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