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Segment Information
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Information Segment Information
We have aggregated our operating segments into four reportable segments based on the similar characteristics of the operating segments within the regions in which they operate: Northeast, South, West and Midwest. The Other category is included in the following tables in order to reconcile the segment information to the consolidated information.
The Company utilizes Adjusted EBITDAR (as defined below) as its measure of segment profit or loss. The following table highlights our revenues and Adjusted EBITDAR for each reportable segment and reconciles Adjusted EBITDAR on a consolidated basis to net income (loss).
 For the three months ended June 30,For the six months ended June 30,
(in millions)2021202020212020
Revenues:  
Northeast segment$652.5 $102.7 $1,223.4 $623.4 
South segment368.2 121.5 664.1 344.8 
West segment140.4 17.7 237.0 144.3 
Midwest segment294.8 36.0 529.5 264.1 
Other (1)
97.7 27.6 185.6 47.9 
Intersegment eliminations (2)
(7.8)— (18.9)(2.9)
Total$1,545.8 $305.5 $2,820.7 $1,421.6 
Adjusted EBITDAR (3):
Northeast segment$231.6 $(3.6)$424.8 $120.9 
South segment177.1 44.4 311.0 97.0 
West segment61.4 (3.0)96.6 21.6 
Midwest segment 142.2 (4.6)248.2 64.9 
Other (1)
(25.7)(8.7)(47.0)(27.6)
Total (3)
586.6 24.5 1,033.6 276.8 
Other operating benefits (costs) and other income (expenses):
Rent expense associated with triple net operating leases (4)
(116.5)(103.8)(226.9)(201.3)
Stock-based compensation(9.2)(2.9)(13.4)(8.9)
Cash-settled stock-based awards variance12.4 (16.1)(9.1)(7.2)
Gain on disposal of assets0.1 28.5 0.2 27.9 
Contingent purchase price(1.2)(0.8)(1.3)1.4 
Pre-opening expenses (5)
0.4 (3.5)(1.2)(6.7)
Depreciation and amortization(81.9)(91.9)(163.2)(187.6)
Impairment losses— — — (616.1)
Insurance recoveries, net of deductible charges— — — 0.1 
Non-operating items of equity method investments (6)
(1.4)(1.1)(3.0)(2.0)
Interest expense, net(138.0)(135.0)(273.7)(264.8)
Other (5)(7)
0.5 29.3 21.3 7.5 
Income (loss) before income taxes251.8 (272.8)363.3 (980.9)
Income tax benefit (expense)(53.1)58.4 (73.7)157.9 
Net income (loss)$198.7 $(214.4)$289.6 $(823.0)
(1)The Other category consists of the Company’s stand-alone racing operations, namely Sanford-Orlando Kennel Club and the Company’s JV interests in Sam Houston Race Park, Valley Race Park, and Freehold Raceway; our management contract for Retama Park Racetrack and our live and televised poker tournament series that operates under the trade name, Heartland Poker Tour (“HPT”). The Other category also includes Penn Interactive, which operates social gaming, our internally-branded retail sportsbooks, iGaming and our Barstool Sportsbook mobile app. Expenses incurred for corporate and shared services activities that are directly attributable to a property or are otherwise incurred to support a property are allocated to each property. The Other category also includes corporate overhead costs, which consist of certain expenses, such as: payroll, professional fees, travel expenses and other general and administrative expenses that do not directly relate to or have not otherwise been allocated to a property. In addition, the Other category includes our proportionate share of the Adjusted EBITDAR of Barstool Sports (as determined and discussed in footnotes (3) and (5) below).
(2)Primarily represents the elimination of intersegment revenues associated with our internally-branded retail sportsbooks, which are operated by Penn Interactive.
(3)We define Adjusted EBITDAR as earnings before interest expense, net; income taxes; depreciation and amortization; rent expense associated with triple net operating leases (see footnote (4) below); stock-based compensation; debt extinguishment and financing charges; impairment losses; insurance recoveries, net of deductible charges; changes in the estimated fair value of our contingent purchase price obligations; gain or loss on disposal of assets; the difference between budget and actual expense for cash-settled stock-based awards; pre-opening expenses (see footnote (5) below); and other. Adjusted EBITDAR is also inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (see footnote (5) below) added back for Barstool Sports and our Kansas Entertainment JV.
(4)The Company’s triple net operating leases include the operating lease components contained within our triple net master lease dated November 1, 2013 with GLPI and the triple net master lease assumed in connection with our acquisition of Pinnacle Entertainment, Inc. (primarily land), our individual triple net leases with GLPI for the real estate assets used in the operation of Tropicana and Meadows Racetrack and Casino, and our individual triple net leases with VICI Properties Inc. for the real estate assets used in the operations of Margaritaville Casino Resort and Greektown Casino-Hotel.
(5)During 2020 and during the first quarter of 2021, acquisition costs were included within pre-opening and acquisition costs. As of and for the quarter ended June 30, 2021, acquisition costs are presented as part of other expenses.
(6)Consists principally of interest expense, net; income taxes; depreciation and amortization; and stock-based compensation expense associated with Barstool Sports and our Kansas Entertainment JV.
(7)Principally includes holding gains and losses on our equity securities, which are discussed in Note 15, “Fair Value Measurements.” Additionally, includes finance transformation costs associated with the implementation of our new Enterprise Resource Management system, other non-recurring transaction costs, and non-recurring restructuring charges (primarily severance) associated with a company-wide initiative, triggered by the COVID-19 pandemic, designed to (i) improve the operational effectiveness across our property portfolio; (ii) improve the effectiveness and efficiency of our Corporate functional support area.

The table below presents capital expenditures by segment:
 For the three months ended June 30,For the six months ended June 30,
(in millions)2021202020212020
Capital expenditures:  
Northeast segment$20.8 $21.7 $36.2 $52.0 
South segment6.3 3.8 8.1 7.8 
West segment— 1.6 3.2 4.1 
Midwest segment3.6 1.3 5.5 4.9 
Other8.2 2.5 11.6 4.9 
Total capital expenditures$38.9 $30.9 $64.6 $73.7 
The table below presents investment in and advances to unconsolidated affiliates and total assets by segment:
(in millions)NortheastSouthWestMidwest
Other (1)
Total
Balance sheet as of June 30, 2021
Investment in and advances to unconsolidated affiliates (2)
$0.1 $— $— $86.3 $190.9 $277.3 
Total assets$2,059.5 $1,206.2 $414.7 $1,225.5 $10,172.3 $15,078.2 
Balance sheet as of December 31, 2020
Investment in and advances to unconsolidated affiliates (2)
$0.1 $— $— $85.2 $181.5 $266.8 
Total assets$1,958.4 $1,165.4 $401.5 $1,161.1 $9,980.9 $14,667.3 
(1)The real estate assets subject to the Master Leases, which are classified as either property and equipment, operating lease ROU assets, or finance lease ROU assets, are included within the Other category.
(2)Our investment in Barstool Sports is included within the Other category.