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Leases (Tables)
 3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Schedule of Maturity Analysis, Operating Leases
The following is a maturity analysis of our operating leases, finance leases and financing obligations as of March 31, 2023:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Year ended December 31,
2023 (excluding the three months ended March 31, 2023)$455.2 $117.2 $124.8 
2024583.6 147.0 166.5 
2025579.2 142.4 166.6 
2026581.5 142.4 166.6 
2027584.4 142.3 166.6 
Thereafter3,892.8 3,314.2 3,996.1 
Total lease payments6,676.7 4,005.5 4,787.2 
Less: Imputed interest(2,354.1)(1,900.5)(2,330.4)
Present value of future lease payments4,322.6 2,105.0 2,456.8 
Less: Current portion of lease obligations(280.3)(47.2)(39.8)
Long-term portion of lease obligations$4,042.3 $2,057.8 $2,417.0 
Schedule of Maturity Analysis, Finance Leases
The following is a maturity analysis of our operating leases, finance leases and financing obligations as of March 31, 2023:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Year ended December 31,
2023 (excluding the three months ended March 31, 2023)$455.2 $117.2 $124.8 
2024583.6 147.0 166.5 
2025579.2 142.4 166.6 
2026581.5 142.4 166.6 
2027584.4 142.3 166.6 
Thereafter3,892.8 3,314.2 3,996.1 
Total lease payments6,676.7 4,005.5 4,787.2 
Less: Imputed interest(2,354.1)(1,900.5)(2,330.4)
Present value of future lease payments4,322.6 2,105.0 2,456.8 
Less: Current portion of lease obligations(280.3)(47.2)(39.8)
Long-term portion of lease obligations$4,042.3 $2,057.8 $2,417.0 
Schedule of Maturity Analysis, Financing Obligations
The following is a maturity analysis of our operating leases, finance leases and financing obligations as of March 31, 2023:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Year ended December 31,
2023 (excluding the three months ended March 31, 2023)$455.2 $117.2 $124.8 
2024583.6 147.0 166.5 
2025579.2 142.4 166.6 
2026581.5 142.4 166.6 
2027584.4 142.3 166.6 
Thereafter3,892.8 3,314.2 3,996.1 
Total lease payments6,676.7 4,005.5 4,787.2 
Less: Imputed interest(2,354.1)(1,900.5)(2,330.4)
Present value of future lease payments4,322.6 2,105.0 2,456.8 
Less: Current portion of lease obligations(280.3)(47.2)(39.8)
Long-term portion of lease obligations$4,042.3 $2,057.8 $2,417.0 
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)20232022
AR PENN Master Lease$71.1 $— 
2023 Master Lease58.0 — 
PENN Master Lease— 119.2 
Pinnacle Master Lease84.1 82.5 
Perryville Lease— 1.9 
Meadows Lease— 6.2 
Margaritaville Lease6.4 5.9 
Greektown Lease12.8 12.8 
Morgantown Lease 0.8 0.8 
Total (1)
$233.2 $229.3 
(1)For the three months ended March 31, 2022, rent payable under the Tropicana Lease was nominal. Therefore, it has been excluded from the table above. The Tropicana Lease was terminated on September 26, 2022.
Information related to lease term and discount rate was as follows:
March 31, 2023December 31, 2022
Weighted-Average Remaining Lease Term
Operating leases12.0 years19.1 years
Finance leases28.1 years26.7 years
Financing obligations28.3 years27.5 years
Weighted-Average Discount Rate
Operating leases7.7 %5.8 %
Finance leases5.2 %5.2 %
Financing obligations5.2 %7.7 %
The components of lease expense were as follows:
Location on unaudited
Consolidated Statements of Operations		For the three months ended March 31,
(in millions)20232022
Operating Lease Costs
Rent expense associated with triple net operating leases (1)
General and administrative$146.0 $60.1 
Operating lease cost (2)
Primarily General and administrative4.8 5.0 
Short-term lease costPrimarily Gaming expenses19.0 18.1 
Variable lease cost (2)
Primarily Gaming expenses1.0 1.1 
Total$170.8 $84.3 
Finance Lease Costs
Interest on lease liabilities (3)
Interest expense, net$27.6 $39.5 
Amortization of ROU assets (3)
Depreciation and amortization21.7 32.1 
Total$49.3 $71.6 
Financing Obligation Costs
Interest on financing obligations (4)
Interest expense, net$36.4 $89.6 
(1)For the three months ended March 31, 2023, pertains to the following operating leases: (i) AR PENN Master Lease; (ii) 2023 Master Lease; (iii) Margaritaville Lease; and (iv) Greektown Lease.
For the three months ended March 31, 2022, pertains to the operating lease components contained within the (i) PENN Master Lease (specific to the land and building components associated with the operations of Dayton and Mahoning Valley); (ii) Meadows Lease; (iii) Margaritaville Lease; (iv) Greektown Lease; and (v) Tropicana Lease (which terminated on September 26, 2022).
(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)For the three months ended March 31, 2023, pertains to the finance lease components associated with the Pinnacle Master Lease.
For the three months ended March 31, 2022, pertains to the finance lease components associated with the (i) PENN Master Lease; (ii) Pinnacle Master Lease; and (iii) Perryville Lease. The finance lease components contained within the PENN Master Lease and the Pinnacle Master Lease consisted of the land, inclusive of the variable expense associated with Columbus and Toledo.
(4)     For the three months ended March 31, 2023, pertains to the components contained within the Pinnacle Master Lease (primarily buildings) and the Morgantown Lease.
For the three months ended March 31, 2022, pertains to the components contained within the PENN Master Lease (primarily buildings) inclusive of the variable expense associated with Columbus and Toledo for the financing obligation components (the buildings), Pinnacle Master Lease (primarily buildings), and the Morgantown Lease.
Supplemental cash flow information related to leases was as follows:
For the three months ended March 31,
(in millions)20232022
Non-cash lease activities:
Commencement of operating leases$3,657.4 $38.1 
Derecognition of operating lease liabilities$307.7 $— 
Commencement of finance leases$— $1,357.8 
Derecognition of finance lease liabilities$2,933.6 $— 
Derecognition of finance obligations$1,567.8 $—