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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities      
Net income (loss) $ 420.5 $ (669.1) $ 43.1
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 344.5 366.7 414.2
Amortization of items charged to interest expense 22.8 16.3 7.7
Noncash interest expense 17.9 0.0 0.0
Noncash operating lease expense 160.8 120.3 100.4
Change in fair value of contingent purchase price 1.9 (1.1) 7.0
Gain on acquisition of Sam Houston (29.9) 0.0 0.0
Holding loss (gain) on equity securities 24.9 (106.7) (19.9)
Loss (gain) on sale or disposal of property and equipment 1.1 (29.2) 5.5
Noncash rent and interest expense related to the utilization of rent credits 0.0 287.1 0.0
Income from unconsolidated affiliates (38.7) (13.8) (28.4)
Return on investment from unconsolidated affiliates 31.8 21.8 29.0
Deferred income taxes (4.5) (118.3) 21.1
Stock-based compensation 35.1 14.5 14.9
Impairment losses 0.0 623.4 173.1
Loss on early extinguishment of debt 0.0 1.2 0.0
Changes in operating assets and liabilities, net of businesses acquired      
Accounts receivable (82.3) (16.5) 27.0
Prepaid expenses and other current assets (32.3) 13.5 9.7
Other assets (21.7) (12.8) (2.3)
Accounts payable (30.4) (6.6) 4.4
Accrued expenses 138.4 (40.9) (3.9)
Income taxes 10.2 (32.5) (7.2)
Operating lease liabilities (136.5) (94.8) (139.1)
Other current and long-term liabilities 65.2 16.3 47.6
Other (2.7) 0.0 0.0
Net cash provided by operating activities 896.1 338.8 703.9
Investing activities      
Capital expenditures (244.1) (137.0) (190.6)
Dispositions of property and equipment 1.5 16.1 0.6
Hurricane Laura insurance proceeds 0.0 32.7 0.0
Consideration paid for Barstool Sports investment 0.0 (135.0) 0.0
Consideration paid for acquisitions of businesses, net of cash acquired (877.6) (3.0) (1,359.4)
Consideration paid for remaining interest of Sam Houston (42.0) 0.0 0.0
Proceeds from sale-and-leaseback transactions in conjunction with acquisitions 0.0 0.0 961.1
Consideration paid for gaming licenses and other intangible assets (24.2) (4.8) (11.7)
Acquisition of equity securities (26.0) 0.0 (5.1)
Additional contributions to joint ventures (1.4) (5.4) (0.4)
Other (8.0) 2.7 (2.0)
Net cash used in investing activities (1,221.8) (233.7) (607.5)
Financing activities      
Proceeds from revolving credit facility 0.0 540.0 412.0
Repayments on revolving credit facility 0.0 (680.0) (384.0)
Proceeds from issuance of long-term debt, net of discounts 400.0 322.2 0.0
Principal payments on long-term debt (64.4) (161.7) (46.6)
Debt and equity issuance costs (7.5) (6.9) 0.0
Proceeds from other long-term obligations 72.5 0.0 0.0
Payments of other long-term obligations (17.0) (16.2) (15.4)
Principal payments on financing obligations (36.0) (26.7) (51.6)
Principal payments on finance leases (8.5) (3.9) (6.2)
Proceeds from common stock offerings, net of discounts and fees 0.0 1,288.8 0.0
Proceeds from exercise of options 10.8 62.7 1.9
Repurchase of common stock 0.0 0.0 (24.9)
Proceeds from insurance financing 26.6 20.2 16.1
Payments on insurance financing (26.7) (21.4) (19.4)
Other (9.9) (7.0) (4.3)
Net cash provided by (used in) financing activities 339.9 1,310.1 (122.4)
Effect of currency rate changes on cash, cash equivalents, and restricted cash (4.5) 0.0 0.0
Change in cash, cash equivalents, and restricted cash 9.7 1,415.2 (26.0)
Cash, cash equivalents and restricted cash at the beginning of the year 1,870.4 455.2 481.2
Cash, cash equivalents and restricted cash at the end of the year 1,880.1 1,870.4 455.2
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 1,863.9 1,853.8 437.4
Restricted cash included in Other current assets 15.0 15.3 15.5
Restricted cash included in Other assets 1.2 1.3 2.3
Total cash, cash equivalents and restricted cash 1,880.1 1,870.4 455.2
Supplemental disclosure:      
Cash paid for interest, net of amounts capitalized 514.6 355.0 528.1
Cash payments (refunds) related to income taxes, net 108.3 (15.2) 21.8
Non-cash activities:      
Rent credits received upon sale of Tropicana land and buildings and Morgantown land 0.0 337.5 0.0
Commencement of operating leases 96.4 73.6 713.5
Commencement of finance leases 106.1 0.0 4.6
Accrued capital expenditures 27.6 17.2 12.6
Acquisition of equity securities $ 0.0 $ 0.0 $ 16.1