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Investments in and Advances to Unconsolidated Affiliates
 9 Months Ended
Sep. 30, 2019
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, 2019, investment in and advances to unconsolidated affiliates primarily included the Company’s 50% investment in Kansas Entertainment, which is a joint venture with International Speedway, its 50% interest in Freehold Raceway, and its 50% joint venture with MAXXAM, Inc. (“MAXXAM”) that owns and operates racetracks in Texas.

Kansas Joint Venture
The Company has a 50% investment in Kansas Entertainment, which owns Hollywood Casino at Kansas Speedway. As of September 30, 2019 and December 31, 2018, the Company’s investment balance was $90.6 million and $89.4 million, respectively.
The Company has determined that Kansas Entertainment is a VIE that should not be consolidated since the Company does not qualify as the primary beneficiary. In making this determination, the Company concluded that it does not have the ability to direct the activities of Kansas Entertainment that most significantly impact Kansas Entertainment’s economic performance without the approval of International Speedway. Furthermore, International Speedway has substantive participating rights in Kansas Entertainment.
The following table provides summary income statement information of Kansas Entertainment for the comparative periods that are included within the Company’s unaudited Condensed Consolidated Statements of Operations:
 
For the three months ended September 30,
 
For the nine months ended September 30,
(in millions)
2019
 
2018
 
2019
 
2018
Revenues
$
40.6

 
$
39.8

 
$
120.2

 
$
119.3

Operating expenses
19.6

 
27.4

 
73.8

 
83.0

Operating income
21.0

 
12.4

 
46.4

 
36.3

Net income
$
21.0

 
$
12.4

 
$
46.4

 
$
36.3

 
 
 
 
 
 
 
 
Net income attributable to Penn
$
10.5

 
$
6.2

 
$
23.2

 
$
18.1