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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income (loss) $ (313.3) $ (491.4) $ 221.7
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 433.6 435.1 567.5
Amortization of debt discount and debt issuance costs 8.7 8.1 9.0
Noncash interest expense 47.1 36.1 27.6
Noncash operating lease expense 316.6 305.5 87.5
Gain on Barstool Acquisition, net 0.0 (83.4) 0.0
Gain on REIT transactions, net 0.0 (500.8) 0.0
Loss on disposal of Barstool 0.0 923.2 0.0
Holding loss on equity securities 0.1 6.4 69.9
Loss on sale or disposal of property and equipment 10.0 0.1 7.9
Gain on Hurricane Laura (5.5) (13.9) (10.7)
Income from unconsolidated affiliates (28.1) (25.3) (23.7)
Return on investment from unconsolidated affiliates 33.4 33.3 33.8
Deferred income taxes (58.1) (32.7) (150.7)
Stock-based compensation 52.9 85.9 58.1
Investment Agreement warrant expense 67.9 12.5 0.0
Impairment losses 89.1 130.6 118.2
Loss on early extinguishment of debt 0.3 0.0 10.4
Changes in operating assets and liabilities, net of businesses acquired      
Accounts receivable 58.9 (74.8) (81.2)
Prepaid expenses and other current assets 26.7 (66.3) (24.1)
Other assets (35.7) (18.2) (2.2)
Accounts payable 14.2 (8.6) (13.4)
Accrued expenses (67.7) 25.9 17.4
Income taxes 33.4 (50.2) 27.3
Operating lease liabilities (298.2) (305.8) (83.0)
Other current and long-term liabilities (48.4) 107.4 (2.2)
Other 21.4 17.2 13.1
Net cash provided by operating activities 359.3 455.9 878.2
Investing activities      
Capital expenditures (482.7) (360.0) (263.4)
Proceeds from sale of property and equipment 4.0 0.5 4.9
Hurricane Laura insurance proceeds 3.0 9.0 25.4
Sale of Barstool Sports, net of cash 0.0 (50.9) 0.0
Consideration paid for acquisitions of businesses, net of cash acquired 0.0 (314.6) 0.0
Consideration paid for gaming licenses and other intangible assets (57.9) (21.9) (9.0)
Cost method investment proceeds received (consideration paid) 0.5 8.0 (15.0)
Other (8.1) (12.7) (1.5)
Net cash used in investing activities (541.2) (742.6) (258.6)
Financing activities      
Proceeds from issuance of long-term debt, net of discounts 0.0 0.0 1,545.0
Repayments on credit facilities 0.0 0.0 (1,543.2)
Principal payments on long-term debt (37.5) (37.5) (39.3)
Debt and equity issuance costs (3.4) 0.0 (18.2)
Payments of other long-term obligations (10.1) (18.7) (17.8)
Principal payments on financing obligations (40.8) (39.2) (63.2)
Principal payments on finance leases (50.3) (47.1) (110.5)
Proceeds from exercise of options 1.5 5.3 6.9
Repurchase of common stock 0.0 (149.8) (601.1)
Proceeds from insurance financing 29.3 34.4 0.0
Payments on insurance financing (35.4) 0.0 0.0
Indemnification payments (30.5) 0.0 0.0
Other (9.3) (10.0) (11.6)
Net cash used in financing activities (186.5) (262.6) (853.0)
Effect of currency rate changes on cash, cash equivalents, and restricted cash (2.3) (0.4) (2.5)
Change in cash, cash equivalents, and restricted cash (370.7) (549.7) (235.9)
Cash, cash equivalents, and restricted cash at the beginning of the year 1,094.5 1,644.2 1,880.1
Cash, cash equivalents, and restricted cash at the end of the year 723.8 1,094.5 1,644.2
Reconciliation of cash, cash equivalents, and restricted cash:      
Cash and cash equivalents 706.6 1,071.8 1,624.0
Restricted cash included in Other current assets 16.0 21.5 19.0
Restricted cash included in Other assets 1.2 1.2 1.2
Total cash, cash equivalents, and restricted cash 723.8 1,094.5 1,644.2
Supplemental disclosure:      
Cash paid for interest, net of amounts capitalized 415.5 420.1 721.7
Cash payments (refunds) related to income taxes, net (3.8) 73.9 72.8
Non-cash activities:      
Accrued capital expenditures $ 53.8 $ 23.5 $ 21.1