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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues        
Revenues $ 1,323,094 $ 826,913 $ 2,605,665 $ 1,642,998
Operating expenses        
General and administrative 286,968 132,591 573,896 253,854
Depreciation and amortization 106,020 58,559 210,073 118,949
Recoveries on loan loss and unfunded loan commitments, net of impairment losses 0 (16,985) 0 (16,367)
Total operating expenses 1,124,714 645,158 2,224,899 1,289,109
Operating income 198,380 181,755 380,766 353,889
Other income (expenses)        
Interest expense (135,039) (115,873) (267,626) (231,613)
Interest income 257 241 576 490
Income from unconsolidated affiliates 6,255 5,734 11,942 11,095
Loss on early extinguishment of debt 0 (2,579) 0 (3,461)
Other 43 (48) 43 (44)
Total other expenses (128,484) (112,525) (255,065) (223,533)
Income before income taxes 69,896 69,230 125,701 130,356
Income tax expense (18,539) (15,242) (33,357) (30,931)
Net income 51,357 53,988 92,344 99,425
Less: Net loss attributable to non-controlling interest 190 0 195 0
Net income attributable to Penn $ 51,547 $ 53,988 $ 92,539 $ 99,425
Earnings per common share        
Basic earnings per common share (in dollars per share) $ 0.44 $ 0.59 $ 0.80 $ 1.09
Diluted earnings per common share (in dollars per share) $ 0.44 $ 0.57 $ 0.78 $ 1.05
Weighted average basic shares outstanding (in shares) 115,982 91,468 116,137 91,330
Weighted average diluted shares outstanding (in shares) 117,676 94,995 118,161 94,834
Gaming        
Revenues        
Revenues $ 1,062,139 $ 665,094 $ 2,096,650 $ 1,319,588
Operating expenses        
Cost of revenue 564,155 350,694 1,111,600 691,210
Food, beverage, hotel and other        
Revenues        
Revenues 260,955 133,664 509,015 264,633
Operating expenses        
Cost of revenue 167,571 95,112 329,330 188,092
Management service and license fees        
Revenues        
Revenues 0 2,968 0 5,406
Reimbursable management costs        
Revenues        
Revenues 0 25,187 0 53,371
Operating expenses        
Cost of revenue $ 0 $ 25,187 $ 0 $ 53,371