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Leases (Tables)
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Schedule of Future Minimum Lease Commitments, Operating Leases
The following is a maturity analysis of our operating leases, finance leases and financing obligations as of March 31, 2022:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Year ended December 31,
2022 (excluding the three months ended March 31, 2022)$102.0 $272.8 $280.7 
2023125.2 359.3 369.8 
2024120.0 344.6 355.3 
2025116.7 344.7 355.4 
2026112.3 344.7 355.4 
Thereafter1,341.3 7,820.1 8,285.5 
Total lease payments1,917.5 9,486.2 10,002.1 
Less: Imputed interest(829.7)(4,455.2)(5,920.9)
Present value of future lease payments1,087.8 5,031.0 4,081.2 
Less: Current portion of lease obligations(76.3)(102.0)(63.8)
Long-term portion of lease obligations$1,011.5 $4,929.0 $4,017.4 
Schedule of Future Minimum Lease Commitments, Finance Leases
The following is a maturity analysis of our operating leases, finance leases and financing obligations as of March 31, 2022:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Year ended December 31,
2022 (excluding the three months ended March 31, 2022)$102.0 $272.8 $280.7 
2023125.2 359.3 369.8 
2024120.0 344.6 355.3 
2025116.7 344.7 355.4 
2026112.3 344.7 355.4 
Thereafter1,341.3 7,820.1 8,285.5 
Total lease payments1,917.5 9,486.2 10,002.1 
Less: Imputed interest(829.7)(4,455.2)(5,920.9)
Present value of future lease payments1,087.8 5,031.0 4,081.2 
Less: Current portion of lease obligations(76.3)(102.0)(63.8)
Long-term portion of lease obligations$1,011.5 $4,929.0 $4,017.4 
Schedule of Future Minimum Lease Commitments, Financing Obligations
The following is a maturity analysis of our operating leases, finance leases and financing obligations as of March 31, 2022:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Year ended December 31,
2022 (excluding the three months ended March 31, 2022)$102.0 $272.8 $280.7 
2023125.2 359.3 369.8 
2024120.0 344.6 355.3 
2025116.7 344.7 355.4 
2026112.3 344.7 355.4 
Thereafter1,341.3 7,820.1 8,285.5 
Total lease payments1,917.5 9,486.2 10,002.1 
Less: Imputed interest(829.7)(4,455.2)(5,920.9)
Present value of future lease payments1,087.8 5,031.0 4,081.2 
Less: Current portion of lease obligations(76.3)(102.0)(63.8)
Long-term portion of lease obligations$1,011.5 $4,929.0 $4,017.4 
Schedule of Other Information and Supplemental Cash Flow Information Related to Leases
Total payments made under the Triple Net Leases were as follows:
 For the three months ended March 31,
(in millions)20222021
Penn Master Lease$119.2 $117.9 
Pinnacle Master Lease82.5 81.3 
Perryville Lease1.9 — 
Meadows Lease6.2 6.2 
Margaritaville Lease5.9 5.9 
Greektown Lease12.8 13.9 
Morgantown Lease 0.8 0.8 
Total (1)
$229.3 $226.0 
(1)Rent payable under the Tropicana Lease is nominal. Therefore, it has been excluded from the table above.
The components of lease expense were as follows:
Location on unaudited
Consolidated Statements of Operations		For the three months ended March 31,
(in millions)20222021
Operating Lease Costs
Rent expense associated with triple net operating leases (1)
General and administrative$60.1 $110.4 
Operating lease cost (2)
Primarily General and administrative5.0 3.9 
Short-term lease costPrimarily Gaming expense18.1 13.3 
Variable lease cost (2)
Primarily Gaming expense1.1 1.1 
Total$84.3 $128.7 
Finance Lease Costs
Interest on lease liabilities (3)
Interest expense, net$39.5 $3.7 
Amortization of ROU assets (3)
Depreciation and amortization32.1 1.9 
Total$71.6 $5.6 
Financing Obligation Costs
Interest on financing obligations (4)
Interest expense, net$89.6 $102.6 
(1)Pertains to the operating lease components contained within the Master Leases, inclusive of the variable expense associated with Columbus and Toledo for the operating lease components, the Meadows Lease, the Margaritaville Lease, the Greektown Lease, and the Tropicana Lease.
Prior to the Lease Modification, the operating lease components contained within the Master Leases primarily consisted of the land, inclusive of the variable expense associated with Columbus and Toledo.
Subsequent to the Lease Modification, the operating lease components contained within the Master Leases consist of the land and building components associated with the operations of Dayton and Mahoning Valley.
(2)Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases, discussed in footnote (1) above.
(3)Pertains to the finance lease components contained within the Master Leases, and the Perryville Lease (effective July 1, 2021) which results in interest expense and depreciation expense (as opposed to rent expense).
Prior to the Lease Modification, the finance lease components contained within the Master Leases consisted of the land and building components associated with the operations of Dayton and Mahoning Valley.
Subsequent to the Lease Modification, the finance lease components contained within the Master Leases consist of the land, inclusive of the variable expense associated with Columbus and Toledo.
(4)     Pertains to the components contained within the Master Leases (primarily buildings) and the Morgantown Lease determined to be a financing obligation, inclusive of the variable expense associated with Columbus and Toledo for the financing obligation components (the buildings).