Segment Information

12 Months Ended

Dec. 31, 2017

Segment Information

Segment Information

15.Segment Information

The following tables present certain information with respect to the Company’s segments. Intersegment revenues between the Company’s segments were not material in any of the periods presented below. 

Year ended December 31,		2017		2016		2015
		(in thousands)
Net Revenues
Northeast	$	1,584,119	$	1,568,514	$	1,505,838
South/West		604,665		546,608		478,128
Midwest		907,493		877,567		833,455
Other (1)		51,693		41,691		20,937
Total Reportable Segment Net Revenues		3,147,970		3,034,380		2,838,358
Adjusted EBITDA
Northeast		501,271		489,070		456,599
South/West		135,324		128,569		128,850
Midwest		297,777		287,275		291,317
Other (1)		(88,426)		(61,085)		(80,417)
Total Reportable Segment Adjusted EBITDA		845,946		843,829		796,349
Other operating costs and other expenses (income)
Depreciation and amortization		267,062		271,214		259,461
Unconsolidated non-operating costs - Kansas JV		5,866		10,311		10,377
Interest expense		466,761		459,243		443,127
Interest income		(3,552)		(24,186)		(11,531)
Loss (gain) on disposal of assets		172		(2,471)		1,286
Impairment losses, provision for loan loss and unfunded loan commitments to the JIVDC		107,810		—		40,042
Insurance recoveries		(289)		(726)		—
Loss on early extinguishment of debt		23,963		—		—
Other		2,257		1,679		(5,872)
Contingent purchase price		(6,840)		1,277		(5,374)
Charge for stock compensation		7,780		6,871		8,223
Income before income taxes		(25,044)		120,617		56,610
Income taxes		(498,507)		11,307		55,924
Net income	$	473,463	$	109,310	$	686

	Northeast		South/West		Midwest		Other (1)		Total
	(in thousands)
Year ended December 31, 2017
Capital expenditures	$	22,632	$	42,025	$	29,827	$	4,777	$	99,261
Year ended December 31, 2016
Capital expenditures	$	30,677	$	30,458	$	30,921	$	5,189	$	97,245
Year ended December 31, 2015
Capital expenditures	$	155,413	$	16,805	$	22,679	$	4,343	$	199,240
Balance sheet at December 31, 2017
Total assets	$	821,649	$	794,274	$	1,070,204	$	2,548,685	$	5,234,812
Investment in and advances to unconsolidated affiliates		102		—		88,296		60,514		148,912
Goodwill		21,242		244,695		674,558		67,602		1,008,097
Other intangible assets, net		303,043		1,623		101,698		16,242		422,606
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		21,242		223,586		673,889		70,968		989,685
Other intangible assets, net		303,043		1,133		101,488		29,830		435,494

(1) Total assets include the real property assets under the Master Lease with GLPI. Net revenues and adjusted EBITDA relate to the Company’s stand-alone racing operations, namely Rosecroft Raceway, which the Company sold on July 31, 2016, Sanford Orlando Kennel Club and the Company’s joint venture interests in Texas and New Jersey (see Note 6 to the consolidated financial statements) which do not have gaming operations.  Other also includes corporate overhead operations as well as Penn Interactive Ventures, which is a wholly-owned subsidiary that is pursuing the Company’s interactive gaming strategy.