
Three months ended June 30, 2017	Northeast		South/West		Midwest		Other (1)		Total
Income (loss) from operations	$	108,119	$	20,062	$	59,283	$	(52,475)	$	134,989
Charge for stock compensation		—		—		—		1,801		1,801
Depreciation and amortization		21,525		9,353		9,508		28,583		68,969
Contingent purchase price		277		—		16		1,069		1,362
(Gain) loss on disposal of assets		(45)		(1)		88		10		52
Impairment losses on Loans to the Jamul Tribe		—		5,635		—		—		5,635
Income (loss) from unconsolidated affiliates		—		—		5,286		(265)		5,021
Non-operating items for Kansas JV		—		—		1,309		—		1,309
Adjusted EBITDA	$	129,876	$	35,049	$	75,490	$	(21,277)	$	219,138

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
Contingent purchase price		119		—		—		—		119
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


Six months ended June 30, 2017	Northeast		South/West		Midwest		Other (1)		Total
Income (loss) from operations	$	210,752	$	47,180	$	120,813	$	(103,469)	$	275,276
Charge for stock compensation		—		—		—		3,974		3,974
Depreciation and amortization		44,548		18,570		19,179		56,908		139,205
Contingent purchase price		1,182		—		25		2,715		3,922
(Gain) loss on disposal of assets		(31)		5		29		4		7
Impairment losses on Loans to the Jamul Tribe		—		5,635		—		—		5,635
Income (loss) from unconsolidated affiliates		—		—		10,290		(721)		9,569
Non-operating items for Kansas JV		—		—		3,260		—		3,260
Adjusted EBITDA	$	256,451	$	71,390	$	153,596	$	(40,589)	$	440,848

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
Contingent purchase price		(1,081)		—		—		—		(1,081)
Loss 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


		Northeast		South/West		Midwest		Other (1)		Total
	(in thousands)
Three months ended June 30, 2017
Net revenues	$	405,099	$	153,151	$	224,847	$	13,366	$	796,463
Capital expenditures		5,533		11,924		7,345		1,002		25,804

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

Six months ended June 30, 2017
Net revenues	$	798,564	$	292,970	$	453,185	$	27,968	$	1,572,687
Capital expenditures		9,523		20,546		11,676		1,215		42,960

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

Balance sheet at June 30, 2017
Total assets	$	808,144	$	876,910	$	1,081,316	$	2,217,649	$	4,984,019
Investment in and advances to unconsolidated affiliates		76		—		91,058		61,779		152,913
Goodwill and other intangible assets, net		324,285		260,978		778,056		92,900		1,456,219

Balance sheet at December 31, 2016
Total assets	$	861,951	$	840,076	$	1,103,231	$	2,169,226	$	4,974,484
Investment in and advances to unconsolidated affiliates		76		—		93,768		62,332		156,176
Goodwill and other intangible assets, net		324,285		224,719		775,377		100,798		1,425,179

(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, which was sold on July 31, 2016, Sanford Orlando Kennel Club and the Company’s Texas and New Jersey joint ventures, which do not have gaming operations. Other also includes Penn Interactive Ventures, which is a wholly-owned subsidiary that is pursuing our interactive gaming strategy and our recent acquisition of Rocket Speed.