
Three months ended September 30, 2017	Northeast		South/West		Midwest		Other (1)		Total
Income (loss) from operations	$	106,575	$	4,772	$	60,005	$	(27,689)	$	143,663
Charge for stock compensation		—		—		—		1,853		1,853
Depreciation and amortization		19,661		9,224		9,560		28,038		66,483
Contingent purchase price		1,480		—		(44)		(22,152)		(20,716)
(Gain) loss on disposal of assets		(72)		(61)		56		173		96
Impairment losses		—		21,111		—		3,206		24,317
Income (loss) from unconsolidated affiliates		—		—		5,157		(376)		4,781
Non-operating items for Kansas JV		—		—		1,310		—		1,310
Adjusted EBITDA	$	127,644	$	35,046	$	76,044	$	(16,947)	$	221,787

Three months ended September 30, 2016	Northeast		South/West		Midwest		Other (1)		Total
Income (loss) from operations	$	101,752	$	19,337	$	56,343	$	(38,132)	$	139,300
Charge for stock compensation		—		—		—		1,517		1,517
Depreciation and amortization		22,975		9,097		9,593		26,238		67,903
Contingent purchase price		(293)		—		—		263		(30)
(Gain) loss on disposal of assets		(13)		72		64		(2,904)		(2,781)
Insurance recoveries		—		—		(726)		—		(726)
Income (loss) from unconsolidated affiliates		—		—		3,798		(293)		3,505
Non-operating items for Kansas JV		—		—		2,572		—		2,572
Adjusted EBITDA	$	124,421	$	28,506	$	71,644	$	(13,311)	$	211,260


Nine months ended September 30, 2017	Northeast		South/West		Midwest		Other (1)		Total
Income (loss) from operations	$	317,327	$	51,952	$	180,818	$	(131,158)	$	418,939
Charge for stock compensation		—		—		—		5,827		5,827
Depreciation and amortization		64,209		27,794		28,739		84,946		205,688
Contingent purchase price		2,662		—		(19)		(19,437)		(16,794)
(Gain) loss on disposal of assets		(104)		(56)		85		178		103
Impairment losses		—		26,746		—		3,206		29,952
Income (loss) from unconsolidated affiliates		—		—		15,447		(1,097)		14,350
Non-operating items for Kansas JV		—		—		4,570		—		4,570
Adjusted EBITDA	$	384,094	$	106,436	$	229,640	$	(57,535)	$	662,635

Nine months ended September 30, 2016	Northeast		South/West		Midwest		Other (1)		Total
Income (loss) from operations	$	306,368	$	72,944	$	172,013	$	(122,157)	$	429,168
Charge for stock compensation		—		—		—		4,554		4,554
Depreciation and amortization		69,177		26,701		28,621		75,606		200,105
Contingent purchase price		(1,374)		—		—		263		(1,111)
(Gain) loss on disposal of assets		(6)		58		18		(3,510)		(3,440)
Insurance recoveries		—		—		(726)		—		(726)
Income (loss) from unconsolidated affiliates		—		—		12,261		(599)		11,662
Non-operating items for Kansas JV		—		—		7,713		—		7,713
Adjusted EBITDA	$	374,165	$	99,703	$	219,900	$	(45,843)	$	647,925


		Northeast		South/West		Midwest		Other (1)		Total
	(in thousands)
Three months ended September 30, 2017
Net revenues	$	401,818	$	160,153	$	232,051	$	12,225	$	806,247
Capital expenditures		5,621		12,681		7,935		1,045		27,282

Three months ended September 30, 2016
Net revenues	$	395,748	$	135,169	$	221,172	$	13,508	$	765,597
Capital expenditures		6,465		7,540		7,438		936		22,379

Nine months ended September 30, 2017
Net revenues	$	1,200,382	$	453,123	$	685,236	$	40,193	$	2,378,934
Capital expenditures		15,144		33,227		19,611		2,260		70,242

Nine months ended September 30, 2016
Net revenues	$	1,190,469	$	411,245	$	662,506	$	27,250	$	2,291,470
Capital expenditures		21,852		21,851		19,768		2,442		65,913

Balance sheet at September 30, 2017
Total assets	$	820,833	$	855,678	$	1,088,960	$	2,803,930	$	5,569,401
Investment in and advances to unconsolidated affiliates		80		—		88,015		61,475		149,570
Goodwill and other intangible assets, net		324,285		246,137		777,156		86,473		1,434,051

Balance sheet at December 31, 2016
Total assets	$	861,951	$	840,076	$	1,103,231	$	2,169,226	$	4,974,484
Investment in and advances to unconsolidated affiliates		76		—		93,768		62,332		156,176
Goodwill and other intangible assets, net		324,285		224,719		775,377		100,798		1,425,179

(1) Includes depreciation expense associated with the real property assets under the Master Lease with GLPI. In addition, total assets include these assets. The interest expense associated with the financing obligation is reflected in the other category. Net revenues and income (loss) from unconsolidated affiliates relate to the Company’s stand-alone racing operations, namely Rosecroft Raceway, which was sold on July 31, 2016, Sanford Orlando Kennel Club and the Company’s Texas and New Jersey joint ventures, which do not have gaming operations. Other also includes Penn Interactive Ventures, which is a wholly-owned subsidiary that is pursuing our interactive gaming strategy and our acquisition of Rocket Speed.