0000921738-24-000038 | 10-Q | XBRL Viewer

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.

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Long-Term Debt - Covenants (Details) - Senior Notes	Sep. 30, 2024	Dec. 31, 2023	Jul. 01, 2021
5.625% Notes due 2027
Debt Instrument [Line Items]
Interest rate	5.625%	5.625%
Senior Unsecured Notes Due 2029
Debt Instrument [Line Items]
Interest rate	4.125%	4.125%	4.125%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Organization (Details) member in Millions	Sep. 30, 2024 property state jurisdiction member
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties the entity owned, managed, or had ownership interests \| property	43
Number of states in which the entity operates \| state	20
Number of states with live sports betting in which the entity operates	20
Number of states with casino play	5
Number of members \| member	31

Commitments and Contingencies (Details) $ / shares in Units, $ in Millions		3 Months Ended	9 Months Ended
	Aug. 08, 2023 USD ($) tranche $ / shares shares	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Sportsbook Agreement
Other Commitments [Line Items]
Initial term	10 years
Renewal term	10 years
Annual payments \| $	$ 150.0
Annual payments term	10 years
Investment Agreement
Other Commitments [Line Items]
Marketing expenses \| $		$ 15.9	$ 53.4
Investment Agreement \| Warrant
Other Commitments [Line Items]
Common stock, par value (in dollars per share)	$ 0.01
Warrants issued (in shares) \| shares	31,800,000
Number of tranches \| tranche	3
Vesting period	10 years
Fair value of awards \| $	$ 550.4
Contingent consideration, potential issues (in shares) \| shares	6,400,000
Exercise price (in dollars per share)	$ 28.95
Contractual term	10 years 6 months
Investment Agreement \| Warrant \| Minimum
Other Commitments [Line Items]
Weighted-average expected life	9 years 6 months
Share price (in dollars per share)	$ 26.08
Investment Agreement \| Warrant \| Maximum
Other Commitments [Line Items]
Weighted-average expected life	11 years 6 months
Share price (in dollars per share)	$ 32.60

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Lease Costs
Total	$ 181.9	$ 174.3	$ 549.6	$ 518.8
Finance Lease Costs
Total	50.6	49.7	150.1	148.6
General and administrative
Operating Lease Costs
Rent expense associated with triple net operating leases	154.9	146.6	464.6	439.0
Operating lease cost	4.5	5.6	14.8	16.9
Primarily Gaming expenses
Operating Lease Costs
Short-term lease cost	21.9	21.3	67.7	60.2
Variable lease cost	0.6	0.8	2.5	2.7
Interest expense, net
Finance Lease Costs
Interest on lease liabilities	27.9	27.7	83.0	83.0
Financing Obligation Costs
Interest on financing obligations	37.5	36.8	111.2	110.0
Depreciation and amortization
Finance Lease Costs
Amortization of ROU assets	$ 22.7	$ 22.0	$ 67.1	$ 65.6

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, development agreements and other matters arising in the ordinary course of business. Although the Company maintains what it believes 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. ESPN Sportsbook and Investment Agreements On August 8, 2023, PENN entered into the Sportsbook Agreement with ESPN which provides for a long-term strategic relationship between PENN and ESPN relating to online sports betting in the United States. The Sportsbook Agreement has an initial 10-year term and may be extended for an additional ten years upon mutual agreement of PENN and ESPN. In consideration for the media marketing services and brand and other rights provided by ESPN, PENN will pay $150.0 million per year in cash pursuant to the Sportsbook Agreement for the initial 10-year term and issue warrants pursuant to the Investment Agreement (as defined and described in more detail below). The Sportsbook Agreement may be terminated by either party if at the end of year three of the term the Sportsbook has not achieved a specified level of market share based on gross gaming revenue in the states in which the Sportsbook operates while branded ESPN BET, and other terms pursuant to the agreement. In connection with the Sportsbook Agreement, PENN and ESPN, Inc. entered into an Investment Agreement (the “Investment Agreement”) on August 8, 2023. The Investment Agreement provides for the issuance to ESPN, Inc. of certain warrants to purchase shares of PENN common stock, par value $0.01 per share, and setting forth certain other governance rights of ESPN, Inc. Pursuant to the Investment Agreement PENN issued to ESPN, Inc. warrants to purchase approximately 31.8 million shares of PENN common stock. The warrants are classified as equity and contain three separate tranches which vest quarterly over ten years from the date of the Investment Agreement, provided that any remaining unvested portion of the first tranche of warrants will vest on August 8, 2032. At the grant date, the $550.4 million fair value of the awards was determined using the Black-Scholes pricing model with contractual terms ranging from 9.5 to 11.5 years, and strike prices ranging from $26.08 to $32.60. During the three and nine months ended September 30, 2024, the Company recognized $15.9 million and $53.4 million of expense, respectively, related to the Investment Agreement warrants. Expenses related to these warrants are recorded within “Gaming” expenses on the unaudited Consolidated Statements of Operations and recognized when services are received. Additionally, if after February 29, 2024 and during the term of the Sportsbook Agreement PENN achieves specified performance conditions based on an average market share based on gross gaming revenue in the states in which the Sportsbook operates (as defined within the Investment Agreement), PENN could issue to ESPN, Inc. warrants to purchase up to an additional 6.4 million shares of PENN common stock. The additional warrants will be fully vested upon issuance, have an exercise price of $28.95, and will be exercisable for 10.5 years from the date of issuance.

Significant Accounting Policies and Basis of Presentation - Earnings (Loss) Per Share (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	0	0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Non-cash lease activities:
Commencement of operating leases	$ 2.7	$ 3,674.4
Derecognition of operating lease liabilities	0.0	307.7
Commencement of finance leases	63.0	33.3
Derecognition of finance lease liabilities	0.0	2,933.6
Derecognition of financing obligations	$ 0.0	$ 1,567.8

Long-Term Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

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


(in millions)	September 30, 2024		December 31, 2023
Senior Secured Credit Facilities:
Amended Revolving Credit Facility due 2027	$	—	$	—
Amended Term Loan A Facility due 2027	488.1		508.8
Amended Term Loan B Facility due 2029	977.5		985.0
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	197.5		173.5
	2,793.6		2,797.8
Less: Current maturities of long-term debt	(38.2)		(47.6)
Less: Debt discounts	(3.4)		(3.9)
Less: Debt issuance costs	(24.8)		(28.3)
	$	2,727.2	$	2,718.0

The following is a schedule of future minimum repayments of long-term debt as of September 30, 2024 (in millions):


Years ending December 31:
2024 (excluding the nine months ended September 30, 2024)	$	9.4
2025	38.2
2026	557.0
2027	837.0
2028	10.8
Thereafter	1,341.2
Total minimum payments	$	2,793.6

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 million revolving credit facility (the “Revolving Facility”); (ii) a five-year $300 million Term Loan A facility (the “Term Loan A Facility”); and (iii) a seven-year $500 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”), the Company 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 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 “Amended Revolving Credit Facility”), a five-year $550.0 million term loan A facility (the “Amended Term Loan A Facility”) and a seven-year $1.0 billion term loan B facility (the “Amended Term Loan B Facility”) (together, the “Amended Credit Facilities”). The proceeds from the Amended 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 Amended Credit Facilities are, at the Company’s option, equal to either an adjusted secured overnight financing rate (“Term SOFR”) or a base rate, plus an applicable margin. The applicable margin for each of the Amended Revolving Credit Facility and the Amended Term Loan A Facility was initially 1.75% for Term SOFR loans and 0.75% for base rate loans until the Company provided financial reports for the first full fiscal quarter following closing and, thereafter, ranges 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 (as defined within the Second Amended and Restated Credit Agreement). The applicable margin for the Amended Term Loan B Facility is 2.75% per annum for Term SOFR loans and 1.75% per annum for base rate loans. The Amended Term Loan B Facility is subject to a Term SOFR “floor” of 0.50% per annum and a base rate “floor” of 1.50% per annum. In addition, the Company pays a commitment fee on the unused portion of the commitments under the Amended Revolving Credit Facility at a rate that was initially 0.25% per annum, until the Company provided financial reports for the first full fiscal quarter following closing, and thereafter, ranges from 0.35% to 0.20% per annum, depending on the Company’s total net leverage ratio (as defined within the Second Amended and Restated Credit Agreement).

The Amended 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 Amended Credit Facilities. The Amended Credit Facilities contain two financial covenants: a maximum total net leverage ratio (as defined within the Second Amended and Restated Credit Agreement) 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 (as defined within the Second Amended and Restated Credit Agreement) of 2.00 to 1.00. The Amended 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 Second Amended and Restated Credit Agreement), termination and certain defaults under the Master Leases (which are defined in Note 8, “Leases”).

On February 15, 2024 (the “Amendment Effective Date”), PENN entered into a First Amendment (the “Amendment Agreement”) with its various lenders amending its Amended Credit Facilities (as amended, amended and restated, supplemented, or otherwise modified from time to time prior to the Amendment Effective Date, the “Existing Credit Agreement”). The Amendment Agreement amends the Existing Credit Agreement to provide that, during the period beginning on the Amendment Effective Date and ending on the earlier of (i) the date that is two business days after the date on which the Company delivers a covenant relief period termination notice to the administrative agent and (ii) the date on which the administrative agent receives a compliance certificate for the quarter ending December 31, 2024 (the “Covenant Relief Period”), the Company will make an adjustment to exclude specified amounts of Interactive segment Adjusted EBITDAR (as defined in Note 15, “Segment Information”) in its calculations to comply with the maximum total net leverage ratio or minimum interest coverage ratio (as such terms are defined in the Second Amended and Restated Credit Agreement). We will continue to be required to maintain specified financial ratios and to satisfy certain financial tests when our Covenant Relief Period terminates after December 31, 2024.

As of September 30, 2024 and December 31, 2023, the Company had conditional obligations under letters of credit issued pursuant to the Amended Credit Facilities with face amounts aggregating to $20.9 million and $21.7 million, respectively, resulting in $979.1 million and $978.3 million of available borrowing capacity under the Amended Revolving Credit Facility, respectively.

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 (the “Convertible Notes”) that mature, unless earlier converted, redeemed, or repurchased, on May 15, 2026 at a price of par.

As of September 30, 2024 and December 31, 2023, no Convertible Notes have been converted into the Company’s common stock. The maximum number of shares that could be issued to satisfy the conversion feature of the Convertible Notes was 18,360,815 and the amount by which the Convertible Notes if-converted value exceeded its principal amount was $15.8 million as of September 30, 2024.

The Convertible Notes consisted of the following components:


(in millions)	September 30, 2024		December 31, 2023
Liability:
Principal	$	330.5	$	330.5

Unamortized debt issuance costs	(3.1)		(4.4)
Net carrying amount	$	327.4	$	326.1

Interest expense, net

The table below presents interest expense, net:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2024		2023		2024		2023
Interest expense	$	123.2	$	119.2	$	366.1	$	350.1
Capitalized interest	(4.8)		(1.7)		(9.2)		(4.0)
Interest expense, net	$	118.4	$	117.5	$	356.9	$	346.1

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


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2024		2023		2024		2023
Coupon interest	$	2.3	$	2.3	$	6.8	$	6.8

Amortization of debt issuance costs	0.4		0.4		1.3		1.3
Convertible Notes interest expense	$	2.7	$	2.7	$	8.1	$	8.1

Debt issuance costs are 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 1.6 years as of September 30, 2024.

Covenants

Our Amended Credit Facilities, 5.625% Notes due 2027 (the “5.625% Notes”), and 4.125% Notes due 2029 (the “4.125% Notes”), require us, among other obligations, to maintain specified financial ratios and to satisfy certain financial tests. In addition, our Amended 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 Master Leases (which are defined in Note 8, “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 September 30, 2024, 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 12 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, net” within the unaudited Consolidated Statements of Operations related to this obligation was $12.1 million and $9.3 million for the three months ended September 30, 2024 and 2023, respectively, and $34.1 million and $26.1 million for the nine months ended September 30, 2024 and 2023, respectively.

Event Center

As of September 30, 2024 and December 31, 2023, other long-term obligations included $9.3 million and $10.0 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%.

Long-Term Debt - Schedule of Convertible Notes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Net carrying amount	$ 2,793.6
2.75% Convertible Notes due 2026 \| Convertible Notes
Debt Instrument [Line Items]
Principal	330.5	$ 330.5
Unamortized debt issuance costs	(3.1)	(4.4)
Net carrying amount	$ 327.4	$ 326.1

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Schedule of Maturity Analysis, Operating Leases

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

The following is a maturity analysis of our operating leases, finance leases and financing obligations as of September 30, 2024:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Year ended December 31,
2024 (excluding the nine months ended September 30, 2024)	$	154.0	$	40.6	$	41.6
2025	611.8		162.6		166.5
2026	612.4		152.2		166.6
2027	615.1		146.9		166.6
2028	614.0		146.9		166.6
Thereafter	3,320.6		3,273.9		3,829.5
Total lease payments	5,927.9		3,923.1		4,537.4
Less: Imputed interest	(1,901.6)		(1,794.8)		(2,140.4)
Present value of future lease payments	4,026.3		2,128.3		2,397.0
Less: Current portion of lease obligations	(315.4)		(52.5)		(42.9)
Long-term portion of lease obligations	$	3,710.9	$	2,075.8	$	2,354.1

Schedule of Maturity Analysis, Finance Leases

The following is a maturity analysis of our operating leases, finance leases and financing obligations as of September 30, 2024:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Year ended December 31,
2024 (excluding the nine months ended September 30, 2024)	$	154.0	$	40.6	$	41.6
2025	611.8		162.6		166.5
2026	612.4		152.2		166.6
2027	615.1		146.9		166.6
2028	614.0		146.9		166.6
Thereafter	3,320.6		3,273.9		3,829.5
Total lease payments	5,927.9		3,923.1		4,537.4
Less: Imputed interest	(1,901.6)		(1,794.8)		(2,140.4)
Present value of future lease payments	4,026.3		2,128.3		2,397.0
Less: Current portion of lease obligations	(315.4)		(52.5)		(42.9)
Long-term portion of lease obligations	$	3,710.9	$	2,075.8	$	2,354.1

Schedule of Maturity Analysis, Financing Obligations

The following is a maturity analysis of our operating leases, finance leases and financing obligations as of September 30, 2024:


(in millions)	Operating Leases		Finance Leases		Financing Obligations
Year ended December 31,
2024 (excluding the nine months ended September 30, 2024)	$	154.0	$	40.6	$	41.6
2025	611.8		162.6		166.5
2026	612.4		152.2		166.6
2027	615.1		146.9		166.6
2028	614.0		146.9		166.6
Thereafter	3,320.6		3,273.9		3,829.5
Total lease payments	5,927.9		3,923.1		4,537.4
Less: Imputed interest	(1,901.6)		(1,794.8)		(2,140.4)
Present value of future lease payments	4,026.3		2,128.3		2,397.0
Less: Current portion of lease obligations	(315.4)		(52.5)		(42.9)
Long-term portion of lease obligations	$	3,710.9	$	2,075.8	$	2,354.1

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

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


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2024		2023		2024		2023
AR PENN Master Lease	$	71.0	$	71.1	$	212.9	$	213.1
2023 Master Lease	58.9		58.0		176.7		174.1
Pinnacle Master Lease	87.4		85.3		259.3		254.2
Margaritaville Lease	6.7		6.6		20.1		19.6
Greektown Lease	13.2		13.2		39.6		39.0
Morgantown Lease	0.8		0.8		2.4		2.4
Total	$	238.0	$	235.0	$	711.0	$	702.4

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


	September 30, 2024		December 31, 2023
Weighted-Average Remaining Lease Term
Operating leases	10.4 years		11.2 years
Finance leases	26.6 years		27.3 years
Financing obligations	26.8 years		27.6 years

Weighted-Average Discount Rate
Operating leases	7.7	%	7.7	%
Finance leases	5.2	%	5.2	%
Financing obligations	5.2	%	5.2	%

The components of lease expense were as follows:


	Location on unaudited Consolidated Statements of Operations	For the three months ended September 30,				For the nine months ended September 30,
(in millions)		2024		2023		2024		2023
Operating Lease Costs
Rent expense associated with triple net operating leases	General and administrative	$	154.9	$	146.6	$	464.6	$	439.0
Operating lease cost (1)	Primarily General and administrative	4.5		5.6		14.8		16.9
Short-term lease cost	Primarily Gaming expenses	21.9		21.3		67.7		60.2
Variable lease cost (1)	Primarily Gaming expenses	0.6		0.8		2.5		2.7
Total		$	181.9	$	174.3	$	549.6	$	518.8

Finance Lease Costs
Interest on lease liabilities (2)	Interest expense, net	$	27.9	$	27.7	$	83.0	$	83.0
Amortization of ROU assets (2)	Depreciation and amortization	22.7		22.0		67.1		65.6
Total		$	50.6	$	49.7	$	150.1	$	148.6

Financing Obligation Costs
Interest on financing obligations (3)	Interest expense, net	$	37.5	$	36.8	$	111.2	$	110.0

(1) Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases.

(2) Pertains to finance lease components associated with the Pinnacle Master Lease (primarily land).

(3) Pertains to the components contained within the Pinnacle Master Lease (buildings) and the Morgantown Lease.

Supplemental cash flow information related to leases was as follows:


	For the nine months ended September 30,
(in millions)	2024		2023
Non-cash lease activities:
Commencement of operating leases	$	2.7	$	3,674.4
Derecognition of operating lease liabilities	$	—	$	307.7
Commencement of finance leases	$	63.0	$	33.3
Derecognition of finance lease liabilities	$	—	$	2,933.6
Derecognition of financing obligations	$	—	$	1,567.8

Revenue Disaggregation (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Revenues:
Gaming	$	609.9	$	220.2	$	89.8	$	259.1	$	109.0	$	—	$	—	$	1,288.0
Food and beverage	35.8		34.0		18.7		15.5		—		0.5		—		104.5
Hotel	15.7		23.6		17.8		10.4		—		—		—		67.5
Other	23.4		10.3		5.5		7.2		135.6		3.5		(6.3)		179.2
Total revenues	$	684.8	$	288.1	$	131.8	$	292.2	$	244.6	$	4.0	$	(6.3)	$	1,639.2


	For the three months ended September 30, 2023
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Revenues:
Gaming	$	610.8	$	236.8	$	94.5	$	260.1	$	49.9	$	—	$	—	$	1,252.1
Food and beverage	35.4		35.5		18.2		15.0		—		0.5		—		104.6
Hotel	16.9		25.5		17.5		10.8		—		—		—		70.7
Other	23.9		10.4		4.9		7.5		146.4		4.0		(5.1)		192.0
Total revenues	$	687.0	$	308.2	$	135.1	$	293.4	$	196.3	$	4.5	$	(5.1)	$	1,619.4


	For the nine months ended September 30, 2024
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Revenues:
Gaming	$	1,850.3	$	684.2	$	275.9	$	784.7	$	283.5	$	—	$	—	$	3,878.6
Food and beverage	108.5		99.6		55.8		46.0		—		2.9		—		312.8
Hotel	40.6		70.2		50.2		29.3		—		—		—		190.3
Other	66.4		30.8		14.0		21.5		401.4		13.0		(19.7)		527.4
Total revenues	$	2,065.8	$	884.8	$	395.9	$	881.5	$	684.9	$	15.9	$	(19.7)	$	4,909.1


	For the nine months ended September 30, 2023
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Revenues:
Gaming	$	1,856.6	$	728.0	$	281.3	$	787.5	$	216.1	$	—	$	—	$	3,869.5
Food and beverage	108.3		100.8		53.5		44.4		—		2.7		—		309.7
Hotel	42.9		72.1		45.5		28.4		—		—		—		188.9
Other	67.7		30.4		14.5		21.7		471.2		13.8		(19.9)		599.4
Total revenues	$	2,075.5	$	931.3	$	394.8	$	882.0	$	687.3	$	16.5	$	(19.9)	$	4,967.5

(1) Other revenues within the Interactive segment are inclusive of gaming tax reimbursement amounts related to third-party online sports betting and/or iCasino partners for online sports betting and iCasino market access of $104.1 million and $102.6 million for the three months ended September 30, 2024 and 2023, respectively, and $302.8 million and $283.4 million for the nine months ended September 30, 2024 and 2023, respectively. Additionally, due to the inclusion of Barstool operating results prior to the disposition on August 8, 2023, other revenues within the Interactive segment for the three months ended September 30, 2023 included $12.3 million in advertising revenue and $6.0 million in retail revenue and $69.4 million in advertising revenue and $29.8 million in retail revenue for the nine months ending September 30, 2023.

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

Significant Accounting Policies and Basis of Presentation

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Significant Accounting Policies and 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 statement 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, 2023.

Principles of Consolidation: The unaudited Consolidated Financial Statements include the accounts of PENN Entertainment, 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 with current year 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. Estimates used by us may include, among other things, the useful lives for depreciable and amortizable assets, the provision for credit losses, income tax provisions, the evaluation of the future realization of deferred tax assets, indemnification liabilities associated with certain tax matters, determining the adequacy of reserves for self-insured liabilities, the liabilities associated with our PENN Play program, the initial measurements of financing obligations and lease liabilities associated with our Master Leases, the initial selection of useful lives for depreciable and amortizable assets related to acquisitions, contingencies, and litigation inclusive of financing arrangements in which the Company receives up-front cash proceeds, and stock-based compensation expense. Additionally, we use estimates for projected cash flows when assessing the recoverability of long-lived assets, asset impairments, goodwill, and other intangible assets. Estimates of projected cash flows are also used in assessing the initial valuation of intangible assets in conjunction with acquisitions, We applied estimation

methods consistently for the periods presented within our unaudited Consolidated Financial Statements. 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 all of our online sports betting, online casino/iCasino and social gaming (collectively referred to as “online gaming”) operations, management of retail sports betting, media, and in the prior year, the operating results of Barstool Sports, Inc. (“Barstool” or “Barstool Sports”). We owned 36% of Barstool common stock prior to the February 17, 2023 Barstool Acquisition (as defined in Note 5, “Acquisitions and Dispositions”) pursuant to which we acquired the remaining 64% of Barstool common stock. On August 8, 2023, we entered into a stock purchase agreement with David Portnoy (the “Barstool SPA”) and we sold 100% of the outstanding shares of Barstool common stock. See Note 15, “Segment Information” and Note 8, “Leases” for further segment and lease structure information, respectively. 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
Hollywood Casino Bangor	Bangor, Maine	AR PENN Master Lease
Hollywood Casino at Charles Town Races	Charles Town, West Virginia	AR PENN Master Lease
Hollywood Casino Columbus	Columbus, Ohio	2023 Master Lease
Hollywood Casino at Greektown	Detroit, Michigan	Greektown Lease
Hollywood Casino Lawrenceburg	Lawrenceburg, Indiana	AR PENN Master Lease
Hollywood Casino Morgantown	Morgantown, Pennsylvania	Morgantown Lease (1)
Hollywood Casino at PENN National Race Course	Grantville, Pennsylvania	AR PENN Master Lease
Hollywood Casino Perryville	Perryville, Maryland	2023 Master Lease
Hollywood Casino at The Meadows	Washington, Pennsylvania	2023 Master Lease
Hollywood Casino Toledo	Toledo, Ohio	2023 Master Lease
Hollywood Casino York	York, Pennsylvania	Operating Lease (not with REIT Landlord)
Hollywood Gaming at Dayton Raceway	Dayton, Ohio	AR PENN Master Lease
Hollywood Gaming at Mahoning Valley Race Course	Youngstown, Ohio	AR PENN Master Lease
Marquee by PENN (2)	Pennsylvania	N/A
Plainridge Park Casino	Plainville, Massachusetts	Pinnacle Master Lease

South segment
1st Jackpot Casino	Tunica, Mississippi	AR PENN Master Lease
Ameristar Vicksburg	Vicksburg, Mississippi	Pinnacle Master Lease
Boomtown Biloxi	Biloxi, Mississippi	AR 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	AR PENN Master Lease
Hollywood Casino Tunica	Tunica, Mississippi	AR 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 Spa Casino	Henderson, Nevada	2023 Master Lease
Zia Park Casino	Hobbs, New Mexico	AR PENN Master Lease

Midwest segment
Ameristar Council Bluffs	Council Bluffs, Iowa	Pinnacle Master Lease
Argosy Casino Alton (3)	Alton, Illinois	AR PENN Master Lease
Argosy Casino Riverside	Riverside, Missouri	AR PENN Master Lease
Hollywood Casino Aurora	Aurora, Illinois	2023 Master Lease
Hollywood Casino Joliet	Joliet, Illinois	2023 Master Lease
Hollywood Casino at Kansas Speedway (4)	Kansas City, Kansas	Owned - Joint Venture
Hollywood Casino St. Louis	Maryland Heights, Missouri	AR PENN Master Lease
Prairie State Gaming (2)	Illinois	N/A
River City Casino	St. Louis, Missouri	Pinnacle Master Lease

(1)Upon termination of the Morgantown Lease, ownership of the constructed building and all tenant improvements will transfer from the Company to GLPI.

(2)VGT route operations.

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

(4)Pursuant to a joint venture with NASCAR Holdings LLC (“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, hotel room sales, retail transactions, racing wagers, and third-party revenue sharing agreements. See Note 4, “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 at our retail properties or through the redemption of our customers’ loyalty points are recorded as “Food, beverage, hotel, and other” revenues at their estimated standalone selling prices, with an offset recorded as a reduction to “Gaming” revenues. The cost of providing complimentary goods and services to patrons as an inducement to gamble as well as for the fulfillment of our loyalty point obligation is included in “Food, beverage, hotel, and other” expenses. Revenues recorded to “Food, beverage, hotel, and other” and offset to “Gaming” revenues were as follows:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2024		2023		2024		2023
Food and beverage	$	57.3	$	54.0	$	165.7	$	163.1
Hotel	36.6		39.1		105.9		104.8
Other	2.3		3.5		7.7		9.8
Total complimentaries associated with gaming contracts	$	96.2	$	96.6	$	279.3	$	277.7

Additionally, the Company provides discretionary complimentaries in the form of online casino gaming slots and table games and online sports betting free play bonuses. Free play bonuses provided to patrons indirectly contribute to the gaming revenue earned by the Company and are recorded as a reduction of “Gaming” revenues.

Customer-related Liabilities

The Company has three general types of liabilities related to contracts with customers: (i) the obligation associated with its PENN Play 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 online sports betting and/or iCasino for online sports betting and iCasino market access.

Our PENN Play program connects the Company’s brands under one loyalty program and allows members to earn loyalty points, or “PENN Cash,” redeemable for slot play and complimentaries, such as food and beverage at our restaurants, lodging at our hotels, the PENN Play redemption marketplace that features popular retailers, and products offered at our retail stores across the vast majority of our properties. In addition, members of the PENN Play program earn credit toward tier status, which entitles them to receive certain other benefits, such as priority access, discounts, gifts, trips to PENN destinations, partner experiences, and PENN Cash. The obligation associated with our PENN Play program, which is included in “Accrued expenses and other current liabilities” within our unaudited Consolidated Balance Sheets, was $26.9 million and $33.1 million as of September 30, 2024 and December 31, 2023, 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, sports betting, or pari-mutuel wagering, (v) outstanding chip liabilities, (vi) unclaimed jackpots, and (vii) gift cards redeemable at our properties. Unpaid wagers 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 $132.3 million and $192.6 million as of September 30, 2024 and December 31, 2023, respectively, and are included in “Accrued expenses and other current liabilities” within our unaudited Consolidated Balance Sheets.

The Company’s deferred revenue is primarily related to PENN Interactive, our wholly owned interactive division, which enters into multi-year agreements with third-party online sports betting and/or iCasino operators for online sports betting and iCasino market access across our portfolio of properties.

As of September 30, 2024 and December 31, 2023, our deferred revenue balance was $41.4 million and $41.9 million, respectively, the majority of which is included in “Other long-term liabilities” within our unaudited Consolidated Balance Sheets. During the three and nine months ended September 30, 2024, we recognized revenue of $1.1 million and $5.3 million, respectively, that was included in the December 31, 2023 deferred revenue balance. During the three and nine months ended September 30, 2023, we recognized revenue of $0.7 million and $2.4 million, respectively, that was included in the December 31, 2022 deferred revenue balance.

Advertising: The Company expenses advertising costs the first time the advertising takes place or as incurred. Advertising expenses, which primarily relate to media marketing services and brand and other rights provided by ESPN pursuant to the Sportsbook Agreement (as defined in Note 5, “Acquisitions and Dispositions”), and other media placement costs and are primarily included in “Gaming” expenses within the unaudited Consolidated Statements of Operations, were $99.1 million and $18.4 million for the three months ended September 30, 2024 and 2023, respectively, and $347.4 million and $62.8 million for the nine months ended September 30, 2024 and 2023, respectively.

Gaming and Pari-mutuel 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, as well as taxes on revenues derived from arrangements which allow for third-party online sports betting and/or iCasino partners to operate online sportsbooks and iCasinos under our gaming licenses. 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, provincial and/or local jurisdictions in the states and provinces where or in which the wagering occurs. Also included in gaming and pari-mutuel taxes are costs to support the operations of local regulatory authorities which some jurisdictions require us to pay. Gaming and pari-mutuel taxes are recorded in “Gaming” expenses or “Food, beverage, hotel, and other” expenses within the unaudited Consolidated Statements of Operations and were $568.5 million and $562.9 million for the three months ended September 30, 2024 and 2023, respectively, and $1.7 billion for both the nine months ended September 30, 2024 and 2023.

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 or loss. 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 or Loss and Accumulated Other Comprehensive Income or Loss: Comprehensive income or loss includes net income or loss and all other non-stockholder changes in equity, or other comprehensive income or loss. The balance of accumulated other comprehensive income or loss consists of foreign currency translation adjustments and unrealized gains or losses on debt securities.

Earnings or Loss Per Share: Basic earnings or loss per share (“EPS”) is computed by dividing net income or 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 warrants, 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 12, “Stockholders’ Equity and Stock-based Compensation”) were 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 were considered a participating security, and the Company was required to apply the two-class method to consider the impact of the preferred shares on the calculation of basic and diluted EPS. See Note 13, “Earnings per Share” for more information. As discussed in Note 12, “Stockholders’ Equity and Stock-based Compensation,” all remaining outstanding shares of Series D Preferred Stock were converted to common stock during the third quarter of 2023. There were no outstanding shares of Series D Preferred Stock as of September 30, 2024.

Guarantees and Indemnifications: The Company accounts for indemnity obligations in accordance with Accounting Standards Codification (“ASC”) Topic 460-20, “Contingencies” and records a liability at fair value. Pursuant to the Barstool SPA, the Company agreed to indemnify Barstool and its subsidiaries and David Portnoy for certain tax matters. The indemnity provisions generally provide for the Company’s control of defense and settlement of claims, as well as certain other costs associated with potential tax matters related to Barstool and its subsidiaries and David Portnoy. Claims under the indemnification are paid upon demand. In the second quarter of 2024, the Company paid $30.5 million in settlement costs under this indemnification obligation. Provisions in the Barstool SPA limit the time within which an indemnification claim can be made to the later of the resolution of the indemnification claim or the relevant statutes of limitations. The maximum potential amount of future payments the Company could be required to make under this indemnification agreement is not estimable at

this time due to uncertainties related to potential outcomes and other unique facts and circumstances involved in the Barstool SPA. As of September 30, 2024 and December 31, 2023, the Company has recorded liabilities of $39.5 million and $70.0 million for this agreement, respectively. See Note 5, “Acquisitions and Dispositions” and Note 14, “Fair Value Measurements” 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 9, “Investments in and Advances to Unconsolidated Affiliates.”

Fair Value Measurements - Schedule of the Changes in Fair Value of Level 3 Liabilities (Details) - Recurring $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Other Assets and Liabilities
Beginning balance	$ 254.5
Interest	34.1
Payment installments	(33.1)
Included in loss and other comprehensive loss	(1.1)
Ending balance	$ 254.4

Acquisitions and Dispositions (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Feb. 17, 2023	Aug. 07, 2023	Jun. 30, 2024	Sep. 30, 2023	Aug. 07, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Aug. 08, 2023
Business Acquisition [Line Items]
Settlement costs						$ 30.5	$ 0.0
Barstool Sports, Inc \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Disposal group, percentage of ownership interest sold									100.00%
Right to receive gross proceeds, percent									50.00%
Pre-tax non-cash loss				$ 923.2
Goodwill and intangible assets write offs				714.8
Barstool Acquisition
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired	64.00%
Purchase price	$ 405.5
Liabilities incurred on acquisition	$ 23.8
Business acquisition, equity interest Issued or issuable (in shares)	2,442,809
Payments to acquire businesses, gross	$ 315.3
Ownership interest before acquisition	36.00%
Business combination, fair value	$ 660.0
Fair value of investment	171.1
Gain on transaction	66.5
Gain on disposal of business	$ 16.9
Revenue		$ 18.3			$ 99.2
Net loss		$ 7.8			$ 23.9
Liabilities associated with this indemnity				$ 70.0		$ 39.5		$ 70.0
Settlement costs			$ 30.5

Leases - Schedule of Future Minimum Lease Commitments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Operating Leases
2024 (excluding the nine months ended September 30, 2024)	$ 154.0
2025	611.8
2026	612.4
2027	615.1
2028	614.0
Thereafter	3,320.6
Total lease payments	5,927.9
Less: Imputed interest	(1,901.6)
Present value of future lease payments	4,026.3
Less: Current portion of lease obligations	(315.4)	$ (302.3)
Long-term portion of lease obligations	3,710.9	3,944.1
Finance Leases
2024 (excluding the nine months ended September 30, 2024)	40.6
2025	162.6
2026	152.2
2027	146.9
2028	146.9
Thereafter	3,273.9
Total lease payments	3,923.1
Less: Imputed interest	(1,794.8)
Present value of future lease payments	2,128.3
Less: Current portion of lease obligations	(52.5)	(40.3)
Long-term portion of lease obligations	2,075.8	2,062.5
Financing Obligations
2024 (excluding the nine months ended September 30, 2024)	41.6
2025	166.5
2026	166.6
2027	166.6
2028	166.6
Thereafter	3,829.5
Total lease payments	4,537.4
Less: Imputed interest	(2,140.4)
Present value of future lease payments	2,397.0
Less: Current portion of lease obligations	(42.9)	(41.3)
Long-term portion of lease obligations	$ 2,354.1	$ 2,386.1

Significant Accounting Policies and Basis of Presentation - Segment Information (Details)	9 Months Ended
	Sep. 30, 2024 property segment	Aug. 08, 2023	Feb. 17, 2023
Segment Reporting Information [Line Items]
Number of reportable segments	5
Barstool Acquisition
Segment Reporting Information [Line Items]
Ownership interest before acquisition			36.00%
Ownership interest after acquisition		100.00%
Barstool Sports, Inc
Segment Reporting Information [Line Items]
Ownership interest			64.00%
Jackpot, Nevada
Segment Reporting Information [Line Items]
Number of facilities the entity owned, managed, or had ownership interests in \| property	2
Number of operating segments	1

Significant Accounting Policies and Basis of Presentation - Guarantees and Indemnifications (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Settlement costs			$ 30.5	$ 0.0
Barstool Acquisition
Disaggregation of Revenue [Line Items]
Settlement costs	$ 30.5
Liabilities associated with this indemnity		$ 70.0	$ 39.5		$ 70.0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

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, 2023
Goodwill, gross	$	923.5	$	236.6	$	216.8	$	1,116.7	$	1,664.0	$	87.7	$	4,245.3
Accumulated goodwill impairment losses	(828.8)		(61.0)		(16.6)		(556.1)		—		(87.7)		(1,550.2)
Goodwill, net	$	94.7	$	175.6	$	200.2	$	560.6	$	1,664.0	$	—	$	2,695.1


Effect of foreign currency exchange rates	—		—		—		—		(30.8)		—		(30.8)


Balance as of September 30, 2024
Goodwill, gross	$	923.5	$	236.6	$	216.8	$	1,116.7	$	1,633.2	$	87.7	$	4,214.5
Accumulated goodwill impairment losses	(828.8)		(61.0)		(16.6)		(556.1)		—		(87.7)		(1,550.2)
Goodwill, net	$	94.7	$	175.6	$	200.2	$	560.6	$	1,633.2	$	—	$	2,664.3

Schedule of Indefinite-Lived Intangible Assets

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


	September 30, 2024						December 31, 2023
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Indefinite-lived intangible assets
Gaming licenses	$	1,132.2	$	—	$	1,132.2	$	1,107.2	$	—	$	1,107.2
Trademarks	332.5		—		332.5		334.4		—		334.4
Other	0.7		—		0.7		0.7		—		0.7
Amortizing intangible assets
Customer relationships	112.0		(106.2)		5.8		112.1		(103.7)		8.4
Technology	307.8		(175.7)		132.1		286.0		(132.3)		153.7
Other	39.9		(18.4)		21.5		29.0		(15.2)		13.8
Total other intangible assets, net	$	1,925.1	$	(300.3)	$	1,624.8	$	1,869.4	$	(251.2)	$	1,618.2

Schedule of Finite-Lived Intangible Assets

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


	September 30, 2024						December 31, 2023
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Indefinite-lived intangible assets
Gaming licenses	$	1,132.2	$	—	$	1,132.2	$	1,107.2	$	—	$	1,107.2
Trademarks	332.5		—		332.5		334.4		—		334.4
Other	0.7		—		0.7		0.7		—		0.7
Amortizing intangible assets
Customer relationships	112.0		(106.2)		5.8		112.1		(103.7)		8.4
Technology	307.8		(175.7)		132.1		286.0		(132.3)		153.7
Other	39.9		(18.4)		21.5		29.0		(15.2)		13.8
Total other intangible assets, net	$	1,925.1	$	(300.3)	$	1,624.8	$	1,869.4	$	(251.2)	$	1,618.2

Schedule of Expected Intangible Asset Amortization Expense

The following table presents the estimated amortization expense based on our amortizing intangible assets as of September 30, 2024 (in millions):


Years ending December 31,
2024 (excluding the nine months ended September 30, 2024)	$	17.3
2025	53.5
2026	33.3
2027	24.5
2028	19.3
Thereafter	11.5
Total	$	159.4

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share

Acquisitions and Dispositions	9 Months Ended
Acquisitions and Dispositions	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions Barstool Acquisition and Disposition On February 17, 2023, we acquired the remaining 64% of the outstanding shares of Barstool common stock not already owned by us for consideration of approximately $405.5 million, which is inclusive of cash and common stock issuance, repayment of Barstool indebtedness of $23.8 million, transaction expenses, and other purchase price adjustments in accordance with GAAP (the “Barstool Acquisition”). We issued 2,442,809 shares of our common stock and utilized $315.3 million of cash to complete the Barstool Acquisition. The Company held 36% of the outstanding shares of Barstool common stock prior to the Barstool Acquisition and, as such, the acquisition date estimated fair value of this previously held equity method investment was a component of the purchase consideration. Based on the acquisition date fair value of Barstool of $660.0 million and the carrying amount of this investment of $171.1 million, the Company recorded a gain of $66.5 million related to remeasurement of the equity investment immediately prior to the acquisition date, which is included in “Gain on Barstool Acquisition, net” within our unaudited Consolidated Statements of Operations. The Company also recorded a gain of $16.9 million related to the acquisition of the remaining 64% of Barstool common stock, which is included in “Gain on Barstool Acquisition, net” within our unaudited Consolidated Statements of Operations. Barstool’s revenue and net loss for the period beginning July 1, 2023 through August 7, 2023, included in the unaudited Consolidated Statements of Operations, were $18.3 million and $7.8 million, respectively. Barstool’s revenue and net loss for the period beginning February 17, 2023 through August 7, 2023, included in the unaudited Consolidated Statements of Operations, were $99.2 million and $23.9 million, respectively. On August 8, 2023, PENN entered into a Sportsbook Agreement with ESPN, which provides for a long-term strategic relationship between PENN and ESPN relating to online sports betting in the United States. Pursuant to the Sportsbook Agreement, PENN rebranded the existing Barstool Sportsbook across all online platforms in the United States as ESPN BET (the “Sportsbook”) and oversees daily operations of the Sportsbook. See Note 11, “Commitments and Contingencies” for more information related to the Sportsbook Agreement. In connection with PENN’s decision to rebrand our online sports betting business from Barstool Sportsbook to ESPN BET pursuant to the Sportsbook Agreement as discussed above, PENN entered into the Barstool SPA with David Portnoy and sold 100% of the outstanding shares of Barstool to David Portnoy in exchange for nominal cash consideration and certain non-compete and other restrictive covenants. Additionally, PENN has the right to receive 50% of the gross proceeds received by David Portnoy in any subsequent sale or other monetization event of Barstool. Upon the disposal of Barstool in the third quarter of 2023, PENN recognized a pre-tax loss of $923.2 million (inclusive of $714.8 million in goodwill and intangible assets write offs and a $70.0 million indemnification liability discussed below). See Note 14, “Fair Value Measurements” for more information related to the indemnification liability. For information on the tax-related impacts from the Barstool transactions, see Note 10, “Income Taxes.” Pursuant to the Barstool SPA, PENN will indemnify Barstool and its subsidiaries and David Portnoy for certain tax matters. The indemnity provisions generally provide for the Company’s control of defense and settlement of claims, as well as certain other costs, associated with potential tax matters related to Barstool and its subsidiaries and David Portnoy. In the second quarter of 2024, the Company paid $30.5 million in settlement costs under this indemnification obligation.

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

For the three and nine months ended September 30, 2024 and 2023, we recorded a net loss attributable to PENN. As such, because the dilution from potential common shares was anti-dilutive, we used basic weighted-average common shares outstanding rather than diluted weighted-average common shares outstanding when calculating diluted loss per share. Stock options, restricted stock, convertible preferred shares, and convertible debt that could potentially dilute basic EPS in the future, that were not included in the computation of diluted loss per share, were as follows:


	For the three months ended September 30,		For the nine months ended September 30,
(in millions)	2024	2023	2024	2023
Assumed conversion of dilutive stock options	0.1	0.5	0.1	0.7
Assumed conversion of dilutive restricted stock	0.5	0.4	0.2	0.4
Assumed conversion of convertible preferred shares	—	0.2	—	0.3
Assumed conversion of convertible debt	14.1	14.1	14.1	14.1

Schedule of Calculation of Basic and Diluted EPS

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2024 and 2023:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions, except per share data)	2024		2023		2024		2023
Calculation of basic loss per share:
Net loss applicable to common stock	$	(36.7)	$	(724.8)	$	(178.2)	$	(131.9)
Weighted-average shares outstanding — PENN Entertainment, Inc.	151.7		150.3		151.6		151.7
Weighted-average shares outstanding — Exchangeable Shares	0.5		0.6		0.5		0.6
Weighted-average common shares outstanding — basic	152.2		150.9		152.1		152.3
Basic loss per share	$	(0.24)	$	(4.80)	$	(1.17)	$	(0.87)

Calculation of diluted loss per share:



Diluted loss applicable to common stock	$	(36.7)	$	(724.8)	$	(178.2)	$	(131.9)
Weighted-average common shares outstanding — diluted	152.2		150.9		152.1		152.3
Diluted loss per share	$	(0.24)	$	(4.80)	$	(1.17)	$	(0.87)

Goodwill and Other Intangible Assets - Schedule of Expected Intangible Asset Amortization Expense (Details) $ in Millions	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (excluding the nine months ended September 30, 2024)	$ 17.3
2025	53.5
2026	33.3
2027	24.5
2028	19.3
Thereafter	11.5
Total	$ 159.4

Leases - Pinnacle Master Lease (Details) $ in Millions	May 01, 2024 USD ($)	Apr. 28, 2016 facility period	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Cost [Line Items]
Finance lease right-of-use assets			$ 2,036.9	$ 2,041.0
Finance Lease, Liability			$ 2,128.3
Pinnacle Master Lease
Lessee, Lease, Cost [Line Items]
Number of facilities with leased real estate \| facility		12
Remaining lease term		7 years 6 months
Initial lease term		10 years
Lease - expected term with renewal options		32 years 6 months
Adjusted annual escalator percentage		2.00%
Adjusted revenue to rent ratio, as defined		1.8
Percentage rent escalation interval		2 years
Percentage of average net revenues during preceding two years		4.00%
Percentage rent baseline period		2 years
Increase in fixed component of rent resulting from annual escalator	$ 4.8
Finance lease, annual escalator, additional ROU asset recognized	33.4
Annual rent increase from reset test	3.8
Finance lease right-of-use assets	29.6
Finance Lease, Liability	$ 29.6
Pinnacle Master Lease \| Lease Renewal Option One
Lessee, Lease, Cost [Line Items]
Number of options to extend lease \| period		5
Lease renewal term		5 years

Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

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 VGT operations, by state, to be separate operating segments. Interactive includes all of our online gaming operations, management of retail sports betting, media, and in the prior year, the operating results of Barstool. We owned 36% of Barstool common stock prior to the February 17, 2023 Barstool Acquisition, pursuant to which we acquired the remaining 64% of Barstool common stock. On August 8, 2023, we entered into the Barstool SPA, and we sold 100% of the outstanding shares of Barstool common stock. See Note 5, “Acquisitions and Dispositions” for further 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 loss.


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2024		2023		2024		2023
Revenues:
Northeast segment	$	684.8	$	687.0	$	2,065.8	$	2,075.5
South segment	288.1		308.2		884.8		931.3
West segment	131.8		135.1		395.9		394.8
Midwest segment	292.2		293.4		881.5		882.0
Interactive segment	244.6		196.3		684.9		687.3
Other (1)	4.0		4.5		15.9		16.5
Intersegment eliminations (2)	(6.3)		(5.1)		(19.7)		(19.9)
Total	$	1,639.2	$	1,619.4	$	4,909.1	$	4,967.5

Adjusted EBITDAR (3):
Northeast segment	$	199.3	$	208.3	$	606.6	$	638.5
South segment	106.4		136.6		331.3		381.1
West segment	47.5		54.7		144.0		153.4
Midwest segment	118.5		123.8		365.4		376.5
Interactive segment	(90.9)		(50.2)		(389.7)		(68.7)
Other (1)	(32.4)		(28.1)		(86.0)		(80.7)
Total (3)	348.4		445.1		971.6		1,400.1

Other operating benefits (costs) and other income (expenses):
Rent expense associated with triple net operating leases (4)	(154.9)		(146.6)		(464.6)		(439.0)
Stock-based compensation	(12.9)		(35.2)		(39.0)		(71.4)
Cash-settled stock-based awards variance	3.8		2.9		14.9		12.0
Gain (loss) on disposal of assets	0.1		—		(8.8)		—
Contingent purchase price	1.1		(1.3)		1.1		(1.8)

Depreciation and amortization	(108.7)		(105.8)		(326.5)		(323.9)

Insurance recoveries, net of deductible charges	—		0.3		2.7		13.9
Non-operating items of equity method investments (5)	(1.1)		(1.0)		(3.2)		(6.4)
Interest expense, net	(118.4)		(117.5)		(356.9)		(346.1)
Interest income	6.3		10.2		19.2		30.5
Loss on disposal of Barstool (6)	—		(923.2)		—		(923.2)
Gain on Barstool Acquisition, net (7)	—		—		—		83.4
Gain on REIT transactions, net (8)	—		—		—		500.8
Other (9)	1.6		(14.7)		(3.0)		(20.6)
Loss before income taxes	(34.7)		(886.8)		(192.5)		(91.7)
Income tax benefit (expense)	(2.8)		161.7		13.0		(40.9)
Net loss	$	(37.5)	$	(725.1)	$	(179.5)	$	(132.6)

(1)The Other category consists of the Company’s stand-alone racing operations, namely Sanford-Orlando Kennel Club, Sam Houston and Valley Race Park, the Company’s joint venture interests in Freehold Raceway, and our management contract for Retama Park Racetrack. 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 or have not otherwise been allocated. Corporate overhead costs were $29.1 million and $27.0

million for the three months ended September 30, 2024 and 2023, respectively, and $78.5 million and $78.1 million for the nine months ended September 30, 2024 and 2023, respectively.

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

(3)We define Adjusted EBITDAR as earnings before interest expense, net, interest income, income taxes, depreciation and amortization, rent expense associated with triple net operating leases (see footnote (4) below), stock-based compensation, debt extinguishment 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, non-cash gains/losses associated with REIT transactions, loss on disposal of business, non-cash gains/losses associated with partial and step acquisitions as measured in accordance with ASC Topic 805, “Business Combinations”, and other. Adjusted EBITDAR is also inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (see footnote (5) below) added back for Barstool and our Kansas Entertainment joint venture.

(4)Amounts pertain to the operating lease components contained within the: (i) AR PENN Master Lease; (ii) 2023 Master Lease; (iii) Margaritaville Lease; and (iv) Greektown Lease.

(5)Consists principally of interest expense, net, income taxes, depreciation and amortization, and stock-based compensation expense associated with Barstool prior to acquiring the remaining 64% of Barstool common stock (see Note 5, “Acquisitions and Dispositions”), and our Kansas Entertainment joint venture.

(6)Relates to the loss incurred on the sale of 100% of the outstanding shares of Barstool which was completed on August 8, 2023 (see Note 5, “Acquisitions and Dispositions”).

(7)Includes a gain of $66.5 million associated with Barstool related to remeasurement of the equity investment immediately prior to the acquisition date of February 17, 2023 and a gain of $16.9 million related to the acquisition of the remaining 64% of Barstool common stock (see Note 5, “Acquisitions and Dispositions”).

(8)Upon the execution of the February 21, 2023 AR PENN Master Lease and the 2023 Master Lease, both effective January 1, 2023, we recognized a gain of $500.8 million as a result of the reclassification and remeasurement of lease components (see Note 8, “Leases”).

(9)Primarily relates to an unrealized holding gain of $3.0 million and an unrealized holding loss on our equity securities of $11.6 million for the three months ended September 30, 2024 and 2023, respectively, and unrealized holding losses of $2.4 million and $8.5 million for the nine months ended September 30, 2024 and 2023, respectively, which are discussed in Note 14, “Fair Value Measurements.”

The table below presents capital expenditures by segment:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2024		2023		2024		2023
Capital expenditures:
Northeast segment	$	18.9	$	27.1	$	37.8	$	74.6
South segment	30.5		20.3		65.9		49.4
West segment	22.0		5.6		34.9		15.9
Midwest segment	58.0		11.1		115.4		40.7
Interactive segment	0.8		8.6		1.8		18.3
Other	1.9		2.3		5.9		8.9
Total capital expenditures	$	132.1	$	75.0	$	261.7	$	207.8

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 September 30, 2024
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	81.1	$	—	$	7.4	$	88.6
Total assets	$	1,815.5	$	1,292.7	$	430.5	$	1,417.4	$	2,451.7	$	8,106.7	$	15,514.5

Balance sheet as of December 31, 2023
Investment in and advances to unconsolidated affiliates	$	—	$	—	$	—	$	80.8	$	—	$	4.1	$	84.9
Total assets	$	1,827.4	$	1,244.5	$	388.6	$	1,241.1	$	2,549.9	$	8,812.7	$	16,064.2

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

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.

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Schedule of Carrying Amounts and Estimated Fair Values by Input Level

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Treasury stock (in shares)	25,166,902	25,166,902
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)	0	0
Preferred stock, shares outstanding (in shares)	0	0
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)	177,323,490	176,719,596
Common stock, shares outstanding (in shares)	152,156,588	151,552,694
Common Stock, Exchangeable
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	768,441	768,441
Common stock, shares issued (in shares)	768,441	700,393
Common stock, shares outstanding (in shares)	468,943	560,267

Long-Term Debt - Senior Secured Credit Facilities (Details)			1 Months Ended
	Feb. 15, 2024 day	May 03, 2022 USD ($) covenant	Jan. 31, 2017 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 15, 2018 USD ($)
Debt Instrument [Line Items]
Number of financial covenants \| covenant		2
Senior Secured Credit Facility
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 one		4.50
Covenant relief period, maximum consolidated total net leverage ratio two		5.00
Amended Credit Facilities \| Term Loan A Facility due 2023, incremental loans
Debt Instrument [Line Items]
Borrowing capacity						$ 430,200,000
Amended Credit Facilities \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity		$ 1,000,000,000.0
Commitment fee on unused capacity		0.25%
Letters of credit outstanding				$ 20,900,000	$ 21,700,000
Available borrowing capacity				$ 979,100,000	$ 978,300,000
Amended Credit Facilities \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee on unused capacity		0.35%
Amended Credit Facilities \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee on unused capacity		0.20%
Amended Credit Facilities \| Term Loan A Facility
Debt Instrument [Line Items]
Debt instrument, term		5 years
Borrowing capacity		$ 550,000,000.0
Amended Credit Facilities \| Term Loan B Facility
Debt Instrument [Line Items]
Debt instrument, term		7 years
Borrowing capacity		$ 1,000,000,000.0
Amended Credit Facilities \| Term Loan A \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
Amended Credit Facilities \| Term Loan A \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%
Amended Credit Facilities \| Term Loan A \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Amended Credit Facilities \| Term Loan A \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.75%
Amended Credit Facilities \| Term Loan A \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Amended Credit Facilities \| Term Loan A \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Amended Credit Facilities \| Term Loan B \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		2.75%
Basis spread on variable rate, floor		0.50%
Amended Credit Facilities \| Term Loan B \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
Basis spread on variable rate, floor		1.50%
Revolving Credit Facility Entered 2017 Due 2022 \| Amended Credit Facilities
Debt Instrument [Line Items]
Debt instrument, term			5 years
Borrowing capacity			$ 700,000,000
Term Loan A Facility Entered 2017 Due 2022 \| Amended Credit Facilities
Debt Instrument [Line Items]
Debt instrument, term			5 years
Borrowing capacity			$ 300,000,000
Term Loan B Facility Entered 2017 Due 2024 \| Amended Credit Facilities
Debt Instrument [Line Items]
Debt instrument, term			7 years
Borrowing capacity			$ 500,000,000
Term Loan B-1 Facility Due 2025 \| Amended Credit Facilities
Debt Instrument [Line Items]
Borrowing capacity						$ 1,100,000,000
Amended Credit Facilities \| Amended Credit Facilities
Debt Instrument [Line Items]
Number of business days \| day	2

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Total revenues	$ 1,639.2	$ 1,619.4	$ 4,909.1	$ 4,967.5
Operating expenses
General and administrative	392.5	406.4	1,170.1	1,179.6
Depreciation and amortization	108.7	105.8	326.5	323.9
Loss on disposal of Barstool	0.0	923.2	0.0	923.2
Total operating expenses	1,571.7	2,405.8	4,788.5	5,349.3
Operating income (loss)	67.5	(786.4)	120.6	(381.8)
Other income (expenses)
Interest expense, net	(118.4)	(117.5)	(356.9)	(346.1)
Interest income	6.3	10.2	19.2	30.5
Income from unconsolidated affiliates	7.1	7.2	22.1	17.0
Gain on Barstool Acquisition, net	0.0	0.0	0.0	83.4
Gain on REIT transactions, net	0.0	0.0	0.0	500.8
Other	2.8	(0.3)	2.5	4.5
Total other income (expenses)	(102.2)	(100.4)	(313.1)	290.1
Loss before income taxes	(34.7)	(886.8)	(192.5)	(91.7)
Income tax benefit (expense)	(2.8)	161.7	13.0	(40.9)
Net loss	(37.5)	(725.1)	(179.5)	(132.6)
Less: Net loss attributable to non-controlling interest	0.8	0.3	1.3	0.7
Net loss attributable to PENN Entertainment, Inc.	$ (36.7)	$ (724.8)	$ (178.2)	$ (131.9)
Loss per share:
Basic loss per share (in dollars per share)	$ (0.24)	$ (4.80)	$ (1.17)	$ (0.87)
Diluted loss per share (in dollars per share)	$ (0.24)	$ (4.80)	$ (1.17)	$ (0.87)
Weighted-average common shares outstanding - basic (in shares)	152.2	150.9	152.1	152.3
Weighted-average common shares outstanding - diluted (in shares)	152.2	150.9	152.1	152.3
Gaming
Revenues
Total revenues	$ 1,288.0	$ 1,252.1	$ 3,878.6	$ 3,869.5
Operating expenses
Cost of revenue	826.1	709.0	2,576.7	2,149.1
Food, beverage, hotel, and other
Revenues
Total revenues	351.2	367.3	1,030.5	1,098.0
Operating expenses
Cost of revenue	$ 244.4	$ 261.4	$ 715.2	$ 773.5

Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, accumulated amortization	$ (300.3)	$ (251.2)
Total	159.4
Total other intangible assets, gross carrying amount	1,925.1	1,869.4
Total other intangible assets, net carrying amount	1,624.8	1,618.2
Gaming licenses
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,132.2	1,107.2
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	332.5	334.4
Other
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	0.7	0.7
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, gross carrying amount	112.0	112.1
Amortizing intangible assets, accumulated amortization	(106.2)	(103.7)
Total	5.8	8.4
Technology
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, gross carrying amount	307.8	286.0
Amortizing intangible assets, accumulated amortization	(175.7)	(132.3)
Total	132.1	153.7
Other
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, gross carrying amount	39.9	29.0
Amortizing intangible assets, accumulated amortization	(18.4)	(15.2)
Total	$ 21.5	$ 13.8

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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


	September 30, 2024
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	834.0	$	834.0	$	834.0	$	—	$	—
Equity securities	$	8.2	$	8.2	$	8.2	$	—	$	—
Available-for-sale debt securities	$	24.2	$	24.2	$	—	$	—	$	24.2
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	7.9	$	7.9	$	—	$	7.9	$	—
Financial liabilities:
Long-term debt
Amended Credit Facilities	$	1,445.4	$	1,459.5	$	—	$	1,459.5	$	—
5.625% Notes	$	399.8	$	394.0	$	—	$	394.0	$	—
4.125% Notes	$	395.3	$	364.0	$	—	$	364.0	$	—
Convertible Notes	$	327.4	$	356.9	$	—	$	356.9	$	—
Other long-term obligations	$	197.5	$	196.3	$	—	$	8.1	$	188.2
Other liabilities	$	44.7	$	44.6	$	—	$	2.6	$	42.0


	December 31, 2023
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	1,071.8	$	1,071.8	$	1,071.8	$	—	$	—
Equity securities	$	10.7	$	10.7	$	10.7	$	—	$	—
Available-for-sale securities	$	24.2	$	24.2	$	—	$	—	$	24.2
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	7.9	$	7.9	$	—	$	7.9	$	—
Financial liabilities:
Long-term debt
Amended Credit Facilities	$	1,471.7	$	1,483.5	$	1,483.5	$	—	$	—
5.625% Notes	$	399.7	$	388.0	$	388.0	$	—	$	—
4.125% Notes	$	394.6	$	340.0	$	340.0	$	—	$	—
Convertible Notes	$	326.1	$	427.6	$	427.6	$	—	$	—
Other long-term obligations	$	173.5	$	172.1	$	—	$	18.0	$	154.1
Other liabilities	$	79.0	$	78.9	$	—	$	2.7	$	76.2

Schedule of the Changes in Fair Value of Level 3 Assets and Liabilities

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


(in millions)	Other Assets and Liabilities
Balance as of January 1, 2024	$	254.5

Interest	34.1
Payment installments	(33.1)
Included in loss and other comprehensive loss (1)	(1.1)
Balance as of September 30, 2024	$	254.4

(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 assets and liabilities as of September 30, 2024:

Valuation Technique

Unobservable Input

Discount Rate

Available-for-sale debt securities

Discounted cash flow

Discount rate

35.0

Other long-term obligation

Discounted cash flow

Discount rate

27.0

Contingent purchase price - Plainridge Park Casino

Discounted cash flow

Discount rate

6.3

Leases - Schedule of Other Information Related to Lease Term and Discount Rate (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Weighted-Average Remaining Lease Term
Operating leases	10 years 4 months 24 days	11 years 2 months 12 days
Finance leases	26 years 7 months 6 days	27 years 3 months 18 days
Financing obligations	26 years 9 months 18 days	27 years 7 months 6 days
Weighted-Average Discount Rate
Operating leases	7.70%	7.70%
Finance leases	5.20%	5.20%
Financing obligations	5.20%	5.20%

Significant Accounting Policies and Basis of Presentation - Schedule of Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	$ 96.2	$ 96.6	$ 279.3	$ 277.7
Food and beverage
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	57.3	54.0	165.7	163.1
Hotel
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	36.6	39.1	105.9	104.8
Other
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	$ 2.3	$ 3.5	$ 7.7	$ 9.8

Stockholders’ Equity and Stock-Based Compensation - Share Repurchase Authorization (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 07, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Nov. 06, 2024	Dec. 06, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchases (in shares)		0	0	0	5,438,221
Share repurchases					$ 149.8
Average price paid per share of common stock repurchased (in dollars per share)					$ 27.54
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchases (in shares)	0
Remaining availability						$ 749.5
Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount under share repurchase program							$ 750.0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Stockholders’ Equity and Stock-Based Compensation - Cash-settled Phantom Stock Units (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense (reduction to expense)	$ 12.9	$ 35.2	$ 39.0	$ 71.4
Cash-settled Phantom Stock Units (CPSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liability for cash-settled awards	0.5		0.5		$ 1.2
Stock-based compensation expense (reduction to expense)	0.1	$ 1.3	0.4	2.9
Unrecognized compensation cost, other awards	$ 0.6		$ 0.6
Unamortized compensation costs, weighted average period of recognition			1 year 6 months
Amounts paid on cash-settled awards			$ 1.1	$ 4.2
Cash-settled Phantom Stock Units (CPSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Cash-settled Phantom Stock Units (CPSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years

Long-Term Debt - Schedule of Maturities of Long-term Debt (Details) $ in Millions	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024 (excluding the nine months ended September 30, 2024)	$ 9.4
2025	38.2
2026	557.0
2027	837.0
2028	10.8
Thereafter	1,341.2
Net carrying amount	$ 2,793.6

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	0-24206
Entity Registrant Name	PENN Entertainment, 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		152,629,402
Entity Central Index Key	0000921738
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Earnings per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings per Share


	For the three months ended September 30,		For the nine months ended September 30,
(in millions)	2024	2023	2024	2023
Assumed conversion of dilutive stock options	0.1	0.5	0.1	0.7
Assumed conversion of dilutive restricted stock	0.5	0.4	0.2	0.4
Assumed conversion of convertible preferred shares	—	0.2	—	0.3
Assumed conversion of convertible debt	14.1	14.1	14.1	14.1

As we recorded a net loss for the three and nine months ended September 30, 2024 and 2023, there are no reconciling items in the weighted-average common shares outstanding used in the calculation of basic and diluted EPS.

Restricted stock with performance and market based vesting conditions that have not been met as of September 30, 2024 were excluded from the computation of diluted EPS.

Anti-dilutive equity-based awards are excluded from the computation of diluted EPS, and primarily consists of stock options awarded under the Company’s previous and current long-term incentive compensation plans and warrants issued under the terms of the Investment Agreement described in Note 11 , “Commitments and Contingencies .”

Anti-dilutive options and warrants to purchase 35.3 million and 2.0 million shares were outstanding during the three months ended September 30, 2024 and 2023, respectively, and anti-dilutive options and warrants to purchase 35.1 million and 1.7 million shares were outstanding during the nine months ended September 30, 2024 and 2023, respectively. Additionally, the assumed conversion of 0.2 million and 0.3 million preferred shares were excluded from the computation of diluted EPS for both three and nine months ended September 30, 2023, respectively, because including them would have been anti-dilutive.

The Company’s calculation of weighted-average common shares outstanding includes the Exchangeable Shares discussed within Note 12, “Stockholders’ Equity and Stock-Based Compensation.” The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2024 and 2023:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions, except per share data)	2024		2023		2024		2023
Calculation of basic loss per share:
Net loss applicable to common stock	$	(36.7)	$	(724.8)	$	(178.2)	$	(131.9)
Weighted-average shares outstanding — PENN Entertainment, Inc.	151.7		150.3		151.6		151.7
Weighted-average shares outstanding — Exchangeable Shares	0.5		0.6		0.5		0.6
Weighted-average common shares outstanding — basic	152.2		150.9		152.1		152.3
Basic loss per share	$	(0.24)	$	(4.80)	$	(1.17)	$	(0.87)

Calculation of diluted loss per share:



Diluted loss applicable to common stock	$	(36.7)	$	(724.8)	$	(178.2)	$	(131.9)
Weighted-average common shares outstanding — diluted	152.2		150.9		152.1		152.3
Diluted loss per share	$	(0.24)	$	(4.80)	$	(1.17)	$	(0.87)

Stockholders’ Equity and Stock-Based Compensation - 2022 Long Term Incentive Compensation Plan (Details) - 2022 Long Term Incentive Compensation Plan	Jun. 06, 2023 shares	Sep. 30, 2024 shares	Jun. 07, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for awards, up to (in shares)	13,870,000		6,870,000
Increase in shares reserved for issuance (in shares)	7,000,000
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)		5,469,838

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Investments in and Advances to Unconsolidated Affiliates	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Unconsolidated Affiliates	Investments in and Advances to Unconsolidated Affiliates As of September 30, 2024, investments in and advances to unconsolidated affiliates primarily consisted of the Company’s 50% investment in Kansas Entertainment, the joint venture with NASCAR that owns Hollywood Casino at Kansas Speedway. Kansas Entertainment Joint Venture As of September 30, 2024 and December 31, 2023, our investment in Kansas Entertainment was $81.1 million and $80.8 million, respectively. During the three months ended September 30, 2024 and 2023, the Company received distributions from Kansas Entertainment totaling $8.6 million and $11.0 million, respectively, and $24.6 million and $27.8 million for the nine months ended September 30, 2024 and 2023, 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 September 30, 2024 and December 31, 2023, nor the results of operations for the three and nine months ended September 30, 2024 and 2023.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (36.7)	$ (724.8)	$ (178.2)	$ (131.9)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Earnings per Share - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Calculation of basic loss per share:
Net loss applicable to common stock	$ (36.7)	$ (724.8)	$ (178.2)	$ (131.9)
Weighted-average common shares outstanding - basic (in shares)	152.2	150.9	152.1	152.3
Basic loss per share (in dollars per share)	$ (0.24)	$ (4.80)	$ (1.17)	$ (0.87)
Calculation of diluted loss per share:
Diluted loss applicable to common stock	$ (36.7)	$ (724.8)	$ (178.2)	$ (131.9)
Weighted average common shares outstanding - diluted (in shares)	152.2	150.9	152.1	152.3
Diluted loss per share (in dollars per share)	$ (0.24)	$ (4.80)	$ (1.17)	$ (0.87)
Common Stock, Non-Exchangeable
Calculation of basic loss per share:
Weighted-average common shares outstanding - basic (in shares)	151.7	150.3	151.6	151.7
Common Stock, Exchangeable
Calculation of basic loss per share:
Weighted-average common shares outstanding - basic (in shares)	0.5	0.6	0.5	0.6

Long-Term Debt - Other Long-Term Obligations (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2016	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Feb. 28, 2021	Jan. 31, 2015
Debt Instrument [Line Items]
Principal		$ 2,793.6		$ 2,793.6		$ 2,797.8
Other Long-Term Obligations
Debt Instrument [Line Items]
Effective yield							27.00%
Interest expense, debt		12.1	$ 9.3	34.1	$ 26.1
Principal		197.5		197.5		173.5
Other Long-Term Obligations \| Event Center Debt
Debt Instrument [Line Items]
Effective yield								3.00%
Principal		$ 9.3		$ 9.3		$ 10.0
Debt principal amount								$ 15.3
Debt instrument, periodic payment	$ 1.0
Long-term debt, term	20 years

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Investments in and Advances to Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Return on investment from unconsolidated affiliates			$ 24.6	$ 27.8
Kansas Entertainment
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%		50.00%
Investment balance	$ 81.1		$ 81.1		$ 80.8
Return on investment from unconsolidated affiliates	$ 8.6	$ 11.0	$ 24.6	$ 27.8

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

Schedule of Segment Information

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net loss	$ (37.5)	$ (725.1)	$ (179.5)	$ (132.6)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	108.7	105.8	326.5	323.9
Amortization of debt discount and debt issuance costs			6.6	6.2
Non-cash interest expense			34.1	26.1
Non-cash operating lease expense			236.5	224.9
Loss on disposal of Barstool	0.0	923.2	0.0	923.2
Gain on Barstool Acquisition, net	0.0	0.0	0.0	(83.4)
Gain on REIT transactions, net	0.0	0.0	0.0	(500.8)
Holding loss on equity securities	(3.0)	11.6	2.4	8.5
Loss on sale or disposal of property and equipment	(0.1)	0.0	8.8	0.0
Gain on Hurricane Laura			(2.7)	(13.9)
Income from unconsolidated affiliates	(7.1)	(7.2)	(22.1)	(17.0)
Return on investment from unconsolidated affiliates			24.6	27.8
Deferred income taxes			(34.9)	4.9
Stock-based compensation	12.9	35.2	39.0	71.4
Investment Agreement warrant expense			53.4	0.0
Changes in operating assets and liabilities, net of businesses acquired
Accounts receivable			76.3	(9.7)
Prepaid expenses and other current assets			33.6	(20.0)
Other assets			(38.4)	(23.5)
Accounts payable			29.8	(0.8)
Accrued expenses			(84.7)	(36.1)
Income taxes			22.0	(39.2)
Operating lease liabilities			(222.3)	(230.8)
Other current and long-term liabilities			(67.9)	20.1
Other			15.3	11.5
Net cash provided by operating activities			256.4	540.7
Investing activities
Capital expenditures			(261.7)	(207.8)
Proceeds from sale of property and equipment			3.8	0.2
Hurricane Laura insurance proceeds			1.7	9.0
Consideration paid for Barstool, net of cash acquired			0.0	(314.6)
Sale of Barstool, net of cash disposed			0.0	(50.9)
Proceeds received for a cost method investment			0.5	8.0
Consideration paid for gaming licenses and other intangible assets			(49.4)	(17.1)
Other			(7.6)	(12.8)
Net cash used in investing activities			(312.7)	(586.0)
Financing activities
Principal payments on long-term debt			(28.2)	(28.1)
Debt issuance costs			(2.6)	0.0
Payments of other long-term obligations			(10.1)	(9.6)
Principal payments on financing obligations			(30.5)	(29.3)
Principal payments on finance leases			(37.5)	(35.1)
Proceeds from exercise of options			1.3	1.7
Repurchase of common stock			0.0	(149.8)
Payments on insurance financing			(28.6)	0.0
Indemnification payments			(30.5)	0.0
Other			(8.3)	(7.7)
Net cash used in financing activities			(175.0)	(257.9)
Effect of currency rate changes on cash, cash equivalents, and restricted cash			(0.9)	1.0
Change in cash, cash equivalents, and restricted cash			(232.2)	(302.2)
Cash, cash equivalents, and restricted cash at the beginning of the year			1,094.4	1,644.2
Cash, cash equivalents, and restricted cash at the end of the period	862.2	1,342.0	862.2	1,342.0
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	834.0	1,317.9	834.0	1,317.9
Restricted cash included in Other current assets	27.0	22.9	27.0	22.9
Restricted cash included in Other assets	1.2	1.2	1.2	1.2
Total cash, cash equivalents, and restricted cash	$ 862.2	$ 1,342.0	862.2	1,342.0
Supplemental disclosure:
Cash paid for interest, net of amounts capitalized			324.6	321.1
Cash payments (refunds) related to income taxes, net			(1.1)	73.9
Non-cash activities:
Accrued capital expenditures			$ 54.1	$ 30.1

Earnings per Share - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock options
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of dilutive stock options and restricted stock (in shares)	0.1	0.5	0.1	0.7
Restricted stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of dilutive stock options and restricted stock (in shares)	0.5	0.4	0.2	0.4
Convertible Preferred Shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of convertible preferred shares (in shares)	0.0	0.2	0.0	0.3
Convertible debt securities
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of convertible debt (in shares)	14.1	14.1	14.1	14.1

Long-Term Debt - Schedule of Long-term Debt, Net of Current Maturities, Debt Discounts and Issuance Costs (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Jul. 01, 2021	May 31, 2020
Debt Instrument [Line Items]
Principal	$ 2,793.6	$ 2,797.8
Less: Current maturities of long-term debt	(38.2)	(47.6)
Less: Debt discounts	(3.4)	(3.9)
Less: Debt issuance costs	(24.8)	(28.3)
Long-term debt, net of current maturities, debt discount and debt issuance costs	2,727.2	2,718.0
Amended Credit Facilities \| Amended Revolving Credit Facility due 2027
Debt Instrument [Line Items]
Principal	0.0	0.0
Amended Credit Facilities \| Amended Term Loan A Facility due 2027
Debt Instrument [Line Items]
Principal	488.1	508.8
Amended Credit Facilities \| Amended Term Loan B Facility due 2029
Debt Instrument [Line Items]
Principal	$ 977.5	$ 985.0
Senior Notes \| 5.625% Notes due 2027
Debt Instrument [Line Items]
Interest rate	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	$ 197.5	$ 173.5

Leases - AR PENN Master Lease (Details) $ in Millions	Nov. 01, 2023 USD ($)	Feb. 21, 2023 USD ($) facility term	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Cost [Line Items]
Long-term portion of financing obligations			$ 2,354.1	$ 2,386.1
Property and equipment, net			3,580.9	$ 3,514.0
Derecognition of operating lease liabilities			$ 4,026.3
Penn Master Lease
Lessee, Lease, Cost [Line Items]
Initial rent		$ 284.1
Number of facilities with leased real estate \| facility		14
Number of options to extend lease \| term		3
Lease renewal term		5 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
Lessee, percentage rent test, component of rent decrease, amount	$ 4.4
Long-term portion of financing obligations						$ 1,600.0
Property and equipment, net						$ 1,100.0
Derecognition of operating lease liabilities					$ 1,200.0
Penn Master Lease \| Building Base Rent
Lessee, Lease, Cost [Line Items]
Initial rent		$ 208.2
Penn Master Lease \| Land Base Rent
Lessee, Lease, Cost [Line Items]
Initial rent		43.0
Penn Master Lease \| Percentage Rent
Lessee, Lease, Cost [Line Items]
Initial rent		$ 32.9

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	$ 4,245.3
Accumulated goodwill impairment losses, beginning balance	(1,550.2)
Goodwill, net, beginning balance	2,695.1
Effect of foreign currency exchange rates	(30.8)
Goodwill, gross, ending balance	4,214.5
Accumulated goodwill impairment losses, ending balance	(1,550.2)
Goodwill, net, ending balance	2,664.3
Operating Segments \| Northeast
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	923.5
Accumulated goodwill impairment losses, beginning balance	(828.8)
Goodwill, net, beginning balance	94.7
Effect of foreign currency exchange rates	0.0
Goodwill, gross, ending balance	923.5
Accumulated goodwill impairment losses, ending balance	(828.8)
Goodwill, net, ending balance	94.7
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	1,664.0
Accumulated goodwill impairment losses, beginning balance	0.0
Goodwill, net, beginning balance	1,664.0
Effect of foreign currency exchange rates	(30.8)
Goodwill, gross, ending balance	1,633.2
Accumulated goodwill impairment losses, ending balance	0.0
Goodwill, net, ending balance	1,633.2
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

Significant Accounting Policies and Basis of Presentation - Schedule of Operating Segments within Reportable Segments (Details)	Sep. 30, 2024
Kansas Entertainment
Segment Reporting Information [Line Items]
Ownership interest	50.00%

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

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
Hollywood Casino Bangor	Bangor, Maine	AR PENN Master Lease
Hollywood Casino at Charles Town Races	Charles Town, West Virginia	AR PENN Master Lease
Hollywood Casino Columbus	Columbus, Ohio	2023 Master Lease
Hollywood Casino at Greektown	Detroit, Michigan	Greektown Lease
Hollywood Casino Lawrenceburg	Lawrenceburg, Indiana	AR PENN Master Lease
Hollywood Casino Morgantown	Morgantown, Pennsylvania	Morgantown Lease (1)
Hollywood Casino at PENN National Race Course	Grantville, Pennsylvania	AR PENN Master Lease
Hollywood Casino Perryville	Perryville, Maryland	2023 Master Lease
Hollywood Casino at The Meadows	Washington, Pennsylvania	2023 Master Lease
Hollywood Casino Toledo	Toledo, Ohio	2023 Master Lease
Hollywood Casino York	York, Pennsylvania	Operating Lease (not with REIT Landlord)
Hollywood Gaming at Dayton Raceway	Dayton, Ohio	AR PENN Master Lease
Hollywood Gaming at Mahoning Valley Race Course	Youngstown, Ohio	AR PENN Master Lease
Marquee by PENN (2)	Pennsylvania	N/A
Plainridge Park Casino	Plainville, Massachusetts	Pinnacle Master Lease

South segment
1st Jackpot Casino	Tunica, Mississippi	AR PENN Master Lease
Ameristar Vicksburg	Vicksburg, Mississippi	Pinnacle Master Lease
Boomtown Biloxi	Biloxi, Mississippi	AR 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	AR PENN Master Lease
Hollywood Casino Tunica	Tunica, Mississippi	AR 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 Spa Casino	Henderson, Nevada	2023 Master Lease
Zia Park Casino	Hobbs, New Mexico	AR PENN Master Lease

Midwest segment
Ameristar Council Bluffs	Council Bluffs, Iowa	Pinnacle Master Lease
Argosy Casino Alton (3)	Alton, Illinois	AR PENN Master Lease
Argosy Casino Riverside	Riverside, Missouri	AR PENN Master Lease
Hollywood Casino Aurora	Aurora, Illinois	2023 Master Lease
Hollywood Casino Joliet	Joliet, Illinois	2023 Master Lease
Hollywood Casino at Kansas Speedway (4)	Kansas City, Kansas	Owned - Joint Venture
Hollywood Casino St. Louis	Maryland Heights, Missouri	AR PENN Master Lease
Prairie State Gaming (2)	Illinois	N/A
River City Casino	St. Louis, Missouri	Pinnacle Master Lease

(1)Upon termination of the Morgantown Lease, ownership of the constructed building and all tenant improvements will transfer from the Company to GLPI.

(2)VGT route operations.

(3)The riverboat is owned by us and not subject to the AR 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 loss.


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2024		2023		2024		2023
Revenues:
Northeast segment	$	684.8	$	687.0	$	2,065.8	$	2,075.5
South segment	288.1		308.2		884.8		931.3
West segment	131.8		135.1		395.9		394.8
Midwest segment	292.2		293.4		881.5		882.0
Interactive segment	244.6		196.3		684.9		687.3
Other (1)	4.0		4.5		15.9		16.5
Intersegment eliminations (2)	(6.3)		(5.1)		(19.7)		(19.9)
Total	$	1,639.2	$	1,619.4	$	4,909.1	$	4,967.5

Adjusted EBITDAR (3):
Northeast segment	$	199.3	$	208.3	$	606.6	$	638.5
South segment	106.4		136.6		331.3		381.1
West segment	47.5		54.7		144.0		153.4
Midwest segment	118.5		123.8		365.4		376.5
Interactive segment	(90.9)		(50.2)		(389.7)		(68.7)
Other (1)	(32.4)		(28.1)		(86.0)		(80.7)
Total (3)	348.4		445.1		971.6		1,400.1

Other operating benefits (costs) and other income (expenses):
Rent expense associated with triple net operating leases (4)	(154.9)		(146.6)		(464.6)		(439.0)
Stock-based compensation	(12.9)		(35.2)		(39.0)		(71.4)
Cash-settled stock-based awards variance	3.8		2.9		14.9		12.0
Gain (loss) on disposal of assets	0.1		—		(8.8)		—
Contingent purchase price	1.1		(1.3)		1.1		(1.8)

Depreciation and amortization	(108.7)		(105.8)		(326.5)		(323.9)

Insurance recoveries, net of deductible charges	—		0.3		2.7		13.9
Non-operating items of equity method investments (5)	(1.1)		(1.0)		(3.2)		(6.4)
Interest expense, net	(118.4)		(117.5)		(356.9)		(346.1)
Interest income	6.3		10.2		19.2		30.5
Loss on disposal of Barstool (6)	—		(923.2)		—		(923.2)
Gain on Barstool Acquisition, net (7)	—		—		—		83.4
Gain on REIT transactions, net (8)	—		—		—		500.8
Other (9)	1.6		(14.7)		(3.0)		(20.6)
Loss before income taxes	(34.7)		(886.8)		(192.5)		(91.7)
Income tax benefit (expense)	(2.8)		161.7		13.0		(40.9)
Net loss	$	(37.5)	$	(725.1)	$	(179.5)	$	(132.6)

million for the three months ended September 30, 2024 and 2023, respectively, and $78.5 million and $78.1 million for the nine months ended September 30, 2024 and 2023, respectively.

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

(4)Amounts pertain to the operating lease components contained within the: (i) AR PENN Master Lease; (ii) 2023 Master Lease; (iii) Margaritaville Lease; and (iv) Greektown Lease.

(6)Relates to the loss incurred on the sale of 100% of the outstanding shares of Barstool which was completed on August 8, 2023 (see Note 5, “Acquisitions and Dispositions”).

The table below presents capital expenditures by segment:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2024		2023		2024		2023
Capital expenditures:
Northeast segment	$	18.9	$	27.1	$	37.8	$	74.6
South segment	30.5		20.3		65.9		49.4
West segment	22.0		5.6		34.9		15.9
Midwest segment	58.0		11.1		115.4		40.7
Interactive segment	0.8		8.6		1.8		18.3
Other	1.9		2.3		5.9		8.9
Total capital expenditures	$	132.1	$	75.0	$	261.7	$	207.8

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 September 30, 2024
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	81.1	$	—	$	7.4	$	88.6
Total assets	$	1,815.5	$	1,292.7	$	430.5	$	1,417.4	$	2,451.7	$	8,106.7	$	15,514.5

Balance sheet as of December 31, 2023
Investment in and advances to unconsolidated affiliates	$	—	$	—	$	—	$	80.8	$	—	$	4.1	$	84.9
Total assets	$	1,827.4	$	1,244.5	$	388.6	$	1,241.1	$	2,549.9	$	8,812.7	$	16,064.2

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 834.0	$ 1,071.8
Accounts receivable, net	239.7	319.0
Prepaid expenses	155.9	225.6
Other current assets	51.3	42.6
Total current assets	1,280.9	1,659.0
Property and equipment, net	3,580.9	3,514.0
Investment in and advances to unconsolidated affiliates	88.6	84.9
Goodwill	2,664.3	2,695.1
Other intangible assets, net	1,624.8	1,618.2
Operating lease right-of-use assets	4,030.6	4,264.7
Finance lease right-of-use assets	2,036.9	2,041.0
Other assets	207.5	187.3
Total assets	15,514.5	16,064.2
Current liabilities
Accounts payable	66.7	36.6
Current maturities of long-term debt	38.2	47.6
Current portion of financing obligations	42.9	41.3
Current portion of operating lease liabilities	315.4	302.3
Current portion of finance lease liabilities	52.5	40.3
Accrued expenses and other current liabilities	845.5	1,021.9
Total current liabilities	1,361.2	1,490.0
Long-term debt, net of current maturities, debt discount and debt issuance costs	2,727.2	2,718.0
Long-term portion of financing obligations	2,354.1	2,386.1
Long-term portion of operating lease liabilities	3,710.9	3,944.1
Long-term portion of finance lease liabilities	2,075.8	2,062.5
Deferred income taxes	83.8	117.6
Other long-term liabilities	140.6	146.3
Total liabilities	12,453.6	12,864.6
Commitments and contingencies (Note 11)
Stockholders’ equity
Treasury stock, at cost (25,166,902 shares repurchased as of both periods)	(779.5)	(779.5)
Additional paid-in capital	4,514.3	4,436.6
Accumulated deficit	(513.7)	(335.5)
Accumulated other comprehensive loss	(158.2)	(121.3)
Total PENN Entertainment, Inc. stockholders’ equity	3,064.7	3,202.1
Non-controlling interest	(3.8)	(2.5)
Total stockholders’ equity	3,060.9	3,199.6
Total liabilities and stockholders’ equity	15,514.5	16,064.2
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	0.0	0.0
Common Stock, Non-Exchangeable
Stockholders’ equity
Common stock	1.8	1.8
Common Stock, Exchangeable
Stockholders’ equity
Common stock	$ 0.0	$ 0.0

Revenue Disaggregation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenue Disaggregation (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,639.2	$ 1,619.4	$ 4,909.1	$ 4,967.5
Gaming
Disaggregation of Revenue [Line Items]
Total revenues	1,288.0	1,252.1	3,878.6	3,869.5
Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	104.5	104.6	312.8	309.7
Hotel
Disaggregation of Revenue [Line Items]
Total revenues	67.5	70.7	190.3	188.9
Other
Disaggregation of Revenue [Line Items]
Total revenues	179.2	192.0	527.4	599.4
Advertising \| Barstool Acquisition
Disaggregation of Revenue [Line Items]
Total revenues		12.3		69.4
Retail \| Barstool Acquisition
Disaggregation of Revenue [Line Items]
Total revenues		6.0		29.8
Operating Segments \| Northeast
Disaggregation of Revenue [Line Items]
Total revenues	684.8	687.0	2,065.8	2,075.5
Operating Segments \| Northeast \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	609.9	610.8	1,850.3	1,856.6
Operating Segments \| Northeast \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	35.8	35.4	108.5	108.3
Operating Segments \| Northeast \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	15.7	16.9	40.6	42.9
Operating Segments \| Northeast \| Other
Disaggregation of Revenue [Line Items]
Total revenues	23.4	23.9	66.4	67.7
Operating Segments \| South
Disaggregation of Revenue [Line Items]
Total revenues	288.1	308.2	884.8	931.3
Operating Segments \| South \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	220.2	236.8	684.2	728.0
Operating Segments \| South \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	34.0	35.5	99.6	100.8
Operating Segments \| South \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	23.6	25.5	70.2	72.1
Operating Segments \| South \| Other
Disaggregation of Revenue [Line Items]
Total revenues	10.3	10.4	30.8	30.4
Operating Segments \| West
Disaggregation of Revenue [Line Items]
Total revenues	131.8	135.1	395.9	394.8
Operating Segments \| West \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	89.8	94.5	275.9	281.3
Operating Segments \| West \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	18.7	18.2	55.8	53.5
Operating Segments \| West \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	17.8	17.5	50.2	45.5
Operating Segments \| West \| Other
Disaggregation of Revenue [Line Items]
Total revenues	5.5	4.9	14.0	14.5
Operating Segments \| Midwest
Disaggregation of Revenue [Line Items]
Total revenues	292.2	293.4	881.5	882.0
Operating Segments \| Midwest \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	259.1	260.1	784.7	787.5
Operating Segments \| Midwest \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	15.5	15.0	46.0	44.4
Operating Segments \| Midwest \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	10.4	10.8	29.3	28.4
Operating Segments \| Midwest \| Other
Disaggregation of Revenue [Line Items]
Total revenues	7.2	7.5	21.5	21.7
Operating Segments \| Interactive
Disaggregation of Revenue [Line Items]
Total revenues	244.6	196.3	684.9	687.3
Tax gross up	104.1	102.6	302.8	283.4
Operating Segments \| Interactive \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	109.0	49.9	283.5	216.1
Operating Segments \| Interactive \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0	0.0	0.0
Operating Segments \| Interactive \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0	0.0	0.0
Operating Segments \| Interactive \| Other
Disaggregation of Revenue [Line Items]
Total revenues	135.6	146.4	401.4	471.2
Other
Disaggregation of Revenue [Line Items]
Total revenues	4.0	4.5	15.9	16.5
Other \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0	0.0	0.0
Other \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	0.5	0.5	2.9	2.7
Other \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0	0.0	0.0
Other \| Other
Disaggregation of Revenue [Line Items]
Total revenues	3.5	4.0	13.0	13.8
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Total revenues	(6.3)	(5.1)	(19.7)	(19.9)
Intersegment eliminations \| Gaming
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0	0.0	0.0
Intersegment eliminations \| Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0	0.0	0.0
Intersegment eliminations \| Hotel
Disaggregation of Revenue [Line Items]
Total revenues	0.0	0.0	0.0	0.0
Intersegment eliminations \| Other
Disaggregation of Revenue [Line Items]
Total revenues	$ (6.3)	$ (5.1)	$ (19.7)	$ (19.9)

Significant Accounting Policies and Basis of Presentation - Customer-related Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 1.1	$ 0.7	$ 5.3	$ 2.4
Online sports betting and related iGaming market access
Disaggregation of Revenue [Line Items]
Customer-related liabilities	41.4		41.4		$ 41.9
Loyalty Credit Obligation
Disaggregation of Revenue [Line Items]
Customer-related liabilities, current	26.9		$ 26.9		33.1
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	$ 132.3		$ 132.3		$ 192.6

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Fair Value Measurements - Schedule of Carrying Amounts and Estimated Fair Values by Input Level (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Jul. 01, 2021	May 31, 2020
Financial assets:
Equity securities	$ 8.2	$ 10.7
Senior Notes \| 5.625% Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	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
Financial liabilities:
Long-term debt	$ 24.2	$ 24.2
Convertible Notes \| Convertible Notes
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	$ 834.0	1,071.8
Equity securities	8.2	10.7
Available-for-sale debt securities	0.0	0.0
Held-to-maturity securities	0.0	0.0
Promissory notes	0.0	0.0
Financial liabilities:
Other liabilities	0.0	0.0
Recurring \| Level 1 \| Amended Credit Facilities
Financial liabilities:
Long-term debt	0.0	1,483.5
Recurring \| Level 1 \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	0.0	388.0
Recurring \| Level 1 \| Senior Notes \| 4.125% Notes due 2029
Financial liabilities:
Long-term debt	0.0	340.0
Recurring \| Level 1 \| Convertible Notes \| Convertible Notes
Financial liabilities:
Long-term debt	0.0	427.6
Recurring \| Level 1 \| Other long-term obligations
Financial liabilities:
Long-term debt	0.0	0.0
Recurring \| Level 2
Financial assets:
Cash and cash equivalents	0.0	0.0
Equity securities	0.0	0.0
Available-for-sale debt securities	0.0	0.0
Held-to-maturity securities	6.7	6.7
Promissory notes	7.9	7.9
Financial liabilities:
Other liabilities	2.6	2.7
Recurring \| Level 2 \| Amended Credit Facilities
Financial liabilities:
Long-term debt	1,459.5	0.0
Recurring \| Level 2 \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	394.0	0.0
Recurring \| Level 2 \| Senior Notes \| 4.125% Notes due 2029
Financial liabilities:
Long-term debt	364.0	0.0
Recurring \| Level 2 \| Convertible Notes \| Convertible Notes
Financial liabilities:
Long-term debt	356.9	0.0
Recurring \| Level 2 \| Other long-term obligations
Financial liabilities:
Long-term debt	8.1	18.0
Recurring \| Level 3
Financial assets:
Cash and cash equivalents	0.0	0.0
Equity securities	0.0	0.0
Available-for-sale debt securities	24.2	24.2
Held-to-maturity securities	0.0	0.0
Promissory notes	0.0	0.0
Financial liabilities:
Other liabilities	42.0	76.2
Recurring \| Level 3 \| Amended 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 \| Convertible Notes
Financial liabilities:
Long-term debt	0.0	0.0
Recurring \| Level 3 \| Other long-term obligations
Financial liabilities:
Long-term debt	188.2	154.1
Recurring \| Carrying Amount
Financial assets:
Cash and cash equivalents	834.0	1,071.8
Equity securities	8.2	10.7
Available-for-sale debt securities	24.2	24.2
Held-to-maturity securities	6.7	6.7
Promissory notes	7.9	7.9
Financial liabilities:
Other liabilities	44.7	79.0
Recurring \| Carrying Amount \| Amended Credit Facilities
Financial liabilities:
Long-term debt	1,445.4	1,471.7
Recurring \| Carrying Amount \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	399.8	399.7
Recurring \| Carrying Amount \| Senior Notes \| 4.125% Notes due 2029
Financial liabilities:
Long-term debt	395.3	394.6
Recurring \| Carrying Amount \| Convertible Notes \| Convertible Notes
Financial liabilities:
Long-term debt	327.4	326.1
Recurring \| Carrying Amount \| Other long-term obligations
Financial liabilities:
Long-term debt	197.5	173.5
Recurring \| Fair Value
Financial assets:
Cash and cash equivalents	834.0	1,071.8
Equity securities	8.2	10.7
Available-for-sale debt securities	24.2	24.2
Held-to-maturity securities	6.7	6.7
Promissory notes	7.9	7.9
Financial liabilities:
Other liabilities	44.6	78.9
Recurring \| Fair Value \| Amended Credit Facilities
Financial liabilities:
Long-term debt	1,459.5	1,483.5
Recurring \| Fair Value \| Senior Notes \| 5.625% Notes
Financial liabilities:
Long-term debt	394.0	388.0
Recurring \| Fair Value \| Senior Notes \| 4.125% Notes due 2029
Financial liabilities:
Long-term debt	364.0	340.0
Recurring \| Fair Value \| Convertible Notes \| Convertible Notes
Financial liabilities:
Long-term debt	356.9	427.6
Recurring \| Fair Value \| Other long-term obligations
Financial liabilities:
Long-term debt	$ 196.3	$ 172.1

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Mar. 31, 2023
Income Tax Contingency [Line Items]
Effective tax rate	23.10%	19.00%	18.60%	1698.90%
Increase in valuation allowance	$ 0.7
Prepaid income taxes	$ 43.3		$ 43.3		$ 65.3
Barstool Acquisition
Income Tax Contingency [Line Items]
Deferred income taxes						$ 115.9

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill [Line Items]
Loss on disposal of Barstool	$ 0.0	$ 923.2	$ 0.0	$ 923.2
Gaming license acquired during the period	25.0
Intangible asset amortization expense	$ 12.6	14.3	$ 37.8	$ 46.2
Operating Segments \| Interactive
Goodwill [Line Items]
Goodwill write-off		231.9
Impairment of trademarks and other intangible assets		$ 482.9

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2024

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, 2023
Goodwill, gross	$	923.5	$	236.6	$	216.8	$	1,116.7	$	1,664.0	$	87.7	$	4,245.3
Accumulated goodwill impairment losses	(828.8)		(61.0)		(16.6)		(556.1)		—		(87.7)		(1,550.2)
Goodwill, net	$	94.7	$	175.6	$	200.2	$	560.6	$	1,664.0	$	—	$	2,695.1


Effect of foreign currency exchange rates	—		—		—		—		(30.8)		—		(30.8)


Balance as of September 30, 2024
Goodwill, gross	$	923.5	$	236.6	$	216.8	$	1,116.7	$	1,633.2	$	87.7	$	4,214.5
Accumulated goodwill impairment losses	(828.8)		(61.0)		(16.6)		(556.1)		—		(87.7)		(1,550.2)
Goodwill, net	$	94.7	$	175.6	$	200.2	$	560.6	$	1,633.2	$	—	$	2,664.3

During the three months ended September 30, 2023, in connection with the Barstool SPA, we recorded a pre-tax loss on disposal of $923.2 million, inclusive of a goodwill write-off of $231.9 million as well as trademarks and other intangible assets write-offs of $482.9 million, all within our Interactive segment. See Note 5, “Acquisitions and Dispositions.”

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


	September 30, 2024						December 31, 2023
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Indefinite-lived intangible assets
Gaming licenses	$	1,132.2	$	—	$	1,132.2	$	1,107.2	$	—	$	1,107.2
Trademarks	332.5		—		332.5		334.4		—		334.4
Other	0.7		—		0.7		0.7		—		0.7
Amortizing intangible assets
Customer relationships	112.0		(106.2)		5.8		112.1		(103.7)		8.4
Technology	307.8		(175.7)		132.1		286.0		(132.3)		153.7
Other	39.9		(18.4)		21.5		29.0		(15.2)		13.8
Total other intangible assets, net	$	1,925.1	$	(300.3)	$	1,624.8	$	1,869.4	$	(251.2)	$	1,618.2

During the three months ended September 30, 2024, we acquired a gaming license for operating online sports wagering in the state of New York, which was recorded to “Gaming licenses” at its fair value of $25.0 million.

Amortization expense related to our amortizing intangible assets was $12.6 million and $14.3 million for the three months ended September 30, 2024 and 2023, respectively, and $37.8 million and $46.2 million for the nine months ended September 30, 2024 and 2023, respectively. The following table presents the estimated amortization expense based on our amortizing intangible assets as of September 30, 2024 (in millions):


Years ending December 31,
2024 (excluding the nine months ended September 30, 2024)	$	17.3
2025	53.5
2026	33.3
2027	24.5
2028	19.3
Thereafter	11.5
Total	$	159.4

Segment Information (Details) $ in Millions			3 Months Ended		9 Months Ended
Segment Information (Details) $ in Millions	Feb. 21, 2023 USD ($)	Feb. 17, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Aug. 08, 2023
Segment Reporting Information [Line Items]
Number of reportable segments \| segment					5
Revenues:
Revenues			$ 1,639.2	$ 1,619.4	$ 4,909.1	$ 4,967.5
Adjusted EBITDAR:
Adjusted EBITDAR			348.4	445.1	971.6	1,400.1
Other Operating Benefits (Costs) And Other Income (Expense) [Abstract]
Rent expense associated with triple net operating leases			(154.9)	(146.6)	(464.6)	(439.0)
Stock-based compensation			(12.9)	(35.2)	(39.0)	(71.4)
Cash-settled stock-based awards variance			3.8	2.9	14.9	12.0
Gain (loss) on disposal of assets			0.1	0.0	(8.8)	0.0
Contingent purchase price			1.1	(1.3)	1.1	(1.8)
Depreciation and amortization			(108.7)	(105.8)	(326.5)	(323.9)
Insurance recoveries, net of deductible charges			0.0	0.3	2.7	13.9
Non-operating items of equity method investments			(1.1)	(1.0)	(3.2)	(6.4)
Interest expense, net			(118.4)	(117.5)	(356.9)	(346.1)
Interest income			6.3	10.2	19.2	30.5
Loss on disposal of Barstool			0.0	(923.2)	0.0	(923.2)
Gain on Barstool Acquisition, net			0.0	0.0	0.0	83.4
Gain on REIT transactions, net	$ 500.8		0.0	0.0	0.0	500.8
Other			1.6	(14.7)	(3.0)	(20.6)
Loss before income taxes			(34.7)	(886.8)	(192.5)	(91.7)
Income tax benefit (expense)			(2.8)	161.7	13.0	(40.9)
Net loss			(37.5)	(725.1)	(179.5)	(132.6)
Corporate overhead costs			29.1	27.0	78.5	78.1
Equity securities, unrealized gain (loss)			3.0	(11.6)	(2.4)	(8.5)
Capital expenditures:
Total capital expenditures			132.1	75.0	261.7	207.8
Assets:
Investment in and advances to unconsolidated affiliates			88.6		88.6		$ 84.9
Total assets			15,514.5		15,514.5		16,064.2
Operating Segments \| Northeast
Revenues:
Revenues			684.8	687.0	2,065.8	2,075.5
Adjusted EBITDAR:
Adjusted EBITDAR			199.3	208.3	606.6	638.5
Capital expenditures:
Total capital expenditures			18.9	27.1	37.8	74.6
Assets:
Investment in and advances to unconsolidated affiliates			0.1		0.1		0.0
Total assets			1,815.5		1,815.5		1,827.4
Operating Segments \| South
Revenues:
Revenues			288.1	308.2	884.8	931.3
Adjusted EBITDAR:
Adjusted EBITDAR			106.4	136.6	331.3	381.1
Capital expenditures:
Total capital expenditures			30.5	20.3	65.9	49.4
Assets:
Investment in and advances to unconsolidated affiliates			0.0		0.0		0.0
Total assets			1,292.7		1,292.7		1,244.5
Operating Segments \| West
Revenues:
Revenues			131.8	135.1	395.9	394.8
Adjusted EBITDAR:
Adjusted EBITDAR			47.5	54.7	144.0	153.4
Capital expenditures:
Total capital expenditures			22.0	5.6	34.9	15.9
Assets:
Investment in and advances to unconsolidated affiliates			0.0		0.0		0.0
Total assets			430.5		430.5		388.6
Operating Segments \| Midwest
Revenues:
Revenues			292.2	293.4	881.5	882.0
Adjusted EBITDAR:
Adjusted EBITDAR			118.5	123.8	365.4	376.5
Capital expenditures:
Total capital expenditures			58.0	11.1	115.4	40.7
Assets:
Investment in and advances to unconsolidated affiliates			81.1		81.1		80.8
Total assets			1,417.4		1,417.4		1,241.1
Operating Segments \| Interactive
Revenues:
Revenues			244.6	196.3	684.9	687.3
Adjusted EBITDAR:
Adjusted EBITDAR			(90.9)	(50.2)	(389.7)	(68.7)
Capital expenditures:
Total capital expenditures			0.8	8.6	1.8	18.3
Assets:
Investment in and advances to unconsolidated affiliates			0.0		0.0		0.0
Total assets			2,451.7		2,451.7		2,549.9
Other
Revenues:
Revenues			4.0	4.5	15.9	16.5
Adjusted EBITDAR:
Adjusted EBITDAR			(32.4)	(28.1)	(86.0)	(80.7)
Capital expenditures:
Total capital expenditures			1.9	2.3	5.9	8.9
Assets:
Investment in and advances to unconsolidated affiliates			7.4		7.4		4.1
Total assets			8,106.7		8,106.7		$ 8,812.7
Intersegment eliminations
Revenues:
Revenues			$ (6.3)	$ (5.1)	$ (19.7)	$ (19.9)
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Barstool Sports, Inc
Segment Reporting Information [Line Items]
Disposal group, percentage of ownership interest sold								100.00%
Barstool Sports, Inc
Segment Reporting Information [Line Items]
Ownership interest		64.00%
Barstool Acquisition
Segment Reporting Information [Line Items]
Ownership interest before acquisition		36.00%
Other Operating Benefits (Costs) And Other Income (Expense) [Abstract]
Business acquisition, percentage of voting interests acquired		64.00%
Gain on transaction		$ 66.5
Gain on disposal of business		$ 16.9
Jackpot, Nevada
Segment Reporting Information [Line Items]
Number of facilities the entity owned, managed, or had ownership interests in \| property			2		2
Number of operating segments \| segment					1

Long-Term Debt - 2.75% Unsecured Convertible Notes (Details) - 2.75% Convertible Notes due 2026 - Convertible Notes - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	May 31, 2020
Debt Instrument [Line Items]
Debt principal amount			$ 330,500,000
Interest rate	2.75%		2.75%
Debt conversion, converted instrument, amount	$ 0	$ 0
Number of shares issued upon conversion (in shares)	18,360,815
Amount if-converted value exceeds its principal amount	$ 15,800,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Schedule of Operating Segments within Reportable Segments

Leases - 2023 Master Lease (Details) $ in Millions			3 Months Ended		9 Months Ended
Leases - 2023 Master Lease (Details) $ in Millions	Feb. 21, 2023 USD ($)	Jan. 01, 2023 period	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Cost [Line Items]
Derecognition of operating lease liabilities			$ 4,026.3		$ 4,026.3
Operating lease right-of-use assets			4,030.6		4,030.6		$ 4,264.7
Gain (loss) on REIT transactions, net	$ 500.8		0.0	$ 0.0	0.0	$ 500.8
2023 Master Lease
Lessee, Lease, Cost [Line Items]
Number of options to extend lease \| period		3
Lease renewal term		5 years
Derecognition of operating lease liabilities			1,800.0		1,800.0
Operating lease right-of-use assets			1,800.0		1,800.0
Operating lease, additional ROU asset derecognized			171.9		171.9
Operating lease, additional lease liabilities derecognized			$ 165.5		165.5
Gain (loss) on REIT transactions, net					(6.5)
Lessee, new lease include a base rent					$ 232.2
Percentage of project funding anticipated relocation of rent					7.75%
Lessee, rent subject to a one-time increase					$ 1.4
Percentage of rent fixed escalator					1.50%
2023 Master Lease \| Aurora Project
Lessee, Lease, Cost [Line Items]
Project funding on new master lease					$ 225.0
2023 Master Lease \| Other Development Projects
Lessee, Lease, Cost [Line Items]
Project funding on new master lease					$ 350.0

Significant Accounting Policies and Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

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
Hollywood Casino Bangor	Bangor, Maine	AR PENN Master Lease
Hollywood Casino at Charles Town Races	Charles Town, West Virginia	AR PENN Master Lease
Hollywood Casino Columbus	Columbus, Ohio	2023 Master Lease
Hollywood Casino at Greektown	Detroit, Michigan	Greektown Lease
Hollywood Casino Lawrenceburg	Lawrenceburg, Indiana	AR PENN Master Lease
Hollywood Casino Morgantown	Morgantown, Pennsylvania	Morgantown Lease (1)
Hollywood Casino at PENN National Race Course	Grantville, Pennsylvania	AR PENN Master Lease
Hollywood Casino Perryville	Perryville, Maryland	2023 Master Lease
Hollywood Casino at The Meadows	Washington, Pennsylvania	2023 Master Lease
Hollywood Casino Toledo	Toledo, Ohio	2023 Master Lease
Hollywood Casino York	York, Pennsylvania	Operating Lease (not with REIT Landlord)
Hollywood Gaming at Dayton Raceway	Dayton, Ohio	AR PENN Master Lease
Hollywood Gaming at Mahoning Valley Race Course	Youngstown, Ohio	AR PENN Master Lease
Marquee by PENN (2)	Pennsylvania	N/A
Plainridge Park Casino	Plainville, Massachusetts	Pinnacle Master Lease

South segment
1st Jackpot Casino	Tunica, Mississippi	AR PENN Master Lease
Ameristar Vicksburg	Vicksburg, Mississippi	Pinnacle Master Lease
Boomtown Biloxi	Biloxi, Mississippi	AR 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	AR PENN Master Lease
Hollywood Casino Tunica	Tunica, Mississippi	AR 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 Spa Casino	Henderson, Nevada	2023 Master Lease
Zia Park Casino	Hobbs, New Mexico	AR PENN Master Lease

Midwest segment
Ameristar Council Bluffs	Council Bluffs, Iowa	Pinnacle Master Lease
Argosy Casino Alton (3)	Alton, Illinois	AR PENN Master Lease
Argosy Casino Riverside	Riverside, Missouri	AR PENN Master Lease
Hollywood Casino Aurora	Aurora, Illinois	2023 Master Lease
Hollywood Casino Joliet	Joliet, Illinois	2023 Master Lease
Hollywood Casino at Kansas Speedway (4)	Kansas City, Kansas	Owned - Joint Venture
Hollywood Casino St. Louis	Maryland Heights, Missouri	AR PENN Master Lease
Prairie State Gaming (2)	Illinois	N/A
River City Casino	St. Louis, Missouri	Pinnacle Master Lease

(1)Upon termination of the Morgantown Lease, ownership of the constructed building and all tenant improvements will transfer from the Company to GLPI.

(2)VGT route operations.

(3)The riverboat is owned by us and not subject to the AR 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 loss.


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2024		2023		2024		2023
Revenues:
Northeast segment	$	684.8	$	687.0	$	2,065.8	$	2,075.5
South segment	288.1		308.2		884.8		931.3
West segment	131.8		135.1		395.9		394.8
Midwest segment	292.2		293.4		881.5		882.0
Interactive segment	244.6		196.3		684.9		687.3
Other (1)	4.0		4.5		15.9		16.5
Intersegment eliminations (2)	(6.3)		(5.1)		(19.7)		(19.9)
Total	$	1,639.2	$	1,619.4	$	4,909.1	$	4,967.5

Adjusted EBITDAR (3):
Northeast segment	$	199.3	$	208.3	$	606.6	$	638.5
South segment	106.4		136.6		331.3		381.1
West segment	47.5		54.7		144.0		153.4
Midwest segment	118.5		123.8		365.4		376.5
Interactive segment	(90.9)		(50.2)		(389.7)		(68.7)
Other (1)	(32.4)		(28.1)		(86.0)		(80.7)
Total (3)	348.4		445.1		971.6		1,400.1

Other operating benefits (costs) and other income (expenses):
Rent expense associated with triple net operating leases (4)	(154.9)		(146.6)		(464.6)		(439.0)
Stock-based compensation	(12.9)		(35.2)		(39.0)		(71.4)
Cash-settled stock-based awards variance	3.8		2.9		14.9		12.0
Gain (loss) on disposal of assets	0.1		—		(8.8)		—
Contingent purchase price	1.1		(1.3)		1.1		(1.8)

Depreciation and amortization	(108.7)		(105.8)		(326.5)		(323.9)

Insurance recoveries, net of deductible charges	—		0.3		2.7		13.9
Non-operating items of equity method investments (5)	(1.1)		(1.0)		(3.2)		(6.4)
Interest expense, net	(118.4)		(117.5)		(356.9)		(346.1)
Interest income	6.3		10.2		19.2		30.5
Loss on disposal of Barstool (6)	—		(923.2)		—		(923.2)
Gain on Barstool Acquisition, net (7)	—		—		—		83.4
Gain on REIT transactions, net (8)	—		—		—		500.8
Other (9)	1.6		(14.7)		(3.0)		(20.6)
Loss before income taxes	(34.7)		(886.8)		(192.5)		(91.7)
Income tax benefit (expense)	(2.8)		161.7		13.0		(40.9)
Net loss	$	(37.5)	$	(725.1)	$	(179.5)	$	(132.6)

million for the three months ended September 30, 2024 and 2023, respectively, and $78.5 million and $78.1 million for the nine months ended September 30, 2024 and 2023, respectively.

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

(4)Amounts pertain to the operating lease components contained within the: (i) AR PENN Master Lease; (ii) 2023 Master Lease; (iii) Margaritaville Lease; and (iv) Greektown Lease.

(6)Relates to the loss incurred on the sale of 100% of the outstanding shares of Barstool which was completed on August 8, 2023 (see Note 5, “Acquisitions and Dispositions”).

The table below presents capital expenditures by segment:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2024		2023		2024		2023
Capital expenditures:
Northeast segment	$	18.9	$	27.1	$	37.8	$	74.6
South segment	30.5		20.3		65.9		49.4
West segment	22.0		5.6		34.9		15.9
Midwest segment	58.0		11.1		115.4		40.7
Interactive segment	0.8		8.6		1.8		18.3
Other	1.9		2.3		5.9		8.9
Total capital expenditures	$	132.1	$	75.0	$	261.7	$	207.8

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 September 30, 2024
Investment in and advances to unconsolidated affiliates	$	0.1	$	—	$	—	$	81.1	$	—	$	7.4	$	88.6
Total assets	$	1,815.5	$	1,292.7	$	430.5	$	1,417.4	$	2,451.7	$	8,106.7	$	15,514.5

Balance sheet as of December 31, 2023
Investment in and advances to unconsolidated affiliates	$	—	$	—	$	—	$	80.8	$	—	$	4.1	$	84.9
Total assets	$	1,827.4	$	1,244.5	$	388.6	$	1,241.1	$	2,549.9	$	8,812.7	$	16,064.2

Schedule of Complimentaries

Revenues recorded to “Food, beverage, hotel, and other” and offset to “Gaming” revenues were as follows:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2024		2023		2024		2023
Food and beverage	$	57.3	$	54.0	$	165.7	$	163.1
Hotel	36.6		39.1		105.9		104.8
Other	2.3		3.5		7.7		9.8
Total complimentaries associated with gaming contracts	$	96.2	$	96.6	$	279.3	$	277.7

Significant Accounting Policies and Basis of Presentation - Advertising (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Marketing and advertising expense	$ 99.1	$ 18.4	$ 347.4	$ 62.8

Significant Accounting Policies and Basis of Presentation - Gaming and Pari-mutuel Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Gaming taxes	$ 568.5	$ 562.9	$ 1,700.0	$ 1,700.0

Organization	9 Months Ended
Organization	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Organization: PENN Entertainment, 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. As of September 30, 2024, PENN operated 43 properties in 20 states, online sports betting in 20 jurisdictions and iCasino in five jurisdictions, under a portfolio of well-recognized brands including Hollywood Casino®, L’Auberge®, ESPN BET™, and theScore BET Sportsbook and Casino®. In August 2023, PENN entered into a transformative, exclusive long-term strategic alliance with ESPN, Inc. and ESPN Enterprises, Inc. (together, “ESPN”) relating to online sports betting within the United States. PENN’s ability to leverage the leading sports media brands in the United States (ESPN) and Canada (theScore) is central to our highly differentiated strategy to expand our footprint and efficiently grow our customer ecosystem. The Company’s focus on organic cross-sell opportunities is reinforced by our market-leading retail casinos, sports media assets, and technology, including a proprietary state-of-the-art, fully integrated digital sports and iCasino betting platform and an in-house iCasino content studio. PENN’s portfolio is further bolstered by our industry-leading PENN PlayTM customer loyalty program, which offers our 31 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 with Gaming and Leisure Properties, Inc. (Nasdaq: GLPI) (“GLPI”), a real estate investment trust (“REIT”), and include the AR PENN Master Lease, 2023 Master Lease, and Pinnacle Master Lease (as such terms are defined in Note 8, “Leases” and collectively referred to as the “Master Leases”).

Stockholders’ Equity and Stock-Based Compensation - Performance Share Program (Details) - Performance Share Program II	9 Months Ended
	Sep. 30, 2024 performance_period shares	Sep. 30, 2023 performance_period shares
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) \| shares	1,317,269	461,747
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of annual award performance periods \| performance_period	1	3
Performance period	3 years	1 year
Service period	3 years	3 years
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award which can potentially be earned	0.00%	0.00%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award which can potentially be earned	200.00%	150.00%

Leases - Schedule of Triple Net Leases (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Leased Assets [Line Items]
Lease payments	$ 238.0	$ 235.0	$ 711.0	$ 702.4
AR PENN Master Lease
Schedule of Leased Assets [Line Items]
Lease payments	71.0	71.1	212.9	213.1
2023 Master Lease
Schedule of Leased Assets [Line Items]
Lease payments	58.9	58.0	176.7	174.1
Pinnacle Master Lease
Schedule of Leased Assets [Line Items]
Lease payments	87.4	85.3	259.3	254.2
Margaritaville Lease
Schedule of Leased Assets [Line Items]
Lease payments	6.7	6.6	20.1	19.6
Greektown Lease
Schedule of Leased Assets [Line Items]
Lease payments	13.2	13.2	39.6	39.0
Morgantown Lease
Schedule of Leased Assets [Line Items]
Lease payments	$ 0.8	$ 0.8	$ 2.4	$ 2.4

Stockholders’ Equity and Stock-Based Compensation - Stock Appreciation Rights (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense (reduction to expense)	$ 12.9	$ 35.2	$ 39.0	$ 71.4
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Liability for cash-settled awards	0.4		$ 0.4		$ 5.8
Unrecognized compensation cost, other awards	0.1		$ 0.1
Unamortized compensation costs, weighted average period of recognition			1 year 4 months 24 days
Stock-based compensation expense (reduction to expense)	$ (0.4)	$ (0.7)	$ (4.9)	(4.4)
Amounts paid on cash-settled awards			$ 0.1	$ 0.6

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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

Stockholders’ Equity and Stock-Based Compensation - Common and Preferred Stock (Details) $ / shares in Units, $ in Millions				1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 26, 2024 USD ($) shares	Jun. 29, 2023 USD ($) shares	Feb. 20, 2020 $ / shares shares	Oct. 31, 2021 $ / shares shares	Sep. 30, 2024 $ / shares shares	Sep. 30, 2023 shares	Sep. 30, 2024 $ / shares shares	Sep. 30, 2023 USD ($) shares	Jun. 30, 2024 shares	Dec. 31, 2023 $ / shares shares	Jun. 30, 2023 shares	Dec. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued from acquisition (in shares)	4,055	4,055
Share issuance in connection with acquisitions \| $	$ 0.1	$ 0.1						$ 80.8
Series D Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exchangeable share issuance (in shares)			883
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.01		$ 0.01		$ 0.01			$ 0.01
Convertible stock, conversion ratio			0.001
Preferred stock, shares authorized (in shares)					5,000		5,000			5,000
Preferred stock, shares outstanding (in shares)					0		0			0
Common Stock, Exchangeable
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Convertible stock, conversion ratio				1
Common stock, par value (in dollars per share) \| $ / shares				$ 0.01	$ 0.01		$ 0.01			$ 0.01
Number of shares issued per acquiree share (in shares)					0	0	68,048	2,854
Common stock, shares authorized (in shares)					768,441		768,441			768,441
Common stock, shares outstanding (in shares)					468,943		468,943			560,267
Common Stock, Exchangeable \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exchangeable share issuance (in shares)				697,539			68,048	2,854
Common stock, par value (in dollars per share) \| $ / shares				$ 0.01
Common stock, shares outstanding (in shares)					468,943	560,388	468,943	560,388	469,878	560,267	560,388	620,019
Score Media and Gaming Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued from acquisition (in shares)				12,319,340

Fair Value Measurements - Schedule of Significant Unobservable Inputs Used in Calculating Level 3 Assets and Liabilities (Details) - Level 3 - Discount rate - Discounted cash flow	Sep. 30, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale debt securities	0.350
Other long-term obligation	0.270
Plainridge Park Casino
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent purchase price - Plainridge Park Casino	0.063

Significant Accounting Policies and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2024
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 statement 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, 2023.
Principles of Consolidation	Principles of Consolidation: The unaudited Consolidated Financial Statements include the accounts of PENN Entertainment, 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	Reclassifications: Certain reclassifications have been made to conform the prior period presentation with current year presentation.
Use of Estimates	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. Estimates used by us may include, among other things, the useful lives for depreciable and amortizable assets, the provision for credit losses, income tax provisions, the evaluation of the future realization of deferred tax assets, indemnification liabilities associated with certain tax matters, determining the adequacy of reserves for self-insured liabilities, the liabilities associated with our PENN Play program, the initial measurements of financing obligations and lease liabilities associated with our Master Leases, the initial selection of useful lives for depreciable and amortizable assets related to acquisitions, contingencies, and litigation inclusive of financing arrangements in which the Company receives up-front cash proceeds, and stock-based compensation expense. Additionally, we use estimates for projected cash flows when assessing the recoverability of long-lived assets, asset impairments, goodwill, and other intangible assets. Estimates of projected cash flows are also used in assessing the initial valuation of intangible assets in conjunction with acquisitions, We applied estimation methods consistently for the periods presented within our unaudited Consolidated Financial Statements. Actual results may differ from those estimates.
Segment Information	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 all of our online sports betting, online casino/iCasino and social gaming (collectively referred to as “online gaming”) operations, management of retail sports betting, media, and in the prior year, the operating results of Barstool Sports, Inc. (“Barstool” or “Barstool Sports”).
Revenue Recognition and Customer-related Liabilities	Revenue Recognition: Our revenue from contracts with customers consists primarily of gaming wagers, inclusive of sports betting and iCasino products, food and beverage transactions, hotel room sales, retail transactions, racing wagers, and third-party revenue sharing agreements. See Note 4, “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 at our retail properties or through the redemption of our customers’ loyalty points are recorded as “Food, beverage, hotel, and other” revenues at their estimated standalone selling prices, with an offset recorded as a reduction to “Gaming” revenues. The cost of providing complimentary goods and services to patrons as an inducement to gamble as well as for the fulfillment of our loyalty point obligation is included in “Food, beverage, hotel, and other” expenses. Customer-related Liabilities The Company has three general types of liabilities related to contracts with customers: (i) the obligation associated with its PENN Play 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 online sports betting and/or iCasino for online sports betting and iCasino market access. Our PENN Play program connects the Company’s brands under one loyalty program and allows members to earn loyalty points, or “PENN Cash,” redeemable for slot play and complimentaries, such as food and beverage at our restaurants, lodging at our hotels, the PENN Play redemption marketplace that features popular retailers, and products offered at our retail stores across the vast majority of our properties. In addition, members of the PENN Play program earn credit toward tier status, which entitles them to receive certain other benefits, such as priority access, discounts, gifts, trips to PENN destinations, partner experiences, and PENN Cash. The obligation associated with our PENN Play program, which is included in “Accrued expenses and other current liabilities” within our unaudited Consolidated Balance Sheets, was $26.9 million and $33.1 million as of September 30, 2024 and December 31, 2023, 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, sports betting, or pari-mutuel wagering, (v) outstanding chip liabilities, (vi) unclaimed jackpots, and (vii) gift cards redeemable at our properties. Unpaid wagers 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 $132.3 million and $192.6 million as of September 30, 2024 and December 31, 2023, respectively, and are included in “Accrued expenses and other current liabilities” within our unaudited Consolidated Balance Sheets. The Company’s deferred revenue is primarily related to PENN Interactive, our wholly owned interactive division, which enters into multi-year agreements with third-party online sports betting and/or iCasino operators for online sports betting and iCasino market access across our portfolio of properties. As of September 30, 2024 and December 31, 2023, our deferred revenue balance was $41.4 million and $41.9 million, respectively, the majority of which is included in “Other long-term liabilities” within our unaudited Consolidated Balance Sheets. During the three and nine months ended September 30, 2024, we recognized revenue of $1.1 million and $5.3 million, respectively, that was included in the December 31, 2023 deferred revenue balance. During the three and nine months ended September 30, 2023, we recognized revenue of $0.7 million and $2.4 million, respectively, that was included in the December 31, 2022 deferred revenue balance.
Advertising	Advertising: The Company expenses advertising costs the first time the advertising takes place or as incurred.
Gaming and Pari-mutuel Taxes	Gaming and Pari-mutuel 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, as well as taxes on revenues derived from arrangements which allow for third-party online sports betting and/or iCasino partners to operate online sportsbooks and iCasinos under our gaming licenses. 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, provincial and/or local jurisdictions in the states and provinces where or in which the wagering occurs. Also included in gaming and pari-mutuel taxes are costs to support the operations of local regulatory authorities which some jurisdictions require us to pay.
Foreign Currency Translation	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 or loss. 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 or Loss and Accumulated Other Comprehensive Income or Loss	Comprehensive Income or Loss and Accumulated Other Comprehensive Income or Loss: Comprehensive income or loss includes net income or loss and all other non-stockholder changes in equity, or other comprehensive income or loss. The balance of accumulated other comprehensive income or loss consists of foreign currency translation adjustments and unrealized gains or losses on debt securities.
Earnings or Loss Per Share	Earnings or Loss Per Share: Basic earnings or loss per share (“EPS”) is computed by dividing net income or 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 warrants, 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 12, “Stockholders’ Equity and Stock-based Compensation”) were 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 were considered a participating security, and the Company was required to apply the two-class method to consider the impact of the preferred shares on the calculation of basic and diluted EPS.
Guarantees and Indemnifications	Guarantees and Indemnifications: The Company accounts for indemnity obligations in accordance with Accounting Standards Codification (“ASC”) Topic 460-20, “Contingencies” and records a liability at fair value. Pursuant to the Barstool SPA, the Company agreed to indemnify Barstool and its subsidiaries and David Portnoy for certain tax matters. The indemnity provisions generally provide for the Company’s control of defense and settlement of claims, as well as certain other costs associated with potential tax matters related to Barstool and its subsidiaries and David Portnoy. Claims under the indemnification are paid upon demand.
Voting Interest Entities and Variable Interest Entities	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.
Accounting Pronouncements Adopted and Accounting Pronouncements to be Implemented	Accounting Pronouncements Adopted In June 2022, the Financial Accounting Standard Board (the “FASB”) issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 clarifies the guidance on the fair value measurement of an equity security that is subject to a contractual sale restriction and requires specific disclosures related to such an equity security. Specifically, ASU 2022-03 clarifies that a “contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security” and is not included in the equity security’s unit of account. Accordingly, the Company is no longer permitted to apply a discount related to the contractual sale restriction, or lack of marketability, when measuring the equity security’s fair value. In addition, ASU 2022-03 prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. ASU 2022-03 was effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of ASU 2022-03, which was effective January 1, 2024, did not have a material impact on our unaudited Consolidated Financial Statements. In March 2023, the FASB issued ASU 2023-02, “Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)” (“ASU 2023-02”). ASU 2023-02 introduced the option to apply the proportional amortization method to account for investments made primarily for the purpose of receiving income tax credits and other income tax benefits when certain requirements are met. ASU 2023-02 was effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of ASU 2023-02, which was effective January 1, 2024, did not have a material impact on our unaudited Consolidated Financial Statements. Accounting Pronouncements to be Implemented In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 updates the requirements for a public entity to disclose its significant segment expense categories and amounts for each reportable segment. A significant segment expense is considered an expense that is significant to the segment, regularly provided to or easily computed from information regularly provided to the chief operating decision maker, and included in the reported measure of segment profit or loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company has determined the adoption of ASU 2023-07 will result in additional disclosures in the notes to the Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 updates the requirements for a public entity to enhance income tax disclosures to provide a better assessment on how an entity’s operations, related tax risks, tax planning, and operational opportunities affect its tax rate and prospects for future cash flows. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The primary purpose of the new ASU 2023-09 is to enhance the transparency of income tax disclosures and we expect that any impact would be limited to additional disclosures in the notes to the Consolidated Financial Statements.

Stockholders’ Equity and Stock-Based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense (reduction to expense)	$ 12.9	$ 35.2	$ 39.0	$ 71.4
Stock options granted (in shares)	439	905	815,765	841,140

Earnings per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Stock Option And Warrants
Schedule of Equity Method Investments [Line Items]
Anti-dilutive securities (in shares)	35.3	2.0	35.1	1.7
Convertible Preferred Shares
Schedule of Equity Method Investments [Line Items]
Anti-dilutive securities (in shares)		0.2		0.3

Stockholders’ Equity and Stock-Based Compensation	9 Months Ended
Stockholders’ Equity and Stock-Based Compensation	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stockholders’ Equity and Stock-Based Compensation	Stockholders’ Equity and Stock-Based Compensation Common and Preferred Stock On May 11, 2021, the Company acquired HitPoint Inc. and Lucky Point Inc. (collectively, “HitPoint”). On both June 29, 2023 and June 26, 2024, the Company issued 4,055 shares in connection with the achievement of the second and final annual mutual goals established by the Company and HitPoint for a total of $0.1 million, respectively. In conjunction with the February 20, 2020 stock purchase agreement between PENN and Barstool, 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. 1/1,000th of a share of Series D Preferred Stock is convertible into one share of PENN common stock. Pursuant to the Barstool SPA, on August 11, 2023, all remaining outstanding shares of Series D Preferred Stock were converted to common stock. See Note 5, “Acquisitions and Dispositions” for additional information related to the Barstool SPA. As of both September 30, 2024 and December 31, 2023, there were 5,000 shares authorized of Series D Preferred Stock, and no shares were outstanding. In connection with the acquisition of Score Media and Gaming, Inc. (“theScore”) in October 2021, the Company issued 12,319,340 shares of common stock with a par value of $0.01, and 697,539 exchangeable shares, par value $0.01 (“Exchangeable Shares”) through the capital of an indirect wholly-owned subsidiary of PENN, in addition to cash consideration. Each Exchangeable Share is exchangeable into one share of PENN common stock at the option of the holder, subject to certain adjustments. Upon the acquisition of theScore, certain employees of theScore elected to have their outstanding equity awards, which were assumed under theScore plan (as defined below), issued as Exchangeable Shares, once the shares vest or are exercised. In addition, the Company 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. We did not issue Exchangeable Shares during the three months ended September 30, 2024 and 2023. During the nine months ended September 30, 2024 and 2023, we issued 68,048 and 2,854 Exchangeable Shares, respectively. As of both September 30, 2024 and December 31, 2023, there were 768,441 Exchangeable Shares authorized, of which 468,943 shares and 560,267 shares were outstanding, respectively. Share Repurchase Authorization On December 6, 2022, the Board of Directors approved a share repurchase authorization for $750.0 million (the “December 2022 Authorization”). The December 2022 Authorization expires on December 31, 2025. The Company utilized the capacity under the previous February 2022 authorization prior to effecting any repurchases under the December 2022 Authorization. Repurchases by the Company are 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 Rule 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. No shares of the Company’s common stock were repurchased during the three and nine months ended September 30, 2024. No shares of the Company’s common stock were repurchased during the three months ended September 30, 2023. During the nine months ended September 30, 2023, the Company repurchased 5,438,221 shares of its common stock in open market transactions for $149.8 million, at an average price of $27.54 per share under the February 2022 and December 2022 Authorizations. The cost of all repurchased shares is recorded as “Treasury stock” within our unaudited Consolidated Balance Sheets. No shares of the Company’s common stock were repurchased subsequent to the quarter ended September 30, 2024. As of November 6, 2024, the remaining availability under our December 2022 Authorization was $749.5 million. 2022 Long Term Incentive Compensation Plan On June 7, 2022, the Company’s shareholders, upon the recommendation of the Company’s Board of Directors, approved the Company’s 2022 Long Term Incentive Compensation Plan (the “2022 Plan”). The 2022 Plan authorizes the Company to issue stock options (incentive and/or non-qualified), stock appreciation rights (“SARs”), restricted stock (shares and/or units), performance awards (shares and/or units), and cash awards to executive officers, non-employee directors, other employees, consultants, and advisors of the Company and its subsidiaries. Non-employee directors and consultants are eligible to receive all such awards, other than incentive stock options. Pursuant to the 2022 Plan, an initial 6,870,000 shares of the Company’s common stock were reserved for issuance, plus any shares of common stock subject to outstanding awards under both the previous 2018 Long Term Incentive Compensation Plan, as amended (“2018 Plan”) and Score Media and Gaming Inc. Second Amended and Restated Stock Option and Restricted Stock Unit Plan (the “theScore Plan”) as of June 7, 2022, and outstanding awards that are forfeited or settled for cash under each of the prior plans. On June 6, 2023, the Company’s shareholders, upon the recommendation of the Company’s Board of Directors, approved an amendment to the 2022 Plan (as amended, the “2022 Amended Plan”), which increased the number of shares reserved for issuance under the plan by 7,000,000 shares to 13,870,000 shares. For purposes of determining the number of shares available for issuance under the 2022 Amended Plan, stock options, restricted stock and all other equity settled awards count against the 13,870,000 share limit as one share of common stock for each share granted. Any awards that are not settled in shares of common stock are not counted against the share limit. As of September 30, 2024, there are 5,469,838 shares available for future grants under the 2022 Amended Plan. Performance Share Program The Company’s performance share programs were adopted to provide our NEOs and certain other key executives with stock-based compensation tied directly to the Company’s performance, which further aligns their interests with our shareholders and provides compensation only if the designated performance goals are met for the applicable performance periods. During the nine months ended September 30, 2024, the Company granted 1,317,269 restricted units with performance-based vesting conditions, at target, under the 2022 Amended Plan. The restricted performance units granted in 2024 consist of one three-year performance period over a three-year service period. The awards have the potential to be earned at between 0% and 200% of the number of shares granted depending on achievement of the performance goals, and remain subject to vesting for the full three-year service period. During the nine months ended September 30, 2023, the Company granted 461,747 restricted units with performance-based vesting conditions, at target, under the 2022 Plan. The restricted performance units granted in 2023 consist of three one-year performance periods over a three-year service period. The awards have the potential to be earned at between 0% and 150% of the number of shares granted depending on achievement of the performance goals, and remain subject to vesting for the full three-year service period. Stock-based Compensation Expense Stock-based compensation expense pertains to our stock options and restricted stock, including restricted stock with performance conditions. The Company recognized stock-based compensation expense of $12.9 million and $35.2 million during the three months ended September 30, 2024 and 2023, respectively, and $39.0 million and $71.4 million for the nine months ended September 30, 2024 and 2023, respectively, which is included in “General and administrative” expense within the unaudited Consolidated Statements of Operations. Stock Options The Company granted 439 and 905 stock options during the three months ended September 30, 2024 and 2023, respectively, and 815,765 and 841,140 stock options during the nine months ended September 30, 2024 and 2023, respectively. Cash-settled Phantom Stock Units Our outstanding phantom stock units (“CPUs”), are settled in cash and entitle plan recipients to receive a cash payment based on the fair value of the Company’s common stock which is based on the closing stock price of the trading day preceding the vest date. Our CPUs vest over a period of one to four years. The CPUs 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’s CPU liability as of September 30, 2024 and December 31, 2023 was $0.5 million and $1.2 million, respectively, and is included within “Accrued expenses and other current liabilities” within the unaudited Consolidated Balance Sheets. The Company recognized $0.1 million and $1.3 million of compensation expense associated with these awards for the three months ended September 30, 2024 and 2023, respectively, and $0.4 million and $2.9 million for the nine months ended September 30, 2024 and 2023, respectively. Compensation expense associated with our CPUs is recorded in “General and administrative” within the unaudited Consolidated Statements of Operations. As of September 30, 2024, there was a total of $0.6 million unrecognized compensation expense related to CPUs that will be recognized over the awards remaining weighted-average vesting period of 1.5 years. Additionally, we paid $1.1 million and $4.2 million during the nine months ended September 30, 2024 and 2023, respectively, pertaining to cash-settled CPUs. Stock Appreciation Rights Our outstanding SARs are settled in cash and are accounted for as liability awards, and generally 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 $0.4 million and $5.8 million as of September 30, 2024 and December 31, 2023, respectively. For SARs held by employees of the Company, there was $0.1 million of total unrecognized compensation cost as of September 30, 2024 that will be recognized over the awards remaining weighted-average vesting period of 1.4 years. The Company recognized a reduction to compensation expense of $0.4 million and $0.7 million for the three months ended September 30, 2024 and 2023, respectively, and a reduction to compensation expense of $4.9 million and $4.4 million for the nine months ended September 30, 2024 and 2023, respectively. Compensation expense associated with our SARs is recorded in “General and administrative” within the unaudited Consolidated Statements of Operations. We paid $0.1 million and $0.6 million during the nine months ended September 30, 2024 and 2023, respectively, related to cash-settled SARs.

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

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


(in millions)	September 30, 2024		December 31, 2023
Senior Secured Credit Facilities:
Amended Revolving Credit Facility due 2027	$	—	$	—
Amended Term Loan A Facility due 2027	488.1		508.8
Amended Term Loan B Facility due 2029	977.5		985.0
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	197.5		173.5
	2,793.6		2,797.8
Less: Current maturities of long-term debt	(38.2)		(47.6)
Less: Debt discounts	(3.4)		(3.9)
Less: Debt issuance costs	(24.8)		(28.3)
	$	2,727.2	$	2,718.0

Schedule of Maturities of Long-term Debt

The following is a schedule of future minimum repayments of long-term debt as of September 30, 2024 (in millions):


Years ending December 31:
2024 (excluding the nine months ended September 30, 2024)	$	9.4
2025	38.2
2026	557.0
2027	837.0
2028	10.8
Thereafter	1,341.2
Total minimum payments	$	2,793.6

Schedule Convertible Notes

The Convertible Notes consisted of the following components:


(in millions)	September 30, 2024		December 31, 2023
Liability:
Principal	$	330.5	$	330.5

Unamortized debt issuance costs	(3.1)		(4.4)
Net carrying amount	$	327.4	$	326.1

Schedule of Interest Expense, Net

The table below presents interest expense, net:


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2024		2023		2024		2023
Interest expense	$	123.2	$	119.2	$	366.1	$	350.1
Capitalized interest	(4.8)		(1.7)		(9.2)		(4.0)
Interest expense, net	$	118.4	$	117.5	$	356.9	$	346.1

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


	For the three months ended September 30,				For the nine months ended September 30,
(in millions)	2024		2023		2024		2023
Coupon interest	$	2.3	$	2.3	$	6.8	$	6.8

Amortization of debt issuance costs	0.4		0.4		1.3		1.3
Convertible Notes interest expense	$	2.7	$	2.7	$	8.1	$	8.1

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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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (37.5)	$ (725.1)	$ (179.5)	$ (132.6)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment during the period	18.6	(44.7)	(36.9)	(0.1)
Other comprehensive income (loss)	18.6	(44.7)	(36.9)	(0.1)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total	(18.9)	(769.8)	(216.4)	(132.7)
Less: Comprehensive loss attributable to non-controlling interest	0.8	0.3	1.3	0.7
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total	$ (18.1)	$ (769.5)	$ (215.1)	$ (132.0)

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

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.

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New Accounting Pronouncements	9 Months Ended
New Accounting Pronouncements	Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Accounting Pronouncements Adopted In June 2022, the Financial Accounting Standard Board (the “FASB”) issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 clarifies the guidance on the fair value measurement of an equity security that is subject to a contractual sale restriction and requires specific disclosures related to such an equity security. Specifically, ASU 2022-03 clarifies that a “contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security” and is not included in the equity security’s unit of account. Accordingly, the Company is no longer permitted to apply a discount related to the contractual sale restriction, or lack of marketability, when measuring the equity security’s fair value. In addition, ASU 2022-03 prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. ASU 2022-03 was effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of ASU 2022-03, which was effective January 1, 2024, did not have a material impact on our unaudited Consolidated Financial Statements. In March 2023, the FASB issued ASU 2023-02, “Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)” (“ASU 2023-02”). ASU 2023-02 introduced the option to apply the proportional amortization method to account for investments made primarily for the purpose of receiving income tax credits and other income tax benefits when certain requirements are met. ASU 2023-02 was effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of ASU 2023-02, which was effective January 1, 2024, did not have a material impact on our unaudited Consolidated Financial Statements. Accounting Pronouncements to be Implemented In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 updates the requirements for a public entity to disclose its significant segment expense categories and amounts for each reportable segment. A significant segment expense is considered an expense that is significant to the segment, regularly provided to or easily computed from information regularly provided to the chief operating decision maker, and included in the reported measure of segment profit or loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company has determined the adoption of ASU 2023-07 will result in additional disclosures in the notes to the Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 updates the requirements for a public entity to enhance income tax disclosures to provide a better assessment on how an entity’s operations, related tax risks, tax planning, and operational opportunities affect its tax rate and prospects for future cash flows. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The primary purpose of the new ASU 2023-09 is to enhance the transparency of income tax disclosures and we expect that any impact would be limited to additional disclosures in the notes to the Consolidated Financial Statements.

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.

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Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
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 pre-tax 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 from operations before income taxes) including discrete items was 23.1% and 18.6% for the three and nine months ended September 30, 2024, as compared to 19.0% and 1,698.9% for the three and nine months ended September 30, 2023. We excluded certain foreign losses from our worldwide effective tax rate calculation due to a year-to-date ordinary loss for which no benefit may be recognized. Our effective 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 assessment. Certain of these and other factors, including our history and projections of pre-tax 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 September 30, 2024, we intend to continue maintaining a valuation allowance on our deferred tax assets not more than likely than not to be realized until there is sufficient positive evidence to support the reversal of all or some portion of these allowances. A reduction in the valuation allowance could 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 estimated, the actual determination is contingent upon the earnings level we achieve in 2024 as well as our projected income levels in future periods. During the three months ended September 30, 2024, the Company increased its valuation allowance in the amount of $0.7 million primarily due to overall lower level of earnings. During the three months ended March 31, 2023, the Company recorded a net deferred tax liability of $115.9 million with respect to the Barstool stock acquisition on February 17, 2023. These temporary differences were primarily related to existing carryover tax basis, acquired federal and state net operating losses, and other acquired intangible assets excluding goodwill. The net deferred tax liability was subsequently written off as part of the Barstool disposition discussed in Note 5, “Acquisitions and Dispositions.” As of September 30, 2024 and December 31, 2023, the Company had prepaid income taxes of $43.3 million and $65.3 million, respectively, which were included in “Prepaid expenses” within our unaudited Consolidated Balance Sheets.

The entire disclosure for income tax.

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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

Revenue from Contract with Customer [Abstract]

Revenue Disaggregation

9 Months Ended

Sep. 30, 2024

Revenue Disaggregation

Our revenues are generated principally by providing the following types of services: (i) gaming, inclusive of retail sports betting, iCasino, and online sports betting; (ii) food and beverage; (iii) hotel; and (iv) other. Other revenues are principally comprised of PENN Interactive’s revenues generated from third-party online sports betting and the related gross-up for taxes, racing operations, advertising, retail, and commissions received on ATM transactions. 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 September 30, 2024
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Revenues:
Gaming	$	609.9	$	220.2	$	89.8	$	259.1	$	109.0	$	—	$	—	$	1,288.0
Food and beverage	35.8		34.0		18.7		15.5		—		0.5		—		104.5
Hotel	15.7		23.6		17.8		10.4		—		—		—		67.5
Other	23.4		10.3		5.5		7.2		135.6		3.5		(6.3)		179.2
Total revenues	$	684.8	$	288.1	$	131.8	$	292.2	$	244.6	$	4.0	$	(6.3)	$	1,639.2


	For the three months ended September 30, 2023
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Revenues:
Gaming	$	610.8	$	236.8	$	94.5	$	260.1	$	49.9	$	—	$	—	$	1,252.1
Food and beverage	35.4		35.5		18.2		15.0		—		0.5		—		104.6
Hotel	16.9		25.5		17.5		10.8		—		—		—		70.7
Other	23.9		10.4		4.9		7.5		146.4		4.0		(5.1)		192.0
Total revenues	$	687.0	$	308.2	$	135.1	$	293.4	$	196.3	$	4.5	$	(5.1)	$	1,619.4


	For the nine months ended September 30, 2024
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Revenues:
Gaming	$	1,850.3	$	684.2	$	275.9	$	784.7	$	283.5	$	—	$	—	$	3,878.6
Food and beverage	108.5		99.6		55.8		46.0		—		2.9		—		312.8
Hotel	40.6		70.2		50.2		29.3		—		—		—		190.3
Other	66.4		30.8		14.0		21.5		401.4		13.0		(19.7)		527.4
Total revenues	$	2,065.8	$	884.8	$	395.9	$	881.5	$	684.9	$	15.9	$	(19.7)	$	4,909.1


	For the nine months ended September 30, 2023
(in millions)	Northeast		South		West		Midwest		Interactive (1)		Other		Intersegment Eliminations (2)		Total
Revenues:
Gaming	$	1,856.6	$	728.0	$	281.3	$	787.5	$	216.1	$	—	$	—	$	3,869.5
Food and beverage	108.3		100.8		53.5		44.4		—		2.7		—		309.7
Hotel	42.9		72.1		45.5		28.4		—		—		—		188.9
Other	67.7		30.4		14.5		21.7		471.2		13.8		(19.9)		599.4
Total revenues	$	2,075.5	$	931.3	$	394.8	$	882.0	$	687.3	$	16.5	$	(19.9)	$	4,967.5

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

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent