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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income (loss) $ (491.4) $ 221.7 $ 420.5
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 435.1 567.5 344.5
Amortization of debt discount and debt issuance costs 8.1 9.0 22.8
Noncash interest expense 36.1 27.6 17.9
Noncash operating lease expense 305.5 87.5 160.8
Gain on acquisition of Sam Houston 0.0 0.0 (29.9)
Gain on Barstool Acquisition, net (83.4) 0.0 0.0
Gain on REIT transactions, net (500.8) 0.0 0.0
Loss on disposal of Barstool 923.2 0.0 0.0
Holding loss on equity securities 6.4 69.9 24.9
Loss on sale or disposal of property and equipment 0.1 7.9 1.1
Gain on Hurricane Laura (13.9) (10.7) 0.0
Income from unconsolidated affiliates (25.3) (23.7) (38.7)
Return on investment from unconsolidated affiliates 33.3 33.8 31.8
Deferred income taxes (32.7) (150.7) (4.5)
Stock-based compensation 85.9 58.1 35.1
Investment Agreement warrant expense 12.5 0.0 0.0
Impairment losses 130.6 118.2 0.0
Loss on early extinguishment of debt 0.0 10.4 0.0
Changes in operating assets and liabilities, net of businesses acquired      
Accounts receivable (74.8) (81.2) (82.3)
Prepaid expenses and other current assets (66.3) (24.1) (32.3)
Other assets (18.2) (2.2) (21.7)
Accounts payable (8.6) (13.4) (30.4)
Accrued expenses 25.9 17.4 138.4
Income taxes (50.2) 27.3 10.2
Operating lease liabilities (305.8) (83.0) (136.5)
Other current and long-term liabilities 107.4 (2.2) 65.2
Other 17.2 13.1 (0.8)
Net cash provided by operating activities 455.9 878.2 896.1
Investing activities      
Capital expenditures (360.0) (263.4) (244.1)
Proceeds from sale of property and equipment 0.5 4.9 1.5
Hurricane Laura insurance proceeds 9.0 25.4 0.0
Consideration paid for Barstool, net of cash acquired (50.9) 0.0 0.0
Consideration paid for acquisitions of businesses, net of cash acquired (314.6) 0.0 (877.6)
Consideration paid for remaining interest of Sam Houston 0.0 0.0 (42.0)
Consideration paid for gaming licenses and other intangible assets (21.9) (9.0) (24.2)
Acquisition of equity securities 0.0 0.0 (26.0)
Cost method investment proceeds received (consideration paid) 8.0 (15.0) 0.0
Other (12.7) (1.5) (9.4)
Net cash used in investing activities (742.6) (258.6) (1,221.8)
Financing activities      
Proceeds from issuance of long-term debt, net of discounts 0.0 1,545.0 400.0
Repayments on credit facilities 0.0 (1,543.2) 0.0
Principal payments on long-term debt (37.5) (39.3) (64.4)
Debt and equity issuance costs 0.0 (18.2) (7.5)
Proceeds from other long-term obligations 0.0 0.0 72.5
Payments of other long-term obligations (18.7) (17.8) (17.0)
Principal payments on financing obligations (39.2) (63.2) (36.0)
Principal payments on finance leases (47.1) (110.5) (8.5)
Proceeds from exercise of options 5.3 6.9 10.8
Repurchase of common stock (149.8) (601.1) 0.0
Proceeds from insurance financing 34.4 0.0 26.6
Payments on insurance financing 0.0 0.0 (26.7)
Other (10.0) (11.6) (9.9)
Net cash provided by (used in) financing activities (262.6) (853.0) 339.9
Effect of currency rate changes on cash, cash equivalents, and restricted cash (0.4) (2.5) (4.5)
Change in cash, cash equivalents, and restricted cash (549.7) (235.9) 9.7
Cash, cash equivalents and restricted cash at the beginning of the year 1,644.2 1,880.1 1,870.4
Cash, cash equivalents and restricted cash at the end of the year 1,094.5 1,644.2 1,880.1
Reconciliation of cash, cash equivalents, and restricted cash:      
Cash and cash equivalents 1,071.8 1,624.0 1,863.9
Restricted cash included in Other current assets 21.5 19.0 15.0
Restricted cash included in Other assets 1.2 1.2 1.2
Total cash, cash equivalents, and restricted cash 1,094.5 1,644.2 1,880.1
Supplemental disclosure:      
Cash paid for interest, net of amounts capitalized 420.1 721.7 514.6
Cash payments related to income taxes, net 73.9 72.8 108.3
Non-cash activities:      
Accrued capital expenditures $ 23.5 $ 21.1 $ 27.6