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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number: 0-24206
PENN NATIONAL GAMING, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania23-2234473
(State or other jurisdiction of incorporation or organization)(I.R.S. employer identification no.)
825 Berkshire Blvd., Suite 200Wyomissing,Pennsylvania19610
(Address of principal executive offices)
(Zip code)
(610) 373-2400
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per sharePENNThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No ☑
As of October 31, 2020, the number of shares of the registrant’s common stock outstanding was 155,324,295.



PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
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Table of Contents
PART I.    FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS

PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in millions, except share and per share data)September 30,
2020
December 31,
2019
Assets  
Current assets  
Cash and cash equivalents$1,873.1 $437.4 
Receivables, net of allowance for doubtful accounts of $10.1 and $7.7
138.6 88.7 
Prepaid expenses49.5 54.6 
Income tax receivable64.0 22.1 
Other current assets61.3 40.0 
Total current assets2,186.5 642.8 
Property and equipment, net4,592.9 5,120.2 
Investment in and advances to unconsolidated affiliates263.0 128.3 
Goodwill and other intangible assets, net2,672.8 3,297.2 
Lease right-of-use assets4,832.7 4,837.3 
Other assets264.1 168.7 
Total assets$14,812.0 $14,194.5 
Liabilities  
Current liabilities  
Accounts payable$64.4 $40.3 
Current maturities of long-term debt84.8 62.9 
Current portion of financing obligations35.3 40.5 
Current portion of lease liabilities127.2 130.6 
Accrued expenses and other current liabilities609.7 631.3 
Total current liabilities921.4 905.6 
Long-term debt, net of current maturities, debt discount and debt issuance costs2,355.7 2,322.2 
Long-term portion of financing obligations4,075.5 4,102.2 
Long-term portion of lease liabilities4,595.5 4,670.0 
Deferred income taxes120.7 244.6 
Other long-term liabilities111.5 98.0 
Total liabilities12,180.3 12,342.6 
Commitments and contingencies (Note 14)
Stockholders’ equity 
Series B Preferred stock ($0.01 par value, 1,000,000 shares authorized, no shares issued and outstanding)
  
Series C Preferred stock ($0.01 par value, 18,500 shares authorized, no shares issued and outstanding)
  
Series D Preferred stock ($0.01 par value, 5,000 shares authorized, 883 shares issued and outstanding)
23.1  
Common stock ($0.01 par value, 200,000,000 shares authorized, 157,421,311 and 118,125,652 shares issued, and 155,253,918 and 115,958,259 shares outstanding)
1.6 1.2 
Treasury stock, at cost, (2,167,393 shares held in both periods)
(28.4)(28.4)
Additional paid-in capital3,155.8 1,718.3 
Retained earnings (accumulated deficit)(518.4)161.6 
Total Penn National stockholders’ equity2,633.7 1,852.7 
Non-controlling interest(2.0)(0.8)
Total stockholders’ equity2,631.7 1,851.9 
Total liabilities and stockholders’ equity$14,812.0 $14,194.5 
See accompanying notes to the Condensed Consolidated Financial Statements.
1

Table of Contents
PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
 For the three months ended September 30,For the nine months ended September 30,
(in millions, except per share data)2020201920202019
Revenues  
Gaming$993.6 $1,088.5 $2,155.7 $3,185.2 
Food, beverage, hotel and other136.1 266.0 395.6 775.0 
Total revenues1,129.7 1,354.5 2,551.3 3,960.2 
Operating expenses    
Gaming458.1 587.5 1,101.0 1,699.1 
Food, beverage, hotel and other70.1 171.2 260.0 500.5 
General and administrative317.6 309.7 828.7 883.6 
Depreciation and amortization87.7 106.3 275.3 316.4 
Impairment losses  616.1  
Total operating expenses933.5 1,174.7 3,081.1 3,399.6 
Operating income (loss)196.2 179.8 (529.8)560.6 
Other income (expenses)
Interest expense, net(142.3)(133.5)(407.1)(400.5)
Income from unconsolidated affiliates5.0 9.8 7.4 21.7 
Other68.0 7.2 75.5 7.2 
Total other expenses(69.3)(116.5)(324.2)(371.6)
Income (loss) before income taxes126.9 63.3 (854.0)189.0 
Income tax benefit (expense)14.3 (19.6)172.2 (53.0)
Net income (loss)141.2 43.7 (681.8)136.0 
Less: Net loss attributable to non-controlling interest0.7 0.2 1.2 0.4 
Net income (loss) attributable to Penn National$141.9 $43.9 $(680.6)$136.4 
Comprehensive income (loss)$141.2 $43.7 $(681.8)$136.0 
Less: Comprehensive loss attributable to non-controlling interest0.7 0.2 1.2 0.4 
Comprehensive income (loss) attributable to Penn National$141.9 $43.9 $(680.6)$136.4 
Earnings (loss) per share:    
Basic earnings (loss) per share$1.02 $0.38 $(5.36)$1.18 
Diluted earnings (loss) per share$0.93 $0.38 $(5.36)$1.16 
Weighted-average common shares outstanding - basic138.2 115.2 126.9 115.8 
Weighted-average common shares outstanding - diluted155.5 116.7 126.9 117.7 
See accompanying notes to the Condensed Consolidated Financial Statements.

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PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
Three Months Ended September 30, 2020 and 2019
Preferred StockCommon StockTreasury
Stock
Addi-
tional
Paid-In
Capital
Retained Earnings (Accum-
ulated Deficit)
Total Penn National Stock-
holders’
Equity
Non-Control-
ling Interest
Total
Stock-
holders’ Equity
(in millions, except share data)SharesAmountSharesAmount
Balance as of July 1, 2020883 $23.1 137,435,090 $1.4 $(28.4)$2,170.4 $(660.3)$1,506.2 $(1.3)$1,504.9 
Share-based compensation arrangements— — 1,718,828 — — 28.3 — 28.3 — 28.3 
Common stock offering (Note 15)— — 16,100,000 0.2 — 957.4 — 957.6 — 957.6 
Net income (loss)— — — — — — 141.9 141.9 (0.7)141.2 
Other— — — — — (0.3)— (0.3)— (0.3)
Balance as of September 30, 2020883 $23.1 155,253,918 $1.6 $(28.4)$3,155.8 $(518.4)$2,633.7 $(2.0)$2,631.7 
Balance as of July 1, 2019 $ 115,869,769 $1.2 $(28.4)$1,708.9 $210.2 $1,891.9 $(0.2)$1,891.7 
Share-based compensation arrangements— — 7,496 — — 4.0 — 4.0 — 4.0 
Net income (loss)— — — — — — 43.9 43.9 (0.2)43.7 
Balance as of September 30, 2019 $ 115,877,265 $1.2 $(28.4)$1,712.9 $254.1 $1,939.8 $(0.4)$1,939.4 
Nine Months Ended September 30, 2020 and 2019
Preferred StockCommon StockTreasury
Stock
Addi-
tional
Paid-In
Capital
Retained Earnings (Accum-
ulated Deficit)
Total Penn National Stock-
holders’
Equity
Non-Control-
ling Interest
Total
Stock-
holders’ Equity
(in millions, except share data)SharesAmountSharesAmount
Balance as of January 1, 2020 $ 115,958,259 $1.2 $(28.4)$1,718.3 $161.6 $1,852.7 $(0.8)$1,851.9 
Share-based compensation arrangements— — 4,028,992 — — 61.0 — 61.0 — 61.0 
Common stock offering (Note 15)— — 35,266,667 0.4 — 1,288.4 — 1,288.8 — 1,288.8 
Convertible debt offering (Note 10)— — — — — 88.2 — 88.2 — 88.2 
Barstool Sports investment (Note 12)883 23.1 — — — — — 23.1 — 23.1 
Cumulative-effect adjustment upon adoption of ASU 2016-13— — — — — — 0.6 0.6 — 0.6 
Net loss— — — — — — (680.6)(680.6)(1.2)(681.8)
Other— — — — — (0.1)— (0.1)— (0.1)
Balance as of September 30, 2020883 $23.1 155,253,918 $1.6 $(28.4)$3,155.8 $(518.4)$2,633.7 $(2.0)$2,631.7 
Balance as of January 1, 2019 $ 116,687,808 $1.2 $(28.4)$1,726.4 $(968.0)$731.2 $ $731.2 
Share-based compensation arrangements— — 461,280 — — 11.4 — 11.4 — 11.4 
Cumulative-effect adjustment upon adoption of ASC 842— — — — — — 1,085.7 1,085.7 — 1,085.7 
Share repurchases— — (1,271,823)— — (24.9)— (24.9)— (24.9)
Net income (loss)— — — — — — 136.4 136.4 (0.4)136.0 
Balance as of September 30, 2019 $ 115,877,265 $1.2 $(28.4)$1,712.9 $254.1 $1,939.8 $(0.4)$1,939.4 
See accompanying notes to the Condensed Consolidated Financial Statements.
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PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 For the nine months ended September 30,
(in millions)20202019
Operating activities  
Net income (loss)$(681.8)$136.0 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization275.3 316.4 
Amortization of debt discount and debt issuance costs11.0 5.7 
Noncash operating lease expense84.0 79.0 
Change in fair value of contingent purchase price(1.4)7.0 
Holding gain on equity securities(75.6)(7.1)
Loss (gain) on sale or disposal of property and equipment(33.9)8.3 
Noncash rent and interest expense related to the utilization of rent credits232.3  
Income from unconsolidated affiliates(7.4)(21.7)
Return on investment from unconsolidated affiliates17.3 22.0 
Deferred income taxes(124.0)28.8 
Stock-based compensation11.7 10.4 
Impairment losses616.1  
Changes in operating assets and liabilities, net of businesses acquired
Accounts receivable(27.5)23.6 
Prepaid expenses and other current assets14.4 12.5 
Other assets(3.4)(1.5)
Accounts payable22.3 8.1 
Accrued expenses3.6 (20.3)
Income taxes(43.9)(4.5)
Operating lease liabilities(69.8)(107.6)
Other current and long-term liabilities1.5 24.1 
Net cash provided by operating activities220.8 519.2 
Investing activities
Capital expenditures(97.6)(136.7)
Consideration paid for Barstool Sports investment(135.0) 
Consideration paid for acquisitions of businesses, net of cash acquired(3.0)(1,359.4)
Proceeds from sale-and-leaseback transactions in conjunction with acquisitions 961.1 
Acquisition of equity securities (5.1)
Additional contributions to joint ventures(3.9) 
Other3.6 (2.0)
Net cash used in investing activities(235.9)(542.1)
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 For the nine months ended September 30,
(in millions)20202019
Financing activities
Proceeds from revolving credit facility540.0 395.0 
Repayments on revolving credit facility(680.0)(307.0)
Proceeds from issuance of long-term debt, net of discounts322.2  
Principal payments on long-term debt(35.0)(35.0)
Debt and equity issuance costs(6.9) 
Payments of other long-term obligations(8.4)(15.4)
Principal payments on financing obligations(20.9)(38.4)
Principal payments on finance leases(2.7)(4.6)
Proceeds from common stock offerings, net of discounts and fees1,288.8  
Proceeds from exercise of options55.5 1.0 
Repurchase of common stock (24.9)
Proceeds from insurance financing19.5 14.3 
Payments on insurance financing(19.6)(14.8)
Other(7.0)(4.1)
Net cash provided by (used in) financing activities1,445.5 (33.9)
Change in cash, cash equivalents, and restricted cash1,430.4 (56.8)
Cash, cash equivalents and restricted cash at the beginning of the year455.2 481.2 
Cash, cash equivalents and restricted cash at the end of the period$1,885.6 $424.4 
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$1,873.1 $406.9 
Restricted cash included in Other current assets9.9 15.6 
Restricted cash included in Other assets2.6 1.9 
Total cash, cash equivalents and restricted cash$1,885.6 $424.4 
Supplemental disclosure:
Cash paid for interest, net of amounts capitalized$256.6 $404.4 
Cash payments (refunds) related to income taxes, net$(6.0)$20.9 
Non-cash investing and financing activities:
Rent credits received upon sale of Tropicana land and buildings $307.5 $ 
Commencement of operating leases$67.4 $713.3 
Commencement of finance leases$ $4.3 
Accrued capital expenditures$(13.1)$8.3 
Acquisition of equity securities$ $16.1 
See accompanying notes to the Condensed Consolidated Financial Statements.
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PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

Note 1—Organization and Basis of Presentation
Organization: Penn National Gaming, Inc., together with its subsidiaries (“Penn National,” the “Company,” “we,” “our,” or “us”), is a leading, diversified, multi-jurisdictional owner and manager of gaming and racing properties, sports betting operations, and video gaming terminal (“VGT”) operations. In addition, we hold a 36% equity interest in Barstool Sports, Inc. (“Barstool Sports”), a leading digital sports, entertainment and media platform. We also operate an interactive gaming (“iGaming”) division through our subsidiary, Penn Interactive Ventures, LLC (“Penn Interactive”), which operates an online casino (“iCasino”) and launched an online sports betting app called Barstool Sports in Pennsylvania in September 2020. Our MYCHOICE® customer loyalty program (the “mychoice program”) provides our members with various benefits, including complimentary goods and/or services.
As of September 30, 2020, we owned, managed, or had ownership interests in 41 gaming and racing properties in 19 states and were licensed to offer live sports betting at our properties in Indiana, Iowa, Michigan, Mississippi, Nevada, Pennsylvania and West Virginia. The majority of the real estate assets (i.e., land and buildings) used in our 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”).
Impact of the COVID-19 Pandemic and Company Response: On March 11, 2020, the World Health Organization declared the novel coronavirus (known as “COVID-19”) outbreak to be a global pandemic. We began temporary suspension of the operations of all of our properties between March 13, 2020 and March 19, 2020 pursuant to various orders from state gaming regulatory bodies or governmental authorities to combat the rapid spread of COVID-19. We began reopening our properties on May 18, 2020 with reduced gaming and hotel capacity and limited food and beverage offerings in order to accommodate comprehensive social distancing and health and safety protocols. As of September 30, 2020, with the exception of Valley Race Park and Zia Park Casino, all of our properties have reopened.
During the first quarter of 2020, the Company took various actions to reduce its cost structure to help mitigate the operating and financial impact of the COVID-19 pandemic during the period the properties were closed, which included: (i) furloughing the vast majority of its employees and operating with a minimum staffing of less than 850 employees company-wide during the closures; (ii) enacting meaningful compensation reductions to its remaining property and corporate leadership teams effective April 1, 2020 and through September 30, 2020 (compensation was fully restored effective October 1, 2020); and (iii) executing substantial reductions in operating expenses and capital expenditures, including temporarily suspending construction of its two planned Category 4 development projects in Pennsylvania. In addition, during the pendency of property closures, the Company’s Board of Directors elected to forgo their cash compensation effective April 1, 2020 and through September 30, 2020.
Between March 13, 2020 and September 30, 2020, we entered into a series of transactions to improve our financial position and liquidity in light of the COVID-19 pandemic, including: (i) on March 13, 2020, we provided notice to our lenders to borrow the remaining available amount of $430.0 million under our Revolving Credit Facility; (ii) on March 27, 2020, we entered into a binding term sheet with GLPI (the “Term Sheet”) whereby GLPI agreed to (a) purchase the real estate assets associated with Tropicana Las Vegas (“Tropicana”) in exchange for rent credits of $307.5 million, which closed on April 16, 2020, and (b) a sale-leaseback of the land underlying our Hollywood Casino Morgantown (“Morgantown”) development project in Morgantown, Pennsylvania, in exchange for rent credits of $30.0 million, which closed on October 1, 2020; (iii) on May 14, 2020 (May 19, 2020 with respect to the Underwriters’ exercising their options to acquire additional 2.75% Convertible Notes), we completed a public offering of $330.5 million aggregate principal amount of 2.75% Convertible Notes; (iv) on May 14, 2020 (May 19, 2020 with respect to the Underwriters’ exercising their options to purchase additional shares), we completed a public offering of 19,166,667 aggregate shares of common stock, par value of $0.01 per share, of the Company (“Penn Common Stock”) for gross proceeds of $345.0 million; and (v) on September 24, 2020 (September 25, 2020 with respect to the Underwriters’ exercising their options to purchase additional shares), we completed a public offering of 16,100,000 aggregate shares of Penn Common Stock for gross proceeds of $982.1 million. In addition, on April 14, 2020, the Company entered into an amendment to its Credit Agreement, which, among other things, provides it with relief from its financial covenants for a period of up to one year. Further, on September 30, 2020, the Company fully repaid $670.0 million of outstanding borrowings under its Revolving Credit Facility. The terms “Revolving Credit Facility,” “Convertible Notes” and “Credit Agreement” are defined in Note 10, “Long-term Debt.”

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On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which provides emergency economic assistance for American workers, families and businesses affected by the COVID-19 pandemic. The economic relief package includes government loan enhancement programs and various tax provisions to help improve liquidity for American businesses. Based on our evaluation of the CARES Act, we qualify for certain employer refundable payroll credits, deferral of applicable payroll taxes, net operating loss (“NOL”) carrybacks and immediate expensing for eligible qualified improvement property. We intend to continue to review and consider available benefits under the CARES Act for which we qualify, including those described above.
The COVID-19 pandemic caused significant disruptions to our business and had a material adverse impact on our financial condition, results of operations and cash flows, the magnitude of which continues to develop based on (i) the timing and extent of the recovery in visitation and consumer spending at our properties; (ii) the continued impact of implementing social distancing and health and safety guidelines at our properties, including reductions in gaming and hotel capacity and limiting the number of food and beverage options; and (iii) whether any of our properties will be required to again temporarily suspend operations in the event that the pandemic significantly worsens. We are currently unable to determine whether, when or how the conditions surrounding the COVID-19 pandemic will change or whether the recovery in visitation and consumer spending is sustainable.
The Company could experience other potential adverse impacts as a result of the COVID-19 pandemic, including, but not limited to, further charges from adjustments to the carrying amount of goodwill and other intangible assets, long-lived asset impairment charges, or impairments of investments in joint ventures. In addition, the negative impacts of the COVID-19 pandemic may result in further changes in the amount of valuation allowance required. Actual results may differ materially from the Company’s current estimates as the scope of the COVID-19 pandemic evolves, depending largely, though not exclusively, on the impact of required capacity reductions, social distancing and health and safety guidelines, and the sustainability of current trends in recovery at our reopened properties.
Basis of Presentation: The unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.
Results of operations and cash flows for the interim periods presented herein are not necessarily indicative of the results that would be achieved during a full year of operations or in future periods. These unaudited Condensed Consolidated Financial Statements and notes thereto should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

Note 2—Significant Accounting Policies
Principles of Consolidation: The unaudited Condensed 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 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 unaudited Condensed 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 financial statements, and (iii) the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
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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 18, “Segment Information,” for further information. For financial reporting purposes, we aggregate our operating segments into the following four reportable segments:
LocationReal Estate Assets Lease or Ownership Structure
Northeast segment
Ameristar East ChicagoEast Chicago, IndianaPinnacle Master Lease
Greektown Casino-HotelDetroit, MichiganGreektown Lease
Hollywood Casino BangorBangor, MainePenn Master Lease
Hollywood Casino at Charles Town RacesCharles Town, West VirginiaPenn Master Lease
Hollywood Casino ColumbusColumbus, OhioPenn Master Lease
Hollywood Casino LawrenceburgLawrenceburg, IndianaPenn Master Lease
Hollywood Casino at Penn National Race CourseGrantville, PennsylvaniaPenn Master Lease
Hollywood Casino ToledoToledo, OhioPenn Master Lease
Hollywood Gaming at Dayton RacewayDayton, OhioPenn Master Lease
Hollywood Gaming at Mahoning Valley Race CourseYoungstown, OhioPenn Master Lease
Marquee by Penn (1)
PennsylvaniaN/A
Meadows Racetrack and CasinoWashington, PennsylvaniaMeadows Lease
Plainridge Park CasinoPlainville, MassachusettsPinnacle Master Lease
South segment (2)
1st Jackpot Casino
Tunica, MississippiPenn Master Lease
Ameristar VicksburgVicksburg, MississippiPinnacle Master Lease
Boomtown BiloxiBiloxi, MississippiPenn Master Lease
Boomtown Bossier CityBossier City, LouisianaPinnacle Master Lease
Boomtown New OrleansNew Orleans, LouisianaPinnacle Master Lease
Hollywood Casino Gulf CoastBay St. Louis, MississippiPenn Master Lease
Hollywood Casino TunicaTunica, MississippiPenn Master Lease
L’Auberge Baton RougeBaton Rouge, LouisianaPinnacle Master Lease
L’Auberge Lake CharlesLake Charles, LouisianaPinnacle Master Lease
Margaritaville Resort CasinoBossier City, LouisianaMargaritaville Lease
West segment
Ameristar Black HawkBlack Hawk, ColoradoPinnacle Master Lease
Cactus Petes and HorseshuJackpot, NevadaPinnacle Master Lease
M ResortHenderson, NevadaPenn Master Lease
Tropicana Las VegasLas Vegas, NevadaTropicana Lease
Zia Park CasinoHobbs, New MexicoPenn Master Lease
Midwest segment
Ameristar Council Bluffs