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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Net income (loss) $ 221.7 $ 420.5 $ (669.1)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 567.5 344.5 366.7
Amortization of debt discount and debt issuance costs 9.0 22.8 16.3
Noncash interest expense 27.6 17.9 0.0
Noncash operating lease expense 87.5 160.8 120.3
Gain on acquisition of Sam Houston 0.0 (29.9) 0.0
Holding loss (gain) on equity securities 69.9 24.9 (106.7)
Loss (gain) on sale or disposal of property and equipment 7.9 1.1 (29.2)
Gain on Hurricane Laura (10.7) 0.0 0.0
Noncash rent and interest expense related to the utilization of rent credits 0.0 0.0 287.1
Income from unconsolidated affiliates (23.7) (38.7) (13.8)
Return on investment from unconsolidated affiliates 33.8 31.8 21.8
Deferred income taxes (150.7) (4.5) (118.3)
Stock-based compensation 58.1 35.1 14.5
Impairment losses 118.2 0.0 623.4
Loss on early extinguishment of debt 10.4 0.0 1.2
Changes in operating assets and liabilities, net of businesses acquired      
Accounts receivable (81.2) (82.3) (16.5)
Prepaid expenses and other current assets (24.1) (32.3) 13.5
Other assets (2.2) (21.7) (12.8)
Accounts payable (13.4) (30.4) (6.6)
Accrued expenses 17.4 138.4 (40.9)
Income taxes 27.3 10.2 (32.5)
Operating lease liabilities (83.0) (136.5) (94.8)
Other current and long-term liabilities (2.2) 65.2 16.3
Other 13.1 (0.8) (1.1)
Net cash provided by operating activities 878.2 896.1 338.8
Investing activities      
Capital expenditures (263.4) (244.1) (137.0)
Proceeds from sale of property and equipment 4.9 1.5 16.1
Hurricane Laura insurance proceeds 25.4 0.0 32.7
Consideration paid for Barstool Sports investment 0.0 0.0 (135.0)
Consideration paid for acquisitions of businesses, net of cash acquired 0.0 (877.6) (3.0)
Consideration paid for remaining interest of Sam Houston 0.0 (42.0) 0.0
Consideration paid for gaming licenses and other intangible assets (9.0) (24.2) (4.8)
Acquisition of equity securities 0.0 (26.0) 0.0
Consideration paid for a cost method investment (15.0) 0.0 0.0
Additional contributions to joint ventures 0.0 (1.4) (5.4)
Other (1.5) (8.0) 2.7
Net cash used in investing activities (258.6) (1,221.8) (233.7)
Financing activities      
Proceeds from revolving credit facility 0.0 0.0 540.0
Repayments on revolving credit facility 0.0 0.0 (680.0)
Proceeds from issuance of long-term debt, net of discounts 1,545.0 400.0 322.2
Repayments on credit facilities (Note 11) (1,543.2) 0.0 0.0
Principal payments on long-term debt (39.3) (64.4) (161.7)
Debt and equity issuance costs (18.2) (7.5) (6.9)
Proceeds from other long-term obligations 0.0 72.5 0.0
Payments of other long-term obligations (17.8) (17.0) (16.2)
Principal payments on financing obligations (63.2) (36.0) (26.7)
Principal payments on finance leases (110.5) (8.5) (3.9)
Proceeds from common stock offerings, net of discounts and fees 0.0 0.0 1,288.8
Proceeds from exercise of options 6.9 10.8 62.7
Repurchase of common stock (601.1) 0.0 0.0
Proceeds from insurance financing 0.0 26.6 20.2
Payments on insurance financing 0.0 (26.7) (21.4)
Other (11.6) (9.9) (7.0)
Net cash provided by (used in) financing activities (853.0) 339.9 1,310.1
Effect of currency rate changes on cash, cash equivalents, and restricted cash (2.5) (4.5) 0.0
Change in cash, cash equivalents, and restricted cash (235.9) 9.7 1,415.2
Cash, cash equivalents and restricted cash at the beginning of the year 1,880.1 1,870.4 455.2
Cash, cash equivalents and restricted cash at the end of the year 1,644.2 1,880.1 1,870.4
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 1,624.0 1,863.9 1,853.8
Restricted cash included in Other current assets 19.0 15.0 15.3
Restricted cash included in Other assets 1.2 1.2 1.3
Total cash, cash equivalents and restricted cash 1,644.2 1,880.1 1,870.4
Supplemental disclosure:      
Cash paid for interest, net of amounts capitalized 721.7 514.6 355.0
Cash payments (refunds) related to income taxes, net 72.8 108.3 (15.2)
Non-cash activities:      
Rent credits received upon sale of Tropicana land and buildings and Morgantown land 0.0 0.0 337.5
Commencement of operating leases 58.5 96.4 73.6
Commencement of finance leases 1,462.1 106.1 0.0
Accrued capital expenditures $ 21.1 $ 27.6 $ 17.2