0000921738-21-000009 | 10-K | XBRL Viewer

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Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2020	Feb. 19, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 4.2
Entity Common Stock, Shares Outstanding		156,486,487
Documents Incorporated by Reference	Portions of the registrant’s definitive 2021 proxy statement, anticipated to be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year, are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0000921738
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 1,853.8	$ 437.4
Receivables, net of allowance for doubtful accounts of $8.8 and $7.7	96.4	88.7
Prepaid expenses	103.5	76.7
Other current assets	31.3	40.0
Total current assets	2,085.0	642.8
Property and equipment, net	4,529.3	5,120.2
Investment in and advances to unconsolidated affiliates	266.8	128.3
Goodwill	1,157.1	1,270.7
Other intangible assets, net	1,513.5	2,026.5
Lease right-of-use assets	4,817.7	4,837.3
Other assets	297.9	168.7
Total assets	14,667.3	14,194.5
Current liabilities
Accounts payable	33.2	40.3
Current maturities of long-term debt	81.4	62.9
Current portion of financing obligations	36.0	40.5
Current portion of lease liabilities	134.3	130.6
Accrued expenses and other current liabilities	575.1	631.3
Total current liabilities	860.0	905.6
Long-term debt, net of current maturities, debt discount and debt issuance costs	2,231.2	2,322.2
Long-term portion of financing obligations	4,096.4	4,102.2
Long-term portion of lease liabilities	4,578.2	4,670.0
Deferred income taxes	126.3	244.6
Other long-term liabilities	119.4	98.0
Total liabilities	12,011.5	12,342.6
Commitments and Contingencies
Stockholders’ equity
Common stock ($0.01 par value, 200,000,000 shares authorized, 157,868,227 and 118,125,652 shares issued, and 155,700,834 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	3,167.2	1,718.3
Retained earnings (accumulated deficit)	(507.3)	161.6
Total Penn National stockholders’ equity	2,656.2	1,852.7
Non-controlling interest	(0.4)	(0.8)
Total stockholders’ equity	2,655.8	1,851.9
Total liabilities and stockholders’ equity	14,667.3	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
Stockholders’ equity
Preferred stock	$ 23.1	$ 0.0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Allowance for doubtful accounts	$ 8.8	$ 7.7
Preferred stock, par value (in dollars per share)	$ 0.01
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	157,868,227	118,125,652
Common stock, shares outstanding (in shares)	155,700,834	115,958,259
Treasury stock, shares (in shares)	2,167,393	2,167,393
Series B Preferred stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Series C Preferred stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	18,500	18,500
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Series D Preferred Stock
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

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Total revenues	$ 3,578.7	$ 5,301.4	$ 3,587.9
Operating expenses
General and administrative	1,130.8	1,187.7	618.9
Depreciation and amortization	366.7	414.2	269.0
Impairment losses	623.4	173.1	34.9
Recoveries on loan loss and unfunded loan commitments	0.0	0.0	(17.0)
Total operating expenses	3,988.9	4,729.5	2,953.8
Operating income (loss)	(410.2)	571.9	634.1
Other income (expenses)
Interest expense, net	(543.2)	(534.2)	(538.4)
Income from unconsolidated affiliates	13.8	28.4	22.3
Loss on early extinguishment of debt	(1.2)	0.0	(21.0)
Other	106.6	20.0	(7.1)
Total other expenses	(424.0)	(485.8)	(544.2)
Income (loss) before income taxes	(834.2)	86.1	89.9
Income tax benefit (expense)	165.1	(43.0)	3.6
Net income (loss)	(669.1)	43.1	93.5
Less: Net (income) loss attributable to non-controlling interest	(0.4)	0.8	0.0
Net income (loss) attributable to Penn National	(669.5)	43.9	93.5
Comprehensive income (loss)	(669.1)	43.1	93.5
Less: Comprehensive loss attributable to non-controlling interest	(0.4)	0.8	0.0
Comprehensive income attributable to Penn National	$ (669.5)	$ 43.9	$ 93.5
Earnings Per Share [Abstract]
Basic earnings (loss) per share (in dollars per share)	$ (5.00)	$ 0.38	$ 0.96
Diluted earnings (loss) per share (in dollars per share)	$ (5.00)	$ 0.37	$ 0.93
Weighted-average common shares outstanding - basic (in shares)	134.0	115.7	97.1
Weighted-average common shares outstanding - diluted (in shares)	134.0	117.8	100.3
Gaming
Revenues
Total revenues	$ 3,051.1	$ 4,268.7	$ 2,894.9
Operating expenses
Cost of revenue	1,530.3	2,281.8	1,551.4
Food, beverage, hotel and other
Revenues
Total revenues	527.6	1,032.7	629.7
Operating expenses
Cost of revenue	337.7	672.7	439.3
Management service and license fees
Revenues
Total revenues	0.0	0.0	6.0
Reimbursable management costs
Revenues
Total revenues	0.0	0.0	57.3
Operating expenses
Cost of revenue	$ 0.0	$ 0.0	$ 57.3

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings (Accum- ulated Deficit)	Retained Earnings (Accum- ulated Deficit) Cumulative Effect, Period of Adoption, Adjustment	Accum- ulated Other Compre- hensive Loss	Total Penn National Stock-holders’ Equity (Deficit)	Total Penn National Stock-holders’ Equity (Deficit) Cumulative Effect, Period of Adoption, Adjustment	Non-Controlling Interest
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201602Member
Beginning balance (in shares) at Dec. 31, 2017			0	91,225,242
Beginning balance at Dec. 31, 2017	$ (73.3)	$ (9.6)	$ 0.0	$ 0.9	$ (28.4)	$ 1,007.6	$ (1,051.9)	$ (9.6)	$ (1.5)	$ (73.3)	$ (9.6)	$ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)				1,466,625
Share-based compensation arrangements	19.4					19.4				19.4
Pinnacle Acquisition (in shares)				26,295,439
Pinnacle Acquisition	749.7			$ 0.3		749.4				749.7
Reclassification of accumulated other comprehensive loss to earnings upon termination of management contract	(1.5)								(1.5)	(1.5)
Share repurchases (in shares)				(2,299,498)
Share repurchases	(50.0)					(50.0)				(50.0)
Net income (loss)	93.5						93.5			93.5
Ending balance (in shares) at Dec. 31, 2018			0	116,687,808
Ending balance at Dec. 31, 2018	$ 731.2	1,085.7	$ 0.0	$ 1.2	(28.4)	1,726.4	(968.0)	1,085.7	0.0	731.2	1,085.7	0.0
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)				542,274
Share-based compensation arrangements	$ 16.8					16.8				16.8
Share repurchases (in shares)	(1,271,823)			(1,271,823)
Share repurchases	$ (24.9)					(24.9)				(24.9)
Net income (loss)	43.1						43.9			43.9		(0.8)
Ending balance (in shares) at Dec. 31, 2019			0	115,958,259
Ending balance at Dec. 31, 2019	1,851.9	$ 0.6	$ 0.0	$ 1.2	(28.4)	1,718.3	161.6	$ 0.6	0.0	1,852.7	$ 0.6	(0.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)				4,475,908
Share-based compensation arrangements	71.0					71.0				71.0
Common stock offerings ( in shares)				35,266,667
Common stock offerings	1,288.8			$ 0.4		1,288.4				1,288.8
Convertible debt offering	88.2					88.2				88.2
Barstool Sports investment (in shares)			883
Investment purchase price, shares	23.1		$ 23.1							23.1
Net income (loss)	(669.1)						(669.5)			(669.5)		0.4
Other	1.3					1.3				1.3
Ending balance (in shares) at Dec. 31, 2020			883	155,700,834
Ending balance at Dec. 31, 2020	$ 2,655.8		$ 23.1	$ 1.6	$ (28.4)	$ 3,167.2	$ (507.3)		$ 0.0	$ 2,656.2		$ (0.4)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net income	$ (669.1)	$ 43.1	$ 93.5
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	366.7	414.2	269.0
Amortization of items charged to interest expense	16.3	7.7	6.4
Noncash operating lease expense	120.3	100.4	0.0
Change in fair values of contingent purchase price	(1.1)	7.0	0.5
Holding gain on equity securities	(106.7)	(19.9)	0.0
Loss (gain) on sale or disposal of property and equipment	(29.2)	5.5	3.2
Noncash rent and interest expense related to the utilization of rent credits	287.1	0.0	0.0
Income from unconsolidated affiliates	(13.8)	(28.4)	(22.3)
Return on investment from unconsolidated affiliates	21.8	29.0	27.0
Deferred income taxes	(118.3)	21.1	(26.7)
Stock-based compensation	14.5	14.9	12.0
Impairment losses	623.4	173.1	34.9
Recoveries on loan loss and unfunded loan commitments	0.0	0.0	(17.0)
Reclassification of accumulated other comprehensive loss to earnings upon termination of management contract	0.0	0.0	1.5
Loss on early extinguishment of debt	1.2	0.0	21.0
Changes in operating assets and liabilities, net of businesses acquired
Accounts receivable	(16.5)	27.0	(1.8)
Prepaid expenses and other current assets	13.5	9.7	13.3
Other assets	(12.8)	(2.3)	1.5
Accounts payable	(6.6)	4.4	(6.1)
Accrued expenses	(40.9)	(3.9)	(47.0)
Income taxes	(32.5)	(7.2)	(3.3)
Operating lease liabilities	(94.8)	(139.1)	0.0
Other current and long-term liabilities	16.3	47.6	(6.8)
Net cash provided by operating activities	338.8	703.9	352.8
Investing activities
Capital expenditures	(137.0)	(190.6)	(92.6)
Dispositions of property and equipment	16.1	0.6	0.4
Hurricane Laura insurance proceeds	32.7	0.0	0.0
Consideration paid for Barstool Sports investment	(135.0)	0.0	0.0
Consideration paid for acquisitions of businesses, net of cash acquired	(3.0)	(1,359.4)	(1,945.2)
Proceeds from sale-and-leaseback transactions in conjunction with acquisitions	0.0	961.1
Cash received for the sale of the Divested Properties and Belterra Park	0.0	0.0	661.7
Consideration paid for gaming licenses and other intangible assets	(4.8)	(11.7)	(81.6)
Acquisition of equity securities	0.0	(5.1)	0.0
Additional contributions from (to) joint ventures	(5.4)	(0.4)	18.9
Proceeds from sale of loan	0.0	0.0	15.2
Receipts applied against non-accrual loan	0.0	0.0	0.5
Other	2.7	(2.0)	(0.4)
Net cash used in investing activities	(233.7)	(607.5)	(1,423.1)
Financing activities
Proceeds from revolving credit facility	540.0	412.0	201.0
Repayments on revolving credit facility	(680.0)	(384.0)	(89.0)
Proceeds from issuance of long-term debt, net of discounts	322.2	0.0	1,558.9
Principal payments on long-term debt	(161.7)	(46.6)	(482.5)
Prepayment penalties and modification payments incurred with debt refinancing	0.0	0.0	(11.3)
Debt and equity issuance costs	(6.9)	0.0	(27.3)
Payments of other long-term obligations	(16.2)	(15.4)	(15.7)
Principal payments on financing obligations	(26.7)	(51.6)	(67.4)
Principal payments on finance leases	(3.9)	(6.2)
Proceeds from the sale of real estate assets in conjunction with acquisitions			250.0
Proceeds from common stock offerings, net of discounts and fees	1,288.8	0.0	0.0
Proceeds from exercise of options	62.7	1.9	7.4
Repurchase of common stock	0.0	(24.9)	(50.0)
Proceeds from insurance financing	20.2	16.1	13.1
Payments on insurance financing	(21.4)	(19.4)	(11.0)
Other	(7.0)	(4.3)	(4.1)
Net cash provided by (used in) financing activities	1,310.1	(122.4)	1,272.1
Change in cash, cash equivalents, and restricted cash	1,415.2	(26.0)	201.8
Cash, cash equivalents and restricted cash at the beginning of the year	455.2	481.2	279.4
Cash, cash equivalents and restricted cash at the end of the year	1,870.4	455.2	481.2
Reconciliation of cash, cash equivalents and restricted cash:
Total cash, cash equivalents and restricted cash	1,870.4	481.2	279.4
Supplemental disclosure:
Cash paid for interest, net of amounts capitalized	355.0	528.1	530.4
Cash payments (refunds) related to income taxes, net	(15.2)	21.8	24.4
Non-cash investing activities:
Rent credits received upon sale of Tropicana land and buildings and Morgantown land	337.5	0.0	0.0
Commencement of operating leases	73.6	713.5	0.0
Commencement of finance leases	0.0	4.6	0.0
Accrued capital expenditures	17.2	12.6	7.7
Acquisition of equity securities	$ 0.0	$ 16.1	$ 0.0

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Note 1—Organization and Basis of Presentation Organization: Penn National Gaming, Inc., together with its subsidiaries (“Penn National,” the “Company,” “we,” “our,” or “us”), is a leading, diversified, multi-jurisdictional owner and manager of gaming and racing properties, retail and online sports betting operations, and video gaming terminal (“VGT”) operations. Our wholly-owned interactive division, Penn Interactive Ventures, LLC (“Penn Interactive”), operates retail sports betting across the Company’s portfolio, as well as online sports betting, online social casino, bingo and online casinos (“iGaming”). In February 2020, the Company acquired 36% (inclusive of 1% on a delayed basis) equity interest in Barstool Sports, Inc. (“Barstool Sports”), a leading digital sports, entertainment, lifestyle and media company, and entered into a strategic relationship with Barstool Sports, whereby Barstool Sports will exclusively promote the Company's land-based retail sportsbooks, iGaming products and online sports betting products, including the Barstool Sportsbook mobile app, to its national audience. We launched an online sports betting app called Barstool Sports in Pennsylvania in September 2020 and in Michigan in January 2021. We also operate iGaming in Pennsylvania and Michigan. Our MYCHOICE® customer loyalty program (the "mychoice program") currently has over 20 million members and provides such members with various benefits, including complimentary goods and/or services. The Company’s strategy has continued to evolve from an owner and manager of gaming and racing properties into an omni-channel provider of retail and online gaming, live racing and sports betting entertainment. As of December 31, 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 Colorado, Illinois, 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 12, “Leases,” and collectively referred to as the “Master Leases”), with Gaming and Leisure Properties, Inc. (Nasdaq: GLPI) (“GLPI”), a real estate investment trust (“REIT”). In May 2019, we acquired Greektown Casino-Hotel (“Greektown”), in Detroit, Michigan, subject to a triple net lease with VICI Properties Inc. (NYSE: VICI) (“VICI”, a REIT and collectively with GLPI, our “REIT Landlords”) (the “Greektown Lease”) and, in January 2019, we acquired Margaritaville Casino Resort (“Margaritaville”) in Bossier City, Louisiana, subject to a triple net lease with VICI (the “Margaritaville Lease”). See Note 12, “Leases,” In October 2018, the Company completed the acquisition of Pinnacle Entertainment, Inc. (“Pinnacle”), a leading regional gaming operator (the “Pinnacle Acquisition”), which added 12 gaming properties to our holdings. For more information on our acquisitions, see Note 6, “Acquisitions and Dispositions.” 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 temporarily suspending 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. During the fourth quarter of 2020, our properties temporarily suspended operations in Pennsylvania, Michigan and Illinois and were subject to increased operational restrictions in Ohio and Massachusetts (among other states). Our Michigan property was temporarily closed on November 17, 2020 and reopened December 23, 2020. Our Pennsylvania properties were temporarily closed on December 12, 2020 and reopened on January 4, 2021. Our Illinois properties were temporarily closed on November 20, 2020 and began reopening with limited hours of operations beginning January 16, 2021 and throughout the week. The property closures were pursuant to various orders from state gaming regulatory bodies or governmental authorities to combat the rapid spread of COVID-19. As of February 26, 2021, all of our properties were open to the public with the exception of Zia Park and Valley Race Park, which remain closed. Between March 13, 2020 and December 31, 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. On September 30, 2020, the Company fully repaid $670.0 million of outstanding borrowings under its Revolving Credit Facility. Further, on November 12, 2020 the Company prepaid $115.0 million of outstanding borrowings on its Term Loan B-1 Facility. The terms “Revolving Credit Facility,” “Convertible Notes”, “Credit Agreement” and "Term Loan B-1" are defined in Note 11, “Long-term Debt.” 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, hotel capacity, limiting the number of food and beverage options and limiting other amenities; 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. As of December 31, 2020, the Company has a strong balance sheet and sufficient liquidity in place, including total cash and cash equivalents, excluding restricted cash, of $1.9 billion and available borrowing capacity of $0.7 billion. Basis of Presentation: The Consolidated Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”).

Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2—Significant Accounting Policies

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

Reclassifications: Certain reclassifications have been made to conform the prior period presentation.

Use of Estimates: The preparation of Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions as of the date of the Consolidated Financial Statements that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements, and (iii) the reported amounts of revenues and expenses during the reporting period. Estimates used by us include, among other things, the useful lives for depreciable and amortizable assets, the allowance for doubtful accounts receivable, income tax provisions, the evaluation of the future realization of deferred tax assets, determining the adequacy of reserves for self-insured liabilities, the liabilities associated with our mychoice program, the initial measurements of financing obligations associated with the Master Leases, projected cash flows in assessing the recoverability of long-lived assets, asset impairments, goodwill and other intangible assets, projected cash flows in assessing the initial valuation of intangible assets in conjunction with acquisitions, the initial selection of useful lives for depreciable and amortizable assets in conjunction with acquisitions, contingencies and litigation, and stock-based compensation expense. We applied estimation methods consistently for all periods presented within our Consolidated Financial Statements. 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 NASCAR and includes the Company’s 50% investment in Kansas Entertainment, LLC (“Kansas Entertainment”), which owns Hollywood Casino at Kansas Speedway.

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

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

Concentration of credit risk, with respect to casino receivables, is limited through the Company’s credit evaluation process. The Company issues markers to approved casino customers following investigations of creditworthiness.

The Company’s receivables as of December 31, 2020 and 2019 primarily consisted of the following:


	December 31,
(in millions)	2020		2019
Markers issued to customers	$	14.8	$	22.9
Credit card receivables and other advances to customers	8.9		16.5
Receivables from ATM and cash kiosk transactions	10.9		14.4
Hotel and banquet receivables	2.7		6.5
Racing settlements	7.7		6.6
Receivables due from platform providers for social casino games	10.5		3.3

Insurance Receivable - Hurricane Laura	23.0		—
Other	26.7		26.2
Allowance for doubtful accounts	(8.8)		(7.7)
Accounts receivable, net	$	96.4	$	88.7

The Company adopted Accounting Standards Codification (“ASC”) No. 2016-13 (“ASC 2016-13”), “Financial Instruments - Credit Losses (Topic 326): Measurements of Credit Losses on Financial Instruments” during the first quarter of 2020 which utilizes a forward-looking current expected credit loss model to measure the allowance for doubtful accounts. Prior to the adoption of ASC 2016-13, accounts were written off when management determined that an account was uncollectible. Recoveries of accounts previously written off were recorded when received. Historically, the Company has not incurred any significant credit-related losses.

Property and Equipment: Property and equipment are stated at cost, less accumulated depreciation. Capital expenditures are accounted for as either project capital or maintenance (replacement) capital expenditures. Project capital expenditures are for fixed asset additions that expand an existing facility or create a new facility. Maintenance capital expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost-effective to repair. Maintenance and repairs that neither add materially to the value of the asset nor appreciably prolong its useful life are charged to expense as incurred. Gains or losses on the disposal of property and equipment are included in the determination of income.

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


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

All costs funded by the Company considered to be an improvement to the real estate assets subject to any of our Triple Net Leases are recorded as leasehold improvements. Leasehold improvements are depreciated over the shorter of the estimated useful life of the improvement or the related lease term.

The Company reviews the carrying amount of its property and equipment for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable based on undiscounted estimated future cash flows expected to result from its use and eventual disposition. The factors considered by the Company in performing this assessment include current operating results, trends and prospects, as well as the effect of obsolescence, demand, competition and other regulatory and economic factors. For purposes of recognizing and measuring impairment, assets are grouped at the individual property level representing the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets. In assessing the recoverability of the carrying amount of property and equipment, we must make assumptions regarding future cash flows and other factors. If these estimates or the related assumptions change in the future, we may be required to record an impairment loss for these assets. Such an impairment loss would be recognized as a non-cash component of operating income. See Note 8, “Property and Equipment.”

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

We consider our gaming licenses, trademarks, and certain other intangible assets to be indefinite-lived based on our future expectations to operate our gaming properties indefinitely as well as our historical experience in renewing these intangible assets at minimal cost with various state commissions. Indefinite-lived intangible assets are tested annually for impairment, or more frequently if indicators of impairment exist, by comparing the fair value of the recorded assets to their carrying amount. If the carrying amounts of the indefinite-lived intangible assets exceed their fair value, an impairment is recognized. The Company completes its testing of its indefinite-lived intangible assets prior to assessing the realizability of its goodwill.

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

Our annual goodwill and other indefinite-lived intangible assets impairment test is performed on October 1st of each year. Once an impairment of goodwill or other intangible asset has been recorded, it cannot be reversed. Other intangible assets that have a definite-life are amortized on a straight-line basis over their estimated useful lives or related service contract. The Company reviews the carrying amount of its amortizing intangible assets for possible impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the carrying amount of the amortizing intangible assets exceed their fair value, an impairment is recognized. See Note 9, “Goodwill and Other Intangible Assets.”

Equity Securities: The Company’s equity securities (including warrants) are measured at fair value each reporting period with unrealized holding gains and losses included in current period earnings. During the year ended December 31, 2020, the Company recognized a holding gain of $106.7 million related to equity securities, which is included in “Other,” as reported in “Other income (expenses)” within our Consolidated Statements of Operations and Comprehensive Income (Loss).

Convertible Debt: Under 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 Consolidated Balance Sheets at the issuance date and the value of the equity component is treated as a debt discount. See Note 11, “Long-term Debt,” for more information.

Financing Obligations: Subsequent to the adoption of ASC 842, “Leases” (“ASC 842”) on January 1, 2019, certain of the components contained within our Master Leases (primarily buildings) are accounted for as financing obligations, rather than leases. Prior to the adoption of ASC 842, our Master Leases, in their entirety, were accounted for as financing obligations.

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

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

Subsequent to the adoption of ASC 842, minimum lease payments under our Master Lease are allocated between components that continue to be financing obligations (primarily buildings) and operating lease components (primarily land). Minimum lease payments related to financing obligations are recorded to interest expense and, in part, as repayments of principal reducing the associated financing obligations. Contingent payments are recorded as interest expense as incurred. The real estate assets subject to the Master Leases and which are accounted for as failed sales, are included in “Property and equipment, net” within the Company’s Consolidated Balance Sheets and are depreciated over the shorter of their remaining useful lives or lease term. Principal payments associated with financing obligations are presented as financing cash outflows and interest payments associated with financing obligations are presented as operating cash outflows within our Consolidated Statements of Cash Flows. For more information, see Note 8, “Property and Equipment,” and Note 12, “Leases ”.

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 (as defined and discussed in Note 12, “Leases.”). The sale-leaseback transaction did not meet the requirements for sale accounting as control of the underlying asset as defined in accordance with ASC 842 remains with the Company. Accordingly, at lease inception, we calculated a financing obligation based on the future minimum lease payments discounted at our estimated incremental borrowing rate over the lease term of 50 years, which was determined to be 11.4%. The lease term included renewal options that were reasonably assured of being exercised.

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

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

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

presented as financing cash outflows and interest payments associated with finance leases are presented as operating cash outflows within our Consolidated Statements of Cash Flows.

Debt Discount and Debt Issuance Costs: Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense using the effective interest method over the contractual term of the underlying indebtedness. These costs are classified as a direct reduction of long-term debt within the Company’s Consolidated Balance Sheets.

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

Income Taxes: Under ASC 740, “Income Taxes” (“ASC 740”), deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and are measured at the prevailing enacted tax rates that will be in effect when these differences are settled or realized. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more-likely-than-not (a greater than 50% probability) that some portion or all of the deferred tax assets will not be realized.

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

ASC 740 also creates a single model to address uncertainty in tax positions and clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise’s financial statements. It also provides guidance on de-recognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. See Note 14, “Income Taxes.”

Revenue Recognition: Our revenue from contracts with customers consists of gaming wagers, food and beverage transactions, retail transactions, hotel room sales, racing wagers, sports betting wagers, and management services related to the management of external casinos and reimbursable costs associated with management contracts. In May 2018, our management contract was terminated for Hollywood Casino-Jamul San Diego, which is located in San Diego, California. In addition, our management contract was terminated for Casino Rama, which is located in Ontario, Canada, in July 2018. See Note 5, “Revenue Disaggregation,” for information on our revenue by type and geographic location.

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

entity. Since the Company was the controlling entity to the arrangement, the reimbursement was recorded on a gross basis with an offsetting amount charged to operating expense.

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

Food and beverage, hotel and retail services have been determined to be separate, standalone performance obligations and the transaction price for such contracts is recorded as revenue as the good or service is transferred to the customer over their stay at the hotel or when the delivery is made for the food and beverage or retail product. Cancellation fees for hotel and meeting space services are recognized upon cancellation by the customer and are included in food, beverage, hotel and other revenue within our Consolidated Statements of Operations and Comprehensive Income (Loss).

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

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

In addition to sports betting and iGaming revenues, Penn Interactive generates in-app purchase and advertising revenues from free-to-play social casino games, which can be downloaded to mobile phones and tablets from digital storefronts. Players can purchase virtual playing credits within our social casino games, which allows for increased playing opportunities and functionality. Penn Interactive records deferred revenue from the sale of virtual playing credits and recognizes this revenue over the average redemption period of the credits, which is approximately three days. Advertising revenues are recognized in the period when the advertising impression, click or install delivery occurs.

Complimentaries Associated with Gaming Contracts

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


	For the year ended December 31,
(in millions)	2020		2019		2018
Food and beverage	$	123.6	$	261.4	$	137.2
Hotel	79.6		159.6		60.8
Other	6.7		17.6		8.1
Total complimentaries associated with gaming contracts	$	209.9	$	438.6	$	206.1

Customer-related Liabilities

The Company has three general types of liabilities related to contracts with customers: (i) the obligation associated with 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 Consolidated Balance Sheets, was $35.8 million and $36.2 million as of December 31, 2020 and 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 $47.1 million and $42.2 million as of December 31, 2020 and 2019, respectively, of which $0.5 million and $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 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. During the fourth quarter of 2019, certain of the operations contemplated by these agreements commenced, resulting in the recognition of $5.6 million and $0.6 million of revenue (most of which was previously deferred) during the year ended December 31, 2020 and 2019, respectively. 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 Consolidated Balance Sheets was $52.7 million and $43.6 million as of December 31, 2020 and 2019, respectively.

Gaming and Racing Taxes: We are subject to gaming and pari-mutuel taxes based on gross gaming revenue and pari-mutuel revenue in the jurisdictions in which we operate. The Company primarily recognizes gaming and pari-mutuel tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states where or in which wagering occurs. For the years ended December 31, 2020, 2019 and 2018, these expenses, which were recorded primarily in gaming expense within the Consolidated Statements of Operations and Comprehensive Income (Loss), were $1,098.9 million, $1,590.0 million, and $1,102.3 million, respectively.

Stock-Based Compensation: The cost of employee services received in exchange for an award of equity instruments is based on the grant-date fair value of the award and the expense is recognized ratably over the requisite service period. The Company accounts for forfeitures in the period in which they occur based on actual amounts. The fair value of stock options is estimated at the grant date using the Black-Scholes option-pricing model, which requires us to make assumptions, including the expected term, which is based on the contractual term of the stock option and historical exercise data of the Company’s employees; the risk-free interest rate, which is based on the U.S. Treasury spot rate with a term equal to the expected term assumed at the grant date; the expected volatility, which is estimated based on the historical volatility of the Company’s stock price over the expected term assumed at the grant date; and the expected dividend yield, which is zero since we have not historically paid dividends. See Note 16, “Stock-based Compensation.”

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 7, “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 17, “Earnings (Loss) per Share,” for more information.

Application of Business Combination Accounting: We utilize the acquisition method of accounting in accordance with ASC 805, “Business Combinations,” which requires us to allocate the purchase price to tangible and identifiable intangible assets based on their fair values. The excess of the purchase price over the fair value ascribed to tangible and identifiable intangible assets is recorded as goodwill. If the fair value ascribed to tangible and identifiable intangible assets changes during the measurement period (due to additional information being available and related Company analysis), the measurement period adjustment is recognized in the reporting period in which the adjustment amount is determined and offset against goodwill. The measurement period for our acquisitions are no more than one year in duration. See Note 6, “Acquisitions and Dispositions.”

Voting Interest Entities and Variable Interest Entities: The Company consolidates all subsidiaries or other entities in which it has a controlling financial interest. The consolidation guidance requires an analysis to determine if an entity should be evaluated for consolidation using the VOE model or the VIE model. Under the VOE model, controlling financial interest is generally defined as a majority ownership of voting rights. Under the VIE model, controlling financial interest is defined as (i) the power to direct activities that most significantly impact the economic performance of the entity and (ii) the obligation to absorb losses of or the right to receive benefits from the entity that could potentially be significant to the entity. For those entities that qualify as a VIE, the primary beneficiary is generally defined as the party who has a controlling financial interest in the VIE. The Company consolidates the financial position and results of operations of every VOE in which it has a controlling financial interest and VIEs in which it is considered to be the primary beneficiary. See Note 7, “Investments in and Advances to Unconsolidated Affiliates.”

New Accounting Pronouncements	12 Months Ended
New Accounting Pronouncements	Dec. 31, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	Note 3—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 of $0.6 million as of January 1, 2020. 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 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 elected to early adopt ASU 2019-12 during the third quarter of 2020 on a prospective basis, which did not have a material impact on our Consolidated Financial Statements. 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. ASU 2020-01 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years with early adoption permitted. The Company's early adoption of ASU 2020-01 did not have a material impact on our Consolidated Financial Statements. In October 2020, the FASB issued ASU No. 2020-10, “Codification Improvements,” (“ASU 2020-10”) which updates various codification topics by clarifying or improving disclosure requirements to align with the SEC’s regulations. ASU 2020-10 is effective for fiscal years beginning after December 15, 2020 with early adoption permitted. The Company's early adoption of ASU 2020-10 did not have a material impact on our Consolidated Financial Statements. Accounting Pronouncements to be Implemented In March 2020, the FASB issued ASU No. 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 11, “Long-term Debt”) are tied to LIBOR. The Company is currently evaluating the impact of the adoption of ASU 2020-04 on our Consolidated Financial Statements. In August 2020, The FASB issued ASU No. 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 our 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

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+ Details

Hurricane Laura

12 Months Ended

Dec. 31, 2020

Unusual or Infrequent Items, or Both [Abstract]

Hurricane Laura

Note 4—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 approximately two weeks. The Company maintains insurance, subject to certain deductibles and coinsurance, for the repair or replacement of assets that suffered loss and provides coverage for interruption to our business, including lost profits.

As of December 31, 2020, the Company recorded a receivable of $23.0 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 insurers to be probable. The insurance recovery receivable is included in “Receivables” within the 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 and coinsurance, we did not record any loss associated with the impact of this natural disaster.

Additionally as of December 31, 2020, we continue to be in the process of performing our due diligence in an effort to quantify the claim amount under the policy that will be submitted to the insurers. During the fourth quarter we received $47.5 million of insurance proceeds from our insurers representing upfront payments related to our anticipated policy claim. 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 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 December 31, 2020.

The following table summarizes the financial impact of Hurricane Laura related matters:


(in millions)	For the year ended December 31, 2020
Insurance Proceeds	$	47.5
Deductible	$	15.0
Coinsurance	$	2.5
Clean-up and Restoration Costs	$	47.1
Fixed Asset Write-off	$	23.2
Inventory Write-off	$	0.2
Insurance Receivable	$	23.0

Revenue Disaggregation

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue Disaggregation

Note 5—Revenue Disaggregation

We generate revenues at our owned, managed or operated properties principally by providing the following types of services: (i) gaming, including iGaming and online sportsbook; (ii) food and beverage; (iii) hotel; (iv) reimbursable management costs; and (v) 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 year ended December 31, 2020
(in millions)	Northeast		South		West		Midwest		Other		Intersegment Eliminations (1)		Total
Revenues:
Gaming	$	1,495.1	$	684.0	$	194.2	$	615.2	$	62.7	$	(0.1)	$	3,051.1
Food and beverage	68.9		76.9		46.0		32.0		0.6		—		224.4
Hotel	17.4		64.3		46.4		18.7		—		—		146.8
Other	57.9		24.4		15.9		15.5		61.7		(19.0)		156.4
Total revenues	$	1,639.3	$	849.6	$	302.5	$	681.4	$	125.0	$	(19.1)	$	3,578.7


	For the year ended December 31, 2019
(in millions)	Northeast		South		West		Midwest		Other		Intersegment Eliminations (1)		Total
Revenues:
Gaming	$	2,117.1	$	831.1	$	374.3	$	938.1	$	8.8	$	(0.7)	$	4,268.7
Food and beverage	155.1		154.1		116.7		84.7		1.4		—		512.0
Hotel	43.5		98.2		125.9		43.4		—		—		311.0
Other	84.2		35.5		25.6		28.3		37.3		(1.2)		209.7
Total revenues	$	2,399.9	$	1,118.9	$	642.5	$	1,094.5	$	47.5	$	(1.9)	$	5,301.4


	For the year ended December 31, 2018
(in millions)	Northeast		South		West		Midwest		Other		Total
Revenues:
Gaming	$	1,644.2	$	302.9	$	228.0	$	719.8	$	—	$	2,894.9
Food and beverage	109.6		56.6		89.6		57.9		1.1		314.8
Hotel	23.2		23.3		90.8		26.3		—		163.6
Reimbursable management costs	46.8		—		10.5		—		—		57.3
Other	67.7		11.6		19.0		19.7		39.3		157.3
Total revenues	$	1,891.5	$	394.4	$	437.9	$	823.7	$	40.4	$	3,587.9

- 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
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2020

Business Combinations And Other Investments [Abstract]

Acquisitions and Dispositions

Note 6—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 were acquired by a subsidiary of VICI for an aggregate sales price of $700.0 million and the Company entered into the Greektown Lease, which has an initial annual rent of $55.6 million and an initial term of 15 years, with four five-year renewal options. The acquisition of the operations was financed through a combination of cash on hand and incremental borrowings under the Company’s Revolving Credit Facility (as defined in Note 11, “Long-term Debt”).

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 which resulted in no measurement period adjustments for the year ended December 31, 2020. The fair value is 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
Other assets	—
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 ROU assets with a corresponding operating lease liability calculated based on the present value of the future lease payments at the acquisition date in accordance with GAAP. Management determined the fair value of its office equipment, computer equipment and slot machine gaming devices based on the market approach and other personal property based on the cost approach, supported where available by observable market data, which includes consideration of obsolescence.

Acquired identifiable intangible assets consist of a gaming license and a trademark, which are both indefinite-lived intangible assets, and customer relationships, which is an amortizing intangible asset with an assigned useful life of 2 years. Management valued (i) the gaming license using the Greenfield Method under the income approach; (ii) the trademark using the relief-from-royalty method under the income approach; and (iii) customer relationships (rated player databases) using the

with-and-without method of the income approach. All valuation methods are forms of the income approach supported by observable market data for peer casino operator companies. See Note 2, “Significant Accounting Policies,” for more information.

The following table includes the financial results of Greektown from the acquisition date through December 31, 2019, which is included within our Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2019:


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

Margaritaville Resort Casino

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

Pursuant to the MIPA, HoldCo sold its interests in its sole direct subsidiary and owner of the Margaritaville operating assets, to the Company. In connection with the acquisition, the real estate assets used in the operations of Margaritaville were acquired by VICI for $261.1 million and the Company entered into the Margaritaville Lease, which has an initial annual rent of $23.2 million and an initial term of 15 years, with four five-year renewal options. The acquisition of the operations was financed through incremental borrowings under the Company’s Revolving Credit Facility.

During the fourth quarter of 2019, the Company finalized the allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed, with the excess recorded as goodwill as follows:


(in millions)	Fair value
Cash and cash equivalents	$	10.7
Receivables, prepaid expenses, and other current assets	7.0
Property and equipment	20.7
Goodwill (1)	44.2
Other intangible assets
Gaming license	48.1
Customer relationships	2.3
Operating lease right-of-use assets	196.2
Total assets	$	329.2

Accounts payable, accrued expenses and other current liabilities	$	10.1
Operating lease liabilities	196.2
Total liabilities	206.3
Net assets acquired	$	122.9

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

The Company used the income, market, or cost approach (or a combination thereof) for the valuation, as appropriate, and used valuation inputs in these models and analyses that were based on market participant assumptions. 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 Margaritaville Lease, which was entered into at the time of the acquisition, represented operating lease ROU assets with a corresponding operating lease liability calculated based on the present value of the future lease payments at the acquisition date in accordance with GAAP. Management determined the fair value of its office equipment, computer equipment and slot machine gaming devices based on the market

approach and other personal property based on the cost approach, supported where available by observable market data, which includes consideration of obsolescence.

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

The following table includes the financial results of Margaritaville from the acquisition date through December 31, 2019, which is included within our Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2019:


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

Pinnacle Acquisition

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

During the third quarter of 2019, the Company finalized the allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed, with the excess recorded as goodwill as follows:


(in millions)	Fair value
Cash and restricted cash	$	124.2
Assets held for sale	667.5
Other current assets	81.1
Property and equipment - non-Pinnacle Master Lease	318.6
Property and equipment - Pinnacle Master Lease (1)	3,954.9
Goodwill (2)	238.2
Other intangible assets
Gaming licenses	1,067.6
Trademarks	298.0
Customer relationships	22.4
Other long-term assets	38.9
Total assets	$	6,811.4

Long-term financing obligation, including current portion (3)	$	3,432.5
Current liabilities	206.1
Deferred income taxes	340.0
Other long-term liabilities	16.6
Total liabilities	3,995.2
Net assets acquired	$	2,816.2

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

(2)See Note 9, “Goodwill and Other Intangible Assets,” for details on the impact to each reportable segment.

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

Pro Forma Financial Information - Greektown, Margaritaville, and Pinnacle

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


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

1st Jackpot Casino and Resorts Casino Tunica

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

Jamul Indian Village Development Corporation

In April 2013, the Company and the Jamul Tribe, a federally recognized Indian Tribe holding a government-to-government relationship with the U.S., entered into definitive agreements to assist the Jamul Tribe in the development of a Hollywood

Casino-branded casino on the Jamul Tribe’s trust land in San Diego County, California. In addition, the definitive agreements and a related loan commitment letter set forth the terms and conditions under which the Company would provide loans to the Jamul Indian Village Development Corporation (the “JIVDC”) to fund certain development costs. Following the opening, the Company also managed the property.

In October 2016, the JIVDC obtained long-term secured financing, consisting of a revolving credit facility, a term loan B facility and a term loan C facility (the “Term Loan C Facility” and collectively with the revolving credit facility and the term loan B facility, the “Credit Facilities”) totaling approximately $460.0 million. The Company was the lender under the Term Loan C Facility in the amount of $98.0 million.

As of December 31, 2017, the JIVDC breached one of the financial covenants contained within the Credit Facilities, resulting in default. Consequently, the Company performed an analysis of the expected future cash flows it would receive based on forecasted operations of the property, discounted at the Term Loan C Facility’s effective interest rate, as well as any concessions it would grant to the JIVDC. As a result of such analysis, the Company recorded a charge of $86.0 million for the year ended December 31, 2017, of which $64.0 million pertained to the Term Loan C Facility and $22.0 million was a reserve for unfunded loan commitments. In addition, the Company recorded charges of $3.8 million related to certain advances made to the JIVDC.

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

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 12, “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.

We recognized a gain on this transaction of $29.8 million during the year ended December 31, 2020, which is included in “General and administrative” within our Consolidated Statements of Operations and Comprehensive Income (Loss).

Morgantown

As of December 31, 2020, we had utilized all of the rent credits pertaining to the Tropicana and Morgantown transactions which totaled $337.5 million (see Note 12, “Leases”).

Investments in and Advances to Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Unconsolidated Affiliates

Note 7—Investments in and Advances to Unconsolidated Affiliates

As of December 31, 2020 and 2019, investments in and advances to unconsolidated affiliates primarily consisted of the Company’s approximate 36% interest in Barstool Sports; its 50% investment in Kansas Entertainment, the JV with NASCAR 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 primarily 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). Within the 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 $62.0 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).

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 December 31, 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). As of December 31, 2020 we have an amortizing intangible asset pertaining to the customer list of $1.6 million and a prepaid expense pertaining to the advertising in the amount of $16.5 million, of which $15.4 million is classified as long-term. The long-term portion of the prepaid advertising expense is included in “Other assets” within our Consolidated Balance Sheets.

As of December 31, 2020, our investment in Barstool Sports was $147.5 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 December 31, 2020. The Company did not consolidate its investment in Barstool Sports as of and for the year ended December 31, 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 December 31, 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 December 31, 2020 and 2019, our investment in Kansas Entertainment was $85.2 million and $90.8 million, respectively. During the years ended December 31, 2020, 2019 and 2018, the Company received distributions from Kansas Entertainment totaling $20.0 million, $29.0 million and $27.0 million, respectively, which the Company deemed to be returns on its investment based on the source of those cash flows from the normal business operations of Kansas Entertainment.

As of the years ended December 31, 2020 and 2019, we determined that Kansas Entertainment does not qualify as a VIE. Using the guidance for entities that are not VIEs, the Company determined that it did not have a controlling financial interest in the JV as of and for the years ended December 31, 2020 and 2019, 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 NASCAR. Therefore, the Company did not consolidate its investment in the JV as of and for the years ended December 31, 2020 and 2019.

The following table provides summarized balance sheet and results of operations information related to Kansas Entertainment and our share of income from unconsolidated affiliates from our investment in Kansas Entertainment:


	December 31,
(in millions)	2020		2019


Current assets	$	14.7	$	21.5
Long-term assets	$	151.4	$	159.2
Current liabilities	$	10.2	$	13.5


	For the year ended December 31,
(in millions)	2020		2019		2018


Revenues	$	104.2	$	162.3	$	159.0
Operating expenses	75.5		101.3		110.4
Operating income	28.7		61.0		48.6
Net income	$	28.7	$	61.0	$	48.6

Net income attributable to Penn National	$	14.4	$	30.5	$	24.3

Texas and New Jersey Joint Ventures

The Company has a 50% interest in a JV with MAXXAM, which owns and operates the Sam Houston Race Park in Houston, Texas and the Valley Race Park in Harlingen, Texas, and holds a license for a racetrack in Austin, Texas. 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 Consolidated Statements of Operations and Comprehensive Income (Loss). Sam Houston Race Park hosts thoroughbred and quarter-horse racing and offers daily simulcast operations, and Valley Race Park features dog racing and simulcasting. In addition, through a separate arrangement, the Company has a 50% interest in a JV with Greenwood, which owns and operates Freehold Raceway, in Freehold, New Jersey. The property features a half-mile standardbred racetrack and a grandstand.

As of December 31, 2020 and 2019, we determined that neither our Texas JV nor our New Jersey JV qualify as a VIE. Using the guidance for entities that are not VIEs, in both cases, the Company determined that it did not have a controlling financial interest in either of the JVs as of and for the years ended December 31, 2020 and 2019, primarily as it did not have the ability to direct the activities of either of the JVs that most significantly impacted the JVs’ economic performance without the input of MAXXAM or Greenwood, respectively. Therefore, the Company did not consolidate either of its investment in the JVs as of and for the years ended December 31, 2020 and 2019.

Property and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 8—Property and Equipment

Property and equipment, net, consisted of the following:


	December 31,
(in millions)	2020		2019
Property and equipment - Not Subject to Master Leases
Land and improvements (1)	$	105.6	$	353.2
Building, vessels and improvements (1)	205.4		420.4
Furniture, fixtures and equipment	1,620.4		1,598.3
Leasehold improvements	219.5		183.6
Construction in progress	89.8		59.3
	2,240.7		2,614.8
Less: Accumulated depreciation(1)	(1,559.0)		(1,548.3)
	681.7		1,066.5
Property and equipment - Subject to Master Leases
Land and improvements	1,523.2		1,525.9
Building, vessels and improvements	3,640.3		3,664.6
	5,163.5		5,190.5
Less: Accumulated depreciation	(1,315.9)		(1,136.8)
	3,847.6		4,053.7
Property and equipment, net	$	4,529.3	$	5,120.2

(1)On April 16, 2020, we sold real estate assets associated with our Tropicana property to GLPI. See Note 6, Acquisitions and Dispositions.

Depreciation expense was as follows:


	For the year ended December 31,
(in millions)	2020		2019		2018
Depreciation expense (1)	$	336.9	$	381.6	$	251.9

(1)Of such amounts, $156.1 million, $158.9 million, and $112.1 million, respectively, pertained to real estate assets subject to either of our Master Leases.

Hurricane Laura

In August 2020, Hurricane Laura made landfall in Lake Charles, Louisiana, which caused significant damage to our L’Auberge Lake Charles property. As a result, we wrote off property and equipment with a net book value of $23.2 million of which $2.1 million and $21.1 million was included in Property and equipment – Not subject to Master Lease, and Property and equipment – Subject to Master Leases, respectively.

Tropicana

During the year ended December 31, 2020, we recorded $7.3 million of impairment on the property and equipment associated with Tropicana, relating to the operating assets, which is included in “Impairment losses” within our Consolidated Statements of Operations and Comprehensive Income (Loss). The charge was the result of an impairment assessment performed after reviewing the projected results of this property over the remaining lease term contained within the Tropicana Lease.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 9—Goodwill and Other Intangible Assets

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


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

Impairment losses during year	(43.5)		(9.0)		—		(60.5)		—		(113.0)

Other (2)	—		—		—		—		(0.6)		(0.6)
Balance as of December 31, 2020
Goodwill, gross	914.3		236.6		216.8		1,116.7		155.5		2,639.9
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	$	67.8	$	1,157.1

(1)Amounts relate to adjustments made to the preliminary purchase price allocation of Pinnacle during the year ended December 31, 2019, prior to it being finalized.

(2)Amounts relate to the write-off of goodwill related to the land sale at Sanford Orlando Kennel Club which discontinued our racing operations. The write-off of this goodwill balance is included as a component of the gain calculation recorded on the sale.

2020 Annual and 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.

Upon reopening of our gaming facilities and throughout the fourth quarter of 2020 we undertook various initiatives to mitigate the impact of regulatory restrictions imposed as a result of the COVID-19 pandemic. We completed our annual assessment for impairment as of October 1, 2020, which did not result in any impairment charges to goodwill, gaming licenses and trademarks. The estimated fair values of the reporting units were determined through a combination of discounted cash flow models 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.

2019 Annual Assessment for Impairment

As a result of our 2019 annual assessment for impairment, we recognized impairments on our goodwill, gaming licenses, and trademarks, of $88.0 million, $62.6 million, and $20.0 million, respectively. The impairments of goodwill were largely driven by increases in the carrying amount of certain of our reporting units as a result of decreases in the allocated amount of the financing obligation to such reporting units, which was driven by the adoption of ASC 842. The impairments of gaming licenses and trademarks were largely driven by reductions in the long-term projections for certain of our properties where competition has increased due to expansion of gaming legislation, primarily within the Northeast segment. The estimated fair values of the reporting units were determined through a combination of discounted cash flow models 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 $10.3 million, $17.4 million and $60.3 million, respectively. The gaming license impairments pertained to our Northeast and South segments in the amounts of $55.1 million and $7.5 million, respectively. The trademark impairments pertained to our Northeast, South and Midwest segments, in the amounts of $11.5 million, $6.5 million and $2.0 million, respectively.

2018 Annual Assessment for Impairment

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

The aforementioned impairments for the years ended December 31, 2020 and 2019 are included in “Impairment losses” within our Consolidated Statements of Operations and Comprehensive Income (Loss). See Note 19, “Fair Value Measurements,” for quantitative information about the significant unobservable inputs used in the fair value measurements of other intangible assets.

Carrying Values of Goodwill and Other Intangible Assets

As of October 1, 2020, the date of the most recent annual impairment test, seven 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
Ameristar Vicksburg	$	19.5
Boomtown New Orleans	$	5.2
West segment
Cactus Petes and Horseshu	$	10.2
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:


	December 31, 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	$	1,246.1	$	—	$	1,246.1	$	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	106.9		(85.2)		21.7		104.4		(69.0)		35.4
Other	39.6		(35.5)		4.1		36.1		(30.0)		6.1
Total other intangible assets	$	1,634.2	$	(120.7)	$	1,513.5	$	2,125.5	$	(99.0)	$	2,026.5

During the year ended December 31, 2020 we paid $1.3 million for online and retail sports betting licenses. During the year ended December 31, 2019, we paid $10.0 million for online and retail sports betting licenses in Pennsylvania. During the year ended December 31, 2018, we purchased two Category 4 gaming licenses to operate up to 750 slot machines and initially up to 30 table games, under each license, in York County, Pennsylvania for $50.1 million and in Berks County, Pennsylvania for $7.5 million, and iGaming and sports betting licenses in Pennsylvania for $20.0 million, all of which have been classified as indefinite-lived intangible assets.

Amortization expense related to our amortizing intangible assets was $21.7 million, $24.7 million, and $17.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. The following table presents the estimated amortization expense based on our amortizing intangible assets as of December 31, 2020 (in millions):


Years ending December 31:
2021	$	7.4
2022	5.5
2023	3.9
2024	3.7
2025	4.9
Thereafter	0.4
Total	$	25.8

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Note 10—Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	December 31,
(in millions)	2020		2019
Accrued salaries and wages	$	120.4	$	142.1
Accrued gaming, pari-mutuel, property, and other taxes	75.0		103.3
Accrued interest	13.2		13.0
Other accrued expenses (1)	229.1		225.8
Other current liabilities (2)	137.4		147.1
Accrued expenses and other current liabilities	$	575.1	$	631.3

(1)Amounts as of December 31, 2020 and 2019 include $40.8 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 December 31, 2020 and 2019 include $86.3 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

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Long-term Debt

Note 11—Long-term Debt

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


	December 31,
(in millions)	2020		2019
Senior Secured Credit Facilities:
Revolving Credit Facility due 2023	$	—	$	140.0
Term Loan A Facility due 2023	636.9		672.3
Term Loan B-1 Facility due 2025	991.2		1,117.5
5.625% Notes due 2027	400.0		400.0
2.75% Convertible Notes due 2026	330.5		—
Other long-term obligations	73.0		89.2
	2,431.6		2,419.0
Less: Current maturities of long-term debt	(81.4)		(62.9)
Less: Debt discount	(86.2)		(2.4)
Less: Debt issuance costs	(32.8)		(31.5)
	$	2,231.2	$	2,322.2

The following is a schedule of future minimum repayments of long-term debt as of December 31, 2020 (in millions):


Year ending December 31:
2021	$	81.4
2022	99.9
2023	543.1
2024	21.3
2025	946.8
Thereafter	739.1
Total minimum payments	$	2,431.6

Senior Secured Credit Facilities

On January 19, 2017, the Company entered into an agreement to amend and restate its Amended 2013 Credit Agreement (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”).

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

The final maturity dates for the Term Loan A Facility and Term Loan B-1 Facility are October 19, 2023 and October 15, 2025, respectively. The applicable margin for the Term Loan A Facility ranges from 1.25% to 3.00% per annum for LIBOR loans and 0.25% to 2.00% per annum for base rate loans, in each case depending on the Consolidated Total Net Leverage Ratio (as defined in the Amended 2017 Credit Agreement) as of the most recent fiscal quarter. The applicable margin for the Term Loan B-1 Facility is 2.25% per annum for LIBOR loans and 1.25% per annum for base rate loans. The Term Loan B-1 Facility

is subject to a LIBOR “floor” of 0.75%. Prior to the Amended 2017 Credit Agreement and related extinguishment of the Term Loan B Facility, the applicable margin for the Term Loan B Facility was 2.50% per annum for LIBOR loans and 1.50% per annum for base rate loans. In addition, we pay a commitment fee on the unused portion of the commitments under the Revolving Credit Facility at a rate that ranges from 0.20% to 0.50% per annum, depending on the Consolidated Total Net Leverage Ratio as of the most recent fiscal quarter.

On April 14, 2020, the Company entered into a second amendment to its Credit Agreement with its various lenders (the “Second Amendment”) 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 Amended 2017 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. We are required to maintain specified financial ratios and to satisfy certain financial tests when our covenant relief period terminates on March 31, 2021.

The Second Amendment 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 Second Amendment (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.

As of December 31, 2020 and 2019, the Company had conditional obligations under letters of credit issued pursuant to the Senior Secured Credit Facilities with face amounts aggregating to $28.2 million and $30.0 million, respectively, resulting in $671.8 million and $530.0 million of available borrowing capacity under the Revolving Credit Facility, respectively.

During the fourth quarter of 2020, in connection with a prepayment of $115.0 million of outstanding borrowings on our Term Loan B-1 Facility, we recorded a $1.2 million loss on early extinguishment of debt, related to the write-off of debt issuance costs and debt discounts.

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

The payment and performance of obligations under the Senior Secured Credit Facilities are guaranteed by a lien on and security interest in substantially all of the assets (other than excluded property, such as gaming licenses) of the Company.

5.625% Senior Unsecured Notes

On January 19, 2017, the Company completed an offering of $400.0 million aggregate principal amount of 5.625% senior unsecured notes that mature on January 15, 2027 (the “5.625% Notes”) at a price of par. Interest on the 5.625% Notes is payable on January 15th and July 15th of each year. The 5.625% Notes are not guaranteed by any of the Company’s subsidiaries except in the event that the Company in the future issues certain subsidiary-guaranteed debt securities. The Company may redeem the 5.625% Notes at any time on or after January 15, 2022, at the declining redemption premiums set

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

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 December 31, 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 $1,255.3 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)	December 31, 2020
Liability component:
Principal	$	330.5
Unamortized debt discount	(84.4)
Unamortized debt issuance costs	(6.2)
Net carrying amount	$	239.9

Carrying amount of equity component	$	88.2

Interest expense, net

Interest expense, net, was as follows:


	For the year ended December 31,
(in millions)	2020		2019		2018
Interest expense	$	(546.3)	$	(535.9)	$	(539.4)
Interest income	0.9		1.4		1.0
Capitalized interest	2.2		0.3		—
Interest expense, net	$	(543.2)	$	(534.2)	$	(538.4)

Interest expense related to the Convertible Notes was as follows:


(in millions)	For the year ended December 31, 2020
Coupon interest	$	5.7
Amortization of debt discount	7.3
Amortization of debt issuance costs	0.5
Convertible Notes interest expense	$	13.5

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 5.4 years as of December 31, 2020.

Covenants

Our Senior Secured Credit Facilities and 5.625% Notes require us, among other obligations, to maintain specified financial ratios and to satisfy certain financial tests. In addition, our Senior Secured Credit Facilities and 5.625% Notes restrict, among other things, our ability to incur additional indebtedness, incur guarantee obligations, amend debt instruments, pay dividends, create liens on assets, make investments, engage in mergers or consolidations, and otherwise restrict corporate activities. 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 December 31, 2020, the Company was in compliance with all required financial covenants. When our covenant relief period ends, the Company is subject to and expects to be in compliance with all required financial covenants including (i) Maximum Consolidated Total Net Leverage Ratio; (ii) Maximum Consolidated Senior Secured Net Leverage Ratio; and (iii) Minimum Interest Coverage Ratio (as discussed above) with the Company's submission of its compliance certificate for the quarter ending March 31, 2021.

Other Long-Term Obligations

Ohio Relocation Fees

As of December 31, 2020 and 2019, other long-term obligations included $60.9 million and $76.4 million, respectively, related to the relocation fees for Dayton and Mahoning Valley, which opened in August 2014 and September 2014, respectively. In June 2013, we finalized the terms of our memorandum of understanding with the State of Ohio, which included an agreement for us to pay a relocation fee in return for being able to relocate our existing racetracks in Toledo and Grove City to Dayton and Mahoning Valley, respectively. Upon opening Dayton and Mahoning Valley, each relocation fee was recorded at the present value of the contractual obligation, which was calculated as $75.0 million based on the 5.0% discount rate included in the agreement. Each relocation fee is payable as follows: $7.5 million upon opening and eighteen semi-annual payments of $4.8 million beginning one year after opening. This obligation is accreted to interest expense at an effective yield of 5.0%. The amount included in interest expense related to this obligation was $3.4 million, $4.1 million and $4.8 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Event Center

As of December 31, 2020 and 2019, other long-term obligations included $12.0 million and $12.6 million, respectively, related to the repayment obligation of a hotel and event center located less than a mile away from Hollywood Casino

Lawrenceburg, which was constructed by the City of Lawrenceburg Department of Redevelopment. Effective in January 2015, by contractual agreement, we assumed a repayment obligation for the hotel and event center in the amount of $15.3 million, which was financed through a loan with the City of Lawrenceburg Department of Redevelopment, in exchange for conveyance of the property. Beginning in January 2016, the Company was obligated to make annual payments on the loan of $1.0 million for 20 years. This obligation is accreted to interest expense at its effective yield of 3.0%. The amount included in interest expense related to this obligation was $0.4 million for each of the years ended December 31, 2020, 2019 and 2018.

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

Note 12—Leases

Lessee

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.

Penn Master Lease

The payment structure under the Penn Master Lease includes a fixed component, a portion of which is subject to an annual escalator of up to 2%, depending on the Adjusted Revenue to Rent Ratio (as defined in the Penn Master Lease) of 1.8:1, and a component that is based on the performance, 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 (see below).

We did not incur an annual escalator on November 1, 2020 for the lease year ended October 31, 2020. The next annual escalator test date is scheduled to occur effective November 1, 2021. As a result of the annual escalator, effective as of November 1, 2019 and 2018, the fixed component of rent increased by $5.5 million and $5.4 million, for each respective year. As a result of the annual escalator effective November 1, 2019, an additional ROU asset and corresponding lease liability of $34.4 million were recognized associated with operating lease components and an additional ROU asset and corresponding lease liability of $3.1 million were recognized associated with finance lease components. Additionally, effective November 1, 2018, the Penn Percentage Rent reset resulted in an annual rent reduction of $11.3 million, which will be in effect until the next Penn Percentage Rent reset, occurring on November 1, 2023.

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

Monthly rent associated with Columbus and monthly rent in excess of the Toledo rent floor are variable and considered contingent rent. Expense related to operating lease components associated with Columbus and Toledo are included in “General and administrative” within our Consolidated Statements of Operations and Comprehensive Income (Loss) and the variable expense related to the financing obligation component is included in “Interest expense, net” within our Consolidated Statements of Operations and Comprehensive Income (Loss). The entire variable expense related to the year ended December 31, 2018 was included in “Interest expense, net” pursuant to the failed sale-leaseback accounting treatment under ASC 840. Total monthly variable expenses were as follows:


	For the year ended December 31,
(in millions)	2020		2019		2018
Variable expenses included in “General and administrative”	$	12.9	$	16.4	$	—
Variable expenses included in “Interest expense, net”	11.8		16.1		48.9
Total variable expenses	$	24.7	$	32.5	$	48.9

Pinnacle Master Lease

In connection with the Pinnacle Acquisition, we assumed a triple net master lease with GLPI (the “Pinnacle Master Lease”), originally effective April 28, 2016, pursuant to which the Company leases real estate assets associated with 12 of the gaming facilities used in its operations. Upon assumption of the Pinnacle Master Lease, as amended, there were 7.5 years remaining of the initial ten-year term, with five subsequent, five-year renewal periods, on the same terms and conditions, exercisable at the Company’s option. The Company has determined that the lease term is 32.5 years.

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

We did not incur an annual escalator on May 1, 2020 for the lease year ended April 30, 2020. As a result of the annual escalator, effective as of May 1, 2019 for the lease year ended April 30, 2019, the fixed component of rent increased by $1.0 million and an additional ROU asset and corresponding lease liability of $3.8 million were recognized associated with operating lease components of the Pinnacle Master Lease. The next annual escalator test date is scheduled to occur on May 1, 2021.

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.

Morgantown Lease

On October 1, 2020, the Company entered into a triple net lease with a subsidiary of GLPI for the land underlying our development project in Morgantown, Pennsylvania (“Morgantown Lease”) in exchange for $30.0 million in rent credits to be utilized to pay rent under the Master Leases, Meadows Lease, and the Morgantown Lease, as discussed in Note 6, “Acquisitions and Dispositions.”

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 1.50% fixed annual escalation in each of the first three years subsequent to the facility opening, and thereafter will be subject to an annual escalator consisting of either (i) 1.25% or (ii) zero depending upon the consumer price index being greater or less than 0.50%. All improvements made on the land, including the building currently being constructed, will be owned by the Company while the lease is in effect, however, on the expiration or termination of the Morgantown Lease, ownership of all tenant improvements on the land will transfer to GLPI. We determined the transaction to be a financing arrangement and upon execution of the Morgantown Lease, recorded a $30.0 million financing obligation which is included in “Long-term portion of financing obligations” within our Consolidated Balance Sheets. Lease payments are included in “Interest expense, net” within our Consolidated Statements of Operations and Comprehensive Income (Loss).

Operating Leases

In addition to the operating lease components contained within the Master Leases (primary 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 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 operating lease components (primarily the land), the Meadows Lease, the Margaritaville Lease and the Tropicana Lease, the “Triple Net Operating 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.

Tropicana Lease

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 cash 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 Consolidated Balance Sheets.

Meadows Lease

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

We did not incur an annual escalator on October 1, 2020 for the lease year ended September 30, 2020. Effective October 1, 2019, as a result of the annual escalator for the lease year ended September 30, 2019, which was determined to be $0.8 million, an additional operating ROU asset and corresponding operating lease liability of $4.3 million were recognized.

Effective October 1, 2020, the Meadows Percentage Rent resulted in an annual rent reduction of $2.1 million, which will be in effect until the next Meadows Percentage Rent reset, scheduled to occur on October 1, 2022. Upon reset of the Meadows Percentage Rent, effective October 1, 2020, we recognized an additional operating lease ROU asset and corresponding lease liability of $17.1 million.

Margaritaville Lease

The Margaritaville Lease has an initial term of 15 years, with four subsequent five-year renewal options on the same terms and conditions, exercisable at the Company’s option. The payment structure under the Margaritaville Lease includes a fixed component, a portion which was originally subject to an annual escalator of up to 2% depending on an Adjusted Revenue to Rent Ratio (as defined in the Margaritaville Lease) of 1.9:1, and a component that is based on performance, which is prospectively adjusted every two years by an amount equal to 4% of the average change in net revenues of the property compared to a contractual baseline during the preceding two years (“Margaritaville Percentage Rent”). 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 of 1.9:1 to a minimum coverage floor 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 for the lease year ended January 31, 2020, an additional operating lease ROU asset and corresponding operating lease liability of $3.1 million were recognized. The first percentage rent reset is scheduled to occur on February 1, 2021.

Greektown Lease

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

We did not incur an annual escalator on June 1, 2020 for the lease year ended May 31, 2020. In May 2020, the lease was amended to remove the escalator for the lease years ending May 31, 2021 and 2022 and to provide for a Net Revenue to Rent coverage floor to be mutually agreed upon prior to the commencement of the fourth lease year (June 1, 2022). The first Greektown Percentage Rent reset is scheduled to occur on June 1, 2021.

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


	December 31, 2020
Weighted-Average Remaining Lease Term
Operating leases	26.7 years
Finance leases	27.8 years
Financing obligations	29.5 years

Weighted-Average Discount Rate
Operating leases	6.7	%
Finance leases	6.9	%
Financing obligations	8.1	%

The components of lease expense were as follows:


	Location on Consolidated Statements of Operations and Comprehensive Income (Loss)	For the year ended December 31,
(in millions)		2020		2019
Operating Lease Costs
Rent expense associated with triple net operating leases (1)	General and administrative	$	419.8	$	366.4
Operating lease cost (2)	Primarily General and administrative	15.8		17.5
Short-term lease cost	Primarily Gaming expense	37.7		56.6
Variable lease cost (2)	Primarily Gaming expense	2.5		3.9
Total		$	475.8	$	444.4

Finance Lease Costs
Interest on lease liabilities (3)	Interest expense, net	$	15.2	$	15.4
Amortization of ROU assets (3)	Depreciation and amortization	8.0		7.9
Total		$	23.2	$	23.3

Financing Obligation Costs
Interest expense (4)	Interest expense, net	$	403.1	$	394.1

(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).

(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) and Morgantown Lease determined to be financing obligations, inclusive of the variable expense associated with Columbus and Toledo for the finance lease components (the buildings).

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

Supplemental cash flow information related to leases was as follows:


	For the year ended December 31,
(in millions)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities(1)
Operating cash flows from finance leases	$	15.2	$	15.4
Operating cash flows from operating leases	$	426.7	$	403.6
Financing cash flows from finance leases	$	6.3	$	6.2

(1)Amounts related to the year ended December 31, 2020 are inclusive of utilized rent credits.

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


	For the year ended December 31,
(in millions)	2020		2019
Penn Master Lease (1)	$	457.9	$	457.9
Pinnacle Master Lease (1)	326.9		328.6
Meadows Lease (1)	26.4		26.4
Margaritaville Lease	23.5		23.1
Greektown Lease	55.6		33.8
Morgantown Lease (1)	0.8		—
Total (2)	$	891.1	$	869.8

(1)During the twelve months ended December 31, 2020 we utilized rent credits to pay $190.7 million, $135.5 million, $11.0 million and $0.3 million of rent under the Penn Master Lease, Pinnacle Master Lease, Meadows Lease and Morgantown Lease, respectively.

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

The following is a maturity analysis of our operating leases, finance leases and financing obligations as of December 31, 2020:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Years ending December 31:
2021	$	422.6	$	21.7	$	370.3
2022	412.4		21.6		370.3
2023	399.9		20.8		370.4
2024	383.7		16.7		370.4
2025	380.7		16.7		370.5
Thereafter	7,779.9		376.7		9,095.3
Total lease payments	9,779.2		474.2		10,947.2
Less: Imputed interest	(5,286.1)		(254.8)		(6,814.8)
Present value of future lease payments	4,493.1		219.4		4,132.4
Less: Current portion of lease obligations	(127.4)		(6.9)		(36.0)
Long-term portion of lease obligations	$	4,365.7	$	212.5	$	4,096.4

Lessor

The Company leases its hotel rooms to patrons and records the corresponding lessor revenue in “Food, beverage, hotel and other revenues” within our Consolidated Statements of Operations and Comprehensive Income (Loss). For the years ended

December 31, 2020, 2019, and 2018, the Company recognized $146.8 million, $311.0 million, and $163.6 million, of lessor revenues related to the rental of hotel rooms, respectively. Hotel leasing arrangements vary in duration, but are short-term in nature. The cost and accumulated depreciation of property and equipment associated with hotel rooms is included in “Property and equipment, net” within our Consolidated Balance Sheets.

Leases

Note 12—Leases

Lessee

Master Leases

Penn Master Lease


	For the year ended December 31,
(in millions)	2020		2019		2018
Variable expenses included in “General and administrative”	$	12.9	$	16.4	$	—
Variable expenses included in “Interest expense, net”	11.8		16.1		48.9
Total variable expenses	$	24.7	$	32.5	$	48.9

Pinnacle Master Lease

Morgantown Lease

Operating Leases

Tropicana Lease

Meadows Lease

Margaritaville Lease

Greektown Lease

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


	December 31, 2020
Weighted-Average Remaining Lease Term
Operating leases	26.7 years
Finance leases	27.8 years
Financing obligations	29.5 years

Weighted-Average Discount Rate
Operating leases	6.7	%
Finance leases	6.9	%
Financing obligations	8.1	%

The components of lease expense were as follows:


	Location on Consolidated Statements of Operations and Comprehensive Income (Loss)	For the year ended December 31,
(in millions)		2020		2019
Operating Lease Costs
Rent expense associated with triple net operating leases (1)	General and administrative	$	419.8	$	366.4
Operating lease cost (2)	Primarily General and administrative	15.8		17.5
Short-term lease cost	Primarily Gaming expense	37.7		56.6
Variable lease cost (2)	Primarily Gaming expense	2.5		3.9
Total		$	475.8	$	444.4

Finance Lease Costs
Interest on lease liabilities (3)	Interest expense, net	$	15.2	$	15.4
Amortization of ROU assets (3)	Depreciation and amortization	8.0		7.9
Total		$	23.2	$	23.3

Financing Obligation Costs
Interest expense (4)	Interest expense, net	$	403.1	$	394.1

(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.

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

Supplemental cash flow information related to leases was as follows:


	For the year ended December 31,
(in millions)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities(1)
Operating cash flows from finance leases	$	15.2	$	15.4
Operating cash flows from operating leases	$	426.7	$	403.6
Financing cash flows from finance leases	$	6.3	$	6.2

(1)Amounts related to the year ended December 31, 2020 are inclusive of utilized rent credits.

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


	For the year ended December 31,
(in millions)	2020		2019
Penn Master Lease (1)	$	457.9	$	457.9
Pinnacle Master Lease (1)	326.9		328.6
Meadows Lease (1)	26.4		26.4
Margaritaville Lease	23.5		23.1
Greektown Lease	55.6		33.8
Morgantown Lease (1)	0.8		—
Total (2)	$	891.1	$	869.8

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

The following is a maturity analysis of our operating leases, finance leases and financing obligations as of December 31, 2020:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Years ending December 31:
2021	$	422.6	$	21.7	$	370.3
2022	412.4		21.6		370.3
2023	399.9		20.8		370.4
2024	383.7		16.7		370.4
2025	380.7		16.7		370.5
Thereafter	7,779.9		376.7		9,095.3
Total lease payments	9,779.2		474.2		10,947.2
Less: Imputed interest	(5,286.1)		(254.8)		(6,814.8)
Present value of future lease payments	4,493.1		219.4		4,132.4
Less: Current portion of lease obligations	(127.4)		(6.9)		(36.0)
Long-term portion of lease obligations	$	4,365.7	$	212.5	$	4,096.4

Lessor

Leases

Note 12—Leases

Lessee

Master Leases

Penn Master Lease


	For the year ended December 31,
(in millions)	2020		2019		2018
Variable expenses included in “General and administrative”	$	12.9	$	16.4	$	—
Variable expenses included in “Interest expense, net”	11.8		16.1		48.9
Total variable expenses	$	24.7	$	32.5	$	48.9

Pinnacle Master Lease

Morgantown Lease

Operating Leases

Tropicana Lease

Meadows Lease

Margaritaville Lease

Greektown Lease

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


	December 31, 2020
Weighted-Average Remaining Lease Term
Operating leases	26.7 years
Finance leases	27.8 years
Financing obligations	29.5 years

Weighted-Average Discount Rate
Operating leases	6.7	%
Finance leases	6.9	%
Financing obligations	8.1	%

The components of lease expense were as follows:


	Location on Consolidated Statements of Operations and Comprehensive Income (Loss)	For the year ended December 31,
(in millions)		2020		2019
Operating Lease Costs
Rent expense associated with triple net operating leases (1)	General and administrative	$	419.8	$	366.4
Operating lease cost (2)	Primarily General and administrative	15.8		17.5
Short-term lease cost	Primarily Gaming expense	37.7		56.6
Variable lease cost (2)	Primarily Gaming expense	2.5		3.9
Total		$	475.8	$	444.4

Finance Lease Costs
Interest on lease liabilities (3)	Interest expense, net	$	15.2	$	15.4
Amortization of ROU assets (3)	Depreciation and amortization	8.0		7.9
Total		$	23.2	$	23.3

Financing Obligation Costs
Interest expense (4)	Interest expense, net	$	403.1	$	394.1

(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.

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

Supplemental cash flow information related to leases was as follows:


	For the year ended December 31,
(in millions)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities(1)
Operating cash flows from finance leases	$	15.2	$	15.4
Operating cash flows from operating leases	$	426.7	$	403.6
Financing cash flows from finance leases	$	6.3	$	6.2

(1)Amounts related to the year ended December 31, 2020 are inclusive of utilized rent credits.

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


	For the year ended December 31,
(in millions)	2020		2019
Penn Master Lease (1)	$	457.9	$	457.9
Pinnacle Master Lease (1)	326.9		328.6
Meadows Lease (1)	26.4		26.4
Margaritaville Lease	23.5		23.1
Greektown Lease	55.6		33.8
Morgantown Lease (1)	0.8		—
Total (2)	$	891.1	$	869.8

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

The following is a maturity analysis of our operating leases, finance leases and financing obligations as of December 31, 2020:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Years ending December 31:
2021	$	422.6	$	21.7	$	370.3
2022	412.4		21.6		370.3
2023	399.9		20.8		370.4
2024	383.7		16.7		370.4
2025	380.7		16.7		370.5
Thereafter	7,779.9		376.7		9,095.3
Total lease payments	9,779.2		474.2		10,947.2
Less: Imputed interest	(5,286.1)		(254.8)		(6,814.8)
Present value of future lease payments	4,493.1		219.4		4,132.4
Less: Current portion of lease obligations	(127.4)		(6.9)		(36.0)
Long-term portion of lease obligations	$	4,365.7	$	212.5	$	4,096.4

Lessor

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13—Commitments and Contingencies Litigation The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, development agreements and other matters arising in the ordinary course of business. Although the Company maintains what it believes is adequate insurance coverage to mitigate the risk of loss pertaining to covered matters, legal and administrative proceedings can be costly, time-consuming and unpredictable. The Company believes that it has meritorious defenses, claims and/or counter-claims with respect to these proceedings, and intends to vigorously defend itself or pursue its claims. Although no assurance can be given, the Company does not believe that the final outcome of these matters, including costs to defend itself in such matters, will have a material adverse effect on the Company’s Consolidated Financial Statements. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. Location Share Agreements Prairie State Gaming (“PSG”) enters into location share agreements with bar and retail establishments in Illinois. These agreements are contracts which allow PSG to place VGTs in the bar or retail establishment in exchange for a percentage of the variable revenue generated by the VGTs. PSG holds the gaming license with the state of Illinois and the location share percentage is determined by the state of Illinois. For the years ended December 31, 2020, 2019 and 2018, the total location share payments made by PSG, which are recorded within our Consolidated Statements of Operations and Comprehensive Income (Loss) as gaming expenses, were $20.2 million, $33.1 million, and $34.7 million, respectively. Purchase Obligations The Company has obligations to purchase various goods and services totaling $149.1 million as of December 31, 2020, of which $59.7 million will be incurred in 2021. Capital Expenditure Commitments Pursuant to each of our Triple Net Leases with the exception of our Morgantown Lease (which is a land lease we entered into on October 1, 2020 with GLPI as discussed in Note 12 "Leases"), we are obligated to spend a minimum of 1% of annual net revenues, in the aggregate under each lease, on the maintenance of such facilities. Employee Benefit Plans The Company maintains a qualified retirement plan under the provisions of Section 401(k) of the Internal Revenue Code of 1986, as amended, which covers all eligible employees (the “Penn 401(k) Plan”). The Penn 401(k) Plan enables participating employees to defer a portion of their salary in a retirement fund to be administered by the Company. The Company makes a discretionary match contribution, where applicable, of 50% of employees’ elective salary deferrals, up to a maximum of 6% of eligible employee compensation. The matching contributions to the Penn 401(k) Plan for the years ended December 31, 2020, 2019 and 2018 were $6.0 million, $11.7 million, and $6.5 million, respectively. We maintain a non-qualified deferred compensation plan (the “EDC Plan”) that covers most management and other highly-compensated employees. The EDC Plan was effective beginning March 1, 2001. The EDC Plan allows the participants to defer, on a pre-tax basis, a portion of their base annual salary and/or their annual bonus and earn tax-deferred earnings on these deferrals. The EDC Plan also provides for matching Company contributions that vest over a five-year period. The Company has established a trust, and transfers to the trust, on a periodic basis, an amount necessary to provide for its respective future liabilities with respect to participant deferral and Company contribution amounts. The Company’s matching contributions for the EDC Plan for the years ended December 31, 2020, 2019 and 2018 were $2.6 million, $2.3 million, and $2.3 million, respectively. Our deferred compensation liability, which is included in “Accrued expenses and other current liabilities” within the Consolidated Balance Sheets, was $86.3 million and $80.1 million as of December 31, 2020 and 2019, respectively. As part of our initiative to reduce our cost structure while our properties were temporarily closed due to the COVID-19 pandemic, we suspended our matching contributions to the Penn 401(k) Plan and the EDC Plan from April 1, 2020 to September 30, 2020. Labor Agreements We are required to have agreements with the horsemen at the majority of our racetracks to conduct our live racing and/or simulcasting activities. In addition, in order to operate gaming machines and table games in West Virginia, the Company must maintain agreements with each of the Charles Town horsemen, pari-mutuel clerks and breeders. As of December 31, 2020, we had 38 collective bargaining agreements covering approximately 2,779 active employees. Nine collective bargaining agreements are scheduled to expire in 2021, and we are currently renegotiating three collective bargaining agreements that expired in 2020.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Note 14—Income Taxes

The following table summarizes the tax effects of temporary differences between the Consolidated Financial Statements carrying amount of assets and liabilities and their respective tax basis, which are recorded at the prevailing enacted tax rate that will be in effect when these differences are settled or realized. These temporary differences result in taxable or deductible amounts in future years. The Company assessed all available positive and negative evidence to estimate whether sufficient future taxable income will be generated to realize our existing net deferred tax assets. For the year ended December 31, 2020, the Company made a reclassification within the below table to separate the right of use asset from the financing and operating lease obligations. This reclassification change was also made to 2019 for transparency, which has no impact to the net deferred tax amount.

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


	December 31,
(in millions)	2020		2019
Deferred tax assets:
Stock-based compensation expense	$	18.2	$	11.7
Accrued expenses	43.3		37.6
Financing and operating leasing obligations	2,336.9		2,178.0
Unrecognized tax benefits	7.9		7.7

Net operating losses, interest limitation and tax credit carryforwards	153.9		87.6
Gross deferred tax assets	2,560.2		2,322.6
Less: Valuation allowance	(101.0)		(54.2)
Net deferred tax assets	2,459.2		2,268.4
Deferred tax liabilities:
Property and equipment, not subject to the Master Leases	(51.1)		(53.1)
Property and equipment, subject to the Master Leases	(1,051.2)		(1,088.9)
Investments in and advances to unconsolidated affiliates	(27.9)		(2.9)
Discount on convertible notes	(20.9)		—
Undistributed foreign earnings	(0.4)		(0.4)
Intangible assets	(183.4)		(287.3)
Lease right of use assets	(1,250.6)		(1,080.4)
Net deferred tax liabilities	(2,585.5)		(2,513.0)
Long-term deferred tax assets (liabilities), net	$	(126.3)	$	(244.6)

The realizability of the net deferred tax assets is evaluated quarterly by assessing the need for a valuation allowance and by adjusting the amount of the allowance, if necessary. The Company gives appropriate consideration to all available positive and negative evidence including statutory carryback periods, projected future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. The evaluation of both positive and negative evidence is a requirement pursuant to ASC 740 in determining if the net deferred tax assets will be realized. ASC 740 suggests that additional scrutiny should be given to deferred taxes of an entity with cumulative pre‑tax book losses during the three most recent years

and is widely considered significant negative evidence that is objective and verifiable and therefore, difficult to overcome. Due to the financial results during the year ended December 31, 2020, the Company has a cumulative pre‑tax book loss of $658.2 million, which is significant negative evidence used in our assessment.

Additionally, the Company expects to remain in a three year cumulative loss position in the near future. As a result of these facts, the Company has recorded a valuation allowance against its net deferred tax assets, excluding net operating losses ("NOLs") that can be realized based on statutory carryback periods and the reversal of net deferred taxes related to indefinite‑lived intangibles. The Company intends to continue to maintain a valuation allowance on its net deferred tax assets until there is sufficient objectively verifiable positive evidence to support the realization of all or some portion of these deferred tax assets. In the event the Company determines that the deferred income tax assets would be realized in the future in excess of their net recorded amount, an adjustment to the valuation allowance would be recorded, which would reduce the provision for income taxes.

During the year ended December 31, 2020, the Company increased the valuation allowance by $46.8 million, primarily related to federal and state NOL carryforwards, which substantially increased in the current year as a result of the global pandemic.

Following the ownership changes of the Tropicana, the Company has $120.3 million of total gross federal NOL carryforwards that will expire on various dates through 2035. All acquired tax attributes are subject to limitations under the Internal Revenue Code and underlying Treasury Regulations. During the year ended December 31, 2020, the Company increased its federal NOL carryforward by $148.1 million due to the current year loss, which resulted in an indefinite federal NOL carryforward. The utilization of the indefinite federal NOL carryforward is limited to 80% of taxable income in any given year.

For state income tax reporting, as of December 31, 2020, the Company had gross state NOL carryforwards aggregating $1,332.0 million available to reduce future state income taxes, primarily for the Commonwealth of Pennsylvania and the States of Colorado, Iowa, Louisiana, Missouri, New Mexico and Ohio localities. The tax benefit associated with these NOL carryforwards was $78.3 million. Due to statutorily limited NOL carryforwards and income and loss projections in the applicable jurisdictions, a valuation allowance has been recorded to reflect the NOLs which are not presently expected to be realized in the amount of $60.2 million. If not used, the majority of the carryforwards will expire at various dates from December 31, 2021 through December 31, 2040.

The domestic and foreign components of income (loss) before income taxes for the years ended December 31, 2020, 2019 and 2018 were as follows:


	For the year ended December 31,
(in millions)	2020		2019		2018
Domestic	$	(834.0)	$	85.5	$	89.6
Foreign	(0.2)		0.6		0.3
Total	$	(834.2)	$	86.1	$	89.9

The components of income tax benefit (expense) for the years ended December 31, 2020, 2019 and 2018 were as follows:


	For the year ended December 31,
(in millions)	2020		2019		2018
Current tax benefit (expense)
Federal	$	47.0	$	(12.5)	$	(15.3)
State	0.2		(9.2)		(6.4)
Foreign	(0.4)		(0.2)		(1.4)
Total current	46.8		(21.9)		(23.1)
Deferred tax benefit (expense)
Federal	103.6		(16.7)		14.6
State	14.7		(4.4)		10.9
Foreign	—		—		1.2
Total deferred	118.3		(21.1)		26.7
Total income tax benefit (expense)	$	165.1	$	(43.0)	$	3.6

The following table reconciles the statutory federal income tax rate to the actual effective income tax rate, and related amounts of income tax benefit (expense), for the years ended December 31, 2020, 2019 and 2018:


	For the year ended December 31,
	2020				2019				2018
(in millions, except tax rates)	Percent		Amount		Percent		Amount		Percent		Amount
Percent and amount of pretax income
Federal statutory rate	21.0	%	$	175.2	21.0	%	$	(18.1)	21.0	%	$	(18.9)
State and local income taxes, net of federal benefits	1.4		12.1		9.9		(8.5)		(6.2)		5.6
Nondeductible expenses	(0.3)		(2.6)		4.0		(3.5)		6.9		(6.2)
Goodwill impairment losses	(2.3)		(19.0)		14.4		(12.4)		—		—
Compensation	2.5		20.5		0.3		(0.3)		(3.8)		3.4

Foreign	—		(0.4)		0.1		(0.1)		(0.1)		0.1
Federal valuation allowance	(3.9)		(32.7)		—		—		(20.3)		18.3
Tax credits	1.2		10.0		—		—		—		—
Other	0.2		2.0		0.2		(0.1)		(1.5)		1.3
Total effective tax rate and income tax benefit (expense)	19.8	%	$	165.1	49.9	%	$	(43.0)	(4.0)	%	$	3.6

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


(in millions)	Unrecognized tax benefits
Unrecognized tax benefits as of January 1, 2018	$	30.9
Additions based on prior year positions	0.8
Decreases due to settlements and/or reduction in reserves	(2.0)
Unrecognized tax benefits as of December 31, 2018	29.7
Additions based on prior year positions	6.5
Decreases due to settlements and/or reduction in reserves	(0.2)
Unrecognized tax benefits as of December 31, 2019	36.0
Additions based on prior year positions	1.2
Decreases due to settlements and/or reduction in reserves	(0.9)
Unrecognized tax benefits as of December 31, 2020	$	36.3

During the year ended December 31, 2020, we did not record any new tax reserves, and accrued interest or penalties related to current year uncertain tax positions. Regarding prior year tax positions, we recorded $1.9 million of tax reserves and accrued

interest and reversed $1.0 million of previously recorded tax reserves and accrued interest for uncertain tax positions. As of December 31, 2020 and 2019, unrecognized tax benefits, inclusive of accruals for income tax related penalties and interest, of $38.2 million and $37.2 million, respectively, were included in “Other long-term liabilities” within the Company’s Consolidated Balance Sheets. Overall, the Company recorded a net tax expense of $0.9 million in connection with its uncertain tax positions for the year ended December 31, 2020.

The liability for unrecognized tax benefits as of December 31, 2020 and 2019 included $30.2 million and $29.4 million, respectively, of tax positions that, if reversed, would affect the effective tax rate. During the years ended December 31, 2020, 2019 and 2018, we recognized $0.5 million, $0.1 million and $0.5 million, respectively, of interest and penalties, net of deferred taxes. In addition, due to settlements and/or reductions in previously recorded liabilities, the Company had reductions in previously accrued interest and penalties of $0.1 million, net of deferred taxes. The Company had no reductions in previously accrued interest and penalties for the year ended December 31, 2019. We classify any income tax related penalties and interest accrued related to unrecognized tax benefits in “Income tax benefit (expense)” within the Consolidated Statements of Operations and Comprehensive Income (Loss).

The Company is currently in various stages of the examination process in connection with its open audits. Generally, it is difficult to determine when these examinations will be closed, but the Company reasonably expects that its ASC 740 liabilities will not significantly change over the next twelve months. As of December 31, 2020, the Company has open tax years 2017 through 2019 that could be subject to examination for U.S. federal income taxes. In addition, we are subject to state and local income tax examinations for various tax years in the taxing jurisdictions in which we operate. Such audits could result in increased tax liabilities, interest and penalties. While the Company believes its tax positions are appropriate, we cannot assure the outcome will remain consistent with our expectation. The Company believes we have adequately reserved for potential audit exposures of uncertain tax positions. In the event the final outcome of these matters is different than the amounts recorded, such differences will impact our income tax provision in the period in which the determination is made. As of December 31, 2020 and 2019, prepaid income taxes of $52.7 million and $22.2 million, respectively, were included in “Prepaid expenses” within the Company’s Consolidated Balance Sheets.

- 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

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2020
Equity [Abstract]
Stockholders' Equity	Note 15—Stockholders’ Equity 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. 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 expired on December 31, 2020. During the year ended December 31, 2019, the Company repurchased 1,271,823 shares of its common stock in open market transactions for $24.9 million at an average price of $19.55 per share. All of the repurchased shares were retired. There were no repurchases of the Company’s common stock for the year ended December 31, 2020. Preferred Stock 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 as discussed in "Note 7—Investments in and Advances to Unconsolidated Affiliates ." There were 5,000 shares authorized of Series D Preferred Stock and 883 shares outstanding as of December 31, 2020. The Company previously issued two series of preferred stock, Series B and Series C, each with a par value of $0.01 per share. As of December 31, 2020 and 2019, there were 1,000,000 and 18,500 shares authorized of our Series B and Series C preferred stock, respectively. There were no shares outstanding of either Series B or Series C preferred stock as of December 31, 2020 and 2019.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 16—Stock-Based Compensation

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”), restricted stock awards (“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 count against the 12,700,000 limit as one share of common stock for each share granted and restricted stock or any other full value stock award count as issuing 2.30 shares of common stock for each share granted. Any awards that are not settled in shares of common stock are not counted against the limit. As of December 31, 2020, there were 7,612,054 shares available for future grants under the 2018 Plan.

2008 Long Term Incentive Compensation Plan

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

Stock-based Compensation Expense

Stock-based compensation expense, which pertains principally to our stock options and RSAs, for the years ended December 31, 2020, 2019 and 2018 totaled $14.5 million, $14.9 million and $12.0 million, respectively, and is included within the Consolidated Statements of Operations and Comprehensive Income (Loss) under “General and administrative.”

Stock Options

Stock options that expire between February 21, 2021 and October 31, 2030 have been granted to officers, directors, employees, and predecessor employees to purchase common stock at prices ranging from $12.65 to $55.74 per share. All options were granted at the fair market value of the common stock on the grant date (as defined in the respective plan document) and have contractual lives ranging from four to ten years. The Company issues new authorized common shares to satisfy stock option exercises.

The following table contains information about our stock options:


	Number of Option Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding as of January 1, 2020	7,817,436	$	16.30
Granted	652,733	$	26.79
Exercised	(4,362,654)	$	14.37
Forfeited	(508,326)	$	21.69
Outstanding as of December 31, 2020	3,599,189	$	19.79	6.46	$	242.2
Exercisable as of December 31, 2020	1,343,421	$	16.71	3.94	$	94.6

The weighted-average grant-date fair value of options granted during the years ended December 31, 2020, 2019 and 2018 were $8.62, $6.39 and $9.88, respectively. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2020, 2019 and 2018 was $128.9 million, $2.0 million and $28.7 million, respectively. The total fair value of stock options that vested during the years ended December 31, 2020, 2019 and 2018 was $9.6 million, $6.2 million and $5.9 million, respectively.

The following table summarizes information about our outstanding stock options as of December 31, 2020:


	Exercise Price Range								Total
	$12.65 to $18.63		$18.81 to $26.14		$30.74 to $36.31		$55.74 to $55.74		$12.65 to $55.74
Outstanding options
Number outstanding	1,045,257		2,245,484		303,974		4,474		3,599,189
Weighted-average remaining contractual term (in years)	2.77		8.44		4.46		9.84		6.46
Weighted-average exercise price	$	13.86	$	20.88	$	31.57	$	55.74	$	19.79
Exercisable options
Number outstanding	830,121		389,945		123,355		—		1,343,421
Weighted-average exercise price	$	13.48	$	19.14	$	30.74	$	—	$	16.71

As of December 31, 2020, the unamortized compensation costs not yet recognized related to stock options granted totaled $11.5 million and the weighted-average period over which the costs are expected to be recognized was 2.5 years.

The following are the weighted-average assumptions used in the Black-Scholes option-pricing model for the years ended December 31, 2020, 2019 and 2018:


	For the year ended December 31,
	2020		2019		2018
Risk-free interest rate	1.55	%	2.00	%	2.26	%
Expected volatility	33.78	%	32.90	%	30.80	%
Dividend yield	—		—		—
Weighted-average expected life (in years)	5.00		5.30		5.30

Restricted Stock Awards

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

Performance Share Programs

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

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

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.

On February 14, 2019, an aggregate of 278,780 PSAs with performance-based vesting conditions, at target, was granted under the Performance Share Program II, to be granted in one-third increments.

On February 25, 2020, an aggregate of 107,297 PSAs with performance-based vesting conditions, at target, was granted under the Performance Share Program II, to be granted in one-third increments.

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

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

The following table contains information on our RSAs:


	With Performance Conditions			Without Performance Conditions
	Number of Shares	Weighted- Average Grant Date Fair Value		Number of Shares	Weighted- Average Grant Date Fair Value
Nonvested as of January 1, 2020	395,362	$	24.35	298,479	$	23.15
Granted	179,045	$	28.68	131,313	$	26.18
Vested	(352,371)	$	23.63	(106,666)	$	22.53
Forfeited	—	$	—	(39,180)	$	25.18
Nonvested as of December 31, 2020	222,036	$	28.73	283,946	$	24.50

As of December 31, 2020, the unamortized compensation costs not yet recognized related to RSAs totaled $6.4 million and the weighted-average period over which the costs are expected to be recognized is 1.7 years. The total fair value of RSAs that vested during the years ended December 31, 2020, 2019 and 2018 was $16.7 million, $5.5 million and $0.9 million, respectively.

Phantom Stock Units

Our outstanding PSUs entitle employees, non-employee directors, 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 Consolidated Balance Sheets, associated with its cash-settled PSUs of $10.1 million and $3.3 million as of December 31, 2020 and 2019, respectively.

For PSUs held by employees, non-employee directors, and the chairman emeritus of the Company, there was $16.0 million of total unrecognized compensation cost as of December 31, 2020 that will be recognized over the awards remaining weighted-average vesting period of 2.3 years. For the years ended December 31, 2020, 2019 and 2018, the Company recognized $11.5 million, $4.1 million, and $1.1 million of compensation expense associated with these awards, respectively. Compensation expense associated with our PSUs is recorded in “General and administrative” within the Consolidated Statements of

Operations and Comprehensive Income (Loss). We paid $4.7 million, $2.5 million, and $4.2 million during the years ended December 31, 2020, 2019 and 2018, respectively, pertaining to cash-settled PSUs.

Stock Appreciation Rights

Our outstanding cash-settled 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 Consolidated Balance Sheets, associated with its cash-settled SARs of $54.6 million and $14.4 million as of December 31, 2020 and 2019, respectively.

For SARs held by employees of the Company, there was $71.2 million of total unrecognized compensation cost as of December 31, 2020 that will be recognized over the awards remaining weighted-average vesting period of 2.7 years. For the years ended December 31, 2020 and 2019, the Company recognized a charge to compensation expense of $69.7 million and $10.7 million, respectively, associated with these awards, as compared to a reduction to compensation expense of $6.7 million for the year ended December 31, 2018. Compensation expense associated with the SARs is recorded in “General and administrative” within the Consolidated Statements of Operations and Comprehensive Income (Loss). We paid $32.6 million, $3.5 million and $10.5 million during the years ended December 31, 2020, 2019 and 2018, respectively, related to cash-settled SARs.

Earnings per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings per Share

Note 17—Earnings (Loss) per Share

For the year ended December 31, 2020, we recorded a net loss attributable to Penn Common Stock. 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 the year ended December 31, 2020.

On February 20, 2020, the Company issued 883 shares of Series D Preferred Stock to certain individual stockholders affiliated with Barstool Sports which can be converted into 883,000 shares 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. Holders of the Company's Series D Preferred Stock are not obligated to absorb losses therefore the two-class method was not applied for the year ended December 31, 2020. (See Note 7 - Investments in and Advances to Unconsolidated Affiliates).

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 year ended December 31, 2020
Assumed conversion of dilutive stock options			3.0
Assumed conversion of dilutive RSAs			0.5
Assumed conversion of convertible preferred shares			0.7
Assumed conversion of convertible debt			9.1

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2019 and 2018:


	For the year ended December 31,
(in millions)	2019	2018
Weighted-average common shares outstanding—Basic	115.7	97.1
Assumed conversion of:
Dilutive stock options	1.8	3.0
Dilutive RSAs	0.3	0.2
Weighted-average common shares outstanding—Diluted	117.8	100.3

Options to purchase zero, 2.4 million, and 0.7 million shares were outstanding during the years ended December 31, 2020, 2019 and 2018, respectively, but were not included in the computation of diluted EPS because they were antidilutive.

The following table presents the calculation of basic and diluted earnings (loss) for the Company’s common stock for the years ended December 31, 2020, 2019 and 2018:



(in millions, except per share data)	2020		2019		2018
Calculation of basic earnings (loss) per share:
Net income (loss) applicable to common stock	$	(669.5)	$	43.9	$	93.5
Weighted-average common shares outstanding - basic	134.0		115.7		97.1
Basic earnings (loss) per share	$	(5.00)	$	0.38	$	0.96

Calculation of diluted earnings (loss) per share:
Net income (loss) applicable to common stock	(669.5)		$	43.9	$	93.5
Weighted-average common shares outstanding - diluted	134.0		117.8		100.3
Diluted earnings (loss) per share	$	(5.00)	$	0.37	$	0.93

Segment Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Information

Note 18—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 year ended December 31,
(in millions)	2020		2019		2018
Revenues:
Northeast segment	$	1,639.3	$	2,399.9	$	1,891.5
South segment	849.6		1,118.9		394.4
West segment	302.5		642.5		437.9
Midwest segment	681.4		1,094.5		823.7
Other (1)	125.0		47.5		40.4
Intersegment eliminations (2)	(19.1)		(1.9)		—
Total	$	3,578.7	$	5,301.4	$	3,587.9

Adjusted EBITDAR (3):
Northeast segment	$	478.9	$	720.8	$	583.8
South segment	318.9		369.8		118.9
West segment	82.2		198.8		114.3
Midwest segment	258.3		403.6		294.3
Other (1)	(43.5)		(87.8)		(68.1)

Total (3)	1,094.8		1,605.2		1,043.2

Other operating benefits (costs) and other income (expenses):
Rent expense associated with triple net operating leases (4)	(419.8)		(366.4)		(3.8)
Stock-based compensation	(14.5)		(14.9)		(12.0)
Cash-settled stock-based awards variance	(67.2)		(0.8)		19.6
Gain (loss) on disposal of assets	29.2		(5.5)		(3.2)
Contingent purchase price	1.1		(7.0)		(0.5)
Pre-opening and acquisition costs	(11.8)		(22.3)		(95.0)
Depreciation and amortization	(366.7)		(414.2)		(269.0)
Impairment losses	(623.4)		(173.1)		(34.9)
Recoveries on loan loss and unfunded loan commitments	—		—		17.0
Insurance recoveries, net of deductible charges	0.1		3.0		0.1
Non-operating items of equity method investments (5)	(4.7)		(3.7)		(5.1)
Interest expense, net	(543.2)		(534.2)		(538.4)
Loss on early extinguishment of debt	(1.2)		—		(21.0)
Other (6)	93.1		20.0		(7.1)
Income (loss) before income taxes	(834.2)		86.1		89.9
Income tax benefit (expense)	165.1		(43.0)		3.6
Net income (loss)	$	(669.1)	$	43.1	$	93.5

(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; our management contract for Retama Park Racetrack and our live and televised poker tournament series that operates under the trade name, Heartland Poker Tour (“HPT”). 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.

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 19, “Fair Value Measurements.” Additionally, includes non-recurring restructuring charges (primarily severance) of $13.4 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 year ended December 31,
(in millions)	2020		2019		2018
Capital expenditures:
Northeast segment	$	78.0	$	96.2	$	38.9
South segment	15.8		29.8		10.6
West segment	8.2		21.2		12.8
Midwest segment	15.1		32.7		25.3
Other	19.9		10.7		5.0
Total capital expenditures	$	137.0	$	190.6	$	92.6


(in millions)	Northeast		South		West		Midwest		Other		Total
As of December 31, 2020
Investment in and advances to unconsolidated affiliates (1)	$	0.1	$	—	$	—	$	85.2	$	181.5	$	266.8
Total assets (2)	$	1,958.4	$	1,165.4	$	401.5	$	1,161.1	$	9,980.9	$	14,667.3

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

As of December 31, 2018
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	89.4	$	39.0	$	128.5
Total assets (3)	$	1,330.2	$	1,082.3	$	755.7	$	1,411.5	$	6,381.3	$	10,961.0

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

(2)As of December 31, 2020 and 2019, total assets of the Other category includes 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.

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

- 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

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+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 19—Fair Value Measurements

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

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

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

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

The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy. The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate. The fair value of the Company’s trade accounts receivable and payables approximates the carrying amounts.

Cash and Cash Equivalents

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

Equity Securities

As of December 31, 2020 and 2019, we held $143.1 million and $40.5 million in equity securities, respectively, including ordinary shares and warrants, which are reported as “Other assets” in our Consolidated Balance Sheets. 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 year ended December 31, 2020 and 2019, we recognized a holding gain of $106.7 million and $19.9 million, respectively, related to these equity securities, which is included in “Other,” as reported in “Other income (expenses)” within our 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 December 31, 2020 and 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 December 31, 2020 and 2019, the promissory notes and the local government corporation bonds, which have long-term contractual maturities, are included in “Other assets” within our Consolidated Balance Sheets.

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

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 the 2.75% 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 December 31, 2020 and 2019 included the relocation fees for Dayton and Mahoning Valley, which are discussed in Note 11, “Long-term Debt,” and the repayment obligation of the hotel and event center located near Hollywood Casino Lawrenceburg. The fair values of these long-term obligations are estimated based on rates consistent with the Company’s credit rating for comparable terms and debt instruments and are classified as Level 2 measurements.

Other Liabilities

Other liabilities as of December 31, 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, 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 December 31, 2020 and 2019, we were contractually obligated to make five and six additional annual payments, respectively. During the second quarter of 2020, we made the second and final payment of $8.2 million on the Absolute Games, LLC 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 Consolidated Balance Sheets in “Accrued expenses and other current liabilities” or “Other long-term liabilities,” depending on the timing of the next payment.

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


	December 31, 2020
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	1,853.8	$	1,853.8	$	1,853.8	$	—	$	—
Equity securities	$	143.1	$	143.1	$	—	$	143.1	$	—
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	$	1,600.3	$	1,609.3	$	1,609.3	$	—	$	—
5.625% Notes	$	399.5	$	418.0	$	418.0	$	—	$	—
Convertible Notes	$	239.8	$	1,274.5	$	1,274.5	$	—	$	—
Other long-term obligations	$	73.0	$	72.8	$	—	$	72.8	$	—
Other liabilities	$	10.1	$	10.1	$	—	$	2.8	$	7.3
Puts and calls related to certain Barstool Sports shares	$	0.3	$	0.3	$	—	$	0.3	$	—


	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, 2018	$	22.7

Payments	(4.2)
Included in earnings (1)	0.5
Balance as of December 31, 2018	19.0

Payments	(8.5)
Included in earnings (1)	7.0
Balance as of December 31, 2019	17.5

Payments	(9.1)
Included in loss (1)	(1.1)
Balance as of December 31, 2020	$	7.3

(1)The expense is included in “General and administrative” within our 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 years ended December 31, 2020 and 2019:


(in millions)	Valuation Date	Valuation Technique	Level 1		Level 2		Level 3		Total Balance		Total Reduction in Fair Value Recorded
Property and equipment (1)	12/31/2020	Discounted cash flow	$	—	$	—	$	—	$	—	$	(7.3)
Goodwill (2)	3/31/2020	Discounted cash flow and market approach	$	—	$	—	$	160.5	$	160.5	$	(113.0)
Gaming licenses (2)	3/31/2020	Discounted cash flow	$	—	$	—	$	568.0	$	568.0	$	(437.0)
Trademarks (2)	3/31/2020	Discounted cash flow	$	—	$	—	$	216.5	$	216.5	$	(61.5)
Goodwill	10/1/2019	Discounted cash flow and market approach	$	—	$	—	$	161.1	$	161.1	$	(88.0)
Gaming licenses	10/1/2019	Discounted cash flow	$	—	$	—	$	290.0	$	290.0	$	(62.6)
Trademarks	10/1/2019	Discounted cash flow	$	—	$	—	$	87.5	$	87.5	$	(20.0)

(1)The fair value, which was concluded to be zero, of our property and equipment associated with Tropicana was determined using Level 3 inputs. See Note 8, “Property and Equipment,” for more information.

(2)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. See Note 9, “Goodwill and Other Intangible Assets” for more information.

The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 liabilities on a recurring basis as of December 31, 2020:

Valuation Technique

Unobservable Input

Discount Rate

Contingent purchase price - Plainridge Park Casino

Discounted cash flow

Discount rate

5.05%

As discussed in Note 9, “Goodwill and Other Intangible Assets,” we recorded impairments on our goodwill, gaming licenses and trademarks as a result of the interim assessment for impairment during the first quarter of 2020. Our annual assessment for impairment as of October 1, 2020, did not result in any impairment charges to goodwill, gaming licenses and trademarks. 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% - 14.00%
				Long-term revenue growth rate	2.0	%
Trademarks	$	216.5	Discounted cash flow	Discount rate	13.25% - 14.00%
				Long-term revenue growth rate	2.0	%
				Pretax royalty rate	1.0% - 2.0%

- Definition

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

+ References + Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 20—Related Party Transactions The Company currently leases executive office buildings in Wyomissing, Pennsylvania from affiliates of its Chairman Emeritus of the Board of Directors. Rent expense for the years ended December 31, 2020, 2019 and 2018 was $1.2 million, $1.2 million and $1.3 million, respectively. Certain of the leases for the office space expired in May 2019, but have been extended on a month-to-month basis; the remaining long-term lease for the office space expires in August 2024. The future minimum lease commitments relating to these leases as of December 31, 2020 were $1.5 million.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation

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

Principles of Consolidation

Reclassifications

Reclassifications: Certain reclassifications have been made to conform the prior period presentation.

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.

Cash and Cash Equivalents

Concentration of Credit Risk

Property and Equipment


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

Goodwill and Other Intangible Assets

Equity Securities

Financing Obligations

Operating and Finance Leases

presented as financing cash outflows and interest payments associated with finance leases are presented as operating cash outflows within our Consolidated Statements of Cash Flows.

Debt Discount and Debt Issuance Costs

Self-Insurance Reserves

Contingent Purchase Price and Application of Business Combination Accounting

Contingent Purchase Price: The consideration for the Company’s acquisitions may include future payments that are contingent upon the occurrence of a particular event. We record an obligation for such contingent payments at fair value as of the acquisition date. We revalue our contingent purchase price obligations each reporting period. Changes in the fair value of the contingent purchase price obligation can result from changes to one or multiple inputs, including adjustments to the discount rate and changes in the assumed probabilities of successful achievement of certain financial targets. The changes in the fair value of contingent purchase price are recognized within our Consolidated Statements of Operations and Comprehensive Income (Loss) as a component of “General and administrative” expense.Application of Business Combination Accounting: We utilize the acquisition method of accounting in accordance with ASC 805, “Business Combinations,” which requires us to allocate the purchase price to tangible and identifiable intangible assets based on their fair values. The excess of the purchase price over the fair value ascribed to tangible and identifiable intangible assets is recorded as goodwill. If the fair value ascribed to tangible and identifiable intangible assets changes during the measurement period (due to additional information being available and related Company analysis), the measurement period adjustment is recognized in the reporting period in which the adjustment amount is determined and offset against goodwill. The measurement period for our acquisitions are no more than one year in duration.

Income Taxes

Revenue Recognition and Customer-related Liabilities

entity. Since the Company was the controlling entity to the arrangement, the reimbursement was recorded on a gross basis with an offsetting amount charged to operating expense.

Complimentaries Associated with Gaming Contracts

Customer-related Liabilities

for unpaid wagers, and (iii) deferred revenue associated with third-party sports betting operators for online sports betting and related iGaming market access.

Gaming and Racing Taxes

Stock-Based Compensation

Earnings Per Share

Voting Interest Entities and Variable Interest Entities

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 of $0.6 million as of January 1, 2020.

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 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 elected to early adopt ASU 2019-12 during the third quarter of 2020 on a prospective basis, which did not have a material impact on our Consolidated Financial Statements.

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. ASU 2020-01 is effective for fiscal

years beginning after December 15, 2020, and interim periods within those fiscal years with early adoption permitted. The Company's early adoption of ASU 2020-01 did not have a material impact on our Consolidated Financial Statements.

In October 2020, the FASB issued ASU No. 2020-10, “Codification Improvements,” (“ASU 2020-10”) which updates various codification topics by clarifying or improving disclosure requirements to align with the SEC’s regulations. ASU 2020-10 is effective for fiscal years beginning after December 15, 2020 with early adoption permitted. The Company's early adoption of ASU 2020-10 did not have a material impact on our Consolidated Financial Statements.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of operating segments within reportable segments

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


	Location	Real Estate Assets Lease or Ownership Structure
Northeast segment
Ameristar East Chicago	East Chicago, Indiana	Pinnacle Master Lease
Greektown Casino-Hotel	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 year ended December 31,
(in millions)	2020		2019		2018
Revenues:
Northeast segment	$	1,639.3	$	2,399.9	$	1,891.5
South segment	849.6		1,118.9		394.4
West segment	302.5		642.5		437.9
Midwest segment	681.4		1,094.5		823.7
Other (1)	125.0		47.5		40.4
Intersegment eliminations (2)	(19.1)		(1.9)		—
Total	$	3,578.7	$	5,301.4	$	3,587.9

Adjusted EBITDAR (3):
Northeast segment	$	478.9	$	720.8	$	583.8
South segment	318.9		369.8		118.9
West segment	82.2		198.8		114.3
Midwest segment	258.3		403.6		294.3
Other (1)	(43.5)		(87.8)		(68.1)

Total (3)	1,094.8		1,605.2		1,043.2

Other operating benefits (costs) and other income (expenses):
Rent expense associated with triple net operating leases (4)	(419.8)		(366.4)		(3.8)
Stock-based compensation	(14.5)		(14.9)		(12.0)
Cash-settled stock-based awards variance	(67.2)		(0.8)		19.6
Gain (loss) on disposal of assets	29.2		(5.5)		(3.2)
Contingent purchase price	1.1		(7.0)		(0.5)
Pre-opening and acquisition costs	(11.8)		(22.3)		(95.0)
Depreciation and amortization	(366.7)		(414.2)		(269.0)
Impairment losses	(623.4)		(173.1)		(34.9)
Recoveries on loan loss and unfunded loan commitments	—		—		17.0
Insurance recoveries, net of deductible charges	0.1		3.0		0.1
Non-operating items of equity method investments (5)	(4.7)		(3.7)		(5.1)
Interest expense, net	(543.2)		(534.2)		(538.4)
Loss on early extinguishment of debt	(1.2)		—		(21.0)
Other (6)	93.1		20.0		(7.1)
Income (loss) before income taxes	(834.2)		86.1		89.9
Income tax benefit (expense)	165.1		(43.0)		3.6
Net income (loss)	$	(669.1)	$	43.1	$	93.5

(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 year ended December 31,
(in millions)	2020		2019		2018
Capital expenditures:
Northeast segment	$	78.0	$	96.2	$	38.9
South segment	15.8		29.8		10.6
West segment	8.2		21.2		12.8
Midwest segment	15.1		32.7		25.3
Other	19.9		10.7		5.0
Total capital expenditures	$	137.0	$	190.6	$	92.6


(in millions)	Northeast		South		West		Midwest		Other		Total
As of December 31, 2020
Investment in and advances to unconsolidated affiliates (1)	$	0.1	$	—	$	—	$	85.2	$	181.5	$	266.8
Total assets (2)	$	1,958.4	$	1,165.4	$	401.5	$	1,161.1	$	9,980.9	$	14,667.3

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

As of December 31, 2018
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	89.4	$	39.0	$	128.5
Total assets (3)	$	1,330.2	$	1,082.3	$	755.7	$	1,411.5	$	6,381.3	$	10,961.0

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

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

Schedule of receivables

The Company’s receivables as of December 31, 2020 and 2019 primarily consisted of the following:


	December 31,
(in millions)	2020		2019
Markers issued to customers	$	14.8	$	22.9
Credit card receivables and other advances to customers	8.9		16.5
Receivables from ATM and cash kiosk transactions	10.9		14.4
Hotel and banquet receivables	2.7		6.5
Racing settlements	7.7		6.6
Receivables due from platform providers for social casino games	10.5		3.3

Insurance Receivable - Hurricane Laura	23.0		—
Other	26.7		26.2
Allowance for doubtful accounts	(8.8)		(7.7)
Accounts receivable, net	$	96.4	$	88.7

Schedule of estimated useful lives of property, plant and equipment

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


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

Property and equipment, net, consisted of the following:


	December 31,
(in millions)	2020		2019
Property and equipment - Not Subject to Master Leases
Land and improvements (1)	$	105.6	$	353.2
Building, vessels and improvements (1)	205.4		420.4
Furniture, fixtures and equipment	1,620.4		1,598.3
Leasehold improvements	219.5		183.6
Construction in progress	89.8		59.3
	2,240.7		2,614.8
Less: Accumulated depreciation(1)	(1,559.0)		(1,548.3)
	681.7		1,066.5
Property and equipment - Subject to Master Leases
Land and improvements	1,523.2		1,525.9
Building, vessels and improvements	3,640.3		3,664.6
	5,163.5		5,190.5
Less: Accumulated depreciation	(1,315.9)		(1,136.8)
	3,847.6		4,053.7
Property and equipment, net	$	4,529.3	$	5,120.2

(1)On April 16, 2020, we sold real estate assets associated with our Tropicana property to GLPI. See Note 6, Acquisitions and Dispositions.

Depreciation expense was as follows:


	For the year ended December 31,
(in millions)	2020		2019		2018
Depreciation expense (1)	$	336.9	$	381.6	$	251.9

(1)Of such amounts, $156.1 million, $158.9 million, and $112.1 million, respectively, pertained to real estate assets subject to either of our Master Leases.

Schedule of complimentaries

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


	For the year ended December 31,
(in millions)	2020		2019		2018
Food and beverage	$	123.6	$	261.4	$	137.2
Hotel	79.6		159.6		60.8
Other	6.7		17.6		8.1
Total complimentaries associated with gaming contracts	$	209.9	$	438.6	$	206.1

Hurricane Laura (Tables)

12 Months Ended

Dec. 31, 2020

Unusual or Infrequent Items, or Both [Abstract]

Schedule of Unusual or Infrequent Items, or Both

The following table summarizes the financial impact of Hurricane Laura related matters:


(in millions)	For the year ended December 31, 2020
Insurance Proceeds	$	47.5
Deductible	$	15.0
Coinsurance	$	2.5
Clean-up and Restoration Costs	$	47.1
Fixed Asset Write-off	$	23.2
Inventory Write-off	$	0.2
Insurance Receivable	$	23.0

Revenue Disaggregation (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue disaggregation


	For the year ended December 31, 2020
(in millions)	Northeast		South		West		Midwest		Other		Intersegment Eliminations (1)		Total
Revenues:
Gaming	$	1,495.1	$	684.0	$	194.2	$	615.2	$	62.7	$	(0.1)	$	3,051.1
Food and beverage	68.9		76.9		46.0		32.0		0.6		—		224.4
Hotel	17.4		64.3		46.4		18.7		—		—		146.8
Other	57.9		24.4		15.9		15.5		61.7		(19.0)		156.4
Total revenues	$	1,639.3	$	849.6	$	302.5	$	681.4	$	125.0	$	(19.1)	$	3,578.7


	For the year ended December 31, 2019
(in millions)	Northeast		South		West		Midwest		Other		Intersegment Eliminations (1)		Total
Revenues:
Gaming	$	2,117.1	$	831.1	$	374.3	$	938.1	$	8.8	$	(0.7)	$	4,268.7
Food and beverage	155.1		154.1		116.7		84.7		1.4		—		512.0
Hotel	43.5		98.2		125.9		43.4		—		—		311.0
Other	84.2		35.5		25.6		28.3		37.3		(1.2)		209.7
Total revenues	$	2,399.9	$	1,118.9	$	642.5	$	1,094.5	$	47.5	$	(1.9)	$	5,301.4


	For the year ended December 31, 2018
(in millions)	Northeast		South		West		Midwest		Other		Total
Revenues:
Gaming	$	1,644.2	$	302.9	$	228.0	$	719.8	$	—	$	2,894.9
Food and beverage	109.6		56.6		89.6		57.9		1.1		314.8
Hotel	23.2		23.3		90.8		26.3		—		163.6
Reimbursable management costs	46.8		—		10.5		—		—		57.3
Other	67.7		11.6		19.0		19.7		39.3		157.3
Total revenues	$	1,891.5	$	394.4	$	437.9	$	823.7	$	40.4	$	3,587.9

Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations And Other Investments [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
Other assets	—
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.


(in millions)	Fair value
Cash and cash equivalents	$	10.7
Receivables, prepaid expenses, and other current assets	7.0
Property and equipment	20.7
Goodwill (1)	44.2
Other intangible assets
Gaming license	48.1
Customer relationships	2.3
Operating lease right-of-use assets	196.2
Total assets	$	329.2

Accounts payable, accrued expenses and other current liabilities	$	10.1
Operating lease liabilities	196.2
Total liabilities	206.3
Net assets acquired	$	122.9

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


(in millions)	Fair value
Cash and restricted cash	$	124.2
Assets held for sale	667.5
Other current assets	81.1
Property and equipment - non-Pinnacle Master Lease	318.6
Property and equipment - Pinnacle Master Lease (1)	3,954.9
Goodwill (2)	238.2
Other intangible assets
Gaming licenses	1,067.6
Trademarks	298.0
Customer relationships	22.4
Other long-term assets	38.9
Total assets	$	6,811.4

Long-term financing obligation, including current portion (3)	$	3,432.5
Current liabilities	206.1
Deferred income taxes	340.0
Other long-term liabilities	16.6
Total liabilities	3,995.2
Net assets acquired	$	2,816.2

(2)See Note 9, “Goodwill and Other Intangible Assets,” for details on the impact to each reportable segment.

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

Actual and pro forma financial results


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


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

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


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

Investments in and Advances to Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Schedule of summary financial information


	December 31,
(in millions)	2020		2019


Current assets	$	14.7	$	21.5
Long-term assets	$	151.4	$	159.2
Current liabilities	$	10.2	$	13.5


	For the year ended December 31,
(in millions)	2020		2019		2018


Revenues	$	104.2	$	162.3	$	159.0
Operating expenses	75.5		101.3		110.4
Operating income	28.7		61.0		48.6
Net income	$	28.7	$	61.0	$	48.6

Net income attributable to Penn National	$	14.4	$	30.5	$	24.3

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of property and equipment, net and depreciation expense

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


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

Property and equipment, net, consisted of the following:


	December 31,
(in millions)	2020		2019
Property and equipment - Not Subject to Master Leases
Land and improvements (1)	$	105.6	$	353.2
Building, vessels and improvements (1)	205.4		420.4
Furniture, fixtures and equipment	1,620.4		1,598.3
Leasehold improvements	219.5		183.6
Construction in progress	89.8		59.3
	2,240.7		2,614.8
Less: Accumulated depreciation(1)	(1,559.0)		(1,548.3)
	681.7		1,066.5
Property and equipment - Subject to Master Leases
Land and improvements	1,523.2		1,525.9
Building, vessels and improvements	3,640.3		3,664.6
	5,163.5		5,190.5
Less: Accumulated depreciation	(1,315.9)		(1,136.8)
	3,847.6		4,053.7
Property and equipment, net	$	4,529.3	$	5,120.2

(1)On April 16, 2020, we sold real estate assets associated with our Tropicana property to GLPI. See Note 6, Acquisitions and Dispositions.

Depreciation expense was as follows:


	For the year ended December 31,
(in millions)	2020		2019		2018
Depreciation expense (1)	$	336.9	$	381.6	$	251.9

(1)Of such amounts, $156.1 million, $158.9 million, and $112.1 million, respectively, pertained to real estate assets subject to either of our Master Leases.

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Details of goodwill

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


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

Impairment losses during year	(43.5)		(9.0)		—		(60.5)		—		(113.0)

Other (2)	—		—		—		—		(0.6)		(0.6)
Balance as of December 31, 2020
Goodwill, gross	914.3		236.6		216.8		1,116.7		155.5		2,639.9
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	$	67.8	$	1,157.1

(1)Amounts relate to adjustments made to the preliminary purchase price allocation of Pinnacle during the year ended December 31, 2019, prior to it being finalized.


Northeast segment
Hollywood Casino at Charles Town Races	$	8.7

Hollywood Casino Toledo	$	5.8
Plainridge Park Casino	$	6.3


South segment
Ameristar Vicksburg	$	19.5
Boomtown New Orleans	$	5.2
West segment
Cactus Petes and Horseshu	$	10.2
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:


	December 31, 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	$	1,246.1	$	—	$	1,246.1	$	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	106.9		(85.2)		21.7		104.4		(69.0)		35.4
Other	39.6		(35.5)		4.1		36.1		(30.0)		6.1
Total other intangible assets	$	1,634.2	$	(120.7)	$	1,513.5	$	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:


	December 31, 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	$	1,246.1	$	—	$	1,246.1	$	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	106.9		(85.2)		21.7		104.4		(69.0)		35.4
Other	39.6		(35.5)		4.1		36.1		(30.0)		6.1
Total other intangible assets	$	1,634.2	$	(120.7)	$	1,513.5	$	2,125.5	$	(99.0)	$	2,026.5

Expected intangible asset amortization expense

The following table presents the estimated amortization expense based on our amortizing intangible assets as of December 31, 2020 (in millions):


Years ending December 31:
2021	$	7.4
2022	5.5
2023	3.9
2024	3.7
2025	4.9
Thereafter	0.4
Total	$	25.8

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:


	December 31,
(in millions)	2020		2019
Accrued salaries and wages	$	120.4	$	142.1
Accrued gaming, pari-mutuel, property, and other taxes	75.0		103.3
Accrued interest	13.2		13.0
Other accrued expenses (1)	229.1		225.8
Other current liabilities (2)	137.4		147.1
Accrued expenses and other current liabilities	$	575.1	$	631.3

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of long-term debt, net of current maturities

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


	December 31,
(in millions)	2020		2019
Senior Secured Credit Facilities:
Revolving Credit Facility due 2023	$	—	$	140.0
Term Loan A Facility due 2023	636.9		672.3
Term Loan B-1 Facility due 2025	991.2		1,117.5
5.625% Notes due 2027	400.0		400.0
2.75% Convertible Notes due 2026	330.5		—
Other long-term obligations	73.0		89.2
	2,431.6		2,419.0
Less: Current maturities of long-term debt	(81.4)		(62.9)
Less: Debt discount	(86.2)		(2.4)
Less: Debt issuance costs	(32.8)		(31.5)
	$	2,231.2	$	2,322.2

Schedule of future minimum repayments of long-term debt

The following is a schedule of future minimum repayments of long-term debt as of December 31, 2020 (in millions):


Year ending December 31:
2021	$	81.4
2022	99.9
2023	543.1
2024	21.3
2025	946.8
Thereafter	739.1
Total minimum payments	$	2,431.6

Schedule Convertible Notes

The Convertible Notes consisted of the following components:


(in millions)	December 31, 2020
Liability component:
Principal	$	330.5
Unamortized debt discount	(84.4)
Unamortized debt issuance costs	(6.2)
Net carrying amount	$	239.9

Carrying amount of equity component	$	88.2

Schedule of interest expense, net

Interest expense, net

Interest expense, net, was as follows:


	For the year ended December 31,
(in millions)	2020		2019		2018
Interest expense	$	(546.3)	$	(535.9)	$	(539.4)
Interest income	0.9		1.4		1.0
Capitalized interest	2.2		0.3		—
Interest expense, net	$	(543.2)	$	(534.2)	$	(538.4)

Interest expense related to the Convertible Notes was as follows:


(in millions)	For the year ended December 31, 2020
Coupon interest	$	5.7
Amortization of debt discount	7.3
Amortization of debt issuance costs	0.5
Convertible Notes interest expense	$	13.5

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

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

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399

Reference 6: 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=d3e21521-112644

Reference 7: 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=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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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
-SubTopic 30
-Section 55
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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
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

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

Total monthly variable expenses were as follows:


	For the year ended December 31,
(in millions)	2020		2019		2018
Variable expenses included in “General and administrative”	$	12.9	$	16.4	$	—
Variable expenses included in “Interest expense, net”	11.8		16.1		48.9
Total variable expenses	$	24.7	$	32.5	$	48.9

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


	December 31, 2020
Weighted-Average Remaining Lease Term
Operating leases	26.7 years
Finance leases	27.8 years
Financing obligations	29.5 years

Weighted-Average Discount Rate
Operating leases	6.7	%
Finance leases	6.9	%
Financing obligations	8.1	%

The components of lease expense were as follows:


	Location on Consolidated Statements of Operations and Comprehensive Income (Loss)	For the year ended December 31,
(in millions)		2020		2019
Operating Lease Costs
Rent expense associated with triple net operating leases (1)	General and administrative	$	419.8	$	366.4
Operating lease cost (2)	Primarily General and administrative	15.8		17.5
Short-term lease cost	Primarily Gaming expense	37.7		56.6
Variable lease cost (2)	Primarily Gaming expense	2.5		3.9
Total		$	475.8	$	444.4

Finance Lease Costs
Interest on lease liabilities (3)	Interest expense, net	$	15.2	$	15.4
Amortization of ROU assets (3)	Depreciation and amortization	8.0		7.9
Total		$	23.2	$	23.3

Financing Obligation Costs
Interest expense (4)	Interest expense, net	$	403.1	$	394.1

(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.

Supplemental cash flow information related to leases was as follows:


	For the year ended December 31,
(in millions)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities(1)
Operating cash flows from finance leases	$	15.2	$	15.4
Operating cash flows from operating leases	$	426.7	$	403.6
Financing cash flows from finance leases	$	6.3	$	6.2

(1)Amounts related to the year ended December 31, 2020 are inclusive of utilized rent credits.

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


	For the year ended December 31,
(in millions)	2020		2019
Penn Master Lease (1)	$	457.9	$	457.9
Pinnacle Master Lease (1)	326.9		328.6
Meadows Lease (1)	26.4		26.4
Margaritaville Lease	23.5		23.1
Greektown Lease	55.6		33.8
Morgantown Lease (1)	0.8		—
Total (2)	$	891.1	$	869.8

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

Schedule of future minimum lease commitments, operating leases

The following is a maturity analysis of our operating leases, finance leases and financing obligations as of December 31, 2020:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Years ending December 31:
2021	$	422.6	$	21.7	$	370.3
2022	412.4		21.6		370.3
2023	399.9		20.8		370.4
2024	383.7		16.7		370.4
2025	380.7		16.7		370.5
Thereafter	7,779.9		376.7		9,095.3
Total lease payments	9,779.2		474.2		10,947.2
Less: Imputed interest	(5,286.1)		(254.8)		(6,814.8)
Present value of future lease payments	4,493.1		219.4		4,132.4
Less: Current portion of lease obligations	(127.4)		(6.9)		(36.0)
Long-term portion of lease obligations	$	4,365.7	$	212.5	$	4,096.4

Schedule of future minimum lease commitments, finance leases

The following is a maturity analysis of our operating leases, finance leases and financing obligations as of December 31, 2020:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Years ending December 31:
2021	$	422.6	$	21.7	$	370.3
2022	412.4		21.6		370.3
2023	399.9		20.8		370.4
2024	383.7		16.7		370.4
2025	380.7		16.7		370.5
Thereafter	7,779.9		376.7		9,095.3
Total lease payments	9,779.2		474.2		10,947.2
Less: Imputed interest	(5,286.1)		(254.8)		(6,814.8)
Present value of future lease payments	4,493.1		219.4		4,132.4
Less: Current portion of lease obligations	(127.4)		(6.9)		(36.0)
Long-term portion of lease obligations	$	4,365.7	$	212.5	$	4,096.4

Schedule of future minimum lease commitments, financing obligations

The following is a maturity analysis of our operating leases, finance leases and financing obligations as of December 31, 2020:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Years ending December 31:
2021	$	422.6	$	21.7	$	370.3
2022	412.4		21.6		370.3
2023	399.9		20.8		370.4
2024	383.7		16.7		370.4
2025	380.7		16.7		370.5
Thereafter	7,779.9		376.7		9,095.3
Total lease payments	9,779.2		474.2		10,947.2
Less: Imputed interest	(5,286.1)		(254.8)		(6,814.8)
Present value of future lease payments	4,493.1		219.4		4,132.4
Less: Current portion of lease obligations	(127.4)		(6.9)		(36.0)
Long-term portion of lease obligations	$	4,365.7	$	212.5	$	4,096.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of deferred tax assets and liabilities

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


	December 31,
(in millions)	2020		2019
Deferred tax assets:
Stock-based compensation expense	$	18.2	$	11.7
Accrued expenses	43.3		37.6
Financing and operating leasing obligations	2,336.9		2,178.0
Unrecognized tax benefits	7.9		7.7

Net operating losses, interest limitation and tax credit carryforwards	153.9		87.6
Gross deferred tax assets	2,560.2		2,322.6
Less: Valuation allowance	(101.0)		(54.2)
Net deferred tax assets	2,459.2		2,268.4
Deferred tax liabilities:
Property and equipment, not subject to the Master Leases	(51.1)		(53.1)
Property and equipment, subject to the Master Leases	(1,051.2)		(1,088.9)
Investments in and advances to unconsolidated affiliates	(27.9)		(2.9)
Discount on convertible notes	(20.9)		—
Undistributed foreign earnings	(0.4)		(0.4)
Intangible assets	(183.4)		(287.3)
Lease right of use assets	(1,250.6)		(1,080.4)
Net deferred tax liabilities	(2,585.5)		(2,513.0)
Long-term deferred tax assets (liabilities), net	$	(126.3)	$	(244.6)

Components of income before income tax expense

The domestic and foreign components of income (loss) before income taxes for the years ended December 31, 2020, 2019 and 2018 were as follows:


	For the year ended December 31,
(in millions)	2020		2019		2018
Domestic	$	(834.0)	$	85.5	$	89.6
Foreign	(0.2)		0.6		0.3
Total	$	(834.2)	$	86.1	$	89.9

Schedule of provision for income taxes

The components of income tax benefit (expense) for the years ended December 31, 2020, 2019 and 2018 were as follows:


	For the year ended December 31,
(in millions)	2020		2019		2018
Current tax benefit (expense)
Federal	$	47.0	$	(12.5)	$	(15.3)
State	0.2		(9.2)		(6.4)
Foreign	(0.4)		(0.2)		(1.4)
Total current	46.8		(21.9)		(23.1)
Deferred tax benefit (expense)
Federal	103.6		(16.7)		14.6
State	14.7		(4.4)		10.9
Foreign	—		—		1.2
Total deferred	118.3		(21.1)		26.7
Total income tax benefit (expense)	$	165.1	$	(43.0)	$	3.6

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


	For the year ended December 31,
	2020				2019				2018
(in millions, except tax rates)	Percent		Amount		Percent		Amount		Percent		Amount
Percent and amount of pretax income
Federal statutory rate	21.0	%	$	175.2	21.0	%	$	(18.1)	21.0	%	$	(18.9)
State and local income taxes, net of federal benefits	1.4		12.1		9.9		(8.5)		(6.2)		5.6
Nondeductible expenses	(0.3)		(2.6)		4.0		(3.5)		6.9		(6.2)
Goodwill impairment losses	(2.3)		(19.0)		14.4		(12.4)		—		—
Compensation	2.5		20.5		0.3		(0.3)		(3.8)		3.4

Foreign	—		(0.4)		0.1		(0.1)		(0.1)		0.1
Federal valuation allowance	(3.9)		(32.7)		—		—		(20.3)		18.3
Tax credits	1.2		10.0		—		—		—		—
Other	0.2		2.0		0.2		(0.1)		(1.5)		1.3
Total effective tax rate and income tax benefit (expense)	19.8	%	$	165.1	49.9	%	$	(43.0)	(4.0)	%	$	3.6

Reconciliation of unrecognized tax benefits

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


(in millions)	Unrecognized tax benefits
Unrecognized tax benefits as of January 1, 2018	$	30.9
Additions based on prior year positions	0.8
Decreases due to settlements and/or reduction in reserves	(2.0)
Unrecognized tax benefits as of December 31, 2018	29.7
Additions based on prior year positions	6.5
Decreases due to settlements and/or reduction in reserves	(0.2)
Unrecognized tax benefits as of December 31, 2019	36.0
Additions based on prior year positions	1.2
Decreases due to settlements and/or reduction in reserves	(0.9)
Unrecognized tax benefits as of December 31, 2020	$	36.3

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Information on stock options issued

The following table contains information about our stock options:


	Number of Option Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding as of January 1, 2020	7,817,436	$	16.30
Granted	652,733	$	26.79
Exercised	(4,362,654)	$	14.37
Forfeited	(508,326)	$	21.69
Outstanding as of December 31, 2020	3,599,189	$	19.79	6.46	$	242.2
Exercisable as of December 31, 2020	1,343,421	$	16.71	3.94	$	94.6

Information about stock options by exercise price range

The following table summarizes information about our outstanding stock options as of December 31, 2020:


	Exercise Price Range								Total
	$12.65 to $18.63		$18.81 to $26.14		$30.74 to $36.31		$55.74 to $55.74		$12.65 to $55.74
Outstanding options
Number outstanding	1,045,257		2,245,484		303,974		4,474		3,599,189
Weighted-average remaining contractual term (in years)	2.77		8.44		4.46		9.84		6.46
Weighted-average exercise price	$	13.86	$	20.88	$	31.57	$	55.74	$	19.79
Exercisable options
Number outstanding	830,121		389,945		123,355		—		1,343,421
Weighted-average exercise price	$	13.48	$	19.14	$	30.74	$	—	$	16.71

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

The following are the weighted-average assumptions used in the Black-Scholes option-pricing model for the years ended December 31, 2020, 2019 and 2018:


	For the year ended December 31,
	2020		2019		2018
Risk-free interest rate	1.55	%	2.00	%	2.26	%
Expected volatility	33.78	%	32.90	%	30.80	%
Dividend yield	—		—		—
Weighted-average expected life (in years)	5.00		5.30		5.30

Information on restricted stock awards

The following table contains information on our RSAs:


	With Performance Conditions			Without Performance Conditions
	Number of Shares	Weighted- Average Grant Date Fair Value		Number of Shares	Weighted- Average Grant Date Fair Value
Nonvested as of January 1, 2020	395,362	$	24.35	298,479	$	23.15
Granted	179,045	$	28.68	131,313	$	26.18
Vested	(352,371)	$	23.63	(106,666)	$	22.53
Forfeited	—	$	—	(39,180)	$	25.18
Nonvested as of December 31, 2020	222,036	$	28.73	283,946	$	24.50

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


(in millions)			For the year ended December 31, 2020
Assumed conversion of dilutive stock options			3.0
Assumed conversion of dilutive RSAs			0.5
Assumed conversion of convertible preferred shares			0.7
Assumed conversion of convertible debt			9.1

Schedule of reconciliation of the weighted-average common shares outstanding


	For the year ended December 31,
(in millions)	2019	2018
Weighted-average common shares outstanding—Basic	115.7	97.1
Assumed conversion of:
Dilutive stock options	1.8	3.0
Dilutive RSAs	0.3	0.2
Weighted-average common shares outstanding—Diluted	117.8	100.3

Schedule of calculation of basic and diluted EPS

The following table presents the calculation of basic and diluted earnings (loss) for the Company’s common stock for the years ended December 31, 2020, 2019 and 2018:



(in millions, except per share data)	2020		2019		2018
Calculation of basic earnings (loss) per share:
Net income (loss) applicable to common stock	$	(669.5)	$	43.9	$	93.5
Weighted-average common shares outstanding - basic	134.0		115.7		97.1
Basic earnings (loss) per share	$	(5.00)	$	0.38	$	0.96

Calculation of diluted earnings (loss) per share:
Net income (loss) applicable to common stock	(669.5)		$	43.9	$	93.5
Weighted-average common shares outstanding - diluted	134.0		117.8		100.3
Diluted earnings (loss) per share	$	(5.00)	$	0.37	$	0.93

Segment Information (Tables)

12 Months Ended

Dec. 31, 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 year ended December 31,
(in millions)	2020		2019		2018
Revenues:
Northeast segment	$	1,639.3	$	2,399.9	$	1,891.5
South segment	849.6		1,118.9		394.4
West segment	302.5		642.5		437.9
Midwest segment	681.4		1,094.5		823.7
Other (1)	125.0		47.5		40.4
Intersegment eliminations (2)	(19.1)		(1.9)		—
Total	$	3,578.7	$	5,301.4	$	3,587.9

Adjusted EBITDAR (3):
Northeast segment	$	478.9	$	720.8	$	583.8
South segment	318.9		369.8		118.9
West segment	82.2		198.8		114.3
Midwest segment	258.3		403.6		294.3
Other (1)	(43.5)		(87.8)		(68.1)

Total (3)	1,094.8		1,605.2		1,043.2

Other operating benefits (costs) and other income (expenses):
Rent expense associated with triple net operating leases (4)	(419.8)		(366.4)		(3.8)
Stock-based compensation	(14.5)		(14.9)		(12.0)
Cash-settled stock-based awards variance	(67.2)		(0.8)		19.6
Gain (loss) on disposal of assets	29.2		(5.5)		(3.2)
Contingent purchase price	1.1		(7.0)		(0.5)
Pre-opening and acquisition costs	(11.8)		(22.3)		(95.0)
Depreciation and amortization	(366.7)		(414.2)		(269.0)
Impairment losses	(623.4)		(173.1)		(34.9)
Recoveries on loan loss and unfunded loan commitments	—		—		17.0
Insurance recoveries, net of deductible charges	0.1		3.0		0.1
Non-operating items of equity method investments (5)	(4.7)		(3.7)		(5.1)
Interest expense, net	(543.2)		(534.2)		(538.4)
Loss on early extinguishment of debt	(1.2)		—		(21.0)
Other (6)	93.1		20.0		(7.1)
Income (loss) before income taxes	(834.2)		86.1		89.9
Income tax benefit (expense)	165.1		(43.0)		3.6
Net income (loss)	$	(669.1)	$	43.1	$	93.5

(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 year ended December 31,
(in millions)	2020		2019		2018
Capital expenditures:
Northeast segment	$	78.0	$	96.2	$	38.9
South segment	15.8		29.8		10.6
West segment	8.2		21.2		12.8
Midwest segment	15.1		32.7		25.3
Other	19.9		10.7		5.0
Total capital expenditures	$	137.0	$	190.6	$	92.6


(in millions)	Northeast		South		West		Midwest		Other		Total
As of December 31, 2020
Investment in and advances to unconsolidated affiliates (1)	$	0.1	$	—	$	—	$	85.2	$	181.5	$	266.8
Total assets (2)	$	1,958.4	$	1,165.4	$	401.5	$	1,161.1	$	9,980.9	$	14,667.3

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

As of December 31, 2018
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	89.4	$	39.0	$	128.5
Total assets (3)	$	1,330.2	$	1,082.3	$	755.7	$	1,411.5	$	6,381.3	$	10,961.0

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

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

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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:


	December 31, 2020
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	1,853.8	$	1,853.8	$	1,853.8	$	—	$	—
Equity securities	$	143.1	$	143.1	$	—	$	143.1	$	—
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	$	1,600.3	$	1,609.3	$	1,609.3	$	—	$	—
5.625% Notes	$	399.5	$	418.0	$	418.0	$	—	$	—
Convertible Notes	$	239.8	$	1,274.5	$	1,274.5	$	—	$	—
Other long-term obligations	$	73.0	$	72.8	$	—	$	72.8	$	—
Other liabilities	$	10.1	$	10.1	$	—	$	2.8	$	7.3
Puts and calls related to certain Barstool Sports shares	$	0.3	$	0.3	$	—	$	0.3	$	—


	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

Summary of the changes in fair value of Level 3 liabilities

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


	Other Liabilities
(in millions)	Contingent Purchase Price
Balance as of January 1, 2018	$	22.7

Payments	(4.2)
Included in earnings (1)	0.5
Balance as of December 31, 2018	19.0

Payments	(8.5)
Included in earnings (1)	7.0
Balance as of December 31, 2019	17.5

Payments	(9.1)
Included in loss (1)	(1.1)
Balance as of December 31, 2020	$	7.3

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

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

The following table sets forth the assets measured at fair value on a non-recurring basis during the years ended December 31, 2020 and 2019:


(in millions)	Valuation Date	Valuation Technique	Level 1		Level 2		Level 3		Total Balance		Total Reduction in Fair Value Recorded
Property and equipment (1)	12/31/2020	Discounted cash flow	$	—	$	—	$	—	$	—	$	(7.3)
Goodwill (2)	3/31/2020	Discounted cash flow and market approach	$	—	$	—	$	160.5	$	160.5	$	(113.0)
Gaming licenses (2)	3/31/2020	Discounted cash flow	$	—	$	—	$	568.0	$	568.0	$	(437.0)
Trademarks (2)	3/31/2020	Discounted cash flow	$	—	$	—	$	216.5	$	216.5	$	(61.5)
Goodwill	10/1/2019	Discounted cash flow and market approach	$	—	$	—	$	161.1	$	161.1	$	(88.0)
Gaming licenses	10/1/2019	Discounted cash flow	$	—	$	—	$	290.0	$	290.0	$	(62.6)
Trademarks	10/1/2019	Discounted cash flow	$	—	$	—	$	87.5	$	87.5	$	(20.0)

Summary of significant unobservable inputs used in fair value calculations

The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 liabilities on a recurring basis as of December 31, 2020:

Valuation Technique

Unobservable Input

Discount Rate

Contingent purchase price - Plainridge Park Casino

Discounted cash flow

Discount rate

5.05%


(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% - 14.00%
				Long-term revenue growth rate	2.0	%
Trademarks	$	216.5	Discounted cash flow	Discount rate	13.25% - 14.00%
				Long-term revenue growth rate	2.0	%
				Pretax royalty rate	1.0% - 2.0%

Organization and Basis of Presentation (Details)									1 Months Ended	3 Months Ended	10 Months Ended	12 Months Ended
Organization and Basis of Presentation (Details)	Sep. 30, 2020 USD ($)	Sep. 25, 2020 shares	Sep. 25, 2020 USD ($) shares	Sep. 24, 2020 shares	May 19, 2020 USD ($) shares	May 19, 2020 USD ($) shares	May 14, 2020 shares	Apr. 16, 2020 USD ($)	Oct. 31, 2018 property	Dec. 31, 2020 USD ($) property state $ / shares	Dec. 31, 2020 USD ($) property state $ / shares shares	Dec. 31, 2020 USD ($) property state $ / shares	Dec. 31, 2019 USD ($) $ / shares	Dec. 31, 2018 USD ($)	Nov. 12, 2020 USD ($)
Business Acquisition [Line Items]
Number of facilities the entity owned, managed, or had ownership interests in \| property										41	41	41
Number of jurisdictions in which the entity operates \| state										19	19	19
Proceeds from revolving credit facility												$ 540,000,000.0	$ 412,000,000.0	$ 201,000,000.0
Acquire additional					2.75%	2.75%
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	$ 0.01
Gross proceeds from transaction			$ 982,100,000			$ 345,000,000.0
Available borrowing capacity															$ 115,000,000.0
Cash and cash equivalents										$ 1,853,800,000	$ 1,853,800,000	$ 1,853,800,000	$ 437,400,000	$ 479,600,000
2.75% Convertible Notes due 2026 \| Convertible Notes
Business Acquisition [Line Items]
Principal					$ 330,500,000	$ 330,500,000
Interest rate					2.75%	2.75%				2.75%	2.75%	2.75%
Tropicana Las Vegas
Business Acquisition [Line Items]
Sale of property in exchange for rent credits								$ 307,500,000			$ 307,500,000	$ 337,500,000
Hollywood Casino Morgantown
Business Acquisition [Line Items]
Sale of property in exchange for rent credits											30,000,000.0
Gross proceeds from transaction											345,000,000.0
Revolving Credit Facility
Business Acquisition [Line Items]
Proceeds from revolving credit facility											$ 430,000,000.0
Covenant coverage period											1 year
Repayments of borrowings	$ 670,000,000.0
Revolving Credit Facility \| Secured Credit Facility
Business Acquisition [Line Items]
Repayments of borrowings										$ 115,000,000.0
Available borrowing capacity										$ 671,800,000	$ 671,800,000	$ 671,800,000	$ 530,000,000.0
Barstool Sports, Inc
Business Acquisition [Line Items]
Ownership interest										36.00%	36.00%	36.00%	36.00%
Pinnacle Acquisition
Business Acquisition [Line Items]
Number of properties acquired \| property									12

Significant Accounting Policies - Segment Information (Details)	12 Months Ended
	Dec. 31, 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 - Concentration of Credit Risk and Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts	$ (8.8)	$ (7.7)
Accounts receivable, net	96.4	88.7
Markers issued to customers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	14.8	22.9
Credit card receivables and other advances to customers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	8.9	16.5
Receivables from ATM and cash kiosk transactions
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	10.9	14.4
Hotel and banquet receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	2.7	6.5
Racing settlements
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	7.7	6.6
Receivables due from platform providers for social casino games
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	10.5	3.3
Insurance Receivable - Hurricane Laura
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	23.0	0.0
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables, gross	$ 26.7	$ 26.2

Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2020
Land improvements
Estimated useful lives of property and equipment
Useful lives	15 years
Building and improvements \| Minimum
Estimated useful lives of property and equipment
Useful lives	5 years
Building and improvements \| Maximum
Estimated useful lives of property and equipment
Useful lives	31 years
Vessels \| Minimum
Estimated useful lives of property and equipment
Useful lives	10 years
Vessels \| Maximum
Estimated useful lives of property and equipment
Useful lives	35 years
Furniture, fixtures and equipment \| Minimum
Estimated useful lives of property and equipment
Useful lives	3 years
Furniture, fixtures and equipment \| Maximum
Estimated useful lives of property and equipment
Useful lives	31 years

Significant Accounting Policies - Equity Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Holding gain on equity securities	$ 106.7	$ 19.9

Significant Accounting Policies - Financing Obligations (Details) - USD ($) $ in Millions				12 Months Ended
	Oct. 01, 2020	Oct. 15, 2018	Nov. 01, 2013	Dec. 31, 2020
Penn Master Lease
Capital Leased Assets [Line Items]
Lease term			35 years
Discount rate			9.70%
Rent credit Utilized				$ 190.7
Pinnacle Master Lease
Capital Leased Assets [Line Items]
Discount rate		7.30%
Remaining lease term		32 years 6 months
Effective yield		9.60%
Rent credit Utilized				$ 135.5
Morgantown
Capital Leased Assets [Line Items]
Discount rate	11.40%
Remaining lease term	50 years
Rent credit Utilized	$ 30.0

Significant Accounting Policies - Revenue Recognition (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2020 agreement
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	$ 209.9	$ 438.6	$ 206.1
Revenue recognized	5.6	0.6
Loyalty credit obligation
Revenue from External Customer [Line Items]
Customer-related liabilities, current	$ 35.8	36.2
Contract with customer, term	6 months
Advance payments on goods and services yet to be provided or unpaid wagers
Revenue from External Customer [Line Items]
Customer-related liabilities	$ 47.1	42.2
Customer-related liabilities, long-term	$ 0.5	0.6
Virtual playing credits
Revenue from External Customer [Line Items]
Redemption period over which revenue is recognized	three days
Food and beverage
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	$ 123.6	261.4	137.2
Hotel
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	79.6	159.6	60.8
Other
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	6.7	17.6	$ 8.1
Online sports betting and related iGaming market access
Revenue from External Customer [Line Items]
Customer-related liabilities, long-term	$ 52.7	$ 43.6
Number of operator agreements for which ordinary shares and warrants received \| agreement				2

Significant Accounting Policies - Gaming and Racing Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Gaming taxes	$ 1,098.9	$ 1,590.0	$ 1,102.3

Significant Accounting Policies - Stock-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Dividend yield	0.00%	0.00%	0.00%

New Accounting Pronouncements (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2020
Cumulative effect of adoption
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201602Member	us-gaap:AccountingStandardsUpdate201409Member
Total stockholders’ equity		$ 1,851.9	$ 731.2	$ (73.3)	$ 2,655.8
Retained Earnings (Accum- ulated Deficit)
Cumulative effect of adoption
Total stockholders’ equity		161.6	(968.0)	(1,051.9)	$ (507.3)
Cumulative Effect, Period of Adoption, Adjustment
Cumulative effect of adoption
Total stockholders’ equity		0.6	1,085.7	(9.6)
Cumulative Effect, Period of Adoption, Adjustment \| Retained Earnings (Accum- ulated Deficit)
Cumulative effect of adoption
Total stockholders’ equity		$ 0.6	$ 1,085.7	$ (9.6)

- Definition

Indicates amendment to accounting standards.

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+ Details

- 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.

+ References

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+ Details

Hurricane Laura - Additional Information (Details) - Hurricane Laura $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Unusual or Infrequent Item, or Both [Line Items]
Insurance recovery receivable	$ 23.0
Insurance Proceeds	$ 47.5

Hurricane Laura - Summary of Financial Impact of Hurricane Laura (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2020	Dec. 31, 2020
Unusual or Infrequent Item, or Both [Line Items]
Fixed Asset Write-off		$ 7.3
Hurricane Laura
Unusual or Infrequent Item, or Both [Line Items]
Insurance Proceeds		47.5
Deductible		15.0
Coinsurance		2.5
Clean-up and Restoration Costs		47.1
Fixed Asset Write-off	$ 23.2
Inventory Write-off		0.2
Insurance Receivable		$ 23.0

Revenue Disaggregation (Details) - USD ($) $ in Millions	12 Months Ended
Revenue Disaggregation (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 3,578.7	$ 5,301.4	$ 3,587.9
Gaming
Disaggregation of Revenue [Line Items]
Total revenues	3,051.1	4,268.7	2,894.9
Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	224.4	512.0	314.8
Hotel
Disaggregation of Revenue [Line Items]
Total revenues	146.8	311.0	163.6
Reimbursable management costs
Disaggregation of Revenue [Line Items]
Total revenues			57.3
Other
Disaggregation of Revenue [Line Items]
Total revenues	156.4	209.7	157.3
Operating segments \| Northeast segment
Disaggregation of Revenue [Line Items]
Total revenues	1,639.3	2,399.9	1,891.5
Operating segments \| Northeast segment \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	1,495.1	2,117.1	1,644.2
Operating segments \| Northeast segment \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	68.9	155.1	109.6
Operating segments \| Northeast segment \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	17.4	43.5	23.2
Operating segments \| Northeast segment \| Reimbursable management costs
Disaggregation of Revenue [Line Items]
Total revenues			46.8
Operating segments \| Northeast segment \| Other
Disaggregation of Revenue [Line Items]
Total revenues	57.9	84.2	67.7
Operating segments \| South segment
Disaggregation of Revenue [Line Items]
Total revenues	849.6	1,118.9	394.4
Operating segments \| South segment \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	684.0	831.1	302.9
Operating segments \| South segment \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	76.9	154.1	56.6
Operating segments \| South segment \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	64.3	98.2	23.3
Operating segments \| South segment \| Reimbursable management costs
Disaggregation of Revenue [Line Items]
Total revenues			0.0
Operating segments \| South segment \| Other
Disaggregation of Revenue [Line Items]
Total revenues	24.4	35.5	11.6
Operating segments \| West segment
Disaggregation of Revenue [Line Items]
Total revenues	302.5	642.5	437.9
Operating segments \| West segment \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	194.2	374.3	228.0
Operating segments \| West segment \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	46.0	116.7	89.6
Operating segments \| West segment \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	46.4	125.9	90.8
Operating segments \| West segment \| Reimbursable management costs
Disaggregation of Revenue [Line Items]
Total revenues			10.5
Operating segments \| West segment \| Other
Disaggregation of Revenue [Line Items]
Total revenues	15.9	25.6	19.0
Operating segments \| Midwest segment
Disaggregation of Revenue [Line Items]
Total revenues	681.4	1,094.5	823.7
Operating segments \| Midwest segment \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	615.2	938.1	719.8
Operating segments \| Midwest segment \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	32.0	84.7	57.9
Operating segments \| Midwest segment \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	18.7	43.4	26.3
Operating segments \| Midwest segment \| Reimbursable management costs
Disaggregation of Revenue [Line Items]
Total revenues			0.0
Operating segments \| Midwest segment \| Other
Disaggregation of Revenue [Line Items]
Total revenues	15.5	28.3	19.7
Other
Disaggregation of Revenue [Line Items]
Total revenues	125.0	47.5	40.4
Other \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	62.7	8.8	0.0
Other \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	0.6	1.4	1.1
Other \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0	0.0
Other \| Reimbursable management costs
Disaggregation of Revenue [Line Items]
Total revenues			0.0
Other \| Other
Disaggregation of Revenue [Line Items]
Total revenues	61.7	37.3	$ 39.3
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Total revenues	(19.1)	(1.9)
Intersegment eliminations \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	(0.1)	(0.7)
Intersegment eliminations \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0
Intersegment eliminations \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0
Intersegment eliminations \| Other
Disaggregation of Revenue [Line Items]
Total revenues	$ (19.0)	$ (1.2)

Acquisitions and Dispositions - Additional Information (Details)									1 Months Ended	3 Months Ended	10 Months Ended	12 Months Ended
	Dec. 15, 2020 USD ($)	Oct. 01, 2020 USD ($)	Apr. 16, 2020 USD ($)	May 23, 2019 USD ($) option	Jan. 01, 2019 USD ($) option	Oct. 15, 2018 USD ($) $ / shares	May 25, 2018 USD ($)	May 01, 2017 USD ($)	Oct. 31, 2018 property	Dec. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Oct. 31, 2016 USD ($)
Business Acquisition [Line Items]
Proceeds from sale-and-leaseback transactions in conjunction with acquisitions												$ 0	$ 961,100,000
Proceeds from the sale of real estate assets in conjunction with acquisitions														$ 250,000,000.0
Provision For (Recoveries On) Loan Losses And Unfunded Loan Commitments												0	0	17,000,000.0
Proceeds from sale of loan												0	0	$ 15,200,000
Tropicana Las Vegas
Business Acquisition [Line Items]
Sale of property in exchange for rent credits			$ 307,500,000								$ 307,500,000	337,500,000
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			$ 307,500,000
Real estate sale			50.00%
Real estate sale, subsequent sale by buyer, threshold target			12 months
Gain (loss) on disposition of business										$ 29,800,000
Morgantown
Business Acquisition [Line Items]
Lease renewal term		5 years
Sale of property in exchange for rent credits		$ 30,000,000.0										$ 337,500,000
Hollywood Casino Perryville
Business Acquisition [Line Items]
Purchase option agreement, purchase price	$ 31,100,000
Purchase option agreement, initial annual rent If purchased	$ 7,800,000
JIVDC
Business Acquisition [Line Items]
Provision For (Recoveries On) Loan Losses And Unfunded Loan Commitments													$ 17,000,000.0		$ (86,000,000.0)
Charges for certain advances															3,800,000
Proceeds from sale of loan							$ 15,200,000
JIVDC \| Term loan C facility
Business Acquisition [Line Items]
Provision For (Recoveries On) Loan Losses And Unfunded Loan Commitments															(64,000,000.0)
JIVDC \| Unfunded loan commitments
Business Acquisition [Line Items]
Provision For (Recoveries On) Loan Losses And Unfunded Loan Commitments															$ (22,000,000.0)
Secured credit facility \| JIVDC
Business Acquisition [Line Items]
Maximum borrowing capacity under credit facilities																$ 460,000,000.0
Secured credit facility \| JIVDC \| Term loan C facility
Business Acquisition [Line Items]
Maximum borrowing capacity under credit facilities																$ 98,000,000.0
Greektown Casino-Hotel
Business Acquisition [Line Items]
Purchase price				$ 320,300,000
Proceeds from sale-and-leaseback transactions in conjunction with acquisitions				700,000,000.0
Annual rent				$ 55,600,000
Operating lease, term				15 years
Number of lease renewal options \| option				4
Lease renewal term				5 years
Acquired finite-lived intangible assets				2 years
Margaritaville Resort Casino
Business Acquisition [Line Items]
Purchase price					$ 122,900,000
Annual rent					$ 23,200,000
Operating lease, term					15 years
Number of lease renewal options \| option					4
Lease renewal term					5 years
Liabilities incurred on acquisition					$ 261,100,000
Margaritaville Resort Casino \| Customer relationships
Business Acquisition [Line Items]
Acquired finite-lived intangible assets					2 years
Pinnacle Acquisition
Business Acquisition [Line Items]
Purchase price						$ 2,816,200,000
Liabilities incurred on acquisition						$ 814,300,000
Cash paid per share (in dollars per share) \| $ / shares						$ 20.00
Cash consideration						$ 1,252,200,000
Fair value of Penn common stock issued to former Pinnacle shareholders						$ 749,700,000
Number of properties acquired \| property									12
1st Jackpot Casino
Business Acquisition [Line Items]
Cash consideration								$ 47,000,000.0
Proceeds from the sale of real estate assets in conjunction with acquisitions								$ 82,600,000
Greektown Lease
Business Acquisition [Line Items]
Operating lease, term				15 years
Number of lease renewal options \| option				4
Morgantown Lease
Business Acquisition [Line Items]
Sale of property in exchange for rent credits		30,000,000.0
Annual rent		$ 3,000,000.0

Acquisitions and Dispositions - Allocation of Purchase Price (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	May 23, 2019	Jan. 01, 2019	Dec. 31, 2018	Oct. 15, 2018
Business Acquisition [Line Items]
Goodwill	$ 1,157.1	$ 1,270.7			$ 1,228.4
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
Operating lease right-of-use assets			516.1
Finance lease right-of-use assets			4.1
Other assets			0.0
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 tax deductible amount			67.4
Greektown Casino-Hotel \| Customer relationships
Business Acquisition [Line Items]
Customer relationships			3.3
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
Margaritaville Resort Casino
Business Acquisition [Line Items]
Cash and cash equivalents				$ 10.7
Receivables, prepaid expenses, and other current assets				7.0
Property and equipment				20.7
Goodwill				44.2
Operating lease right-of-use assets				196.2
Total assets				329.2
Accounts payable, accrued expenses and other current liabilities				10.1
Operating lease liabilities				196.2
Total liabilities				206.3
Net assets acquired				122.9
Goodwill tax deductible amount				44.2
Margaritaville Resort Casino \| Customer relationships
Business Acquisition [Line Items]
Customer relationships				2.3
Margaritaville Resort Casino \| Gaming licenses
Business Acquisition [Line Items]
Indefinite-lived intangible assets				$ 48.1
Pinnacle Acquisition
Business Acquisition [Line Items]
Cash and cash equivalents						$ 124.2
Assets held for sale						667.5
Other current assets						81.1
Goodwill						238.2
Other assets						38.9
Total assets						6,811.4
Long-term financing obligation, including current portion						3,432.5
Other current liabilities						206.1
Deferred income taxes						340.0
Other long-term liabilities						16.6
Total liabilities						3,995.2
Net assets acquired						2,816.2
Pinnacle Acquisition \| Customer relationships
Business Acquisition [Line Items]
Customer relationships						22.4
Pinnacle Acquisition \| Gaming licenses
Business Acquisition [Line Items]
Indefinite-lived intangible assets						1,067.6
Pinnacle Acquisition \| Trademarks
Business Acquisition [Line Items]
Indefinite-lived intangible assets						298.0
Property and equipment - Not Subject to Master Leases \| Pinnacle Acquisition
Business Acquisition [Line Items]
Property and equipment						318.6
Property and equipment - Subject to Master Leases \| Pinnacle Acquisition
Business Acquisition [Line Items]
Property and equipment						$ 3,954.9

Acquisitions and Dispositions - Actual and Pro Forma Financial Results (Details) - USD ($) $ in Millions	7 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Pro forma financial results
Revenues		$ 5,434.9	$ 5,552.2
Net income (loss)		64.9	$ 101.9
Greektown Casino-Hotel
Actual financial results of acquiree since acquisition date
Revenues	$ 195.9
Net income	$ 10.9
Margaritaville Resort Casino
Actual financial results of acquiree since acquisition date
Revenues		157.6
Net income		$ 13.7

Acquisitions and Dispositions - Jamul Indian Village Development Corporation (Details) - USD ($)		12 Months Ended
	May 25, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Oct. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recoveries on loan loss and unfunded loan commitments		$ 0	$ 0	$ (17,000,000.0)
Proceeds from sale of loan		$ 0	0	$ 15,200,000
JIVDC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recoveries on loan loss and unfunded loan commitments			$ (17,000,000.0)		$ 86,000,000.0
Charges for certain advances					3,800,000
Proceeds from sale of loan	$ 15,200,000
JIVDC \| Secured credit facility
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum borrowing capacity under credit facilities						$ 460,000,000.0
JIVDC \| Secured credit facility \| Term loan C facility
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum borrowing capacity under credit facilities						$ 98,000,000.0
Term loan C facility \| JIVDC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recoveries on loan loss and unfunded loan commitments					64,000,000.0
Unfunded loan commitments \| JIVDC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recoveries on loan loss and unfunded loan commitments					$ 22,000,000.0

Investments in and Advances to Unconsolidated Affiliates - Additional information (Details) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 20, 2020 $ / shares shares	Feb. 29, 2020 USD ($) option $ / shares	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2019 USD ($) $ / shares	Dec. 31, 2018 USD ($)
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	$ 0.0
Investment purchase price, shares				$ 23.1
Preferred stock, par value (in dollars per share) \| $ / shares				$ 0.01
Return on investment from unconsolidated affiliates				$ 21.8	$ 29.0	27.0
Series D Preferred Stock
Schedule of Equity Method Investments [Line Items]
Common stock offerings ( in shares) \| shares	883
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.01			$ 0.01	$ 0.01
Convertible 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]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001
Investment balance				$ 147.5
Capitalized transaction costs included in investment				$ 3.4
Barstool Sports, Inc
Schedule of Equity Method Investments [Line Items]
Ownership interest				36.00%	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
Common stock offerings ( in shares) \| shares	883,000
Commercial agreement term		10 years
Commercial agreement number of renewals \| option		3
Commercial agreement renewal term		10 years
Commercial agreement term with exercise of renewals		40 years
Customer list intangible asset		$ 1.6
Prepaid advertising		16.5
Prepaid advertising, long-term		$ 15.4
Kansas Entertainment
Schedule of Equity Method Investments [Line Items]
Ownership interest				50.00%
Investment balance				$ 85.2	$ 90.8
Return on investment from unconsolidated affiliates				$ 20.0	$ 29.0	$ 27.0
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

Investments in and Advances to Unconsolidated Affiliates - Schedule of Summary Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summary financial information
Current assets	$ 2,085.0	$ 642.8
Current liabilities	860.0	905.6
Revenues	3,578.7	5,301.4	$ 3,587.9
Operating income	(410.2)	571.9	634.1
Net income	(669.1)	43.1	93.5
Net income attributable to Penn National	13.8	28.4	22.3
Kansas Entertainment
Summary financial information
Current assets	14.7	21.5
Long-term assets	151.4	159.2
Current liabilities	10.2	13.5
Revenues	104.2	162.3	159.0
Operating expenses	75.5	101.3	110.4
Operating income	28.7	61.0	48.6
Net income	28.7	61.0	48.6
Net income attributable to Penn National	$ 14.4	$ 30.5	$ 24.3

Property and Equipment - Property and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 4,529.3	$ 5,120.2
Property and equipment - Not Subject to Master Leases
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,240.7	2,614.8
Less: Accumulated depreciation	(1,559.0)	(1,548.3)
Property and equipment, net	681.7	1,066.5
Land and improvements (1)
Property, Plant and Equipment [Line Items]
Property and equipment, gross	105.6	353.2
Building, vessels and improvements (1)
Property, Plant and Equipment [Line Items]
Property and equipment, gross	205.4	420.4
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,620.4	1,598.3
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	219.5	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	5,163.5	5,190.5
Less: Accumulated depreciation	(1,315.9)	(1,136.8)
Property and equipment, net	3,847.6	4,053.7
Land and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,523.2	1,525.9
Building, vessels and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,640.3	$ 3,664.6

Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 336.9	$ 381.6	$ 251.9
Property and equipment - Subject to Master Leases
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 156.1	$ 158.9	$ 112.1

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Impairment on property and equipment		$ 7.3
Tropicana Las Vegas
Property, Plant and Equipment [Line Items]
Impairment on property and equipment		$ 7.3
Hurricane Laura
Property, Plant and Equipment [Line Items]
Impairment on property and equipment	$ 23.2
Hurricane Laura \| Property and equipment - Not Subject to Master Leases
Property, Plant and Equipment [Line Items]
Impairment on property and equipment	2.1
Hurricane Laura \| Property and equipment - Subject to Master Leases
Property, Plant and Equipment [Line Items]
Impairment on property and equipment	$ 21.1

Goodwill and Other Intangible Assets - Goodwill and Accumulated Goodwill Impairment Losses (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	$ 2,640.5	$ 2,640.5	$ 2,510.2
Accumulated goodwill impairment losses, beginning balance	(1,369.8)	(1,369.8)	(1,281.8)
Goodwill, net, beginning balance	1,270.7	1,270.7	1,228.4
Goodwill acquired during year			111.6
Impairment losses during year	(113.0)	(113.0)	(88.0)
Other		(0.6)	18.7
Goodwill, gross, ending balance		2,639.9	2,640.5
Accumulated goodwill impairment losses, ending balance		(1,482.8)	(1,369.8)
Goodwill, net, ending balance		1,157.1	1,270.7
Northeast segment
Goodwill [Roll Forward]
Impairment losses during year		(10.3)
South segment
Goodwill [Roll Forward]
Impairment losses during year		(17.4)
Midwest segment
Goodwill [Roll Forward]
Impairment losses during year		(60.3)
Operating segments \| Northeast segment
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	914.3	914.3	848.4
Accumulated goodwill impairment losses, beginning balance	(717.9)	(717.9)	(707.6)
Goodwill, net, beginning balance	196.4	196.4	140.8
Goodwill acquired during year			67.4
Impairment losses during year	(43.5)	(43.5)	(10.3)
Other		0.0	(1.5)
Goodwill, gross, ending balance		914.3	914.3
Accumulated goodwill impairment losses, ending balance		(761.4)	(717.9)
Goodwill, net, ending balance		152.9	196.4
Operating segments \| South segment
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	236.6	236.6	185.2
Accumulated goodwill impairment losses, beginning balance	(52.0)	(52.0)	(34.6)
Goodwill, net, beginning balance	184.6	184.6	150.6
Goodwill acquired during year			44.2
Impairment losses during year	(9.0)	(9.0)	(17.4)
Other		0.0	7.2
Goodwill, gross, ending balance		236.6	236.6
Accumulated goodwill impairment losses, ending balance		(61.0)	(52.0)
Goodwill, net, ending balance		175.6	184.6
Operating segments \| West segment
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	216.8	216.8	210.4
Accumulated goodwill impairment losses, beginning balance	(16.6)	(16.6)	(16.6)
Goodwill, net, beginning balance	200.2	200.2	193.8
Goodwill acquired during year			0.0
Impairment losses during year		0.0	0.0
Other		0.0	6.4
Goodwill, gross, ending balance		216.8	216.8
Accumulated goodwill impairment losses, ending balance		(16.6)	(16.6)
Goodwill, net, ending balance		200.2	200.2
Operating segments \| Midwest segment
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	1,116.7	1,116.7	1,110.1
Accumulated goodwill impairment losses, beginning balance	(495.6)	(495.6)	(435.3)
Goodwill, net, beginning balance	621.1	621.1	674.8
Goodwill acquired during year			0.0
Impairment losses during year	(60.5)	(60.5)	(60.3)
Other		0.0	6.6
Goodwill, gross, ending balance		1,116.7	1,116.7
Accumulated goodwill impairment losses, ending balance		(556.1)	(495.6)
Goodwill, net, ending balance		560.6	621.1
Other
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	156.1	156.1	156.1
Accumulated goodwill impairment losses, beginning balance	(87.7)	(87.7)	(87.7)
Goodwill, net, beginning balance	$ 68.4	68.4	68.4
Goodwill acquired during year			0.0
Impairment losses during year		0.0	0.0
Other		(0.6)	0.0
Goodwill, gross, ending balance		155.5	156.1
Accumulated goodwill impairment losses, ending balance		(87.7)	(87.7)
Goodwill, net, ending balance		$ 67.8	$ 68.4

Goodwill and Other Intangible Assets - Additional Information (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) license	Dec. 31, 2018 USD ($) machine game	Oct. 01, 2020 reporting_unit
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of goodwill	$ 113.0	$ 113.0	$ 88.0
Number of reporting units with negative carrying values \| reporting_unit					7
Purchase of intangible assets		4.8	$ 11.7	$ 81.6
Number of gamming license category \| license			2
Number of slot machines \| machine				750
Number of table games \| game				30
Intangible asset amortization expense		21.7	$ 24.7	$ 17.1
Northeast segment
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of goodwill		10.3
Northeast segment \| Operating segments
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of goodwill	43.5	43.5	10.3
South segment
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of goodwill		17.4
South segment \| Operating segments
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of goodwill	9.0	9.0	17.4
Midwest segment
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of goodwill		60.3
Midwest segment \| Operating segments
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of goodwill	60.5	60.5	60.3
West segment \| Operating segments
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of goodwill		0.0	0.0
Gaming licenses
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of other intangible assets	437.0		62.6
Purchase of intangible assets		1.3
Gaming licenses \| Pennsylvania
Schedule Of Goodwill And Intangible Assets [Line Items]
Purchase of intangible assets			10.0	20.0
Gaming licenses \| York County, Pennsylvania
Schedule Of Goodwill And Intangible Assets [Line Items]
Purchase of intangible assets				50.1
Gaming licenses \| Berks County, Pennsylvania
Schedule Of Goodwill And Intangible Assets [Line Items]
Purchase of intangible assets				$ 7.5
Gaming licenses \| Northeast segment
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of other intangible assets	177.0	55.1
Gaming licenses \| South segment
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of other intangible assets	166.0	7.5
Gaming licenses \| Midwest segment
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of other intangible assets	94.0
Trademarks
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of other intangible assets	61.5		$ 20.0
Trademarks \| Northeast segment
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of other intangible assets	17.0	11.5
Trademarks \| South segment
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of other intangible assets	17.0	6.5
Trademarks \| Midwest segment
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of other intangible assets	15.0	$ 2.0
Trademarks \| West segment
Schedule Of Goodwill And Intangible Assets [Line Items]
Impairment of other intangible assets	$ 12.5

Goodwill and Other Intangible Assets - Reporting Units With Negative Carrying Values (Details) $ in Millions	Oct. 01, 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 \| Ameristar Vicksburg
Goodwill [Line Items]
Reporting unit with negative carrying amount, goodwill	19.5
South segment \| Boomtown New Orleans
Goodwill [Line Items]
Reporting unit with negative carrying amount, goodwill	5.2
West segment \| Cactus Petes and Horseshu
Goodwill [Line Items]
Reporting unit with negative carrying amount, goodwill	10.2
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	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, accumulated amortization	$ (120.7)	$ (99.0)
Amortizing intangible assets, net carrying amount	25.8
Indefinite-lived Intangible Assets [Line Items]
Total other intangible assets, gross carrying amount	1,634.2	2,125.5
Total other intangible assets, net carrying amount	1,513.5	2,026.5
Gaming licenses
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,246.1	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	106.9	104.4
Amortizing intangible assets, accumulated amortization	(85.2)	(69.0)
Amortizing intangible assets, net carrying amount	21.7	35.4
Other
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, gross carrying amount	39.6	36.1
Amortizing intangible assets, accumulated amortization	(35.5)	(30.0)
Amortizing intangible assets, net carrying amount	$ 4.1	$ 6.1

Goodwill and Other Intangible Assets - Expected Intangible Asset Amortization Expense (Details) $ in Millions	Dec. 31, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 7.4
2022	5.5
2023	3.9
2024	3.7
2025	4.9
Thereafter	0.4
Amortizing intangible assets, net carrying amount	$ 25.8

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued salaries and wages	$ 120.4	$ 142.1
Accrued gaming, pari-mutuel, property, and other taxes	75.0	103.3
Accrued interest	13.2	13.0
Other accrued expenses	229.1	225.8
Other current liabilities	137.4	147.1
Accrued expenses and other current liabilities	575.1	631.3
Accrued progressive jackpot liability	40.8	38.3
Deferred compensation liability, current	$ 86.3	$ 80.1

Long-term Debt - Debt Summary (Details) - USD ($) $ in Millions	Dec. 31, 2020	May 19, 2020	Dec. 31, 2019	Jan. 19, 2017
Debt Instrument [Line Items]
Other long-term obligations	$ 2,431.6		$ 2,419.0
Less: Current maturities of long-term debt	(81.4)		(62.9)
Less: Debt discount	(86.2)		(2.4)
Less: Debt issuance costs	(32.8)		(31.5)
Long-term debt, net of current maturities, debt discount and debt issuance costs	2,231.2		2,322.2
Secured credit facility \| Revolving Credit Facility due 2023
Debt Instrument [Line Items]
Other long-term obligations	0.0		140.0
Secured credit facility \| Term Loan A Facility due 2023
Debt Instrument [Line Items]
Other long-term obligations	636.9		672.3
Secured credit facility \| Term Loan B-1 Facility due 2025
Debt Instrument [Line Items]
Other long-term obligations	991.2		1,117.5
Senior notes \| 5.625% Notes due 2027
Debt Instrument [Line Items]
Other long-term obligations	$ 400.0		$ 400.0
Interest rate	5.625%		5.625%	5.625%
Convertible Notes \| 2.75% Convertible Notes due 2026
Debt Instrument [Line Items]
Other long-term obligations	$ 330.5		$ 0.0
Interest rate	2.75%	2.75%
Notes Payable, Other Payables
Debt Instrument [Line Items]
Other long-term obligations	$ 73.0		$ 89.2

Long-term Debt - Debt Maturities (Details) $ in Millions	Dec. 31, 2020 USD ($)
Year ending December 31:
2021	$ 81.4
2022	99.9
2023	543.1
2024	21.3
2025	946.8
Thereafter	739.1
Total minimum payments	$ 2,431.6

Long-term Debt - Senior Secured Credit Facilities (Details)					3 Months Ended	12 Months Ended
	Sep. 30, 2020 USD ($)	Apr. 14, 2020 USD ($)	Oct. 15, 2018 USD ($)	Jan. 19, 2017 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Nov. 12, 2020 USD ($)
Debt Instrument [Line Items]
Available borrowing capacity									$ 115,000,000.0
Loss on early extinguishment of debt						$ (1,200,000)	$ 0	$ (21,000,000.0)
Revolving Credit Facility
Debt Instrument [Line Items]
Repayments of borrowings	$ 670,000,000.0
Senior Secured Credit Facility
Debt Instrument [Line Items]
Variable interest rate floor		0.75%
Unused commitment fee percentage		0.50%
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
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 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 \| LIBOR
Debt Instrument [Line Items]
Spread on variable interest rate		3.00%
Senior Secured Credit Facility \| Base rate
Debt Instrument [Line Items]
Spread on variable interest rate		2.00%
Secured credit facility \| 2013 Term Loan B Facility \| LIBOR
Debt Instrument [Line Items]
Spread on variable interest rate			2.50%
Secured credit facility \| 2013 Term Loan B Facility \| Base rate
Debt Instrument [Line Items]
Spread on variable interest rate			1.50%
Secured credit facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt term				5 years
Maximum borrowing capacity				$ 700,000,000.0
Letters of credit outstanding					$ 28,200,000	28,200,000	30,000,000.0
Available borrowing capacity					671,800,000	$ 671,800,000	$ 530,000,000.0
Repayments of borrowings					115,000,000.0
Loss on early extinguishment of debt					$ (1,200,000)
Secured credit facility \| Term Loan A Facility
Debt Instrument [Line Items]
Debt term				5 years
Maximum borrowing capacity				$ 300,000,000.0
Secured credit facility \| Term Loan B Facility
Debt Instrument [Line Items]
Debt term				7 years
Maximum borrowing capacity				$ 500,000,000.0
Secured credit facility \| Term Loan A Facility due 2023, incremental loans
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 430,200,000
Secured credit facility \| Term Loan B-1 Facility due 2025
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 1,128,800,000
Variable interest rate floor			0.75%
Secured credit facility \| Term Loan B-1 Facility due 2025 \| LIBOR
Debt Instrument [Line Items]
Spread on variable interest rate			2.25%
Secured credit facility \| Term Loan B-1 Facility due 2025 \| Base rate
Debt Instrument [Line Items]
Spread on variable interest rate			1.25%
Secured credit facility \| Term Loan A Facility due 2023 \| LIBOR \| Minimum
Debt Instrument [Line Items]
Spread on variable interest rate			1.25%
Secured credit facility \| Term Loan A Facility due 2023 \| LIBOR \| Maximum
Debt Instrument [Line Items]
Spread on variable interest rate			3.00%
Secured credit facility \| Term Loan A Facility due 2023 \| Base rate \| Minimum
Debt Instrument [Line Items]
Spread on variable interest rate			0.25%
Secured credit facility \| Term Loan A Facility due 2023 \| Base rate \| Maximum
Debt Instrument [Line Items]
Spread on variable interest rate			2.00%
Secured credit facility \| Revolving Credit Facility due 2023 \| Minimum
Debt Instrument [Line Items]
Unused commitment fee percentage						0.20%
Secured credit facility \| Revolving Credit Facility due 2023 \| Maximum
Debt Instrument [Line Items]
Unused commitment fee percentage						0.50%
Secured credit facility \| Senior Secured Credit Facility
Debt Instrument [Line Items]
Refinancing costs								5,500,000
Loss on early extinguishment of debt								$ 21,000,000.0

Long-term Debt - Unsecured Convertible Notes, and Covenants (Details)		1 Months Ended	12 Months Ended
	Sep. 30, 2020 USD ($) shares	May 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	May 19, 2020 USD ($)	May 14, 2020 $ / shares	Dec. 31, 2019	Jan. 19, 2017 USD ($)
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 notes \| 5.625% Notes due 2027
Debt Instrument [Line Items]
Principal							$ 400,000,000.0
Interest rate			5.625%			5.625%	5.625%
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]
Principal				$ 330,500,000
Interest rate			2.75%	2.75%
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	$ 1,255,300,000
Carrying amount of equity component		91,800,000	$ 88,200,000
Debt issuance costs		10,200,000
Effective yield			9.23%
Remaining period over which unamortized discount will be amortized			5 years 4 months 24 days
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) - USD ($)	Dec. 31, 2020	May 31, 2020	May 19, 2020
Debt Instrument [Line Items]
Total minimum payments	$ 2,431,600,000
2.75% Convertible Notes due 2026 \| Convertible Notes
Debt Instrument [Line Items]
Principal			$ 330,500,000
Unamortized debt discount	(84,400,000)
Unamortized debt issuance costs	(6,200,000)
Total minimum payments	239,900,000
Carrying amount of equity component	$ 88,200,000	$ 91,800,000

Long-term Debt - Interest Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Interest expense	$ (546.3)	$ (535.9)	$ (539.4)
Interest income	0.9	1.4	1.0
Capitalized interest	2.2	0.3	0.0
Interest expense, net	(543.2)	$ (534.2)	$ (538.4)
Coupon interest	5.7
Amortization of debt discount	7.3
Amortization of debt issuance costs	0.5
Convertible Notes interest expense	$ 13.5

Long-term Debt - Other Long-term Obligations (Details)	1 Months Ended	3 Months Ended	12 Months Ended
Long-term Debt - Other Long-term Obligations (Details)	Jan. 31, 2015 USD ($)	Sep. 30, 2015 USD ($) payment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Other long-term obligations			$ 2,431,600,000	$ 2,419,000,000.0
Convertible Notes interest expense			13,500,000
Notes Payable, Other Payables
Debt Instrument [Line Items]
Other long-term obligations			73,000,000.0	89,200,000
Notes Payable, Other Payables \| Ohio relocation fees debt
Debt Instrument [Line Items]
Other long-term obligations			60,900,000	76,400,000
Amount payable upon opening of the facility		$ 7,500,000
Number of semi-annual payments \| payment		18
Amount of semi-annual payments due beginning one year from commencement of operations		$ 4,800,000
Effective yield		5.00%
Convertible Notes interest expense			3,400,000	4,100,000	$ 4,800,000
Notes Payable, Other Payables \| Ohio relocation fees debt \| Discount rate
Debt Instrument [Line Items]
Discount rate		0.050
Notes Payable, Other Payables \| Event center debt
Debt Instrument [Line Items]
Other long-term obligations			12,000,000.0	12,600,000
Principal	$ 15,300,000		75,000,000.0
Effective yield	3.00%
Convertible Notes interest expense			$ 400,000	$ 400,000	$ 400,000
Periodic payment amount	$ 1,000,000.0
Debt term	20 years

Leases - Additional Information (Details) $ in Millions													3 Months Ended		10 Months Ended	12 Months Ended
Leases - Additional Information (Details) $ in Millions	Oct. 01, 2020 USD ($) property	May 01, 2020 USD ($)	Apr. 16, 2020 USD ($) extension_period	Feb. 01, 2020 USD ($)	Nov. 01, 2019 USD ($)	May 23, 2019 USD ($) option	May 01, 2019 USD ($)	Jan. 01, 2019 option	Nov. 01, 2018 USD ($)	Sep. 09, 2016 USD ($) extension_period	Apr. 28, 2016 facility extension_period	Nov. 01, 2013	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Schedule of Leased Assets [Line Items]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]													penn:LeaseRightOfUseAsset		penn:LeaseRightOfUseAsset	penn:LeaseRightOfUseAsset
Lease right-of-use assets													$ 4,817.7	$ 4,837.3	$ 4,817.7	$ 4,817.7	$ 4,837.3
Long-term portion of financing obligations													4,096.4	4,102.2	4,096.4	4,096.4	4,102.2
Rent expense																	58.1
Lease payments													891.1	869.8
Lease income																146.8		$ 163.6
Operating Lease, Liability													4,493.1		4,493.1	4,493.1
Total revenues																3,578.7	5,301.4	3,587.9
Tropicana Las Vegas
Schedule of Leased Assets [Line Items]
Lease right-of-use assets			$ 61.6
Sale of property in exchange for rent credits			$ 307.5												$ 307.5	337.5
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
Morgantown
Schedule of Leased Assets [Line Items]
Sale of property in exchange for rent credits	$ 30.0															337.5
Lease term	20 years
Number of lease renewal options \| property	6
Lease renewal term	5 years
Hotel
Schedule of Leased Assets [Line Items]
Total revenues																$ 146.8	$ 311.0	$ 163.6
Pinnacle Master Lease
Schedule of Leased Assets [Line Items]
Initial lease term											10 years
Lease renewal term											5 years
Annual rent reduction		$ 5.0
Lease right-of-use assets		14.9
Lease payments													326.9	328.6
Operating Lease, Liability		$ 14.9
Margaritaville Lease
Schedule of Leased Assets [Line Items]
Percentage rent baseline period								2 years
Increase in fixed component of rent resulting from annual escalator				$ 0.3
Operating lease, annual escalator, additional ROU asset recognized				3.1
Percentage rent escalation interval								2 years
Lease payments													23.5	23.1
Penn Master Lease
Schedule of Leased Assets [Line Items]
Lease payments													457.9	457.9
Greektown Lease
Schedule of Leased Assets [Line Items]
Percentage rent baseline period						2 years
Percentage rent escalation interval						2 years
Lease payments													$ 55.6	$ 33.8
Penn Master Lease
Schedule of Leased Assets [Line Items]
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%
Increase in fixed component of rent resulting from annual escalator					$ 5.5				$ 5.4
Operating lease, annual escalator, additional ROU asset recognized					34.4
Finance lease, annual escalator, additional ROU asset recognized					$ 3.1
Annual rent reduction resulting from Penn Percentage Rent reset									$ 11.3
Operating lease, competition clause, additional ROU asset recognized						$ 151.2
Pinnacle Master Lease
Schedule of Leased Assets [Line Items]
Adjusted annual escalator percentage											2.00%
Percentage rent baseline period											2 years
Increase in fixed component of rent resulting from annual escalator							$ 1.0
Operating lease, annual escalator, additional ROU asset recognized							$ 3.8
Number of facilities with leased real estate \| facility											12
Remaining lease term											7 years 6 months
Number of lease renewal terms \| extension_period											5
Lease - expected term with renewal options											32 years 6 months
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%
Morgantown Lease
Schedule of Leased Assets [Line Items]
Adjusted annual escalator percentage	1.50%
Percentage rent escalation interval	3 years
Sale of property in exchange for rent credits	$ 30.0
Annual rent	$ 3.0
Lessee annual escalator consisting	1.25%
Consumer price index greater or less than	0.50%
Long-term portion of financing obligations	$ 30.0
Meadows Lease
Schedule of Leased Assets [Line Items]
Adjusted annual escalator percentage										5.00%
Increase in fixed component of rent resulting from annual escalator				0.8
Operating lease, annual escalator, additional ROU asset recognized	17.1			$ 4.3
Initial lease term										10 years
Percentage rent escalation interval																2 years
Annual rent reduction	$ 2.1
Operating lease, remaining lease term										8 years
Operating lease, sum of base rant and percentage rent threshold										$ 31.0
Operating lease, annual escalator after initial term or threshold										2.00%
Operating lease, adjusted rent to revenue ratio										2.0
Operating lease, percentage of average annual net revenues during the preceding two years										4.00%
Annual net revenues Term of property										2 years
Meadows Lease \| Lease renewal option one
Schedule of Leased Assets [Line Items]
Lease renewal term										5 years
Number of lease renewal options \| extension_period										3
Meadows Lease \| Lease renewal option two
Schedule of Leased Assets [Line Items]
Lease renewal term																4 years
Number of lease renewal options \| extension_period										1
Margaritaville Lease
Schedule of Leased Assets [Line Items]
Adjusted annual escalator percentage								2.00%
Lease renewal term								5 years
Operating lease, term								15 years
Number of lease renewal options \| option								4
Operating lease, adjusted rent to revenue ratio				6.1				1.9
Operating lease, percentage of average annual net revenues during the preceding two years								4.00%
Greektown Lease
Schedule of Leased Assets [Line Items]
Adjusted annual escalator percentage						2.00%
Lease renewal term						5 years
Operating lease, term						15 years
Number of lease renewal options \| option						4
Operating lease, adjusted rent to revenue ratio						1.85
Operating lease, percentage of average annual net revenues during the preceding two years						4.00%

Leases - Variable Lease Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
General and administrative
Lessee, Lease, Cost [Line Items]
Total variable expenses	$ 2.5	$ 3.9
Penn Master Lease
Lessee, Lease, Cost [Line Items]
Total variable expenses	24.7	32.5	$ 48.9
Penn Master Lease \| General and administrative
Lessee, Lease, Cost [Line Items]
Total variable expenses	12.9	16.4	0.0
Penn Master Lease \| Interest expense, net
Lessee, Lease, Cost [Line Items]
Total variable expenses	$ 11.8	$ 16.1	$ 48.9

Leases - Other Information Related to Lease Term and Discount Rate (Details)	12 Months Ended
	Dec. 31, 2020
Weighted-Average Remaining Lease Term
Operating leases	26 years 8 months 12 days
Finance leases	27 years 9 months 18 days
Financing obligations	29 years 6 months
Weighted-Average Discount Rate
Operating leases	6.70%
Finance leases	6.90%
Financing obligations	8.10%

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating Lease, Cost [Abstract]
Total	$ 475.8	$ 444.4
Lessee, Finance Lease, Cost [Abstract]
Total	23.2	23.3
General and administrative
Operating Lease, Cost [Abstract]
Rent expense associated with triple net leases classified as operating leases	419.8	366.4
Variable lease cost	2.5	3.9
Cost of revenue
Operating Lease, Cost [Abstract]
Operating lease cost	15.8	17.5
Interest expense, net
Lessee, Finance Lease, Cost [Abstract]
Interest on lease liabilities	15.2	15.4
Financing Obligation, Costs [Abstract]
Interest expense	403.1	394.1
Depreciation and amortization
Lessee, Finance Lease, Cost [Abstract]
Amortization of ROU assets	8.0	7.9
Primarily Gaming expense \| Cost of revenue
Operating Lease, Cost [Abstract]
Short-term lease cost	$ 37.7	$ 56.6

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities(1)
Operating cash flows from finance leases	$ 15.2	$ 15.4
Operating cash flows from operating leases	426.7	403.6
Financing cash flows from finance leases	$ 6.3	$ 6.2

Leases - Triple Net Leases (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Schedule of Leased Assets [Line Items]
Lease payments	$ 891.1	$ 869.8
Penn Master Lease
Schedule of Leased Assets [Line Items]
Lease payments	457.9	457.9
Rent credit Utilized			$ 190.7
Pinnacle Master Lease
Schedule of Leased Assets [Line Items]
Lease payments	326.9	328.6
Rent credit Utilized			135.5
Meadows Lease
Schedule of Leased Assets [Line Items]
Lease payments	26.4	26.4
Rent credit Utilized			11.0
Margaritaville Lease
Schedule of Leased Assets [Line Items]
Lease payments	23.5	23.1
Rent credit Utilized			0.3
Greektown Lease
Schedule of Leased Assets [Line Items]
Lease payments	$ 55.6	$ 33.8
Morgantown Lease
Schedule of Leased Assets [Line Items]
Lease payments			$ 0.8	$ 0.0

Leases - Future Minimum Lease Commitments (Details) - USD ($) $ in Millions	Dec. 31, 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
2021	$ 422.6
2022	412.4
2023	399.9
2024	383.7
2025	380.7
Thereafter	7,779.9
Total lease payments	9,779.2
Less: Imputed interest	(5,286.1)
Present value of future lease payments	4,493.1
Less: Current portion of lease obligations	(127.4)
Long-term portion of lease obligations	4,365.7
Finance Leases
2021	21.7
2022	21.6
2023	20.8
2024	16.7
2025	16.7
Thereafter	376.7
Total lease payments	474.2
Present value of future lease payments	(254.8)
Present value of future lease payments	219.4
Less: Current portion of lease obligations	(6.9)
Long-term portion of lease obligations	212.5
Financing Obligations
2021	370.3
2022	370.3
2023	370.4
2024	370.4
2025	370.5
Thereafter	9,095.3
Total lease payments	10,947.2
Less: Imputed interest	(6,814.8)
Present value of future lease payments	4,132.4
Less: Current portion of lease obligations	(36.0)	$ (40.5)
Long-term portion of lease obligations	$ 4,096.4	$ 4,102.2

Commitments and Contingencies - Location Share Agreements, Purchase Obligations and Capital Expenditure Commitments (Details) - USD ($) $ in Millions		12 Months Ended
	Oct. 01, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Commitments [Line Items]
Purchase obligations		$ 149.1
Purchase obligations, 2021		59.7
Master Leases
Other Commitments [Line Items]
Minimum required facility maintenance spending, as a percent of annual net revenues	1.00%
Location share agreements
Other Commitments [Line Items]
Cost of revenue		$ 20.2	$ 33.1	$ 34.7

Commitments and Contingencies - Employee Benefit Plans and Labor Agreements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) agreement employee	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Defined Contribution Plan Disclosure [Line Items]
Deferred compensation vesting period	5 years
Deferred compensation matching contributions \| $	$ 2.6	$ 2.3	$ 2.3
Deferred compensation liability, current \| $	$ 86.3	80.1
Number of collective bargaining agreements \| agreement	38
Number of employees covered under collective bargaining agreement \| employee	2,779
Number of collective borrowing agreements expiring in 2020 \| agreement	9
Number of collective borrowing agreements expired in 2019 \| agreement	3
401(k) Plan
Defined Contribution Plan Disclosure [Line Items]
Discretionary match contribution percentage	50.00%
Maximum percentage of eligible employee compensation eligible for discretionary employer match contribution	6.00%
Matching contributions \| $	$ 6.0	$ 11.7	$ 6.5

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Stock-based compensation expense	$ 18.2	$ 11.7
Accrued expenses	43.3	37.6
Financing and operating leasing obligations	2,336.9	2,178.0
Unrecognized tax benefits	7.9	7.7
Net operating losses, interest limitation and tax credit carryforwards	153.9	87.6
Gross deferred tax assets	2,560.2	2,322.6
Less: Valuation allowance	(101.0)	(54.2)
Total deferred tax assets	2,459.2	2,268.4
Deferred tax liabilities:
Property and equipment, not subject to the Master Leases	(51.1)	(53.1)
Property and equipment, subject to the Master Leases	(1,051.2)	(1,088.9)
Investments in and advances to unconsolidated affiliates	(27.9)	(2.9)
Discount on convertible notes	(20.9)	0.0
Undistributed foreign earnings	(0.4)	(0.4)
Intangible assets	(183.4)	(287.3)
Lease right of use assets	(1,250.6)	(1,080.4)
Total deferred tax liabilities	(2,585.5)	(2,513.0)
Long-term deferred tax liabilities, net	$ (126.3)	$ (244.6)

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes [Line Items]
Three-year cumulative pretax income	$ 658,200,000
Increase in valuation allowance	46,800,000
Tax benefit associated with net operating loss carryforwards	78,300,000
Tax reserves, interest and penalties related to current year tax positions	0
Tax reserves, interest and penalties related to prior year tax positions	1,900,000
Reversal of previously recorded tax reserves and accrued interest for tax positions settled and/or closed	1,000,000.0
Unrecognized tax benefits	38,200,000	$ 37,200,000
Net tax expense in connection with uncertain tax positions	900,000
Tax positions that, if reversed, would affect the effective tax rate	30,200,000	29,400,000
Interest and penalties recognized, net of deferred taxes	500,000	100,000	$ 500,000
Reductions in previously accrued interest and penalties	100,000	0
Prepaid income taxes	52,700,000	22,200,000
Domestic
Income Taxes [Line Items]
Net operating loss carryforwards	148,100,000	$ 120,300,000
State
Income Taxes [Line Items]
Net operating loss carryforwards	1,332,000,000.0
Net operating loss carryforwards, valuation allowance	$ 60,200,000

Income Taxes - Income Before Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes [Line Items]
Income (loss) before income taxes	$ (834.2)	$ 86.1	$ 89.9
Domestic
Income Taxes [Line Items]
Income (loss) before income taxes	(834.0)	85.5	89.6
Foreign
Income Taxes [Line Items]
Income (loss) before income taxes	$ (0.2)	$ 0.6	$ 0.3

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68072869&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-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 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Components of Income Tax Benefit (Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current tax benefit (expense)
Federal	$ 47.0	$ (12.5)	$ (15.3)
State	0.2	(9.2)	(6.4)
Foreign	(0.4)	(0.2)	(1.4)
Total current	46.8	(21.9)	(23.1)
Deferred tax benefit (expense)
Federal	103.6	(16.7)	14.6
State	14.7	(4.4)	10.9
Foreign	0.0	0.0	1.2
Total deferred	118.3	(21.1)	26.7
Total income tax benefit (expense)	$ 165.1	$ (43.0)	$ 3.6

Income Taxes - Reconciliation of Effective Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Percent and amount of pretax income
Federal statutory rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal benefits	1.40%	9.90%	(6.20%)
Nondeductible expenses	(0.30%)	4.00%	6.90%
Goodwill impairment losses	(2.30%)	14.40%	0.00%
Compensation	2.50%	0.30%	(3.80%)
Foreign	0.00%	0.10%	(0.10%)
Federal valuation allowance	(3.90%)	0.00%	(20.30%)
Tax credits	1.20%	0.00%	0.00%
Other	0.20%	0.20%	(1.50%)
Total effective tax rate and income tax benefit (expense)	19.80%	49.90%	(4.00%)
Amount of pretax income
Federal statutory rate	$ 175.2	$ (18.1)	$ (18.9)
State and local income taxes - net of federal benefits	12.1	(8.5)	5.6
Nondeductible expenses	(2.6)	(3.5)	(6.2)
Goodwill impairment	(19.0)	(12.4)	0.0
Compensation	20.5	(0.3)	3.4
Foreign	(0.4)	(0.1)	0.1
Valuation allowance	(32.7)	0.0	18.3
Tax Act - deferred rate change	10.0	0.0	0.0
Other miscellaneous items	2.0	(0.1)	1.3
Total income tax benefit (expense)	$ 165.1	$ (43.0)	$ 3.6

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance	$ 36.0	$ 29.7	$ 30.9
Additions based on prior year positions	1.2	6.5	0.8
Decreases due to settlements and/or reduction in reserves	(0.9)	(0.2)	(2.0)
Balance	$ 36.3	$ 36.0	$ 29.7

Stockholders' Equity (Details)								10 Months Ended	12 Months Ended
Stockholders' Equity (Details)	Sep. 25, 2020 USD ($) $ / shares shares	Sep. 25, 2020 USD ($) $ / shares shares	Sep. 24, 2020 shares	May 19, 2020 USD ($) $ / shares shares	May 19, 2020 $ / shares shares	May 14, 2020 shares	Feb. 20, 2020 $ / shares shares	Dec. 31, 2020 series $ / shares shares	Dec. 31, 2020 USD ($) series $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($)	Jan. 09, 2019 USD ($)
Class of Stock [Line Items]
Shares issued (in shares)	2,100,000	16,100,000	14,000,000	2,500,000	19,166,667	16,666,667		19,166,667
Shares issued, price (in dollars per share) \| $ / shares	$ 61.00	$ 61.00		$ 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	$ 0
Payments of stock issuance costs \| $	$ 24,500,000			$ 13,800,000
Authorized amount under share repurchase program \| $												$ 200,000,000.0
Share repurchases (in shares)										1,271,823
Repurchases of common stock \| $										$ 24,900,000	$ 50,000,000.0
Average price paid per share of common stock repurchased (in dollars per share) \| $ / shares										$ 19.55
Preferred stock, par value (in dollars per share) \| $ / shares								$ 0.01	$ 0.01
Number of series of preferred stock \| series								2	2
Series B Preferred stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) \| $ / shares								$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)								1,000,000	1,000,000	1,000,000
Preferred stock, shares outstanding (in shares)								0	0	0
Series C Preferred stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) \| $ / shares								$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)								18,500	18,500	18,500
Preferred stock, shares outstanding (in shares)								0	0	0
Series D Preferred Stock
Class of Stock [Line Items]
Common stock offerings ( in shares)							883
Preferred stock, par value (in dollars per share) \| $ / shares							$ 0.01	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)							5,000	5,000	5,000	5,000

Stock-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions				1 Months Ended	12 Months Ended
	Feb. 25, 2020 shares	Feb. 14, 2019 shares	Feb. 06, 2018 shares	Jun. 30, 2018	Dec. 31, 2020 USD ($) performance_period $ / shares shares	Dec. 31, 2019 USD ($) $ / shares	Dec. 31, 2018 USD ($) $ / shares	Jun. 30, 2019 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense					$ 14.5	$ 14.9	$ 12.0
Weighted-average grant date fair value (in dollars per share) \| $ / shares					$ 8.62	$ 6.39	$ 9.88
Intrinsic value of stock options exercised					$ 128.9	$ 2.0	$ 28.7
Fair value of stock options vested					9.6	6.2	5.9
Unamortized compensation costs, stock options					$ 11.5
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation costs, weighted average period of recognition					1 year 8 months 12 days
Awards granted (in shares) \| shares					131,313
Unrecognized compensation cost, other awards					$ 6.4
Fair value of awards vested					$ 16.7	5.5	0.9
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Low end of exercise price range (in dollars per share) \| $ / shares					$ 12.65
High end of exercise price range (in dollars per share) \| $ / shares					$ 55.74
Unamortized compensation costs, weighted average period of recognition					2 years 6 months
Stock options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual lives					4 years
Stock options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual lives					10 years
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) \| shares	107,297	278,780	197,727		179,045
Annual increment percentage at which awards are granted					33.33%
Number of annual award performance periods \| performance_period					3
Service period					1 year
Vesting period					3 years
Performance shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award which can potentially be earned					0.00%
Performance shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award which can potentially be earned					150.00%
Phantom stock units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense					$ 11.5	4.1	1.1
Unamortized compensation costs, weighted average period of recognition					2 years 3 months 18 days
Unrecognized compensation cost, other awards					$ 16.0
Liability for cash-settled awards					10.1	3.3
Amounts paid on cash-settled awards					$ 4.7	2.5	4.2
Phantom stock units (PSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Phantom stock units (PSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
Stock appreciation rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense					$ 69.7	10.7	(6.7)
Unamortized compensation costs, weighted average period of recognition					2 years 8 months 12 days
Vesting period					4 years
Unrecognized compensation cost, other awards					$ 71.2
Liability for cash-settled awards					54.6	14.4
Amounts paid on cash-settled awards					$ 32.6	$ 3.5	$ 10.5
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
Shares available for future grants (in shares) \| shares					7,612,054
Share Based Compensation Arrangement by Share Based Payment Award, Share Ratio				1
2018 Long Term Incentive Compensation Plan \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement by Share Based Payment Award, Share Ratio				2.30

Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares
Number of Option Shares
Options outstanding (in shares) \| shares	7,817,436
Granted (in shares) \| shares	652,733
Exercised (in shares) \| shares	(4,362,654)
Forfeited (in shares) \| shares	(508,326)
Options outstanding (in shares) \| shares	3,599,189
Options outstanding, weighted average remaining contractual term	6 years 5 months 15 days
Options outstanding, aggregate intrinsic value \| $	$ 242.2
Weighted-Average Exercise Price
Options outstanding (in dollars per share) \| $ / shares	$ 16.30
Granted (in dollars per share) \| $ / shares	26.79
Exercised (in dollars per share) \| $ / shares	14.37
Forfeited (in dollars per share) \| $ / shares	21.69
Options outstanding (in dollars per share) \| $ / shares	$ 19.79
Options Exercisable
Options exercisable (in shares) \| shares	1,343,421
Options exercisable, weighted average exercise price (in dollars per share) \| $ / shares	$ 16.71
Options exercisable, weighted average remaining contractual term	3 years 11 months 8 days
Options exercisable, aggregate intrinsic value \| $	$ 94.6

Stock-Based Compensation - Stock Options By Exercise Price Ranges (Details)	12 Months Ended
	Dec. 31, 2020 $ / shares shares
$12.65 to $18.63
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Low end of exercise price range (in dollars per share)	$ 12.65
High end of exercise price range (in dollars per share)	$ 18.63
Outstanding options
Number outstanding (in shares) \| shares	1,045,257
Weighted-average remaining contractual life	2 years 9 months 7 days
Weighted-average exercise price (in dollars per share)	$ 13.86
Exercisable options
Number outstanding (in shares) \| shares	830,121
Weighted-average exercise price (in dollars per share)	$ 13.48
$18.81 to $26.14
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Low end of exercise price range (in dollars per share)	18.81
High end of exercise price range (in dollars per share)	$ 26.14
Outstanding options
Number outstanding (in shares) \| shares	2,245,484
Weighted-average remaining contractual life	8 years 5 months 8 days
Weighted-average exercise price (in dollars per share)	$ 20.88
Exercisable options
Number outstanding (in shares) \| shares	389,945
Weighted-average exercise price (in dollars per share)	$ 19.14
$30.74 to $36.31
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Low end of exercise price range (in dollars per share)	30.74
High end of exercise price range (in dollars per share)	$ 36.31
Outstanding options
Number outstanding (in shares) \| shares	303,974
Weighted-average remaining contractual life	4 years 5 months 15 days
Weighted-average exercise price (in dollars per share)	$ 31.57
Exercisable options
Number outstanding (in shares) \| shares	123,355
Weighted-average exercise price (in dollars per share)	$ 30.74
$55.74 to $55.74
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Low end of exercise price range (in dollars per share)	55.74
High end of exercise price range (in dollars per share)	$ 55.74
Outstanding options
Number outstanding (in shares) \| shares	4,474
Weighted-average remaining contractual life	9 years 10 months 2 days
Weighted-average exercise price (in dollars per share)	$ 55.74
Exercisable options
Number outstanding (in shares) \| shares	0
Weighted-average exercise price (in dollars per share)	$ 0
$12.65 to $55.74
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Low end of exercise price range (in dollars per share)	12.65
High end of exercise price range (in dollars per share)	$ 55.74
Outstanding options
Number outstanding (in shares) \| shares	3,599,189
Weighted-average remaining contractual life	6 years 5 months 15 days
Weighted-average exercise price (in dollars per share)	$ 19.79
Exercisable options
Number outstanding (in shares) \| shares	1,343,421
Weighted-average exercise price (in dollars per share)	$ 16.71

Stock-Based Compensation - Weighted-Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Weighted-average assumptions used in the Black-Scholes option-pricing model
Risk-free interest rate	1.55%	2.00%	2.26%
Expected volatility	33.78%	32.90%	30.80%
Dividend yield	0.00%	0.00%	0.00%
Weighted-average expected life	5 years	5 years 3 months 18 days	5 years 3 months 18 days

Stock-Based Compensation - Restricted Stock Activity (Details) - $ / shares				12 Months Ended
	Feb. 25, 2020	Feb. 14, 2019	Feb. 06, 2018	Dec. 31, 2020
Performance shares
Number of Shares
Outstanding (in shares)				395,362
Granted (in shares)	107,297	278,780	197,727	179,045
Released (in shares)				(352,371)
Canceled (in shares)				0
Outstanding (in shares)				222,036
Weighted- Average Grant Date Fair Value
Outstanding (in dollars per share)				$ 24.35
Awarded (in dollars per share)				28.68
Released (in dollars per share)				23.63
Canceled (in dollars per share)				0
Outstanding (in dollars per share)				$ 28.73
Restricted stock
Number of Shares
Outstanding (in shares)				298,479
Granted (in shares)				131,313
Released (in shares)				(106,666)
Canceled (in shares)				(39,180)
Outstanding (in shares)				283,946
Weighted- Average Grant Date Fair Value
Outstanding (in dollars per share)				$ 23.15
Awarded (in dollars per share)				26.18
Released (in dollars per share)				22.53
Canceled (in dollars per share)				25.18
Outstanding (in dollars per share)				$ 24.50

Earnings per Share - Additional Information (Details)	Feb. 20, 2020 shares
Series D Preferred Stock
Schedule of Equity Method Investments [Line Items]
Common stock offerings ( in shares)	883
Barstool Sports, Inc
Schedule of Equity Method Investments [Line Items]
Common stock offerings ( in shares)	883,000

Earnings (Loss) per Share - Antidilutive Securities and Reconciliation of Weighted-Average Common Shares Outstanding (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive securities, stock options (in shares)	0.0	2.4	0.7
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)	3.0
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)	0.5
Convertible preferred stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of convertible preferred shares (in shares)	0.7
Convertible debt securities
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of convertible debt (in shares)	9.1

Earnings per Share - Reconciliation of Weighted-Average Common Shares Outstanding (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Determination of shares:
Weighted-average common shares outstanding (in shares)	134.0	115.7	97.1
Diluted weighted-average common shares outstanding (in shares)	134.0	117.8	100.3
Anti-dilutive securities, stock options (in shares)	0.0	2.4	0.7
Stock options
Determination of shares:
Assumed conversion of dilutive employee stock-based awards and restricted stock (in shares)		1.8	3.0
Restricted stock
Determination of shares:
Assumed conversion of dilutive employee stock-based awards and restricted stock (in shares)		0.3	0.2

Earnings per Share - Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Calculation of basic EPS:
Net income applicable to common stock	$ (669.5)	$ 43.9	$ 93.5
Weighted-average common shares outstanding (in shares)	134.0	115.7	97.1
Basic EPS (in dollars per share)	$ (5.00)	$ 0.38	$ 0.96
Calculation of diluted EPS:
Diluted weighted-average common shares outstanding (in shares)	134.0	117.8	100.3
Diluted EPS (in dollars per share)	$ (5.00)	$ 0.37	$ 0.93

- Definition

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

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- Definition

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

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Segment Information (Details) $ in Millions	12 Months Ended
Segment Information (Details) $ in Millions	Dec. 31, 2020 USD ($) segment	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	4
Revenues:
Total	$ 3,578.7	$ 5,301.4	$ 3,587.9
Adjusted EBITDAR:
Adjusted EBITDAR	1,094.8	1,605.2	1,043.2
Rent expense associated with triple net operating lease	(419.8)	(366.4)	(3.8)
Stock-based compensation	(14.5)	(14.9)	(12.0)
Cash-settled stock-based awards variance	(67.2)	(0.8)	19.6
Gain (Loss) on Disposition of Property Plant Equipment	29.2	(5.5)	(3.2)
Contingent purchase price	1.1	(7.0)	(0.5)
Pre-opening and acquisition costs	(11.8)	(22.3)	(95.0)
Depreciation and amortization	(366.7)	(414.2)	(269.0)
Impairment losses	(623.4)	(173.1)	(34.9)
Recoveries on loan loss and unfunded loan commitments	0.0	0.0	17.0
Insurance recoveries, net of deductible charges	0.1	3.0	0.1
Non-operating items of equity method investments	(4.7)	(3.7)	(5.1)
Interest expense, net	(543.2)	(534.2)	(538.4)
Loss on early extinguishment of debt	(1.2)	0.0	(21.0)
Other	93.1	20.0	(7.1)
Income (loss) before income taxes	(834.2)	86.1	89.9
Income tax benefit (expense)	165.1	(43.0)	3.6
Net income (loss)	(669.1)	43.1	93.5
Restructuring charges	13.4
Capital expenditures:
Capital expenditures	137.0	190.6	92.6
Assets:
Investment in and advances to unconsolidated affiliates	266.8	128.3	128.5
Total assets	14,667.3	14,194.5	10,961.0
Operating segments \| Northeast segment
Revenues:
Total	1,639.3	2,399.9	1,891.5
Adjusted EBITDAR:
Adjusted EBITDAR	478.9	720.8	583.8
Capital expenditures:
Capital expenditures	78.0	96.2	38.9
Assets:
Investment in and advances to unconsolidated affiliates	0.1	0.1	0.1
Total assets	1,958.4	2,273.7	1,330.2
Operating segments \| South segment
Revenues:
Total	849.6	1,118.9	394.4
Adjusted EBITDAR:
Adjusted EBITDAR	318.9	369.8	118.9
Capital expenditures:
Capital expenditures	15.8	29.8	10.6
Assets:
Investment in and advances to unconsolidated affiliates	0.0	0.0	0.0
Total assets	1,165.4	1,397.0	1,082.3
Operating segments \| West segment
Revenues:
Total	302.5	642.5	437.9
Adjusted EBITDAR:
Adjusted EBITDAR	82.2	198.8	114.3
Capital expenditures:
Capital expenditures	8.2	21.2	12.8
Assets:
Investment in and advances to unconsolidated affiliates	0.0	0.0	0.0
Total assets	401.5	752.1	755.7
Operating segments \| Midwest segment
Revenues:
Total	681.4	1,094.5	823.7
Adjusted EBITDAR:
Adjusted EBITDAR	258.3	403.6	294.3
Capital expenditures:
Capital expenditures	15.1	32.7	25.3
Assets:
Investment in and advances to unconsolidated affiliates	85.2	90.9	89.4
Total assets	1,161.1	1,412.2	1,411.5
Other
Revenues:
Total	125.0	47.5	40.4
Adjusted EBITDAR:
Adjusted EBITDAR	(43.5)	(87.8)	(68.1)
Capital expenditures:
Capital expenditures	19.9	10.7	5.0
Assets:
Investment in and advances to unconsolidated affiliates	181.5	37.3	39.0
Total assets	9,980.9	8,359.5	6,381.3
Intersegment eliminations
Revenues:
Total	$ (19.1)	$ (1.9)	$ 0.0

Fair Value Measurements - Additional Information (Details) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) payment	Dec. 31, 2019 USD ($) payment	May 19, 2020	Jan. 19, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities		$ 143.1	$ 40.5
Holding gain on equity securities		106.7	$ 19.9
Impairment of promissory notes and bonds		$ 2.5
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	6
Repayments of debt	$ 8.2
5.625% Notes due 2027 \| Senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate		5.625%	5.625%		5.625%
2.75% Convertible Notes due 2026 \| Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate		2.75%		2.75%
Pinnacle Retama Partners, LLC \| Local government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Bonds, at amortized cost		$ 6.7	$ 6.7
Retama Development Corporation \| Pinnacle Retama Partners, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Promissory notes		$ 15.1	$ 15.1
Retama Nominal Holder, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership interest		1.00%
Pinnacle Retama Partners, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership interest by parent		75.50%

Fair Value Measurements - Carrying Amounts and Estimated Fair Values by Input Level (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Jan. 19, 2017
Financial assets:
Equity securities	$ 143.1	$ 40.5
Senior Notes \| 5.625% Notes
Financial liabilities:
Interest rate	5.625%	5.625%	5.625%
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 1,853.8	$ 437.4
Equity securities	143.1	40.5
Held-to-maturity securities	6.7	6.7
Promissory notes	15.1	15.1
Financial liabilities:
Other liabilities	10.1	20.3
Puts and calls related to certain Barstool Sports shares	0.3
Carrying Amount \| Secured Credit Facility
Financial liabilities:
Long-term debt	1,600.3	1,896.5
Carrying Amount \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	399.5	399.4
Carrying Amount \| Convertible Notes Payable
Financial liabilities:
Long-term debt	239.8
Carrying Amount \| Notes Payable, Other Payables
Financial liabilities:
Long-term debt	73.0	89.2
Fair Value
Financial assets:
Cash and cash equivalents	1,853.8	437.4
Equity securities	143.1	40.5
Held-to-maturity securities	6.7	6.7
Promissory notes	15.1	15.1
Financial liabilities:
Other liabilities	10.1	20.3
Puts and calls related to certain Barstool Sports shares	0.3
Fair Value \| Secured Credit Facility
Financial liabilities:
Long-term debt	1,609.3	1,930.6
Fair Value \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	418.0	426.0
Fair Value \| Convertible Notes Payable
Financial liabilities:
Long-term debt	1,274.5
Fair Value \| Notes Payable, Other Payables
Financial liabilities:
Long-term debt	72.8	89.7
Level 1
Financial assets:
Cash and cash equivalents	1,853.8	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
Puts and calls related to certain Barstool Sports shares	0.0
Level 1 \| Secured Credit Facility
Financial liabilities:
Long-term debt	1,609.3	1,930.6
Level 1 \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	418.0	426.0
Level 1 \| Convertible Notes Payable
Financial liabilities:
Long-term debt	1,274.5
Level 1 \| Notes Payable, Other Payables
Financial liabilities:
Long-term debt	0.0	0.0
Level 2
Financial assets:
Cash and cash equivalents	0.0	0.0
Equity securities	143.1	40.5
Held-to-maturity securities	6.7	6.7
Promissory notes	15.1	15.1
Financial liabilities:
Other liabilities	2.8	2.8
Puts and calls related to certain Barstool Sports shares	0.3
Level 2 \| Secured Credit Facility
Financial liabilities:
Long-term debt	0.0	0.0
Level 2 \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	0.0	0.0
Level 2 \| Convertible Notes Payable
Financial liabilities:
Long-term debt	0.0
Level 2 \| Notes Payable, Other Payables
Financial liabilities:
Long-term debt	72.8	89.7
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	7.3	17.5
Puts and calls related to certain Barstool Sports shares	0.0
Level 3 \| Secured Credit Facility
Financial liabilities:
Long-term debt	0.0	0.0
Level 3 \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	0.0	0.0
Level 3 \| Convertible Notes Payable
Financial liabilities:
Long-term debt	0.0
Level 3 \| Notes Payable, Other Payables
Financial liabilities:
Long-term debt	$ 0.0	$ 0.0

Fair Value Measurements - Changes in Fair Value of Level 3 Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Contingent Purchase Price
Balance	$ 17.5	$ 19.0	$ 22.7
Payments	(9.1)	(8.5)	(4.2)
Included in earnings	(1.1)	7.0	0.5
Balance	$ 7.3	$ 17.5	$ 19.0

Fair Value Measurements - Assets Measured at Fair Value on a Non-Recurring Basis (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Oct. 01, 2020	Oct. 01, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property and equipment, fair value disclosure		$ 0.0
Property and equipment - total reduction in fair value recorded		(7.3)
Goodwill, fair value	$ 160.5				$ 161.1
Goodwill - total reduction in fair value recorded	(113.0)	(113.0)	$ (88.0)
Gaming licenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	568.0			$ 568.0	290.0
Indefinite-lived intangible assets - total reduction in fair value recorded		(437.0)	(62.6)
Trademarks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	216.5			$ 216.5	87.5
Indefinite-lived intangible assets - total reduction in fair value recorded		(61.5)	$ (20.0)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property and equipment, fair value disclosure		0.0
Goodwill, fair value	0.0				0.0
Level 1 \| Gaming licenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	0.0				0.0
Level 1 \| Trademarks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	0.0				0.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property and equipment, fair value disclosure		0.0
Goodwill, fair value	0.0				0.0
Level 2 \| Gaming licenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	0.0				0.0
Level 2 \| Trademarks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	0.0				0.0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property and equipment, fair value disclosure		$ 0.0
Goodwill, fair value	160.5				161.1
Level 3 \| Gaming licenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	568.0				290.0
Level 3 \| Trademarks
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-lived intangible assets, fair value	$ 216.5				$ 87.5

Fair Value Measurements - Significant Unobservable Inputs for Fair Value Measurements (Details) $ in Millions	Dec. 31, 2020	Oct. 01, 2020 USD ($)	Mar. 31, 2020 USD ($)	Oct. 01, 2019 USD ($)
Gaming licenses
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, fair value		$ 568.0	$ 568.0	$ 290.0
Trademarks
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, fair value		$ 216.5	216.5	87.5
Level 3 \| Gaming licenses
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, fair value			568.0	290.0
Level 3 \| Trademarks
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, fair value			$ 216.5	$ 87.5
Level 3 \| Discounted cash flow \| Discount rate \| Gaming licenses \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		0.1325
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		0.1400
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		0.1400
Level 3 \| Discounted cash flow \| Long-term revenue growth rate \| Gaming licenses
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		0.020
Level 3 \| Discounted cash flow \| Long-term revenue growth rate \| Trademarks
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		0.020
Level 3 \| Discounted cash flow \| Pretax royalty rate \| Trademarks \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		0.010
Level 3 \| Discounted cash flow \| Pretax royalty rate \| Trademarks \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indefinite-lived intangible assets, measurement input		0.020
Plainridge Park Casino \| Level 3 \| Discounted cash flow \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent purchase price, measurement input	0.0505

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Future minimum lease commitments	$ 9,779.2
Affiliates of Chairman of Board of Directors
Related Party Transaction [Line Items]
Rent expense	1.2	$ 1.2
Rent expense			$ 1.3
Future minimum lease commitments	$ 1.5

Label	Element	Value
Restricted Cash and Cash Equivalents, Noncurrent	us-gaap_RestrictedCashAndCashEquivalentsNoncurrent	$ 1,300,000
Restricted Cash and Cash Equivalents, Noncurrent	us-gaap_RestrictedCashAndCashEquivalentsNoncurrent	2,300,000
Restricted Cash and Cash Equivalents, Noncurrent	us-gaap_RestrictedCashAndCashEquivalentsNoncurrent	1,600,000
Restricted Cash and Cash Equivalents, Current	us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue	15,300,000
Restricted Cash and Cash Equivalents, Current	us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue	15,500,000
Restricted Cash and Cash Equivalents, Current	us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue	$ 0