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Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Other Information and Supplemental Cash Flow Information Related to Leases
As a result of the annual escalator test, effective as of November 1 for the lease years ended October 31, the fixed components of rent and an additional ROU asset and corresponding lease liability were recognized as follows:
(in millions)20242023
2022 (1)
Annual escalator
$4.2 $4.2 $5.7 
Operating ROU asset and lease liability recognized
$27.2 $28.7 $3.6 
Finance ROU asset and lease liability recognized
$— $— $44.8 
(1)    The annual escalator for the lease year ended October 31, 2022 was a part of the PENN Master Lease.
As a result of the AR PENN Percentage Rent resets for the lease years ended October 31, the performance-based component of rent and an additional ROU asset and corresponding lease liability were recognized as follows:
(in millions)202420232022
Reduction to the performance-based component of rent
N/A$4.4 N/A
Operating ROU asset and lease liability recognized
N/A$117.4 N/A
N/A – There were no AR PENN Percentage Rent resets scheduled for these periods, inclusive of the lease year ended October 31, 2022 of which performance-based rent was contained within the PENN Master Lease.
Total monthly variable expenses were as follows:
For the year ended December 31,
(in millions)2022
Variable expenses included in “General and administrative”$1.2 
Variable expenses included in “Interest expense, net”36.4 
Total variable expenses$37.6 
As a result of the annual escalator test, effective as of May 1 for the lease years ended April 30, the fixed components of rent and an additional ROU asset and corresponding lease liability were recognized as follows:
(in millions)202420232022
Annual escalator
$4.8 $4.7 $4.6 
Finance ROU asset and lease liability recognized
$33.4 $33.3 $33.2 
As a result of the Pinnacle Percentage Rent resets for the lease years ended April 30, the performance-based component of rent and an additional ROU asset and corresponding lease liability were recognized as follows:
(in millions)202420232022
Increase to the performance-based component of rent
$3.8 N/A$1.9 
Finance ROU asset and lease liability recognized
$29.6 N/A$26.1 
N/A – There was no Pinnacle Percentage Rent reset scheduled for this period.
As a result of the annual escalator test, effective as of February 1 for the lease years ended January 31, the fixed components of rent and an additional ROU asset and corresponding lease liability were recognized as follows:
(in millions)202420232022
Annual escalator
$0.4 $0.4 $0.4 
Operating ROU asset and lease liability recognized
$2.7 $2.8 $2.9 
As a result of the Margaritaville Percentage Rent resets for the lease years ended January 31, the performance-based component of rent and an additional ROU asset and corresponding lease liability were recognized as follows:
(in millions)202420232022
Increase to the performance-based component of rent
N/A$2.3 N/A
Operating ROU asset and lease liability recognized
N/A$9.8 N/A
As a result of the Greektown Percentage Rent resets for the lease years ended May 31, the performance-based component of rent and an additional ROU asset and corresponding lease liability were recognized as follows:
(in millions)202420232022
Increase to the performance-based component of rent
N/A$1.5 N/A
Operating ROU asset and lease liability recognized
N/A$7.0 N/A
Information related to lease term and discount rate was as follows:
December 31,
20242023
Weighted-Average Remaining Lease Term
Operating leases10.2 years11.2 years
Finance leases26.3 years27.3 years
Financing obligations26.6 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
Consolidated Statements of Operations		For the year ended December 31,
(in millions)202420232022
Operating Lease Costs
Rent expense associated with triple net operating leases (1)
General and administrative$620.1 $591.1 $149.6 
Operating lease cost (2)
Primarily General and administrative19.3 22.4 19.7 
Short-term lease costPrimarily Gaming expense91.2 81.2 74.6 
Variable lease cost (2)
Primarily Gaming expense3.4 3.6 4.3 
Total$734.0 $698.3 $248.2 
Finance Lease Costs
Interest on lease liabilities (3)
Interest expense, net$110.8 $110.6 $258.4 
Amortization of ROU assets (3)
Depreciation and amortization89.8 87.5 181.6 
Total$200.6 $198.1 $440.0 
Financing Obligation Costs
Interest on financing obligations (4)
Interest expense, net$148.5 $146.6 $347.0 
(1)For the years ended December 31, 2024 and 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).
(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 years ended December 31, 2024 and 2023, pertains to the finance lease components associated with the Pinnacle Master Lease (land).
For the year ended December 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 primarily consisted of the land, inclusive of the variable expense associated with Columbus and Toledo.
(4)    For the years ended December 31, 2024 and 2023, pertains to the components contained within the Pinnacle Master Lease (buildings) and the Morgantown Lease.
For the year ended December 31, 2022, pertains to the components contained within the (i) PENN Master Lease (primarily buildings) inclusive of the variable expense associated with Columbus and Toledo for the financing obligation components; (ii) Pinnacle Master Lease (buildings); and (iii) Morgantown Lease.
Supplemental cash flow information related to leases was as follows:
For the year ended December 31,
(in millions)202420232022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases$110.8 $110.6 $258.4 
Operating cash flows from operating leases$620.1 $609.9 $163.2 
Financing cash flows from finance leases$50.3 $47.1 $110.5 
Non-cash lease activities:
Commencement of operating leases$29.9 $3,820.4 $58.5 
Derecognition of operating lease liabilities$— $307.7 $— 
Commencement of finance leases$63.0 $33.3 $1,462.1 
Derecognition of finance lease liabilities$— $2,933.6 $— 
Derecognition of finance obligations$— $1,567.8 $— 
Total payments made under the Triple Net Leases were as follows:
For the year ended December 31,
(in millions)202420232022
AR PENN Master Lease$284.6 $284.1 $— 
2023 Master Lease236.2 232.8 — 
PENN Master Lease— — 480.3 
Pinnacle Master Lease346.7 339.4 334.1 
Perryville Lease— — 7.8 
Meadows Lease— — 24.6 
Margaritaville Lease26.8 26.2 23.8 
Greektown Lease52.9 52.2 51.3 
Morgantown Lease3.2 3.1 3.1 
Total (1)
$950.4 $937.8 $925.0 
(1)For the year ended December 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.
Schedule of Future Minimum Lease Commitments, Operating Leases
The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of December 31, 2024:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Years ending December 31:
2025$616.5 $162.6 $166.5 
2026617.1 152.2 166.6 
2027619.7 146.9 166.6 
2028618.3 146.9 166.6 
2029597.7 146.9 166.7 
Thereafter2,742.1 3,127.0 3,663.3 
Total lease payments5,811.4 3,882.5 4,496.3 
Less: Imputed interest(1,835.0)(1,767.0)(2,109.7)
Present value of future lease payments3,976.4 2,115.5 2,386.6 
Less: Current portion of lease obligations(322.1)(53.2)(43.5)
Long-term portion of lease obligations$3,654.3 $2,062.3 $2,343.1 
Schedule of Future Minimum Lease Commitments, Finance Leases
The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of December 31, 2024:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Years ending December 31:
2025$616.5 $162.6 $166.5 
2026617.1 152.2 166.6 
2027619.7 146.9 166.6 
2028618.3 146.9 166.6 
2029597.7 146.9 166.7 
Thereafter2,742.1 3,127.0 3,663.3 
Total lease payments5,811.4 3,882.5 4,496.3 
Less: Imputed interest(1,835.0)(1,767.0)(2,109.7)
Present value of future lease payments3,976.4 2,115.5 2,386.6 
Less: Current portion of lease obligations(322.1)(53.2)(43.5)
Long-term portion of lease obligations$3,654.3 $2,062.3 $2,343.1 
Schedule of Future Minimum Lease Commitments, Financing Obligations
The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of December 31, 2024:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Years ending December 31:
2025$616.5 $162.6 $166.5 
2026617.1 152.2 166.6 
2027619.7 146.9 166.6 
2028618.3 146.9 166.6 
2029597.7 146.9 166.7 
Thereafter2,742.1 3,127.0 3,663.3 
Total lease payments5,811.4 3,882.5 4,496.3 
Less: Imputed interest(1,835.0)(1,767.0)(2,109.7)
Present value of future lease payments3,976.4 2,115.5 2,386.6 
Less: Current portion of lease obligations(322.1)(53.2)(43.5)
Long-term portion of lease obligations$3,654.3 $2,062.3 $2,343.1