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Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Schedule of operating segments within reportable segments For financial reporting purposes, we aggregate our operating properties into the following reportable segments:
LocationReal Estate Assets Lease or Ownership Structure
Northeast segment
Ameristar East ChicagoEast Chicago, IndianaPinnacle Master Lease
Greektown Casino-HotelDetroit, MichiganGreektown Lease
Hollywood Casino BangorBangor, MainePenn Master Lease
Hollywood Casino at Charles Town RacesCharles Town, West VirginiaPenn Master Lease
Hollywood Casino ColumbusColumbus, OhioPenn Master Lease
Hollywood Casino LawrenceburgLawrenceburg, IndianaPenn Master Lease
Hollywood Casino MorgantownMorgantown, Pennsylvania
Morgantown Lease (1)
Hollywood Casino at Penn National Race CourseGrantville, PennsylvaniaPenn Master Lease
Hollywood Casino PerryvillePerryville, MarylandPerryville Lease
Hollywood Casino ToledoToledo, OhioPenn Master Lease
Hollywood Casino YorkYork, PennsylvaniaOperating Lease (not with REIT Landlord)
Hollywood Gaming at Dayton RacewayDayton, OhioPenn Master Lease
Hollywood Gaming at Mahoning Valley Race CourseYoungstown, OhioPenn Master Lease
Marquee by Penn (2)
PennsylvaniaN/A
Hollywood Casino at Meadows RacetrackWashington, PennsylvaniaMeadows Lease
Plainridge Park CasinoPlainville, MassachusettsPinnacle Master Lease
South segment
1st Jackpot Casino
Tunica, MississippiPenn Master Lease
Ameristar VicksburgVicksburg, MississippiPinnacle Master Lease
Boomtown BiloxiBiloxi, MississippiPenn Master Lease
Boomtown Bossier CityBossier City, LouisianaPinnacle Master Lease
Boomtown New OrleansNew Orleans, LouisianaPinnacle Master Lease
Hollywood Casino Gulf CoastBay St. Louis, MississippiPenn Master Lease
Hollywood Casino TunicaTunica, MississippiPenn Master Lease
L’Auberge Baton RougeBaton Rouge, LouisianaPinnacle Master Lease
L’Auberge Lake CharlesLake Charles, LouisianaPinnacle Master Lease
Margaritaville Resort CasinoBossier City, LouisianaMargaritaville Lease
West segment
Ameristar Black HawkBlack Hawk, ColoradoPinnacle Master Lease
Cactus Petes and HorseshuJackpot, NevadaPinnacle Master Lease
M ResortHenderson, NevadaPenn Master Lease
Tropicana Las VegasLas Vegas, NevadaTropicana Lease
Zia Park CasinoHobbs, New MexicoPenn Master Lease
Midwest segment
Ameristar Council BluffsCouncil Bluffs, IowaPinnacle Master Lease
Argosy Casino Alton (3)
Alton, IllinoisPenn Master Lease
Argosy Casino RiversideRiverside, MissouriPenn Master Lease
Hollywood Casino AuroraAurora, IllinoisPenn Master Lease
Hollywood Casino JolietJoliet, IllinoisPenn Master Lease
Hollywood Casino at Kansas Speedway (4)
Kansas City, KansasOwned - joint venture
Hollywood Casino St. LouisMaryland Heights, MissouriPenn Master Lease
Prairie State Gaming (2)
IllinoisN/A
River City CasinoSt. Louis, MissouriPinnacle Master Lease
(1)Upon termination of the Morgantown Lease, ownership of the constructed building and all tenant improvements will transfer from the Company to GLPI.
(2)VGT route operations
(3)The riverboat is owned by us and not subject to the Penn Master Lease.
(4)Pursuant to a joint venture with NASCAR and includes the Company’s 50% investment in Kansas Entertainment, LLC (“Kansas Entertainment”), which owns Hollywood Casino at Kansas Speedway.
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).
The following tables present the Company’s segment information. As a result of the change in reportable segments described above, we have recast previously reported segment information to conform to the current presentation in the following tables:
 For the year ended December 31,
(in millions)202120202019
Revenues:   
Northeast segment$2,552.4 $1,639.3 $2,399.9 
South segment1,322.2 849.6 1,118.9 
West segment521.4 302.5 642.5 
Midwest segment1,102.7 681.4 1,094.5 
Interactive segment432.9 121.1 38.3 
Other (1)
10.6 3.9 9.2 
Intersegment eliminations (2)
(37.2)(19.1)(1.9)
Total$5,905.0 $3,578.7 $5,301.4 
Adjusted EBITDAR (3):
Northeast segment$848.4 $478.9 $720.8 
South segment587.0 318.9 369.8 
West segment195.0 82.2 198.8 
Midwest segment500.1 258.3 403.6 
Interactive segment(35.4)37.2 11.6 
Other (1)
(100.7)(80.7)(99.4)
Total (3)
1,994.4 1,094.8 1,605.2 
Other operating benefits (costs) and other income (expenses):
Rent expense associated with triple net operating leases (4)
(454.4)(419.8)(366.4)
Stock-based compensation(35.1)(14.5)(14.9)
Cash-settled stock-based awards variance(1.2)(67.2)(0.8)
Gain (loss) on disposal of assets(1.1)29.2 (5.5)
Contingent purchase price(1.9)1.1 (7.0)
Pre-opening expenses (5)
(5.4)(11.8)(22.3)
Depreciation and amortization(344.5)(366.7)(414.2)
Impairment losses— (623.4)(173.1)
Insurance recoveries, net of deductible charges— 0.1 3.0 
Non-operating items of equity method investments (6)
(7.7)(4.7)(3.7)
Interest expense, net(561.7)(543.2)(534.2)
Loss on early extinguishment of debt— (1.2)— 
Other (5)(7)
(42.3)93.1 20.0 
Income (loss) before income taxes539.1 (834.2)86.1 
Income tax benefit (expense)(118.6)165.1 (43.0)
Net income (loss)$420.5 $(669.1)$43.1 
(1)The Other category consists of the Company’s stand-alone racing operations, namely Sanford-Orlando Kennel Club, Sam Houston and Valley Race Parks (the remaining 50% was acquired by Penn National on August 1, 2021), the Company’s joint venture interests in 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”). 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.
(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 (6) below) added back for Barstool Sports and our Kansas Entertainment joint venture.
(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 Las Vegas Hotel and Casino and Hollywood Casino at Meadows Racetrack, and our individual triple net leases with VICI for the real estate assets used in the operations of Margaritaville Casino Resort and Greektown Casino-Hotel.
(5)During 2019, 2020 and during the first quarter of 2021, acquisition costs were included within pre-opening and acquisition costs. Beginning with 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 joint venture. We record our portion of Barstool Sports’ net income or loss, including adjustments to arrive at Adjusted EBITDAR, one quarter in arrears.
(7)Includes holding gains and losses on our equity securities, which are discussed in Note 19, “Fair Value Measurements.” Additionally, consists of non-recurring acquisition and transaction costs, finance transformation costs associated with the implementation of our new Enterprise Resource Management system 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; and (ii) improve the effectiveness and efficiency of our Corporate functional support area.
 For the year ended December 31,
(in millions)202120202019
Capital expenditures:   
Northeast segment$144.8 $78.0 $96.2 
South segment39.0 15.8 29.8 
West segment8.5 8.2 21.2 
Midwest segment19.8 15.1 32.7 
Interactive segment6.3 9.1 — 
Other25.7 10.8 10.7 
Total capital expenditures$244.1 $137.0 $190.6 

(in millions)NortheastSouthWestMidwestInteractive
Other (1)
Total
As of December 31, 2021
Investment in and advances to unconsolidated affiliates $0.1 $— $— $83.8 $164.4 $6.8 $255.1 
Total assets$2,283.6 $1,224.6 $394.8 $1,215.8 $2,618.3 $9,135.0 $16,872.1 
As of December 31, 2020
Investment in and advances to unconsolidated affiliates $0.1 $— $— $85.2 $149.3 $32.2 $266.8 
Total assets$1,958.4 $1,165.4 $401.5 $1,161.1 $434.1 $9,546.8 $14,667.3 
As of December 31, 2019
Investment in and advances to unconsolidated affiliates$0.1 $— $— $90.9 $1.9 $35.4 $128.3 
Total assets$2,273.7 $1,397.0 $752.1 $1,412.2 $124.1 $8,235.4 $14,194.5 
(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.
Schedule of receivables
The Company’s receivables as of December 31, 2021 and 2020 primarily consisted of the following:
December 31,
(in millions)20212020
Markers and returned checks$15.1 $14.8 
Credit card and other advances to customers11.5 8.9 
Receivables from ATM and cash kiosk transactions20.9 10.9 
Hotel and banquet4.1 2.7 
Racing settlements12.8 7.7 
Online gaming and licensing receivables from third party operators, including taxes70.0 16.4 
Media receivables10.3 — 
Insurance Receivable - Hurricane Laura28.7 23.0 
Other29.6 20.8 
Provision for credit losses(8.0)(8.8)
Accounts receivable, net$195.0 $96.4 
Schedule of estimated useful lives of property, plant and equipment Depreciation of property and equipment is recorded using the straight-line method over the shorter of the estimated useful life of the asset or the related lease term, if any, as follows:
 Years
Land improvements15
Buildings and improvements
5 to 31
Vessels
10 to 35
Furniture, fixtures and equipment
3 to 31
Property and equipment, net, consisted of the following:
December 31,
(in millions)20212020
Property and equipment - Not Subject to Master Leases
Land and improvements$147.6 $105.6 
Building, vessels and improvements327.3 205.4 
Furniture, fixtures and equipment1,714.8 1,620.4 
Leasehold improvements292.0 219.5 
Construction in progress70.7 89.8 
 2,552.4 2,240.7 
Less: Accumulated depreciation(1,634.1)(1,559.0)
 918.3 681.7 
Property and equipment - Subject to Master Leases
Land and improvements1,523.2 1,523.2 
Building, vessels and improvements3,640.0 3,640.3 
 5,163.2 5,163.5 
Less: Accumulated depreciation(1,499.3)(1,315.9)
 3,663.9 3,847.6 
Property and equipment, net$4,582.2 $4,529.3 

Depreciation expense was as follows:
For the year ended December 31,
(in millions)202120202019
Depreciation expense (1)
$314.3 $336.9 $381.6 
(1)Of such amounts, $183.4 million, $156.1 million, and $158.9 million, respectively, pertained to real estate assets subject to either of our Master Leases.
Schedule of complimentaries Revenues recorded to food, beverage, hotel and other and offset to gaming revenues were as follows:
For the year ended December 31,
(in millions)202120202019
Food and beverage$173.7 $123.6 $261.4 
Hotel125.4 79.6 159.6 
Other10.2 6.7 17.6 
Total complimentaries associated with gaming contracts$309.3 $209.9 $438.6