Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Carrying Amounts and Estimated Fair Values by Input Level

The carrying amounts and estimated fair values by input level of the Company’s financial instruments were as follows:

	September 30, 2022
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	1,728.4	$	1,728.4	$	1,728.4	$	—	$	—
Equity securities	$	20.6	$	20.6	$	—	$	20.6	$	—
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	7.9	$	7.9	$	—	$	7.9	$	—
Financial liabilities:
Long-term debt
Senior Secured Credit Facilities	$	1,511.7	$	1,491.1	$	1,491.1	$	—	$	—
5.625% Notes	$	399.6	$	353.6	$	353.6	$	—	$	—
4.125% Notes	$	393.6	$	306.6	$	306.6	$	—	$	—
Convertible Notes	$	323.9	$	457.8	$	457.8	$	—	$	—
Other long-term obligations	$	157.2	$	155.4	$	—	$	45.0	$	110.4
Other liabilities	$	9.7	$	9.4	$	—	$	2.5	$	6.9
Puts and calls related to certain Barstool shares	$	0.4	$	0.4	$	—	$	0.4	$	—

	December 31, 2021
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	1,863.9	$	1,863.9	$	1,863.9	$	—	$	—
Equity securities	$	84.3	$	84.3	$	—	$	84.3	$	—
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	15.1	$	15.1	$	—	$	15.1	$	—
Puts and calls related to certain Barstool shares	$	1.9	$	1.9	$	—	$	1.9	$	—
Financial liabilities:
Long-term debt
Senior Secured Credit Facilities	$	1,544.5	$	1,559.6	$	1,559.6	$	—	$	—
5.625% Notes	$	399.6	$	411.5	$	411.5	$	—	$	—
4.125% Notes	$	392.9	$	389.5	$	389.5	$	—	$	—
Convertible notes	$	253.5	$	780.0	$	780.0	$	—	$	—
Other long-term obligations	$	146.3	$	144.3	$	—	$	53.9	$	90.4
Other liabilities	$	13.3	$	13.2	$	—	$	2.7	$	10.5

Schedule of the Changes in Fair Value of Level 3 Liabilities

The following table summarizes the changes in fair value of our Level 3 liabilities measured on a recurring basis:

(in millions)	Other Liabilities
Balance as of January 1, 2022	$	100.9
Interest	20.0
Payment installments	(2.7)
Included in earnings (1)	(0.9)
Balance as of September 30, 2022	$	117.3

(1)The expense is included in “General and administrative” within our unaudited Consolidated Statements of Operations.

Schedule of the Changes in Fair Value of Assets Measured on Non Recurring Basis

The following table sets forth the assets measured at fair value on a non-recurring basis as of September 30, 2022, which were all at the Hollywood Casino at Greektown reporting unit:

(in millions)	Valuation Date	Valuation Technique	Level 1		Level 2		Level 3		Total Balance		Total Reduction in Fair Value Recorded
Goodwill	9/30/2022	Discounted cash flow and market approach	$	—	$	—	$	199.2	$	199.2	$	37.4
Gaming licenses	9/30/2022	Discounted cash flow	$	—	$	—	$	101.1	$	101.1	$	65.4
Trademarks	9/30/2022	Discounted cash flow	$	—	$	—	$	42.7	$	42.7	$	—

Schedule of Significant Unobservable Inputs Used in Calculating Level 3 Assets and Liabilities

The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 liabilities on a recurring basis as of September 30, 2022:

	Valuation Technique	Unobservable Input	Discount Rate
Other long-term obligation	Discounted cash flow	Discount rate	27.0%
Contingent purchase price - Plainridge Park Casino	Discounted cash flow	Discount rate	8.9%

As discussed in Note 7, “Goodwill and Other Intangible Assets,” we recorded impairments on goodwill and our gaming licenses, which are indefinite-lived intangible assets, at the Hollywood Casino at Greektown reporting unit as a result of the third quarter of 2022 interim assessment for impairment. The following table presents quantitative information about the significant unobservable inputs used in the fair value measurements of other indefinite-lived intangible assets as of the valuation date below:

(in millions)	Fair Value		Valuation Technique	Unobservable Input	Range or Amount
As of September 30, 2022
Goodwill	$	199.2	Discounted cash flow	Discount rate	12.0	%
				Long-term revenue growth rate	2.0	%
Gaming licenses	$	101.1	Discounted cash flow	Discount rate	13.0	%
				Long-term revenue growth rate	2.0	%