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Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Operating Segments within Reportable Segments For financial reporting purposes, we aggregate our operating segments into the following reportable segments:
LocationReal Estate Assets Lease or Ownership Structure
Northeast segment
Ameristar East ChicagoEast Chicago, IndianaPinnacle Master Lease
Hollywood Casino BangorBangor, MaineAR PENN Master Lease
Hollywood Casino at Charles Town RacesCharles Town, West VirginiaAR PENN Master Lease
Hollywood Casino ColumbusColumbus, Ohio2023 Master Lease
Hollywood Casino at GreektownDetroit, MichiganGreektown Lease
Hollywood Casino LawrenceburgLawrenceburg, IndianaAR PENN Master Lease
Hollywood Casino MorgantownMorgantown, Pennsylvania
Morgantown Lease (1)
Hollywood Casino at PENN National Race CourseGrantville, PennsylvaniaAR PENN Master Lease
Hollywood Casino PerryvillePerryville, Maryland2023 Master Lease
Hollywood Casino at The MeadowsWashington, Pennsylvania2023 Master Lease
Hollywood Casino ToledoToledo, Ohio2023 Master Lease
Hollywood Casino YorkYork, PennsylvaniaOperating Lease (not with REIT Landlord)
Hollywood Gaming at Dayton RacewayDayton, OhioAR PENN Master Lease
Hollywood Gaming at Mahoning Valley Race CourseYoungstown, OhioAR PENN Master Lease
Marquee by PENN (2)
PennsylvaniaN/A
Plainridge Park CasinoPlainville, MassachusettsPinnacle Master Lease
South segment
1st Jackpot Casino
Tunica, MississippiAR PENN Master Lease
Ameristar VicksburgVicksburg, MississippiPinnacle Master Lease
Boomtown BiloxiBiloxi, MississippiAR PENN Master Lease
Boomtown Bossier CityBossier City, LouisianaPinnacle Master Lease
Boomtown New OrleansNew Orleans, LouisianaPinnacle Master Lease
Hollywood Casino Gulf CoastBay St. Louis, MississippiAR PENN Master Lease
Hollywood Casino TunicaTunica, MississippiAR PENN Master Lease
L’Auberge Baton RougeBaton Rouge, LouisianaPinnacle Master Lease
L’Auberge Lake CharlesLake Charles, LouisianaPinnacle Master Lease
Margaritaville Resort CasinoBossier City, LouisianaMargaritaville Lease
West segment
Ameristar Black HawkBlack Hawk, ColoradoPinnacle Master Lease
Cactus Petes and HorseshuJackpot, NevadaPinnacle Master Lease
M Resort Spa CasinoHenderson, Nevada2023 Master Lease
Zia Park CasinoHobbs, New MexicoAR PENN Master Lease
Midwest segment
Ameristar Council BluffsCouncil Bluffs, IowaPinnacle Master Lease
Argosy Casino Alton (3)
Alton, IllinoisAR PENN Master Lease
Argosy Casino RiversideRiverside, MissouriAR PENN Master Lease
Hollywood Casino AuroraAurora, Illinois2023 Master Lease
Hollywood Casino JolietJoliet, Illinois2023 Master Lease
Hollywood Casino at Kansas Speedway (4)
Kansas City, KansasOwned - Joint Venture
Hollywood Casino St. LouisMaryland Heights, MissouriAR PENN Master Lease
Prairie State Gaming (2)
IllinoisN/A
River City CasinoSt. Louis, MissouriPinnacle Master Lease
(1)Upon termination of the Morgantown Lease, ownership of the constructed building and all tenant improvements will transfer from the Company to GLPI.
(2)VGT route operations.
(3)The riverboat is owned by us and not subject to the AR PENN Master Lease.
(4)Pursuant to a joint venture with NASCAR Holdings LLC (“NASCAR”) and includes the Company’s 50% investment in Kansas Entertainment, LLC (“Kansas Entertainment”), which owns Hollywood Casino at Kansas Speedway.
The following table highlights our revenues and Adjusted EBITDAR for each reportable segment and reconciles Adjusted EBITDAR on a consolidated basis to net income (loss).
 For the year ended December 31,
(in millions)202320222021
Revenues:   
Northeast segment$2,738.4 $2,695.9 $2,552.4 
South segment1,216.4 1,314.2 1,322.2 
West segment528.5 581.9 521.4 
Midwest segment1,172.6 1,159.6 1,102.7 
Interactive segment718.8 663.1 432.9 
Other (1)
20.2 21.3 10.6 
Intersegment eliminations (2)
(32.0)(34.3)(37.2)
Total$6,362.9 $6,401.7 $5,905.0 
Adjusted EBITDAR (3):
Northeast segment$831.0 $842.5 $848.4 
South segment494.1 548.1 587.0 
West segment204.2 220.1 195.0 
Midwest segment496.6 501.2 500.1 
Interactive segment(402.5)(74.9)(35.4)
Other (1)
(110.8)(97.6)(100.7)
Total (3)
1,512.6 1,939.4 1,994.4 
Other operating benefits (costs) and other income (expenses):
Rent expense associated with triple net operating leases (4)
(591.1)(149.6)(454.4)
Stock-based compensation(85.9)(58.1)(35.1)
Cash-settled stock-based awards variance13.8 15.5 (1.2)
Loss on disposal of assets(0.1)(7.9)(1.1)
Contingent purchase price(1.9)0.6 (1.9)
Pre-opening expenses (5)
— (4.1)(5.4)
Depreciation and amortization(435.1)(567.5)(344.5)
Impairment losses (6)
(130.6)(118.2)— 
Insurance recoveries, net of deductible charges13.9 10.7 — 
Non-operating items of equity method investments (7)
(7.4)(7.9)(7.7)
Interest expense, net(464.7)(758.2)(562.8)
Interest income40.3 18.3 1.1 
Loss on disposal of Barstool (8)
(923.2)— — 
Gain on Barstool Acquisition, net (9)
83.4 — — 
Gain on REIT transactions, net (10)
500.8 — — 
Loss on early extinguishment of debt— (10.4)— 
Other (5)(11)
(24.4)(127.3)(42.3)
Income (loss) before income taxes(499.6)175.3 539.1 
Income tax benefit (expense)8.2 46.4 (118.6)
Net income (loss)$(491.4)$221.7 $420.5 
(1)The Other category consists of the Company’s stand-alone racing operations, namely Sanford-Orlando Kennel Club, Sam Houston, and Valley Race Park, the Company’s joint venture interests in Freehold Raceway, and our management contract for Retama Park Racetrack. The Other category also includes corporate overhead costs, which consist of certain expenses, such as: payroll, professional fees, travel expenses and other general and
administrative expenses that do not directly relate or have not otherwise been allocated. Corporate overhead costs were $106.7 million, $98.5 million, and $103.3 million for the years ended December 31, 2023, 2022, and 2021, respectively.
(2)Primarily represents the elimination of intersegment revenues associated with our retail sportsbooks, which are operated by PENN Interactive.
(3)We define Adjusted EBITDAR as earnings before interest expense, net, interest income, income taxes, depreciation and amortization, rent expense associated with triple net operating leases (see footnote (4) below), stock-based compensation, debt extinguishment charges, impairment losses, insurance recoveries, net of deductible charges, changes in the estimated fair value of our contingent purchase price obligations, gain or loss on disposal of assets, the difference between budget and actual expense for cash-settled stock-based awards, pre-opening expenses; loss on disposal of a business; non-cash gains/losses associated with REIT transactions; non-cash gains/losses associated with partial and step acquisitions as measured in accordance with ASC 805 “Business Combinations”; and other. Adjusted EBITDAR is also inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (see footnote (7) below) added back for Barstool and our Kansas Entertainment joint venture.
(4)For the year ended December 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 year ended December 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).
For the year ended December 31, 2021, pertains to the operating lease components contained within the (i) PENN Master Lease (specific to the land, inclusive of the variable expense associated with Columbus and Toledo); (ii) Pinnacle Master Lease (specific to the land); (iii) Meadows Lease; (iv) Margaritaville Lease; (v) Greektown Lease; and (vi) Tropicana Lease.
(5)During the first quarter of 2021, acquisition costs were included within pre-opening and acquisition costs. Beginning with the quarter ended June 30, 2021, acquisition costs are presented as part of other expenses.
(6)For the years ended December 31, 2023 and 2022, amounts relate to impairment charges in our Northeast segment of $130.6 million and $116.4 million, respectively. See Note 9, “Goodwill and Other Intangible Assets.”
(7)Consists principally of interest expense, net, income taxes, depreciation and amortization, and stock-based compensation expense associated with Barstool prior to us acquiring the remaining 64% of Barstool common stock (see Note 6, “Acquisitions and Dispositions”) and our Kansas Entertainment joint venture.
(8)Relates to the loss incurred on the sale of 100% of the outstanding shares of Barstool which was completed on August 8, 2023. See Note 6, “Acquisitions and Dispositions.”
(9)Includes a gain of $66.5 million associated with Barstool related to remeasurement of the equity investment immediately prior to the acquisition date of February 17, 2023 and a gain of $16.9 million related to the acquisition of the remaining 64% of Barstool common stock. See Note 6, “Acquisitions and Dispositions.”
(10)Upon the execution of the February 21, 2023 AR PENN Master Lease and the 2023 Master Lease, both effective January 1, 2023, we recognized a gain of $500.8 million as a result of the reclassification and remeasurement of lease components. See Note 12, “Leases.”
(11)For the year ended December 31, 2023, primarily relates to unrealized holding losses on our equity securities of $6.4 million and non-recurring acquisition and transaction costs of $25.0 million, partially offset by dividend income received. See Note 19, “Fair Value Measurements.”
For the year ended December 31, 2022, primarily relates to unrealized holding losses on our equity securities of $69.9 million and non-recurring acquisition and transaction costs of $52.1 million. See Note 19, “Fair Value Measurements.”
For the year ended December 31, 2021, primarily relates to realized and unrealized losses on our equity securities of $24.9 million, non-recurring acquisition and transaction costs of $43.1 million, offset by a gain on our equity method investment of $29.9 million. See Note 19, “Fair Value Measurements” and Note 7, “Investments in and Advances to Unconsolidated Affiliates.”
The table below presents capital expenditures by segment:
 For the year ended December 31,
(in millions)202320222021
Capital expenditures:   
Northeast segment$113.7 $110.6 $144.8 
South segment93.0 70.7 39.0 
West segment30.3 11.5 8.5 
Midwest segment73.6 35.8 19.8 
Interactive segment33.2 19.7 6.3 
Other16.2 15.1 25.7 
Total capital expenditures$360.0 $263.4 $244.1 
The table below presents investment in and advances to unconsolidated affiliates and total assets by segment:
(in millions)NortheastSouthWestMidwestInteractive
Other (1)
Total
Balance sheet as of December 31, 2023
Investment in and advances to unconsolidated affiliates $— $— $— $80.8 $— $4.1 $84.9 
Total assets$1,827.4 $1,244.5 $388.6 $1,241.1 $2,549.9 $8,812.7 $16,064.2 
Balance sheet as of December 31, 2022
Investment in and advances to unconsolidated affiliates $0.1 $— $— $81.5 $160.9 $6.1 $248.6 
Total assets$2,231.8 $1,191.9 $372.4 $1,305.5 $4,233.7 $8,166.8 $17,502.1 
Balance sheet as of December 31, 2021
Investment in and advances to unconsolidated affiliates$0.1 $— $— $83.8 $164.4 $6.8 $255.1 
Total assets$2,283.6 $1,224.6 $394.8 $1,215.8 $2,618.3 $9,135.0 $16,872.1 
(1)The real estate assets subject to the Master Leases, which are classified as either property and equipment, operating lease ROU assets, or finance lease ROU assets, are included within the Other category.
Schedule of Receivables
The Company’s receivables as of December 31, 2023 and 2022 primarily consisted of the following:
December 31,
(in millions)20232022
Markers and returned checks$14.3 $13.1 
Payment processors, credit card, and other advances to customers117.2 80.2 
Receivables from ATM and cash kiosk transactions39.3 26.1 
Hotel and banquet4.9 4.7 
Racing settlements10.2 8.0 
Online gaming and licensing receivables from third party operators, including taxes77.4 62.7 
Media receivables16.0 15.0 
Other43.9 45.7 
Provision for credit losses(4.2)(8.5)
Accounts receivable, net$319.0 $247.0 
Schedule of Estimated Useful Lives of Property, Plant and Equipment Depreciation of property and equipment is recorded using the straight-line method over the shorter of the estimated useful life of the asset or the related lease term, if any, as follows:
 Years
Land improvements15
Buildings and improvements
5 to 31
Vessels
10 to 31
Furniture, fixtures, and equipment
1 to 31
Property and equipment, net, consisted of the following:
December 31,
(in millions)20232022
Property and equipment - Not Subject to Master Leases
Land and improvements$137.2 $137.1 
Building, vessels, and improvements323.2 324.6 
Furniture, fixtures, and equipment1,846.3 1,753.6 
Leasehold improvements521.2 353.5 
Construction in progress172.8 166.8 
 3,000.7 2,735.6 
Less: Accumulated depreciation(1,813.7)(1,708.3)
 1,187.0 1,027.3 
Property and equipment - Subject to Master Leases (1)
Land and improvements1,427.1 1,523.2 
Building, vessels, and improvements1,591.3 3,640.0 
 3,018.4 5,163.2 
Less: Accumulated depreciation(691.4)(1,675.0)
 2,327.0 3,488.2 
Property and equipment, net$3,514.0 $4,515.5 
Depreciation expense was as follows:
For the year ended December 31,
(in millions)202320222021
Depreciation expense (2)
$288.7 $329.1 $314.3 
(1)As of a result of the lease modification that occurred on January 1, 2023, we derecognized $1.1 billion of “Property and equipment, net” associated with building assets within our Consolidated Balance Sheets, with an offset to “Gain on REIT transaction, net” within our Consolidated Statements of Operations. Refer to Note 12, “Leases” for more information related to the January 1, 2023 lease modification.
(2)During the years ended December 31, 2023, 2022, and 2021, we recorded depreciation expense of $112.4 million, $175.6 million, and $183.4 million, related to real estate assets subject to our Master Leases.
Schedule of Complimentaries Revenues recorded to “Food, beverage, hotel, and other” and offset to “Gaming” revenues were as follows:
For the year ended December 31,
(in millions)202320222021
Food and beverage$215.5 $209.5 $173.7 
Hotel139.0 138.3 125.4 
Other12.4 12.3 10.2 
Total complimentaries associated with gaming contracts$366.9 $360.1 $309.3