casino St Louis. On June 24, 2015, we opened Plainridge Park Casino an integrated racing and slots-only gaming facility in Plainville, Massachusetts. On August 25, 2015, we completed the acquisition of our first Las Vegas strip asset, Tropicana Hotel and Casino in Las Vegas, Nevada. On September 1, 2015 we completed our acquisition of Prairie State Gaming, one of the largest video gaming terminal route operators in Illinois. In addition, we are developing a Hollywood Casino branded gaming facility on the Jamul Indian Village near San Diego, California, which we will manage upon its anticipated opening in mid-2016.

As of December 31, 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. On July 30, 2014, the Company closed its facility in Sioux City, Iowa. In addition, Beulah Park and Raceway Park in Ohio were closed as the racetracks were relocated to Hollywood Gaming at Mahoning Valley Race Course and Hollywood Gaming at Dayton Raceway, respectively, both of which opened in the third quarter of 2014.

The preparation of financial statements in conformity with generally accepted accounting principles 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.

On March 7, 2016, the Company filed with the SEC restated consolidated financial statements for the years ended December 31, 2014 and 2013, as well as for the interim periods ended March 31, 2015 and June 30, 2015, respectively. The restatement of the Company's audited financial statements primarily results from the Company's accounting for its November 1, 2013 spin-off of real estate assets to Gaming and Leisure Properties, Inc. ("GLPI") under the Master Lease Agreement, which had been 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 transaction 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 consolidated balance sheets therefore include an adjustment to property and equipment, net for the carrying value of the real property assets leased from GLPI 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. Consequently, the restated 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, along with the periodic reduction of the financing obligation reflected in the consolidated balance sheets. The lease payment amounts previously recorded as rent expense were $421.4 million and $69.5 million for the years ended December 31, 2014 and 2013, respectively. The increases to interest expense and depreciation expense as a result of the restatement were $379.2 million and $89.8 million, respectively, for the year ended December 31, 2014, and $62.1 million and $14.8 million, respectively, for the year ended December 31, 2013.

Additionally, this change in accounting treatment resulted in adjustments to the carrying values of the Company's reporting units as well as differences in the allocation of the GLPI financing obligation to the impacted reporting units, which changed each reporting unit's fair value. The resultant changes to the Company's previously recognized impairment charges are described below.

As part of its restatement, the Company also identified certain other errors affecting the consolidated financial statements as of and for the years ended December 31, 2014 and 2013:

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.

The Company concluded that the distribution of Hollywood Casino Perryville and Hollywood Casino Baton Rouge to GLPI should be presented as discontinued operations in accordance with Accounting Standards Codification ("ASC") 205-20, Discontinued Operations. Refer to note 21 for further details.

During 2014, the Company incurred a liability aggregating $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 costs as a cost of the real estate and was therefore 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. This resulted in a decrease to depreciation expense of $3.6 million for the year ended December 31, 2014.

The Company concluded that cash totaling $240.2 million that was distributed to GLPI in connection with the Spin-Off (see Note 2) should have been classified in the 2013 consolidated statement of cash flows as a cash outflow from financing activities rather than a cash outflow from investing activities.

The Company concluded that the Carlino exchange transaction should have been accounted for as a treasury stock transaction with the $10.7 million excess of the fair value of the consideration of the GLPI common stock exchanged at $39.1 million over the fair value of the treasury stock received of $28.4 million recorded as a transaction cost incurred in connection with the Spin-Off, which is included in general and administrative expenses.

The Company concluded that as a result of the failed spin-off leaseback accounting treatment which resulted in a significant increase to its net deferred tax assets, a valuation allowance should be recorded on the Company's net 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. As a result, a valuation allowance of $47.7 million and $90.3 million was recognized as a component of income tax provision (benefit) during the years ended December 31, 2014 and 2013, respectively.

The Company reclassified a contingent earn-out liability from long-term debt to other non-current liabilities which totaled $19.2 million at December 31, 2014. Additionally, changes in the fair value of this liability which totaled $0.7 million for the year ended December 31, 2014 were reclassified from interest expense to general and administrative expenses.

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 $0.7 million for the years ended December 31, 2014, 2013, and 2012 as well as an increase to depreciation expense of $2.2 million for the years ended December 31, 2014, 2013, and 2012, respectively. This error also resulted in a reduction of the Company's retained earnings balance at December 31, 2011 of $7.9 million.

The Company corrected the income tax provision and related income tax balances on the consolidated balance sheet and 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 consolidated financial statements.

Spin-Off of Real Estate Assets through a Real Estate Investment Trust

12 Months Ended

Dec. 31, 2015

Spin-Off of Real Estate Assets through a Real Estate Investment Trust

Spin-Off of Real Estate Assets through a Real Estate Investment Trust

2. Spin-Off of Real Estate Assets through a Real Estate Investment Trust

On November 1, 2013, the Company completed its plan to separate its gaming operating assets from its real property assets by creating a newly formed, publicly traded real estate investment trust ("REIT"), known as Gaming and Leisure Properties, Inc. ("GLPI"), through a tax free spin-off (the "Spin-Off"). Penn effected the Spin-Off by distributing one share of common stock of GLPI to the holders of Penn common stock and Series C Convertible Preferred Stock ("Series C Preferred Stock") for every share of Penn common stock and every 1/1000th of a share of Series C Preferred Stock that they held at the close of business on October 16, 2013, the record date for the Spin-Off. See Note 14 for further information on the Series C Preferred Stock. Peter M. Carlino and the PMC Delaware Dynasty Trust dated September 25, 2013, a trust for the benefit of Mr. Carlino's children, also received 882,129 additional shares of GLPI common stock, in exchange for 2,167,393 shares of Penn common stock that they transferred to Penn immediately prior to the Spin-Off. Based on the closing price of the GLPI common stock on October 30, 2013, the aggregate consideration transferred totaled $39.1 million. On that same date, based on the closing price of Penn common stock, the aggregate consideration received totaled $28.4 million. As a result, the consideration transferred exceeded the amount received by approximately $10.7 million. This excess was accounted for as a transaction cost associated with the Spin-Off within general and administrative expenses with the value of the Penn shares acquired as the cost of the treasury stock.

Mr. Carlino also exchanged certain options to acquire Penn common stock for options to acquire GLPI common stock having the same aggregate intrinsic value. Penn engaged in these exchanges with Mr. Carlino and his related trust to ensure that each member of the Carlino family beneficially owns 9.9% or less of the outstanding shares of Penn common stock following the Spin-Off, so that GLPI can qualify to be taxed as a REIT for United States ("U.S.") federal income tax purposes.

In addition, on November 1, 2013, Penn entered into a Master Lease with GLPI in which it spun-off certain real property assets which was accounted for as a financing obligation (see Note 4 to the consolidated financial statements), and contributed the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville, which are referred to as the "TRS Properties." The assets and liabilities were contributed to GLPI based on their historical carrying values. The impact of the spin-off to stockholders' equity (deficit) is shown below. This amount excludes $2.0 billion of property and equipment, net that was not derecognized due to the failed spin-off-leaseback (in thousands):

Cash and cash equivalents	$	240,202
Current deferred income tax assets		6,157
Other current assets		3,116
Property and equipment, net		115,731
Goodwill		75,521
Other intangible assets		9,577
Debt issuance costs		39,862
Other assets		36,378
Accounts payable and accrued expenses		(16,055	)
Income taxes		(5,296	)
Other current liabilities		(12,312	)
Long-term debt		(2,350,000	)
Long-term deferred income tax liabilities		(4,248	)

Sub total		(1,861,367	)
Adjustment for GLPI financing obligation		3,516,210

Net impact of Spin-Off	$	1,654,843

As a result of the Spin-Off, GLPI owns substantially all of Penn's former real property assets and leases back those assets (other than the TRS Properties) to Penn for use by its subsidiaries, under a "triple net" master lease agreement (the "Master Lease") (which has a fifteen-year initial term that can be extended at Penn's option for up to four five-year renewal terms), as well as owns and operates the TRS Properties. Penn continues to operate the leased gaming facilities and hold the associated gaming licenses with these facilities.

On November 1, 2013, Penn entered into a Tax Matters Agreement with GLPI, which governs the respective rights, responsibilities and obligations of the two companies after the Spin-Off with respect to payment of tax liabilities, entitlement of refunds, and filing of tax returns and sets forth certain covenants and indemnities. Pursuant to the Tax Matters Agreement, Penn was required to prepare and file a federal consolidated income tax return for 2013, which included a combination of Penn and GLPI legal entities for the activity prior to the Spin-Off, with any adjustments for the impact of the final consolidated income tax return recorded to either shareholders' equity or the statement of income depending on the specific item giving rise to the adjustment. In conjunction with the filing of the final 2013 federal consolidated income tax return with the Internal Revenue Service, Penn recorded a decrease to shareholders' equity of $2.5 million during the year ended December 31, 2014.

The Company incurred transaction costs of $0.9 million, and $39.5 million for the years ended December 31, 2014 and 2013, respectively, associated with the Spin-Off, which were included in general and administrative expenses within the consolidated statements of operations.

The Company received a private letter ruling from the Internal Revenue Service relating to the tax treatment of the separation and the qualification of GLPI as a REIT. The private letter ruling is subject to certain qualifications and based on certain representations and statements made by the Company and certain of its shareholders. If such representations and statements are untrue or incomplete in any material respect (including as a result of a material change in the transaction or other relevant facts), the Company may not be able to rely on the private letter ruling. The Company received opinions from outside counsel regarding certain aspects of the transaction that are not covered by the private letter ruling.

Principles of Consolidation	12 Months Ended
Principles of Consolidation	Dec. 31, 2015
Principles of Consolidation
Principles of Consolidation	3. Principles of Consolidation The 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 ("VIEs"), are accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2015

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

4. Summary of Significant Accounting Policies

Cash and Cash Equivalents

The Company considers all cash balances and highly-liquid investments with original maturities of three months or less to be cash and cash equivalents.

Concentration of Credit Risk

Financial instruments that subject the Company to credit risk consist of cash and cash equivalents, and accounts receivable.

The Company's policy is to limit the amount of credit exposure to any one financial institution, and place investments with financial institutions evaluated as being creditworthy, or in short-term money market and tax-free bond funds which are exposed to minimal interest rate and credit risk. The Company has bank deposits and overnight repurchase agreements that exceed federally-insured limits.

Concentration of credit risk, with respect to casino receivables, is limited through the Company's credit evaluation process. The Company issues markers to approved casino customers only following credit checks and investigations of creditworthiness. Marker balances issued to approved casino customers were $4.7 million at December 31, 2015, compared to $4.9 million at December 31, 2014.

The Company's receivables of $45.2 million and $41.6 million at December 31, 2015 and 2014, respectively, primarily consist of $5.2 million and $4.6 million, respectively, due from the West Virginia Lottery for gaming revenue settlements and capital reinvestment projects at Hollywood Casino at Charles Town Races, $5.4 million and $6.8 million, respectively, for reimbursement of expenses paid on behalf of Casino Rama, $5.1 million and $2.9 million, respectively, for racing settlements due from simulcasting at Hollywood Casino at Penn National Race Course, $3.2 million and $2.9 million, respectively, for reimbursement of payroll expenses paid on behalf of the Company's joint venture in Kansas, and markers issued to customers mentioned above.

Accounts are written off when management determines that an account is uncollectible. Recoveries of accounts previously written off are recorded when received. An allowance for doubtful accounts is determined to reduce the Company's receivables to their carrying value, which approximates fair value. The allowance is estimated based on historical collection experience, specific review of individual customer accounts, and current economic and business conditions. Historically, the Company has not incurred any significant credit-related losses.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation. Maintenance and repairs that neither add materially to the value of the asset nor appreciably prolong its useful life are charged to expense as incurred. Gains or losses on the disposal of property and equipment are included in the determination of income.

Depreciation of property and equipment is recorded using the straight- line method over the following estimated useful lives:

Land improvements		15 years
Building and improvements		5 to 31 years
Furniture, fixtures, and equipment		3 to 31 years

All construction costs funded by Penn considered to be an improvement to the real property assets financed with GLPI under the Master Lease are recorded as leasehold improvements. Leasehold improvements are depreciated over the shorter of the estimated useful life of the improvement or the related lease term.

The estimated useful lives are determined based on the nature of the assets as well as the Company's current operating strategy.

The Company reviews the carrying value of its property and equipment for possible impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based on undiscounted estimated future cash flows expected to result from its use and eventual disposition. The factors considered by the Company in performing this assessment include current operating results, trends and prospects, as well as the effect of obsolescence, demand, competition and other economic factors. For purposes of recognizing and measuring impairment in accordance with Financial Accounting Standards Board (the "FASB") Accounting Standards Codification ("ASC") 360, "Property, Plant, and Equipment," assets are grouped at the individual property level representing the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets. In assessing the recoverability of the carrying value of property and equipment, the Company must make assumptions regarding future cash flows and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss for these assets. Such an impairment loss would be recognized as a non-cash component of operating income.

Goodwill and Other Intangible Assets

At December 31, 2015, the Company had $911.9 million in goodwill and $391.4 million in other intangible assets within its consolidated balance sheet, respectively, resulting from the Company's acquisition of other businesses and payment for gaming licenses. Two issues arise with respect to these assets that require significant management estimates and judgment: (i) the valuation in connection with the initial purchase price allocation; and (ii) the ongoing evaluation for impairment.

In connection with the Company's acquisitions, valuations are completed to determine the allocation of the purchase prices. The factors considered in the valuations include data gathered as a result of the Company's due diligence in connection with the acquisitions, projections for future operations, and data obtained from third-party valuation specialists as deemed appropriate. Goodwill represents the future economic benefits of a business combination measured as the excess purchase price over the fair market value of net assets acquired. Goodwill is tested annually, or more frequently if indicators of impairment exist, in two steps. In step 1 of the impairment test, the current fair value of each reporting unit is estimated using a discounted cash flow model which is then compared to the carrying value of each reporting unit. The Company adjusts the carrying value of each reporting unit that utilizes property that is subject to the Master Lease by an allocation of a pro-rata portion of the GLPI financing obligation based on the reporting unit's estimated fair value as a percentage of the aggregate estimated fair value of all reporting units that utilize property that is subject to the Master Lease. If the carrying amount of a reporting unit exceeds its fair value in step 1 of the impairment test, then step 2 of the impairment test is performed to determine the implied fair value of goodwill for that reporting unit. If the implied fair value of goodwill is less than the goodwill allocated for that reporting unit, an impairment is recognized. In the event a reporting unit has a negative carrying amount, the Company first performs a qualitative evaluation to determine if it is more likely than not that a goodwill impairment exists, and if so, it performs a step 2 of the impairment test to measure the amount of the impairment charge, if any.

In accordance with ASC 350, "Intangibles-Goodwill and Other," the Company considers its gaming licenses and other various intangible assets as indefinite-life intangible assets that do not require amortization based on the Company's future expectations to operate its gaming facilities indefinitely (notwithstanding the recent events in Iowa which the Company concluded was an isolated incident and the first time in the Company's history a gaming regulator has taken an action which could cause it to lose its gaming license) as well as its historical experience in renewing these intangible assets at minimal cost with various state commissions. Rather, these intangible assets are tested annually for impairment, or more frequently if indicators of impairment exist, by comparing the fair value of the recorded assets to their carrying amount. If the carrying amounts of the indefinite-life intangible assets exceed their fair value, an impairment loss is recognized. The Company completes its testing of its intangible assets prior to assessing the realizability of its goodwill.

The Company assessed the fair value of its indefinite-life intangible assets (which are primarily gaming licenses) using the Greenfield Method under the income approach. The Greenfield Method estimates the fair value of the gaming license using a discounted cash flow model assuming the Company built a casino with similar utility to that of the existing facility. The method assumes a theoretical start-up company going into business without any assets other than the intangible asset being valued. As such, the value of the gaming license is a function of the following items:

Projected revenues and operating cash flows (including an allocation of the Company's projected financing payments to its reporting units consistent with how the GLPI financing obligation is allocated);

Theoretical construction costs and duration;

Pre-opening expenses;

Discounting that reflects the level of risk associated with receiving future cash flows attributable to the license; and

Remaining useful life of the license.

The evaluation of goodwill and indefinite-life intangible assets requires the use of estimates about future operating results of each reporting unit to determine the estimated fair value of the reporting unit and the indefinite-lived intangible assets. The Company must make various assumptions and estimates in performing its impairment testing. The implied fair value includes estimates of future cash flows (including an allocation of the Company's projected financing obligation to its reporting units) that are based on reasonable and supportable assumptions which represent the Company's best estimates of the cash flows expected to result from the use of the assets including their eventual disposition. Changes in estimates, increases in the Company's cost of capital, reductions in transaction multiples, changes in operating and capital expenditure assumptions or application of alternative assumptions and definitions could produce significantly different results. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the Company's estimates. If the Company's ongoing estimates of future cash flows are not met, the Company may have to record additional impairment charges in future accounting periods. The Company's estimates of cash flows are based on the current regulatory and economic climates, recent operating information and budgets of the various properties where it conducts operations. These estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, or other events affecting the Company's properties.

Forecasted cash flows (based on the Company's annual operating plan as determined in the fourth quarter) can be significantly impacted by the local economy in which its reporting units operate. For example, increases in unemployment rates can result in decreased customer visitations and/or lower customer spend per visit. In addition, the impact of new legislation which approves gaming in nearby jurisdictions or further expands gaming in jurisdictions where the Company's reporting units currently operate can result in opportunities for the Company to expand its operations. However, it also has the impact of increasing competition for the Company's established properties which generally will have a negative effect on those locations' profitability once competitors become established as a certain level of cannibalization occurs absent an overall increase in customer visitations. Lastly, increases in gaming taxes approved by state regulatory bodies can negatively impact forecasted cash flows.

Assumptions and estimates about future cash flow levels and multiples by individual reporting units are complex and subjective. They are sensitive to changes in underlying assumptions and can be affected by a variety of factors, including external factors, such as industry, geopolitical and economic trends, and internal factors, such as changes in the Company's business strategy, which may reallocate capital and resources to different or new opportunities which management believes will enhance its overall value but may be to the detriment of an individual reporting unit.

Once an impairment of goodwill or other indefinite-life intangible assets has been recorded, it cannot be reversed. Because the Company's goodwill and indefinite-life intangible assets are not amortized, there may be volatility in reported income because impairment losses, if any, are likely to occur irregularly and in varying amounts. Intangible assets that have a definite-life are amortized on a straight-line basis over their estimated useful lives or related service contract. The Company reviews the carrying value of its intangible assets that have a definite-life for possible impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable. If the carrying amount of the intangible assets that have a definite-life exceed their fair value, an impairment loss is recognized.

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.

Debt Issuance Costs

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. These costs are classified as a direct reduction of long-term debt on the Company's consolidated balance sheets in accordance with guidance issued in April 2015 by the FASB to simplify the presentation of debt issuance costs in the balance sheet.

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 years ended December 31, 2015, 2014 and 2013, the only component of accumulated other comprehensive income was foreign currency translation adjustments.

Income Taxes

The Company accounts for income taxes in accordance with ASC 740, "Income Taxes" ("ASC 740"). Under ASC 740, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts 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.

The realizability of the net deferred tax assets is evaluated quarterly by assessing the valuation allowance and by adjusting the amount of the allowance, if necessary. The Company considers all available positive and negative evidence including projected future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. The evaluation of both positive and negative evidence is a requirement pursuant to ASC 740 in determining more-likely-than-not the net deferred tax assets will be realized. In the event the Company determines that the deferred income tax assets would be realized in the future in excess of their net recorded amount, an adjustment to the valuation allowance would be recorded, which would reduce the provision for income taxes.

ASC 740 also creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition.

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 ("OTWs').

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 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 years ended December 31, 2015, 2014 and 2013 are as follows (in thousands):

Year ended December 31,	2015		2014		2013
Rooms	$	34,708	$	33,513	$	36,132
Food and beverage		111,144		106,908		118,143
Other		9,135		9,898		11,184

Total promotional allowances	$	154,987	$	150,319	$	165,459

The estimated cost of providing such complimentary services for the years ended December 31, 2015, 2014 and 2013 are as follows (in thousands):

Year ended December 31,	2015		2014		2013
Rooms	$	4,199	$	3,664	$	5,971
Food and beverage		44,012		44,325		48,431
Other		3,582		3,635		4,072

Total cost of complimentary services	$	51,793	$	51,624	$	58,474

Player Loyalty Programs

The Company has a nationwide branding initiative and loyalty program, called Marquee Rewards.

Marquee Rewards allows customers to earn points that are redeemable for slot play and complementaries. Complimentaries are usually in the form of monetary discounts and other rewards which generally can only be redeemed at our restaurant, hotel, retail and spa facilities. These points expire on a monthly basis after six months of inactivity. Customers earn points for their play across the vast majority of the Company's casinos and can concurrently redeem them at our regional casinos.

The Company's player loyalty liability recorded within accrued expenses on the consolidated balance sheets was $13.8 million and $13.1 million at December 31, 2015 and 2014, respectively. These liabilities are based on expected redemption rates and the estimated costs of the services or merchandise to be provided. These assumptions are periodically evaluated by comparing historical redemption experience and projected trends.

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 years ended December 31, 2015, 2014 and 2013, these expenses, which are recorded primarily within gaming expense in the consolidated statements of operations, were $980.9 million, $886.7 million, and $964.6 million, respectively.

Payments related to the Master Lease

As of December 31, 2015, the Company financed with GLPI real property assets associated with eighteen of the Company's gaming and related facilities used in the Company's operations.

The payment 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 coverage ratio thresholds are met, and a 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 Dayton Raceway and Hollywood Gaming at Mahoning Valley Race Course in the third quarter of 2014, the Company's annual payments related to the Master Lease increased by approximately $19 million, which approximates ten percent of the real estate construction costs paid for by GLPI related to these facilities.

In April 2014, an amendment to the Master Lease was entered into in order to revise certain provisions relating to the Sioux City property. In accordance with the amendment, upon the cessation of gaming operations at Argosy Casino Sioux City on July 30, 2014 due to the termination of its gaming license, the annual payment to GLPI was reduced by $6.2 million. Additionally, the Company finalized its calculation of the coverage ratio in accordance with the appropriate provisions of the Master Lease to determine if an annual base payment escalator is due. The calculation of the escalator resulted in an increase to the Company's annual payment of $5.0 million and $3.2 million starting on November 1, 2015 and 2014, respectively. The net impact of the two items above resulted in lower interest expense on the Company's financing obligation with GLPI.

The Master Lease is commonly known as a triple-net lease. Accordingly, in addition to the required payments to GLPI, 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 made to GLPI under the Master Lease were $437.0 million, $421.4 million and $69.5 million for the years ended December 31, 2015, 2014 and 2013, respectively.

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 December 31, 2015, 2014 and 2013, the Company had outstanding 8,624 shares of Series C 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 years ended December 31, 2014 and 2013 is required. As such, since the Company reported a net loss for the years ended December 31, 2014 and 2013, it was required by ASC 260 to use basic weighted-average common shares outstanding which totaled 78.4 million and 78.1 million for those respective periods, rather than diluted weighted-average common shares outstanding, when calculating diluted EPS.

The following table sets forth the allocation of net income for the year ended December 31, 2015 under the two class method:

Year ended December 31,	2015
	(in thousands)
Net income	$	686
Net income applicable to preferred stock		67

Net income applicable to common stock	$	619

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 year ended December 31, 2015:

Year ended December 31,	2015
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding		80,003
Assumed conversion of dilutive employee stock-based awards		2,217
Assumed conversion of restricted stock		60

Diluted weighted-average common share outstanding before participating security		82,280
Assumed conversion of preferred stock		8,624

Diluted weighted-average common shares outstanding		90,904

Options to purchase 1,635,929 shares, 6,633,622 shares and 7,316,713 shares were outstanding during the years ended December 31, 2015, 2014 and 2013, respectively, but were not included in the computation of diluted EPS because they were antidilutive.

The following table presents the calculation of basic and diluted EPS for the Company's common stock for the year ended December 31, 2015 (in thousands, except per share data):

Year ended December 31,	2015
Calculation of basic EPS:
Net income applicable to common stock	$	619
Weighted-average common shares outstanding		80,003
Basic EPS	$	0.01
Calculation of diluted EPS using two class method:
Net income applicable to common stock	$	619
Diluted weighted-average common shares outstanding before participating security		82,280
Diluted EPS	$	0.01

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 following are the weighted-average assumptions used in the Black-Scholes option-pricing model for the years ended December 31, 2015, 2014 and 2013:

Year ended December 31,	2015			2014			2013
Risk-free interest rate		1.54	%		1.68	%		1.08	%
Expected volatility		36.68	%		44.80	%		46.27	%
Dividend yield		—			—			—
Weighted-average expected life (years)		5.45			5.45			6.57

See Note 15 for a discussion on the impact of the Spin-Off on the Company's stock-based equity awards.

Segment Information

The Company's Chief Executive Officer and President, who is the Company's Chief Operating Decision Maker ("CODM") 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. In January 2014, the Company named Jay Snowden as its Chief Operating Officer and the Company decided in connection with this announcement to re-align its reporting structure. Since January 2014, 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. It also previously included Hollywood Casino Perryville which was contributed to GLPI on November 1, 2013 and is reported as discontinued operations.

The West reportable segment consists of the following properties: Zia Park Casino, 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 the Company 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. This segment previously included Argosy Casino Sioux City, which closed on July 30, 2014 and Hollywood Casino Baton Rouge, which was contributed to GLPI on November 1, 2013 and is reported as discontinued operations.

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. It also previously included the Company's Bullwhackers property, which was sold in July 2013. 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 and would meet the definition of an operating segment under ASC 280, but is currently immaterial to the Company's operations.

The prior year amounts were reclassified to conform to the Company's new reporting structure in accordance with ASC 280. See Note 16 for further information with respect to the Company's segments.

Statements of Cash Flows

The Company has presented the consolidated statements of cash flows using the indirect method, which involves the reconciliation of net (loss) income to net cash flow from operating activities.

Acquisitions

The Company accounts for its acquisitions in accordance with ASC 805, "Business Combinations." The results of operations of acquisitions are included in the consolidated financial statements from their respective dates of acquisition.

Variable Interest Entities

In accordance with the authoritative guidance of ASC 810, "Consolidation" ("ASC 810"), the Company consolidates a VIE if the Company is the primary beneficiary, defined as the party that has both the power to direct the activities that most significantly impact the VIE's economic performance and the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE. A variable interest is a contractual, ownership or other interest that changes with changes in the fair value of the VIE's net assets exclusive of variable interests. To determine whether a variable interest the Company holds could potentially be significant to the VIE, the Company considers both qualitative and quantitative factors regarding the nature, size and form of its involvement with the VIE. The Company assesses whether it is the primary beneficiary of a VIE or the holder of a significant variable interest in a VIE on an on-going basis for each such interest.

Certain Risks and Uncertainties

The Company faces intense gaming competition in most of the markets where its properties operate. Various states are currently considering or implementing legislation to legalize or expand gaming. Such legislation presents potential opportunities for the Company to establish new properties; however, this also presents potential competitive threats to the Company's existing properties. For example, the Company's two facilities—one in Charles Town, West Virginia and one in Grantville, Pennsylvania—that each generated approximately 10% or more of our net revenues will face or have faced new sources of significant competition in the near term. Namely, Hollywood Casino at Charles Town Races and, to a lesser extent, Hollywood Casino at Penn National Race Course faced increased competition from the Baltimore, Maryland market, which includes Maryland Live! and Horseshoe Casino Baltimore, which opened at the end of August 2014. Additionally, a fourth quarter 2016 opening of a casino operated by MGM in Prince George's County, Maryland will also negatively impact the operations at Hollywood Casino at Charles Town Races.

The Company's operations are dependent on its continued licensing by state gaming commissions. The loss of a license, in any jurisdiction in which the Company operates, could have a material adverse effect on future results of operations.

The Company is dependent on each gaming property's local market for a significant number of its patrons and revenues. If economic conditions in these areas deteriorate or additional gaming licenses are awarded in these markets, the Company's results of operations could be adversely affected.

The Company is dependent on the economy of the U.S. in general, and any deterioration in the national economic, energy, credit and capital markets could have a material adverse effect on future results of operations.

The Company is dependent upon a stable gaming and admission tax structure in the locations that it operates in. Any change in the tax structure could have a material adverse affect on future results of operations.

New Accounting Pronouncements	12 Months Ended
New Accounting Pronouncements	Dec. 31, 2015
New Accounting Pronouncements
New Accounting Pronouncements	5. 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 early adopted FASB accounting standard ASU 2015-17 to simplify the presentation of deferred taxes. The Company is applying the amendment on a retrospective basis and, therefore, the December 31, 2014 balance sheet has been reclassified to refect the change in accounting principle. This change in accounting principle decreased the current deferred tax assets and decreased noncurrent deferred tax liabilities on the consolidated balance sheet for the year ended December 31, 2014 by $40.3 million. In September 2015, the FASB issued ASU 2015-16, Business Combinations as part of its simplification initiative. Under previous guidance, when an acquirer identified an adjustment to provisional amounts during the measurement period, it was required to revise comparative information for prior periods, as if the accounting for the business combination had been completed as of the acquisition date. Under the new guidance, an acquirer must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect resulting from the change to provisional amounts must be calculated as if the accounting had been completed as of the acquisition date and must be recorded in the reporting period in which the adjustment amounts are determined and not retrospectively. The guidance also requires disclosure on the face of the income statement or in the notes thereto, of the portion of the amount recorded in the current period that would have been recorded in previous reporting periods if the adjustment had been recognized as of the acquisition date. The new guidance is effective for fiscal years and for interim periods within those fiscal years after December 15, 2015. The ASU must be applied prospectively to adjustments to provisional amounts that occur after the effective date. Early adoption is permitted for financial statements that have not been issued. Management plans to implement this change in accounting principle in 2016 and does not anticipate a material impact from this new guidance. In August 2015, the FASB issued ASU 2015-15. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance cost as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This is only a clarification to the April 2015 ASU noted below, which we have early adopted in 2015. 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 consolidated balance sheets. See Note 4 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. 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
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22580-107794

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22499-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305

+ Details

Acquisitions and Other Recent Business Ventures

12 Months Ended

Dec. 31, 2015

Acquisitions and Other Recent Business Ventures

Acquisitions and Other Recent Business Ventures

6. Acquisitions and Other Recent Business Ventures

Tropicana Las Vegas

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 the 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.

Tropicana Las Vegas, located on the strip in Las Vegas, Nevada, is situated on a 35-acre land parcel at the corner of Tropicana Boulevard and Las Vegas Boulevard. The resort features 1,183,984 of property square footage with 775 slot machines and 36 table games. Tropicana Las Vegas offers 1,470 guest rooms, a sports book, three full services restaurants, a food court, a 1,200-seat performance theater, a 300-seat comedy club, over 100,000 square feet of exhibition and meeting space, and a five-acre tropical beach event area and spa. We believe this acquisition fulfills our strategic objective of obtaining a presence on the Las Vegas Strip.

Prairie State Gaming

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. The Company recorded $22.9 million and $15.7 million in goodwill and other intangible assets, respectively, from this transaction.

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 PSG's performance and expand its network.

The unaudited pro forma financial information for the periods set forth below gives effect to the two acquisitions described above as if they had occurred as of January 1, 2014. This incorporates the impacts on depreciation and amortization expense resulting from the Company's purchase accounting adjustments to the acquired assets and liabilities. The pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have been achieved had the acquisitions been consummated as of that time ($ in thousands):

Pro Forma Financial Information (Unaudited)

Year ended December 31,	2015			2014
Net Revenues	$	177,806		$	172,800
Loss from continuing operations		(5,092	)		(13,079	)

The acquisitions of Tropicana Las Vegas Hotel and Casino and PSG resulted in an increase to the Company's reported net revenues of $57.3 million and a decrease of $3.0 million to income from continuing operations for the year ended December 31, 2015. Additionally, prior to the acquisition dates, the Company incurred transaction costs of $1.9 million, which were reported in general and administrative expenses for the year ended December 31, 2015.

Jamul Indian Village

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 "Tribe") had entered into definitive agreements to jointly develop a Hollywood Casino-branded casino on the 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 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 Tribe to fund certain development costs; and (iii) create an exclusive arrangement between the parties.

The 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 possessing certain inherent powers of self-government. The 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 Tribe (the "Property"). The Tribe exercises jurisdiction over the Property pursuant to its powers of self-government and consistent with the resolutions and ordinances of the Tribe. The arrangement between the Tribe and the Company provides the 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 currently provides financing to the 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 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 Tribe as a loan (the "Senior Loans") with accrued interest in accordance with ASC 310, "Receivables." The Senior Loans represent advances made by the Company to the Tribe for the development and construction of a gaming facility for the Tribe on reservation land. As such, the 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 Senior Loans 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 Tribe. The Company's Senior Loans with the Tribe totaled $197.7 million and $62.0 million, which includes accrued interest of $13.9 million, and $3.3 million, at December 31, 2015 and 2014, respectively. Collectability of the Senior Loans 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 Senior Loans 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 the Senior Loans.

The Company considered whether the arrangement with the Tribe represents a variable interest that should be accounted for pursuant to the VIE subsections of 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 Tribe as a government organization, the Company believes its arrangement with the Tribe is not within the scope defined by ASC 810.

Additionally, in December 2015, the Company entered into an agreement to purchase a $60 million subordinated promissory note from the previous developer of the Jamul Indian Village project for $24 million (the "Loans"). Interest on the Loans, as of the effective date and at all times thereafter until the Senior Loans have been paid in full, shall accrue as follows: as of the effective date, no interest shall accrue initially; at the opening date, interest shall accrue at a simple fixed rate of 4.25% per annum. The Loans are subordinated to the Senior Loans, and payments on the Loans may only be made after all necessary payments are made on the Senior Loans subject to certain limitations. The Company recorded the Loans at its acquisition price of $24 million, which was considered to be its fair value. The Company has concluded that the $24 million carrying value, which is recorded within other assets on the consolidated balance sheets, represents the expected cash flows to be received from the loan as of December 31, 2015. The Company will evaluate the collectability of the Loans in subsequent interim periods, with increases in expected cash flows being recognized prospectively through yield adjustments and decreases in expected future cash flows being recognized immediately as an impairment of the carrying value.

Plainridge Racecourse Acquisition

In September 2013, the Company entered into an option and purchase agreement to purchase Plainridge Racecourse in Massachusetts with the sellers having no involvement in the business or operations from that date forward. The Company subsequently began to operate Plainridge Racecourse effective January 1, 2014 pursuant to a temporary operations agreement. On February 28, 2014, the Massachusetts Gaming Commission awarded the Company a Category Two slots-only gaming license, and in early March 2014, the Company exercised its option to purchase Plainridge Racecourse. This acquisition reflects the continuing efforts of the Company to expand its gaming operations through the development of new gaming properties. The fixed portion of the purchase price was paid on April 11, 2014. The option and purchase agreement also contained contingent purchase price consideration that is calculated based on the actual earnings of the gaming operations over the first ten years of operations. The first payment will be made 60 days after the completion of the first four full fiscal quarters of operation, and every year for nine years after the first payment. The fair value of this liability was determined to be $13.8 million and $19.2 million at December 31, 2015 and 2014, respectively, based on an income approach from the Company's internal earning projections and was discounted at a rate consistent with the risk a third party market participant would require holding the identical instrument as an asset. This liability is included in other current and other non-current liabilities on the consolidated balance sheet. At each reporting period, the Company assesses the fair value of this obligation and changes in its value are recorded in earnings. The amount included in general and administrative expense related to the change in fair value of this obligation was a credit of $5.4 million and a charge of $0.7 million for the years ended December 31, 2015 and 2014, respectively. The purchase price allocation resulted in an increase in land and buildings of $57.9 million and $3.0 million of goodwill.

Plainridge Park Casino, which opened on June 24, 2015, is located 20 miles southwest of the Boston beltway just off interstate 95 in Plainville, Massachusetts. Plainridge Park Casino features 196,473 of property square footage with 1,250 gaming devices. Plainridge Park Casino offers various restaurants, bars, 1,620 structured and surface parking spaces, and other amenities. Plainridge Park Casino also includes a 5/8-mile live harness racing facilitiy with approximate 55,000 square foot, two story clubhouse for simulcast operations and live racing viewing.

Investment In and Advances to Unconsolidated Affiliates	12 Months Ended
Investment In and Advances to Unconsolidated Affiliates	Dec. 31, 2015
Investment In and Advances to Unconsolidated Affiliates
Investment In and Advances to Unconsolidated Affiliates	7. Investment In and Advances to Unconsolidated Affiliates As of December 31, 2015, investment in and advances to unconsolidated affiliates primarily included the Company's 50% investment in Kansas Entertainment, which is a joint venture with International Speedway Corporation ("International Speedway"), its 50% interest in Freehold Raceway, and its 50% joint venture with MAXXAM, Inc. ("MAXXAM") that owns and operates racetracks in Texas. These investments are more fully described below. Kansas Joint Venture The Company has a 50% investment in Kansas Entertainment, which owns the Hollywood Casino at Kansas Speedway. Hollywood Casino at Kansas Speedway is a Hollywood-themed facility which features 244,791 of property square footage with 2,000 slot machines, 40 table games and 12 poker tables, a 1,253 space parking structure, as well as a variety of dining and entertainment facilities. As of December 31, 2015 and 2014, the Company's investment balance was $103.6 million and $115.5 million, respectively. During the years ended December 31, 2015, 2014 and 2013, the Company received distributions from Kansas Entertainment totaling $27.2 million, $23.0 million and $21.5 million, respectively, which the Company deemed to be returns on its investment based on the source of those cash flows from the normal business operations of Kansas Entertainment. The Company determined that Kansas Entertainment qualified as a VIE at December 31, 2015 and 2014. The Company did not consolidate its investment in Kansas Entertainment at, and for the years ended December 31, 2015 and 2014, as the Company determined that it did not qualify as the primary beneficiary of Kansas Entertainment at, and for the years ended December 31, 2015 and 2014, primarily as it did not have the ability to direct the activities of Kansas Entertainment that most significantly impacted Kansas Entertainment's economic performance without the input of International Speedway. In addition, the Company determined that International Speedway had substantive participating rights in Kansas Entertainment at, and for the years ended December 31, 2015 and 2014. Texas Joint Venture The Company has a 50% interest in a joint venture with MAXXAM, which owns and operates the Sam Houston Race Park in Houston, Texas and the Valley Race Park in Harlingen, Texas, and holds a license for a planned racetrack in Laredo, Texas. Sam Houston Race Park hosts thoroughbred and quarter horse racing and offers daily simulcast operations, and Valley Race Park features dog racing and simulcasting. The Company determined that the Texas joint venture did not qualify as a VIE at December 31, 2015 and 2014. Using the guidance for entities that are not VIEs, the Company determined that it did not have a controlling financial interest in the joint venture at, and for the years ended December 31, 2015 and 2014, primarily as it did not have the ability to direct the activities of the joint venture that most significantly impacted the joint venture's economic performance without the input of MAXXAM. Therefore, the Company did not consolidate its investment in the joint venture at, and for the years ended December 31, 2015 and 2014. New Jersey Joint Venture Through its joint venture with Greenwood Limited Jersey, Inc. ("Greenwood"), the Company owns 50% of Freehold Raceway, located in Freehold, New Jersey. The property features a half-mile standardbred race track and a grandstand. The Company determined that the New Jersey joint venture did not qualify as a VIE at December 31, 2015 and 2014. Using the guidance for entities that are not VIEs, the Company determined that it did not have a controlling financial interest in the joint venture at, and for the years ended December 31, 2015 and 2014, primarily as it did not have the ability to direct the activities of the joint venture that most significantly impacted the joint venture's economic performance without the input of Greenwood. Therefore, the Company did not consolidate its investment in the joint venture at, and for the years ended December 31, 2015 and 2014.

Property and Equipment

12 Months Ended

Dec. 31, 2015

Property and Equipment

Property and Equipment

8. Property and Equipment

Property and equipment, net, consists of the following:

December 31,	2015			2014
	(in thousands)
Property and equipment—non-leased
Land and improvements	$	288,910		$	42,350
Building and improvements		396,497			173,043
Furniture, fixtures and equipment		1,303,153			1,213,143
Leasehold improvements		129,012			120,984
Construction in progress		9,175			69,367

		2,126,747			1,618,887
Less Accumulated depreciation		(1,093,115	)		(988,490	)

		1,033,632			630,397

Property and equipment—leased
Land and improvements		382,246			382,702
Building and improvements		2,219,018			2,219,018

		2,601,264			2,601,720
Less accumulated depreciation		(654,828	)		(562,385	)

		1,946,436			2,039,335

Property and equipment, net	$	2,980,068		$	2,669,732

During the year ended December 31, 2015, total property and equipment, net increased by $310.3 million 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 the reclassification of the assets at Rosecroft Raceway facility as assets held for sale as of December 31, 2015, the disposal of certain assets at our Charles Town and Joliet properties, and depreciation expense for the twelve months ended December 31, 2015.

Depreciation expense, for property and equipment as well as capital leases, totaled $258.9 million, $255.4 million, and $287.3 million in 2015, 2014 and 2013. Depreciation expense on the Master Lease assets was $92.4 million, $89.8 million and $14.8 million for the years ended December 31, 2015, 2014, and 2013 respectively. Interest capitalized in connection with major construction projects was $1.8 million, $0.9 million, and $1.4 million in 2015, 2014 and 2013, respectively.

During the year ended December 31, 2015, the Company recorded no long-lived asset impairment charges. During the second quarter of 2014, the Company recorded a long-lived asset impairment charge of $4.6 million to write-down certain idle assets to their estimated salvage value. During the fourth quarter of 2013, in connection with the relocation of the Company's two racetracks in Ohio, the Company recorded a long-lived asset impairment charge of $2.2 million for the parcels of land that the racetracks resided on.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2015

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

9. Goodwill and Other Intangible Assets

Goodwill consists mainly from the acquisitions of Boomtown Biloxi in August 2000, Hollywood Casino Corporation in March 2003, Argosy Gaming Company in October 2005, Zia Park Casino in April 2007, Hollywood Casino St. Louis in November 2012, Tropicana Las Vegas in August 2015, and Prairie State Gaming in September 2015. A reconciliation of goodwill and accumulated goodwill impairment losses is as follows (in thousands):

Balance at December 31, 2013:
Goodwill	$	2,134,697
Accumulated goodwill impairment losses		(1,182,744	)

Goodwill, net	$	951,953

Goodwill acquired		3,052
Goodwill impairment losses		(80,821	)

Balance at December 31, 2014:
Goodwill	$	2,137,749
Accumulated goodwill impairment losses		(1,263,565	)

Goodwill, net	$	874,184

Goodwill acquired		37,758

Balance at December 31, 2015:
Goodwill	$	2,175,507
Accumulated goodwill impairment losses		(1,263,565	)

Goodwill, net	$	911,942

Indefinite-life intangible assets consist mainly of gaming licenses. The table below presents the gross carrying value, accumulated amortization, and net book value of each major class of other intangible assets at December 31, 2015 and 2014:

	December 31, 2015						December 31, 2014
	(in thousands)
	Gross Carrying Value		Accumulated Amortization		Net Book Value		Gross Carrying Value		Accumulated Amortization		Net Book Value
Indefinite-life intangible assets	$	375,405	$	—	$	375,405	$	418,991	$	—	$	418,991
Argosy Casino Sioux City gaming license		20,949		20,949		—		20,949		20,949		—
Other intangible assets		72,223		56,186		16,037		56,126		55,664		462

Total	$	468,577	$	77,135	$	391,442	$	496,066	$	76,613	$	419,453

Total other intangible assets decreased by $28.0 million for the year ended December 31, 2015 primarily due to impairment charges discussed below and amortization for the year ended December 31, 2015 partially offset by $15.7 million of customer relationship intangibles amortizing over ten years related to the acquisition of Prairie State Gaming on September 1, 2015.

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 Austintown, respectively. Upon opening of these facilities in 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 (See Note 10 for further details on the obligation). In addition, the gaming license fee of $50 million for each Ohio racino has been paid ($25 million for each facility in 2014, and $25 million for each facility in 2015).

For the year ended December 31, 2015, the Company recorded other intangible assets impairment charges of $40.0 million, as of the valuation date of October 1, 2015, related to the write-off of our Plainridge Park Casino gaming license and a partial write-down of the gaming license at Hollywood Gaming at Dayton Raceway due to a reduction in the long term earnings forecast at both of these locations.

For the year ended December 31, 2014, the Company recorded goodwill and other intangible assets impairment charges of $80.8 million and $74.5 million, respectively, as of valuation date of October 1, 2014 (the date of its annual impairment test), as it determined that a portion of the value of its goodwill and other intangible assets was impaired due to the Company's outlook of continued challenging regional gaming conditions at certain properties which persisted in 2014 in its Southern Plains segment, as well as for the write off of a trademark intangible asset in the West segment.

For the year ended December 31, 2013, the Company recorded goodwill and other intangible assets impairment charges of $249.3 million and $311.0 million, respectively, as of valuation date of October 1, 2013 (the date of its annual impairment test), and $30.9 million and $133.1 million, respectively, as of valuation date of November 1, 2013 (the Spin Off date), as it determined that portions of the value of its goodwill and other intangible assets were impaired. Subsequent to the Spin Off, the Company is responsible monthly for a single significant financing payment to GLPI under the Master Lease. For impairment valuation purposes, the Company allocates the financing payment to its reporting units that utilize property that is subject to the Master Lease.

Additionally, as a result of a new gaming license being awarded for the development of a new casino in Sioux City, Iowa to another applicant in April 2013, the Company recorded a goodwill and other intangible asset impairment charge of $68.7 million and $3.1 million, respectively, for Argosy Casino Sioux City during the year ended December 31, 2013, as the Company determined that the fair value of its Sioux City reporting unit was less than its carrying amount based on the Company's analysis of the estimated future expected cash flows the Company anticipated receiving from the operations of the Sioux City facility. Furthermore, the remaining gaming license for Argosy Casino Sioux City of $20.9 million at time of the impairment was accounted for as a definite lived intangible asset and was amortized on a straight line basis through June 2014, the opening date of the new facility.

The Company's intangible asset amortization expense was $0.5 million, $11.4 million, and $16.1 million for the years ended December 31, 2015, 2014 and 2013, respectively.

The following table presents expected intangible asset amortization expense based on existing intangible assets at December 31, 2015 (in thousands):

2016	$	1,755
2017		1,685
2018		1,673
2019		1,673
2020		1,673
Thereafter		7,578

Total	$	16,037

The Company's remaining goodwill and other intangible assets by reporting unit at December 31, 2015 is shown below (in thousands):

Reporting Unit	Goodwill		Other Intangible Assets
Hollywood Casino St. Louis	$	205,783	$	58,418
Hollywood Casino Aurora		207,207		—
Argosy Casino Riverside		154,332		4,964
Zia Park Casino		142,359		—
Hollywood Gaming at Dayton Raceway		15,339		110,436
Hollywood Gaming at Mahoning Valley Race Course		—		125,000
Hollywood Casino at Penn National Race Course		1,497		67,607
Hollywood Casino Lawrenceburg		63,189		—
Hollywood Casino Tunica		44,042		—
Praire State Gaming		22,937		15,151
Boomtown Biloxi		22,365		—
Argosy Casino Alton		9,863		8,285
Tropicana Las Vegas		14,821		—
Others		8,208		1,581

Total	$	911,942	$	391,442

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Long-term Debt

12 Months Ended

Dec. 31, 2015

Long-term Debt

Long-term Debt

10. Long-term Debt

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

December 31,	2015			2014
	(in thousands)
Senior secured credit facility	$	1,259,740		$	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		28,466			25,137

		1,735,198			1,267,637
Less current maturities of long-term debt		(92,108	)		(30,853	)
Less net discounts		(686	)		(1,056	)
Less debt issuance costs, net of accumulated amortization of $13.3 million and $6.8 million, respectively		(23,553	)		(25,151	)

	$	1,618,851		$	1,210,577

The following is a schedule of future minimum repayments of long-term debt as of December 31, 2015 (in thousands):

2016	$	91,998
2017		83,926
2018		916,889
2019		18,021
2020		251,213
Thereafter		373,151

Total minimum payments	$	1,735,198

Senior Secured Credit Facility

On October 30, 2013, the Company entered into a new senior secured credit facility. The new senior secured credit facility consists of a five year $500 million revolver, a five year $500 million Term Loan A facility, and a seven year $250 million Term Loan B facility. The Term Loan A facility was priced at LIBOR plus a spread (ranging from 2.75% to 1.25%) based on the Company's consolidated total net leverage ratio as defined in the new senior secured credit facility. The Term Loan B facility was priced at LIBOR plus 2.50%, with a 0.75% LIBOR floor. In connection with the repayment of the previous senior secured credit facility, the Company recorded a $21.5 million loss on the early extinguishment of debt for the year ended December 31, 2013 related to debt issuance costs write-offs and the write-off of the discount on the Term Loan B facility of the previous 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.

The Company's senior secured credit facility had a gross outstanding balance of $1,259.7 million at December 31, 2015, consisting of a $592.7 million Term Loan A facility, a $245.0 million Term Loan B facility, and $422.0 million outstanding on the revolving credit facility. This compares with a $807.5 million gross outstanding balance at December 31, 2014 which consisted of a $475 million Term Loan A facility, a $247.5 million Term Loan B facility and $85.0 million outstanding on the revolving credit facility. Additionally, at December 31, 2015 and 2014, the Company was contingently obligated under letters of credit issued pursuant to the senior secured credit facility with face amounts aggregating $23.4 million and $23.0 million, respectively, resulting in $187.7 million and $392.0 million of available borrowing capacity as of December 31, 2015 and 2014, respectively, under the revolving credit facility.

The payment and performance of obligations under the senior secured credit facility are guaranteed by a lien on and security interest in substantially all of the assets (other than excluded property such as gaming licenses) of the Company and its subsidiaries.

Redemption of 83/4% Senior Subordinated Notes

In the fourth quarter of 2013, the Company redeemed all of its $325 million 83/4% senior subordinated notes, which were due in 2019 ("83/4% Notes"). In connection with this redemption, the Company recorded a $40.2 million loss on the early extinguishment of debt for the year ended December 31, 2013 related to debt issuance costs write-offs of $5.5 million and the call premium on the 83/4% Notes of $34.7 million.

5.875% Senior Unsecured Notes

On October 30, 2013, the Company completed an offering of $300 million 5.875% senior unsecured notes that mature on November 1, 2021 (the "5.875% Notes") at a price of par. Interest on the 5.875% Notes is payable on May 1 and November 1 of each year. The 5.875% Notes are senior unsecured obligations of the Company. The 5.875% Notes will not be guaranteed by any of the Company's subsidiaries except in the event that the Company in the future issues certain subsidiary-guaranteed debt securities. The Company may redeem the 5.875% Notes at any time, and from time to time, on or after November 1, 2016, at the declining redemption premiums set forth in the indenture governing the 5.875% Notes, together with accrued and unpaid interest to, but not including, the redemption date. Prior to November 1, 2016, the Company may redeem the 5.875% Notes at any time, and from time to time, at a redemption price equal to 100% of the principal amount of the 5.875% Notes redeemed plus a "make-whole" redemption premium described in the indenture governing the 5.875% Notes, together with accrued and unpaid interest to, but not including, the redemption date. In addition, the 5.875% Notes may be redeemed prior to November 1, 2016 from net proceeds raised in connection with an equity offering as long as the Company pays 105.875% of the principal amount of the 5.875% Notes, redeems the 5.875% Notes within 180 days of completing the equity offering, and at least 60% of the 5.875% Notes originally issued remains outstanding.

The Company used the proceeds of the new senior secured credit facility, new 5.875% Notes, and cash on hand, to repay its previous senior secured credit facility, to fund the cash tender offer to purchase any and all of its 83/4% Notes and the related consent solicitation to make certain amendments to the indenture governing the 83/4% Notes, to satisfy and discharge such indenture, to pay related fees and expenses and for working capital purposes.

GLPI indebtedness

Immediately before the Spin-Off on October 30, 2013, while GLPI was a wholly-owned subsidiary of the Company, GLPI raised $2.35 billion of debt financing, which was part of the net assets contributed to GLPI as part of the Spin-Off. See Note 2 for further discussion.

Other Long-Term Obligations

Other long term obligations at December 31, 2015 and 2014 of $147.0 million and $135.0 million, respectively, included $131.7 million and $135.0 million, respectively, 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 at December 31, 2015; 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 $6.7 million and $2.1 million for the year ended December 31, 2015 and 2014, 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 $0.4 million for the year ended December 31, 2015.

Other

In September 2012, the Company received $10 million under a subscription agreement entered into between A3 Gaming Investments, LLC, an investment vehicle owned by the previous owner of the M Resort ("A3 Gaming Investments"), and LV Gaming Ventures, LLC, a wholly-owned subsidiary of the Company and holder of the assets of the M Resort ("LV Gaming Ventures"). The subscription agreement entitled A3 Gaming Investments to invest in a limited liability membership interest in LV Gaming Ventures, which was scheduled to mature on October 1, 2016. The investment entitled A3 Gaming Investments to annual payments and a settlement value based on the earnings levels of the M Resort. In accordance with ASC 480, "Distinguishing Liabilities from Equity," the Company determined that this obligation was a financial instrument and as such should be recorded as a liability within debt. Changes in the settlement value, if any, were accreted to interest expense through the maturity date of the instrument. In September 2013, the Company entered into an agreement to terminate the subscription agreement, which was repaid on October 22, 2013 for $16 million. During the year ended December 31, 2013, the Company recorded a charge of $3.8 million, and $2.2 million in interest expense on this instrument.

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 December 31, 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 on the balance sheet as of December 31, 2014.

Covenants

The Company's senior secured credit facility and $300 million 5.875% senior unsecured notes require us, 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 December 31, 2015, the Company was in compliance with all required financial covenants. In connection with the recent restatement of the Company's consolidated financial statements, the Company received a waiver from its lenders under its senior secured credit facility to file its consolidated financial statements with the SEC by March 15, 2016.

Master Lease Financing Obligation

12 Months Ended

Dec. 31, 2015

Master Lease Financing Obligation

Master Lease Financing Obligation

11. Master Lease Financing Obligation

The Company's lease obligation with GLPI that is described in Note 4 to the consolidated financial statements is accounted for as a financing obligation. The obligation was calculated at the inception of the transaction based on the future minimum lease payments 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 to GLPI under the Master Lease were $437.0 million, $421.4 million and $69.5 million for the years ended December 31, 2015, 2014 and 2013, respectively, of which $390.1 million, $379.2 million and $62.1 million respectively, were recognized as interest expense. The interest expense recognized for the years ended December 31, 2015, 2014 and 2013 includes $43.5 million, $40.9 million and $6.7 million, respectively from contingent payments associated with the monthly variable components for Hollywood Casino Columbus and Hollywood Casino Toledo.

In April 2014, an amendment to the Master Lease was entered into in order to revise certain provisions relating to the Sioux City property. In accordance with the amendment, upon the cessation of gaming operations at Argosy Casino Sioux City on July 30, 2014 due to the termination of its gaming license, the annual payment to GLPI was reduced by $6.2 million. Additionally, the Company finalized its calculation of rent coverage in accordance with the appropriate provisions of the Master Lease to determine if an annual base payment escalator is due. The calculation of the escalator resulted in an increase to the Company's annual payment of $5.0 million and $3.2 million starting November 1, 2015 and 2014, respectively. Both of these items were recognized through yield adjustments to our financing obligation which reduced interest expense.

The future minimum payments related to the Master Lease financing obligation with GLPI, at December 31, 2015 are as follows (in thousands):

2016	$	389,496
2017		389,496
2018		378,716
2019		324,819
2020		324,819
Thereafter		9,040,800

Total minimum payments		10,848,146
Less amounts representing interest at 9.70%		(7,671,269	)
Plus residual values		387,751

Present value of future minimum payments		3,564,628
Less current portion of financing obligation		(50,548	)

Long-term portion of financing obligation	$	3,514,080

Commitments and Contingencies

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies

Commitments and Contingencies

12. Commitments and Contingencies

Litigation

Bankruptcy Litigation

With the acquisition of the Tropicana Las Vegas and its associated entities ("Tropicana Las Vegas") in August 2015, the Company has assumed litigation arising from the Bankruptcy Chapter 11 reorganization ("Bankruptcy") of Tropicana's 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, 2016, TEH and other parties appealed the order. This appeal remains pending. At this point, management cannot predict the outcome of this disputed claim and no assurance can be provided regarding Tropicana Las Vegas's liability in this regard.

The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions and other matters arising in the ordinary course of business. The Company does not believe that the final outcome of these matters will have a material adverse effect on the Company's consolidated financial position or results of operations. In addition, the Company maintains what it believes is adequate insurance coverage to further mitigate the risks of such proceedings. However, such proceedings can be costly, time consuming and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings may not materially impact the Company's consolidated financial condition or results of operations. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters.

The following proceedings could result in costs, settlements, damages, or rulings that materially impact the Company's consolidated financial condition or operating results. The Company believes that it has meritorious defenses, claims and/or counter-claims with respect to these proceedings, and intends to vigorously defend itself or pursue its claims.

Operating Lease Commitments

The Company is liable under numerous operating leases for various assets, including but not limited to automobiles, and other equipment. Total rental expense under these other lease agreements was $37.9 million, $33.3 million, and $36.4 million for the years ended December 31, 2015, 2014 and 2013, respectively.

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at December 31, 2015 are as follows (in thousands):

Year ending December 31,	Total
2016	$	4,223
2017		3,205
2018		2,668
2019		1,632
2020		1,066
Thereafter		14,831

Total	$	27,625

Capital Expenditure Commitments

The Company's current construction program for 2016 includes capital expenditures of approximately $31.4 million, of which the Company was contractually committed to spend approximately $2.0 million at December 31, 2015.

Purchase obligations

The Company has obligations to purchase various goods and services totaling $87.1 million at December 31, 2015, of which $62.7 million will be incurred in 2016.

Employee Benefit Plans

The Company maintains a qualified retirement plan under the provisions of Section 401(k) of the Internal Revenue Code of 1986, as amended, which covers all eligible employees. The plan enables participating employees to defer a portion of their salary in a retirement fund to be administered by the Company. The Company makes a discretionary match contribution, where applicable, of 50% of employees' elective salary deferrals, up to a maximum of 6% of eligible employee compensation. The matching contributions for the qualified retirement plan for the years ended December 31, 2015, 2014 and 2013 were $5.0 million, $4.7 million, and $4.6 million, respectively.

The Company also has a defined contribution plan, the Charles Town Races Future Service Retirement Plan, covering substantially all of its union employees at Hollywood Casino at Charles Town Races. Hollywood Casino at Charles Town Races makes annual contributions to this plan for the eligible union employees and to the Penn National Gaming, Inc. 401(k) Plan for the eligible non-union employees for an amount equal to the amount accrued for retirement expense, which is calculated as 0.25% of the daily mutual handle, 1.0% of net video lottery revenue up to a base and, after the base is met, it reverts to 0.5% and 0.84% of table and poker revenue, respectively. The contributions for the two plans at Hollywood Casino at Charles Town Races for the years ended December 31, 2015, 2014 and 2013 were $2.9 million, $3.0 million, and $3.6 million, respectively.

The Company maintains a non-qualified deferred compensation plan that covers most management and other highly-compensated employees. This plan was effective March 1, 2001. The plan allows the participants to defer, on a pre-tax basis, a portion of their base annual salary and/or their annual bonus, and earn tax-deferred earnings on these deferrals. The plan also provides for matching Company contributions that vest over a five-year period. The Company has established a Trust, and transfers to the Trust, on a periodic basis, an amount necessary to provide for its respective future liabilities with respect to participant deferral and Company contribution amounts. The Company's matching contributions for the non-qualified deferred compensation plan for the years ended December 31, 2015, 2014 and 2013 were $2.0 million, $1.9 million, and $2.3 million, respectively. The Company's deferred compensation liability, which was included in other current liabilities within the consolidated balance sheets, was $52.7 million and $61.4 million at December 31, 2015 and 2014, respectively.

Labor Agreements

The Company is required to have agreements with the horsemen at the majority of its racetracks to conduct its live racing and/or simulcasting activities. In addition, in order to operate gaming machines and table games in West Virginia, the Company must maintain agreements with each of the Charles Town horsemen, pari-mutuel clerks and breeders.

At Hollywood Casino at Charles Town Races, the Company renewed an agreement with the Charles Town Horsemen's Benevolent and Protective Association that expires on June 18, 2018. Hollywood Casino at Charles Town Races also renewed an agreement with the breeders that expires on June 30, 2016. Additionally, the pari-mutuel clerks at Charles Town are represented under a collective bargaining agreement with the West Virginia Union of Mutuel Clerks, which expired on December 31, 2010 and has been extended on a month-to-month basis.

The Company's agreement with the Pennsylvania Horsemen's Benevolent and Protective Association at Hollywood Casino at Penn National Race Course was renewed through January 31, 2017. The Company had a collective bargaining agreement with Local 137 of the Sports Arena Employees at Penn National Race Course with respect to on-track pari-mutuel clerks and admissions personnel which expired on December 31, 2011. In August 2012, Local 137 of the Sports Arena Employees announced that they entered into a "voluntary supervision" agreement with their international union, Laborers' International Union of North America ("LIUNA") Local 108. In February 2014, a new agreement with LIUNA Local 108 for on-track and OTWs bargaining units was ratified for three years. In August 2015, the company entered into a three year collective bargaining agreement with the International Chapter of Horseshoers and Allied Equine Trades Local 947.

The Company's agreement with the Maine Harness Horsemen Association at Bangor Raceway continued through the conclusion of the 2015 racing season.

In March of 2014, Hollywood Gaming at Mahoning Valley Race Course entered into an agreement with the Ohio Horsemen's Benevolent and Protective Association. The term is for a period of ten years from the September 2014 commencement of video lottery terminal operations at that facility.

In September 2015, Hollywood Gaming at Dayton Raceway entered into an agreement with the Ohio Harness Horsemen's Association for racing at the property. The term is for a period of ten years from the September 2015 effective date.

Rosecroft Raceway entered into agreements with the Cloverleaf Standardbred Owners Association ("CSOA") and Maryland Standardbred Breeder's Association ("MSBA") as of July 5, 2011. CSOA's agreement has been extended through December 31, 2017 with certain termination provisions. The MSBA agreement has been extended through December 31, 2017 with certain termination provisions. Additionally, Rosecroft Raceway has entered into agreements with the United Food and Commercial Workers Union ("UFCW") Local 27 and the Seafarers Entertainment and Allied Trade Union ("SEATU") for certain bargaining positions at the racetrack. The UFCW Local 27 agreement was ratified on December 13, 2014 and expires on November 30, 2019. The SEATU agreement expires on November 30, 2020.

Across certain of the Company's properties, SEATU represents approximately 1,827 of the Company's employees under a National Agreement that expires on January 24, 2032 and Local Addenda that expire at various times between May 2016 and January 2024.

SEATU agreements are in place at Hollywood Casino Joliet, Hollywood Casino Lawrenceburg, Hollywood Casino Riverside, Argosy Alton, Hollywood Casino Kansas Speedway, Hollywood Gaming Dayton, Hollywood Gaming at Mahoning Valley and Plainridge Park Casino. Argosy Alton has a wage reopener in May 2016; the remainder of the SEATU agreements have expiration dates in 2017 and beyond.

At Hollywood Casino Joliet, the Hotel Employees and Restaurant Employees Union Local 1 represents approximately 186 employees under a collective bargaining agreement which expires on March 31, 2019. At Hollywood Casino Columbus and Hollywood Casino Toledo, a council comprised of the United Auto Workers and the United Steel Workers represents approximately 1,361 employees under a collective bargaining agreement which ends on November 15, 2019.

On August 25, 2015, the Company acquired Tropicana Las Vegas Hotel & Casino who had an existing agreement with the Culinary & Bartenders Union which expires on May 31, 2018.

In addition, at some of the Company's properties, the Security Police and Fire Professionals of America, the International Brotherhood of Electronic Workers Locals 176 and 649, the LIUNA Public Serviced Employees Local 1290PE, The International Association of Machinists and Aerospace Workers, Locals 447 and 264, the United Industrial, Service, Transportation, Professional and Government Workers of North America, the International Alliance of Theatrical Stage Employees and Teamsters Union represent certain of the Company's employees under collective bargaining agreements that expire at various times between July 2016 and September 2025. None of these additional unions represent more than 91 of the Company's employees.

If the Company fails to maintain operative agreements with the horsemen at a track, it will not be permitted to conduct live racing and export and import simulcasting at that track and OTWs and, in West Virginia, the Company will not be permitted to operate its gaming machines and table games unless the state intervenes or changes the statute. In addition, the Company's simulcasting agreements are subject to the horsemen's approval. If the Company fails to renew or modify existing agreements on satisfactory terms, this failure could have a material adverse effect on its business, financial condition and results of operations. Except for the closure of the facilities at Penn National Race Course and its OTWs from February 16, 1999 to March 24, 1999 due to a horsemen's strike, and a few days at other times and locations, the Company has been able to maintain the necessary agreements. There can be no assurance that the Company will be able to maintain the required agreements.

Income Taxes

12 Months Ended

Dec. 31, 2015

Income Taxes

Income Taxes

13. Income Taxes

The following table summarizes the tax effects of temporary differences between the financial statement carrying value of assets and liabilities and their respective tax basis, which are recorded at the prevailing enacted tax rate that will be in effect when these differences are settled or realized. These temporary differences result in taxable or deductible amounts in future years. The Company assessed all available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of our existing deferred tax assets. In connection with the failed spin-off-leaseback, the Company continued to record real property assets and a financing obligation of $2.00 billion and $3.52 billion, respectively, on November 1, 2013, which resulted in a substantial increase to our net deferred tax assets of $599.9 million. ASC 740 suggests that additional scrutiny should be given to deferred taxes of an entity with cumulative pre-tax losses during the three most recent years and is widely considered significant negative evidence that is objective and verifiable and therefore, difficult to overcome. During the years ended December 31, 2014 and 2013, we had or expected to have cumulative pre-tax losses and considered this factor in our analysis of deferred taxes. Additionally, the Company was in a three year cumulative loss position at December 31, 2015 and expects to remain in this position in the near future. As a result of these facts, the Company recorded a full valuation allowance against its net deferred tax assets on November 1, 2013, excluding the reversal of deferred tax liabilities related to indefinite-lived assets. The valuation allowance recorded at December 31, 2013 included $599.9 million in deferred tax assets recorded in connection with the Spin-Off. The Company intends to continue to maintain a full valuation allowance on its net deferred tax assets until there is sufficient objectively verifiable positive evidence to support the realization of all or some portion of these deferred tax assets.

The components of the Company's deferred tax assets and liabilities are as follows:

Year ended December 31,	2015			2014
	(in thousands)
Deferred tax assets:
Stock-based compensation expense	$	36,243		$	44,458
Accrued expenses		59,196			58,483
Intangibles		11,590			38,959
Financing obligation to GLPI		1,374,268			1,394,575
Unrecognized tax benefits		9,858			10,837
Net operating losses		81,109			11,895
Accumulated other comprehensive loss		—			590

Gross deferred tax assets		1,572,264			1,559,797
Less valuation allowance		(844,258	)		(744,449	)

Net deferred tax assets		728,006			815,348

Deferred tax liabilities:
Property, plant and equipment, non-leased		(80,930	)		(61,803	)
Property, plant and equipment, leased		(750,407	)		(787,580	)
Investments in unconsolidated affiliates		(3,024	)		(4,255	)
Accumulated other comprehensive gain		(1,566	)		—

Net deferred tax liabilities		(835,927	)		(853,638	)

Noncurrent deferred tax liabilities, net	$	(107,921	)	$	(38,290	)

The realizability of the net deferred tax assets is evaluated quarterly by assessing the need for a valuation allowance and by adjusting the amount of the allowance, if necessary. The Company gives appropriate consideration to all available positive and negative evidence including projected future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. The evaluation of both positive and negative evidence is a requirement pursuant to ASC 740 in determining the net deferred tax assets will be realized. In the event the Company determines that the deferred income tax assets would be realized in the future in excess of their net recorded amount, an adjustment to the valuation allowance would be recorded, which would reduce the provision for income taxes.

Following the ownership change of the Tropicana Las Vegas on August 25, 2015, we acquired federal net operating loss carry-forwards and general business credit carryforwards in the amount of $190.9 million and $0.9 million, which will expire on various dates from 2029 through 2035. These tax attributes are subject to limitations under the Internal Revenue Code and underlying Treasury Regulations, however we believe it is more likely than not that the benefit from these tax attributes will not be realized. In the recognition of this risk, we have provided a full valuation allowance on the acquired deferred tax assets related to these net operating and general business credit carryforwards. In the event our assumptions change, which allows the Company to realize these acquired tax attributes, the benefits related to any reversal of the valuation allowance on the deferred tax assets as of December 31, 2015, will be recognized as a reduction of income tax expense.

For state income tax reporting, the Company has gross state net operating loss carry-forwards aggregating approximately $202.0 million available to reduce future state income taxes, primarily for the Commonwealth of Pennsylvania and the States of Missouri, New Mexico and Ohio localities as of December 31, 2015. The tax benefit associated with these net operating loss carry-forwards is approximately $9.9 million. Due to statutorily limited operating loss carry-forwards and income and loss projections in the applicable jurisdictions, a full valuation allowance has been recorded to reflect the net operating losses which are not presently expected to be realized. If not used, substantially all the carry-forwards will expire at various dates from December 31, 2016 to December 31, 2035.

Also, certain subsidiaries have accumulated gross state net operating loss carry-forwards aggregating approximately $1.2 billion for which no benefit has been recorded as they are attributable to uncertain tax positions and excess tax benefits from stock option deductions. The unrecognized tax benefits as of December 31, 2015 attributable to these net operating losses was approximately $69.4 million. Due to the uncertain tax position and excess tax benefits from stock option deductions, these net operating losses are not included as components of deferred tax assets as of December 31, 2015. In the event of any benefit from realization of these net operating losses, $11.4 million would be treated as an increase to equity, and the remainder would be treated as a reduction of tax expense. If not used, substantially all the carry-forwards will expire at various dates from December 31, 2016 to December 31, 2035.

Additionally, included in the Company's full valuation allowance is $2.3 million for federal capital losses that will expire if not used via the realization of capital gains by December 31, 2033. Overall the Company's valuation allowance at December 31, 2015 increased from December 31, 2014 by a net amount of $99.8 million primarily due to the acquired deferred tax assets related to the Tropicana's tax attributes of $68.2 million and other deferred tax assets during the year of $31.6 million.

The provision for income taxes charged to operations for the years ended December 31, 2015, 2014 and 2013 was as follows:

Year ended December 31,	2015			2014		2013
	(in thousands)
Current tax (benefit) expense
Federal	$	(5,158	)	$	14,275	$	96,273
State		133			5,821		2,835
Foreign		3,713			7,515		4,708

Total current		(1,312	)		27,611		103,816

Deferred tax expense (benefit)
Federal		51,817			2,357		(137,803	)
State		5,419			551		407

Total deferred		57,236			2,908		(137,396	)

Total income tax provision (benefit)	$	55,924		$	30,519	$	(33,580	)

The following table reconciles the statutory federal income tax rate to the actual effective income tax rate for 2015, 2014 and 2013:

Year ended December 31,	2015			2014			2013
Percent of pretax income
Federal taxes		35.0	%		35.0	%		35.0	%
State and local income taxes		6.1	%		1.6	%		1.5	%
Permanent differences		5.8	%		(20.9	)%		(16.8	)%
Foreign		5.2	%		(2.2	)%		(0.6	)%
Valuation allowance		55.3	%		(31.1	)%		(14.0	)%
Other miscellaneous items		(8.6	)%		(2.3	)%		0.3	%

		98.8	%		(19.9	)%		5.4	%

Year ended December 31,	2015			2014			2013
	(in thousands)
Amount of pretax income
Federal taxes	$	19,814		$	(53,656	)	$	(219,232	)
State and local income taxes		3,435			(2,470	)		(9,163	)
Permanent differences		3,276			32,019			104,592
Foreign		2,955			3,337			3,685
Valuation allowance		31,288			47,703			92,242
Other miscellaneous items		(4,844	)		3,586			(5,704	)

	$	55,924		$	30,519		$	(33,580	)

A reconciliation of the beginning and ending amount for the liability for unrecognized tax benefits is as follows:

	Unrecognized tax benefits
	(in thousands)
Unrecognized tax benefits	$	49,594
Cumulative advance deposits on account		(28,030	)

Balance at December 31, 2013	$	21,564
Additions based on current year positions		1,142
Additions based on prior year positions		4,038
Decreases due to settlements and/or reduction in reserves		(5,097	)
Currency translation adjustments		(4,844	)
Settlement payments		(356	)

Unrecognized tax benefits		44,477
Cumulative advance deposits on account		(37,441	)

Balance at December 31, 2014	$	7,036


Additions based on current year positions		561
Additions based on prior year positions		6,371
Decreases due to settlements and/or reduction in reserves		(4,743	)
Currency translation adjustments		(9,097	)
Settlement payments		(4,000	)

Unrecognized tax benefits		33,569
Cumulative advance deposits on account		(31,371	)

Balance at December 31, 2015	$	2,198

The Company is required under ASC 740 to disclose its accounting policy for classifying interest and penalties, the amount of interest and penalties charged to expense each period, as well as the cumulative amounts recorded in the consolidated balance sheets. The Company will continue to classify any income tax-related penalties and interest accrued related to unrecognized tax benefits in taxes on income within the consolidated statements of operations.

During the year ended December 31, 2015, the Company recorded $0.6 million of tax reserves and accrued interest related to current year uncertain tax positions. In regards to prior year tax positions, the Company recorded $6.4 million of tax reserves and accrued interest and reversed $3.7 million and $1.0 million of previously recorded tax reserves and accrued interest, respectively, for uncertain tax positions that have settled and/or closed. The unrecognized tax benefits in the table above of $2.2 million for the year ended December 31, 2015 are recorded within our consolidated balance sheets as $4.0 million in other liabilities and $1.8 million in other assets. Overall, the Company recorded a net tax expense of $1.8 million in connection with its uncertain tax positions for the year ended December 31, 2015.

Included in the liability for unrecognized tax benefits at December 31, 2015 and 2014 were $10.0 million and $10.7 million, respectively, of tax positions that, if reversed, may not affect the effective tax rate as a result of the Company's full valuation allowance.

Included in the liability for unrecognized tax benefits at December 31, 2015 and 2014 were $3.0 million and $2.5 million of currency translation gains for foreign currency tax positions and advance deposits on account, respectively.

During the years ended December 31, 2015 and 2014, the Company recognized approximately $1.4 million and $1.1 million, respectively, of interest and penalties, net of deferred taxes. In addition, due to settlements and/or reductions in previously recorded liabilities, the Company had reductions in previously accrued interest and penalties of $0.7 million, net of deferred taxes. These accruals are included in noncurrent tax liabilities and prepaid expenses within the consolidated balance sheets at December 31, 2015 and 2014, respectively.

The Company is currently in various stages of the examination process in connection with its open audits. Generally, it is difficult to determine when these examinations will be closed, but the Company reasonably expects that its ASC 740 liabilities will not significantly change over the next twelve months. The Company anticipates that a payment of $4.0 million will be made by the end of 2016.

As of December 31, 2015, the Company is subject to U.S. federal income tax examinations for the tax years 2012, 2013, and 2014. In addition, the Company is subject to state and local income tax examinations for various tax years in the taxing jurisdictions in which the Company operates.

At December 31, 2015 and 2014, prepaid expenses within the consolidated balance sheets included prepaid income taxes of $48.9 million and $34.2 million, respectively.

Shareholders' Equity

12 Months Ended

Dec. 31, 2015

Shareholders' Equity

Shareholders' Equity

14. Shareholders' Equity

Preferred Equity Investment

On June 15, 2007, the Company announced that it had entered into a merger agreement that, at the effective time of the transactions contemplated thereby, would have resulted in the Company's shareholders receiving $67.00 per share. Specifically, the Company, PNG Acquisition Company Inc. ("Parent") and PNG Merger Sub Inc., a wholly-owned subsidiary of Parent ("Merger Sub"), announced that they had entered into an Agreement and Plan of Merger, dated as of June 15, 2007 (the "Merger Agreement"), that provided, among other things, for Merger Sub to be merged with and into the Company, as a result of which the Company would have continued as the surviving corporation and would have become a wholly-owned subsidiary of Parent. Parent is indirectly owned by certain funds managed by affiliates of Fortress Investment Group LLC ("Fortress") and Centerbridge Partners, L.P. ("Centerbridge").

On July 3, 2008, the Company entered into an agreement with certain affiliates of Fortress and Centerbridge, terminating the Merger Agreement. In connection with the termination of the Merger Agreement, the Company agreed to receive a total of $1.475 billion, consisting of a nonrefundable $225 million cash termination fee and a $1.25 billion, zero coupon, preferred equity investment (the "Investment"). On October 30, 2008, the Company closed the sale of the Investment and issued 12,500 shares of the Series B Preferred Stock. During the year ended December 31, 2010, the Company repurchased 225 shares of Series B Preferred Stock for $11.2 million.

As part of the Spin-Off described further in Note 2, the Company entered into an agreement (the "Exchange Agreement") with FIF V PFD LLC, an affiliate of Fortress, providing for the exchange of shares of the Company's Series B Preferred Stock for shares of a new class of preferred stock, Series C Preferred Stock, in contemplation of the Spin-Off.

The Exchange Agreement provided Fortress with the right to exchange its 9,750 shares of Series B Preferred Stock for fractional shares of Series C Preferred Stock at an exchange ratio that treated each such fractional share (and therefore each share of common stock into which such fractional share was convertible) as worth $67 per share, which was the "ceiling price" at which the shares of Series B Preferred Stock were redeemable by the Company at maturity. Any shares of Series B Preferred Stock that were not exchanged for shares of Series C Preferred Stock prior to the second business day before October 16, 2013, the record date established for the distribution of GLPI common stock in the Spin-Off, were automatically exchanged for shares of Series C Preferred Stock on such date. Subsequently, the Company had the right to purchase from Fortress, prior to the record date for the Spin-Off, a number of shares of Series C Preferred Stock, at a price of $67 per fractional share of Series C Preferred Stock, such that, immediately following the consummation of the Spin-Off, Fortress would not own more than 9.9% of GLPI's common stock.

On October 11, 2013, the Company completed its exchange and repurchase transactions with Fortress and repurchased all of the 2,300 shares of Series B Preferred Stock held by Centerbridge at par and issued to the affiliate of Fortress 14,553 shares of non-voting Series C Preferred Stock in order to redeem all of the previously outstanding shares of Series B Preferred Stock. The Company then repurchased 5,929 shares of Series C Preferred Stock from Fortress. Additionally, in February 2013, the Company repurchased 225 shares of Series B Preferred Stock from WF Investment Holdings, LLC at a slight discount to par. In these transactions, the Company paid a total of $649.5 million, which was primarily funded by borrowings under the revolving credit facility, to the affiliates of Fortress, Centerbridge and WF Investment Holdings, LLC, As a result of these transactions, there are currently no outstanding shares of Series B Preferred Stock and Fortress holds 8,624 shares of Series C Preferred Stock.

Under the terms of the Statement with Respect to Shares of Series C Convertible Preferred Stock of the Company (the "Series C Designation"), the Series C Preferred Stock is nonvoting stock, provided, however, that the Series C Designation cannot be altered or amended so as to adversely affect any right or privilege held by the holders of Series C shares without the consent of a majority of the shares of Series C then outstanding. Holders of Series C shares will participate in dividends paid to the holders of common stock of the Company on an as-converted basis. Each share of Series C will automatically convert into 1,000 shares of common stock upon sale to a third party not affiliated with the original holder.

The following table below discloses the changes in each class of the Company's preferred stock for the year ended December 31, 2013. No changes in the Company's preferred stock occurred in the years ended December 31, 2015 and 2014.

	Series B Preferred Stock			Series C Preferred Stock
Shares outstanding at December 31, 2012		12,275			—
Repurchase of Series B Preferred Stock		(2,525	)		—
Impact of exchange transaction		(9,750	)		14,553
Repurchase of Series C Preferred Stock		—			(5,929	)

Shares outstanding at December 31, 2013		—			8,624

Impact of Spin-Off

See Note 2 for details of net assets contributed to GLPI in connection with the Spin-Off, which occurred on November 1, 2013, as well as the exchange transaction with Peter M. Carlino and the PMC Delaware Dynasty Trust.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: 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.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

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 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: 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 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2015

Stock-Based Compensation

Stock-Based Compensation

15. Stock-Based Compensation

On April 16, 2003, the Company's Board of Directors adopted and approved the 2003 Long Term Incentive Compensation Plan (the "2003 Plan"). On May 22, 2003, the Company's shareholders approved the 2003 Plan. The 2003 Plan was effective June 1, 2003 and permitted the grant of options to purchase common stock and other market-based and performance-based awards. Up to 12,000,000 shares of common stock were available for awards under the 2003 Plan. The 2003 Plan provided for the granting of both incentive stock options intended to qualify under Section 422 of the Internal Revenue Code of 1986, as amended, and nonqualified stock options, which do not so qualify. The exercise price per share may be no less than (i) 100% of the fair market value of the common stock on the date an option is granted for incentive stock options and (ii) 85% of the fair market value of the common stock on the date an option is granted for nonqualified stock options. However the shares which remained available for issuance under such plan as of November 12, 2008 are no longer available for issuance and all future equity awards will be pursuant to the 2008 Long Term Incentive Compensation Plan (the "2008 Plan") described below.

On August 20, 2008, the Company's Board of Directors adopted and approved the 2008 Plan. On November 12, 2008, the Company's shareholders approved the 2008 Plan. The 2008 Plan permits the Company to issue stock options (incentive and/or non-qualified), stock appreciation rights, restricted stock, phantom stock units and other equity and cash awards to employees. Non- employee directors are eligible to receive all such awards, other than incentive stock options. On June 9, 2011, the Company's shareholders approved an amendment to the 2008 Plan to increase the aggregate number of shares of common stock that may be issued by 2,350,000 to 9,250,000, and on June 12, 2014 the Company's shareholders approved an amendment to increase the aggregate number of shares of common stock that may be issued from 9,250,000 to 16,350,000. Awards of stock options and stock appreciation rights will be counted against the 16,350,000 limit as one share of common stock for each share granted. However, each share awarded in the form of restricted stock, or any other full value stock award, will be counted as issuing 2.44 shares of common stock for purposes of determining the number of shares available for issuance under the plan. Any awards that are not settled in shares of common stock shall not count against this limit. At December 31, 2015, there were 5,480,017 options available for future grants under the 2008 Plan.

In connection with the Spin-Off of GLPI, the Company's employee stock options and cash-settled stock appreciation rights ("SARs") were converted into two awards, an award in Penn with an adjusted exercise price and an award in GLPI. The number of options and SARs and the exercise price of each converted award were adjusted to preserve the same intrinsic value of the awards that existed immediately prior to the Spin-Off. As such, no incremental compensation expense was recorded as a result of this conversion. In addition, holders of outstanding restricted stock awards and cash-settled phantom stock unit awards ("PSUs") received an additional share of restricted stock or PSUs in GLPI common stock at the Spin-Off so that the intrinsic value of these awards were equivalent to those that existed immediately prior to the Spin-Off. The unrecognized compensation costs associated with GLPI restricted stock awards, GLPI PSUs, GLPI stock options and GLPI SARs held by Penn employees will continue to be recognized on the Company's financial statements over the awards remaining vesting periods.

The unrecognized compensation costs associated with GLPI restricted stock awards, GLPI PSUs, GLPI stock options and GLPI SARs held by former Penn employees (including but not limited to the Company's former Chief Executive Officer, Chief Financial Officer, and Senior Vice President of Corporate Development) who are now employed by GLPI effective November 1, 2013, will be recorded on GLPI's financial statements.

Stock options that expire between April 6, 2016 and November 30, 2022, have been granted to officers, directors, employees, and predecessor employees to purchase common stock at prices ranging from $6.34 to $18.61 per share. All options were granted at the fair market value of the common stock on the date the options were granted and have contractual lives ranging from 7 to 10 years. The Company issues new authorized common shares to satisfy stock option exercises as well as restricted stock lapses.

The following table contains information on stock options issued under the plans for the year ended December 31, 2015:

	Number of Option Shares			Weighted-Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2014		6,633,622		$	8.12
Granted		1,752,833			13.50
Exercised		(1,931,946	)		6.76
Canceled		(72,933	)		11.64

Outstanding at December 31, 2015		6,381,576		$	9.97		3.57	$	40,029

The weighted-average grant-date fair value of options granted during the years ended December 31, 2015 and 2014 were $4.85 and $4.95, respectively. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2015, 2014, and 2013 was $19.5 million, $8.2 million, and $46.0 million, respectively.

At December 31, 2015, there were 3,739,257 shares that were exercisable, with a weighted-average exercise price of $8.13, a weighted-average remaining contractual term of 2.19 years, and an aggregate intrinsic value of $30.3 million.

The following table summarizes information about stock options outstanding at December 31, 2015:

	Exercise Price Range						Total
	$6.34 to $9.52		$9.53 to $14.36		$14.41 to $18.61		$6.34 to $18.61
Outstanding options
Number outstanding		3,330,058		2,878,346		173,172		6,381,576
Weighted-average remaining contractual life (years)		2.18		5.01		6.38		3.57
Weighted-average exercise price	$	7.71	$	12.20	$	16.34	$	9.97
Exercisable options
Number outstanding		3,083,777		654,480		1,000		3,739,257
Weighted-average exercise price	$	7.62	$	10.52	$	14.41	$	8.13

The following table contains information on restricted stock awards issued under the plans for the year ended December 31, 2015:

	Number of Award Shares
Outstanding at December 31, 2014		132,497
Awarded		57,406
Released		(47,502	)
Canceled		(15,405	)

Outstanding at December 31, 2015		126,996

Stock-based compensation expenses for the years ended December 31, 2015, 2014 and 2013 totaled $8.2 million, $10.7 million and $22.8 million, respectively, and are included within the consolidated statements of operations under general and administrative expense. The decrease for the year ended December 31, 2015, as compared to the corresponding period in the prior year, is primarily due to lower aggregate executive compensation following the Spin-Off.

At December 31, 2015, 2014 and 2013, the total compensation cost related to nonvested awards not yet recognized equaled $11.2 million, $10.9 million and $20.0 million, respectively, including $8.8 million, $7.3 million and $13.2 million for stock options, respectively, and $2.4 million, $3.6 million and $6.8 million for restricted stock, respectively. This cost is expected to be recognized over the remaining vesting periods, which will not exceed five years.

The Company's 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 has a liability, which is included in accrued salaries and wages within the consolidated balance sheets, associated with its PSUs of $7.8 million and $8.2 million at December 31, 2015 and 2014, respectively.

For PSUs held by Penn employees, there was $16.8 million of total unrecognized compensation cost at December 31, 2015 that will be recognized over the grants remaining weighted average vesting period of 1.70 years. For the years ended December 31, 2015, 2014 and 2013, the Company recognized $14.1 million, $8.3 million, and $11.9 million of compensation expense associated with these awards, respectively. Amounts paid by the Company for the years ended December 31, 2015, 2014, and 2013 on these cash-settled awards totaled $14.5 million, $6.9 million, and $6.6 million, respectively.

For the Company's 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 in Note 4. 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 has a liability, which is included in accrued salaries and wages within the consolidated balance sheets, associated with its SARs of $8.0 million and $6.3 million at December 31, 2015 and 2014, respectively.

For SARs held by Penn employees, there was $5.8 million of total unrecognized compensation cost at December 31, 2015 that will be recognized over the awards remaining weighted average vesting period of 2.57 years. For the year ended December 31, 2015, the Company recognized a $5.1 million compensation benefit associated with these awards. For the years ended December 31, 2014 and 2013, the Company recognized $2.9 million and $7.5 million, respectively, of compensation benefit and compensation expense associated with these awards. The reason for the increase was due to an increase in the stock prices of GLPI and Penn common stock during 2015. Amounts paid by the Company for the years ended December 31, 2015, 2014 and 2013 on these cash-settled awards totaled $3.4 million, $2.2 million and $1.7 million, respectively.

Segment Information

12 Months Ended

Dec. 31, 2015

Segment Information

Segment Information

16. Segment Information

The following tables (in thousands) 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.

Year Ended December 31, 2015	East/Midwest			West		Southern Plains		Other(1)			Total
Income (loss) from operations	$	372,698		$	53,438	$	230,337	$	(188,627	)	$	467,846
Charge for stock compensation		—			—		—		8,223			8,223
Impairment losses		40,042			—		—		—			40,042
Depreciation and amortization		101,359			14,530		43,120		100,452			259,461
Plainridge contingent purchase price		(5,374	)		—		—		—			(5,374	)
(Gain) loss on disposal of assets		(295	)		510		735		336			1,286
Income (loss) from unconsolidated affiliates		—			—		15,289		(801	)		14,488
Non-operating items for Kansas JV		—			—		10,377		—			10,377

Adjusted EBITDA	$	508,430		$	68,478	$	299,858	$	(80,417	)	$	796,349

Year ended December 31, 2014	East/Midwest			West		Southern Plains			Other(1)			Total
Income (loss) from operations	$	332,869		$	56,928	$	46,395		$	(179,004	)	$	257,188
Charge for stock compensation		—			—		—			10,666			10,666
Impairment losses		4,560			1,420		153,904			—			159,884
Insurance recoveries		—			—		(5,674	)		—			(5,674	)
Depreciation and amortization		101,891			7,411		58,598			98,842			266,742
Plainridge contingent purchase price		689			—		—			—			689
(Gain) loss on disposal of assets		(75	)		211		624			(22	)		738
Income (loss) from unconsolidated affiliates		—			—		10,720			(2,771	)		7,949
Non-operating items for Kansas JV		—			—		11,809			—			11,809

Adjusted EBITDA	$	439,934		$	65,970	$	276,376		$	(72,289	)	$	709,991

Year ended December 31, 2013	East/Midwest			West		Southern Plains			Other(1)			Total
(Loss) income from operations	$	(57,351	)	$	45,464	$	(186,846	)	$	(225,135	)	$	(423,868	)
Charge for stock compensation		—			—		—			22,809			22,809
Impairment losses		416,380			1,812		341,683			38,430			798,305
Insurance deductible charges, net of recoveries		—			—		108			—			108
Depreciation and amortization		142,442			11,883		108,201			40,878			303,404
Loss (gain) on disposal of assets		774			2,365		853			(310	)		3,682
Income (loss) from unconsolidated affiliates		—			—		10,735			(1,078	)		9,657
Non-operating items for Kansas JV		—			—		11,595			—			11,595
Adjusted EBITDA from discontinued operations		15,334			—		20,040			—			35,374

Adjusted EBITDA	$	517,579		$	61,524	$	306,369		$	(124,406	)	$	761,066

	East/Midwest		West		Southern Plains		Other(1)		Total
	(in thousands)
Year ended December 31, 2015
Net revenues	$	1,682,440	$	285,933	$	849,049	$	20,936	$	2,838,358
Capital expenditures		159,352		8,991		26,554		4,343		199,240
Year ended December 31, 2014
Net revenues	$	1,467,380	$	241,410	$	857,447	$	24,290	$	2,590,527
Capital expenditures		144,320		28,251		49,607		5,967		228,145
Year ended December 31, 2013
Net revenues	$	1,575,053	$	240,083	$	930,762	$	31,988	$	2,777,886
Capital expenditures		105,354		9,802		76,319		5,125		196,600
Balance sheet at December 31, 2015
Total assets		1,036,940		842,712		1,098,306		2,160,794		5,138,752
Investment in and advances to unconsolidated affiliates		84		—		103,608		64,457		168,149
Goodwill and other intangible assets, net		387,474		158,339		753,345		4,226		1,303,384
Balance sheet at December 31, 2014
Total assets		1,007,162		287,551		1,076,290		2,253,548		4,624,551
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 (see Note 7 to the consolidated financial statements) which do not have gaming operations. It also previously included the Company's Bullwhackers property, which was sold in July 2013.

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
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Summarized Quarterly Data (Unaudited)

12 Months Ended

Dec. 31, 2015

Summarized Quarterly Data (Unaudited)

Summarized Quarterly Data (Unaudited)

17. Summarized Quarterly Data (Unaudited)

The following table summarizes the quarterly results of operations for the years ended December 31, 2015 and 2014:

	Fiscal Quarter
	First		Second		Third		Fourth
	(in thousands, except per share data)
2015
Net revenues	$	664,138	$	700,956	$	739,297	$	733,967
Income from operations		111,689		123,361		142,172		90,624
Net income (loss)		1,869		2,983		4,900		(9,066	)
Earnings (loss) per common share:
Basic earnings (loss) per common share	$	0.02	$	0.03	$	0.06	$	(0.11	)
Diluted earnings (loss) per common share	$	0.02	$	0.03	$	0.05	$	(0.11	)

	Fiscal Quarter
	First		Second			Third			Fourth
	(in thousands, except per share data)
2014
Net revenues	$	641,080	$	652,146		$	645,940		$	651,361
Income (loss) from operations		102,514		105,467			105,853			(56,646	)
Net income (loss)		580		(19,273	)		(15,348	)		(149,781	)
Earnings (loss) per common share:
Basic earnings (loss) per common share	$	0.01	$	(0.25	)	$	(0.20	)	$	(1.90	)
Diluted earnings (loss) per common share	$	0.01	$	(0.25	)	$	(0.20	)	$	(1.90	)

For the year ended December 31, 2015, the Company recorded other intangible assets impairment charges of $40.0 million related to the write-off of our Plainridge Park Casino gaming license and a partial write-down of the gaming license at Hollywood Gaming at Dayton Raceway due to a reduction in the long term earnings forecast at both of these locations.

During the fourth quarter of 2014, the Company recorded goodwill and other intangible assets impairment charges of $155.3 million, as it determined that a portion of the value of its goodwill and other intangible assets was impaired due to the Company's outlook of continued challenging regional gaming conditions which persisted in 2014 at certain properties in its Southern Plains segment, as well as for the write-off of a trademark intangible asset in the West segment. During the second quarter of 2014, the Company recorded an impairment charge of $4.6 million to write-down certain idle assets to their estimated salvage value.

During the first, second, third and fourth quarters of 2015, the Company incurred interest expense related to the Master Lease of $96.4 million, $97.7 million, $97.8 million and $98.2 million, respectively.

During the first, second, third and fourth quarters of 2014, the Company incurred interest expense related to the Master Lease of $93.1 million, $94.0 million, $94.6 million and $97.5 million, respectively.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2015
Related Party Transactions
Related Party Transactions	18. Related Party Transactions The Company currently leases executive office buildings in Wyomissing, Pennsylvania from affiliates of its Chairman of the Board of Directors. Rent expense for the years ended December 31, 2015, 2014 and 2013 amounted to $1.2 million, $1.1 million, and $1.1 million, respectively. The leases for the office space all expire in May 2019. The future minimum lease commitments relating to these leases at December 31, 2015 are $4.1 million. In connection with the Spin-Off, the Company, Mr. Carlino and the PMC Delaware Dynasty Trust entered into a share transaction. See Note 2 to the consolidated financial statements for additional information regarding the share exchange transaction. Also in connection with the Spin-Off, as more particularly described in Notes 2 and 14 to the consolidated financial statements, on October 11, 2013, the Company completed its previously disclosed exchange and repurchase transactions with Fortress, which is an affiliate of Fortress Investment Group LLC, and Centerbridge. Wesley R. Edens, a member of our Board of Directors from 2008 until the Spin-Off, serves as Co-Chairman of Fortress Investment Group, LLC. In the transactions, on October 11, 2013, Penn (i) issued 14,553 shares of its Series C preferred stock to Fortress in exchange for all of the 9,750 shares of Penn's Series B preferred stock held by Fortress, (ii) repurchased 5,929 of its Series C preferred stock from Fortress for cash consideration of $397.2 million and (iii) repurchased all of the 2,300 shares of Penn's Series B preferred stock held by Centerbridge for cash consideration of $230.0 million.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2015

Fair Value Measurements

Fair Value Measurements

19. 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 December 31, 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.

Other Liabilities

Other liabilities at December 31, 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 included in general and administrative expenses related to the change in fair value of this obligation was a credit of $5.4 million for the year ended December 31, 2015 and a charge of $0.7 million for the year ended December 31, 2014.

The carrying amounts and estimated fair values by input level of the Company's financial instruments during the years ended December 31, 2015 and 2014 are as follows (in thousands):

	December 31, 2015
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	237,009	$	237,009	$	237,009	$	—	$	—
Financial liabilities:
Long-term debt
Senior secured credit facility		1,239,049		1,251,975		1,251,975		—		—
Senior unsecured notes		296,252		291,000		291,000		—		—
Other long-term obligations		146,992		147,358		—		147,358		—
Other liabilities		13,815		13,815						13,815

	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):

	Twelve Months Ended December 31, 2015
	Liabilities
	Contingent Purchase Price
Balance at December 31, 2014	$	19,189
Total (gains) (realized or unrealized):
Included in earnings		(5,374	)

Balance at December 31, 2015	$	13,815

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

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

The following tables set forth the assets measured at fair value on a non-recurring basis during the years ended December 31, 2015 and 2014 (in thousands):

	Balance Sheet Location	Level 1		Level 2		Level 3		Balance at December 31, 2015 Total		Total Reduction in Fair Value Recorded during the year ended December 31, 2015
Assets:
Intangible assets	Other intangible assets	$	—	$	—	$	110,436	$	110,436	$	(40,042	)

											(40,042	)

	Balance Sheet Location	Level 1		Level 2		Level 3		Balance at December 31, 2014 Total		Total Reduction in Fair Value Recorded during the year ended December 31, 2014
Assets:
Goodwill	Goodwill	$	—	$	—	$	9,863	$	9,863	$	(80,821	)
Intangible assets	Other intangible assets		—		—		66,703		66,703		(74,603	)
Long-lived assets	Other assets		—		—		300		300		(4,560	)

										$	(159,984	)

Goodwill and intangible assets

The valuation technique used to measure the fair value of goodwill and intangible assets was the income approach. See Note 4 for a description of the inputs and the information used to develop the inputs in calculating the fair value measurements of goodwill and indefinite-life intangible assets.

For the year ended December 31, 2014, the Company recorded goodwill and other intangible assets impairment charges of $80.8 million and $74.5 million, respectively, as of the valuation date of October 1, 2014, as it determined that a portion of the value of its goodwill and other intangible assets was impaired due to the Company's outlook of continued challenging regional gaming conditions at certain properties which persisted in 2014 in its Southern Plains segment, as well as for the write-off of a trademark intangible asset in the West segment.

Long-lived assets

The valuation technique used to measure the fair value of long-lived assets was the market approach. See Note 4 for a description of the inputs and the information used to develop the inputs in calculating the fair value measurements of long-lived assets.

During the second quarter of 2014, the Company recorded an impairment charge of $4.6 million to write-down certain idle assets to their estimated salvage value of $0.3 million.

Insurance Recoveries and Deductibles	12 Months Ended
Insurance Recoveries and Deductibles	Dec. 31, 2015
Insurance Recoveries and Deductibles
Insurance Recoveries and Deductibles	20. Insurance Recoveries and Deductibles 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 gain of $5.7 million during the year ended December 31, 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. During the year ended December 31, 2013, the Company recorded a $2.5 million loss for the property damage insurance deductible, which was partially offset by a $2.4 million gain recorded 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.

Discontinued Operations

12 Months Ended

Dec. 31, 2015

Discontinued Operations

Discontinued Operations

21. Discontinued Operations

On November 1, 2013, as part of the Spin-Off with GLPI, Penn contributed all the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville, which are referred to as the "TRS Properties." The results of operations of the TRS Properties are presented as discontinued operations in the Consolidated Statement of Operations.

The results of our discontinued operations are summarized as follows:

	2013
	(in thousands)
Major classes of line items constituting pretax income of discontinued operations
Revenue	$	140,868
Operating expenses		117,355
Other expense items		4,202

Pretax income of discontinued operations		19,311
Income tax provision		7,766

Income from discontinued operations, net of tax	$	11,545

Cash flows provided by (used in) operating activities, investing activities and financing activities from discontinued operations were $11.1 million, $(3.2) million, and $(3.4) million for the year-ended December 31, 2013.

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

Summary of Significant Accounting Policies

Cash and Cash Equivalents

The Company considers all cash balances and highly-liquid investments with original maturities of three months or less to be cash and cash equivalents.

Concentration of Credit Risk

Financial instruments that subject the Company to credit risk consist of cash and cash equivalents, and accounts receivable.

Property and Equipment

Depreciation of property and equipment is recorded using the straight- line method over the following estimated useful lives:

Land improvements		15 years
Building and improvements		5 to 31 years
Furniture, fixtures, and equipment		3 to 31 years

The estimated useful lives are determined based on the nature of the assets as well as the Company's current operating strategy.

Goodwill and Other Intangible Assets

Theoretical construction costs and duration;

Pre-opening expenses;

Discounting that reflects the level of risk associated with receiving future cash flows attributable to the license; and

Remaining useful life of the license.

Failed Spin-Off-Leaseback Financing Obligation

Debt Issuance Costs

Other Comprehensive Income

Income Taxes

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 years ended December 31, 2015, 2014 and 2013 are as follows (in thousands):

Year ended December 31,	2015		2014		2013
Rooms	$	34,708	$	33,513	$	36,132
Food and beverage		111,144		106,908		118,143
Other		9,135		9,898		11,184

Total promotional allowances	$	154,987	$	150,319	$	165,459

The estimated cost of providing such complimentary services for the years ended December 31, 2015, 2014 and 2013 are as follows (in thousands):

Year ended December 31,	2015		2014		2013
Rooms	$	4,199	$	3,664	$	5,971
Food and beverage		44,012		44,325		48,431
Other		3,582		3,635		4,072

Total cost of complimentary services	$	51,793	$	51,624	$	58,474

Player Loyalty Programs

The Company has a nationwide branding initiative and loyalty program, called Marquee Rewards.

Gaming and Racing Taxes

Payments related to the Master Lease

As of December 31, 2015, the Company financed with GLPI real property assets associated with eighteen of the Company's gaming and related facilities used in the Company's operations.

Total payments made to GLPI under the Master Lease were $437.0 million, $421.4 million and $69.5 million for the years ended December 31, 2015, 2014 and 2013, respectively.

Earnings Per Share

The following table sets forth the allocation of net income for the year ended December 31, 2015 under the two class method:

Year ended December 31,	2015
	(in thousands)
Net income	$	686
Net income applicable to preferred stock		67

Net income applicable to common stock	$	619

Year ended December 31,	2015
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding		80,003
Assumed conversion of dilutive employee stock-based awards		2,217
Assumed conversion of restricted stock		60

Diluted weighted-average common share outstanding before participating security		82,280
Assumed conversion of preferred stock		8,624

Diluted weighted-average common shares outstanding		90,904

The following table presents the calculation of basic and diluted EPS for the Company's common stock for the year ended December 31, 2015 (in thousands, except per share data):

Year ended December 31,	2015
Calculation of basic EPS:
Net income applicable to common stock	$	619
Weighted-average common shares outstanding		80,003
Basic EPS	$	0.01
Calculation of diluted EPS using two class method:
Net income applicable to common stock	$	619
Diluted weighted-average common shares outstanding before participating security		82,280
Diluted EPS	$	0.01

Stock-Based Compensation

The following are the weighted-average assumptions used in the Black-Scholes option-pricing model for the years ended December 31, 2015, 2014 and 2013:

Year ended December 31,	2015			2014			2013
Risk-free interest rate		1.54	%		1.68	%		1.08	%
Expected volatility		36.68	%		44.80	%		46.27	%
Dividend yield		—			—			—
Weighted-average expected life (years)		5.45			5.45			6.57

See Note 15 for a discussion on the impact of the Spin-Off on the Company's stock-based equity awards.

Segment Information

The prior year amounts were reclassified to conform to the Company's new reporting structure in accordance with ASC 280. See Note 16 for further information with respect to the Company's segments.

Statements of Cash Flows

The Company has presented the consolidated statements of cash flows using the indirect method, which involves the reconciliation of net (loss) income to net cash flow from operating activities.

Acquisitions

Variable Interest Entities

Certain Risks and Uncertainties

Spin-Off of Real Estate Assets through a Real Estate Investment Trust (Tables)

12 Months Ended

Dec. 31, 2015

Spin-Off of Real Estate Assets through a Real Estate Investment Trust

Schedule of assets and liabilities contributed to GLPI

This amount excludes $2.0 billion of property and equipment, net that was not derecognized due to the failed spin-off-leaseback (in thousands):

Cash and cash equivalents	$	240,202
Current deferred income tax assets		6,157
Other current assets		3,116
Property and equipment, net		115,731
Goodwill		75,521
Other intangible assets		9,577
Debt issuance costs		39,862
Other assets		36,378
Accounts payable and accrued expenses		(16,055	)
Income taxes		(5,296	)
Other current liabilities		(12,312	)
Long-term debt		(2,350,000	)
Long-term deferred income tax liabilities		(4,248	)

Sub total		(1,861,367	)
Adjustment for GLPI financing obligation		3,516,210

Net impact of Spin-Off	$	1,654,843

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Summary of Significant Accounting Policies

Schedule of the estimated useful lives of property and equipment

Land improvements		15 years
Building and improvements		5 to 31 years
Furniture, fixtures, and equipment		3 to 31 years

Schedule of promotional allowances

The amounts included in promotional allowances for the years ended December 31, 2015, 2014 and 2013 are as follows (in thousands):

Year ended December 31,	2015		2014		2013
Rooms	$	34,708	$	33,513	$	36,132
Food and beverage		111,144		106,908		118,143
Other		9,135		9,898		11,184

Total promotional allowances	$	154,987	$	150,319	$	165,459

Schedule of estimated cost of providing complimentary services

The estimated cost of providing such complimentary services for the years ended December 31, 2015, 2014 and 2013 are as follows (in thousands):

Year ended December 31,	2015		2014		2013
Rooms	$	4,199	$	3,664	$	5,971
Food and beverage		44,012		44,325		48,431
Other		3,582		3,635		4,072

Total cost of complimentary services	$	51,793	$	51,624	$	58,474

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

Year ended December 31,	2015
	(in thousands)
Net income	$	686
Net income applicable to preferred stock		67

Net income applicable to common stock	$	619

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

Year ended December 31,	2015
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding		80,003
Assumed conversion of dilutive employee stock-based awards		2,217
Assumed conversion of restricted stock		60

Diluted weighted-average common share outstanding before participating security		82,280
Assumed conversion of preferred stock		8,624

Diluted weighted-average common shares outstanding		90,904

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

The following table presents the calculation of basic and diluted EPS for the Company's common stock for the year ended December 31, 2015 (in thousands, except per share data):

Year ended December 31,	2015
Calculation of basic EPS:
Net income applicable to common stock	$	619
Weighted-average common shares outstanding		80,003
Basic EPS	$	0.01
Calculation of diluted EPS using two class method:
Net income applicable to common stock	$	619
Diluted weighted-average common shares outstanding before participating security		82,280
Diluted EPS	$	0.01

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

Year ended December 31,	2015			2014			2013
Risk-free interest rate		1.54	%		1.68	%		1.08	%
Expected volatility		36.68	%		44.80	%		46.27	%
Dividend yield		—			—			—
Weighted-average expected life (years)		5.45			5.45			6.57

Acquisitions and Other Recent Business Ventures (Tables)

12 Months Ended

Dec. 31, 2015

Acquisitions and Other Recent Business Ventures

Schedule of Pro Forma Financial Information

Year ended December 31,	2015			2014
Net Revenues	$	177,806		$	172,800
Loss from continuing operations		(5,092	)		(13,079	)

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2015

Property and Equipment

Schedule of property and equipment, net

December 31,	2015			2014
	(in thousands)
Property and equipment—non-leased
Land and improvements	$	288,910		$	42,350
Building and improvements		396,497			173,043
Furniture, fixtures and equipment		1,303,153			1,213,143
Leasehold improvements		129,012			120,984
Construction in progress		9,175			69,367

		2,126,747			1,618,887
Less Accumulated depreciation		(1,093,115	)		(988,490	)

		1,033,632			630,397

Property and equipment—leased
Land and improvements		382,246			382,702
Building and improvements		2,219,018			2,219,018

		2,601,264			2,601,720
Less accumulated depreciation		(654,828	)		(562,385	)

		1,946,436			2,039,335

Property and equipment, net	$	2,980,068		$	2,669,732

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2015

Goodwill and Other Intangible Assets

Reconciliation of goodwill and accumulated goodwill impairment losses

A reconciliation of goodwill and accumulated goodwill impairment losses is as follows (in thousands):

Balance at December 31, 2013:
Goodwill	$	2,134,697
Accumulated goodwill impairment losses		(1,182,744	)

Goodwill, net	$	951,953

Goodwill acquired		3,052
Goodwill impairment losses		(80,821	)

Balance at December 31, 2014:
Goodwill	$	2,137,749
Accumulated goodwill impairment losses		(1,263,565	)

Goodwill, net	$	874,184

Goodwill acquired		37,758

Balance at December 31, 2015:
Goodwill	$	2,175,507
Accumulated goodwill impairment losses		(1,263,565	)

Goodwill, net	$	911,942

Schedule of gross carrying value, accumulated amortization, and net book value of each major class of other intangible assets

	December 31, 2015						December 31, 2014
	(in thousands)
	Gross Carrying Value		Accumulated Amortization		Net Book Value		Gross Carrying Value		Accumulated Amortization		Net Book Value
Indefinite-life intangible assets	$	375,405	$	—	$	375,405	$	418,991	$	—	$	418,991
Argosy Casino Sioux City gaming license		20,949		20,949		—		20,949		20,949		—
Other intangible assets		72,223		56,186		16,037		56,126		55,664		462

Total	$	468,577	$	77,135	$	391,442	$	496,066	$	76,613	$	419,453

Schedule of expected intangible asset amortization expense

The following table presents expected intangible asset amortization expense based on existing intangible assets at December 31, 2015 (in thousands):

2016	$	1,755
2017		1,685
2018		1,673
2019		1,673
2020		1,673
Thereafter		7,578

Total	$	16,037

Schedule of remaining goodwill and other intangible assets by reporting unit

The Company's remaining goodwill and other intangible assets by reporting unit at December 31, 2015 is shown below (in thousands):

Reporting Unit	Goodwill		Other Intangible Assets
Hollywood Casino St. Louis	$	205,783	$	58,418
Hollywood Casino Aurora		207,207		—
Argosy Casino Riverside		154,332		4,964
Zia Park Casino		142,359		—
Hollywood Gaming at Dayton Raceway		15,339		110,436
Hollywood Gaming at Mahoning Valley Race Course		—		125,000
Hollywood Casino at Penn National Race Course		1,497		67,607
Hollywood Casino Lawrenceburg		63,189		—
Hollywood Casino Tunica		44,042		—
Praire State Gaming		22,937		15,151
Boomtown Biloxi		22,365		—
Argosy Casino Alton		9,863		8,285
Tropicana Las Vegas		14,821		—
Others		8,208		1,581

Total	$	911,942	$	391,442

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2015

Long-term Debt

Schedule of long-term debt, net of current maturities

December 31,	2015			2014
	(in thousands)
Senior secured credit facility	$	1,259,740		$	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		28,466			25,137

		1,735,198			1,267,637
Less current maturities of long-term debt		(92,108	)		(30,853	)
Less net discounts		(686	)		(1,056	)
Less debt issuance costs, net of accumulated amortization of $13.3 million and $6.8 million, respectively		(23,553	)		(25,151	)

	$	1,618,851		$	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 December 31, 2015 (in thousands):

2016	$	91,998
2017		83,926
2018		916,889
2019		18,021
2020		251,213
Thereafter		373,151

Total minimum payments	$	1,735,198

- 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
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-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
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-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

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

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-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
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-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
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Master Lease Financing Obligation (Tables)

12 Months Ended

Dec. 31, 2015

Master Lease Financing Obligation

Schedule of future minimum payments related to the Master Lease financing obligation with GLPI

The future minimum payments related to the Master Lease financing obligation with GLPI, at December 31, 2015 are as follows (in thousands):

2016	$	389,496
2017		389,496
2018		378,716
2019		324,819
2020		324,819
Thereafter		9,040,800

Total minimum payments		10,848,146
Less amounts representing interest at 9.70%		(7,671,269	)
Plus residual values		387,751

Present value of future minimum payments		3,564,628
Less current portion of financing obligation		(50,548	)

Long-term portion of financing obligation	$	3,514,080

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies

Future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at December 31, 2015 are as follows (in thousands):

Year ending December 31,	Total
2016	$	4,223
2017		3,205
2018		2,668
2019		1,632
2020		1,066
Thereafter		14,831

Total	$	27,625

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes

Components of the Company's deferred tax assets and liabilities

Year ended December 31,	2015			2014
	(in thousands)
Deferred tax assets:
Stock-based compensation expense	$	36,243		$	44,458
Accrued expenses		59,196			58,483
Intangibles		11,590			38,959
Financing obligation to GLPI		1,374,268			1,394,575
Unrecognized tax benefits		9,858			10,837
Net operating losses		81,109			11,895
Accumulated other comprehensive loss		—			590

Gross deferred tax assets		1,572,264			1,559,797
Less valuation allowance		(844,258	)		(744,449	)

Net deferred tax assets		728,006			815,348

Deferred tax liabilities:
Property, plant and equipment, non-leased		(80,930	)		(61,803	)
Property, plant and equipment, leased		(750,407	)		(787,580	)
Investments in unconsolidated affiliates		(3,024	)		(4,255	)
Accumulated other comprehensive gain		(1,566	)		—

Net deferred tax liabilities		(835,927	)		(853,638	)

Noncurrent deferred tax liabilities, net	$	(107,921	)	$	(38,290	)

Schedule of the provision for income taxes charged to operations

Year ended December 31,	2015			2014		2013
	(in thousands)
Current tax (benefit) expense
Federal	$	(5,158	)	$	14,275	$	96,273
State		133			5,821		2,835
Foreign		3,713			7,515		4,708

Total current		(1,312	)		27,611		103,816

Deferred tax expense (benefit)
Federal		51,817			2,357		(137,803	)
State		5,419			551		407

Total deferred		57,236			2,908		(137,396	)

Total income tax provision (benefit)	$	55,924		$	30,519	$	(33,580	)

Reconciliation of the statutory federal income tax rate to the actual effective income tax rate

Year ended December 31,	2015			2014			2013
Percent of pretax income
Federal taxes		35.0	%		35.0	%		35.0	%
State and local income taxes		6.1	%		1.6	%		1.5	%
Permanent differences		5.8	%		(20.9	)%		(16.8	)%
Foreign		5.2	%		(2.2	)%		(0.6	)%
Valuation allowance		55.3	%		(31.1	)%		(14.0	)%
Other miscellaneous items		(8.6	)%		(2.3	)%		0.3	%

		98.8	%		(19.9	)%		5.4	%

Year ended December 31,	2015			2014			2013
	(in thousands)
Amount of pretax income
Federal taxes	$	19,814		$	(53,656	)	$	(219,232	)
State and local income taxes		3,435			(2,470	)		(9,163	)
Permanent differences		3,276			32,019			104,592
Foreign		2,955			3,337			3,685
Valuation allowance		31,288			47,703			92,242
Other miscellaneous items		(4,844	)		3,586			(5,704	)

	$	55,924		$	30,519		$	(33,580	)

Reconciliation of liability for unrecognized tax benefits

	Unrecognized tax benefits
	(in thousands)
Unrecognized tax benefits	$	49,594
Cumulative advance deposits on account		(28,030	)

Balance at December 31, 2013	$	21,564
Additions based on current year positions		1,142
Additions based on prior year positions		4,038
Decreases due to settlements and/or reduction in reserves		(5,097	)
Currency translation adjustments		(4,844	)
Settlement payments		(356	)

Unrecognized tax benefits		44,477
Cumulative advance deposits on account		(37,441	)

Balance at December 31, 2014	$	7,036


Additions based on current year positions		561
Additions based on prior year positions		6,371
Decreases due to settlements and/or reduction in reserves		(4,743	)
Currency translation adjustments		(9,097	)
Settlement payments		(4,000	)

Unrecognized tax benefits		33,569
Cumulative advance deposits on account		(31,371	)

Balance at December 31, 2015	$	2,198

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2015

Shareholders' Equity

Schedule of changes in each class of the Company's Preferred Stock

	Series B Preferred Stock			Series C Preferred Stock
Shares outstanding at December 31, 2012		12,275			—
Repurchase of Series B Preferred Stock		(2,525	)		—
Impact of exchange transaction		(9,750	)		14,553
Repurchase of Series C Preferred Stock		—			(5,929	)

Shares outstanding at December 31, 2013		—			8,624

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

Stock-Based Compensation

Information on stock options issued under the plans

	Number of Option Shares			Weighted-Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2014		6,633,622		$	8.12
Granted		1,752,833			13.50
Exercised		(1,931,946	)		6.76
Canceled		(72,933	)		11.64

Outstanding at December 31, 2015		6,381,576		$	9.97		3.57	$	40,029

Information about stock options outstanding, by exercise price range

The following table summarizes information about stock options outstanding at December 31, 2015:

	Exercise Price Range						Total
	$6.34 to $9.52		$9.53 to $14.36		$14.41 to $18.61		$6.34 to $18.61
Outstanding options
Number outstanding		3,330,058		2,878,346		173,172		6,381,576
Weighted-average remaining contractual life (years)		2.18		5.01		6.38		3.57
Weighted-average exercise price	$	7.71	$	12.20	$	16.34	$	9.97
Exercisable options
Number outstanding		3,083,777		654,480		1,000		3,739,257
Weighted-average exercise price	$	7.62	$	10.52	$	14.41	$	8.13

Information on restricted stock awards issued under the plans

	Number of Award Shares
Outstanding at December 31, 2014		132,497
Awarded		57,406
Released		(47,502	)
Canceled		(15,405	)

Outstanding at December 31, 2015		126,996

Segment Information (Tables)

12 Months Ended

Dec. 31, 2015

Segment Information

Schedule of information with respect to the Company's segments

Year Ended December 31, 2015	East/Midwest			West		Southern Plains		Other(1)			Total
Income (loss) from operations	$	372,698		$	53,438	$	230,337	$	(188,627	)	$	467,846
Charge for stock compensation		—			—		—		8,223			8,223
Impairment losses		40,042			—		—		—			40,042
Depreciation and amortization		101,359			14,530		43,120		100,452			259,461
Plainridge contingent purchase price		(5,374	)		—		—		—			(5,374	)
(Gain) loss on disposal of assets		(295	)		510		735		336			1,286
Income (loss) from unconsolidated affiliates		—			—		15,289		(801	)		14,488
Non-operating items for Kansas JV		—			—		10,377		—			10,377

Adjusted EBITDA	$	508,430		$	68,478	$	299,858	$	(80,417	)	$	796,349

Year ended December 31, 2014	East/Midwest			West		Southern Plains			Other(1)			Total
Income (loss) from operations	$	332,869		$	56,928	$	46,395		$	(179,004	)	$	257,188
Charge for stock compensation		—			—		—			10,666			10,666
Impairment losses		4,560			1,420		153,904			—			159,884
Insurance recoveries		—			—		(5,674	)		—			(5,674	)
Depreciation and amortization		101,891			7,411		58,598			98,842			266,742
Plainridge contingent purchase price		689			—		—			—			689
(Gain) loss on disposal of assets		(75	)		211		624			(22	)		738
Income (loss) from unconsolidated affiliates		—			—		10,720			(2,771	)		7,949
Non-operating items for Kansas JV		—			—		11,809			—			11,809

Adjusted EBITDA	$	439,934		$	65,970	$	276,376		$	(72,289	)	$	709,991

Year ended December 31, 2013	East/Midwest			West		Southern Plains			Other(1)			Total
(Loss) income from operations	$	(57,351	)	$	45,464	$	(186,846	)	$	(225,135	)	$	(423,868	)
Charge for stock compensation		—			—		—			22,809			22,809
Impairment losses		416,380			1,812		341,683			38,430			798,305
Insurance deductible charges, net of recoveries		—			—		108			—			108
Depreciation and amortization		142,442			11,883		108,201			40,878			303,404
Loss (gain) on disposal of assets		774			2,365		853			(310	)		3,682
Income (loss) from unconsolidated affiliates		—			—		10,735			(1,078	)		9,657
Non-operating items for Kansas JV		—			—		11,595			—			11,595
Adjusted EBITDA from discontinued operations		15,334			—		20,040			—			35,374

Adjusted EBITDA	$	517,579		$	61,524	$	306,369		$	(124,406	)	$	761,066

	East/Midwest		West		Southern Plains		Other(1)		Total
	(in thousands)
Year ended December 31, 2015
Net revenues	$	1,682,440	$	285,933	$	849,049	$	20,936	$	2,838,358
Capital expenditures		159,352		8,991		26,554		4,343		199,240
Year ended December 31, 2014
Net revenues	$	1,467,380	$	241,410	$	857,447	$	24,290	$	2,590,527
Capital expenditures		144,320		28,251		49,607		5,967		228,145
Year ended December 31, 2013
Net revenues	$	1,575,053	$	240,083	$	930,762	$	31,988	$	2,777,886
Capital expenditures		105,354		9,802		76,319		5,125		196,600
Balance sheet at December 31, 2015
Total assets		1,036,940		842,712		1,098,306		2,160,794		5,138,752
Investment in and advances to unconsolidated affiliates		84		—		103,608		64,457		168,149
Goodwill and other intangible assets, net		387,474		158,339		753,345		4,226		1,303,384
Balance sheet at December 31, 2014
Total assets		1,007,162		287,551		1,076,290		2,253,548		4,624,551
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 (see Note 7 to the consolidated financial statements) which do not have gaming operations. It also previously included the Company's Bullwhackers property, which was sold in July 2013.

Summarized Quarterly Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

Summarized Quarterly Data (Unaudited)

Schedule of the quarterly results of operations

	Fiscal Quarter
	First		Second		Third		Fourth
	(in thousands, except per share data)
2015
Net revenues	$	664,138	$	700,956	$	739,297	$	733,967
Income from operations		111,689		123,361		142,172		90,624
Net income (loss)		1,869		2,983		4,900		(9,066	)
Earnings (loss) per common share:
Basic earnings (loss) per common share	$	0.02	$	0.03	$	0.06	$	(0.11	)
Diluted earnings (loss) per common share	$	0.02	$	0.03	$	0.05	$	(0.11	)

	Fiscal Quarter
	First		Second			Third			Fourth
	(in thousands, except per share data)
2014
Net revenues	$	641,080	$	652,146		$	645,940		$	651,361
Income (loss) from operations		102,514		105,467			105,853			(56,646	)
Net income (loss)		580		(19,273	)		(15,348	)		(149,781	)
Earnings (loss) per common share:
Basic earnings (loss) per common share	$	0.01	$	(0.25	)	$	(0.20	)	$	(1.90	)
Diluted earnings (loss) per common share	$	0.01	$	(0.25	)	$	(0.20	)	$	(1.90	)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Measurements

Schedule of carrying amount and estimated fair values of financial instruments

The carrying amounts and estimated fair values by input level of the Company's financial instruments during the years ended December 31, 2015 and 2014 are as follows (in thousands):

	December 31, 2015
	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	237,009	$	237,009	$	237,009	$	—	$	—
Financial liabilities:
Long-term debt
Senior secured credit facility		1,239,049		1,251,975		1,251,975		—		—
Senior unsecured notes		296,252		291,000		291,000		—		—
Other long-term obligations		146,992		147,358		—		147,358		—
Other liabilities		13,815		13,815						13,815

	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):

	Twelve Months Ended December 31, 2015
	Liabilities
	Contingent Purchase Price
Balance at December 31, 2014	$	19,189
Total (gains) (realized or unrealized):
Included in earnings		(5,374	)

Balance at December 31, 2015	$	13,815

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

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

Schedule of the assets measured at fair value on a nonrecurring basis

The following tables set forth the assets measured at fair value on a non-recurring basis during the years ended December 31, 2015 and 2014 (in thousands):

	Balance Sheet Location	Level 1		Level 2		Level 3		Balance at December 31, 2015 Total		Total Reduction in Fair Value Recorded during the year ended December 31, 2015
Assets:
Intangible assets	Other intangible assets	$	—	$	—	$	110,436	$	110,436	$	(40,042	)

											(40,042	)

	Balance Sheet Location	Level 1		Level 2		Level 3		Balance at December 31, 2014 Total		Total Reduction in Fair Value Recorded during the year ended December 31, 2014
Assets:
Goodwill	Goodwill	$	—	$	—	$	9,863	$	9,863	$	(80,821	)
Intangible assets	Other intangible assets		—		—		66,703		66,703		(74,603	)
Long-lived assets	Other assets		—		—		300		300		(4,560	)

										$	(159,984	)

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2015

Discontinued Operations

Schedule of the results of the discontinued operations

	2013
	(in thousands)
Major classes of line items constituting pretax income of discontinued operations
Revenue	$	140,868
Operating expenses		117,355
Other expense items		4,202

Pretax income of discontinued operations		19,311
Income tax provision		7,766

Income from discontinued operations, net of tax	$	11,545

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760

+ Details

Business and Basis of Presentation (Details)	12 Months Ended
Business and Basis of Presentation (Details)	Dec. 31, 2015 jurisdiction facility item
Business and Basis of Presentation
Number of facilities the entity owned, managed, or had ownership interests in \| facility	27
Period for opening new gaming properties	4 years
Number of jurisdictions in which the entity operates \| jurisdiction	17
Number of new gaming properties \| item	4

Business and Basis of Presentation (Details 2) - USD ($) $ in Thousands					12 Months Ended
	Oct. 01, 2014	Nov. 01, 2013	Oct. 30, 2013	Oct. 01, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Restatement
Increases to interest expense					$ 443,127	$ 425,114	$ 159,897
Increases (decrease) to depreciation expense					258,900	255,400	287,300
Period of the Master Lease agreement		15 years
Goodwill impairment losses				$ 249,300			80,821
Goodwill and other intangible asset impairment charges					40,042	159,884	798,305
Long-term debt					1,618,851	1,210,577
Other noncurrent liabilities					18,169	27,447
Property and equipment, net					2,980,068	2,669,732
Increase/(decrease) in long-term debt					1,735,198
Increase/(decrease) general and administrative					449,433	446,436	516,143
Decrease in retained earnings					(1,634,591)	(1,635,277)
Cost of gaming licenses within other intangible assets					$ 375,405	418,991
Cash contributed to GLPI in connection with Spin-Off							240,202
Transaction costs						900	39,500
Fair value of the consideration of the GLPI common stock exchanged			$ 39,100
Fair value of the treasury stock received			$ 28,400
Reclassification of a treasury stock transaction
Restatement
Transaction costs							10,700
Fair value of the consideration of the GLPI common stock exchanged							39,100
Fair value of the treasury stock received							28,400
Correction of the failed spin-off-leaseback accounting treatment
Restatement
Additional valuation allowance						47,700	90,300
Reclassification of contingent earn-out liability
Restatement
Increases to interest expense						(700)
Long-term debt						(19,200)
Other noncurrent liabilities						19,200
Increase/(decrease) general and administrative						700
Previously Reported \| Revision of sale-leaseback to financing obligation
Restatement
Rental expense related to Master Lease						421,400	69,500
Previously Reported \| Correction of errors in goodwill and indefinite-lived gaming license intangible asset impairment analyses
Restatement
Goodwill impairment losses	$ 316,500			312,500
Impairment of indefinite-lived gaming licenses				$ 745,900
Previously Reported \| Reclassification of cash contribution from Investing Activities to Financing Activities
Restatement
Cash contributed to GLPI in connection with Spin-Off							240,200
Restatement Adjustment \| Revision of sale-leaseback to financing obligation
Restatement
Additional liabilities						3,610,000
Increases to interest expense						379,200	62,100
Increases (decrease) to depreciation expense						89,800	14,800
Property and equipment, net						2,040,000
Restatement Adjustment \| Correction of errors in goodwill and indefinite-lived gaming license intangible asset impairment analyses
Restatement
Goodwill impairment losses						(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						(3,600)
Cost of gaming licenses within other intangible assets						150,000
Restatement Adjustment \| Correction of corporate airplane lease accounting treatment
Restatement
Increases to interest expense						700	700	$ 700
Increases (decrease) to depreciation expense						2,200	2,200	2,200
Property and equipment, net						7,000
Increase/(decrease) in long-term debt						24,900
Increase/(decrease) general and administrative						$ (700)	$ (700)	$ (700)
Decrease in retained earnings									$ (7,900)

Spin-Off of Real Estate Assets through a Real Estate Investment Trust (Details) $ in Thousands			12 Months Ended
	Nov. 01, 2013 USD ($) Option shares	Oct. 30, 2013 USD ($) shares	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Spin-Off of Real Estate Assets through a Real Estate Investment Trust
Number of shares of common stock that were issued to the holders of common stock and Series C convertible preferred stock \| shares	1
Number of shares of Series C preferred stock entitled by one share of common stock on the record date	0.001
Number of additional GLPI shares received by Peter M. Carlino and the PMC Delaware Dynasty Trust in exchange for 2,167,393 shares of Penn common stock before the "Spin-Off" \| shares		882,129
Number of Penn common stock exchanged for 882,129 GLPI common shares from Peter M. Carlino and the PMC Delaware Dynasty Trust before the "Spin-Off" \| shares		2,167,393
Aggregate consideration based on the closing price of the GLPI common stock on October 30, 2013		$ 39,100
Aggregate consideration based on the closing price of the Penn common stock on October 30, 2013		28,400
Transaction Costs Carlino Exchange		10,700		$ 10,695
Percentage of common stock required to be owned by Carlino Group to qualify as a real estate investment trust	9.90%
Property and equipment associated to the failed spin-off and not derecognized	$ 2,000,000
Assets and liabilities contributed to GLPI
Cash and cash equivalents	240,202
Current deferred income tax assets	6,157
Other current assets	3,116
Property and equipment, net	115,731
Goodwill	75,521
Other intangible assets	9,577
Debt issuance costs	39,862
Other assets	36,378
Accounts payable and accrued expenses	(16,055)
Income taxes	(5,296)
Other current liabilities	(12,312)
Long-term debt	(2,350,000)	$ (2,350,000)
Long-term deferred income tax liabilities	(4,248)
Sub total	(1,861,367)
Adjustment for GLPI financing obligation	3,516,210
Net impact of Spin-Off	$ 1,654,843
Period of the Master Lease agreement	15 years
Number of lease renewal options \| Option	4
Term of lease renewal options	5 years
Decrease to shareholders' equity			$ (2,500)	(1,654,843)
Transaction costs of Spin-Off			$ 900	$ 39,500

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Concentration of Credit Risk
Receivables	$ 45,186	$ 41,618
Casino Rama
Concentration of Credit Risk
Receivables		6,800
Accounts Receivable \| Hollywood Casino at Charles Town Races
Concentration of Credit Risk
Receivables	5,200	4,600
Accounts Receivable \| Casino Rama
Concentration of Credit Risk
Receivables	5,400
Accounts Receivable \| Hollywood Casino at Penn National Race Course
Concentration of Credit Risk
Receivables	5,100	2,900
Accounts Receivable \| Kansas Entertainment
Concentration of Credit Risk
Receivables	3,200	2,900
Accounts Receivable \| Approved casino customers
Concentration of Credit Risk
Markers issued to customers	$ 4,700	$ 4,900

Summary of Significant Accounting Policies (Details 2) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) item	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Goodwill and Other Intangible Assets
Goodwill	$ 911,942	$ 874,184	$ 951,953
Other intangible assets, net	$ 391,442	$ 419,453
Number of issues that arise with respect to assets that require significant management estimates and judgment \| item	2
Land Improvements
Estimated useful lives of property and equipment
Useful lives	15 years
Building and Building Improvements \| Minimum
Estimated useful lives of property and equipment
Useful lives	5 years
Building and Building Improvements \| Maximum
Estimated useful lives of property and equipment
Useful lives	31 years
Furniture, Fixtures and Equipment \| Minimum
Estimated useful lives of property and equipment
Useful lives	3 years
Furniture, Fixtures and Equipment \| Maximum
Estimated useful lives of property and equipment
Useful lives	31 years

Summary of Significant Accounting Policies (Details 3) - Master Lease Agreement	12 Months Ended
	Dec. 31, 2015
Capital Leased Assets
Discount rate	9.70%
Lease term	35 years

Summary of Significant Accounting Policies (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue recognition
Promotional allowances	$ 154,987	$ 150,319	$ 165,459
Cost of complimentary services	51,793	51,624	58,474
Gaming and Racing Taxes
Gaming expense	$ 980,900	886,700	964,600
Player Loyalty Programs [Abstract]
Marquee Rewards points expired after inactivity (in months)	6 months
Player loyalty liability recorded within accrued expenses on the consolidated balance sheets	$ 13,800	13,100
Rooms
Revenue recognition
Promotional allowances	34,708	33,513	36,132
Cost of complimentary services	4,199	3,664	5,971
Food and Beverage
Revenue recognition
Promotional allowances	111,144	106,908	118,143
Cost of complimentary services	44,012	44,325	48,431
Other
Revenue recognition
Promotional allowances	9,135	9,898	11,184
Cost of complimentary services	$ 3,582	$ 3,635	$ 4,072

Summary of Significant Accounting Policies (Details 5) $ in Millions				12 Months Ended
	Nov. 01, 2015 USD ($)	Nov. 01, 2014 USD ($)	Nov. 01, 2013 Option	Dec. 31, 2015 USD ($) facility Option	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Jul. 30, 2014 USD ($)
Rental expense related to the master lease
Term of lease renewal options			5 years
Number of lease renewal options \| Option			4
Master Lease Agreement
Rental expense related to the master lease
Term of lease renewal options				5 years
Number of lease renewal options \| Option				4
Initial term of lease				15 years
Total payments under Master Lease				$ 437.0	$ 421.4	$ 69.5
Master Lease Agreement \| 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%
Term of lease renewal options			5 years
Period over which capital lease component is adjusted			5 years
Adjustment to capital lease component as percentage of the average change to net revenues during preceding five years			4.00%
Adjustment to capital lease component as percentage of the average change to net revenues during preceding month			20.00%
Increase in annual rental expense				$ 19.0
Percentage of real estate construction costs paid for by GLPI to facilities				10.00%
Master Lease Agreement And Argosy Casino Sioux City
Rental expense related to the master lease
Increase in annual rental expense	$ 5.0	$ 3.2
Decrease in annual rent payable to GLPI							$ 6.2

Summary of Significant Accounting Policies (Details 6) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net income loss available to common stockholders
Net income	$ (9,066)	$ 4,900	$ 2,983	$ 1,869	$ (149,781)	$ (15,348)	$ (19,273)	$ 580	$ 686	$ (183,822)	$ (581,252)
Net income applicable to preferred stock									67
Net income applicable to common stock									$ 619
Determination of shares:
Weighted-average common shares outstanding									80,003,000	78,425,000	78,111,000
Assumed conversion of dilutive employee stock-based awards (in shares)									2,217,000
Assumed conversion of restricted stock (in shares)									60,000
Diluted weighted-average common shares outstanding before participating security									82,280,000
Assumed conversion of preferred stock (in shares)									8,624,000
Diluted weighted-average common shares outstanding (in shares)									90,904,000	78,425,000	78,111,000
Anti-dilutive securities, options to purchase shares outstanding									1,635,929	6,633,622	7,316,713
Calculation of basic EPS:
Net income applicable to common stock									$ 619
Weighted-average common shares outstanding									80,003,000	78,425,000	78,111,000
Basic EPS (in dollars per share)	$ (0.11)	$ 0.06	$ 0.03	$ 0.02					$ 0.01	$ (2.34)	$ (7.44)
Calculation of diluted EPS using two class method:
Net income applicable to common stock									$ 619
Diluted weighted-average common shares outstanding before participating security									82,280,000
Diluted EPS (in dollars per share)	$ (0.11)	$ 0.05	$ 0.03	$ 0.02					$ 0.01	$ (2.34)	$ (7.44)
Series C Preferred Stock
Earnings Per Share
Preferred stock, shares outstanding	8,624				8,624				8,624	8,624	8,624
Series B Preferred Stock
Earnings Per Share
Preferred stock, shares outstanding	0				0				0	0		12,275

Summary of Significant Accounting Policies (Details 7) - facility	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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%
Weighted-average assumptions used in the Black-Scholes option-pricing model
Risk-free interest rate (as a percent)	1.54%	1.68%	1.08%
Expected volatility (as a percent)	36.68%	44.80%	46.27%
Weighted-average expected life	5 years 5 months 12 days	5 years 5 months 12 days	6 years 6 months 26 days
Certain Risks and Uncertainties
Number of facilities in terms of net revenues that will face new significant competition in the near term	2
Number of facilities located in Charles Town, West Virginia that will face new significant competition in the near term	1
Number of facilities located in Grantville, Pennsylvania that will face new significant competition in the near term	1
Kansas Entertainment
Segment Information
Ownership interest in joint venture (as a percent)	50.00%

New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
New Accounting Pronouncements
Noncurrent deferred tax liabilities, net	$ 107,921	$ 38,290
FASB accounting standard ASU 2015-17 \| Effect of early adoption of new accounting pronouncement
New Accounting Pronouncements
Current deferred tax assets, net		(40,300)
Noncurrent deferred tax liabilities, net		$ (40,300)

Acquisitions and Other Recent Business Ventures (Details) $ in Thousands				3 Months Ended								12 Months Ended
	Sep. 01, 2015 USD ($) item	Aug. 25, 2015 USD ($) ft² a item room	Apr. 05, 2013 USD ($) ft² item	Dec. 31, 2015 USD ($) ft² a mi	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2015 USD ($) ft² a item mi	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Acquisitions
Goodwill				$ 911,942				$ 874,184				$ 911,942	$ 874,184	$ 951,953
Other intangible assets				391,442				419,453				391,442	419,453
Preliminary purchase price allocated to goodwill				911,942				874,184				911,942	874,184	951,953
Pro Forma Financial Information
Net revenues				733,967	$ 739,297	$ 700,956	$ 664,138	651,361	$ 645,940	$ 652,146	$ 641,080	2,838,358	2,590,527	$ 2,777,886
Tropicana Las Vegas Hotel and Casino and PSG
Pro Forma Financial Information
Net Revenues, Pro Forma												177,806	172,800
Loss from continuing operations, Pro Forma												(5,092)	(13,079)
Net revenues												57,300
Income from continuing operations												(3,000)
Transaction costs				1,900								1,900
Tropicana Las Vegas Hotel And Casino
Acquisitions
Percentage of voting interest acquired		100.00%
Size of property where facility is located (in acres) \| a		35
Payment for acquisitions		$ 280,000
Purchase price of the entity acquired		357,700
Preliminary purchase price allocated to property and equipment, net		365,500
Preliminary purchase price allocated to total current assets		16,000
Goodwill		14,800
Preliminary purchase price allocated to total other assets		4,600
Preliminary purchase price allocated to total current liabilities		25,800
Preliminary purchase price allocated to total other liabilities		$ 17,400
Area of gaming space at facility (in square feet) \| ft²		1,183,984
Area of exhibition and meeting space at facility (in square feet) \| ft²		100,000
Area of tropical beach event area and spa (in acres) \| a		5
Number of slot machines at facility \| item		775
Number of table games at facility \| item		36
Number of guestroom hotels at facility \| room		1,470
Number of full service restaurants \| item		3
Number of seats in performance theater \| item		1,200
Number of seats in comedy club, a night club and beach club \| item		300
Preliminary purchase price allocated to goodwill		$ 14,800
Prairie State Gaming
Acquisitions
Percentage of voting interest acquired	100.00%
Goodwill	$ 22,900
Other intangible assets	$ 15,700
Number of bar and retail gaming establishments with video gaming terminals \| item	270
Preliminary purchase price allocated to goodwill	$ 22,900
Prairie State Gaming \| Minimum
Acquisitions
Number of video gaming terminals \| item	1,100
Plainridge Racecourse
Acquisitions
Goodwill				3,000								$ 3,000
Period contingent purchase price consideration is due following first four fiscal quarters												60 days
Period for yearly contingent purchase price consideration payment after the first payment												9 years
Fair value for contingent purchase price consideration				13,800				19,200				$ 13,800	19,200
Preliminary purchase price allocated to land and buildings				57,900								57,900
Preliminary purchase price allocated to goodwill				$ 3,000								3,000
Plainridge Racecourse \| General and administrative expenses
Acquisitions
Change in fair value in long term obligation, (credit) charge to general and administrative expense												$ (5,400)	700
Plainridge Park Casino Properties
Acquisitions
Size of gaming and entertainment facility (in square feet) \| ft²				196,473								196,473
Number of gaming devices \| item												1,250
Number of parking spaces \| item												1,620
Location of facility in distance from major metropolitan area (in miles) \| mi				20								20
Size of clubhouse building at raceway (in square feet) \| ft²				55,000								55,000
Length of live harness racing facility (in miles) \| mi				0.625								0.625
Definitive Agreement with Jamul Indian Village
Acquisitions
Size of property where facility is located (in acres) \| a				6								6
Proposed facility development cost			$ 390,000
Size of gaming and entertainment facility (in square feet) \| ft²			200,000
Number of gaming devices \| item			1,700
Number of table games \| item			43
Number of parking spaces \| item			1,800
Maximum conditional loan commitment												$ 400,000
Anticipated funding under conditional loan commitment												390,000
Senior loans receivable				$ 197,700				62,000				197,700	62,000
Senior loans interest receivable				13,900				$ 3,300				13,900	$ 3,300
Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality
"Loans" receivable acquired, face amount				60,000								60,000
Consideration for "Loans" receivable acquired				$ 24,000								$ 24,000
"Loans" receivable acquired, simple fixed interest per annum, percentage rate ( as a percent)				4.25%								4.25%

Investment In and Advances to Unconsolidated Affiliates (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) ft² item	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Business ventures
Investment in and advances to unconsolidated affiliates \| $	$ 168,149	$ 179,551
Distributions from unconsolidated affiliates \| $	$ 28,150	23,000	$ 21,500
Kansas Entertainment
Business ventures
Ownership interest in joint venture under agreement of sale (as a percent)	50.00%
Area of Casino (in square foot) \| ft²	244,791
Number of slot machines \| item	2,000
Number of table games \| item	40
Number of poker tables \| item	12
Number of space parking \| item	1,253
Investment in and advances to unconsolidated affiliates \| $	$ 103,600	115,500
Distributions from unconsolidated affiliates \| $	$ 27,200	$ 23,000	$ 21,500
Freehold Raceway
Business ventures
Ownership interest in joint venture under agreement of sale (as a percent)	50.00%
MAXXAM
Business ventures
Ownership interest in joint venture under agreement of sale (as a percent)	50.00%

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Plant and equipment
Property and equipment, net			$ 2,980,068	$ 2,669,732
Increase (decrease) in property and equipment			310,300
Depreciation expense			258,900	255,400	$ 287,300
Interest capitalized in connection with major construction projects			1,800	900	1,400
Impairment of long-lived assets	$ 4,600	$ 2,200	0
Master Lease Agreement
Plant and equipment
Depreciation expense			92,400	89,800	$ 14,800
Land and Land Improvements - non-leased
Plant and equipment
Property and equipment			288,910	42,350
Land and Land Improvements Leased
Plant and equipment
Property and equipment			382,246	382,702
Building and Building Improvements - non-leased
Plant and equipment
Property and equipment			396,497	173,043
Buildings and Building Improvements Leased
Plant and equipment
Property and equipment			2,219,018	2,219,018
Furniture, Fixtures and Equipment
Plant and equipment
Property and equipment			1,303,153	1,213,143
Leasehold Improvements
Plant and equipment
Property and equipment			129,012	120,984
Construction In Progress - non-leased
Plant and equipment
Property and equipment			9,175	69,367
Non-leased Assets
Plant and equipment
Property and equipment			2,126,747	1,618,887
Less Accumulated depreciation			(1,093,115)	(988,490)
Property and equipment, net			1,033,632	630,397
Leased Assets
Plant and equipment
Property and equipment			2,601,264	2,601,720
Less Accumulated depreciation			(654,828)	(562,385)
Property and equipment, net			$ 1,946,436	$ 2,039,335

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands				1 Months Ended		3 Months Ended	12 Months Ended
	Sep. 01, 2015	Nov. 01, 2013	Oct. 01, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Sep. 01, 2015	Dec. 31, 2014
Reconciliation of goodwill and accumulated goodwill impairment losses
Goodwill							$ 2,175,507	$ 2,137,749	$ 2,134,697	$ 2,175,507		$ 2,137,749
Accumulated goodwill impairment losses							(1,263,565)	(1,263,565)	(1,182,744)	(1,263,565)		(1,263,565)
Goodwill, net							911,942	874,184	951,953	911,942		874,184
Goodwill acquired								37,758	3,052
Goodwill impairment losses			$ (249,300)						(80,821)
Balance at the end of the period, Goodwill gross							2,175,507	2,137,749	2,134,697
Balance at the end of the period, Accumulated goodwill impairment losses							(1,263,565)	(1,263,565)	(1,182,744)
Goodwill, Ending Balance							911,942	874,184	951,953
Intangible assets
Finite-lived intangible assets, Accumulated Amortization										77,135		76,613
Finite-lived intangible assets, Net Book Value										16,037
Intangible assets, Gross Carrying Value										468,577		496,066
Intangible Assets, Net (Excluding Goodwill), Total										391,442		419,453
Other intangible assets										391,442		419,453
Indefinite-Lived Intangible Assets (Excluding Goodwill), Total										375,405		418,991
Intangible asset amortization expense							500	11,400	16,100
Goodwill impairment losses			249,300						80,821
Impairment of intangible asset			$ 311,000			$ 4,600	40,000	74,500
Expected future amortization expense
2016										1,755
2017										1,685
2018										1,673
2019										1,673
2020										1,673
Thereafter										7,578
Finite-lived intangible assets, Net Book Value										16,037
Goodwill							$ 911,942	874,184	951,953	911,942		874,184
Other intangible assets										391,442		419,453
Spinoff
Reconciliation of goodwill and accumulated goodwill impairment losses
Goodwill impairment losses		$ (30,900)
Intangible assets
Goodwill impairment losses		30,900
Impairment of intangible asset		$ 133,100
Prairie State Gaming
Reconciliation of goodwill and accumulated goodwill impairment losses
Goodwill, net	$ 22,900										$ 22,900
Goodwill, Ending Balance	22,900
Intangible assets
Intangible Assets, Net (Excluding Goodwill), Total											15,700
Other intangible assets											15,700
Expected future amortization expense
Goodwill	$ 22,900										22,900
Other intangible assets											15,700
Hollywood Gaming at Dayton Raceway And Mahoning Valley Race Course
Intangible assets
Fair value discount rate							5.00%
Hollywood Gaming at Dayton Raceway And Mahoning Valley Race Course \| Indefinite-lived Intangible Assets
Intangible assets
Fair value discount rate					5.00%
Hollywood Gaming at Dayton Raceway
Reconciliation of goodwill and accumulated goodwill impairment losses
Goodwill, net							$ 15,339			15,339
Goodwill, Ending Balance							15,339
Intangible assets
Intangible Assets, Net (Excluding Goodwill), Total										110,436
Other intangible assets										110,436
Indefinite-Lived Intangible Assets (Excluding Goodwill), Total					$ 75,000
Payments for gaming license fee							50,000
Gaming license fee							25,000	25,000
Expected future amortization expense
Goodwill							15,339			15,339
Other intangible assets										110,436
Mahoning Valley Race Course
Intangible assets
Intangible Assets, Net (Excluding Goodwill), Total										125,000
Other intangible assets										125,000
Indefinite-Lived Intangible Assets (Excluding Goodwill), Total					$ 75,000
Payments for gaming license fee							50,000
Gaming license fee							25,000	$ 25,000
Expected future amortization expense
Other intangible assets										125,000
Hollywood Casino St Louis
Reconciliation of goodwill and accumulated goodwill impairment losses
Goodwill, net							205,783			205,783
Goodwill, Ending Balance							205,783
Intangible assets
Intangible Assets, Net (Excluding Goodwill), Total										58,418
Other intangible assets										58,418
Expected future amortization expense
Goodwill							205,783			205,783
Other intangible assets										58,418
Prairie State Gaming
Reconciliation of goodwill and accumulated goodwill impairment losses
Goodwill, net							22,937			22,937
Goodwill, Ending Balance							22,937
Intangible assets
Intangible Assets, Net (Excluding Goodwill), Total										15,151
Other intangible assets										15,151
Expected future amortization expense
Goodwill							22,937			22,937
Other intangible assets										15,151
Argosy Casino Riverside
Reconciliation of goodwill and accumulated goodwill impairment losses
Goodwill, net							154,332			154,332
Goodwill, Ending Balance							154,332
Intangible assets
Intangible Assets, Net (Excluding Goodwill), Total										4,964
Other intangible assets										4,964
Expected future amortization expense
Goodwill							154,332			154,332
Other intangible assets										4,964
Zia Park Casino
Reconciliation of goodwill and accumulated goodwill impairment losses
Goodwill, net							142,359			142,359
Goodwill, Ending Balance							142,359
Expected future amortization expense
Goodwill							142,359			142,359
Hollywood Casino at Penn National Race Course
Reconciliation of goodwill and accumulated goodwill impairment losses
Goodwill, net							1,497			1,497
Goodwill, Ending Balance							1,497
Intangible assets
Intangible Assets, Net (Excluding Goodwill), Total										67,607
Other intangible assets										67,607
Expected future amortization expense
Goodwill							1,497			1,497
Other intangible assets										67,607
Hollywood Casino Lawrenceburg
Reconciliation of goodwill and accumulated goodwill impairment losses
Goodwill, net							63,189			63,189
Goodwill, Ending Balance							63,189
Expected future amortization expense
Goodwill							63,189			63,189
Hollywood Casino Aurora
Reconciliation of goodwill and accumulated goodwill impairment losses
Goodwill, net							207,207			207,207
Goodwill, Ending Balance							207,207
Expected future amortization expense
Goodwill							207,207			207,207
Argosy Casino Alton
Reconciliation of goodwill and accumulated goodwill impairment losses
Goodwill, net							9,863			9,863
Goodwill, Ending Balance							9,863
Intangible assets
Intangible Assets, Net (Excluding Goodwill), Total										8,285
Other intangible assets										8,285
Expected future amortization expense
Goodwill							9,863			9,863
Other intangible assets										8,285
Tropicana Las Vegas
Reconciliation of goodwill and accumulated goodwill impairment losses
Goodwill, net							14,821			14,821
Goodwill, Ending Balance							14,821
Expected future amortization expense
Goodwill							14,821			14,821
Argosy Casino Sioux City
Intangible assets
Impairment of intangible asset									3,100
Other Reporting Units
Reconciliation of goodwill and accumulated goodwill impairment losses
Goodwill, net							8,208			8,208
Goodwill, Ending Balance							8,208
Intangible assets
Intangible Assets, Net (Excluding Goodwill), Total										1,581
Other intangible assets										1,581
Expected future amortization expense
Goodwill							8,208			8,208
Other intangible assets										1,581
Argosy Casino Sioux City Facility
Reconciliation of goodwill and accumulated goodwill impairment losses
Goodwill impairment losses				$ (20,900)					(68,700)
Intangible assets
Goodwill impairment losses				$ 20,900					$ 68,700
Boomtown Biloxi
Reconciliation of goodwill and accumulated goodwill impairment losses
Goodwill, net							22,365			22,365
Goodwill, Ending Balance							22,365
Expected future amortization expense
Goodwill							22,365			22,365
Hollywood Casino Tunica
Reconciliation of goodwill and accumulated goodwill impairment losses
Goodwill, net							44,042			44,042
Goodwill, Ending Balance							44,042
Expected future amortization expense
Goodwill							44,042			44,042
Argosy Casino Sioux City gaming license \| Argosy Casino Sioux City Facility
Intangible assets
Finite-lived intangible assets, Gross Carrying Value										20,949		20,949
Finite-lived intangible assets, Accumulated Amortization										20,949		20,949
Other intangible assets
Intangible assets
Finite-lived intangible assets, Gross Carrying Value										72,223		56,126
Finite-lived intangible assets, Accumulated Amortization										56,186		55,664
Finite-lived intangible assets, Net Book Value										16,037		462
Change in indefinite life intangible assets during the period							$ (28,000)
Expected future amortization expense
Finite-lived intangible assets, Net Book Value										$ 16,037		$ 462
Customer relationships \| Prairie State Gaming
Intangible assets
Finite-lived intangible assets, Net Book Value											15,700
Period of amortization	10 years
Expected future amortization expense
Finite-lived intangible assets, Net Book Value											$ 15,700

Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Oct. 30, 2013
Long-term Debt
Long-term debt	$ 1,735,198	$ 1,267,637
Less current maturities of long-term debt	(92,108)	(30,853)
Less net discounts	(686)	(1,056)
Less debt issuance costs, net of accumulated amortization of $13.3 million and $6.8 million, respectively	(23,553)	(25,151)
Long-term debt, net of current maturities	1,618,851	1,210,577
Accumulated amortization for debt issuance costs	13,300	6,800
Senior Secured Credit Facility
Long-term Debt
Long-term debt	1,259,740	807,500
$300 million 5.875% senior unsecured notes due November 1, 2021
Long-term Debt
Long-term debt	300,000	300,000	$ 300,000
Principal amount	$ 300,000
Interest rate (as a percent)	5.875%		5.875%
Other long-term obligations
Long-term Debt
Long-term debt	$ 146,992	135,000
Capital leases
Long-term Debt
Long-term debt	$ 28,466	$ 25,137

Long-term Debt (Details 2) $ in Thousands				1 Months Ended	3 Months Ended		12 Months Ended
Long-term Debt (Details 2) $ in Thousands	Nov. 01, 2013 USD ($)	Oct. 30, 2013 USD ($)	Oct. 22, 2013 USD ($)	Sep. 30, 2012 USD ($)	Sep. 30, 2014 USD ($) item	Dec. 31, 2013 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Aug. 31, 2015 USD ($)	Jul. 31, 2015 USD ($)
Long-term Debt
Loss on early extinguishment of debt									$ 61,660
Long-term debt							$ 1,735,198	$ 1,267,637
Letters of credit outstanding							23,400	23,000
Debt raised by the GLPI which was part of the net assets contributed as part of the Spin-Off	$ 2,350,000	$ 2,350,000
Interest expense							443,127	425,114	159,897
Future minimum repayments of long-term debt
2016							91,998
2017							83,926
2018							916,889
2019							18,021
2020							251,213
Thereafter							373,151
Total minimum payments							$ 1,735,198
Capital leases
Capital Leases
Lease term							10 years
Capital lease term renewal option							10 years
Capital lease obligation							$ 24,900	24,900
Revolving credit facility
Long-term Debt
Term of debt		5 years
Maximum borrowing capacity		$ 500,000								$ 633,200	$ 500,000
Available borrowing capacity							187,700	392,000
Term loan amount outstanding							422,000	85,000
Term Loan A Facility
Long-term Debt
Term of debt		5 years
Maximum borrowing capacity		$ 500,000								$ 146,700	$ 500,000
Interest rate, description		LIBOR
Term loan amount outstanding							592,700	475,000
Term Loan B Facility
Long-term Debt
Term of debt		7 years
Maximum borrowing capacity		$ 250,000
Interest rate, description		LIBOR
Interest rate added to the base rate (as a percent)		2.50%
Interest rate description floor rate (as a percent)		0.75%
Term loan amount outstanding							245,000	247,500
Senior Secured Credit Facility
Long-term Debt
Term loan amount outstanding							1,259,700	807,500
Long-term debt							$ 1,259,740	807,500
Senior Unsecured 5.875% Percent Notes
Long-term Debt
Interest rate (as a percent)							5.875%
Variable Rate Term Loan B
Long-term Debt
Loss on early extinguishment of debt									$ 21,500
$325 million 8 3/4% senior subordinated notes due August 2019
Long-term Debt
Loss on early extinguishment of debt						$ 40,200
Amount of debt extinguished						$ 325,000
Interest rate (as a percent)						8.75%			8.75%
Debt issuance costs written-offs						$ 5,500
Call premium						$ 34,700
$300 million 5.875% senior unsecured notes due November 1, 2021
Long-term Debt
Long-term debt		$ 300,000					$ 300,000	300,000
Interest rate (as a percent)		5.875%					5.875%
Percentage of principal amount at which the entity may redeem all or part of the notes (as a percent)		100.00%
Percentage of principal amount at which the entity may redeem notes from net proceeds raised in connection with an equity offering		105.875%
Period from completion of equity offering, during which notes can be redeemed		180 days
Percentage of notes originally issued remains outstanding		60.00%
Other long-term obligations
Long-term Debt
Loss on early extinguishment of debt									$ 3,800
Long-term debt							$ 146,992	135,000
Interest expense									$ 2,200
Proceeds from other long-term obligations				$ 10,000
Debt repaid			$ 16,000
Event Center
Long-term Debt
Long-term debt							$ 15,300
Effective yield							3.00%
Interest expense							$ 400
Annual payments on the loan							$ 1,000
Term of obligation							20 years
Hollywood Gaming at Dayton Raceway And Mahoning Valley Race Course
Long-term Debt
Discount rate (as a percent)							5.00%
Hollywood Gaming at Dayton Raceway And Mahoning Valley Race Course \| Ohio Relocation Fees
Long-term Debt
Long-term debt							$ 131,700	135,000
Discount rate (as a percent)					5.00%
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%
Interest expense							$ 6,700	$ 2,100
Hollywood Gaming at Dayton Raceway \| Ohio Relocation Fees
Long-term Debt
Relocation expenses					75,000
Relocation fee payable upon opening of the facility					7,500
Mahoning Valley Race Course \| Ohio Relocation Fees
Long-term Debt
Relocation expenses					75,000
Relocation fee payable upon opening of the facility					$ 7,500
Minimum \| Term Loan A Facility
Long-term Debt
Interest rate added to the base rate (as a percent)		1.25%
Maximum \| Term Loan A Facility
Long-term Debt
Interest rate added to the base rate (as a percent)		2.75%

Master Lease Financing Obligation (Details) - USD ($) $ in Millions				3 Months Ended								12 Months Ended
	Nov. 01, 2015	Nov. 01, 2014	Nov. 01, 2013	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jul. 30, 2014
Capital Leased Assets [Line Items]
Term of lease renewal options			5 years
Master Lease Agreement
Capital Leased Assets [Line Items]
Discount rate (as a percent)												9.70%
Term of lease renewal options												5 years
Total payments under Master Lease												$ 437.0	$ 421.4	$ 69.5
Interest expense for the Master Lease				$ 98.2	$ 97.8	$ 97.7	$ 96.4	$ 97.5	$ 94.6	$ 94.0	$ 93.1	390.1	379.2	62.1
Master Lease Agreement \| Facilities Held Under Leases
Capital Leased Assets [Line Items]
Increase in annual rental expense												19.0
Term of lease renewal options			5 years
Master Lease Agreement \| Hollywood Casinos in Columbus, Ohio and Toledo, Ohio
Capital Leased Assets [Line Items]
Contingent payments included in Master Lease interest expense associated with the monthly variable components for Hollywood Casino Columbus and Hollywood Casino Toledo												$ 43.5	$ 40.9	$ 6.7
Master Lease Agreement And Argosy Casino Sioux City
Capital Leased Assets [Line Items]
Decrease in annual rent payable to GLPI															$ 6.2
Increase in annual rental expense	$ 5.0	$ 3.2

Master Lease Financing Obligation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Future minimum payments related to the Master Lease financing obligation with GLPI
Less current portion of financing obligation	$ (50,548)	$ (46,884)
Long-term portion of financing obligation	3,514,080	$ 3,564,629
Master Lease Agreement
Future minimum payments related to the Master Lease financing obligation with GLPI
2016	389,496
2017	389,496
2018	378,716
2019	324,819
2020	324,819
Thereafter	9,040,800
Total minimum payments	10,848,146
Less amounts representing interest at 9.70%	(7,671,269)
Plus residual values	387,751
Present value of future minimum payments	3,564,628
Less current portion of financing obligation	(50,548)
Long-term portion of financing obligation	$ 3,514,080
Interest rate, capital lease	9.70%

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

Commitments and Contingencies (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Capital Expenditure Commitments
Capital expenditures under current construction program for 2015	$ 31,400
Contractual commitment to spend on capital expenditures	2,000
Purchase obligations
Obligations to purchase various goods and services	87,100
Obligations to be incurred in 2015	62,700
Other Lease Agreements
Operating Leased Assets [Line Items]
Total rental expense	37,900	$ 33,300	$ 36,400
Future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases
2016	4,223
2017	3,205
2018	2,668
2019	1,632
2020	1,066
Thereafter	14,831
Total	$ 27,625

Commitments and Contingencies (Details 3) $ in Millions	1 Months Ended	4 Months Ended	12 Months Ended			16 Months Ended
Commitments and Contingencies (Details 3) $ in Millions	Aug. 31, 2015	Dec. 31, 2015 USD ($)	Dec. 31, 2015 USD ($) plan employee	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2015 USD ($)
Labor Agreements
Agreements with Sports Arena Employees Ratification Period	3 years
Number of employees under Seafarers Entertainment and Allied Trade Union agreement \| employee			1,827
Number of employees under Hotel Employees and Restaurant Employees Union Local 1 agreement \| employee			186
Number of employees under United Steel Workers \| employee			1,361
Profit sharing plan under the provisions of Section 401(k)
Employer's discretionary match contribution up to a maximum of 6% of eligible employee compensation (as a percent)			50.00%
Maximum percentage of eligible employee compensation eligible for discretionary employer match contribution			6.00%
Matching contributions for the profit-sharing plan \| $			$ 5.0	$ 4.7	$ 4.6
Defined contribution plan, the Charles Town Races Future Service Retirement Plan
Matching contribution as a percentage of the daily mutual handle			0.25%
Matching contribution as a percentage of net video lottery revenue up to a base			1.00%
Matching contribution as a percentage of table revenue after the base is met			0.50%
Matching contribution as a percentage of poker revenue after the base is met			0.84%
Number of plans for which matching contribution is made \| plan			2
Contributions for the two plans at Hollywood Casino at Charles Town Races \| $			$ 2.9	3.0	3.6
Non-qualified deferred compensation plan
Vesting period for matching contribution by employer under the plan (in years)			5 years
Employer's matching contributions for the non-qualified deferred compensation plan \| $			$ 2.0	1.9	$ 2.3
Deferred compensation liability, which was included in other current liabilities \| $		$ 52.7	$ 52.7	$ 61.4		$ 52.7
Mahoning Valley Race Course
Labor Agreements
Term						10 years
Hollywood Gaming at Dayton Raceway
Labor Agreements
Term		10 years
Total Number of Employees \| Unionized Employees
Labor Agreements
Threshold number of employees under agreement for separate disclosure of unions \| employee			91

Income Taxes (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Nov. 01, 2013	Jan. 31, 2015	Dec. 31, 2015	Aug. 25, 2015	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets:
Stock-based compensation expense			$ 36,243		$ 44,458
Accrued expenses			59,196		58,483
Intangibles			11,590		38,959
Financing obligation to GLPI			1,374,268		1,394,575
Unrecognized tax benefits			9,858		10,837
Net operating losses			81,109		11,895
Accumulated other comprehensive loss					590
Gross deferred tax assets			1,572,264		1,559,797
Less valuation allowance			(844,258)		(744,449)
Net deferred tax assets			728,006		815,348
Deferred tax liabilities:
Property, plant and equipment, non-leased			(80,930)		(61,803)
Property, plant and equipment, leased			(750,407)		(787,580)
Investments in unconsolidated affiliates			(3,024)		(4,255)
Accumulated other comprehensive gain			(1,566)
Net deferred tax liabilities			(835,927)		(853,638)
Noncurrent deferred tax assets (liabilities), net			(107,921)		(38,290)
Financing obligation recorded		$ 15,300
Valuation allowance			844,258		744,449
Tax benefit associated with net operating loss carryforwards			81,109		11,895
Tax credit carryforward, valuation allowance			2,300
Other deferred tax assets			31,600
Master Lease Agreement
Deferred tax liabilities:
Real property assets recorded	$ 2,000,000
Financing obligation recorded	3,520,000
Increase in deferred tax assets	$ 599,900
Tropicana Las Vegas Hotel And Casino
Deferred tax liabilities:
General business credit carryforwards				$ 900
Increased of valuation allowance			99,800
Acquired deferred tax assets			68,200
State and Local
Deferred tax assets:
Net operating losses					9,900
Deferred tax liabilities:
Net operating loss carryforwards			202,000
Tax benefit associated with net operating loss carryforwards					$ 9,900
State and Local \| Subsidiaries
Deferred tax liabilities:
Gross state net operating loss carryforwards for which no benefit has been recorded as they are attributable to uncertain tax positions			1,200,000
Unrecognized tax benefits attributable to the net operating losses			69,400
Increase to equity in the event of any benefit from realization of net operating losses			$ 11,400
Federal \| Tropicana Las Vegas Hotel And Casino
Deferred tax liabilities:
Net operating loss carryforwards				$ 190,900
Spinoff
Deferred tax assets:
Less valuation allowance						$ (599,900)
Deferred tax liabilities:
Valuation allowance						$ 599,900

Income Taxes (Details 2) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current tax (benefit) expense
Federal	$ (5,158)	$ 14,275	$ 96,273
State	133	5,821	2,835
Foreign	3,713	7,515	4,708
Total current	(1,312)	27,611	103,816
Deferred tax expense (benefit)
Federal	51,817	2,357	(137,803)
State	5,419	551	407
Total deferred	57,236	2,908	(137,396)
Total income tax provision (benefit)	$ 55,924	$ 30,519	$ (33,580)
Percent of pretax income
Federal taxes (as a percent)	35.00%	35.00%	35.00%
State and local income taxes (as a percent)	6.10%	1.60%	1.50%
Permanent differences (as a percent)	5.80%	(20.90%)	(16.80%)
Foreign (as a percent)	5.20%	(2.20%)	(0.60%)
Valuation allowance (as a percent)	55.30%	(31.10%)	(14.00%)
Other miscellaneous items (as a percent)	(8.60%)	(2.30%)	0.30%
Actual effective income tax rate (as a percent)	98.80%	(19.90%)	5.40%
Amount of pretax income
Federal taxes	$ 19,814	$ (53,656)	$ (219,232)
State and local income taxes	3,435	(2,470)	(9,163)
Permanent differences	3,276	32,019	104,592
Foreign	2,955	3,337	3,685
Valuation allowance	31,288	47,703	92,242
Other miscellaneous items	(4,844)	3,586	(5,704)
Total income tax provision (benefit)	55,924	30,519	(33,580)
Reconciliation of liability for unrecognized tax benefits
Balance at the beginning of the period	7,036	21,564
Additions based on current year positions	561	1,142
Additions based on prior year positions	6,371	4,038
Decreases due to settlements and/or reduction in reserve	(4,743)	(5,097)
Currency translation adjustments	(9,097)	(4,844)
Settlement payments	(4,000)	(356)
Unrecognized tax benefits	33,569	44,477	49,594
Cumulative advance deposits on account	(31,371)	(37,441)	(28,030)
Balance at the end of the period	$ 2,198	$ 7,036	$ 21,564

Income Taxes (Details 3) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details 3) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes
Tax reserves related to current year uncertain tax positions		$ 600
Tax reserves related to prior year uncertain tax positions		6,400
Accrued interest related to prior year uncertain tax positions		3,700
Previously recorded tax reserves for uncertain tax positions that have settled and/or closed		1,000
Net tax expense in connection with uncertain tax positions		1,800
Tax positions that, if reversed, would affect the effective tax rate		10,000	$ 10,700
Currency translation gains		3,000	2,500
Interest and penalties recognized, net of deferred taxes		1,400	1,100
Reductions in previously accrued interest and penalties		700
Income tax examinations
Prepaid income taxes		48,900	34,200
Unrecognized tax benefits		2,198	$ 7,036	$ 21,564
Forecast
Income tax examinations
Estimate payment for tax examination	$ 4,000
Other Liabilities
Income tax examinations
Unrecognized tax benefits		4,000
Other Assets
Income tax examinations
Unrecognized tax benefits		$ 1,800

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands						1 Months Ended	12 Months Ended
	Oct. 11, 2013	Sep. 25, 2013	Oct. 30, 2008	Jul. 03, 2008	Jun. 15, 2007	Feb. 28, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2010	Dec. 31, 2015
Preferred equity investment
Consideration that the shareholders would have received under merger agreement before termination (in dollars per share)					$ 67.00
Total consideration from the termination of the Merger Agreement				$ 1,475,000
Non-refundable cash termination fee from the termination of the Merger Agreement				225,000
Investment in preferred equity from the termination of the Merger Agreement				$ 1,250,000
Repurchase value of preferred stock								$ 649,518
Changes in each class of the Company's Preferred Stock
Changes in the Company's outstanding Preferred Stock							0		0
Affiliates of Fortress Centerbridge and W F Investment Holdings
Preferred equity investment
Exchange agreement amount paid	$ 649,500
Maximum \| Affiliate of Fortress Investment Group LLC
Preferred equity investment
Ownership interest in Spin-Off entity (as a percent)		9.90%
Series B Preferred Stock
Preferred equity investment
Issuance of preferred stock (in shares)			12,500
Repurchase value of preferred stock										$ 11,200
Number of shares held							0	12,275	12,275		0
Changes in each class of the Company's Preferred Stock
Shares outstanding at the beginning of the period								12,275
Repurchase of Preferred Stock (in shares)								(2,525)		(225)
Impact of exchange transaction								(9,750)
Shares outstanding at the end of the period							0		12,275
Series B Preferred Stock \| Centerbridge Partners LP
Changes in each class of the Company's Preferred Stock
Repurchase of Preferred Stock (in shares)	(2,300)
Series B Preferred Stock \| Wells Fargo Investment Holdings LLC
Changes in each class of the Company's Preferred Stock
Repurchase of Preferred Stock (in shares)						(225)
Series B Preferred Stock \| Affiliate of Fortress Investment Group LLC
Changes in each class of the Company's Preferred Stock
Repurchase of Preferred Stock (in shares)	(9,750)
Series B Preferred Stock \| Affiliate of Fortress Investment Group LLC
Preferred equity investment
Number of shares of preferred stock provided with the right to exchange as per the Exchange Agreement		9,750
Ceiling price at which the shares of preferred stock are redeemable at maturity (in dollars per share)		$ 67
Series C Preferred Stock
Preferred equity investment
Number of shares held							8,624	8,624			8,624
Number of shares of common stock issued to each share of Series C preferred stock on conversion											1,000
Changes in each class of the Company's Preferred Stock
Shares outstanding at the beginning of the period							8,624
Repurchase of Preferred Stock (in shares)								(5,929)
Impact of exchange transaction								14,553
Shares outstanding at the end of the period							8,624	8,624
Series C Preferred Stock \| Affiliate of Fortress Investment Group LLC
Preferred equity investment
Issuance of preferred stock (in shares)	14,553
Repurchase price of preferred stock (in dollars per share)		$ 67
Changes in each class of the Company's Preferred Stock
Repurchase of Preferred Stock (in shares)	(5,929)
Series C Preferred Stock \| Affiliate of Fortress Investment Group LLC
Preferred equity investment
Number of shares held						8,624
Changes in each class of the Company's Preferred Stock
Shares outstanding at the end of the period						8,624

Stock-Based Compensation (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Jun. 12, 2014 shares	Jun. 09, 2011 shares	Jun. 01, 2003 shares	Dec. 31, 2015 USD ($) item $ / shares shares	Dec. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2013 USD ($)	Jun. 08, 2011 shares
Gaming and Leisure Properties Inc
Stock-based compensation
Number of awards converted \| item				2
Employee stock options
Stock-based compensation
Exercise price of options granted, low end of range (in dollars per share) \| $ / shares				$ 6.34
Exercise price of options granted, high end of range (in dollars per share) \| $ / shares				$ 18.61
Number of Option Shares
Outstanding at the beginning of the period (in shares)				6,633,622
Granted (in shares)				1,752,833
Exercised (in shares)				(1,931,946)
Canceled (in shares)				(72,933)
Outstanding at the end of the period (in shares)				6,381,576	6,633,622
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share) \| $ / shares				$ 8.12
Granted (in dollars per share) \| $ / shares				13.50
Exercised (in dollars per share) \| $ / shares				6.76
Canceled (in dollars per share) \| $ / shares				11.64
Outstanding at the end of the period (in dollars per share) \| $ / shares				$ 9.97	$ 8.12
Additional disclosures
Weighted-Average Remaining Contractual Term				3 years 6 months 26 days
Aggregate Intrinsic Value (in dollars) \| $				$ 40,029
Weighted-average grant-date fair value of options granted (in dollars per share) \| $ / shares				$ 4.85	$ 4.95
Aggregate intrinsic value of stock options exercised (in dollars) \| $				$ 19,500	$ 8,200	$ 46,000
Number of Option Shares				3,739,257
Weighted-Average Exercise Price (in dollars per share) \| $ / shares				$ 8.13
Weighted-average remaining contractual term				2 years 2 months 9 days
Aggregate intrinsic value (in dollars) \| $				$ 30,300
Employee stock options \| Minimum
Stock-based compensation
Contractual lives of options granted				7 years
Employee stock options \| Maximum
Stock-based compensation
Contractual lives of options granted				10 years
2003 Plan
Stock-based compensation
Number of shares of common stock available for awards			12,000,000
2003 Plan \| Incentive stock options
Stock-based compensation
Exercise price per share as a percentage of the fair market value of the Common Stock			100.00%
2003 Plan \| Nonqualified stock options
Stock-based compensation
Exercise price per share as a percentage of the fair market value of the Common Stock			85.00%
2008 Plan
Stock-based compensation
Number of shares of common stock available for awards	16,350,000	9,250,000					2,350,000
Options available for future grants (in shares)				5,480,017
2008 Plan \| Employee stock options
Stock-based compensation
Number of shares of common stock counted against the maximum shares available for grant for each share awarded under the plan	1
2008 Plan \| Stock appreciation rights (SARs)
Stock-based compensation
Number of shares of common stock counted against the maximum shares available for grant for each share awarded under the plan	1
2008 Plan \| Restricted stock and Other full value stock awards
Stock-based compensation
Number of shares of common stock counted against the maximum shares available for grant for each share awarded under the plan		2.44

Stock-Based Compensation (Details 2)	12 Months Ended
Stock-Based Compensation (Details 2)	Dec. 31, 2015 $ / shares shares
Outstanding options
Number outstanding (in shares) \| shares	6,381,576
Weighted-average remaining contractual life	3 years 6 months 26 days
Weighted-average exercise price (in dollars per share)	$ 9.97
Exercisable options
Number outstanding (in shares) \| shares	3,739,257
Weighted-average exercise price (in dollars per share)	$ 8.13
$6.34 to $9.52
Information about stock options outstanding
Low end of exercise price range (in dollars per share)	6.34
High end of exercise price range (in dollars per share)	$ 9.52
Outstanding options
Number outstanding (in shares) \| shares	3,330,058
Weighted-average remaining contractual life	2 years 2 months 5 days
Weighted-average exercise price (in dollars per share)	$ 7.71
Exercisable options
Number outstanding (in shares) \| shares	3,083,777
Weighted-average exercise price (in dollars per share)	$ 7.62
$9.53 to $14.36
Information about stock options outstanding
High end of exercise price range (in dollars per share)	$ 14.36
Outstanding options
Number outstanding (in shares) \| shares	2,878,346
Weighted-average remaining contractual life	5 years 4 days
Weighted-average exercise price (in dollars per share)	$ 12.20
Exercisable options
Number outstanding (in shares) \| shares	654,480
Weighted-average exercise price (in dollars per share)	$ 10.52
$14.41 to $18.61
Information about stock options outstanding
High end of exercise price range (in dollars per share)	$ 18.61
Outstanding options
Number outstanding (in shares) \| shares	173,172
Weighted-average remaining contractual life	6 years 4 months 17 days
Weighted-average exercise price (in dollars per share)	$ 16.34
Exercisable options
Number outstanding (in shares) \| shares	1,000
Weighted-average exercise price (in dollars per share)	$ 14.41

Stock-Based Compensation (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock-based compensation costs
Compensation costs related to stock-based compensation, pre tax	$ 8,200	$ 10,700	$ 22,800
Total compensation cost related to nonvested awards not yet recognized	11,200	10,900	20,000
Accrued salaries and wages	$ 98,671	$ 84,034
Maximum
Stock-based compensation costs
Vesting period	5 years
Restricted Stock
Stock-based compensation
Outstanding at the beginning of the period (in shares)	132,497
Awarded (in shares)	57,406
Released (in shares)	(47,502)
Canceled (in shares)	(15,405)
Outstanding at the end of the period (in shares)	126,996	132,497
Stock-based compensation costs
Total compensation cost related to nonvested awards not yet recognized	$ 2,400	$ 3,600	6,800
Employee stock options
Stock-based compensation costs
Total compensation cost related to nonvested awards not yet recognized	8,800	7,300	13,200
Phantom Share Units (PSUs)
Stock-based compensation costs
Compensation costs related to stock-based compensation, pre tax	14,100	8,300	11,900
Total compensation cost related to nonvested awards not yet recognized	$ 16,800
Period for recognition of unrecognized compensation cost	1 year 8 months 12 days
Accrued salaries and wages	$ 7,800	8,200
Amounts paid on cash settled awards	$ 14,500	6,900	6,600
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
Compensation benefit related to stock-based compensation, pre tax	$ 5,100	2,900
Compensation costs related to stock-based compensation, pre tax			7,500
Total compensation cost related to nonvested awards not yet recognized	$ 5,800
Period for recognition of unrecognized compensation cost	2 years 6 months 26 days
Accrued salaries and wages	$ 8,000	6,300
Vesting period	4 years
Amounts paid on cash settled awards	$ 3,400	$ 2,200	$ 1,700

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment information
Income (loss) from operations	$ 90,624	$ 142,172	$ 123,361	$ 111,689	$ (56,646)	$ 105,853	$ 105,467	$ 102,514	$ 467,846	$ 257,188	$ (423,868)
Charge for stock compensation									8,223	10,666	22,809
Impairment losses									40,042	159,884	798,305
Insurance (recoveries) deductible charges, net										(5,674)	108
Depreciation and amortization									259,461	266,742	303,404
Plainridge contingent purchase price									(5,374)	689
(Gain) loss on disposal of assets									1,286	738	3,682
Income (loss) from unconsolidated affiliates									14,488	7,949	9,657
Non-operating items									411,236	410,491	202,509
Adjusted EBITDA from discontinued operations											35,374
Adjusted EBITDA									796,349	709,991	761,066
Net revenues	733,967	$ 739,297	$ 700,956	$ 664,138	651,361	$ 645,940	$ 652,146	$ 641,080	2,838,358	2,590,527	2,777,886
Capital expenditures									199,240	228,145	196,600
Total assets	5,138,752				4,624,551				5,138,752	4,624,551
Investment in and advances to unconsolidated affiliates	168,149				179,551				168,149	179,551
Goodwill and other intangible assets, net	1,303,384				1,293,637				1,303,384	1,293,637
Kansas Entertainment
Segment information
Non-operating items									10,377	11,809	11,595
Investment in and advances to unconsolidated affiliates	103,600				115,500				103,600	115,500
East/Midwest
Segment information
Income (loss) from operations									372,698	332,869	(57,351)
Impairment losses									40,042	4,560	416,380
Depreciation and amortization									101,359	101,891	142,442
Plainridge contingent purchase price									(5,374)	689
(Gain) loss on disposal of assets									(295)	(75)	774
Adjusted EBITDA from discontinued operations											15,334
Adjusted EBITDA									508,430	439,934	517,579
Net revenues									1,682,440	1,467,380	1,575,053
Capital expenditures									159,352	144,320	105,354
Total assets	1,036,940				1,007,162				1,036,940	1,007,162
Investment in and advances to unconsolidated affiliates	84				94				84	94
Goodwill and other intangible assets, net	387,474				427,335				387,474	427,335
West
Segment information
Income (loss) from operations									53,438	56,928	45,464
Impairment losses										1,420	1,812
Depreciation and amortization									14,530	7,411	11,883
(Gain) loss on disposal of assets									510	211	2,365
Adjusted EBITDA									68,478	65,970	61,524
Net revenues									285,933	241,410	240,083
Capital expenditures									8,991	28,251	9,802
Total assets	842,712				287,551				842,712	287,551
Goodwill and other intangible assets, net	158,339				143,242				158,339	143,242
Southern Plains
Segment information
Income (loss) from operations									230,337	46,395	(186,846)
Impairment losses										153,904	341,683
Insurance (recoveries) deductible charges, net										(5,674)	108
Depreciation and amortization									43,120	58,598	108,201
(Gain) loss on disposal of assets									735	624	853
Income (loss) from unconsolidated affiliates									15,289	10,720	10,735
Adjusted EBITDA from discontinued operations											20,040
Adjusted EBITDA									299,858	276,376	306,369
Net revenues									849,049	857,447	930,762
Capital expenditures									26,554	49,607	76,319
Total assets	1,098,306				1,076,290				1,098,306	1,076,290
Investment in and advances to unconsolidated affiliates	103,608				115,469				103,608	115,469
Goodwill and other intangible assets, net	753,345				718,982				753,345	718,982
Southern Plains \| Kansas Entertainment
Segment information
Non-operating items									10,377	11,809	11,595
Other
Segment information
Income (loss) from operations									(188,627)	(179,004)	(225,135)
Charge for stock compensation									8,223	10,666	22,809
Impairment losses											38,430
Depreciation and amortization									100,452	98,842	40,878
(Gain) loss on disposal of assets									336	(22)	(310)
Income (loss) from unconsolidated affiliates									(801)	(2,771)	(1,078)
Adjusted EBITDA									(80,417)	(72,289)	(124,406)
Net revenues									20,936	24,290	31,988
Capital expenditures									4,343	5,967	$ 5,125
Total assets	2,160,794				2,253,548				2,160,794	2,253,548
Investment in and advances to unconsolidated affiliates	64,457				63,988				64,457	63,988
Goodwill and other intangible assets, net	$ 4,226				$ 4,078				$ 4,226	$ 4,078

Summarized Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended									12 Months Ended
	Oct. 01, 2013	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly financial information
Net revenues		$ 733,967	$ 739,297	$ 700,956	$ 664,138	$ 651,361	$ 645,940	$ 652,146	$ 641,080		$ 2,838,358	$ 2,590,527	$ 2,777,886
Income (loss) from operations		90,624	142,172	123,361	111,689	(56,646)	105,853	105,467	102,514		467,846	257,188	(423,868)
Net income (loss) from continuing operations											686	(183,822)	(592,797)
Net income (loss)		$ (9,066)	$ 4,900	$ 2,983	$ 1,869	$ (149,781)	$ (15,348)	$ (19,273)	$ 580		$ 686	$ (183,822)	$ (581,252)
Basic income (loss) from continuing operations (in dollars per share)						$ (1.90)	$ (0.20)	$ (0.25)	$ 0.01		$ 0.01	$ (2.34)	$ (7.59)
Basic income (loss) per common share diluted (in dollars per share)													0.15
Basic (loss) earnings per common share (in dollars per common share)		$ (0.11)	$ 0.06	$ 0.03	$ 0.02						0.01	(2.34)	(7.44)
Basic income (loss) from continuing operations (in dollars per share)						$ (1.90)	$ (0.20)	$ (0.25)	$ 0.01		0.01	(2.34)	(7.59)
Diluted earnings per share (in dollars per share)													0.15
Diluted earnings per share (in dollars per share)		$ (0.11)	$ 0.05	$ 0.03	$ 0.02						$ 0.01	$ (2.34)	$ (7.44)
Impairment of intangible asset	$ 311,000							$ 4,600			$ 40,000	$ 74,500
Goodwill and other intangible impairment charge						$ 155,300
Impairment of long-lived assets								4,600		$ 2,200	0
Master Lease Agreement
Quarterly financial information
Interest expense for the Master Lease		$ 98,200	$ 97,800	$ 97,700	$ 96,400	$ 97,500	$ 94,600	$ 94,000	$ 93,100		$ 390,100	$ 379,200	$ 62,100

Related Party Transactions (Details) - USD ($) $ in Thousands			12 Months Ended
	Oct. 11, 2013	Oct. 30, 2008	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2010
Related party transactions
Cash paid for preferred stock					$ 649,518
Series C Preferred Stock
Related party transactions
Repurchase of Preferred Stock (in shares)					5,929
Series C Preferred Stock \| Affiliate of Fortress Investment Group LLC
Related party transactions
Issuance of preferred stock (in shares)	14,553
Repurchase of Preferred Stock (in shares)	5,929
Cash paid for preferred stock	$ 397,200
Series B Preferred Stock
Related party transactions
Issuance of preferred stock (in shares)		12,500
Repurchase of Preferred Stock (in shares)					2,525	225
Series B Preferred Stock \| Centerbridge Partners LP
Related party transactions
Repurchase of Preferred Stock (in shares)	2,300
Cash paid for preferred stock	$ 230,000
Series B Preferred Stock \| Affiliate of Fortress Investment Group LLC
Related party transactions
Repurchase of Preferred Stock (in shares)	9,750
Affiliates of Entity Chairman
Related party transactions
Rent expense			$ 1,200	$ 1,100	$ 1,100
Future minimum lease commitments relating to leases			$ 4,100

Fair Value Measurements (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Oct. 01, 2013	Jun. 30, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets measured as fair value on a non-recurring basis
Goodwill			$ 951,953	$ 911,942	$ 874,184	$ 951,953
Total Reduction in Fair Value Recorded during the year
Goodwill	$ (249,300)					(80,821)
Long-lived assets impairment losses		$ (4,600)	$ (2,200)	0
Total				(40,042)	(159,884)	(798,305)
Intangible asset amortization expense				500	11,400	16,100
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Total Gains (Losses), Realized Or Unrealized [Abstract]
Pre-tax other intangible asset impairment charge	$ 311,000	4,600		40,000	74,500
Estimated salvage value		$ 300
Plainridge Racecourse
Assets measured as fair value on a non-recurring basis
Goodwill				3,000
Plainridge Racecourse \| General and administrative expenses
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Total Gains (Losses), Realized Or Unrealized [Abstract]
Change in fair value in long term obligation, (credit) charge to general and administrative expense				$ (5,400)	700
Hollywood Gaming at Dayton Raceway And Mahoning Valley Race Course
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Total Gains (Losses), Realized Or Unrealized [Abstract]
Discount Rate				5.00%
Argosy Casino Sioux City
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Total Gains (Losses), Realized Or Unrealized [Abstract]
Pre-tax other intangible asset impairment charge						$ 3,100
Hollywood Casino Aurora
Assets measured as fair value on a non-recurring basis
Goodwill				$ 207,207
Contingent Purchase Price
Total Reduction in Fair Value Recorded during the year
Balance at beginning of the period				19,189
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Total Gains (Losses), Realized Or Unrealized [Abstract]
Included in earnings				(5,374)
Balance at end of the period				$ 13,815	19,189
Contingent Purchase Price \| Income approach using discounted cash flow model
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Total Gains (Losses), Realized Or Unrealized [Abstract]
Discount Rate				8.30%
Level 1
Financial assets:
Cash and Cash Equivalents, Fair Value Disclosure				$ 237,009	208,673
Level 3
Financial assets:
Debt Instrument, Fair Value Disclosure				13,815	19,189
Revolving credit facility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Total Gains (Losses), Realized Or Unrealized [Abstract]
Term loan amount outstanding				422,000	85,000
Senior Secured Credit Facility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Total Gains (Losses), Realized Or Unrealized [Abstract]
Term loan amount outstanding				1,259,700	807,500
Senior Secured Credit Facility \| Level 1
Financial assets:
Debt Instrument, Fair Value Disclosure				1,251,975	714,556
Senior Secured Credit Facility \| Level 2
Financial assets:
Debt Instrument, Fair Value Disclosure					85,000
Senior Unsecured Notes \| Level 1
Financial assets:
Debt Instrument, Fair Value Disclosure				291,000	276,000
Other long-term obligations \| Level 2
Financial assets:
Debt Instrument, Fair Value Disclosure				147,358	135,000
Nonrecurring
Total Reduction in Fair Value Recorded during the year
Goodwill					(80,821)
Intangible assets impairment losses				(40,042)	(74,603)
Long-lived assets impairment losses					(4,560)
Total				(40,042)	(159,984)
Nonrecurring \| Level 3
Assets measured as fair value on a non-recurring basis
Goodwill					9,863
Intangible assets				110,436	66,703
Long-lived assets					300
Carrying Amount
Financial assets:
Cash and Cash Equivalents, Fair Value Disclosure				237,009	208,673
Debt Instrument, Fair Value Disclosure				13,815	19,189
Carrying Amount \| Senior Secured Credit Facility
Financial assets:
Debt Instrument, Fair Value Disclosure				1,239,049	785,683
Carrying Amount \| Senior Unsecured Notes
Financial assets:
Debt Instrument, Fair Value Disclosure				296,252	295,610
Carrying Amount \| Other long-term obligations
Financial assets:
Debt Instrument, Fair Value Disclosure				146,992	135,000
Fair Value
Financial assets:
Cash and Cash Equivalents, Fair Value Disclosure				237,009	208,673
Debt Instrument, Fair Value Disclosure				13,815	19,189
Fair Value \| Senior Secured Credit Facility
Financial assets:
Debt Instrument, Fair Value Disclosure				1,251,975	799,556
Fair Value \| Senior Unsecured Notes
Financial assets:
Debt Instrument, Fair Value Disclosure				291,000	276,000
Fair Value \| Other long-term obligations
Financial assets:
Debt Instrument, Fair Value Disclosure				147,358	135,000
Fair Value \| Nonrecurring
Assets measured as fair value on a non-recurring basis
Goodwill					9,863
Intangible assets				$ 110,436	66,703
Long-lived assets					$ 300

Insurance Recoveries and Deductibles (Details) - Tornado - Hollywood Casino St Louis - USD ($) $ in Millions		12 Months Ended		19 Months Ended
	May 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014
Insurance Recoveries and Deductibles
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		$ 5.7	$ 3.0	$ 8.7
Gain recorded on insurance recovery exceeding net book value		$ 5.7	2.4
Loss for property damage deductible			$ 2.5

Discontinued Operations (Details) - Hollywood Casino Baton Rouge and Hollywood Casino Perryville - Discontinued Operations $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($)
Major classes of line items constituting pretax income of discontinued operations
Revenue	$ 140,868
Operating expenses	117,355
Other expense items	4,202
Pretax income of discontinued operations	19,311
Income tax provision	7,766
Income from discontinued operations, net of tax	11,545
Net Cash Provided by (Used in) Discontinued Operations [Abstract]
Cash flows provided by (used in) operating activities	11,100
Cash flows provided by (used in) investing activities	(3,200)
Cash flows provided by (used in) financing activities	$ (3,400)