
Three months ended June 30, 2016	Northeast		South/West		Midwest		Other (1)		Total
Income (loss) from operations	$	103,695	$	27,622	$	57,446	$	(39,426)	$	149,337
Charge for stock compensation		—		—		—		1,582		1,582
Depreciation and amortization		23,209		8,839		9,460		24,674		66,182
Plainridge contingent purchase price		119		—		—		—		119
(Gain) loss on disposal of assets		(14)		11		(52)		496		441
Income (loss) from unconsolidated affiliates		—		—		3,744		(196)		3,548
Non-operating items for Kansas JV		—		—		2,571		—		2,571
Adjusted EBITDA	$	127,009	$	36,472	$	73,169	$	(12,870)	$	223,780

Three months ended June 30, 2015	Northeast		South/West		Midwest		Other (1)		Total
Income (loss) from operations	$	90,075	$	29,091	$	54,620	$	(50,425)	$	123,361
Charge for stock compensation		—		—		—		2,337		2,337
Depreciation and amortization		22,413		5,000		9,897		24,965		62,275
Plainridge contingent purchase price		356		—		—		—		356
Loss (gain) on disposal of assets		137		138		(34)		130		371
Income (loss) from unconsolidated affiliates		—		—		4,401		(247)		4,154
Non-operating items for Kansas JV		—		—		2,528		—		2,528
Adjusted EBITDA	$	112,981	$	34,229	$	71,412	$	(23,240)	$	195,382


Six months ended June 30, 2016	Northeast		South/West		Midwest		Other (1)		Total
Income (loss) from operations	$	204,616	$	53,607	$	115,670	$	(84,025)	$	289,868
Charge for stock compensation		—		—		—		3,037		3,037
Depreciation and amortization		46,202		17,604		19,028		49,368		132,202
Plainridge contingent purchase price		(1,081)		—		—		—		(1,081)
Loss (gain) on disposal of assets		7		(14)		(45)		(608)		(660)
Income (loss) from unconsolidated affiliates		—		—		8,462		(305)		8,157
Non-operating items for Kansas JV		—		—		5,141		—		5,141
Adjusted EBITDA	$	249,744	$	71,197	$	148,256	$	(32,533)	$	436,664

Six months ended June 30, 2015	Northeast		South/West		Midwest		Other (1)		Total
Income (loss) from operations	$	167,846	$	59,604	$	108,110	$	(100,510)	$	235,050
Charge for stock compensation		—		—		—		4,421		4,421
Depreciation and amortization		45,667		10,120		19,862		49,995		125,644
Plainridge contingent purchase price		707		—		—		—		707
Loss (gain) on disposal of assets		7		400		(7)		125		525
Income (loss) from unconsolidated affiliates		—		—		8,189		(53)		8,136
Non-operating items for Kansas JV		—		—		5,278		—		5,278
Adjusted EBITDA	$	214,227	$	70,124	$	141,432	$	(46,022)	$	379,761


		Northeast		South/West		Midwest		Other (1)		Total
	(in thousands)
Three months ended June 30, 2016
Net revenues	$	401,516	$	140,108	$	220,256	$	7,542	$	769,422
Capital expenditures		8,268		6,726		6,348		823		22,165

Three months ended June 30, 2015
Net revenues	$	372,926	$	113,345	$	208,838	$	5,847	$	700,956
Capital expenditures		59,087		5,208		6,221		1,184		71,700

Six months ended June 30, 2016
Net revenues	$	794,722	$	276,076	$	441,334	$	13,741	$	1,525,873
Capital expenditures		15,387		14,311		12,330		1,506		43,534

Six months ended June 30, 2015
Net revenues	$	713,720	$	227,253	$	413,535	$	10,586	$	1,365,094
Capital expenditures		97,315		9,859		11,215		2,100		120,489

Balance sheet at June 30, 2016
Total assets		871,304		1,070,927		1,072,327		2,128,195		5,142,753
Investment in and advances to unconsolidated affiliates		81		—		98,721		64,149		162,951
Goodwill and other intangible assets, net		324,285		224,746		749,344		4,336		1,302,711

Balance sheet at December 31, 2015
Total assets		918,292		968,152		1,091,514		2,160,794		5,138,752
Investment in and advances to unconsolidated affiliates		84		—		103,608		64,457		168,149
Goodwill and other intangible assets, net		324,285		224,746		750,127		4,226		1,303,384

(1) Includes depreciation expense associated with the real property assets under the Master Lease with GLPI. In addition, total assets include these assets. The interest expense associated with the financing obligation is reflected in the other category. Net revenues and income (loss) from unconsolidated affiliates relate to the Company’s stand-alone racing operations, namely Rosecroft Raceway, Sanford Orlando Kennel Club and the Company’s Texas and New Jersey joint ventures which do not have gaming operations. Other also includes the recently created Penn Interactive Ventures, LLC, which is a wholly-owned subsidiary that is pursuing our new interactive gaming strategy.