0000921738-22-000019 | 10-Q | XBRL Viewer

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Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2022	May 02, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	0-24206
Entity Registrant Name	PENN NATIONAL GAMING, INC.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-2234473
Entity Address, Address Line One	825 Berkshire Blvd., Suite 200
Entity Address, City or Town	Wyomissing,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19610
City Area Code	610
Local Phone Number	373-2400
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	PENN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		166,802,806
Entity Central Index Key	0000921738
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 1,805.5	$ 1,863.9
Accounts receivable, net	122.9	195.0
Prepaid expenses	134.3	132.3
Other current assets	50.3	32.4
Total current assets	2,113.0	2,223.6
Property and equipment, net	4,579.6	4,582.2
Investment in and advances to unconsolidated affiliates	256.2	255.1
Goodwill	2,847.1	2,822.5
Other intangible assets, net	1,864.1	1,872.6
Lease right-of-use assets	6,191.9	4,853.0
Other assets	219.2	263.1
Total assets	18,071.1	16,872.1
Current liabilities
Accounts payable	45.5	53.3
Current maturities of long-term debt	99.5	99.5
Current portion of financing obligations	63.8	39.0
Current portion of lease liabilities	178.3	142.9
Accrued expenses and other current liabilities	735.8	798.5
Total current liabilities	1,122.9	1,133.2
Long-term debt, net of current maturities, debt discount and debt issuance costs	2,694.3	2,637.3
Long-term portion of financing obligations	4,017.4	4,057.8
Long-term portion of lease liabilities	5,940.5	4,628.6
Deferred income taxes	213.0	189.1
Other long-term liabilities	130.3	129.0
Total liabilities	14,118.4	12,775.0
Commitments and contingencies
Stockholders’ equity
Treasury stock, at cost, (5,969,801 and 2,167,393 shares)	(203.5)	(28.4)
Additional paid-in capital	4,170.4	4,239.6
Retained earnings (accumulated deficit)	(15.9)	(86.5)
Accumulated other comprehensive loss	(18.6)	(54.4)
Total Penn National Gaming stockholders’ equity	3,953.5	4,097.8
Non-controlling interest	(0.8)	(0.7)
Total stockholders’ equity	3,952.7	4,097.1
Total liabilities and stockholders’ equity	18,071.1	16,872.1
Series B Preferred Stock
Stockholders’ equity
Preferred stock	0.0	0.0
Series C Preferred Stock
Stockholders’ equity
Preferred stock	0.0	0.0
Series D Preferred Stock
Stockholders’ equity
Preferred stock	19.4	25.8
Common Stock, Non-Exchangeable
Stockholders’ equity
Common stock	1.7	1.7
Common Stock, Exchangeable
Stockholders’ equity
Common stock	$ 0.0	$ 0.0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Preferred stock, par value (in dollars per share)		$ 0.01
Treasury stock (in shares)	5,969,801	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)	969	969
Preferred stock, shares outstanding (in shares)	581	775
Common Stock, Non-Exchangeable
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	172,131,619	171,729,276
Common stock, shares outstanding (in shares)	166,161,818	169,561,883
Common Stock, Exchangeable
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	697,539	697,539
Common stock, shares issued (in shares)	697,539	697,539
Common stock, shares outstanding (in shares)	633,189	653,059

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Total revenues	$ 1,564.2	$ 1,274.9
Operating expenses
General and administrative	295.5	326.2
Depreciation and amortization	118.2	81.3
Total operating expenses	1,272.2	1,058.4
Operating income	292.0	216.5
Other income (expenses)
Interest expense, net	(160.8)	(135.7)
Income from unconsolidated affiliates	8.7	9.6
Other	(40.7)	21.1
Total other expenses	(192.8)	(105.0)
Income before income taxes	99.2	111.5
Income tax expense	(47.6)	(20.6)
Net income	51.6	90.9
Less: Net loss attributable to non-controlling interest	0.1	0.1
Net income attributable to Penn National Gaming	$ 51.7	$ 91.0
Earnings Per Share
Basic earnings per share (in dollars per share)	$ 0.31	$ 0.58
Diluted earnings per share (in dollars per share)	$ 0.29	$ 0.55
Weighted average common shares outstanding - Basic (in shares)	168.2	155.7
Weighted average common shares outstanding - diluted (in shares)	184.2	172.8
Gaming
Revenues
Total revenues	$ 1,291.2	$ 1,082.0
Operating expenses
Cost of revenue	686.6	527.8
Food, beverage, hotel and other
Revenues
Total revenues	273.0	192.9
Operating expenses
Cost of revenue	$ 171.9	$ 123.1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 51.6	$ 90.9
Other comprehensive income:
Foreign currency translation adjustment during the period	35.8	0.0
Other comprehensive income	35.8	0.0
Total comprehensive income	87.4	90.9
Less: Comprehensive loss attributable to non-controlling interest	0.1	0.1
Comprehensive income attributable to Penn National Gaming	$ 87.5	$ 91.0

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Preferred Stock	Common Stock Common Stock, Non-Exchangeable	Common Stock Common Stock, Exchangeable	Treasury Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit) Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Total Penn Stockholders’ Equity	Total Penn Stockholders’ Equity Cumulative Effect, Period of Adoption, Adjustment	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2020			883	155,700,834	0
Beginning balance at Dec. 31, 2020	$ 2,655.8		$ 23.1	$ 1.6	$ 0.0	$ (28.4)	$ 3,167.2		$ (507.3)		$ 0.0	$ 2,656.2		$ (0.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)				478,107
Share-based compensation arrangements	4.0						4.0					4.0
Preferred stock conversions/ Conversion of Preferred Stock (in shares)			(151)	151,200
Preferred stock conversions/ Conversion of Preferred Stock	0.0		$ (4.0)				4.0
Currency translation adjustment	$ 0.0
Share issuance (in shares)	151,200		43
Share issuance (Note 13)	$ 5.1		$ 5.1									5.1
Net income (loss)	90.9								91.0			91.0		(0.1)
Ending balance (in shares) at Mar. 31, 2021			775	156,330,141	0
Ending balance at Mar. 31, 2021	$ 2,755.8		$ 24.2	$ 1.6	$ 0.0	(28.4)	3,175.2		(416.3)		0.0	2,756.3		(0.5)
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06 [Member]
Beginning balance (in shares) at Dec. 31, 2020			883	155,700,834	0
Beginning balance at Dec. 31, 2020	$ 2,655.8		$ 23.1	$ 1.6	$ 0.0	(28.4)	3,167.2		(507.3)		0.0	2,656.2		(0.4)
Ending balance (in shares) at Dec. 31, 2021			775	169,561,883	653,059
Ending balance at Dec. 31, 2021	4,097.1	$ (69.3)	$ 25.8	$ 1.7	$ 0.0	(28.4)	4,239.6	$ (88.2)	(86.5)	$ 18.9	(54.4)	4,097.8	$ (69.3)	(0.7)
Beginning balance (in shares) at Dec. 31, 2020			883	155,700,834	0
Beginning balance at Dec. 31, 2020	2,655.8		$ 23.1	$ 1.6	$ 0.0	(28.4)	3,167.2		(507.3)		0.0	2,656.2		(0.4)
Ending balance (in shares) at Mar. 31, 2022			581	166,161,818	633,189
Ending balance at Mar. 31, 2022	3,952.7		$ 19.4	$ 1.7	$ 0.0	(203.5)	4,170.4		(15.9)		(18.6)	3,953.5		(0.8)
Beginning balance (in shares) at Dec. 31, 2021			775	169,561,883	653,059
Beginning balance at Dec. 31, 2021	4,097.1	$ (69.3)	$ 25.8	$ 1.7	$ 0.0	(28.4)	4,239.6	$ (88.2)	(86.5)	$ 18.9	(54.4)	4,097.8	$ (69.3)	(0.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)				188,273
Share-based compensation arrangements	$ 17.0						17.0					17.0
Share repurchases (in shares)	(3,802,408)			(3,802,408)
Share repurchases	$ (175.1)					(175.1)						(175.1)
Preferred stock conversions/ Conversion of Preferred Stock (in shares)			(194)	194,200
Preferred stock conversions/ Conversion of Preferred Stock	0.0		$ (6.4)				6.4
Exchangeable shares conversions (in shares)				19,870	(19,870)
Currency translation adjustment	$ 35.8										35.8	35.8
Share issuance (in shares)	194,200
Net income (loss)	$ 51.6								51.7			51.7		(0.1)
Other	(4.4)						(4.4)					(4.4)
Ending balance (in shares) at Mar. 31, 2022			581	166,161,818	633,189
Ending balance at Mar. 31, 2022	$ 3,952.7		$ 19.4	$ 1.7	$ 0.0	$ (203.5)	$ 4,170.4		$ (15.9)		$ (18.6)	$ 3,953.5		$ (0.8)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net income (loss)	$ 51.6	$ 90.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	118.2	81.3
Amortization of debt discount and debt issuance costs	2.7	5.5
Noncash interest expense	6.2	0.0
Noncash operating lease expense	25.2	35.5
Holding (gain) loss on equity securities	38.7	(26.2)
Gain on Hurricane Laura	(8.8)	0.0
Income from unconsolidated affiliates	(8.7)	(9.6)
Return on investment from unconsolidated affiliates	8.0	5.5
Deferred income taxes	22.9	8.3
Stock-based compensation	17.0	4.2
Changes in operating assets and liabilities, net of businesses acquired
Accounts receivable	54.2	(41.1)
Prepaid expenses and other current assets	(39.8)	(28.5)
Other assets	6.7	(1.6)
Accounts payable	(7.8)	(10.6)
Accrued expenses	(44.4)	70.9
Income taxes	22.9	20.2
Operating lease liabilities	(23.6)	(31.1)
Other current and long-term liabilities	(16.6)	2.5
Other	0.3	4.4
Net cash provided by operating activities	224.9	180.5
Investing activities
Capital expenditures	(65.6)	(25.7)
Proceeds from sale of property and equipment	3.8	0.0
Hurricane Laura insurance proceeds	24.2	0.0
Other	(2.0)	(1.6)
Net cash used in investing activities	(39.6)	(27.3)
Financing activities
Principal payments on long-term debt	(20.5)	(16.1)
Proceeds from other long-term obligations	0.0	72.5
Payments of other long-term obligations	(0.6)	(0.7)
Principal payments on financing obligations	(15.5)	(8.7)
Principal payments on finance leases	(25.4)	(1.7)
Proceeds from exercise of options	2.3	5.7
Repurchase of common stock	(175.1)	0.0
Proceeds from insurance financing	0.0	23.1
Payments on insurance financing	0.0	(9.2)
Other	(4.4)	(4.8)
Net cash (used in) provided by financing activities	(239.2)	60.1
Effect of currency rate changes on cash, cash equivalents, and restricted cash	(0.9)	0.0
Change in cash, cash equivalents, and restricted cash	(54.8)	213.3
Cash, cash equivalents and restricted cash at the beginning of the year	1,880.1	1,870.4
Cash, cash equivalents and restricted cash at the end of the period	1,825.3	2,083.7
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	1,805.5	2,062.2
Restricted cash included in Other current assets	18.6	20.2
Restricted cash included in Other assets	1.2	1.3
Total cash, cash equivalents and restricted cash	1,825.3	2,083.7
Supplemental disclosure:
Cash paid for interest, net of amounts capitalized	159.9	138.8
Cash payments (refunds) related to income taxes, net	1.0	(8.8)
Non-cash activities:
Commencement of operating leases	38.1	5.7
Commencement of finance leases	1,357.8	0.0
Accrued capital expenditures	$ 28.9	$ 15.6

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization: Penn National Gaming, Inc., together with its subsidiaries (“Penn,” the “Company,” “we,” “our,” or “us”), is North America’s leading provider of integrated entertainment, sports content, and casino gaming experiences. A member of the S&P 500, Penn operates 44 properties in 20 states, online sports betting in 13 jurisdictions and iCasino in five, under a portfolio of well-recognized brands including Hollywood Casino® , L'Auberge® , Barstool Sportsbook® and theScore Bet® . Penn’s highly differentiated strategy, which is focused on organic cross-sell opportunities, is reinforced by its investments in owned technology, including a state-of-the-art media and betting platform and an in-house iCasino content studio. The Company’s portfolio is further bolstered by its industry-leading mychoice® customer loyalty program (the “mychoice program”), which offers its over 25 million members a unique set of rewards and experiences across business channels. 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 9 , “Leases,” and collectively referred to as the “Master Leases”), with Gaming and Leisure Properties, Inc. (Nasdaq: GLPI) (“GLPI”), a real estate investment trust (“REIT”). Basis of Presentation: The unaudited Consolidated Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Results of operations and cash flows for the interim periods presented herein are not necessarily indicative of the results that would be achieved during a full year of operations or in future periods. These unaudited Consolidated Financial Statements and notes thereto should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Significant Accounting Policies

Principles of Consolidation: The unaudited 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 unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

Segment Information: We have five reportable segments: Northeast, South, West, Midwest, and Interactive. Our gaming and racing properties are grouped by geographic location and each is viewed as an operating segment with the exception of our two properties in Jackpot, Nevada, which are viewed as one operating segment. We consider our combined Video Gaming Terminal (“VGT”) operations, by state, to be separate operating segments. Interactive includes the operating results of Penn Interactive Ventures, LLC (“Penn Interactive”), Score Media and Gaming, Inc. (“theScore”), and our proportionate share of earnings attributable to our equity method investment in Barstool Sports, Inc. (“Barstool Sports”). See Note 16, “Segment Information,” for further information. For financial reporting purposes, we aggregate our operating segments into the following 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 Morgantown	Morgantown, Pennsylvania	Morgantown Lease
Hollywood Casino at Penn National Race Course	Grantville, Pennsylvania	Penn Master Lease
Hollywood Casino Perryville	Perryville, Maryland	Perryville Lease
Hollywood Casino Toledo	Toledo, Ohio	Penn Master Lease
Hollywood Casino York	York, Pennsylvania	Operating Lease (not with REIT Landlord)
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
Hollywood Casino at Meadows Racetrack	Washington, Pennsylvania	Meadows Lease
Plainridge Park Casino	Plainville, Massachusetts	Pinnacle Master Lease

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

(3)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.

Revenue Recognition: Our revenue from contracts with customers consists primarily of gaming wagers, inclusive of sports betting and iCasino products, food and beverage transactions, retail transactions, hotel room sales, racing wagers, management services related to the management of external operations and third-party revenue sharing agreements. See Note 5, “Revenue Disaggregation,” for information on our revenue by type and geographic location.

Complimentaries Associated with Gaming Contracts

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


	For the three months ended March 31,
(in millions)	2022		2021
Food and beverage	$	50.7	$	36.1
Hotel	32.2		26.4
Other	2.5		1.9
Total complimentaries associated with gaming contracts	$	85.4	$	64.4

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 iCasino market access.

Our mychoice program allows members 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 and free play. The obligation associated with our mychoice program, which is included in “Accrued expenses and other current liabilities” within our unaudited Consolidated Balance Sheets, was $45.5 million and $37.6 million as of March 31, 2022 and December 31, 2021, respectively, and consisted principally of the obligation associated with the loyalty points. Our loyalty point obligations are generally settled within six months of issuance. Changes between the opening and closing balances primarily relate to the timing of our customers’ election to redeem loyalty points as well as the timing of when our customers receive their earned tier status benefits.

The Company’s advance payments on goods and services yet to be provided and for unpaid wagers primarily consist of the following: (i) deposits on rooms and convention space, (ii) money deposited on behalf of a customer in advance of their property visit (referred to as “safekeeping” or “front money”), (iii) money deposited in an online wallet not yet wagered or wagered and not yet withdrawn, (iv) outstanding tickets generated by slot machine play or pari-mutuel wagering, (v) outstanding chip liabilities, (vi) unclaimed jackpots, and (vii) gift cards redeemable at our properties. Unpaid wagers primarily relate to the Company’s obligation to settle outstanding slot tickets, pari-mutuel racing tickets, gaming chips with customers and online wagers not yet withdrawn 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 $101.6 million and $112.0 million as of March 31, 2022 and December 31, 2021. Advance payments on goods and services yet to be provided and for unpaid wagers are included in “Accrued expenses and other current liabilities” within our unaudited Consolidated Balance Sheets.

Penn Interactive enters into multi-year agreements with sports betting operators for online sports betting and related iCasino market access across our portfolio of properties. Deferred revenue associated with third-party sports betting operators for online sports betting and related iCasino market access, which is included in “Other long-term liabilities” within our unaudited Consolidated Balance Sheets was $58.2 million and $52.2 million as of March 31, 2022 and December 31, 2021, respectively.

Advertising: The Company expenses advertising costs the first time the advertising takes place or as incurred. Advertising expenses, which generally relate to media placement costs and are primarily included in “Gaming” expenses within the unaudited Consolidated Statements of Operations, were $24.1 million, and $17.1 million, for the three months ended March 31, 2022 and 2021, 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 the wagering occurs, as well as taxes on revenues derived from arrangements which allow for third-party partners to operate online casinos and online sportsbooks under our gaming licenses. Additionally, some states require us to prepay annual assessments to support the operations of local regulatory authorities. We consider these prepaid costs to be a type of gaming and racing tax. Gaming and racing taxes are recorded in “Gaming” expense or “Food, beverage, hotel, and other” expenses within the unaudited Consolidated Statements of Operations, and were $472.2 million and $417.9 million for the three months ended March 31, 2022 and 2021, respectively.

Foreign Currency Translation: The functional currency of the Company’s foreign subsidiaries is the local currency in which the subsidiary operates. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Translation adjustments resulting from this process are recorded to other comprehensive income. Revenues and expenses are translated at the average exchange rates during the year. Gains or losses resulting from foreign currency transactions are included in “Other” within our unaudited Consolidated Statements of Operations.

Comprehensive Income and Accumulated Other Comprehensive Income (Loss): Comprehensive income includes net income and all other non-stockholder changes in equity, or other comprehensive income. The balance of accumulated other comprehensive income consists solely of foreign currency translation adjustments.

Holders of the Company’s Series D Preferred Stock (as defined in Note 10, “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 14, “Earnings (Loss) per Share,” for more information.

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 10, “Investments in and Advances to Unconsolidated Affiliates.”

New Accounting Pronouncements	3 Months Ended
New Accounting Pronouncements	Mar. 31, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting PronouncementsIn March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides an optional expedient and exceptions for applying GAAP 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 8, “Long -term Debt”) are tied to LIBOR. Subsequent to the amendment of the Senior Secured Credit Facilities on May 3, 2022, the Company’s borrowings are tied to SOFR (see Note 8, “Long-term Debt”). The adoption of ASU 2020-04 did not have an impact on our unaudited Consolidated Financial Statements. In August 2020, The FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Topic 814): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). ASU 2020-06 eliminates the number of accounting models used to account for convertible debt instruments and convertible preferred stock. The update also amends the disclosure requirements for convertible instruments and EPS in an effort to increase financial reporting transparency. The new standard impacts the Company’s existing 2.75% convertible senior notes due May 2026 (“Convertible Notes”) which prior to adoption of the new standard, were accounted for under the cash conversion feature model. The cash conversion feature model is eliminated under the new standard and entities will no longer separately present in stockholders’ equity an embedded conversion feature of a debt instrument. The new guidance also requires the use of the if-converted method when calculating diluted EPS for convertible instruments and the treasury stock method should no longer be used. Under the new guidance, convertible instruments that may be settled in cash or shares (e.g., the Company’s Convertible Notes) are to be included in the calculation of diluted EPS if the effect is more dilutive, with no option for rebutting the presumption of share settlement based on stated policy or past experience. Each of these requirements are consistent with Company’s previous method for calculating diluted EPS. The Company adopted ASU 2020-06 effective January 1, 2022, using the modified retrospective approach. Adoption of ASU 2020-06 resulted in reclassification of the $88.2 million cash conversion feature related to the Company’s Convertible Notes, from stockholders’ equity to liabilities. As a result of the adoption, the Company recognized as a cumulative effect adjustment, an increase to the January 1, 2022 opening balance of retained earnings of $18.9 million, net of taxes.

- 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

3 Months Ended

Mar. 31, 2022

Unusual or Infrequent Items, or Both [Abstract]

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.

The Company recorded a receivable relating to our estimate of repairs and maintenance costs which have been incurred and property and equipment which have been written off, and for which we deem the recovery of such costs and property and equipment from our insurers to be probable. The insurance recovery receivable was included in “Accounts Receivable, net” within the unaudited Consolidated Balance Sheets. As we deemed it 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. Timing differences 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 unaudited Consolidated Financial Statements.

As of December 31, 2021, the receivable was $28.7 million. During three months ended March 31, 2022, we received additional insurance claim proceeds totaling $37.5 million, resulting in a gain of $8.8 million, which is included in “General and administrative” within our unaudited Consolidated Statements of Operations.

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 March 31, 2022.

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


(in millions)	March 31, 2022		December 31, 2021
Insurance proceeds received through the end of the period	$	85.0	$	47.5
Deductible	$	15.0	$	15.0
Coinsurance	$	2.5	$	2.5
Clean-up, restoration, and other costs	$	52.8	$	52.8
Fixed asset write-off	$	23.2	$	23.2
Inventory write-off	$	0.2	$	0.2
Insurance receivable	$	—	$	28.7

Revenue Disaggregation

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue Disaggregation

We generate revenues at our owned, managed or operated properties principally by providing the following types of services: (i) gaming, including iCasino, retail and online sports betting; (ii) food and beverage; (iii) hotel; and (iv) other. Other revenues are principally comprised of ancillary gaming-related activities, such as commissions received on ATM transactions, racing, Penn Interactive’s social gaming, and revenue from third-party sports betting operators and the related gross-up for taxes. Our revenue is disaggregated by type of revenue and geographic location of the related properties, which is consistent with our reportable segments, as follows:


	For the three months ended March 31, 2022
(in millions)	Northeast		South		West		Midwest		Interactive		Other		Intersegment Eliminations (1)		Total
Revenues:
Gaming	$	599.1	$	278.6	$	94.1	$	256.5	$	62.9	$	—	$	—	$	1,291.2
Food and beverage	31.9		31.0		19.3		12.5		—		1.2		—		95.9
Hotel	8.1		22.0		22.3		7.6		—		—		—		60.0
Other	19.4		9.8		5.2		6.3		78.6		6.1		(8.3)		117.1
Total revenues	$	658.5	$	341.4	$	140.9	$	282.9	$	141.5	$	7.3	$	(8.3)	$	1,564.2


	For the three months ended March 31, 2021
(in millions)	Northeast		South		West		Midwest		Interactive		Other		Intersegment Eliminations (1)		Total
Revenues:
Gaming	$	527.0	$	245.4	$	69.1	$	216.9	$	23.6	$	—	$	—	$	1,082.0
Food and beverage	20.9		23.1		11.9		7.0		—		0.1		—		63.0
Hotel	5.8		19.6		12.5		5.9		—		—		—		43.8
Other	17.2		7.8		3.1		4.9		62.7		1.5		(11.1)		86.1
Total revenues	$	570.9	$	295.9	$	96.6	$	234.7	$	86.3	$	1.6	$	(11.1)	$	1,274.9

(1) Primarily represents the elimination of intersegment revenues associated with our internally-branded retail sportsbooks, which are operated by Penn Interactive.

- 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
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Dispositions

Tropicana Las Vegas

On April 16, 2020, we sold the real estate assets associated with the operations of Tropicana Las Vegas Hotel and Casino, Inc. (“Tropicana”) to GLPI in exchange for rent credits of $307.5 million, and utilized the rent credits to pay rent under our existing Master Leases and the Meadows Lease, (as defined and discussed in Note 9, “Leases”), beginning in May 2020. Contemporaneous with the sale, the Company entered into the Tropicana Lease, (as defined and discussed in Note 9, “Leases”). Pursuant to the purchase agreement, GLPI would 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.

On January 11, 2022, Penn entered into a definitive purchase agreement to sell its outstanding equity interest in Tropicana, which has the gaming license and operates the Tropicana, to Bally’s Corporation (“Bally’s”). This transaction is expected to close within the second half of 2022, subject to Penn, GLPI, and Bally’s entering into definitive agreements and obtaining regulatory approval.

HitPoint Inc. and LuckyPoint Inc.

On May 11, 2021, we acquired 100% of the outstanding equity of HitPoint Inc. and Lucky Point Inc. (collectively, “Hitpoint”). The purchase price totaled $12.7 million, consisting of $6.2 million in cash, $3.5 million of the Company’s common equity, and a $3.0 million contingent liability. The contingent liability is payable in annual installments over three years, through a combination of cash and the Company’s common equity, and is based on achievement of certain performance factors. The purchase price allocation resulted in a recognition of $8.8 million of goodwill, $4.0 million in developed technology which is included in “Other intangible assets, net” within the Consolidated Balance Sheets, along with other miscellaneous operating assets and liabilities. The developed technology is an amortizing intangible asset with an assigned useful life of five years, and was valued using the multi-period excess earnings method, a variation of the income approach, which is supported by observable market data for peer companies.

Hollywood Casino Perryville

On July 1, 2021, we completed the acquisition of the operations of Hollywood Casino Perryville (“Perryville”), from GLPI for a purchase price of $39.4 million, including working capital adjustments. The preliminary purchase price allocation resulted in the recognition of a $12.7 million gaming license asset and a $1.0 million customer relationship asset, both of which are included in “Other intangible assets, net” within our Consolidated Balance Sheets, $9.2 million of goodwill, $8.2 million of tangible long-term assets, comprised primarily of property and equipment, and $8.3 million of various operating assets and liabilities. Simultaneous with the closing, we entered into a lease with GLPI for the real estate assets associated with Hollywood Casino Perryville for initial annual rent of $7.8 million per year subject to escalation.

The gaming license is an indefinite-lived intangible asset, and the customer relationships are an amortizing intangible asset with a useful life of two years. The Company valued (i) the gaming license using the Greenfield Method, a form of the income approach; (ii) the customer relationships using the “with and without” method, a form of the income approach, and (iii) the property and equipment and other various operating assets and liabilities primarily utilizing the cost approach. All valuation methods of the income approach are supported by observable market data for peer casino operator companies.

Sam Houston Race Park and Valley Race Park

On August 1, 2021, we completed the acquisition of the remaining 50% ownership interest in the Sam Houston Race Park in Houston, Texas, the Valley Race Park in Harlingen, Texas, and a license to operate a racetrack in Austin, Texas (collectively, “Sam Houston”), from PM Texas Holdings, LLC for a purchase price of $57.8 million, comprised of $42.0 million in cash and $15.8 million of the Company’s common equity, which was preliminarily allocated to property and equipment. In conjunction with the acquisition, we recorded a gain of $29.9 million on our equity method investment, which was included in “Other” within our Consolidated Statements of Operations. The property and equipment assets were valued using a combination of the market and cost approaches.

Score Media and Gaming Inc.

On October 19, 2021, we acquired 100% of theScore for a purchase price of approximately $2.1 billion. Under the terms of the agreement, 1317774 B.C. Ltd. (the “Purchaser”), an indirectly wholly owned subsidiary of Penn, acquired each of the issued and outstanding theScore shares (other than those held by Penn and its subsidiaries) for US$17.00 per share in cash consideration, totaling $922.8 million, and either 0.2398 of a share of common stock, par value $0.01 of Penn Common Stock or, if validly elected, 0.2398 of an exchangeable share in the capital of the Purchaser (each whole share, an “Exchangeable Share”), totaling 12,319,340 shares of Penn Common Stock and 697,539 Exchangeable Shares for approximately $1.0 billion. Each Exchangeable Share will be exchangeable into one share of Penn Common Stock at the option of the holder, subject to certain adjustments. In addition, Purchaser may redeem all outstanding Exchangeable Shares in exchange for shares of Penn Common Stock at any time following the fifth anniversary of the closing, or earlier under certain circumstances. The acquisition provides us with the technology, resources and audience reach to accelerate our media and sports betting strategy across North America.

The Company held shares of theScore common stock prior to the acquisition and, as such, the acquisition date estimated fair value of this previously held investment was a component of the purchase consideration. Based on the acquisition date fair value of this investment of $58.9 million, the Company recorded a gain of $2.9 million related to remeasurement of the equity security investment immediately prior to the acquisition date which was included in “Other” within our Consolidated Statements of Operations.

The following table reflects the preliminary allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed, with the excess recorded as goodwill:


(in millions)	Fair value
Cash and cash equivalents	$	160.3
Other current assets	22.8
ROU assets	2.6
Property and equipment	1.8
Goodwill	1,690.2
Other intangible assets
Gaming technology	160.0
Media technology	57.0
Tradename	100.0
Advertising relationships	11.0
Customer relationships	8.0
Re-acquired right	2.6
Other long-term assets	5.2
Total assets	$	2,221.5

Accounts payable, accrued expenses and other current liabilities	$	67.9
Deferred tax liabilities	69.2
Other non-current liabilities	1.7
Total liabilities	138.8
Net assets acquired	$	2,082.7

The Company used the income, or cost approach 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.

Acquired identifiable intangible assets consist of gaming technology, media technology, tradename, advertising relationships, customer relationships, and a re-acquired right. Tradename is an indefinite-lived intangible asset. All other intangible assets are definite-lived with assigned useful lives primarily ranging from 1-7 years. The re-acquired right intangible asset was assigned a 17.8 year useful life based on the remaining term of a pre-acquisition market access contract between Penn and theScore.

Goodwill, none of which is deductible under the Canadian Income Tax Act, is approximately 81.2% of the net assets acquired and represents synergies, incremental market share capture and expansion into new markets not existing as of the acquisition date, and future technology development.

The following valuation approaches were utilized to determine the fair value of each intangible asset:


Intangible Asset			Valuation Approach
Gaming technology			Relief-from-royalty (variation of income approach)
Media technology			Replacement cost
Tradename			Relief-from-royalty (variation of income approach)
Advertising relationships			With-and-without (variation of income approach)
Customer relationships			Replacement cost
Re-acquired right			Replacement cost

Unaudited Pro Forma Financial Information

The following table includes unaudited pro forma consolidated financial information assuming our acquisition of Hitpoint, Perryville, Sam Houston and theScore had occurred as of January 1, 2021. The pro forma amounts include the historical operating results of Penn and Hitpoint, Perryville, Sam Houston and theScore prior to our acquisitions. The pro forma financial information does not necessarily represent the results that may occur in the future. For the three months ended March 31, 2021, pro forma adjustments directly attributable to the acquisitions include acquisition and transaction related costs of $1.6 million incurred by both Penn and the respective acquirees’ and gains of $43.4 million related to our purchase of the remaining 50% of Sam Houston and a net unrealized gain on the equity security investment in theScore.


	For the three months ended March 31,
(in millions)	2021
Revenues	$	1,306.0
Net income	$	36.1

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

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


(in millions)	Northeast		South		West		Midwest		Interactive		Other		Total
Balance as of December 31, 2021
Goodwill, gross	$	923.5	$	236.6	$	216.8	$	1,116.7	$	1,724.0	$	87.7	$	4,305.3
Accumulated goodwill impairment losses	(761.4)		(61.0)		(16.6)		(556.1)		—		(87.7)		(1,482.8)
Goodwill, net	$	162.1	$	175.6	$	200.2	$	560.6	$	1,724.0	$	—	$	2,822.5


Effect of foreign currency exchange rates	—		—		—		—		24.6		—		24.6
Balance as of March 31, 2022
Goodwill, gross	$	923.5	$	236.6	$	216.8	$	1,116.7	$	1,748.6	$	87.7	$	4,329.9
Accumulated goodwill impairment losses	(761.4)		(61.0)		(16.6)		(556.1)		—		(87.7)		(1,482.8)
Goodwill, net	$	162.1	$	175.6	$	200.2	$	560.6	$	1,748.6	$	—	$	2,847.1

There were no impairment charges recorded to goodwill during the three months ended March 31, 2022 and 2021.

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


	March 31, 2022						December 31, 2021
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Indefinite-lived intangible assets
Gaming licenses	$	1,285.4	$	—	$	1,285.4	$	1,285.4	$	—	$	1,285.4
Trademarks	339.8		—		339.8		338.2		—		338.2
Other	0.7		—		0.7		0.7		—		0.7
Amortizing intangible assets
Customer relationships	115.0		(94.7)		20.3		114.9		(91.4)		23.5
Technology	256.0		(49.8)		206.2		252.7		(40.5)		212.2
Other	19.6		(7.9)		11.7		19.4		(6.8)		12.6
Total other intangible assets	$	2,016.5	$	(152.4)	$	1,864.1	$	2,011.3	$	(138.7)	$	1,872.6

There were no impairment charges recorded to other intangible assets, net for the three months ended March 31, 2022 and 2021.

Amortization expense related to our amortizing intangible assets was $15.0 million and $2.2 million for the three months ended March 31, 2022 and 2021, respectively. The following table presents the estimated amortization expense based on our amortizing intangible assets as of March 31, 2022 (in millions):


Years ending December 31,
2022 (excluding the three months ended March 31, 2022)	$	43.1
2023	49.6
2024	46.5
2025	31.2
2026	24.6
Thereafter	43.2
Total	$	238.2

Long-term Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Long-term Debt

The table below presents long-term debt, net of current maturities, debt discounts and issuance costs:


(in millions)	March 31, 2022		December 31, 2021
Senior Secured Credit Facilities:
Revolving Credit Facility due 2023	$	—	$	—
Term Loan A Facility due 2023	566.1		583.8
Term Loan B-1 Facility due 2025	977.1		979.9
5.625% Notes due 2027	400.0		400.0
4.125% Notes due 2029	400.0		400.0
2.75% Convertible Notes due 2026	330.5		330.5
Other long-term obligations	151.9		146.3
	2,825.6		2,840.5
Less: Current maturities of long-term debt	(99.5)		(99.5)
Less: Debt discount	(1.4)		(73.1)
Less: Debt issuance costs	(30.4)		(30.6)
	$	2,694.3	$	2,637.3

Senior Secured Credit Facilities

In January 2017, the Company entered into an agreement to amend and restate its previous credit agreement, dated October 30, 2013, as amended (the “Credit Agreement”), which provided for: (i) a five-year $700.0 million revolving credit facility (the “Revolving 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 Facility and the Term Loan A Facility, the “Senior Secured Credit Facilities”).

On October 15, 2018, in connection with the acquisition of Pinnacle Entertainment, Inc. (“Pinnacle”), we entered into an incremental joinder agreement (the “Incremental Joinder”), which amended the Credit Agreement (the “Amended 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 $1.1 billion of loans as a new tranche having new terms (the “Term Loan B-1 Facility”). With the exception of extending the maturity date, the Incremental Joinder did not impact the Revolving Facility.

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 to required financial covenants and interest rates during, and subsequent to, a covenant relief period, which concluded on May 7, 2021 (the “Covenant Relief Period”).

Upon conclusion of the Covenant Relief Period, the Second Amendment permitted the Company to (i) maintain a maximum consolidated total net leverage ratio of 5.50:1.00 for the quarter ended March 31, 2021, 5.00:1.00 for the quarter ended June 30, 2021, 4.75:1.00 for the quarter ended September 30, 2021, 4.50:1.00 for the quarter ended December 31, 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 4.50:1.00 for the quarter ended March 31, 2021, 4.00:1.00 for the quarter ended June 30, 2021, 3.75:1.00 for the quarter ended September 30, 2021, 3.50:1.00 for the quarter ended December 31, 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.

Upon conclusion of the Covenant Relief Period, loans under the Senior Secured Credit Facilities called for interest at either a base rate or an adjusted LIBOR rate, plus an applicable margin. The applicable margins for the Revolving Facility and Term Loan A Facility range 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 Credit Agreement) as of the most recent fiscal quarter. The Term Loan B-1 Facility continues to bear interest at 2.25% per annum for LIBOR loans and 1.25% per annum for base rate loans. All loans under the Senior Secured Credit Facilities are subject to a LIBOR “floor” of 0.75%. In addition, a commitment fee is paid on the unused portion of the commitments under the Revolving 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 May 3, 2022, the Company entered into a Second Amended and Restated Credit Agreement with its various lenders (the “Second Amended and Restated Credit Agreement”). The Second Amended and Restated Credit Agreement provides for a $1.0 billion revolving credit facility, undrawn at close, (the “Revolving Credit Facility”), a five-year $550.0 million term loan A facility (the “Term Loan A”) and a seven-year $1.0 billion term loan B facility (the “Term Loan B”) (together, the “Credit Facilities”). The proceeds from the Credit Facilities were used to repay the existing Term Loan A Facility and Term Loan B-1 Facility balances.

The interest rates per annum applicable to loans under the Credit Facilities are, at the Company’s option, equal to either a secured overnight financing rate plus a 0.10% credit spread adjustment (“Term SOFR”) or a base rate, in each case, plus an applicable margin. The applicable margin for each of the Revolving Credit Facility and the Term Loan A is initially 1.75% for Term SOFR loans and 0.75% for base rate loans until the Company provides financial reports for the first full fiscal quarter following closing and, thereafter, will range from 2.25% to 1.50% per annum for Term SOFR loans and 1.25% to 0.50% per annum for base rate loans, in each case depending on the Company’s total net leverage ratio. The applicable margin for the Term Loan B is 2.75% per annum for Term SOFR loans and 1.75% per annum for base rate loans. The Term Loan B is subject to a Term SOFR “floor” of 0.50% per annum and a base rate “floor” of 1.50% per annum. The Term Loan A and Revolving Credit Facility are subject to a Term SOFR “floor” of 0.00% per annum and a base rate “floor” of 1.00%. In addition, the Company will pay a commitment fee on the unused portion of the commitments under the Revolving Credit Facility at a rate that is initially 0.25% per annum, until the Company provides financial reports for the first full fiscal quarter following closing, and thereafter, will range from 0.35% to 0.20% per annum, depending on the Company’s total net leverage ratio.

The Credit Facilities contain customary covenants that, among other things, restrict, subject to certain exceptions, the ability of the Company and certain of its subsidiaries to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations, pay dividends and make other restricted payments and prepay certain indebtedness that is subordinated in right of payment to the obligations under the Credit Facilities. The Credit Facilities contain two financial covenants: a maximum total net leverage ratio of 4.50 to 1.00, which is subject to a step up to 5.00 to 1.00 in the case of certain significant acquisitions, and a minimum interest coverage ratio of 2.00 to 1.00. The Credit Facilities also contain certain customary affirmative covenants and events of default, including the occurrence of a change of control (as defined in the documents governing the Credit Facilities), termination and certain defaults under the Penn Master Lease and the Pinnacle Master Lease (both of which are defined in Note 9, “Leases”).

As of March 31, 2022, and December 31, 2021, the Company had conditional obligations under letters of credit issued pursuant to the Senior Secured Credit Facilities with face amounts aggregating to $25.7 million and $26.0 million, respectively, resulting in $674.3 million and $674.0 million of available borrowing capacity under the Revolving Facility, respectively.

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.

4.125% Senior Unsecured Notes

On July 1, 2021, the Company completed an offering of $400.0 million aggregate principal amount of 4.125% senior unsecured notes that mature on July 1, 2029 (the “4.125% Notes”). The 4.125% Notes were issued at par and interest is payable semi-annually on January 1st and July 1st of each year. The 4.125% 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 4.125% Notes at any time on or after July 1, 2024, at the declining redemption premiums set forth in the indenture governing the 4.125% Notes, and, prior to July 1, 2024, at a “make-whole” redemption premium set forth in the indenture governing the 4.125% 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 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.

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 March 31, 2022, 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 $448.4 million.

Starting in the fourth quarter of 2020 and prior to February 15, 2026, at their election, holders of the Convertible Notes may convert outstanding notes if the trading price of the Company’s common stock exceeds 130% of the initial 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.

As of March 31, 2022 and December 31, 2021, no Convertible Notes have been converted into the Company’s common stock.

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.

On January 1, 2022, the Company adopted ASU 2020-06, which resulted in a reclassification of the $88.2 million cash conversion feature related to the Company’s Convertible Notes, from stockholders’ equity to liabilities as under ASU 2020-06, bifurcation for a cash conversion feature is no longer permitted. As a result of the adoption, the Company recognized as a cumulative effect adjustment, an increase to the January 1, 2022 opening balance of retained earnings of $18.9 million, net of taxes.

The Convertible Notes consisted of the following components:


(in millions)	March 31, 2022		December 31, 2021
Liability component:
Principal	$	330.5	$	330.5
Unamortized debt discount	—		(71.7)
Unamortized debt issuance costs	(7.4)		(5.3)
Net carrying amount	$	323.1	$	253.5

Carrying amount of equity component	$	—	$	88.2

Interest expense, net

The table below presents interest expense, net:


	For the three months ended March 31,
(in millions)	2022		2021
Interest expense	$	(161.6)	$	(136.6)
Interest income	0.5		0.2
Capitalized interest	0.3		0.7
Interest expense, net	$	(160.8)	$	(135.7)

The table below presents interest expense related to the Convertible Notes:


	For the three months ended March 31,
(in millions)	2022		2021
Coupon interest	$	2.3	$	2.3
Amortization of debt discount	—		3.1
Amortization of debt issuance costs	0.4		0.2
Convertible Notes interest expense	$	2.7	$	5.6

Subsequent to the adoption of ASU 2020-06, the debt issuance costs attributable to the liability component continue to be amortized to interest expense over the term of the Convertible Notes at an effective interest rate of 3.329%. The remaining term of the Convertible Notes was 4.1 years as of March 31, 2022.

Covenants

Our Senior Secured Credit Facilities, 5.625% Notes and 4.125% Notes, require us, among other obligations, to maintain specified financial ratios and to satisfy certain financial tests. In addition, our Senior Secured Credit Facilities, 5.625% Notes and 4.125% 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 (both of which are defined in Note 9, “Leases”), 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 March 31, 2022, the Company was in compliance with all required financial covenants. The Company believes that it will remain in compliance with all of its required financial covenants for at least the next twelve months following the date of filing this Quarterly Report on Form 10-Q with the SEC.

Other Long-Term Obligations

Other Long-term Obligation

In February 2021, we entered into a financing arrangement providing the Company with upfront cash proceeds while permitting us to participate in future proceeds on certain claims. The financing obligation has been classified as a non-current liability, which is expected to be settled in a future period of which the principal is contingent and predicated on other events. Consistent with an obligor’s accounting under a debt instrument, period interest will be accreted using an effective interest rate of 27.0% and until such time that the claims and related obligation is settled. The amount included in interest expense related to this obligation was $6.2 million and $1.5 million for the three months ended March 31, 2022 and March 31, 2021, respectively.

Ohio Relocation Fees

Other long-term obligations included $44.5 million as of March 31, 2022 and December 31, 2021, respectively, related to the relocation fees for Hollywood Gaming at Dayton Raceway (“Dayton”) and Hollywood Gaming at Mahoning Valley Race Course (“Mahoning Valley”), which opened in August 2014 and September 2014, respectively. The relocation fee for each facility is payable as follows: $7.5 million upon the opening of the facilities and eighteen semi-annual payments of $4.8 million beginning one year after the commencement of operations. This obligation is accreted to interest expense at an effective yield of 5.0%.

Event Center

As of March 31, 2022 and December 31, 2021, other long-term obligations included $10.8 million and $11.4 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%.

Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

Master Leases

The components contained within the Master Leases are accounted for as either (i) operating leases, (ii) finance leases, or (iii) financing obligations. Changes to future lease payments under the Master Leases (i.e., when future escalators become known or future variable rent resets occur), which are discussed below, require the Company to either (i) increase both the Right-of-use (“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

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

The payment structure under the Penn Master Lease includes a fixed component, a portion of which is subject to an annual escalator of up to 2%, depending on the Adjusted Revenue to Rent Ratio (as defined in the Penn Master Lease) of 1.8:1, and a component that is based on performance, which is prospectively adjusted (i) every five years by an amount equal to 4% of the average change in net revenues of all properties under the Penn Master Lease (other than Columbus and Toledo) compared to a contractual baseline during the preceding five years (“Penn Percentage Rent”) and (ii) monthly by an amount equal to 20% of the net revenues of Columbus and Toledo in excess of a contractual baseline and subject to a rent floor specific to Toledo.

The next annual escalator test date is scheduled to occur effective November 1, 2022. The next Penn Percentage Rent reset is scheduled to occur on November 1, 2023.

On January 14, 2022, the ninth amendment to the Penn Master Lease between the Company and GLPI became effective. The ninth amendment restates the definition of “Net Revenue” to clarify the inclusion of online-based revenues derived when a

patron is physically present at a leased property, establishes a “floor” with respect to the Hollywood Casino at Penn National Race Course Net Revenue amount used in the calculation of the annual rent escalator and Penn Percentage Rent, and modifies the rent calculations upon a lease termination event as defined in the amendment. The lease term and the four five-year optional renewal periods, which if exercised would extend the Penn Master Lease through October 31, 2048, were not modified in the ninth amendment.

We concluded the ninth amendment constituted a modification event under ASC Topic 842, “Leases” (“ASC 842”), which required us to reassess the classifications of the lease components and remeasure the associated lease liabilities. As a result of our reassessment of the lease classifications, (i) the land components of substantially all of the Penn Master Lease properties, which were previously classified as operating leases, are now primarily classified as finance leases, and (ii) the land and building components associated with the operations of Dayton and Mahoning Valley, which were previously classified as finance leases, are now classified as operating leases. As a result of our measurement of the associated lease liabilities, we recognized additional ROU assets and corresponding lease liabilities of $455.4 million. The building components of substantially all of the Penn Master Lease properties continue to be classified as financing obligations.

Pinnacle Master Lease

In connection with the acquisition of Pinnacle, on October 15, 2018, the Company assumed a triple net master lease with GLPI (the “Pinnacle Master Lease”), originally effective April 28, 2016, pursuant to which the Company leases real estate assets associated with 12 of the gaming facilities used in its operations. Upon assumption of the Pinnacle Master Lease, as amended, there were 7.5 years remaining of the initial ten-year term, with five subsequent, five-year renewal periods, on the same terms and conditions, exercisable at the Company’s option. The Company has determined that the lease term is 32.5 years.

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

The next annual escalator test date is scheduled to occur effective May 1, 2022. The next Pinnacle Percentage Rent reset is scheduled to occur on May 1, 2022.

On January 14, 2022, the fifth amendment to the Pinnacle Master Lease between the Company and GLPI became effective. The fifth amendment restates the definition of “Net Revenue” to clarify the inclusion of online-based revenues derived when a patron is physically present at a leased property and modifies the rent calculations upon a lease termination event as defined in the amendment. The lease term and the five five-year optional renewal periods, which if exercised would extend the Pinnacle Master Lease through April 30, 2051, were not modified in the fifth amendment.

We concluded the fifth amendment to the Pinnacle Master Lease constituted a modification event under ASC 842 (collectively with the ninth amendment to the Penn Master Lease, the “Lease Modification”). As a result of the modification, the land components of substantially all of the Pinnacle Master Lease properties, which were previously classified as operating leases, are now primarily classified as finance leases. As a result of our measurement of the associated lease liabilities, we recognized additional ROU assets and corresponding lease liabilities of $937.6 million. The building components of substantially all of the Pinnacle Master Lease properties continue to be classified as financing obligations.

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.

The initial term of the Morgantown Lease is 20 years with six subsequent, five-year renewal periods, exercisable at the Company’s option. Initial annual rent under the Morgantown Lease is $3.0 million, subject to a 1.50% fixed annual escalation in each of the first three years subsequent to the facility opening, which occurred on December 22, 2021. Thereafter, the lease will be subject to an annual escalator consisting of either (i) 1.25%, if the consumer price index increase is greater than 0.50%, or (ii) zero, if the consumer price index increase is less than 0.50%. All improvements made on the land, including the constructed building, 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 unaudited Consolidated Balance Sheets. Lease payments are included in “Interest expense, net” within our unaudited Consolidated Statements of Operations.

Perryville Lease

In conjunction with the acquisition of the operations of Hollywood Casino Perryville on July 1, 2021, the Company entered into a triple net lease with GLPI for the real estate assets associated with the property (“Perryville Lease”) for initial annual rent of $7.8 million per year subject to escalation, as discussed in Note 6 “Acquisitions and Dispositions.”

The initial term of the Perryville Lease is 20 years with three subsequent, five-year renewal periods, exercisable at the Company’s option. The building portion of the annual rent is subject to a fixed annual escalation of 1.50% in each of the following three years, with subsequent annual escalations of either (i) 1.25%, if the consumer price index increase is greater than 0.50%, or (ii) zero, if the consumer price index increase is less than 0.50%. We determined the transaction to be a finance lease arrangement and upon execution of the Perryville Lease, recorded a $102.9 million ROU asset and a corresponding lease liability. The interest portion of lease payments is included in “Interest expense, net” and the depreciation of the ROU asset is included in “Depreciation and amortization”, both within our unaudited Consolidated Statements of Operations.

Operating Leases

In addition to any operating lease components contained within the Master Leases, 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 Hollywood Casino at Meadows Racetrack (the “Meadows Lease”), (ii) individual triple net leases with VICI Properties Inc. (NYSE: VICI) (“VICI”) for the real estate assets used in the operations of Margaritaville (the “Margaritaville Lease”) and Greektown (the “Greektown Lease” and collectively with the Master Leases’ operating lease components, 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.

On January 14, 2022, the second amendment to the Meadows Lease between the Company and GLPI became effective. The second amendment restates the definition of “Net Revenue” to clarify the inclusion of online-based revenues derived when a patron is physically present at the facility. This amendment did not result in a modification event under ASC 842.

On February 1, 2022, the Margaritaville annual escalator test resulted in an annual rent increase of $0.4 million, and an additional operating lease ROU asset and corresponding lease liability of $2.9 million were recognized. We did not incur an annual escalator for the lease year ended January 31, 2021.

The following is a maturity analysis of our operating leases, finance leases and financing obligations as of March 31, 2022:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Year ended December 31,
2022 (excluding the three months ended March 31, 2022)	$	102.0	$	272.8	$	280.7
2023	125.2		359.3		369.8
2024	120.0		344.6		355.3
2025	116.7		344.7		355.4
2026	112.3		344.7		355.4
Thereafter	1,341.3		7,820.1		8,285.5
Total lease payments	1,917.5		9,486.2		10,002.1
Less: Imputed interest	(829.7)		(4,455.2)		(5,920.9)
Present value of future lease payments	1,087.8		5,031.0		4,081.2
Less: Current portion of lease obligations	(76.3)		(102.0)		(63.8)
Long-term portion of lease obligations	$	1,011.5	$	4,929.0	$	4,017.4

Total payments made under the Triple Net Leases were as follows:


	For the three months ended March 31,
(in millions)	2022		2021
Penn Master Lease	$	119.2	$	117.9
Pinnacle Master Lease	82.5		81.3
Perryville Lease	1.9		—
Meadows Lease	6.2		6.2
Margaritaville Lease	5.9		5.9
Greektown Lease	12.8		13.9
Morgantown Lease	0.8		0.8
Total (1)	$	229.3	$	226.0

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

The components of lease expense were as follows:


	Location on unaudited Consolidated Statements of Operations	For the three months ended March 31,
(in millions)		2022		2021
Operating Lease Costs
Rent expense associated with triple net operating leases (1)	General and administrative	$	60.1	$	110.4
Operating lease cost (2)	Primarily General and administrative	5.0		3.9
Short-term lease cost	Primarily Gaming expense	18.1		13.3
Variable lease cost (2)	Primarily Gaming expense	1.1		1.1
Total		$	84.3	$	128.7

Finance Lease Costs
Interest on lease liabilities (3)	Interest expense, net	$	39.5	$	3.7
Amortization of ROU assets (3)	Depreciation and amortization	32.1		1.9
Total		$	71.6	$	5.6

Financing Obligation Costs
Interest on financing obligations (4)	Interest expense, net	$	89.6	$	102.6

(1)Pertains to the operating lease components contained within the Master Leases, inclusive of the variable expense associated with Columbus and Toledo for the operating lease components, the Meadows Lease, the Margaritaville Lease, the Greektown Lease, and the Tropicana Lease.

Prior to the Lease Modification, the operating lease components contained within the Master Leases primarily consisted of the land, inclusive of the variable expense associated with Columbus and Toledo.

Subsequent to the Lease Modification, the operating lease components contained within the Master Leases consist of the land and building components associated with the operations of Dayton and Mahoning Valley.

(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)Pertains to the finance lease components contained within the Master Leases, and the Perryville Lease (effective July 1, 2021) which results in interest expense and depreciation expense (as opposed to rent expense).

Prior to the Lease Modification, the finance lease components contained within the Master Leases consisted of the land and building components associated with the operations of Dayton and Mahoning Valley.

Subsequent to the Lease Modification, the finance lease components contained within the Master Leases consist of the land, inclusive of the variable expense associated with Columbus and Toledo.

(4) Pertains to the components contained within the Master Leases (primarily buildings) and the Morgantown Lease determined to be a financing obligation, inclusive of the variable expense associated with Columbus and Toledo for the financing obligation components (the buildings).

Leases

Master Leases

Penn Master Lease

The next annual escalator test date is scheduled to occur effective November 1, 2022. The next Penn Percentage Rent reset is scheduled to occur on November 1, 2023.

Pinnacle Master Lease

The next annual escalator test date is scheduled to occur effective May 1, 2022. The next Pinnacle Percentage Rent reset is scheduled to occur on May 1, 2022.

Morgantown Lease

Perryville Lease

Operating Leases

The following is a maturity analysis of our operating leases, finance leases and financing obligations as of March 31, 2022:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Year ended December 31,
2022 (excluding the three months ended March 31, 2022)	$	102.0	$	272.8	$	280.7
2023	125.2		359.3		369.8
2024	120.0		344.6		355.3
2025	116.7		344.7		355.4
2026	112.3		344.7		355.4
Thereafter	1,341.3		7,820.1		8,285.5
Total lease payments	1,917.5		9,486.2		10,002.1
Less: Imputed interest	(829.7)		(4,455.2)		(5,920.9)
Present value of future lease payments	1,087.8		5,031.0		4,081.2
Less: Current portion of lease obligations	(76.3)		(102.0)		(63.8)
Long-term portion of lease obligations	$	1,011.5	$	4,929.0	$	4,017.4

Total payments made under the Triple Net Leases were as follows:


	For the three months ended March 31,
(in millions)	2022		2021
Penn Master Lease	$	119.2	$	117.9
Pinnacle Master Lease	82.5		81.3
Perryville Lease	1.9		—
Meadows Lease	6.2		6.2
Margaritaville Lease	5.9		5.9
Greektown Lease	12.8		13.9
Morgantown Lease	0.8		0.8
Total (1)	$	229.3	$	226.0

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

The components of lease expense were as follows:


	Location on unaudited Consolidated Statements of Operations	For the three months ended March 31,
(in millions)		2022		2021
Operating Lease Costs
Rent expense associated with triple net operating leases (1)	General and administrative	$	60.1	$	110.4
Operating lease cost (2)	Primarily General and administrative	5.0		3.9
Short-term lease cost	Primarily Gaming expense	18.1		13.3
Variable lease cost (2)	Primarily Gaming expense	1.1		1.1
Total		$	84.3	$	128.7

Finance Lease Costs
Interest on lease liabilities (3)	Interest expense, net	$	39.5	$	3.7
Amortization of ROU assets (3)	Depreciation and amortization	32.1		1.9
Total		$	71.6	$	5.6

Financing Obligation Costs
Interest on financing obligations (4)	Interest expense, net	$	89.6	$	102.6

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

Subsequent to the Lease Modification, the finance lease components contained within the Master Leases consist of the land, inclusive of the variable expense associated with Columbus and Toledo.

Leases

Master Leases

Penn Master Lease

The next annual escalator test date is scheduled to occur effective November 1, 2022. The next Penn Percentage Rent reset is scheduled to occur on November 1, 2023.

Pinnacle Master Lease

The next annual escalator test date is scheduled to occur effective May 1, 2022. The next Pinnacle Percentage Rent reset is scheduled to occur on May 1, 2022.

Morgantown Lease

Perryville Lease

Operating Leases

The following is a maturity analysis of our operating leases, finance leases and financing obligations as of March 31, 2022:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Year ended December 31,
2022 (excluding the three months ended March 31, 2022)	$	102.0	$	272.8	$	280.7
2023	125.2		359.3		369.8
2024	120.0		344.6		355.3
2025	116.7		344.7		355.4
2026	112.3		344.7		355.4
Thereafter	1,341.3		7,820.1		8,285.5
Total lease payments	1,917.5		9,486.2		10,002.1
Less: Imputed interest	(829.7)		(4,455.2)		(5,920.9)
Present value of future lease payments	1,087.8		5,031.0		4,081.2
Less: Current portion of lease obligations	(76.3)		(102.0)		(63.8)
Long-term portion of lease obligations	$	1,011.5	$	4,929.0	$	4,017.4

Total payments made under the Triple Net Leases were as follows:


	For the three months ended March 31,
(in millions)	2022		2021
Penn Master Lease	$	119.2	$	117.9
Pinnacle Master Lease	82.5		81.3
Perryville Lease	1.9		—
Meadows Lease	6.2		6.2
Margaritaville Lease	5.9		5.9
Greektown Lease	12.8		13.9
Morgantown Lease	0.8		0.8
Total (1)	$	229.3	$	226.0

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

The components of lease expense were as follows:


	Location on unaudited Consolidated Statements of Operations	For the three months ended March 31,
(in millions)		2022		2021
Operating Lease Costs
Rent expense associated with triple net operating leases (1)	General and administrative	$	60.1	$	110.4
Operating lease cost (2)	Primarily General and administrative	5.0		3.9
Short-term lease cost	Primarily Gaming expense	18.1		13.3
Variable lease cost (2)	Primarily Gaming expense	1.1		1.1
Total		$	84.3	$	128.7

Finance Lease Costs
Interest on lease liabilities (3)	Interest expense, net	$	39.5	$	3.7
Amortization of ROU assets (3)	Depreciation and amortization	32.1		1.9
Total		$	71.6	$	5.6

Financing Obligation Costs
Interest on financing obligations (4)	Interest expense, net	$	89.6	$	102.6

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

Subsequent to the Lease Modification, the finance lease components contained within the Master Leases consist of the land, inclusive of the variable expense associated with Columbus and Toledo.

Investments in and Advances to Unconsolidated Affiliates	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Unconsolidated Affiliates	Investments in and Advances to Unconsolidated Affiliates As of March 31, 2022, investments in and advances to unconsolidated affiliates primarily consisted of the Company’s 36% interest in Barstool Sports; its 50% investment in Kansas Entertainment, the joint venture with NASCAR that owns Hollywood Casino at Kansas Speedway; and its 50% interest in Freehold Raceway. Investment in Barstool Sports In February 2020, we closed on our investment in Barstool Sports pursuant to a stock purchase agreement with Barstool Sports and certain stockholders of Barstool Sports, in which we purchased 36% (inclusive of 1% on a delayed basis) of the common stock, par value $0.0001 per share, of Barstool Sports for a purchase price of $161.2 million. The purchase price consisted of $135.0 million in cash and $23.1 million in shares of a new class of non-voting convertible preferred stock of the Company (as discussed below). Within 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 (originally subject to a cap of $650.0 million and, subject to such cap, a floor of 2.25 times the annualized revenue of Barstool Sports, all subject to various adjustments). On October 1, 2021, the terms of the February 2020 stock purchase agreement were amended (“Amended and Restated Stockholders’ Agreement”) to (i) set a definitive purchase price of $325.0 million on the second 50% of Barstool Sports common stock, which eliminates the floor of 2.25 times the annual revenue of Barstool Sports and (ii) fix a number of Penn common shares to be delivered to existing February 2020 employee holders of Barstool Sports common stock, to the extent Penn’s stock price exceeds a specified value defined in the amended stock purchase agreement and Penn elects to settle using a combination of cash and equity. Consistent with the February 2020 stock purchase agreement: (i) the Barstool Sports common stock remains subject to our immediately exercisable call rights and the existing Barstool Sports stockholders put rights beginning in February 2023, (ii) the requirement to increase our ownership in Barstool Sports to approximately 50% by purchasing approximately $62.0 million worth of additional shares in Barstool Sports common stock remains consistent with the implied valuation at the time of the initial investment, which was $450.0 million, and (iii), we may settle the call and put options, at our sole election, using either cash or a combination of cash and equity. On February 20, 2020, the Company issued 883 shares of Series D Preferred Stock, par value $0.01 (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 stockholders are 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 four years, beginning February 21, 2021, as stipulated in the stock purchase agreement. As of March 31, 2022, 51 shares of the Series D Preferred Stock can be converted into Penn Common Stock. During the first quarter of 2021, the Company acquired 0.3%, and subsequently acquired an additional 0.3% during the third quarter of 2021, of Barstool Sports common stock, par value $0.0001 per share, which represents a partial settlement of the 1% purchase on a delayed basis as noted above. The acquisition of the acquired Barstool Sports common stock was settled through a predetermined number of Series D Preferred Stock as contained within the stock purchase agreement (see Note 13, “Stockholders’ Equity and Stock-Based Compensation,” for further information). 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 March 31, 2022 and December 31, 2021, we have an amortizing intangible asset pertaining to the customer list of $0.6 million and $0.8 million, respectively. As of March 31, 2022 and December 31, 2021, we have a prepaid expense pertaining to the advertising in the amount of $15.1 million, and $15.4 million respectively, of which $13.9 million and $14.2 million was classified as long-term, respectively. The long-term portion of the prepaid advertising expense is included in “Other assets” within our unaudited Consolidated Balance Sheets. As of March 31, 2022 and December 31, 2021, our investment in Barstool Sports was $164.1 million and $162.5 million, respectively. 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 March 31, 2022 and December 31, 2021. The Company did not consolidate the financial position of Barstool Sports as of March 31, 2022 and December 31, 2021, nor the results of operations for the three months ended March 31, 2022 and 2021, 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 subsequent periods, 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 March 31, 2022 and December 31, 2021, our investment in Kansas Entertainment was $83.4 million and $83.8 million, respectively. During the three months ended March 31, 2022 and 2021, the Company received distributions from Kansas Entertainment totaling $8.0 million and $5.5 million, respectively. The Company deems these distributions to be returns on its investment based on the source of those cash flows from the normal business operations of Kansas Entertainment. The Company has determined that Kansas Entertainment does not qualify as a VIE. Using the guidance for entities that are not VIEs, the Company determined that it did not have a controlling financial interest in the joint venture, primarily as it did not have the ability to direct the activities of the joint venture that most significantly impacted the joint venture’s economic performance without the input of NASCAR. Therefore, the Company did not consolidate the financial position of Kansas Entertainment as of March 31, 2022 and December 31, 2021, nor the results of operations for the three months ended March 31, 2022 and 2021. Texas Joint Venture The Company had a 50% interest in a joint venture with Sam Houston, 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. On August 1, 2021, we completed the acquisition of the remaining 50% ownership interest in Sam Houston. See Note 6, “Acquisitions and Dispositions” for further information.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company calculates the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate to its year-to-date pretax book income or loss. The tax effects of discrete items, including but not limited to, excess tax benefits associated with stock-based compensation, are reported in the interim period in which they occur. The effective tax rate (income taxes as a percentage of income or loss before income taxes) including discrete items was 48.0% for the three months ended March 31, 2022, as compared to 18.5% for the three months ended March 31, 2021. Our effective income tax rate can vary from period to period depending on, among other factors, the geographic and business mix of our earnings and changes to our valuation allowance. Certain of these and other factors, including our history and projections of pretax earnings, are considered in assessing our ability to realize our net deferred tax assets. As of each reporting date, the Company considers all available positive and negative evidence that could affect its view of the future realization of deferred tax assets pursuant to ASC Topic 740, “Income Taxes.” As of March 31, 2022, we intend to continue maintaining a valuation allowance on our deferred tax assets until there is sufficient positive evidence to support the reversal of all or some portion of these allowances. A reduction in the valuation allowance would result in a significant decrease to income tax expense in the period the release is recorded. Although the exact timing and valuation reversal amount are unknown at this time, the Company believes there is a possibility that a significant portion of the valuation allowance may be released within the year, which is contingent upon the earnings level we achieve in 2022 as well as our projected income levels in future periods. During the three months ended March 31, 2022, the Company increased the valuation allowance in the amount of $35.7 million related primarily to accounting modifications to certain master leases (see Note 9, “Leases”) and the adoption of ASU 2020-06 (see Note 3, “New Accounting Pronouncements”) that had the effect on certain federal and state deferred tax assets that are not more likely than not to be realized. A portion of the $35.7 million valuation allowance increase was recorded through equity in the amount of $18.6 million related to the Company’s adoption of ASU 2020-06. As of March 31, 2022 and December 31, 2021, prepaid income taxes of $19.6 million and $42.5 million, respectively, were included in “Prepaid expenses” within our unaudited 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, development agreements and other matters arising in the ordinary course of business. Although the Company maintains what it believes to be adequate insurance coverage to mitigate the risk of loss pertaining to covered matters, legal and administrative proceedings can be costly, time-consuming and unpredictable. The Company does not believe that the final outcome of these matters will have a material adverse effect on its financial position, results of operations, or cash flows.

Stockholders’ Equity and Stock-Based Compensation	3 Months Ended
Stockholders’ Equity and Stock-Based Compensation	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stockholders’ Equity and Stock-Based Compensation	Stockholders’ Equity and Stock-Based Compensation Common Stock On May 11, 2021, as part of the acquisition of Hitpoint, the Company issued 43,684 shares for a total of $3.5 million. See Note 6, “Acquisitions and Dispositions.” On June 17, 2021, the Company filed its Second Amended and Restated Articles of Incorporation with the Department of State of the Commonwealth of Pennsylvania. These Articles of Incorporation, as amended and restated and approved by the Company’s shareholders at the 2021 Annual Meeting of Shareholders, increase the number of authorized shares of common stock from 200,000,000 to 400,000,000. On August 1, 2021, as part of the acquisition of Sam Houston, the Company issued 198,103 shares for a total of $15.8 million. See Note 6, “Acquisitions and Dispositions.” On October 19, 2021, as part of the acquisition of theScore, the Company issued 12,319,340 shares of common stock and authorized and issued 697,539 Exchangeable Shares for approximately $1.0 billion, each with a par value of $0.01, as discussed in Note 6, “Acquisitions and Dispositions.” As of March 31, 2022 and December 31, 2021, there were 633,189 and 653,059 Exchangeable Shares outstanding, respectively. Share Repurchase Authorization On February 1, 2022, the Board of Directors of Penn approved a $750.0 million share repurchase authorization. The three-year authorization expires on January 31, 2025. Repurchases by the Company will be subject to available liquidity, general market and economic conditions, alternate uses for the capital and other factors. Share repurchases may be made from time to time through a 10b5-1 trading plan, open market transactions, block trades or in private transactions in accordance with applicable securities laws and regulations and other legal requirements. There is no minimum number of shares that the Company is required to repurchase and the repurchase authorization may be suspended or discontinued at any time without prior notice. During the three months ended March 31, 2022, the Company repurchased 3,802,408 shares of its common stock in open market transactions for $175.1 million at an average price of $46.04 per share. The cost of all repurchased shares is recorded as “Treasury stock” within our unaudited Consolidated Balance Sheets. The remaining availability under our $750.0 million share repurchase authorization was $574.9 million as of May 5, 2022. Preferred Stock During the year ended December 31, 2021, the Company issued 86 shares of Series D Preferred Stock in conjunction with acquiring an additional 0.6% of Barstool Sports common stock. The acquisition of the incremental Barstool Sports common stock represents a partial settlement of the 1% purchase on a delayed basis as described in Note 10, “Investments in and Advances to Unconsolidated Affiliates.” No Series D Preferred Stock were issued during the three months ended March 31, 2022. As of March 31, 2022, Series D Preferred Stock holders converted a total of 388 shares of Series D Preferred Stock to 388,400 shares of Penn Common Stock, of which, 194 and 151 Series D Preferred Stock were converted into 194,200 and 151,200 shares of common stock during the three months ended March 31, 2022 and 2021, respectively. All common shares were issued with a par value of $0.01. As of March 31, 2022 and December 31, 2021, there were 5,000 shares authorized of Series D Preferred Stock, of which 581 shares and 775 shares were outstanding in each period, respectively. 2018 Long Term Incentive Compensation Plan The Company’s 2018 Long Term Incentive Compensation Plan, as amended (the “2018 Plan”) permits it to issue stock options (incentive and/or non-qualified), stock appreciation rights (“SARs”), RSAs, RSUs, cash-settled phantom stock units (“CPSUs”) and other equity and cash awards to employees and any consultant or advisor to the Company or subsidiary. Non-employee directors and the chairman emeritus are eligible to receive all such awards, other than incentive stock options. Pursuant to the 2018 Plan, 12,700,000 shares of the Company’s common stock are reserved for issuance. For purposes of determining the number of shares available for issuance under the 2018 Plan, stock options and SARs (except cash-settled SARs) count against the 12,700,000 limit as one share of common stock for each share granted and restricted stock or any other full value stock award count as issuing 2.30 shares of common stock for each share granted. Any awards that are not settled in shares of common stock are not counted against the share limit. As of March 31, 2022, there were 2,969,937 shares available for future grants under the 2018 Plan. On April 12, 2021, the Board of Directors granted 600,000 RSUs and 300,000 RSAs with market-based and service-based vesting conditions (collectively the “Stock Awards”), solely to the Company’s President and Chief Executive Officer pursuant to the 2018 Plan. The Stock Awards are classified as equity with separate tranches and requisite service periods identified for each separately achievable component. As of the grant date, the fair value of the Stock Awards was $48.7 million and was calculated using a Monte Carlo simulation. The fair value of the RSAs was estimated at $19.4 million and segregated into 15 tranches with expense recognition periods ranging from 2.2 to 6.0 years. The fair value of the RSUs was estimated at $29.3 million and segregated into four tranches with expense recognition periods ranging from 6.7 to 8.7 years. We recognized $2.1 million of stock compensation expense for the Stock Awards during the three months ended March 31, 2022. Score Media And Gaming Inc. Second Amended And Restated Stock Option And Restricted Stock Unit Plan (“theScore Plan”) In connection with the acquisition of theScore on October 19, 2021, the Company registered theScore Plan. theScore Plan permits the Company to issue non-qualified stock options and RSUs to employees and service providers affiliated with theScore prior to the acquisition date. At the date of acquisition, the Company rolled over all outstanding, non-vested and unexercised stock options and non-vested RSUs equivalent to 853,904 shares of the Company. Each rollover option and RSU is subject to substantially the same terms and conditions applicable to the award immediately prior to the acquisition. In connection with the transaction, the vesting provisions of unvested options and RSUs, awarded under the theScore Plan prior to August 4, 2021, were amended to provide for a new acceleration right for legacy theScore employees and service providers. The amendment provides that, if an involuntary termination without cause occurs at any time prior to April 19, 2023, unvested options and RSUs will automatically accelerate and become fully vested on the effective date of termination. As of March 31, 2022, there were 232,913 shares available for future grants to legacy theScore employees and service providers. Performance Share Program In February 2019, the Company’s Compensation Committee of the Board of Directors adopted a performance share program (the “Performance Share Program”) pursuant to the 2018 Plan. An aggregate of 238,784 RSUs with performance-based vesting conditions, at target, was granted during the three months ended March 31, 2022 under the Performance Share Program, with the grant having a three-year award period consisting of three one-year performance periods and a three-year service period. The performance threshold for vesting of these awards is 50% of target and, based on the level of achievement, up to 150% of target. There were no RSAs or RSUs issued from the Performance Share Program during the three months ended March 31, 2021. Stock-based Compensation Expense Stock-based compensation expense, which pertains principally to our stock options, RSAs and RSUs, for the three months ended March 31, 2022 and 2021 was $17.0 million and $4.2 million, respectively, and is included within the unaudited Consolidated Statements of Operations under “General and administrative.” Stock Options The Company granted 393,049 and 229,361 stock options during the three months ended March 31, 2022 and 2021, respectively. Cash-settled Phantom Stock Units Our outstanding CPSUs entitle plan recipients to receive cash based on the fair value of the Company’s common stock on the vesting date. Our CPSUs vest over a period of three or four years. The cash-settled CPSUs are accounted for as liability awards and are re-measured at fair value each reporting period until they become vested with compensation expense being recognized over the requisite service period. The Company has a liability, which is included in “Accrued expenses and other current liabilities” within the unaudited Consolidated Balance Sheets, associated with its cash-settled CPSUs of $1.8 million and $8.6 million as of March 31, 2022 and December 31, 2021, respectively. For CPSUs held by employees, non-employee directors, and the chairman emeritus of the Company, there was $9.5 million of total unrecognized compensation cost as of March 31, 2022 that will be recognized over the awards remaining weighted-average vesting period of one year. For the three months ended March 31, 2022 and 2021, the Company recognized $0.6 million and $4.7 million of compensation expense associated with these awards, respectively. Compensation expense associated with our CPSUs is recorded in “General and administrative” within the unaudited Consolidated Statements of Operations. We paid $7.4 million and $5.9 million during the three months ended March 31, 2022 and 2021, respectively, pertaining to cash-settled CPSUs. Stock Appreciation Rights Our outstanding SARs are accounted for as liability awards since they will be settled in cash and vest over a period of four years. The fair value of cash-settled SARs is calculated each reporting period and estimated using the Black-Scholes option pricing model. The Company has a liability, which is included in “Accrued expenses and other current liabilities” within the unaudited Consolidated Balance Sheets, associated with its cash-settled SARs of $16.9 million and $18.5 million as of March 31, 2022 and December 31, 2021, respectively. For SARs held by employees of the Company, there was $21.9 million of total unrecognized compensation cost as of March 31, 2022 that will be recognized over the awards remaining weighted-average vesting period of 2.2 years. The Company recognized no compensation expense for the three months ended March 31, 2022 and $20.3 million for the three months ended March 31, 2021. Compensation expense associated with our SARs is recorded in “General and administrative” within the unaudited Consolidated Statements of Operations. We paid $0.2 million and $37.2 million during the three months ended March 31, 2022 and 2021, respectively, related to cash-settled SARs. Other In the second quarter of 2021, the Company entered into two promissory notes with shareholders for a total of $9.0 million. The promissory notes are unsecured and bear interest of 2.25%. As of March 31, 2022 and December 31, 2021, the receivable is recorded as a reduction of equity within “Additional paid-in capital” in our unaudited Consolidated Balance Sheets

Earnings per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings per Share

For the three months ended March 31, 2022, and March 31, 2021 we recorded net income attributable to Penn. As such, we used diluted weighted-average common shares outstanding when calculating diluted income per share for the three months ended March 31, 2022, and March 31, 2021. Stock options, restricted stock, convertible preferred shares and convertible debt that could potentially dilute basic EPS in the future are included in the computation of diluted income per share.

The following table sets forth the allocation of net income for the three months ended March 31, 2022 and March 31, 2021 under the two-class method.


	For the three months ended March 31,
(in millions)	2022		2021
Net income attributable to Penn National Gaming	$	51.7	$	91.0
Net income applicable to preferred stock	0.2		0.5
Net income applicable to common stock	$	51.5	$	90.5

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three months ended March 31, 2022 and 2021:


	For the three months ended March 31,
(in millions)	2022	2021
Weighted-average common shares outstanding	168.2	155.7
Assumed conversion of:
Dilutive stock options	1.5	2.6
Dilutive restricted stock	0.4	0.4
Convertible debt	14.1	14.1
Weighted-average common shares outstanding - Diluted	184.2	172.8

Restricted stock with performance and market based vesting conditions that have not been met as of March 31, 2022 were excluded from the computation of diluted earnings per share.

Options to purchase 0.8 million and 0.2 million shares were outstanding during the three months ended March 31, 2022, and March 31, 2021, respectively, but were not included in the computation of diluted earnings per share because they were anti-dilutive.

In addition, 0.7 million and 0.8 million shares from the assumed conversion of convertible preferred shares were excluded from the computation of diluted earnings per share for the three months ended March 31, 2022 and March 31, 2021, respectively, because including them would have been anti-dilutive.

The Company's calculation of weighted-average common shares outstanding includes the Exchangeable Shares issued in connection with theScore acquisition, as discussed in Note 6, “Acquisitions and Dispositions” and Note 13, “Stockholders’ Equity and Stock-Based Compensation.” The following table presents the calculation of basic and diluted earnings per share for the Company’s common stock for the three months ended March 31, 2022 and 2021:


	For the three months ended March 31,
(in millions, except per share data)	2022		2021
Calculation of basic earnings per share:
Net income applicable to common stock	$	51.5	$	90.5
Weighted-average shares outstanding - Penn National Gaming	167.5		155.7
Weighted-average shares outstanding - Exchangeable Shares	0.7		—
Weighted-average common shares outstanding - basic	168.2		155.7
Basic earnings per share	$	0.31	$	0.58

Calculation of diluted earnings per share:
Net income applicable to common stock	$	51.5	$	90.5
Interest expense, net of tax (1):
Convertible Notes	1.8		4.3
Diluted income applicable to common stock	$	53.3	$	94.8
Weighted-average common shares outstanding - diluted	184.2		172.8
Diluted earnings per share	$	0.29	$	0.55

(1)The three months ended March 31, 2022 were tax-affected at a rate of 20%.

Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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

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

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

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

Cash and Cash Equivalents

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

Equity Securities

As of March 31, 2022 and December 31, 2021, we held $48.2 million and $84.3 million in equity securities of ordinary shares, respectively, which are reported as “Other assets” in our unaudited 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,” (which includes online sports betting and online social casino, bingo, and iCasino products) market access across our portfolio. During the three months ended March 31, 2022 and 2021, we recognized a holding loss of $38.7 million and a holding gain of $26.1 million related to these equity securities, which is included in “Other,” as reported in “Other income (expenses)” within our unaudited Consolidated Statements of Operations.

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 previously associated with the exercised 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 March 31, 2022 and December 31, 2021, PRP held $7.9 million and $15.1 million in promissory notes issued by RDC, respectively. As of March 31, 2022 and December 31, 2021, PRP held $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 March 31, 2022 and December 31, 2021, the promissory notes and the local government corporation bonds were included in “Other assets” within our unaudited Consolidated Balance Sheets.

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

Long-term Debt

The fair value of our Term Loan A Facility, Term Loan B-1 Facility, 5.625% Notes, 4.125% Notes, and the 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 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 March 31, 2022 and December 31, 2021 included a financing arrangement entered in February of 2021, the relocation fees for Dayton and Mahoning Valley, and the repayment obligation of the hotel and event center located near Hollywood Casino Lawrenceburg. See Note 8, “Long-term Debt” for details. The fair values of the Dayton and Mahoning Valley relocation fees and the Lawrenceburg repayment obligation 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.

Additionally, in February 2021, we entered into a financing arrangement providing the Company with upfront cash proceeds while permitting us to participate in future proceeds on certain claims. The financing obligation has been classified as a non-current liability and the fair value of the financing obligation is based on what we expect to be settled in a future period of which the principal is contingent and predicated on other events, plus accreted period non-cash interest using an effective interest rate of 27.0% until the claims and related obligation is settled. The financing obligation has been classified as a Level 3 measurement and is included within our unaudited Consolidated Balance Sheets in “Long-term debt, net of current maturities, debt discount and debt issuance costs.” See Note 8, “Long-term Debt.”

Other Liabilities

Other liabilities as of March 31, 2022 and December 31, 2021 includes contingent purchase price liabilities related to Plainridge Park Casino and Hitpoint, of which Hitpoint was acquired on May 11, 2021. The Hitpoint contingent purchase price liability is payable in $1.0 million installments in the form of cash and equity, on the first three anniversaries of the acquisition close date (May 11, 2021) and is based on the achievement of mutual goals established by the Company and Hitpoint. The Plainridge Park Casino contingent purchase price liability is calculated based on earnings of the gaming operations over the first ten years of operations, which commenced on June 24, 2015. As of March 31, 2022, we were contractually obligated to make four additional annual payments. The fair value of the Plainridge Park Casino contingent purchase price liability is estimated based on an income approach using a discounted cash flow model. These contingent purchase price liabilities have been classified as a Level 3 measurement and are included within our unaudited 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:


	March 31, 2022
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	1,805.5	$	1,805.5	$	1,805.5	$	—	$	—
Equity securities	$	48.2	$	48.2	$	—	$	48.2	$	—
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	7.9	$	7.9	$	—	$	7.9	$	—
Puts and calls related to certain Barstool Sports shares	$	0.9	$	0.9	$	—	$	0.9	$	—
Financial liabilities:
Long-term debt
Senior Secured Credit Facilities	$	1,526.1	$	1,530.7	$	1,530.7	$	—	$	—
5.625% Notes	$	399.6	$	396.0	$	396.0	$	—	$	—
4.125% Notes	$	393.1	$	356.0	$	356.0	$	—	$	—
Convertible Notes	$	323.1	$	676.3	$	676.3	$	—	$	—
Other long-term obligations	$	151.9	$	150.0	$	—	$	53.4	$	96.6
Other liabilities	$	13.1	$	13.0	$	—	$	2.6	$	10.4


	December 31, 2021
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	1,863.9	$	1,863.9	$	1,863.9	$	—	$	—
Equity securities	$	84.3	$	84.3	$	—	$	84.3	$	—
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	15.1	$	15.1	$	—	$	15.1	$	—
Puts and calls related to certain Barstool Sports shares	$	1.9	$	1.9	$	—	$	1.9	$	—
Financial liabilities:
Long-term debt
Senior Secured Credit Facilities	$	1,544.5	$	1,559.6	$	1,559.6	$	—	$	—
5.625% Notes	$	399.6	$	411.5	$	411.5	$	—	$	—
4.125% Notes	$	392.9	$	389.5	$	389.5	$	—	$	—
Convertible notes	$	253.5	$	780.0	$	780.0	$	—	$	—
Other long-term obligations	$	146.3	$	144.3	$	—	$	53.9	$	90.4
Other liabilities	$	13.3	$	13.2	$	—	$	2.7	$	10.5

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


(in millions)	Other Liabilities
Balance as of January 1, 2022	$	100.9

Interest	6.2

Included in earnings (1)	(0.1)
Balance as of March 31, 2022	$	107.0

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

The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 liabilities on a recurring basis as of March 31, 2022:

Valuation Technique

Unobservable Input

Discount Rate

Other long-term obligation

Discounted cash flow

Discount rate

27.0%

Contingent purchase price - Plainridge Park Casino

Discounted cash flow

Discount rate

5.9%

- Definition

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

+ References + Details

Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

We have aggregated our operating segments into five reportable segments. Retail operating segments are based on the similar characteristics within the regions in which they operate: Northeast, South, West, and Midwest. Our Interactive segment includes the operating results of Penn Interactive, theScore, and the Company’s proportionate share of earnings attributable to its equity method investment in Barstool Sports. The Other category is included in the following tables in order to reconcile the segment information to the consolidated information.

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


	For the three months ended March 31,
(in millions)	2022		2021
Revenues:
Northeast segment	$	658.5	$	570.9
South segment	341.4		295.9
West segment	140.9		96.6
Midwest segment	282.9		234.7
Interactive segment	141.5		86.3
Other (1)	7.3		1.6
Intersegment eliminations (2)	(8.3)		(11.1)
Total	$	1,564.2	$	1,274.9

Adjusted EBITDAR (3):
Northeast segment	$	205.2	$	193.2
South segment	146.5		133.9
West segment	51.2		35.2
Midwest segment	125.5		106.0
Interactive segment	(10.0)		1.3
Other (1)	(23.7)		(22.6)
Total (3)	494.7		447.0


Other operating benefits (costs) and other income (expenses):
Rent expense associated with triple net operating leases (4)	(60.1)		(110.4)
Stock-based compensation	(17.0)		(4.2)
Cash-settled stock-based awards variance	2.9		(21.5)
Gain on disposal of assets	0.1		0.1
Contingent purchase price	0.1		(0.1)
Pre-opening expenses (5)	(1.5)		(1.6)
Depreciation and amortization	(118.2)		(81.3)

Insurance recoveries, net of deductible charges	8.8		—
Non-operating items of equity method investments (6)	(1.8)		(1.6)
Interest expense, net	(160.8)		(135.7)

Other (5)(7)	(48.0)		20.8
Income before income taxes	99.2		111.5
Income tax expense	(47.6)		(20.6)
Net income	$	51.6	$	90.9

(1)The Other category consists of the Company’s stand-alone racing operations, namely Sanford-Orlando Kennel Club, Sam Houston and Valley Race Parks (the remaining 50% was acquired by Penn on August 1, 2021), the Company’s joint venture interests in Freehold Raceway, and our management contract for Retama Park Racetrack. Expenses incurred for corporate and shared services activities that are directly attributable to a property or are otherwise incurred to support a property are allocated to each property. The Other category also includes corporate overhead costs, which consist of certain expenses, such as: payroll, professional fees, travel expenses and other general and administrative expenses that do not directly relate to or have not otherwise been allocated to a property.

(2)Primarily represents the elimination of intersegment revenues associated with our internally-branded retail sportsbooks, which are operated by Penn Interactive.

(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, net of 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 expenses (see footnote (5) below); and other. Adjusted EBITDAR is also inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (see footnote (6) below) added back for Barstool Sports and our Kansas Entertainment joint venture.

(4)Solely comprised of rent expense associated with the operating lease components contained within our triple net master lease dated November 1, 2013 with GLPI and the triple net master lease assumed in connection with our acquisition of Pinnacle Entertainment, Inc., our individual triple net leases with GLPI for the real estate assets used in the operation of Tropicana and Hollywood Casino at Meadows Racetrack, and our individual triple net leases with VICI for the real estate assets used in the operations of Margaritaville Casino Resort and Greektown Casino-Hotel (of which the Tropicana Lease, Meadows Lease, Margaritaville Lease and the Greektown Lease are defined in “Note 9, Leases”) and are referred to collectively as our “triple net operating leases”.

As a result of the Lease Modification defined in Note 9, “Leases” the land and building components associated with the operations of Dayton and Mahoning Valley are classified as operating leases which is recorded to rent expense, as compared to prior to the Lease Modification, whereby the land components of substantially all of the Master Lease properties were classified as operating leases and recorded to rent expense. Subsequent to the Lease Modification, the land components associated with the Master Lease properties are primarily classified as finance leases.

(5)During the first quarter of 2021, acquisition costs were included within pre-opening and acquisition costs. Beginning with the quarter ended June 30, 2021, acquisition costs are presented as part of other expenses.

(6)Consists principally of interest expense, net; income taxes; depreciation and amortization; and stock-based compensation expense associated with Barstool Sports and our Kansas Entertainment joint venture. We record our portion of Barstool Sports’ net income or loss, including adjustments to arrive at Adjusted EBITDAR, one quarter in arrears.

(7)Includes holding gains and losses on our equity securities, which are discussed in Note 15, “Fair Value Measurements.” Additionally, consists of non-recurring acquisition and transaction costs, and finance transformation costs associated with the implementation of our new Enterprise Resource Management system.

The table below presents capital expenditures by segment:


	For the three months ended March 31,
(in millions)	2022		2021
Capital expenditures:
Northeast segment	$	30.6	$	15.4
South segment	19.7		1.8
West segment	1.8		3.2
Midwest segment	6.8		1.9
Interactive segment	1.1		0.8
Other	5.6		2.6
Total capital expenditures	$	65.6	$	25.7

The table below presents investment in and advances to unconsolidated affiliates and total assets by segment:


(in millions)	Northeast		South		West		Midwest		Interactive		Other (1)		Total
Balance sheet as of March 31, 2022
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	83.4	$	166.0	$	6.7	$	256.2
Total assets	$	2,249.7	$	1,163.1	$	382.6	$	1,401.9	$	2,567.6	$	10,306.2	$	18,071.1

Balance sheet as of December 31, 2021
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	83.8	$	164.4	$	6.8	$	255.1
Total assets	$	2,283.6	$	1,224.6	$	394.8	$	1,215.8	$	2,618.3	$	9,135.0	$	16,872.1

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation: The unaudited Consolidated Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.

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 Morgantown	Morgantown, Pennsylvania	Morgantown Lease
Hollywood Casino at Penn National Race Course	Grantville, Pennsylvania	Penn Master Lease
Hollywood Casino Perryville	Perryville, Maryland	Perryville Lease
Hollywood Casino Toledo	Toledo, Ohio	Penn Master Lease
Hollywood Casino York	York, Pennsylvania	Operating Lease (not with REIT Landlord)
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
Hollywood Casino at Meadows Racetrack	Washington, Pennsylvania	Meadows Lease
Plainridge Park Casino	Plainville, Massachusetts	Pinnacle Master Lease

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

Revenue Recognition and Customer-related Liabilities

Complimentaries Associated with Gaming Contracts

Customer-related Liabilities

Advertising

Gaming and Racing Taxes

Foreign Currency Translations

Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss)

Earnings Per Share

Earnings Per Share: Basic earnings per share (“EPS”) is computed by dividing net income (loss) applicable to common stock by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the additional dilution, if any, for all potentially-dilutive securities such as stock options, unvested restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) (collectively with RSAs, “restricted stock”), outstanding convertible preferred stock and convertible debt.Holders of the Company’s Series D Preferred Stock (as defined in Note 10, “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.

Voting Interest Entities and Variable Interest Entities

New Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides an optional expedient and exceptions for applying GAAP 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 8, “Long -term Debt”) are tied to LIBOR. Subsequent to the amendment of the Senior Secured Credit Facilities on May 3, 2022, the Company’s borrowings are tied to SOFR (see Note 8, “Long-term Debt”). The adoption of ASU 2020-04 did not have an impact on our unaudited Consolidated Financial Statements.

In August 2020, The FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Topic 814): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). ASU 2020-06 eliminates the number of accounting models used to account for convertible debt instruments and convertible preferred stock. The update also amends the disclosure requirements for convertible instruments and EPS in an effort to increase financial reporting transparency.

The new standard impacts the Company’s existing 2.75% convertible senior notes due May 2026 (“Convertible Notes”) which prior to adoption of the new standard, were accounted for under the cash conversion feature model. The cash conversion feature model is eliminated under the new standard and entities will no longer separately present in stockholders’ equity an embedded conversion feature of a debt instrument.

The new guidance also requires the use of the if-converted method when calculating diluted EPS for convertible instruments and the treasury stock method should no longer be used. Under the new guidance, convertible instruments that may be settled in cash or shares (e.g., the Company’s Convertible Notes) are to be included in the calculation of diluted EPS if the effect is more dilutive, with no option for rebutting the presumption of share settlement based on stated policy or past experience. Each of these requirements are consistent with Company’s previous method for calculating diluted EPS.

The Company adopted ASU 2020-06 effective January 1, 2022, using the modified retrospective approach. Adoption of ASU 2020-06 resulted in reclassification of the $88.2 million cash conversion feature related to the Company’s Convertible Notes, from stockholders’ equity to liabilities. As a result of the adoption, the Company recognized as a cumulative effect adjustment, an increase to the January 1, 2022 opening balance of retained earnings of $18.9 million, net of taxes.

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Schedule of Operating and Reportable Segments

For financial reporting purposes, we aggregate our operating segments into the following 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 Morgantown	Morgantown, Pennsylvania	Morgantown Lease
Hollywood Casino at Penn National Race Course	Grantville, Pennsylvania	Penn Master Lease
Hollywood Casino Perryville	Perryville, Maryland	Perryville Lease
Hollywood Casino Toledo	Toledo, Ohio	Penn Master Lease
Hollywood Casino York	York, Pennsylvania	Operating Lease (not with REIT Landlord)
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
Hollywood Casino at Meadows Racetrack	Washington, Pennsylvania	Meadows Lease
Plainridge Park Casino	Plainville, Massachusetts	Pinnacle Master Lease

South segment
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 (2)	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 (3)	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)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.


	For the three months ended March 31,
(in millions)	2022		2021
Revenues:
Northeast segment	$	658.5	$	570.9
South segment	341.4		295.9
West segment	140.9		96.6
Midwest segment	282.9		234.7
Interactive segment	141.5		86.3
Other (1)	7.3		1.6
Intersegment eliminations (2)	(8.3)		(11.1)
Total	$	1,564.2	$	1,274.9

Adjusted EBITDAR (3):
Northeast segment	$	205.2	$	193.2
South segment	146.5		133.9
West segment	51.2		35.2
Midwest segment	125.5		106.0
Interactive segment	(10.0)		1.3
Other (1)	(23.7)		(22.6)
Total (3)	494.7		447.0


Other operating benefits (costs) and other income (expenses):
Rent expense associated with triple net operating leases (4)	(60.1)		(110.4)
Stock-based compensation	(17.0)		(4.2)
Cash-settled stock-based awards variance	2.9		(21.5)
Gain on disposal of assets	0.1		0.1
Contingent purchase price	0.1		(0.1)
Pre-opening expenses (5)	(1.5)		(1.6)
Depreciation and amortization	(118.2)		(81.3)

Insurance recoveries, net of deductible charges	8.8		—
Non-operating items of equity method investments (6)	(1.8)		(1.6)
Interest expense, net	(160.8)		(135.7)

Other (5)(7)	(48.0)		20.8
Income before income taxes	99.2		111.5
Income tax expense	(47.6)		(20.6)
Net income	$	51.6	$	90.9

(2)Primarily represents the elimination of intersegment revenues associated with our internally-branded retail sportsbooks, which are operated by Penn Interactive.

The table below presents capital expenditures by segment:


	For the three months ended March 31,
(in millions)	2022		2021
Capital expenditures:
Northeast segment	$	30.6	$	15.4
South segment	19.7		1.8
West segment	1.8		3.2
Midwest segment	6.8		1.9
Interactive segment	1.1		0.8
Other	5.6		2.6
Total capital expenditures	$	65.6	$	25.7

The table below presents investment in and advances to unconsolidated affiliates and total assets by segment:


(in millions)	Northeast		South		West		Midwest		Interactive		Other (1)		Total
Balance sheet as of March 31, 2022
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	83.4	$	166.0	$	6.7	$	256.2
Total assets	$	2,249.7	$	1,163.1	$	382.6	$	1,401.9	$	2,567.6	$	10,306.2	$	18,071.1

Balance sheet as of December 31, 2021
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	83.8	$	164.4	$	6.8	$	255.1
Total assets	$	2,283.6	$	1,224.6	$	394.8	$	1,215.8	$	2,618.3	$	9,135.0	$	16,872.1

Schedule of Complimentaries

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


	For the three months ended March 31,
(in millions)	2022		2021
Food and beverage	$	50.7	$	36.1
Hotel	32.2		26.4
Other	2.5		1.9
Total complimentaries associated with gaming contracts	$	85.4	$	64.4

Hurricane Laura (Tables)

3 Months Ended

Mar. 31, 2022

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)	March 31, 2022		December 31, 2021
Insurance proceeds received through the end of the period	$	85.0	$	47.5
Deductible	$	15.0	$	15.0
Coinsurance	$	2.5	$	2.5
Clean-up, restoration, and other costs	$	52.8	$	52.8
Fixed asset write-off	$	23.2	$	23.2
Inventory write-off	$	0.2	$	0.2
Insurance receivable	$	—	$	28.7

Revenue Disaggregation (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Our revenue is disaggregated by type of revenue and geographic location of the related properties, which is consistent with our reportable segments, as follows:


	For the three months ended March 31, 2022
(in millions)	Northeast		South		West		Midwest		Interactive		Other		Intersegment Eliminations (1)		Total
Revenues:
Gaming	$	599.1	$	278.6	$	94.1	$	256.5	$	62.9	$	—	$	—	$	1,291.2
Food and beverage	31.9		31.0		19.3		12.5		—		1.2		—		95.9
Hotel	8.1		22.0		22.3		7.6		—		—		—		60.0
Other	19.4		9.8		5.2		6.3		78.6		6.1		(8.3)		117.1
Total revenues	$	658.5	$	341.4	$	140.9	$	282.9	$	141.5	$	7.3	$	(8.3)	$	1,564.2


	For the three months ended March 31, 2021
(in millions)	Northeast		South		West		Midwest		Interactive		Other		Intersegment Eliminations (1)		Total
Revenues:
Gaming	$	527.0	$	245.4	$	69.1	$	216.9	$	23.6	$	—	$	—	$	1,082.0
Food and beverage	20.9		23.1		11.9		7.0		—		0.1		—		63.0
Hotel	5.8		19.6		12.5		5.9		—		—		—		43.8
Other	17.2		7.8		3.1		4.9		62.7		1.5		(11.1)		86.1
Total revenues	$	570.9	$	295.9	$	96.6	$	234.7	$	86.3	$	1.6	$	(11.1)	$	1,274.9

(1) Primarily represents the elimination of intersegment revenues associated with our internally-branded retail sportsbooks, which are operated by Penn Interactive.

Acquisitions and Dispositions (Tables)

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Allocation of Purchase Price and Adjustments


(in millions)	Fair value
Cash and cash equivalents	$	160.3
Other current assets	22.8
ROU assets	2.6
Property and equipment	1.8
Goodwill	1,690.2
Other intangible assets
Gaming technology	160.0
Media technology	57.0
Tradename	100.0
Advertising relationships	11.0
Customer relationships	8.0
Re-acquired right	2.6
Other long-term assets	5.2
Total assets	$	2,221.5

Accounts payable, accrued expenses and other current liabilities	$	67.9
Deferred tax liabilities	69.2
Other non-current liabilities	1.7
Total liabilities	138.8
Net assets acquired	$	2,082.7

Schedule of valuation approaches of intangible assets acquired

The following valuation approaches were utilized to determine the fair value of each intangible asset:


Intangible Asset			Valuation Approach
Gaming technology			Relief-from-royalty (variation of income approach)
Media technology			Replacement cost
Tradename			Relief-from-royalty (variation of income approach)
Advertising relationships			With-and-without (variation of income approach)
Customer relationships			Replacement cost
Re-acquired right			Replacement cost

Schedule of Actual and Pro Forma Financial Results


	For the three months ended March 31,
(in millions)	2021
Revenues	$	1,306.0
Net income	$	36.1

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

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


(in millions)	Northeast		South		West		Midwest		Interactive		Other		Total
Balance as of December 31, 2021
Goodwill, gross	$	923.5	$	236.6	$	216.8	$	1,116.7	$	1,724.0	$	87.7	$	4,305.3
Accumulated goodwill impairment losses	(761.4)		(61.0)		(16.6)		(556.1)		—		(87.7)		(1,482.8)
Goodwill, net	$	162.1	$	175.6	$	200.2	$	560.6	$	1,724.0	$	—	$	2,822.5


Effect of foreign currency exchange rates	—		—		—		—		24.6		—		24.6
Balance as of March 31, 2022
Goodwill, gross	$	923.5	$	236.6	$	216.8	$	1,116.7	$	1,748.6	$	87.7	$	4,329.9
Accumulated goodwill impairment losses	(761.4)		(61.0)		(16.6)		(556.1)		—		(87.7)		(1,482.8)
Goodwill, net	$	162.1	$	175.6	$	200.2	$	560.6	$	1,748.6	$	—	$	2,847.1

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:


	March 31, 2022						December 31, 2021
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Indefinite-lived intangible assets
Gaming licenses	$	1,285.4	$	—	$	1,285.4	$	1,285.4	$	—	$	1,285.4
Trademarks	339.8		—		339.8		338.2		—		338.2
Other	0.7		—		0.7		0.7		—		0.7
Amortizing intangible assets
Customer relationships	115.0		(94.7)		20.3		114.9		(91.4)		23.5
Technology	256.0		(49.8)		206.2		252.7		(40.5)		212.2
Other	19.6		(7.9)		11.7		19.4		(6.8)		12.6
Total other intangible assets	$	2,016.5	$	(152.4)	$	1,864.1	$	2,011.3	$	(138.7)	$	1,872.6

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:


	March 31, 2022						December 31, 2021
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Indefinite-lived intangible assets
Gaming licenses	$	1,285.4	$	—	$	1,285.4	$	1,285.4	$	—	$	1,285.4
Trademarks	339.8		—		339.8		338.2		—		338.2
Other	0.7		—		0.7		0.7		—		0.7
Amortizing intangible assets
Customer relationships	115.0		(94.7)		20.3		114.9		(91.4)		23.5
Technology	256.0		(49.8)		206.2		252.7		(40.5)		212.2
Other	19.6		(7.9)		11.7		19.4		(6.8)		12.6
Total other intangible assets	$	2,016.5	$	(152.4)	$	1,864.1	$	2,011.3	$	(138.7)	$	1,872.6

Schedule of Expected Intangible Asset Amortization Expense

The following table presents the estimated amortization expense based on our amortizing intangible assets as of March 31, 2022 (in millions):


Years ending December 31,
2022 (excluding the three months ended March 31, 2022)	$	43.1
2023	49.6
2024	46.5
2025	31.2
2026	24.6
Thereafter	43.2
Total	$	238.2

Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt, Net of Current Maturities, Debt Discounts and Issuance Costs

The table below presents long-term debt, net of current maturities, debt discounts and issuance costs:


(in millions)	March 31, 2022		December 31, 2021
Senior Secured Credit Facilities:
Revolving Credit Facility due 2023	$	—	$	—
Term Loan A Facility due 2023	566.1		583.8
Term Loan B-1 Facility due 2025	977.1		979.9
5.625% Notes due 2027	400.0		400.0
4.125% Notes due 2029	400.0		400.0
2.75% Convertible Notes due 2026	330.5		330.5
Other long-term obligations	151.9		146.3
	2,825.6		2,840.5
Less: Current maturities of long-term debt	(99.5)		(99.5)
Less: Debt discount	(1.4)		(73.1)
Less: Debt issuance costs	(30.4)		(30.6)
	$	2,694.3	$	2,637.3

Schedule Convertible Notes

The Convertible Notes consisted of the following components:


(in millions)	March 31, 2022		December 31, 2021
Liability component:
Principal	$	330.5	$	330.5
Unamortized debt discount	—		(71.7)
Unamortized debt issuance costs	(7.4)		(5.3)
Net carrying amount	$	323.1	$	253.5

Carrying amount of equity component	$	—	$	88.2

Schedule of Interest Expense, Net

The table below presents interest expense, net:


	For the three months ended March 31,
(in millions)	2022		2021
Interest expense	$	(161.6)	$	(136.6)
Interest income	0.5		0.2
Capitalized interest	0.3		0.7
Interest expense, net	$	(160.8)	$	(135.7)

The table below presents interest expense related to the Convertible Notes:


	For the three months ended March 31,
(in millions)	2022		2021
Coupon interest	$	2.3	$	2.3
Amortization of debt discount	—		3.1
Amortization of debt issuance costs	0.4		0.2
Convertible Notes interest expense	$	2.7	$	5.6

- 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.

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+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Schedule of Future Minimum Lease Commitments, Operating Leases

The following is a maturity analysis of our operating leases, finance leases and financing obligations as of March 31, 2022:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Year ended December 31,
2022 (excluding the three months ended March 31, 2022)	$	102.0	$	272.8	$	280.7
2023	125.2		359.3		369.8
2024	120.0		344.6		355.3
2025	116.7		344.7		355.4
2026	112.3		344.7		355.4
Thereafter	1,341.3		7,820.1		8,285.5
Total lease payments	1,917.5		9,486.2		10,002.1
Less: Imputed interest	(829.7)		(4,455.2)		(5,920.9)
Present value of future lease payments	1,087.8		5,031.0		4,081.2
Less: Current portion of lease obligations	(76.3)		(102.0)		(63.8)
Long-term portion of lease obligations	$	1,011.5	$	4,929.0	$	4,017.4

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 March 31, 2022:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Year ended December 31,
2022 (excluding the three months ended March 31, 2022)	$	102.0	$	272.8	$	280.7
2023	125.2		359.3		369.8
2024	120.0		344.6		355.3
2025	116.7		344.7		355.4
2026	112.3		344.7		355.4
Thereafter	1,341.3		7,820.1		8,285.5
Total lease payments	1,917.5		9,486.2		10,002.1
Less: Imputed interest	(829.7)		(4,455.2)		(5,920.9)
Present value of future lease payments	1,087.8		5,031.0		4,081.2
Less: Current portion of lease obligations	(76.3)		(102.0)		(63.8)
Long-term portion of lease obligations	$	1,011.5	$	4,929.0	$	4,017.4

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 March 31, 2022:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Year ended December 31,
2022 (excluding the three months ended March 31, 2022)	$	102.0	$	272.8	$	280.7
2023	125.2		359.3		369.8
2024	120.0		344.6		355.3
2025	116.7		344.7		355.4
2026	112.3		344.7		355.4
Thereafter	1,341.3		7,820.1		8,285.5
Total lease payments	1,917.5		9,486.2		10,002.1
Less: Imputed interest	(829.7)		(4,455.2)		(5,920.9)
Present value of future lease payments	1,087.8		5,031.0		4,081.2
Less: Current portion of lease obligations	(76.3)		(102.0)		(63.8)
Long-term portion of lease obligations	$	1,011.5	$	4,929.0	$	4,017.4

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

Total payments made under the Triple Net Leases were as follows:


	For the three months ended March 31,
(in millions)	2022		2021
Penn Master Lease	$	119.2	$	117.9
Pinnacle Master Lease	82.5		81.3
Perryville Lease	1.9		—
Meadows Lease	6.2		6.2
Margaritaville Lease	5.9		5.9
Greektown Lease	12.8		13.9
Morgantown Lease	0.8		0.8
Total (1)	$	229.3	$	226.0

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

The components of lease expense were as follows:


	Location on unaudited Consolidated Statements of Operations	For the three months ended March 31,
(in millions)		2022		2021
Operating Lease Costs
Rent expense associated with triple net operating leases (1)	General and administrative	$	60.1	$	110.4
Operating lease cost (2)	Primarily General and administrative	5.0		3.9
Short-term lease cost	Primarily Gaming expense	18.1		13.3
Variable lease cost (2)	Primarily Gaming expense	1.1		1.1
Total		$	84.3	$	128.7

Finance Lease Costs
Interest on lease liabilities (3)	Interest expense, net	$	39.5	$	3.7
Amortization of ROU assets (3)	Depreciation and amortization	32.1		1.9
Total		$	71.6	$	5.6

Financing Obligation Costs
Interest on financing obligations (4)	Interest expense, net	$	89.6	$	102.6

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

Subsequent to the Lease Modification, the finance lease components contained within the Master Leases consist of the land, inclusive of the variable expense associated with Columbus and Toledo.

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted EPS

The following table sets forth the allocation of net income for the three months ended March 31, 2022 and March 31, 2021 under the two-class method.


	For the three months ended March 31,
(in millions)	2022		2021
Net income attributable to Penn National Gaming	$	51.7	$	91.0
Net income applicable to preferred stock	0.2		0.5
Net income applicable to common stock	$	51.5	$	90.5

The following table presents the calculation of basic and diluted earnings per share for the Company’s common stock for the three months ended March 31, 2022 and 2021:


	For the three months ended March 31,
(in millions, except per share data)	2022		2021
Calculation of basic earnings per share:
Net income applicable to common stock	$	51.5	$	90.5
Weighted-average shares outstanding - Penn National Gaming	167.5		155.7
Weighted-average shares outstanding - Exchangeable Shares	0.7		—
Weighted-average common shares outstanding - basic	168.2		155.7
Basic earnings per share	$	0.31	$	0.58

Calculation of diluted earnings per share:
Net income applicable to common stock	$	51.5	$	90.5
Interest expense, net of tax (1):
Convertible Notes	1.8		4.3
Diluted income applicable to common stock	$	53.3	$	94.8
Weighted-average common shares outstanding - diluted	184.2		172.8
Diluted earnings per share	$	0.29	$	0.55

(1)The three months ended March 31, 2022 were tax-affected at a rate of 20%.

Schedule of Reconciliation of the Weighted-average Common Shares Outstanding


	For the three months ended March 31,
(in millions)	2022	2021
Weighted-average common shares outstanding	168.2	155.7
Assumed conversion of:
Dilutive stock options	1.5	2.6
Dilutive restricted stock	0.4	0.4
Convertible debt	14.1	14.1
Weighted-average common shares outstanding - Diluted	184.2	172.8

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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:


	March 31, 2022
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	1,805.5	$	1,805.5	$	1,805.5	$	—	$	—
Equity securities	$	48.2	$	48.2	$	—	$	48.2	$	—
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	7.9	$	7.9	$	—	$	7.9	$	—
Puts and calls related to certain Barstool Sports shares	$	0.9	$	0.9	$	—	$	0.9	$	—
Financial liabilities:
Long-term debt
Senior Secured Credit Facilities	$	1,526.1	$	1,530.7	$	1,530.7	$	—	$	—
5.625% Notes	$	399.6	$	396.0	$	396.0	$	—	$	—
4.125% Notes	$	393.1	$	356.0	$	356.0	$	—	$	—
Convertible Notes	$	323.1	$	676.3	$	676.3	$	—	$	—
Other long-term obligations	$	151.9	$	150.0	$	—	$	53.4	$	96.6
Other liabilities	$	13.1	$	13.0	$	—	$	2.6	$	10.4


	December 31, 2021
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	1,863.9	$	1,863.9	$	1,863.9	$	—	$	—
Equity securities	$	84.3	$	84.3	$	—	$	84.3	$	—
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	15.1	$	15.1	$	—	$	15.1	$	—
Puts and calls related to certain Barstool Sports shares	$	1.9	$	1.9	$	—	$	1.9	$	—
Financial liabilities:
Long-term debt
Senior Secured Credit Facilities	$	1,544.5	$	1,559.6	$	1,559.6	$	—	$	—
5.625% Notes	$	399.6	$	411.5	$	411.5	$	—	$	—
4.125% Notes	$	392.9	$	389.5	$	389.5	$	—	$	—
Convertible notes	$	253.5	$	780.0	$	780.0	$	—	$	—
Other long-term obligations	$	146.3	$	144.3	$	—	$	53.9	$	90.4
Other liabilities	$	13.3	$	13.2	$	—	$	2.7	$	10.5

Schedule of the Changes in Fair Value of Level 3 Liabilities

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


(in millions)	Other Liabilities
Balance as of January 1, 2022	$	100.9

Interest	6.2

Included in earnings (1)	(0.1)
Balance as of March 31, 2022	$	107.0

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

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

The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 liabilities on a recurring basis as of March 31, 2022:

Valuation Technique

Unobservable Input

Discount Rate

Other long-term obligation

Discounted cash flow

Discount rate

27.0%

Contingent purchase price - Plainridge Park Casino

Discounted cash flow

Discount rate

5.9%

Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule of Segment Information

For financial reporting purposes, we aggregate our operating segments into the following 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 Morgantown	Morgantown, Pennsylvania	Morgantown Lease
Hollywood Casino at Penn National Race Course	Grantville, Pennsylvania	Penn Master Lease
Hollywood Casino Perryville	Perryville, Maryland	Perryville Lease
Hollywood Casino Toledo	Toledo, Ohio	Penn Master Lease
Hollywood Casino York	York, Pennsylvania	Operating Lease (not with REIT Landlord)
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
Hollywood Casino at Meadows Racetrack	Washington, Pennsylvania	Meadows Lease
Plainridge Park Casino	Plainville, Massachusetts	Pinnacle Master Lease

South segment
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 (2)	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 (3)	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)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.


	For the three months ended March 31,
(in millions)	2022		2021
Revenues:
Northeast segment	$	658.5	$	570.9
South segment	341.4		295.9
West segment	140.9		96.6
Midwest segment	282.9		234.7
Interactive segment	141.5		86.3
Other (1)	7.3		1.6
Intersegment eliminations (2)	(8.3)		(11.1)
Total	$	1,564.2	$	1,274.9

Adjusted EBITDAR (3):
Northeast segment	$	205.2	$	193.2
South segment	146.5		133.9
West segment	51.2		35.2
Midwest segment	125.5		106.0
Interactive segment	(10.0)		1.3
Other (1)	(23.7)		(22.6)
Total (3)	494.7		447.0


Other operating benefits (costs) and other income (expenses):
Rent expense associated with triple net operating leases (4)	(60.1)		(110.4)
Stock-based compensation	(17.0)		(4.2)
Cash-settled stock-based awards variance	2.9		(21.5)
Gain on disposal of assets	0.1		0.1
Contingent purchase price	0.1		(0.1)
Pre-opening expenses (5)	(1.5)		(1.6)
Depreciation and amortization	(118.2)		(81.3)

Insurance recoveries, net of deductible charges	8.8		—
Non-operating items of equity method investments (6)	(1.8)		(1.6)
Interest expense, net	(160.8)		(135.7)

Other (5)(7)	(48.0)		20.8
Income before income taxes	99.2		111.5
Income tax expense	(47.6)		(20.6)
Net income	$	51.6	$	90.9

(2)Primarily represents the elimination of intersegment revenues associated with our internally-branded retail sportsbooks, which are operated by Penn Interactive.

The table below presents capital expenditures by segment:


	For the three months ended March 31,
(in millions)	2022		2021
Capital expenditures:
Northeast segment	$	30.6	$	15.4
South segment	19.7		1.8
West segment	1.8		3.2
Midwest segment	6.8		1.9
Interactive segment	1.1		0.8
Other	5.6		2.6
Total capital expenditures	$	65.6	$	25.7

The table below presents investment in and advances to unconsolidated affiliates and total assets by segment:


(in millions)	Northeast		South		West		Midwest		Interactive		Other (1)		Total
Balance sheet as of March 31, 2022
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	83.4	$	166.0	$	6.7	$	256.2
Total assets	$	2,249.7	$	1,163.1	$	382.6	$	1,401.9	$	2,567.6	$	10,306.2	$	18,071.1

Balance sheet as of December 31, 2021
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	83.8	$	164.4	$	6.8	$	255.1
Total assets	$	2,283.6	$	1,224.6	$	394.8	$	1,215.8	$	2,618.3	$	9,135.0	$	16,872.1

Organization and Basis of Presentation (Details) member in Millions	Mar. 31, 2022 property state member
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties the entity owned, managed, or had ownership interests in	44
Number of states in which the entity operates \| state	20
Number of states with live sports betting in which the entity operates	13
Number of states with casino play	5
Number of members \| member	25

Significant Accounting Policies - Segment Information (Details)	3 Months Ended
	Mar. 31, 2022 segment facility
Segment Reporting Information [Line Items]
Number of reportable segments	5
Kansas Entertainment
Segment Reporting Information [Line Items]
Ownership interest	50.00%
Jackpot, Nevada
Segment Reporting Information [Line Items]
Number of facilities the entity owned, managed, or had ownership interests in \| facility	2
Number of operating segments	1

Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	$ 85.4	$ 64.4
Food and beverage
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	50.7	36.1
Hotel
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	32.2	26.4
Other
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	$ 2.5	$ 1.9

Significant Accounting Policies - Customer-Related Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Online Sports Betting and iGaming Market Access
Disaggregation of Revenue [Line Items]
Customer-related liabilities, long-term	$ 58.2	$ 52.2
Loyalty Credit Obligation
Disaggregation of Revenue [Line Items]
Customer-related liabilities, current	$ 45.5	37.6
Contract with customer, term	6 months
Advance Payments on Goods and Services Yet to Be Provided and Unpaid Wagers
Disaggregation of Revenue [Line Items]
Customer-related liabilities	$ 101.6	$ 112.0

Significant Accounting Policies - Advertising (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounting Policies [Abstract]
Marketing and advertising expense	$ 24.1	$ 17.1

Significant Accounting Policies - Gaming and Racing Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounting Policies [Abstract]
Gaming taxes	$ 472.2	$ 417.9

New Accounting Pronouncements (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	May 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	$ 3,952.7	$ 4,097.1	$ 2,755.8	$ 2,655.8
Retained Earnings (Accumulated Deficit)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	(15.9)	(86.5)	(416.3)	(507.3)
Additional Paid-In Capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	$ 4,170.4	4,239.6	$ 3,175.2	$ 3,167.2
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest		(69.3)
Cumulative Effect, Period of Adoption, Adjustment \| Retained Earnings (Accumulated Deficit)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest		18.9
Cumulative Effect, Period of Adoption, Adjustment \| Additional Paid-In Capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest		$ (88.2)
2.75% Convertible Notes due 2026 \| Convertible Notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Interest rate	2.75%				2.75%

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 8
-Subparagraph (d)(3)
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 21: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 4I
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 944
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-Subparagraph (a)(3)(iii)(03)

+ Details

Hurricane Laura - Narrative (Details) - Hurricane Laura $ in Millions		3 Months Ended	12 Months Ended
	Aug. 27, 2020 week	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Unusual or Infrequent Item, or Both [Line Items]
Number of weeks of property closure \| week	2
Insurance receivable		$ 0.0	$ 28.7
Received from our insurers proceeds		37.5
Costs related to our policy claim		$ 8.8

Hurricane Laura - Summary of Financial Impact of Hurricane Laura (Details) - Hurricane Laura - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Unusual or Infrequent Item, or Both [Line Items]
Insurance proceeds received through the end of the period	$ 85.0	$ 47.5
Deductible	15.0	15.0
Coinsurance	2.5	2.5
Clean-up, restoration, and other costs	52.8	52.8
Fixed asset write-off	23.2	23.2
Inventory write-off	0.2	0.2
Insurance receivable	$ 0.0	$ 28.7

Revenue Disaggregation (Details) - USD ($) $ in Millions	3 Months Ended
Revenue Disaggregation (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,564.2	$ 1,274.9
Gaming
Disaggregation of Revenue [Line Items]
Total revenues	1,291.2	1,082.0
Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	95.9	63.0
Hotel
Disaggregation of Revenue [Line Items]
Total revenues	60.0	43.8
Other
Disaggregation of Revenue [Line Items]
Total revenues	117.1	86.1
Operating segments \| Northeast
Disaggregation of Revenue [Line Items]
Total revenues	658.5	570.9
Operating segments \| Northeast \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	599.1	527.0
Operating segments \| Northeast \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	31.9	20.9
Operating segments \| Northeast \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	8.1	5.8
Operating segments \| Northeast \| Other
Disaggregation of Revenue [Line Items]
Total revenues	19.4	17.2
Operating segments \| South
Disaggregation of Revenue [Line Items]
Total revenues	341.4	295.9
Operating segments \| South \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	278.6	245.4
Operating segments \| South \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	31.0	23.1
Operating segments \| South \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	22.0	19.6
Operating segments \| South \| Other
Disaggregation of Revenue [Line Items]
Total revenues	9.8	7.8
Operating segments \| West
Disaggregation of Revenue [Line Items]
Total revenues	140.9	96.6
Operating segments \| West \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	94.1	69.1
Operating segments \| West \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	19.3	11.9
Operating segments \| West \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	22.3	12.5
Operating segments \| West \| Other
Disaggregation of Revenue [Line Items]
Total revenues	5.2	3.1
Operating segments \| Midwest
Disaggregation of Revenue [Line Items]
Total revenues	282.9	234.7
Operating segments \| Midwest \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	256.5	216.9
Operating segments \| Midwest \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	12.5	7.0
Operating segments \| Midwest \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	7.6	5.9
Operating segments \| Midwest \| Other
Disaggregation of Revenue [Line Items]
Total revenues	6.3	4.9
Operating segments \| Interactive
Disaggregation of Revenue [Line Items]
Total revenues	141.5	86.3
Operating segments \| Interactive \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	62.9	23.6
Operating segments \| Interactive \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0
Operating segments \| Interactive \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0
Operating segments \| Interactive \| Other
Disaggregation of Revenue [Line Items]
Total revenues	78.6	62.7
Other
Disaggregation of Revenue [Line Items]
Total revenues	7.3	1.6
Other \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0
Other \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	1.2	0.1
Other \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0
Other \| Other
Disaggregation of Revenue [Line Items]
Total revenues	6.1	1.5
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Total revenues	(8.3)	(11.1)
Intersegment eliminations \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0
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	$ (8.3)	$ (11.1)

Acquisitions and Dispositions - Narrative (Details) $ / shares in Units, $ in Millions						3 Months Ended
	Oct. 19, 2021 USD ($) $ / shares shares	Aug. 01, 2021 USD ($)	Jul. 01, 2021 USD ($)	May 11, 2021 USD ($)	Apr. 16, 2020 USD ($)	Mar. 31, 2022 USD ($) $ / shares	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) $ / shares
Business Acquisition [Line Items]
Goodwill						$ 2,847.1		$ 2,822.5
Common Stock, Exchangeable
Business Acquisition [Line Items]
Common stock, par value (in dollars per share) \| $ / shares						$ 0.01		$ 0.01
Perryville Lease
Business Acquisition [Line Items]
Purchase option agreement, initial annual rent if purchased			$ 7.8
Tropicana Las Vegas
Business Acquisition [Line Items]
Sale of property in exchange for rent credits					$ 307.5
Real estate sale, buyer subsequent sale period					24 months
Real estate sale, subsequent sale by buyer					75.00%
Real estate sale, subsequent sale by buyer, proceeds threshold					$ 307.5
Real estate sale, subsequent sale by buyer, threshold target					12 months
Real estate sale					50.00%
Hollywood Casino Perryville
Business Acquisition [Line Items]
Purchase price			12.7
Goodwill			9.2
Business combination, other miscellaneous operating assets and liabilities			$ 8.3
Intangible asset, useful life			2 years
Purchase option agreement, purchase price			$ 39.4
Property and equipment			8.2
Customer-Related Intangible Assets \| Hollywood Casino Perryville
Business Acquisition [Line Items]
Customer relationship asset, other intangible assets			$ 1.0
HitPoint
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired				100.00%
Purchase price				$ 12.7
Payments to acquire businesses, gross				6.2
Business combination, consideration transferred, equity interests issued and issuable				3.5
Business combination, contingent liability				$ 3.0
Business combination, contingent consideration, liability, annual installments payable, year				3 years
Goodwill				$ 8.8
HitPoint \| Computer Software
Business Acquisition [Line Items]
Business combination, other miscellaneous operating assets and liabilities				$ 4.0
Intangible asset, useful life				5 years
Sam Houston Race Park and Valley Race Park
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired		50.00%
Purchase price		$ 57.8
Payments to acquire businesses, gross		42.0
Business combination, consideration transferred, equity interests issued and issuable		15.8
Gain on transaction		$ 29.9
Score Media and Gaming Inc.
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired	100.00%
Purchase price	$ 2,100.0
Payments to acquire businesses, gross	922.8
Goodwill	1,690.2
Gain on transaction	$ 2.9
Common stock price per share \| $ / shares	$ 17.00
Fair value of investment	$ 58.9
Acquired finite-lived intangible assets useful life						17 years 9 months 18 days
Goodwill tax deductible amount						$ 0.0
Goodwill, percent of net assets acquired						81.20%
Score Media and Gaming Inc. \| Minimum
Business Acquisition [Line Items]
Intangible asset, useful life						1 year
Score Media and Gaming Inc. \| Maximum
Business Acquisition [Line Items]
Intangible asset, useful life						7 years
Score Media and Gaming Inc. \| Common Stock
Business Acquisition [Line Items]
Number of shares issued per acquiree share (in shares) \| shares	0.2398
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01
Business acquisition, equity interest Issued or issuable (in shares) \| shares	12,319,340
Score Media and Gaming Inc. \| Common Stock, Exchangeable
Business Acquisition [Line Items]
Business combination, consideration transferred, equity interests issued and issuable	$ 1,000.0
Number of shares issued per acquiree share (in shares) \| shares	0.2398
Business acquisition, equity interest Issued or issuable (in shares) \| shares	697,539
Exchange ratio	1
Hitpoint, Perryville, Sam Houston And theScore
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired							50.00%
Acquisition and transaction related costs							$ 1.6
Net income							$ 43.4

Acquisitions and Dispositions - Allocation of Purchase Price (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Oct. 19, 2021
Business Acquisition [Line Items]
Goodwill	$ 2,847.1	$ 2,822.5
Score Media and Gaming Inc.
Business Acquisition [Line Items]
Cash and cash equivalents			$ 160.3
Other current assets			22.8
ROU assets			2.6
Goodwill			1,690.2
Other long-term assets			5.2
Total assets			2,221.5
Accounts payable, accrued expenses and other current liabilities			67.9
Deferred tax liabilities			69.2
Other non-current liabilities			1.7
Total liabilities			138.8
Net assets acquired			2,082.7
Score Media and Gaming Inc. \| Media technology
Business Acquisition [Line Items]
Customer relationship asset, other intangible assets			57.0
Score Media and Gaming Inc. \| Customer relationships
Business Acquisition [Line Items]
Customer relationship asset, other intangible assets			8.0
Score Media and Gaming Inc. \| Other
Business Acquisition [Line Items]
Customer relationship asset, other intangible assets			2.6
Score Media and Gaming Inc. \| Gaming technology
Business Acquisition [Line Items]
Customer relationship asset, other intangible assets			160.0
Score Media and Gaming Inc. \| Tradename
Business Acquisition [Line Items]
Customer relationship asset, other intangible assets			100.0
Score Media and Gaming Inc. \| Advertising relationships
Business Acquisition [Line Items]
Customer relationship asset, other intangible assets			11.0
Score Media and Gaming Inc. \| Property and equipment - Not Subject to Master Leases
Business Acquisition [Line Items]
Property and equipment			$ 1.8

Acquisitions and Dispositions - Actual and Pro Forma Financial Results (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Actual financial results of acquiree since acquisition date
Net income	$ 51.6	$ 90.9
Hitpoint, Perryville, Sam Houston And theScore
Actual financial results of acquiree since acquisition date
Revenues		1,306.0
Net income	$ 51.6	$ 36.1

- Definition

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

+ References

+ Details

Goodwill and Other Intangible Assets - Goodwill and Accumulated Goodwill Impairment Losses (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	$ 4,305.3
Accumulated goodwill impairment losses, beginning balance	(1,482.8)
Goodwill, net, beginning balance	2,822.5
Effect of foreign currency exchange rates	24.6
Goodwill, gross, ending balance	4,329.9
Accumulated goodwill impairment losses, ending balance	(1,482.8)
Goodwill, net, ending balance	2,847.1
Operating segments \| Northeast
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	923.5
Accumulated goodwill impairment losses, beginning balance	(761.4)
Goodwill, net, beginning balance	162.1
Effect of foreign currency exchange rates	0.0
Goodwill, gross, ending balance	923.5
Accumulated goodwill impairment losses, ending balance	(761.4)
Goodwill, net, ending balance	162.1
Operating segments \| South
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	236.6
Accumulated goodwill impairment losses, beginning balance	(61.0)
Goodwill, net, beginning balance	175.6
Effect of foreign currency exchange rates	0.0
Goodwill, gross, ending balance	236.6
Accumulated goodwill impairment losses, ending balance	(61.0)
Goodwill, net, ending balance	175.6
Operating segments \| West
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	216.8
Accumulated goodwill impairment losses, beginning balance	(16.6)
Goodwill, net, beginning balance	200.2
Effect of foreign currency exchange rates	0.0
Goodwill, gross, ending balance	216.8
Accumulated goodwill impairment losses, ending balance	(16.6)
Goodwill, net, ending balance	200.2
Operating segments \| Midwest
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	1,116.7
Accumulated goodwill impairment losses, beginning balance	(556.1)
Goodwill, net, beginning balance	560.6
Effect of foreign currency exchange rates	0.0
Goodwill, gross, ending balance	1,116.7
Accumulated goodwill impairment losses, ending balance	(556.1)
Goodwill, net, ending balance	560.6
Operating segments \| Interactive
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	1,724.0
Accumulated goodwill impairment losses, beginning balance	0.0
Goodwill, net, beginning balance	1,724.0
Effect of foreign currency exchange rates	24.6
Goodwill, gross, ending balance	1,748.6
Accumulated goodwill impairment losses, ending balance	0.0
Goodwill, net, ending balance	1,748.6
Other
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	87.7
Accumulated goodwill impairment losses, beginning balance	(87.7)
Goodwill, net, beginning balance	0.0
Effect of foreign currency exchange rates	0.0
Goodwill, gross, ending balance	87.7
Accumulated goodwill impairment losses, ending balance	(87.7)
Goodwill, net, ending balance	$ 0.0

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment charges	$ 0.0	$ 0.0
Intangible asset amortization expense	$ 15.0	$ 2.2

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, accumulated amortization	$ (152.4)	$ (138.7)
Amortizing intangible assets, net carrying amount	238.2
Total other intangible assets, gross carrying amount	2,016.5	2,011.3
Total other intangible assets, net carrying amount	1,864.1	1,872.6
Gaming licenses
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,285.4	1,285.4
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	339.8	338.2
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	115.0	114.9
Amortizing intangible assets, accumulated amortization	(94.7)	(91.4)
Amortizing intangible assets, net carrying amount	20.3	23.5
Technology
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, gross carrying amount	256.0	252.7
Amortizing intangible assets, accumulated amortization	(49.8)	(40.5)
Amortizing intangible assets, net carrying amount	206.2	212.2
Other
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, gross carrying amount	19.6	19.4
Amortizing intangible assets, accumulated amortization	(7.9)	(6.8)
Amortizing intangible assets, net carrying amount	$ 11.7	$ 12.6

Goodwill and Other Intangible Assets - Expected Intangible Asset Amortization Expense (Details) $ in Millions	Mar. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (excluding the three months ended March 31, 2022)	$ 43.1
2023	49.6
2024	46.5
2025	31.2
2026	24.6
Thereafter	43.2
Amortizing intangible assets, net carrying amount	$ 238.2

Long-term Debt - Debt Summary (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Jul. 01, 2021	May 31, 2020	Jan. 19, 2017
Debt Instrument [Line Items]
Principal	$ 2,825.6	$ 2,840.5
Less: Current maturities of long-term debt	(99.5)	(99.5)
Less: Debt discount	(1.4)	(73.1)
Less: Debt issuance costs	(30.4)	(30.6)
Long-term debt, net of current maturities, debt discount and debt issuance costs	2,694.3	2,637.3
Senior Secured Credit Facilities \| Revolving Credit Facility due 2023
Debt Instrument [Line Items]
Principal	0.0	0.0
Senior Secured Credit Facilities \| Term Loan A Facility due 2023
Debt Instrument [Line Items]
Principal	566.1	583.8
Senior Secured Credit Facilities \| Term Loan B-1 Facility due 2025
Debt Instrument [Line Items]
Principal	$ 977.1	$ 979.9
Senior Notes \| 5.625% Notes due 2027
Debt Instrument [Line Items]
Interest rate	5.625%	5.625%			5.625%
Principal	$ 400.0	$ 400.0
Senior Notes \| 4.125% Notes due 2029
Debt Instrument [Line Items]
Interest rate	4.125%	4.125%	4.125%
Principal	$ 400.0	$ 400.0
Convertible Notes \| 2.75% Convertible Notes due 2026
Debt Instrument [Line Items]
Interest rate	2.75%			2.75%
Principal	$ 330.5	330.5
Other long-term obligations
Debt Instrument [Line Items]
Principal	$ 151.9	$ 146.3

Long-term Debt - Senior Secured Credit Facilities, Senior Unsecured Notes, Unsecured Convertible Notes, and Covenants (Details) $ / shares in Units, $ in Millions			1 Months Ended		3 Months Ended
	May 03, 2022 USD ($)	May 01, 2022	May 31, 2020 USD ($) $ / shares	Jan. 31, 2017 USD ($)	Mar. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Sep. 30, 2021	Jul. 01, 2021 USD ($)	Jun. 30, 2021	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Oct. 15, 2018 USD ($)	Jan. 19, 2017 USD ($)
Debt Instrument [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest					$ 3,952.7	$ 4,097.1				$ 2,755.8	$ 2,655.8
Additional Paid-In Capital
Debt Instrument [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest					4,170.4	4,239.6				3,175.2	3,167.2
Retained Earnings (Accumulated Deficit)
Debt Instrument [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest					$ (15.9)	(86.5)				$ (416.3)	$ (507.3)
Cumulative Effect, Period of Adoption, Adjustment
Debt Instrument [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest						(69.3)
Cumulative Effect, Period of Adoption, Adjustment \| Additional Paid-In Capital
Debt Instrument [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest						(88.2)
Cumulative Effect, Period of Adoption, Adjustment \| Retained Earnings (Accumulated Deficit)
Debt Instrument [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest						$ 18.9
Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Threshold percentage of stock price			130.00%
Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Threshold percentage of stock price			98.00%
Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Threshold percentage of stock price			100.00%
Senior Secured Credit Facility
Debt Instrument [Line Items]
Covenant relief period, consolidated total net leverage ratio thereafter					4.25
Covenant relief period, maximum senior secured net leverage ratio thereafter					3.00
Covenant relief period, minimum interest coverage ratio					2.50
Senior Secured Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Covenant relief period, minimum interest coverage ratio		2.00
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 consolidated total net leverage ratio in June 30, 2021									5.00
Covenant relief period, maximum consolidated total net leverage ratio in September 30, 2021							4.75
Covenant relief period, maximum consolidated total net leverage ratio in December 30, 2021						4.50
Covenant relief period, maximum senior secured net leverage ratio in March 31, 2021										4.50
Covenant relief period, maximum senior secured net leverage ratio in June 30, 2021									4.00
Covenant relief period, maximum senior secured net leverage ratio in September 30, 2021							3.75
Covenant relief period, maximum senior secured net leverage ratio in December 31, 2021						3.50
Senior Secured Credit Facility \| Maximum \| Subsequent Event
Debt Instrument [Line Items]
Covenant relief period, maximum consolidated total net leverage ratio in 2021		4.50
Covenant relief period, maximum consolidated total net leverage ratio in June 30, 2021		5.00
Senior Secured Credit Facilities \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Senior Secured Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term				5 years
Maximum borrowing capacity				$ 700.0
Letters of credit outstanding					$ 25.7	$ 26.0
Available borrowing capacity					$ 674.3	$ 674.0
Senior Secured Credit Facilities \| Revolving Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,000.0
Commitment fee on unused capacity	0.25%
Senior Secured Credit Facilities \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee on unused capacity					0.20%
Senior Secured Credit Facilities \| Revolving Credit Facility \| Minimum \| Subsequent Event
Debt Instrument [Line Items]
Commitment fee on unused capacity	0.20%
Senior Secured Credit Facilities \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee on unused capacity					0.50%
Senior Secured Credit Facilities \| Revolving Credit Facility \| Maximum \| Subsequent Event
Debt Instrument [Line Items]
Commitment fee on unused capacity	0.35%
Senior Secured Credit Facilities \| Term Loan A Facility
Debt Instrument [Line Items]
Debt instrument, term				5 years
Maximum borrowing capacity				$ 300.0
Senior Secured Credit Facilities \| Term Loan A Facility \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, term		5 years
Maximum borrowing capacity	$ 550.0
Senior Secured Credit Facilities \| Term Loan A Facility \| Minimum \| LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.25%
Senior Secured Credit Facilities \| Term Loan A Facility \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate					0.25%
Senior Secured Credit Facilities \| Term Loan A Facility \| Maximum \| LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate					3.00%
Senior Secured Credit Facilities \| Term Loan A Facility \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate					2.00%
Senior Secured Credit Facilities \| Term Loan B Facility
Debt Instrument [Line Items]
Debt instrument, term				7 years
Maximum borrowing capacity				$ 500.0
Senior Secured Credit Facilities \| Term Loan B Facility \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, term		7 years
Maximum borrowing capacity	$ 1,000.0
Senior Secured Credit Facilities \| Term Loan A Facility due 2023, incremental loans
Debt Instrument [Line Items]
Maximum borrowing capacity												$ 430.2
Senior Secured Credit Facilities \| Term Loan B-1 Facility
Debt Instrument [Line Items]
Maximum borrowing capacity												$ 1,100.0
Basis spread on variable rate, floor					0.75%
Senior Secured Credit Facilities \| Term Loan B-1 Facility \| LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate					2.25%
Senior Secured Credit Facilities \| Term Loan B-1 Facility \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate					1.25%
Senior Secured Credit Facilities \| Term Loan A \| Base Rate \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Basis spread on variable rate, floor	1.00%
Senior Secured Credit Facilities \| Term Loan A \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Basis spread on variable rate, floor	0.00%
Senior Secured Credit Facilities \| Term Loan A \| Minimum \| Base Rate \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Senior Secured Credit Facilities \| Term Loan A \| Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Senior Secured Credit Facilities \| Term Loan A \| Maximum \| Base Rate \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Senior Secured Credit Facilities \| Term Loan A \| Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Senior Secured Credit Facilities \| Term Loan B \| Base Rate \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Basis spread on variable rate, floor	1.50%
Senior Secured Credit Facilities \| Term Loan B \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Basis spread on variable rate, floor	0.50%
Senior Notes \| 5.625% Notes due 2027
Debt Instrument [Line Items]
Interest rate					5.625%	5.625%							5.625%
Debt principal amount													$ 400.0
Senior Notes \| 4.125% Notes due 2029
Debt Instrument [Line Items]
Interest rate					4.125%	4.125%		4.125%
Debt principal amount								$ 400.0
Senior Notes \| 2.75% Convertible Notes due 2026 \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt Instrument, convertible, conversion ratio			0.0427350
Senior Notes \| 2.75% Convertible Notes due 2026 \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt Instrument, convertible, conversion ratio			0.0555555
Convertible Notes \| 2.75% Convertible Notes due 2026
Debt Instrument [Line Items]
Interest rate			2.75%		2.75%
Debt principal amount			$ 330.5
Proceeds from issuance of long-term debt, net of discounts			$ 322.2
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					$ 448.4
Carrying amount of equity component			$ 91.8			$ 88.2
Debt issuance costs			10.2
Effective yield					3.329%
Remaining period over which unamortized discount will be amortized					4 years 1 month 6 days
Convertible Notes \| Convertible Notes Due 2026, Liability Component
Debt Instrument [Line Items]
Debt issuance costs			6.6
Convertible Notes \| Convertible Notes Due 2026, Equity Component
Debt Instrument [Line Items]
Debt issuance costs			$ 3.6

Long-term Debt - Convertible Notes (Details) - 2.75% Convertible Notes due 2026 - Convertible Notes - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	May 31, 2020
Debt Instrument [Line Items]
Principal	$ 330.5	$ 330.5
Unamortized debt discount	0.0	(71.7)
Unamortized debt issuance costs	(7.4)	(5.3)
Net carrying amount	$ 323.1	253.5
Carrying amount of equity component		$ 88.2	$ 91.8

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Long-term Debt - Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Interest expense	$ (161.6)	$ (136.6)
Interest income	0.5	0.2
Capitalized interest	0.3	0.7
Interest expense, net	(160.8)	(135.7)
2.75% Convertible Notes due 2026 \| Convertible Notes
Debt Instrument [Line Items]
Coupon interest	2.3	2.3
Amortization of debt discount	0.0	3.1
Amortization of debt issuance costs	0.4	0.2
Convertible Notes interest expense	$ 2.7	$ 5.6

Long-term Debt - Other Long-term Obligations (Details) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2016 USD ($)	Mar. 31, 2022 USD ($) payment	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Feb. 28, 2021	Jan. 31, 2015 USD ($)
Debt Instrument [Line Items]
Principal		$ 2,825.6		$ 2,840.5
Other Long-Term Obligations
Debt Instrument [Line Items]
Effective yield					27.00%
Interest expense, debt		6.2	$ 1.5
Principal		$ 151.9		146.3
Other Long-Term Obligations \| Ohio Relocation Fees Debt
Debt Instrument [Line Items]
Effective yield		5.00%
Principal		$ 44.5		44.5
Amount payable upon opening of the facility		$ 7.5
Number of semi-annual payments \| payment		18
Amount of semi-annual payments due beginning one year from commencement of operations		$ 4.8
Other Long-Term Obligations \| Event Center Debt
Debt Instrument [Line Items]
Effective yield						3.00%
Principal		$ 10.8		$ 11.4
Debt principal amount						$ 15.3
Debt instrument, periodic payment	$ 1.0
Debt instrument, term	20 years

Leases - Narrative (Details) $ in Millions							3 Months Ended
Leases - Narrative (Details) $ in Millions	Feb. 01, 2022 USD ($)	Jan. 14, 2022 USD ($) extension_period	Jul. 01, 2021 USD ($) extension_period	Oct. 01, 2020 USD ($) property	Apr. 28, 2016 facility extension_period	Nov. 01, 2013 facility extension_period	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Schedule of Leased Assets [Line Items]
Long-term portion of financing obligations							$ 4,017.4	$ 4,057.8
Penn Master Lease
Schedule of Leased Assets [Line Items]
Number of facilities with leased real estate \| facility						19
Lease term						15 years
Number of options to extend lease \| extension_period		4				4
Lease renewal term		5 years				5 years
Lease - expected term with renewal options						35 years
Adjusted annual escalator percentage						2.00%
Adjusted revenue to rent ratio						1.8
Period over which fixed component is adjusted						5 years
Adjustment to fixed component as percentage of the average change to net revenues during the preceding five years						4.00%
Percentage rent baseline period						5 years
Adjustment to fixed component as percentage of the average change to net revenues during preceding month						20.00%
Long-term portion of financing obligations		$ 455.4
Pinnacle Master Lease
Schedule of Leased Assets [Line Items]
Number of facilities with leased real estate \| facility					12
Lease - expected term with renewal options					32 years 6 months
Adjusted annual escalator percentage					2.00%
Percentage rent baseline period					2 years
Long-term portion of financing obligations		$ 937.6
Remaining lease term					7 years 6 months
Initial lease term					10 years
Adjusted revenue to rent ratio, as defined					1.8
Percentage rent escalation interval					2 years
Percentage of average net revenues during preceding two years					4.00%
Pinnacle Master Lease \| Lease Renewal Option One
Schedule of Leased Assets [Line Items]
Number of options to extend lease \| extension_period					5
Lease renewal term					5 years
Pinnacle Master Lease \| Lease Renewal Option Two
Schedule of Leased Assets [Line Items]
Number of options to extend lease \| extension_period		5
Lease renewal term		5 years
Morgantown Lease
Schedule of Leased Assets [Line Items]
Adjusted annual escalator percentage				1.50%
Long-term portion of financing obligations				$ 30.0
Sale of property in exchange for rent credits				30.0
Annual rent				$ 3.0
Percentage rent escalation interval							3 years
Morgantown Lease \| Morgantown
Schedule of Leased Assets [Line Items]
Lease term				20 years
Number of options to extend \| property				6
Lease renewal term				5 years
Morgantown Lease Annual Escalator Scenario One
Schedule of Leased Assets [Line Items]
Lessee annual escalator consisting				1.25%
Consumer price index greater than				0.50%
Morgantown Lease Annual Escalator Scenario Two
Schedule of Leased Assets [Line Items]
Consumer price index greater than				0.50%
Lessee annual escalator consisting				0.00%
Perryville Lease
Schedule of Leased Assets [Line Items]
Number of options to extend lease \| extension_period			3
Lease renewal term			5 years
Adjusted annual escalator percentage			1.50%
Long-term portion of financing obligations			$ 102.9
Initial lease term			20 years
Percentage rent escalation interval			3 years
Annual rent			$ 7.8
Perryville Lease, Annual Escalator, Scenario One
Schedule of Leased Assets [Line Items]
Consumer price index greater than			0.50%
Lessee annual escalator consisting			1.25%
Perryville Lease, Annual Escalator, Scenario Two
Schedule of Leased Assets [Line Items]
Consumer price index greater than			0.50%
Lessee annual escalator consisting			0.00%
Margaritaville Lease
Schedule of Leased Assets [Line Items]
Increase in fixed component of rent resulting from annual escalator	$ 0.4
Operating lease, annual escalator, additional ROU asset recognized	$ 2.9

Leases - Future Minimum Lease Commitments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Operating Leases
2022 (excluding the three months ended March 31, 2022)	$ 102.0
2023	125.2
2024	120.0
2025	116.7
2026	112.3
Thereafter	1,341.3
Total lease payments	1,917.5
Less: Imputed interest	(829.7)
Present value of future lease payments	1,087.8
Less: Current portion of lease obligations	(76.3)
Long-term portion of lease obligations	1,011.5
Finance Leases
2022 (excluding the three months ended March 31, 2022)	272.8
2023	359.3
2024	344.6
2025	344.7
2026	344.7
Thereafter	7,820.1
Total lease payments	9,486.2
Less: Imputed interest	(4,455.2)
Present value of future lease payments	5,031.0
Less: Current portion of lease obligations	(102.0)
Long-term portion of lease obligations	4,929.0
Financing Obligations
2022 (excluding the three months ended March 31, 2022)	280.7
2023	369.8
2024	355.3
2025	355.4
2026	355.4
Thereafter	8,285.5
Total lease payments	10,002.1
Less: Imputed interest	(5,920.9)
Present value of future lease payments	4,081.2
Less: Current portion of lease obligations	(63.8)	$ (39.0)
Long-term portion of lease obligations	$ 4,017.4	$ 4,057.8

Leases - Triple Net Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Leased Assets [Line Items]
Lease payments	$ 229.3	$ 226.0
Penn Master Lease
Schedule of Leased Assets [Line Items]
Lease payments	119.2	117.9
Pinnacle Master Lease
Schedule of Leased Assets [Line Items]
Lease payments	82.5	81.3
Perryville Lease
Schedule of Leased Assets [Line Items]
Lease payments	1.9	0.0
Meadows Lease
Schedule of Leased Assets [Line Items]
Lease payments	6.2	6.2
Margaritaville Lease
Schedule of Leased Assets [Line Items]
Lease payments	5.9	5.9
Greektown Lease
Schedule of Leased Assets [Line Items]
Lease payments	12.8	13.9
Morgantown Lease
Schedule of Leased Assets [Line Items]
Lease payments	$ 0.8	$ 0.8

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Lease Costs
Total	$ 84.3	$ 128.7
Finance Lease Costs
Total	71.6	5.6
General and administrative
Operating Lease Costs
Rent expense associated with triple net operating leases	60.1	110.4
Cost of Revenue
Operating Lease Costs
Operating lease cost	5.0	3.9
Cost of Revenue \| Primarily Gaming expense
Operating Lease Costs
Short-term lease cost	18.1	13.3
Variable lease cost	1.1	1.1
Interest expense, net
Finance Lease Costs
Interest on lease liabilities	39.5	3.7
Financing Obligation Costs
Interest on financing obligations	89.6	102.6
Depreciation and amortization
Finance Lease Costs
Amortization of ROU assets	$ 32.1	$ 1.9

Investments in and Advances to Unconsolidated Affiliates (Details) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended			12 Months Ended
	Oct. 01, 2021 USD ($)	Feb. 20, 2020 $ / shares shares	Feb. 29, 2020 USD ($) option $ / shares	Mar. 31, 2022 USD ($) $ / shares shares	Sep. 30, 2021 $ / shares	Mar. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Aug. 01, 2021
Schedule of Equity Method Investments [Line Items]
Common stock offerings ( in shares) \| shares				194,200		151,200
Preferred stock, par value (in dollars per share) \| $ / shares						$ 0.01	$ 0.01
Return on investment from unconsolidated affiliates				$ 8.0		$ 5.5
Series D Preferred Stock
Schedule of Equity Method Investments [Line Items]
Common stock offerings ( in shares) \| shares		883		0			86
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.01		$ 0.01			$ 0.01
Preferred stock, conversion ratio		0.001
Preferred stock, conversion period		4 years
Convertible preferred stock, shares issued upon conversion (in shares) \| shares				51
Common Stock
Schedule of Equity Method Investments [Line Items]
Preferred stock, conversion ratio		1
Barstool Sports, Inc
Schedule of Equity Method Investments [Line Items]
Ownership interest				36.00%
Investment acquired, percent			36.00%
Investment acquired, percent, delayed basis			1.00%		1.00%
Common stock, par value (in dollars per share) \| $ / shares			$ 0.0001		$ 0.0001
Investment purchase price	$ 325.0		$ 161.2
Investment purchase price, cash			135.0
Investment purchase price, equity			$ 23.1
Investment acquired, period after which ownership will increase			3 years
Investment acquired, ownership percentage following additional investment	50.00%		50.00%
Investment acquired, expected additional investment	$ 62.0		$ 62.0
Investment acquired, valuation of acquiree total common stock outstanding at time of acquisition	$ 450.0		$ 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		2.25
Equity method investment, ownership percentage					0.30%	0.30%	0.60%
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				$ 0.6			$ 0.8
Prepaid advertising				15.1			15.4
Prepaid advertising, long-term				13.9			14.2
Investment balance				$ 164.1			162.5
Kansas Entertainment
Schedule of Equity Method Investments [Line Items]
Ownership interest				50.00%
Investment balance				$ 83.4			$ 83.8
Return on investment from unconsolidated affiliates				$ 8.0		$ 5.5
Freehold Raceway
Schedule of Equity Method Investments [Line Items]
Ownership interest				50.00%
MAXXAM
Schedule of Equity Method Investments [Line Items]
Ownership interest				50.00%				50.00%

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Taxes [Line Items]
Effective tax rate	48.00%	18.50%
Increase in valuation allowance	$ 35.7
Prepaid taxes	19.6		$ 42.5
State and Local Jurisdiction
Income Taxes [Line Items]
Operating loss carryforwards, valuation allowance	$ 18.6

Stockholders’ Equity and Stock-Based Compensation (Details) $ / shares in Units, $ in Millions							1 Months Ended		3 Months Ended				12 Months Ended	15 Months Ended
	Feb. 01, 2022 USD ($)	Oct. 19, 2021 USD ($) $ / shares shares	Aug. 01, 2021 USD ($) shares	May 11, 2021 USD ($) shares	Apr. 12, 2021 USD ($) tranche shares	Feb. 20, 2020 $ / shares shares	Feb. 29, 2020	Feb. 28, 2019 shares	Mar. 31, 2022 USD ($) performance_period $ / shares shares	Sep. 30, 2021	Jun. 30, 2021 USD ($) agreement	Mar. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	May 05, 2022 USD ($)	Jun. 17, 2021 shares	Jun. 16, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)																400,000,000	200,000,000
Preferred stock, par value (in dollars per share) \| $ / shares												$ 0.01	$ 0.01
Authorized amount under share repurchase program \| $	$ 750.0
Stock repurchase program, authorization period	3 years
Share repurchases (in shares)									(3,802,408)
Share repurchases \| $									$ 175.1
Average price paid per share of common stock repurchased (in dollars per share) \| $ / shares									$ 46.04
Share issuance (in shares)									194,200			151,200
Stock-based compensation expense (reduction to expense) \| $									$ 17.0			$ 4.2
Stock options granted (in shares)									393,049			229,361
Shareholders \| Note Payable Agreements
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of agreements \| agreement											2
Amount from agreements \| $											$ 9.0
Interest rate											2.25%
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award period									3 years
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									50.00%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award which can potentially be earned									150.00%
Cash-settled Phantom Stock Units (CPSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation costs, weighted average period of recognition									1 year
Stock-based compensation expense (reduction to expense) \| $									$ 0.6			$ 4.7
Liability for cash-settled awards \| $									1.8				$ 8.6	$ 1.8
Unrecognized compensation cost, other awards \| $									9.5					9.5
Amounts paid on cash-settled awards \| $									$ 7.4			5.9
Cash-settled Phantom Stock Units (CPSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period									3 years
Cash-settled Phantom Stock Units (CPSUs) \| 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]
Unamortized compensation costs, weighted average period of recognition									2 years 2 months 12 days
Stock-based compensation expense (reduction to expense) \| $									$ 0.0			20.3
Vesting period									4 years
Liability for cash-settled awards \| $									$ 16.9				$ 18.5	16.9
Unrecognized compensation cost, other awards \| $									21.9					$ 21.9
Amounts paid on cash-settled awards \| $									$ 0.2			$ 37.2
2018 Long Term Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for awards, up to (in shares)									12,700,000					12,700,000
Common stock counted against the maximum shares available for grant for each share awarded under the plan (in shares)									1
Shares available for future grants (in shares)									2,969,937					2,969,937
2018 Long Term Incentive Compensation Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock counted against the maximum shares available for grant for each share awarded under the plan (in shares)									2.30
2018 Long Term Incentive Compensation Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)					600,000
Fair value of stock awards \| $					$ 29.3
Number of tranches \| tranche					4
2018 Long Term Incentive Compensation Plan \| Restricted Stock Units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation costs, weighted average period of recognition					6 years 8 months 12 days
2018 Long Term Incentive Compensation Plan \| Restricted Stock Units (RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation costs, weighted average period of recognition					8 years 8 months 12 days
2018 Long Term Incentive Compensation Plan \| Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)					300,000
Fair value of stock awards \| $					$ 19.4
Number of tranches \| tranche					15
2018 Long Term Incentive Compensation Plan \| Restricted Stock Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation costs, weighted average period of recognition					2 years 2 months 12 days
2018 Long Term Incentive Compensation Plan \| Restricted Stock Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation costs, weighted average period of recognition					6 years
2018 Long Term Incentive Compensation Plan \| Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of stock awards \| $					$ 48.7
Stock-based compensation expense (reduction to expense) \| $									$ 2.1
theScore Long Term Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants (in shares)									232,913					232,913
theScore Long Term Incentive Compensation Plan \| Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested stock options (in shares)									853,904
Performance Share Program \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)								238,784
Performance Share Program II \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)												0
Barstool Sports, Inc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity method investment, ownership percentage										0.30%		0.30%	0.60%
Investment acquired, percent, delayed basis							1.00%			1.00%
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount under share repurchase program \| $															$ 574.9
Common Stock, Exchangeable
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)									697,539				697,539	697,539
Series D Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, par value (in dollars per share) \| $ / shares						$ 0.01			$ 0.01				$ 0.01	$ 0.01
Share issuance (in shares)						883			0				86
Convertible debt issuance (in shares)									194			151		388
Preferred stock, shares authorized (in shares)									5,000				5,000	5,000
Preferred stock, shares outstanding (in shares)									581				775	581
Series D Preferred Stock \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share issuance (in shares)									388,400
HitPoint
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business acquisition, equity interest Issued or issuable (in shares)			198,103	43,684
Share issuance in connection with acquisitions \| $				$ 3.5
Business combination, consideration transferred, equity interests issued and issuable \| $				$ 3.5
Sam Houston Race Park and Valley Race Park
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, consideration transferred, equity interests issued and issuable \| $			$ 15.8
Score Media and Gaming Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.01
Exchangeable stock, shares issued (in shares)									633,189					633,189
Exchangeable stock, shares outstanding (in shares)									653,059					653,059
Score Media and Gaming Inc. \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business acquisition, equity interest Issued or issuable (in shares)		12,319,340
Score Media and Gaming Inc. \| Common Stock, Exchangeable
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, consideration transferred, equity interests issued and issuable \| $		$ 1,000.0
Business acquisition, equity interest Issued or issuable (in shares)		697,539

Earnings per Share - Antidilutive Securities and Reconciliation of Weighted-Average Common Shares Outstanding (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Penn National Gaming	$ 51.7	$ 91.0
Net income applicable to preferred stock	0.2	0.5
Net income applicable to common stock	$ 51.5	$ 90.5
Determination of shares:
Weighted - average common shares outstanding (in shares)	168.2	155.7
Assumed conversion of convertible debt (in shares)	14.1	14.1
Weighted-average common shares outstanding - Diluted (in shares)	184.2	172.8
Stock options
Determination of shares:
Assumed conversion of dilutive stock options and restricted stock (in shares)	1.5	2.6
Restricted stock
Determination of shares:
Assumed conversion of dilutive stock options and restricted stock (in shares)	0.4	0.4

Earnings per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Equity Method Investments [Line Items]
Anti-dilutive securities (in shares)	0.8	0.2
Convertible Preferred Shares
Schedule of Equity Method Investments [Line Items]
Anti-dilutive securities (in shares)	0.7	0.8

Earnings per Share - Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Calculation of basic earnings per share:
Net income applicable to common stock	$ 51.5	$ 90.5
Weighted-average common shares outstanding - basic (in shares)	168.2	155.7
Basic earnings per share (in dollars per share)	$ 0.31	$ 0.58
Calculation of diluted earnings per share:
Net income applicable to common stock	$ 51.5	$ 90.5
Convertible Notes	1.8	4.3
Diluted income applicable to common stock	$ 53.3	$ 94.8
Weighted average common shares outstanding - diluted (in shares)	184.2	172.8
Diluted earnings per share (in dollars per share)	$ 0.29	$ 0.55
Effective tax rate	48.00%	18.50%
Convertible Notes
Calculation of diluted earnings per share:
Effective tax rate	20.00%
Common Stock, Non-Exchangeable
Calculation of basic earnings per share:
Weighted-average common shares outstanding - basic (in shares)	167.5	155.7
Common Stock, Exchangeable
Calculation of basic earnings per share:
Weighted-average common shares outstanding - basic (in shares)	0.7	0.0

Fair Value Measurements - Narrative (Details) $ in Millions	3 Months Ended
Fair Value Measurements - Narrative (Details) $ in Millions	Mar. 31, 2022 USD ($) payment installment	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Jul. 01, 2021	Feb. 28, 2021	Jan. 19, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 48.2		$ 84.3
Equity securities, FV-NI, unrealized loss	(38.7)	$ 26.1
HitPoint
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Installment amount of contingent consideration	$ 1.0
Number of installments for contingent consideration \| installment	3
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	4
Senior Notes \| 5.625% Notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	5.625%		5.625%			5.625%
Senior Notes \| 4.125% Notes due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	4.125%		4.125%	4.125%
Other long-term obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effective yield					27.00%
Pinnacle Retama Partners, LLC \| Other Assets \| Local Government Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, at amortized cost	$ 6.7
Pinnacle Retama Partners, LLC \| Other Assets \| Retama Development Corporation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Promissory notes	$ 7.9		$ 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	Mar. 31, 2022	Dec. 31, 2021	Jul. 01, 2021	May 31, 2020	Jan. 19, 2017
Financial assets:
Equity securities	$ 48.2	$ 84.3
Senior Notes \| 5.625% Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	5.625%	5.625%			5.625%
Senior Notes \| 4.125% Notes due 2029
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	4.125%	4.125%	4.125%
Convertible Notes \| 2.75% Convertible Notes due 2026
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	2.75%			2.75%
Recurring \| Level 1
Financial assets:
Cash and cash equivalents	$ 1,805.5	$ 1,863.9
Equity securities	0.0	0.0
Held-to-maturity securities	0.0	0.0
Promissory notes	0.0	0.0
Puts and calls related to certain Barstool Sports shares	0.0	0.0
Financial liabilities:
Other liabilities	0.0	0.0
Recurring \| Level 1 \| Senior Secured Credit Facilities
Financial liabilities:
Long-term debt	1,530.7	1,559.6
Recurring \| Level 1 \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	396.0	411.5
Recurring \| Level 1 \| Senior Notes \| 4.125% Notes due 2029
Financial liabilities:
Long-term debt	356.0	389.5
Recurring \| Level 1 \| Convertible Notes \| 2.75% Convertible Notes due 2026
Financial liabilities:
Long-term debt	676.3	780.0
Recurring \| Level 1 \| Other long-term obligations
Financial liabilities:
Long-term debt	0.0	0.0
Recurring \| Level 2
Financial assets:
Cash and cash equivalents	0.0	0.0
Equity securities	48.2	84.3
Held-to-maturity securities	6.7	6.7
Promissory notes	7.9	15.1
Puts and calls related to certain Barstool Sports shares	0.9	1.9
Financial liabilities:
Other liabilities	2.6	2.7
Recurring \| Level 2 \| Senior Secured Credit Facilities
Financial liabilities:
Long-term debt	0.0	0.0
Recurring \| Level 2 \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	0.0	0.0
Recurring \| Level 2 \| Senior Notes \| 4.125% Notes due 2029
Financial liabilities:
Long-term debt	0.0	0.0
Recurring \| Level 2 \| Convertible Notes \| 2.75% Convertible Notes due 2026
Financial liabilities:
Long-term debt	0.0	0.0
Recurring \| Level 2 \| Other long-term obligations
Financial liabilities:
Long-term debt	53.4	53.9
Recurring \| Level 3
Financial assets:
Cash and cash equivalents	0.0	0.0
Equity securities	0.0	0.0
Held-to-maturity securities	0.0	0.0
Promissory notes	0.0	0.0
Puts and calls related to certain Barstool Sports shares	0.0	0.0
Financial liabilities:
Other liabilities	10.4	10.5
Recurring \| Level 3 \| Senior Secured Credit Facilities
Financial liabilities:
Long-term debt	0.0	0.0
Recurring \| Level 3 \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	0.0	0.0
Recurring \| Level 3 \| Senior Notes \| 4.125% Notes due 2029
Financial liabilities:
Long-term debt	0.0	0.0
Recurring \| Level 3 \| Convertible Notes \| 2.75% Convertible Notes due 2026
Financial liabilities:
Long-term debt	0.0	0.0
Recurring \| Level 3 \| Other long-term obligations
Financial liabilities:
Long-term debt	96.6	90.4
Recurring \| Carrying Amount
Financial assets:
Cash and cash equivalents	1,805.5	1,863.9
Equity securities	48.2	84.3
Held-to-maturity securities	6.7	6.7
Promissory notes	7.9	15.1
Puts and calls related to certain Barstool Sports shares	0.9	1.9
Financial liabilities:
Other liabilities	13.1	13.3
Recurring \| Carrying Amount \| Senior Secured Credit Facilities
Financial liabilities:
Long-term debt	1,526.1	1,544.5
Recurring \| Carrying Amount \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	399.6	399.6
Recurring \| Carrying Amount \| Senior Notes \| 4.125% Notes due 2029
Financial liabilities:
Long-term debt	393.1	392.9
Recurring \| Carrying Amount \| Convertible Notes \| 2.75% Convertible Notes due 2026
Financial liabilities:
Long-term debt	323.1	253.5
Recurring \| Carrying Amount \| Other long-term obligations
Financial liabilities:
Long-term debt	151.9	146.3
Recurring \| Fair Value
Financial assets:
Cash and cash equivalents	1,805.5	1,863.9
Equity securities	48.2	84.3
Held-to-maturity securities	6.7	6.7
Promissory notes	7.9	15.1
Puts and calls related to certain Barstool Sports shares	0.9	1.9
Financial liabilities:
Other liabilities	13.0	13.2
Recurring \| Fair Value \| Senior Secured Credit Facilities
Financial liabilities:
Long-term debt	1,530.7	1,559.6
Recurring \| Fair Value \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	396.0	411.5
Recurring \| Fair Value \| Senior Notes \| 4.125% Notes due 2029
Financial liabilities:
Long-term debt	356.0	389.5
Recurring \| Fair Value \| Convertible Notes \| 2.75% Convertible Notes due 2026
Financial liabilities:
Long-term debt	676.3	780.0
Recurring \| Fair Value \| Other long-term obligations
Financial liabilities:
Long-term debt	$ 150.0	$ 144.3

Fair Value Measurements - Changes in Fair Value of Level 3 Liabilities (Details) - Recurring $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Other Liabilities
Beginning balance	$ 100.9
Interest	6.2
Included in earnings	(0.1)
Ending balance	$ 107.0

Fair Value Measurements - Significant Unobservable Inputs For Level 3 Assets and Liabilities (Details) - Level 3 - Discount rate - Discounted cash flow	Mar. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other long-term obligation	0.270
Plainridge Park Casino
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent purchase price - Plainridge Park Casino	0.059

Segment Information (Details) $ in Millions	3 Months Ended
Segment Information (Details) $ in Millions	Mar. 31, 2022 USD ($) segment	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Aug. 01, 2021
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	5
Revenues:
Revenues	$ 1,564.2	$ 1,274.9
Adjusted EBITDAR:
Adjusted EBITDAR	494.7	447.0
Rent expense associated with triple net operating leases	(60.1)	(110.4)
Stock-based compensation	(17.0)	(4.2)
Cash-settled stock-based awards variance	2.9	(21.5)
Gain on disposal of assets	0.1	0.1
Contingent purchase price	0.1	(0.1)
Pre-opening expenses	(1.5)	(1.6)
Depreciation and amortization	(118.2)	(81.3)
Insurance recoveries, net of deductible charges	8.8	0.0
Non-operating items of equity method investments	(1.8)	(1.6)
Interest expense, net	(160.8)	(135.7)
Other	(48.0)	20.8
Income before income taxes	99.2	111.5
Income tax expense	(47.6)	(20.6)
Net income	51.6	90.9
Capital expenditures:
Capital expenditures	65.6	25.7
Assets:
Investment in and advances to unconsolidated affiliates	256.2		$ 255.1
Total assets	18,071.1		16,872.1
Sam Houston Race Park and Valley Race Park
Adjusted EBITDAR:
Business acquisition, percentage of voting interests acquired				50.00%
Operating segments \| Northeast
Revenues:
Revenues	658.5	570.9
Adjusted EBITDAR:
Adjusted EBITDAR	205.2	193.2
Capital expenditures:
Capital expenditures	30.6	15.4
Assets:
Investment in and advances to unconsolidated affiliates	0.1		0.1
Total assets	2,249.7		2,283.6
Operating segments \| South
Revenues:
Revenues	341.4	295.9
Adjusted EBITDAR:
Adjusted EBITDAR	146.5	133.9
Capital expenditures:
Capital expenditures	19.7	1.8
Assets:
Investment in and advances to unconsolidated affiliates	0.0		0.0
Total assets	1,163.1		1,224.6
Operating segments \| West
Revenues:
Revenues	140.9	96.6
Adjusted EBITDAR:
Adjusted EBITDAR	51.2	35.2
Capital expenditures:
Capital expenditures	1.8	3.2
Assets:
Investment in and advances to unconsolidated affiliates	0.0		0.0
Total assets	382.6		394.8
Operating segments \| Midwest
Revenues:
Revenues	282.9	234.7
Adjusted EBITDAR:
Adjusted EBITDAR	125.5	106.0
Capital expenditures:
Capital expenditures	1.1	0.8
Assets:
Investment in and advances to unconsolidated affiliates	83.4		83.8
Total assets	1,401.9		1,215.8
Operating segments \| Interactive
Revenues:
Revenues	141.5	86.3
Adjusted EBITDAR:
Adjusted EBITDAR	(10.0)	1.3
Capital expenditures:
Capital expenditures	6.8	1.9
Assets:
Investment in and advances to unconsolidated affiliates	166.0		164.4
Total assets	2,567.6		2,618.3
Other
Revenues:
Revenues	7.3	1.6
Adjusted EBITDAR:
Adjusted EBITDAR	(23.7)	(22.6)
Capital expenditures:
Capital expenditures	5.6	2.6
Assets:
Investment in and advances to unconsolidated affiliates	6.7		6.8
Total assets	10,306.2		$ 9,135.0
Intersegment eliminations
Revenues:
Revenues	$ (8.3)	$ (11.1)