0000921738-20-000041 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2020	Oct. 31, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	0-24206
Entity Registrant Name	PENN NATIONAL GAMING, INC.
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 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 Common Stock, Shares Outstanding		155,324,295
Entity Central Index Key	0000921738
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
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 expenses	49.5	54.6
Income tax receivable	64.0	22.1
Other current assets	61.3	40.0
Total current assets	2,186.5	642.8
Property and equipment, net	4,592.9	5,120.2
Investment in and advances to unconsolidated affiliates	263.0	128.3
Goodwill and other intangible assets, net	2,672.8	3,297.2
Lease right-of-use assets	4,832.7	4,837.3
Other assets	264.1	168.7
Total assets	14,812.0	14,194.5
Current liabilities
Accounts payable	64.4	40.3
Current maturities of long-term debt	84.8	62.9
Current portion of financing obligations	35.3	40.5
Current portion of lease liabilities	127.2	130.6
Accrued expenses and other current liabilities	609.7	631.3
Total current liabilities	921.4	905.6
Long-term debt, net of current maturities, debt discount and debt issuance costs	2,355.7	2,322.2
Long-term portion of financing obligations	4,075.5	4,102.2
Long-term portion of lease liabilities	4,595.5	4,670.0
Deferred income taxes	120.7	244.6
Other long-term liabilities	111.5	98.0
Total liabilities	12,180.3	12,342.6
Commitments and contingencies (Note 14)
Stockholders’ equity
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 capital	3,155.8	1,718.3
Retained earnings (accumulated deficit)	(518.4)	161.6
Total Penn National stockholders’ equity	2,633.7	1,852.7
Non-controlling interest	(2.0)	(0.8)
Total stockholders’ equity	2,631.7	1,851.9
Total liabilities and stockholders’ equity	14,812.0	14,194.5
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
Series D Preferred stock ($0.01 par value, 5,000 shares authorized, 883 shares issued and outstanding)
Stockholders’ equity
Preferred stock	$ 23.1	$ 0.0

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Allowance for doubtful accounts	$ 10.1	$ 7.7
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)	157,421,311	118,125,652
Common stock, shares outstanding (in shares)	155,253,918	115,958,259
Treasury stock (in shares)	2,167,393	2,167,393
Series B Preferred stock ($0.01 par value, 1,000,000 shares authorized, no shares issued and outstanding)
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 ($0.01 par value, 18,500 shares authorized, no shares issued and outstanding)
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
Series D Preferred stock ($0.01 par value, 5,000 shares authorized, 883 shares issued and outstanding)
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000	5,000
Preferred stock, shares issued (in shares)	883	883
Preferred stock, shares outstanding (in shares)	883	883

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Revenues	$ 1,129.7	$ 1,354.5	$ 2,551.3	$ 3,960.2
Operating expenses
General and administrative	317.6	309.7	828.7	883.6
Depreciation and amortization	87.7	106.3	275.3	316.4
Impairment losses	0.0	0.0	616.1	0.0
Total operating expenses	933.5	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 affiliates	5.0	9.8	7.4	21.7
Other	68.0	7.2	75.5	7.2
Total other expenses	(69.3)	(116.5)	(324.2)	(371.6)
Income (loss) before income taxes	126.9	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 interest	0.7	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 interest	0.7	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 (in dollars per share)	$ 1.02	$ 0.38	$ (5.36)	$ 1.18
Diluted earnings (loss) per share (in dollars per share)	$ 0.93	$ 0.38	$ (5.36)	$ 1.16
Weighted average common shares outstanding - basic (in shares)	138.2	115.2	126.9	115.8
Weighted average common shares outstanding - diluted (in shares)	155.5	116.7	126.9	117.7
Gaming
Revenues
Revenues	$ 993.6	$ 1,088.5	$ 2,155.7	$ 3,185.2
Operating expenses
Cost of revenue	458.1	587.5	1,101.0	1,699.1
Food, beverage, hotel and other
Revenues
Revenues	136.1	266.0	395.6	775.0
Operating expenses
Cost of revenue	$ 70.1	$ 171.2	$ 260.0	$ 500.5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Preferred Stock	Common Stock	Treasury Stock	Addi- tional Paid-In Capital	Retained Earnings (Accum- ulated Deficit)	Retained Earnings (Accum- ulated Deficit) Cumulative Effect, Period of Adoption, Adjustment	Total Penn National Stock- holders’ Equity	Total Penn National Stock- holders’ Equity Cumulative Effect, Period of Adoption, Adjustment	Non-Control- ling Interest
Beginning balance (in shares) at Dec. 31, 2018			0	116,687,808
Beginning balance at Dec. 31, 2018	$ 731.2	$ 1,085.7	$ 0.0	$ 1.2	$ (28.4)	$ 1,726.4	$ (968.0)	$ 1,085.7	$ 731.2	$ 1,085.7	$ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)				461,280
Share-based compensation arrangements	11.4					11.4			11.4
Share repurchases (in shares)				(1,271,823)
Share repurchases	(24.9)					(24.9)			(24.9)
Net income (loss)	136.0						136.4		136.4		(0.4)
Ending balance (in shares) at Sep. 30, 2019			0	115,877,265
Ending balance at Sep. 30, 2019	$ 1,939.4		$ 0.0	$ 1.2	(28.4)	1,712.9	254.1		1,939.8		(0.4)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Beginning balance (in shares) at Dec. 31, 2018			0	116,687,808
Beginning balance at Dec. 31, 2018	$ 731.2	1,085.7	$ 0.0	$ 1.2	(28.4)	1,726.4	(968.0)	1,085.7	731.2	1,085.7	0.0
Ending balance (in shares) at Dec. 31, 2019			0	115,958,259
Ending balance at Dec. 31, 2019	1,851.9	0.6	$ 0.0	$ 1.2	(28.4)	1,718.3	161.6	0.6	1,852.7	0.6	(0.8)
Beginning balance (in shares) at Jun. 30, 2019			0	115,869,769
Beginning balance at Jun. 30, 2019	1,891.7		$ 0.0	$ 1.2	(28.4)	1,708.9	210.2		1,891.9		(0.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)				7,496
Share-based compensation arrangements	4.0					4.0			4.0
Net income (loss)	43.7						43.9		43.9		(0.2)
Ending balance (in shares) at Sep. 30, 2019			0	115,877,265
Ending balance at Sep. 30, 2019	$ 1,939.4		$ 0.0	$ 1.2	(28.4)	1,712.9	254.1		1,939.8		(0.4)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Beginning balance (in shares) at Dec. 31, 2019			0	115,958,259
Beginning balance at Dec. 31, 2019	$ 1,851.9	$ 0.6	$ 0.0	$ 1.2	(28.4)	1,718.3	161.6	$ 0.6	1,852.7	$ 0.6	(0.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)				4,028,992
Share-based compensation arrangements	61.0					61.0			61.0
Common stock offering (Note 14) (in shares)				35,266,667
Common stock offering (Note 15)	1,288.8			$ 0.4		1,288.4			1,288.8
Convertible debt offering (Note 10)	$ 88.2					88.2			88.2
Barstool Sports investment (Note 12) (in shares)	883
Barstool Sports investment (Note 12)	$ 23.1		$ 23.1						23.1
Net income (loss)	(681.8)						(680.6)		(680.6)		(1.2)
Other	(0.1)					(0.1)			(0.1)
Ending balance (in shares) at Sep. 30, 2020			883	155,253,918
Ending balance at Sep. 30, 2020	2,631.7		$ 23.1	$ 1.6	(28.4)	3,155.8	(518.4)		2,633.7		(2.0)
Beginning balance (in shares) at Jun. 30, 2020			883	137,435,090
Beginning balance at Jun. 30, 2020	1,504.9		$ 23.1	$ 1.4	(28.4)	2,170.4	(660.3)		1,506.2		(1.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)				1,718,828
Share-based compensation arrangements	28.3					28.3			28.3
Common stock offering (Note 14) (in shares)				16,100,000
Common stock offering (Note 15)	957.6			$ 0.2		957.4			957.6
Net income (loss)	141.2						141.9		141.9		(0.7)
Other	(0.3)					(0.3)			(0.3)
Ending balance (in shares) at Sep. 30, 2020			883	155,253,918
Ending balance at Sep. 30, 2020	$ 2,631.7		$ 23.1	$ 1.6	$ (28.4)	$ 3,155.8	$ (518.4)		$ 2,633.7		$ (2.0)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities
Net income (loss)	$ (681.8)	$ 136.0
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	275.3	316.4
Amortization of debt discount and debt issuance costs	11.0	5.7
Noncash operating lease expense	84.0	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 credits	232.3	0.0
Income from unconsolidated affiliates	(7.4)	(21.7)
Return on investment from unconsolidated affiliates	17.3	22.0
Deferred income taxes	(124.0)	28.8
Stock-based compensation	11.7	10.4
Impairment losses	616.1	0.0
Changes in operating assets and liabilities, net of businesses acquired
Accounts receivable	(27.5)	23.6
Prepaid expenses and other current assets	14.4	12.5
Other assets	(3.4)	(1.5)
Accounts payable	22.3	8.1
Accrued expenses	3.6	(20.3)
Income taxes	(43.9)	(4.5)
Operating lease liabilities	(69.8)	(107.6)
Other current and long-term liabilities	1.5	24.1
Net cash provided by operating activities	220.8	519.2
Investing activities
Capital expenditures	(97.6)	(136.7)
Consideration paid for Barstool Sports investment	(135.0)	0.0
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	0.0	961.1
Acquisition of equity securities	0.0	(5.1)
Additional contributions to joint ventures	(3.9)	0.0
Other	3.6	(2.0)
Net cash used in investing activities	(235.9)	(542.1)
Financing activities
Proceeds from revolving credit facility	540.0	395.0
Repayments on revolving credit facility	(680.0)	(307.0)
Proceeds from issuance of long-term debt, net of discounts	322.2	0.0
Principal payments on long-term debt	(35.0)	(35.0)
Debt and equity issuance costs	(6.9)	0.0
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 fees	1,288.8	0.0
Proceeds from exercise of options	55.5	1.0
Repurchase of common stock	0.0	(24.9)
Proceeds from insurance financing	19.5	14.3
Payments on insurance financing	(19.6)	(14.8)
Other	(7.0)	(4.1)
Net cash provided by (used in) financing activities	1,445.5	(33.9)
Change in cash, cash equivalents, and restricted cash	1,430.4	(56.8)
Cash, cash equivalents and restricted cash at the beginning of the year	455.2	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:
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	0.0
Commencement of operating leases	67.4	713.3
Commencement of finance leases	0.0	4.3
Accrued capital expenditures	(13.1)	8.3
Acquisition of equity securities	$ 0.0	$ 16.1

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	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.” 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.

Significant Accounting Policies

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

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.

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:


	Location	Real Estate Assets Lease or Ownership Structure
Northeast segment
Ameristar East Chicago	East Chicago, Indiana	Pinnacle Master Lease
Greektown Casino-Hotel	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 (1)	Pennsylvania	N/A
Meadows Racetrack and Casino	Washington, Pennsylvania	Meadows Lease
Plainridge Park Casino	Plainville, Massachusetts	Pinnacle Master Lease

South segment (2)
1st 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	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	Tropicana Lease
Zia Park Casino	Hobbs, New Mexico	Penn Master Lease

Midwest segment
Ameristar Council Bluffs	Council Bluffs, Iowa	Pinnacle Master Lease
Argosy Casino Alton (3)	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 (4)	Kansas City, Kansas	Owned - JV
Hollywood Casino St. Louis	Maryland Heights, Missouri	Penn Master Lease
Prairie State Gaming (1)	Illinois	N/A
River City Casino	St. Louis, Missouri	Pinnacle Master Lease

(1)VGT route operations

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

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

(4)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.

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, beverage, hotel and other revenues, at their estimated standalone selling prices 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, beverage, hotel and other and offset to gaming revenues were as follows:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2020		2019		2020		2019
Food and beverage	$	29.4	$	66.7	$	90.7	$	195.3
Hotel	21.9		44.1		58.6		121.5
Other	1.5		4.2		5.0		13.0
Total complimentaries associated with gaming contracts	$	52.8	$	115.0	$	154.3	$	329.8

Customer-related Liabilities

The Company has three general types of liabilities related to contracts with customers: (i) the obligation associated with its 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 obligation associated with our mychoice program, which is included in “Accrued expenses and other current liabilities” within our unaudited Condensed Consolidated Balance Sheets, was $35.2 million and $36.2 million as of September 30, 2020 and December 31, 2019, respectively, and consisted principally of the obligation associated with the loyalty points. Our loyalty point obligations are generally settled within six months of issuance; however, as a result of the COVID-19 pandemic and resulting temporary closures, loyalty point obligations may take longer to settle. 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. 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 $42.1 million and $42.2 million as of September 30, 2020 and December 31, 2019, respectively, of which $0.6 million were classified as long-term in both periods. 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 unaudited Condensed Consolidated Balance Sheets, respectively.

Penn Interactive enters into multi-year agreements with sports betting operators for online sports betting and related iGaming market access across our portfolio of properties, from which we received cash and equity securities, including ordinary shares and warrants, specific to two operator agreements. Deferred revenue associated with third-party sports betting operators for online sports betting and related iGaming market access, which is included in “Other long-term liabilities” within our unaudited Condensed Consolidated Balance Sheets, was $51.8 million and $43.6 million as of September 30, 2020 and December 31, 2019, respectively.

were recorded primarily in gaming expense within the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), were $349.2 million and $783.1 million, respectively, as compared to $403.1 million and $1,189.4 million, respectively, for the three and nine months ended September 30, 2019.

Convertible Debt: Under Accounting Standards Codification (“ASC”) 470-20, “Debt with Conversion and Other Options” (“ASC 470-20”), an entity must separately account for the liability and equity components of convertible debt instruments that may be settled entirely or partially in cash upon conversion in a manner that reflects the issuer’s economic interest. The effect of ASC 470-20 on the accounting for our Convertible Notes is that the equity component is required to be included in “Additional paid-in capital” within our unaudited Condensed Consolidated Balance Sheets at the issuance date and the value of the equity component is treated as a debt discount. See Note 10, “Long-term Debt,” for more information.

Holders of the Company’s Series D Preferred Stock (as defined in Note 12, “Investments in and Advances to Unconsolidated Affiliates”) are entitled to participate equally and ratably in all dividends and distributions paid to holders of Penn Common Stock irrespective of any vesting requirement. Accordingly, the Series D Preferred Stock shares are considered a participating security and the Company is required to apply the two-class method to consider the impact of the preferred shares on the calculation of basic and diluted EPS. The holders of the Company’s Series D Preferred Stock are not obligated to absorb losses; therefore, in reporting periods where the Company is in a net loss position, it does not apply the two-class method. In reporting periods where the Company is in a net income position, the two-class method is applied by allocating all earnings during the period to common shares and preferred shares. See Note 16, “Earnings (Loss) per Share,” for more information.

New Accounting Pronouncements	9 Months Ended
New Accounting Pronouncements	Sep. 30, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Accounting Pronouncements Implemented in 2020 In June 2016, the Financial Accounting Standards Board (“FASB”) issued 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. We adopted ASU 2016-13 during the first quarter of 2020 using a modified retrospective approach, which resulted in a cumulative-effect adjustment to retained earnings as of January 1, 2020 of $0.6 million. 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 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 were recorded as an operating expense when incurred. We adopted ASU 2018-15 during the first quarter of 2020 using a prospective approach, which did not have a material impact on our unaudited Condensed Consolidated Financial Statements. 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. We adopted ASU 2019-12 during the third quarter of 2020 on a prospective basis, which did not have a material impact on our unaudited Condensed Consolidated Financial Statements. Accounting Pronouncements to be Implemented In January 2020, the FASB issued ASU No. 2020-01, “Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815” (“ASU 2020-01”), which made targeted improvements to accounting for financial instruments, including providing an entity the ability to measure certain equity securities without a readily determinable fair value at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Among other topics, ASU 2020-01 clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting. For public business entities, ASU 2020-01 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2020-01 on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates and, particularly, the risk of cessation of the London Interbank Offered Rate (referred to as “LIBOR”), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. ASU 2020-04 also provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. ASU 2020-04 can be adopted no later than December 1, 2022 with early adoption permitted. The interest rates associated with the Company’s borrowings under its Senior Secured Credit Facilities (as defined in Note 10, “Long-term Debt”) are tied to LIBOR. The Company is currently evaluating the impact of the adoption of ASU 2020-04 on its consolidated financial statements. In August 2020, The FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Topic 814): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). ASU 2020-06 eliminates the number of accounting models used to account for convertible debt instruments and convertible preferred stock. The update also amends the disclosure requirements for convertible instruments and EPS in effort to increase financial reporting transparency. ASU 2020-06 will be effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2020-06 on its consolidated financial statements. A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, that the implementation of such proposed standards would have on our consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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

Hurricane Laura	9 Months Ended
Hurricane Laura	Sep. 30, 2020
Unusual or Infrequent Items, or Both [Abstract]
Hurricane Laura	Hurricane Laura On August 27, 2020, Hurricane Laura made landfall in Lake Charles, Louisiana, which caused significant damage to our L’Auberge Lake Charles property and closure of the property for 17 days. The Company maintains insurance, subject to certain deductibles, for the repair or replacement of assets that suffered loss and provides coverage for interruption to our business, including lost profits. As of September 30, 2020, the Company recorded a receivable of $50.6 million relating to our estimate of repairs and maintenance costs which have been incurred as well as identified property and equipment which have been written off for which we deem the recovery of such costs from our insurer to be probable. The insurance recovery receivable is included in “Receivables” within the unaudited Condensed Consolidated Balance Sheets. As we deem it is probable that the proceeds to be recovered from our insurers exceeds the total of our insurance recovery recorded and our insurers’ deductible, we did not record any loss associated with the impact of this natural disaster. Additionally, as of September 30, 2020, we were in process of performing our due diligence in an effort to quantify the claim amount under the policy that will be submitted to the insurer. We expect to complete our due diligence and submit the claim to the insurer during the fourth quarter of 2020. As such, the Company did not receive any proceeds relating to this event for the three and nine months ended September 30, 2020. Timing differences are likely to exist between the recognition of (i) impairment losses and capital expenditures made to repair or restore the assets and (ii) the receipt of insurance proceeds within the Company’s consolidated financial statements. We will record proceeds in excess of the recognized losses and lost profits under our business interruption insurance as a gain contingency in accordance with ASC 450, “Contingencies,” which we expect to recognize at the time of final settlement or when nonrefundable cash advances are made in a period subsequent to September 30, 2020.

Revenue Disaggregation

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue Disaggregation

We generate revenues at our owned, managed or operated properties principally by providing the following types of services: (i) gaming, including iCasino; (ii) food and beverage; (iii) hotel; and (iv) other. Other revenues are principally comprised of ancillary gaming-related activities, such as commissions received on ATM transactions, racing, and Penn Interactive’s social gaming. In addition, we assess our revenues based on geographic location of the related properties, which is consistent with our reportable segments (see Note 18, “Segment Information,” for further information). Our revenue disaggregation by type of revenue and geographic location was as follows:


	For the three months ended September 30, 2020
(in millions)	Northeast		South		West		Midwest		Other		Intersegment Eliminations (1)		Total
Revenues:
Gaming	$	508.0	$	208.0	$	54.0	$	212.7	$	11.0	$	(0.1)	$	993.6
Food and beverage	15.8		19.8		9.9		6.6		0.1		—		52.2
Hotel	4.0		20.6		9.0		5.1		—		—		38.7
Other	17.3		7.2		5.8		4.7		12.6		(2.4)		45.2
Total revenues	$	545.1	$	255.6	$	78.7	$	229.1	$	23.7	$	(2.5)	$	1,129.7


	For the three months ended September 30, 2019
(in millions)	Northeast		South		West		Midwest		Other		Intersegment Eliminations (1)		Total
Revenues:
Gaming	$	555.2	$	201.2	$	93.3	$	236.1	$	3.3	$	(0.6)	$	1,088.5
Food and beverage	39.4		39.0		29.5		21.0		0.5		—		129.4
Hotel	13.7		27.5		32.4		11.7		—		—		85.3
Other	20.6		8.9		6.3		7.0		8.6		(0.1)		51.3
Total revenues	$	628.9	$	276.6	$	161.5	$	275.8	$	12.4	$	(0.7)	$	1,354.5


	For the nine months ended September 30, 2020
(in millions)	Northeast		South		West		Midwest		Other		Intersegment Eliminations (1)		Total
Revenues:
Gaming	$	1,060.8	$	480.3	$	138.7	$	442.4	$	33.7	$	(0.2)	$	2,155.7
Food and beverage	51.9		57.1		35.6		25.4		0.4		—		170.4
Hotel	13.0		45.2		36.3		13.9		—		—		108.4
Other	42.8		17.8		12.4		11.5		37.5		(5.2)		116.8
Total revenues	$	1,168.5	$	600.4	$	223.0	$	493.2	$	71.6	$	(5.4)	$	2,551.3


	For the nine months ended September 30, 2019
(in millions)	Northeast		South		West		Midwest		Other		Intersegment Eliminations (1)		Total
Revenues:
Gaming	$	1,571.9	$	628.1	$	282.6	$	699.8	$	3.4	$	(0.6)	$	3,185.2
Food and beverage	112.8		118.7		86.9		61.7		1.2		—		381.3
Hotel	31.3		77.0		95.7		32.9		—		—		236.9
Other	62.6		26.9		19.2		20.9		27.3		(0.1)		156.8
Total revenues	$	1,778.6	$	850.7	$	484.4	$	815.3	$	31.9	$	(0.7)	$	3,960.2

(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”).

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Acquisitions and Dispositions

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Acquisitions and Dispositions

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 Casino-Hotel (“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.

During the first quarter of 2020, 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, as follows:


(in millions)	Fair value
Cash and cash equivalents	$	31.1
Receivables, prepaid expenses and other current assets	14.5
Property and equipment	28.4
Goodwill (1)	67.4
Other intangible assets
Gaming license	166.4
Trademark	24.4
Customer relationships	3.3
Operating lease right-of-use assets	516.1
Finance lease right-of-use assets	4.1

Total assets	$	855.7

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

(1)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 right-of-use (“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.

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 (of which $3.0 million was paid during the first quarter of 2020), 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 (as defined in Note 11, “Leases”).

Hollywood Casino Perryville Purchase Option

The Term Sheet discussed in Note 1, “Organization and Basis of Presentation” provides that the Company and GLPI will enter into an option agreement whereby GLPI will grant the Company the exclusive right until December 31, 2020 to purchase the operations of Hollywood Casino Perryville for $31.1 million, with the closing of such purchase expected to occur during the first half of 2021. If, as anticipated, the option is exercised and the transaction is completed, we would lease the real estate assets associated with Hollywood Casino Perryville from GLPI with initial rent of $7.8 million per year subject to escalation. We expect to exercise the purchase option by the end of 2020.

Tropicana Las Vegas

On April 16, 2020, we sold the real estate assets associated with our Tropicana property to GLPI in exchange for rent credits of $307.5 million that we began utilizing to pay rent under our existing Master Leases and the Meadows Lease in May 2020. Contemporaneous with the sale, the Company entered into the Tropicana Lease (as defined and discussed in Note 11, “Leases”). Pursuant to the purchase agreement, GLPI will conduct a sale process with respect to both the real estate assets and the operations of Tropicana for up to 24 months (the “Sale Period”), with the Company receiving (i) 75% of the proceeds above $307.5 million plus certain taxes, expenses and costs if an agreement for such sale is signed in the first 12 months of the Sale Period or (ii) 50% of the proceeds above $307.5 million plus certain taxes, expenses and costs if an agreement for such sale is signed in the remainder of the Sale Period.

As of September 30, 2020, we had $35.0 million of rent credits that will be utilized in future periods pertaining to this transaction (see “Morgantown” discussion below). The rent credits are included in “Other current assets” within our unaudited Condensed Consolidated Balance Sheets. We recognized gains on this transaction of $1.8 million and $30.3 million during the three and nine months ended September 30, 2020, respectively, which are included in “General and administrative” within our unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Morgantown

On October 1, 2020, we sold the land underlying our Morgantown development project to GLPI in exchange for rent credits of $30.0 million. Contemporaneous with the sale, the Company entered into a triple net lease with GLPI for the land underlying Morgantown (“Morgantown Lease”). The initial term of the Morgantown Lease is twenty years with six subsequent, five-year renewal periods, exercisable at the Company’s option. Annual rent under the Morgantown Lease will be $3.0 million and is subject to an annual escalator based on the consumer price index. All improvements made on the leased land, including the building being constructed, will be owned by the Company while the lease is in effect, however, on the expiration or earlier termination of the Morgantown Lease, ownership of all tenant improvements on the land will transfer to GLPI. The rent credits received as a part of this transaction may be utilized to pay rent under the Master Leases, the Meadows Lease, and the Morgantown Lease.

Property and Equipment

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment, net, consisted of the following:


(in millions)	September 30, 2020		December 31, 2019
Property and equipment - Not Subject to Master Leases
Land and improvements	$	109.8	$	353.2
Buildings, vessels and improvements	216.6		420.4
Furniture, fixtures and equipment	1,682.7		1,598.3
Leasehold improvements	197.4		183.6
Construction in progress	89.8		59.3
	2,296.3		2,614.8
Less: Accumulated depreciation	(1,602.5)		(1,548.3)
	693.8		1,066.5
Property and equipment - Subject to Master Leases
Land and improvements	1,525.1		1,525.9
Buildings, vessels and improvements	3,645.8		3,664.6
	5,170.9		5,190.5
Less: Accumulated depreciation	(1,271.8)		(1,136.8)
	3,899.1		4,053.7
Property and equipment, net	$	4,592.9	$	5,120.2

Depreciation expense was as follows:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2020		2019		2020		2019
Depreciation expense (1)	$	79.7	$	97.9	$	251.0	$	291.8

(1)Of such amounts, $45.2 million, $26.5 million, $137.0 million and $119.4 million, respectively, pertained to real estate assets subject to either of our Master Leases.

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

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 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

Impairment losses during year-to-date period	(43.5)		(9.0)		—		(60.5)		—		(113.0)

Balance as of September 30, 2020
Goodwill, gross	914.3		236.6		216.8		1,116.7		156.1		2,640.5
Accumulated goodwill impairment losses	(761.4)		(61.0)		(16.6)		(556.1)		(87.7)		(1,482.8)
Goodwill, net	$	152.9	$	175.6	$	200.2	$	560.6	$	68.4	$	1,157.7

2020 Interim Assessment for Impairment

During the first quarter of 2020, we identified an indicator of impairment on our goodwill and other intangible assets due to the COVID-19 pandemic. As a result of the COVID-19 pandemic, we revised our cash flow projections to reflect the current economic environment, including the uncertainty surrounding the nature, timing and extent of reopening our gaming properties. As a result of the interim assessment for impairment, during the first quarter of 2020, we recognized impairments on our

goodwill, gaming licenses and trademarks of $113.0 million, $437.0 million and $61.5 million, respectively. The estimated fair values of the reporting units were determined through a combination of a discounted cash flow 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 discounted cash flow 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 $43.5 million, $9.0 million and $60.5 million, respectively. The gaming license impairments pertained to our Northeast, South and Midwest segments in the amounts of $177.0 million, $166.0 million and $94.0 million, respectively. The trademark impairments pertained to our Northeast, South, Midwest and West segments, in the amounts of $17.0 million, $17.0 million, $15.0 million and $12.5 million, respectively.

There were no impairment charges recorded on goodwill and other intangible assets during the three months ended September 30, 2020 or the three and nine months ended September 30, 2019.

The aforementioned impairments are included in “Impairment losses” within our unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). See Note 17, “Fair Value Measurements,” for quantitative information about the significant unobservable inputs used in the fair value measurements of other intangible assets.

As of March 31, 2020, five 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
Hollywood Casino Toledo	$	5.8
Plainridge Park Casino	$	6.3
South segment
Boomtown New Orleans	$	5.2
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:


	September 30, 2020						December 31, 2019
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Indefinite-lived intangible assets
Gaming licenses	$	1,246.0	$	—	$	1,246.0	$	1,681.9	$	—	$	1,681.9
Trademarks	240.9		—		240.9		302.4		—		302.4
Other	0.7		—		0.7		0.7		—		0.7
Amortizing intangible assets
Customer relationships	106.8		(82.9)		23.9		104.4		(69.0)		35.4
Other	37.9		(34.3)		3.6		36.1		(30.0)		6.1
Total other intangible assets	$	1,632.3	$	(117.2)	$	1,515.1	$	2,125.5	$	(99.0)	$	2,026.5

Amortization expense related to our amortizing intangible assets was $5.9 million and $18.2 million for the three and nine months ended September 30, 2020, respectively, as compared to $6.4 million and $18.7 million for the three and nine months ended September 30, 2019, respectively. The following table presents the estimated amortization expense based on our amortizing intangible assets as of September 30, 2020 (in millions):


Years ending December 31,
2020 (excluding the nine months ended September 30, 2020)	$	3.0
2021	7.1
2022	5.2
2023	3.7
2024	3.6
Thereafter	4.9
Total	$	27.5

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2020

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


(in millions)	September 30, 2020		December 31, 2019
Accrued salaries and wages	$	151.8	$	142.1
Accrued gaming, pari-mutuel, property, and other taxes	93.5		103.3
Accrued interest	10.8		13.0
Other accrued expenses (1)	222.8		225.8
Other current liabilities (2)	130.8		147.1
Accrued expenses and other current liabilities	$	609.7	$	631.3

(1)Amounts as of September 30, 2020 and December 31, 2019 included $40.7 million and $38.3 million, respectively, pertaining to the Company’s accrued progressive jackpot liability. Additionally, amounts include the obligation associated with its 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 as of September 30, 2020 and December 31, 2019 included $76.8 million and $80.1 million, respectively, pertaining to the Company’s non-qualified deferred compensation plan that covers management and other highly-compensated employees.

Long-term Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Long-term Debt

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


(in millions)	September 30, 2020		December 31, 2019
Senior Secured Credit Facilities:
Revolving Credit Facility due 2023	$	—	$	140.0
Term Loan A Facility due 2023	645.8		672.3
Term Loan B-1 Facility due 2025	1,109.0		1,117.5
5.625% Notes due 2027	400.0		400.0
2.75% Convertible Notes due 2026	330.5		—
Other long-term obligations	80.8		89.2
	2,566.1		2,419.0
Less: Current maturities of long-term debt	(84.8)		(62.9)
Less: Debt discount	(89.6)		(2.4)
Less: Debt issuance costs	(36.0)		(31.5)
	$	2,355.7	$	2,322.2

Senior Secured Credit Facilities

In January 2017, the Company entered into an agreement to amend and restate its previous credit agreement, dated October 30, 2013, as amended (the “Credit Agreement”), which provided for: (i) a five-year $700.0 million revolving credit facility (the “Revolving Credit Facility”), (ii) a five-year $300.0 million term loan A facility (the “Term Loan A Facility”), and (iii) 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”). The Term Loan B Facility was fully repaid and terminated prior to 2019. As of September 30, 2020, the Company had conditional obligations under letters of credit issued pursuant to the Senior Secured Credit Facilities with face amounts aggregating $29.4 million.

In October 2018, in connection with the acquisition of Pinnacle Entertainment, Inc. (the “Pinnacle Acquisition”), we entered into an incremental joinder agreement (the “Incremental Joinder”), which amended the 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”). With the exception of extending the maturity date, the Incremental Joinder did not impact the Revolving Credit Facility.

On April 14, 2020, the Company entered into a second amendment to its Credit Agreement with its various lenders (the “Amendment Agreement”) to provide for certain modifications. During the period beginning on April 14, 2020 and ending on the earlier of (x) the date that is two business days after the date on which the Company delivers a covenant relief period termination notice to the administrative agent and (y) the date on which the administrative agent receives a compliance certificate for the quarter ending March 31, 2021 (the “Covenant Relief Period”), the Company will not have to comply with any Maximum Leverage Ratio or Minimum Interest Coverage Ratio (as such terms are defined in the Credit Agreement). During the Covenant Relief Period, the Company will be subject to a minimum liquidity covenant that requires cash and cash equivalents and availability under its Revolving Credit Facility to be (i) at least $400.0 million through April 30, 2020; (ii) $350.0 million during the period from May 1, 2020 through May 31, 2020; (iii) $300.0 million during the period from June 1, 2020 through June 30, 2020; and (iv) $225.0 million during the period from July 1, 2020 through March 31, 2021.

The Amendment Agreement also amended the financial covenants that are applicable after the Covenant Relief Period to permit the Company to (i) maintain a maximum consolidated total net leverage ratio of up to a ratio that varies by quarter, ranging between 5.50:1.00 and 4.50:1.00 in 2021 and 4.25:1.00 thereafter, tested quarterly on a pro forma trailing twelve month (“PF TTM”) basis; (ii) maintain a maximum senior secured net leverage ratio of up to a ratio that varies by quarter, ranging between 4.50:1.00 and 3.50:1.00 in 2021 and 3.00:1.00 thereafter, tested quarterly on a PF TTM basis; and (iii) maintain an interest coverage ratio of 2.50:1.00, tested quarterly on a PF TTM basis.

In addition, the Amendment Agreement (i) provides that, during the Covenant Relief Period, loans under the Revolving Credit Facility and the Term Loan A Facility shall bear interest at either a base rate or an adjusted LIBOR rate, in each case, plus an applicable margin, in the case of base rate loans, of 2.00%, and in the case of adjusted LIBOR rate loans, of 3.00%; (ii) provides that, during the Covenant Relief Period, the Company shall pay a commitment fee on the unused portion of the commitments under the Revolving Credit Facility at a rate of 0.50% per annum; (iii) provides for a 0.75% LIBOR floor applicable to all LIBOR loans under the Senior Secured Credit Facilities; (iv) carves out COVID-19 related effects from certain terms of the Senior Secured Credit Facilities during the Covenant Relief Period; and (v) makes certain other changes to the covenants and other provisions of the Credit Agreement.

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

In January 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 15th and July 15th of each year.

2.75% Unsecured Convertible Notes

In May 2020, the Company completed a public offering of $330.5 million aggregate principal amount of 2.75% unsecured convertible notes that mature, unless earlier converted, redeemed or repurchased, on May 15, 2026 (the “Convertible Notes”) at a price of par. After lender fees and discounts, net proceeds received by the Company were $322.2 million. Interest on the Convertible Notes is payable on May 15th and November 15th of each year, beginning on November 15, 2020.

The Convertible Notes are convertible into shares of the Company’s common stock at an initial conversion price of $23.40 per share, or 42.7350 shares, per $1,000 principal amount of notes, subject to adjustment if certain corporate events occur. However, in no event will the conversion exceed 55.5555 shares of common stock per $1,000 principal amount of notes. As of September 30, 2020, the maximum number of shares that could be issued to satisfy the conversion feature of the Convertible Notes is 18,360,815 and the amount by which the Convertible Notes if-converted value exceeded its principal amount was $1,004.3 million.

Prior to February 15, 2026, at their election, holders of the Convertible Notes may convert outstanding notes starting in the fourth quarter of 2020 if the trading price of the Company’s common stock exceeds 130% of the conversion price or, starting shortly after the issuance of the Convertible Notes, if the trading price per $1,000 principal amount of notes is less than 98% of the product of the trading price of the Company’s common stock and the conversion rate then in effect. The Convertible Notes may, at the Company’s election, be settled in cash, shares of common stock of the Company, or a combination thereof. The Company has the option to redeem the Convertible Notes, in whole or in part, beginning November 20, 2023.

In addition, the Convertible Notes convert into shares of the Company’s common stock upon the occurrence of certain corporate events that constitute a fundamental change under the indenture governing the Convertible Notes at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of repurchase. In connection with certain corporate events or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their Convertible Notes in connection with such corporate events or during the relevant redemption period for such Convertible Notes.

The Convertible Notes contain a cash conversion feature, and as a result, the Company has separated it into liability and equity components. The Company valued the liability component based on its borrowing rate for a similar debt instrument that does not contain a conversion feature. The equity component, which is recognized as debt discount, was valued as the difference between the face value of the Convertible Notes and the fair value of the liability component. The equity component was valued at $91.8 million upon issuance of the Convertible Notes.

In connection with the Convertible Notes issuance, the Company incurred debt issuance costs of $10.2 million, which were allocated on a pro rata basis to the liability component and the equity component in the amounts of $6.6 million and $3.6 million, respectively.

The Convertible Notes consisted of the following components:


(in millions)	September 30, 2020
Liability component:
Principal	$	330.5
Unamortized debt discount	(87.4)
Unamortized debt issuance costs	(6.4)
Net carrying amount	$	236.7

Carrying amount of equity component	$	88.2

Interest expense, net

Interest expense, net, was as follows:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2020		2019		2020		2019
Interest expense	$	(143.3)	$	(134.2)	$	(409.4)	$	(401.8)
Interest income	0.3		0.6		0.7		1.2
Capitalized interest	0.7		0.1		1.6		0.1
Interest expense, net	$	(142.3)	$	(133.5)	$	(407.1)	$	(400.5)

Interest expense related to the Convertible Notes was as follows:


	For the three months ended September 30,		For the nine months ended September 30,
(in millions)	2020		2020
Coupon interest	$	2.3	$	3.5
Amortization of debt discount	2.9		4.3
Amortization of debt issuance costs	0.2		0.3
Convertible Notes interest expense	$	5.4	$	8.1

The debt discount and the debt issuance costs attributable to the liability component are being amortized to interest expense over the term of the Convertible Notes at an effective interest rate of 9.23%. The remaining term of the Convertible Notes was 5.6 years as of September 30, 2020.

Covenants

Our Credit Agreement and the indenture governing our 5.625% Notes require us, among other obligations, to maintain specified financial ratios and to satisfy certain financial tests. In addition, our Credit Agreement and the indenture governing our 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. Our debt agreements also contain customary events of default, including cross-default provisions that require us to meet certain requirements under the Penn Master Lease and the Pinnacle Master Lease, each with GLPI. If we are unable to meet our financial covenants or in the event of a cross-default, it could trigger an acceleration of payment terms.

As of September 30, 2020, the Company was in compliance with all required financial covenants. The Company believes that it will remain in compliance with all of its required financial covenants for at least the next twelve months following the date of filing this Quarterly Report on Form 10-Q with the SEC.

Other Long-Term Obligations

Ohio Relocation Fees

As of September 30, 2020 and December 31, 2019, other long-term obligations included $68.8 million and $76.4 million, respectively, related to the relocation fees for Hollywood Gaming at Dayton Raceway (“Dayton”) and Hollywood Gaming at Mahoning Valley Race Course (“Mahoning Valley”), which opened in August 2014 and September 2014, respectively. The relocation fee for each property is payable as follows: $7.5 million upon the opening of the property and eighteen semi-annual payments of $4.8 million beginning one year after the commencement of operations. This obligation is accreted to interest expense at an effective yield of 5.0%. The amount included in interest expense related to this obligation was $0.8 million and $2.6 million for the three and nine months ended September 30, 2020, respectively, as compared to $1.0 million and $3.2 million for the three and nine months ended September 30, 2019, respectively.

Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

Master Leases

The components contained within the Master Leases are accounted for as 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. In addition, monthly rent associated with Hollywood Casino Columbus (“Columbus”) and monthly rent in excess of the Hollywood Casino Toledo (“Toledo”) rent floor, which are discussed below, are considered contingent rent.

Pursuant to the Term Sheet, we agreed that, in the future, we would exercise the next scheduled five-year renewal under the Penn Master Lease as well as the Pinnacle Master Lease, and GLPI agreed they would grant us the option to exercise an additional five-year renewal term at the end of the lease term on the Penn Master Lease and the Pinnacle Master Lease, subject to certain conditions. In the future, upon exercising each of these renewal options, the term of the Penn Master Lease would extend to November 30, 2033 and the term of the Pinnacle Master Lease would extend to April 30, 2031; and if all renewal

options contained within the Penn Master Lease and the Pinnacle Master Lease were exercised, inclusive of the these renewal options, the term of the Penn Master Lease would extend to November 30, 2053 and the term of the Pinnacle Master Lease would extend to April 30, 2056.

Penn Master Lease

Pursuant to the 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 performance, 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 Columbus and 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. The next annual escalator test date is scheduled to occur effective November 1, 2020 and the next Penn Percentage Rent reset is scheduled to occur on November 1, 2023.

Pinnacle Master Lease

In connection with the acquisition of Pinnacle Entertainment, Inc., on October 15, 2018, the Company 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, 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”). Effective May 1, 2020, the Pinnacle Percentage Rent resulted in an annual rent reduction of $5.0 million, which will be in effect until the next Pinnacle Percentage Rent reset, scheduled to occur on May 1, 2022. Upon reset of the Pinnacle Percentage Rent, effective May 1, 2020, we recognized an additional operating lease ROU asset and corresponding lease liability of $14.9 million. We did not incur an annual escalator for the lease year ended April 30, 2020. The next annual escalator test date is scheduled to occur on May 1, 2021.

Operating Leases

In addition to the operating lease components contained within the Master Leases (primarily land), the Company’s operating leases consist mainly of (i) individual triple net leases with GLPI for the real estate assets used in the operations of Tropicana Las Vegas (the “Tropicana Lease”) and Meadows Racetrack and Casino (the “Meadows Lease”), (ii) individual triple net leases with VICI Properties Inc. (NYSE: VICI) (“VICI”) for the real estate assets used in the operations of Margaritaville (the “Margaritaville Lease”) and Greektown (the “Greektown Lease” and collectively with the Master Leases, the Meadows Lease, the Margaritaville Lease, and the Tropicana Lease, the “Triple Net Leases”), (iii) ground and levee leases to landlords which were not assumed by our REIT Landlords and remain an obligation of the Company, and (iv) 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.

On April 16, 2020, we entered into the Tropicana Lease with a subsidiary of GLPI for the real estate assets used in the operations of Tropicana for nominal rent and will continue to operate the Tropicana for two years (subject to three one-year extensions at GLPI’s option) or until the real estate assets and the operations of the Tropicana are earlier sold, as discussed in Note 6, “Acquisitions and Dispositions.” In the event that GLPI sells the real estate assets used in the operations of Tropicana, the Tropicana Lease will automatically terminate. Upon execution of the Tropicana Lease, we recorded an operating lease ROU asset of $61.6 million, which is included in “Lease right-of-use assets” within the unaudited Condensed Consolidated Balance Sheets.

On February 1, 2020, the Margaritaville Lease was amended to provide for a change in the measurement of the annual escalator from an Adjusted Revenue to Rent Ratio (as defined in the Margaritaville Lease) of 1.9:1 to a minimum ratio of net revenue to rent of 6.1:1. As a result of the annual escalator, which was determined to be $0.3 million, effective February 1, 2020, an additional operating lease ROU asset and corresponding operating lease liability of $3.1 million were recognized.

The following is a maturity analysis of our operating leases, finance leases and financing obligations as of September 30, 2020:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Years ending December 31,
2020 (excluding the nine months ended September 30, 2020)	$	105.4	$	5.4	$	91.8
2021	412.7		21.7		367.3
2022	404.3		21.6		367.3
2023	398.7		20.8		367.3
2024	382.4		16.7		367.3
Thereafter	8,158.4		393.5		9,270.6
Total lease payments	9,861.9		479.7		10,831.6
Less: Imputed interest	(5,360.3)		(258.6)		(6,720.8)
Present value of future lease payments	4,501.6		221.1		4,110.8
Less: Current portion of lease obligations	(120.4)		(6.8)		(35.3)
Long-term portion of lease obligations	$	4,381.2	$	214.3	$	4,075.5

Total payments made under the Triple Net Leases, inclusive of rent credits utilized, were as follows:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2020		2019		2020		2019
Penn Master Lease (1)	$	120.3	$	114.0	$	343.4	$	342.9
Pinnacle Master Lease (1)	81.3		82.3		245.6		245.6
Meadows Lease (1)	6.7		6.6		20.2		19.7
Margaritaville Lease	5.9		5.8		17.6		17.3
Greektown Lease	13.9		13.9		41.7		19.9
Total (2)	$	228.1	$	222.6	$	668.5	$	645.4

(1)During the three and nine months ended September 30, 2020, we utilized rent credits to pay $83.0 million, $54.2 million and $4.5 million and $155.1 million, $108.4 million, and $9.0 million of rent under the Penn Master Lease, Pinnacle Master Lease and Meadows Lease, respectively.

(2)Rent payable under the Tropicana Lease is nominal. Therefore, it has been excluded from the table above.

The components of lease expense were as follows:


	Location on unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	For the three months ended September 30,				For the nine months ended September 30,
(in millions)		2020		2019		2020		2019
Operating Lease Costs
Rent expense associated with triple net operating leases (1)	General and administrative	$	109.0	$	96.3	$	310.3	$	271.0
Operating lease cost (2)	Primarily General and administrative	3.9		4.2		11.9		13.2
Short-term lease cost	Primarily Gaming expense	10.3		14.4		26.5		42.9
Variable lease cost (2)	Primarily Gaming expense	0.8		1.0		1.8		2.8
Total		$	124.0	$	115.9	$	350.5	$	329.9

Finance Lease Costs
Interest on lease liabilities (3)	Interest expense, net	$	3.8	$	3.8	$	11.5	$	11.5
Amortization of ROU assets (3)	Depreciation and amortization	2.0		2.0		6.0		5.9
Total		$	5.8	$	5.8	$	17.5	$	17.4

Financing Obligation Costs
Interest on financing obligations (4)	Interest expense, net	$	103.7	$	97.6	$	300.2	$	293.6

(1)Pertains to the operating lease components contained within the Master Leases (primarily land), the Meadows Lease, the Margaritaville Lease, the Greektown Lease, and the Tropicana Lease, inclusive of the variable expense associated with Columbus and Toledo for the operating lease components (the land), which was $4.8 million and $9.5 million for the three and nine months ended September 30, 2020, respectively, pertaining to Columbus, and $2.3 million and $15.4 million for the three and nine months ended September 30, 2019, respectively, pertaining to Columbus and Toledo.

(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 be financing obligations, inclusive of the variable expense associated with Columbus and Toledo for the finance lease components (the buildings), which was $5.0 million and $10.6 million for the three and nine months ended September 30, 2020, respectively, pertaining to Columbus, and $2.1 million and $14.1 million for the three and nine months ended September 30, 2019, respectively, pertaining to Columbus and Toledo.

Leases

Master Leases

Penn Master Lease

Pinnacle Master Lease

Operating Leases

The following is a maturity analysis of our operating leases, finance leases and financing obligations as of September 30, 2020:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Years ending December 31,
2020 (excluding the nine months ended September 30, 2020)	$	105.4	$	5.4	$	91.8
2021	412.7		21.7		367.3
2022	404.3		21.6		367.3
2023	398.7		20.8		367.3
2024	382.4		16.7		367.3
Thereafter	8,158.4		393.5		9,270.6
Total lease payments	9,861.9		479.7		10,831.6
Less: Imputed interest	(5,360.3)		(258.6)		(6,720.8)
Present value of future lease payments	4,501.6		221.1		4,110.8
Less: Current portion of lease obligations	(120.4)		(6.8)		(35.3)
Long-term portion of lease obligations	$	4,381.2	$	214.3	$	4,075.5

Total payments made under the Triple Net Leases, inclusive of rent credits utilized, were as follows:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2020		2019		2020		2019
Penn Master Lease (1)	$	120.3	$	114.0	$	343.4	$	342.9
Pinnacle Master Lease (1)	81.3		82.3		245.6		245.6
Meadows Lease (1)	6.7		6.6		20.2		19.7
Margaritaville Lease	5.9		5.8		17.6		17.3
Greektown Lease	13.9		13.9		41.7		19.9
Total (2)	$	228.1	$	222.6	$	668.5	$	645.4

(2)Rent payable under the Tropicana Lease is nominal. Therefore, it has been excluded from the table above.

The components of lease expense were as follows:


	Location on unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	For the three months ended September 30,				For the nine months ended September 30,
(in millions)		2020		2019		2020		2019
Operating Lease Costs
Rent expense associated with triple net operating leases (1)	General and administrative	$	109.0	$	96.3	$	310.3	$	271.0
Operating lease cost (2)	Primarily General and administrative	3.9		4.2		11.9		13.2
Short-term lease cost	Primarily Gaming expense	10.3		14.4		26.5		42.9
Variable lease cost (2)	Primarily Gaming expense	0.8		1.0		1.8		2.8
Total		$	124.0	$	115.9	$	350.5	$	329.9

Finance Lease Costs
Interest on lease liabilities (3)	Interest expense, net	$	3.8	$	3.8	$	11.5	$	11.5
Amortization of ROU assets (3)	Depreciation and amortization	2.0		2.0		6.0		5.9
Total		$	5.8	$	5.8	$	17.5	$	17.4

Financing Obligation Costs
Interest on financing obligations (4)	Interest expense, net	$	103.7	$	97.6	$	300.2	$	293.6

(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.

Leases

Master Leases

Penn Master Lease

Pinnacle Master Lease

Operating Leases

The following is a maturity analysis of our operating leases, finance leases and financing obligations as of September 30, 2020:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Years ending December 31,
2020 (excluding the nine months ended September 30, 2020)	$	105.4	$	5.4	$	91.8
2021	412.7		21.7		367.3
2022	404.3		21.6		367.3
2023	398.7		20.8		367.3
2024	382.4		16.7		367.3
Thereafter	8,158.4		393.5		9,270.6
Total lease payments	9,861.9		479.7		10,831.6
Less: Imputed interest	(5,360.3)		(258.6)		(6,720.8)
Present value of future lease payments	4,501.6		221.1		4,110.8
Less: Current portion of lease obligations	(120.4)		(6.8)		(35.3)
Long-term portion of lease obligations	$	4,381.2	$	214.3	$	4,075.5

Total payments made under the Triple Net Leases, inclusive of rent credits utilized, were as follows:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2020		2019		2020		2019
Penn Master Lease (1)	$	120.3	$	114.0	$	343.4	$	342.9
Pinnacle Master Lease (1)	81.3		82.3		245.6		245.6
Meadows Lease (1)	6.7		6.6		20.2		19.7
Margaritaville Lease	5.9		5.8		17.6		17.3
Greektown Lease	13.9		13.9		41.7		19.9
Total (2)	$	228.1	$	222.6	$	668.5	$	645.4

(2)Rent payable under the Tropicana Lease is nominal. Therefore, it has been excluded from the table above.

The components of lease expense were as follows:


	Location on unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	For the three months ended September 30,				For the nine months ended September 30,
(in millions)		2020		2019		2020		2019
Operating Lease Costs
Rent expense associated with triple net operating leases (1)	General and administrative	$	109.0	$	96.3	$	310.3	$	271.0
Operating lease cost (2)	Primarily General and administrative	3.9		4.2		11.9		13.2
Short-term lease cost	Primarily Gaming expense	10.3		14.4		26.5		42.9
Variable lease cost (2)	Primarily Gaming expense	0.8		1.0		1.8		2.8
Total		$	124.0	$	115.9	$	350.5	$	329.9

Finance Lease Costs
Interest on lease liabilities (3)	Interest expense, net	$	3.8	$	3.8	$	11.5	$	11.5
Amortization of ROU assets (3)	Depreciation and amortization	2.0		2.0		6.0		5.9
Total		$	5.8	$	5.8	$	17.5	$	17.4

Financing Obligation Costs
Interest on financing obligations (4)	Interest expense, net	$	103.7	$	97.6	$	300.2	$	293.6

(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.

Investments in and Advances to Unconsolidated Affiliates

9 Months Ended

Sep. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Unconsolidated Affiliates

As of September 30, 2020, investments in and advances to unconsolidated affiliates primarily consisted of the Company’s 36% interest in Barstool Sports; its 50% investment in Kansas Entertainment, the JV with International Speedway that owns Hollywood Casino at Kansas Speedway; its 50% interest in Freehold Raceway; and its 50% JV with MAXXAM, Inc. (“MAXXAM”) that owns and operates racetracks in Texas.

Investment in Barstool Sports

In February 2020, we closed on our investment in Barstool Sports pursuant to a stock purchase agreement with Barstool Sports and certain stockholders of Barstool Sports, in which we purchased 36% (inclusive of 1% on a delayed basis) of the common stock, par value $0.0001 per share, of Barstool Sports for a purchase price of $161.2 million. The purchase price consisted of $135.0 million in cash and $23.1 million in shares of a new class of non-voting convertible preferred stock of the Company (as discussed below). Furthermore, three years after the closing of the transaction (or earlier at our election), we will increase our ownership in Barstool Sports to approximately 50% by purchasing approximately $62 million worth of additional shares of Barstool Sports common stock, consistent with the implied valuation at the time of the initial investment, which was $450.0 million. With respect to the remaining Barstool Sports shares, we have immediately exercisable call rights, and the existing Barstool Sports stockholders have put rights exercisable beginning three years after closing, all based on a fair market value calculation at the time of exercise (subject to a cap of $650.0 million and a floor of 2.25 times the annualized revenue of Barstool Sports, all subject to various adjustments). As part of our investment, we recorded various forward arrangements with a fair value of $3.1 million.

On February 20, 2020, the Company issued 883 shares of Series D Preferred Stock, par value $0.01 per share (the “Series D Preferred Stock”), to certain individual stockholders affiliated with Barstool Sports. 1/1,000th of a share of Series D Preferred Stock is convertible into one share of Penn Common Stock. The Series D 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 Series D Preferred Stock could convert. Series D Preferred Stock is nonvoting stock. The Series D Preferred Stock issued to certain individual stockholders affiliated with Barstool Sports will be available for conversion into Penn Common Stock in tranches over the next four years as stipulated in the stock purchase agreement, with the first 20% tranche available for conversion into Penn Common Stock in the first quarter of 2021. As of September 30, 2020, none of the Series D Preferred Stock can be converted into Penn Common Stock.

As a part of the stock purchase agreement, we entered into a commercial agreement that provides us with access to Barstool Sports’ customer list and exclusive advertising on the Barstool Sports platform over the term of the agreement. The initial term of the commercial agreement is ten years and, unless earlier terminated and subject to certain exceptions, will automatically renew for three additional ten-year terms (a total of 40 years assuming all renewals are exercised). Upon consummation of the transaction, we recorded an amortizing intangible asset pertaining to the customer list of $2.4 million and a prepaid expense pertaining to the advertising in the amount of $17.5 million, of which $16.3 million was classified as long-term. The long-term portion of the prepaid advertising expense is included in “Other assets” within our unaudited Condensed Consolidated Balance Sheets.

As of September 30, 2020, our investment in Barstool Sports was $145.8 million, which is inclusive of $3.4 million of costs we incurred to close the transaction. We record our proportionate share of Barstool Sports’ net income or loss one quarter in arrears.

The Company determined that Barstool Sports qualified as a VIE as of September 30, 2020. The Company did not consolidate its investment in Barstool Sports as of and for the three and nine months ended September 30, 2020 as the Company determined that it did not qualify as the primary beneficiary of Barstool Sports either at the commencement date of its investment or for the subsequent period ended September 30, 2020, primarily as a result of the Company not having the power to direct the activities of the VIE that most significantly affect Barstool Sports’ economic performance.

Kansas Joint Venture

As of September 30, 2020 and December 31, 2019, our investment in Kansas Entertainment was $84.8 million and $90.8 million, respectively. The Company has 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, 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 Kansas Entertainment as of September 30, 2020 and December 31, 2019 and for the three and nine months ended September 30, 2020 and 2019.

The following table provides summary income statement information of Kansas Entertainment for the comparative periods that are included within the Company’s unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss):


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2020		2019		2020		2019
Revenues	$	28.4	$	40.6	$	75.8	$	120.2
Operating expenses	20.0		19.6		57.0		73.8
Operating income	8.4		21.0		18.8		46.4
Net income	$	8.4	$	21.0	$	18.8	$	46.4

Net income attributable to Penn National	$	4.2	$	10.5	$	9.4	$	23.2

Texas Joint Venture

MAXXAM 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. During the first quarter of 2020, principally due to on-going negative operating results of these racetracks, we recorded an other-than-temporary impairment on our investment in the JV of $4.6 million, which is included in “Impairment losses” within our unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On March 27, 2020, the President of the United States signed into law the CARES Act, which focused on providing relief in response to the adverse economic impact of the COVID-19 pandemic. Among other provisions, the CARES Act provides various forms of income tax relief to U.S. taxpayers through temporary amendments to NOL rules, temporarily increases the limitation on interest expense deductibility and immediate expensing for eligible qualified improvement property. We are currently evaluating the provisions of the CARES Act. As of September 30, 2020, we are estimating an income tax refund between approximately $40 million and $50 million primarily attributable to the carryback of NOLs generated in the current year. The Company calculates the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate to its year-to-date pretax book income or loss. The tax effects of discrete items, including but not limited to, excess tax benefits associated with stock-based compensation, valuation allowance adjustments based on new evidence and enactment of tax laws, are reported in the interim period in which they occur. The effective tax rate (income taxes as a percentage of income or loss before income taxes) including discrete items was (11.3)% and 20.2% for the three and nine months ended September 30, 2020, as compared to 31.0% and 28.0% for the three and nine months ended September 30, 2019. Our effective income tax rate can vary from period to period depending on, among other factors, the geographic and business mix of our earnings, changes to our valuation allowance and the level of our tax credits. Certain of these and other factors, including our history and projections of pretax earnings, are considered in assessing our ability to realize our net deferred tax assets. As of each reporting date, the Company considers all available positive and negative evidence that could affect its view of the future realization of deferred tax assets pursuant to ASC Topic 740, “Income Taxes.” As of December 31, 2019, the Company had significant three-year cumulative pretax income of $150.9 million and concluded that a valuation allowance was not necessary except for a federal capital loss carryforward and certain state deferred tax assets where we continue to be in a three-year cumulative pretax loss position. The Company’s valuation allowance as of December 31, 2019 was $54.2 million. During the three months ended September 30, 2020, the Company determined that a valuation allowance was still necessary due to the significant impairment charge previously recorded during the first quarter of 2020, related to the COVID-19 pandemic. Such objective evidence of being in a three-year cumulative pretax loss limits our ability to consider other subjective evidence such as our forecast of pretax earnings. During the three months ended September 30, 2020, the Company decreased the valuation allowance in the amount of $37.7 million on certain federal and state deferred tax assets that are more likely than not to be realized as a result of the recent law change whereby qualified improvement property now qualifies for accelerated bonus depreciation, which was applied on a retroactive basis.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe 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 to be 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 does not believe that the final outcome of these matters will have a material adverse effect on its financial position, results of operations, or cash flows.

Stockholders’ Equity and Stock-Based Compensation	9 Months Ended
Stockholders’ Equity and Stock-Based Compensation	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Stockholders’ Equity and Stock-Based Compensation	Stockholders’ Equity and Stock-Based Compensation Common Stock Offerings On May 14, 2020, the Company completed a public offering of 16,666,667 shares of Penn Common Stock and on May 19, 2020, the underwriters exercised their right to purchase an additional 2,500,000 shares of Penn Common Stock, resulting in an aggregate public offering of 19,166,667 shares of Penn Common Stock. All of the shares were issued at a public offering price of $18.00 per share, resulting in gross proceeds of $345.0 million, and net proceeds of $331.2 million after underwriter fees and discounts of $13.8 million. On September 24, 2020, the Company completed a public offering of 14,000,000 shares of Penn Common Stock and on September 25, 2020, the underwriters exercised their right to purchase an additional 2,100,000 shares of Penn Common Stock, resulting in an aggregate public offering of 16,100,000 shares of Penn Common Stock. All of the shares were issued at a public offering price of $61.00 per share, resulting in gross proceeds of $982.1 million, and net proceeds of $957.6 million after underwriter fees and discounts of $24.5 million. 2018 Long Term Incentive Compensation Plan The Company’s 2018 Long Term Incentive Compensation Plan, as amended (the “2018 Plan”) permits it to issue stock options (incentive and/or non-qualified), stock appreciation rights (“SARs”), RSAs, phantom stock units (“PSUs”) and other equity and cash awards to employees. Non-employee directors and the chairman emeritus 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 (except cash-settled 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 share limit. As of September 30, 2020, there were 7,592,306 shares available for future grants under the 2018 Plan. Performance Share Program In February 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. An aggregate of 107,297 RSAs with performance-based vesting conditions, at target, was granted in February 2020 under the Performance Share Program II, with the grant having a three-year award period consisting of three one-year performance periods and a three-year service period. The performance threshold for vesting of these awards is 50% of target and, based on the level of achievement, up to 150% of target. Stock Options The Company granted 0.6 million and 2.4 million stock options during the nine months ended September 30, 2020 and 2019, respectively. Stock-based Compensation Expense Stock-based compensation expense, which pertains principally to our stock options and RSAs, for the three and nine months ended September 30, 2020 was $2.8 million and $11.7 million, respectively, as compared to $3.7 million and $10.4 million for the three and nine months ended September 30, 2019, respectively, and is included within the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) under “General and administrative.” Stock Appreciation Rights Our outstanding SARs are accounted for as liability awards since they will be settled in cash and vest over a period of four years. The fair value of cash-settled SARs is calculated each reporting period and estimated using the Black-Scholes option pricing model. The Company has a liability, which is included in “Accrued expenses and other current liabilities” within the unaudited Condensed Consolidated Balance Sheets, associated with its cash-settled SARs of $43.9 million and $14.4 million as of September 30, 2020 and December 31, 2019, respectively. For SARs held by employees of the Company, there was $60.0 million of total unrecognized compensation cost as of September 30, 2020 that will be recognized over the awards remaining weighted-average vesting period of 2.8 years. For the three and nine months ended September 30, 2020, the Company recognized a charge to compensation expense of $37.8 million and $50.0 million, respectively, associated with these awards, as compared to a reduction to compensation expense of $0.5 million and a charge to compensation expense of $2.0 million for the three and nine months ended September 30, 2019, respectively. Compensation expense associated with our SARs is recorded in “General and administrative” within the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). We paid $22.8 million and $2.2 million during the nine months ended September 30, 2020 and 2019, respectively, related to cash-settled SARs. Phantom Stock Units Our outstanding PSUs entitle employees, non-employee, and the chairman emeritus to receive cash based on the fair value of the Company’s common stock on the vesting date. Our PSUs vest over a period of three or four years. The cash-settled 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 unaudited Condensed Consolidated Balance Sheets, associated with its cash-settled PSUs of $6.1 million and $3.3 million as of September 30, 2020 and December 31, 2019, respectively. For PSUs held by employees, non-employee directors, and the chairman emeritus of the Company, there was $15.4 million of total unrecognized compensation cost as of September 30, 2020 that will be recognized over the awards remaining weighted-average vesting period of 2.5 years. For the three and nine months ended September 30, 2020, the Company recognized $5.3 million and $7.3 million of compensation expense, respectively, associated with these awards, as compared to $0.5 million and $2.1 million for the three and nine months ended September 30, 2019, respectively. Compensation expense associated with our PSUs is recorded in “General and administrative” within the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). We paid $4.5 million and $2.5 million during the nine months ended September 30, 2020 and 2019, respectively, pertaining to cash-settled PSUs. Share Repurchase Program In January 2019, the Company announced a share repurchase program pursuant to which the Board of Directors authorized the repurchase of up to $200.0 million of the Company’s common stock, which expires on December 31, 2020. The Company did not repurchase any shares of its common stock during the nine months ended September 30, 2020. During the nine months ended September 30, 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 of the repurchased shares were retired.

Earnings (Loss) per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings (Loss) per Share

For nine months ended September 30, 2020, we recorded a net loss attributable to Penn National. As such, because the dilution from potential common shares was antidilutive, we used basic weighted-average common shares outstanding, rather than diluted weighted-average common shares outstanding when calculating diluted loss per share for nine months ended September 30, 2020. The stock options, RSAs, convertible preferred shares and convertible debt that could potentially dilute basic EPS in the future that were not included in the computation of diluted loss per share were as follows:


(in millions)			For the nine months ended September 30, 2020
Assumed conversion of dilutive stock options			2.5
Assumed conversion of dilutive RSAs			0.4
Assumed conversion of convertible preferred shares			0.7
Assumed conversion of convertible debt			7.4

The following table sets forth the allocation of net income for the three and nine months ended September 30, 2020 and 2019 under the two-class method:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2020		2019		2020		2019
Net income (loss) attributable to Penn National	$	141.9	$	43.9	$	(680.6)	$	136.4
Net income applicable to preferred stock	0.8		—		—		—
Net income (loss) applicable to common stock	$	141.1	$	43.9	$	(680.6)	$	136.4

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and nine months ended September 30, 2020 and 2019:


	For the three months ended September 30,		For the nine months ended September 30,
(in millions)	2020	2019	2020	2019
Weighted-average common shares outstanding - Basic	138.2	115.2	126.9	115.8
Assumed conversion of:
Dilutive stock options	2.8	1.4	—	1.7
Dilutive RSAs	0.4	0.1	—	0.2
Convertible debt	14.1	—	—	—
Weighted-average common shares outstanding - Diluted	155.5	116.7	126.9	117.7

In addition, 0.8 million shares from the assumed conversion of convertible preferred shares were excluded from the computation of diluted income per share for the three months ended September 30, 2020 because including them would have been anti-dilutive.

Options to purchase zero and 0.9 million shares were outstanding during the three and nine months ended September 30, 2020, respectively, as compared to 2.5 million and 2.1 million shares during the three and nine months ended September 30, 2019, respectively, but were not included in the computation of diluted earnings (loss) per share because they were antidilutive.

The following table presents the calculation of basic and diluted earnings (loss) per share for the Company’s common stock for the three and nine months ended September 30, 2020 and 2019:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions, except per share data)	2020		2019		2020		2019
Calculation of basic earnings (loss) per share:
Net income (loss) applicable to common stock	$	141.1	$	43.9	$	(680.6)	$	136.4
Weighted-average common shares outstanding - basic	138.2		115.2		126.9		115.8
Basic earnings (loss) per share	$	1.02	$	0.38	$	(5.36)	$	1.18

Calculation of diluted earnings (loss) per share:
Net income (loss) applicable to common stock	$	141.1	$	43.9	$	(680.6)	$	136.4
Interest expense, net of tax (1):
Convertible Notes	4.2		—		—		—
Diluted income (loss) applicable to common stock	$	145.3	$	43.9	$	(680.6)	$	136.4
Weighted-average common shares outstanding - diluted	155.5		116.7		126.9		117.7
Diluted earnings (loss) per share	$	0.93	$	0.38	$	(5.36)	$	1.16

(1)The three months ended September 30, 2020 were tax-affected at a rate of 21%.

Fair Value Measurements

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

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 September 30, 2020 and December 31, 2019, we held $112.1 million and $40.5 million in equity securities, respectively, including ordinary shares and warrants, which are reported as “Other assets” in our unaudited Condensed Consolidated Balance Sheet. 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 three and nine months ended September 30, 2020, we recognized a holding gain of $67.9 million and $75.6 million, respectively, related to these equity securities, which is included in “Other,” as reported in “Other income (expenses)” within our unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

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 September 30, 2020 and December 31, 2019, PRP held $15.1 million in promissory notes issued by RDC and $6.7 million 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 September 30, 2020 and December 31, 2019, the promissory notes and the local government corporation bonds, which have long-term contractual maturities, were included in “Other assets” within our unaudited Condensed Consolidated Balance Sheets.

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, 5.625% Notes, and Convertible 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 September 30, 2020 and December 31, 2019 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 September 30, 2020 principally consisted of contingent purchase price related to Plainridge Park Casino and, as of December 31, 2019, principally consisted of contingent purchase price related to Plainridge Park Casino and Absolute Games, LLC (“Absolute Games”), 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 on June 24, 2015. As of September 30, 2020, we were contractually obligated to make five additional annual payments. During the second quarter of 2020, we made the second and final payment of $8.2 million on the Absolute Games contingent purchase price, which corresponded to the second year of operations after the acquisition and was calculated based on earnings. The fair value of these liabilities, which are estimated based on an income approach using a discounted cash flow model and have been classified as Level 3 measurements, are included within our unaudited Condensed 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:


	September 30, 2020
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	1,873.1	$	1,873.1	$	1,873.1	$	—	$	—
Equity securities	$	112.1	$	112.1	$	—	$	112.1	$	—
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	15.1	$	15.4	$	—	$	15.4	$	—
Financial liabilities:
Long-term debt
Senior Secured Credit Facilities	$	1,723.7	$	1,713.7	$	1,713.7	$	—	$	—
5.625% Notes	$	399.4	$	415.0	$	415.0	$	—	$	—
Convertible Notes	$	236.6	$	1,057.6	$	1,057.6	$	—	$	—
Other long-term obligations	$	80.8	$	81.1	$	—	$	81.1	$	—
Other liabilities	$	9.8	$	9.8	$	—	$	2.8	$	7.0


	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

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, 2020	$	17.5

Payments	(9.1)
Included in loss (1)	(1.4)
Balance as of September 30, 2020	$	7.0

(1)The reduction in expense is included in “General and administrative” within our unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

The following table sets forth the assets measured at fair value on a non-recurring basis during the nine months ended September 30, 2020:


(in millions)	Valuation Date	Valuation Technique	Level 1		Level 2		Level 3		Total Balance		Total Reduction in Fair Value Recorded
Goodwill	3/31/2020	Discounted cash flow and market approach	$	—	$	—	$	160.5	$	160.5	$	(113.0)
Gaming licenses	3/31/2020	Discounted cash flow	$	—	$	—	$	568.0	$	568.0	$	(437.0)
Trademarks	3/31/2020	Discounted cash flow	$	—	$	—	$	216.5	$	216.5	$	(61.5)

The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 liabilities on a recurring basis as of September 30, 2020:

Valuation Technique

Unobservable Input

Discount Rate

Contingent purchase price - Plainridge Park Casino

Discounted cash flow

Discount rate

5.67%

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 the first quarter of 2020 interim 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 March 31, 2020
Gaming licenses	$	568.0	Discounted cash flow	Discount rate	13.25% - 14.0%
				Long-term revenue growth rate	2.0	%
Trademarks	$	216.5	Discounted cash flow	Discount rate	13.25% - 14.0%
				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

Segment Information

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

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 (loss).


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2020		2019		2020		2019
Revenues:
Northeast segment	$	545.1	$	628.9	$	1,168.5	$	1,778.6
South segment	255.6		276.6		600.4		850.7
West segment	78.7		161.5		223.0		484.4
Midwest segment	229.1		275.8		493.2		815.3
Other (1)	23.7		12.4		71.6		31.9
Intersegment eliminations (2)	(2.5)		(0.7)		(5.4)		(0.7)
Total	$	1,129.7	$	1,354.5	$	2,551.3	$	3,960.2

Adjusted EBITDAR (3):
Northeast segment	$	204.8	$	189.1	$	325.7	$	540.1
South segment	120.3		89.0		217.3		279.6
West segment	33.6		50.6		55.2		151.0
Midwest segment	108.5		104.3		173.4		301.3
Other (1)	(14.6)		(25.0)		(42.2)		(66.1)
Intersegment eliminations (2)	—		(0.1)		—		(0.1)
Total (3)	452.6		407.9		729.4		1,205.8

Other operating benefits (costs) and other income (expenses):
Rent expense associated with triple net operating leases (4)	(109.0)		(96.3)		(310.3)		(271.0)
Stock-based compensation	(2.8)		(3.7)		(11.7)		(10.4)
Cash-settled stock-based awards variance	(39.5)		3.4		(46.7)		6.4
Gain (loss) on disposal of assets	6.0		(7.4)		33.9		(8.3)
Contingent purchase price	—		(1.2)		1.4		(7.0)
Pre-opening and acquisition costs	(4.8)		(7.4)		(11.5)		(15.5)
Depreciation and amortization	(87.7)		(106.3)		(275.3)		(316.4)
Impairment losses	—		—		(616.1)		—
Insurance recoveries, net of deductible charges	—		1.5		0.1		1.5
Non-operating items of equity method investments (5)	(1.2)		(0.9)		(3.2)		(2.8)
Interest expense, net	(142.3)		(133.5)		(407.1)		(400.5)

Other (6)	55.6		7.2		63.1		7.2
Income (loss) before income taxes	126.9		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

(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, iGaming and our Barstool Sports online sports betting app; 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. In addition, the Other category includes our proportionate share of the Adjusted EBITDAR of Barstool Sports (as determined and discussed in footnotes (3) and (5) below).

(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 losses; 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 (see footnote (5) below) added back for Barstool Sports and our Kansas Entertainment JV.

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

(5)Consists principally of interest expense, net; income taxes; depreciation and amortization; and stock-based compensation expense associated with Barstool Sports and our Kansas Entertainment JV.

(6)Principally includes holding gains on our equity securities, which are discussed in Note 17, “Fair Value Measurements.” Additionally, includes non-recurring restructuring charges (primarily severance) of $12.4 million associated with a company-wide initiative, triggered by the COVID-19 pandemic, designed to (i) improve the operational effectiveness across our property portfolio; and (ii) improve the effectiveness and efficiency of our Corporate functional support areas.


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2020		2019		2020		2019
Capital expenditures:
Northeast segment	$	10.3	$	22.8	$	62.3	$	67.3
South segment	3.1		5.0		10.9		21.5
West segment	1.4		3.7		5.5		17.8
Midwest segment	4.8		6.2		9.7		22.6
Other	4.3		4.0		9.2		7.5
Total capital expenditures	$	23.9	$	41.7	$	97.6	$	136.7


(in millions)	Northeast		South		West		Midwest		Other (1)		Total
As of September 30, 2020
Investment in and advances to unconsolidated affiliates (2)	$	0.1	$	—	$	—	$	84.8	$	178.1	$	263.0
Total assets	$	1,938.2	$	1,169.0	$	385.9	$	1,170.0	$	10,148.9	$	14,812.0

As of December 31, 2019
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	90.9	$	37.3	$	128.3
Total assets	$	2,273.7	$	1,397.0	$	752.1	$	1,412.2	$	8,359.5	$	14,194.5

(1)The real estate assets subject to the Master Leases, which are classified as either property and equipment, operating lease ROU assets, or finance lease ROU assets, are included within the Other category.

(2)Our investment in Barstool Sports is included within the Other category.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

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+ Details

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Basis of Presentation

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”).

Principles of Consolidation

Principles of Consolidation: The unaudited Condensed Consolidated Financial Statements include the accounts of Penn National Gaming, Inc. and its subsidiaries.

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	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 (1)	Pennsylvania	N/A
Meadows Racetrack and Casino	Washington, Pennsylvania	Meadows Lease
Plainridge Park Casino	Plainville, Massachusetts	Pinnacle Master Lease

South segment (2)
1st 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	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	Tropicana Lease
Zia Park Casino	Hobbs, New Mexico	Penn Master Lease

Midwest segment
Ameristar Council Bluffs	Council Bluffs, Iowa	Pinnacle Master Lease
Argosy Casino Alton (3)	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 (4)	Kansas City, Kansas	Owned - JV
Hollywood Casino St. Louis	Maryland Heights, Missouri	Penn Master Lease
Prairie State Gaming (1)	Illinois	N/A
River City Casino	St. Louis, Missouri	Pinnacle Master Lease

(1)VGT route operations

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

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

Revenue Recognition and Customer-related Liabilities

Revenue Recognition: Our revenue from contracts with customers consists primarily of gaming wagers, food and beverage transactions, retail transactions, hotel room sales, racing wagers, and sports betting wagers. See Note 5, “Revenue Disaggregation,” for information on our revenue by type and geographic location.Complimentaries Associated with Gaming ContractsFood 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, beverage, hotel and other revenues, at their estimated standalone selling prices 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.

Customer-related Liabilities

Gaming and Racing Taxes

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 the wagering occurs. For the three and nine months ended September 30, 2020, these expenses, which were recorded primarily in gaming expense within the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), were $349.2 million and $783.1 million, respectively, as compared to $403.1 million and $1,189.4 million, respectively

Convertible Debt

Earnings Per Share

Earnings Per Share: Basic earnings per share (“EPS”) is computed by dividing net income (loss) applicable to common stock by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the additional dilution, if any, for all potentially-dilutive securities such as stock options, unvested restricted stock awards (“RSAs”), outstanding convertible preferred stock and convertible debt.Holders of the Company’s Series D Preferred Stock (as defined in Note 12, “Investments in and Advances to Unconsolidated Affiliates”) are entitled to participate equally and ratably in all dividends and distributions paid to holders of Penn Common Stock irrespective of any vesting requirement. Accordingly, the Series D Preferred Stock shares are considered a participating security and the Company is required to apply the two-class method to consider the impact of the preferred shares on the calculation of basic and diluted EPS. The holders of the Company’s Series D Preferred Stock are not obligated to absorb losses; therefore, in reporting periods where the Company is in a net loss position, it does not apply the two-class method. In reporting periods where the Company is in a net income position, the two-class method is applied by allocating all earnings during the period to common shares and preferred shares.

New Accounting Pronouncements

Accounting Pronouncements Implemented in 2020

In June 2016, the Financial Accounting Standards Board (“FASB”) issued 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. We adopted ASU 2016-13 during the first quarter of 2020 using a modified retrospective approach, which resulted in a cumulative-effect adjustment to retained earnings as of January 1, 2020 of $0.6 million.

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 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 were recorded as an operating expense when incurred. We adopted ASU 2018-15 during the first quarter of 2020 using a prospective approach, which did not have a material impact on our unaudited Condensed Consolidated Financial Statements.

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. We adopted ASU 2019-12 during the third quarter of 2020 on a prospective basis, which did not have a material impact on our unaudited Condensed Consolidated Financial Statements.

Accounting Pronouncements to be Implemented

In January 2020, the FASB issued ASU No. 2020-01, “Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815” (“ASU 2020-01”), which made targeted improvements to accounting for financial instruments, including providing an entity the ability to measure certain equity securities without a readily determinable fair value at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a

similar investment of the same issuer. Among other topics, ASU 2020-01 clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting. For public business entities, ASU 2020-01 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2020-01 on its consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides optional expedient and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates and, particularly, the risk of cessation of the London Interbank Offered Rate (referred to as “LIBOR”), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction-based and less susceptible to manipulation. ASU 2020-04 also provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. ASU 2020-04 can be adopted no later than December 1, 2022 with early adoption permitted. The interest rates associated with the Company’s borrowings under its Senior Secured Credit Facilities (as defined in Note 10, “Long-term Debt”) are tied to LIBOR. The Company is currently evaluating the impact of the adoption of ASU 2020-04 on its consolidated financial statements.

In August 2020, The FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Topic 814): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). ASU 2020-06 eliminates the number of accounting models used to account for convertible debt instruments and convertible preferred stock. The update also amends the disclosure requirements for convertible instruments and EPS in effort to increase financial reporting transparency. ASU 2020-06 will be effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2020-06 on its consolidated financial statements.

A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, that the implementation of such proposed standards would have on our consolidated financial statements.

Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Schedule of Operating and 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	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 (1)	Pennsylvania	N/A
Meadows Racetrack and Casino	Washington, Pennsylvania	Meadows Lease
Plainridge Park Casino	Plainville, Massachusetts	Pinnacle Master Lease

South segment (2)
1st 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	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	Tropicana Lease
Zia Park Casino	Hobbs, New Mexico	Penn Master Lease

Midwest segment
Ameristar Council Bluffs	Council Bluffs, Iowa	Pinnacle Master Lease
Argosy Casino Alton (3)	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 (4)	Kansas City, Kansas	Owned - JV
Hollywood Casino St. Louis	Maryland Heights, Missouri	Penn Master Lease
Prairie State Gaming (1)	Illinois	N/A
River City Casino	St. Louis, Missouri	Pinnacle Master Lease

(1)VGT route operations

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

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

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


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2020		2019		2020		2019
Revenues:
Northeast segment	$	545.1	$	628.9	$	1,168.5	$	1,778.6
South segment	255.6		276.6		600.4		850.7
West segment	78.7		161.5		223.0		484.4
Midwest segment	229.1		275.8		493.2		815.3
Other (1)	23.7		12.4		71.6		31.9
Intersegment eliminations (2)	(2.5)		(0.7)		(5.4)		(0.7)
Total	$	1,129.7	$	1,354.5	$	2,551.3	$	3,960.2

Adjusted EBITDAR (3):
Northeast segment	$	204.8	$	189.1	$	325.7	$	540.1
South segment	120.3		89.0		217.3		279.6
West segment	33.6		50.6		55.2		151.0
Midwest segment	108.5		104.3		173.4		301.3
Other (1)	(14.6)		(25.0)		(42.2)		(66.1)
Intersegment eliminations (2)	—		(0.1)		—		(0.1)
Total (3)	452.6		407.9		729.4		1,205.8

Other operating benefits (costs) and other income (expenses):
Rent expense associated with triple net operating leases (4)	(109.0)		(96.3)		(310.3)		(271.0)
Stock-based compensation	(2.8)		(3.7)		(11.7)		(10.4)
Cash-settled stock-based awards variance	(39.5)		3.4		(46.7)		6.4
Gain (loss) on disposal of assets	6.0		(7.4)		33.9		(8.3)
Contingent purchase price	—		(1.2)		1.4		(7.0)
Pre-opening and acquisition costs	(4.8)		(7.4)		(11.5)		(15.5)
Depreciation and amortization	(87.7)		(106.3)		(275.3)		(316.4)
Impairment losses	—		—		(616.1)		—
Insurance recoveries, net of deductible charges	—		1.5		0.1		1.5
Non-operating items of equity method investments (5)	(1.2)		(0.9)		(3.2)		(2.8)
Interest expense, net	(142.3)		(133.5)		(407.1)		(400.5)

Other (6)	55.6		7.2		63.1		7.2
Income (loss) before income taxes	126.9		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

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

(5)Consists principally of interest expense, net; income taxes; depreciation and amortization; and stock-based compensation expense associated with Barstool Sports and our Kansas Entertainment JV.


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2020		2019		2020		2019
Capital expenditures:
Northeast segment	$	10.3	$	22.8	$	62.3	$	67.3
South segment	3.1		5.0		10.9		21.5
West segment	1.4		3.7		5.5		17.8
Midwest segment	4.8		6.2		9.7		22.6
Other	4.3		4.0		9.2		7.5
Total capital expenditures	$	23.9	$	41.7	$	97.6	$	136.7


(in millions)	Northeast		South		West		Midwest		Other (1)		Total
As of September 30, 2020
Investment in and advances to unconsolidated affiliates (2)	$	0.1	$	—	$	—	$	84.8	$	178.1	$	263.0
Total assets	$	1,938.2	$	1,169.0	$	385.9	$	1,170.0	$	10,148.9	$	14,812.0

As of December 31, 2019
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	90.9	$	37.3	$	128.3
Total assets	$	2,273.7	$	1,397.0	$	752.1	$	1,412.2	$	8,359.5	$	14,194.5

(2)Our investment in Barstool Sports is included within the Other category.

Schedule of Complimentaries

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


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2020		2019		2020		2019
Food and beverage	$	29.4	$	66.7	$	90.7	$	195.3
Hotel	21.9		44.1		58.6		121.5
Other	1.5		4.2		5.0		13.0
Total complimentaries associated with gaming contracts	$	52.8	$	115.0	$	154.3	$	329.8

Revenue Disaggregation (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	For the three months ended September 30, 2020
(in millions)	Northeast		South		West		Midwest		Other		Intersegment Eliminations (1)		Total
Revenues:
Gaming	$	508.0	$	208.0	$	54.0	$	212.7	$	11.0	$	(0.1)	$	993.6
Food and beverage	15.8		19.8		9.9		6.6		0.1		—		52.2
Hotel	4.0		20.6		9.0		5.1		—		—		38.7
Other	17.3		7.2		5.8		4.7		12.6		(2.4)		45.2
Total revenues	$	545.1	$	255.6	$	78.7	$	229.1	$	23.7	$	(2.5)	$	1,129.7


	For the three months ended September 30, 2019
(in millions)	Northeast		South		West		Midwest		Other		Intersegment Eliminations (1)		Total
Revenues:
Gaming	$	555.2	$	201.2	$	93.3	$	236.1	$	3.3	$	(0.6)	$	1,088.5
Food and beverage	39.4		39.0		29.5		21.0		0.5		—		129.4
Hotel	13.7		27.5		32.4		11.7		—		—		85.3
Other	20.6		8.9		6.3		7.0		8.6		(0.1)		51.3
Total revenues	$	628.9	$	276.6	$	161.5	$	275.8	$	12.4	$	(0.7)	$	1,354.5


	For the nine months ended September 30, 2020
(in millions)	Northeast		South		West		Midwest		Other		Intersegment Eliminations (1)		Total
Revenues:
Gaming	$	1,060.8	$	480.3	$	138.7	$	442.4	$	33.7	$	(0.2)	$	2,155.7
Food and beverage	51.9		57.1		35.6		25.4		0.4		—		170.4
Hotel	13.0		45.2		36.3		13.9		—		—		108.4
Other	42.8		17.8		12.4		11.5		37.5		(5.2)		116.8
Total revenues	$	1,168.5	$	600.4	$	223.0	$	493.2	$	71.6	$	(5.4)	$	2,551.3


	For the nine months ended September 30, 2019
(in millions)	Northeast		South		West		Midwest		Other		Intersegment Eliminations (1)		Total
Revenues:
Gaming	$	1,571.9	$	628.1	$	282.6	$	699.8	$	3.4	$	(0.6)	$	3,185.2
Food and beverage	112.8		118.7		86.9		61.7		1.2		—		381.3
Hotel	31.3		77.0		95.7		32.9		—		—		236.9
Other	62.6		26.9		19.2		20.9		27.3		(0.1)		156.8
Total revenues	$	1,778.6	$	850.7	$	484.4	$	815.3	$	31.9	$	(0.7)	$	3,960.2

Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Schedule of Allocation of Purchase Price and Adjustments


(in millions)	Fair value
Cash and cash equivalents	$	31.1
Receivables, prepaid expenses and other current assets	14.5
Property and equipment	28.4
Goodwill (1)	67.4
Other intangible assets
Gaming license	166.4
Trademark	24.4
Customer relationships	3.3
Operating lease right-of-use assets	516.1
Finance lease right-of-use assets	4.1

Total assets	$	855.7

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

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

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net and Depreciation Expense

Property and equipment, net, consisted of the following:


(in millions)	September 30, 2020		December 31, 2019
Property and equipment - Not Subject to Master Leases
Land and improvements	$	109.8	$	353.2
Buildings, vessels and improvements	216.6		420.4
Furniture, fixtures and equipment	1,682.7		1,598.3
Leasehold improvements	197.4		183.6
Construction in progress	89.8		59.3
	2,296.3		2,614.8
Less: Accumulated depreciation	(1,602.5)		(1,548.3)
	693.8		1,066.5
Property and equipment - Subject to Master Leases
Land and improvements	1,525.1		1,525.9
Buildings, vessels and improvements	3,645.8		3,664.6
	5,170.9		5,190.5
Less: Accumulated depreciation	(1,271.8)		(1,136.8)
	3,899.1		4,053.7
Property and equipment, net	$	4,592.9	$	5,120.2

Depreciation expense was as follows:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2020		2019		2020		2019
Depreciation expense (1)	$	79.7	$	97.9	$	251.0	$	291.8

(1)Of such amounts, $45.2 million, $26.5 million, $137.0 million and $119.4 million, respectively, pertained to real estate assets subject to either of our Master Leases.

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule 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 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

Impairment losses during year-to-date period	(43.5)		(9.0)		—		(60.5)		—		(113.0)

Balance as of September 30, 2020
Goodwill, gross	914.3		236.6		216.8		1,116.7		156.1		2,640.5
Accumulated goodwill impairment losses	(761.4)		(61.0)		(16.6)		(556.1)		(87.7)		(1,482.8)
Goodwill, net	$	152.9	$	175.6	$	200.2	$	560.6	$	68.4	$	1,157.7

The amount of goodwill at these reporting units was as follows (in millions):


Northeast segment
Hollywood Casino at Charles Town Races	$	8.7
Hollywood Casino Toledo	$	5.8
Plainridge Park Casino	$	6.3
South segment
Boomtown New Orleans	$	5.2
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:


	September 30, 2020						December 31, 2019
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Indefinite-lived intangible assets
Gaming licenses	$	1,246.0	$	—	$	1,246.0	$	1,681.9	$	—	$	1,681.9
Trademarks	240.9		—		240.9		302.4		—		302.4
Other	0.7		—		0.7		0.7		—		0.7
Amortizing intangible assets
Customer relationships	106.8		(82.9)		23.9		104.4		(69.0)		35.4
Other	37.9		(34.3)		3.6		36.1		(30.0)		6.1
Total other intangible assets	$	1,632.3	$	(117.2)	$	1,515.1	$	2,125.5	$	(99.0)	$	2,026.5

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:


	September 30, 2020						December 31, 2019
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Indefinite-lived intangible assets
Gaming licenses	$	1,246.0	$	—	$	1,246.0	$	1,681.9	$	—	$	1,681.9
Trademarks	240.9		—		240.9		302.4		—		302.4
Other	0.7		—		0.7		0.7		—		0.7
Amortizing intangible assets
Customer relationships	106.8		(82.9)		23.9		104.4		(69.0)		35.4
Other	37.9		(34.3)		3.6		36.1		(30.0)		6.1
Total other intangible assets	$	1,632.3	$	(117.2)	$	1,515.1	$	2,125.5	$	(99.0)	$	2,026.5

Schedule of Expected Intangible Asset Amortization Expense

The following table presents the estimated amortization expense based on our amortizing intangible assets as of September 30, 2020 (in millions):


Years ending December 31,
2020 (excluding the nine months ended September 30, 2020)	$	3.0
2021	7.1
2022	5.2
2023	3.7
2024	3.6
Thereafter	4.9
Total	$	27.5

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


(in millions)	September 30, 2020		December 31, 2019
Accrued salaries and wages	$	151.8	$	142.1
Accrued gaming, pari-mutuel, property, and other taxes	93.5		103.3
Accrued interest	10.8		13.0
Other accrued expenses (1)	222.8		225.8
Other current liabilities (2)	130.8		147.1
Accrued expenses and other current liabilities	$	609.7	$	631.3

Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Long-Term Debt, Net of Current Maturities

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


(in millions)	September 30, 2020		December 31, 2019
Senior Secured Credit Facilities:
Revolving Credit Facility due 2023	$	—	$	140.0
Term Loan A Facility due 2023	645.8		672.3
Term Loan B-1 Facility due 2025	1,109.0		1,117.5
5.625% Notes due 2027	400.0		400.0
2.75% Convertible Notes due 2026	330.5		—
Other long-term obligations	80.8		89.2
	2,566.1		2,419.0
Less: Current maturities of long-term debt	(84.8)		(62.9)
Less: Debt discount	(89.6)		(2.4)
Less: Debt issuance costs	(36.0)		(31.5)
	$	2,355.7	$	2,322.2

Schedule Convertible Notes

The Convertible Notes consisted of the following components:


(in millions)	September 30, 2020
Liability component:
Principal	$	330.5
Unamortized debt discount	(87.4)
Unamortized debt issuance costs	(6.4)
Net carrying amount	$	236.7

Carrying amount of equity component	$	88.2

Schedule of Interest Expense, Net

Interest expense, net, was as follows:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2020		2019		2020		2019
Interest expense	$	(143.3)	$	(134.2)	$	(409.4)	$	(401.8)
Interest income	0.3		0.6		0.7		1.2
Capitalized interest	0.7		0.1		1.6		0.1
Interest expense, net	$	(142.3)	$	(133.5)	$	(407.1)	$	(400.5)

Interest expense related to the Convertible Notes was as follows:


	For the three months ended September 30,		For the nine months ended September 30,
(in millions)	2020		2020
Coupon interest	$	2.3	$	3.5
Amortization of debt discount	2.9		4.3
Amortization of debt issuance costs	0.2		0.3
Convertible Notes interest expense	$	5.4	$	8.1

- 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

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-Name Accounting Standards Codification
-Topic 210
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-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
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-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
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

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 September 30, 2020:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Years ending December 31,
2020 (excluding the nine months ended September 30, 2020)	$	105.4	$	5.4	$	91.8
2021	412.7		21.7		367.3
2022	404.3		21.6		367.3
2023	398.7		20.8		367.3
2024	382.4		16.7		367.3
Thereafter	8,158.4		393.5		9,270.6
Total lease payments	9,861.9		479.7		10,831.6
Less: Imputed interest	(5,360.3)		(258.6)		(6,720.8)
Present value of future lease payments	4,501.6		221.1		4,110.8
Less: Current portion of lease obligations	(120.4)		(6.8)		(35.3)
Long-term portion of lease obligations	$	4,381.2	$	214.3	$	4,075.5

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 September 30, 2020:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Years ending December 31,
2020 (excluding the nine months ended September 30, 2020)	$	105.4	$	5.4	$	91.8
2021	412.7		21.7		367.3
2022	404.3		21.6		367.3
2023	398.7		20.8		367.3
2024	382.4		16.7		367.3
Thereafter	8,158.4		393.5		9,270.6
Total lease payments	9,861.9		479.7		10,831.6
Less: Imputed interest	(5,360.3)		(258.6)		(6,720.8)
Present value of future lease payments	4,501.6		221.1		4,110.8
Less: Current portion of lease obligations	(120.4)		(6.8)		(35.3)
Long-term portion of lease obligations	$	4,381.2	$	214.3	$	4,075.5

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 September 30, 2020:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Years ending December 31,
2020 (excluding the nine months ended September 30, 2020)	$	105.4	$	5.4	$	91.8
2021	412.7		21.7		367.3
2022	404.3		21.6		367.3
2023	398.7		20.8		367.3
2024	382.4		16.7		367.3
Thereafter	8,158.4		393.5		9,270.6
Total lease payments	9,861.9		479.7		10,831.6
Less: Imputed interest	(5,360.3)		(258.6)		(6,720.8)
Present value of future lease payments	4,501.6		221.1		4,110.8
Less: Current portion of lease obligations	(120.4)		(6.8)		(35.3)
Long-term portion of lease obligations	$	4,381.2	$	214.3	$	4,075.5

Schedule of Other Information and Supplemental Cash Flow Information Related to Leases

Total payments made under the Triple Net Leases, inclusive of rent credits utilized, were as follows:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2020		2019		2020		2019
Penn Master Lease (1)	$	120.3	$	114.0	$	343.4	$	342.9
Pinnacle Master Lease (1)	81.3		82.3		245.6		245.6
Meadows Lease (1)	6.7		6.6		20.2		19.7
Margaritaville Lease	5.9		5.8		17.6		17.3
Greektown Lease	13.9		13.9		41.7		19.9
Total (2)	$	228.1	$	222.6	$	668.5	$	645.4

(2)Rent payable under the Tropicana Lease is nominal. Therefore, it has been excluded from the table above.

The components of lease expense were as follows:


	Location on unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	For the three months ended September 30,				For the nine months ended September 30,
(in millions)		2020		2019		2020		2019
Operating Lease Costs
Rent expense associated with triple net operating leases (1)	General and administrative	$	109.0	$	96.3	$	310.3	$	271.0
Operating lease cost (2)	Primarily General and administrative	3.9		4.2		11.9		13.2
Short-term lease cost	Primarily Gaming expense	10.3		14.4		26.5		42.9
Variable lease cost (2)	Primarily Gaming expense	0.8		1.0		1.8		2.8
Total		$	124.0	$	115.9	$	350.5	$	329.9

Finance Lease Costs
Interest on lease liabilities (3)	Interest expense, net	$	3.8	$	3.8	$	11.5	$	11.5
Amortization of ROU assets (3)	Depreciation and amortization	2.0		2.0		6.0		5.9
Total		$	5.8	$	5.8	$	17.5	$	17.4

Financing Obligation Costs
Interest on financing obligations (4)	Interest expense, net	$	103.7	$	97.6	$	300.2	$	293.6

(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.

Investments in and Advances to Unconsolidated Affiliates (Tables)

9 Months Ended

Sep. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Summary Financial Information for Kansas Entertainment


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2020		2019		2020		2019
Revenues	$	28.4	$	40.6	$	75.8	$	120.2
Operating expenses	20.0		19.6		57.0		73.8
Operating income	8.4		21.0		18.8		46.4
Net income	$	8.4	$	21.0	$	18.8	$	46.4

Net income attributable to Penn National	$	4.2	$	10.5	$	9.4	$	23.2

Earnings (Loss) per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The stock options, RSAs, convertible preferred shares and convertible debt that could potentially dilute basic EPS in the future that were not included in the computation of diluted loss per share were as follows:


(in millions)			For the nine months ended September 30, 2020
Assumed conversion of dilutive stock options			2.5
Assumed conversion of dilutive RSAs			0.4
Assumed conversion of convertible preferred shares			0.7
Assumed conversion of convertible debt			7.4

Schedule of Calculation of Basic and Diluted EPS

The following table sets forth the allocation of net income for the three and nine months ended September 30, 2020 and 2019 under the two-class method:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2020		2019		2020		2019
Net income (loss) attributable to Penn National	$	141.9	$	43.9	$	(680.6)	$	136.4
Net income applicable to preferred stock	0.8		—		—		—
Net income (loss) applicable to common stock	$	141.1	$	43.9	$	(680.6)	$	136.4

The following table presents the calculation of basic and diluted earnings (loss) per share for the Company’s common stock for the three and nine months ended September 30, 2020 and 2019:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions, except per share data)	2020		2019		2020		2019
Calculation of basic earnings (loss) per share:
Net income (loss) applicable to common stock	$	141.1	$	43.9	$	(680.6)	$	136.4
Weighted-average common shares outstanding - basic	138.2		115.2		126.9		115.8
Basic earnings (loss) per share	$	1.02	$	0.38	$	(5.36)	$	1.18

Calculation of diluted earnings (loss) per share:
Net income (loss) applicable to common stock	$	141.1	$	43.9	$	(680.6)	$	136.4
Interest expense, net of tax (1):
Convertible Notes	4.2		—		—		—
Diluted income (loss) applicable to common stock	$	145.3	$	43.9	$	(680.6)	$	136.4
Weighted-average common shares outstanding - diluted	155.5		116.7		126.9		117.7
Diluted earnings (loss) per share	$	0.93	$	0.38	$	(5.36)	$	1.16

(1)The three months ended September 30, 2020 were tax-affected at a rate of 21%.

Schedule of Reconciliation of the Weighted-Average Common Shares Outstanding


	For the three months ended September 30,		For the nine months ended September 30,
(in millions)	2020	2019	2020	2019
Weighted-average common shares outstanding - Basic	138.2	115.2	126.9	115.8
Assumed conversion of:
Dilutive stock options	2.8	1.4	—	1.7
Dilutive RSAs	0.4	0.1	—	0.2
Convertible debt	14.1	—	—	—
Weighted-average common shares outstanding - Diluted	155.5	116.7	126.9	117.7

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

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:


	September 30, 2020
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	1,873.1	$	1,873.1	$	1,873.1	$	—	$	—
Equity securities	$	112.1	$	112.1	$	—	$	112.1	$	—
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	15.1	$	15.4	$	—	$	15.4	$	—
Financial liabilities:
Long-term debt
Senior Secured Credit Facilities	$	1,723.7	$	1,713.7	$	1,713.7	$	—	$	—
5.625% Notes	$	399.4	$	415.0	$	415.0	$	—	$	—
Convertible Notes	$	236.6	$	1,057.6	$	1,057.6	$	—	$	—
Other long-term obligations	$	80.8	$	81.1	$	—	$	81.1	$	—
Other liabilities	$	9.8	$	9.8	$	—	$	2.8	$	7.0


	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

Schedule 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, 2020	$	17.5

Payments	(9.1)
Included in loss (1)	(1.4)
Balance as of September 30, 2020	$	7.0

(1)The reduction in expense is included in “General and administrative” within our unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Schedule of Assets Measured at Fair Value on a Nonrecurring

The following table sets forth the assets measured at fair value on a non-recurring basis during the nine months ended September 30, 2020:


(in millions)	Valuation Date	Valuation Technique	Level 1		Level 2		Level 3		Total Balance		Total Reduction in Fair Value Recorded
Goodwill	3/31/2020	Discounted cash flow and market approach	$	—	$	—	$	160.5	$	160.5	$	(113.0)
Gaming licenses	3/31/2020	Discounted cash flow	$	—	$	—	$	568.0	$	568.0	$	(437.0)
Trademarks	3/31/2020	Discounted cash flow	$	—	$	—	$	216.5	$	216.5	$	(61.5)

Schedule of Significant Unobservable Inputs Used in Calculating Level 3 Assets and Liabilities

The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 liabilities on a recurring basis as of September 30, 2020:

Valuation Technique

Unobservable Input

Discount Rate

Contingent purchase price - Plainridge Park Casino

Discounted cash flow

Discount rate

5.67%

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 March 31, 2020
Gaming licenses	$	568.0	Discounted cash flow	Discount rate	13.25% - 14.0%
				Long-term revenue growth rate	2.0	%
Trademarks	$	216.5	Discounted cash flow	Discount rate	13.25% - 14.0%
				Long-term revenue growth rate	2.0	%
				Pretax royalty rate	1.0% - 2.0%

Segment Information (Tables)

9 Months Ended

Sep. 30, 2020

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	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 (1)	Pennsylvania	N/A
Meadows Racetrack and Casino	Washington, Pennsylvania	Meadows Lease
Plainridge Park Casino	Plainville, Massachusetts	Pinnacle Master Lease

South segment (2)
1st 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	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	Tropicana Lease
Zia Park Casino	Hobbs, New Mexico	Penn Master Lease

Midwest segment
Ameristar Council Bluffs	Council Bluffs, Iowa	Pinnacle Master Lease
Argosy Casino Alton (3)	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 (4)	Kansas City, Kansas	Owned - JV
Hollywood Casino St. Louis	Maryland Heights, Missouri	Penn Master Lease
Prairie State Gaming (1)	Illinois	N/A
River City Casino	St. Louis, Missouri	Pinnacle Master Lease

(1)VGT route operations

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

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

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


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2020		2019		2020		2019
Revenues:
Northeast segment	$	545.1	$	628.9	$	1,168.5	$	1,778.6
South segment	255.6		276.6		600.4		850.7
West segment	78.7		161.5		223.0		484.4
Midwest segment	229.1		275.8		493.2		815.3
Other (1)	23.7		12.4		71.6		31.9
Intersegment eliminations (2)	(2.5)		(0.7)		(5.4)		(0.7)
Total	$	1,129.7	$	1,354.5	$	2,551.3	$	3,960.2

Adjusted EBITDAR (3):
Northeast segment	$	204.8	$	189.1	$	325.7	$	540.1
South segment	120.3		89.0		217.3		279.6
West segment	33.6		50.6		55.2		151.0
Midwest segment	108.5		104.3		173.4		301.3
Other (1)	(14.6)		(25.0)		(42.2)		(66.1)
Intersegment eliminations (2)	—		(0.1)		—		(0.1)
Total (3)	452.6		407.9		729.4		1,205.8

Other operating benefits (costs) and other income (expenses):
Rent expense associated with triple net operating leases (4)	(109.0)		(96.3)		(310.3)		(271.0)
Stock-based compensation	(2.8)		(3.7)		(11.7)		(10.4)
Cash-settled stock-based awards variance	(39.5)		3.4		(46.7)		6.4
Gain (loss) on disposal of assets	6.0		(7.4)		33.9		(8.3)
Contingent purchase price	—		(1.2)		1.4		(7.0)
Pre-opening and acquisition costs	(4.8)		(7.4)		(11.5)		(15.5)
Depreciation and amortization	(87.7)		(106.3)		(275.3)		(316.4)
Impairment losses	—		—		(616.1)		—
Insurance recoveries, net of deductible charges	—		1.5		0.1		1.5
Non-operating items of equity method investments (5)	(1.2)		(0.9)		(3.2)		(2.8)
Interest expense, net	(142.3)		(133.5)		(407.1)		(400.5)

Other (6)	55.6		7.2		63.1		7.2
Income (loss) before income taxes	126.9		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

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

(5)Consists principally of interest expense, net; income taxes; depreciation and amortization; and stock-based compensation expense associated with Barstool Sports and our Kansas Entertainment JV.


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2020		2019		2020		2019
Capital expenditures:
Northeast segment	$	10.3	$	22.8	$	62.3	$	67.3
South segment	3.1		5.0		10.9		21.5
West segment	1.4		3.7		5.5		17.8
Midwest segment	4.8		6.2		9.7		22.6
Other	4.3		4.0		9.2		7.5
Total capital expenditures	$	23.9	$	41.7	$	97.6	$	136.7


(in millions)	Northeast		South		West		Midwest		Other (1)		Total
As of September 30, 2020
Investment in and advances to unconsolidated affiliates (2)	$	0.1	$	—	$	—	$	84.8	$	178.1	$	263.0
Total assets	$	1,938.2	$	1,169.0	$	385.9	$	1,170.0	$	10,148.9	$	14,812.0

As of December 31, 2019
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	90.9	$	37.3	$	128.3
Total assets	$	2,273.7	$	1,397.0	$	752.1	$	1,412.2	$	8,359.5	$	14,194.5

(2)Our investment in Barstool Sports is included within the Other category.

Organization and Basis of Presentation (Details)									2 Months Ended	9 Months Ended
Organization and Basis of Presentation (Details)	Sep. 30, 2020 USD ($) property state numberOfEmployee project $ / shares	Sep. 25, 2020 USD ($) shares	Sep. 25, 2020 shares	Sep. 24, 2020 shares	May 19, 2020 shares	May 19, 2020 USD ($) shares	May 14, 2020 shares	Apr. 16, 2020 USD ($)	May 19, 2020 USD ($) shares	Sep. 30, 2020 USD ($) property state numberOfEmployee project $ / shares	Sep. 30, 2019 USD ($)	May 31, 2020 USD ($)	Dec. 31, 2019 $ / shares
Subsequent Event [Line Items]
Number of properties the entity owned, managed, or had ownership interests in \| property	41									41
Number of states in which the entity operates \| state	19									19
Number of employees not furloughed \| numberOfEmployee	850									850
Number of development projects temporarily suspended due to COVID-19 pandemic \| project	2									2
Proceeds from revolving credit facility										$ 540,000,000.0	$ 395,000,000.0
Interest rate	5.625%									5.625%
Shares issued (in shares) \| shares		2,100,000	16,100,000	14,000,000	19,166,667	2,500,000	16,666,667		19,166,667
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01									$ 0.01			$ 0.01
Gross proceeds from transaction		$ 982,100,000				$ 345,000,000.0
2.75% Convertible Notes due 2026 \| Convertible Notes
Subsequent Event [Line Items]
Debt principal amount												$ 330,500,000
Interest rate	2.75%									2.75%		2.75%
Revolving Credit Facility
Subsequent Event [Line Items]
Proceeds from revolving credit facility									$ 430,000,000.0
Repayments of borrowings	$ 670,000,000.0
Tropicana Las Vegas
Subsequent Event [Line Items]
Sale of property in exchange for rent credits								$ 307,500,000	307,500,000
Hollywood Casino Morgantown
Subsequent Event [Line Items]
Sale of property in exchange for rent credits									30,000,000.0
Gross proceeds from transaction									$ 345,000,000.0
Barstool Sports, Inc
Subsequent Event [Line Items]
Ownership interest	36.00%									36.00%

Significant Accounting Policies - Segment Information (Details)	9 Months Ended
	Sep. 30, 2020 facility segment
Segment Information
Number of reportable segments	4
Kansas Entertainment
Segment Information
Ownership interest	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 - Revenue Recognition and Complimentaries (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	$ 52.8	$ 115.0	$ 154.3	$ 329.8
Food and beverage
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	29.4	66.7	90.7	195.3
Hotel
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	21.9	44.1	58.6	121.5
Other
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	$ 1.5	$ 4.2	$ 5.0	$ 13.0

Significant Accounting Policies - Revenue Disaggregation and Customer-Related Liabilities (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($) agreement	Dec. 31, 2019 USD ($)
Online sports betting and iGaming market access
Disaggregation of Revenue [Line Items]
Customer-related liabilities	$ 51.8	$ 43.6
Number of operator agreements containing ordinary shares and warrants \| agreement	2
Loyalty credit obligation
Disaggregation of Revenue [Line Items]
Customer-related liabilities	$ 35.2	36.2
Customer-related liabilities, term	6 months
Advance payments on goods and services yet to be provided and unpaid wagers
Disaggregation of Revenue [Line Items]
Customer-related liabilities	$ 42.1	42.2
Customer-related liabilities, long-term	$ 0.6	$ 0.6

Significant Accounting Policies - Gaming and Racing Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accounting Policies [Abstract]
Gaming taxes	$ 349.2	$ 403.1	$ 783.1	$ 1,189.4

New Accounting Pronouncements (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2020	Sep. 30, 2019	Jun. 30, 2019
Cumulative effect of adoption
Stockholders' equity, including portion attributable to noncontrolling interest	$ 2,631.7	$ 1,851.9	$ 731.2	$ 1,504.9	$ 1,939.4	$ 1,891.7
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201602Member
Cumulative Effect, Period of Adoption, Adjustment
Cumulative effect of adoption
Stockholders' equity, including portion attributable to noncontrolling interest		$ 0.6	$ 1,085.7
Retained Earnings (Accum- ulated Deficit)
Cumulative effect of adoption
Stockholders' equity, including portion attributable to noncontrolling interest	$ (518.4)	161.6	(968.0)	$ (660.3)	$ 254.1	$ 210.2
Retained Earnings (Accum- ulated Deficit) \| Cumulative Effect, Period of Adoption, Adjustment
Cumulative effect of adoption
Stockholders' equity, including portion attributable to noncontrolling interest		$ 0.6	$ 1,085.7

- Definition

Indicates amendment to accounting standards.

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- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Hurricane Laura (Details) - Hurricane Laura - USD ($) $ in Millions	Aug. 27, 2020	Sep. 30, 2020
Unusual or Infrequent Item, or Both [Line Items]
Number of days of property closure	17 days
Insurance recovery receivable		$ 50.6

Revenue Disaggregation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenue Disaggregation (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 1,129.7	$ 1,354.5	$ 2,551.3	$ 3,960.2
Gaming
Disaggregation of Revenue [Line Items]
Revenues	993.6	1,088.5	2,155.7	3,185.2
Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	52.2	129.4	170.4	381.3
Hotel
Disaggregation of Revenue [Line Items]
Revenues	38.7	85.3	108.4	236.9
Other
Disaggregation of Revenue [Line Items]
Revenues	45.2	51.3	116.8	156.8
Operating segments \| Northeast segment
Disaggregation of Revenue [Line Items]
Revenues	545.1	628.9	1,168.5	1,778.6
Operating segments \| South segment
Disaggregation of Revenue [Line Items]
Revenues	255.6	276.6	600.4	850.7
Operating segments \| West segment
Disaggregation of Revenue [Line Items]
Revenues	78.7	161.5	223.0	484.4
Operating segments \| Midwest segment
Disaggregation of Revenue [Line Items]
Revenues	229.1	275.8	493.2	815.3
Operating segments \| Gaming \| Northeast segment
Disaggregation of Revenue [Line Items]
Revenues	508.0	555.2	1,060.8	1,571.9
Operating segments \| Gaming \| South segment
Disaggregation of Revenue [Line Items]
Revenues	208.0	201.2	480.3	628.1
Operating segments \| Gaming \| West segment
Disaggregation of Revenue [Line Items]
Revenues	54.0	93.3	138.7	282.6
Operating segments \| Gaming \| Midwest segment
Disaggregation of Revenue [Line Items]
Revenues	212.7	236.1	442.4	699.8
Operating segments \| Food and beverage \| Northeast segment
Disaggregation of Revenue [Line Items]
Revenues	15.8	39.4	51.9	112.8
Operating segments \| Food and beverage \| South segment
Disaggregation of Revenue [Line Items]
Revenues	19.8	39.0	57.1	118.7
Operating segments \| Food and beverage \| West segment
Disaggregation of Revenue [Line Items]
Revenues	9.9	29.5	35.6	86.9
Operating segments \| Food and beverage \| Midwest segment
Disaggregation of Revenue [Line Items]
Revenues	6.6	21.0	25.4	61.7
Operating segments \| Hotel \| Northeast segment
Disaggregation of Revenue [Line Items]
Revenues	4.0	13.7	13.0	31.3
Operating segments \| Hotel \| South segment
Disaggregation of Revenue [Line Items]
Revenues	20.6	27.5	45.2	77.0
Operating segments \| Hotel \| West segment
Disaggregation of Revenue [Line Items]
Revenues	9.0	32.4	36.3	95.7
Operating segments \| Hotel \| Midwest segment
Disaggregation of Revenue [Line Items]
Revenues	5.1	11.7	13.9	32.9
Operating segments \| Other \| Northeast segment
Disaggregation of Revenue [Line Items]
Revenues	17.3	20.6	42.8	62.6
Operating segments \| Other \| South segment
Disaggregation of Revenue [Line Items]
Revenues	7.2	8.9	17.8	26.9
Operating segments \| Other \| West segment
Disaggregation of Revenue [Line Items]
Revenues	5.8	6.3	12.4	19.2
Operating segments \| Other \| Midwest segment
Disaggregation of Revenue [Line Items]
Revenues	4.7	7.0	11.5	20.9
Other
Disaggregation of Revenue [Line Items]
Revenues	23.7	12.4	71.6	31.9
Other \| Gaming
Disaggregation of Revenue [Line Items]
Revenues	11.0	3.3	33.7	3.4
Other \| Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	0.1	0.5	0.4	1.2
Other \| Hotel
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0	0.0
Other \| Other
Disaggregation of Revenue [Line Items]
Revenues	12.6	8.6	37.5	27.3
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Revenues	(2.5)	(0.7)	(5.4)	(0.7)
Intersegment eliminations \| Gaming
Disaggregation of Revenue [Line Items]
Revenues	(0.1)	(0.6)	(0.2)	(0.6)
Intersegment eliminations \| Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0	0.0
Intersegment eliminations \| Hotel
Disaggregation of Revenue [Line Items]
Revenues	0.0	0.0	0.0	0.0
Intersegment eliminations \| Other
Disaggregation of Revenue [Line Items]
Revenues	$ (2.4)	$ (0.1)	$ (5.2)	$ (0.1)

Acquisitions and Dispositions - Additional Information (Details) $ in Millions					2 Months Ended	3 Months Ended		9 Months Ended
	Oct. 01, 2020 USD ($) property	Apr. 16, 2020 USD ($)	May 23, 2019 USD ($) renewal_option	Jan. 01, 2019 USD ($)	May 19, 2020 USD ($)	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)
Business Acquisition [Line Items]
Proceeds from sale-and-leaseback transactions in conjunction with acquisitions								$ 0.0	$ 961.1
Hollywood Casino Perryville
Business Acquisition [Line Items]
Purchase option agreement, purchase price		$ 31.1
Purchase option agreement, initial annual rent if purchased		7.8
Tropicana Las Vegas
Business Acquisition [Line Items]
Sale of property in exchange for rent credits		$ 307.5			$ 307.5
Real estate sale, buyer subsequent sale period		24 months
Real estate sale, subsequent sale by buyer		75.00%
Real estate sale, subsequent sale by buyer, proceeds threshold		$ 307.5
Real estate sale, subsequent sale by buyer, threshold target		12 months
Real estate sale		50.00%
Rent credits to be utilized						$ 35.0		35.0
Gain on disposal						$ 1.8		$ 30.3
Morgantown \| Subsequent Event
Business Acquisition [Line Items]
Annual rent	$ 3.0
Lease term	20 years
Number of lease renewal options \| property	6
Lease renewal term	5 years
Sale of property in exchange for rent credits	$ 30.0
Greektown Casino-Hotel
Business Acquisition [Line Items]
Purchase price			$ 320.3
Proceeds from sale-and-leaseback transactions in conjunction with acquisitions			700.0
Annual rent			$ 55.6
Lease term			15 years
Number of lease renewal options \| renewal_option			4
Lease renewal term			5 years
Acquired finite-lived intangible assets			2 years
Margaritaville Resort Casino
Business Acquisition [Line Items]
Purchase price				$ 122.9			$ 3.0
Liabilities incurred on acquisition				$ 261.1

Acquisitions and Dispositions - Allocation of Purchase Price and Adjustments (Details) - USD ($) $ in Millions	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 1,157.7		$ 1,270.7
Greektown Casino-Hotel
Business Acquisition [Line Items]
Cash and cash equivalents		$ 31.1
Receivables, prepaid expenses and other current assets		14.5
Property and equipment		28.4
Goodwill		67.4
Customer relationships		3.3
Operating lease right-of-use assets		516.1
Finance lease right-of-use assets		4.1
Total assets		855.7
Accounts payable, accrued expenses and other current liabilities		15.2
Operating lease liabilities		516.1
Finance lease liabilities		4.1
Total liabilities		535.4
Net assets acquired		320.3
Goodwill deductible for tax purposes		67.4
Greektown Casino-Hotel \| Gaming licenses
Business Acquisition [Line Items]
Indefinite-lived intangible assets		166.4
Greektown Casino-Hotel \| Trademarks
Business Acquisition [Line Items]
Indefinite-lived intangible assets		$ 24.4

Property and Equipment - Property and Equipment, Net (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 4,592.9	$ 5,120.2
Property and equipment - Not Subject to Master Leases
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,296.3	2,614.8
Less: Accumulated depreciation	(1,602.5)	(1,548.3)
Property and equipment, net	693.8	1,066.5
Land and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	109.8	353.2
Buildings, vessels and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	216.6	420.4
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,682.7	1,598.3
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	197.4	183.6
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	89.8	59.3
Property and equipment - Subject to Master Leases
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,170.9	5,190.5
Less: Accumulated depreciation	(1,271.8)	(1,136.8)
Property and equipment, net	3,899.1	4,053.7
Land and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,525.1	1,525.9
Building, vessels and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,645.8	$ 3,664.6

Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 79.7	$ 97.9	$ 251.0	$ 291.8
Property and equipment - Subject to Master Leases
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 45.2	$ 26.5	$ 137.0	$ 119.4

Goodwill and Other Intangible Assets - Goodwill and Accumulated Goodwill Impairment Losses (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	$ 2,640,500,000		$ 2,640,500,000
Accumulated goodwill impairment losses	(1,369,800,000)		(1,369,800,000)
Goodwill, net, beginning balance	1,270,700,000		1,270,700,000
Impairment losses during year-to-date period	(113,000,000.0)	$ 0	(113,000,000.0)	$ 0
Goodwill, gross, ending balance			2,640,500,000
Accumulated goodwill impairment losses			(1,482,800,000)
Goodwill, net, ending balance			1,157,700,000
Operating segments \| Northeast segment
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	914,300,000		914,300,000
Accumulated goodwill impairment losses	(717,900,000)		(717,900,000)
Goodwill, net, beginning balance	196,400,000		196,400,000
Impairment losses during year-to-date period	(43,500,000)		(43,500,000)
Goodwill, gross, ending balance			914,300,000
Accumulated goodwill impairment losses			(761,400,000)
Goodwill, net, ending balance			152,900,000
Operating segments \| South segment
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	236,600,000		236,600,000
Accumulated goodwill impairment losses	(52,000,000.0)		(52,000,000.0)
Goodwill, net, beginning balance	184,600,000		184,600,000
Impairment losses during year-to-date period	(9,000,000.0)		(9,000,000.0)
Goodwill, gross, ending balance			236,600,000
Accumulated goodwill impairment losses			(61,000,000.0)
Goodwill, net, ending balance			175,600,000
Operating segments \| West segment
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	216,800,000		216,800,000
Accumulated goodwill impairment losses	(16,600,000)		(16,600,000)
Goodwill, net, beginning balance	200,200,000		200,200,000
Impairment losses during year-to-date period			0
Goodwill, gross, ending balance			216,800,000
Accumulated goodwill impairment losses			(16,600,000)
Goodwill, net, ending balance			200,200,000
Operating segments \| Midwest segment
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	1,116,700,000		1,116,700,000
Accumulated goodwill impairment losses	(495,600,000)		(495,600,000)
Goodwill, net, beginning balance	621,100,000		621,100,000
Impairment losses during year-to-date period	(60,500,000)		(60,500,000)
Goodwill, gross, ending balance			1,116,700,000
Accumulated goodwill impairment losses			(556,100,000)
Goodwill, net, ending balance			560,600,000
Other
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	156,100,000		156,100,000
Accumulated goodwill impairment losses	(87,700,000)		(87,700,000)
Goodwill, net, beginning balance	$ 68,400,000		68,400,000
Impairment losses during year-to-date period			0
Goodwill, gross, ending balance			156,100,000
Accumulated goodwill impairment losses			(87,700,000)
Goodwill, net, ending balance			$ 68,400,000

Goodwill and Other Intangible Assets - Additional Information (Details)	3 Months Ended			9 Months Ended
	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($) reporting_unit	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)
Schedule Of Goodwill And Intangible Assets [Line Items]
Goodwill impairment charges		$ 113,000,000.0	$ 0	$ 113,000,000.0	$ 0
Number of reporting units with negative carrying values \| reporting_unit		5
Intangible asset amortization expense	$ 5,900,000		$ 6,400,000	18,200,000	$ 18,700,000
Gaming licenses
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment charges on other intangible assets		$ 437,000,000.0
Trademarks
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment charges on other intangible assets		61,500,000
Northeast segment \| Gaming licenses
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment charges on other intangible assets		177,000,000.0
Northeast segment \| Trademarks
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment charges on other intangible assets		17,000,000.0
South segment \| Gaming licenses
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment charges on other intangible assets		166,000,000.0
South segment \| Trademarks
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment charges on other intangible assets		17,000,000.0
Midwest segment \| Gaming licenses
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment charges on other intangible assets		94,000,000.0
Midwest segment \| Trademarks
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment charges on other intangible assets		15,000,000.0
West segment \| Trademarks
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment charges on other intangible assets		12,500,000
Operating segments \| Northeast segment
Schedule Of Goodwill And Intangible Assets [Line Items]
Goodwill impairment charges		43,500,000		43,500,000
Operating segments \| South segment
Schedule Of Goodwill And Intangible Assets [Line Items]
Goodwill impairment charges		9,000,000.0		9,000,000.0
Operating segments \| Midwest segment
Schedule Of Goodwill And Intangible Assets [Line Items]
Goodwill impairment charges		$ 60,500,000		60,500,000
Operating segments \| West segment
Schedule Of Goodwill And Intangible Assets [Line Items]
Goodwill impairment charges				$ 0

Goodwill and Other Intangible Assets - Reporting Units With Negative Carrying Values (Details) $ in Millions	Mar. 31, 2020 USD ($)
Northeast segment \| Hollywood Casino at Charles Town Races
Goodwill [Line Items]
Reporting unit with negative carrying amount, goodwill	$ 8.7
Northeast segment \| Hollywood Casino Toledo
Goodwill [Line Items]
Reporting unit with negative carrying amount, goodwill	5.8
Northeast segment \| Plainridge Park Casino
Goodwill [Line Items]
Reporting unit with negative carrying amount, goodwill	6.3
South segment \| Boomtown New Orleans
Goodwill [Line Items]
Reporting unit with negative carrying amount, goodwill	5.2
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	Sep. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, accumulated amortization	$ (117.2)	$ (99.0)
Total	27.5
Total other intangible assets, gross carrying amount	1,632.3	2,125.5
Total other intangible assets, net carrying amount	1,515.1	2,026.5
Gaming licenses
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,246.0	1,681.9
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	240.9	302.4
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	106.8	104.4
Amortizing intangible assets, accumulated amortization	(82.9)	(69.0)
Total	23.9	35.4
Other
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, gross carrying amount	37.9	36.1
Amortizing intangible assets, accumulated amortization	(34.3)	(30.0)
Total	$ 3.6	$ 6.1

Goodwill and Other Intangible Assets - Expected Intangible Asset Amortization Expense (Details) $ in Millions	Sep. 30, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2020 (excluding the nine months ended September 30, 2020)	$ 3.0
2021	7.1
2022	5.2
2023	3.7
2024	3.6
Thereafter	4.9
Total	$ 27.5

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued salaries and wages	$ 151.8	$ 142.1
Accrued gaming, pari-mutuel, property, and other taxes	93.5	103.3
Accrued interest	10.8	13.0
Other accrued expenses	222.8	225.8
Other current liabilities	130.8	147.1
Accrued expenses and other current liabilities	609.7	631.3
Accrued progressive jackpot liability	40.7	38.3
Deferred compensation liability, current	$ 76.8	$ 80.1

Long-term Debt - Debt Summary (Details) - USD ($) $ in Millions	Sep. 30, 2020	May 31, 2020	Dec. 31, 2019	Jan. 31, 2017
Debt Instrument [Line Items]
Principal	$ 2,566.1		$ 2,419.0
Less: Current maturities of long-term debt	(84.8)		(62.9)
Less: Debt discount	(89.6)		(2.4)
Less: Debt issuance costs	(36.0)		(31.5)
Long-term debt, net of current maturities, debt discount and debt issuance costs	$ 2,355.7		2,322.2
Interest rate	5.625%
Senior Secured Credit Facilities \| Revolving Credit Facility due 2023
Debt Instrument [Line Items]
Principal	$ 0.0		140.0
Senior Secured Credit Facilities \| Term Loan A Facility due 2023
Debt Instrument [Line Items]
Principal	645.8		672.3
Senior Secured Credit Facilities \| Term Loan B-1 Facility due 2025
Debt Instrument [Line Items]
Principal	1,109.0		1,117.5
Senior Notes \| 5.625% Notes due 2027
Debt Instrument [Line Items]
Principal	$ 400.0		$ 400.0
Interest rate	5.625%		5.625%	5.625%
Convertible Notes \| 2.75% Convertible Notes due 2026
Debt Instrument [Line Items]
Principal	$ 330.5		$ 0.0
Interest rate	2.75%	2.75%
Other long-term obligations
Debt Instrument [Line Items]
Principal	$ 80.8		$ 89.2

Long-term Debt - Senior Secured Credit Facilities, Senior Unsecured Notes, Unsecured Convertible Notes, and Covenants (Details)			1 Months Ended		9 Months Ended
	Sep. 30, 2020 USD ($) shares	Apr. 14, 2020 USD ($)	May 31, 2020 USD ($)	Jan. 31, 2017 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	May 14, 2020 $ / shares	Dec. 31, 2019 USD ($)	Oct. 15, 2018 USD ($)
Debt Instrument [Line Items]
Interest rate	5.625%				5.625%
Proceeds from issuance of long-term debt, net of discounts					$ 322,200,000	$ 0
Principal	$ 2,566,100,000				2,566,100,000			$ 2,419,000,000.0
Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Threshold percentage of stock price			130.00%
Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Threshold percentage of stock price			98.00%
Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Threshold percentage of stock price			100.00%
Senior Secured Credit Facility
Debt Instrument [Line Items]
Covenant relief period, consolidated total net leverage ratio thereafter		4.25
Covenant relief period, maximum senior secured net leverage ratio thereafter		3.00
Covenant relief period, minimum interest coverage ratio		2.50
Commitment fee on unused capacity		0.50%
Basis spread on variable rate, floor		0.75%
Senior Secured Credit Facility \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
Senior Secured Credit Facility \| LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%
Senior Secured Credit Facility \| Minimum
Debt Instrument [Line Items]
Covenant relief period, maximum consolidated total net leverage ratio in 2021		4.50
Covenant relief period, maximum senior secured net leverage ratio in 2021		3.50
Senior Secured Credit Facility \| Maximum
Debt Instrument [Line Items]
Covenant relief period, maximum consolidated total net leverage ratio in 2021		5.50
Covenant relief period, maximum senior secured net leverage ratio in 2021		4.50
Senior Secured Credit Facility \| Through April 30, 2020
Debt Instrument [Line Items]
Covenant relief period, minimum liquidity covenant		$ 400,000,000.0
Senior Secured Credit Facility \| May 1, 2020 through May 31, 2020
Debt Instrument [Line Items]
Covenant relief period, minimum liquidity covenant		350,000,000.0
Senior Secured Credit Facility \| June 1, 2020 through June 30, 2020
Debt Instrument [Line Items]
Covenant relief period, minimum liquidity covenant		300,000,000.0
Senior Secured Credit Facility \| July 1, 2020 through March 31, 2021
Debt Instrument [Line Items]
Covenant relief period, minimum liquidity covenant		$ 225,000,000.0
Senior Secured Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term				5 years
Maximum borrowing capacity				$ 700,000,000.0
Letters of credit outstanding	29,400,000				29,400,000
Senior Secured Credit Facilities \| Term Loan A Facility
Debt Instrument [Line Items]
Debt instrument, term				5 years
Maximum borrowing capacity				$ 300,000,000.0
Senior Secured Credit Facilities \| Term Loan B Facility
Debt Instrument [Line Items]
Debt instrument, term				7 years
Maximum borrowing capacity				$ 500,000,000.0
Senior Secured Credit Facilities \| Term Loan A Facility due 2023, incremental loans
Debt Instrument [Line Items]
Maximum borrowing capacity									$ 430,200,000
Senior Secured Credit Facilities \| Term Loan B-1 Facility due 2025
Debt Instrument [Line Items]
Maximum borrowing capacity									$ 1,128,800,000
Principal	$ 1,109,000,000.0				$ 1,109,000,000.0			$ 1,117,500,000
Senior Notes \| 5.625% Notes due 2027
Debt Instrument [Line Items]
Interest rate	5.625%			5.625%	5.625%			5.625%
Debt principal amount				$ 400,000,000.0
Principal	$ 400,000,000.0				$ 400,000,000.0			$ 400,000,000.0
Senior Notes \| 2.75% Convertible Notes due 2026 \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt Instrument, convertible, conversion ratio			0.042735
Senior Notes \| 2.75% Convertible Notes due 2026 \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt Instrument, convertible, conversion ratio			0.0555555
Convertible Notes \| 2.75% Convertible Notes due 2026
Debt Instrument [Line Items]
Interest rate	2.75%		2.75%		2.75%
Debt principal amount			$ 330,500,000
Proceeds from issuance of long-term debt, net of discounts			322,200,000
Conversion price (in dollars per share) \| $ / shares							$ 23.40
Number of shares issued upon conversion (in shares) \| shares	18,360,815
Amount if-converted value exceeds its principal amount	$ 1,004,300,000
Carrying amount of equity component	$ 88,200,000		91,800,000		$ 88,200,000
Debt issuance costs			10,200,000
Effective yield	9.23%				9.23%
Remaining period over which unamortized discount will be amortized					5 years 7 months 6 days
Principal	$ 330,500,000				$ 330,500,000			$ 0
Convertible Notes \| Convertible Notes Due 2026, Liability Component
Debt Instrument [Line Items]
Debt issuance costs			6,600,000
Convertible Notes \| Convertible Notes Due 2026, Equity Component
Debt Instrument [Line Items]
Debt issuance costs			$ 3,600,000

Long-term Debt - Convertible Notes (Details) - 2.75% Convertible Notes due 2026 - Convertible Notes - USD ($) $ in Millions	Sep. 30, 2020	May 31, 2020
Debt Instrument [Line Items]
Principal	$ 330.5
Unamortized debt discount	(87.4)
Unamortized debt issuance costs	(6.4)
Net carrying amount	236.7
Carrying amount of equity component	$ 88.2	$ 91.8

Long-term Debt - Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Interest expense	$ (143.3)	$ (134.2)	$ (409.4)	$ (401.8)
Interest income	0.3	0.6	0.7	1.2
Capitalized interest	0.7	0.1	1.6	0.1
Interest expense, net	(142.3)	$ (133.5)	(407.1)	$ (400.5)
Coupon interest	2.3		3.5
Amortization of debt discount	2.9		4.3
Amortization of debt issuance costs	0.2		0.3
Convertible Notes interest expense	$ 5.4		$ 8.1

Long-term Debt - Other Long-term Obligations (Details) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2014 USD ($) payment	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Principal	$ 2,566.1			$ 2,566.1		$ 2,419.0
Interest expense, debt	5.4			8.1
Other Long-Term Obligations
Debt Instrument [Line Items]
Principal	80.8			80.8		89.2
Other Long-Term Obligations \| Ohio Relocation Fees Debt
Debt Instrument [Line Items]
Principal	68.8			68.8		$ 76.4
Amount payable upon opening of the facility			$ 7.5
Number of semi-annual payments \| payment			18
Amount of semi-annual payments due beginning one year from commencement of operations			$ 4.8
Effective yield			5.00%
Interest expense, debt	$ 0.8	$ 1.0		$ 2.6	$ 3.2

Leases - Additional Information (Details) $ in Millions	May 01, 2020 USD ($)	Apr. 16, 2020 USD ($) extension_period	Feb. 01, 2020 USD ($)	Apr. 28, 2016 facility extension_period	Nov. 01, 2013 facility extension_period	Sep. 30, 2020 USD ($)
Schedule of Leased Assets [Line Items]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]						penn:LeaseRightOfUseAsset
Operating lease, liability						$ 4,501.6
Tropicana Las Vegas
Schedule of Leased Assets [Line Items]
Operating lease, ROU assets		$ 61.6
Real estate sale, operating agreement term		2 years
Real estate sale, number of operating agreement extensions \| extension_period		3
Real estate sale, operating agreement extension term		1 year
Penn Master Lease
Schedule of Leased Assets [Line Items]
Number of facilities with leased real estate \| facility					19
Lease term					15 years
Number of options to extend lease \| extension_period					4
Lease renewal term					5 years
Lease - expected term with renewal options					35 years
Adjusted 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%
Pinnacle Master Lease
Schedule of Leased Assets [Line Items]
Number of facilities with leased real estate \| facility				12
Number of options to extend lease \| extension_period				5
Lease renewal term				5 years
Lease - expected term with renewal options				32 years 6 months
Percentage rent baseline period				2 years
Remaining lease term				7 years 6 months
Initial lease term				10 years
Annual escalator percentage - up to				2.00%
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%
Annual rent reduction	$ 5.0
Operating lease, liability	14.9
Operating lease, ROU assets	$ 14.9
Margaritaville Lease
Schedule of Leased Assets [Line Items]
Operating lease, adjusted rent to revenue ratio			1.9
Operating lease, minimum revenue to rent ratio			6.1
Increase in fixed component of rent resulting from annual escalator			$ 0.3
Operating lease, annual escalator, additional ROU asset recognized			$ 3.1

Leases - Future Minimum Lease Commitments (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	penn:LeaseLiabilityCurrent
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	penn:LeaseLiabilityCurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	penn:LeaseLiabilityNoncurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	penn:LeaseLiabilityNoncurrent
Operating Leases
2020 (excluding the nine months ended September 30, 2020)	$ 105.4
2021	412.7
2022	404.3
2023	398.7
2024	382.4
Thereafter	8,158.4
Total lease payments	9,861.9
Less: Imputed interest	(5,360.3)
Present value of future lease payments	4,501.6
Less: Current portion of lease obligations	(120.4)
Long-term portion of lease obligations	4,381.2
Finance Leases
2020 (excluding the nine months ended September 30, 2020)	5.4
2021	21.7
2022	21.6
2023	20.8
2024	16.7
Thereafter	393.5
Total lease payments	479.7
Less: Imputed interest	(258.6)
Present value of future lease payments	221.1
Less: Current portion of lease obligations	(6.8)
Long-term portion of lease obligations	214.3
Financing Obligations
2020 (excluding the nine months ended September 30, 2020)	91.8
2021	367.3
2022	367.3
2023	367.3
2024	367.3
Thereafter	9,270.6
Total lease payments	10,831.6
Less: Imputed interest	(6,720.8)
Present value of future lease payments	4,110.8
Less: Current portion of lease obligations	(35.3)	$ (40.5)
Long-term portion of lease obligations	$ 4,075.5	$ 4,102.2

Leases - Triple Net Leases (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule of Leased Assets [Line Items]
Lease payments	$ 228.1	$ 222.6	$ 668.5	$ 645.4
Penn Master Lease
Schedule of Leased Assets [Line Items]
Lease payments	120.3	114.0	343.4	342.9
Rent credit utilized during the period	83.0		155.1
Pinnacle Master Lease
Schedule of Leased Assets [Line Items]
Lease payments	81.3	82.3	245.6	245.6
Rent credit utilized during the period	54.2		108.4
Meadows Lease
Schedule of Leased Assets [Line Items]
Lease payments	6.7	6.6	20.2	19.7
Rent credit utilized during the period	4.5		9.0
Margaritaville Lease
Schedule of Leased Assets [Line Items]
Lease payments	5.9	5.8	17.6	17.3
Greektown Lease
Schedule of Leased Assets [Line Items]
Lease payments	$ 13.9	$ 13.9	$ 41.7	$ 19.9

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating Lease, Cost [Abstract]
Total	$ 124.0	$ 115.9	$ 350.5	$ 329.9
Lessee, Finance Lease, Cost [Abstract]
Total	5.8	5.8	17.5	17.4
General and administrative
Operating Lease, Cost [Abstract]
Rent expense associated with triple net operating leases	109.0	96.3	310.3	271.0
Variable lease cost	0.8	1.0	1.8	2.8
General and administrative \| Penn Master Lease
Operating Lease, Cost [Abstract]
Variable lease cost	4.8	2.3	9.5	15.4
Cost of revenue
Operating Lease, Cost [Abstract]
Operating lease cost	3.9	4.2	11.9	13.2
Cost of revenue \| Primarily Gaming expense
Operating Lease, Cost [Abstract]
Short-term lease cost	10.3	14.4	26.5	42.9
Interest expense, net
Lessee, Finance Lease, Cost [Abstract]
Interest on lease liabilities	3.8	3.8	11.5	11.5
Financing Obligation, Costs [Abstract]
Interest on financing obligations	103.7	97.6	300.2	293.6
Interest expense, net \| Penn Master Lease
Operating Lease, Cost [Abstract]
Variable lease cost	5.0	2.1	10.6	14.1
Depreciation and amortization
Lessee, Finance Lease, Cost [Abstract]
Amortization of ROU assets	$ 2.0	$ 2.0	$ 6.0	$ 5.9

Investments in and Advances to Unconsolidated Affiliates - Narrative (Details) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended	9 Months Ended
	Feb. 20, 2020 $ / shares shares	Feb. 29, 2020 USD ($) renewal_option $ / shares	Mar. 31, 2020 USD ($)	Sep. 30, 2020 USD ($) $ / shares	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) $ / shares
Schedule of Equity Method Investments [Line Items]
Common stock, par value (in dollars per share) \| $ / shares				$ 0.01		$ 0.01
Investment purchase price, cash				$ 135.0	$ 0.0
Investment purchase price, shares				$ 23.1
Series D Preferred Stock
Schedule of Equity Method Investments [Line Items]
Issuance of stock (in shares) \| shares	883
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.01			$ 0.01		$ 0.01
Preferred stock, conversion ratio	0.001
Preferred stock, conversion period	4 years
Preferred stock, percent to convert in each tranche	20.00%
Barstool Sports, Inc
Schedule of Equity Method Investments [Line Items]
Ownership interest				36.00%
Investment acquired, percent		36.00%
Investment acquired, percent, delayed basis		1.00%
Investment purchase price		$ 161.2
Investment purchase price, cash		135.0
Investment purchase price, shares		$ 23.1
Investment acquired, period after which ownership will increase		3 years
Investment acquired, ownership percentage following additional investment		50.00%
Investment acquired, expected additional investment		$ 62.0
Investment acquired, valuation of acquiree total common stock outstanding at time of acquisition		$ 450.0
Investment acquired, period after which remaining shares of investment are callable		3 years
Investment acquired, fair market value at time of exercise, cap		$ 650.0
Investment acquired, multiplier of revenue to calculate floor at time of exercise		2.25
Investment acquired, forward arrangements, fair value		$ 3.1
Commercial agreement term		10 years
Commercial agreement number of renewals \| renewal_option		3
Commercial agreement renewal term		10 years
Commercial agreement term with exercise of renewals		40 years
Customer list intangible asset		$ 2.4
Prepaid advertising		17.5
Prepaid advertising, long-term		$ 16.3
Kansas Entertainment
Schedule of Equity Method Investments [Line Items]
Ownership interest				50.00%
Investment balance				$ 84.8		$ 90.8
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%
Other-than-temporary impairment of investment			$ 4.6
Barstool Sports, Inc
Schedule of Equity Method Investments [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001
Investment balance				$ 145.8
Capitalized transaction costs included in investment				$ 3.4

Investments in and Advances to Unconsolidated Affiliates - Summary Income Statement Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule of Equity Method Investments [Line Items]
Revenues	$ 1,129.7	$ 1,354.5	$ 2,551.3	$ 3,960.2
Operating expenses	933.5	1,174.7	3,081.1	3,399.6
Operating income	196.2	179.8	(529.8)	560.6
Net income	141.2	43.7	(681.8)	136.0
Net income attributable to Penn National	5.0	9.8	7.4	21.7
Kansas Entertainment
Schedule of Equity Method Investments [Line Items]
Net income attributable to Penn National	4.2	10.5	9.4	23.2
Kansas Entertainment
Schedule of Equity Method Investments [Line Items]
Revenues	28.4	40.6	75.8	120.2
Operating expenses	20.0	19.6	57.0	73.8
Operating income	8.4	21.0	18.8	46.4
Net income	$ 8.4	$ 21.0	$ 18.8	$ 46.4

- 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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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Income Taxes [Line Items]
Effective tax rate	(11.30%)	31.00%	20.20%	28.00%
Three-year cumulative pretax income (loss)					$ 150.9
Valuation allowance					$ 54.2
Increase in valuation allowance for deferred tax assets	$ 37.7
Minimum
Income Taxes [Line Items]
Estimated income tax refunds under CARES Act	40.0		$ 40.0
Maximum
Income Taxes [Line Items]
Estimated income tax refunds under CARES Act	$ 50.0		$ 50.0

Stockholders’ Equity and Stock-Based Compensation (Details)							1 Months Ended	2 Months Ended	3 Months Ended		9 Months Ended
	Sep. 25, 2020 USD ($) $ / shares shares	Sep. 25, 2020 $ / shares shares	Sep. 24, 2020 shares	May 19, 2020 $ / shares shares	May 19, 2020 USD ($) $ / shares shares	May 14, 2020 shares	Feb. 28, 2019 shares	May 19, 2020 $ / shares shares	Sep. 30, 2020 USD ($) shares	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) performance_period shares	Sep. 30, 2019 USD ($) $ / shares shares	Dec. 31, 2019 USD ($)	Jan. 31, 2019 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares) \| shares	2,100,000	16,100,000	14,000,000	19,166,667	2,500,000	16,666,667		19,166,667
Shares issued, price (in dollars per share) \| $ / shares	$ 61.00	$ 61.00		$ 18.00	$ 18.00			$ 18.00
Gross proceeds from transaction	$ 982,100,000				$ 345,000,000.0
Proceeds from common stock offerings, net of discounts and fees	957,600,000				331,200,000						$ 1,288,800,000	$ 0
Payments of stock issuance costs	$ 24,500,000				$ 13,800,000
Stock options granted (in shares) \| shares											600,000	2,400,000
Stock-based compensation expense (reduction to expense)									$ 2,800,000	$ 3,700,000	$ 11,700,000	$ 10,400,000
Authorized amount under share repurchase program										24,900,000		$ 24,900,000		$ 200,000,000.0
Repurchases of common stock (in shares) \| shares												1,271,823
Average price paid per share of common stock repurchased (in dollars per share) \| $ / shares												$ 19.55
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense (reduction to expense)									37,800,000	(500,000)	$ 50,000,000.0	$ 2,000,000.0
Vesting period											4 years
Liability for cash-settled awards									43,900,000		$ 43,900,000		$ 14,400,000
Unrecognized compensation cost, other awards									60,000,000.0		$ 60,000,000.0
Unamortized compensation costs, weighted average period of recognition											2 years 9 months 18 days
Amounts paid on cash-settled awards											$ 22,800,000	2,200,000
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense (reduction to expense)									5,300,000	$ 500,000	7,300,000	2,100,000
Liability for cash-settled awards									6,100,000		6,100,000		$ 3,300,000
Unrecognized compensation cost, other awards									$ 15,400,000		$ 15,400,000
Unamortized compensation costs, weighted average period of recognition											2 years 6 months
Amounts paid on cash-settled awards											$ 4,500,000	$ 2,500,000
Phantom Share Units (PSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period											3 years
Phantom Share Units (PSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period											4 years
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		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									7,592,306		7,592,306
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
Performance Share Program \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) \| shares							107,297
Award period											3 years
Number of annual award performance periods \| performance_period											3
Service period											1 year
Vesting period											3 years
Performance Share Program \| Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award which can potentially be earned											50.00%
Performance Share Program \| Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award which can potentially be earned											150.00%

Earnings (Loss) per Share - Antidilutive Securities and Reconciliation of Weighted-Average Common Shares Outstanding (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of convertible debt (in shares)	14,100,000	0	0	0
Net Income (Loss) Attributable to Parent, Diluted [Abstract]
Net income (loss) attributable to Penn National	$ 141.9	$ 43.9	$ (680.6)	$ 136.4
Net income applicable to preferred stock	0.8	0.0	0.0	0.0
Net income (loss) applicable to common stock	$ 141.1	$ 43.9	$ (680.6)	$ 136.4
Weighted-average number of shares outstanding
Weighted - average common shares outstanding - Basic (in shares)	138,200,000	115,200,000	126,900,000	115,800,000
Convertible debt (in shares)	14,100,000	0	0	0
Weighted-average common shares outstanding - Diluted (in shares)	155,500,000	116,700,000	126,900,000	117,700,000
Stock options
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of dilutive stock options and dilutive RSAs (in shares)	2,800,000	1,400,000	0	1,700,000
Weighted-average number of shares outstanding
Dilutive stock options and dilutive RSAs (in shares)	2,800,000	1,400,000	0	1,700,000
Restricted stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of dilutive stock options and dilutive RSAs (in shares)	400,000	100,000	0	200,000
Weighted-average number of shares outstanding
Dilutive stock options and dilutive RSAs (in shares)	400,000	100,000	0	200,000
Stock options
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of dilutive stock options and dilutive RSAs (in shares)			2,500,000
Weighted-average number of shares outstanding
Dilutive stock options and dilutive RSAs (in shares)			2,500,000
Anti-dilutive securities (in shares)	0	2,500,000	900,000	2,100,000
Restricted stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of dilutive stock options and dilutive RSAs (in shares)			400,000
Weighted-average number of shares outstanding
Dilutive stock options and dilutive RSAs (in shares)			400,000
Convertible Preferred Shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of convertible preferred shares (in shares)			700,000
Weighted-average number of shares outstanding
Anti-dilutive securities (in shares)	800,000
Convertible Debt
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of convertible debt (in shares)			7,400,000
Weighted-average number of shares outstanding
Convertible debt (in shares)			7,400,000

Earnings (Loss) per Share - Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Calculation of basic earnings (loss) per share:
Net income (loss) applicable to common stock	$ 141.1	$ 43.9	$ (680.6)	$ 136.4
Weighted average common shares outstanding - basic (in shares)	138.2	115.2	126.9	115.8
Basic earnings (loss) per share (in dollars per share)	$ 1.02	$ 0.38	$ (5.36)	$ 1.18
Calculation of diluted earnings (loss) per share:
Net income (loss) applicable to common stock	$ 141.1	$ 43.9	$ (680.6)	$ 136.4
Convertible Notes	4.2	0.0	0.0	0.0
Diluted income (loss) applicable to common stock	$ 145.3	$ 43.9	$ (680.6)	$ 136.4
Weighted average common shares outstanding - diluted (in shares)	155.5	116.7	126.9	117.7
Diluted earnings (loss) per share (in dollars per share)	$ 0.93	$ 0.38	$ (5.36)	$ 1.16

Fair Value Measurements - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020 USD ($) payment	Sep. 30, 2020 USD ($) payment	Dec. 31, 2019 USD ($)	Jan. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 112.1	$ 112.1	$ 40.5
Unrealized gains (losses)	$ 67.9	$ 75.6
Interest rate	5.625%	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	5	5
Repayment of debt		$ 8.2
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%	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%	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%	75.50%
Pinnacle Retama Partners, LLC \| Other Assets \| Retama Development Corporation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Promissory notes	$ 15.1	$ 15.1	$ 15.1
Pinnacle Retama Partners, LLC \| Other Assets \| Local Government Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, at amortized cost	$ 6.7	$ 6.7

Fair Value Measurements - Carrying Amounts and Estimated Fair Values by Input Level (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019	Jan. 31, 2017
Financial assets:
Equity securities	$ 112.1	$ 40.5
Financial liabilities:
Interest rate	5.625%
Senior Notes \| 5.625% Notes
Financial liabilities:
Interest rate	5.625%	5.625%	5.625%
Recurring \| Level 1
Financial assets:
Cash and cash equivalents	$ 1,873.1	$ 437.4
Equity securities	0.0	0.0
Held-to-maturity securities	0.0	0.0
Promissory notes	0.0	0.0
Financial liabilities:
Other liabilities	0.0	0.0
Recurring \| Level 1 \| Senior Secured Credit Facilities
Financial liabilities:
Long-term debt	1,713.7	1,930.6
Recurring \| Level 1 \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	415.0	426.0
Recurring \| Level 1 \| Senior Notes \| 2.75% Convertible Notes due 2026
Financial liabilities:
Long-term debt	1,057.6
Recurring \| Level 1 \| Other long-term obligations
Financial liabilities:
Long-term debt	0.0	0.0
Recurring \| Level 2
Financial assets:
Cash and cash equivalents	0.0	0.0
Equity securities	112.1	40.5
Held-to-maturity securities	6.7	6.7
Promissory notes	15.4	15.1
Financial liabilities:
Other liabilities	2.8	2.8
Recurring \| Level 2 \| Senior Secured Credit Facilities
Financial liabilities:
Long-term debt	0.0	0.0
Recurring \| Level 2 \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	0.0	0.0
Recurring \| Level 2 \| Senior Notes \| 2.75% Convertible Notes due 2026
Financial liabilities:
Long-term debt	0.0
Recurring \| Level 2 \| Other long-term obligations
Financial liabilities:
Long-term debt	81.1	89.7
Recurring \| Level 3
Financial assets:
Cash and cash equivalents	0.0	0.0
Equity securities	0.0	0.0
Held-to-maturity securities	0.0	0.0
Promissory notes	0.0	0.0
Financial liabilities:
Other liabilities	7.0	17.5
Recurring \| Level 3 \| Senior Secured Credit Facilities
Financial liabilities:
Long-term debt	0.0	0.0
Recurring \| Level 3 \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	0.0	0.0
Recurring \| Level 3 \| Senior Notes \| 2.75% Convertible Notes due 2026
Financial liabilities:
Long-term debt	0.0
Recurring \| Level 3 \| Other long-term obligations
Financial liabilities:
Long-term debt	0.0	0.0
Recurring \| Carrying Amount
Financial assets:
Cash and cash equivalents	1,873.1	437.4
Equity securities	112.1	40.5
Held-to-maturity securities	6.7	6.7
Promissory notes	15.1	15.1
Financial liabilities:
Other liabilities	9.8	20.3
Recurring \| Carrying Amount \| Senior Secured Credit Facilities
Financial liabilities:
Long-term debt	1,723.7	1,896.5
Recurring \| Carrying Amount \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	399.4	399.4
Recurring \| Carrying Amount \| Senior Notes \| 2.75% Convertible Notes due 2026
Financial liabilities:
Long-term debt	236.6
Recurring \| Carrying Amount \| Other long-term obligations
Financial liabilities:
Long-term debt	80.8	89.2
Recurring \| Fair Value
Financial assets:
Cash and cash equivalents	1,873.1	437.4
Equity securities	112.1	40.5
Held-to-maturity securities	6.7	6.7
Promissory notes	15.4	15.1
Financial liabilities:
Other liabilities	9.8	20.3
Recurring \| Fair Value \| Senior Secured Credit Facilities
Financial liabilities:
Long-term debt	1,713.7	1,930.6
Recurring \| Fair Value \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	415.0	426.0
Recurring \| Fair Value \| Senior Notes \| 2.75% Convertible Notes due 2026
Financial liabilities:
Long-term debt	1,057.6
Recurring \| Fair Value \| Other long-term obligations
Financial liabilities:
Long-term debt	$ 81.1	$ 89.7

Fair Value Measurements - Changes in Fair Value of Level 3 Liabilities (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Contingent Purchase Price
Payments	$ (9.1)
Recurring
Contingent Purchase Price
Balance	17.5
Including in loss	(1.4)
Balance	$ 7.0

Fair Value Measurements - Assets Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill			$ 160,500,000
Goodwill - total reduction in fair value recorded	$ (113,000,000.0)	$ 0	(113,000,000.0)	$ 0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill			0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill			0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill			160,500,000
Gaming licenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	568,000,000.0		568,000,000.0
Indefinite-lived intangible assets - total reduction in fair value recorded			(437,000,000.0)
Gaming licenses \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value			0
Gaming licenses \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value			0
Gaming licenses \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value			568,000,000.0
Trademarks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	$ 216,500,000		216,500,000
Indefinite-lived intangible assets - total reduction in fair value recorded			(61,500,000)
Trademarks \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value			0
Trademarks \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value			0
Trademarks \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value			$ 216,500,000

Fair Value Measurements - Significant Unobservable Inputs For Level 3 Assets and Liabilities (Details) $ in Millions	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)
Gaming licenses
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, fair value	$ 568.0	$ 568.0
Trademarks
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, fair value	216.5	$ 216.5
Level 3 \| Gaming licenses
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, fair value	568.0
Level 3 \| Trademarks
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, fair value	$ 216.5
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		0.1325
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		0.140
Level 3 \| Discounted cash flow \| Discount rate \| Trademarks \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		0.1325
Level 3 \| Discounted cash flow \| Discount rate \| Trademarks \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		0.140
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 consideration, measurement input	0.0567

Segment Information (Details) $ in Millions	3 Months Ended		9 Months Ended
Segment Information (Details) $ in Millions	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) segment	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			4
Revenues:
Revenues	$ 1,129.7	$ 1,354.5	$ 2,551.3	$ 3,960.2
Adjusted EBITDAR:
Adjusted EBITDAR	452.6	407.9	729.4	1,205.8
Rent expense associated with triple net operating leases	(109.0)	(96.3)	(310.3)	(271.0)
Stock-based compensation	(2.8)	(3.7)	(11.7)	(10.4)
Cash-settled stock-based awards variance	(39.5)	3.4	(46.7)	6.4
Gain (loss) on disposal of assets	6.0	(7.4)	33.9	(8.3)
Contingent purchase price	0.0	(1.2)	1.4	(7.0)
Pre-opening and acquisition costs	(4.8)	(7.4)	(11.5)	(15.5)
Depreciation and amortization	(87.7)	(106.3)	(275.3)	(316.4)
Impairment losses	0.0	0.0	(616.1)	0.0
Insurance recoveries, net of deductible charges	0.0	1.5	0.1	1.5
Non-operating items of equity method investments	(1.2)	(0.9)	(3.2)	(2.8)
Interest expense, net	(142.3)	(133.5)	(407.1)	(400.5)
Other	55.6	7.2	63.1	7.2
Income (loss) before income taxes	126.9	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
Non-recurring restructuring charges	12.4		12.4
Capital expenditures:
Capital expenditures	23.9	41.7	97.6	136.7
Assets:
Investment in and advances to unconsolidated affiliates	263.0		263.0		$ 128.3
Total assets	14,812.0		14,812.0		14,194.5
Operating segments \| Northeast segment
Revenues:
Revenues	545.1	628.9	1,168.5	1,778.6
Adjusted EBITDAR:
Adjusted EBITDAR	204.8	189.1	325.7	540.1
Capital expenditures:
Capital expenditures	10.3	22.8	62.3	67.3
Assets:
Investment in and advances to unconsolidated affiliates	0.1		0.1		0.1
Total assets	1,938.2		1,938.2		2,273.7
Operating segments \| South segment
Revenues:
Revenues	255.6	276.6	600.4	850.7
Adjusted EBITDAR:
Adjusted EBITDAR	120.3	89.0	217.3	279.6
Capital expenditures:
Capital expenditures	3.1	5.0	10.9	21.5
Assets:
Investment in and advances to unconsolidated affiliates	0.0		0.0		0.0
Total assets	1,169.0		1,169.0		1,397.0
Operating segments \| West segment
Revenues:
Revenues	78.7	161.5	223.0	484.4
Adjusted EBITDAR:
Adjusted EBITDAR	33.6	50.6	55.2	151.0
Capital expenditures:
Capital expenditures	1.4	3.7	5.5	17.8
Assets:
Investment in and advances to unconsolidated affiliates	0.0		0.0		0.0
Total assets	385.9		385.9		752.1
Operating segments \| Midwest segment
Revenues:
Revenues	229.1	275.8	493.2	815.3
Adjusted EBITDAR:
Adjusted EBITDAR	108.5	104.3	173.4	301.3
Capital expenditures:
Capital expenditures	4.8	6.2	9.7	22.6
Assets:
Investment in and advances to unconsolidated affiliates	84.8		84.8		90.9
Total assets	1,170.0		1,170.0		1,412.2
Other
Revenues:
Revenues	23.7	12.4	71.6	31.9
Adjusted EBITDAR:
Adjusted EBITDAR	(14.6)	(25.0)	(42.2)	(66.1)
Capital expenditures:
Capital expenditures	4.3	4.0	9.2	7.5
Assets:
Investment in and advances to unconsolidated affiliates	178.1		178.1		37.3
Total assets	10,148.9		10,148.9		$ 8,359.5
Intersegment eliminations
Revenues:
Revenues	(2.5)	(0.7)	(5.4)	(0.7)
Adjusted EBITDAR:
Adjusted EBITDAR	$ 0.0	$ (0.1)	$ 0.0	$ (0.1)

Label	Element	Value
Restricted Cash and Cash Equivalents, Noncurrent	us-gaap_RestrictedCashAndCashEquivalentsNoncurrent	$ 2,600,000
Restricted Cash and Cash Equivalents, Noncurrent	us-gaap_RestrictedCashAndCashEquivalentsNoncurrent	1,900,000
Restricted Cash and Cash Equivalents, Current	us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue	9,900,000
Restricted Cash and Cash Equivalents, Current	us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue	$ 15,600,000