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Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Schedule of Other Information and Supplemental Cash Flow Information Related to Leases Total monthly variable expenses were as follows:
For the year ended December 31,
(in millions)202120202019
Variable expenses included in “General and administrative”$18.7 $12.9 $16.4 
Variable expenses included in “Interest expense, net”17.1 11.8 16.1 
Total variable expenses$35.8 $24.7 $32.5 
Information related to lease term and discount rate was as follows:
December 31, 2021
Weighted-Average Remaining Lease Term
Operating leases25.7 years
Finance leases24.3 years
Financing obligations28.5 years
Weighted-Average Discount Rate
Operating leases6.7 %
Finance leases6.4 %
Financing obligations8.1 %
The components of lease expense were as follows:
Location on
Consolidated Statements of Operations		For the year ended December 31,
(in millions)20212020
Operating Lease Costs
Rent expense associated with triple net operating leases (1)
General and administrative$454.4 $419.8 
Operating lease cost (2)
Primarily General and administrative16.6 15.8 
Short-term lease costPrimarily Gaming expense64.9 37.7 
Variable lease cost (2)
Primarily Gaming expense4.3 2.5 
Total$540.2 $475.8 
Finance Lease Costs
Interest on lease liabilities (3)
Interest expense, net$17.2 $15.2 
Amortization of ROU assets (3)
Depreciation and amortization10.6 8.0 
Total$27.8 $23.2 
Financing Obligation Costs
Interest expense (4)
Interest expense, net$416.9 $403.1 
(1)Pertains to the operating lease components contained within the Master Leases (primarily land), the Meadows Lease, the Margaritaville Lease, the Greektown Lease, and the Tropicana Lease, inclusive of the variable expense associated with Columbus and Toledo for the operating lease components (the land).
(2)Excludes the operating lease costs and variable lease costs pertaining to our Triple Net Leases with our REIT landlords classified as operating leases, discussed in footnote (1) above.
(3)Primarily pertains to the Dayton and Mahoning Valley finance lease components and the Perryville Lease (effective July 1, 2021).
(4)Pertains to the components contained within the Master Leases (primarily buildings) and the Morgantown Lease determined to be a financing obligation, inclusive of the variable expense associated with Columbus and Toledo for the finance lease components (the buildings).
Supplemental cash flow information related to leases was as follows:
For the year ended December 31,
(in millions)20212020
Cash paid for amounts included in the measurement of lease liabilities(1)
Operating cash flows from finance leases$17.2 $15.2 
Operating cash flows from operating leases$428.3 $426.7 
Financing cash flows from finance leases$8.5 $6.3 
(1)Amounts related to the year ended December 31, 2020 are inclusive of utilized rent credits.
Total payments made under the Triple Net Leases, inclusive of rent credits utilized, were as follows:
For the year ended December 31,
(in millions)20212020
Penn Master Lease (1)
$475.7 $457.9 
Pinnacle Master Lease (1)
328.3 326.9 
Perryville Lease3.9 — 
Meadows Lease (1)
24.9 26.4 
Margaritaville Lease23.5 23.5 
Greektown Lease53.1 55.6 
Morgantown Lease (1)
3.0 0.8 
Total (2)
$912.4 $891.1 
(1)During the twelve months ended December 31, 2020 we utilized rent credits to pay $190.7 million, $135.5 million, $11.0 million and $0.3 million of rent under the Penn Master Lease, Pinnacle Master Lease, Meadows Lease and Morgantown Lease, respectively.
(2)Cash rent payable under the Tropicana Lease is nominal. Therefore, it has been excluded from the table above.
Schedule of future minimum lease commitments, operating leases
The following is a maturity analysis of our operating leases, finance leases and financing obligations as of December 31, 2021:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Years ending December 31:
2022$424.1 $30.0 $370.3 
2023407.8 29.1 370.4 
2024391.9 25.0 370.4 
2025388.7 25.0 370.5 
2026384.2 25.1 370.5 
Thereafter7,518.5 492.8 8,724.2 
Total lease payments9,515.2 627.0 10,576.3 
Less: Imputed interest(5,061.1)(309.6)(6,479.5)
Present value of future lease payments4,454.1 317.4 4,096.8 
Less: Current portion of lease obligations(132.8)(10.1)(39.0)
Long-term portion of lease obligations$4,321.3 $307.3 $4,057.8 
Schedule of future minimum lease commitments, finance leases
The following is a maturity analysis of our operating leases, finance leases and financing obligations as of December 31, 2021:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Years ending December 31:
2022$424.1 $30.0 $370.3 
2023407.8 29.1 370.4 
2024391.9 25.0 370.4 
2025388.7 25.0 370.5 
2026384.2 25.1 370.5 
Thereafter7,518.5 492.8 8,724.2 
Total lease payments9,515.2 627.0 10,576.3 
Less: Imputed interest(5,061.1)(309.6)(6,479.5)
Present value of future lease payments4,454.1 317.4 4,096.8 
Less: Current portion of lease obligations(132.8)(10.1)(39.0)
Long-term portion of lease obligations$4,321.3 $307.3 $4,057.8 
Schedule of future minimum lease commitments, financing obligations
The following is a maturity analysis of our operating leases, finance leases and financing obligations as of December 31, 2021:
(in millions)Operating LeasesFinance LeasesFinancing Obligations
Years ending December 31:
2022$424.1 $30.0 $370.3 
2023407.8 29.1 370.4 
2024391.9 25.0 370.4 
2025388.7 25.0 370.5 
2026384.2 25.1 370.5 
Thereafter7,518.5 492.8 8,724.2 
Total lease payments9,515.2 627.0 10,576.3 
Less: Imputed interest(5,061.1)(309.6)(6,479.5)
Present value of future lease payments4,454.1 317.4 4,096.8 
Less: Current portion of lease obligations(132.8)(10.1)(39.0)
Long-term portion of lease obligations$4,321.3 $307.3 $4,057.8