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Significant Accounting Policies and Basis of Presentation (Tables)
 6 Months Ended
Jun. 30, 2024
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 three months ended June 30,For the six months ended June 30,
(in millions)2024202320242023
Revenues:  
Northeast segment$696.3 $688.0 $1,381.0 $1,388.5 
South segment298.2 308.3 596.7 623.1 
West segment135.3 130.0 264.1 259.7 
Midwest segment298.1 293.3 589.3 588.6 
Interactive segment232.6 257.5 440.3 491.0 
Other (1)
5.9 6.2 11.9 12.0 
Intersegment eliminations (2)
(3.4)(8.5)(13.4)(14.8)
Total$1,663.0 $1,674.8 $3,269.9 $3,348.1 
Adjusted EBITDAR (3):
Northeast segment$204.7 $217.3 $407.3 $430.2 
South segment111.4 120.9 224.9 244.5 
West segment50.6 49.6 96.5 98.7 
Midwest segment 129.9 127.1 246.9 252.7 
Interactive segment(102.8)(12.8)(298.8)(18.5)
Other (1)
(26.8)(25.3)(53.6)(52.6)
Total (3)
367.0 476.8 623.2 955.0 
Other operating benefits (costs) and other income (expenses):
Rent expense associated with triple net operating leases (4)
(154.9)(146.4)(309.7)(292.4)
Stock-based compensation(14.2)(19.7)(26.1)(36.2)
Cash-settled stock-based awards variance3.1 6.2 11.1 9.1 
Loss on disposal of assets(9.1)— (8.9)— 
Contingent purchase price— (0.2)— (0.5)
Depreciation and amortization(109.1)(110.6)(217.8)(218.1)
Insurance recoveries, net of deductible charges2.7 13.6 2.7 13.6 
Non-operating items of equity method investments (5)
(1.0)(0.9)(2.1)(5.4)
Interest expense, net(119.4)(115.6)(238.5)(228.6)
Interest income5.8 9.9 12.9 20.3 
Gain on Barstool Acquisition, net (6)
— — — 83.4 
Gain on REIT transactions, net (7)
— — — 500.8 
Other (8)
(1.2)(0.3)(4.6)(5.9)
Income (loss) before income taxes(30.3)112.8 (157.8)795.1 
Income tax benefit (expense)3.2 (34.7)15.8 (202.6)
Net income (loss)$(27.1)$78.1 $(142.0)$592.5 
(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 $24.5 million and $24.8 million for the three months ended June 30, 2024 and 2023, respectively, and $49.4 million and $51.1 million for the six months ended June 30, 2024 and 2023, 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, non-cash gains/losses associated with REIT transactions, loss on disposal of business, non-cash gains/losses associated with partial and step acquisitions as measured in accordance with ASC Topic 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 (5) below) added back for Barstool and our Kansas Entertainment joint venture.
(4)Amounts pertain to the operating lease components contained within the: (i) AR PENN Master Lease; (ii) 2023 Master Lease; (iii) Margaritaville Lease; and (iv) Greektown Lease.
(5)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 5, “Acquisitions and Dispositions”), and our Kansas Entertainment joint venture.
(6)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 5, “Acquisitions and Dispositions”).
(7)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 8, “Leases”).
(8)Primarily relates to unrealized holding losses of $3.9 million and unrealized holding gains on our equity securities of $6.3 million for the three months ended June 30, 2024 and 2023, respectively, and unrealized holding losses of $5.4 million and unrealized holding gains of $3.1 million for the six months ended June 30, 2024 and 2023, respectively, which are discussed in Note 14, “Fair Value Measurements.”

The table below presents capital expenditures by segment:
 For the three months ended June 30,For the six months ended June 30,
(in millions)2024202320242023
Capital expenditures:  
Northeast segment$13.3 $24.7 $18.9 $47.5 
South segment23.6 15.4 35.4 29.1 
West segment11.4 6.5 12.9 10.3 
Midwest segment38.2 16.9 57.4 29.6 
Interactive segment0.3 2.6 1.0 9.7 
Other1.4 3.5 4.0 6.6 
Total capital expenditures$88.2 $69.6 $129.6 $132.8 
The table below presents investment in and advances to unconsolidated affiliates and total assets by segment:
(in millions)NortheastSouthWestMidwestInteractive
Other (1)
Total
Balance sheet as of June 30, 2024
Investment in and advances to unconsolidated affiliates$— $— $— $81.7 $— $4.8 $86.5 
Total assets$1,831.6 $1,278.8 $399.6 $1,355.0 $2,379.0 $8,294.0 $15,538.0 
Balance sheet as of December 31, 2023
Investment in and advances to unconsolidated affiliates$— $— $— $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 
(1)The real estate assets subject to the Master Leases, which are classified as either property and equipment, net, operating lease ROU assets, or finance lease ROU assets, are included within the Other category.
Schedule of Complimentaries Revenues recorded to “Food, beverage, hotel, and other” and offset to “Gaming” revenues were as follows:
For the three months ended June 30,For the six months ended June 30,
(in millions)2024202320242023
Food and beverage$54.9 $54.8 $108.4 $109.1 
Hotel35.3 35.8 69.3 65.7 
Other2.7 3.2 5.4 6.3 
Total complimentaries associated with gaming contracts$92.9 $93.8 $183.1 $181.1