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Leases (Tables)
 6 Months Ended
Jun. 30, 2024
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 June 30, 2024:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Year ended December 31,
2024 (excluding the six months ended June 30, 2024)$309.6 $81.3 $83.2 
2025611.8 162.6 166.5 
2026612.3 152.2 166.6 
2027615.0 146.9 166.5 
2028614.0 146.9 166.6 
Thereafter3,320.5 3,273.9 3,829.5 
Total lease payments6,083.2 3,963.8 4,578.9 
Less: Imputed interest(1,980.3)(1,822.8)(2,171.6)
Present value of future lease payments4,102.9 2,141.0 2,407.3 
Less: Current portion of lease obligations(311.6)(51.8)(42.4)
Long-term portion of lease obligations$3,791.3 $2,089.2 $2,364.9 
Schedule of Maturity Analysis, Finance Leases
The following is a maturity analysis of our operating leases, finance leases and financing obligations as of June 30, 2024:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Year ended December 31,
2024 (excluding the six months ended June 30, 2024)$309.6 $81.3 $83.2 
2025611.8 162.6 166.5 
2026612.3 152.2 166.6 
2027615.0 146.9 166.5 
2028614.0 146.9 166.6 
Thereafter3,320.5 3,273.9 3,829.5 
Total lease payments6,083.2 3,963.8 4,578.9 
Less: Imputed interest(1,980.3)(1,822.8)(2,171.6)
Present value of future lease payments4,102.9 2,141.0 2,407.3 
Less: Current portion of lease obligations(311.6)(51.8)(42.4)
Long-term portion of lease obligations$3,791.3 $2,089.2 $2,364.9 
Schedule of Maturity Analysis, Financing Obligations
The following is a maturity analysis of our operating leases, finance leases and financing obligations as of June 30, 2024:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Year ended December 31,
2024 (excluding the six months ended June 30, 2024)$309.6 $81.3 $83.2 
2025611.8 162.6 166.5 
2026612.3 152.2 166.6 
2027615.0 146.9 166.5 
2028614.0 146.9 166.6 
Thereafter3,320.5 3,273.9 3,829.5 
Total lease payments6,083.2 3,963.8 4,578.9 
Less: Imputed interest(1,980.3)(1,822.8)(2,171.6)
Present value of future lease payments4,102.9 2,141.0 2,407.3 
Less: Current portion of lease obligations(311.6)(51.8)(42.4)
Long-term portion of lease obligations$3,791.3 $2,089.2 $2,364.9 
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 June 30,For the six months ended June 30,
(in millions)2024202320242023
AR PENN Master Lease$70.9 $70.9 $141.9 $142.0 
2023 Master Lease58.9 58.1 117.8 116.1 
Pinnacle Master Lease86.7 84.8 171.9 168.9 
Margaritaville Lease6.7 6.6 13.4 13.0 
Greektown Lease13.2 13.0 26.4 25.8 
Morgantown Lease 0.8 0.8 1.6 1.6 
Total$237.2 $234.2 $473.0 $467.4 
Information related to lease term and discount rate was as follows:
June 30, 2024December 31, 2023
Weighted-Average Remaining Lease Term
Operating leases10.7 years11.2 years
Finance leases26.8 years27.3 years
Financing obligations27.1 years27.6 years
Weighted-Average Discount Rate
Operating leases7.7 %7.7 %
Finance leases5.2 %5.2 %
Financing obligations5.2 %5.2 %
The components of lease expense were as follows:
Location on unaudited
Consolidated Statements of Operations		For the three months ended June 30,For the six months ended June 30,
(in millions)2024202320242023
Operating Lease Costs
Rent expense associated with triple net operating leasesGeneral and administrative$154.9 $146.4 $309.7 $292.4 
Operating lease cost (1)
Primarily General and administrative5.0 6.5 10.3 11.3 
Short-term lease costPrimarily Gaming expenses23.0 19.9 45.8 38.9 
Variable lease cost (1)
Primarily Gaming expenses0.9 0.9 1.9 1.9 
Total$183.8 $173.7 $367.7 $344.5 
Finance Lease Costs
Interest on lease liabilities (2)
Interest expense, net$27.6 $27.7 $55.1 $55.3 
Amortization of ROU assets (2)
Depreciation and amortization22.5 21.9 44.4 43.6 
Total$50.1 $49.6 $99.5 $98.9 
Financing Obligation Costs
Interest on financing obligations (3)
Interest expense, net$37.1 $36.8 $73.7 $73.2 
(1) Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases.
(2) Pertains to finance lease components associated with the Pinnacle Master Lease (primarily land).
(3) Pertains to the components contained within the Pinnacle Master Lease (buildings) and the Morgantown Lease.
Supplemental cash flow information related to leases was as follows:
For the six months ended June 30,
(in millions)20242023
Non-cash lease activities:
Commencement of operating leases$2.7 $3,673.5 
Derecognition of operating lease liabilities$— $307.7 
Commencement of finance leases$63.0 $33.3 
Derecognition of finance lease liabilities$— $2,933.6 
Derecognition of financing obligations
$— $1,567.8