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Leases (Tables)
 6 Months Ended
Jun. 30, 2025
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 February 1 for the lease year ended January 31, the fixed components of rent and an additional ROU asset and corresponding lease liability were recognized as follows:
(in millions)2025
Annual escalator
$0.4 
Operating ROU asset and lease liability recognized
$2.5 
As a result of the Margaritaville Percentage Rent reset for the lease year ended January 31, the performance-based component of rent and an additional ROU asset and corresponding lease liability were recognized as follows:
(in millions)2025
Decrease to the performance-based component of rent
$0.4 
Operating ROU asset and lease liability recognized
$9.0 
As a result of the Greektown Percentage Rent reset for the lease year ended May 31, the performance-based component of rent and an additional ROU asset and corresponding lease liability were recognized as follows:
(in millions)2025
Increase to the performance-based component of rent$1.1 
Operating ROU asset and lease liability recognized
$9.0 
Total payments made under our Triple Net Leases were as follows:
 For the three months ended June 30,For the six months ended June 30,
(in millions)2025202420252024
AR PENN Master Lease$72.0 $70.9 $144.1 $141.9 
2023 Master Lease59.8 58.9 119.6 117.8 
Pinnacle Master Lease87.4 86.7 174.8 171.9 
Margaritaville Lease6.7 6.7 13.4 13.4 
Greektown Lease13.3 13.2 26.5 26.4 
Morgantown Lease 0.8 0.8 1.6 1.6 
Total$240.0 $237.2 $480.0 $473.0 
Information related to lease term and discount rate was as follows:
June 30, 2025December 31, 2024
Weighted-Average Remaining Lease Term
Operating leases9.8 years10.2 years
Finance leases25.8 years26.3 years
Financing obligations26.1 years26.6 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)2025202420252024
Operating Lease Costs
Rent expense associated with triple net operating leasesGeneral and administrative$156.0 $154.9 $311.9 $309.7 
Operating lease cost (1)
Primarily General and administrative4.2 5.0 8.3 10.3 
Short-term lease costPrimarily Gaming expenses25.5 23.0 49.3 45.8 
Variable lease cost (1)
Primarily Gaming expenses0.7 0.9 1.5 1.9 
Total$186.4 $183.8 $371.0 $367.7 
Finance Lease Costs
Interest on lease liabilities (2)
Interest expense, net$27.5 $27.6 $55.1 $55.1 
Amortization of ROU assets (2)
Depreciation and amortization22.8 22.5 45.5 44.4 
Total$50.3 $50.1 $100.6 $99.5 
Financing Obligation Costs
Interest on financing obligations (3)
Interest expense, net$37.0 $37.1 $74.2 $73.7 
(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)20252024
Non-cash lease activities:
Commencement of operating leases$21.7 $2.7 
Commencement of finance leases$0.8 $63.0 
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, 2025:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Year ended December 31,
2025 (excluding the six months ended June 30, 2025)$313.4 $81.4 $83.3 
2026627.6 152.3 166.6 
2027622.9 147.0 166.6 
2028619.1 147.0 166.6 
2029598.6 146.9 166.7 
Thereafter2,744.8 3,127.0 3,663.2 
Total lease payments5,526.4 3,801.6 4,413.0 
Less: Imputed interest(1,685.9)(1,712.0)(2,047.6)
Present value of future lease payments3,840.5 2,089.6 2,365.4 
Less: Current portion of lease obligations(343.4)(52.1)(44.6)
Long-term portion of lease obligations$3,497.1 $2,037.5 $2,320.8 
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, 2025:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Year ended December 31,
2025 (excluding the six months ended June 30, 2025)$313.4 $81.4 $83.3 
2026627.6 152.3 166.6 
2027622.9 147.0 166.6 
2028619.1 147.0 166.6 
2029598.6 146.9 166.7 
Thereafter2,744.8 3,127.0 3,663.2 
Total lease payments5,526.4 3,801.6 4,413.0 
Less: Imputed interest(1,685.9)(1,712.0)(2,047.6)
Present value of future lease payments3,840.5 2,089.6 2,365.4 
Less: Current portion of lease obligations(343.4)(52.1)(44.6)
Long-term portion of lease obligations$3,497.1 $2,037.5 $2,320.8 
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, 2025:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Year ended December 31,
2025 (excluding the six months ended June 30, 2025)$313.4 $81.4 $83.3 
2026627.6 152.3 166.6 
2027622.9 147.0 166.6 
2028619.1 147.0 166.6 
2029598.6 146.9 166.7 
Thereafter2,744.8 3,127.0 3,663.2 
Total lease payments5,526.4 3,801.6 4,413.0 
Less: Imputed interest(1,685.9)(1,712.0)(2,047.6)
Present value of future lease payments3,840.5 2,089.6 2,365.4 
Less: Current portion of lease obligations(343.4)(52.1)(44.6)
Long-term portion of lease obligations$3,497.1 $2,037.5 $2,320.8