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Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Schedule of Other Information and Supplemental Cash Flow Information Related to Leases Total monthly variable expenses were as follows:
For the year ended December 31,
(in millions)202220212020
Variable expenses included in “General and administrative”$1.2 $18.7 $12.9 
Variable expenses included in “Interest expense, net”36.4 17.1 11.8 
Total variable expenses$37.6 $35.8 $24.7 
Information related to lease term and discount rate was as follows:
December 31,
20222021
Weighted-Average Remaining Lease Term
Operating leases19.1 years25.7 years
Finance leases26.7 years24.3 years
Financing obligations27.5 years28.5 years
Weighted-Average Discount Rate
Operating leases5.8 %6.7 %
Finance leases5.2 %6.4 %
Financing obligations7.7 %8.1 %
The components of lease expense were as follows:
Location on
Consolidated Statements of Operations		For the year ended December 31,
(in millions)202220212020
Operating Lease Costs
Rent expense associated with triple net operating leases (1)
General and administrative$149.6 $454.4 $419.8 
Operating lease cost (2)
Primarily General and administrative19.7 16.6 15.8 
Short-term lease costPrimarily Gaming expense74.6 64.9 37.7 
Variable lease cost (2)
Primarily Gaming expense4.3 4.3 2.5 
Total$248.2 $540.2 $475.8 
Finance Lease Costs
Interest on lease liabilities (3)
Interest expense, net$258.4 $17.2 $15.2 
Amortization of ROU assets (3)
Depreciation and amortization181.6 10.6 8.0 
Total$440.0 $27.8 $23.2 
Financing Obligation Costs
Interest expense (4)
Interest expense, net$347.0 $416.9 $403.1 
(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. The Tropicana Lease was terminated on September 26, 2022.
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 amortization 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 primarily 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 finance lease components (the buildings).
Supplemental cash flow information related to leases was as follows:
For the year ended December 31,
(in millions)202220212020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases$258.4 $17.2 $15.2 
Operating cash flows from operating leases$163.2 $428.3 $426.7 
Financing cash flows from finance leases$110.5 $8.5 $6.3 
Total payments made under the Triple Net Leases were as follows:
For the year ended December 31,
(in millions)202220212020
PENN Master Lease (1)
$480.3 $475.7 $457.9 
Pinnacle Master Lease (1)
334.1 328.3 326.9 
Perryville Lease7.8 3.9 — 
Meadows Lease (1)
24.6 24.9 26.4 
Margaritaville Lease23.8 23.5 23.5 
Greektown Lease51.3 53.1 55.6 
Morgantown Lease (1)
3.1 3.0 0.8 
Total (2)
$925.0 $912.4 $891.1 
(1)During the twelve months ended December 31, 2020, we utilized rent credits to pay $190.7 million, $135.5 million, $11.0 million, and $0.3 million of rent under the PENN Master Lease, Pinnacle Master Lease, Meadows Lease and Morgantown Lease, respectively.
(2)Cash rent payable under the Tropicana Lease was nominal prior to the lease termination on September 26, 2022. Therefore, it has been excluded from the table above.
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 December 31, 2022:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Years ending December 31:
2023$133.7 $378.5 $369.8 
2024126.2 354.7 355.3 
2025116.9 350.2 355.4 
2026112.5 350.2 355.4 
202799.5 350.2 355.4 
Thereafter1,245.6 7,592.7 7,930.3 
Total lease payments1,834.4 9,376.5 9,721.6 
Less: Imputed interest(787.3)(4,326.3)(5,687.5)
Present value of future lease payments1,047.1 5,050.2 4,034.1 
Less: Current portion of lease obligations(77.8)(116.5)(63.4)
Long-term portion of lease obligations$969.3 $4,933.7 $3,970.7 
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 December 31, 2022:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Years ending December 31:
2023$133.7 $378.5 $369.8 
2024126.2 354.7 355.3 
2025116.9 350.2 355.4 
2026112.5 350.2 355.4 
202799.5 350.2 355.4 
Thereafter1,245.6 7,592.7 7,930.3 
Total lease payments1,834.4 9,376.5 9,721.6 
Less: Imputed interest(787.3)(4,326.3)(5,687.5)
Present value of future lease payments1,047.1 5,050.2 4,034.1 
Less: Current portion of lease obligations(77.8)(116.5)(63.4)
Long-term portion of lease obligations$969.3 $4,933.7 $3,970.7 
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 December 31, 2022:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Years ending December 31:
2023$133.7 $378.5 $369.8 
2024126.2 354.7 355.3 
2025116.9 350.2 355.4 
2026112.5 350.2 355.4 
202799.5 350.2 355.4 
Thereafter1,245.6 7,592.7 7,930.3 
Total lease payments1,834.4 9,376.5 9,721.6 
Less: Imputed interest(787.3)(4,326.3)(5,687.5)
Present value of future lease payments1,047.1 5,050.2 4,034.1 
Less: Current portion of lease obligations(77.8)(116.5)(63.4)
Long-term portion of lease obligations$969.3 $4,933.7 $3,970.7