0000921738-20-000009 | 10-K | XBRL Viewer

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Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2019	Feb. 21, 2020	Jun. 30, 2019
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	0-24206
Entity Registrant Name	PENN NATIONAL GAMING, INC.
Entity Central Index Key	0000921738
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-2234473
Entity Address, Address Line One	825 Berkshire Blvd., Suite 200
Entity Address, City or Town	Wyomissing,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19610
City Area Code	610
Local Phone Number	373-2400
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	PENN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 2.2
Entity Common Stock, Shares Outstanding		116,864,066
Documents Incorporated by Reference	Portions of the registrant’s definitive 2020 proxy statement, anticipated to be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year, are incorporated by reference into Part III of this Form 10-K.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 437.4	$ 479.6
Receivables, net of allowance for doubtful accounts of $7.7 and $3.2	88.7	106.8
Prepaid expenses	76.7	63.0
Other current assets	40.0	28.2
Total current assets	642.8	677.6
Property and equipment, net	5,120.2	6,868.8
Investment in and advances to unconsolidated affiliates	128.3	128.5
Goodwill	1,270.7	1,228.4
Other intangible assets, net	2,026.5	1,856.9
Deferred income taxes	0.0	80.6
Operating lease right-of-use assets	4,613.3	0.0
Finance lease right-of-use assets	224.0	0.0
Other assets	168.7	120.2
Total assets	14,194.5	10,961.0
Current liabilities
Accounts payable	40.3	30.5
Current maturities of long-term debt	62.9	62.1
Current portion of financing obligations	40.5	67.8
Current portion of operating lease liabilities	124.1	0.0
Current portion of finance lease liabilities	6.5	0.0
Accrued expenses and other current liabilities	631.3	578.0
Total current liabilities	905.6	738.4
Long-term debt, net of current maturities and debt issuance costs	2,322.2	2,350.1
Long-term portion of financing obligations	4,102.2	7,080.6
Long-term portion of operating lease liabilities	4,450.6	0.0
Long-term portion of finance lease liabilities	219.4	0.0
Deferred income taxes	244.6	0.0
Other long-term liabilities	98.0	60.7
Total liabilities	12,342.6	10,229.8
Commitments and contingencies (Note 12)
Stockholders’ equity
Common stock ($0.01 par value, 200,000,000 shares authorized, 118,125,652 and 118,855,201 shares issued, and 115,958,259 and 116,687,808 shares outstanding)	1.2	1.2
Treasury stock, at cost, (2,167,393 shares held in both periods)	(28.4)	(28.4)
Additional paid-in capital	1,718.3	1,726.4
Retained earnings (accumulated deficit)	161.6	(968.0)
Total Penn National stockholders’ equity	1,852.7	731.2
Non-controlling interest	(0.8)	0.0
Total stockholders’ equity	1,851.9	731.2
Total liabilities and stockholders’ equity	14,194.5	10,961.0
Series B preferred stock ($0.01 par value, 1,000,000 shares authorized, no shares issued and outstanding)
Stockholders’ equity
Preferred stock	0.0	0.0
Series C preferred stock ($0.01 par value, 18,500 shares authorized, no shares issued and outstanding)
Stockholders’ equity
Preferred stock	$ 0.0	$ 0.0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Allowance for doubtful accounts	$ 7.7	$ 3.2
Preferred stock, par value (in dollars per share)	$ 0.01
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	118,125,652	118,855,201
Common stock, shares outstanding (in shares)	115,958,259	116,687,808
Treasury stock, shares (in shares)	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 (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Series C Preferred stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	18,500	18,500
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues
Revenues	$ 5,301.4	$ 3,587.9	$ 3,331.5
Less: Promotional allowance	0.0	0.0	(183.5)
Total revenues	5,301.4	3,587.9	3,148.0
Operating expenses
General and administrative	1,187.7	618.9	514.5
Depreciation and amortization	414.2	269.0	267.1
Impairment losses	173.1	34.9	18.0
Provision for (recoveries on) loan loss and unfunded loan commitments	0.0	(17.0)	89.8
Total operating expenses	4,729.5	2,953.8	2,702.3
Operating income	571.9	634.1	445.7
Other income (expenses)
Interest expense, net	(534.2)	(538.4)	(463.2)
Income from unconsolidated affiliates	28.4	22.3	18.7
Loss on early extinguishment of debt	0.0	(21.0)	(24.0)
Other	20.0	(7.1)	(2.3)
Total other expenses	(485.8)	(544.2)	(470.8)
Income (loss) before income taxes	86.1	89.9	(25.1)
Income tax benefit (expense)	(43.0)	3.6	498.5
Net income	43.1	93.5	473.4
Less: Net loss attributable to non-controlling interest	0.8	0.0	0.0
Net income attributable to Penn National	$ 43.9	$ 93.5	$ 473.4
Earnings per common share
Basic earnings per common share (in dollars per share)	$ 0.38	$ 0.96	$ 5.21
Diluted earnings per common share (in dollars per share)	$ 0.37	$ 0.93	$ 5.07
Weighted-average basic shares outstanding (in shares)	115.7	97.1	90.9
Weighted-average diluted shares outstanding (in shares)	117.8	100.3	93.4
Gaming
Revenues
Revenues	$ 4,268.7	$ 2,894.9	$ 2,692.0
Operating expenses
Cost of revenue	2,281.8	1,551.4	1,365.0
Food, beverage, hotel and other
Revenues
Revenues	1,032.7	629.7	601.7
Operating expenses
Cost of revenue	672.7	439.3	421.8
Management service and license fees
Revenues
Revenues	0.0	6.0	11.7
Reimbursable management costs
Revenues
Revenues	0.0	57.3	26.1
Operating expenses
Cost of revenue	$ 0.0	$ 57.3	$ 26.1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 43.1	$ 93.5	$ 473.4
Other comprehensive income, net of tax:
Foreign currency translation adjustment during the period	0.0	0.0	3.2
Other comprehensive income	0.0	0.0	3.2
Total comprehensive income	43.1	93.5	476.6
Less: Comprehensive loss attributable to non-controlling interest	0.8	0.0	0.0
Comprehensive income attributable to Penn National	$ 43.9	$ 93.5	$ 476.6

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Accum- ulated Other Comprehensive Loss	Total Penn National Stock-holders’ Equity (Deficit)	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2016		0	91,122,308
Beginning balance at Dec. 31, 2016	$ (543.4)	$ 0.0	$ 0.9	$ (28.4)	$ 1,014.1	$ (1,525.3)	$ (4.7)	$ (543.4)	$ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)			1,367,083
Share-based compensation arrangements	18.3				18.3			18.3
Foreign currency translation adjustment	$ 3.2						3.2	3.2
Share repurchases (in shares)	(1,264,149)		(1,264,149)
Share repurchases	$ (24.8)				(24.8)			(24.8)
Net income (loss)	473.4					473.4		473.4
Ending balance (in shares) at Dec. 31, 2017		0	91,225,242
Ending balance at Dec. 31, 2017	(73.3)	$ 0.0	$ 0.9	(28.4)	1,007.6	(1,051.9)	(1.5)	(73.3)	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)			1,466,625
Share-based compensation arrangements	19.4				19.4			19.4
Foreign currency translation adjustment	0.0
Pinnacle Acquisition (in shares)			26,295,439
Pinnacle Acquisition	749.7		$ 0.3		749.4			749.7
Reclassification of accumulated other comprehensive loss to earnings upon termination of management contract	$ 1.5						1.5	1.5
Share repurchases (in shares)	(2,299,498)		(2,299,498)
Share repurchases	$ (50.0)				(50.0)			(50.0)
Net income (loss)	93.5					93.5		93.5
Ending balance (in shares) at Dec. 31, 2018		0	116,687,808
Ending balance at Dec. 31, 2018	731.2	$ 0.0	$ 1.2	(28.4)	1,726.4	(968.0)	0.0	731.2	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)			542,274
Share-based compensation arrangements	16.8				16.8			16.8
Foreign currency translation adjustment	$ 0.0
Share repurchases (in shares)	(1,271,823)		(1,271,823)
Share repurchases	$ (24.9)				(24.9)			(24.9)
Net income (loss)	43.1					43.9		43.9	(0.8)
Ending balance (in shares) at Dec. 31, 2019		0	115,958,259
Ending balance at Dec. 31, 2019	$ 1,851.9	$ 0.0	$ 1.2	$ (28.4)	$ 1,718.3	$ 161.6	$ 0.0	$ 1,852.7	$ (0.8)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Net income	$ 43.1	$ 93.5	$ 473.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	414.2	269.0	267.1
Amortization of items charged to interest expense	7.7	6.4	7.0
Noncash operating lease expense	100.4	0.0	0.0
Change in fair value of contingent purchase price	7.0	0.5	(6.8)
Holding gain on equity securities	(19.9)	0.0	0.0
Loss on sale or disposal of property and equipment	5.5	3.2	0.2
Income from unconsolidated affiliates	(28.4)	(22.3)	(18.7)
Return on investment from unconsolidated affiliates	29.0	27.0	26.5
Deferred income taxes	21.1	(26.7)	(517.9)
Stock-based compensation	14.9	12.0	7.8
Impairment losses	173.1	34.9	18.0
Provision for (recoveries on) loan loss and unfunded loan commitments	0.0	(17.0)	89.8
Reclassification of accumulated other comprehensive loss to earnings upon termination of management contract	0.0	1.5	0.0
Loss on early extinguishment of debt	0.0	21.0	24.0
Changes in operating assets and liabilities, net of businesses acquired
Accounts receivable	27.0	(1.8)	(9.2)
Prepaid expenses and other current assets	9.7	13.3	(7.3)
Other assets	(2.3)	1.5	2.4
Accounts payable	4.4	(6.1)	(0.4)
Accrued expenses	(3.9)	(47.0)	55.2
Income taxes	(7.2)	(3.3)	20.4
Operating lease liabilities	(139.1)	0.0	0.0
Other current and long-term liabilities	47.6	(6.8)	46.3
Net cash provided by operating activities	703.9	352.8	477.8
Investing activities
Project capital expenditures	(25.1)	(2.9)	(25.1)
Maintenance capital expenditures	(165.5)	(89.7)	(74.2)
Consideration paid for acquisitions of businesses, net of cash acquired	(1,359.4)	(1,945.2)	(127.7)
Proceeds from sale-and-leaseback transactions in conjunction with acquisitions	961.1	0.0	0.0
Cash received for the sale of the Divested Properties and Belterra Park	0.0	661.7	0.0
Consideration paid for gaming licenses and other intangible assets	(11.7)	(81.6)	(1.6)
Acquisition of equity securities	(5.1)	0.0	0.0
Additional contributions from (to) joint ventures	(0.4)	18.9	(0.5)
Proceeds from sale of loan	0.0	15.2	0.0
Receipts applied against nonaccrual loan	0.0	0.5	8.2
Other	(1.4)	0.0	(0.7)
Net cash used in investing activities	(607.5)	(1,423.1)	(221.6)
Financing activities
Proceeds from revolving credit facility	412.0	201.0	256.4
Repayments on revolving credit facility	(384.0)	(89.0)	(447.4)
Proceeds from issuance of long-term debt	0.0	1,558.9	1,200.0
Principal payments on long-term debt	(46.6)	(482.5)	(1,127.5)
Prepayment penalties and modification payments incurred with debt refinancing	0.0	(11.3)	(18.0)
Debt issuance costs and debt discount	0.0	(27.3)	(25.6)
Payments of other long-term obligations	(15.4)	(15.7)	(35.4)
Principal payments on financing obligations	(51.6)	(67.4)	(57.8)
Principal payments on finance leases	(6.2)	0.0	0.0
Proceeds from the sale of real estate assets in conjunction with acquisitions		250.0	82.6
Proceeds from exercise of options	1.9	7.4	10.4
Repurchase of common stock	(24.9)	(50.0)	(24.8)
Payments of contingent purchase price	(3.9)	(4.1)	(19.6)
Proceeds from insurance financing	16.1	13.1	11.9
Payments on insurance financing	(19.4)	(11.0)	(12.2)
Other	(0.4)	0.0	0.0
Net cash provided by (used in) financing activities	(122.4)	1,272.1	(207.0)
Change in cash, cash equivalents, and restricted cash	(26.0)	201.8	49.2
Cash, cash equivalents and restricted cash at the beginning of the year	481.2	279.4	230.2
Cash, cash equivalents and restricted cash at the end of the year	455.2	481.2	279.4
Reconciliation of cash, cash equivalents and restricted cash:
Total cash, cash equivalents and restricted cash	455.2	279.4	230.2
Supplemental disclosure:
Cash paid for interest, net of amounts capitalized	528.1	530.4	452.8
Cash payments (refunds) related to income taxes, net	21.8	24.4	(43.1)
Non-cash investing activities:
Commencement of operating leases	713.5	0.0	0.0
Commencement of finance leases	4.6	0.0	0.0
Accrued capital expenditures	12.6	7.7	1.9
Acquisition of equity securities	16.1	0.0	0.0
Accrued advances to Jamul Tribe	$ 0.0	$ 0.0	$ 2.5

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Note 1—Organization and Basis of Presentation Organization: Penn National Gaming, Inc., together with its subsidiaries, is a leading, diversified, multi-jurisdictional owner and manager of gaming and racing properties and video gaming terminal (“VGT”) operations. We currently offer live sports betting at our properties in Indiana, Iowa, Mississippi, Nevada, Pennsylvania and West Virginia. We operate an interactive gaming (“iGaming”) division through our subsidiary, Penn Interactive Ventures, LLC (“Penn Interactive”), which recently launched an online casino in Pennsylvania through our HollywoodCasino.com gaming platform and entered into multi-year agreements with leading sports betting operators for online sports betting and iGaming market access across our portfolio of properties. Our MYCHOICE^®customer loyalty program (the “mychoice program”) provides its members with various benefits, including complimentary goods and/or services. References herein to “Penn National,” the “Company,” “we,” “our,” or “us” refer to Penn National Gaming, Inc. and its subsidiaries, except where stated or the context otherwise indicates. As of December 31, 2019, we owned, managed, or had ownership interests in 41 properties in 19 states. The majority of the real estate assets (i.e., land and buildings) used in the Company’s operations are subject to triple net master leases; the most significant of which are the Penn Master Lease and the Pinnacle Master Lease (as such terms are defined in Note 11, “Leases,” and collectively referred to as the “Master Leases”), with Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI”), a real estate investment trust (“REIT”). In May 2019, we acquired Greektown Casino-Hotel (“Greektown”) in Detroit, Michigan, subject to a triple net lease with VICI Properties Inc. (NYSE: VICI) (“VICI” and collectively with GLPI, our “REIT Landlords”) (the “Greektown Lease”) and, in January 2019, we acquired Margaritaville Casino Resort (“Margaritaville”) in Bossier City, Louisiana, subject to a triple net lease with VICI (the “Margaritaville Lease” and collectively with the Master Leases, the Greektown Lease and the Meadows Lease (as defined in Note 3, “New Accounting Pronouncements”), the “Triple Net Leases”). In October 2018, the Company completed the acquisition of Pinnacle Entertainment, Inc. (“Pinnacle”), a leading regional gaming operator (the “Pinnacle Acquisition”), which added 12 gaming properties to our holdings. For more information on our acquisitions, see Note 5, “Acquisitions and Other Investments.” Basis of Presentation: The Consolidated Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”).

Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2—Significant Accounting Policies

Principles of Consolidation: The Consolidated Financial Statements include the accounts of Penn National Gaming, Inc. and its subsidiaries. Investments in and advances to unconsolidated affiliates that do not meet the consolidation criteria of the authoritative guidance for voting interest entities (“VOEs”) or variable interest entities (“VIEs”) are accounted for under the equity method. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates: The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements, and (iii) the reported amounts of revenues and expenses during the reporting period. Estimates used by us include, among other things, the useful lives for depreciable and amortizable assets, the allowance for doubtful accounts receivable, income tax provisions, the evaluation of the future realization of deferred tax assets, determining the adequacy of reserves for self-insured liabilities, the liabilities associated with our mychoice program, the initial measurements of financing obligations associated with the Master Leases, projected cash flows in assessing the recoverability of long-lived assets, asset impairments, goodwill and other intangible assets, projected cash flows in assessing the initial valuation of intangible assets in conjunction with acquisitions, the initial selection of useful lives for depreciable and amortizable assets in conjunction with acquisitions, contingencies and litigation, and stock-based compensation expense. Actual results may differ from those estimates.

Segment Information: We view each of our gaming and racing properties as an operating segment with the exception of our two properties in Jackpot, Nevada, which we view as one operating segment. We consider our combined VGT operations, by state, to be separate operating segments. See Note 17, “Segment Information,” for further information. For financial reporting purposes, we aggregate our operating segments into the following four reportable segments:



	Location	Real Estate Assets Lease or Ownership Structure
Northeast segment
Ameristar East Chicago	East Chicago, Indiana	Pinnacle Master Lease
Greektown Casino-Hotel ⁽¹⁾	Detroit, Michigan	Greektown Lease
Hollywood Casino Bangor	Bangor, Maine	Penn Master Lease
Hollywood Casino at Charles Town Races	Charles Town, West Virginia	Penn Master Lease
Hollywood Casino Columbus	Columbus, Ohio	Penn Master Lease
Hollywood Casino Lawrenceburg	Lawrenceburg, Indiana	Penn Master Lease
Hollywood Casino at Penn National Race Course	Grantville, Pennsylvania	Penn Master Lease
Hollywood Casino Toledo	Toledo, Ohio	Penn Master Lease
Hollywood Gaming at Dayton Raceway	Dayton, Ohio	Penn Master Lease
Hollywood Gaming at Mahoning Valley Race Course	Youngstown, Ohio	Penn Master Lease
Marquee by Penn⁽²⁾	Pennsylvania	N/A
Meadows Racetrack and Casino	Washington, Pennsylvania	Meadows Lease
Plainridge Park Casino	Plainville, Massachusetts	Pinnacle Master Lease

South segment⁽³⁾
1^st Jackpot Casino	Tunica, Mississippi	Penn Master Lease
Ameristar Vicksburg	Vicksburg, Mississippi	Pinnacle Master Lease
Boomtown Biloxi	Biloxi, Mississippi	Penn Master Lease
Boomtown Bossier City	Bossier City, Louisiana	Pinnacle Master Lease
Boomtown New Orleans	New Orleans, Louisiana	Pinnacle Master Lease
Hollywood Casino Gulf Coast	Bay St. Louis, Mississippi	Penn Master Lease
Hollywood Casino Tunica	Tunica, Mississippi	Penn Master Lease
L’Auberge Baton Rouge	Baton Rouge, Louisiana	Pinnacle Master Lease
L’Auberge Lake Charles	Lake Charles, Louisiana	Pinnacle Master Lease
Margaritaville Resort Casino ⁽⁴⁾	Bossier City, Louisiana	Margaritaville Lease

West segment
Ameristar Black Hawk	Black Hawk, Colorado	Pinnacle Master Lease
Cactus Petes and Horseshu	Jackpot, Nevada	Pinnacle Master Lease
M Resort	Henderson, Nevada	Penn Master Lease
Tropicana Las Vegas	Las Vegas, Nevada	Owned
Zia Park Casino	Hobbs, New Mexico	Penn Master Lease

Midwest segment
Ameristar Council Bluffs	Council Bluffs, Iowa	Pinnacle Master Lease
Argosy Casino Alton ⁽⁵⁾	Alton, Illinois	Penn Master Lease
Argosy Casino Riverside	Riverside, Missouri	Penn Master Lease
Hollywood Casino Aurora	Aurora, Illinois	Penn Master Lease
Hollywood Casino Joliet	Joliet, Illinois	Penn Master Lease
Hollywood Casino at Kansas Speedway ⁽⁶⁾	Kansas City, Kansas	Owned - JV
Hollywood Casino St. Louis	Maryland Heights, Missouri	Penn Master Lease
Prairie State Gaming⁽²⁾	Illinois	N/A
River City Casino	St. Louis, Missouri	Pinnacle Master Lease


(1)	Acquired on May 23, 2019


(2)	VGT route operations


(3)	Resorts Casino Tunica ceased operations on June 30, 2019, but remains subject to the Penn Master Lease.


(4)	Acquired on January 1, 2019


(5)	The riverboat is owned by us and not subject to the Penn Master Lease.


(6)	Pursuant to a joint venture (“JV”) with International Speedway Corporation (“International Speedway”) and includes the Company’s 50% investment in Kansas Entertainment, LLC (“Kansas Entertainment”), which owns Hollywood Casino at Kansas Speedway.

Cash and Cash Equivalents: The Company considers all cash balances and highly-liquid investments with original maturities of three months or less at the date of purchase 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 investigations of creditworthiness.

The Company’s receivables as of December 31, 2019 and 2018 primarily consisted of the following:



	December 31,
(in millions)	2019			2018
Markers issued to customers	$	22.9		$	17.2
Credit card receivables and other advances to customers	16.5			20.9
Receivables from ATM and cash kiosk transactions	14.4			19.2
Hotel and banquet receivables	6.5			8.1
Racing settlements	6.6			6.1
Receivables due from platform providers for social casino games	3.3			2.3
Other	26.2			36.2
Allowance for doubtful accounts	(7.7		)	(3.2		)
Accounts receivable, net	$	88.7		$	106.8

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 amount, 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. Capital expenditures are accounted for as either project capital or maintenance (replacement) capital expenditures. Project capital expenditures are for fixed asset additions that expand an existing facility or create a new facility. Maintenance capital expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost-effective to repair. 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.

The estimated useful lives of property and equipment are determined based on the nature of the assets as well as the Company’s current operating strategy. Depreciation of property and equipment is recorded using the straight-line method over the shorter of the estimated useful life of the asset or the related lease term, if any, as follows:



	Years
Land improvements	15
Buildings and improvements	5 to 31
Vessels	10 to 35
Furniture, fixtures and equipment	3 to 31

All costs funded by the Company considered to be an improvement to the real estate assets subject to any of our Triple Net Leases 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 Company reviews the carrying amount of its property and equipment for possible impairment whenever events or changes in circumstances indicate that the carrying amount 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 regulatory and economic factors. For purposes of recognizing and measuring impairment, 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 amount of property and equipment, we must make assumptions regarding future cash flows and other factors. If these estimates or the related assumptions change in the future, we 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. See Note 7, “Property and Equipment.”

Goodwill and Other Intangible Assets: Goodwill represents the future economic benefits of a business combination measured as the excess of the purchase price over the fair value of net assets acquired and has been allocated to our reporting units. Goodwill is tested annually, or more frequently if indicators of impairment exist. For the quantitative goodwill impairment test, an income approach, in which a discounted cash flow (“DCF”) model is utilized, and a market-based approach using guideline public company multiples of earnings before interest, taxes, depreciation, and amortization (“EBITDA”) from the Company’s peer group are utilized in order to estimate the fair market value of the Company’s reporting units. In determining the carrying amount of each reporting unit that utilizes real estate assets subject to the Triple Net Leases, if and as applicable, (i) the Company allocates each reporting unit their pro-rata portion of the right-of-use (“ROU”) assets, lease liabilities, and/or financing obligations, and (ii) pushes down the carrying amount of the property and equipment subject to such leases. The Company compares the fair value of its reporting units to the carrying amounts. If the carrying amount of the reporting unit exceeds the fair value, an impairment is recorded equal to the amount of the excess (not to exceed the amount of goodwill allocated to the reporting unit).

We consider our gaming licenses, trademarks, and certain other intangible assets to be indefinite-lived based on our future expectations to operate our gaming properties indefinitely as well as our historical experience in renewing these intangible assets at minimal cost with various state commissions. Indefinite-lived 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-lived intangible assets exceed their fair value, an impairment is recognized. The Company completes its testing of its indefinite-lived intangible assets prior to assessing the realizability of its goodwill.

The Company assesses the fair value of its gaming licenses using the Greenfield Method under the income approach, which estimates the fair value using a DCF model assuming the Company built a casino with similar utility to that of the existing casino. The method assumes a theoretical start-up company going into business without any assets other than the intangible asset being valued. The Company assesses the fair value of its trademarks using the relief-from-royalty method under the income approach. The principle behind this method is that the value of the trademark is equal to the present value of the after-tax royalty savings attributable to the owned trademark.

Our annual goodwill and other indefinite-lived intangible assets impairment test is performed on October 1^st of each year. Once an impairment of goodwill or other intangible asset has been recorded, it cannot be reversed. Other 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 amount of its amortizing intangible assets for possible impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the carrying amount of the amortizing intangible assets exceed their fair value, an impairment loss is recognized. See Note 8, “Goodwill and Other Intangible Assets.”

Equity Securities: The Company’s equity securities (including warrants) are measured at fair value each reporting period with unrealized holding gains and losses included in current period earnings. During the year ended December 31, 2019, the Company recognized a holding gain of $19.9 million related to equity securities held as of December 31, 2019, which is included in “Other,” as reported in “Other income (expenses)” within our Consolidated Statements of Income.

Financing Obligations: Subsequent to the adoption of Accounting Standards Codification (“ASC”) Topic 842, “Leases” (“ASC 842”) on January 1, 2019, certain of the components contained within our Master Leases (primarily buildings) are accounted for as financing obligations, rather than leases. Prior to the adoption of ASC 842, our Master Leases, in their entirety, were accounted for as financing obligations. See Note 3, “New Accounting Pronouncements,” for a discussion of the impact of ASC 842 on our Consolidated Financial Statements.

On November 1, 2013, the Company spun-off its real estate assets into GLPI (the “Spin-Off”) and entered into the Penn Master Lease. This transaction did not meet all of the requirements for sale-leaseback accounting treatment under ASC Topic 840, “Leases,” (“ASC 840”); specifically, the Penn Master Lease contains provisions that indicate the Company has prohibited forms of continuing involvement in the leased assets, which are not a normal leaseback. Accordingly, at lease inception, we calculated a financing obligation based on the future minimum lease payments discounted at our estimated incremental borrowing rate at lease inception over the lease term of 35 years, which was determined to be 9.7%. The lease term included

renewal options that were reasonably assured of being exercised and the funded construction of certain leased assets in development at the commencement of the Penn Master Lease.

On October 15, 2018, in connection with the Pinnacle Acquisition, we assumed the Pinnacle Master Lease. Within a business combination, an arrangement that previously did not meet all of the requirements for sale-leaseback accounting treatment (and is accounted for as a financing obligation by the acquiree) retains its classification as a financing obligation on the acquiring entity’s consolidated balance sheets at the business combination date. As of the date of acquisition, we calculated the financing obligation based on the future minimum lease payments discounted at a rate determined to be fair value at the business combination date, which was determined to be 7.3%, over the remaining lease term of 32.5 years. The remaining lease term included renewal options that were reasonably assured of being exercised. Furthermore, in conjunction with the Pinnacle Acquisition, GLPI acquired the real estate assets associated with Plainridge Park Casino and leased back such assets to the Company pursuant to an amendment to the Pinnacle Master Lease (the “Plainridge Park Casino Sale-Leaseback”). The effective yield used to determine the financing obligation associated with the Plainridge Park Casino Sale-Leaseback was 9.6%.

Subsequent to the adoption of ASC 842, minimum lease payments under our Master Lease are allocated between components that continue to be financing obligations (primarily buildings) and operating lease components (primarily land). Minimum lease payments related to financing obligations are recorded to interest expense and, in part, as repayments of principal reducing the associated financing obligations. Contingent payments are recorded as interest expense as incurred. The real estate assets subject to the Master Leases and which are accounted for as failed sales, are included in “Property and equipment, net” within the Company’s Consolidated Balance Sheets and are depreciated over the shorter of their remaining useful lives or lease term. Principal payments associated with financing obligations are presented as financing cash outflows and interest payments associated with financing obligations are presented as operating cash outflows within our Consolidated Statements of Cash Flows. For more information, see Note 7, “Property and Equipment,” and Note 11, “Leases.”

Operating and Finance Leases: The Company determines if a contract is or contains a leasing element at contract inception or the date in which a modification of an existing contract occurs. In order for a contract to be considered a lease, the contract must transfer the right to control the use of an identified asset for a period of time in exchange for consideration. Control is determined to have occurred if the lessee has the right to (i) obtain substantially all of the economic benefits from the use of the identified asset throughout the period of use and (ii) direct the use of the identified asset.

Upon adoption of ASC 842, we elected the following policies: (a) to account for lease and non-lease components as a single component for all classes of underlying assets and (b) to not recognize short-term leases (i.e., leases that are less than 12 months and do not contain purchase options) within the Consolidated Balance Sheets, with the expense related to these short-term leases recorded in total operating expenses within the Consolidated Statements of Income.

The Company has leasing arrangements that contain both lease and non-lease components. We account for both the lease and non-lease components as a single component for all classes of underlying assets. In determining the present value of lease payments at lease commencement date, the Company utilizes its incremental borrowing rate based on the information available, unless the rate implicit in the lease is readily determinable. The liability for operating and finance leases is based on the present value of future lease payments. Operating lease expenses are recorded as rent expense, which is included within general and administrative expense, within the Consolidated Statements of Income and presented as operating cash outflows within the Consolidated Statements of Cash Flows. Finance lease expenses are recorded as amortization expense, which is included within depreciation and amortization expense within the Consolidated Statements of Income and interest expense over the lease term. Principal payments associated with finance leases are presented as financing cash outflows and interest payments associated with finance leases are presented as operating cash outflows within our Consolidated Statements of Cash Flows.

Debt Discount and 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 within the Company’s Consolidated Balance Sheets.

Self-Insurance Reserves: The Company is self-insured for employee health coverage, general liability and workers’ compensation up to certain stop-loss amounts (for general liability and workers’ compensation). We use a reserve method for each reported claim plus an allowance for claims incurred but not yet reported to a fully-developed claims reserve method based on an actuarial computation of ultimate liability. Self-insurance reserves are included in “Accrued expenses and other current liabilities” within the Company’s Consolidated Balance Sheets.

Contingent Purchase Price: The consideration for the Company’s acquisitions may include future payments that are contingent upon the occurrence of a particular event. We record an obligation for such contingent payments at fair value as of the acquisition date. We revalue our contingent purchase price obligations each reporting period. Changes in the fair value of

the contingent purchase price obligation can result from changes to one or multiple inputs, including adjustments to the discount rate and changes in the assumed probabilities of successful achievement of certain financial targets. The changes in the fair value of contingent purchase price are recognized within our Consolidated Statements of Income as a component of “General and administrative” expense.

Income Taxes: Under ASC Topic 740, “Income Taxes” (“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. See Note 13, “Income Taxes.”

Revenue Recognition: Our revenue from contracts with customers consists of gaming wagers, food and beverage transactions, retail transactions, hotel room sales, racing wagers, sports betting wagers, and management services related to the management of external casinos and reimbursable costs associated with management contracts. In May 2018, our management contract was terminated for Hollywood Casino-Jamul San Diego, which is located in San Diego, California. In addition, our management contract was terminated for Casino Rama, which is located in Ontario, Canada, in July 2018. See Note 4, “Revenue Disaggregation,” for information on our revenue by type and geographic location.

The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not the total amount wagered. The transaction price for food and beverage, hotel and retail contracts is the net amount collected from the customer for such goods and services. Sales tax and other taxes collected on behalf of governmental authorities are accounted for on the net basis and are not included in revenues or expenses. The transaction price for our racing operations, inclusive of live racing events conducted at our racing facilities and our import and export arrangements, is the commission received from the pari-mutuel pool less contractual fees and obligations primarily consisting of purse funding requirements, simulcasting fees, tote fees and certain pari-mutuel taxes that are directly related to the racing operations. The transaction price for our former management service contracts was the amount collected for services rendered in accordance with the contractual terms. The transaction price for the reimbursable costs associated with our former management contracts was the gross amount of the reimbursable expenditure, which primarily consisted of payroll costs incurred by the Company for the benefit of the managed entity. Since the Company was the controlling entity to the arrangement, the reimbursement was recorded on a gross basis with an offsetting amount charged to operating expense.

Gaming revenue contracts involve two performance obligations for those customers earning points under our mychoice program and a single performance obligation for customers that do not participate in the mychoice program. The Company applies a practical expedient by accounting for its gaming contracts on a portfolio basis as opposed to an individual wagering contract. For purposes of allocating the transaction price in a gaming contract between the wagering performance obligation and the obligation associated with the loyalty points earned, we allocate an amount to the loyalty point contract liability based on the standalone selling price (“SSP”) of the points earned, which is determined by the value of a point that can be redeemed for slot play and complimentaries; such as, food and beverage at our restaurants, lodging at our hotels and products offered at our retail stores, less estimated breakage. The allocated revenue for gaming wagers is recognized when the wagering occurs as all such wagers settle immediately. The liability associated with the loyalty points is deferred and recognized as revenue when the customer redeems the loyalty points for slot play and complimentaries and such goods and services are delivered to the customer.

Food and beverage, hotel and retail services have been determined to be separate, standalone performance obligations and the transaction price for such contracts is recorded as revenue as the good or service is transferred to the customer over their stay at the hotel or when the delivery is made for the food and beverage or retail product. Cancellation fees for hotel and

meeting space services are recognized upon cancellation by the customer and are included in food, beverage, hotel and other revenue.

Racing revenue contracts, inclusive of our (i) host racing facilities, (ii) import arrangements that permit us to simulcast in live racing events occurring at other racetracks, and (iii) export arrangements that permit our live racing events to be simulcast at other racetracks, provide access to and the processing of wagers into the pari-mutuel pool. The Company has concluded it is not the controlling entity to the arrangement, but rather functions as an agent to the pari-mutuel pool. Commissions earned from the pari-mutuel pool less contractual fees and obligations are recognized on a net basis, which is included within food, beverage, hotel and other revenues.

Management services have been determined to be separate, standalone performance obligations and the transaction price for such contracts was recorded as services were performed. The Company recorded revenues on a monthly basis calculated by applying the contractual rate called for in the contracts.

Penn Interactive generates in-app purchase and advertising revenues from free-to-play social casino games, which can be downloaded to mobile phones and tablets from digital storefronts. Players can purchase virtual playing credits within our social casino games, which allows for increased playing opportunities and functionality. Penn Interactive records deferred revenue from the sale of virtual playing credits and recognizes this revenue over the average redemption period of the credits, which is approximately three days. Advertising revenues are recognized in the period when the advertising impression, click or install delivery occurs. Penn Interactive also generates revenue through revenue-sharing arrangements with third-party content providers whereby revenues are recognized on a net basis since Penn Interactive is not the controlling entity in the arrangement.

Complimentaries associated with Gaming Contracts

Food and beverage, hotel, and other services furnished to patrons for free as an inducement to gamble or through the redemption of our customers’ loyalty points are recorded as food and beverage, hotel, and other revenues, at their estimated SSPs with an offset recorded as a reduction to gaming revenues. The cost of providing complimentary goods and services to patrons as an inducement to gamble as well as for the fulfillment of our loyalty point obligation is included in food, beverage, hotel, and other expenses. Revenues recorded to food and beverage, hotel, and other and offset to gaming revenues were as follows:



	For the year ended December 31,
(in millions)	2019		2018
Food and beverage	$	261.4	$	137.2
Hotel	159.6		60.8
Other	17.6		8.1
Total complimentaries associated with gaming contracts	$	438.6	$	206.1

Customer-related Liabilities

The Company has three general types of liabilities related to contracts with customers: (i) the obligation associated with our mychoice program (loyalty points and tier status benefits), (ii) advance payments on goods and services yet to be provided and for unpaid wagers, and (iii) deferred revenue associated with third-party sports betting operators for online sports betting and related iGaming market access.

Our mychoice program allows members to utilize their reward membership cards to earn loyalty points that are redeemable for slot play and complimentaries, such as food and beverage at our restaurants, lodging at our hotels and products offered at our retail stores across the vast majority of our properties. In addition, members of the mychoice program earn credit toward tier status, which entitles them to receive certain other benefits, such as gifts.

The Company accounts for the obligation associated with our mychoice program utilizing a deferred revenue model, which defers revenue at the point in time when the loyalty points and tier status benefits are earned by our customers. Deferred revenue associated with the mychoice program is recognized at the point-in-time when the loyalty points are redeemed by our customers or at the point-in-time when our customers receive the tier status benefits. The obligation associated with our mychoice program is based on the estimated SSP of the loyalty points and the tier status benefits earned after factoring in the likelihood of redemption. The obligation associated with our mychoice program, which is included in “Accrued expenses and other current liabilities” within our Consolidated Balance Sheets, was $36.2 million and $39.9 million as of December 31, 2019 and 2018, respectively, and consisted principally of the obligation associated with the loyalty points. Our loyalty point obligations are generally settled within six months of issuance. Changes between the opening and closing balances primarily

relate to the timing of our customers’ election to redeem loyalty points as well as the timing of when our customers receive their earned tier status benefits.

The Company’s advance payments on goods and services yet to be provided and for unpaid wagers primarily consist of the following: (i) deposits on rooms and convention space, (ii) money deposited on behalf of a customer in advance of their property visit (referred to as “safekeeping” or “front money”), (iii) outstanding tickets generated by slot machine play or pari-mutuel wagering, (iv) outstanding chip liabilities, (v) unclaimed jackpots, and (vi) gift cards redeemable at our properties. Advance payments on goods and services are recognized as revenue when the good or service is transferred to the customer. Unpaid wagers primarily relate to the Company’s obligation to settle outstanding slot tickets, pari-mutuel racing tickets and gaming chips with customers and generally represent obligations stemming from prior wagering events, of which revenue was previously recognized. The Company’s advance payments on goods and services yet to be provided and for unpaid wagers were $42.2 million and $34.3 million as of December 31, 2019 and 2018, respectively, of which $0.6 million and $0.7 million were classified as long-term, respectively. The current portion and long-term portion of our advance payments on goods and services yet to be provided and for unpaid wagers are included in “Accrued expenses and other current liabilities” and “Other long-term liabilities” within our Consolidated Balance Sheets, respectively.

During the third quarter of 2019, Penn Interactive entered into multi-year agreements with sports betting operators for online sports betting and related iGaming market access across the Company’s portfolio, of which we received cash and equity securities, including ordinary shares and warrants, specific to three operator agreements. During the fourth quarter of 2019, certain of the operations contemplated by these agreements commenced, resulting in the recognition of $0.6 million of revenue during the year ended December 31, 2019. Deferred revenue associated with third-party sports betting operators for online sports betting and related iGaming market access as of December 31, 2019 was $43.6 million, which is included in “Other long-term liabilities” within our Consolidated Balance Sheets.

Gaming and Racing Taxes: We are subject to gaming and pari-mutuel taxes based on gross gaming revenue and pari-mutuel revenue in the jurisdictions in which we operate. 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. For the years ended December 31, 2019, 2018 and 2017, these expenses, which were recorded primarily in gaming expense within the Consolidated Statements of Income, were $1,590.0 million, $1,102.3 million, and $983.3 million, respectively.

Stock-Based Compensation: The cost of employee services received in exchange for an award of equity instruments is based on the grant-date fair value of the award and the expense is recognized ratably over the requisite service period. The Company accounts for forfeitures in the period in which they occur based on actual amounts. The fair value of stock options is estimated at the grant date using the Black-Scholes option-pricing model, which requires us to make assumptions, including the expected term, which is based on the contractual term of the stock option and historical exercise data of the Company’s employees; the risk-free interest rate, which is based on the U.S. Treasury spot rate with a term equal to the expected term assumed at the grant date; the expected volatility, which is estimated based on the historical volatility of the Company’s stock price over the expected term assumed at the grant date; and the expected dividend yield, which is zero since we have not historically paid dividends. See Note 15, “Stock-based Compensation.”

Earnings Per Share: Basic earnings per share (“EPS”) is computed by dividing net income attributable to Penn National 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 stock awards. See Note 16, “Earnings per Share.”

Application of Business Combination Accounting: We utilize the acquisition method of accounting in accordance with ASC Topic 805, “Business Combinations,” which requires us to allocate the purchase price to tangible and identifiable intangible assets based on their fair values. The excess of the purchase price over the fair value ascribed to tangible and identifiable intangible assets is recorded as goodwill. If the fair value ascribed to tangible and identifiable intangible assets changes during the measurement period (due to additional information being available and related Company analysis), the measurement period adjustment is recognized in the reporting period in which the adjustment amount is determined and offset against goodwill. The measurement period for our acquisitions are no more than one year in duration. See Note 5, “Acquisitions and Other Investments.”

Voting Interest Entities and Variable Interest Entities: The Company consolidates all subsidiaries or other entities in which it has a controlling financial interest. The consolidation guidance requires an analysis to determine if an entity should be evaluated for consolidation using the VOE model or the VIE model. Under the VOE model, controlling financial interest is generally defined as a majority ownership of voting rights. Under the VIE model, controlling financial interest is defined as (i) the power to direct activities that most significantly impact the economic performance of the entity and (ii) the obligation to

absorb losses of or the right to receive benefits from the entity that could potentially be significant to the entity. For those entities that qualify as a VIE, the primary beneficiary is generally defined as the party who has a controlling financial interest in the VIE. The Company consolidates the financial position and results of operations of every VOE in which it has a controlling financial interest and VIEs in which it is considered to be the primary beneficiary. See Note 6, “Investments in and Advances to Unconsolidated Affiliates.”

New Accounting Pronouncements

12 Months Ended

Dec. 31, 2019

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New Accounting Pronouncements

Note 3—New Accounting Pronouncements

Accounting Pronouncements Implemented in 2019

On January 1, 2019, the Company adopted ASC 842, and all the related amendments (the “new lease standard”) using the modified retrospective method with an effective date of January 1, 2019 (the “adoption date”) and a cumulative-effect adjustment to retained earnings. The core principle of ASC 842 is that a lessee should recognize on the balance sheet the lease assets and lease liabilities that arise from all lease arrangements with terms greater than 12 months. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. As part of the adoption, the Company elected to utilize the package of practical expedients included in this guidance, which permitted the Company to not reassess (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and (iii) the initial direct costs for existing leases.

Master Leases

The most significant impact of the adoption of the new lease standard relates to the accounting for our Master Leases with GLPI. Under previous GAAP, as contained within ASC 840, the Company concluded that (i) the Penn Master Lease and (ii) the Pinnacle Master Lease to each be a failed sale-leaseback transaction resulting in (a) the land and building assets associated with the Master Leases to be recognized in “Property and equipment, net” within the Consolidated Balance Sheets, (b) the recognition of a financing obligation, with the associated interest recorded to “Interest expense, net” within the Consolidated Statements of Income, and (c) the contingent rentals to be recorded as additional interest expense. Under the provisions of the new lease standard, the Company was required to evaluate its existing sale-leaseback transactions with GLPI to determine whether a sale had occurred, and if a sale had occurred, to determine the classification (operating or finance) of each component contained within each of the Master Leases.

Lease components contained within each of the Master Leases that were determined to be operating leases (consisting primarily of the land components) at the adoption date resulted in (i) the derecognition of the existing financing obligation and the carrying amount of the property and equipment with an adjustment to the opening balance of retained earnings and (ii) the recognition of an operating lease liability and an operating lease ROU asset.

Lease components contained within each of the Master Leases that were determined to continue to be financing obligations (consisting primarily of the building components) at the adoption date resulted in (i) the continued recognition of the leased assets in “Property and equipment, net” within our Consolidated Balance Sheets and (ii) the continued recognition of the financing obligation utilizing assumptions as determined (a) at the lease commencement date with respect to the Penn Master Lease or (b) at the acquisition date with respect to the Pinnacle Master Lease.

Our Hollywood Casino at Dayton Raceway and Hollywood Casino at Mahoning Valley Race Course (“Dayton and Mahoning Valley”) properties included within the Penn Master Lease were previously accounted for under build-to-suit guidance pursuant to ASC 840. The Company was required to evaluate the components contained within the build-to-suit arrangements and determine the classification (operating or finance) under the provisions of the new lease standard at the adoption date. The Dayton and Mahoning Valley lease components were determined to be finance leases, which resulted in (i) the recognition of a finance lease ROU asset (recorded to depreciation and amortization expense over the lease term), (ii) a corresponding finance lease liability (recorded to interest expense over the lease term), and (iii) a write-off of the previous (a) carrying amount of the property and equipment and (b) financing obligation recorded with an adjustment to the opening balance of retained earnings at the adoption date.

Operating Leases, inclusive of the Meadows Lease

The adoption of the new lease standard required us to recognize ROU assets and lease liabilities that had not previously been recorded within the Consolidated Balance Sheets. Upon adoption, the lease liability for operating leases was based on the present value of future lease payments and the ROU asset for operating leases was based on the operating lease liability adjusted for the reclassification of certain balance sheet amounts, such as deferred rent. Under ASC 842, deferred and prepaid rent are no longer presented separately. Leases that are short-term in nature are not recognized as ROU assets within the

Consolidated Balance Sheets, but are recognized as an expense (recorded within total operating expenses) within the Consolidated Statements of Income.

The impact of the adoption of the new lease standard on our Consolidated Balance Sheets at January 1, 2019 was as follows (only financial statement line items impacted are presented):



				Impacts of:
(in millions)	As Reported as of December 31, 2018			Financing Obligations - Master Leases ⁽¹⁾		Finance Leases - Dayton and Mahoning Valley			Operating Leases - Master Leases⁽²⁾			Operating Lease - Meadows ⁽³⁾		Other Operating Leases - Non-Master Leases			As Adjusted for ASC 842		Increase/(Decrease)
Assets
Current assets
Prepaid expenses	$	63.0		$	—	$	—		$	—		$	—	$	(1.0	)	$	62.0	$	(1.0	)
Total current assets	$	677.6		$	—	$	—		$	—		$	—	$	(1.0	)	$	676.6	$	(1.0	)
Property and equipment, net ⁽⁴⁾	$	6,868.8		$	—	$	(164.3	)	$	(1,407.4	)	$	—	$	—		$	5,297.1	$	(1,571.7	)
Goodwill	$	1,228.4		$	5.5	$	—		$	—		$	—	$	—		$	1,233.9	$	5.5
Operating lease right-of-use assets ⁽⁵⁾	$	—		$	—	$	—		$	3,541.2		$	112.8	$	152.5		$	3,806.5	$	3,806.5
Finance lease right-of-use assets ⁽⁶⁾	$	—		$	—	$	224.5		$	—		$	—	$	—		$	224.5	$	224.5
Total assets	$	10,961.0		$	5.5	$	60.2		$	2,133.8		$	112.8	$	151.5		$	13,424.8	$	2,463.8

Liabilities
Current liabilities
Current portion of financing obligations ⁽⁷⁾	$	67.8		$	—	$	(1.5	)	$	(16.2	)	$	—	$	—		$	50.1	$	(17.7	)
Current portion of operating lease liabilities ⁽⁵⁾	$	—		$	—	$	—		$	72.9		$	20.5	$	8.9		$	102.3	$	102.3
Current portion of finance lease liabilities ⁽⁶⁾	$	—		$	—	$	5.8		$	—		$	—	$	—		$	5.8	$	5.8
Accrued expenses and other current liabilities	$	578.0		$	—	$	—		$	—		$	—	$	(0.5	)	$	577.5	$	(0.5	)
Total current liabilities	$	738.4		$	—	$	4.3		$	56.7		$	20.5	$	8.4		$	828.3	$	89.9
Long-term portion of financing obligations ⁽⁷⁾	$	7,080.6		$	5.5	$	(181.3	)	$	(2,760.6	)	$	—	$	—		$	4,144.2	$	(2,936.4	)
Long-term portion of operating lease liabilities ⁽⁵⁾	$	—		$	—	$	—		$	3,467.1		$	92.3	$	145.0		$	3,704.4	$	3,704.4
Long-term portion of finance lease liabilities ⁽⁶⁾	$	—		$	—	$	218.3		$	—		$	—	$	—		$	218.3	$	218.3
Deferred income taxes ⁽⁸⁾	$	—		$	—	$	4.3		$	299.5		$	—	$	—		$	303.8	$	303.8
Other long-term liabilities	$	60.7		$	—	$	—		$	—		$	—	$	(1.9	)	$	58.8	$	(1.9	)
Total liabilities	$	10,229.8		$	5.5	$	45.6		$	1,062.7		$	112.8	$	151.5		$	11,607.9	$	1,378.1
Stockholders’ equity
Retained earnings (accumulated deficit)	$	(968.0	)	$	—	$	14.6		$	1,071.1		$	—	$	—		$	117.7	$	1,085.7
Total Penn National stockholders’ equity	$	731.2		$	—	$	14.6		$	1,071.1		$	—	$	—		$	1,816.9	$	1,085.7
Total stockholders’ equity	$	731.2		$	—	$	14.6		$	1,071.1		$	—	$	—		$	1,816.9	$	1,085.7
Total liabilities and stockholders’ equity	$	10,961.0		$	5.5	$	60.2		$	2,133.8		$	112.8	$	151.5		$	13,424.8	$	2,463.8


(1)	During the first quarter of 2019, the Company identified an adjustment to the purchase price allocation associated with the Pinnacle Acquisition. The purchase price adjustment increased the financing obligation upon the adoption of the new lease standard, resulting in an increase to goodwill (see Note 5, “Acquisitions and Other Investments”).


(2)	Represents components contained within each of the Master Leases determined to be operating leases (primarily land).


(3)	Represents the triple net lease with GLPI for the real estate assets used in the operations of Meadows Racetrack and Casino (the “Meadows Lease”).

(4)

Represents the (i) derecognition of the carrying amount of the property and equipment, net, associated with land components contained within our Master Leases determined to be operating leases upon the adoption of the new lease standard; and (ii) derecognition of the carrying amount of the property and equipment, net, associated with land and building components associated with Dayton and Mahoning Valley determined to be finance leases upon the adoption of the new lease standard.

(5)

Operating lease ROU assets represent (i) the land components contained within the Master Leases determined to be operating leases upon the adoption of the new lease standard; and (ii) with respect to other Operating Leases, represent (a) the Meadows Lease, which was acquired by the Company in conjunction with the acquisition of Pinnacle; (b) ground and levee leases with landlords, which were not assumed by GLPI and remain an obligation of the Company; and (c) buildings and equipment not associated with our Master Leases. For leases where the rate implicit in the lease was not readily determinable, we used our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. We utilized the incremental borrowing rate on the adoption date for operating leases that commenced prior to that date. The operating lease liability is based on the net present value of future lease payments.

(6)

Amounts primarily represent finance leases associated with Dayton and Mahoning Valley, which are included in the Penn Master Lease, that under ASC 840 utilized specific build-to-suit guidance. The adoption of the new lease standard required the Company to evaluate the components under current guidance contained within the new lease standard, which resulted in all components being classified as finance leases. Finance leases result in (i) the recognition of a finance lease ROU asset amortized over the lease term and (ii) a corresponding finance lease liability (recorded to interest expense over the lease term). We utilized our incremental borrowing rate based on the information available at the adoption date in determining the present value of lease payments. The finance lease liability is based on the net present value of future lease payments.


(7)	Represents components associated with our Master Leases that remain financing obligations (primarily buildings). The financing obligation at the adoption date was calculated utilizing previous assumptions as determined (a) at the lease commencement date with respect to the Penn Master Lease and (b) at the acquisition date with respect to the Pinnacle Master Lease.


(8)	Represents the tax impacts related to the adoption of the new lease standard. See Note 13, “Income Taxes.”

Accounting Pronouncements to be Implemented in 2020

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurements of Credit Losses on Financial Instruments” (“ASU 2016-13”), which sets forth a “current expected credit loss” (referred to as “CECL”) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and must be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. Although we are still finalizing our assessment of the impact of the adoption of ASU 2016-13, which is effective January 1, 2020, we currently do not expect it to have a material impact on our Consolidated Financial Statements.

In August 2018, the FASB issued ASU No. 2018-15, “Customer’s Accounting for Implementation Cost Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ASU 2018-15”). Under the new guidance, customers will apply the same criteria for capitalizing implementation costs as they would for an arrangement that has a software license. This will result in certain implementation costs being capitalized; the associated amortization charge will, however, be recorded as an operating expense. Under the previous guidance, costs incurred when implementing a cloud computing arrangement deemed to be a service contract are recorded as an operating expense when incurred. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities can choose to adopt the new guidance prospectively to eligible costs incurred on or after the date the guidance is first applied or retrospectively. We have elected to adopt the net guidance on a prospective basis. Although we are still finalizing our assessment of the impact of the adoption of ASU 2018-15, which is effective January 1, 2020, we currently do not expect it to have a material impact on our Consolidated Financial Statements.

Accounting Pronouncements to be Implemented in 2021

In December 2019, the FASB issued ASU No. 2019-12, “Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which intends to simplify the guidance by removing certain exceptions to the general principles and clarifying or amending existing guidance. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Although we are currently evaluating the impact of the adoption of ASU 2019-12, we do not expect it to have a material impact on our Consolidated Financial Statements.

Revenue Disaggregation

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenue Disaggregation

Note 4—Revenue Disaggregation

We generate revenues at our owned, managed, or operated properties principally by providing the following types of services: (i) gaming, (ii) food and beverage, (iii) hotel, (iv) racing, (v) reimbursable management costs and (vi) other. Other revenues is principally comprised of ancillary gaming-related activities, such as commissions received on ATM transactions, and iGaming. In addition, we assess our revenues based on geographic location of the related properties, which is consistent with our reportable segments (see Note 17, “Segment Information,” for further information). Our revenue disaggregation by type of revenue and geographic location was as follows:



	For the year ended December 31, 2019
(in millions)	Northeast		South		West		Midwest		Other		Intersegment Eliminations⁽¹⁾			Total
Revenues:
Gaming	$	2,117.1	$	831.1	$	374.3	$	938.1	$	8.8	$	(0.7	)	$	4,268.7
Food and beverage	155.1		154.1		116.7		84.7		1.4		—			512.0
Hotel	43.5		98.2		125.9		43.4		—		—			311.0
Racing	25.1		—		0.6		—		5.6		—			31.3
Other	59.1		35.5		25.0		28.3		31.7		(1.2		)	178.4
Total revenues	$	2,399.9	$	1,118.9	$	642.5	$	1,094.5	$	47.5	$	(1.9	)	$	5,301.4


(1)	Represents the elimination of intersegment revenues associated with our internally-branded retail sportsbooks, which are operated by Penn Interactive, and our live and televised poker tournament series that operates under the trademark, Heartland Poker Tour (“HPT”).



	For the year ended December 31, 2018
(in millions)	Northeast		South		West		Midwest		Other		Total
Revenues:
Gaming	$	1,644.2	$	302.9	$	228.0	$	719.8	$	—	$	2,894.9
Food and beverage	109.6		56.6		89.6		57.9		1.1		314.8
Hotel	23.2		23.3		90.8		26.3		—		163.6
Racing	20.3		—		0.6		—		5.9		26.8
Reimbursable management costs	46.8		—		10.5		—		—		57.3
Other	47.4		11.6		18.4		19.7		33.4		130.5
Total revenues	$	1,891.5	$	394.4	$	437.9	$	823.7	$	40.4	$	3,587.9



	For the year ended December 31, 2017
(in millions)	Northeast			South			West			Midwest			Other			Total
Revenues:
Gaming	$	1,583.9		$	203.0		$	219.7		$	685.4		$	—		$	2,692.0
Food and beverage	115.0			35.5			82.4			58.4			1.1			292.4
Hotel	21.5			10.3			76.1			22.0			—			129.9
Racing	49.6			—			2.3			—			10.8			62.7
Reimbursable management costs	—			—			26.1			—			—			26.1
Other	48.7			6.3			16.6			16.4			40.4			128.4
	1,818.7			255.1			423.2			782.2			52.3			3,331.5
Less: Promotional allowances	(62.1		)	(30.8		)	(42.8		)	(47.2		)	(0.6		)	(183.5		)
Total revenues	$	1,756.6		$	224.3		$	380.4		$	735.0		$	51.7		$	3,148.0

Acquisitions and Other Investments

12 Months Ended

Dec. 31, 2019

Business Combinations And Other Investments [Abstract]

Acquisitions and Other Investments

Note 5—Acquisitions and Other Investments

Greektown Casino-Hotel

On May 23, 2019, the Company acquired all of the membership interests of Greektown Holdings, L.L.C., for a net purchase price of $320.3 million, after working capital and other adjustments, pursuant to a transaction agreement among the Company, VICI Properties L.P., a wholly-owned subsidiary of VICI, and Greektown Mothership LLC. In connection with the

acquisition, the real estate assets relating to Greektown were acquired by a subsidiary of VICI for an aggregate sales price of $700.0 million and the Company entered into the Greektown Lease, which has an initial annual rent of $55.6 million and an initial term of 15 years, with four five-year renewal options. The acquisition of the operations was financed through a combination of cash on hand and incremental borrowings under the Company’s Revolving Credit Facility (as defined in Note 10, “Long-term Debt”).

The Company is in the process of finalizing the assumptions that derive the fair value of certain assets acquired and liabilities assumed. Therefore, the allocation of the purchase price is preliminary and subject to change. During the year ended December 31, 2019, subsequent to the date of acquisition, we made the following adjustments to the preliminary purchase price:



(in millions)	Estimated fair value, as previously reported⁽¹⁾		Measurement period adjustments			Estimated fair value, as adjusted
Cash and cash equivalents	$	31.1	$	—		$	31.1
Receivables, prepaid expenses, and other current assets	15.7		(1.2		)	14.5
Property and equipment	32.3		(3.9		)	28.4
Goodwill⁽²⁾	61.7		5.7			67.4
Other intangible assets
Gaming license	166.4		—			166.4
Trademark	24.4		—			24.4
Customer relationships	3.3		—			3.3
Operating lease right-of-use assets	516.1		—			516.1
Finance lease right-of-use assets	4.1		—			4.1
Other assets	0.2		(0.2		)	—
Total assets	$	855.3	$	0.4		$	855.7

Accounts payable, accrued expenses and other current liabilities	$	14.8	$	0.4		15.2
Operating lease liabilities	516.1		—			516.1
Finance lease liabilities	4.1		—			4.1
Total liabilities	535.0		0.4			535.4
Net assets acquired	$	320.3	$	—		$	320.3


(1)	Amounts were initially reported within the Company’s Quarterly Report on Form 10-Q for the three months ended June 30, 2019, filed with the SEC on August 8, 2019.


(2)	The goodwill has been assigned to our Northeast segment. The entire $67.4 million goodwill amount is deductible for tax purposes.

The Company used the income, market, or cost approach (or a combination thereof) for the valuation, as appropriate, and used valuation inputs in these models and analyses that were based on market participant assumptions. Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability. Property and equipment acquired consists of non-REIT assets (e.g., equipment for use in gaming operations, furniture and other equipment). We determined that the land and buildings subject to the Greektown Lease, which was entered into at the time of the acquisition, represented operating lease ROU assets with a corresponding operating lease liability calculated based on the present value of the future lease payments at the acquisition date in accordance with GAAP. Management determined the fair value of its office equipment, computer equipment and slot machine gaming devices based on the market approach and other personal property based on the cost approach, supported where available by observable market data, which includes consideration of obsolescence.

Acquired identifiable intangible assets consist of a gaming license and a trademark, which are both indefinite-lived intangible assets, and customer relationships, which is an amortizing intangible asset with an assigned useful life of 2 years. Management valued (i) the gaming license using the Greenfield Method under the income approach; (ii) the trademark using the relief-from-royalty method under the income approach; and (iii) customer relationships (rated player databases) using the with-and-without method of the income approach. All valuation methods are forms of the income approach supported by observable market data for peer casino operator companies. See Note 2, “Significant Accounting Policies,” for more information.

The following table includes the financial results of Greektown since the acquisition date, which is included within our Consolidated Statement of Income for the year ended December 31, 2019:



(in millions)	Period from May 23, 2019 through December 31, 2019
Revenues	$	195.9
Net income	$	10.9

Margaritaville Resort Casino

On January 1, 2019, the Company acquired the operations of Margaritaville for a net purchase price of $122.9 million, after working capital and other adjustments, pursuant to (i) an agreement and plan of merger (the “Margaritaville Merger Agreement”) among the Company, VICI, Bossier Casino Venture (HoldCo), Inc. (“Holdco”), and Silver Slipper Gaming, LLC, and (ii) a membership interest purchase agreement (the “MIPA”) among VICI and the Company.

Pursuant to the Margaritaville Merger Agreement, a subsidiary of VICI merged with and into Holdco with Holdco surviving the merger as a wholly-owned subsidiary of VICI (the “Merger”) and owner of the real estate assets relating to Margaritaville. Pursuant to the MIPA, immediately following the consummation of the Merger, HoldCo sold its interests in its sole direct subsidiary and owner of the Margaritaville operating assets, to the Company. In connection with the acquisition, the real estate assets used in the operations of Margaritaville were acquired by VICI for $261.1 million and the Company entered into the Margaritaville Lease, which has an initial annual rent of $23.2 million and an initial term of 15 years, with four five-year renewal options. The acquisition of the operations was financed through incremental borrowings under the Company’s Revolving Credit Facility.

During the fourth quarter of 2019, the Company finalized the allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed, with the excess recorded as goodwill. During the year ended December 31, 2019, prior to its finalization, we made the following adjustments to the preliminary purchase price allocation:



(in millions)	Estimated fair value, as previously reported⁽¹⁾		Measurement period adjustments			Fair value, as finalized
Cash and cash equivalents	$	10.7	$	—		$	10.7
Receivables, prepaid expenses, and other current assets	7.1		(0.1		)	7.0
Property and equipment	21.7		(1.0		)	20.7
Goodwill⁽²⁾	39.5		4.7			44.2
Other intangible assets
Gaming license	48.1		—			48.1
Customer relationships	2.3		—			2.3
Operating lease right-of-use assets	196.2		—			196.2
Total assets	$	325.6	$	3.6		$	329.2

Accounts payable, accrued expenses and other current liabilities	$	9.5	$	0.6		$	10.1
Operating lease liabilities	196.2		—			196.2
Total liabilities	205.7		0.6			206.3
Net assets acquired	$	119.9	$	3.0		$	122.9


(1)	Amounts were initially reported within the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2019, filed with the SEC on May 8, 2019.


(2)	The goodwill has been assigned to our South segment. The entire $44.2 million goodwill amount is deductible for tax purposes.

The Company used the income, market, or cost approach (or a combination thereof) for the valuation, as appropriate, and used valuation inputs in these models and analyses that were based on market participant assumptions. Property and equipment acquired consists of non-REIT assets (e.g., equipment for use in gaming operations, furniture and other equipment). We determined that the land and buildings subject to the Margaritaville Lease, which was entered into at the time of the acquisition, represented operating lease ROU assets with a corresponding operating lease liability calculated based on the present value of the future lease payments at the acquisition date in accordance with GAAP. Management determined the fair value of its office equipment, computer equipment and slot machine gaming devices based on the market approach and other personal property based on the cost approach, supported where available by observable market data, which includes consideration of obsolescence.

Acquired identifiable intangible assets consist of a gaming license, which is an indefinite-lived intangible asset, and a customer relationship, which is an amortizing intangible asset with an assigned useful life of 2 years. Management valued (i) the gaming license using the Greenfield Method under the income approach and (ii) the customer relationships using the with-and-without method of the income approach. All valuation methods are forms of the income approach supported by observable market data for peer casino operator companies. See Note 2, “Significant Accounting Policies,” for more information.

The following table includes the financial results of Margaritaville since the acquisition date, which is included within our Consolidated Statement of Income for the year ended December 31, 2019:



(in millions)	For the year ended December 31, 2019
Revenues	$	157.6
Net income	$	13.7

Pinnacle Acquisition

On October 15, 2018, the Company acquired all of the outstanding shares of Pinnacle, for a total purchase price of $2,816.2 million, which consisted of (i) a cash payment of $20.00 per share of Pinnacle common stock, totaling $1,252.2 million; (ii) issuance of Penn National common stock in the amount of $749.7 million; and (iii) the retirement of $814.3 million of Pinnacle debt obligations. In conjunction with the Pinnacle Acquisition, the Company divested the membership interests of certain Pinnacle subsidiaries, which operated the casinos known as Ameristar St. Charles, Ameristar Kansas City, Belterra Resort and Belterra Park (referred to collectively as the “Divested Properties”), to Boyd Gaming Corporation (NYSE: BYD). Additionally, as a part of the transaction, (i) GLPI acquired the real estate assets associated with Plainridge Park Casino, and concurrently leased back such assets to the Company. In connection with the sale of the Divested Properties and the Plainridge Park Casino Sale-Leaseback, the Pinnacle Master Lease, which was assumed by the Company concurrent with the closing of the Pinnacle Acquisition, was amended. The Pinnacle Acquisition added 12 gaming properties to our holdings and provides us with greater operational scale and geographic diversity. For more information on the Pinnacle Master Lease and related amendment, see Note 11, “Leases.”

During the third quarter of 2019, the Company finalized the allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed, with the excess recorded as goodwill. During the year ended December 31, 2019, prior to its finalization, we made the following adjustments to the preliminary purchase price allocation:



(in millions)	Estimated fair value, as previously reported⁽¹⁾		Measurement period adjustments			Fair value, as finalized
Cash and restricted cash	$	124.2	$	—		$	124.2
Assets held for sale	667.0		0.5			667.5
Other current assets	80.6		0.5			81.1
Property and equipment - non-Pinnacle Master Lease	318.9		(0.3		)	318.6
Property and equipment - Pinnacle Master Lease ⁽²⁾	3,984.1		(29.2		)	3,954.9
Goodwill ⁽³⁾	219.5		18.7			238.2
Other intangible assets
Gaming licenses	1,046.0		21.6			1,067.6
Trademarks	298.0		—			298.0
Customer relationships	22.4		—			22.4
Other long-term assets	38.9		—			38.9
Total assets	$	6,799.6	$	11.8		$	6,811.4

Long-term financing obligation, including current portion ⁽⁴⁾	$	3,427.0	$	5.5		$	3,432.5
Other current liabilities	200.6		5.5			206.1
Deferred tax liabilities	339.2		0.8			340.0
Other long-term liabilities	16.6		—			16.6
Total liabilities	3,983.4		11.8			3,995.2
Net assets acquired	$	2,816.2	$	—		$	2,816.2


(1)	Amounts were initially reported within the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019.


(2)	Includes buildings, boats, vessels, barges, and implied land and land use rights. Land use rights represent the intangible value of the Company’s ability to utilize and access land associated with long term ground lease agreements that give the Company the exclusive rights to operate the casino gaming facilities associated with such agreements.


(3)	See Note 8, “Goodwill and Other Intangible Assets,” for details on the impact to each reportable segment.


(4)	Long-term financing obligation, including current portion represents the financing obligation associated with Pinnacle Master Lease, as amended.

Pro Forma Financial Information - Greektown, Margaritaville, and Pinnacle

The following table includes unaudited pro forma consolidated financial information assuming our acquisitions of Greektown and Margaritaville had occurred as of January 1, 2018 and Pinnacle had occurred as of January 1, 2017. The pro forma financial information does not represent the anticipated future results of the combined company. The pro forma amounts include the historical operating results of Penn National, Greektown, Margaritaville, and Pinnacle, prior to the acquisition, with adjustments directly attributable to the acquisitions, inclusive of adjustments for acquisition costs. The below pro forma results do not include any adjustments related to synergies.



	For the year ended December 31,
(in millions)	2019		2018		2017
Revenues	$	5,434.9	$	5,552.2	$	5,036.6
Net income (loss)	$	64.9	$	101.9	$	(38.0	)

1^st Jackpot Casino and Resorts Casino Tunica

On May 1, 2017, the Company acquired the operations of 1^st Jackpot Casino and Resorts Casino Tunica, for a net purchase price of $47.0 million. In connection with the acquisitions, the real estate assets relating to 1^st Jackpot Casino and Resorts Casino Tunica were acquired by GLPI for an aggregate sales price of $82.6 million and included in the Penn Master Lease. Resorts Casino Tunica ceased operations on June 30, 2019.

Rocket Speed

In August 2016, Penn Interactive acquired 100% of the outstanding equity securities of social casino game developer, Rocket Speed, Inc. (“Rocket Speed”), for initial cash consideration of $60.5 million subject to customary working capital adjustments. The stock purchase agreement included contingent payments over the next two years that were based on a multiple of 6.25 times Rocket Games’ then trailing-twelve-months EBITDA, subject to a cap of $110.0 million. Up to $10.0 million of the contingent purchase price was accounted for as compensation as it was tied to continued employment over a two-year period. The fair value of the contingent purchase price was estimated to be $34.4 million at the acquisition date.

In September 2017, Penn Interactive reached an agreement with the former shareholders of Rocket Speed to buy out the remaining contingent purchase price, which resulted in a benefit of $22.2 million, which is included within “General and administrative” within our Consolidated Statements of Income for the year ended December 31, 2017.

Jamul Indian Village Development Corporation

In April 2013, the Company and the Jamul Tribe, a federally recognized Indian Tribe holding a government-to-government relationship with the U.S., entered into definitive agreements to assist the Jamul Tribe in the development of a Hollywood Casino-branded casino on the Jamul Tribe’s trust land in San Diego County, California. In addition, the definitive agreements and a related loan commitment letter set forth the terms and conditions under which the Company would provide loans to the Jamul Indian Village Development Corporation (the “JIVDC”) to fund certain development costs. Following the opening, the Company also managed the property.

In October 2016, the JIVDC obtained long-term secured financing, consisting of a revolving credit facility, a term loan B facility and a term loan C facility (the “Term Loan C Facility” and collectively with the revolving credit facility and the term loan B facility, the “Credit Facilities”) totaling approximately $460 million. The Company was the lender under the Term Loan C Facility in the amount of $98.0 million.

As of December 31, 2017, the JIVDC breached one of the financial covenants contained within the Credit Facilities, resulting in default. Consequently, the Company performed an analysis of the expected future cash flows it would receive based on forecasted operations of the property, discounted at the Term Loan C Facility’s effective interest rate, as well as any concessions it would grant to the JIVDC. As a result of such analysis, the Company recorded a charge of $86.0 million for the year ended December 31, 2017, of which $64.0 million pertained to the Term Loan C Facility and $22.0 million was a reserve

for unfunded loan commitments. In addition, the Company recorded charges of $3.8 million related to certain advances made to the JIVDC.

In February 2018, the Company and the Jamul Tribe mutually agreed that the Company would no longer manage the property nor provide branding and development services as of May 28, 2018. On May 25, 2018, the Company entered into a purchase agreement with the senior lender under the Credit Facilities for the property to sell them all of the Company’s outstanding rights and obligations under the Term Loan C Facility and the JIVDC commitments. As a result, the Company received cash proceeds of $15.2 million from the sale and was relieved of all rights and obligations with respect to the JIVDC. The sale of the loan resulted in a recovery of loan losses and unfunded loan commitments of $17.0 million for the year ended December 31, 2018.

Investments in and Advances to Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Unconsolidated Affiliates

Note 6—Investments in and Advances to Unconsolidated Affiliates

As of December 31, 2019 and 2018, investments in and advances to unconsolidated affiliates primarily consisted of the Company’s 50% interest in Kansas Entertainment, which is a JV with International Speedway that owns Hollywood Casino at Kansas Speedway, its JV with MAXXAM, Inc. (“MAXXAM”), and its JV with Greenwood Limited Jersey, Inc. (“Greenwood”).

Kansas Joint Venture

As of December 31, 2019 and 2018, our investment in Kansas Entertainment was $90.8 million and $89.4 million, respectively. During the years ended December 31, 2019, 2018 and 2017, the Company received distributions from Kansas Entertainment totaling $29.0 million, $27.0 million and $26.0 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.

As of the years ended December 31, 2019 and 2018, we determined that Kansas Entertainment does not qualify as a VIE. Using the guidance for entities that are not VIEs, the Company determined that it did not have a controlling financial interest in the JV as of and for the years ended December 31, 2019 and 2018, primarily as it did not have the ability to direct the activities of the JV that most significantly impacted the JV’s economic performance without the input of International Speedway. Therefore, the Company did not consolidate its investment in the JV as of and for the years ended December 31, 2019 and 2018.

For the year ended December 31, 2019, our investment in Kansas Entertainment met the requirements to provide summarized balance sheet and income statement information for the comparative periods that are included within our Consolidated Financial Statements:



	December 31,
(in millions)	2019		2018
Current assets	$	21.5	$	18.3
Long-term assets	$	159.2	$	161.0
Current liabilities	$	13.5	$	15.1



	For the year ended December 31,
(in millions)	2019		2018		2017
Revenues	$	162.3	$	159.0	$	155.7
Operating expenses	101.3		110.4		114.7
Operating income	61.0		48.6		41.0
Net income	$	61.0	$	48.6	$	41.0

Net income attributable to Penn National	$	30.5	$	24.3	$	20.5

In addition, for the year ended December 31, 2019, we determined that it was required to provide audited financial statements of Kansas Entertainment. The audited financial statements of Kansas Entertainment for the years ended June 30, 2019, 2018 and 2017 are provided as exhibits to this Annual Report on Form 10-K for the year ended December 31, 2019.

Texas and New Jersey Joint Ventures

The Company has a 50% interest in a JV 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 racetrack in Austin, 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. In addition, through a separate arrangement, the Company has a 50% interest in a JV with Greenwood, which owns and operates Freehold Raceway, in Freehold, New Jersey. The property features a half-mile standardbred racetrack and a grandstand.

As of December 31, 2019 and 2018, we determined that neither our Texas JV nor our New Jersey JV qualify as a VIE. Using the guidance for entities that are not VIEs, in both cases, the Company determined that it did not have a controlling financial interest in either of the JVs as of and for the years ended December 31, 2019 and 2018, primarily as it did not have the ability to direct the activities of either of the JVs that most significantly impacted the JVs’ economic performance without the input of MAXXAM or Greenwood, respectively. Therefore, the Company did not consolidate either of its investment in the JVs as of and for the years ended December 31, 2019 and 2018.

Property and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 7—Property and Equipment

Property and equipment, net, consisted of the following:



	December 31,
(in millions)	2019			2018
Property and equipment - Not Subject to Master Leases
Land and improvements	$	353.2		$	344.0
Building, vessels and improvements	420.4			343.0
Furniture, fixtures and equipment	1,598.3			1,565.8
Leasehold improvements	183.6			152.9
Construction in progress	59.3			25.5
	2,614.8			2,431.2
Less: Accumulated depreciation	(1,548.3		)	(1,400.2		)
	1,066.5			1,031.0
Property and equipment - Subject to Master Leases
Land and improvements⁽¹⁾	1,525.9			2,971.0
Building, vessels and improvements⁽¹⁾	3,664.6			3,845.0
	5,190.5			6,816.0
Less: Accumulated depreciation	(1,136.8		)	(978.2		)
	4,053.7			5,837.8
Property and equipment, net	$	5,120.2		$	6,868.8


(1)	Upon adoption of ASC 842, approximately $1.4 billion of land was derecognized and replaced with operating lease ROU assets based on the present value of future lease payments and $180.4 million of building and improvements, gross, was derecognized and replaced with finance lease ROU assets based on the present value of future lease payments. See Note 3, “New Accounting Pronouncements.”

Depreciation expense was as follows:



	For the year ended December 31,
(in millions)	2019		2018		2017
Depreciation expense⁽¹⁾	$	381.6	$	251.9	$	248.2


(1)	Of such amounts, $158.9 million, $112.1 million, and $92.4 million, respectively, pertained to real estate assets subject to either of our Master Leases.

During the year ended December 31, 2018, we recorded $34.3 million of impairment on the property and equipment associated with Resorts Casino Tunica, principally relating to the real estate assets subject to the Penn Master Lease, which is included in “Impairment losses” within our Consolidated Statements of Income. The charge was the result of an impairment assessment performed after reviewing the financial results and projected results of this property, which had been impacted by nearby competition. We subsequently ceased operations of Resorts Casino Tunica on June 30, 2019.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 8—Goodwill and Other Intangible Assets

A reconciliation of goodwill and accumulated goodwill impairment losses, by reportable segment, is as follows:



(in millions)	Northeast			South			West			Midwest			Other			Total
Balance as of January 1, 2018
Goodwill, gross	$	792.0		$	136.9		$	159.0		$	1,046.7		$	155.3		$	2,289.9
Accumulated goodwill impairment losses	(707.6		)	(34.6		)	(16.6		)	(435.3		)	(87.7		)	(1,281.8		)
Goodwill, net	84.4			102.3			142.4			611.4			67.6			1,008.1
Goodwill acquired during year	56.4			48.3			51.4			63.4			0.8			220.3
Balance as of December 31, 2018
Goodwill, gross	848.4			185.2			210.4			1,110.1			156.1			2,510.2
Accumulated goodwill impairment losses	(707.6		)	(34.6		)	(16.6		)	(435.3		)	(87.7		)	(1,281.8		)
Goodwill, net	140.8			150.6			193.8			674.8			68.4			1,228.4
Goodwill acquired during year	67.4			44.2			—			—			—			111.6
Impairment losses during year	(10.3		)	(17.4		)	—			(60.3		)	—			(88.0		)
Other ⁽¹⁾	(1.5		)	7.2			6.4			6.6			—			18.7
Balance as of December 31, 2019
Goodwill, gross	914.3			236.6			216.8			1,116.7			156.1			2,640.5
Accumulated goodwill impairment losses	(717.9		)	(52.0		)	(16.6		)	(495.6		)	(87.7		)	(1,369.8		)
Goodwill, net	$	196.4		$	184.6		$	200.2		$	621.1		$	68.4		$	1,270.7


(1)	Amounts relate to adjustments made to the preliminary purchase price allocation of Pinnacle during the year ended December 31, 2019, prior to it being finalized, as described in Note 5, “Acquisitions and Other Investments”

2019 Annual Assessment for Impairment

As a result of our 2019 annual assessment for impairment, we recognized impairments on our goodwill, gaming licenses, and trademarks, of $88.0 million, $62.6 million, and $20.0 million, respectively. The impairments of goodwill were largely driven by increases in the carrying amount of certain of our reporting units as a result of decreases in the allocated amount of the financing obligation to such reporting units, which was driven by the adoption of ASC 842. The impairments of gaming licenses and trademarks were largely driven by reductions in the long-term projections for certain of our properties where competition has increased due to expansion of gaming legislation, primarily within the Northeast segment. The estimated fair values of the reporting units were determined through a combination of a DCF model and a market-based approach, which utilized Level 3 inputs. The estimated fair values of the gaming licenses and trademarks were determined by using DCF models, which utilized Level 3 inputs.

As noted in the table above, the goodwill impairments pertained to our Northeast, South and Midwest segments, in the amounts of $10.3 million, $17.4 million and $60.3 million, respectively. The gaming license impairments pertained to our Northeast and South segments in the amounts of $55.1 million and $7.5 million, respectively. The trademark impairments pertained to our Northeast, South and Midwest segments, in the amounts of $11.5 million, $6.5 million and $2.0 million, respectively.

2018 Annual Assessment for Impairment

During the year ended December 31, 2018, the Company completed its 2018 annual assessment for impairment, which did not result in any impairment charges to goodwill or other intangible assets.

2017 Annual and Interim Assessments for Impairment

During the third quarter of 2017, the Company identified an indicator of impairment on its goodwill as a result of a reversal of a significant deferred tax valuation allowance, which caused increases in the carrying amounts of certain of our reporting units. As a result of an interim assessment for impairment, one of our reporting units within the West segment was fully impaired, resulting in an impairment charge of $14.8 million, and the goodwill at Sanford-Orlando Kennel Club, which is included in the Other category, was partially impaired, resulting in an impairment charge of $3.2 million. The estimated fair values of the reporting units were determined by using DCF models, which utilized Level 3 inputs.

During the year ended December 31, 2017, subsequent to the interim assessment discussed above, the Company completed its 2017 annual assessment for impairment, which did not result in any impairment charges to goodwill or other intangible assets.

The aforementioned impairments are included in “Impairment losses” within our Consolidated Statements of Income. See Note 18, “Fair Value Measurements,” for quantitative information about the significant unobservable inputs used in the fair value measurements of other intangible assets.

As of October 1, 2019, the date of the most recent annual impairment test, three reporting units had negative carrying amounts. The amount of goodwill at these reporting units was as follows (in millions):



Northeast segment
Hollywood Casino at Charles Town Races	$	8.7
Plainridge Park Casino	$	6.3
Midwest segment
Ameristar Council Bluffs	$	36.2

The table below presents the gross carrying amount, accumulated amortization, and net carrying amount of each major class of other intangible assets:



	December 31, 2019							December 31, 2018
(in millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite-lived intangible assets
Gaming licenses	$	1,681.9	$	—		$	1,681.9	$	1,498.3	$	—		$	1,498.3
Trademarks	302.4		—			302.4		298.0		—			298.0
Other	0.7		—			0.7		0.7		—			0.7
Amortizing intangible assets
Customer relationships	104.4		(69.0		)	35.4		98.8		(51.5		)	47.3
Other	36.1		(30.0		)	6.1		61.9		(49.3		)	12.6
Total other intangible assets	$	2,125.5	$	(99.0	)	$	2,026.5	$	1,957.7	$	(100.8	)	$	1,856.9

During the year ended December 31, 2019, we paid $10.0 million for online and retail sports betting licenses in Pennsylvania and during the year ended December 31, 2018, we purchased two Category 4 gaming licenses to operate up to 750 slot machines and initially up to 30 table games, under each license, in York County, Pennsylvania for $50.1 million and in Berks County, Pennsylvania for $7.5 million, and iGaming and sports betting licenses in Pennsylvania for $20.0 million, all of which have been classified as indefinite-lived intangible assets.

Amortization expense related to our amortizing intangible assets was $24.7 million, $17.1 million, and $18.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. The following table presents the estimated amortization expense based on our amortizing intangible assets as of December 31, 2019 (in millions):



Years ending December 31:
2020	$	19.7
2021	5.8
2022	3.9
2023	3.6
2024	3.6
Thereafter	4.9
Total	$	41.5

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2019

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Note 9—Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:



	December 31,
(in millions)	2019		2018
Accrued salaries and wages	$	142.1	$	139.2
Accrued gaming, pari-mutuel, property, and other taxes	103.3		105.8
Accrued interest	13.0		15.8
Other accrued expenses⁽¹⁾	225.8		204.6
Other current liabilities⁽²⁾	147.1		112.6
Accrued expenses and other current liabilities	$	631.3	$	578.0


(1)	Amounts include $38.3 million and $33.8 million, respectively, pertaining to the Company’s accrued progressive jackpot liability. Additionally, amounts include the obligation associated with our mychoice program and the current portion of advance payments on goods and services yet to be provided and for unpaid wagers, which are discussed in Note 2, “Significant Accounting Policies.”

(2)

Amounts include $80.1 million and $64.1 million, respectively, pertaining to the Company’s non-qualified deferred compensation plan that covers most management and other highly-compensated employees.

Long-term Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Long-term Debt

Note 10—Long-term Debt

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



	December 31,
(in millions)	2019			2018
Senior Secured Credit Facilities:
Revolving Credit Facility due 2023	$	140.0		$	112.0
Term Loan A Facility due 2023	672.3			707.7
Term Loan B-1 Facility due 2025	1,117.5			1,128.7
5.625% Notes due 2027	400.0			400.0
Other long-term obligations	89.2			104.6
Capital leases⁽¹⁾	—			0.4
	2,419.0			2,453.4
Less: Current maturities of long-term debt	(62.9		)	(62.1		)
Less: Debt discount	(2.4		)	(2.8		)
Less: Debt issuance costs	(31.5		)	(38.4		)
	$	2,322.2		$	2,350.1


(1)	Reclassified to finance lease liabilities upon the adoption of ASC 842.

The following is a schedule of future minimum repayments of long-term debt as of December 31, 2019 (in millions):



Year ending December 31:
2020	$	62.9
2021	81.4
2022	99.9
2023	683.1
2024	21.3
Thereafter	1,470.4
Total minimum payments	$	2,419.0

Senior Secured Credit Facilities

On October 30, 2013, the Company entered into a credit agreement (the “2013 Credit Agreement”) providing for: (i) a five-year $500.0 million revolving credit facility (the “2013 Revolving Credit Facility”), (ii) a five-year $500.0 million term loan A facility (the “2013 Term Loan A Facility”) and (iii) a seven-year $250.0 million term loan B facility (the “2013 Term

Loan B Facility” and collectively with the 2013 Revolving Credit Facility and the 2013 Term Loan A Facility, the “2013 Senior Secured Credit Facilities”).

On April 28, 2015, the Company entered into an agreement to amend its 2013 Credit Agreement (the “Amended 2013 Credit Agreement”). In August 2015, the Amended 2013 Credit Agreement went into effect, which increased the capacity under the 2013 Revolving Credit Facility to $633.2 million and increased the 2013 Term Loan A Facility to $646.7 million. The Amended 2013 Credit Agreement did not impact the 2013 Term Loan B Facility.

On January 19, 2017, the Company entered into an agreement to amend and restate its Amended 2013 Credit Agreement (the “2017 Credit Agreement”), which provided for: (i) a five-year $700.0 million revolving credit facility (the “Revolving Credit Facility”), a five-year $300.0 million term loan A facility (the “Term Loan A Facility”), and a seven-year $500.0 million Term Loan B facility (the “Term Loan B Facility” and collectively with the Revolving Credit Facility and the Term Loan A Facility, the “Senior Secured Credit Facilities”).

On October 15, 2018, in connection with the Pinnacle Acquisition, we entered into an incremental joinder agreement (the “Incremental Joinder”), which amended the 2017 Credit Agreement (the “Amended 2017 Credit Agreement”). The Incremental Joinder provided for an additional $430.2 million of incremental loans having the same terms as the existing Term Loan A Facility, with the exception of extending the maturity date, and an additional $1,128.8 million of loans as a new tranche having new terms (the “Term Loan B-1 Facility”). The proceeds resulting from the Incremental Joinder were used; together with cash on hand and proceeds received from (i) newly-issued shares of the Company’s common stock, (ii) the sale of the Divested Properties, (iii) the Plainridge Park Casino Sale-Leaseback, and (iv) the sale of the real estate assets associated with Belterra Park; to (a) acquire all of the issued and outstanding equity interests of Pinnacle, (b) repay in full Pinnacle’s existing senior secured credit facilities at the time of the acquisition, (c) redeem, repurchase, defease or satisfy and discharge in full Pinnacle’s outstanding 5.625% senior notes due 2024, (d) repay in full the Company’s outstanding borrowings under its Term Loan B Facility at the time of the acquisition, and (e) pay fees, costs and expenses associated with the foregoing. With the exception of extending the maturity date, the Incremental Joinder did not impact the Revolving Credit Facility.

The final maturity dates for the Term Loan A Facility and Term Loan B-1 Facility are October 19, 2023 and October 15, 2025, respectively. The applicable margin for the Term Loan A Facility ranges from 1.25% to 3.00% per annum for LIBOR loans and 0.25% to 2.00% per annum for base rate loans, in each case depending on the Consolidated Total Net Leverage Ratio (as defined in the Amended 2017 Credit Agreement) as of the most recent fiscal quarter. The applicable margin for the Term Loan B-1 Facility is 2.25% per annum for LIBOR loans and 1.25% per annum for base rate loans. The Term Loan B-1 Facility is subject to a LIBOR “floor” of 0.75%. Prior to extinguishment, the applicable margin for the Term Loan B Facility was 2.50% per annum for LIBOR loans and 1.50% per annum for base rate loans. In addition, we pay a commitment fee on the unused portion of the commitments under the Revolving Credit Facility at a rate that ranges from 0.20% to 0.50% per annum, depending on the Consolidated Total Net Leverage Ratio as of the most recent fiscal quarter.

As of December 31, 2019 and 2018, the Company had conditional obligations under letters of credit issued pursuant to the Senior Secured Credit Facilities with face amounts aggregating $30.0 million in both periods, resulting in $530.0 million and $558.0 million of available borrowing capacity under the Revolving Credit Facility, respectively.

For the year ended December 31, 2018, in connection with the debt financing transactions relating to the Pinnacle Acquisition and principal repayments on the Term Loan B Facility, the Company recorded $5.5 million in refinancing costs and a $21.0 million loss on early extinguishment of debt, related to refinancing costs on the extinguishment of the Term Loan B Facility and the write-off of debt issuance costs and the discount on the Term Loan B Facility. For the year ended December 31, 2017, in connection with the repayment of the 2013 Senior Secured Credit Facilities, the Company recorded $1.7 million in refinancing costs and a $2.3 million loss on early extinguishment of debt, related to the write-off of debt issuance costs and the discount on the 2013 Term Loan B Facility. The refinancing costs are included in “Other,” as reported in “Other income (expenses)” within our Consolidated Statements of Income.

The payment and performance of obligations under the Senior Secured Credit Facilities 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.

5.625% Senior Unsecured Notes

On January 19, 2017, the Company completed an offering of $400.0 million aggregate principal amount of 5.625% senior unsecured notes that mature on January 15, 2027 (the “5.625% Notes”) at a price of par. Interest on the 5.625% Notes is payable on January 15^th and July 15^th of each year. The 5.625% 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 5.625% Notes at any time on or after January 15, 2022, at the declining redemption premiums set

forth in the indenture governing the 5.625% Notes, and, prior to January 15, 2022, at a “make-whole” redemption premium set forth in the indenture governing the 5.625% Notes.

The Company used a portion of the proceeds from the issuance of the 5.625% Notes to retire its existing 5.875% Notes (as defined below) and, along with loans funded under the 2017 Credit Agreement, repay amounts outstanding under its Amended 2013 Credit Agreement, including to fund related transaction fees and expenses. The remaining proceeds from the issuance of the 5.625% Notes were used for general corporate purposes.

Redemption of 5.875% Senior Subordinated Notes

During the year ended December 31, 2017, the Company redeemed all of its $300.0 million 5.875% senior subordinated notes (“5.875% Notes”), which were due in 2021. In connection with this redemption, the Company recorded a $21.1 million loss on early extinguishment of debt for the year ended December 31, 2017 related to the difference between the reacquisition price of the 5.875% Notes and their carrying amount.

Interest expense, net

Interest expense, net, was as follows:



	For the year ended December 31,
(in millions)	2019			2018			2017
Interest expense	$	(535.9	)	$	(539.4	)	$	(467.0	)
Interest income	1.4			1.0			3.6
Capitalized interest	0.3			—			0.2
Interest expense, net	$	(534.2	)	$	(538.4	)	$	(463.2	)

Covenants

Our Senior Secured Credit Facilities and 5.625% Notes require us, among other obligations, to maintain specified financial ratios and to satisfy certain financial tests. In addition, our Senior Secured Credit Facilities and 5.625% Notes restrict, among other things, our 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. As of December 31, 2019, the Company was in compliance with all required financial covenants.

Other Long-Term Obligations

Ohio Relocation Fees

As of December 31, 2019 and 2018, other long-term obligations included $76.4 million and $91.3 million, respectively, related to the relocation fees for Dayton and Mahoning Valley, which opened in August 2014 and September 2014, respectively. In June 2013, we finalized the terms of our memorandum of understanding with the State of Ohio, which included an agreement for us to pay a relocation fee in return for being able to relocate our existing racetracks in Toledo and Grove City to Dayton and Mahoning Valley, respectively. Upon opening Dayton and Mahoning Valley, each relocation fee was recorded at the present value of the contractual obligation, which was calculated as $75.0 million based on the 5.0% discount rate included in the agreement. Each relocation fee is payable as follows: $7.5 million upon opening and eighteen semi-annual payments of $4.8 million beginning one year after opening. 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 $4.1 million, $4.8 million and $5.5 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Event Center

As of December 31, 2019 and 2018, other long-term obligations included $12.6 million and $13.2 million, respectively, related to the repayment obligation of a hotel and event center located less than a mile away from Hollywood Casino Lawrenceburg, which was constructed by the City of Lawrenceburg Department of Redevelopment. Effective in January 2015, by contractual agreement, we assumed a repayment obligation for the hotel and event center in the amount of $15.3 million, which was financed through a loan with the City of Lawrenceburg Department of Redevelopment, in exchange for conveyance of the property. Beginning in January 2016, the Company was obligated to make annual payments on the loan of $1.0 million for 20 years. 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 each of the years ended December 31, 2019, 2018 and 2017.

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

Note 11—Leases

Lessee

Master Leases

Upon adoption of the new lease standard, components contained within the Master Leases were determined to be either (i) operating leases, (ii) finance leases, or (iii) financing obligations. Changes to future lease payments under the Master Leases (i.e., when future escalators become known or future variable rent resets occur), which are discussed below, require the Company to either (i) increase both the ROU assets and corresponding lease liabilities with respect to operating and finance leases or (ii) record the incremental variable payment associated with the financing obligation to interest expense.

Penn Master Lease

Pursuant to a triple net master lease with GLPI (the “Penn Master Lease”), which became effective November 1, 2013, the Company leases real estate assets associated with 19 of the gaming facilities used in its operations. The Penn Master Lease has an initial term of 15 years with four subsequent, five-year renewal periods on the same terms and conditions, exercisable at the Company’s option. The Company has determined that the lease term is 35 years.

The payment structure under the Penn Master Lease includes a fixed component, a portion of which is subject to an annual escalator of up to 2%, depending on the Adjusted Revenue to Rent Ratio (as defined in the Penn Master Lease) of 1.8:1, and a component that is based on the performance of the properties, which is prospectively adjusted (i) every five years by an amount equal to 4% of the average change in net revenues of all properties under the Penn Master Lease (other than Hollywood Casino Columbus (“Columbus”) and Hollywood Casino Toledo (“Toledo”)) compared to a contractual baseline during the preceding five years (“Penn Percentage Rent”) and (ii) monthly by an amount equal to 20% of the net revenues of Columbus and Toledo in excess of a contractual baseline and subject to a rent floor specific to Toledo (see below). As a result of the annual escalator, the fixed component of rent increased by $5.5 million, $5.4 million and $2.4 million effective as of November 1, 2019, 2018 and 2017, respectively. Additionally, effective November 1, 2018, the Penn Percentage Rent reset resulted in an annual rent reduction of $11.3 million, which will be in effect until the next Penn Percentage Rent reset, occurring on November 1, 2023.

As a result of the annual escalator effective November 1, 2019, an additional ROU asset and corresponding lease liability of $34.4 million were recognized associated with operating lease components and an additional ROU asset and corresponding lease liability of $3.1 million were recognized associated with finance lease components.

The acquisition of Greektown on May 23, 2019 activated a competition clause within the Penn Master Lease, which introduced a rent floor specific to Toledo. As a result, an additional ROU asset and corresponding lease liability of $151.2 million were recognized associated with operating lease components. Lease payments resulting from the rent floor associated with components determined to continue to be financing obligations are included in “Interest expense, net” within our Consolidated Statements of Income.

Monthly rent associated with Columbus and monthly rent in excess of the Toledo rent floor are considered contingent rent. Expense related to operating lease components associated with Columbus and Toledo are included in “General and administrative” within our Consolidated Statements of Income and the variable expense related to the financing obligation component is included in “Interest expense, net” within our Consolidated Statements of Income. The entire variable expense related to prior years was included in “Interest expense, net” pursuant to the failed sale-leaseback accounting treatment under ASC 840. Total monthly variable expenses were as follows:



	For the year ended December 31,
(in millions)	2019		2018		2017
Variable expenses included in “General and administrative”	$	16.4	$	—	$	—
Variable expenses included in “Interest expense, net”	16.1		48.9		46.8
Total variable expenses	$	32.5	$	48.9	$	46.8

Pinnacle Master Lease

In connection with the Pinnacle Acquisition, we assumed a triple net master lease with GLPI (the “Pinnacle Master Lease”), originally effective April 28, 2016, pursuant to which the Company leases real estate assets associated with 12 of the gaming facilities used in its operations. Upon assumption of the Pinnacle Master Lease, as amended, there were 7.5 years

remaining of the initial ten-year term, with five subsequent, five-year renewal periods, on the same terms and conditions, exercisable at the Company’s option. The Company has determined that the lease term is 32.5 years.

The payment structure under the Pinnacle Master Lease includes a fixed component, a portion of which is subject to an annual escalator of up to 2%, depending on the Adjusted Revenue to Rent Ratio (as defined in the Pinnacle Master Lease) of 1.8:1, and a component that is based on the performance of the properties, which is prospectively adjusted every two years by an amount equal to 4% of the average change in net revenues compared to a contractual baseline during the preceding two years (“Pinnacle Percentage Rent”). As a result of the annual escalator, the fixed component of rent increased by $1.0 million effective as of May 1, 2019. The next Pinnacle Percentage Rent reset is scheduled to occur on May 1, 2020.

As a result of the annual escalator, an additional ROU asset and corresponding lease liability of $3.8 million were recognized associated with operating lease components of the Pinnacle Master Lease.

Operating Leases

The Company’s operating leases consist mainly of (i) the Meadows Lease with GLPI, (ii) the Margaritaville Lease with VICI, (iii) the Greektown Lease with VICI, (iv) ground and levee leases to landlords which were not assumed by our REIT Landlords and remain an obligation of the Company, and (v) building and equipment not subject to the Master Leases. Certain of our lease agreements include rental payments based on a percentage of sales over specified contractual amounts, rental payments adjusted periodically for inflation, and rental payments based on usage. The Company’s leases include options to extend the lease terms. The Company’s operating lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Meadows Lease, Margaritaville Lease, and Greektown Lease

In connection with the Pinnacle Acquisition, we assumed the Meadows Lease, originally effective September 9, 2016. Upon assumption of the Meadows Lease, there were eight years remaining of the initial ten-year term, with three subsequent, five-year renewal options followed by one four-year renewal option on the same terms and conditions, exercisable at the Company’s option. The payment structure under the Meadows Lease includes a fixed component (“Meadows Base Rent”), which is subject to an annual escalator of up to 5% for the initial term or until the lease year in which Meadows Base Rent plus Meadows Percentage Rent (as defined below) is a total of $31.0 million, subject to certain adjustments, and up to 2% thereafter, subject to an Adjusted Revenue to Rent Ratio (as defined in the Meadows Lease) of 2.0:1. The “Meadows Percentage Rent” is based on performance, which is prospectively adjusted for the next two-year period equal to 4.0% of the average annual net revenues of the property during the trailing two-year period. As a result of the annual escalator, which was determined to be $0.8 million, effective October 1, 2019, an additional operating ROU asset and corresponding operating lease liability of $4.3 million were recognized. The next Meadows Percentage Rent reset is scheduled to occur on October 1, 2020.

The Margaritaville Lease has an initial term of 15 years, with four subsequent five-year renewal options on the same terms and conditions, exercisable at the Company’s option. The payment structure under the Margaritaville Lease includes a fixed component (“Margaritaville Base Rent”), which is subject to an annual escalator of up to 2% subject to an Adjusted Revenue to Rent Ratio (as defined in the Margaritaville Lease) of 1.9:1, and a component that is based on performance, which is prospectively adjusted every two years by an amount equal to 4% of the average change in net revenues of the property compared to a contractual baseline during the preceding two years (“Margaritaville Percentage Rent”). The first Margaritaville Percentage Rent reset is scheduled to occur on February 1, 2021. On February 1, 2020, the Margaritaville Lease was amended to provide for a change in the measurement of the annual escalator. Under the amendment, the Margaritaville Base Rent is subject to an annual escalator of up to 2% subject to a minimum ratio of net revenue to rent of 6.1:1.

The Greektown Lease has an initial term of 15 years, with four subsequent five-year renewal options on the same terms and conditions, exercisable at the Company’s option. The payment structure under the Greektown Lease includes a fixed component (“Greektown Base Rent”), which is subject to an annual escalator of up to 2% subject to an Adjusted Revenue to Rent Ratio (as defined in the Greektown Lease) of 1.85:1, and a component that is based on performance, which is prospectively adjusted every two years by an amount equal to 4% of the average change in net revenues of the property compared to a contractual baseline during the preceding two years (“Greektown Percentage Rent”). The first Greektown Percentage Rent reset is scheduled to occur on June 1, 2021.

Information related to lease term and discount rate was as follows:



	December 31, 2019
Weighted-Average Remaining Lease Term
Operating leases	27.6 years
Finance leases	28.6 years
Financing obligations	30.4 years

Weighted-Average Discount Rate
Operating leases	6.7	%
Finance leases	6.8	%
Financing obligations	8.1	%

The components of lease expense were as follows:



	Classification
(in millions)	Gaming Expense		Food, Beverage, Hotel and Other Expense		General and Administrative		Interest Expense, net		Depreciation and Amortization		Total for the year ended December 31, 2019
Operating Lease Costs
Rent expense associated with triple net leases classified as operating leases ⁽¹⁾	$	—	$	—	$	366.4	$	—	$	—	$	366.4
Operating lease cost⁽²⁾	0.4		0.5		16.6		—		—		17.5
Short-term lease cost	53.8		1.3		1.5		—		—		56.6
Variable lease cost⁽²⁾	2.8		—		1.1		—		—		3.9
Total	$	57.0	$	1.8	$	385.6	$	—	$	—	$	444.4

Finance Lease Costs
Interest expense ⁽³⁾	$	—	$	—	$	—	$	15.4	$	—	$	15.4
Amortization expense ⁽³⁾	—		—		—		—		7.9		7.9
Total	$	—	$	—	$	—	$	15.4	$	7.9	$	23.3

Financing Obligation Costs
Interest expense ⁽⁴⁾	$	—	$	—	$	—	$	394.1	$	—	$	394.1


(1)	Pertains to the components contained within the Master Leases (primarily land) determined to be operating leases, the Meadows Lease, the Margaritaville Lease, and the Greektown Lease, inclusive of the variable expense associated with Columbus and Toledo for the operating lease components (the land) (see table above).


(2)	Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases, discussed in footnote (1) above.


(3)	Primarily pertains to the Dayton and Mahoning Valley finance leases.


(4)	Pertains to the components contained within the Master Leases (primarily buildings) determined to continue to be financing obligations, inclusive of the variable expense associated with Columbus and Toledo for the finance lease components (the buildings) (see table above).

Total rent expense under all operating lease agreements pursuant to the accounting treatment under ASC 840 was $58.1 million and $45.4 million for the years ended December 31, 2018 and 2017, respectively.

Supplemental cash flow information related to leases was as follows:



(in millions)	For the year ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	15.4
Operating cash flows from operating leases	$	403.6
Financing cash flows from finance leases	$	6.2

The following is a maturity analysis of our operating leases, finance leases and financing obligations as of December 31, 2019:



(in millions)	Operating Leases			Finance Leases			Financing Obligations
Years ending December 31:
2020	$	424.0		$	21.7		$	374.7
2021	403.7			21.7			367.3
2022	400.6			21.6			367.3
2023	397.5			20.8			367.3
2024	381.0			16.7			367.3
Thereafter	8,153.3			393.5			9,270.6
Total lease payments	10,160.1			496.0			11,114.5
Less: Imputed interest	(5,585.4		)	(270.1		)	(6,971.8		)
Present value of future lease payments	4,574.7			225.9			4,142.7
Less: Current portion of lease obligations	(124.1		)	(6.5		)	(40.5		)
Long-term portion of lease obligations	$	4,450.6		$	219.4		$	4,102.2

During the year ended December 31, 2019, total payments made under the Triple Net Leases were $869.8 million. During the year ended December 31, 2018, total payments made under the Master Leases and Meadows Lease were $537.4 million. During the year ended December 31, 2017, total payments made under the Penn Master Lease were $455.4 million.

Lessor

The Company leases its hotel rooms to patrons and records the corresponding lessor revenue in “Food, beverage, hotel and other revenues” within our Consolidated Statements of Income. For the years ended December 31, 2019, 2018, and 2017, the Company recognized $311.0 million, $163.6 million, and $129.9 million, of lessor revenues related to the rental of hotel rooms, respectively. Hotel leasing arrangements vary in duration, but are short-term in nature. The cost and accumulated depreciation of property and equipment associated with hotel rooms is included in “Property and equipment, net” within our Consolidated Balance Sheets.

Leases

Note 11—Leases

Lessee

Master Leases

Penn Master Lease



	For the year ended December 31,
(in millions)	2019		2018		2017
Variable expenses included in “General and administrative”	$	16.4	$	—	$	—
Variable expenses included in “Interest expense, net”	16.1		48.9		46.8
Total variable expenses	$	32.5	$	48.9	$	46.8

Pinnacle Master Lease

As a result of the annual escalator, an additional ROU asset and corresponding lease liability of $3.8 million were recognized associated with operating lease components of the Pinnacle Master Lease.

Operating Leases

Meadows Lease, Margaritaville Lease, and Greektown Lease

Information related to lease term and discount rate was as follows:



	December 31, 2019
Weighted-Average Remaining Lease Term
Operating leases	27.6 years
Finance leases	28.6 years
Financing obligations	30.4 years

Weighted-Average Discount Rate
Operating leases	6.7	%
Finance leases	6.8	%
Financing obligations	8.1	%

The components of lease expense were as follows:



	Classification
(in millions)	Gaming Expense		Food, Beverage, Hotel and Other Expense		General and Administrative		Interest Expense, net		Depreciation and Amortization		Total for the year ended December 31, 2019
Operating Lease Costs
Rent expense associated with triple net leases classified as operating leases ⁽¹⁾	$	—	$	—	$	366.4	$	—	$	—	$	366.4
Operating lease cost⁽²⁾	0.4		0.5		16.6		—		—		17.5
Short-term lease cost	53.8		1.3		1.5		—		—		56.6
Variable lease cost⁽²⁾	2.8		—		1.1		—		—		3.9
Total	$	57.0	$	1.8	$	385.6	$	—	$	—	$	444.4

Finance Lease Costs
Interest expense ⁽³⁾	$	—	$	—	$	—	$	15.4	$	—	$	15.4
Amortization expense ⁽³⁾	—		—		—		—		7.9		7.9
Total	$	—	$	—	$	—	$	15.4	$	7.9	$	23.3

Financing Obligation Costs
Interest expense ⁽⁴⁾	$	—	$	—	$	—	$	394.1	$	—	$	394.1


(1)	Pertains to the components contained within the Master Leases (primarily land) determined to be operating leases, the Meadows Lease, the Margaritaville Lease, and the Greektown Lease, inclusive of the variable expense associated with Columbus and Toledo for the operating lease components (the land) (see table above).


(2)	Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases, discussed in footnote (1) above.


(3)	Primarily pertains to the Dayton and Mahoning Valley finance leases.


(4)	Pertains to the components contained within the Master Leases (primarily buildings) determined to continue to be financing obligations, inclusive of the variable expense associated with Columbus and Toledo for the finance lease components (the buildings) (see table above).

Supplemental cash flow information related to leases was as follows:



(in millions)	For the year ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	15.4
Operating cash flows from operating leases	$	403.6
Financing cash flows from finance leases	$	6.2

The following is a maturity analysis of our operating leases, finance leases and financing obligations as of December 31, 2019:



(in millions)	Operating Leases			Finance Leases			Financing Obligations
Years ending December 31:
2020	$	424.0		$	21.7		$	374.7
2021	403.7			21.7			367.3
2022	400.6			21.6			367.3
2023	397.5			20.8			367.3
2024	381.0			16.7			367.3
Thereafter	8,153.3			393.5			9,270.6
Total lease payments	10,160.1			496.0			11,114.5
Less: Imputed interest	(5,585.4		)	(270.1		)	(6,971.8		)
Present value of future lease payments	4,574.7			225.9			4,142.7
Less: Current portion of lease obligations	(124.1		)	(6.5		)	(40.5		)
Long-term portion of lease obligations	$	4,450.6		$	219.4		$	4,102.2

Lessor

Leases

Note 11—Leases

Lessee

Master Leases

Penn Master Lease



	For the year ended December 31,
(in millions)	2019		2018		2017
Variable expenses included in “General and administrative”	$	16.4	$	—	$	—
Variable expenses included in “Interest expense, net”	16.1		48.9		46.8
Total variable expenses	$	32.5	$	48.9	$	46.8

Pinnacle Master Lease

As a result of the annual escalator, an additional ROU asset and corresponding lease liability of $3.8 million were recognized associated with operating lease components of the Pinnacle Master Lease.

Operating Leases

Meadows Lease, Margaritaville Lease, and Greektown Lease

Information related to lease term and discount rate was as follows:



	December 31, 2019
Weighted-Average Remaining Lease Term
Operating leases	27.6 years
Finance leases	28.6 years
Financing obligations	30.4 years

Weighted-Average Discount Rate
Operating leases	6.7	%
Finance leases	6.8	%
Financing obligations	8.1	%

The components of lease expense were as follows:



	Classification
(in millions)	Gaming Expense		Food, Beverage, Hotel and Other Expense		General and Administrative		Interest Expense, net		Depreciation and Amortization		Total for the year ended December 31, 2019
Operating Lease Costs
Rent expense associated with triple net leases classified as operating leases ⁽¹⁾	$	—	$	—	$	366.4	$	—	$	—	$	366.4
Operating lease cost⁽²⁾	0.4		0.5		16.6		—		—		17.5
Short-term lease cost	53.8		1.3		1.5		—		—		56.6
Variable lease cost⁽²⁾	2.8		—		1.1		—		—		3.9
Total	$	57.0	$	1.8	$	385.6	$	—	$	—	$	444.4

Finance Lease Costs
Interest expense ⁽³⁾	$	—	$	—	$	—	$	15.4	$	—	$	15.4
Amortization expense ⁽³⁾	—		—		—		—		7.9		7.9
Total	$	—	$	—	$	—	$	15.4	$	7.9	$	23.3

Financing Obligation Costs
Interest expense ⁽⁴⁾	$	—	$	—	$	—	$	394.1	$	—	$	394.1


(1)	Pertains to the components contained within the Master Leases (primarily land) determined to be operating leases, the Meadows Lease, the Margaritaville Lease, and the Greektown Lease, inclusive of the variable expense associated with Columbus and Toledo for the operating lease components (the land) (see table above).


(2)	Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases, discussed in footnote (1) above.


(3)	Primarily pertains to the Dayton and Mahoning Valley finance leases.


(4)	Pertains to the components contained within the Master Leases (primarily buildings) determined to continue to be financing obligations, inclusive of the variable expense associated with Columbus and Toledo for the finance lease components (the buildings) (see table above).

Supplemental cash flow information related to leases was as follows:



(in millions)	For the year ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	15.4
Operating cash flows from operating leases	$	403.6
Financing cash flows from finance leases	$	6.2

The following is a maturity analysis of our operating leases, finance leases and financing obligations as of December 31, 2019:



(in millions)	Operating Leases			Finance Leases			Financing Obligations
Years ending December 31:
2020	$	424.0		$	21.7		$	374.7
2021	403.7			21.7			367.3
2022	400.6			21.6			367.3
2023	397.5			20.8			367.3
2024	381.0			16.7			367.3
Thereafter	8,153.3			393.5			9,270.6
Total lease payments	10,160.1			496.0			11,114.5
Less: Imputed interest	(5,585.4		)	(270.1		)	(6,971.8		)
Present value of future lease payments	4,574.7			225.9			4,142.7
Less: Current portion of lease obligations	(124.1		)	(6.5		)	(40.5		)
Long-term portion of lease obligations	$	4,450.6		$	219.4		$	4,102.2

Lessor

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12—Commitments and Contingencies Litigation The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, development agreements and other matters arising in the ordinary course of business. Although the Company maintains what it believes is adequate insurance coverage to mitigate the risk of loss pertaining to covered matters, legal and administrative proceedings can be costly, time-consuming and unpredictable. 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. Although no assurance can be given, the Company does not believe that the final outcome of these matters, including costs to defend itself in such matters, will have a material adverse effect on the Company’s Consolidated Financial Statements. 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. Location Share Agreements Prairie State Gaming (“PSG”) enters into location share agreements with bar and retail establishments in Illinois. These agreements are contracts which allow PSG to place VGTs in the bar or retail establishment in exchange for a percentage of the variable revenue generated by the VGTs. PSG holds the gaming license with the state of Illinois and the location share percentage is determined by the state of Illinois. For the years ended December 31, 2019, 2018 and 2017, the total location share payments made by PSG, which are recorded within our Consolidated Statements of Income as gaming expenses, were $33.1 million, $34.7 million, and $29.7 million, respectively. Purchase Obligations The Company has obligations to purchase various goods and services totaling $126.4 million as of December 31, 2019, of which $70.4 million will be incurred in 2020. Capital Expenditure Commitments Pursuant to each of our Triple Net Leases, we are obligated to spend a minimum of 1% of annual net revenues, in the aggregate under each lease, on the maintenance of such facilities. 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 “Penn 401(k) Plan”). The Penn 401(k) 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 to the Penn 401(k) Plan for the years ended December 31, 2019, 2018 and 2017 were $11.7 million, $6.5 million, and $6.0 million, respectively. We maintain a non-qualified deferred compensation plan (the “EDC Plan”) that covers most management and other highly-compensated employees. The EDC Plan was effective beginning March 1, 2001. The EDC 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 EDC 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 EDC Plan for the years ended December 31, 2019, 2018 and 2017 were $2.3 million, $2.3 million, and $2.2 million, respectively. Our deferred compensation liability, which is included in “Accrued expenses and other current liabilities” within the Consolidated Balance Sheets, was $80.1 million and $64.1 million as of December 31, 2019 and 2018, respectively. Labor Agreements We are required to have agreements with the horsemen at the majority of our racetracks to conduct our 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. As of December 31, 2019, we had 31 collective bargaining agreements covering approximately 5,900 employees. Seven collective bargaining agreements are scheduled to expire in 2020, and we are currently renegotiating three collective bargaining agreements that expired in 2019.

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Note 13—Income Taxes

The following table summarizes the tax effects of temporary differences between the Consolidated Financial Statements carrying amount 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 realize our existing net deferred tax assets.

The components of the Company’s deferred tax assets and liabilities were as follows:



	December 31,
(in millions)	2019			2018
Deferred tax assets:
Stock-based compensation expense	$	11.7		$	9.0
Accrued expenses	37.6			42.9
Financing obligations associated with the Master Leases	1,097.6			1,919.7
Unrecognized tax benefits	7.7			6.7
Investments in and advances to unconsolidated affiliates	—			3.6
Net operating losses, interest limitation and tax credit carryforwards	87.6			122.8
Gross deferred tax assets	1,242.2			2,104.7
Less: Valuation allowance	(54.2		)	(89.5		)
Net deferred tax assets	1,188.0			2,015.2
Deferred tax liabilities:
Property and equipment, not subject to the Master Leases	(53.1		)	(47.3		)
Property and equipment, subject to the Master Leases	(1,088.9		)	(1,599.9		)
Investments in and advances to unconsolidated affiliates	(2.9		)	—
Undistributed foreign earnings	(0.4		)	(0.4		)
Intangible assets	(287.3		)	(287.0		)
Net deferred tax liabilities	(1,432.6		)	(1,934.6		)
Long-term deferred tax assets (liabilities), net	$	(244.6	)	$	80.6

Upon adoption of the new lease standard on January 1, 2019, we recorded a $739.2 million decrease in net deferred tax assets associated with our financing obligations and $435.4 million decrease in net deferred tax liabilities associated with property and equipment that is subject to our Master Leases. The net amount of these two adjustments was recorded as a decrease to stockholders’ equity (see Note 3, “New Accounting Pronouncements”).

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.

As of December 31, 2019, the Company has significant three-year cumulative pretax income of $150.9 million, supporting the position that a federal valuation allowance is not necessary except for the valuation allowance recorded on federal capital loss carryforwards. The Company continues to maintain a valuation allowance of $54.2 million as of December 31, 2019 primarily related to certain state filing groups where we continue to be in a three-year cumulative pretax loss position.

During the year ended December 31, 2018, we released a partial valuation allowance on a capital loss carryforward in the amount of $22.4 million that offset the capital gain realized on the Plainridge Park Casino Sale-Leaseback. This reversal is reflected in our income tax benefit within the Consolidated Statements of Income.

During the third quarter of 2017, we determined that a valuation allowance was no longer required against our federal and state net deferred tax assets for the portion that will be realized. The most significant evidence that led to the reversal of our valuation allowance as of the aforementioned period included, (i) the achievement and sustained growth in our three-year cumulative pretax earnings, (ii) substantial pretax income in seven of the last eight quarters with the only loss reported eight quarters ago, and (iii) the lack of significant goodwill and other intangible asset impairment losses expected in 2017. During the fourth quarter of 2017, there were no material changes to our core business operations that altered our prior interim conclusion to release the valuation allowance against the federal and state net deferred tax assets for the portion that is more-likely-than-not to be realized. As such, we released $741.9 million of our total valuation allowance for the year ended December 31, 2017 due to the positive evidence outweighing the negative evidence thereby allowing us to achieve the more-likely-than-not realization standard.

Overall, our valuation allowance decreased year-over-year by a net amount of $35.3 million, primarily due to the adoption of the new lease standard as of January 1, 2019, and was recorded as an increase to stockholders’ equity. The impact of the new lease standard was partially offset by an increase in the valuation allowance for state net operating loss carryforwards.

Following the ownership changes of the Tropicana Las Vegas, the Company has $120.3 million of total gross federal net operating loss carryforwards that will expire on various dates from 2020 through 2035. The Company acquired federal net operating loss carryforwards from the Pinnacle Acquisition, which were fully utilized as of December 31, 2019. All acquired 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 be realized.

For state income tax reporting, as of December 31, 2019, we had gross state net operating loss carryforwards aggregating $766.2 million available to reduce future state income taxes, primarily for the Commonwealth of Pennsylvania and the States of Colorado, Iowa, Louisiana, Missouri, New Mexico and Ohio localities. The tax benefit associated with these net operating loss carryforwards was $52.2 million. Due to statutorily limited operating loss carryforwards and income and loss projections in the applicable jurisdictions, a valuation allowance has been recorded to reflect the net operating losses which are not presently expected to be realized in the amount of $36.4 million. If not used, substantially all the carryforwards will expire at various dates from December 31, 2020 through December 31, 2039.

The domestic and foreign components of income (loss) before income taxes for the years ended December 31, 2019, 2018 and 2017 were as follows:



	For the year ended December 31,
(in millions)	2019		2018		2017
Domestic	$	85.5	$	89.6	$	(29.6	)
Foreign	0.6		0.3		4.5
Total	$	86.1	$	89.9	$	(25.1	)

The components of income tax benefit (expense) for the years ended December 31, 2019, 2018 and 2017 were as follows:



	For the year ended December 31,
(in millions)	2019			2018			2017
Current tax benefit (expense)
Federal	$	(12.5	)	$	(15.3	)	$	(16.3	)
State	(9.2		)	(6.4		)	(6.1		)
Foreign	(0.2		)	(1.4		)	3.0
Total current	(21.9		)	(23.1		)	(19.4		)
Deferred tax benefit (expense)
Federal	(16.7		)	14.6			480.7
State	(4.4		)	10.9			39.3
Foreign	—			1.2			(2.1		)
Total deferred	(21.1		)	26.7			517.9
Total income tax benefit (expense)	$	(43.0	)	$	3.6		$	498.5

On December 22, 2017, the President of the United States signed into law comprehensive tax reform legislation commonly known as Tax Cuts and Jobs Act (the “Tax Act”), which most notably, reduced the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018. For the year ended December 31, 2017, we recorded a provisional amount for certain enactment-date effects of the Tax Act, resulting in a net charge of $266.0 million included as income tax expense within the Consolidated Statements of Income consisting of three components: (i) a $261.3 million charge due to the revaluation of the net deferred tax assets in the U.S. based on the new lower federal income tax rate, (ii) a $2.6 million charge related to the one-time mandatory repatriation tax on previously deferred earnings from our wholly-owned Canadian subsidiary (which we will pay interest-free over eight years) and (iii) a $2.1 million foreign withholding tax charge due to the new favorable U.S. treatment of foreign dividends whereby we have changed our indefinite reinvestment assertion. During the year ended December 31, 2018, we finalized our assessment of the effects of the Tax Act, resulting in a $1.2 million increase to the provisional amount, which increased the effective tax rate by 1.3%.

The following table reconciles the statutory federal income tax rate to the actual effective income tax rate, and related amounts of income tax benefit (expense), for the years ended December 31, 2019, 2018 and 2017:



	For the year ended December 31,
	2019					2018					2017
(in millions, except tax rates)	Percent		Amount			Percent		Amount			Percent		Amount
Percent and amount of pretax income
Federal statutory rate	21.0	%	$	(18.1	)	21.0	%	$	(18.9	)	35.0	%	$	8.8
State and local income taxes, net of federal benefits	9.9		(8.5		)	(6.2	)	5.6			6.3		1.6
Nondeductible expenses	4.0		(3.5		)	6.9		(6.2		)	(16.0	)	(4.0		)
Goodwill impairment losses	14.4		(12.4		)	—		—			(20.5	)	(5.1		)
Compensation	0.3		(0.3		)	(3.8	)	3.4			29.5		7.4
Contingent liability settlement	—		—			—		—			22.9		5.7
Foreign	0.1		(0.1		)	(0.1	)	0.1			11.3		2.8
Valuation allowance	—		—			(20.3	)	18.3			2,962.3		741.9
Tax Act - deferred rate change	—		—			—		—			(1,043.5	)	(261.3		)
Other	0.2		(0.1		)	(1.5	)	1.3			3.3		0.7
Total effective tax rate and income tax benefit (expense)	49.9	%	$	(43.0	)	(4.0	)%	$	3.6		1,990.6	%	$	498.5

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:



(in millions)	Unrecognized tax benefits
Unrecognized tax benefits as of January 1, 2017	$	26.8
Additions based on current year positions	2.9
Additions based on prior year positions	2.8
Decreases due to settlements and/or reduction in reserves	(1.3		)
Currency translation adjustments	(0.1		)
Settlement payments	(0.2		)
Unrecognized tax benefits as of December 31, 2017	30.9
Additions based on prior year positions	0.8
Decreases due to settlements and/or reduction in reserves	(2.0		)
Unrecognized tax benefits as of December 31, 2018	29.7
Additions based on prior year positions	6.5
Decreases due to settlements and/or reduction in reserves	(0.2		)
Unrecognized tax benefits as of December 31, 2019	$	36.0

During the year ended December 31, 2019, we did not record any new tax reserves, and accrued interest or penalties related to current year uncertain tax positions. Regarding prior year tax positions, we recorded $7.1 million of tax reserves and accrued interest and reversed $0.2 million of previously recorded tax reserves and accrued interest for uncertain tax positions that are anticipated to settle and/or close within the next 12 months. As of December 31, 2019 and 2018, unrecognized tax benefits, inclusive of accruals for income tax related penalties and interest, of $37.2 million and $30.4 million, respectively, were included in “Other long-term liabilities” within the Company’s Consolidated Balance Sheets. Overall, the Company recorded a net tax expense of $2.8 million in connection with its uncertain tax positions for the year ended December 31, 2019.

The liability for unrecognized tax benefits as of December 31, 2019 and 2018 included $29.4 million and $23.6 million, respectively, of tax positions that, if reversed, would affect the effective tax rate. During the years ended December 31, 2019, 2018 and 2017, we recognized $0.1 million, $0.5 million and $1.7 million, respectively, of interest and penalties, net of deferred taxes. The Company had no reductions in previously accrued interest and penalties for the year ended December 31, 2019. We classify any income tax related penalties and interest accrued related to unrecognized tax benefits in “Income tax benefit (expense)” within the Consolidated Statements of Income.

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. As of December 31, 2019, the Company is subject to U.S. federal

income tax examinations for the tax years 2015, 2016, 2017 and 2018. In addition, we are subject to state and local income tax examinations for various tax years in the taxing jurisdictions in which we operate. As of December 31, 2019 and 2018, prepaid income taxes of $22.2 million and $14.9 million, respectively, were included in “Prepaid expenses” within the Company’s Consolidated Balance Sheets.

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2019
Equity [Abstract]
Stockholders' Equity	Note 14—Stockholders’ Equity Share Repurchase Program On January 9, 2019, the Company announced a share repurchase program pursuant to which the Board of Directors authorized to repurchase up to $200.0 million of the Company’s common stock, which expires on December 31, 2020. During the year ended December 31, 2019, the Company repurchased 1,271,823 shares of its common stock in open market transactions for $24.9 million at an average price of $19.55 per share. All repurchased shares were retired. On February 3, 2017, the Company announced a share repurchase program pursuant to which the Board of Directors authorized to repurchase up to $100.0 million of the Company’s common stock, which expired on February 1, 2019. During the years ended December 31, 2018 and 2017, the Company repurchased 2,299,498 and 1,264,149 shares, respectively, of its common stock in open market transactions for $50.0 million at an average price of $21.74 per share and $24.8 million at an average price of $19.59 per share, respectively. All repurchased shares were retired. Preferred Stock The Company previously issued two series of preferred stock, Series B and Series C, each with a par value of $0.01 per share. As of December 31, 2019 and 2018, there were 1,000,000 and 18,500 shares authorized of our Series B and Series C preferred stock, respectively. There were no shares outstanding of either Series B or Series C preferred stock as of December 31, 2019 and 2018.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 15—Stock-Based Compensation

2018 Long Term Incentive Compensation Plan

In June 2018, the Company’s shareholders approved the 2018 Long Term Incentive Compensation Plan (the “2018 Plan”), which permits the Company to issue stock options (incentive and/or non-qualified), stock appreciation rights (“SARs”), restricted stock awards (“RSAs”), phantom stock units (“PSUs”) and other equity and cash awards to employees. Non-employee directors are eligible to receive all such awards, other than incentive stock options. Pursuant to the 2018 Plan, 12,700,000 shares of the Company’s common stock are reserved for issuance. For purposes of determining the number of shares available for issuance under the 2018 Plan, stock options and SARs count against the 12,700,000 limit as one share of common stock for each share granted and restricted stock or any other full value stock award count as issuing 2.30 shares of common stock for each share granted. Any awards that are not settled in shares of common stock are not counted against the limit. As of December 31, 2019, there were 8,417,411 shares available for future grants under the 2018 Plan.

2008 Long Term Incentive Compensation Plan

In November 2008, the Company’s shareholders approved the 2008 Long Term Incentive Compensation Plan (the “2008 Plan”), which permitted the Company to issue stock options (incentive and/or non-qualified), SARs, RSAs, PSUs and other equity and cash awards to employees. Non-employee directors were eligible to receive all such awards, other than incentive stock options. Upon approval of the 2018 Plan, awards were no longer available to be granted under the 2008 Plan. However, the 2008 Plan remains in place until all of the awards previously granted thereunder have been paid, forfeited or expired.

Stock-based Compensation Expense

Stock-based compensation expense, which pertains principally to our stock options and RSAs, for the years ended December 31, 2019, 2018 and 2017 totaled $14.9 million, $12.0 million and $7.8 million, respectively, and is included within the Consolidated Statements of Income under “General and administrative.”

Stock Options

Stock options that expire between April 1, 2020 and October 1, 2029 have been granted to officers, directors, employees, and predecessor employees to purchase common stock at prices ranging from $11.61 to $32.90 per share. All options were granted at the fair market value of the common stock on the grant date (as defined in the respective plan document) and have

contractual lives ranging from two to ten years. The Company issues new authorized common shares to satisfy stock option exercises.

The following table contains information about our stock options:



	Number of Option Shares		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding as of January 1, 2019	5,869,211		$	15.14
Granted	2,436,811		$	19.24
Exercised	(230,644	)	$	14.32
Forfeited	(257,942	)	$	19.44
Outstanding as of December 31, 2019	7,817,436		$	16.30	4.84	$	75.1
Exercisable as of December 31, 2019	4,071,052		$	13.62	2.49	$	49.2

The weighted-average grant-date fair value of options granted during the years ended December 31, 2019, 2018 and 2017 was $6.39, $9.88 and $4.48, respectively. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2019, 2018 and 2017 was $2.0 million, $28.7 million and $15.8 million, respectively. The total fair value of stock options that vested during the years ended December 31, 2019, 2018 and 2017 was $6.2 million, $5.9 million and $6.4 million, respectively.

The following table summarizes information about our outstanding stock options as of December 31, 2019:



	Exercise Price Range						Total
	$11.61 to $16.93		$17.77 to $25.05		$30.74 to $32.90		$11.61 to $32.90
Outstanding options
Number outstanding	4,842,725		2,368,886		605,825		7,817,436
Weighted-average remaining contractual term (in years)	2.66		9.27		4.95		4.84
Weighted-average exercise price	$	13.06	$	19.23	$	30.75	$	16.30
Exercisable options
Number outstanding	3,901,333		10,584		159,135		4,071,052
Weighted-average exercise price	$	12.91	$	18.62	$	30.75	$	13.62

As of December 31, 2019, the unamortized compensation costs not yet recognized related to stock options granted totaled $16.9 million and the weighted-average period over which the costs are expected to be recognized was 2.9 years.

The following are the weighted-average assumptions used in the Black-Scholes option-pricing model for the years ended December 31, 2019, 2018 and 2017:



	For the year ended December 31,
	2019		2018		2017
Risk-free interest rate	2.00	%	2.26	%	1.97	%
Expected volatility	32.90	%	30.80	%	30.66	%
Dividend yield	—		—		—
Weighted-average expected life (in years)	5.30		5.30		5.30

Restricted Stock Awards

As noted above, the Company grants RSAs to our employees and certain non-employee directors. In addition, the Company issues its named executive officers (“NEOs”) and other key executives RSAs with performance conditions (we refer to our RSAs with performance conditions as “PSAs”), which are discussed in further detail below.

Performance Share Programs

The Company’s Performance Share Programs (as defined below) were adopted in order to provide our NEOs and certain other key executives with stock-based compensation tied directly to the Company’s performance, which further aligns their interests with those of shareholders and provides compensation only if the designated performance goals are met for the applicable performance periods.

On February 14, 2019, the Company’s Compensation Committee of the Board of Directors adopted a performance share program (the “Performance Share Program II”) pursuant to the 2018 Plan, which, for awards made in 2019, provided for the issuance of 278,780 PSAs, at target, to be granted in one-third increments.

On February 6, 2018, our Compensation Committee adopted a performance share program (the “2018 Performance Share Program”) pursuant to the 2018 Plan, which provided for the issuance of 197,727 PSAs, at target, to be granted in one-third increments.

On February 9, 2016, our Compensation Committee adopted a performance share program (the “2016 Performance Share Program” and collectively with the Performance Share Program II and the 2018 Performance Share Program, the “Performance Share Programs”) pursuant to the 2008 Plan, which provided for the issuance of 189,085 PSAs, at target, to be granted in one-third increments. In addition, the 2016 Performance Share Program provided for the issuance of 172,245 PSAs, at target, on February 17, 2017, to be granted in one-third increments.

PSAs issued pursuant to the Performance Share Programs consist of three one-year performance periods over a three-year service period. The awards have the potential to be earned at between 0% and 150% of the number of shares granted depending on achievement of the annual performance goals, but remain subject to vesting for the full three-year service period.

The performance goal as it pertains to the first and second performance periods of the awards granted under the Performance Share Program II is based on a combination of EBITDA, adjusted for certain items, principally payments made to our REIT landlords (“EBITDA, as adjusted”); and run-rate cost synergies from the Pinnacle Acquisition. The performance goal for the third performance period is based on EBITDA, as adjusted. The performance goals for each of the one-year performance periods of the awards granted under the 2018 Performance Share Program and 2016 Performance Share Program are based on EBITDA, as adjusted. Awards are not considered granted, for accounting purposes, under the Performance Share Programs until the targets are established and mutually understood by the Company and the individuals receiving the PSAs.

The grant date fair value of our RSAs is based on the most recent closing stock price of the Company’s shares of common stock. The stock-based compensation expense is recognized over the remaining service period at the time of grant, adjusted for the Company’s expectation of the achievement of the performance conditions.

The following table contains information on our RSAs:



	With Performance Conditions				Without Performance Conditions
	Number of Shares		Weighted- Average Grant Date Fair Value		Number of Shares		Weighted- Average Grant Date Fair Value
Nonvested as of January 1, 2019	351,472		$	22.10	207,349		$	25.55
Granted	253,609		$	23.55	175,795		$	19.44
Vested	(193,799	)	$	19.36	(35,758	)	$	18.05
Forfeited	(15,920	)	$	22.60	(48,907	)	$	23.71
Nonvested as of December 31, 2019	395,362		$	24.35	298,479		$	23.15

As of December 31, 2019, the unamortized compensation costs not yet recognized related to RSAs totaled $7.9 million and the weighted-average period over which the costs are expected to be recognized is 1.9 years. The total fair value of RSAs that vested during the years ended December 31, 2019, 2018 and 2017 was $5.5 million, $0.9 million and $1.0 million, respectively.

Phantom Stock Units

Our PSUs, which vest over a period of three to four 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. The Company has a liability, which is included in “Accrued expenses and other current liabilities” within the

Consolidated Balance Sheets, associated with its PSUs of $3.3 million and $1.7 million as of December 31, 2019 and 2018, respectively.

For PSUs held by employees and directors of the Company, there was $3.3 million of total unrecognized compensation cost as of December 31, 2019 that will be recognized over the awards remaining weighted-average vesting period of 1.6 years. For the years ended December 31, 2019, 2018 and 2017, the Company recognized $4.1 million, $1.1 million, and $11.9 million of compensation expense associated with these awards, respectively. Compensation expense associated with our PSUs is recorded in “General and administrative” within the Consolidated Statements of Income. We paid $2.5 million, $4.2 million, and $12.7 million during the years ended December 31, 2019, 2018 and 2017, respectively, pertaining to our cash-settled PSUs.

Stock Appreciation Rights

The fair value of SARs is calculated each reporting period and estimated using the Black-Scholes option pricing model. Our SARs, which vest over a period of four years, are accounted for as liability awards since they will be settled in cash. Accordingly, the Company has a liability, which is included in “Accrued expenses and other current liabilities” within the Consolidated Balance Sheets, associated with its SARs of $14.4 million and $6.8 million as of December 31, 2019 and 2018, respectively.

For SARs held by employees of the Company, there was $9.6 million of total unrecognized compensation cost as of December 31, 2019 that will be recognized over the awards remaining weighted-average vesting period of 2.6 years. For the year ended December 31, 2019, the Company recognized compensation expense of $10.7 million as compared to a reduction to compensation expense of $6.7 million and compensation expense of $21.9 million for the years ended December 31, 2018 and 2017, respectively, associated with these awards. Compensation expense associated with our SARs is recorded in “General and administrative” within the Consolidated Statements of Income. We paid $3.5 million, $10.5 million and $6.2 million during the years ended December 31, 2019, 2018 and 2017, respectively, pertaining to our cash-settled SARs.

Earnings per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings per Share

Note 16—Earnings per Share

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 years ended December 31, 2019, 2018 and 2017:



	For the year ended December 31,
(in millions)	2019	2018	2017
Determination of shares:
Weighted-average common shares outstanding	115.7	97.1	90.9
Assumed conversion of dilutive stock options	1.8	3.0	2.4
Assumed conversion of dilutive restricted stock awards	0.3	0.2	0.1
Diluted weighted-average common shares outstanding	117.8	100.3	93.4

Options to purchase 2,353,307, 656,588, and 51,803 shares were outstanding during the years ended December 31, 2019, 2018 and 2017, 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 years ended December 31, 2019, 2018 and 2017:



	For the year ended December 31,
(in millions, except per share data)	2019		2018		2017
Calculation of basic EPS:
Net income applicable to common stock	$	43.9	$	93.5	$	473.4
Weighted-average common shares outstanding	115.7		97.1		90.9
Basic EPS	$	0.38	$	0.96	$	5.21
Calculation of diluted EPS:
Net income applicable to common stock	43.9		93.5		473.4
Diluted weighted-average common shares outstanding	117.8		100.3		93.4
Diluted EPS	$	0.37	$	0.93	$	5.07

Segment Information

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Information

Note 17—Segment Information

We have aggregated our operating segments into four reportable segments based on the similar characteristics of the operating segments within the regions in which they operate: Northeast, South, West and Midwest. The Other category is included in the following tables in order to reconcile the segment information to the consolidated information.

The Company utilizes Adjusted EBITDAR (as defined below) as its measure of segment profit or loss. The following table highlights our revenues and Adjusted EBITDAR for each reportable segment and reconciles Adjusted EBITDAR on a consolidated basis to Net income.



	For the year ended December 31,
(in millions)	2019			2018			2017
Revenues:
Northeast segment	$	2,399.9		$	1,891.5		$	1,756.6
South segment	1,118.9			394.4			224.3
West segment	642.5			437.9			380.4
Midwest segment	1,094.5			823.7			735.0
Other ⁽¹⁾	47.5			40.4			51.7
Intersegment eliminations ⁽²⁾	(1.9		)	—			—
Total	$	5,301.4		$	3,587.9		$	3,148.0

Adjusted EBITDAR ⁽³⁾:
Northeast segment	$	720.8		$	583.8		$	549.3
South segment	369.8			118.9			62.6
West segment	198.8			114.3			72.7
Midwest segment	403.6			294.3			249.7
Other ⁽¹⁾	(87.8		)	(68.1		)	(55.2		)
Total ⁽³⁾	1,605.2			1,043.2			879.1

Other operating benefits (costs) and other income (expenses):
Rent expense associated with triple net operating leases⁽⁴⁾	(366.4		)	(3.8		)	—
Stock-based compensation	(14.9		)	(12.0		)	(7.8		)
Cash-settled stock-based awards variance	(0.8		)	19.6			(23.4		)
Loss on disposal of assets	(5.5		)	(3.2		)	(0.2		)
Contingent purchase price	(7.0		)	(0.5		)	6.8
Pre-opening and acquisition costs	(22.3		)	(95.0		)	(9.7		)
Depreciation and amortization	(414.2		)	(269.0		)	(267.1		)
Impairment losses	(173.1		)	(34.9		)	(18.0		)
Recoveries on (provision for) loan loss and unfunded loan commitments	—			17.0			(89.8		)
Insurance recoveries, net of deductible charges	3.0			0.1			0.3
Non-operating items for Kansas JV	(3.7		)	(5.1		)	(5.8		)
Interest expense, net	(534.2		)	(538.4		)	(463.2		)
Loss on early extinguishment of debt	—			(21.0		)	(24.0		)
Other	20.0			(7.1		)	(2.3		)
Income before income taxes	86.1			89.9			(25.1		)
Income tax benefit (expense)	(43.0		)	3.6			498.5
Net income	$	43.1		$	93.5		$	473.4

(1)

The Other category consists of the Company’s stand-alone racing operations, namely Sanford-Orlando Kennel Club and the Company’s JV interests in Sam Houston Race Park, Valley Race Park, and Freehold Raceway. The Other category also includes Penn Interactive; which operates social gaming, our internally-branded retail sportsbooks, and iGaming; our management contract for Retama Park Racetrack; and HPT. Expenses incurred for corporate and shared services activities that are directly attributable to a property or are otherwise incurred to support a property are allocated to

each property. The Other category also includes corporate overhead costs, which consist of certain expenses, such as: payroll, professional fees, travel expenses and other general and administrative expenses that do not directly relate to or have not otherwise been allocated to a property.


(2)	Represents the elimination of intersegment revenues associated with Penn Interactive and HPT.

(3)

We define Adjusted EBITDAR as earnings before interest expense, net; income taxes; depreciation and amortization; rent expense associated with triple net operating leases (see footnote (4) below); stock-based compensation; debt extinguishment and financing charges; impairment charges; insurance recoveries and deductible charges; changes in the estimated fair value of our contingent purchase price obligations; gain or loss on disposal of assets; the difference between budget and actual expense for cash-settled stock-based awards; pre-opening and acquisition costs; and other income or expenses. Adjusted EBITDAR is also inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (such as depreciation and amortization) added back for our JV in Kansas Entertainment.


(4)	The Company’s triple net operating leases include certain components of the Master Leases (primarily land), the Meadows Lease, the Margaritaville Lease, and the Greektown Lease.



	For the year ended December 31,
(in millions)	2019		2018		2017
Capital expenditures:
Northeast segment	$	96.2	$	38.9	$	26.3
South segment	29.8		10.6		6.3
West segment	21.2		12.8		35.7
Midwest segment	32.7		25.3		26.2
Other	10.7		5.0		4.8
Total capital expenditures	$	190.6	$	92.6	$	99.3



(in millions)	Northeast		South		West		Midwest		Other		Total
As of December 31, 2019
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	90.9	$	37.3	$	128.3
Total assets ⁽¹⁾	$	2,273.7	$	1,397.0	$	752.1	$	1,412.2	$	8,359.5	$	14,194.5

As of December 31, 2018
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	89.4	$	39.0	$	128.5
Total assets ⁽²⁾	$	1,330.2	$	1,082.3	$	755.7	$	1,411.5	$	6,381.3	$	10,961.0

As of December 31, 2017
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	88.3	$	60.5	$	148.9
Total assets ⁽²⁾	$	921.0	$	169.3	$	625.0	$	970.8	$	2,548.7	$	5,234.8

(1)

As of December 31, 2019, total assets of the Other category includes the real estate assets subject to the Master Leases, which are either classified as property and equipment, operating lease ROU assets, or finance lease ROU assets, depending on whether the underlying component of the Master Leases was determined to be an operating lease, a finance lease, or continue to be financing obligations, upon adoption of ASC 842.

(2)

As of December 31, 2018 and 2017, total assets of the Other category includes the real estate assets subject to the Master Leases, which are classified as property and equipment.

Fair Value Measurements

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 18—Fair Value Measurements

ASC Topic 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. The fair value of the Company’s trade accounts receivable and payables approximates the carrying amounts.

Cash and Cash Equivalents

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

Equity Securities

As of December 31, 2019, we held $40.5 million in equity securities, including ordinary shares and warrants, which are reported as “Other assets” in our Consolidated Balance Sheet. As discussed in Note 2, “Significant Accounting Policies,” these equity securities are the result of Penn Interactive entering into multi-year agreements with third-party sports betting operators for online sports betting and related iGaming market access across our portfolio during the third quarter of 2019.

The fair value of the equity securities was determined using Level 2 inputs, which use market approach valuation techniques. The primary inputs to those techniques include the quoted market price of the equity securities, foreign currency exchange rates, a discount for lack of marketability (“DLOM”) with respect to the ordinary shares, and a Black-Scholes option pricing model with respect to the warrants. The DLOM is based on the remaining term of the relevant lock-up periods and the volatility associated with the underlying equity securities. The Black-Scholes option pricing model utilizes the exercise price of the warrants, a risk-free rate, volatility associated with the underlying equity securities and the expected life of the warrants.

Held-to-maturity Securities and Promissory Notes

We have a management contract with Retama Development Corporation (“RDC”), a local government corporation of the City of Selma, Texas, to manage the day-to-day operations of Retama Park Racetrack, located outside of San Antonio, Texas. In addition, we own 1.0% of the equity of Retama Nominal Holder, LLC, which holds a nominal interest in the racing license used to operate Retama Park Racetrack, and a 75.5% interest in Pinnacle Retama Partners, LLC (“PRP”), which owns the contingent gaming rights that may arise if gaming under the existing racing license becomes legal in Texas in the future.

As of December 31, 2019 and 2018, PRP held $15.1 million and $16.9 million, respectively, in promissory notes issued by RDC and $6.7 million and $7.5 million, respectively, in local government corporation bonds issued by RDC, at amortized cost. The promissory notes and the local government corporation bonds are collateralized by the assets of Retama Park Racetrack. As of December 31, 2019 and 2018, the promissory notes and the local government corporation bonds, which have long-term contractual maturities, are included in “Other assets” within our Consolidated Balance Sheets.

During the year ended December 31, 2019, principally due to the lack of legislative progress and on-going negative operating results of Retama Park Racetrack, we recorded an other-than-temporary impairment on the promissory notes and the local government corporation bonds totaling $2.5 million, which is included in “Impairment losses” within our Consolidated Statements of Income.

The contractual terms of these promissory notes include interest payments due at maturity; however, we have not recorded accrued interest on these promissory notes because uncertainty exists as to RDC’s ability to make interest payments. We have the positive intent and ability to hold the local government corporation bonds to maturity and until the amortized cost is recovered. The estimated fair values of such investments are principally based on appraised values of the land associated with Retama Park Racetrack, which are classified as Level 2 inputs.

Long-term Debt

The fair value of our Term Loan A Facility, Term Loan B-1 Facility and 5.625% Notes is estimated based on quoted prices in active markets and is classified as a Level 1 measurement. The fair value of our Revolving Credit Facility approximates its carrying amount as it is revolving, variable rate debt, which we also classify as a Level 1 measurement.

Other long-term obligations as of December 31, 2019 and 2018 included the relocation fees for Dayton and Mahoning Valley, which are discussed in Note 10, “Long-term Debt,” and the repayment obligation of the hotel and event center located near Hollywood Casino Lawrenceburg. The fair values of these long-term obligations are estimated based on rates consistent with the Company’s credit rating for comparable terms and debt instruments and are classified as Level 2 measurements.

Other Liabilities

Other liabilities as of December 31, 2019 and 2018 principally consists of contingent purchase price related to Plainridge Park Casino and Absolute Games, LLC, which was acquired by Penn Interactive during the second quarter of 2018. The Plainridge Park Casino contingent purchase price is calculated based on earnings of the gaming operations over the first ten years of operations, which commenced in June 2015. As of December 31, 2019 and 2018, we were contractually obligated to

make six and seven additional annual payments, respectively. The Absolute Games, LLC, contingent purchase price is calculated based on earnings over the first two years of operations after the acquisition. As of December 31, 2019, we were contractually obligated to make one additional payment, corresponding to the second year of operations after the acquisition, which will become payable in the third quarter of 2020. The fair value of these liabilities, which are both estimated based on an income approach using a DCF model and have been classified as Level 3 measurements, are included within our Consolidated Balance Sheets in “Accrued expenses and other current liabilities” or “Other long-term liabilities,” depending on the timing of the next payment.

The carrying amounts and estimated fair values by input level of the Company’s financial instruments were as follows:



	December 31, 2019
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	437.4	$	437.4	$	437.4	$	—	$	—
Equity securities	$	40.5	$	40.5	$	—	$	40.5	$	—
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	15.1	$	15.1	$	—	$	15.1	$	—
Financial liabilities:
Long-term debt
Senior Secured Credit Facilities	$	1,896.5	$	1,930.6	$	1,930.6	$	—	$	—
5.625% Notes	$	399.4	$	426.0	$	426.0	$	—	$	—
Other long-term obligations	$	89.2	$	89.7	$	—	$	89.7	$	—
Other liabilities	$	20.3	$	20.3	$	—	$	2.8	$	17.5



	December 31, 2018
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	479.6	$	479.6	$	479.6	$	—	$	—
Held-to-maturity securities	$	7.5	$	7.9	$	—	$	7.9	$	—
Promissory notes	$	16.9	$	17.4	$	—	$	17.4	$	—
Financial liabilities:
Long-term debt
Senior Secured Credit Facilities	$	1,907.9	$	1,886.3	$	1,886.3	$	—	$	—
5.625% Notes	$	399.3	$	360.0	$	360.0	$	—	$	—
Other long-term obligations	$	104.6	$	96.3	$	—	$	96.3	$	—
Other liabilities	$	21.9	$	21.8	$	—	$	2.8	$	19.0

The following table summarizes the changes in fair value of our Level 3 liabilities measured on a recurring basis:



	Other Liabilities
(in millions)	Contingent Purchase Price
Balance as of January 1, 2017	$	48.2
Additions	0.9
Payments	(19.6		)
Included in earnings⁽¹⁾	(6.8		)
Balance as of December 31, 2017	22.7
Payments	(4.2		)
Included in earnings⁽¹⁾	0.5
Balance as of December 31, 2018	19.0
Payments	(8.5		)
Included in earnings⁽¹⁾	7.0
Balance as of December 31, 2019	$	17.5


(1)	The expense is included in “General and administrative” within our Consolidated Statements of Income.

The following table sets forth the assets measured at fair value on a non-recurring basis during the years ended December 31, 2019 and 2018:



(in millions)	Valuation Date	Valuation Technique	Level 1		Level 2		Level 3		Total Balance		Total Reduction in Fair Value Recorded
Goodwill	10/1/2019	Discounted cash flow and market approach	$	—	$	—	$	161.1	$	161.1	$	(88.0	)
Gaming licenses	10/1/2019	Discounted cash flow	$	—	$	—	$	290.0	$	290.0	$	(62.6	)
Trademarks	10/1/2019	Discounted cash flow	$	—	$	—	$	87.5	$	87.5	$	(20.0	)
Property and equipment ⁽¹⁾	12/31/2018	Cost and market approach	$	—	$	—	$	—	$	—	$	(34.3	)


(1)	The fair value, which was concluded to be zero, of our property and equipment associated with Resorts Casino Tunica was determined using Level 2 inputs. See Note 7, “Property and Equipment” for more information.

The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 liabilities on a recurring basis as of December 31, 2019:



	Valuation Technique	Unobservable Input	Discount Rate
Plainridge Park Casino contingent purchase price	Discounted cash flow	Discount rate	5.63%

As discussed in Note 8, “Goodwill and Other Intangible Assets,” we recorded impairments on our gaming licenses and trademarks, which are indefinite-lived intangible assets, as a result of our 2019 annual assessment for impairment. The following table presents quantitative information about the significant unobservable inputs used in the fair value measurements of other indefinite-lived intangible assets as of the valuation date below:



(in millions)	Fair Value		Valuation Technique	Unobservable Input	Range or Amount
As of October 1, 2019
Gaming licenses	$	290.0	Discounted cash flow	Discount rate	10.5% - 11.25%
				Long-term revenue growth rate	2.0	%
Trademarks	$	87.5	Discounted cash flow	Discount rate	10.5% - 11.25%
				Long-term revenue growth rate	2.0	%
				Pretax royalty rate	1.0% - 2.0%

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Note 19—Related Party Transactions The Company currently leases executive office buildings in Wyomissing, Pennsylvania from affiliates of its Chairman Emeritus of the Board of Directors. Rent expense for the years ended December 31, 2019, 2018 and 2017 was $1.2 million, $1.3 million and $1.2 million, respectively. Certain of the leases for the office space expired in May 2019, but have been extended on a month-to-month basis; the remaining long-term lease for the office space expires in August 2024. The future minimum lease commitments relating to these leases as of December 31, 2019 were $1.8 million.

Summarized Quarterly Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Summarized Quarterly Data (Unaudited)

Note 20—Summarized Quarterly Data (Unaudited)

The following table summarizes the quarterly results of operations for the years ended December 31, 2019 and 2018:



	Fiscal Quarter
(in millions, except per share data)	First		Second		Third		Fourth⁽¹⁾
2019
Revenues	$	1,282.6	$	1,323.1	$	1,354.5	$	1,341.2
Operating income	$	182.4	$	198.4	$	179.8	$	11.3
Net income (loss)	$	41.0	$	51.3	$	43.7	$	(92.9	)
Earnings (loss) per common share:
Basic earnings (loss) per common share	$	0.35	$	0.44	$	0.38	$	(0.80	)
Diluted earnings (loss) per common share	$	0.35	$	0.44	$	0.38	$	(0.80	)

	Fiscal Quarter
(in millions, except per share data)	First		Second⁽²⁾		Third		Fourth ⁽³⁾
2018
Revenues	$	816.1	$	826.9	$	789.7	$	1,155.3
Operating income	$	172.1	$	181.8	$	155.8	$	124.4
Net income (loss)	$	45.4	$	54.0	$	36.1	$	(42.0	)
Earnings (loss) per common share:
Basic earnings (loss) per common share	$	0.50	$	0.59	$	0.39	$	(0.37	)
Diluted earnings (loss) per common share	$	0.48	$	0.57	$	0.38	$	(0.37	)


(1)	During the fourth quarter of 2019, we recorded $170.6 million of impairment on our goodwill and other intangible assets. See Note 8, “Goodwill and Other Intangible Assets,” for further details.


(2)	During the second quarter of 2018, the Company recorded a recovery of loan losses and unfunded loan commitments of $17.0 million relating to the JIVDC. See Note 5, “Acquisitions and Other Investments,” for further details.

(3)

During the fourth quarter of 2018, we acquired Pinnacle, which resulted in the incurrence of $74.7 million in pre-opening and acquisition costs. See Note 5, “Acquisitions and Other Investments,” for further details. In addition, we recorded a $34.3 million impairment of long-lived assets. See Note 7, “Property and Equipment,” for further details. Lastly, we recorded a $17.2 million loss on early extinguishment of debt. See Note 10, “Long-term Debt,” for more details.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 21—Subsequent Events In February 2020, we closed on our investment in Barstool Sports, Inc. (“Barstool Sports”), a leading digital sports, entertainment and media platform, pursuant to a stock purchase agreement with Barstool Sports and certain stockholders of Barstool Sports (the “Sellers”), in which we purchased approximately 36% of the common stock, par value $0.0001 per share, of Barstool Sports (“Barstool Sports Common Stock”) for a purchase price of approximately $163.0 million. The purchase price consisted of approximately $135.0 million in cash and $28.0 million in shares of non-voting convertible preferred stock of the Company (the “Penn Preferred Stock”). 1/1,000^th of a share of the Penn Preferred Stock will be convertible into one share of common stock, par value $0.01 per share, of the Company (“Penn Common Stock”), and the Penn Preferred Stock will be entitled to participate equally and ratably in all dividends and distributions paid to holders of Penn Common Stock based on the number of shares of Penn Common Stock into which such Penn Preferred Stock could convert.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Basis of Presentation

The Consolidated Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”).

Principles of Consolidation

Use of Estimates

Segment Information



	Location	Real Estate Assets Lease or Ownership Structure
Northeast segment
Ameristar East Chicago	East Chicago, Indiana	Pinnacle Master Lease
Greektown Casino-Hotel ⁽¹⁾	Detroit, Michigan	Greektown Lease
Hollywood Casino Bangor	Bangor, Maine	Penn Master Lease
Hollywood Casino at Charles Town Races	Charles Town, West Virginia	Penn Master Lease
Hollywood Casino Columbus	Columbus, Ohio	Penn Master Lease
Hollywood Casino Lawrenceburg	Lawrenceburg, Indiana	Penn Master Lease
Hollywood Casino at Penn National Race Course	Grantville, Pennsylvania	Penn Master Lease
Hollywood Casino Toledo	Toledo, Ohio	Penn Master Lease
Hollywood Gaming at Dayton Raceway	Dayton, Ohio	Penn Master Lease
Hollywood Gaming at Mahoning Valley Race Course	Youngstown, Ohio	Penn Master Lease
Marquee by Penn⁽²⁾	Pennsylvania	N/A
Meadows Racetrack and Casino	Washington, Pennsylvania	Meadows Lease
Plainridge Park Casino	Plainville, Massachusetts	Pinnacle Master Lease

South segment⁽³⁾
1^st Jackpot Casino	Tunica, Mississippi	Penn Master Lease
Ameristar Vicksburg	Vicksburg, Mississippi	Pinnacle Master Lease
Boomtown Biloxi	Biloxi, Mississippi	Penn Master Lease
Boomtown Bossier City	Bossier City, Louisiana	Pinnacle Master Lease
Boomtown New Orleans	New Orleans, Louisiana	Pinnacle Master Lease
Hollywood Casino Gulf Coast	Bay St. Louis, Mississippi	Penn Master Lease
Hollywood Casino Tunica	Tunica, Mississippi	Penn Master Lease
L’Auberge Baton Rouge	Baton Rouge, Louisiana	Pinnacle Master Lease
L’Auberge Lake Charles	Lake Charles, Louisiana	Pinnacle Master Lease
Margaritaville Resort Casino ⁽⁴⁾	Bossier City, Louisiana	Margaritaville Lease

West segment
Ameristar Black Hawk	Black Hawk, Colorado	Pinnacle Master Lease
Cactus Petes and Horseshu	Jackpot, Nevada	Pinnacle Master Lease
M Resort	Henderson, Nevada	Penn Master Lease
Tropicana Las Vegas	Las Vegas, Nevada	Owned
Zia Park Casino	Hobbs, New Mexico	Penn Master Lease

Midwest segment
Ameristar Council Bluffs	Council Bluffs, Iowa	Pinnacle Master Lease
Argosy Casino Alton ⁽⁵⁾	Alton, Illinois	Penn Master Lease
Argosy Casino Riverside	Riverside, Missouri	Penn Master Lease
Hollywood Casino Aurora	Aurora, Illinois	Penn Master Lease
Hollywood Casino Joliet	Joliet, Illinois	Penn Master Lease
Hollywood Casino at Kansas Speedway ⁽⁶⁾	Kansas City, Kansas	Owned - JV
Hollywood Casino St. Louis	Maryland Heights, Missouri	Penn Master Lease
Prairie State Gaming⁽²⁾	Illinois	N/A
River City Casino	St. Louis, Missouri	Pinnacle Master Lease


(1)	Acquired on May 23, 2019


(2)	VGT route operations


(3)	Resorts Casino Tunica ceased operations on June 30, 2019, but remains subject to the Penn Master Lease.


(4)	Acquired on January 1, 2019


(5)	The riverboat is owned by us and not subject to the Penn Master Lease.

(6)

Pursuant to a joint venture (“JV”) with International Speedway Corporation (“International Speedway”) and includes the Company’s 50% investment in Kansas Entertainment, LLC (“Kansas Entertainment”), which owns Hollywood Casino at Kansas Speedway.

Cash and Cash Equivalents

Concentration of Credit Risk

Property and Equipment



	Years
Land improvements	15
Buildings and improvements	5 to 31
Vessels	10 to 35
Furniture, fixtures and equipment	3 to 31

Goodwill and Other Intangible Assets

Equity Securities

Financing Obligations

renewal options that were reasonably assured of being exercised and the funded construction of certain leased assets in development at the commencement of the Penn Master Lease.

Operating and Finance Leases

Debt Discount and Debt Issuance Costs

Self-Insurance Reserves

Contingent Purchase Price and Application of Business Combination Accounting

Income Taxes

Revenue Recognition and Customer-related Liabilities

Customer-related Liabilities

relate to the timing of our customers’ election to redeem loyalty points as well as the timing of when our customers receive their earned tier status benefits.

meeting space services are recognized upon cancellation by the customer and are included in food, beverage, hotel and other revenue.

Complimentaries associated with Gaming Contracts

Gaming and Racing Taxes

Stock-Based Compensation

Earnings Per Share

Voting Interest Entities and Variable Interest Entities

New Accounting Pronouncements

Accounting Pronouncements Implemented in 2019

Master Leases

Operating Leases, inclusive of the Meadows Lease

Consolidated Balance Sheets, but are recognized as an expense (recorded within total operating expenses) within the Consolidated Statements of Income.

The impact of the adoption of the new lease standard on our Consolidated Balance Sheets at January 1, 2019 was as follows (only financial statement line items impacted are presented):



				Impacts of:
(in millions)	As Reported as of December 31, 2018			Financing Obligations - Master Leases ⁽¹⁾		Finance Leases - Dayton and Mahoning Valley			Operating Leases - Master Leases⁽²⁾			Operating Lease - Meadows ⁽³⁾		Other Operating Leases - Non-Master Leases			As Adjusted for ASC 842		Increase/(Decrease)
Assets
Current assets
Prepaid expenses	$	63.0		$	—	$	—		$	—		$	—	$	(1.0	)	$	62.0	$	(1.0	)
Total current assets	$	677.6		$	—	$	—		$	—		$	—	$	(1.0	)	$	676.6	$	(1.0	)
Property and equipment, net ⁽⁴⁾	$	6,868.8		$	—	$	(164.3	)	$	(1,407.4	)	$	—	$	—		$	5,297.1	$	(1,571.7	)
Goodwill	$	1,228.4		$	5.5	$	—		$	—		$	—	$	—		$	1,233.9	$	5.5
Operating lease right-of-use assets ⁽⁵⁾	$	—		$	—	$	—		$	3,541.2		$	112.8	$	152.5		$	3,806.5	$	3,806.5
Finance lease right-of-use assets ⁽⁶⁾	$	—		$	—	$	224.5		$	—		$	—	$	—		$	224.5	$	224.5
Total assets	$	10,961.0		$	5.5	$	60.2		$	2,133.8		$	112.8	$	151.5		$	13,424.8	$	2,463.8

Liabilities
Current liabilities
Current portion of financing obligations ⁽⁷⁾	$	67.8		$	—	$	(1.5	)	$	(16.2	)	$	—	$	—		$	50.1	$	(17.7	)
Current portion of operating lease liabilities ⁽⁵⁾	$	—		$	—	$	—		$	72.9		$	20.5	$	8.9		$	102.3	$	102.3
Current portion of finance lease liabilities ⁽⁶⁾	$	—		$	—	$	5.8		$	—		$	—	$	—		$	5.8	$	5.8
Accrued expenses and other current liabilities	$	578.0		$	—	$	—		$	—		$	—	$	(0.5	)	$	577.5	$	(0.5	)
Total current liabilities	$	738.4		$	—	$	4.3		$	56.7		$	20.5	$	8.4		$	828.3	$	89.9
Long-term portion of financing obligations ⁽⁷⁾	$	7,080.6		$	5.5	$	(181.3	)	$	(2,760.6	)	$	—	$	—		$	4,144.2	$	(2,936.4	)
Long-term portion of operating lease liabilities ⁽⁵⁾	$	—		$	—	$	—		$	3,467.1		$	92.3	$	145.0		$	3,704.4	$	3,704.4
Long-term portion of finance lease liabilities ⁽⁶⁾	$	—		$	—	$	218.3		$	—		$	—	$	—		$	218.3	$	218.3
Deferred income taxes ⁽⁸⁾	$	—		$	—	$	4.3		$	299.5		$	—	$	—		$	303.8	$	303.8
Other long-term liabilities	$	60.7		$	—	$	—		$	—		$	—	$	(1.9	)	$	58.8	$	(1.9	)
Total liabilities	$	10,229.8		$	5.5	$	45.6		$	1,062.7		$	112.8	$	151.5		$	11,607.9	$	1,378.1
Stockholders’ equity
Retained earnings (accumulated deficit)	$	(968.0	)	$	—	$	14.6		$	1,071.1		$	—	$	—		$	117.7	$	1,085.7
Total Penn National stockholders’ equity	$	731.2		$	—	$	14.6		$	1,071.1		$	—	$	—		$	1,816.9	$	1,085.7
Total stockholders’ equity	$	731.2		$	—	$	14.6		$	1,071.1		$	—	$	—		$	1,816.9	$	1,085.7
Total liabilities and stockholders’ equity	$	10,961.0		$	5.5	$	60.2		$	2,133.8		$	112.8	$	151.5		$	13,424.8	$	2,463.8


(1)	During the first quarter of 2019, the Company identified an adjustment to the purchase price allocation associated with the Pinnacle Acquisition. The purchase price adjustment increased the financing obligation upon the adoption of the new lease standard, resulting in an increase to goodwill (see Note 5, “Acquisitions and Other Investments”).


(2)	Represents components contained within each of the Master Leases determined to be operating leases (primarily land).


(3)	Represents the triple net lease with GLPI for the real estate assets used in the operations of Meadows Racetrack and Casino (the “Meadows Lease”).

(4)

(5)

(6)


(7)	Represents components associated with our Master Leases that remain financing obligations (primarily buildings). The financing obligation at the adoption date was calculated utilizing previous assumptions as determined (a) at the lease commencement date with respect to the Penn Master Lease and (b) at the acquisition date with respect to the Pinnacle Master Lease.


(8)	Represents the tax impacts related to the adoption of the new lease standard. See Note 13, “Income Taxes.”

Accounting Pronouncements to be Implemented in 2020

Accounting Pronouncements to be Implemented in 2021

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of operating segments within reportable segments

For financial reporting purposes, we aggregate our operating segments into the following four reportable segments:



	Location	Real Estate Assets Lease or Ownership Structure
Northeast segment
Ameristar East Chicago	East Chicago, Indiana	Pinnacle Master Lease
Greektown Casino-Hotel ⁽¹⁾	Detroit, Michigan	Greektown Lease
Hollywood Casino Bangor	Bangor, Maine	Penn Master Lease
Hollywood Casino at Charles Town Races	Charles Town, West Virginia	Penn Master Lease
Hollywood Casino Columbus	Columbus, Ohio	Penn Master Lease
Hollywood Casino Lawrenceburg	Lawrenceburg, Indiana	Penn Master Lease
Hollywood Casino at Penn National Race Course	Grantville, Pennsylvania	Penn Master Lease
Hollywood Casino Toledo	Toledo, Ohio	Penn Master Lease
Hollywood Gaming at Dayton Raceway	Dayton, Ohio	Penn Master Lease
Hollywood Gaming at Mahoning Valley Race Course	Youngstown, Ohio	Penn Master Lease
Marquee by Penn⁽²⁾	Pennsylvania	N/A
Meadows Racetrack and Casino	Washington, Pennsylvania	Meadows Lease
Plainridge Park Casino	Plainville, Massachusetts	Pinnacle Master Lease

South segment⁽³⁾
1^st Jackpot Casino	Tunica, Mississippi	Penn Master Lease
Ameristar Vicksburg	Vicksburg, Mississippi	Pinnacle Master Lease
Boomtown Biloxi	Biloxi, Mississippi	Penn Master Lease
Boomtown Bossier City	Bossier City, Louisiana	Pinnacle Master Lease
Boomtown New Orleans	New Orleans, Louisiana	Pinnacle Master Lease
Hollywood Casino Gulf Coast	Bay St. Louis, Mississippi	Penn Master Lease
Hollywood Casino Tunica	Tunica, Mississippi	Penn Master Lease
L’Auberge Baton Rouge	Baton Rouge, Louisiana	Pinnacle Master Lease
L’Auberge Lake Charles	Lake Charles, Louisiana	Pinnacle Master Lease
Margaritaville Resort Casino ⁽⁴⁾	Bossier City, Louisiana	Margaritaville Lease

West segment
Ameristar Black Hawk	Black Hawk, Colorado	Pinnacle Master Lease
Cactus Petes and Horseshu	Jackpot, Nevada	Pinnacle Master Lease
M Resort	Henderson, Nevada	Penn Master Lease
Tropicana Las Vegas	Las Vegas, Nevada	Owned
Zia Park Casino	Hobbs, New Mexico	Penn Master Lease

Midwest segment
Ameristar Council Bluffs	Council Bluffs, Iowa	Pinnacle Master Lease
Argosy Casino Alton ⁽⁵⁾	Alton, Illinois	Penn Master Lease
Argosy Casino Riverside	Riverside, Missouri	Penn Master Lease
Hollywood Casino Aurora	Aurora, Illinois	Penn Master Lease
Hollywood Casino Joliet	Joliet, Illinois	Penn Master Lease
Hollywood Casino at Kansas Speedway ⁽⁶⁾	Kansas City, Kansas	Owned - JV
Hollywood Casino St. Louis	Maryland Heights, Missouri	Penn Master Lease
Prairie State Gaming⁽²⁾	Illinois	N/A
River City Casino	St. Louis, Missouri	Pinnacle Master Lease


(1)	Acquired on May 23, 2019


(2)	VGT route operations


(3)	Resorts Casino Tunica ceased operations on June 30, 2019, but remains subject to the Penn Master Lease.


(4)	Acquired on January 1, 2019


(5)	The riverboat is owned by us and not subject to the Penn Master Lease.

(6)

The following table highlights our revenues and Adjusted EBITDAR for each reportable segment and reconciles Adjusted EBITDAR on a consolidated basis to Net income.



	For the year ended December 31,
(in millions)	2019			2018			2017
Revenues:
Northeast segment	$	2,399.9		$	1,891.5		$	1,756.6
South segment	1,118.9			394.4			224.3
West segment	642.5			437.9			380.4
Midwest segment	1,094.5			823.7			735.0
Other ⁽¹⁾	47.5			40.4			51.7
Intersegment eliminations ⁽²⁾	(1.9		)	—			—
Total	$	5,301.4		$	3,587.9		$	3,148.0

Adjusted EBITDAR ⁽³⁾:
Northeast segment	$	720.8		$	583.8		$	549.3
South segment	369.8			118.9			62.6
West segment	198.8			114.3			72.7
Midwest segment	403.6			294.3			249.7
Other ⁽¹⁾	(87.8		)	(68.1		)	(55.2		)
Total ⁽³⁾	1,605.2			1,043.2			879.1

Other operating benefits (costs) and other income (expenses):
Rent expense associated with triple net operating leases⁽⁴⁾	(366.4		)	(3.8		)	—
Stock-based compensation	(14.9		)	(12.0		)	(7.8		)
Cash-settled stock-based awards variance	(0.8		)	19.6			(23.4		)
Loss on disposal of assets	(5.5		)	(3.2		)	(0.2		)
Contingent purchase price	(7.0		)	(0.5		)	6.8
Pre-opening and acquisition costs	(22.3		)	(95.0		)	(9.7		)
Depreciation and amortization	(414.2		)	(269.0		)	(267.1		)
Impairment losses	(173.1		)	(34.9		)	(18.0		)
Recoveries on (provision for) loan loss and unfunded loan commitments	—			17.0			(89.8		)
Insurance recoveries, net of deductible charges	3.0			0.1			0.3
Non-operating items for Kansas JV	(3.7		)	(5.1		)	(5.8		)
Interest expense, net	(534.2		)	(538.4		)	(463.2		)
Loss on early extinguishment of debt	—			(21.0		)	(24.0		)
Other	20.0			(7.1		)	(2.3		)
Income before income taxes	86.1			89.9			(25.1		)
Income tax benefit (expense)	(43.0		)	3.6			498.5
Net income	$	43.1		$	93.5		$	473.4

(1)


(2)	Represents the elimination of intersegment revenues associated with Penn Interactive and HPT.

(3)


(4)	The Company’s triple net operating leases include certain components of the Master Leases (primarily land), the Meadows Lease, the Margaritaville Lease, and the Greektown Lease.



	For the year ended December 31,
(in millions)	2019		2018		2017
Capital expenditures:
Northeast segment	$	96.2	$	38.9	$	26.3
South segment	29.8		10.6		6.3
West segment	21.2		12.8		35.7
Midwest segment	32.7		25.3		26.2
Other	10.7		5.0		4.8
Total capital expenditures	$	190.6	$	92.6	$	99.3



(in millions)	Northeast		South		West		Midwest		Other		Total
As of December 31, 2019
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	90.9	$	37.3	$	128.3
Total assets ⁽¹⁾	$	2,273.7	$	1,397.0	$	752.1	$	1,412.2	$	8,359.5	$	14,194.5

As of December 31, 2018
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	89.4	$	39.0	$	128.5
Total assets ⁽²⁾	$	1,330.2	$	1,082.3	$	755.7	$	1,411.5	$	6,381.3	$	10,961.0

As of December 31, 2017
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	88.3	$	60.5	$	148.9
Total assets ⁽²⁾	$	921.0	$	169.3	$	625.0	$	970.8	$	2,548.7	$	5,234.8

(1)

(2)

As of December 31, 2018 and 2017, total assets of the Other category includes the real estate assets subject to the Master Leases, which are classified as property and equipment.

Schedule of receivables

The Company’s receivables as of December 31, 2019 and 2018 primarily consisted of the following:



	December 31,
(in millions)	2019			2018
Markers issued to customers	$	22.9		$	17.2
Credit card receivables and other advances to customers	16.5			20.9
Receivables from ATM and cash kiosk transactions	14.4			19.2
Hotel and banquet receivables	6.5			8.1
Racing settlements	6.6			6.1
Receivables due from platform providers for social casino games	3.3			2.3
Other	26.2			36.2
Allowance for doubtful accounts	(7.7		)	(3.2		)
Accounts receivable, net	$	88.7		$	106.8

Schedule of estimated useful lives of property, plant and equipment

Depreciation of property and equipment is recorded using the straight-line method over the shorter of the estimated useful life of the asset or the related lease term, if any, as follows:



	Years
Land improvements	15
Buildings and improvements	5 to 31
Vessels	10 to 35
Furniture, fixtures and equipment	3 to 31

Property and equipment, net, consisted of the following:



	December 31,
(in millions)	2019			2018
Property and equipment - Not Subject to Master Leases
Land and improvements	$	353.2		$	344.0
Building, vessels and improvements	420.4			343.0
Furniture, fixtures and equipment	1,598.3			1,565.8
Leasehold improvements	183.6			152.9
Construction in progress	59.3			25.5
	2,614.8			2,431.2
Less: Accumulated depreciation	(1,548.3		)	(1,400.2		)
	1,066.5			1,031.0
Property and equipment - Subject to Master Leases
Land and improvements⁽¹⁾	1,525.9			2,971.0
Building, vessels and improvements⁽¹⁾	3,664.6			3,845.0
	5,190.5			6,816.0
Less: Accumulated depreciation	(1,136.8		)	(978.2		)
	4,053.7			5,837.8
Property and equipment, net	$	5,120.2		$	6,868.8


(1)	Upon adoption of ASC 842, approximately $1.4 billion of land was derecognized and replaced with operating lease ROU assets based on the present value of future lease payments and $180.4 million of building and improvements, gross, was derecognized and replaced with finance lease ROU assets based on the present value of future lease payments. See Note 3, “New Accounting Pronouncements.”

Depreciation expense was as follows:



	For the year ended December 31,
(in millions)	2019		2018		2017
Depreciation expense⁽¹⁾	$	381.6	$	251.9	$	248.2

(1)

Of such amounts, $158.9 million, $112.1 million, and $92.4 million, respectively, pertained to real estate assets subject to either of our Master Leases.

Schedule of complimentaries

Revenues recorded to food and beverage, hotel, and other and offset to gaming revenues were as follows:



	For the year ended December 31,
(in millions)	2019		2018
Food and beverage	$	261.4	$	137.2
Hotel	159.6		60.8
Other	17.6		8.1
Total complimentaries associated with gaming contracts	$	438.6	$	206.1

New Accounting Pronouncements (Tables)

12 Months Ended

Dec. 31, 2019

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Schedule of impact of adoption of ASC 842

The impact of the adoption of the new lease standard on our Consolidated Balance Sheets at January 1, 2019 was as follows (only financial statement line items impacted are presented):



				Impacts of:
(in millions)	As Reported as of December 31, 2018			Financing Obligations - Master Leases ⁽¹⁾		Finance Leases - Dayton and Mahoning Valley			Operating Leases - Master Leases⁽²⁾			Operating Lease - Meadows ⁽³⁾		Other Operating Leases - Non-Master Leases			As Adjusted for ASC 842		Increase/(Decrease)
Assets
Current assets
Prepaid expenses	$	63.0		$	—	$	—		$	—		$	—	$	(1.0	)	$	62.0	$	(1.0	)
Total current assets	$	677.6		$	—	$	—		$	—		$	—	$	(1.0	)	$	676.6	$	(1.0	)
Property and equipment, net ⁽⁴⁾	$	6,868.8		$	—	$	(164.3	)	$	(1,407.4	)	$	—	$	—		$	5,297.1	$	(1,571.7	)
Goodwill	$	1,228.4		$	5.5	$	—		$	—		$	—	$	—		$	1,233.9	$	5.5
Operating lease right-of-use assets ⁽⁵⁾	$	—		$	—	$	—		$	3,541.2		$	112.8	$	152.5		$	3,806.5	$	3,806.5
Finance lease right-of-use assets ⁽⁶⁾	$	—		$	—	$	224.5		$	—		$	—	$	—		$	224.5	$	224.5
Total assets	$	10,961.0		$	5.5	$	60.2		$	2,133.8		$	112.8	$	151.5		$	13,424.8	$	2,463.8

Liabilities
Current liabilities
Current portion of financing obligations ⁽⁷⁾	$	67.8		$	—	$	(1.5	)	$	(16.2	)	$	—	$	—		$	50.1	$	(17.7	)
Current portion of operating lease liabilities ⁽⁵⁾	$	—		$	—	$	—		$	72.9		$	20.5	$	8.9		$	102.3	$	102.3
Current portion of finance lease liabilities ⁽⁶⁾	$	—		$	—	$	5.8		$	—		$	—	$	—		$	5.8	$	5.8
Accrued expenses and other current liabilities	$	578.0		$	—	$	—		$	—		$	—	$	(0.5	)	$	577.5	$	(0.5	)
Total current liabilities	$	738.4		$	—	$	4.3		$	56.7		$	20.5	$	8.4		$	828.3	$	89.9
Long-term portion of financing obligations ⁽⁷⁾	$	7,080.6		$	5.5	$	(181.3	)	$	(2,760.6	)	$	—	$	—		$	4,144.2	$	(2,936.4	)
Long-term portion of operating lease liabilities ⁽⁵⁾	$	—		$	—	$	—		$	3,467.1		$	92.3	$	145.0		$	3,704.4	$	3,704.4
Long-term portion of finance lease liabilities ⁽⁶⁾	$	—		$	—	$	218.3		$	—		$	—	$	—		$	218.3	$	218.3
Deferred income taxes ⁽⁸⁾	$	—		$	—	$	4.3		$	299.5		$	—	$	—		$	303.8	$	303.8
Other long-term liabilities	$	60.7		$	—	$	—		$	—		$	—	$	(1.9	)	$	58.8	$	(1.9	)
Total liabilities	$	10,229.8		$	5.5	$	45.6		$	1,062.7		$	112.8	$	151.5		$	11,607.9	$	1,378.1
Stockholders’ equity
Retained earnings (accumulated deficit)	$	(968.0	)	$	—	$	14.6		$	1,071.1		$	—	$	—		$	117.7	$	1,085.7
Total Penn National stockholders’ equity	$	731.2		$	—	$	14.6		$	1,071.1		$	—	$	—		$	1,816.9	$	1,085.7
Total stockholders’ equity	$	731.2		$	—	$	14.6		$	1,071.1		$	—	$	—		$	1,816.9	$	1,085.7
Total liabilities and stockholders’ equity	$	10,961.0		$	5.5	$	60.2		$	2,133.8		$	112.8	$	151.5		$	13,424.8	$	2,463.8


(1)	During the first quarter of 2019, the Company identified an adjustment to the purchase price allocation associated with the Pinnacle Acquisition. The purchase price adjustment increased the financing obligation upon the adoption of the new lease standard, resulting in an increase to goodwill (see Note 5, “Acquisitions and Other Investments”).


(2)	Represents components contained within each of the Master Leases determined to be operating leases (primarily land).


(3)	Represents the triple net lease with GLPI for the real estate assets used in the operations of Meadows Racetrack and Casino (the “Meadows Lease”).

(4)

(5)

(6)


(7)	Represents components associated with our Master Leases that remain financing obligations (primarily buildings). The financing obligation at the adoption date was calculated utilizing previous assumptions as determined (a) at the lease commencement date with respect to the Penn Master Lease and (b) at the acquisition date with respect to the Pinnacle Master Lease.

(8)

Represents the tax impacts related to the adoption of the new lease standard. See Note 13, “Income Taxes.”

Revenue Disaggregation (Tables)

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenue disaggregation

Our revenue disaggregation by type of revenue and geographic location was as follows:



	For the year ended December 31, 2019
(in millions)	Northeast		South		West		Midwest		Other		Intersegment Eliminations⁽¹⁾			Total
Revenues:
Gaming	$	2,117.1	$	831.1	$	374.3	$	938.1	$	8.8	$	(0.7	)	$	4,268.7
Food and beverage	155.1		154.1		116.7		84.7		1.4		—			512.0
Hotel	43.5		98.2		125.9		43.4		—		—			311.0
Racing	25.1		—		0.6		—		5.6		—			31.3
Other	59.1		35.5		25.0		28.3		31.7		(1.2		)	178.4
Total revenues	$	2,399.9	$	1,118.9	$	642.5	$	1,094.5	$	47.5	$	(1.9	)	$	5,301.4


(1)	Represents the elimination of intersegment revenues associated with our internally-branded retail sportsbooks, which are operated by Penn Interactive, and our live and televised poker tournament series that operates under the trademark, Heartland Poker Tour (“HPT”).



	For the year ended December 31, 2018
(in millions)	Northeast		South		West		Midwest		Other		Total
Revenues:
Gaming	$	1,644.2	$	302.9	$	228.0	$	719.8	$	—	$	2,894.9
Food and beverage	109.6		56.6		89.6		57.9		1.1		314.8
Hotel	23.2		23.3		90.8		26.3		—		163.6
Racing	20.3		—		0.6		—		5.9		26.8
Reimbursable management costs	46.8		—		10.5		—		—		57.3
Other	47.4		11.6		18.4		19.7		33.4		130.5
Total revenues	$	1,891.5	$	394.4	$	437.9	$	823.7	$	40.4	$	3,587.9



	For the year ended December 31, 2017
(in millions)	Northeast			South			West			Midwest			Other			Total
Revenues:
Gaming	$	1,583.9		$	203.0		$	219.7		$	685.4		$	—		$	2,692.0
Food and beverage	115.0			35.5			82.4			58.4			1.1			292.4
Hotel	21.5			10.3			76.1			22.0			—			129.9
Racing	49.6			—			2.3			—			10.8			62.7
Reimbursable management costs	—			—			26.1			—			—			26.1
Other	48.7			6.3			16.6			16.4			40.4			128.4
	1,818.7			255.1			423.2			782.2			52.3			3,331.5
Less: Promotional allowances	(62.1		)	(30.8		)	(42.8		)	(47.2		)	(0.6		)	(183.5		)
Total revenues	$	1,756.6		$	224.3		$	380.4		$	735.0		$	51.7		$	3,148.0

Acquisitions and Other Investments (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations And Other Investments [Abstract]

Allocation of purchase price

During the year ended December 31, 2019, subsequent to the date of acquisition, we made the following adjustments to the preliminary purchase price:



(in millions)	Estimated fair value, as previously reported⁽¹⁾		Measurement period adjustments			Estimated fair value, as adjusted
Cash and cash equivalents	$	31.1	$	—		$	31.1
Receivables, prepaid expenses, and other current assets	15.7		(1.2		)	14.5
Property and equipment	32.3		(3.9		)	28.4
Goodwill⁽²⁾	61.7		5.7			67.4
Other intangible assets
Gaming license	166.4		—			166.4
Trademark	24.4		—			24.4
Customer relationships	3.3		—			3.3
Operating lease right-of-use assets	516.1		—			516.1
Finance lease right-of-use assets	4.1		—			4.1
Other assets	0.2		(0.2		)	—
Total assets	$	855.3	$	0.4		$	855.7

Accounts payable, accrued expenses and other current liabilities	$	14.8	$	0.4		15.2
Operating lease liabilities	516.1		—			516.1
Finance lease liabilities	4.1		—			4.1
Total liabilities	535.0		0.4			535.4
Net assets acquired	$	320.3	$	—		$	320.3


(1)	Amounts were initially reported within the Company’s Quarterly Report on Form 10-Q for the three months ended June 30, 2019, filed with the SEC on August 8, 2019.

(2)

The goodwill has been assigned to our Northeast segment. The entire $67.4 million goodwill amount is deductible for tax purposes.

During the year ended December 31, 2019, prior to its finalization, we made the following adjustments to the preliminary purchase price allocation:



(in millions)	Estimated fair value, as previously reported⁽¹⁾		Measurement period adjustments			Fair value, as finalized
Cash and cash equivalents	$	10.7	$	—		$	10.7
Receivables, prepaid expenses, and other current assets	7.1		(0.1		)	7.0
Property and equipment	21.7		(1.0		)	20.7
Goodwill⁽²⁾	39.5		4.7			44.2
Other intangible assets
Gaming license	48.1		—			48.1
Customer relationships	2.3		—			2.3
Operating lease right-of-use assets	196.2		—			196.2
Total assets	$	325.6	$	3.6		$	329.2

Accounts payable, accrued expenses and other current liabilities	$	9.5	$	0.6		$	10.1
Operating lease liabilities	196.2		—			196.2
Total liabilities	205.7		0.6			206.3
Net assets acquired	$	119.9	$	3.0		$	122.9


(1)	Amounts were initially reported within the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2019, filed with the SEC on May 8, 2019.

(2)

The goodwill has been assigned to our South segment. The entire $44.2 million goodwill amount is deductible for tax purposes.

During the year ended December 31, 2019, prior to its finalization, we made the following adjustments to the preliminary purchase price allocation:



(in millions)	Estimated fair value, as previously reported⁽¹⁾		Measurement period adjustments			Fair value, as finalized
Cash and restricted cash	$	124.2	$	—		$	124.2
Assets held for sale	667.0		0.5			667.5
Other current assets	80.6		0.5			81.1
Property and equipment - non-Pinnacle Master Lease	318.9		(0.3		)	318.6
Property and equipment - Pinnacle Master Lease ⁽²⁾	3,984.1		(29.2		)	3,954.9
Goodwill ⁽³⁾	219.5		18.7			238.2
Other intangible assets
Gaming licenses	1,046.0		21.6			1,067.6
Trademarks	298.0		—			298.0
Customer relationships	22.4		—			22.4
Other long-term assets	38.9		—			38.9
Total assets	$	6,799.6	$	11.8		$	6,811.4

Long-term financing obligation, including current portion ⁽⁴⁾	$	3,427.0	$	5.5		$	3,432.5
Other current liabilities	200.6		5.5			206.1
Deferred tax liabilities	339.2		0.8			340.0
Other long-term liabilities	16.6		—			16.6
Total liabilities	3,983.4		11.8			3,995.2
Net assets acquired	$	2,816.2	$	—		$	2,816.2


(1)	Amounts were initially reported within the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019.


(2)	Includes buildings, boats, vessels, barges, and implied land and land use rights. Land use rights represent the intangible value of the Company’s ability to utilize and access land associated with long term ground lease agreements that give the Company the exclusive rights to operate the casino gaming facilities associated with such agreements.


(3)	See Note 8, “Goodwill and Other Intangible Assets,” for details on the impact to each reportable segment.

(4)

Long-term financing obligation, including current portion represents the financing obligation associated with Pinnacle Master Lease, as amended.

Actual and pro forma financial results

The following table includes the financial results of Margaritaville since the acquisition date, which is included within our Consolidated Statement of Income for the year ended December 31, 2019:



(in millions)	For the year ended December 31, 2019
Revenues	$	157.6
Net income	$	13.7

The below pro forma results do not include any adjustments related to synergies.



	For the year ended December 31,
(in millions)	2019		2018		2017
Revenues	$	5,434.9	$	5,552.2	$	5,036.6
Net income (loss)	$	64.9	$	101.9	$	(38.0	)

The following table includes the financial results of Greektown since the acquisition date, which is included within our Consolidated Statement of Income for the year ended December 31, 2019:



(in millions)	Period from May 23, 2019 through December 31, 2019
Revenues	$	195.9
Net income	$	10.9

Investments in and Advances to Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Schedule of summary financial information for Kansas Entertainment



	December 31,
(in millions)	2019		2018
Current assets	$	21.5	$	18.3
Long-term assets	$	159.2	$	161.0
Current liabilities	$	13.5	$	15.1



	For the year ended December 31,
(in millions)	2019		2018		2017
Revenues	$	162.3	$	159.0	$	155.7
Operating expenses	101.3		110.4		114.7
Operating income	61.0		48.6		41.0
Net income	$	61.0	$	48.6	$	41.0

Net income attributable to Penn National	$	30.5	$	24.3	$	20.5

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Schedule of property and equipment, net and depreciation expense

Depreciation of property and equipment is recorded using the straight-line method over the shorter of the estimated useful life of the asset or the related lease term, if any, as follows:



	Years
Land improvements	15
Buildings and improvements	5 to 31
Vessels	10 to 35
Furniture, fixtures and equipment	3 to 31

Property and equipment, net, consisted of the following:



	December 31,
(in millions)	2019			2018
Property and equipment - Not Subject to Master Leases
Land and improvements	$	353.2		$	344.0
Building, vessels and improvements	420.4			343.0
Furniture, fixtures and equipment	1,598.3			1,565.8
Leasehold improvements	183.6			152.9
Construction in progress	59.3			25.5
	2,614.8			2,431.2
Less: Accumulated depreciation	(1,548.3		)	(1,400.2		)
	1,066.5			1,031.0
Property and equipment - Subject to Master Leases
Land and improvements⁽¹⁾	1,525.9			2,971.0
Building, vessels and improvements⁽¹⁾	3,664.6			3,845.0
	5,190.5			6,816.0
Less: Accumulated depreciation	(1,136.8		)	(978.2		)
	4,053.7			5,837.8
Property and equipment, net	$	5,120.2		$	6,868.8


(1)	Upon adoption of ASC 842, approximately $1.4 billion of land was derecognized and replaced with operating lease ROU assets based on the present value of future lease payments and $180.4 million of building and improvements, gross, was derecognized and replaced with finance lease ROU assets based on the present value of future lease payments. See Note 3, “New Accounting Pronouncements.”

Depreciation expense was as follows:



	For the year ended December 31,
(in millions)	2019		2018		2017
Depreciation expense⁽¹⁾	$	381.6	$	251.9	$	248.2

(1)

Of such amounts, $158.9 million, $112.1 million, and $92.4 million, respectively, pertained to real estate assets subject to either of our Master Leases.

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Details of goodwill

A reconciliation of goodwill and accumulated goodwill impairment losses, by reportable segment, is as follows:



(in millions)	Northeast			South			West			Midwest			Other			Total
Balance as of January 1, 2018
Goodwill, gross	$	792.0		$	136.9		$	159.0		$	1,046.7		$	155.3		$	2,289.9
Accumulated goodwill impairment losses	(707.6		)	(34.6		)	(16.6		)	(435.3		)	(87.7		)	(1,281.8		)
Goodwill, net	84.4			102.3			142.4			611.4			67.6			1,008.1
Goodwill acquired during year	56.4			48.3			51.4			63.4			0.8			220.3
Balance as of December 31, 2018
Goodwill, gross	848.4			185.2			210.4			1,110.1			156.1			2,510.2
Accumulated goodwill impairment losses	(707.6		)	(34.6		)	(16.6		)	(435.3		)	(87.7		)	(1,281.8		)
Goodwill, net	140.8			150.6			193.8			674.8			68.4			1,228.4
Goodwill acquired during year	67.4			44.2			—			—			—			111.6
Impairment losses during year	(10.3		)	(17.4		)	—			(60.3		)	—			(88.0		)
Other ⁽¹⁾	(1.5		)	7.2			6.4			6.6			—			18.7
Balance as of December 31, 2019
Goodwill, gross	914.3			236.6			216.8			1,116.7			156.1			2,640.5
Accumulated goodwill impairment losses	(717.9		)	(52.0		)	(16.6		)	(495.6		)	(87.7		)	(1,369.8		)
Goodwill, net	$	196.4		$	184.6		$	200.2		$	621.1		$	68.4		$	1,270.7

(1)

Amounts relate to adjustments made to the preliminary purchase price allocation of Pinnacle during the year ended December 31, 2019, prior to it being finalized, as described in Note 5, “Acquisitions and Other Investments”



Northeast segment
Hollywood Casino at Charles Town Races	$	8.7
Plainridge Park Casino	$	6.3
Midwest segment
Ameristar Council Bluffs	$	36.2

Schedule of indefinite-lived intangible assets

The table below presents the gross carrying amount, accumulated amortization, and net carrying amount of each major class of other intangible assets:



	December 31, 2019							December 31, 2018
(in millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite-lived intangible assets
Gaming licenses	$	1,681.9	$	—		$	1,681.9	$	1,498.3	$	—		$	1,498.3
Trademarks	302.4		—			302.4		298.0		—			298.0
Other	0.7		—			0.7		0.7		—			0.7
Amortizing intangible assets
Customer relationships	104.4		(69.0		)	35.4		98.8		(51.5		)	47.3
Other	36.1		(30.0		)	6.1		61.9		(49.3		)	12.6
Total other intangible assets	$	2,125.5	$	(99.0	)	$	2,026.5	$	1,957.7	$	(100.8	)	$	1,856.9

Schedule of finite-lived intangible assets

The table below presents the gross carrying amount, accumulated amortization, and net carrying amount of each major class of other intangible assets:



	December 31, 2019							December 31, 2018
(in millions)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite-lived intangible assets
Gaming licenses	$	1,681.9	$	—		$	1,681.9	$	1,498.3	$	—		$	1,498.3
Trademarks	302.4		—			302.4		298.0		—			298.0
Other	0.7		—			0.7		0.7		—			0.7
Amortizing intangible assets
Customer relationships	104.4		(69.0		)	35.4		98.8		(51.5		)	47.3
Other	36.1		(30.0		)	6.1		61.9		(49.3		)	12.6
Total other intangible assets	$	2,125.5	$	(99.0	)	$	2,026.5	$	1,957.7	$	(100.8	)	$	1,856.9

Expected intangible asset amortization expense

The following table presents the estimated amortization expense based on our amortizing intangible assets as of December 31, 2019 (in millions):



Years ending December 31:
2020	$	19.7
2021	5.8
2022	3.9
2023	3.6
2024	3.6
Thereafter	4.9
Total	$	41.5

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Payables and Accruals [Abstract]

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:



	December 31,
(in millions)	2019		2018
Accrued salaries and wages	$	142.1	$	139.2
Accrued gaming, pari-mutuel, property, and other taxes	103.3		105.8
Accrued interest	13.0		15.8
Other accrued expenses⁽¹⁾	225.8		204.6
Other current liabilities⁽²⁾	147.1		112.6
Accrued expenses and other current liabilities	$	631.3	$	578.0


(1)	Amounts include $38.3 million and $33.8 million, respectively, pertaining to the Company’s accrued progressive jackpot liability. Additionally, amounts include the obligation associated with our mychoice program and the current portion of advance payments on goods and services yet to be provided and for unpaid wagers, which are discussed in Note 2, “Significant Accounting Policies.”

(2)

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of long-term debt, net of current maturities

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



	December 31,
(in millions)	2019			2018
Senior Secured Credit Facilities:
Revolving Credit Facility due 2023	$	140.0		$	112.0
Term Loan A Facility due 2023	672.3			707.7
Term Loan B-1 Facility due 2025	1,117.5			1,128.7
5.625% Notes due 2027	400.0			400.0
Other long-term obligations	89.2			104.6
Capital leases⁽¹⁾	—			0.4
	2,419.0			2,453.4
Less: Current maturities of long-term debt	(62.9		)	(62.1		)
Less: Debt discount	(2.4		)	(2.8		)
Less: Debt issuance costs	(31.5		)	(38.4		)
	$	2,322.2		$	2,350.1

(1)

Reclassified to finance lease liabilities upon the adoption of ASC 842.

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, 2019 (in millions):



Year ending December 31:
2020	$	62.9
2021	81.4
2022	99.9
2023	683.1
2024	21.3
Thereafter	1,470.4
Total minimum payments	$	2,419.0

Schedule of interest expense, net

Interest expense, net

Interest expense, net, was as follows:



	For the year ended December 31,
(in millions)	2019			2018			2017
Interest expense	$	(535.9	)	$	(539.4	)	$	(467.0	)
Interest income	1.4			1.0			3.6
Capitalized interest	0.3			—			0.2
Interest expense, net	$	(534.2	)	$	(538.4	)	$	(463.2	)

- 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://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

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

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Expense, other information and supplemental cash flow information related to leases

Supplemental cash flow information related to leases was as follows:



(in millions)	For the year ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$	15.4
Operating cash flows from operating leases	$	403.6
Financing cash flows from finance leases	$	6.2

Information related to lease term and discount rate was as follows:



	December 31, 2019
Weighted-Average Remaining Lease Term
Operating leases	27.6 years
Finance leases	28.6 years
Financing obligations	30.4 years

Weighted-Average Discount Rate
Operating leases	6.7	%
Finance leases	6.8	%
Financing obligations	8.1	%

The components of lease expense were as follows:



	Classification
(in millions)	Gaming Expense		Food, Beverage, Hotel and Other Expense		General and Administrative		Interest Expense, net		Depreciation and Amortization		Total for the year ended December 31, 2019
Operating Lease Costs
Rent expense associated with triple net leases classified as operating leases ⁽¹⁾	$	—	$	—	$	366.4	$	—	$	—	$	366.4
Operating lease cost⁽²⁾	0.4		0.5		16.6		—		—		17.5
Short-term lease cost	53.8		1.3		1.5		—		—		56.6
Variable lease cost⁽²⁾	2.8		—		1.1		—		—		3.9
Total	$	57.0	$	1.8	$	385.6	$	—	$	—	$	444.4

Finance Lease Costs
Interest expense ⁽³⁾	$	—	$	—	$	—	$	15.4	$	—	$	15.4
Amortization expense ⁽³⁾	—		—		—		—		7.9		7.9
Total	$	—	$	—	$	—	$	15.4	$	7.9	$	23.3

Financing Obligation Costs
Interest expense ⁽⁴⁾	$	—	$	—	$	—	$	394.1	$	—	$	394.1


(1)	Pertains to the components contained within the Master Leases (primarily land) determined to be operating leases, the Meadows Lease, the Margaritaville Lease, and the Greektown Lease, inclusive of the variable expense associated with Columbus and Toledo for the operating lease components (the land) (see table above).


(2)	Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases, discussed in footnote (1) above.


(3)	Primarily pertains to the Dayton and Mahoning Valley finance leases.

(4)

Pertains to the components contained within the Master Leases (primarily buildings) determined to continue to be financing obligations, inclusive of the variable expense associated with Columbus and Toledo for the finance lease components (the buildings) (see table above).

Total monthly variable expenses were as follows:



	For the year ended December 31,
(in millions)	2019		2018		2017
Variable expenses included in “General and administrative”	$	16.4	$	—	$	—
Variable expenses included in “Interest expense, net”	16.1		48.9		46.8
Total variable expenses	$	32.5	$	48.9	$	46.8

Schedule of future minimum lease commitments, operating leases

The following is a maturity analysis of our operating leases, finance leases and financing obligations as of December 31, 2019:



(in millions)	Operating Leases			Finance Leases			Financing Obligations
Years ending December 31:
2020	$	424.0		$	21.7		$	374.7
2021	403.7			21.7			367.3
2022	400.6			21.6			367.3
2023	397.5			20.8			367.3
2024	381.0			16.7			367.3
Thereafter	8,153.3			393.5			9,270.6
Total lease payments	10,160.1			496.0			11,114.5
Less: Imputed interest	(5,585.4		)	(270.1		)	(6,971.8		)
Present value of future lease payments	4,574.7			225.9			4,142.7
Less: Current portion of lease obligations	(124.1		)	(6.5		)	(40.5		)
Long-term portion of lease obligations	$	4,450.6		$	219.4		$	4,102.2

Schedule of future minimum lease commitments, finance leases

The following is a maturity analysis of our operating leases, finance leases and financing obligations as of December 31, 2019:



(in millions)	Operating Leases			Finance Leases			Financing Obligations
Years ending December 31:
2020	$	424.0		$	21.7		$	374.7
2021	403.7			21.7			367.3
2022	400.6			21.6			367.3
2023	397.5			20.8			367.3
2024	381.0			16.7			367.3
Thereafter	8,153.3			393.5			9,270.6
Total lease payments	10,160.1			496.0			11,114.5
Less: Imputed interest	(5,585.4		)	(270.1		)	(6,971.8		)
Present value of future lease payments	4,574.7			225.9			4,142.7
Less: Current portion of lease obligations	(124.1		)	(6.5		)	(40.5		)
Long-term portion of lease obligations	$	4,450.6		$	219.4		$	4,102.2

Schedule of future minimum lease commitments, financing obligations

The following is a maturity analysis of our operating leases, finance leases and financing obligations as of December 31, 2019:



(in millions)	Operating Leases			Finance Leases			Financing Obligations
Years ending December 31:
2020	$	424.0		$	21.7		$	374.7
2021	403.7			21.7			367.3
2022	400.6			21.6			367.3
2023	397.5			20.8			367.3
2024	381.0			16.7			367.3
Thereafter	8,153.3			393.5			9,270.6
Total lease payments	10,160.1			496.0			11,114.5
Less: Imputed interest	(5,585.4		)	(270.1		)	(6,971.8		)
Present value of future lease payments	4,574.7			225.9			4,142.7
Less: Current portion of lease obligations	(124.1		)	(6.5		)	(40.5		)
Long-term portion of lease obligations	$	4,450.6		$	219.4		$	4,102.2

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Components of deferred tax assets and liabilities

The components of the Company’s deferred tax assets and liabilities were as follows:



	December 31,
(in millions)	2019			2018
Deferred tax assets:
Stock-based compensation expense	$	11.7		$	9.0
Accrued expenses	37.6			42.9
Financing obligations associated with the Master Leases	1,097.6			1,919.7
Unrecognized tax benefits	7.7			6.7
Investments in and advances to unconsolidated affiliates	—			3.6
Net operating losses, interest limitation and tax credit carryforwards	87.6			122.8
Gross deferred tax assets	1,242.2			2,104.7
Less: Valuation allowance	(54.2		)	(89.5		)
Net deferred tax assets	1,188.0			2,015.2
Deferred tax liabilities:
Property and equipment, not subject to the Master Leases	(53.1		)	(47.3		)
Property and equipment, subject to the Master Leases	(1,088.9		)	(1,599.9		)
Investments in and advances to unconsolidated affiliates	(2.9		)	—
Undistributed foreign earnings	(0.4		)	(0.4		)
Intangible assets	(287.3		)	(287.0		)
Net deferred tax liabilities	(1,432.6		)	(1,934.6		)
Long-term deferred tax assets (liabilities), net	$	(244.6	)	$	80.6

Components of income before income tax expense

The domestic and foreign components of income (loss) before income taxes for the years ended December 31, 2019, 2018 and 2017 were as follows:



	For the year ended December 31,
(in millions)	2019		2018		2017
Domestic	$	85.5	$	89.6	$	(29.6	)
Foreign	0.6		0.3		4.5
Total	$	86.1	$	89.9	$	(25.1	)

Schedule of provision for income taxes

The components of income tax benefit (expense) for the years ended December 31, 2019, 2018 and 2017 were as follows:



	For the year ended December 31,
(in millions)	2019			2018			2017
Current tax benefit (expense)
Federal	$	(12.5	)	$	(15.3	)	$	(16.3	)
State	(9.2		)	(6.4		)	(6.1		)
Foreign	(0.2		)	(1.4		)	3.0
Total current	(21.9		)	(23.1		)	(19.4		)
Deferred tax benefit (expense)
Federal	(16.7		)	14.6			480.7
State	(4.4		)	10.9			39.3
Foreign	—			1.2			(2.1		)
Total deferred	(21.1		)	26.7			517.9
Total income tax benefit (expense)	$	(43.0	)	$	3.6		$	498.5

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



	For the year ended December 31,
	2019					2018					2017
(in millions, except tax rates)	Percent		Amount			Percent		Amount			Percent		Amount
Percent and amount of pretax income
Federal statutory rate	21.0	%	$	(18.1	)	21.0	%	$	(18.9	)	35.0	%	$	8.8
State and local income taxes, net of federal benefits	9.9		(8.5		)	(6.2	)	5.6			6.3		1.6
Nondeductible expenses	4.0		(3.5		)	6.9		(6.2		)	(16.0	)	(4.0		)
Goodwill impairment losses	14.4		(12.4		)	—		—			(20.5	)	(5.1		)
Compensation	0.3		(0.3		)	(3.8	)	3.4			29.5		7.4
Contingent liability settlement	—		—			—		—			22.9		5.7
Foreign	0.1		(0.1		)	(0.1	)	0.1			11.3		2.8
Valuation allowance	—		—			(20.3	)	18.3			2,962.3		741.9
Tax Act - deferred rate change	—		—			—		—			(1,043.5	)	(261.3		)
Other	0.2		(0.1		)	(1.5	)	1.3			3.3		0.7
Total effective tax rate and income tax benefit (expense)	49.9	%	$	(43.0	)	(4.0	)%	$	3.6		1,990.6	%	$	498.5

Reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:



(in millions)	Unrecognized tax benefits
Unrecognized tax benefits as of January 1, 2017	$	26.8
Additions based on current year positions	2.9
Additions based on prior year positions	2.8
Decreases due to settlements and/or reduction in reserves	(1.3		)
Currency translation adjustments	(0.1		)
Settlement payments	(0.2		)
Unrecognized tax benefits as of December 31, 2017	30.9
Additions based on prior year positions	0.8
Decreases due to settlements and/or reduction in reserves	(2.0		)
Unrecognized tax benefits as of December 31, 2018	29.7
Additions based on prior year positions	6.5
Decreases due to settlements and/or reduction in reserves	(0.2		)
Unrecognized tax benefits as of December 31, 2019	$	36.0

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Information on stock options issued

The following table contains information about our stock options:



	Number of Option Shares		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding as of January 1, 2019	5,869,211		$	15.14
Granted	2,436,811		$	19.24
Exercised	(230,644	)	$	14.32
Forfeited	(257,942	)	$	19.44
Outstanding as of December 31, 2019	7,817,436		$	16.30	4.84	$	75.1
Exercisable as of December 31, 2019	4,071,052		$	13.62	2.49	$	49.2

Information about stock options by exercise price range

The following table summarizes information about our outstanding stock options as of December 31, 2019:



	Exercise Price Range						Total
	$11.61 to $16.93		$17.77 to $25.05		$30.74 to $32.90		$11.61 to $32.90
Outstanding options
Number outstanding	4,842,725		2,368,886		605,825		7,817,436
Weighted-average remaining contractual term (in years)	2.66		9.27		4.95		4.84
Weighted-average exercise price	$	13.06	$	19.23	$	30.75	$	16.30
Exercisable options
Number outstanding	3,901,333		10,584		159,135		4,071,052
Weighted-average exercise price	$	12.91	$	18.62	$	30.75	$	13.62

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

The following are the weighted-average assumptions used in the Black-Scholes option-pricing model for the years ended December 31, 2019, 2018 and 2017:



	For the year ended December 31,
	2019		2018		2017
Risk-free interest rate	2.00	%	2.26	%	1.97	%
Expected volatility	32.90	%	30.80	%	30.66	%
Dividend yield	—		—		—
Weighted-average expected life (in years)	5.30		5.30		5.30

Information on restricted stock awards

The following table contains information on our RSAs:



	With Performance Conditions				Without Performance Conditions
	Number of Shares		Weighted- Average Grant Date Fair Value		Number of Shares		Weighted- Average Grant Date Fair Value
Nonvested as of January 1, 2019	351,472		$	22.10	207,349		$	25.55
Granted	253,609		$	23.55	175,795		$	19.44
Vested	(193,799	)	$	19.36	(35,758	)	$	18.05
Forfeited	(15,920	)	$	22.60	(48,907	)	$	23.71
Nonvested as of December 31, 2019	395,362		$	24.35	298,479		$	23.15

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Schedule of reconciliation of the weighted-average common shares outstanding



	For the year ended December 31,
(in millions)	2019	2018	2017
Determination of shares:
Weighted-average common shares outstanding	115.7	97.1	90.9
Assumed conversion of dilutive stock options	1.8	3.0	2.4
Assumed conversion of dilutive restricted stock awards	0.3	0.2	0.1
Diluted weighted-average common shares outstanding	117.8	100.3	93.4

Schedule of calculation of basic and diluted EPS

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2019, 2018 and 2017:



	For the year ended December 31,
(in millions, except per share data)	2019		2018		2017
Calculation of basic EPS:
Net income applicable to common stock	$	43.9	$	93.5	$	473.4
Weighted-average common shares outstanding	115.7		97.1		90.9
Basic EPS	$	0.38	$	0.96	$	5.21
Calculation of diluted EPS:
Net income applicable to common stock	43.9		93.5		473.4
Diluted weighted-average common shares outstanding	117.8		100.3		93.4
Diluted EPS	$	0.37	$	0.93	$	5.07

Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Schedule of segment information

For financial reporting purposes, we aggregate our operating segments into the following four reportable segments:



	Location	Real Estate Assets Lease or Ownership Structure
Northeast segment
Ameristar East Chicago	East Chicago, Indiana	Pinnacle Master Lease
Greektown Casino-Hotel ⁽¹⁾	Detroit, Michigan	Greektown Lease
Hollywood Casino Bangor	Bangor, Maine	Penn Master Lease
Hollywood Casino at Charles Town Races	Charles Town, West Virginia	Penn Master Lease
Hollywood Casino Columbus	Columbus, Ohio	Penn Master Lease
Hollywood Casino Lawrenceburg	Lawrenceburg, Indiana	Penn Master Lease
Hollywood Casino at Penn National Race Course	Grantville, Pennsylvania	Penn Master Lease
Hollywood Casino Toledo	Toledo, Ohio	Penn Master Lease
Hollywood Gaming at Dayton Raceway	Dayton, Ohio	Penn Master Lease
Hollywood Gaming at Mahoning Valley Race Course	Youngstown, Ohio	Penn Master Lease
Marquee by Penn⁽²⁾	Pennsylvania	N/A
Meadows Racetrack and Casino	Washington, Pennsylvania	Meadows Lease
Plainridge Park Casino	Plainville, Massachusetts	Pinnacle Master Lease

South segment⁽³⁾
1^st Jackpot Casino	Tunica, Mississippi	Penn Master Lease
Ameristar Vicksburg	Vicksburg, Mississippi	Pinnacle Master Lease
Boomtown Biloxi	Biloxi, Mississippi	Penn Master Lease
Boomtown Bossier City	Bossier City, Louisiana	Pinnacle Master Lease
Boomtown New Orleans	New Orleans, Louisiana	Pinnacle Master Lease
Hollywood Casino Gulf Coast	Bay St. Louis, Mississippi	Penn Master Lease
Hollywood Casino Tunica	Tunica, Mississippi	Penn Master Lease
L’Auberge Baton Rouge	Baton Rouge, Louisiana	Pinnacle Master Lease
L’Auberge Lake Charles	Lake Charles, Louisiana	Pinnacle Master Lease
Margaritaville Resort Casino ⁽⁴⁾	Bossier City, Louisiana	Margaritaville Lease

West segment
Ameristar Black Hawk	Black Hawk, Colorado	Pinnacle Master Lease
Cactus Petes and Horseshu	Jackpot, Nevada	Pinnacle Master Lease
M Resort	Henderson, Nevada	Penn Master Lease
Tropicana Las Vegas	Las Vegas, Nevada	Owned
Zia Park Casino	Hobbs, New Mexico	Penn Master Lease

Midwest segment
Ameristar Council Bluffs	Council Bluffs, Iowa	Pinnacle Master Lease
Argosy Casino Alton ⁽⁵⁾	Alton, Illinois	Penn Master Lease
Argosy Casino Riverside	Riverside, Missouri	Penn Master Lease
Hollywood Casino Aurora	Aurora, Illinois	Penn Master Lease
Hollywood Casino Joliet	Joliet, Illinois	Penn Master Lease
Hollywood Casino at Kansas Speedway ⁽⁶⁾	Kansas City, Kansas	Owned - JV
Hollywood Casino St. Louis	Maryland Heights, Missouri	Penn Master Lease
Prairie State Gaming⁽²⁾	Illinois	N/A
River City Casino	St. Louis, Missouri	Pinnacle Master Lease


(1)	Acquired on May 23, 2019


(2)	VGT route operations


(3)	Resorts Casino Tunica ceased operations on June 30, 2019, but remains subject to the Penn Master Lease.


(4)	Acquired on January 1, 2019


(5)	The riverboat is owned by us and not subject to the Penn Master Lease.

(6)

The following table highlights our revenues and Adjusted EBITDAR for each reportable segment and reconciles Adjusted EBITDAR on a consolidated basis to Net income.



	For the year ended December 31,
(in millions)	2019			2018			2017
Revenues:
Northeast segment	$	2,399.9		$	1,891.5		$	1,756.6
South segment	1,118.9			394.4			224.3
West segment	642.5			437.9			380.4
Midwest segment	1,094.5			823.7			735.0
Other ⁽¹⁾	47.5			40.4			51.7
Intersegment eliminations ⁽²⁾	(1.9		)	—			—
Total	$	5,301.4		$	3,587.9		$	3,148.0

Adjusted EBITDAR ⁽³⁾:
Northeast segment	$	720.8		$	583.8		$	549.3
South segment	369.8			118.9			62.6
West segment	198.8			114.3			72.7
Midwest segment	403.6			294.3			249.7
Other ⁽¹⁾	(87.8		)	(68.1		)	(55.2		)
Total ⁽³⁾	1,605.2			1,043.2			879.1

Other operating benefits (costs) and other income (expenses):
Rent expense associated with triple net operating leases⁽⁴⁾	(366.4		)	(3.8		)	—
Stock-based compensation	(14.9		)	(12.0		)	(7.8		)
Cash-settled stock-based awards variance	(0.8		)	19.6			(23.4		)
Loss on disposal of assets	(5.5		)	(3.2		)	(0.2		)
Contingent purchase price	(7.0		)	(0.5		)	6.8
Pre-opening and acquisition costs	(22.3		)	(95.0		)	(9.7		)
Depreciation and amortization	(414.2		)	(269.0		)	(267.1		)
Impairment losses	(173.1		)	(34.9		)	(18.0		)
Recoveries on (provision for) loan loss and unfunded loan commitments	—			17.0			(89.8		)
Insurance recoveries, net of deductible charges	3.0			0.1			0.3
Non-operating items for Kansas JV	(3.7		)	(5.1		)	(5.8		)
Interest expense, net	(534.2		)	(538.4		)	(463.2		)
Loss on early extinguishment of debt	—			(21.0		)	(24.0		)
Other	20.0			(7.1		)	(2.3		)
Income before income taxes	86.1			89.9			(25.1		)
Income tax benefit (expense)	(43.0		)	3.6			498.5
Net income	$	43.1		$	93.5		$	473.4

(1)


(2)	Represents the elimination of intersegment revenues associated with Penn Interactive and HPT.

(3)


(4)	The Company’s triple net operating leases include certain components of the Master Leases (primarily land), the Meadows Lease, the Margaritaville Lease, and the Greektown Lease.



	For the year ended December 31,
(in millions)	2019		2018		2017
Capital expenditures:
Northeast segment	$	96.2	$	38.9	$	26.3
South segment	29.8		10.6		6.3
West segment	21.2		12.8		35.7
Midwest segment	32.7		25.3		26.2
Other	10.7		5.0		4.8
Total capital expenditures	$	190.6	$	92.6	$	99.3



(in millions)	Northeast		South		West		Midwest		Other		Total
As of December 31, 2019
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	90.9	$	37.3	$	128.3
Total assets ⁽¹⁾	$	2,273.7	$	1,397.0	$	752.1	$	1,412.2	$	8,359.5	$	14,194.5

As of December 31, 2018
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	89.4	$	39.0	$	128.5
Total assets ⁽²⁾	$	1,330.2	$	1,082.3	$	755.7	$	1,411.5	$	6,381.3	$	10,961.0

As of December 31, 2017
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	88.3	$	60.5	$	148.9
Total assets ⁽²⁾	$	921.0	$	169.3	$	625.0	$	970.8	$	2,548.7	$	5,234.8

(1)

(2)

As of December 31, 2018 and 2017, total assets of the Other category includes the real estate assets subject to the Master Leases, which are classified as property and equipment.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of carrying amounts and estimated fair values by input level

The carrying amounts and estimated fair values by input level of the Company’s financial instruments were as follows:



	December 31, 2019
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	437.4	$	437.4	$	437.4	$	—	$	—
Equity securities	$	40.5	$	40.5	$	—	$	40.5	$	—
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	15.1	$	15.1	$	—	$	15.1	$	—
Financial liabilities:
Long-term debt
Senior Secured Credit Facilities	$	1,896.5	$	1,930.6	$	1,930.6	$	—	$	—
5.625% Notes	$	399.4	$	426.0	$	426.0	$	—	$	—
Other long-term obligations	$	89.2	$	89.7	$	—	$	89.7	$	—
Other liabilities	$	20.3	$	20.3	$	—	$	2.8	$	17.5



	December 31, 2018
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	479.6	$	479.6	$	479.6	$	—	$	—
Held-to-maturity securities	$	7.5	$	7.9	$	—	$	7.9	$	—
Promissory notes	$	16.9	$	17.4	$	—	$	17.4	$	—
Financial liabilities:
Long-term debt
Senior Secured Credit Facilities	$	1,907.9	$	1,886.3	$	1,886.3	$	—	$	—
5.625% Notes	$	399.3	$	360.0	$	360.0	$	—	$	—
Other long-term obligations	$	104.6	$	96.3	$	—	$	96.3	$	—
Other liabilities	$	21.9	$	21.8	$	—	$	2.8	$	19.0

Summary of the changes in fair value of Level 3 liabilities

The following table summarizes the changes in fair value of our Level 3 liabilities measured on a recurring basis:



	Other Liabilities
(in millions)	Contingent Purchase Price
Balance as of January 1, 2017	$	48.2
Additions	0.9
Payments	(19.6		)
Included in earnings⁽¹⁾	(6.8		)
Balance as of December 31, 2017	22.7
Payments	(4.2		)
Included in earnings⁽¹⁾	0.5
Balance as of December 31, 2018	19.0
Payments	(8.5		)
Included in earnings⁽¹⁾	7.0
Balance as of December 31, 2019	$	17.5

(1)

The expense is included in “General and administrative” within our Consolidated Statements of Income.

Schedule of the assets measured at fair value on a non-recurring basis

The following table sets forth the assets measured at fair value on a non-recurring basis during the years ended December 31, 2019 and 2018:



(in millions)	Valuation Date	Valuation Technique	Level 1		Level 2		Level 3		Total Balance		Total Reduction in Fair Value Recorded
Goodwill	10/1/2019	Discounted cash flow and market approach	$	—	$	—	$	161.1	$	161.1	$	(88.0	)
Gaming licenses	10/1/2019	Discounted cash flow	$	—	$	—	$	290.0	$	290.0	$	(62.6	)
Trademarks	10/1/2019	Discounted cash flow	$	—	$	—	$	87.5	$	87.5	$	(20.0	)
Property and equipment ⁽¹⁾	12/31/2018	Cost and market approach	$	—	$	—	$	—	$	—	$	(34.3	)

(1)

The fair value, which was concluded to be zero, of our property and equipment associated with Resorts Casino Tunica was determined using Level 2 inputs. See Note 7, “Property and Equipment” for more information.

Summary of significant unobservable inputs used in fair value calculations

The following table presents quantitative information about the significant unobservable inputs used in the fair value measurements of other indefinite-lived intangible assets as of the valuation date below:



(in millions)	Fair Value		Valuation Technique	Unobservable Input	Range or Amount
As of October 1, 2019
Gaming licenses	$	290.0	Discounted cash flow	Discount rate	10.5% - 11.25%
				Long-term revenue growth rate	2.0	%
Trademarks	$	87.5	Discounted cash flow	Discount rate	10.5% - 11.25%
				Long-term revenue growth rate	2.0	%
				Pretax royalty rate	1.0% - 2.0%

The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 liabilities on a recurring basis as of December 31, 2019:



	Valuation Technique	Unobservable Input	Discount Rate
Plainridge Park Casino contingent purchase price	Discounted cash flow	Discount rate	5.63%

Summarized Quarterly Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The following table summarizes the quarterly results of operations for the years ended December 31, 2019 and 2018:



	Fiscal Quarter
(in millions, except per share data)	First		Second		Third		Fourth⁽¹⁾
2019
Revenues	$	1,282.6	$	1,323.1	$	1,354.5	$	1,341.2
Operating income	$	182.4	$	198.4	$	179.8	$	11.3
Net income (loss)	$	41.0	$	51.3	$	43.7	$	(92.9	)
Earnings (loss) per common share:
Basic earnings (loss) per common share	$	0.35	$	0.44	$	0.38	$	(0.80	)
Diluted earnings (loss) per common share	$	0.35	$	0.44	$	0.38	$	(0.80	)

	Fiscal Quarter
(in millions, except per share data)	First		Second⁽²⁾		Third		Fourth ⁽³⁾
2018
Revenues	$	816.1	$	826.9	$	789.7	$	1,155.3
Operating income	$	172.1	$	181.8	$	155.8	$	124.4
Net income (loss)	$	45.4	$	54.0	$	36.1	$	(42.0	)
Earnings (loss) per common share:
Basic earnings (loss) per common share	$	0.50	$	0.59	$	0.39	$	(0.37	)
Diluted earnings (loss) per common share	$	0.48	$	0.57	$	0.38	$	(0.37	)


(1)	During the fourth quarter of 2019, we recorded $170.6 million of impairment on our goodwill and other intangible assets. See Note 8, “Goodwill and Other Intangible Assets,” for further details.


(2)	During the second quarter of 2018, the Company recorded a recovery of loan losses and unfunded loan commitments of $17.0 million relating to the JIVDC. See Note 5, “Acquisitions and Other Investments,” for further details.

(3)

Organization and Basis of Presentation (Details)	Oct. 15, 2018 property	Dec. 31, 2019 jurisdiction property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of facilities the entity owned, managed, or had ownership interests in		41
Number of jurisdictions in which the entity operates \| jurisdiction		19
Pinnacle
Business Acquisition [Line Items]
Number of properties acquired	12

Significant Accounting Policies - Segment Information (Details)	12 Months Ended
	Dec. 31, 2019 facility segment	Dec. 31, 2018
Segment Information
Number of reportable segments	4
Kansas Entertainment
Segment Information
Ownership interest	50.00%	50.00%
Jackpot, Nevada
Segment Information
Number of facilities the entity owned, managed, or had ownership interests in \| facility	2
Number of operating segments	1

Significant Accounting Policies - Concentration of Credit Risk and Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts	$ (7.7)	$ (3.2)
Accounts receivable, net	88.7	106.8
Markers issued to customers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	22.9	17.2
Credit card receivables and other advances to customers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	16.5	20.9
Receivables from ATM and cash kiosk transactions
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	14.4	19.2
Hotel and banquet receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	6.5	8.1
Racing settlements
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	6.6	6.1
Receivables due from platform providers for social casino games
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	3.3	2.3
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	$ 26.2	$ 36.2

Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2019
Land improvements
Estimated useful lives of property and equipment
Useful lives	15 years
Building and improvements \| Minimum
Estimated useful lives of property and equipment
Useful lives	5 years
Building and improvements \| Maximum
Estimated useful lives of property and equipment
Useful lives	31 years
Vessels \| Minimum
Estimated useful lives of property and equipment
Useful lives	10 years
Vessels \| Maximum
Estimated useful lives of property and equipment
Useful lives	35 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

Significant Accounting Policies - Equity Securities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Accounting Policies [Abstract]
Holding gain on equity securities	$ 19.9

Significant Accounting Policies - Financing Obligations (Details)	Oct. 15, 2018	Nov. 01, 2013
Penn Master Lease
Capital Leased Assets [Line Items]
Lease term		35 years
Discount rate		9.70%
Pinnacle Master Lease
Capital Leased Assets [Line Items]
Discount rate	7.30%
Remaining lease term	32 years 6 months
Effective yield	9.60%

Significant Accounting Policies - Revenue Recognition (Details) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2019 agreement
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts		$ 438.6	$ 206.1
Revenue recognized	$ 0.6
Loyalty credit obligation
Revenue from External Customer [Line Items]
Customer-related liabilities, current	36.2	$ 36.2	39.9
Contract with customer, term		6 months
Advance payments on goods and services yet to be provided or unpaid wagers
Revenue from External Customer [Line Items]
Customer-related liabilities	42.2	$ 42.2	34.3
Customer-related liabilities, long-term	0.6	$ 0.6	0.7
Virtual playing credits
Revenue from External Customer [Line Items]
Redemption period over which revenue is recognized		three days
Food and beverage
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts		$ 261.4	137.2
Hotel
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts		159.6	60.8
Other
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts		17.6	$ 8.1
Online sports betting and related iGaming market access
Revenue from External Customer [Line Items]
Customer-related liabilities, long-term	$ 43.6	$ 43.6
Number of operator agreements for which ordinary shares and warrants received \| agreement				3

Significant Accounting Policies - Gaming and Racing Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Gaming taxes	$ 1,590.0	$ 1,102.3	$ 983.3

Significant Accounting Policies - Stock-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Dividend yield	0.00%	0.00%	0.00%

New Accounting Pronouncements (Details) - USD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current assets
Prepaid expenses	$ 76.7	$ 62.0	$ 63.0
Total current assets	642.8	676.6	677.6
Property and equipment, net	5,120.2	5,297.1	6,868.8
Other assets
Goodwill	1,270.7	1,233.9	1,228.4	$ 1,008.1
Operating lease right-of-use assets	4,613.3	3,806.5	0.0
Finance lease right-of-use assets	224.0	224.5	0.0
Total assets	14,194.5	13,424.8	10,961.0	5,234.8
Current liabilities
Current portion of financing obligations	40.5	50.1	67.8
Current portion of operating lease liabilities	124.1	102.3	0.0
Current portion of finance lease liabilities	6.5	5.8	0.0
Accrued expenses and other current liabilities	631.3	577.5	578.0
Total current liabilities	905.6	828.3	738.4
Long-term portion of financing obligations	4,102.2	4,144.2	7,080.6
Long-term portion of lease obligations	4,450.6	3,704.4	0.0
Long-term portion of lease obligations	219.4	218.3	0.0
Deferred income taxes	244.6	303.8	0.0
Other long-term liabilities	98.0	58.8	60.7
Total liabilities	12,342.6	11,607.9	10,229.8
Retained earnings (accumulated deficit)	161.6	117.7	(968.0)
Total Penn stockholders’ equity	1,852.7	1,816.9	731.2
Total stockholders’ equity	1,851.9	1,816.9	731.2	$ (73.3)	$ (543.4)
Total liabilities and stockholders’ equity	$ 14,194.5	13,424.8	$ 10,961.0
ASC 842
Current assets
Prepaid expenses		(1.0)
Total current assets		(1.0)
Property and equipment, net		(1,571.7)
Other assets
Goodwill		5.5
Operating lease right-of-use assets		3,806.5
Finance lease right-of-use assets		224.5
Total assets		2,463.8
Current liabilities
Current portion of financing obligations		(17.7)
Current portion of operating lease liabilities		102.3
Current portion of finance lease liabilities		5.8
Accrued expenses and other current liabilities		(0.5)
Total current liabilities		89.9
Long-term portion of financing obligations		(2,936.4)
Long-term portion of lease obligations		3,704.4
Long-term portion of lease obligations		218.3
Deferred income taxes		303.8
Other long-term liabilities		(1.9)
Total liabilities		1,378.1
Retained earnings (accumulated deficit)		1,085.7
Total Penn stockholders’ equity		1,085.7
Total stockholders’ equity		1,085.7
Total liabilities and stockholders’ equity		2,463.8
Financing Obligations - Master Leases
Current assets
Prepaid expenses		0.0
Total current assets		0.0
Property and equipment, net		0.0
Other assets
Goodwill		5.5
Operating lease right-of-use assets		0.0
Finance lease right-of-use assets		0.0
Total assets		5.5
Current liabilities
Current portion of financing obligations		0.0
Current portion of operating lease liabilities		0.0
Current portion of finance lease liabilities		0.0
Accrued expenses and other current liabilities		0.0
Total current liabilities		0.0
Long-term portion of financing obligations		5.5
Long-term portion of lease obligations		0.0
Long-term portion of lease obligations		0.0
Deferred income taxes		0.0
Other long-term liabilities		0.0
Total liabilities		5.5
Retained earnings (accumulated deficit)		0.0
Total Penn stockholders’ equity		0.0
Total stockholders’ equity		0.0
Total liabilities and stockholders’ equity		5.5
Finance Leases - Dayton and Mahoning Valley
Current assets
Prepaid expenses		0.0
Total current assets		0.0
Property and equipment, net		(164.3)
Other assets
Goodwill		0.0
Operating lease right-of-use assets		0.0
Finance lease right-of-use assets		224.5
Total assets		60.2
Current liabilities
Current portion of financing obligations		(1.5)
Current portion of operating lease liabilities		0.0
Current portion of finance lease liabilities		5.8
Accrued expenses and other current liabilities		0.0
Total current liabilities		4.3
Long-term portion of financing obligations		(181.3)
Long-term portion of lease obligations		0.0
Long-term portion of lease obligations		218.3
Deferred income taxes		4.3
Other long-term liabilities		0.0
Total liabilities		45.6
Retained earnings (accumulated deficit)		14.6
Total Penn stockholders’ equity		14.6
Total stockholders’ equity		14.6
Total liabilities and stockholders’ equity		60.2
Operating Leases - Master Leases
Current assets
Prepaid expenses		0.0
Total current assets		0.0
Property and equipment, net		(1,407.4)
Other assets
Goodwill		0.0
Operating lease right-of-use assets		3,541.2
Finance lease right-of-use assets		0.0
Total assets		2,133.8
Current liabilities
Current portion of financing obligations		(16.2)
Current portion of operating lease liabilities		72.9
Current portion of finance lease liabilities		0.0
Accrued expenses and other current liabilities		0.0
Total current liabilities		56.7
Long-term portion of financing obligations		(2,760.6)
Long-term portion of lease obligations		3,467.1
Long-term portion of lease obligations		0.0
Deferred income taxes		299.5
Other long-term liabilities		0.0
Total liabilities		1,062.7
Retained earnings (accumulated deficit)		1,071.1
Total Penn stockholders’ equity		1,071.1
Total stockholders’ equity		1,071.1
Total liabilities and stockholders’ equity		2,133.8
Operating Lease - Meadows
Current assets
Prepaid expenses		0.0
Total current assets		0.0
Property and equipment, net		0.0
Other assets
Goodwill		0.0
Operating lease right-of-use assets		112.8
Finance lease right-of-use assets		0.0
Total assets		112.8
Current liabilities
Current portion of financing obligations		0.0
Current portion of operating lease liabilities		20.5
Current portion of finance lease liabilities		0.0
Accrued expenses and other current liabilities		0.0
Total current liabilities		20.5
Long-term portion of financing obligations		0.0
Long-term portion of lease obligations		92.3
Long-term portion of lease obligations		0.0
Deferred income taxes		0.0
Other long-term liabilities		0.0
Total liabilities		112.8
Retained earnings (accumulated deficit)		0.0
Total Penn stockholders’ equity		0.0
Total stockholders’ equity		0.0
Total liabilities and stockholders’ equity		112.8
Other Operating Leases - Non-Master Leases
Current assets
Prepaid expenses		(1.0)
Total current assets		(1.0)
Property and equipment, net		0.0
Other assets
Goodwill		0.0
Operating lease right-of-use assets		152.5
Finance lease right-of-use assets		0.0
Total assets		151.5
Current liabilities
Current portion of financing obligations		0.0
Current portion of operating lease liabilities		8.9
Current portion of finance lease liabilities		0.0
Accrued expenses and other current liabilities		(0.5)
Total current liabilities		8.4
Long-term portion of financing obligations		0.0
Long-term portion of lease obligations		145.0
Long-term portion of lease obligations		0.0
Deferred income taxes		0.0
Other long-term liabilities		(1.9)
Total liabilities		151.5
Retained earnings (accumulated deficit)		0.0
Total Penn stockholders’ equity		0.0
Total stockholders’ equity		0.0
Total liabilities and stockholders’ equity		$ 151.5

Revenue Disaggregation (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
Revenue Disaggregation (Details) - USD ($) $ in Millions	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Revenues									$ 5,301.4	$ 3,587.9	$ 3,331.5
Less: Promotional allowance									0.0	0.0	(183.5)
Total revenues	$ 1,341.2	$ 1,354.5	$ 1,323.1	$ 1,282.6	$ 1,155.3	$ 789.7	$ 826.9	$ 816.1	5,301.4	3,587.9	3,148.0
Gaming
Disaggregation of Revenue [Line Items]
Revenues									4,268.7	2,894.9	2,692.0
Food and beverage
Disaggregation of Revenue [Line Items]
Revenues									512.0	314.8	292.4
Hotel
Disaggregation of Revenue [Line Items]
Revenues									311.0	163.6	129.9
Racing
Disaggregation of Revenue [Line Items]
Revenues									31.3	26.8	62.7
Reimbursable management costs
Disaggregation of Revenue [Line Items]
Revenues										57.3	26.1
Other
Disaggregation of Revenue [Line Items]
Revenues									178.4	130.5	128.4
Operating segments \| Northeast segment
Disaggregation of Revenue [Line Items]
Revenues									2,399.9	1,891.5	1,818.7
Less: Promotional allowance											(62.1)
Total revenues									2,399.9	1,891.5	1,756.6
Operating segments \| Northeast segment \| Gaming
Disaggregation of Revenue [Line Items]
Revenues									2,117.1	1,644.2	1,583.9
Operating segments \| Northeast segment \| Food and beverage
Disaggregation of Revenue [Line Items]
Revenues									155.1	109.6	115.0
Operating segments \| Northeast segment \| Hotel
Disaggregation of Revenue [Line Items]
Revenues									43.5	23.2	21.5
Operating segments \| Northeast segment \| Racing
Disaggregation of Revenue [Line Items]
Revenues									25.1	20.3	49.6
Operating segments \| Northeast segment \| Reimbursable management costs
Disaggregation of Revenue [Line Items]
Revenues										46.8	0.0
Operating segments \| Northeast segment \| Other
Disaggregation of Revenue [Line Items]
Revenues									59.1	47.4	48.7
Operating segments \| South segment
Disaggregation of Revenue [Line Items]
Revenues									1,118.9	394.4	255.1
Less: Promotional allowance											(30.8)
Total revenues									1,118.9	394.4	224.3
Operating segments \| South segment \| Gaming
Disaggregation of Revenue [Line Items]
Revenues									831.1	302.9	203.0
Operating segments \| South segment \| Food and beverage
Disaggregation of Revenue [Line Items]
Revenues									154.1	56.6	35.5
Operating segments \| South segment \| Hotel
Disaggregation of Revenue [Line Items]
Revenues									98.2	23.3	10.3
Operating segments \| South segment \| Racing
Disaggregation of Revenue [Line Items]
Revenues									0.0	0.0	0.0
Operating segments \| South segment \| Reimbursable management costs
Disaggregation of Revenue [Line Items]
Revenues										0.0	0.0
Operating segments \| South segment \| Other
Disaggregation of Revenue [Line Items]
Revenues									35.5	11.6	6.3
Operating segments \| West segment
Disaggregation of Revenue [Line Items]
Revenues									642.5	437.9	423.2
Less: Promotional allowance											(42.8)
Total revenues									642.5	437.9	380.4
Operating segments \| West segment \| Gaming
Disaggregation of Revenue [Line Items]
Revenues									374.3	228.0	219.7
Operating segments \| West segment \| Food and beverage
Disaggregation of Revenue [Line Items]
Revenues									116.7	89.6	82.4
Operating segments \| West segment \| Hotel
Disaggregation of Revenue [Line Items]
Revenues									125.9	90.8	76.1
Operating segments \| West segment \| Racing
Disaggregation of Revenue [Line Items]
Revenues									0.6	0.6	2.3
Operating segments \| West segment \| Reimbursable management costs
Disaggregation of Revenue [Line Items]
Revenues										10.5	26.1
Operating segments \| West segment \| Other
Disaggregation of Revenue [Line Items]
Revenues									25.0	18.4	16.6
Operating segments \| Midwest segment
Disaggregation of Revenue [Line Items]
Revenues									1,094.5	823.7	782.2
Less: Promotional allowance											(47.2)
Total revenues									1,094.5	823.7	735.0
Operating segments \| Midwest segment \| Gaming
Disaggregation of Revenue [Line Items]
Revenues									938.1	719.8	685.4
Operating segments \| Midwest segment \| Food and beverage
Disaggregation of Revenue [Line Items]
Revenues									84.7	57.9	58.4
Operating segments \| Midwest segment \| Hotel
Disaggregation of Revenue [Line Items]
Revenues									43.4	26.3	22.0
Operating segments \| Midwest segment \| Racing
Disaggregation of Revenue [Line Items]
Revenues									0.0	0.0	0.0
Operating segments \| Midwest segment \| Reimbursable management costs
Disaggregation of Revenue [Line Items]
Revenues										0.0	0.0
Operating segments \| Midwest segment \| Other
Disaggregation of Revenue [Line Items]
Revenues									28.3	19.7	16.4
Other
Disaggregation of Revenue [Line Items]
Revenues									47.5	40.4	52.3
Less: Promotional allowance											(0.6)
Total revenues									47.5	40.4	51.7
Other \| Gaming
Disaggregation of Revenue [Line Items]
Revenues									8.8	0.0	0.0
Other \| Food and beverage
Disaggregation of Revenue [Line Items]
Revenues									1.4	1.1	1.1
Other \| Hotel
Disaggregation of Revenue [Line Items]
Revenues									0.0	0.0	0.0
Other \| Racing
Disaggregation of Revenue [Line Items]
Revenues									5.6	5.9	10.8
Other \| Reimbursable management costs
Disaggregation of Revenue [Line Items]
Revenues										0.0	0.0
Other \| Other
Disaggregation of Revenue [Line Items]
Revenues									31.7	33.4	40.4
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Revenues									(1.9)
Total revenues									(1.9)	$ 0.0	$ 0.0
Intersegment eliminations \| Gaming
Disaggregation of Revenue [Line Items]
Revenues									(0.7)
Intersegment eliminations \| Food and beverage
Disaggregation of Revenue [Line Items]
Revenues									0.0
Intersegment eliminations \| Hotel
Disaggregation of Revenue [Line Items]
Revenues									0.0
Intersegment eliminations \| Racing
Disaggregation of Revenue [Line Items]
Revenues									0.0
Intersegment eliminations \| Other
Disaggregation of Revenue [Line Items]
Revenues									$ (1.2)

Acquisitions and Other Investments - Additional Information (Details) $ / shares in Units, $ in Millions					1 Months Ended	12 Months Ended
	May 23, 2019 USD ($) renewal_option	Jan. 01, 2019 USD ($) renewal_option	Oct. 15, 2018 USD ($) property $ / shares	May 01, 2017 USD ($)	Aug. 31, 2016 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Business Acquisition [Line Items]
Proceeds from sale-and-leaseback transactions in conjunction with acquisitions						$ 961.1	$ 0.0	$ 0.0
Proceeds from the sale of real estate assets in conjunction with acquisitions							$ 250.0	82.6
Greektown Casino-Hotel
Business Acquisition [Line Items]
Purchase price	$ 320.3
Proceeds from sale-and-leaseback transactions in conjunction with acquisitions	$ 700.0
Weighted average amortization period of amortizing intangible assets acquired	2 years
Margaritaville Resort Casino
Business Acquisition [Line Items]
Purchase price		$ 122.9
Annual rent		$ 23.2
Operating lease, term		15 years
Operating lease, number of lease renewal terms \| renewal_option		4
Liabilities incurred on acquisition		$ 261.1
Margaritaville Resort Casino \| Customer relationships
Business Acquisition [Line Items]
Weighted average amortization period of amortizing intangible assets acquired		2 years
Pinnacle
Business Acquisition [Line Items]
Purchase price			$ 2,816.2
Liabilities incurred on acquisition			$ 814.3
Cash paid per share (in dollars per share) \| $ / shares			$ 20.00
Cash consideration			$ 1,252.2
Fair value of Penn common stock issued to former Pinnacle shareholders			$ 749.7
Number of properties acquired \| property			12
1st Jackpot Casino
Business Acquisition [Line Items]
Cash consideration				$ 47.0
Proceeds from the sale of real estate assets in conjunction with acquisitions				$ 82.6
Rocket Speed
Business Acquisition [Line Items]
Cash consideration					$ 60.5
Percentage acquired					100.00%
Contingent consideration, period					2 years
Multiple applied to then-trailing 12 months of EBITDA to determine contingent consideration					6.25
Contingent consideration, cap					$ 110.0
Contingent consideration (up to)					34.4
Benefit from buyout of contingent purchase price consideration								$ 22.2
Rocket Speed \| Employee retention compensation
Business Acquisition [Line Items]
Contingent consideration (up to)					$ 10.0
Greektown Lease
Business Acquisition [Line Items]
Annual rent	$ 55.6
Operating lease, term	15 years
Operating lease, number of lease renewal terms \| renewal_option	4
Lease renewal term	5 years
Margaritaville Lease
Business Acquisition [Line Items]
Operating lease, term		15 years
Operating lease, number of lease renewal terms \| renewal_option		4
Lease renewal term		5 years

Acquisitions and Other Investments - Allocation of Purchase Price (Details) - USD ($) $ in Millions	7 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	May 23, 2019	Jan. 01, 2019	Dec. 31, 2018	Oct. 15, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Goodwill	$ 1,270.7	$ 1,270.7		$ 1,233.9	$ 1,228.4		$ 1,008.1
Greektown Casino-Hotel
Business Acquisition [Line Items]
Cash and cash equivalents	31.1	31.1	$ 31.1
Receivables, prepaid expenses, and other current assets	14.5	14.5	15.7
Property and equipment	28.4	28.4	32.3
Goodwill	67.4	67.4	61.7
Operating lease right-of-use assets	516.1	516.1	516.1
Finance lease right-of-use assets	4.1	4.1	4.1
Other long-term assets	0.0	0.0	0.2
Total assets	855.7	855.7	855.3
Accounts payable, accrued expenses and other current liabilities	15.2	15.2	14.8
Operating lease liabilities	516.1	516.1	516.1
Finance lease liabilities	4.1	4.1	4.1
Total liabilities	535.4	535.4	535.0
Net assets acquired	320.3	320.3	320.3
Goodwill tax deductible amount			67.4
Measurement period adjustments
Receivables, prepaid expenses, and other current assets	(1.2)
Property and equipment	(3.9)
Goodwill	5.7
Other assets	(0.2)
Total assets	0.4
Accounts payable, accrued expenses and other current liabilities	0.4
Total liabilities	0.4
Net assets acquired	0.0
Greektown Casino-Hotel \| Customer relationships
Business Acquisition [Line Items]
Amortizing intangible assets	3.3	3.3	3.3
Greektown Casino-Hotel \| Gaming licenses
Business Acquisition [Line Items]
Indefinite-lived intangible assets	166.4	166.4	166.4
Greektown Casino-Hotel \| Trademarks
Business Acquisition [Line Items]
Indefinite-lived intangible assets	24.4	24.4	$ 24.4
Margaritaville Resort Casino
Business Acquisition [Line Items]
Cash and cash equivalents	10.7	10.7		10.7
Receivables, prepaid expenses, and other current assets	7.0	7.0		7.1
Property and equipment	20.7	20.7		21.7
Goodwill	44.2	44.2		39.5
Operating lease right-of-use assets	196.2	196.2		196.2
Total assets	329.2	329.2		325.6
Accounts payable, accrued expenses and other current liabilities	10.1	10.1		9.5
Operating lease liabilities	196.2	196.2		196.2
Total liabilities	206.3	206.3		205.7
Net assets acquired	122.9	122.9		119.9
Goodwill tax deductible amount				44.2
Measurement period adjustments
Receivables, prepaid expenses, and other current assets		(0.1)
Property and equipment		(1.0)
Goodwill		4.7
Total assets		3.6
Accounts payable, accrued expenses and other current liabilities		0.6
Total liabilities		0.6
Net assets acquired		3.0
Margaritaville Resort Casino \| Customer relationships
Business Acquisition [Line Items]
Amortizing intangible assets	2.3	2.3		2.3
Margaritaville Resort Casino \| Gaming licenses
Business Acquisition [Line Items]
Indefinite-lived intangible assets	48.1	48.1		$ 48.1
Pinnacle
Business Acquisition [Line Items]
Cash and restricted cash	124.2	124.2				$ 124.2
Assets held for sale	667.5	667.5				667.0
Other current assets	81.1	81.1				80.6
Goodwill	238.2	238.2				219.5
Other long-term assets	38.9	38.9				38.9
Total assets	6,811.4	6,811.4				6,799.6
Long-term financing obligation, including current portion	3,432.5	3,432.5				3,427.0
Other current liabilities	206.1	206.1				200.6
Deferred tax liabilities	340.0	340.0				339.2
Other long-term liabilities	16.6	16.6				16.6
Total liabilities	3,995.2	3,995.2				3,983.4
Net assets acquired	2,816.2	2,816.2				2,816.2
Measurement period adjustments
Assets held for sale		0.5
Receivables, prepaid expenses, and other current assets		0.5
Goodwill		18.7
Total assets		11.8
Long-term financing obligation, including current portion		5.5
Other current liabilities		5.5
Deferred tax liabilities		0.8
Total liabilities		11.8
Net assets acquired		0.0
Pinnacle \| Customer relationships
Business Acquisition [Line Items]
Amortizing intangible assets	22.4	22.4				22.4
Pinnacle \| Gaming licenses
Business Acquisition [Line Items]
Indefinite-lived intangible assets	1,067.6	1,067.6				1,046.0
Measurement period adjustments
Indefinite-lived intangible assets		21.6
Pinnacle \| Trademarks
Business Acquisition [Line Items]
Indefinite-lived intangible assets	298.0	298.0				298.0
Property and equipment - Not Subject to Master Leases \| Pinnacle
Business Acquisition [Line Items]
Property and equipment	318.6	318.6				318.9
Measurement period adjustments
Property and equipment		(0.3)
Property and equipment - Subject to Master Leases \| Pinnacle
Business Acquisition [Line Items]
Property and equipment	$ 3,954.9	3,954.9				$ 3,984.1
Measurement period adjustments
Property and equipment		$ (29.2)

Acquisitions and Other Investments - Actual and Pro Forma Financial Results (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Pro forma financial results
Revenues	$ 5,434.9	$ 5,552.2	$ 5,036.6
Net income (loss)	64.9	$ 101.9	$ (38.0)
Greektown Casino-Hotel
Actual financial results of acquiree since acquisition date
Revenues	195.9
Net income	10.9
Margaritaville Resort Casino
Actual financial results of acquiree since acquisition date
Revenues	157.6
Net income	$ 13.7

Acquisitions and Other Investments - Jamul Indian Village Development Corporation (Details) - USD ($)		3 Months Ended	12 Months Ended
	May 25, 2018	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Oct. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for (recoveries on) loan loss and unfunded loan commitments			$ 0	$ (17,000,000.0)	$ 89,800,000
Proceeds from sale of loan			$ 0	15,200,000	0
JIVDC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for (recoveries on) loan loss and unfunded loan commitments		$ (17,000,000.0)		$ (17,000,000.0)	86,000,000.0
Charges for certain advances					3,800,000
Proceeds from sale of loan	$ 15,200,000
JIVDC \| Secured credit facility
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum borrowing capacity under credit facilities						$ 460,000,000
JIVDC \| Secured credit facility \| Term loan C facility
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum borrowing capacity under credit facilities						$ 98,000,000.0
Term loan C facility \| JIVDC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for (recoveries on) loan loss and unfunded loan commitments					64,000,000.0
Unfunded loan commitments \| JIVDC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for (recoveries on) loan loss and unfunded loan commitments					$ 22,000,000.0

Investments in and Advances to Unconsolidated Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Return on investment from unconsolidated affiliates	$ 29.0	$ 27.0	$ 26.5
Summary financial information
Net income attributable to Penn National	$ 28.4	$ 22.3	18.7
Kansas Entertainment
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%	50.00%
Investment balance	$ 90.8	$ 89.4
Return on investment from unconsolidated affiliates	29.0	27.0	26.0
Summary financial information
Current assets	21.5	18.3
Long-term assets	159.2	161.0
Current liabilities	13.5	15.1
Revenues	162.3	159.0	155.7
Operating expenses	101.3	110.4	114.7
Operating income	61.0	48.6	41.0
Net income	61.0	48.6	41.0
Net income attributable to Penn National	$ 30.5	$ 24.3	$ 20.5
Freehold Raceway
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%
MAXXAM
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%

Property and Equipment - Property and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 5,120.2	$ 5,297.1	$ 6,868.8
Operating Leases - Master Leases
Property, Plant and Equipment [Line Items]
Property and equipment, net		(1,407.4)
Finance Leases - Dayton and Mahoning Valley
Property, Plant and Equipment [Line Items]
Property and equipment, net		(164.3)
Property and equipment - Not Subject to Master Leases
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,614.8		2,431.2
Less: Accumulated depreciation	(1,548.3)		(1,400.2)
Property and equipment, net	1,066.5		1,031.0
Land and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	353.2		344.0
Building, vessels and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	420.4		343.0
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,598.3		1,565.8
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	183.6		152.9
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	59.3		25.5
Property and equipment - Subject to Master Leases
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,190.5		6,816.0
Less: Accumulated depreciation	(1,136.8)		(978.2)
Property and equipment, net	4,053.7		5,837.8
Land and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,525.9		2,971.0
Land and improvements \| Operating Leases - Master Leases
Property, Plant and Equipment [Line Items]
Property and equipment, gross		(1,400.0)
Building, vessels and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,664.6		$ 3,845.0
Building, vessels and improvements \| Finance Leases - Dayton and Mahoning Valley
Property, Plant and Equipment [Line Items]
Property and equipment, gross		$ (180.4)

Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 381.6	$ 251.9	$ 248.2
Property and equipment - Subject to Master Leases
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 158.9	$ 112.1	$ 92.4

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Impairment on property and equipment	$ 34.3	$ 34.3	$ 34.3

Goodwill and Other Intangible Assets - Goodwill and Accumulated Goodwill Impairment Losses (Details) - USD ($)		12 Months Ended
	Oct. 01, 2019	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Goodwill, gross, beginning balance		$ 2,510,200,000	$ 2,289,900,000
Accumulated goodwill impairment losses, beginning balance		(1,281,800,000)	(1,281,800,000)
Goodwill, net, beginning balance		1,228,400,000	1,008,100,000
Goodwill acquired during year		111,600,000	220,300,000
Impairment losses during year	$ (88,000,000.0)	(88,000,000.0)	0
Other		18,700,000
Goodwill, gross, ending balance		2,640,500,000	2,510,200,000
Accumulated goodwill impairment losses, ending balance		(1,369,800,000)	(1,281,800,000)
Goodwill, net, ending balance		1,270,700,000	1,228,400,000
Northeast segment
Goodwill [Roll Forward]
Impairment losses during year		(10,300,000)
South segment
Goodwill [Roll Forward]
Impairment losses during year		(17,400,000)
Midwest segment
Goodwill [Roll Forward]
Impairment losses during year		(60,300,000)
Operating segments \| Northeast segment
Goodwill [Roll Forward]
Goodwill, gross, beginning balance		848,400,000	792,000,000.0
Accumulated goodwill impairment losses, beginning balance		(707,600,000)	(707,600,000)
Goodwill, net, beginning balance		140,800,000	84,400,000
Goodwill acquired during year		67,400,000	56,400,000
Impairment losses during year		(10,300,000)
Other		(1,500,000)
Goodwill, gross, ending balance		914,300,000	848,400,000
Accumulated goodwill impairment losses, ending balance		(717,900,000)	(707,600,000)
Goodwill, net, ending balance		196,400,000	140,800,000
Operating segments \| South segment
Goodwill [Roll Forward]
Goodwill, gross, beginning balance		185,200,000	136,900,000
Accumulated goodwill impairment losses, beginning balance		(34,600,000)	(34,600,000)
Goodwill, net, beginning balance		150,600,000	102,300,000
Goodwill acquired during year		44,200,000	48,300,000
Impairment losses during year		(17,400,000)
Other		7,200,000
Goodwill, gross, ending balance		236,600,000	185,200,000
Accumulated goodwill impairment losses, ending balance		(52,000,000.0)	(34,600,000)
Goodwill, net, ending balance		184,600,000	150,600,000
Operating segments \| West segment
Goodwill [Roll Forward]
Goodwill, gross, beginning balance		210,400,000	159,000,000.0
Accumulated goodwill impairment losses, beginning balance		(16,600,000)	(16,600,000)
Goodwill, net, beginning balance		193,800,000	142,400,000
Goodwill acquired during year		0	51,400,000
Impairment losses during year		0
Other		6,400,000
Goodwill, gross, ending balance		216,800,000	210,400,000
Accumulated goodwill impairment losses, ending balance		(16,600,000)	(16,600,000)
Goodwill, net, ending balance		200,200,000	193,800,000
Operating segments \| Midwest segment
Goodwill [Roll Forward]
Goodwill, gross, beginning balance		1,110,100,000	1,046,700,000
Accumulated goodwill impairment losses, beginning balance		(435,300,000)	(435,300,000)
Goodwill, net, beginning balance		674,800,000	611,400,000
Goodwill acquired during year		0	63,400,000
Impairment losses during year		(60,300,000)
Other		6,600,000
Goodwill, gross, ending balance		1,116,700,000	1,110,100,000
Accumulated goodwill impairment losses, ending balance		(495,600,000)	(435,300,000)
Goodwill, net, ending balance		621,100,000	674,800,000
Other
Goodwill [Roll Forward]
Goodwill, gross, beginning balance		156,100,000	155,300,000
Accumulated goodwill impairment losses, beginning balance		(87,700,000)	(87,700,000)
Goodwill, net, beginning balance		68,400,000	67,600,000
Goodwill acquired during year		0	800,000
Impairment losses during year		0
Other		0
Goodwill, gross, ending balance		156,100,000	156,100,000
Accumulated goodwill impairment losses, ending balance		(87,700,000)	(87,700,000)
Goodwill, net, ending balance		$ 68,400,000	$ 68,400,000

Goodwill and Other Intangible Assets - Reporting Units With Negative Carrying Values (Details) $ in Millions	Oct. 01, 2019 USD ($)
Northeast segment \| Hollywood Casino at Charles Town Races
Goodwill [Line Items]
Reporting unit with negative carrying amount, goodwill	$ 8.7
Northeast segment \| Plainridge Park Casino
Goodwill [Line Items]
Reporting unit with negative carrying amount, goodwill	6.3
Midwest segment \| Ameristar Council Bluffs
Goodwill [Line Items]
Reporting unit with negative carrying amount, goodwill	$ 36.2

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, accumulated amortization	$ (99.0)	$ (100.8)
Amortizing intangible assets, net carrying amount	41.5
Indefinite-lived Intangible Assets [Line Items]
Total other intangible assets, gross carrying amount	2,125.5	1,957.7
Total other intangible assets, net carrying amount	2,026.5	1,856.9
Gaming licenses
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,681.9	1,498.3
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	302.4	298.0
Other
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	0.7	0.7
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, gross carrying amount	104.4	98.8
Amortizing intangible assets, accumulated amortization	(69.0)	(51.5)
Amortizing intangible assets, net carrying amount	35.4	47.3
Other
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, gross carrying amount	36.1	61.9
Amortizing intangible assets, accumulated amortization	(30.0)	(49.3)
Amortizing intangible assets, net carrying amount	$ 6.1	$ 12.6

Goodwill and Other Intangible Assets - Expected Intangible Asset Amortization Expense (Details) $ in Millions	Dec. 31, 2019 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 19.7
2021	5.8
2022	3.9
2023	3.6
2024	3.6
Thereafter	4.9
Amortizing intangible assets, net carrying amount	$ 41.5

Goodwill and Other Intangible Assets - Additional Information (Details)		3 Months Ended	12 Months Ended
	Oct. 01, 2019 USD ($) reporting_unit	Sep. 30, 2017 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of goodwill	$ 88,000,000.0		$ 88,000,000.0	$ 0
Impairment of other intangible assets				0	$ 0
Number of reporting units with negative carrying values \| reporting_unit	3
Purchase of intangible assets			11,700,000	81,600,000	1,600,000
Intangible asset amortization expense			24,700,000	17,100,000	$ 18,900,000
Tropicana Las Vegas
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of goodwill		$ 14,800,000
Sanford Orlando Kennel Club
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of goodwill		$ 3,200,000
Northeast segment
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of goodwill			10,300,000
South segment
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of goodwill			17,400,000
Midwest segment
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of goodwill			60,300,000
Gaming licenses
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of other intangible assets			62,600,000
Gaming licenses \| Pennsylvania
Schedule Of Goodwill And Intangible Assets [Line Items]
Purchase of intangible assets			10,000,000.0	20,000,000.0
Gaming licenses \| York County, Pennsylvania
Schedule Of Goodwill And Intangible Assets [Line Items]
Purchase of intangible assets				50,100,000
Gaming licenses \| Berks County, Pennsylvania
Schedule Of Goodwill And Intangible Assets [Line Items]
Purchase of intangible assets				$ 7,500,000
Gaming licenses \| Northeast segment
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of other intangible assets			55,100,000
Gaming licenses \| South segment
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of other intangible assets			7,500,000
Trademarks
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of other intangible assets			20,000,000.0
Trademarks \| Northeast segment
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of other intangible assets			11,500,000
Trademarks \| South segment
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of other intangible assets			6,500,000
Trademarks \| Midwest segment
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of other intangible assets			$ 2,000,000.0

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Accrued salaries and wages	$ 142.1		$ 139.2
Accrued gaming, pari-mutuel, property, and other taxes	103.3		105.8
Accrued interest	13.0		15.8
Other accrued expenses	225.8		204.6
Other current liabilities	147.1		112.6
Accrued expenses and other current liabilities	631.3	$ 577.5	578.0
Accrued progressive jackpot liability	38.3		33.8
Deferred compensation liability, current	$ 80.1		$ 64.1

Long-term Debt - Debt Summary (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Jan. 19, 2017
Debt Instrument [Line Items]
Long-term debt	$ 2,419.0	$ 2,453.4
Less: Current maturities of long-term debt	(62.9)	(62.1)
Less: Debt discount	(2.4)	(2.8)
Less: Debt issuance costs	(31.5)	(38.4)
Long-term debt, net of current maturities and debt issuance costs	$ 2,322.2	2,350.1
Interest rate	5.625%
Secured credit facility \| Revolving Credit Facility due 2023
Debt Instrument [Line Items]
Long-term debt	$ 140.0	112.0
Secured credit facility \| Term Loan A Facility due 2023
Debt Instrument [Line Items]
Long-term debt	672.3	707.7
Secured credit facility \| Term Loan B-1 Facility due 2025
Debt Instrument [Line Items]
Long-term debt	1,117.5	1,128.7
Senior notes \| 5.625% Notes due 2027
Debt Instrument [Line Items]
Long-term debt	$ 400.0	400.0
Interest rate	5.625%		5.625%
Other long-term obligations
Debt Instrument [Line Items]
Long-term debt	$ 89.2	104.6
Capital leases
Debt Instrument [Line Items]
Long-term debt	$ 0.0	$ 0.4

Long-term Debt - Debt Maturities (Details) $ in Millions	Dec. 31, 2019 USD ($)
Year ending December 31:
2020	$ 62.9
2021	81.4
2022	99.9
2023	683.1
2024	21.3
Thereafter	1,470.4
Total minimum payments	$ 2,419.0

Long-term Debt - Senior Secured Credit Facilities (Details) - USD ($)				12 Months Ended
	Oct. 15, 2018	Jan. 19, 2017	Oct. 30, 2013	Dec. 31, 2019	Dec. 31, 2018	Aug. 31, 2015
Debt Instrument [Line Items]
Interest rate				5.625%
Pinnacle 5.625% senior notes due 2024 \| Senior notes
Debt Instrument [Line Items]
Interest rate	5.625%
Secured credit facility \| 2013 Revolving Credit Facility
Debt Instrument [Line Items]
Debt term			5 years
Maximum borrowing capacity			$ 500,000,000.0			$ 633,200,000
Secured credit facility \| 2013 Term Loan A Facility
Debt Instrument [Line Items]
Debt term			5 years
Maximum borrowing capacity			$ 500,000,000.0
Secured credit facility \| 2013 Term Loan B Facility
Debt Instrument [Line Items]
Debt term			7 years
Maximum borrowing capacity			$ 250,000,000.0			$ 646,700,000
Secured credit facility \| 2013 Term Loan B Facility \| LIBOR
Debt Instrument [Line Items]
Spread on variable interest rate	2.50%
Secured credit facility \| 2013 Term Loan B Facility \| Base rate
Debt Instrument [Line Items]
Spread on variable interest rate	1.50%
Secured credit facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt term		5 years
Maximum borrowing capacity		$ 700,000,000.0
Letters of credit outstanding				$ 30,000,000.0	$ 30,000,000
Available borrowing capacity				$ 530,000,000.0	558,000,000.0
Secured credit facility \| Term Loan A Facility
Debt Instrument [Line Items]
Debt term		5 years
Maximum borrowing capacity		$ 300,000,000.0
Secured credit facility \| Term Loan B Facility
Debt Instrument [Line Items]
Debt term		7 years
Maximum borrowing capacity		$ 500,000,000.0
Secured credit facility \| Term Loan A Facility due 2023, incremental loans
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 430,200,000
Secured credit facility \| Term Loan B-1 Facility due 2025
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,128,800,000
Variable interest rate floor	0.75%
Secured credit facility \| Term Loan B-1 Facility due 2025 \| LIBOR
Debt Instrument [Line Items]
Spread on variable interest rate	2.25%
Secured credit facility \| Term Loan B-1 Facility due 2025 \| Base rate
Debt Instrument [Line Items]
Spread on variable interest rate	1.25%
Secured credit facility \| Term Loan A Facility due 2023 \| LIBOR \| Minimum
Debt Instrument [Line Items]
Spread on variable interest rate	1.25%
Secured credit facility \| Term Loan A Facility due 2023 \| LIBOR \| Maximum
Debt Instrument [Line Items]
Spread on variable interest rate	3.00%
Secured credit facility \| Term Loan A Facility due 2023 \| Base rate \| Minimum
Debt Instrument [Line Items]
Spread on variable interest rate	0.25%
Secured credit facility \| Term Loan A Facility due 2023 \| Base rate \| Maximum
Debt Instrument [Line Items]
Spread on variable interest rate	2.00%
Secured credit facility \| Revolving Credit Facility due 2023 \| Minimum
Debt Instrument [Line Items]
Unused commitment fee percentage				0.20%
Secured credit facility \| Revolving Credit Facility due 2023 \| Maximum
Debt Instrument [Line Items]
Unused commitment fee percentage				0.50%
Secured credit facility \| Senior Secured Credit Facility
Debt Instrument [Line Items]
Refinancing costs					5,500,000
Loss on early extinguishment of debt					21,000,000.0
Secured credit facility \| 2013 Senior Secured Credit Facilities
Debt Instrument [Line Items]
Refinancing costs					1,700,000
Loss on early extinguishment of debt					$ 2,300,000

Long-term Debt - 5.625% Senior Unsecured Notes and Covenants (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2017	Jan. 19, 2017
Debt Instrument [Line Items]
Interest rate	5.625%
Senior notes \| 5.875% senior subordinated notes due 2021
Debt Instrument [Line Items]
Interest rate		5.875%
Senior notes \| 5.625% Notes due 2027
Debt Instrument [Line Items]
Debt principal amount			$ 400,000,000.0
Interest rate	5.625%		5.625%

Long-term Debt - Redemption of 5.875% Senior Subordinated Notes (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Extinguishment of Debt [Line Items]
Interest rate		5.625%
Loss on early extinguishment of debt	$ 17.2	$ 0.0	$ 21.0	$ 24.0
Senior notes \| 5.875% senior subordinated notes due 2021
Extinguishment of Debt [Line Items]
Interest rate				5.875%
Debt redemption amount				$ 300.0
Loss on early extinguishment of debt				$ 21.1

Long-term Debt - Interest Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Interest expense	$ (535.9)	$ (539.4)	$ (467.0)
Interest income	1.4	1.0	3.6
Capitalized interest	0.3	0.0	0.2
Interest expense, net	$ (534.2)	$ (538.4)	$ (463.2)

Long-term Debt - Other Long-term Obligations (Details)	1 Months Ended	3 Months Ended	12 Months Ended
Long-term Debt - Other Long-term Obligations (Details)	Jan. 31, 2015 USD ($)	Sep. 30, 2014 USD ($) payment	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Debt Instrument [Line Items]
Long-term debt			$ 2,419,000,000.0	$ 2,453,400,000
Other long-term obligations
Debt Instrument [Line Items]
Long-term debt			89,200,000	104,600,000
Other long-term obligations \| Ohio relocation fees debt
Debt Instrument [Line Items]
Long-term debt			76,400,000	91,300,000
Debt principal amount		$ 75,000,000.0
Amount payable upon opening of the facility		$ 7,500,000
Number of semi-annual payments \| payment		18
Amount of semi-annual payments due beginning one year from commencement of operations		$ 4,800,000
Effective yield		5.00%
Interest expense			4,100,000	4,800,000	$ 5,500,000
Other long-term obligations \| Ohio relocation fees debt \| Discount rate
Debt Instrument [Line Items]
Discount rate		0.050
Other long-term obligations \| Event center debt
Debt Instrument [Line Items]
Long-term debt			12,600,000	13,200,000
Debt principal amount	$ 15,300,000
Effective yield	3.00%
Interest expense			$ 400,000	$ 400,000	$ 400,000
Periodic payment amount	$ 1,000,000.0
Debt term	20 years

Leases - Variable Lease Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Lessee, Lease, Cost [Line Items]
Total variable expenses	$ 3.9
Interest Expense, net
Lessee, Lease, Cost [Line Items]
Total variable expenses	0.0
General and Administrative
Lessee, Lease, Cost [Line Items]
Total variable expenses	1.1
Penn Master Lease
Lessee, Lease, Cost [Line Items]
Total variable expenses	32.5	$ 48.9	$ 46.8
Penn Master Lease \| Interest Expense, net
Lessee, Lease, Cost [Line Items]
Total variable expenses	16.1	48.9	46.8
Penn Master Lease \| General and Administrative
Lessee, Lease, Cost [Line Items]
Total variable expenses	$ 16.4	$ 0.0	$ 0.0

Leases - Other Information Related to Lease Term and Discount Rate (Details)	12 Months Ended
	Dec. 31, 2019
Weighted-Average Remaining Lease Term
Operating leases	27 years 7 months 6 days
Finance leases	28 years 7 months 6 days
Financing obligations	30 years 4 months 24 days
Weighted-Average Discount Rate
Operating leases	6.70%
Finance leases	6.80%
Financing obligations	8.10%

Leases - Components of Lease Expense (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Operating Lease Costs
Rent expense associated with triple net leases classified as operating leases	$ 366.4
Operating lease cost	17.5
Short-term lease cost	56.6
Variable lease cost	3.9
Total	444.4
Lessee, Finance Lease, Cost [Abstract]
Interest expense	15.4
Amortization expense	7.9
Total	23.3
Financing Obligation, Costs [Abstract]
Interest expense	394.1
General and Administrative
Operating Lease Costs
Rent expense associated with triple net leases classified as operating leases	366.4
Operating lease cost	16.6
Short-term lease cost	1.5
Variable lease cost	1.1
Total	385.6
Lessee, Finance Lease, Cost [Abstract]
Interest expense	0.0
Amortization expense	0.0
Total	0.0
Financing Obligation, Costs [Abstract]
Interest expense	0.0
Interest Expense, net
Operating Lease Costs
Rent expense associated with triple net leases classified as operating leases	0.0
Operating lease cost	0.0
Short-term lease cost	0.0
Variable lease cost	0.0
Total	0.0
Lessee, Finance Lease, Cost [Abstract]
Interest expense	15.4
Amortization expense	0.0
Total	15.4
Financing Obligation, Costs [Abstract]
Interest expense	394.1
Depreciation and Amortization
Operating Lease Costs
Rent expense associated with triple net leases classified as operating leases	0.0
Operating lease cost	0.0
Short-term lease cost	0.0
Variable lease cost	0.0
Total	0.0
Lessee, Finance Lease, Cost [Abstract]
Interest expense	0.0
Amortization expense	7.9
Total	7.9
Financing Obligation, Costs [Abstract]
Interest expense	0.0
Gaming \| Cost of revenue
Operating Lease Costs
Rent expense associated with triple net leases classified as operating leases	0.0
Operating lease cost	0.4
Short-term lease cost	53.8
Variable lease cost	2.8
Total	57.0
Lessee, Finance Lease, Cost [Abstract]
Interest expense	0.0
Amortization expense	0.0
Total	0.0
Financing Obligation, Costs [Abstract]
Interest expense	0.0
Food, beverage, hotel and other \| Cost of revenue
Operating Lease Costs
Rent expense associated with triple net leases classified as operating leases	0.0
Operating lease cost	0.5
Short-term lease cost	1.3
Variable lease cost	0.0
Total	1.8
Lessee, Finance Lease, Cost [Abstract]
Interest expense	0.0
Amortization expense	0.0
Total	0.0
Financing Obligation, Costs [Abstract]
Interest expense	$ 0.0

Leases - Future Minimum Lease Commitments (Details) - USD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating Leases
2020	$ 424.0
2021	403.7
2022	400.6
2023	397.5
2024	381.0
Thereafter	8,153.3
Total lease payments	10,160.1
Less: Imputed interest	(5,585.4)
Present value of future lease payments	4,574.7
Less: Current portion of lease obligations	(124.1)	$ (102.3)	$ 0.0
Long-term portion of lease obligations	4,450.6	3,704.4	0.0
Finance Leases
2020	21.7
2021	21.7
2021	21.6
2022	20.8
2023	16.7
Thereafter	393.5
Total lease payments	496.0
Present value of future lease payments	(270.1)
Present value of future lease payments	225.9
Less: Current portion of lease obligations	(6.5)	(5.8)	0.0
Long-term portion of lease obligations	219.4	218.3	0.0
Financing Obligations
2020	374.7
2021	367.3
2022	367.3
2023	367.3
2024	367.3
Thereafter	9,270.6
Total lease payments	11,114.5
Less: Imputed interest	(6,971.8)
Present value of future lease payments	4,142.7
Less: Current portion of lease obligations	(40.5)	(50.1)	(67.8)
Long-term portion of lease obligations	$ 4,102.2	$ 4,144.2	$ 7,080.6

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$ 15.4
Operating cash flows from operating leases	403.6
Financing cash flows from finance leases	$ 6.2	$ 0.0	$ 0.0

Leases - Additional Information (Details) $ in Millions												12 Months Ended
Leases - Additional Information (Details) $ in Millions	Feb. 01, 2020	Nov. 01, 2019 USD ($)	Oct. 01, 2019 USD ($)	May 23, 2019 USD ($) renewal_option	May 01, 2019 USD ($)	Jan. 01, 2019 renewal_option	Nov. 01, 2018 USD ($)	Nov. 01, 2017 USD ($)	Sep. 09, 2016 USD ($) extension_period	Apr. 28, 2016 facility extension_period	Nov. 01, 2013 facility extension_period	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Schedule of Leased Assets [Line Items]
Rent expense													$ 58.1	$ 45.4
Lease payments												$ 869.8	537.4	455.4
Lease income												$ 311.0	$ 163.6	$ 129.9
Penn Master Lease
Schedule of Leased Assets [Line Items]
Number of facilities with leased real estate \| facility											19
Lease term											15 years
Number of lease renewal terms \| extension_period											4
Lease renewal term											5 years
Lease - expected term with renewal options											35 years
Annual escalator percentage											2.00%
Adjusted revenue to rent ratio											1.8
Period over which fixed component is adjusted											5 years
Adjustment to fixed component as percentage of the average change to net revenues during the preceding five years											4.00%
Percentage rent baseline period											5 years
Adjustment to fixed component as percentage of the average change to net revenues during preceding month											20.00%
Increase in fixed component of rent resulting from annual escalator		$ 5.5					$ 5.4	$ 2.4
Annual rent reduction resulting from Penn Percentage Rent reset							$ 11.3
Operating lease, annual escalator, additional ROU asset recognized		34.4
Operating lease, annual escalator, additional lease liability recognized		34.4
Finance lease, annual escalator, additional ROU asset recognized		3.1
Finance lease, annual escalator, additional lease liability recognized		$ 3.1
Operating lease, competition clause, additional ROU asset recognized				$ 151.2
Operating lease, competition clause, additional lease liability recognized				$ 151.2
Pinnacle Master Lease
Schedule of Leased Assets [Line Items]
Number of facilities with leased real estate \| facility										12
Number of lease renewal terms \| extension_period										5
Lease renewal term										5 years
Lease - expected term with renewal options										32 years 6 months
Annual escalator percentage										2.00%
Percentage rent baseline period										2 years
Increase in fixed component of rent resulting from annual escalator					$ 1.0
Operating lease, annual escalator, additional ROU asset recognized					3.8
Operating lease, annual escalator, additional lease liability recognized					$ 3.8
Remaining lease term										7 years 6 months
Initial lease term										10 years
Adjusted Revenue to Rent Ratio, as defined										1.8
Percentage rent escalation interval										2 years
Percentage of average net revenues during preceding two years										4.00%
Meadows Lease
Schedule of Leased Assets [Line Items]
Annual escalator percentage									5.00%
Increase in fixed component of rent resulting from annual escalator			$ 0.8
Operating lease, annual escalator, additional ROU asset recognized			4.3
Operating lease, annual escalator, additional lease liability recognized			$ 4.3
Operating lease, remaining lease term						8 years
Operating lease, term									10 years
Operating lease, sum of Base Rant and Percentage Rent threshold									$ 31.0
Operating lease, annual escalator after initial term or threshold									2.00%
Operating lease, adjusted rent to revenue ratio									2.0
Operating lease, percentage of average annual net revenues during the preceding two years									4.00%
Meadows Lease \| Lease renewal option one
Schedule of Leased Assets [Line Items]
Lease renewal term									5 years
Operating lease, number of lease renewal terms \| extension_period									3
Meadows Lease \| Lease renewal option two
Schedule of Leased Assets [Line Items]
Lease renewal term									4 years
Operating lease, number of lease renewal terms \| extension_period									1
Margaritaville Lease
Schedule of Leased Assets [Line Items]
Annual escalator percentage						2.00%
Lease renewal term						5 years
Operating lease, term						15 years
Operating lease, number of lease renewal terms \| renewal_option						4
Operating lease, adjusted rent to revenue ratio						1.9
Operating lease, percentage of average annual net revenues during the preceding two years						4.00%
Greektown Lease
Schedule of Leased Assets [Line Items]
Annual escalator percentage				2.00%
Lease renewal term				5 years
Operating lease, term				15 years
Operating lease, number of lease renewal terms \| renewal_option				4
Operating lease, adjusted rent to revenue ratio				1.85
Operating lease, percentage of average annual net revenues during the preceding two years				4.00%
Subsequent event \| Margaritaville Lease
Schedule of Leased Assets [Line Items]
Annual escalator percentage	2.00%
Operating lease, adjusted rent to revenue ratio	6.1

Commitments and Contingencies - Location Share Agreements, Purchase Obligations and Capital Expenditure Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other Commitments [Line Items]
Purchase obligations	$ 126.4
Purchase obligations, 2020	$ 70.4
Master Leases
Other Commitments [Line Items]
Minimum required facility maintenance spending, as a percent of annual net revenues	1.00%
Location share agreements
Other Commitments [Line Items]
Cost of revenue	$ 33.1	$ 34.7	$ 29.7

Commitments and Contingencies - Employee Benefit Plans and Labor Agreements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) agreement employee	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Defined Contribution Plan Disclosure [Line Items]
Deferred compensation vesting period	5 years
Deferred compensation matching contributions \| $	$ 2.3	$ 2.3	$ 2.2
Deferred compensation liability, current \| $	$ 80.1	64.1
Number of collective bargaining agreements \| agreement	31
Number of employees covered under collective bargaining agreement \| employee	5,900
Number of collective borrowing agreements expiring in 2020 \| agreement	7
Number of collective borrowing agreements expired in 2019 \| agreement	3
401(k) Plan
Defined Contribution Plan Disclosure [Line Items]
Discretionary match contribution percentage	50.00%
Maximum percentage of eligible employee compensation eligible for discretionary employer match contribution	6.00%
Matching contributions \| $	$ 11.7	$ 6.5	$ 6.0

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Stock-based compensation expense	$ 11.7	$ 9.0
Accrued expenses	37.6	42.9
Financing obligations associated with the Master Leases	1,097.6	1,919.7
Unrecognized tax benefits	7.7	6.7
Investments in and advances to unconsolidated affiliates	0.0	3.6
Net operating losses, interest limitation and tax credit carryforwards	87.6	122.8
Gross deferred tax assets	1,242.2	2,104.7
Less: Valuation allowance	(54.2)	(89.5)
Total deferred tax assets	1,188.0	2,015.2
Deferred tax liabilities:
Property and equipment, not subject to the Master Leases	(53.1)	(47.3)
Property and equipment, subject to the Master Leases	(1,088.9)	(1,599.9)
Investments in and advances to unconsolidated affiliates	(2.9)	0.0
Undistributed foreign earnings	(0.4)	(0.4)
Intangible assets	(287.3)	(287.0)
Total deferred tax liabilities	(1,432.6)	(1,934.6)
Long-term deferred tax liabilities, net	$ (244.6)
Long-term deferred tax assets, net		$ 80.6

Income Taxes - Income Before Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Line Items]
Income (loss) before income taxes	$ 86.1	$ 89.9	$ (25.1)
Domestic
Income Taxes [Line Items]
Income (loss) before income taxes	85.5	89.6	(29.6)
Foreign
Income Taxes [Line Items]
Income (loss) before income taxes	$ 0.6	$ 0.3	$ 4.5

Income Taxes - Components of Income Tax Benefit (Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current tax benefit (expense)
Federal	$ (12.5)	$ (15.3)	$ (16.3)
State	(9.2)	(6.4)	(6.1)
Foreign	(0.2)	(1.4)	3.0
Total current	(21.9)	(23.1)	(19.4)
Deferred tax benefit (expense)
Federal	(16.7)	14.6	480.7
State	(4.4)	10.9	39.3
Foreign	0.0	1.2	(2.1)
Total deferred	(21.1)	26.7	517.9
Total income tax benefit (expense)	$ (43.0)	$ 3.6	$ 498.5

Income Taxes - Reconciliation of Effective Income Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Percent and amount of pretax income
Federal statutory rate		21.00%	21.00%	35.00%
State and local income taxes, net of federal benefits		9.90%	(6.20%)	6.30%
Nondeductible expenses		4.00%	6.90%	(16.00%)
Goodwill impairment losses		14.40%	0.00%	(20.50%)
Compensation		0.30%	(3.80%)	29.50%
Contingent liability settlement		0.00%	0.00%	22.90%
Foreign		0.10%	(0.10%)	11.30%
Valuation allowance		0.00%	(20.30%)	2962.30%
Tax Act - deferred rate change		0.00%	0.00%	(1043.50%)
Other		0.20%	(1.50%)	3.30%
Total effective tax rate and income tax benefit (expense)		49.90%	(4.00%)	1990.60%
Amount of pretax income
Federal statutory rate		$ (18.1)	$ (18.9)	$ 8.8
State and local income taxes - net of federal benefits		(8.5)	5.6	1.6
Nondeductible expenses		(3.5)	(6.2)	(4.0)
Goodwill impairment		(12.4)	0.0	(5.1)
Compensation		(0.3)	3.4	7.4
Contingent liability settlement		0.0	0.0	5.7
Foreign		(0.1)	0.1	2.8
Valuation allowance	$ 22.4	0.0	18.3	741.9
Tax Act - deferred rate change		0.0	0.0	(261.3)
Other miscellaneous items		(0.1)	1.3	0.7
Total income tax benefit (expense)		$ (43.0)	$ 3.6	$ 498.5

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance	$ 29.7	$ 30.9	$ 26.8
Additions based on current year positions			2.9
Additions based on prior year positions	6.5	0.8	2.8
Decreases due to settlements and/or reduction in reserves	(0.2)	(2.0)	(1.3)
Currency translation adjustments			(0.1)
Settlement payments			(0.2)
Balance	$ 36.0	$ 29.7	$ 30.9

Income Taxes - Additional Information (Details)	3 Months Ended	12 Months Ended
Income Taxes - Additional Information (Details)	Dec. 31, 2018 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jan. 01, 2019 USD ($)
Income Taxes [Line Items]
Net deferred tax assets	$ (2,015,200,000)	$ (1,188,000,000.0)	$ (2,015,200,000)
Net deferred tax liabilities	(1,934,600,000)	(1,432,600,000)	(1,934,600,000)
Three-year cumulative pretax income		150,900,000
Valuation allowance	89,500,000	54,200,000	89,500,000
Valuation allowance released	22,400,000	0	18,300,000	$ 741,900,000
Decrease in valuation allowance		35,300,000
Tax benefit associated with net operating loss carryforwards		52,200,000
Tax Act, provisional income tax expense				266,000,000.0
Tax Act, deferred tax assets, provisional income tax expense				261,300,000
Tax Act, transition tax for foreign dividends, provisional income tax expense				2,600,000
Tax Act, foreign withholding tax, provisional income tax expense				2,100,000
Tax Act, measurement period adjustment, income tax expense			$ 1,200,000
Tax Act, measurement period adjustment, percent			0.013
Tax reserves, interest and penalties related to current year tax positions		0
Tax reserves, interest and penalties related to prior year tax positions		7,100,000
Reversal of previously recorded tax reserves and accrued interest for tax positions settled and/or closed		200,000
Unrecognized tax benefits	30,400,000	37,200,000	$ 30,400,000
Net tax expense in connection with uncertain tax positions		2,800,000
Tax positions that, if reversed, would affect the effective tax rate	23,600,000	29,400,000	23,600,000
Interest and penalties recognized, net of deferred taxes		100,000	500,000	$ 1,700,000
Prepaid income taxes	$ 14,900,000	22,200,000	$ 14,900,000
Domestic
Income Taxes [Line Items]
Net operating loss carryforwards		120,300,000
State
Income Taxes [Line Items]
Net operating loss carryforwards		766,200,000
Net operating loss carryforwards, valuation allowance		$ 36,400,000
ASC 842
Income Taxes [Line Items]
Net deferred tax assets					$ 739,200,000
Net deferred tax liabilities					$ 435,400,000

Stockholders' Equity (Details)	12 Months Ended
Stockholders' Equity (Details)	Dec. 31, 2019 USD ($) series $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Jan. 09, 2019 USD ($)	Feb. 03, 2017 USD ($)
Class of Stock [Line Items]
Authorized amount under share repurchase program \| $				$ 200,000,000.0	$ 100,000,000.0
Share repurchases (in shares)	1,271,823	2,299,498	1,264,149
Repurchases of common stock \| $	$ 24,900,000	$ 50,000,000.0	$ 24,800,000
Average price paid per share of common stock repurchased (in dollars per share) \| $ / shares	$ 19.55	$ 21.74	$ 19.59
Number of series of preferred stock \| series	2
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.01
Series B Preferred stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares outstanding (in shares)	0	0
Series C Preferred stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	18,500	18,500
Preferred stock, shares outstanding (in shares)	0	0

Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) $ / shares shares
Number of Option Shares
Options outstanding (in shares) \| shares	5,869,211
Granted (in shares) \| shares	2,436,811
Exercised (in shares) \| shares	(230,644)
Forfeited (in shares) \| shares	(257,942)
Options outstanding (in shares) \| shares	7,817,436
Options outstanding, weighted average remaining contractual term	4 years 10 months 2 days
Options outstanding, aggregate intrinsic value \| $	$ 75.1
Weighted-Average Exercise Price
Options outstanding (in dollars per share) \| $ / shares	$ 15.14
Granted (in dollars per share) \| $ / shares	19.24
Exercised (in dollars per share) \| $ / shares	14.32
Forfeited (in dollars per share) \| $ / shares	19.44
Options outstanding (in dollars per share) \| $ / shares	$ 16.30
Options Exercisable
Options exercisable (in shares) \| shares	4,071,052
Options exercisable, weighted average exercise price (in dollars per share) \| $ / shares	$ 13.62
Options exercisable, weighted average remaining contractual term	2 years 5 months 26 days
Options exercisable, aggregate intrinsic value \| $	$ 49.2

Stock-Based Compensation - Stock Options By Exercise Price Ranges (Details)	12 Months Ended
	Dec. 31, 2019 $ / shares shares
$11.61 to $16.93
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Low end of exercise price range (in dollars per share)	$ 11.61
High end of exercise price range (in dollars per share)	$ 16.93
Outstanding options
Number outstanding (in shares) \| shares	4,842,725
Weighted-average remaining contractual life	2 years 7 months 28 days
Weighted-average exercise price (in dollars per share)	$ 13.06
Exercisable options
Number outstanding (in shares) \| shares	3,901,333
Weighted-average exercise price (in dollars per share)	$ 12.91
$17.77 to $25.05
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Low end of exercise price range (in dollars per share)	17.77
High end of exercise price range (in dollars per share)	$ 25.05
Outstanding options
Number outstanding (in shares) \| shares	2,368,886
Weighted-average remaining contractual life	9 years 3 months 7 days
Weighted-average exercise price (in dollars per share)	$ 19.23
Exercisable options
Number outstanding (in shares) \| shares	10,584
Weighted-average exercise price (in dollars per share)	$ 18.62
$30.74 to $32.90
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Low end of exercise price range (in dollars per share)	30.74
High end of exercise price range (in dollars per share)	$ 32.90
Outstanding options
Number outstanding (in shares) \| shares	605,825
Weighted-average remaining contractual life	4 years 11 months 12 days
Weighted-average exercise price (in dollars per share)	$ 30.75
Exercisable options
Number outstanding (in shares) \| shares	159,135
Weighted-average exercise price (in dollars per share)	$ 30.75
$11.61 to $32.90
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Low end of exercise price range (in dollars per share)	11.61
High end of exercise price range (in dollars per share)	$ 32.90
Outstanding options
Number outstanding (in shares) \| shares	7,817,436
Weighted-average remaining contractual life	4 years 10 months 2 days
Weighted-average exercise price (in dollars per share)	$ 16.30
Exercisable options
Number outstanding (in shares) \| shares	4,071,052
Weighted-average exercise price (in dollars per share)	$ 13.62

Stock-Based Compensation - Weighted-Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Weighted-average assumptions used in the Black-Scholes option-pricing model
Risk-free interest rate	2.00%	2.26%	1.97%
Expected volatility	32.90%	30.80%	30.66%
Dividend yield	0.00%	0.00%	0.00%
Weighted-average expected life	5 years 3 months 18 days	5 years 3 months 18 days	5 years 3 months 18 days

Stock-Based Compensation - Restricted Stock Activity (Details) - $ / shares					12 Months Ended
	Feb. 14, 2019	Feb. 06, 2018	Feb. 17, 2017	Feb. 09, 2016	Dec. 31, 2019
Performance shares
Number of Shares
Outstanding (in shares)					351,472
Granted (in shares)	278,780	197,727	172,245	189,085	253,609
Released (in shares)					(193,799)
Canceled (in shares)					(15,920)
Outstanding (in shares)					395,362
Weighted- Average Grant Date Fair Value
Outstanding (in dollars per share)					$ 22.10
Awarded (in dollars per share)					23.55
Released (in dollars per share)					19.36
Canceled (in dollars per share)					22.60
Outstanding (in dollars per share)					$ 24.35
Restricted stock
Number of Shares
Outstanding (in shares)					207,349
Granted (in shares)					175,795
Released (in shares)					(35,758)
Canceled (in shares)					(48,907)
Outstanding (in shares)					298,479
Weighted- Average Grant Date Fair Value
Outstanding (in dollars per share)					$ 25.55
Awarded (in dollars per share)					19.44
Released (in dollars per share)					18.05
Canceled (in dollars per share)					23.71
Outstanding (in dollars per share)					$ 23.15

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions					1 Months Ended	12 Months Ended
	Feb. 14, 2019 shares	Feb. 06, 2018 shares	Feb. 17, 2017 shares	Feb. 09, 2016 shares	Jun. 30, 2018 shares	Dec. 31, 2019 USD ($) performance_period $ / shares shares	Dec. 31, 2018 USD ($) $ / shares	Dec. 31, 2017 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense						$ 14.9	$ 12.0	$ 7.8
Weighted-average grant date fair value (in dollars per share) \| $ / shares						$ 6.39	$ 9.88	$ 4.48
Intrinsic value of stock options exercised						$ 2.0	$ 28.7	$ 15.8
Fair value of stock options vested						6.2	5.9	6.4
Unamortized compensation costs, stock options						$ 16.9
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation costs, weighted average period of recognition						1 year 10 months 24 days
Awards granted (in shares) \| shares						175,795
Unrecognized compensation cost, other awards						$ 7.9
Fair value of awards vested						$ 5.5	0.9	1.0
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Low end of exercise price range (in dollars per share) \| $ / shares						$ 11.61
High end of exercise price range (in dollars per share) \| $ / shares						$ 32.90
Unamortized compensation costs, weighted average period of recognition						2 years 10 months 24 days
Stock options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual lives						2 years
Stock options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual lives						10 years
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) \| shares	278,780	197,727	172,245	189,085		253,609
Annual increment percentage at which awards are granted						33.33%
Number of annual award performance periods \| performance_period						3
Service period						3 years
Vesting period						3 years
Performance shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award which can potentially be earned						0.00%
Performance shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award which can potentially be earned						150.00%
Phantom stock units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense						$ 4.1	1.1	11.9
Unamortized compensation costs, weighted average period of recognition						1 year 7 months 6 days
Unrecognized compensation cost, other awards						$ 3.3
Liability for cash-settled awards						3.3	1.7
Amounts paid on cash-settled awards						$ 2.5	4.2	12.7
Phantom stock units (PSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						3 years
Phantom stock units (PSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						4 years
Stock appreciation rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense						$ 10.7	(6.7)	21.9
Unamortized compensation costs, weighted average period of recognition						2 years 7 months 6 days
Vesting period						4 years
Unrecognized compensation cost, other awards						$ 9.6
Liability for cash-settled awards						14.4	6.8
Amounts paid on cash-settled awards						$ 3.5	$ 10.5	$ 6.2
2018 Long Term Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for awards, up to (in shares) \| shares					12,700,000
Common stock counted against the maximum shares available for grant for each share awarded under the plan (in shares)					1
Shares available for future grants (in shares) \| shares						8,417,411
2018 Long Term Incentive Compensation Plan \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock counted against the maximum shares available for grant for each share awarded under the plan (in shares)					2.30

Earnings per Share - Reconciliation of Weighted-Average Common Shares Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Determination of shares:
Weighted-average common shares outstanding (in shares)	115,700,000	97,100,000	90,900,000
Diluted weighted-average common shares outstanding (in shares)	117,800,000	100,300,000	93,400,000
Anti-dilutive securities, stock options (in shares)	2,353,307	656,588	51,803
Stock options
Determination of shares:
Assumed conversion of dilutive employee stock-based awards and restricted stock (in shares)	1,800,000	3,000,000.0	2,400,000
Restricted stock
Determination of shares:
Assumed conversion of dilutive employee stock-based awards and restricted stock (in shares)	300,000	200,000	100,000

Earnings per Share - Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Calculation of basic EPS:
Net income applicable to common stock									$ 43.9	$ 93.5	$ 473.4
Weighted-average common shares outstanding (in shares)									115.7	97.1	90.9
Basic EPS (in dollars per share)	$ (0.80)	$ 0.38	$ 0.44	$ 0.35	$ (0.37)	$ 0.39	$ 0.59	$ 0.50	$ 0.38	$ 0.96	$ 5.21
Calculation of diluted EPS:
Diluted weighted-average common shares outstanding (in shares)									117.8	100.3	93.4
Diluted EPS (in dollars per share)	$ (0.80)	$ 0.38	$ 0.44	$ 0.35	$ (0.37)	$ 0.38	$ 0.57	$ 0.48	$ 0.37	$ 0.93	$ 5.07

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1337-109256

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=117327953&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

Segment Information (Details) $ in Millions	3 Months Ended								12 Months Ended
Segment Information (Details) $ in Millions	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) segment	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jan. 01, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment									4
Revenues:
Total	$ 1,341.2	$ 1,354.5	$ 1,323.1	$ 1,282.6	$ 1,155.3	$ 789.7	$ 826.9	$ 816.1	$ 5,301.4	$ 3,587.9	$ 3,148.0
Adjusted EBITDAR:
Adjusted EBITDAR									1,605.2	1,043.2	879.1
Rent expense associated with triple net operating lease									(366.4)	(3.8)	0.0
Stock-based compensation									(14.9)	(12.0)	(7.8)
Cash-settled stock-based awards variance									(0.8)	19.6	(23.4)
Loss on disposal of assets									(5.5)	(3.2)	(0.2)
Contingent purchase price									(7.0)	(0.5)	6.8
Pre-opening and acquisition costs									(22.3)	(95.0)	(9.7)
Depreciation and amortization									(414.2)	(269.0)	(267.1)
Impairment losses									(173.1)	(34.9)	(18.0)
Recoveries on (provision for) loan loss and unfunded loan commitments									0.0	17.0	(89.8)
Insurance recoveries, net of deductible charges									3.0	0.1	0.3
Non-operating items for Kansas JV									(3.7)	(5.1)	(5.8)
Interest expense, net									(534.2)	(538.4)	(463.2)
Loss on early extinguishment of debt					(17.2)				0.0	(21.0)	(24.0)
Other									20.0	(7.1)	(2.3)
Income (loss) before income taxes									86.1	89.9	(25.1)
Income tax benefit (expense)									(43.0)	3.6	498.5
Net income	(92.9)	$ 43.7	$ 51.3	$ 41.0	(42.0)	$ 36.1	$ 54.0	$ 45.4	43.1	93.5	473.4
Capital expenditures:
Capital expenditures									190.6	92.6	99.3
Assets:
Investment in and advances to unconsolidated affiliates	128.3				128.5				128.3	128.5	148.9
Total assets	14,194.5				10,961.0				14,194.5	10,961.0	5,234.8	$ 13,424.8
Operating segments \| Northeast segment
Revenues:
Total									2,399.9	1,891.5	1,756.6
Adjusted EBITDAR:
Adjusted EBITDAR									720.8	583.8	549.3
Capital expenditures:
Capital expenditures									96.2	38.9	26.3
Assets:
Investment in and advances to unconsolidated affiliates	0.1				0.1				0.1	0.1	0.1
Total assets	2,273.7				1,330.2				2,273.7	1,330.2	921.0
Operating segments \| South segment
Revenues:
Total									1,118.9	394.4	224.3
Adjusted EBITDAR:
Adjusted EBITDAR									369.8	118.9	62.6
Capital expenditures:
Capital expenditures									29.8	10.6	6.3
Assets:
Investment in and advances to unconsolidated affiliates	0.0				0.0				0.0	0.0	0.0
Total assets	1,397.0				1,082.3				1,397.0	1,082.3	169.3
Operating segments \| West segment
Revenues:
Total									642.5	437.9	380.4
Adjusted EBITDAR:
Adjusted EBITDAR									198.8	114.3	72.7
Capital expenditures:
Capital expenditures									21.2	12.8	35.7
Assets:
Investment in and advances to unconsolidated affiliates	0.0				0.0				0.0	0.0	0.0
Total assets	752.1				755.7				752.1	755.7	625.0
Operating segments \| Midwest segment
Revenues:
Total									1,094.5	823.7	735.0
Adjusted EBITDAR:
Adjusted EBITDAR									403.6	294.3	249.7
Capital expenditures:
Capital expenditures									32.7	25.3	26.2
Assets:
Investment in and advances to unconsolidated affiliates	90.9				89.4				90.9	89.4	88.3
Total assets	1,412.2				1,411.5				1,412.2	1,411.5	970.8
Other
Revenues:
Total									47.5	40.4	51.7
Adjusted EBITDAR:
Adjusted EBITDAR									(87.8)	(68.1)	(55.2)
Capital expenditures:
Capital expenditures									10.7	5.0	4.8
Assets:
Investment in and advances to unconsolidated affiliates	37.3				39.0				37.3	39.0	60.5
Total assets	$ 8,359.5				$ 6,381.3				8,359.5	6,381.3	2,548.7
Intersegment eliminations
Revenues:
Total									$ (1.9)	$ 0.0	$ 0.0

Fair Value Measurements - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($) payment	Dec. 31, 2018 USD ($) payment	Jan. 19, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 40.5
Impairment of promissory notes and bonds	$ 2.5
Interest rate	5.625%
Plainridge Park Casino
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Period of actual earnings used to calculate contingent consideration	10 years
Number of remaining annual payments \| payment	6	7
Absolute Bingo
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Period of actual earnings used to calculate contingent consideration	2 years
Number of remaining annual payments \| payment	1
Senior notes \| 5.625% Notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	5.625%		5.625%
Retama Nominal Holder, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership interest	1.00%
Pinnacle Retama Partners, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership interest by parent	75.50%
Pinnacle Retama Partners, LLC \| Retama Development Corporation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Promissory notes	$ 15.1	$ 16.9
Local government bonds \| Pinnacle Retama Partners, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Bonds, at amortized cost	$ 6.7	$ 7.5

Fair Value Measurements - Carrying Amounts and Estimated Fair Values by Input Level (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Jan. 19, 2017
Financial assets:
Equity securities	$ 40.5
Financial liabilities:
Interest rate	5.625%
Senior notes \| 5.625% Notes
Financial liabilities:
Interest rate	5.625%		5.625%
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 437.4	$ 479.6
Equity securities	40.5
Held-to-maturity securities	6.7	7.5
Promissory notes	15.1	16.9
Financial liabilities:
Other liabilities	20.3	21.9
Carrying Amount \| Secured credit facility
Financial liabilities:
Long-term debt	1,896.5	1,907.9
Carrying Amount \| Senior notes \| 5.625% Notes
Financial liabilities:
Long-term debt	399.4	399.3
Carrying Amount \| Other long-term obligations
Financial liabilities:
Long-term debt	89.2	104.6
Fair Value
Financial assets:
Cash and cash equivalents	437.4	479.6
Equity securities	40.5
Held-to-maturity securities	6.7	7.9
Promissory notes	15.1	17.4
Financial liabilities:
Other liabilities	20.3	21.8
Fair Value \| Secured credit facility
Financial liabilities:
Long-term debt	1,930.6	1,886.3
Fair Value \| Senior notes \| 5.625% Notes
Financial liabilities:
Long-term debt	426.0	360.0
Fair Value \| Other long-term obligations
Financial liabilities:
Long-term debt	89.7	96.3
Level 1
Financial assets:
Cash and cash equivalents	437.4	479.6
Equity securities	0.0
Held-to-maturity securities	0.0	0.0
Promissory notes	0.0	0.0
Financial liabilities:
Other liabilities	0.0	0.0
Level 1 \| Secured credit facility
Financial liabilities:
Long-term debt	1,930.6	1,886.3
Level 1 \| Senior notes \| 5.625% Notes
Financial liabilities:
Long-term debt	426.0	360.0
Level 1 \| Other long-term obligations
Financial liabilities:
Long-term debt	0.0	0.0
Level 2
Financial assets:
Cash and cash equivalents	0.0	0.0
Equity securities	40.5
Held-to-maturity securities	6.7	7.9
Promissory notes	15.1	17.4
Financial liabilities:
Other liabilities	2.8	2.8
Level 2 \| Secured credit facility
Financial liabilities:
Long-term debt	0.0	0.0
Level 2 \| Senior notes \| 5.625% Notes
Financial liabilities:
Long-term debt	0.0	0.0
Level 2 \| Other long-term obligations
Financial liabilities:
Long-term debt	89.7	96.3
Level 3
Financial assets:
Cash and cash equivalents	0.0	0.0
Equity securities	0.0
Held-to-maturity securities	0.0	0.0
Promissory notes	0.0	0.0
Financial liabilities:
Other liabilities	17.5	19.0
Level 3 \| Secured credit facility
Financial liabilities:
Long-term debt	0.0	0.0
Level 3 \| Senior notes \| 5.625% Notes
Financial liabilities:
Long-term debt	0.0	0.0
Level 3 \| Other long-term obligations
Financial liabilities:
Long-term debt	$ 0.0	$ 0.0

Fair Value Measurements - Changes in Fair Value of Level 3 Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Contingent Purchase Price
Balance	$ 19.0	$ 22.7	$ 48.2
Additions			0.9
Payments	(8.5)	(4.2)	(19.6)
Included in earnings	7.0	0.5	(6.8)
Balance	$ 17.5	$ 19.0	$ 22.7

Fair Value Measurements - Assets Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($)			3 Months Ended	12 Months Ended
	Oct. 01, 2019	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill, fair value	$ 161,100,000
Goodwill - total reduction in fair value recorded	(88,000,000.0)			$ (88,000,000.0)	$ 0
Property and equipment, fair value disclosure		$ 0	$ 0		0
Property and equipment - total reduction in fair value recorded		(34,300,000)	(34,300,000)		(34,300,000)
Gaming licenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	290,000,000.0
Indefinite-lived intangible assets - total reduction in fair value recorded	(62,600,000)
Trademarks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	87,500,000
Indefinite-lived intangible assets - total reduction in fair value recorded	(20,000,000.0)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill, fair value	0
Property and equipment, fair value disclosure		0	0		0
Level 1 \| Gaming licenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	0
Level 1 \| Trademarks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill, fair value	0
Property and equipment, fair value disclosure		0	0		0
Level 2 \| Gaming licenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	0
Level 2 \| Trademarks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill, fair value	161,100,000
Property and equipment, fair value disclosure		$ 0	$ 0		$ 0
Level 3 \| Gaming licenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	290,000,000.0
Level 3 \| Trademarks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	$ 87,500,000

Fair Value Measurements - Significant Unobservable Inputs for Fair Value Measurements (Details) $ in Millions	Dec. 31, 2019	Oct. 01, 2019 USD ($)
Gaming licenses
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, fair value		$ 290.0
Trademarks
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, fair value		87.5
Level 3 \| Gaming licenses
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, fair value		290.0
Level 3 \| Trademarks
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, fair value		$ 87.5
Level 3 \| Discounted cash flow \| Discount rate \| Gaming licenses \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		0.105
Level 3 \| Discounted cash flow \| Discount rate \| Gaming licenses \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		0.1125
Level 3 \| Discounted cash flow \| Discount rate \| Trademarks \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		0.105
Level 3 \| Discounted cash flow \| Discount rate \| Trademarks \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		0.1125
Level 3 \| Discounted cash flow \| Long-term revenue growth rate \| Gaming licenses
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		0.020
Level 3 \| Discounted cash flow \| Long-term revenue growth rate \| Trademarks
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		0.020
Level 3 \| Discounted cash flow \| Pretax royalty rate \| Trademarks \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		0.010
Level 3 \| Discounted cash flow \| Pretax royalty rate \| Trademarks \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		0.020
Plainridge Park Casino \| Level 3 \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent purchase price, measurement input	0.0563

Related Party Transactions (Details) - Affiliates of Chairman of Board of Directors - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Rent expense	$ 1.2	$ 1.3	$ 1.2
Future minimum lease commitments	$ 1.8

Summarized Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 1,341.2	$ 1,354.5	$ 1,323.1	$ 1,282.6	$ 1,155.3	$ 789.7	$ 826.9	$ 816.1	$ 5,301.4	$ 3,587.9	$ 3,148.0
Operating income	11.3	179.8	198.4	182.4	124.4	155.8	181.8	172.1	571.9	634.1	445.7
Net income (loss)	$ (92.9)	$ 43.7	$ 51.3	$ 41.0	$ (42.0)	$ 36.1	$ 54.0	$ 45.4	$ 43.1	$ 93.5	$ 473.4
Earnings (loss) per common share:
Basic earnings (loss) per common share (in dollars per share)	$ (0.80)	$ 0.38	$ 0.44	$ 0.35	$ (0.37)	$ 0.39	$ 0.59	$ 0.50	$ 0.38	$ 0.96	$ 5.21
Diluted earnings (loss) per common share (in dollars per share)	$ (0.80)	$ 0.38	$ 0.44	$ 0.35	$ (0.37)	$ 0.38	$ 0.57	$ 0.48	$ 0.37	$ 0.93	$ 5.07

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Summarized Quarterly Data (Unaudited) - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended			12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information [Line Items]
Impairment of goodwill and other intangible assets		$ 170.6
Provision for (recoveries on) loan loss and unfunded loan commitments					$ 0.0	$ (17.0)	$ 89.8
Impairment of long-lived assets	$ 34.3		$ 34.3			34.3
Loss on early extinguishment of debt			17.2		$ 0.0	21.0	24.0
Pinnacle
Quarterly Financial Information [Line Items]
Pre-opening and acquisition costs			$ 74.7
JIVDC
Quarterly Financial Information [Line Items]
Provision for (recoveries on) loan loss and unfunded loan commitments				$ (17.0)		$ (17.0)	$ 86.0

Subsequent Events (Details) $ / shares in Units, $ in Millions	1 Months Ended
	Feb. 27, 2020 USD ($) $ / shares	Dec. 31, 2019 $ / shares	Dec. 31, 2018 $ / shares
Subsequent Event [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.01	$ 0.01
Subsequent event
Subsequent Event [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01
Convertible preferred stock, conversion ratio	0.001
Subsequent event \| Barstool Sports
Subsequent Event [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001
Subsequent event \| Barstool Sports
Subsequent Event [Line Items]
Ownership interest	36.00%
Purchase price \| $	$ 163.0
Purchase price, cash \| $	135.0
Purchase price, value of shares issued \| $	$ 28.0

Label	Element	Value
Restricted Cash and Cash Equivalents, Current	us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue	$ 15,500,000
Restricted Cash and Cash Equivalents, Current	us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue	0
Restricted Cash and Cash Equivalents, Current	us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue	0
Restricted Cash and Cash Equivalents, Noncurrent	us-gaap_RestrictedCashAndCashEquivalentsNoncurrent	2,300,000
Restricted Cash and Cash Equivalents, Noncurrent	us-gaap_RestrictedCashAndCashEquivalentsNoncurrent	1,600,000
Restricted Cash and Cash Equivalents, Noncurrent	us-gaap_RestrictedCashAndCashEquivalentsNoncurrent	1,500,000
Accounting Standards Update 2016-02 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	1,085,700,000
Accounting Standards Update 2016-02 [Member] \| Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	1,085,700,000
Accounting Standards Update 2016-02 [Member] \| Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	1,085,700,000
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(9,600,000)
Accounting Standards Update 2014-09 [Member] \| Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(9,600,000)
Accounting Standards Update 2014-09 [Member] \| Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (9,600,000)