Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document and Entity Information | ' |
Entity Registrant Name | 'Gaming & Leisure Properties, Inc. |
Entity Central Index Key | '0001575965 |
Document Type | '8-K |
Document Period End Date | 31-Mar-14 |
Amendment Flag | 'false |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Real estate investments, net | $2,010,303 | ' |
Property and equipment, used in operations, net | 139,121 | 118,954 |
Cash and cash equivalents | 285,221 | 14,562 |
Prepaid expenses | 5,983 | 1,141 |
Deferred income taxes | 2,228 | 2,859 |
Other current assets | 17,367 | 1,009 |
Receivable from Penn National Gaming, Inc. | ' | 43,318 |
Goodwill | 75,521 | 75,521 |
Other intangible assets | 9,577 | 9,577 |
Debt issuance costs, net of accumulated amortization of $1,270 at December 31, 2013 | 46,877 | ' |
Other assets | 17,041 | 134 |
Total assets | 2,609,239 | 267,075 |
Liabilities | ' | ' |
Accounts payable | 21,397 | 251 |
Accrued expenses | 13,783 | 5,787 |
Accrued interest | 18,055 | ' |
Accrued salaries and wages | 10,337 | 3,507 |
Gaming, property, and other taxes | 18,789 | 1,136 |
Income taxes | 17,256 | 11,538 |
Other current liabilities | 12,911 | 109 |
Long-term debt | 2,350,000 | ' |
Deferred income taxes | 4,282 | 8,417 |
Total liabilities | 2,466,810 | 30,745 |
Commitments and Contingencies (Note 7) | ' | ' |
Shareholders' equity | ' | ' |
Common stock ($.01 par value, 550,000,000 shares authorized, 88,659,448 shares issued at December 31, 2013) | 887 | ' |
Additional paid-in capital | 3,651 | 71,356 |
Retained earnings | 137,891 | 164,974 |
Total shareholders' (deficit) equity | 142,429 | 236,330 |
Total liabilities and shareholders' (deficit) equity | $2,609,239 | $267,075 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Condensed Consolidated Balance Sheets | ' | ' |
Debt issuance costs, accumulated amortization (in dollars) | $3,277 | $1,270 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 550,000,000 | 550,000,000 |
Common stock, shares issued | 111,771,524 | 88,659,448 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental | $106,114 | ' | ' | ' | ' | ' | ' | ' | ' | $68,955 | ' | ' |
Real estate taxes paid by tenants | 11,998 | ' | ' | ' | ' | ' | ' | ' | ' | 7,602 | ' | ' |
Total rental revenue | 118,112 | ' | ' | ' | ' | ' | ' | ' | ' | 76,557 | ' | ' |
Gaming | 38,755 | ' | ' | ' | 41,080 | ' | ' | ' | ' | 159,352 | 202,581 | 223,302 |
Food, beverage and other | 2,831 | ' | ' | ' | 3,215 | ' | ' | ' | ' | 12,357 | 15,635 | 16,396 |
Total revenues | 159,698 | ' | ' | ' | 44,295 | ' | ' | ' | ' | 248,266 | 218,216 | 239,698 |
Less promotional allowances | -1,370 | ' | ' | ' | -1,646 | ' | ' | ' | ' | -6,137 | -7,573 | -7,814 |
Net revenues | 158,328 | 113,776 | 39,633 | 46,072 | 42,649 | 37,659 | 45,823 | 60,252 | 66,909 | 242,129 | 210,643 | 231,884 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gaming | 21,562 | ' | ' | ' | 23,139 | ' | ' | ' | ' | 89,367 | 113,111 | 124,971 |
Food, beverage and other | 2,546 | ' | ' | ' | 2,767 | ' | ' | ' | ' | 10,775 | 13,114 | 13,664 |
Real estate taxes | 12,423 | ' | ' | ' | 406 | ' | ' | ' | ' | 9,220 | 1,592 | 1,362 |
General and administrative | 20,941 | ' | ' | ' | 5,939 | ' | ' | ' | ' | 43,262 | 25,068 | 24,806 |
Depreciation | 26,522 | ' | ' | ' | 3,588 | ' | ' | ' | ' | 28,923 | 14,090 | 14,568 |
Total operating expenses | 83,994 | ' | ' | ' | 35,839 | ' | ' | ' | ' | 181,547 | 166,975 | 179,371 |
Income from operations | 74,334 | 39,016 | 5,665 | 9,090 | 6,810 | 4,534 | 8,155 | 14,472 | 16,507 | 60,582 | 43,668 | 52,513 |
Other income (expenses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | -28,974 | ' | ' | ' | ' | ' | ' | ' | ' | -19,254 | ' | ' |
Interest income | 546 | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 2 | 4 |
Management fee | ' | ' | ' | ' | -1,280 | ' | ' | ' | ' | -4,203 | -6,320 | -6,958 |
Total other expenses | -28,428 | ' | ' | ' | -1,280 | ' | ' | ' | ' | -23,456 | -6,318 | -6,954 |
Income from operations before income taxes | 45,906 | ' | ' | ' | 5,530 | ' | ' | ' | ' | 37,126 | 37,350 | 45,559 |
Income tax provision | 1,594 | ' | ' | ' | 2,316 | ' | ' | ' | ' | 17,296 | 14,431 | 18,875 |
Net income | $44,312 | $9,234 | $2,681 | $4,699 | $3,214 | $2,106 | $4,530 | $7,618 | $8,665 | $19,830 | $22,919 | $26,684 |
Earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per common share (in dollars per share) | $0.40 | $0.08 | $0.02 | $0.04 | $0.03 | $0.02 | $0.04 | $0.07 | $0.08 | $0.18 | $0.21 | $0.24 |
Diluted earnings per common share (in dollars per share) | $0.38 | $0.08 | $0.02 | $0.04 | $0.03 | $0.02 | $0.04 | $0.07 | $0.07 | $0.17 | $0.20 | $0.23 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings |
In Thousands, except Share data, unless otherwise specified | ||||
Balance at Dec. 31, 2010 | $215,388 | ' | $100,017 | $115,371 |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' |
Cash contribution to parent | -22,161 | ' | -22,161 | ' |
Net income | 26,684 | ' | ' | 26,684 |
Balance at Dec. 31, 2011 | 219,911 | ' | 77,856 | 142,055 |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' |
Cash contribution to parent | -6,500 | ' | -6,500 | ' |
Net income | 22,919 | ' | ' | 22,919 |
Balance at Dec. 31, 2012 | 236,330 | ' | 71,356 | 164,974 |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' |
Contributions to Penn National Gaming, Inc., prior to spin-off | -50,300 | ' | -3,387 | -46,913 |
Real estate assets and liabilities contributed to GLPI from Penn National Gaming, Inc. | 2,023,573 | 886 | 2,022,687 | ' |
Real estate assets and liabilities contributed to GLPI from Penn National Gaming, Inc. (in shares) | ' | 88,601,637 | ' | ' |
Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off | -2,090,000 | ' | -2,090,000 | ' |
Stock option activity | 2,622 | 1 | 2,621 | ' |
Stock option activity (in shares) | ' | 57,811 | ' | ' |
Restricted stock activity | 374 | ' | 374 | ' |
Net income | 19,830 | ' | ' | 19,830 |
Balance at Dec. 31, 2013 | 142,429 | 887 | 3,651 | 137,891 |
Balance (in shares) at Dec. 31, 2013 | 88,659,448 | 88,659,448 | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' |
Stock option activity | 15,854 | 10 | 15,844 | ' |
Stock option activity (in shares) | ' | 1,051,847 | ' | ' |
Restricted stock activity | -583 | 1 | -584 | ' |
Net income | 44,312 | ' | ' | 44,312 |
Balance at Mar. 31, 2014 | ($68,028) | $1,118 | $862,588 | ($931,734) |
Balance (in shares) at Mar. 31, 2014 | 111,771,524 | 111,771,524 | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net income | $19,830 | $22,919 | $26,684 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 28,923 | 14,090 | 14,568 |
Amortization of debt issuance costs | 1,270 | ' | ' |
Losses (Gain) on sale of fixed assets | -39 | -142 | -75 |
Deferred income taxes | -5,646 | -88 | -6,514 |
Charge for stock-based compensation | 1,566 | ' | ' |
Prepaid expenses and other current assets | -885 | 1,513 | -1,248 |
Other assets | -662 | ' | -2 |
Accounts payable | 2,638 | -260 | -288 |
Accrued expenses | 7,996 | -456 | -180 |
Accrued interest | 17,216 | ' | -4 |
Accrued salaries and wages | 2,131 | -394 | 313 |
Gaming, property and other taxes | -7 | -250 | 146 |
Income taxes | 5,718 | -10,162 | 23,396 |
Other current and noncurrent liabilities | 583 | -26 | 44 |
Net cash provided by (used in) operating activities | 80,632 | 26,744 | 56,840 |
Investing activities | ' | ' | ' |
Capital project expenditures, net of reimbursements | -12,198 | -1,930 | -5,131 |
Capital maintenance expenditures | -4,230 | -3,260 | -3,157 |
Proceeds from sale of property and equipment | 153 | 380 | 117 |
Net cash used in investing activities | -16,275 | -4,810 | -8,171 |
Financing activities | ' | ' | ' |
Net advances to Penn National Gaming, Inc. | -3,595 | -18,018 | -27,375 |
Cash contributions to Penn National Gaming, Inc. | -3,387 | -6,500 | -22,161 |
Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off | -2,090,000 | ' | ' |
Principal payments on debt obligation to Penn National Gaming, Inc. | ' | ' | -900 |
Proceeds from exercise of options | 1,431 | ' | ' |
Proceeds from issuance of long-term debt, net of issuance costs | 2,301,853 | ' | ' |
Net cash (used in) provided by financing activities | 206,302 | -24,518 | -50,436 |
Net increase in cash and cash equivalents | 270,659 | -2,584 | -1,767 |
Cash and cash equivalents at beginning of year | 14,562 | 17,146 | 18,913 |
Cash and cash equivalents at end of year | $285,221 | $14,562 | $17,146 |
Business_and_Basis_of_Presenta
Business and Basis of Presentation | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business and Basis of Presentation | ' | ||||
Business and Basis of Presentation | ' | ||||
1. Business and Basis of Presentation | |||||
On November 15, 2012, Penn National Gaming, Inc. ("Penn") announced that it intended to pursue a plan to separate the majority of its operating assets and real property assets into two publicly traded companies including an operating entity, and, through a tax-free spin-off of its real estate assets to holders of its common and preferred stock, a newly formed publicly traded real estate investment trust ("REIT"), Gaming and Leisure Properties, Inc. ("GLPI") (the "Spin-Off"). | |||||
GLPI and subsidiaries (the "Company") was incorporated on February 13, 2013, as a wholly-owned subsidiary of Penn. In connection with the Spin-Off, which was completed on November 1, 2013, Penn contributed to GLPI through a series of internal corporate restructurings substantially all of the assets and liabilities associated with Penn's real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville, which are referred to as the "TRS Properties," in a tax-free distribution. The Company intends to elect on its United States ("U.S.") federal income tax return for its taxable year beginning on January 1, 2014 to be treated as a REIT and the Company, together with an indirectly wholly-owned subsidiary of the Company, GLP Holdings, Inc., intend to jointly elect to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc. as a "taxable REIT subsidiary" (a "TRS") effective on the first day of the first taxable year of GLPI as a REIT. As a result of the Spin-Off, GLPI owns substantially all of Penn's former real property assets and leases back most of those assets to Penn for use by its subsidiaries, under a master lease, a "triple-net" operating lease with an initial term of 15 years with no purchase option, followed by four 5 year renewal options (exercisable by Penn) on the same terms and conditions (the "Master Lease"), and GLPI also owns and operates the TRS Properties through its TRS. | |||||
Prior to the Spin-Off, GLPI and Penn entered into a Separation and Distribution Agreement setting forth the mechanics of the Spin-Off, certain organizational matters and other ongoing obligations of Penn and GLPI. Penn and GLPI or their respective subsidiaries, as applicable, also entered into a number of other agreements prior to the Spin-Off to provide a framework for the restructuring and for the relationships between GLPI and Penn. | |||||
GLPI's primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in "triple net" lease arrangements. As of December 31, 2013, GLPI's portfolio consisted of 21 gaming and related facilities, including the TRS Properties and the real property associated with 19 gaming and related facilities (including two properties under development in Dayton, Ohio and Mahoning Valley, Ohio) that are geographically diversified across 13 states. GLPI expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms, which may or may not include Penn. | |||||
In connection with the Spin-Off, Penn allocated its accumulated earnings and profits (as determined for U.S. federal income tax purposes) for periods prior to the consummation of the Spin-Off between Penn and GLPI. In connection with its election to be taxed as a REIT for U.S. federal income tax purposes, GLPI declared a dividend to its shareholders to distribute any accumulated earnings and profits relating to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off, to comply with certain REIT qualification requirements (the "Purging Distribution"). The Purging Distribution, which was paid on February 18, 2014, totaled $1.05 billion and was comprised of cash and GLPI common stock. See Note 15 for further details. | |||||
The assets and liabilities of GLPI were recorded at their respective historical carrying values at the time of the Spin-Off in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 505-60, "Spinoffs and Reverse Spinoffs." The assets and liabilities contributed to GLPI from Penn were as follows (in thousands): | |||||
Prepaid expenses | $ | 2,766 | |||
Current deferred income tax assets | 4,358 | ||||
Property and equipment, net | 2,024,572 | ||||
Other assets | 16,245 | ||||
Accrued expenses | (5,656 | ) | |||
Other current liabilities | (12,219 | ) | |||
Deferred income tax liabilities | (6,493 | ) | |||
| | | | | |
Net contribution | $ | 2,023,573 | |||
| | | | | |
| | | | | |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses for the reporting periods. Actual results could differ from those estimates. | |||||
Principles_of_Consolidation
Principles of Consolidation | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Principles of Consolidation | ' | ' |
Principles of Consolidation | ' | ' |
1. Organization and Operations | ||
2. Principles of Consolidation | ||
On November 15, 2012, Penn National Gaming, Inc. (“Penn”) announced that it intended to pursue a plan to separate the majority of its operating assets and real property assets into two publicly traded companies including an operating entity, and, through a tax-free spin-off of its real estate assets to holders of its common and preferred stock, a newly formed publicly traded real estate investment trust (“REIT”), Gaming and Leisure Properties, Inc. (“GLPI”) (the “Spin-Off”). | ||
The consolidated financial statements include the accounts of GLPI and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||
GLPI and subsidiaries (the “Company”) was incorporated on February 13, 2013, as a wholly-owned subsidiary of Penn. In connection with the Spin-Off, which was completed on November 1, 2013, Penn contributed to GLPI, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with Penn’s real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville, which are referred to as the “TRS Properties,” in a tax-free distribution. The Company intends to elect on its United States (“U.S.”) federal income tax return for its taxable year beginning on January 1, 2014 to be treated as a REIT and the Company, together with an indirectly wholly-owned subsidiary of the Company, GLP Holdings, Inc., intend to jointly elect to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc. as a “taxable REIT subsidiary” (a “TRS”) effective on the first day of the first taxable year of GLPI as a REIT. As a result of the Spin-Off, GLPI owns substantially all of Penn’s former real property assets and leases back most of those assets to Penn for use by its subsidiaries, under a master lease, a “triple-net” operating lease with an initial term of 15 years with no purchase option, followed by four 5 year renewal options (exercisable by Penn) on the same terms and conditions (the “Master Lease”), and GLPI also owns and operates the TRS Properties through an indirect wholly-owned subsidiary, GLP Holdings, Inc. | ||
Prior to the Spin-Off, GLPI and Penn entered into a Separation and Distribution Agreement setting forth the mechanics of the Spin-Off, certain organizational matters and other ongoing obligations of Penn and GLPI. Penn and GLPI or their respective subsidiaries, as applicable, also entered into a number of other agreements prior to the Spin-Off to provide a framework for the restructuring and for the relationships between GLPI and Penn after the Spin-Off. | ||
GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in “triple net” lease arrangements. As of March 31, 2014, GLPI’s portfolio consisted of 22 gaming and related facilities, which included the TRS Properties, the real property associated with 19 gaming and related facilities of Penn (including two properties under development in Dayton, Ohio and Mahoning Valley, Ohio), and the real property associated with the Casino Queen in East St. Louis, Illinois, that was acquired in January 2014. These facilities are geographically diversified across 13 states. GLPI expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms, which may or may not include Penn. | ||
In connection with the Spin-Off, Penn allocated its accumulated earnings and profits (as determined for U.S. federal income tax purposes) for periods prior to the consummation of the Spin-Off between Penn and GLPI. In connection with its election to be taxed as a REIT for U.S. federal income tax purposes, GLPI declared a special dividend to its shareholders to distribute any accumulated earnings and profits relating to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off, to comply with certain REIT qualification requirements (the “Purging Distribution”). The Purging Distribution, which was paid on February 18, 2014, totaled approximately $1.05 billion and was comprised of cash and GLPI common stock. See Note 8 for further details. | ||
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. | ||
The condensed consolidated financial statements include the accounts of GLPI and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses for the reporting periods. Actual results could differ from those estimates. | ||
Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The notes to the consolidated financial statements contained in the Annual Report on Form 10-K for the year ended December 31, 2013 (our “Annual Report”) should be read in conjunction with these condensed consolidated financial statements. The December 31, 2013 financial information has been derived from the Company’s audited consolidated financial statements. | ||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||
Summary of Significant Accounting Policies | ' | ' | ||||||||||||||||||||||||||
Summary of Significant Accounting Policies | ' | ' | ||||||||||||||||||||||||||
2. Summary of Significant Accounting Policies | ||||||||||||||||||||||||||||
3. Summary of Significant Accounting Policies | ||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate: | ||||||||||||||||||||||||||||
The Company considers all cash balances and highly-liquid investments with original maturities of three months or less to be cash and cash equivalents. | ||||||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
Concentration of Credit Risk | ||||||||||||||||||||||||||||
The fair value of the Company’s cash and cash equivalents approximates the carrying value of the Company’s cash and cash equivalents, due to the short maturity of the cash equivalents. | ||||||||||||||||||||||||||||
Concentrations of credit risks arise when a number of operators, tenants, or obligors related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. As of December 31, 2013, substantially all of the Company's real estate properties were leased to Penn, and all of the Company's rental revenues were derived from a master lease defined below. Penn is a publicly traded company that is subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and is required to file periodic reports on Form 10-K and Form 10-Q with the Securities and Exchange Commission. Penn's net revenues were $2.9 billion for the years ended December 31, 2013 and 2012. Other than the Company's tenant concentration, management believes the Company's portfolio was reasonably diversified by geographical location and did not contain any other significant concentration of credit risks. As of December 31, 2013, the Company's portfolio of 19 leased properties was diversified by location across 11 states. | ||||||||||||||||||||||||||||
Long-term Debt | ||||||||||||||||||||||||||||
Financial instruments that subject the Company to credit risk consist of cash and cash equivalents and accounts receivable. | ||||||||||||||||||||||||||||
The fair value of the senior notes and senior unsecured credit facility is estimated based on quoted prices in active markets and as such is a Level 1 measurement as defined under ASC 820 “Fair Value Measurements and Disclosures.” | ||||||||||||||||||||||||||||
The Company's policy is to limit the amount of credit exposure to any one financial institution, and place investments with financial institutions evaluated as being creditworthy, or in short-term money market and tax-free bond funds which are exposed to minimal interest rate and credit risk. At times, the Company has bank deposits and overnight repurchase agreements that exceed federally-insured limits. | ||||||||||||||||||||||||||||
The estimated fair values of the Company’s financial instruments are as follows (in thousands): | ||||||||||||||||||||||||||||
Accounts are written off when management determines that an account is uncollectible. Recoveries of accounts previously written off are recorded when received. An allowance for doubtful accounts is determined to reduce the Company's receivables to their carrying value, which approximates fair value. The allowance is estimated based on historical collection experience, specific review of individual customer accounts, and current economic and business conditions. | ||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | Prepaid Expenses and Other Assets | ||||||||||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||||||||||
Financial assets: | Prepaid expenses consist of expenditures for goods (other than inventories) or services before the goods are used or the services are received. These amounts are deferred and charged to operations as the benefits are realized and primarily consist of prepayments for insurance and other contracts that will be expensed during the subsequent year. It also consists of admission fees and property taxes that were paid in advance. Other current assets are items expected to be realized within twelve months of the balance sheet date. Other current assets primarily include accounts receivable and food and beverage inventory. Other assets are all items that are long-term in nature and primarily include deferred compensation assets (see Note 7 for further details) and a deposit for certain real estate for Hollywood Casino Baton Rouge that should close in 2014. | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 48,278 | $ | 48,278 | $ | 285,221 | $ | 285,221 | ||||||||||||||||||||
Financial liabilities: | Fair Value of Financial Instruments | |||||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||
Senior unsecured credit facility | 450,000 | 441,000 | 300,000 | 294,750 | The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate: | |||||||||||||||||||||||
Senior notes | 2,050,000 | 2,114,250 | 2,050,000 | 2,058,750 | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
Comprehensive Income | The fair value of the Company's cash and cash equivalents approximates the carrying value of the Company's cash and cash equivalents, due to the short maturity of the cash equivalents. The Company maintained a higher level of cash on hand at December 31, 2013 in order to fund the cash portion of its Purging Distribution. See Note 15 for additional details. | |||||||||||||||||||||||||||
Comprehensive income includes net income and all other non-owner changes in shareholders’ equity during a period. The Company did not have any non-owner changes in shareholders’ equity for the three months ended March 31, 2014 and 2013, and comprehensive income for the three months ended March 31, 2014 and 2013 was equivalent to net income for those time periods. | Long-term Debt | |||||||||||||||||||||||||||
Revenue Recognition and Promotional Allowances | The fair value of the senior notes and senior unsecured credit facility is estimated based on quoted prices in active markets and as such is a Level 1 measurement as defined under ASC 820 "Fair Value Measurements and Disclosures." | |||||||||||||||||||||||||||
The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractually fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured. Contingent rental income is recognized once the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been transferred to the tenant. For facilities being jointly developed with the tenant, the Company retains control of the assets to be leased until operations commence and control is transferred to the tenant. | The estimated fair values of the Company's financial instruments are as follows (in thousands): | |||||||||||||||||||||||||||
As of March 31, 2014, all but three of the Company’s properties were leased to a subsidiary of Penn under the Master Lease. The obligations under the Master Lease are guaranteed by Penn and by most Penn subsidiaries that occupy and operate the facilities leased under the Master Lease. A default by Penn or its subsidiaries with regard to any facility will cause a default with regard to the Master Lease. In January 2014, GLPI completed the asset acquisition of Casino Queen in East St. Louis, Illinois. GLPI subsequently leased the property back to Casino Queen on a “triple net” basis on terms similar to those in the Master Lease. | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
The rent structure under the Master Lease with Penn includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors (i) every 5 years by an amount equal to 4% of the average change to net revenues of all facilities under the Master Lease (other than Hollywood Casino Columbus and Hollywood Casino Toledo) during the preceding five years, and (ii) monthly by an amount equal to 20% of the change in net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo during the preceding month. In addition to rent, all properties under the Master Lease with Penn are required to pay the following: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on the leased properties, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor) and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. | December 31, | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||||||||||
Additionally, in accordance with ASC 605, “Revenue Recognition,” the Company records revenue for the real estate taxes paid by its tenants on the leased properties under the Master Lease with an offsetting expense in real estate taxes within the consolidated statement of income as the Company has concluded it is the primary obligor under the Master Lease. | Financial assets: | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 285,221 | $ | 285,221 | $ | 14,562 | $ | 14,562 | ||||||||||||||||||||
Gaming revenue generated by the TRS Properties mainly consists of video lottery gaming revenue, and to a lesser extent, table game and poker revenue. Video lottery gaming revenue is the aggregate net difference between gaming wins and losses with liabilities recognized for funds deposited by customers before gaming play occurs, for “ticket-in, ticket-out” coupons in the customers’ possession, and for accruals related to the anticipated payout of progressive jackpots. Progressive slot machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are charged to revenue as the amount of the jackpots increases. Table game gaming revenue is the aggregate of table drop adjusted for the change in aggregate table chip inventory. Table drop is the total dollar amount of the currency, coins, chips, tokens, outstanding counter checks (markers), and front money that are removed from the live gaming tables. Additionally, food and beverage revenue is recognized as services are performed. | Financial liabilities: | |||||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||
The following table discloses the components of gaming revenue within the condensed consolidated statements of income for the three months ended March 31, 2014 and 2013: | Senior unsecured credit facility | 300,000 | 294,750 | — | — | |||||||||||||||||||||||
Senior notes | 2,050,000 | 2,058,750 | — | — | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | Real Estate Investments | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Video lottery | $ | 33,381 | $ | 37,352 | The Company records the acquisition of real estate at cost, including acquisition and closing costs. The cost of properties developed by the Company include costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. The Company considers the period of future benefit of the asset to determine the appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful lives of the buildings and building improvements which are generally between 8 years to 41 years. | |||||||||||||||||||||||
Table game | 4,940 | 3,448 | ||||||||||||||||||||||||||
Poker | 434 | 280 | The Company continually monitors events and circumstances that could indicate that the carrying amount of the Company's real estate investments may not be recoverable or realized. When indicators of potential impairment suggest that the carrying value of real estate investments may not be recoverable, the Company assesses the recoverability by estimating whether it will recover the carrying value of its real estate investments through its undiscounted future cash flows and the eventual disposition of the investment. In assessing the recoverability of the carrying value, the Company must make assumptions regarding future cash flows and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss. The Company groups its Real Estate Investments by tenant in evaluating impairment. If the Company determines the carrying amount is not recoverable, it would recognize an impairment charge equivalent to the amount required to adjust the carrying amount to its estimated fair value, calculated in accordance with current GAAP fair value provisions. | |||||||||||||||||||||||||
Total gaming revenue, net of cash incentives | $ | 38,755 | $ | 41,080 | ||||||||||||||||||||||||
Property and Equipment used in operations | ||||||||||||||||||||||||||||
Gaming revenue is recognized net of certain sales incentives in accordance with ASC 605-50, “Revenue Recognition—Customer Payments and Incentives.” The Company records certain sales incentives and points earned in point-loyalty programs as a reduction of revenue. | ||||||||||||||||||||||||||||
Property and equipment are stated at cost, less accumulated depreciation and represent assets used by the Company's TRS operations and certain corporate assets. Maintenance and repairs that neither add materially to the value of the asset nor appreciably prolong its useful life are charged to expense as incurred. Gains or losses on the disposal of property and equipment are included in the determination of income. | ||||||||||||||||||||||||||||
The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||||||
Depreciation of property and equipment is recorded using the straight-line method over the following estimated useful lives: | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(in thousands) | Land improvements | 5 to 15 years | ||||||||||||||||||||||||||
Food and beverage | $ | 1,361 | $ | 1,517 | Building and improvements | 5 to 40 years | ||||||||||||||||||||||
Other | 9 | 129 | Furniture, fixtures, and equipment | 3 to 31 years | ||||||||||||||||||||||||
Total promotional allowances | $ | 1,370 | $ | 1,646 | ||||||||||||||||||||||||
Leasehold improvements are depreciated over the shorter of the estimated useful life of the improvement or the related lease term. | ||||||||||||||||||||||||||||
The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||||||
The estimated useful lives are determined based on the nature of the assets as well as the Company's current operating strategy. | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | The Company reviews the carrying value of its property and equipment for possible impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based on undiscounted estimated future cash flows expected to result from its use and eventual disposition. The factors considered by the Company in performing this assessment include current operating results, market and other applicable trends and residual values, as well as the effect of obsolescense demand, competition and other factors. In estimating expected future cash flows for determining whether an asset is impaired, assets are grouped at the individual property level. In assessing the recoverability of the carrying value of property and equipment, the Company must make assumptions regarding future cash flows and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss for these assets. | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Food and beverage | $ | 716 | $ | 713 | Goodwill and Other Intangible Assets | |||||||||||||||||||||||
Other | 3 | 69 | ||||||||||||||||||||||||||
Total cost of complimentary services | $ | 719 | $ | 782 | At December 31, 2013, the Company had $75.5 million in goodwill and $9.6 million in other intangible assets within its consolidated balance sheet, resulting from the contribution of Hollywood Casino Baton Rouge and Hollywood Casino Perryville from Penn in connection with the Spin-Off. | |||||||||||||||||||||||
Gaming and Admission Taxes | Goodwill is tested annually, or more frequently if indicators of impairment exist, for impairment by comparing the fair value of the Hollywood Casino Baton Rouge reporting unit to its carrying amount. If the carrying amount exceeds its fair value in step 1 of the impairment test, then step 2 of the impairment test is performed to determine the implied value of goodwill. If the implied value of goodwill is less than the goodwill allocated, an impairment loss is recognized. | |||||||||||||||||||||||||||
For the TRS Properties, the Company is subject to gaming and admission taxes based on gross gaming revenues in the jurisdictions in which it operates. The Company primarily recognizes gaming tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states where or in which wagering occurs. At Hollywood Casino Baton Rouge, the gaming admission tax is based on graduated tax rates. The Company records gaming and admission taxes at the Company’s estimated effective gaming tax rate for the year, considering estimated taxable gaming revenue and the applicable rates. Such estimates are adjusted each interim period. If gaming tax rates change during the year, such changes are applied prospectively in the determination of gaming tax expense in future interim periods. For the three months ended March 31, 2014 and 2013, these expenses, which are recorded within gaming expense in the condensed consolidated statements of income, totaled $17.3 million, and $18.7 million, respectively. | In accordance with ASC 350, "Intangibles—Goodwill and Other," the Company considers its Hollywood Casino Perryville gaming license as an indefinite-life intangible asset that does not require amortization based on the Company's future expectations to operate this casino indefinitely as well as the gaming industry's historical experience in renewing these intangible assets at minimal cost with various state gaming commissions. Rather, the Company's gaming license is tested annually, or more frequently if indicators of impairment exist, for impairment by comparing the fair value of the recorded asset to its carrying amount. If the carrying amount of the indefinite-life intangible asset exceeds its fair value, an impairment loss is recognized. | |||||||||||||||||||||||||||
Earnings Per Share | The evaluation of goodwill and indefinite-life intangible assets requires the use of estimates about future operating results to determine the estimated fair value of the reporting unit and the indefinite-lived intangible assets. The Company must make various assumptions and estimates in performing its impairment testing. The implied fair value includes estimates of future cash flows that are based on reasonable and supportable assumptions which represent the Company's best estimates of the cash flows expected to result from the use of the assets including their eventual disposition. Changes in estimates, increases in the Company's cost of capital, reductions in transaction multiples, changes in operating and capital expenditure assumptions or application of alternative assumptions and definitions could produce significantly different results. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the Company's estimates. If the Company's ongoing estimates of future cash flows are not met, the Company may have to record additional impairment charges in future accounting periods. The Company's estimates of cash flows are based on the current regulatory and economic climates, as well as recent operating information and budgets. These estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, or other events. | |||||||||||||||||||||||||||
The Company calculates earnings per share (“EPS”) in accordance with ASC 260, “Earnings Per Share.” Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options and unvested restricted shares. Basic and diluted EPS for the three months ended March 31, 2013 were retroactively restated for the number of GLPI basic and diluted shares outstanding immediately following the Spin-Off and to include the shares issued as part of the Purge Distribution. | Forecasted cash flows (based on the Company's annual operating plan as determined in the fourth quarter) can be significantly impacted by the local economy in which the Company's reporting unit operates. For example, increases in unemployment rates can result in decreased customer visitations and/or lower customer spend per visit. In addition, new legislation which approves gaming in nearby jurisdictions or further expands gaming in jurisdictions has the impact of increasing competition for the property which generally will have a negative effect on its profitability once competitors become established as a certain level of cannibalization occurs absent an overall increase in customer visitations. Lastly, increases in gaming taxes approved by state regulatory bodies can negatively impact forecasted cash flows. | |||||||||||||||||||||||||||
The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three months ended March 31, 2014 and 2013 (in thousands): | Assumptions and estimates about future cash flow levels and multiples are complex and subjective. They are sensitive to changes in underlying assumptions and can be affected by a variety of factors, including external factors, such as industry, geopolitical and economic trends, and internal factors, such as changes in our business strategy, which may reallocate capital and resources to different or new opportunities which management believes will enhance the Company's overall value but may be to the detriment of its reporting unit. | |||||||||||||||||||||||||||
Three months ended March 31, | 2014 | 2013 | Debt Issuance Costs | |||||||||||||||||||||||||
Determination of shares: | Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense using the effective interest method over the contractual term of the underlying indebtedness. | |||||||||||||||||||||||||||
Weighted-average common shares outstanding | 111,198 | 110,582 | ||||||||||||||||||||||||||
Assumed conversion of dilutive employee stock-based awards | 6,282 | 4,703 | Comprehensive Income | |||||||||||||||||||||||||
Assumed conversion of restricted stock | 370 | 318 | ||||||||||||||||||||||||||
Diluted weighted-average common shares outstanding | 117,850 | 115,603 | Comprehensive income includes net income and all other non-owner changes in shareholders' equity during a period, including but not limited to, unrealized gains and losses on equity securities classified as available-for-sale and unrealized fair value adjustments on certain derivative instruments. Since the Company did not have any non-owner changes in shareholders' equity for the years ended December 31, 2013, 2012 and 2011, comprehensive income for the years ended December 31, 2013, 2012 and 2011 was equivalent to net income for those time periods. | |||||||||||||||||||||||||
The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2014 and 2013: | Income Taxes | |||||||||||||||||||||||||||
Three months ended March 31, | 2014 | 2013 | The Company accounts for income taxes in accordance with ASC 740, "Income Taxes" ("ASC 740"). Under ASC 740, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and are measured at the prevailing enacted tax rates that will be in effect when these differences are settled or realized. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realizability of the deferred tax assets is evaluated by assessing the valuation allowance and by adjusting the amount of the allowance, if any, as necessary. The factors used to assess the likelihood of realization are the forecast of future taxable income. | |||||||||||||||||||||||||
(in thousands, expect per share data) | ||||||||||||||||||||||||||||
Calculation of basic EPS: | ASC 740 also creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not have any uncertain tax positions for 2013, 2012 and 2011. | |||||||||||||||||||||||||||
Net income | $ | 44,312 | $ | 3,214 | ||||||||||||||||||||||||
Less: Net income allocated to participating securities | (175 | ) | (12 | ) | The Company is required under ASC 740 to disclose its accounting policy for classifying interest and penalties, the amount of interest and penalties charged to expense each period, as well as the cumulative amounts recorded in the combined balance sheets. If and when they occur, the Company will classify any income tax-related penalties and interest accrued related to unrecognized tax benefits in taxes on income within the consolidated statements of income. During the years ended December 31, 2013, 2012 and 2011, the Company did not recognized any interest and penalties, net of deferred taxes. | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | 44,137 | $ | 3,202 | ||||||||||||||||||||||||
Weighted-average common shares outstanding | 111,198 | 110,582 | The Company intends to elect on its U.S. federal income tax return for its taxable year beginning on January 1, 2014 to be treated as a REIT and the Company, together with an indirectly wholly-owned subsidiary of the Company, GLP Holdings, Inc., intend to jointly elect to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc. as a "taxable REIT subsidiary" effective on the first day of the first taxable year of GLPI as a REIT. The Company intends to continue to be organized and to operate in a manner that will permit the Company to qualify as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to shareholders. As a REIT, the Company generally will not be subject to federal income tax on income that it distributes as dividends to its shareholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax, including any applicable alternative minimum tax, on its taxable income at regular corporate income tax rates, and dividends paid to its shareholders would not be deductible by the Company in computing taxable income. Any resulting corporate liability could be substantial and could materially and adversely affect the Company's net income and net cash available for distribution to shareholders. Unless the Company was entitled to relief under certain Internal Revenue Code provisions, the Company also would be disqualified from re-electing to be taxed as a REIT for the four taxable years following the year in which it failed to qualify to be taxed as a REIT. | |||||||||||||||||||||||||
Basic EPS | $ | 0.4 | $ | 0.03 | ||||||||||||||||||||||||
The TRS Properties are able to engage in activities resulting in income that would be not qualifying income for a REIT. As a result, certain activities of the Company which occur within its TRS Properties are subject to federal and state income taxes. | ||||||||||||||||||||||||||||
Calculation of diluted EPS: | ||||||||||||||||||||||||||||
Net income | $ | 44,312 | $ | 3,214 | Revenue Recognition and Promotional Allowances | |||||||||||||||||||||||
Diluted weighted-average common shares outstanding | 117,850 | 115,603 | ||||||||||||||||||||||||||
Diluted EPS | $ | 0.38 | $ | 0.03 | The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured. Contingent rental income is recognized once the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been given to the tenant. | |||||||||||||||||||||||
There were no outstanding options to purchase shares of common stock during the three months ended March 31, 2014 and 2013 that were not included in the computation of diluted EPS because they were antidilutive. | As of December 31, 2013, all but two of the Company's properties were leased to a subsidiary of Penn under the Master Lease. The obligations under the Master Lease are guaranteed by Penn and by all Penn subsidiaries that occupy and operate the facilities leased under the Master Lease, or that own a gaming license, other license or other material asset necessary to operate any portion of the facilities. A default by Penn or its subsidiaries with regard to any facility will cause a default with regard to the entire portfolio. | |||||||||||||||||||||||||||
Stock-Based Compensation | The rent structure under the Master Lease with Penn includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors (i) every 5 years by an amount equal to 4% of the average change to net revenues of all facilities under the Master Lease (other than Hollywood Casino Columbus and Hollywood Casino Toledo) during the preceding five years, and (ii) monthly by an amount equal to 20% of the change in net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo during the preceding month. In addition to rent, all properties under the Master Lease with Penn are required to pay the following: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on the leased properties, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor) and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. | |||||||||||||||||||||||||||
The Company accounts for stock compensation under ASC 718, “Compensation - Stock Compensation,” which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value for stock options is estimated at the date of grant using the Black-Scholes option- pricing model. There were no stock option grants awarded in the first quarter 2014. | As of December 31, 2013, the future minimum rental income from the Company's properties under non-cancelable operating leases was as follows (in thousands): | |||||||||||||||||||||||||||
Additionally, the cash-settled phantom stock units (“PSU”) entitle employees to receive cash based on the fair value of the Company’s common stock on the vesting date. These PSUs are accounted for as liability awards and are re-measured at fair value each reporting period until they become vested with compensation expense being recognized over the requisite service period in accordance with ASC 718-30, “Compensation-Stock Compensation, Awards Classified as Liabilities.” | ||||||||||||||||||||||||||||
Year ending December 31, | ||||||||||||||||||||||||||||
In addition, the Company’s stock appreciation rights (“SAR”) are accounted for as liability awards since they will be settled in cash. The fair value of these awards is calculated during each reporting period and estimated using the Black-Scholes option pricing model. | 2014 | $ | 375,602 | |||||||||||||||||||||||||
2015 | 375,602 | |||||||||||||||||||||||||||
In connection with the Spin-Off of GLPI, employee stock options and cash settled stock appreciation rights of Penn were converted through the issuance of GLPI employee stock options and GLPI cash settled stock appreciation rights and an adjustment to the exercise prices of their Penn awards. The number of options and cash settled stock appreciation rights, subject to and the exercise price of each converted award was adjusted to preserve the same intrinsic value of the awards that existed immediately prior to the Spin-Off. | 2016 | 375,602 | ||||||||||||||||||||||||||
2017 | 376,101 | |||||||||||||||||||||||||||
Holders of outstanding restricted stock awards and cash settled phantom stock unit awards received an additional share of restricted stock or cash settled phantom stock unit awards in GLPI common stock at the Spin-Off so that the intrinsic value of these awards were equivalent to those that existed immediately prior to the Spin-Off. | 2018 | 368,311 | ||||||||||||||||||||||||||
Thereafter | 3,240,760 | |||||||||||||||||||||||||||
The adjusted options and SARs, as well as the restricted stock awards and PSUs, otherwise remain subject to their original terms, except that for purposes of the adjusted Penn awards (including in determining exercisability and the post-termination exercise period), continued service with GLPI following the distribution date shall be deemed continued service with Penn. | ||||||||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||
As of March 31, 2014, there was $5.8 million of total unrecognized compensation cost for stock options that will be recognized over the grants remaining weighted average vesting period of 1.47 years. For the three months ended March 31, 2014, the Company recognized $1.4 million of compensation expense associated with these awards. In addition, the Company also recognized $3.3 million of compensation expense for the three months ended March 31, 2014, relating to the first quarter $.52 dividend paid on vested employee stock options. | Total | $ | 5,111,978 | |||||||||||||||||||||||||
As of March 31, 2014, there was $6.4 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants remaining weighted average vesting period of 3.28 years. For the three months ended March 31, 2014, the Company recognized $0.6 million of compensation expense associated with these awards. | | | | | | |||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||
The following table contains information on restricted stock award activity for the three months ended March 31, 2014. | ||||||||||||||||||||||||||||
Number of | For the year ended December 31, 2013, GLPI recognized $6.7 million in contingent rental income from Hollywood Casino Columbus and Hollywood Casino Toledo related to clause (ii) in the paragraph above. | |||||||||||||||||||||||||||
Award Shares | ||||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 419,067 | Additionally, in accordance with ASC 605, "Revenue Recognition," the Company records revenue for the real estate taxes paid by its tenants on the leased properties under the Master Lease with an offsetting expense in real estate taxes within the consolidated statement of income as the Company has concluded it is the primary obligor under the Master Lease. | ||||||||||||||||||||||||||
E&P Purge | 106,261 | |||||||||||||||||||||||||||
Granted | 64,279 | Gaming revenue mainly consists of video lottery gaming revenue as well as to a lesser extent table game and poker revenue. Video lottery gaming revenue is the aggregate net difference between gaming wins and losses, with liabilities recognized for funds deposited by customers before gaming play occurs, for "ticket-in, ticket-out" coupons in the customers' possession, and for accruals related to the anticipated payout of progressive jackpots. Progressive slot machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are charged to revenue as the amount of the jackpots increases. Table game gaming revenue is the aggregate of table drop adjusted for the change in aggregate table chip inventory. Table drop is the total dollar amount of the currency, coins, chips, tokens, outstanding counter checks (markers), front money that are removed from the live gaming tables. Additionally, food and beverage revenue is recognized as services are performed. | ||||||||||||||||||||||||||
Released | (110,714 | ) | ||||||||||||||||||||||||||
Canceled | (37,274 | ) | The following table discloses the components of gaming revenue within the consolidated statements of income for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
Outstanding at March 31, 2014 | 441,619 | |||||||||||||||||||||||||||
In addition, there was $8.1 million of total unrecognized compensation cost at March 31, 2014, which will be recognized over the awards remaining weighted average vesting period of 2.37 years, for Penn and GLPI PSUs held by GLPI employees that will be cash-settled by GLPI. For the three months ended March 31, 2014, the Company recognized $0.4 million of compensation expense associated with these awards. In addition, the Company also recognized $0.4 million for the three months ended March 31, 2014, relating to the purge distribution dividend and the first quarter $.52 dividend paid on unvested PSUs. | Year ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Additionally, there was $0.3 million of total unrecognized compensation cost at March 31, 2014, which will be recognized over the grants remaining weighted average vesting period of 1.62 years, for Penn and GLPI SARs held by GLPI employees that will be cash-settled by GLPI. For the three months ended March 31, 2014, the Company recognized $21 thousand of compensation expense associated with these awards. | Video lottery, net of cash incentives | $ | 138,803 | $ | 189,808 | $ | 210,349 | |||||||||||||||||||||
Table game | 18,096 | 11,891 | 12,333 | |||||||||||||||||||||||||
Upon the declaration of the Purging Distribution, GLPI options and GLPI SARs were adjusted in a manner that preserved both the pre-distribution intrinsic value of the options and SARs and the pre-distribution ratio of the stock price to exercise price that existed immediately before the Purging Distribution. Additionally, upon declaration of the Purging Distribution, holders of GLPI PSUs were credited with the special dividend, which will accrue and be paid, if applicable, on the vesting date of the related PSU. Holders of GLPI restricted stock were entitled to receive the special dividend with respect to such restricted stock on the same date or dates that the special dividend was payable on GLPI common stock to shareholders of GLPI generally. | Poker | 2,453 | 882 | 620 | ||||||||||||||||||||||||
Segment Information | | | | | | | | | | | | |||||||||||||||||
Total gaming revenue | $ | 159,352 | $ | 202,581 | $ | 223,302 | ||||||||||||||||||||||
Consistent with how the Company’s Chief Operating Decision Maker reviews and assesses the Company’s financial performance, the Company has two reportable segments, GLP Capital, L.P. (a wholly-owned subsidiary of GLPI through which GLPI owns substantially all of its assets) (“GLP Capital”) and the TRS Properties. The GLP Capital reportable segment consists of the leased real property and represents the majority of the Company’s business. The TRS Properties reportable segment consists of Hollywood Casino Perryville and Hollywood Casino Baton Rouge. See Note 9 for further information with respect to the Company’s segments. | ||||||||||||||||||||||||||||
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Gaming revenue is recognized net of certain sales incentives in accordance with ASC 605-50, "Revenue Recognition—Customer Payments and Incentives." The Company records certain sales incentives and points earned in point-loyalty programs as a reduction of revenue. | ||||||||||||||||||||||||||||
The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Food and beverage | $ | 5,970 | $ | 6,806 | $ | 6,971 | ||||||||||||||||||||||
Other | 167 | 767 | 843 | |||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Total promotional allowances | $ | 6,137 | $ | 7,573 | $ | 7,814 | ||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Food and beverage | $ | 2,907 | $ | 3,319 | $ | 3,198 | ||||||||||||||||||||||
Other | 86 | 384 | 409 | |||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Total cost of complimentary services | $ | 2,993 | $ | 3,703 | $ | 3,607 | ||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Gaming and Admission Taxes | ||||||||||||||||||||||||||||
For the TRS Properties, the Company is subject to gaming and admission taxes based on gross gaming revenues in the jurisdictions in which it operates. The Company primarily recognizes gaming tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states where or in which wagering occurs. At Hollywood Casino Baton Rouge, the gaming admission tax is based on graduated tax rates. The Company records gaming and admission taxes at the Company's estimated effective gaming tax rate for the year, considering estimated taxable gaming revenue and the applicable rates. Such estimates are adjusted each interim period. If gaming tax rate changes during the year, such changes are applied prospectively in the determination of gaming tax expense in future interim periods. For the years ended December 31, 2013, 2012 and 2011, these expenses, which are recorded within gaming expense in the combined statements of income, totaled $71.6 million, $94.9 million and $105.4 million, respectively. | ||||||||||||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||||||||||
The Company calculates earnings per share ("EPS") in accordance with ASC 260, "Earnings Per Share." Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (outstanding restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options and unvested restricted shares. Basic and diluted EPS for the years ended December 31, 2012 and 2011 were retroactively restated for the number of GLPI basic and diluted shares outstanding immediately following the Spin-Off. The Company's share counts were also retroactively restated to include the shares issued as part of the Purge Distribution. | ||||||||||||||||||||||||||||
The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Determination of shares: | ||||||||||||||||||||||||||||
Weighted-average common shares outstanding | 110,617 | 110,582 | 110,582 | |||||||||||||||||||||||||
Assumed conversion of dilutive employee stock-based awards | 4,924 | 4,703 | 4,703 | |||||||||||||||||||||||||
Assumed conversion of restricted stock | 324 | 318 | 318 | |||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Diluted weighted-average common shares outstanding | 115,865 | 115,603 | 115,603 | |||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
The following table presents the calculation of basic and diluted EPS for the Company's common stock for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
(in thousands, expect per share data) | ||||||||||||||||||||||||||||
Calculation of basic EPS: | ||||||||||||||||||||||||||||
Net income | $ | 19,830 | $ | 22,919 | $ | 26,684 | ||||||||||||||||||||||
Less: Net income allocated to participating securities | (75 | ) | (86 | ) | (101 | ) | ||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Net income attributable to common shareholders | $ | 19,755 | $ | 22,833 | $ | 26,583 | ||||||||||||||||||||||
Weighted-average common shares outstanding | 110,617 | 110,582 | 110,582 | |||||||||||||||||||||||||
Basic EPS | $ | 0.18 | $ | 0.21 | $ | 0.24 | ||||||||||||||||||||||
Calculation of diluted EPS: | ||||||||||||||||||||||||||||
Net income | $ | 19,830 | $ | 22,919 | $ | 26,684 | ||||||||||||||||||||||
Diluted weighted-average common shares outstanding | 115,865 | 115,603 | 115,603 | |||||||||||||||||||||||||
Diluted EPS | $ | 0.17 | $ | 0.2 | $ | 0.23 | ||||||||||||||||||||||
There were no outstanding options to purchase shares of common stock during the years ended December 31, 2013, 2012 and 2011 that were not included in the computation of diluted EPS because they were antidilutive. | ||||||||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||||||
In connection with the Spin-Off, each outstanding option and cash settled stock appreciation right ("SAR") with respect to Penn common stock outstanding on the distribution date was converted into two awards, an adjusted Penn option and a GLPI option, or, in the case of the SARs, an adjusted Penn SAR and a GLPI SAR. The adjustment preserved the aggregate intrinsic value of the options and SARs. Additionally, in connection with the Spin-Off, holders of outstanding restricted stock and phantom stock units ("PSUs") with respect to Penn common stock became entitled to an additional share of restricted stock or PSU with respect to GLPI common stock for each share of Penn restricted stock or PSU held. | ||||||||||||||||||||||||||||
The adjusted options and SARs, as well as the restricted stock and PSUs, otherwise remain subject to their original terms, except that for purposes of the adjusted Penn awards (including in determining exercisability and the post-termination exercise period), continued service with GLPI following the distribution date shall be deemed continued service with Penn; and for purposes of the GLPI awards (including in determining exercisability and the post-termination exercise period), continued service with Penn following the distribution date shall be deemed continued service with GLPI. | ||||||||||||||||||||||||||||
The Company accounts for stock compensation under ASC 718, "Compensation-Stock Compensation," which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value for stock options is estimated at the date of grant using the Black-Scholes option-pricing model. There were no stock option grants awarded in 2013. | ||||||||||||||||||||||||||||
Additionally, the cash-settled PSUs entitle employees to receive cash based on the fair value of the Company's common stock on the vesting date. These PSUs are accounted for as liability awards and are re-measured at fair value each reporting period until they become vested with compensation expense being recognized over the requisite service period in accordance with ASC 718-30, "Compensation-Stock Compensation, Awards Classified as Liabilities." | ||||||||||||||||||||||||||||
In addition, the Company's SARs are accounted for as liability awards since they will be settled in cash. The fair value of these awards is calculated during each reporting period and estimated using the Black-Scholes option pricing model. | ||||||||||||||||||||||||||||
See Note 10 for further information related to the treatment of the unrecognized compensation expense at the time of the Spin-Off related to awards held by GLPI employees. | ||||||||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||||||
Consistent with how the Company's Chief Operating Decision Maker reviews and assesses the Company's financial performance, the Company has two reportable segments, GLP Capital, L.P. (a wholly-owned subsidiary of GLPI through which GLPI owns substantially all of its assets) ("GLP Capital") and the TRS Properties. The GLP Capital reportable segment consists of the leased real property and represents the majority of the Company's business. The TRS Properties reportable segment consists of Hollywood Casino Perryville and Hollywood Casino Baton Rouge. See Note 11 for further information with respect to the Company's segments. | ||||||||||||||||||||||||||||
Statements of Cash Flows | ||||||||||||||||||||||||||||
The Company has presented the consolidated statements of cash flows using the indirect method, which involves the reconciliation of net income to net cash flow from operating activities. | ||||||||||||||||||||||||||||
Certain Risks and Uncertainties | ||||||||||||||||||||||||||||
The Company is dependent on Penn (including its subsidiaries), who is the lessee of substantially all of the Company's properties pursuant to the Master Lease and accounts for a significant portion of its revenues. The inability or unwillingness of Penn to meet its subsidiary's rent obligations and other obligations under the Master Lease could materially adversely affect the Company's business, financial position or results of operations, including the Company's ability to pay dividends to its shareholders as required to maintain its status as a REIT. For these reasons, if Penn were to experience a material adverse effect on its gaming business, financial position or results of operations, the Company's business, financial position or results of operations could also be materially adversely affected. | ||||||||||||||||||||||||||||
The Company's operations are also dependent on its continued licensing by state gaming commissions of its gaming tenants and operators. The loss of a license could have an adverse effect on future results of operations. Additionally, the Company is dependent on the local market in which its gaming tenants and operators operate for a significant number of its patrons and revenues. If economic conditions in these areas deteriorate or additional gaming licenses are awarded in these markets, the Company's results of operations could be adversely affected. Furthermore, the Company is dependent upon a stable gaming tax structure in the locations that its gaming tenants and operators operate in. Any change in the tax structure could have an adverse effect on future results of operations. | ||||||||||||||||||||||||||||
Real_Estate_Investments
Real Estate Investments | 3 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||
Real Estate Investments | ' | ' | ||||||||||||||
Real Estate Investments | ' | ' | ||||||||||||||
4. Real Estate Investments | ||||||||||||||||
4. Real Estate Investments | ||||||||||||||||
Real estate investments, net, represents investments in 20 properties and is summarized as follows: | ||||||||||||||||
Real estate investments, net, represents investments in 19 properties and is summarized as follows: | ||||||||||||||||
March 31, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | December 31, | 2013 | 2012 | |||||||||||||
Land and improvements | $ | 453,141 | $ | 382,581 | (in thousands) | |||||||||||
Building and improvements | 2,120,663 | 2,050,533 | Land and improvements | $ | 382,581 | $ | — | |||||||||
Construction in progress | 87,323 | 61,677 | Building and improvements | 2,050,533 | — | |||||||||||
Total real estate investments | 2,661,127 | 2,494,791 | Construction in progress | 61,677 | — | |||||||||||
Less accumulated depreciation | (507,474 | ) | (484,488 | ) | ||||||||||||
Real estate investments, net | $ | 2,153,653 | $ | 2,010,303 | | | | | | | | | ||||
Total property and equipment | 2,494,791 | — | ||||||||||||||
Construction in progress primarily represents two development projects which the Company is responsible for the real estate construction costs, namely Hollywood at Dayton Raceway and Hollywood at Mahoning Valley Race Track which Penn anticipates opening in the fall of 2014. The Company acquired the real estate of Casino Queen for $140.7 million in January 2014. | Less accumulated depreciation | (484,488 | ) | — | ||||||||||||
| | | | | | | | |||||||||
Property and equipment, net | $ | 2,010,303 | $ | — | ||||||||||||
| | | | | | | | |||||||||
| | | | | | | | |||||||||
In connection with the Spin-Off, Penn contributed $1.96 billion of real estate investments, net of accumulated depreciation which was recorded at Penn's historical carrying value. Construction in progress primarily represents two development projects which the Company is responsible for the real estate construction costs, namely Hollywood at Dayton Raceway and Hollywood at Mahoning Valley Race Track which Penn anticipates opening in the fall of 2014. | ||||||||||||||||
Property_and_Equipment_used_in
Property and Equipment used in operations | 3 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||
Property and Equipment Used in Operations | ' | ' | ||||||||||||||
Property and Equipment used in operations | ' | ' | ||||||||||||||
5. Property and Equipment Used in Operations | ||||||||||||||||
5. Property and Equipment used in operations | ||||||||||||||||
Property and equipment used in operations, net, consists of the following and primarily represents the assets utilized in the TRS: | ||||||||||||||||
Property and equipment used in operations, net, consists of the following: | ||||||||||||||||
March 31, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | December 31, | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Land and improvements | $ | 31,635 | $ | 27,586 | Land and improvements | $ | 27,586 | $ | 28,193 | |||||||
Building and improvements | 116,267 | 115,888 | Building and improvements | 115,888 | 109,248 | |||||||||||
Furniture, fixtures, and equipment | 102,740 | 101,288 | Furniture, fixtures, and equipment | 101,288 | 76,088 | |||||||||||
Construction in progress | 504 | 203 | Construction in progress | 203 | 87 | |||||||||||
Total property and equipment | 251,146 | 244,965 | ||||||||||||||
Less accumulated depreciation | (109,260 | ) | (105,844 | ) | | | | | | | | | ||||
Property and equipment, net | $ | 141,886 | $ | 139,121 | Total property and equipment | 244,965 | 213,616 | |||||||||
Less accumulated depreciation | (105,844 | ) | (94,662 | ) | ||||||||||||
| | | | | | | | |||||||||
Property and equipment, net | $ | 139,121 | $ | 118,954 | ||||||||||||
| | | | | | | | |||||||||
| | | | | | | | |||||||||
Longterm_Debt
Long-term Debt | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||
Long-term Debt | ' | ' | |||||||||||
Long-term Debt | ' | ' | |||||||||||
6. Long-term Debt | |||||||||||||
6. Long-term Debt | |||||||||||||
Long-term debt is as follows: | |||||||||||||
Long-term debt is as follows: | |||||||||||||
March 31, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | December 31, | 2013 | |||||||||||
Senior unsecured credit facility | $ | 450,000 | $ | 300,000 | (in thousands) | ||||||||
$550 million 4.375% senior notes due November 2018 | 550,000 | 550,000 | Senior unsecured credit facility | $ | 300,000 | ||||||||
$1,000 million 4.875% senior notes due November 2020 | 1,000,000 | 1,000,000 | $550 million 4.375% senior notes due November 2018 | 550,000 | |||||||||
$500 million 5.375% senior notes due November 2023 | 500,000 | 500,000 | $1,000 million 4.875% senior notes due November 2020 | 1,000,000 | |||||||||
$ | 2,500,000 | $ | 2,350,000 | $500 million 5.375% senior notes due November 2023 | 500,000 | ||||||||
The following is a schedule of future minimum repayments of long-term debt as of March 31, 2014 (in thousands): | | | | | | ||||||||
$ | 2,350,000 | ||||||||||||
2014 | $ | — | |||||||||||
2015 | — | | | | | | |||||||
2016 | — | | | | | | |||||||
2017 | — | ||||||||||||
2018 | 1,000,000 | ||||||||||||
Thereafter | 1,500,000 | The following is a schedule of future minimum repayments of long-term debt as of December 31, 2013 (in thousands): | |||||||||||
Total minimum payments | $ | 2,500,000 | |||||||||||
The Company participates in a $1,000.0 million senior unsecured credit facility (the “Credit Facility”), consisting of a $700.0 million revolving credit facility and a $300.0 million Term Loan A facility. The Credit Facility matures on October 28, 2018. At March 31, 2014, the Credit Facility had a gross outstanding balance of $450 million, consisting of the $300 million Term Loan A facility and $150 million of borrowings under the revolving credit facility. As of March 31, 2014, $550 million remained available under the Credit Facility. | 2014 | $ | — | ||||||||||
2015 | — | ||||||||||||
The Credit Facility contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of GLPI and its subsidiaries, to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations or pay certain dividends and other restricted payments. The Credit Facility contains the following financial covenants, which are measured quarterly on a trailing four-quarter basis: a maximum total debt to total asset value ratio, a maximum senior secured debt to total asset value ratio, a maximum ratio of certain recourse debt to unencumbered asset value and a minimum fixed charge coverage ratio. In addition, GLPI is required to maintain a minimum tangible net worth. GLPI is required to maintain its status as a REIT on and after the effective date of its election to be treated as a REIT, which election GLPI intends to make on its U.S. federal income tax return for its first full fiscal year following the Spin-Off. GLPI is permitted to pay dividends to its shareholders as may be required in order to maintain REIT status, subject to the absence of payment or bankruptcy defaults. GLPI is also permitted to make other dividends and distributions subject to pro forma compliance with the financial covenants and the absence of defaults. The Credit Facility also contains certain customary affirmative covenants and events of default. Such events of default include the occurrence of a change of control and termination of the Master Lease (subject to certain replacement rights). The occurrence and continuance of an event of default under the Credit Facility will enable the lenders under the Credit Facility to accelerate the loans, and terminate the commitments, thereunder. | 2016 | — | |||||||||||
2017 | — | ||||||||||||
The Notes contain covenants limiting the Company’s ability to: incur additional debt and use their assets to secure debt; merge or consolidate with another company; and make certain amendments to the Master Lease. The Notes also require the Company to maintain a specified ratio of unencumbered assets to unsecured debt. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. | 2018 | 850,000 | |||||||||||
Thereafter | 1,500,000 | ||||||||||||
At March 31, 2014, the Company was in compliance with all required covenants. | |||||||||||||
| | | | | |||||||||
Total minimum payments | $ | 2,350,000 | |||||||||||
| | | | | |||||||||
| | | | | |||||||||
On October 28, 2013, GLP Capital entered into a new five year senior unsecured credit facility (the "Credit Facility"), consisting of a $700 million revolving credit facility and a $300 million Term Loan A facility. The interest rates payable on the loans are, at our option, equal to either a LIBOR rate or a base rate plus an applicable margin, which ranges from 1.0% to 2.0% per annum for LIBOR loans and 0.0% to 1.0% per annum for base rate loans, in each case, depending on the credit ratings assigned to the Credit Facility. At December 31, 2013, the applicable margin was 1.75% for LIBOR loans and 0.75% for base rate loans, which was reduced to 1.50% and 0.50%, respectively, in the first quarter of 2014. See Note 15 for further details. In addition, the Company is required to pay a commitment fee on the unused portion of the commitments under the revolving facility at a rate that ranges from 0.15% to 0.35% per annum, depending on the credit ratings assigned to the Credit Facility. At December 31, 2013, the commitment fee rate was 0.30%, which was reduced to 0.25% in the first quarter of 2014. GLP Capital is not required to repay any loans under the Credit Facility prior to maturity on October 28, 2018. GLP Capital may prepay all or any portion of the loans under the Credit Facility prior to maturity without premium or penalty, subject to reimbursement of any LIBOR breakage costs of the lenders. The Credit Facility is guaranteed by GLPI. | |||||||||||||
The Company's Credit Facility had a gross outstanding balance of $300 million at December 31, 2013, consisting of the $300 million Term Loan A facility. No balances were outstanding on the revolving credit facility at December 31, 2013. | |||||||||||||
The Credit Facility contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of GLPI and its subsidiaries, to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations or pay certain dividends and other restricted payments. The Credit Facility contains the following financial covenants, which are measured quarterly on a trailing four-quarter basis: a maximum total debt to total asset value ratio, a maximum senior secured debt to total asset value ratio, a maximum ratio of certain recourse debt to unencumbered asset value and a minimum fixed charge coverage ratio. In addition, GLPI is required to maintain a minimum tangible net worth. GLPI is required to maintain its status as a REIT on and after the effective date of its election to be treated as a REIT, which election GLPI intends to make on its U.S. federal income tax return for its first full fiscal year following the Spin-Off. GLPI is permitted to pay dividends to its shareholders as may be required in order to maintain REIT status, subject to the absence of payment or bankruptcy defaults. GLPI is also permitted to make other dividends and distributions subject to pro forma compliance with the financial covenants and the absence of defaults. The Credit Facility also contains certain customary affirmative covenants and events of default. Such events of default include the occurrence of a change of control and termination of the Master Lease (subject to certain replacement rights). The occurrence and continuance of an event of default under the Credit Facility will enable the lenders under the Credit Facility to accelerate the loans, and terminate the commitments, thereunder. | |||||||||||||
On October 30 and 31, 2013, the Company completed offerings of $2,050 million aggregate principal amount of three series of new senior notes issued by two of GLPI's wholly-owned subsidiaries (the "Issuers"): $550 million of 4.375% Senior Notes due 2018 (the "2018 Notes"); $1,000 million of 4.875% Senior Notes due 2020 (the "2020 Notes"); and $500 million of 5.375% Senior Notes due 2023 (the "2023 Notes," and collectively with the 2018 Notes and the 2020 Notes, the "Notes"). The 2018 Notes mature on November 1, 2018 and bear interest at a rate of 4.375% per year. The 2020 Notes mature on November 1, 2020 and bear interest at a rate of 4.875% per year. The 2023 Notes mature on November 1, 2023 and bear interest at a rate of 5.375% per year. Interest on the Notes is payable on May 1 and November 1 of each year, beginning on May 1, 2014. | |||||||||||||
The Company may redeem the Notes of any series at any time, and from time to time, at a redemption price of 100% of the principal amount of the Notes redeemed, plus a "make-whole" redemption premium described in the indenture governing the Notes, together with accrued and unpaid interest to, but not including, the redemption date, except that if Notes of a series are redeemed 90 or fewer days prior to their maturity, the redemption price will be 100% of the principal amount of the Notes redeemed, together with accrued and unpaid interest to, but not including, the redemption date. If GLPI experiences a change of control accompanied by a decline in the credit rating of the Notes of a particular series, the Company will be required to give holders of the Notes of such series the opportunity to sell their Notes of such series at a price equal to 101% of the principal amount of the Notes of such series, together with accrued and unpaid interest to, but not including, the repurchase date. The Notes also are subject to mandatory redemption requirements imposed by gaming laws and regulations. | |||||||||||||
The Notes are guaranteed on a senior unsecured basis by GLPI. The Notes are the Issuers' senior unsecured obligations and rank pari passu in right of payment with all of the Issuers' senior indebtedness, including the Credit Facility, and senior in right of payment to all of the Issuers' subordinated indebtedness, without giving effect to collateral arrangements. | |||||||||||||
The Notes contain covenants limiting the Issuers' ability to: incur additional debt and use their assets to secure debt; merge or consolidate with another company; and make certain amendments to the Master Lease. The Notes also require the Issuers to maintain a specified ratio of unencumbered assets to unsecured debt. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. | |||||||||||||
GLPI used the proceeds of the 2018 Notes and the 2023 Notes, together with borrowings under the Credit Facility, to make distributions directly or indirectly, to Penn in partial exchange for the contribution of real property assets to GLPI in connection with the Spin-Off and to pay related fees and expenses. A portion of the net proceeds from the 2020 Notes was used to repay certain amounts drawn under the revolving portion of the Credit Facility and the remaining net proceeds were used to fund the Purging Distribution by GLPI of accumulated earnings and profits on its real property assets in order to comply with certain REIT qualification requirements. The proceeds of additional revolving loans under the Credit Facility will be used for working capital, to fund permitted dividends, distributions and acquisitions, for general corporate purposes and for any other purpose not prohibited by the documentation governing the Credit Facility. | |||||||||||||
At December 31, 2013, the Company was in compliance with all required financial covenants. | |||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||
Commitments and Contingencies. | ' | ' | ||||
Commitments and Contingencies | ' | ' | ||||
7. Commitments and Contingencies | ||||||
7. Commitments and Contingencies | ||||||
Litigation | ||||||
Litigation | ||||||
Pursuant to a Separation and Distribution Agreement between Penn and GLPI, any liability arising from or relating to legal proceedings involving the businesses and operations of Penn’s real property holdings prior to the Spin-Off (other than any liability arising from or relating to legal proceedings where the dispute arises from the operation or ownership of the TRS Properties) will be retained by Penn and Penn will indemnify GLPI (and its subsidiaries, directors, officers, employees and agents and certain other related parties) against any losses it may incur arising from or relating to such legal proceedings. | ||||||
Pursuant to a Separation and Distribution Agreement between Penn and GLPI, any liability arising from or relating to legal proceedings involving the businesses and operations of Penn's real property holdings prior to the Spin-Off (other than any liability arising from or relating to legal proceedings where the dispute arises from the operation or ownership of the TRS Properties) will be retained by Penn and Penn will indemnify GLPI (and its subsidiaries, directors, officers, employees and agents and certain other related parties) against any losses it may incur arising from or relating to such legal proceedings. | ||||||
The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, and other matters arising in the normal course of business. The Company does not believe that the final outcome of these matters will have a material adverse effect on the Company’s consolidated financial position or results of operations. In addition, the Company maintains what it believes is adequate insurance coverage to further mitigate the risks of such proceedings. However, such proceedings can be costly, time consuming, and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings may not materially impact the Company’s financial condition or results of operations. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. | ||||||
The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, and other matters arising in the normal course of business. The Company does not believe that the final outcome of these matters will have a material adverse effect on the Company's consolidated financial position or results of operations. In addition, the Company maintains what it believes is adequate insurance coverage to further mitigate the risks of such proceedings. However, such proceedings can be costly, time consuming, and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings may not materially impact the Company's financial condition or results of operations. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. | ||||||
Operating Lease Commitments | ||||||
As part of the Spin-Off, Penn assigned to GLPI various leases on the property acquired in connection with the Spin-Off. The following is a description of some of the more significant lease contracts that Penn assigned to GLPI. Total rental expense under these agreements was $0.4 million for the year ended December 31, 2013 (which covers the period subsequent to the Spin-Off date). | ||||||
One of Penn's subsidiaries entered into a lease agreement for the land utilized in connection with the operations of a casino in Biloxi, Mississippi. The lease commenced March 3, 1994 and is for a term of 99 years. The annual rental payments are increased every 5 years by fifteen percent and will be $0.2 million for 2014. The next reset period is in March 2014. | ||||||
One of Penn's subsidiaries entered into a lease agreement for the land utilized in connection with the operations of a casino in Tunica, Mississippi. The lease commenced on October 11, 1993 with a five year initial term and nine five year renewals at the tenant's option. The lease agreement has an annual fixed rent provision, as well as an annual revenue-sharing provisions, which is equal to the result obtained by subtracting the fixed rent provision from 4% of gross revenues. | ||||||
One of Penn's subsidiaries has an operating lease with the City of Bangor which covers the permanent casino facility that opened on July 1, 2008. Under the lease agreement, there is a fixed rent provision which GLPI is responsible for which totals $0.1 million per year. The final term of the lease, which commenced with the opening of the permanent facility, is for an initial term of fifteen years, with three ten-year renewal options. | ||||||
The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at December 31, 2013 are as follows (in thousands): | ||||||
Year ending December 31, | ||||||
2014 | $ | 1,013 | ||||
2015 | 314 | |||||
2016 | 302 | |||||
2017 | 316 | |||||
2018 | 334 | |||||
Thereafter | 44,178 | |||||
| | | | | ||
Total | $ | 46,457 | ||||
| | | | | ||
| | | | | ||
In addition, for the TRS Properties, the Company is liable under numerous operating leases for equipment and other miscellaneous assets, which expire at various dates through 2015. Total rental expense under these agreements was $1.4 million, $1.6 million and $1.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||
Capital Expenditure Commitments | ||||||
The Company's current construction program for 2014 calls for capital expenditures of approximately $137.4 million, of which the Company was contractually committed to spend approximately $34.5 million at December 31, 2013, related to the two Ohio racetracks scheduled to be opened in the fall of 2014. | ||||||
Additionally, as part of the Spin-Off, GLPI is committed to fund certain projects in development at Penn, including a new gaming and entertainment destination in Philadelphia, PA and an integrated racing and gaming facility in Lawrence County, near Pittsburgh (the last of the Category 1 sites in Pennsylvania). If Penn is selected for both of these projects, GLPI would provide real estate financing in the form of a loan or lease up to $418.5 million for these two projects. | ||||||
Purchase obligations | ||||||
The Company has obligations to purchase various goods and services totaling $1.4 million at December 31, 2013, of which $1.1 million will be incurred in 2014. | ||||||
Employee Benefit Plans | ||||||
The Company maintains a profit-sharing plan under the provisions of Section 401(k) of the Internal Revenue Code of 1986, as amended, which covers all eligible employees. The plan enables participating employees to defer a portion of their salary in a retirement fund to be administered by the Company. The Company makes a discretionary match contribution of 50% of employees' elective salary deferrals, up to a maximum of 6% of eligible employee compensation. The matching contributions for the profit-sharing plan for all years ended December 31, 2013, 2012 and 2011 were $0.2 million. | ||||||
The Company maintains a non-qualified deferred compensation plan that covers most management and other highly-compensated employees. The plan allows the participants to defer, on a pre-tax basis, a portion of their base annual salary and/or their annual bonus, and earn tax-deferred earnings on these deferrals. The plan also provides for matching Company contributions that vest over a five-year period. The Company has established a Trust, and transfers to the Trust, on a periodic basis, an amount necessary to provide for its respective future liabilities with respect to participant deferral and Company contribution amounts. The Company's matching contributions for the non-qualified deferred compensation plan for the years ended December 31, 2013, 2012 and 2011 were $0.3 million, $0.1 million and $0.1 million, respectively. The Company's deferred compensation liability, which was included in other current liabilities within the consolidated balance sheet, was $12.8 million at December 31, 2013 and relates primarily to balances contributed to use as part of the Spin-Off related to our executive officers that were previously employed by Penn. | ||||||
Labor Agreements | ||||||
Some of Hollywood Casino Perryville's employees are currently represented by labor unions. The Seafarers Entertainment and Allied Trade Union represents 128 of Hollywood Casino Perryville's employees under an agreement that expires in February 2020. Additionally, Local No. 27 United Food and Commercial Workers and United Industrial Service Transportation Professional and Government Workers of North America represent certain employees under collective bargaining agreements that expire in 2020, neither of which represents more than 50 of Hollywood Casino Perryville's employees. If the Company fails to renew or modify existing agreements on satisfactory terms, this failure could have a material adverse effect on Hollywood Casino Perryville's business, financial condition and results of operations. There can be no assurance that Hollywood Casino Perryville will be able to maintain these agreements. | ||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes | ' | ||||||||||
8. Income Taxes | |||||||||||
Deferred tax assets and liabilities are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated balance sheets. These temporary differences result in taxable or deductible amounts in future years. The components of the Company's deferred tax assets and liabilities are as follows: | |||||||||||
Year ended December 31, | 2013 | 2012 | |||||||||
(in thousands) | |||||||||||
Deferred tax assets: | |||||||||||
Accrued expenses | $ | 2,228 | $ | 2,859 | |||||||
| | | | | | | | ||||
Net deferred tax assets | 2,228 | 2,859 | |||||||||
| | | | | | | | ||||
Deferred tax liabilities: | |||||||||||
Property, plant and equipment | (3,459 | ) | (7,840 | ) | |||||||
Intangibles | (823 | ) | (577 | ) | |||||||
| | | | | | | | ||||
Net deferred tax liabilities | (4,282 | ) | (8,417 | ) | |||||||
| | | | | | | | ||||
Net: | $ | (2,054 | ) | $ | (5,558 | ) | |||||
| | | | | | | | ||||
| | | | | | | | ||||
The provision for income taxes charged to operations for years ended December 31, 2013, 2012 and 2011 was as follows: | |||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | ||||||||
(in thousands) | |||||||||||
Current tax expense | |||||||||||
Federal | $ | 19,429 | $ | 12,216 | $ | 21,048 | |||||
State | 3,513 | 2,303 | 4,341 | ||||||||
| | | | | | | | | | | |
Total current | 22,942 | 14,519 | 25,389 | ||||||||
| | | | | | | | | | | |
Deferred tax (benefit) expense | |||||||||||
Federal | (7,624 | ) | 64 | (6,780 | ) | ||||||
State | 1,978 | (152 | ) | 266 | |||||||
| | | | | | | | | | | |
Total deferred | (5,646 | ) | (88 | ) | (6,514 | ) | |||||
| | | | | | | | | | | |
Total provision | $ | 17,296 | $ | 14,431 | $ | 18,875 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2013, 2012 and 2011: | |||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | ||||||||
Percent of pretax income | |||||||||||
U.S. federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||
State and local income taxes | 10.4 | % | 3 | % | 6.6 | % | |||||
Nondeductible transaction costs | 7.5 | % | 0 | % | 0 | % | |||||
REIT conversion benefit | (5.3 | )% | 0 | % | 0 | % | |||||
Other permanent differences | (0.8 | )% | 0.1 | % | 0.2 | % | |||||
Other miscellaneous items | (0.2 | )% | 0.5 | % | (0.4 | )% | |||||
| | | | | | | | | | | |
46.6 | % | 38.6 | % | 41.4 | % | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Year ended December 31, | 2013 | 2012 | 2011 | ||||||||
(in thousands) | |||||||||||
Amount based upon pretax income | |||||||||||
U.S. federal statutory income tax | $ | 12,994 | $ | 13,073 | $ | 15,945 | |||||
State and local income taxes | 3,840 | 1,126 | 3,016 | ||||||||
Nondeductible transaction costs | 2,793 | — | — | ||||||||
REIT conversion benefit | (1,959 | ) | — | — | |||||||
Permanent differences | (268 | ) | 30 | 72 | |||||||
Other miscellaneous items | (104 | ) | 202 | (158 | ) | ||||||
| | | | | | | | | | | |
$ | 17,296 | $ | 14,431 | $ | 18,875 | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Dividends
Dividends | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Dividends. | ' | ' |
Dividends | ' | ' |
8. Dividends | ||
9. Dividends | ||
On February 18, 2014, GLPI made the Purging Distribution, which totaled $1.05 billion and was comprised of cash and GLPI common stock, to distribute the accumulated earnings and profits related to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off. Shareholders were given the option to elect either an all-cash or all-stock dividend, subject to a total cash limitation of $210 million. Of the 88,691,827 shares of common stock outstanding on the record date, approximately 54.3% elected the cash distribution and approximately 45.7% elected a stock distribution or made no election. Shareholders electing cash received $4.358049 plus 0.195747 additional GLPI shares per common share held on the record date. Shareholders electing stock or not making an election received 0.309784 additional GLPI shares per common share held on the record date. Stock dividends were paid based on the volume weighted average price for the three trading days ended February 13, 2014 of $38.2162 per share. Approximately 22.0 million shares were issued in connection with this dividend payment. In addition, cash distributions were made to GLPI and Penn employee restricted stock award holders in the amount of $1 million for the purging distribution. GLPI and Penn have jointly requested a Pre-Filing Agreement from the Internal Revenue Service pursuant to Revenue Procedure 2009-14 to confirm the appropriate allocation of Penn’s historical earnings and profits between GLPI and Penn. The outcome of this request may affect the amount of the dividend required to be paid by GLPI to its shareholders prior to December 31, 2014. | ||
On February 18, 2014, GLPI made the Purging Distribution of $1.05 billion, of which approximately $210.0 million was made in cash with the remainder in GLPI common stock to distribute the accumulated earnings and profits related to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off. In addition, on February 18, 2014, the Company's Board of Directors declared its first quarterly dividend. Shareholders of record on March 7, 2014 will receive $0.52 per common share, payable on March 28, 2014. See Note 15 for further details. | ||
Additionally, on February 18, 2014, the Company’s Board of Directors declared its first quarterly dividend of $0.52 per common share, which was paid on March 28, 2014, in the amount of $58 million, to shareholders of record on March 7, 2014. In addition, dividend payments were made to GLPI restricted stock award holders in the amount of $1.0 million. | ||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Stock-Based Compensation | ' | |||||||||||||
Stock-Based Compensation | ' | |||||||||||||
10. Stock-Based Compensation | ||||||||||||||
The Company can issue up to 5,147,059 shares of Common Stock under the 2013 Long Term Incentive Compensation Plan (the "2013 Plan") that was approved by shareholders on October 23, 2013. The 2013 Plan provides for the Company to issue stock options (incentive and/or non-qualified), stock appreciation rights, restricted stock awards, phantom stock units and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards. No awards were granted under the 2013 Plan as of December 31, 2013. | ||||||||||||||
In connection with the Spin-Off of GLPI, employee stock options and cash settled stock appreciation rights of Penn were converted through the issuance of GLPI employee stock options and GLPI cash settled stock appreciation rights and an adjustment to the exercise prices of their Penn awards. The number of options and cash settled stock appreciation rights, subject to and the exercise price of each converted award was adjusted to preserve the same intrinsic value of the awards that existed immediately prior to the Spin-Off. These awards are not counted against the 2013 Plan limit mentioned above. | ||||||||||||||
Holders of outstanding restricted stock awards and cash settled phantom stock unit awards received an additional share of restricted stock or cash settled phantom stock unit awards in GLPI common stock at the Spin-Off so that the intrinsic value of these awards were equivalent to those that existed immediately prior to the Spin-Off. | ||||||||||||||
The unrecognized compensation at the time of the Spin-Off related to both Penn and GLPI's stock options and restricted stock awards held by GLPI employees will be amortized to expense over the awards' remaining vesting periods. As of December 31, 2013, there was $6.8 million and $4.7 million of total unrecognized compensation cost for stock options and restricted stock awards, respectively, that will be recognized over the grants remaining weighted average vesting period of 1.68 years and 3.05 years, respectively. For the year ended December 31, 2013, the Company recognized $1.6 million of compensation expense associated with these awards. | ||||||||||||||
The following tables contain information on stock options issued and outstanding for the year ended December 31, 2013 as well as restricted shares: | ||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | |||||||||||
Option Shares | Average | Average | Intrinsic Value | |||||||||||
Exercise | Remaining | (in thousands) | ||||||||||||
Price | Contractual | |||||||||||||
Term (in years) | ||||||||||||||
Outstanding at December 31, 2012 | — | $ | — | |||||||||||
Options transferred on Spin-Off date | 10,396,889 | 24.35 | ||||||||||||
Exercised | (57,811 | ) | 24.75 | |||||||||||
Canceled | (625 | ) | 20.85 | |||||||||||
| | | | | | | | | | | | | | |
Outstanding at December 31, 2013 | 10,338,453 | $ | 24.34 | 3.15 | $ | 270,222 | ||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Exercise Price Range | Total | |||||||||||||
$9.32 to | $22.90 to | $29.19 to | $9.32 to | |||||||||||
$22.41 | $29.10 | $47.40 | $47.40 | |||||||||||
Outstanding options | ||||||||||||||
Number outstanding | 4,049,443 | 3,555,573 | 2,733,437 | 10,338,453 | ||||||||||
Weighted-average remaining contractual life (years) | 1.94 | 3.69 | 4.16 | 3.15 | ||||||||||
Weighted-average exercise price | $ | 19.54 | $ | 25.16 | $ | 30.41 | $ | 24.34 | ||||||
Exercisable options | ||||||||||||||
Number outstanding | 3,621,045 | 2,805,381 | 1,504,710 | 7,931,136 | ||||||||||
Weighted-average exercise price | $ | 19.38 | $ | 24.68 | $ | 31.36 | $ | 23.53 | ||||||
Number of | ||||||||||||||
Award | ||||||||||||||
Shares | ||||||||||||||
Outstanding at December 31, 2012 | — | |||||||||||||
Amounts transferred in connection with Spin-Off | 419,067 | |||||||||||||
Released | — | |||||||||||||
Canceled | — | |||||||||||||
| | | | | ||||||||||
Outstanding at December 31, 2013 | 419,067 | |||||||||||||
| | | | | ||||||||||
| | | | | ||||||||||
The Company had 7,931,136 stock options that were exercisable at December 31, 2013 with a weighted average exercise price of $23.53 which had an intrinsic value of $213.8 million. The aggregate intrinsic value of stock options exercised during 2013 was $1.3 million. The Company issues new authorized common shares to satisfy stock option exercises and plans to do the same for restricted stock lapses once they occur. | ||||||||||||||
Additionally, there was $9.4 million of total unrecognized compensation cost at December 31, 2013, which will be recognized over the awards remaining weighted average vesting period of 2.55 years, for Penn and GLPI PSUs held by GLPI employees that will be cash-settled by GLPI. For the year ended December 31, 2013, the Company recognized $1.2 million of compensation expense associated with these awards. | ||||||||||||||
In addition, there was $0.5 million of total unrecognized compensation cost at December 31, 2013, which will be recognized over the grants remaining weighted average vesting period of 1.84 years, for Penn and GLPI SARs held by GLPI employees that will be cash-settled by GLPI. For the year ended December 31, 2013, the Company recognized $0.2 million of compensation expense associated with these awards. | ||||||||||||||
See Note 15 for a discussion on the impact of the Purging Distribution on the Company's compensation awards. | ||||||||||||||
Segment_Information
Segment Information | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||
Segment Information | ' | ' | |||||||||||||||||||||||
Segment Information | ' | ' | |||||||||||||||||||||||
9. Segment Information | |||||||||||||||||||||||||
11. 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. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
GLP Capital (1) | TRS Properties | Eliminations (2) | Total | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
For the three months ended March 31, 2014 | GLP | TRS | Total | ||||||||||||||||||||||
Net revenues | $ | 118,112 | $ | 40,216 | $ | — | $ | 158,328 | Capital(1) | Properties | |||||||||||||||
Income from operations | 67,871 | 6,463 | — | 74,334 | (in thousands) | ||||||||||||||||||||
Interest, net | 28,428 | 2,601 | (2,601 | ) | 28,428 | For the year ended December 31, 2013 | |||||||||||||||||||
Income from operations before income taxes | 42,044 | 3,862 | — | 45,906 | Net revenues | $ | 76,557 | $ | 165,572 | $ | 242,129 | ||||||||||||||
Income tax provision | — | 1,594 | — | 1,594 | Income from operations | 34,333 | 26,249 | 60,582 | |||||||||||||||||
Net income | 42,044 | 2,268 | — | 44,312 | Interest expense | 19,254 | — | 19,254 | |||||||||||||||||
Depreciation | 23,441 | 3,081 | — | 26,522 | Income from operations before income taxes | 15,079 | 22,047 | 37,126 | |||||||||||||||||
Capital project expenditures, net of reimbursements | 24,002 | — | — | 24,002 | Income tax provision | 8,467 | 8,829 | 17,296 | |||||||||||||||||
Capital maintenance expenditures | — | 871 | — | 871 | Net income | 6,612 | 13,218 | 19,830 | |||||||||||||||||
Depreciation | 14,896 | 14,027 | 28,923 | ||||||||||||||||||||||
For the three months ended March 31, 2013 | Capital expenditures | 13,042 | 3,386 | 16,428 | |||||||||||||||||||||
Net revenues | $ | — | $ | 42,649 | $ | — | $ | 42,649 | For the year ended December 31, 2012 | ||||||||||||||||
Income from operations | — | 6,810 | — | 6,810 | Net revenues | $ | — | $ | 210,643 | $ | 210,643 | ||||||||||||||
Income from operations before income taxes | — | 5,530 | — | 5,530 | Income from operations | — | 43,668 | 43,668 | |||||||||||||||||
Income tax provision | — | 2,316 | — | 2,316 | Interest expense | — | — | — | |||||||||||||||||
Net income | — | 3,214 | — | 3,214 | Income from operations before income taxes | — | 37,350 | 37,350 | |||||||||||||||||
Depreciation | — | 3,588 | — | 3,588 | Income tax provision | — | 14,431 | 14,431 | |||||||||||||||||
Capital project expenditures, net of reimbursements | — | 78 | — | 78 | Net income | — | 22,919 | 22,919 | |||||||||||||||||
Capital maintenance expenditures | — | 896 | — | 896 | Depreciation | — | 14,090 | 14,090 | |||||||||||||||||
Capital expenditures | — | 5,190 | 5,190 | ||||||||||||||||||||||
Balance sheet at March 31,2014 | For the year ended December 31, 2011 | ||||||||||||||||||||||||
Total assets | $ | 2,324,839 | $ | 237,047 | — | $ | 2,561,886 | Net revenues | $ | — | $ | 231,884 | $ | 231,884 | |||||||||||
Income from operations | — | 52,513 | 52,513 | ||||||||||||||||||||||
Balance sheet at December 31, 2013 | Interest expense | — | — | — | |||||||||||||||||||||
Total assets | $ | 2,379,243 | $ | 229,996 | — | $ | 2,609,239 | Income from operations before income taxes | — | 45,559 | 45,559 | ||||||||||||||
Income tax provision | — | 18,875 | 18,875 | ||||||||||||||||||||||
Net income | — | 26,684 | 26,684 | ||||||||||||||||||||||
(1) GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off. | Depreciation | — | 14,568 | 14,568 | |||||||||||||||||||||
(2) Amounts in the “Eliminations” column represent the elimination of intercompany interest payments from the Company’s TRS Properties business segment to its GLP Capital business segment. | Capital expenditures | — | 8,288 | 8,288 | |||||||||||||||||||||
Balance sheet at December 31, 2013 | |||||||||||||||||||||||||
Total assets | 2,379,243 | 229,996 | 2,609,239 | ||||||||||||||||||||||
Balance sheet at December 31, 2012 | |||||||||||||||||||||||||
Total assets | — | 267,075 | 267,075 | ||||||||||||||||||||||
-1 | |||||||||||||||||||||||||
GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off. For the year ended December 31, 2013, all revenues in the GLP Capital segment were attributable from Penn under the terms of the Master Lease. Results included transaction costs associated with the Spin-Off of $13.5 million. | |||||||||||||||||||||||||
Summarized_Quarterly_Data_Unau
Summarized Quarterly Data (Unaudited) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Summarized Quarterly Data (Unaudited) | ' | |||||||||||||
Summarized Quarterly Data (Unaudited) | ' | |||||||||||||
12. Summarized Quarterly Data (Unaudited) | ||||||||||||||
The following table summarizes the quarterly results of operations for the years ended December 31, 2013 and 2012: | ||||||||||||||
Fiscal Quarter | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
(in thousands, except per share data) | ||||||||||||||
2013 | ||||||||||||||
Net revenues | $ | 42,648 | $ | 46,072 | $ | 39,633 | $ | 113,776 | ||||||
Income from operations | 6,811 | 9,090 | 5,665 | 39,016 | ||||||||||
Net income | 3,216 | 4,699 | 2,681 | 9,234 | ||||||||||
Earnings per common share: | ||||||||||||||
Basic earnings per common share | $ | 0.04 | $ | 0.04 | $ | 0.02 | $ | 0.08 | ||||||
Diluted earnings per common share | $ | 0.03 | $ | 0.04 | $ | 0.02 | $ | 0.08 | ||||||
2012 | ||||||||||||||
Net revenues | $ | 66,909 | $ | 60,252 | $ | 45,823 | $ | 37,659 | ||||||
Income from operations | 16,507 | 14,472 | 8,155 | 4,534 | ||||||||||
Net income | 8,665 | 7,618 | 4,530 | 2,106 | ||||||||||
Earnings per common share: | ||||||||||||||
Basic earnings per common share | $ | 0.08 | $ | 0.07 | $ | 0.04 | $ | 0.02 | ||||||
Diluted earnings per common share | $ | 0.07 | $ | 0.07 | $ | 0.04 | $ | 0.02 | ||||||
During the fourth quarter of 2013, the Company had rental revenue related to the Master Lease, which became effective November 1, 2013, of $76.6 million. | ||||||||||||||
During the fourth quarter of 2013, the Company incurred transaction costs of $13.5 million associated with the Spin-Off. | ||||||||||||||
During the fourth quarter of 2013, the Company incurred depreciation expense of $14.8 million related to the real property assets transferred to GLPI as part of the Spin-Off. | ||||||||||||||
In October 2013, GLP Capital entered into a new five year senior unsecured credit facility and completed offerings of $2,050 million aggregate principal amount of new senior notes. During the fourth quarter of 2013, the Company incurred interest expense of $19.3 million related to its new borrowings. | ||||||||||||||
PreSpin_Transactions_with_Penn
Pre-Spin Transactions with Penn | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Pre-Spin Transactions with Penn | ' | ' |
Pre-Spin Transactions with Penn | ' | ' |
10. Pre-Spin Transactions with Penn | ||
13. Pre-Spin Transactions with Penn | ||
Before the Spin-Off, Hollywood Casino Baton Rouge and Hollywood Casino Perryville had a corporate overhead assessment with Penn, whereby Penn provided various management services in consideration of a management fee equal to 3% of net revenues. The Company incurred and paid management fees of $1.3 million for the three months ended March 31, 2013. In connection with the completion of the Spin-Off, the management fee agreements between Penn and Hollywood Casino Baton Rouge and Hollywood Casino Perryville were terminated. | ||
Before the Spin-Off, Hollywood Casino Baton Rouge and Hollywood Casino Perryville had a corporate overhead assessment with Penn, whereby Penn provided various management services in consideration of a management fee equal to 3% of net revenues. The Company incurred and paid management fees of $4.2 million, $6.3 million and $7.0 million for the years ended December 31, 2013 (before the Spin-Off), 2012 and 2011, respectively. In connection with the completion of the Spin-Off, the management fee agreements between Penn and Hollywood Casino Baton Rouge and Hollywood Casino Perryville were terminated. | ||
Hollywood Casino Baton Rouge and Hollywood Casino Perryville had cumulative net advances of $43.3 million at December 31, 2012. The advances were the result of operating cash flows generated by Hollywood Casino Baton Rouge and Hollywood Casino Perryville in excess of intercompany allocations such as the management fee agreement. As part of the Spin-Off, these amounts were forgiven. | ||
Supplemental_Disclosures_of_Ca
Supplemental Disclosures of Cash Flow Information | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Supplemental Disclosures of Cash Flow Information | ' | ' |
Supplemental Disclosures of Cash Flow Information | ' | ' |
11. Supplemental Disclosures of Cash Flow Information | ||
14. Supplemental Disclosures of Cash Flow Information | ||
Prior to the Spin-Off, the Company’s Hollywood Casino Baton Rouge and Hollywood Casino Perryville paid no federal income taxes directly to tax authorities and instead settled all intercompany balances with Penn. These settlements included, among other things, the share of the income taxes allocated by Penn to Hollywood Casino Baton Rouge and Hollywood Casino Perryville. The amounts paid to Penn for Hollywood Casino Baton Rouge and Hollywood Casino Perryville’s allocated share of federal income taxes was $1.8 million for the three months ended March 31, 2013. Hollywood Casino Baton Rouge and Hollywood Casino Perryville made federal income tax payments directly to tax authorities of $1.4 million for the three months ended March 31, 2014. Hollywood Casino Baton Rouge and Hollywood Casino Perryville made state income tax payments directly to the state authorities of $0.9 million for the three months ended March 31, 2014 and no payments for the three months ended March 31, 2013. In addition, GLPI, prior to qualifying for REIT status, was subjected to corporate federal and state income taxes. The Company paid federal income tax directly to tax authorities of $10.1 million for the three months ended March 31, 2014. The Company also paid state income tax payments of $1.4 million directly to the state authorities for the three months ended March 31, 2014. Cash paid for interest was $2.1 million for the three months ended March 31, 2014 and no interest was paid for the three months ended March 31, 2013. | ||
Prior to the Spin-Off, the Company's Hollywood Casino Baton Rouge and Hollywood Casino Perryville paid no federal income taxes directly to tax authorities and instead settled all intercompany balances with Penn. These settlements included, among other things, the share of the income taxes allocated by Penn to Hollywood Casino Baton Rouge and Hollywood Casino Perryville. The amounts paid to Penn for Hollywood Casino Baton Rouge and Hollywood Casino Perryville's allocated share of federal income taxes was $9.4 million, $13.2 million and $15.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. Their first federal income taxes payment directly to tax authorities will occur in early 2014. Hollywood Casino Baton Rouge and Hollywood Casino Perryville made state income tax payments directly to the state authorities of $1.6 million, $2.8 million and $3.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. Cash paid for interest was $0.8 million for the year ended December 31, 2013 and no interest was paid for the years ended December 31, 2012 and 2011. | ||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events | ' |
Subsequent Events | ' |
15. Subsequent Events | |
In January 2014, the Company completed the acquisition of the real estate assets associated with the Casino Queen in East St. Louis, Illinois for $140 million. Simultaneously with the acquisition, GLPI also provided Casino Queen with a $43 million, five year term loan at 7% interest, pre-payable at any time, which, together with the sale proceeds, completely refinanced and retired all of Casino Queen's outstanding long-term debt obligations. GLPI leased the property back to Casino Queen on a triple net basis for approximately $14 million in rent per year. The initial lease term is 15 years, with an option to renew for four successive five year terms. | |
Upon the declaration of the Purging Distribution, GLPI options and GLPI SARs were adjusted in a manner that preserved both the pre-distribution intrinsic value of the options and SARs and the pre-distribution ratio of the stock price to exercise price that existed immediately before the Purging Distribution. Additionally, upon declaration of the Purging Distribution, holders of GLPI PSUs were credited with the special dividend, which will accrue and be paid, if applicable, on the vesting date of the related PSU. Holders of GLPI restricted stock will be entitled to receive the special dividend with respect to such restricted stock on the same date or dates that the special dividend is payable on GLPI common stock to shareholders of GLPI generally. | |
On February 18, 2014, GLPI made the Purging Distribution, which totaled $1.05 billion and was comprised of cash and GLPI common stock, to distribute the accumulated earnings and profits related to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off. Shareholders were given the option to elect either an all-cash or all-stock dividend, subject to a total cash limitation of $210 million. Of the 88,691,827 shares of common stock outstanding on the record date, approximately 54.3% elected the cash distribution and approximately 45.7% elected a stock distribution or made no election. Shareholders electing cash received $4.358049 plus 0.195747 additional GLPI shares per common share held on the record date. Shareholders electing stock received 0.309784 additional GLPI shares per common share held on the record date. Stock dividends were paid based on the volume weighted average price for the three trading days ended February 13, 2014 of $38.2162 per share. Approximately 22.0 million shares were issued in connection with this dividend payment. | |
Additionally, on February 18, 2014, the Company's Board of Directors declared its first quarterly dividend of $0.52 per common share payable on March 28, 2014 to shareholders of record on March 7, 2014. | |
In the first quarter of 2014, the applicable margin for LIBOR loans and base rate loans was reduced to 1.50% and 0.50%, respectively, and the commitment fee rate on the unused portion of the commitments under the revolving facility was reduced to 0.25%. | |
Supplementary_Condensed_Consol
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers | ' | ' | ||||||||||||||||||||||||||||||||
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers | ' | ' | ||||||||||||||||||||||||||||||||
12. Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers | 16. Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers | |||||||||||||||||||||||||||||||||
GLPI guarantees the 2018 Notes, the 2020 Notes and the 2023 Notes (collectively, the “Notes”) issued by its subsidiaries, GLP Capital, L.P. and GLP Financing II, Inc. Each of the subsidiary issuers is 100% owned by GLPI. The guarantees of GLPI are full and unconditional. GLPI is not subject to any material or significant restrictions on its ability to obtain funds from its subsidiaries by dividend or loan or to transfer assets from such subsidiaries, except as provided by applicable law. No subsidiaries of GLPI guarantee the Notes. | GLPI guarantees the 2018 Notes, the 2020 Notes and the 2023 Notes issued by its subsidiaries, GLP Capital, L.P. and GLP Financing II, Inc. Each of the subsidiary issuers is 100% owned by GLPI. The guarantees of GLPI are full and unconditional. GLPI is not subject to any material or significant restrictions on its ability to obtain funds from its subsidiaries by dividend or loan or to transfer assets from such subsidiaries, except as provided by applicable law. No subsidiaries of GLPI guarantee the Notes. | |||||||||||||||||||||||||||||||||
Summarized financial information for the three months ended March 31, 2014 and 2013 for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers is presented below. | Summarized financial information for the years ended December 31, 2013, 2012 and 2011 for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers is presented below. | |||||||||||||||||||||||||||||||||
Other | Other | |||||||||||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Parent | Subsidiary | Subsidiary | |||||||||||||||||||||||||||||
Guarantor | Issuers | Non-Issuers | Eliminations | Consolidated | Guarantor | Issuers | Non-Issuers | Eliminations | Consolidated | |||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||
At March 31, 2014 | At December 31, 2013 | |||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||
Real estate investments, net | $ | — | $ | 2,013,643 | $ | 140,010 | $ | — | $ | 2,153,653 | Real estate investments, net | $ | — | $ | 2,010,303 | $ | — | $ | — | $ | 2,010,303 | |||||||||||||
Intercompany transactions and investment in subsidiaries | (82,258 | ) | 393,503 | 122,853 | (434,098 | ) | — | Intercompany transactions and investment in subsidiaries | 104,391 | 208,739 | 308,157 | (621,287 | ) | — | ||||||||||||||||||||
Other | 42,395 | 85,340 | 280,498 | — | 408,233 | Other | 83,083 | 285,514 | 229,996 | 343 | 598,936 | |||||||||||||||||||||||
Total assets | $ | (39,863 | ) | $ | 2,492,486 | $ | 543,361 | $ | (434,098 | ) | $ | 2,561,886 | Total assets | $ | 187,474 | $ | 2,504,556 | $ | 538,153 | $ | (620,944 | ) | $ | 2,609,239 | ||||||||||
Other liabilities | $ | 28,165 | $ | 74,940 | $ | 26,809 | $ | 129,914 | Other liabilities | $ | 45,045 | $ | 47,906 | $ | 23,516 | $ | 343 | $ | 116,810 | |||||||||||||||
Intercompany debt | 193,595 | (193,595 | ) | — | Intercompany debt | — | — | — | — | — | ||||||||||||||||||||||||
Long-term debt | — | 2,500,000 | — | — | 2,500,000 | Long-term debt | — | 2,350,000 | — | — | 2,350,000 | |||||||||||||||||||||||
Total shareholders’ (deficit) equity | (68,028 | ) | (82,454 | ) | 322,955 | (240,501 | ) | (68,028 | ) | Total shareholders’ equity | 142,429 | 106,650 | 514,637 | (621,287 | ) | 142,429 | ||||||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (39,863 | ) | $ | 2,492,486 | $ | 543,359 | $ | (434,096 | ) | $ | 2,561,886 | Total liabilities and shareholders’ equity | $ | 187,474 | $ | 2,504,556 | $ | 538,153 | $ | (620,944 | ) | $ | 2,609,239 | ||||||||||
Quarter ended March 31, 2014 | Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||
Net revenues | $ | — | $ | 115,072 | $ | 43,256 | $ | — | $ | 158,328 | Net revenues | $ | — | $ | 76,557 | $ | 165,572 | $ | — | $ | 242,129 | |||||||||||||
Operating expenses | 14,522 | 34,630 | 34,842 | — | 83,994 | Operating expenses | 19,800 | 22,424 | 139,323 | — | 181,547 | |||||||||||||||||||||||
Income (loss) from operations | (14,522 | ) | 80,442 | 8,414 | — | 74,334 | Income (loss) from operations | (19,800 | ) | 54,133 | 26,249 | — | 60,582 | |||||||||||||||||||||
Other income (expenses) | Other income (expenses) | |||||||||||||||||||||||||||||||||
Intercompany dividends and interest | 275,011 | 6,384 | 279,607 | (561,002 | ) | — | Intercompany dividends and interest | 68,955 | 68,955 | (137,910 | ) | — | ||||||||||||||||||||||
Other income (expenses) | — | (26,373 | ) | (2,055 | ) | — | (28,428 | ) | Other income (expenses) | — | (19,254 | ) | (4,202 | ) | — | (23,456 | ) | |||||||||||||||||
Total other income (expenses) | 275,011 | (19,989 | ) | 277,552 | (561,002 | ) | (28,428 | ) | Total other income (expenses) | 68,955 | (19,254 | ) | 64,753 | (137,910 | ) | (23,456 | ) | |||||||||||||||||
Net income (loss) before income taxes | 260,489 | 60,453 | 285,966 | (561,002 | ) | 45,906 | Net income (loss) before income taxes | 49,155 | 34,879 | 91,002 | (137,910 | ) | 37,126 | |||||||||||||||||||||
Taxes on income | — | — | 1,594 | — | 1,594 | Taxes on income | 643 | 7,824 | 8,829 | — | 17,296 | |||||||||||||||||||||||
Net income (loss) | $ | 260,489 | $ | 60,453 | $ | 284,372 | $ | (561,002 | ) | $ | 44,312 | Net income (loss) | $ | 48,512 | $ | 27,055 | $ | 82,173 | $ | (137,910 | ) | $ | 19,830 | |||||||||||
Quarter ended March 31, 2014 | Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 217,250 | $ | (329,090 | ) | $ | 191,567 | $ | — | $ | 79,727 | Net cash provided by (used in) operating activities | $ | 68,082 | $ | (81,887 | ) | $ | 94,437 | $ | — | $ | 80,632 | |||||||||||
Net cash used in investing activities | (1,532 | ) | (25,826 | ) | (182,601 | ) | — | (209,959 | ) | Net cash used in investing activities | (5,562 | ) | (7,480 | ) | (3,233 | ) | — | (16,275 | ) | |||||||||||||||
Net cash (used in) provided by financing activities | (256,719 | ) | 150,008 | — | — | (106,711 | ) | Net cash (used in) provided by financing activities | (19,719 | ) | 310,463 | (84,442 | ) | — | 206,302 | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (41,001 | ) | (204,908 | ) | 8,966 | — | (236,943 | ) | Net increase in cash and cash equivalents | 42,801 | 221,096 | 6,762 | — | 270,659 | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | 42,801 | 221,096 | 21,324 | — | 285,221 | Cash and cash equivalents at beginning of year | — | — | 14,562 | — | 14,562 | |||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 1,800 | $ | 16,188 | $ | 30,290 | $ | — | $ | 48,278 | Cash and cash equivalents at end of year | $ | 42,801 | $ | 221,096 | $ | 21,324 | $ | — | $ | 285,221 | |||||||||||||
Other | Other | |||||||||||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Parent | Subsidiary | Subsidiary | |||||||||||||||||||||||||||||
Guarantor | Issuers | Non-Issuers | Eliminations | Consolidated | Guarantor | Issuers | Non-Issuers | Eliminations | Consolidated | |||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||
Real estate investments, net | $ | — | $ | 2,010,303 | $ | — | $ | — | $ | 2,010,303 | Total real estate assets | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Intercompany transactions and investment in subsidiaries | 104,391 | 208,739 | 308,157 | (621,287 | ) | — | Total other assets | — | — | 267,075 | — | 267,075 | ||||||||||||||||||||||
Other | 83,083 | 285,514 | 229,996 | 343 | 598,936 | Total assets | $ | — | $ | — | $ | 267,075 | $ | — | $ | 267,075 | ||||||||||||||||||
Total assets | $ | 187,474 | $ | 2,504,556 | $ | 538,153 | (620,944 | ) | $ | 2,609,239 | ||||||||||||||||||||||||
Total other liabilities | $ | — | $ | — | $ | 30,745 | $ | — | $ | 30,745 | ||||||||||||||||||||||||
Total other liabilities | $ | 45,045 | $ | 47,906 | $ | 23,517 | 342 | $ | 116,810 | Total long-term debt | — | — | — | — | — | |||||||||||||||||||
Total long-term debt | — | 2,350,000 | — | — | 2,350,000 | Total shareholders’ equity | — | — | 236,330 | — | 236,330 | |||||||||||||||||||||||
Total shareholders’ equity | 142,429 | 106,650 | 514,637 | (621,287 | ) | 142,429 | Total liabilities and shareholders’ equity | $ | — | $ | — | $ | 267,075 | $ | — | $ | 267,075 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 187,474 | $ | 2,504,556 | $ | 538,154 | $ | (620,945 | ) | $ | 2,609,239 | |||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||
Quarter ended March 31, 2013 | Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | Net revenues | $ | — | $ | — | $ | 210,643 | $ | — | $ | 210,643 | |||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | 42,649 | $ | — | $ | 42,649 | Total operating expenses | — | — | 166,975 | — | $ | 166,975 | |||||||||||||||||
Total operating expenses | — | — | 35,839 | — | $ | 35,839 | Income from operations | — | — | 43,668 | — | 43,668 | ||||||||||||||||||||||
Income from operations | — | — | 6,810 | — | 6,810 | Other income (expenses) | — | — | (6,318 | ) | — | $ | (6,318 | ) | ||||||||||||||||||||
Other income (expenses) | — | — | (1,280 | ) | — | $ | (1,280 | ) | Net income before income taxes | — | — | 37,350 | — | $ | 37,350 | |||||||||||||||||||
Net income before income taxes | — | — | 5,530 | — | $ | 5,530 | Taxes on income | — | — | 14,431 | — | $ | 14,431 | |||||||||||||||||||||
Taxes on income | — | — | 2,316 | — | $ | 2,316 | Net income | $ | — | $ | — | $ | 22,919 | $ | — | $ | 22,919 | |||||||||||||||||
Net income | $ | — | $ | — | $ | 3,214 | $ | — | $ | 3,214 | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||
Quarter ended March 31, 2013 | Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Net cash provided by operating activities | $ | — | $ | — | $ | 26,744 | $ | — | $ | 26,744 | |||||||||||||||||||||||
Net cash used in operating activities | $ | — | $ | — | $ | (3,759 | ) | $ | — | $ | (3,759 | ) | Net cash used in investing activities | — | — | (4,810 | ) | — | (4,810 | ) | ||||||||||||||
Net cash used in investing activities | — | — | (895 | ) | — | (895 | ) | Net cash used in financing activities | — | — | (24,518 | ) | — | (24,518 | ) | |||||||||||||||||||
Net cash provided by financing activities | — | — | 7,280 | — | 7,280 | Net decrease in cash and cash equivalents | — | — | (2,584 | ) | — | (2,584 | ) | |||||||||||||||||||||
Net increase in cash and cash equivalents | — | — | 2,626 | — | 2,626 | Cash and cash equivalents at beginning of year | — | — | 17,146 | — | 17,146 | |||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 14,562 | — | 14,562 | Cash and cash equivalents at end of year | $ | — | $ | — | $ | 14,562 | $ | — | $ | 14,562 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 17,188 | $ | — | $ | 17,188 | ||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | ||||||||||||||||||||||||||||||||
Guarantor | Issuers | Non-Issuers | Eliminations | Consolidated | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | 231,884 | $ | — | $ | 231,884 | ||||||||||||||||||||||||
Total operating expenses | — | — | 179,371 | — | $ | 179,371 | ||||||||||||||||||||||||||||
Income from operations | — | — | 52,513 | — | 52,513 | |||||||||||||||||||||||||||||
Other income (expenses) | — | — | (6,954 | ) | — | $ | (6,954 | ) | ||||||||||||||||||||||||||
Net income before income taxes | — | — | 45,559 | — | $ | 45,559 | ||||||||||||||||||||||||||||
Taxes on income | — | — | 18,875 | — | $ | 18,875 | ||||||||||||||||||||||||||||
Net income | $ | — | $ | — | $ | 26,684 | $ | — | $ | 26,684 | ||||||||||||||||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | — | $ | 56,840 | $ | — | $ | 56,840 | ||||||||||||||||||||||||
Net cash used in investing activities | — | — | (8,171 | ) | — | (8,171 | ) | |||||||||||||||||||||||||||
Net cash used in financing activities | — | — | (50,436 | ) | — | (50,436 | ) | |||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | — | — | (1,767 | ) | — | (1,767 | ) | |||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | — | — | 18,913 | — | 18,913 | |||||||||||||||||||||||||||||
Cash and cash equivalents at end of year | $ | — | $ | — | $ | 17,146 | $ | — | $ | 17,146 |
Schedule_III_REAL_ESTATE_ASSET
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | ' | |||||||||||||||||||||||||||||||||||||
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | ' | |||||||||||||||||||||||||||||||||||||
SCHEDULE III | ||||||||||||||||||||||||||||||||||||||
REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Gross Amount at which Carried at | Life on | |||||||||||||||||||||||||||||||||||||
Close of Period | which | |||||||||||||||||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||||||||||||||||
in Latest | ||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Income | |||||||||||||||||||||||||||||||||||||
Cost | Original | Statement is | ||||||||||||||||||||||||||||||||||||
Capitalized | Date of | Computed(2) | ||||||||||||||||||||||||||||||||||||
Subsequent to | Construction / | |||||||||||||||||||||||||||||||||||||
Description | Location | Ownership | Land | Building/ | Total | Acquisition | Land | Building/ | Total(1) | Accumulated | Renovation | Date | ||||||||||||||||||||||||||
Percentage | Improvements | Improvements | Depreciation | Acquired | ||||||||||||||||||||||||||||||||||
Hollywood Casino Lawrenceburg | Lawrenceburg, IN | 100 | % | $ | 15,251 | $ | 342,393 | $ | 357,644 | $ | — | $ | 15,251 | $ | 342,393 | $ | 357,644 | $ | 71,978 | 1997/2009 | 11/1/13 | 31 | ||||||||||||||||
Hollywood Casino Aurora | Aurora, IL | 100 | % | 4,937 | 98,379 | 103,316 | — | 4,937 | 98,379 | 103,316 | 44,796 | 1993/2002/2012 | 11/1/13 | 30 | ||||||||||||||||||||||||
Hollywood Casino Joliet | Joliet, IL | 100 | % | 19,214 | 101,104 | 120,318 | — | 19,214 | 101,104 | 120,318 | 33,380 | 1992/2003/2010 | 11/1/13 | 31 | ||||||||||||||||||||||||
Argosy Casino Alton | Alton, IL | 100 | % | — | 6,462 | 6,462 | — | — | 6,462 | 6,462 | 3,411 | 1991/1999 | 11/1/13 | 31 | ||||||||||||||||||||||||
Hollywood Casino Toledo | Toledo, OH | 100 | % | 12,003 | 144,094 | 156,097 | — | 12,003 | 144,094 | 156,097 | 8,440 | 2012 | 11/1/13 | 31 | ||||||||||||||||||||||||
Hollywood Casino Columbus | Columbus, OH | 100 | % | 38,240 | 188,543 | 226,783 | 62 | 38,266 | 188,579 | 226,845 | 8,629 | 2012 | 11/1/13 | 31 | ||||||||||||||||||||||||
Hollywood Casino at Charles Town Races | Charles Town, WV | 100 | % | 35,102 | 233,069 | 268,171 | — | 35,102 | 233,069 | 268,171 | 84,897 | 1997/2010 | 11/1/13 | 31 | ||||||||||||||||||||||||
Hollywood Casino at Penn National Race Course | Grantville, PA | 100 | % | 25,500 | 161,810 | 187,310 | — | 25,500 | 161,810 | 187,310 | 41,299 | 2008/2010 | 11/1/13 | 31 | ||||||||||||||||||||||||
M Resort | Henderson, NV | 100 | % | 66,104 | 126,689 | 192,793 | — | 66,104 | 126,689 | 192,793 | 11,709 | 2009/2012 | 11/1/13 | 30 | ||||||||||||||||||||||||
Hollywood Casino Bangor | Bangor, ME | 100 | % | 12,883 | 84,257 | 97,140 | — | 12,883 | 84,257 | 97,140 | 16,621 | 2008/2012 | 11/1/13 | 31 | ||||||||||||||||||||||||
Zia Park Casino | Hobbs, NM | 100 | % | 9,313 | 38,947 | 48,260 | — | 9,313 | 38,947 | 48,260 | 11,145 | 2005 | 11/1/13 | 31 | ||||||||||||||||||||||||
Hollywood Casino Bay St. Louis | Bay St. Louis, MS | 100 | % | 59,388 | 87,352 | 146,740 | — | 59,388 | 87,352 | 146,740 | 32,897 | 1992/2006/2011 | 11/1/13 | 40 | ||||||||||||||||||||||||
Argosy Casino Riverside | Riverside, MO | 100 | % | 23,468 | 143,301 | 166,769 | — | 23,468 | 143,301 | 166,769 | 38,387 | 1994/2007 | 11/1/13 | 37 | ||||||||||||||||||||||||
Hollywood Casino Tunica | Tunica, MS | 100 | % | 4,634 | 42,031 | 46,665 | — | 4,634 | 42,031 | 46,665 | 18,781 | 1994/2012 | 11/1/13 | 31 | ||||||||||||||||||||||||
Boomtown Biloxi | Biloxi, MS | 100 | % | 3,423 | 63,083 | 66,506 | — | 3,423 | 63,083 | 66,506 | 30,720 | 1994/2006 | 11/1/13 | 15 | ||||||||||||||||||||||||
Argosy Casino Sioux City | Sioux City, IA | 100 | % | 3 | 11,920 | 11,923 | — | 3 | 11,920 | 11,923 | 11,148 | 1993/2004 | 11/1/13 | 8 | ||||||||||||||||||||||||
Hollywood Casino St. Louis | Maryland Heights, MO | 100 | % | 44,198 | 177,063 | 221,261 | — | 44,198 | 177,063 | 221,261 | 16,250 | 1997/2013 | 11/1/13 | 13 | ||||||||||||||||||||||||
Hollywood at Dayton Raceway | Dayton, OH | 100 | % | 3,211 | — | 3,211 | — | 3,211 | — | 3,211 | — | N/A | 11/1/13 | N/A | ||||||||||||||||||||||||
Hollywood at Mahoning Valley Race Track | Youngstown, OH | 100 | % | 5,683 | — | 5,683 | — | 5,683 | — | 5,683 | — | N/A | 11/1/13 | N/A | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$ | 382,555 | $ | 2,050,497 | $ | 2,433,052 | $ | 62 | $ | 382,581 | $ | 2,050,533 | $ | 2,433,114 | $ | 484,488 | |||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
-1 | ||||||||||||||||||||||||||||||||||||||
The total cost for federal income tax purposes of the properties listed above was $2.44 billion. | ||||||||||||||||||||||||||||||||||||||
-2 | ||||||||||||||||||||||||||||||||||||||
Estimated useful lives range from 1 to 41 years. | ||||||||||||||||||||||||||||||||||||||
Real Estate: | ||||||||||||||||||||||||||||||||||||||
Balance at the beginning of the period | $ | — | ||||||||||||||||||||||||||||||||||||
Amounts contributed from Spin-Off | 2,433,052 | |||||||||||||||||||||||||||||||||||||
Improvements | 62 | |||||||||||||||||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||||||||||||
Balance at the end of the year | $ | 2,433,114 | ||||||||||||||||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||||||||||||
Accumulated Depreciation: | ||||||||||||||||||||||||||||||||||||||
Balance at the beginning of the period | $ | — | ||||||||||||||||||||||||||||||||||||
Amounts contributed from Spin-Off | (469,666 | ) | ||||||||||||||||||||||||||||||||||||
Depreciation expense | (14,822 | ) | ||||||||||||||||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||||||||||||
Balance at the end of the year | $ | (484,488 | ) | |||||||||||||||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||
Summary of Significant Accounting Policies | ' | ' | ||||||||||||||||||||||||||
Cash and Cash Equivalents | ' | ' | ||||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
The Company considers all cash balances and highly-liquid investments with original maturities of three months or less to be cash and cash equivalents. | ||||||||||||||||||||||||||||
Concentration of Credit Risk | ' | ' | ||||||||||||||||||||||||||
Concentration of Credit Risk | ||||||||||||||||||||||||||||
Concentrations of credit risks arise when a number of operators, tenants, or obligors related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. As of December 31, 2013, substantially all of the Company's real estate properties were leased to Penn, and all of the Company's rental revenues were derived from a master lease defined below. Penn is a publicly traded company that is subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and is required to file periodic reports on Form 10-K and Form 10-Q with the Securities and Exchange Commission. Penn's net revenues were $2.9 billion for the years ended December 31, 2013 and 2012. Other than the Company's tenant concentration, management believes the Company's portfolio was reasonably diversified by geographical location and did not contain any other significant concentration of credit risks. As of December 31, 2013, the Company's portfolio of 19 leased properties was diversified by location across 11 states. | ||||||||||||||||||||||||||||
Financial instruments that subject the Company to credit risk consist of cash and cash equivalents and accounts receivable. | ||||||||||||||||||||||||||||
The Company's policy is to limit the amount of credit exposure to any one financial institution, and place investments with financial institutions evaluated as being creditworthy, or in short-term money market and tax-free bond funds which are exposed to minimal interest rate and credit risk. At times, the Company has bank deposits and overnight repurchase agreements that exceed federally-insured limits. | ||||||||||||||||||||||||||||
Accounts are written off when management determines that an account is uncollectible. Recoveries of accounts previously written off are recorded when received. An allowance for doubtful accounts is determined to reduce the Company's receivables to their carrying value, which approximates fair value. The allowance is estimated based on historical collection experience, specific review of individual customer accounts, and current economic and business conditions. | ||||||||||||||||||||||||||||
Prepaid Expenses and Other Assets | ' | ' | ||||||||||||||||||||||||||
Prepaid Expenses and Other Assets | ||||||||||||||||||||||||||||
Prepaid expenses consist of expenditures for goods (other than inventories) or services before the goods are used or the services are received. These amounts are deferred and charged to operations as the benefits are realized and primarily consist of prepayments for insurance and other contracts that will be expensed during the subsequent year. It also consists of admission fees and property taxes that were paid in advance. Other current assets are items expected to be realized within twelve months of the balance sheet date. Other current assets primarily include accounts receivable and food and beverage inventory. Other assets are all items that are long-term in nature and primarily include deferred compensation assets (see Note 7 for further details) and a deposit for certain real estate for Hollywood Casino Baton Rouge that should close in 2014. | ||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | ' | ||||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||||||
The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate: | ||||||||||||||||||||||||||||
The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate: | ||||||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
The fair value of the Company’s cash and cash equivalents approximates the carrying value of the Company’s cash and cash equivalents, due to the short maturity of the cash equivalents. | ||||||||||||||||||||||||||||
The fair value of the Company's cash and cash equivalents approximates the carrying value of the Company's cash and cash equivalents, due to the short maturity of the cash equivalents. The Company maintained a higher level of cash on hand at December 31, 2013 in order to fund the cash portion of its Purging Distribution. See Note 15 for additional details. | ||||||||||||||||||||||||||||
Long-term Debt | ||||||||||||||||||||||||||||
Long-term Debt | ||||||||||||||||||||||||||||
The fair value of the senior notes and senior unsecured credit facility is estimated based on quoted prices in active markets and as such is a Level 1 measurement as defined under ASC 820 “Fair Value Measurements and Disclosures.” | ||||||||||||||||||||||||||||
The fair value of the senior notes and senior unsecured credit facility is estimated based on quoted prices in active markets and as such is a Level 1 measurement as defined under ASC 820 "Fair Value Measurements and Disclosures." | ||||||||||||||||||||||||||||
The estimated fair values of the Company’s financial instruments are as follows (in thousands): | ||||||||||||||||||||||||||||
The estimated fair values of the Company's financial instruments are as follows (in thousands): | ||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||
Amount | Value | Amount | Value | 2013 | 2012 | |||||||||||||||||||||||
Financial assets: | December 31, | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||
Cash and cash equivalents | $ | 48,278 | $ | 48,278 | $ | 285,221 | $ | 285,221 | Amount | Value | Amount | Value | ||||||||||||||||
Financial liabilities: | Financial assets: | |||||||||||||||||||||||||||
Long-term debt | Cash and cash equivalents | $ | 285,221 | $ | 285,221 | $ | 14,562 | $ | 14,562 | |||||||||||||||||||
Senior unsecured credit facility | 450,000 | 441,000 | 300,000 | 294,750 | Financial liabilities: | |||||||||||||||||||||||
Senior notes | 2,050,000 | 2,114,250 | 2,050,000 | 2,058,750 | Long-term debt | |||||||||||||||||||||||
Senior unsecured credit facility | 300,000 | 294,750 | — | — | ||||||||||||||||||||||||
Senior notes | 2,050,000 | 2,058,750 | — | — | ||||||||||||||||||||||||
Real Estate Investments | ' | ' | ||||||||||||||||||||||||||
Real Estate Investments | ||||||||||||||||||||||||||||
The Company records the acquisition of real estate at cost, including acquisition and closing costs. The cost of properties developed by the Company include costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. The Company considers the period of future benefit of the asset to determine the appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful lives of the buildings and building improvements which are generally between 8 years to 41 years. | ||||||||||||||||||||||||||||
The Company continually monitors events and circumstances that could indicate that the carrying amount of the Company's real estate investments may not be recoverable or realized. When indicators of potential impairment suggest that the carrying value of real estate investments may not be recoverable, the Company assesses the recoverability by estimating whether it will recover the carrying value of its real estate investments through its undiscounted future cash flows and the eventual disposition of the investment. In assessing the recoverability of the carrying value, the Company must make assumptions regarding future cash flows and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss. The Company groups its Real Estate Investments by tenant in evaluating impairment. If the Company determines the carrying amount is not recoverable, it would recognize an impairment charge equivalent to the amount required to adjust the carrying amount to its estimated fair value, calculated in accordance with current GAAP fair value provisions. | ||||||||||||||||||||||||||||
Property and Equipment used in operations | ' | ' | ||||||||||||||||||||||||||
Property and Equipment used in operations | ||||||||||||||||||||||||||||
Property and equipment are stated at cost, less accumulated depreciation and represent assets used by the Company's TRS operations and certain corporate assets. Maintenance and repairs that neither add materially to the value of the asset nor appreciably prolong its useful life are charged to expense as incurred. Gains or losses on the disposal of property and equipment are included in the determination of income. | ||||||||||||||||||||||||||||
Depreciation of property and equipment is recorded using the straight-line method over the following estimated useful lives: | ||||||||||||||||||||||||||||
Land improvements | 5 to 15 years | |||||||||||||||||||||||||||
Building and improvements | 5 to 40 years | |||||||||||||||||||||||||||
Furniture, fixtures, and equipment | 3 to 31 years | |||||||||||||||||||||||||||
Leasehold improvements are depreciated over the shorter of the estimated useful life of the improvement or the related lease term. | ||||||||||||||||||||||||||||
The estimated useful lives are determined based on the nature of the assets as well as the Company's current operating strategy. | ||||||||||||||||||||||||||||
The Company reviews the carrying value of its property and equipment for possible impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based on undiscounted estimated future cash flows expected to result from its use and eventual disposition. The factors considered by the Company in performing this assessment include current operating results, market and other applicable trends and residual values, as well as the effect of obsolescense demand, competition and other factors. In estimating expected future cash flows for determining whether an asset is impaired, assets are grouped at the individual property level. In assessing the recoverability of the carrying value of property and equipment, the Company must make assumptions regarding future cash flows and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss for these assets. | ||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ' | ||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||||||||||
At December 31, 2013, the Company had $75.5 million in goodwill and $9.6 million in other intangible assets within its consolidated balance sheet, resulting from the contribution of Hollywood Casino Baton Rouge and Hollywood Casino Perryville from Penn in connection with the Spin-Off. | ||||||||||||||||||||||||||||
Goodwill is tested annually, or more frequently if indicators of impairment exist, for impairment by comparing the fair value of the Hollywood Casino Baton Rouge reporting unit to its carrying amount. If the carrying amount exceeds its fair value in step 1 of the impairment test, then step 2 of the impairment test is performed to determine the implied value of goodwill. If the implied value of goodwill is less than the goodwill allocated, an impairment loss is recognized. | ||||||||||||||||||||||||||||
In accordance with ASC 350, "Intangibles—Goodwill and Other," the Company considers its Hollywood Casino Perryville gaming license as an indefinite-life intangible asset that does not require amortization based on the Company's future expectations to operate this casino indefinitely as well as the gaming industry's historical experience in renewing these intangible assets at minimal cost with various state gaming commissions. Rather, the Company's gaming license is tested annually, or more frequently if indicators of impairment exist, for impairment by comparing the fair value of the recorded asset to its carrying amount. If the carrying amount of the indefinite-life intangible asset exceeds its fair value, an impairment loss is recognized. | ||||||||||||||||||||||||||||
The evaluation of goodwill and indefinite-life intangible assets requires the use of estimates about future operating results to determine the estimated fair value of the reporting unit and the indefinite-lived intangible assets. The Company must make various assumptions and estimates in performing its impairment testing. The implied fair value includes estimates of future cash flows that are based on reasonable and supportable assumptions which represent the Company's best estimates of the cash flows expected to result from the use of the assets including their eventual disposition. Changes in estimates, increases in the Company's cost of capital, reductions in transaction multiples, changes in operating and capital expenditure assumptions or application of alternative assumptions and definitions could produce significantly different results. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the Company's estimates. If the Company's ongoing estimates of future cash flows are not met, the Company may have to record additional impairment charges in future accounting periods. The Company's estimates of cash flows are based on the current regulatory and economic climates, as well as recent operating information and budgets. These estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, or other events. | ||||||||||||||||||||||||||||
Forecasted cash flows (based on the Company's annual operating plan as determined in the fourth quarter) can be significantly impacted by the local economy in which the Company's reporting unit operates. For example, increases in unemployment rates can result in decreased customer visitations and/or lower customer spend per visit. In addition, new legislation which approves gaming in nearby jurisdictions or further expands gaming in jurisdictions has the impact of increasing competition for the property which generally will have a negative effect on its profitability once competitors become established as a certain level of cannibalization occurs absent an overall increase in customer visitations. Lastly, increases in gaming taxes approved by state regulatory bodies can negatively impact forecasted cash flows. | ||||||||||||||||||||||||||||
Assumptions and estimates about future cash flow levels and multiples are complex and subjective. They are sensitive to changes in underlying assumptions and can be affected by a variety of factors, including external factors, such as industry, geopolitical and economic trends, and internal factors, such as changes in our business strategy, which may reallocate capital and resources to different or new opportunities which management believes will enhance the Company's overall value but may be to the detriment of its reporting unit. | ||||||||||||||||||||||||||||
Debt Issuance Costs | ' | ' | ||||||||||||||||||||||||||
Debt Issuance Costs | ||||||||||||||||||||||||||||
Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense using the effective interest method over the contractual term of the underlying indebtedness. | ||||||||||||||||||||||||||||
Comprehensive Income | ' | ' | ||||||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||||
Comprehensive income includes net income and all other non-owner changes in shareholders’ equity during a period. The Company did not have any non-owner changes in shareholders’ equity for the three months ended March 31, 2014 and 2013, and comprehensive income for the three months ended March 31, 2014 and 2013 was equivalent to net income for those time periods. | ||||||||||||||||||||||||||||
Comprehensive income includes net income and all other non-owner changes in shareholders' equity during a period, including but not limited to, unrealized gains and losses on equity securities classified as available-for-sale and unrealized fair value adjustments on certain derivative instruments. Since the Company did not have any non-owner changes in shareholders' equity for the years ended December 31, 2013, 2012 and 2011, comprehensive income for the years ended December 31, 2013, 2012 and 2011 was equivalent to net income for those time periods. | ||||||||||||||||||||||||||||
Income Taxes | ' | ' | ||||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||||
The Company accounts for income taxes in accordance with ASC 740, "Income Taxes" ("ASC 740"). Under ASC 740, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and are measured at the prevailing enacted tax rates that will be in effect when these differences are settled or realized. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realizability of the deferred tax assets is evaluated by assessing the valuation allowance and by adjusting the amount of the allowance, if any, as necessary. The factors used to assess the likelihood of realization are the forecast of future taxable income. | ||||||||||||||||||||||||||||
ASC 740 also creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not have any uncertain tax positions for 2013, 2012 and 2011. | ||||||||||||||||||||||||||||
The Company is required under ASC 740 to disclose its accounting policy for classifying interest and penalties, the amount of interest and penalties charged to expense each period, as well as the cumulative amounts recorded in the combined balance sheets. If and when they occur, the Company will classify any income tax-related penalties and interest accrued related to unrecognized tax benefits in taxes on income within the consolidated statements of income. During the years ended December 31, 2013, 2012 and 2011, the Company did not recognized any interest and penalties, net of deferred taxes. | ||||||||||||||||||||||||||||
The Company intends to elect on its U.S. federal income tax return for its taxable year beginning on January 1, 2014 to be treated as a REIT and the Company, together with an indirectly wholly-owned subsidiary of the Company, GLP Holdings, Inc., intend to jointly elect to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc. as a "taxable REIT subsidiary" effective on the first day of the first taxable year of GLPI as a REIT. The Company intends to continue to be organized and to operate in a manner that will permit the Company to qualify as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to shareholders. As a REIT, the Company generally will not be subject to federal income tax on income that it distributes as dividends to its shareholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax, including any applicable alternative minimum tax, on its taxable income at regular corporate income tax rates, and dividends paid to its shareholders would not be deductible by the Company in computing taxable income. Any resulting corporate liability could be substantial and could materially and adversely affect the Company's net income and net cash available for distribution to shareholders. Unless the Company was entitled to relief under certain Internal Revenue Code provisions, the Company also would be disqualified from re-electing to be taxed as a REIT for the four taxable years following the year in which it failed to qualify to be taxed as a REIT. | ||||||||||||||||||||||||||||
The TRS Properties are able to engage in activities resulting in income that would be not qualifying income for a REIT. As a result, certain activities of the Company which occur within its TRS Properties are subject to federal and state income taxes. | ||||||||||||||||||||||||||||
Revenue Recognition and Promotional Allowances | ' | ' | ||||||||||||||||||||||||||
Revenue Recognition and Promotional Allowances | ||||||||||||||||||||||||||||
Revenue Recognition and Promotional Allowances | ||||||||||||||||||||||||||||
The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractually fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured. Contingent rental income is recognized once the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been transferred to the tenant. For facilities being jointly developed with the tenant, the Company retains control of the assets to be leased until operations commence and control is transferred to the tenant. | ||||||||||||||||||||||||||||
The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured. Contingent rental income is recognized once the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been given to the tenant. | ||||||||||||||||||||||||||||
As of March 31, 2014, all but three of the Company’s properties were leased to a subsidiary of Penn under the Master Lease. The obligations under the Master Lease are guaranteed by Penn and by most Penn subsidiaries that occupy and operate the facilities leased under the Master Lease. A default by Penn or its subsidiaries with regard to any facility will cause a default with regard to the Master Lease. In January 2014, GLPI completed the asset acquisition of Casino Queen in East St. Louis, Illinois. GLPI subsequently leased the property back to Casino Queen on a “triple net” basis on terms similar to those in the Master Lease. | ||||||||||||||||||||||||||||
As of December 31, 2013, all but two of the Company's properties were leased to a subsidiary of Penn under the Master Lease. The obligations under the Master Lease are guaranteed by Penn and by all Penn subsidiaries that occupy and operate the facilities leased under the Master Lease, or that own a gaming license, other license or other material asset necessary to operate any portion of the facilities. A default by Penn or its subsidiaries with regard to any facility will cause a default with regard to the entire portfolio. | ||||||||||||||||||||||||||||
The rent structure under the Master Lease with Penn includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors (i) every 5 years by an amount equal to 4% of the average change to net revenues of all facilities under the Master Lease (other than Hollywood Casino Columbus and Hollywood Casino Toledo) during the preceding five years, and (ii) monthly by an amount equal to 20% of the change in net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo during the preceding month. In addition to rent, all properties under the Master Lease with Penn are required to pay the following: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on the leased properties, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor) and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. | ||||||||||||||||||||||||||||
The rent structure under the Master Lease with Penn includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors (i) every 5 years by an amount equal to 4% of the average change to net revenues of all facilities under the Master Lease (other than Hollywood Casino Columbus and Hollywood Casino Toledo) during the preceding five years, and (ii) monthly by an amount equal to 20% of the change in net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo during the preceding month. In addition to rent, all properties under the Master Lease with Penn are required to pay the following: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on the leased properties, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor) and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. | ||||||||||||||||||||||||||||
Additionally, in accordance with ASC 605, “Revenue Recognition,” the Company records revenue for the real estate taxes paid by its tenants on the leased properties under the Master Lease with an offsetting expense in real estate taxes within the consolidated statement of income as the Company has concluded it is the primary obligor under the Master Lease. | ||||||||||||||||||||||||||||
As of December 31, 2013, the future minimum rental income from the Company's properties under non-cancelable operating leases was as follows (in thousands): | ||||||||||||||||||||||||||||
Gaming revenue generated by the TRS Properties mainly consists of video lottery gaming revenue, and to a lesser extent, table game and poker revenue. Video lottery gaming revenue is the aggregate net difference between gaming wins and losses with liabilities recognized for funds deposited by customers before gaming play occurs, for “ticket-in, ticket-out” coupons in the customers’ possession, and for accruals related to the anticipated payout of progressive jackpots. Progressive slot machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are charged to revenue as the amount of the jackpots increases. Table game gaming revenue is the aggregate of table drop adjusted for the change in aggregate table chip inventory. Table drop is the total dollar amount of the currency, coins, chips, tokens, outstanding counter checks (markers), and front money that are removed from the live gaming tables. Additionally, food and beverage revenue is recognized as services are performed. | ||||||||||||||||||||||||||||
The following table discloses the components of gaming revenue within the condensed consolidated statements of income for the three months ended March 31, 2014 and 2013: | Year ending December 31, | |||||||||||||||||||||||||||
2014 | $ | 375,602 | ||||||||||||||||||||||||||
Three Months Ended March 31, | 2015 | 375,602 | ||||||||||||||||||||||||||
2014 | 2013 | 2016 | 375,602 | |||||||||||||||||||||||||
(in thousands) | 2017 | 376,101 | ||||||||||||||||||||||||||
Video lottery | $ | 33,381 | $ | 37,352 | 2018 | 368,311 | ||||||||||||||||||||||
Table game | 4,940 | 3,448 | Thereafter | 3,240,760 | ||||||||||||||||||||||||
Poker | 434 | 280 | ||||||||||||||||||||||||||
Total gaming revenue, net of cash incentives | $ | 38,755 | $ | 41,080 | | | | | | |||||||||||||||||||
Total | $ | 5,111,978 | ||||||||||||||||||||||||||
Gaming revenue is recognized net of certain sales incentives in accordance with ASC 605-50, “Revenue Recognition—Customer Payments and Incentives.” The Company records certain sales incentives and points earned in point-loyalty programs as a reduction of revenue. | ||||||||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||
The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the three months ended March 31, 2014 and 2013 are as follows: | | | | | | |||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | For the year ended December 31, 2013, GLPI recognized $6.7 million in contingent rental income from Hollywood Casino Columbus and Hollywood Casino Toledo related to clause (ii) in the paragraph above. | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Food and beverage | $ | 1,361 | $ | 1,517 | Additionally, in accordance with ASC 605, "Revenue Recognition," the Company records revenue for the real estate taxes paid by its tenants on the leased properties under the Master Lease with an offsetting expense in real estate taxes within the consolidated statement of income as the Company has concluded it is the primary obligor under the Master Lease. | |||||||||||||||||||||||
Other | 9 | 129 | ||||||||||||||||||||||||||
Total promotional allowances | $ | 1,370 | $ | 1,646 | Gaming revenue mainly consists of video lottery gaming revenue as well as to a lesser extent table game and poker revenue. Video lottery gaming revenue is the aggregate net difference between gaming wins and losses, with liabilities recognized for funds deposited by customers before gaming play occurs, for "ticket-in, ticket-out" coupons in the customers' possession, and for accruals related to the anticipated payout of progressive jackpots. Progressive slot machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are charged to revenue as the amount of the jackpots increases. Table game gaming revenue is the aggregate of table drop adjusted for the change in aggregate table chip inventory. Table drop is the total dollar amount of the currency, coins, chips, tokens, outstanding counter checks (markers), front money that are removed from the live gaming tables. Additionally, food and beverage revenue is recognized as services are performed. | |||||||||||||||||||||||
The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three months ended March 31, 2014 and 2013 are as follows: | The following table discloses the components of gaming revenue within the consolidated statements of income for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||
Food and beverage | $ | 716 | $ | 713 | Video lottery, net of cash incentives | $ | 138,803 | $ | 189,808 | $ | 210,349 | |||||||||||||||||
Other | 3 | 69 | Table game | 18,096 | 11,891 | 12,333 | ||||||||||||||||||||||
Total cost of complimentary services | $ | 719 | $ | 782 | Poker | 2,453 | 882 | 620 | ||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Total gaming revenue | $ | 159,352 | $ | 202,581 | $ | 223,302 | ||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Gaming revenue is recognized net of certain sales incentives in accordance with ASC 605-50, "Revenue Recognition—Customer Payments and Incentives." The Company records certain sales incentives and points earned in point-loyalty programs as a reduction of revenue. | ||||||||||||||||||||||||||||
The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Food and beverage | $ | 5,970 | $ | 6,806 | $ | 6,971 | ||||||||||||||||||||||
Other | 167 | 767 | 843 | |||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Total promotional allowances | $ | 6,137 | $ | 7,573 | $ | 7,814 | ||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Food and beverage | $ | 2,907 | $ | 3,319 | $ | 3,198 | ||||||||||||||||||||||
Other | 86 | 384 | 409 | |||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Total cost of complimentary services | $ | 2,993 | $ | 3,703 | $ | 3,607 | ||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Gaming and Admission Taxes | ' | ' | ||||||||||||||||||||||||||
Gaming and Admission Taxes | ||||||||||||||||||||||||||||
Gaming and Admission Taxes | ||||||||||||||||||||||||||||
For the TRS Properties, the Company is subject to gaming and admission taxes based on gross gaming revenues in the jurisdictions in which it operates. The Company primarily recognizes gaming tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states where or in which wagering occurs. At Hollywood Casino Baton Rouge, the gaming admission tax is based on graduated tax rates. The Company records gaming and admission taxes at the Company’s estimated effective gaming tax rate for the year, considering estimated taxable gaming revenue and the applicable rates. Such estimates are adjusted each interim period. If gaming tax rates change during the year, such changes are applied prospectively in the determination of gaming tax expense in future interim periods. For the three months ended March 31, 2014 and 2013, these expenses, which are recorded within gaming expense in the condensed consolidated statements of income, totaled $17.3 million, and $18.7 million, respectively. | ||||||||||||||||||||||||||||
For the TRS Properties, the Company is subject to gaming and admission taxes based on gross gaming revenues in the jurisdictions in which it operates. The Company primarily recognizes gaming tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states where or in which wagering occurs. At Hollywood Casino Baton Rouge, the gaming admission tax is based on graduated tax rates. The Company records gaming and admission taxes at the Company's estimated effective gaming tax rate for the year, considering estimated taxable gaming revenue and the applicable rates. Such estimates are adjusted each interim period. If gaming tax rate changes during the year, such changes are applied prospectively in the determination of gaming tax expense in future interim periods. For the years ended December 31, 2013, 2012 and 2011, these expenses, which are recorded within gaming expense in the combined statements of income, totaled $71.6 million, $94.9 million and $105.4 million, respectively. | ||||||||||||||||||||||||||||
Earnings Per Share | ' | ' | ||||||||||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||||||||||
The Company calculates earnings per share (“EPS”) in accordance with ASC 260, “Earnings Per Share.” Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options and unvested restricted shares. Basic and diluted EPS for the three months ended March 31, 2013 were retroactively restated for the number of GLPI basic and diluted shares outstanding immediately following the Spin-Off and to include the shares issued as part of the Purge Distribution. | ||||||||||||||||||||||||||||
The Company calculates earnings per share ("EPS") in accordance with ASC 260, "Earnings Per Share." Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (outstanding restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options and unvested restricted shares. Basic and diluted EPS for the years ended December 31, 2012 and 2011 were retroactively restated for the number of GLPI basic and diluted shares outstanding immediately following the Spin-Off. The Company's share counts were also retroactively restated to include the shares issued as part of the Purge Distribution. | ||||||||||||||||||||||||||||
The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three months ended March 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||||
The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||||||||||
Three months ended March 31, | 2014 | 2013 | ||||||||||||||||||||||||||
Determination of shares: | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Weighted-average common shares outstanding | 111,198 | 110,582 | Determination of shares: | |||||||||||||||||||||||||
Assumed conversion of dilutive employee stock-based awards | 6,282 | 4,703 | Weighted-average common shares outstanding | 110,617 | 110,582 | 110,582 | ||||||||||||||||||||||
Assumed conversion of restricted stock | 370 | 318 | Assumed conversion of dilutive employee stock-based awards | 4,924 | 4,703 | 4,703 | ||||||||||||||||||||||
Diluted weighted-average common shares outstanding | 117,850 | 115,603 | Assumed conversion of restricted stock | 324 | 318 | 318 | ||||||||||||||||||||||
The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2014 and 2013: | | | | | | | | | | | | |||||||||||||||||
Diluted weighted-average common shares outstanding | 115,865 | 115,603 | 115,603 | |||||||||||||||||||||||||
Three months ended March 31, | 2014 | 2013 | ||||||||||||||||||||||||||
(in thousands, expect per share data) | | | | | | | | | | | | |||||||||||||||||
Calculation of basic EPS: | | | | | | | | | | | | |||||||||||||||||
Net income | $ | 44,312 | $ | 3,214 | ||||||||||||||||||||||||
Less: Net income allocated to participating securities | (175 | ) | (12 | ) | ||||||||||||||||||||||||
Net income attributable to common shareholders | $ | 44,137 | $ | 3,202 | The following table presents the calculation of basic and diluted EPS for the Company's common stock for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||
Weighted-average common shares outstanding | 111,198 | 110,582 | ||||||||||||||||||||||||||
Basic EPS | $ | 0.4 | $ | 0.03 | ||||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Calculation of diluted EPS: | (in thousands, expect per share data) | |||||||||||||||||||||||||||
Net income | $ | 44,312 | $ | 3,214 | Calculation of basic EPS: | |||||||||||||||||||||||
Diluted weighted-average common shares outstanding | 117,850 | 115,603 | Net income | $ | 19,830 | $ | 22,919 | $ | 26,684 | |||||||||||||||||||
Diluted EPS | $ | 0.38 | $ | 0.03 | Less: Net income allocated to participating securities | (75 | ) | (86 | ) | (101 | ) | |||||||||||||||||
There were no outstanding options to purchase shares of common stock during the three months ended March 31, 2014 and 2013 that were not included in the computation of diluted EPS because they were antidilutive. | | | | | | | | | | | | |||||||||||||||||
Net income attributable to common shareholders | $ | 19,755 | $ | 22,833 | $ | 26,583 | ||||||||||||||||||||||
Weighted-average common shares outstanding | 110,617 | 110,582 | 110,582 | |||||||||||||||||||||||||
Basic EPS | $ | 0.18 | $ | 0.21 | $ | 0.24 | ||||||||||||||||||||||
Calculation of diluted EPS: | ||||||||||||||||||||||||||||
Net income | $ | 19,830 | $ | 22,919 | $ | 26,684 | ||||||||||||||||||||||
Diluted weighted-average common shares outstanding | 115,865 | 115,603 | 115,603 | |||||||||||||||||||||||||
Diluted EPS | $ | 0.17 | $ | 0.2 | $ | 0.23 | ||||||||||||||||||||||
There were no outstanding options to purchase shares of common stock during the years ended December 31, 2013, 2012 and 2011 that were not included in the computation of diluted EPS because they were antidilutive. | ||||||||||||||||||||||||||||
Stock-Based Compensation | ' | ' | ||||||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||||||
The Company accounts for stock compensation under ASC 718, “Compensation - Stock Compensation,” which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value for stock options is estimated at the date of grant using the Black-Scholes option- pricing model. There were no stock option grants awarded in the first quarter 2014. | ||||||||||||||||||||||||||||
In connection with the Spin-Off, each outstanding option and cash settled stock appreciation right ("SAR") with respect to Penn common stock outstanding on the distribution date was converted into two awards, an adjusted Penn option and a GLPI option, or, in the case of the SARs, an adjusted Penn SAR and a GLPI SAR. The adjustment preserved the aggregate intrinsic value of the options and SARs. Additionally, in connection with the Spin-Off, holders of outstanding restricted stock and phantom stock units ("PSUs") with respect to Penn common stock became entitled to an additional share of restricted stock or PSU with respect to GLPI common stock for each share of Penn restricted stock or PSU held. | ||||||||||||||||||||||||||||
Additionally, the cash-settled phantom stock units (“PSU”) entitle employees to receive cash based on the fair value of the Company’s common stock on the vesting date. These PSUs are accounted for as liability awards and are re-measured at fair value each reporting period until they become vested with compensation expense being recognized over the requisite service period in accordance with ASC 718-30, “Compensation-Stock Compensation, Awards Classified as Liabilities.” | ||||||||||||||||||||||||||||
The adjusted options and SARs, as well as the restricted stock and PSUs, otherwise remain subject to their original terms, except that for purposes of the adjusted Penn awards (including in determining exercisability and the post-termination exercise period), continued service with GLPI following the distribution date shall be deemed continued service with Penn; and for purposes of the GLPI awards (including in determining exercisability and the post-termination exercise period), continued service with Penn following the distribution date shall be deemed continued service with GLPI. | ||||||||||||||||||||||||||||
In addition, the Company’s stock appreciation rights (“SAR”) are accounted for as liability awards since they will be settled in cash. The fair value of these awards is calculated during each reporting period and estimated using the Black-Scholes option pricing model. | ||||||||||||||||||||||||||||
The Company accounts for stock compensation under ASC 718, "Compensation-Stock Compensation," which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value for stock options is estimated at the date of grant using the Black-Scholes option-pricing model. There were no stock option grants awarded in 2013. | ||||||||||||||||||||||||||||
In connection with the Spin-Off of GLPI, employee stock options and cash settled stock appreciation rights of Penn were converted through the issuance of GLPI employee stock options and GLPI cash settled stock appreciation rights and an adjustment to the exercise prices of their Penn awards. The number of options and cash settled stock appreciation rights, subject to and the exercise price of each converted award was adjusted to preserve the same intrinsic value of the awards that existed immediately prior to the Spin-Off. | ||||||||||||||||||||||||||||
Additionally, the cash-settled PSUs entitle employees to receive cash based on the fair value of the Company's common stock on the vesting date. These PSUs are accounted for as liability awards and are re-measured at fair value each reporting period until they become vested with compensation expense being recognized over the requisite service period in accordance with ASC 718-30, "Compensation-Stock Compensation, Awards Classified as Liabilities." | ||||||||||||||||||||||||||||
Holders of outstanding restricted stock awards and cash settled phantom stock unit awards received an additional share of restricted stock or cash settled phantom stock unit awards in GLPI common stock at the Spin-Off so that the intrinsic value of these awards were equivalent to those that existed immediately prior to the Spin-Off. | ||||||||||||||||||||||||||||
In addition, the Company's SARs are accounted for as liability awards since they will be settled in cash. The fair value of these awards is calculated during each reporting period and estimated using the Black-Scholes option pricing model. | ||||||||||||||||||||||||||||
The adjusted options and SARs, as well as the restricted stock awards and PSUs, otherwise remain subject to their original terms, except that for purposes of the adjusted Penn awards (including in determining exercisability and the post-termination exercise period), continued service with GLPI following the distribution date shall be deemed continued service with Penn. | ||||||||||||||||||||||||||||
See Note 10 for further information related to the treatment of the unrecognized compensation expense at the time of the Spin-Off related to awards held by GLPI employees. | ||||||||||||||||||||||||||||
As of March 31, 2014, there was $5.8 million of total unrecognized compensation cost for stock options that will be recognized over the grants remaining weighted average vesting period of 1.47 years. For the three months ended March 31, 2014, the Company recognized $1.4 million of compensation expense associated with these awards. In addition, the Company also recognized $3.3 million of compensation expense for the three months ended March 31, 2014, relating to the first quarter $.52 dividend paid on vested employee stock options. | ||||||||||||||||||||||||||||
As of March 31, 2014, there was $6.4 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants remaining weighted average vesting period of 3.28 years. For the three months ended March 31, 2014, the Company recognized $0.6 million of compensation expense associated with these awards. | ||||||||||||||||||||||||||||
The following table contains information on restricted stock award activity for the three months ended March 31, 2014. | ||||||||||||||||||||||||||||
Number of | ||||||||||||||||||||||||||||
Award Shares | ||||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 419,067 | |||||||||||||||||||||||||||
E&P Purge | 106,261 | |||||||||||||||||||||||||||
Granted | 64,279 | |||||||||||||||||||||||||||
Released | (110,714 | ) | ||||||||||||||||||||||||||
Canceled | (37,274 | ) | ||||||||||||||||||||||||||
Outstanding at March 31, 2014 | 441,619 | |||||||||||||||||||||||||||
In addition, there was $8.1 million of total unrecognized compensation cost at March 31, 2014, which will be recognized over the awards remaining weighted average vesting period of 2.37 years, for Penn and GLPI PSUs held by GLPI employees that will be cash-settled by GLPI. For the three months ended March 31, 2014, the Company recognized $0.4 million of compensation expense associated with these awards. In addition, the Company also recognized $0.4 million for the three months ended March 31, 2014, relating to the purge distribution dividend and the first quarter $.52 dividend paid on unvested PSUs. | ||||||||||||||||||||||||||||
Additionally, there was $0.3 million of total unrecognized compensation cost at March 31, 2014, which will be recognized over the grants remaining weighted average vesting period of 1.62 years, for Penn and GLPI SARs held by GLPI employees that will be cash-settled by GLPI. For the three months ended March 31, 2014, the Company recognized $21 thousand of compensation expense associated with these awards. | ||||||||||||||||||||||||||||
Upon the declaration of the Purging Distribution, GLPI options and GLPI SARs were adjusted in a manner that preserved both the pre-distribution intrinsic value of the options and SARs and the pre-distribution ratio of the stock price to exercise price that existed immediately before the Purging Distribution. Additionally, upon declaration of the Purging Distribution, holders of GLPI PSUs were credited with the special dividend, which will accrue and be paid, if applicable, on the vesting date of the related PSU. Holders of GLPI restricted stock were entitled to receive the special dividend with respect to such restricted stock on the same date or dates that the special dividend was payable on GLPI common stock to shareholders of GLPI generally. | ||||||||||||||||||||||||||||
Segment Information | ' | ' | ||||||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||||||
Consistent with how the Company’s Chief Operating Decision Maker reviews and assesses the Company’s financial performance, the Company has two reportable segments, GLP Capital, L.P. (a wholly-owned subsidiary of GLPI through which GLPI owns substantially all of its assets) (“GLP Capital”) and the TRS Properties. The GLP Capital reportable segment consists of the leased real property and represents the majority of the Company’s business. The TRS Properties reportable segment consists of Hollywood Casino Perryville and Hollywood Casino Baton Rouge. See Note 9 for further information with respect to the Company’s segments. | ||||||||||||||||||||||||||||
Consistent with how the Company's Chief Operating Decision Maker reviews and assesses the Company's financial performance, the Company has two reportable segments, GLP Capital, L.P. (a wholly-owned subsidiary of GLPI through which GLPI owns substantially all of its assets) ("GLP Capital") and the TRS Properties. The GLP Capital reportable segment consists of the leased real property and represents the majority of the Company's business. The TRS Properties reportable segment consists of Hollywood Casino Perryville and Hollywood Casino Baton Rouge. See Note 11 for further information with respect to the Company's segments. | ||||||||||||||||||||||||||||
Statements of Cash Flows | ' | ' | ||||||||||||||||||||||||||
Statements of Cash Flows | ||||||||||||||||||||||||||||
The Company has presented the consolidated statements of cash flows using the indirect method, which involves the reconciliation of net income to net cash flow from operating activities. | ||||||||||||||||||||||||||||
Certain Risks and Uncertainties | ' | ' | ||||||||||||||||||||||||||
Certain Risks and Uncertainties | ||||||||||||||||||||||||||||
The Company is dependent on Penn (including its subsidiaries), who is the lessee of substantially all of the Company's properties pursuant to the Master Lease and accounts for a significant portion of its revenues. The inability or unwillingness of Penn to meet its subsidiary's rent obligations and other obligations under the Master Lease could materially adversely affect the Company's business, financial position or results of operations, including the Company's ability to pay dividends to its shareholders as required to maintain its status as a REIT. For these reasons, if Penn were to experience a material adverse effect on its gaming business, financial position or results of operations, the Company's business, financial position or results of operations could also be materially adversely affected. | ||||||||||||||||||||||||||||
The Company's operations are also dependent on its continued licensing by state gaming commissions of its gaming tenants and operators. The loss of a license could have an adverse effect on future results of operations. Additionally, the Company is dependent on the local market in which its gaming tenants and operators operate for a significant number of its patrons and revenues. If economic conditions in these areas deteriorate or additional gaming licenses are awarded in these markets, the Company's results of operations could be adversely affected. Furthermore, the Company is dependent upon a stable gaming tax structure in the locations that its gaming tenants and operators operate in. Any change in the tax structure could have an adverse effect on future results of operations. | ||||||||||||||||||||||||||||
Business_and_Basis_of_Presenta1
Business and Basis of Presentation (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business and Basis of Presentation | ' | ||||
Schedule of assets and liabilities contributed to GLPI from Penn | ' | ||||
The assets and liabilities contributed to GLPI from Penn were as follows (in thousands): | |||||
Prepaid expenses | $ | 2,766 | |||
Current deferred income tax assets | 4,358 | ||||
Property and equipment, net | 2,024,572 | ||||
Other assets | 16,245 | ||||
Accrued expenses | (5,656 | ) | |||
Other current liabilities | (12,219 | ) | |||
Deferred income tax liabilities | (6,493 | ) | |||
| | | | | |
Net contribution | $ | 2,023,573 | |||
| | | | | |
| | | | | |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||
Summary of Significant Accounting Policies | ' | ' | ||||||||||||||||||||||||||
Schedule of estimated fair values of financial instruments | ' | ' | ||||||||||||||||||||||||||
The estimated fair values of the Company’s financial instruments are as follows (in thousands): | ||||||||||||||||||||||||||||
The estimated fair values of the Company's financial instruments are as follows (in thousands): | ||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||
Amount | Value | Amount | Value | 2013 | 2012 | |||||||||||||||||||||||
Financial assets: | December 31, | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||
Cash and cash equivalents | $ | 48,278 | $ | 48,278 | $ | 285,221 | $ | 285,221 | Amount | Value | Amount | Value | ||||||||||||||||
Financial liabilities: | Financial assets: | |||||||||||||||||||||||||||
Long-term debt | Cash and cash equivalents | $ | 285,221 | $ | 285,221 | $ | 14,562 | $ | 14,562 | |||||||||||||||||||
Senior unsecured credit facility | 450,000 | 441,000 | 300,000 | 294,750 | Financial liabilities: | |||||||||||||||||||||||
Senior notes | 2,050,000 | 2,114,250 | 2,050,000 | 2,058,750 | Long-term debt | |||||||||||||||||||||||
Senior unsecured credit facility | 300,000 | 294,750 | — | — | ||||||||||||||||||||||||
Senior notes | 2,050,000 | 2,058,750 | — | — | ||||||||||||||||||||||||
Schedule of the estimated useful lives of property and equipment | ' | ' | ||||||||||||||||||||||||||
Depreciation of property and equipment is recorded using the straight-line method over the following estimated useful lives: | ||||||||||||||||||||||||||||
Land improvements | 5 to 15 years | |||||||||||||||||||||||||||
Building and improvements | 5 to 40 years | |||||||||||||||||||||||||||
Furniture, fixtures, and equipment | 3 to 31 years | |||||||||||||||||||||||||||
Schedule of future minimum rental income from properties under non-cancelable operating leases | ' | ' | ||||||||||||||||||||||||||
As of December 31, 2013, the future minimum rental income from the Company's properties under non-cancelable operating leases was as follows (in thousands): | ||||||||||||||||||||||||||||
Year ending December 31, | ||||||||||||||||||||||||||||
2014 | $ | 375,602 | ||||||||||||||||||||||||||
2015 | 375,602 | |||||||||||||||||||||||||||
2016 | 375,602 | |||||||||||||||||||||||||||
2017 | 376,101 | |||||||||||||||||||||||||||
2018 | 368,311 | |||||||||||||||||||||||||||
Thereafter | 3,240,760 | |||||||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||
Total | $ | 5,111,978 | ||||||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||
Schedule of the components of gaming revenue | ' | ' | ||||||||||||||||||||||||||
The following table discloses the components of gaming revenue within the condensed consolidated statements of income for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||
The following table discloses the components of gaming revenue within the consolidated statements of income for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(in thousands) | Year ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
Video lottery | $ | 33,381 | $ | 37,352 | (in thousands) | |||||||||||||||||||||||
Table game | 4,940 | 3,448 | Video lottery, net of cash incentives | $ | 138,803 | $ | 189,808 | $ | 210,349 | |||||||||||||||||||
Poker | 434 | 280 | Table game | 18,096 | 11,891 | 12,333 | ||||||||||||||||||||||
Total gaming revenue, net of cash incentives | $ | 38,755 | $ | 41,080 | Poker | 2,453 | 882 | 620 | ||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Total gaming revenue | $ | 159,352 | $ | 202,581 | $ | 223,302 | ||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Schedule of amounts included in promotional allowances | ' | ' | ||||||||||||||||||||||||||
The amounts included in promotional allowances for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||||||
The amounts included in promotional allowances for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(in thousands) | Year ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
Food and beverage | $ | 1,361 | $ | 1,517 | (in thousands) | |||||||||||||||||||||||
Other | 9 | 129 | Food and beverage | $ | 5,970 | $ | 6,806 | $ | 6,971 | |||||||||||||||||||
Total promotional allowances | $ | 1,370 | $ | 1,646 | Other | 167 | 767 | 843 | ||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Total promotional allowances | $ | 6,137 | $ | 7,573 | $ | 7,814 | ||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Schedule of the estimated cost of providing complimentary services | ' | ' | ||||||||||||||||||||||||||
The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||||||
The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(in thousands) | Year ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
Food and beverage | $ | 716 | $ | 713 | (in thousands) | |||||||||||||||||||||||
Other | 3 | 69 | Food and beverage | $ | 2,907 | $ | 3,319 | $ | 3,198 | |||||||||||||||||||
Total cost of complimentary services | $ | 719 | $ | 782 | Other | 86 | 384 | 409 | ||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Total cost of complimentary services | $ | 2,993 | $ | 3,703 | $ | 3,607 | ||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Schedule of reconciliation of the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS | ' | ' | ||||||||||||||||||||||||||
The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three months ended March 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||||
The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||||||||||
Three months ended March 31, | 2014 | 2013 | ||||||||||||||||||||||||||
Determination of shares: | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Weighted-average common shares outstanding | 111,198 | 110,582 | Determination of shares: | |||||||||||||||||||||||||
Assumed conversion of dilutive employee stock-based awards | 6,282 | 4,703 | Weighted-average common shares outstanding | 110,617 | 110,582 | 110,582 | ||||||||||||||||||||||
Assumed conversion of restricted stock | 370 | 318 | Assumed conversion of dilutive employee stock-based awards | 4,924 | 4,703 | 4,703 | ||||||||||||||||||||||
Diluted weighted-average common shares outstanding | 117,850 | 115,603 | Assumed conversion of restricted stock | 324 | 318 | 318 | ||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Diluted weighted-average common shares outstanding | 115,865 | 115,603 | 115,603 | |||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Schedule of calculation of basic and diluted EPS for the Company's common stock | ' | ' | ||||||||||||||||||||||||||
The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||
The following table presents the calculation of basic and diluted EPS for the Company's common stock for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||||||||
Three months ended March 31, | 2014 | 2013 | ||||||||||||||||||||||||||
(in thousands, expect per share data) | ||||||||||||||||||||||||||||
Calculation of basic EPS: | Year ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
Net income | $ | 44,312 | $ | 3,214 | (in thousands, expect per share data) | |||||||||||||||||||||||
Less: Net income allocated to participating securities | (175 | ) | (12 | ) | Calculation of basic EPS: | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | 44,137 | $ | 3,202 | Net income | $ | 19,830 | $ | 22,919 | $ | 26,684 | |||||||||||||||||
Weighted-average common shares outstanding | 111,198 | 110,582 | Less: Net income allocated to participating securities | (75 | ) | (86 | ) | (101 | ) | |||||||||||||||||||
Basic EPS | $ | 0.4 | $ | 0.03 | ||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Calculation of diluted EPS: | Net income attributable to common shareholders | $ | 19,755 | $ | 22,833 | $ | 26,583 | |||||||||||||||||||||
Net income | $ | 44,312 | $ | 3,214 | Weighted-average common shares outstanding | 110,617 | 110,582 | 110,582 | ||||||||||||||||||||
Diluted weighted-average common shares outstanding | 117,850 | 115,603 | Basic EPS | $ | 0.18 | $ | 0.21 | $ | 0.24 | |||||||||||||||||||
Diluted EPS | $ | 0.38 | $ | 0.03 | Calculation of diluted EPS: | |||||||||||||||||||||||
Net income | $ | 19,830 | $ | 22,919 | $ | 26,684 | ||||||||||||||||||||||
Diluted weighted-average common shares outstanding | 115,865 | 115,603 | 115,603 | |||||||||||||||||||||||||
Diluted EPS | $ | 0.17 | $ | 0.2 | $ | 0.23 |
Real_Estate_Investments_Tables
Real Estate Investments (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||
Real Estate Investments | ' | ' | ||||||||||||||
Schedule of real estate investments, net | ' | ' | ||||||||||||||
Real estate investments, net, represents investments in 20 properties and is summarized as follows: | ||||||||||||||||
Real estate investments, net, represents investments in 19 properties and is summarized as follows: | ||||||||||||||||
March 31, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | December 31, | 2013 | 2012 | |||||||||||||
Land and improvements | $ | 453,141 | $ | 382,581 | (in thousands) | |||||||||||
Building and improvements | 2,120,663 | 2,050,533 | Land and improvements | $ | 382,581 | $ | — | |||||||||
Construction in progress | 87,323 | 61,677 | Building and improvements | 2,050,533 | — | |||||||||||
Total real estate investments | 2,661,127 | 2,494,791 | Construction in progress | 61,677 | — | |||||||||||
Less accumulated depreciation | (507,474 | ) | (484,488 | ) | ||||||||||||
Real estate investments, net | $ | 2,153,653 | $ | 2,010,303 | | | | | | | | | ||||
Total property and equipment | 2,494,791 | — | ||||||||||||||
Less accumulated depreciation | (484,488 | ) | — | |||||||||||||
| | | | | | | | |||||||||
Property and equipment, net | $ | 2,010,303 | $ | — | ||||||||||||
| | | | | | | | |||||||||
| | | | | | | | |||||||||
Property_and_Equipment_used_in1
Property and Equipment used in operations (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||
Property and Equipment Used in Operations | ' | ' | ||||||||||||||
Schedule of property and equipment used in operations, net | ' | ' | ||||||||||||||
Property and equipment used in operations, net, consists of the following and primarily represents the assets utilized in the TRS: | ||||||||||||||||
Property and equipment used in operations, net, consists of the following: | ||||||||||||||||
March 31, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | December 31, | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Land and improvements | $ | 31,635 | $ | 27,586 | Land and improvements | $ | 27,586 | $ | 28,193 | |||||||
Building and improvements | 116,267 | 115,888 | Building and improvements | 115,888 | 109,248 | |||||||||||
Furniture, fixtures, and equipment | 102,740 | 101,288 | Furniture, fixtures, and equipment | 101,288 | 76,088 | |||||||||||
Construction in progress | 504 | 203 | Construction in progress | 203 | 87 | |||||||||||
Total property and equipment | 251,146 | 244,965 | ||||||||||||||
Less accumulated depreciation | (109,260 | ) | (105,844 | ) | | | | | | | | | ||||
Property and equipment, net | $ | 141,886 | $ | 139,121 | Total property and equipment | 244,965 | 213,616 | |||||||||
Less accumulated depreciation | (105,844 | ) | (94,662 | ) | ||||||||||||
| | | | | | | | |||||||||
Property and equipment, net | $ | 139,121 | $ | 118,954 | ||||||||||||
| | | | | | | | |||||||||
| | | | | | | | |||||||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||
Long-term Debt | ' | ' | |||||||||||
Schedule of long-term debt | ' | ' | |||||||||||
Long-term debt is as follows: | |||||||||||||
Long-term debt is as follows: | |||||||||||||
March 31, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | December 31, | 2013 | |||||||||||
Senior unsecured credit facility | $ | 450,000 | $ | 300,000 | (in thousands) | ||||||||
$550 million 4.375% senior notes due November 2018 | 550,000 | 550,000 | Senior unsecured credit facility | $ | 300,000 | ||||||||
$1,000 million 4.875% senior notes due November 2020 | 1,000,000 | 1,000,000 | $550 million 4.375% senior notes due November 2018 | 550,000 | |||||||||
$500 million 5.375% senior notes due November 2023 | 500,000 | 500,000 | $1,000 million 4.875% senior notes due November 2020 | 1,000,000 | |||||||||
$ | 2,500,000 | $ | 2,350,000 | $500 million 5.375% senior notes due November 2023 | 500,000 | ||||||||
| | | | | |||||||||
$ | 2,350,000 | ||||||||||||
| | | | | |||||||||
| | | | | |||||||||
Schedule of future minimum repayments of long-term debt | ' | ' | |||||||||||
The following is a schedule of future minimum repayments of long-term debt as of March 31, 2014 (in thousands): | |||||||||||||
The following is a schedule of future minimum repayments of long-term debt as of December 31, 2013 (in thousands): | |||||||||||||
2014 | $ | — | |||||||||||
2015 | — | ||||||||||||
2016 | — | 2014 | $ | — | |||||||||
2017 | — | 2015 | — | ||||||||||
2018 | 1,000,000 | 2016 | — | ||||||||||
Thereafter | 1,500,000 | 2017 | — | ||||||||||
Total minimum payments | $ | 2,500,000 | 2018 | 850,000 | |||||||||
Thereafter | 1,500,000 | ||||||||||||
| | | | | |||||||||
Total minimum payments | $ | 2,350,000 | |||||||||||
| | | | | |||||||||
| | | | | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies. | ' | ||||
Schedule of future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases | ' | ||||
The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at December 31, 2013 are as follows (in thousands): | |||||
Year ending December 31, | |||||
2014 | $ | 1,013 | |||
2015 | 314 | ||||
2016 | 302 | ||||
2017 | 316 | ||||
2018 | 334 | ||||
Thereafter | 44,178 | ||||
| | | | | |
Total | $ | 46,457 | |||
| | | | | |
| | | | | |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Taxes | ' | ||||||||||
Schedule of components of the Company's deferred tax assets and liabilities | ' | ||||||||||
The components of the Company's deferred tax assets and liabilities are as follows: | |||||||||||
Year ended December 31, | 2013 | 2012 | |||||||||
(in thousands) | |||||||||||
Deferred tax assets: | |||||||||||
Accrued expenses | $ | 2,228 | $ | 2,859 | |||||||
| | | | | | | | ||||
Net deferred tax assets | 2,228 | 2,859 | |||||||||
| | | | | | | | ||||
Deferred tax liabilities: | |||||||||||
Property, plant and equipment | (3,459 | ) | (7,840 | ) | |||||||
Intangibles | (823 | ) | (577 | ) | |||||||
| | | | | | | | ||||
Net deferred tax liabilities | (4,282 | ) | (8,417 | ) | |||||||
| | | | | | | | ||||
Net: | $ | (2,054 | ) | $ | (5,558 | ) | |||||
| | | | | | | | ||||
| | | | | | | | ||||
Schedule of the provision for income taxes charged to operations | ' | ||||||||||
The provision for income taxes charged to operations for years ended December 31, 2013, 2012 and 2011 was as follows: | |||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | ||||||||
(in thousands) | |||||||||||
Current tax expense | |||||||||||
Federal | $ | 19,429 | $ | 12,216 | $ | 21,048 | |||||
State | 3,513 | 2,303 | 4,341 | ||||||||
| | | | | | | | | | | |
Total current | 22,942 | 14,519 | 25,389 | ||||||||
| | | | | | | | | | | |
Deferred tax (benefit) expense | |||||||||||
Federal | (7,624 | ) | 64 | (6,780 | ) | ||||||
State | 1,978 | (152 | ) | 266 | |||||||
| | | | | | | | | | | |
Total deferred | (5,646 | ) | (88 | ) | (6,514 | ) | |||||
| | | | | | | | | | | |
Total provision | $ | 17,296 | $ | 14,431 | $ | 18,875 | |||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Schedule of reconciliation of the statutory federal income tax rate to the actual effective income tax rate | ' | ||||||||||
The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2013, 2012 and 2011: | |||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | ||||||||
Percent of pretax income | |||||||||||
U.S. federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||
State and local income taxes | 10.4 | % | 3 | % | 6.6 | % | |||||
Nondeductible transaction costs | 7.5 | % | 0 | % | 0 | % | |||||
REIT conversion benefit | (5.3 | )% | 0 | % | 0 | % | |||||
Other permanent differences | (0.8 | )% | 0.1 | % | 0.2 | % | |||||
Other miscellaneous items | (0.2 | )% | 0.5 | % | (0.4 | )% | |||||
| | | | | | | | | | | |
46.6 | % | 38.6 | % | 41.4 | % | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
Year ended December 31, | 2013 | 2012 | 2011 | ||||||||
(in thousands) | |||||||||||
Amount based upon pretax income | |||||||||||
U.S. federal statutory income tax | $ | 12,994 | $ | 13,073 | $ | 15,945 | |||||
State and local income taxes | 3,840 | 1,126 | 3,016 | ||||||||
Nondeductible transaction costs | 2,793 | — | — | ||||||||
REIT conversion benefit | (1,959 | ) | — | — | |||||||
Permanent differences | (268 | ) | 30 | 72 | |||||||
Other miscellaneous items | (104 | ) | 202 | (158 | ) | ||||||
| | | | | | | | | | | |
$ | 17,296 | $ | 14,431 | $ | 18,875 | ||||||
| | | | | | | | | | | |
| | | | | | | | | | | |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Stock-Based Compensation | ' | |||||||||||||
Schedule of stock options issued and outstanding | ' | |||||||||||||
The following tables contain information on stock options issued and outstanding for the year ended December 31, 2013 as well as restricted shares: | ||||||||||||||
Number of | Weighted- | Weighted- | Aggregate | |||||||||||
Option Shares | Average | Average | Intrinsic Value | |||||||||||
Exercise | Remaining | (in thousands) | ||||||||||||
Price | Contractual | |||||||||||||
Term (in years) | ||||||||||||||
Outstanding at December 31, 2012 | — | $ | — | |||||||||||
Options transferred on Spin-Off date | 10,396,889 | 24.35 | ||||||||||||
Exercised | (57,811 | ) | 24.75 | |||||||||||
Canceled | (625 | ) | 20.85 | |||||||||||
| | | | | | | | | | | | | | |
Outstanding at December 31, 2013 | 10,338,453 | $ | 24.34 | 3.15 | $ | 270,222 | ||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Schedule of stock options outstanding by exercise price range | ' | |||||||||||||
Exercise Price Range | Total | |||||||||||||
$9.32 to | $22.90 to | $29.19 to | $9.32 to | |||||||||||
$22.41 | $29.10 | $47.40 | $47.40 | |||||||||||
Outstanding options | ||||||||||||||
Number outstanding | 4,049,443 | 3,555,573 | 2,733,437 | 10,338,453 | ||||||||||
Weighted-average remaining contractual life (years) | 1.94 | 3.69 | 4.16 | 3.15 | ||||||||||
Weighted-average exercise price | $ | 19.54 | $ | 25.16 | $ | 30.41 | $ | 24.34 | ||||||
Exercisable options | ||||||||||||||
Number outstanding | 3,621,045 | 2,805,381 | 1,504,710 | 7,931,136 | ||||||||||
Weighted-average exercise price | $ | 19.38 | $ | 24.68 | $ | 31.36 | $ | 23.53 | ||||||
Schedule of restricted shares issued and outstanding | ' | |||||||||||||
Number of | ||||||||||||||
Award | ||||||||||||||
Shares | ||||||||||||||
Outstanding at December 31, 2012 | — | |||||||||||||
Amounts transferred in connection with Spin-Off | 419,067 | |||||||||||||
Released | — | |||||||||||||
Canceled | — | |||||||||||||
| | | | | ||||||||||
Outstanding at December 31, 2013 | 419,067 | |||||||||||||
| | | | | ||||||||||
| | | | | ||||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||
Segment Information | ' | ' | |||||||||||||||||||||||
Schedule of information with respect to the Company's segments | ' | ' | |||||||||||||||||||||||
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. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
GLP Capital (1) | TRS Properties | Eliminations (2) | Total | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
For the three months ended March 31, 2014 | GLP | TRS | Total | ||||||||||||||||||||||
Net revenues | $ | 118,112 | $ | 40,216 | $ | — | $ | 158,328 | Capital(1) | Properties | |||||||||||||||
Income from operations | 67,871 | 6,463 | — | 74,334 | (in thousands) | ||||||||||||||||||||
Interest, net | 28,428 | 2,601 | (2,601 | ) | 28,428 | For the year ended December 31, 2013 | |||||||||||||||||||
Income from operations before income taxes | 42,044 | 3,862 | — | 45,906 | Net revenues | $ | 76,557 | $ | 165,572 | $ | 242,129 | ||||||||||||||
Income tax provision | — | 1,594 | — | 1,594 | Income from operations | 34,333 | 26,249 | 60,582 | |||||||||||||||||
Net income | 42,044 | 2,268 | — | 44,312 | Interest expense | 19,254 | — | 19,254 | |||||||||||||||||
Depreciation | 23,441 | 3,081 | — | 26,522 | Income from operations before income taxes | 15,079 | 22,047 | 37,126 | |||||||||||||||||
Capital project expenditures, net of reimbursements | 24,002 | — | — | 24,002 | Income tax provision | 8,467 | 8,829 | 17,296 | |||||||||||||||||
Capital maintenance expenditures | — | 871 | — | 871 | Net income | 6,612 | 13,218 | 19,830 | |||||||||||||||||
Depreciation | 14,896 | 14,027 | 28,923 | ||||||||||||||||||||||
For the three months ended March 31, 2013 | Capital expenditures | 13,042 | 3,386 | 16,428 | |||||||||||||||||||||
Net revenues | $ | — | $ | 42,649 | $ | — | $ | 42,649 | For the year ended December 31, 2012 | ||||||||||||||||
Income from operations | — | 6,810 | — | 6,810 | Net revenues | $ | — | $ | 210,643 | $ | 210,643 | ||||||||||||||
Income from operations before income taxes | — | 5,530 | — | 5,530 | Income from operations | — | 43,668 | 43,668 | |||||||||||||||||
Income tax provision | — | 2,316 | — | 2,316 | Interest expense | — | — | — | |||||||||||||||||
Net income | — | 3,214 | — | 3,214 | Income from operations before income taxes | — | 37,350 | 37,350 | |||||||||||||||||
Depreciation | — | 3,588 | — | 3,588 | Income tax provision | — | 14,431 | 14,431 | |||||||||||||||||
Capital project expenditures, net of reimbursements | — | 78 | — | 78 | Net income | — | 22,919 | 22,919 | |||||||||||||||||
Capital maintenance expenditures | — | 896 | — | 896 | Depreciation | — | 14,090 | 14,090 | |||||||||||||||||
Capital expenditures | — | 5,190 | 5,190 | ||||||||||||||||||||||
Balance sheet at March 31,2014 | For the year ended December 31, 2011 | ||||||||||||||||||||||||
Total assets | $ | 2,324,839 | $ | 237,047 | — | $ | 2,561,886 | Net revenues | $ | — | $ | 231,884 | $ | 231,884 | |||||||||||
Income from operations | — | 52,513 | 52,513 | ||||||||||||||||||||||
Balance sheet at December 31, 2013 | Interest expense | — | — | — | |||||||||||||||||||||
Total assets | $ | 2,379,243 | $ | 229,996 | — | $ | 2,609,239 | Income from operations before income taxes | — | 45,559 | 45,559 | ||||||||||||||
Income tax provision | — | 18,875 | 18,875 | ||||||||||||||||||||||
Net income | — | 26,684 | 26,684 | ||||||||||||||||||||||
(1) GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off. | Depreciation | — | 14,568 | 14,568 | |||||||||||||||||||||
(2) Amounts in the “Eliminations” column represent the elimination of intercompany interest payments from the Company’s TRS Properties business segment to its GLP Capital business segment. | Capital expenditures | — | 8,288 | 8,288 | |||||||||||||||||||||
Balance sheet at December 31, 2013 | |||||||||||||||||||||||||
Total assets | 2,379,243 | 229,996 | 2,609,239 | ||||||||||||||||||||||
Balance sheet at December 31, 2012 | |||||||||||||||||||||||||
Total assets | — | 267,075 | 267,075 | ||||||||||||||||||||||
-1 | |||||||||||||||||||||||||
GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off. For the year ended December 31, 2013, all revenues in the GLP Capital segment were attributable from Penn under the terms of the Master Lease. Results included transaction costs associated with the Spin-Off of $13.5 million. | |||||||||||||||||||||||||
Summarized_Quarterly_Data_Unau1
Summarized Quarterly Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Summarized Quarterly Data (Unaudited) | ' | |||||||||||||
Summary of quarterly results of operations | ' | |||||||||||||
The following table summarizes the quarterly results of operations for the years ended December 31, 2013 and 2012: | ||||||||||||||
Fiscal Quarter | ||||||||||||||
First | Second | Third | Fourth | |||||||||||
(in thousands, except per share data) | ||||||||||||||
2013 | ||||||||||||||
Net revenues | $ | 42,648 | $ | 46,072 | $ | 39,633 | $ | 113,776 | ||||||
Income from operations | 6,811 | 9,090 | 5,665 | 39,016 | ||||||||||
Net income | 3,216 | 4,699 | 2,681 | 9,234 | ||||||||||
Earnings per common share: | ||||||||||||||
Basic earnings per common share | $ | 0.04 | $ | 0.04 | $ | 0.02 | $ | 0.08 | ||||||
Diluted earnings per common share | $ | 0.03 | $ | 0.04 | $ | 0.02 | $ | 0.08 | ||||||
2012 | ||||||||||||||
Net revenues | $ | 66,909 | $ | 60,252 | $ | 45,823 | $ | 37,659 | ||||||
Income from operations | 16,507 | 14,472 | 8,155 | 4,534 | ||||||||||
Net income | 8,665 | 7,618 | 4,530 | 2,106 | ||||||||||
Earnings per common share: | ||||||||||||||
Basic earnings per common share | $ | 0.08 | $ | 0.07 | $ | 0.04 | $ | 0.02 | ||||||
Diluted earnings per common share | $ | 0.07 | $ | 0.07 | $ | 0.04 | $ | 0.02 |
Supplementary_Condensed_Consol1
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers | ' | ' | ||||||||||||||||||||||||||||||||
Summary of financial information for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers | ' | ' | ||||||||||||||||||||||||||||||||
Other | Other | |||||||||||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Parent | Subsidiary | Subsidiary | |||||||||||||||||||||||||||||
Guarantor | Issuers | Non-Issuers | Eliminations | Consolidated | Guarantor | Issuers | Non-Issuers | Eliminations | Consolidated | |||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||
At March 31, 2014 | At December 31, 2013 | |||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||
Real estate investments, net | $ | — | $ | 2,013,643 | $ | 140,010 | $ | — | $ | 2,153,653 | Real estate investments, net | $ | — | $ | 2,010,303 | $ | — | $ | — | $ | 2,010,303 | |||||||||||||
Intercompany transactions and investment in subsidiaries | (82,258 | ) | 393,503 | 122,853 | (434,098 | ) | — | Intercompany transactions and investment in subsidiaries | 104,391 | 208,739 | 308,157 | (621,287 | ) | — | ||||||||||||||||||||
Other | 42,395 | 85,340 | 280,498 | — | 408,233 | Other | 83,083 | 285,514 | 229,996 | 343 | 598,936 | |||||||||||||||||||||||
Total assets | $ | (39,863 | ) | $ | 2,492,486 | $ | 543,361 | $ | (434,098 | ) | $ | 2,561,886 | Total assets | $ | 187,474 | $ | 2,504,556 | $ | 538,153 | $ | (620,944 | ) | $ | 2,609,239 | ||||||||||
Other liabilities | $ | 28,165 | $ | 74,940 | $ | 26,809 | $ | 129,914 | Other liabilities | $ | 45,045 | $ | 47,906 | $ | 23,516 | $ | 343 | $ | 116,810 | |||||||||||||||
Intercompany debt | 193,595 | (193,595 | ) | — | Intercompany debt | — | — | — | — | — | ||||||||||||||||||||||||
Long-term debt | — | 2,500,000 | — | — | 2,500,000 | Long-term debt | — | 2,350,000 | — | — | 2,350,000 | |||||||||||||||||||||||
Total shareholders’ (deficit) equity | (68,028 | ) | (82,454 | ) | 322,955 | (240,501 | ) | (68,028 | ) | Total shareholders’ equity | 142,429 | 106,650 | 514,637 | (621,287 | ) | 142,429 | ||||||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (39,863 | ) | $ | 2,492,486 | $ | 543,359 | $ | (434,096 | ) | $ | 2,561,886 | Total liabilities and shareholders’ equity | $ | 187,474 | $ | 2,504,556 | $ | 538,153 | $ | (620,944 | ) | $ | 2,609,239 | ||||||||||
Quarter ended March 31, 2014 | Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||
Net revenues | $ | — | $ | 115,072 | $ | 43,256 | $ | — | $ | 158,328 | Net revenues | $ | — | $ | 76,557 | $ | 165,572 | $ | — | $ | 242,129 | |||||||||||||
Operating expenses | 14,522 | 34,630 | 34,842 | — | 83,994 | Operating expenses | 19,800 | 22,424 | 139,323 | — | 181,547 | |||||||||||||||||||||||
Income (loss) from operations | (14,522 | ) | 80,442 | 8,414 | — | 74,334 | Income (loss) from operations | (19,800 | ) | 54,133 | 26,249 | — | 60,582 | |||||||||||||||||||||
Other income (expenses) | Other income (expenses) | |||||||||||||||||||||||||||||||||
Intercompany dividends and interest | 275,011 | 6,384 | 279,607 | (561,002 | ) | — | Intercompany dividends and interest | 68,955 | 68,955 | (137,910 | ) | — | ||||||||||||||||||||||
Other income (expenses) | — | (26,373 | ) | (2,055 | ) | — | (28,428 | ) | Other income (expenses) | — | (19,254 | ) | (4,202 | ) | — | (23,456 | ) | |||||||||||||||||
Total other income (expenses) | 275,011 | (19,989 | ) | 277,552 | (561,002 | ) | (28,428 | ) | Total other income (expenses) | 68,955 | (19,254 | ) | 64,753 | (137,910 | ) | (23,456 | ) | |||||||||||||||||
Net income (loss) before income taxes | 260,489 | 60,453 | 285,966 | (561,002 | ) | 45,906 | Net income (loss) before income taxes | 49,155 | 34,879 | 91,002 | (137,910 | ) | 37,126 | |||||||||||||||||||||
Taxes on income | — | — | 1,594 | — | 1,594 | Taxes on income | 643 | 7,824 | 8,829 | — | 17,296 | |||||||||||||||||||||||
Net income (loss) | $ | 260,489 | $ | 60,453 | $ | 284,372 | $ | (561,002 | ) | $ | 44,312 | Net income (loss) | $ | 48,512 | $ | 27,055 | $ | 82,173 | $ | (137,910 | ) | $ | 19,830 | |||||||||||
Quarter ended March 31, 2014 | Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 217,250 | $ | (329,090 | ) | $ | 191,567 | $ | — | $ | 79,727 | Net cash provided by (used in) operating activities | $ | 68,082 | $ | (81,887 | ) | $ | 94,437 | $ | — | $ | 80,632 | |||||||||||
Net cash used in investing activities | (1,532 | ) | (25,826 | ) | (182,601 | ) | — | (209,959 | ) | Net cash used in investing activities | (5,562 | ) | (7,480 | ) | (3,233 | ) | — | (16,275 | ) | |||||||||||||||
Net cash (used in) provided by financing activities | (256,719 | ) | 150,008 | — | — | (106,711 | ) | Net cash (used in) provided by financing activities | (19,719 | ) | 310,463 | (84,442 | ) | — | 206,302 | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (41,001 | ) | (204,908 | ) | 8,966 | — | (236,943 | ) | Net increase in cash and cash equivalents | 42,801 | 221,096 | 6,762 | — | 270,659 | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | 42,801 | 221,096 | 21,324 | — | 285,221 | Cash and cash equivalents at beginning of year | — | — | 14,562 | — | 14,562 | |||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 1,800 | $ | 16,188 | $ | 30,290 | $ | — | $ | 48,278 | Cash and cash equivalents at end of year | $ | 42,801 | $ | 221,096 | $ | 21,324 | $ | — | $ | 285,221 | |||||||||||||
Other | Other | |||||||||||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Parent | Subsidiary | Subsidiary | |||||||||||||||||||||||||||||
Guarantor | Issuers | Non-Issuers | Eliminations | Consolidated | Guarantor | Issuers | Non-Issuers | Eliminations | Consolidated | |||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||
Real estate investments, net | $ | — | $ | 2,010,303 | $ | — | $ | — | $ | 2,010,303 | Total real estate assets | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Intercompany transactions and investment in subsidiaries | 104,391 | 208,739 | 308,157 | (621,287 | ) | — | Total other assets | — | — | 267,075 | — | 267,075 | ||||||||||||||||||||||
Other | 83,083 | 285,514 | 229,996 | 343 | 598,936 | Total assets | $ | — | $ | — | $ | 267,075 | $ | — | $ | 267,075 | ||||||||||||||||||
Total assets | $ | 187,474 | $ | 2,504,556 | $ | 538,153 | (620,944 | ) | $ | 2,609,239 | ||||||||||||||||||||||||
Total other liabilities | $ | — | $ | — | $ | 30,745 | $ | — | $ | 30,745 | ||||||||||||||||||||||||
Total other liabilities | $ | 45,045 | $ | 47,906 | $ | 23,517 | 342 | $ | 116,810 | Total long-term debt | — | — | — | — | — | |||||||||||||||||||
Total long-term debt | — | 2,350,000 | — | — | 2,350,000 | Total shareholders’ equity | — | — | 236,330 | — | 236,330 | |||||||||||||||||||||||
Total shareholders’ equity | 142,429 | 106,650 | 514,637 | (621,287 | ) | 142,429 | Total liabilities and shareholders’ equity | $ | — | $ | — | $ | 267,075 | $ | — | $ | 267,075 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 187,474 | $ | 2,504,556 | $ | 538,154 | $ | (620,945 | ) | $ | 2,609,239 | |||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||
Quarter ended March 31, 2013 | Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | Net revenues | $ | — | $ | — | $ | 210,643 | $ | — | $ | 210,643 | |||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | 42,649 | $ | — | $ | 42,649 | Total operating expenses | — | — | 166,975 | — | $ | 166,975 | |||||||||||||||||
Total operating expenses | — | — | 35,839 | — | $ | 35,839 | Income from operations | — | — | 43,668 | — | 43,668 | ||||||||||||||||||||||
Income from operations | — | — | 6,810 | — | 6,810 | Other income (expenses) | — | — | (6,318 | ) | — | $ | (6,318 | ) | ||||||||||||||||||||
Other income (expenses) | — | — | (1,280 | ) | — | $ | (1,280 | ) | Net income before income taxes | — | — | 37,350 | — | $ | 37,350 | |||||||||||||||||||
Net income before income taxes | — | — | 5,530 | — | $ | 5,530 | Taxes on income | — | — | 14,431 | — | $ | 14,431 | |||||||||||||||||||||
Taxes on income | — | — | 2,316 | — | $ | 2,316 | Net income | $ | — | $ | — | $ | 22,919 | $ | — | $ | 22,919 | |||||||||||||||||
Net income | $ | — | $ | — | $ | 3,214 | $ | — | $ | 3,214 | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||
Quarter ended March 31, 2013 | Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Net cash provided by operating activities | $ | — | $ | — | $ | 26,744 | $ | — | $ | 26,744 | |||||||||||||||||||||||
Net cash used in operating activities | $ | — | $ | — | $ | (3,759 | ) | $ | — | $ | (3,759 | ) | Net cash used in investing activities | — | — | (4,810 | ) | — | (4,810 | ) | ||||||||||||||
Net cash used in investing activities | — | — | (895 | ) | — | (895 | ) | Net cash used in financing activities | — | — | (24,518 | ) | — | (24,518 | ) | |||||||||||||||||||
Net cash provided by financing activities | — | — | 7,280 | — | 7,280 | Net decrease in cash and cash equivalents | — | — | (2,584 | ) | — | (2,584 | ) | |||||||||||||||||||||
Net increase in cash and cash equivalents | — | — | 2,626 | — | 2,626 | Cash and cash equivalents at beginning of year | — | — | 17,146 | — | 17,146 | |||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 14,562 | — | 14,562 | Cash and cash equivalents at end of year | $ | — | $ | — | $ | 14,562 | $ | — | $ | 14,562 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 17,188 | $ | — | $ | 17,188 | ||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | ||||||||||||||||||||||||||||||||
Guarantor | Issuers | Non-Issuers | Eliminations | Consolidated | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | 231,884 | $ | — | $ | 231,884 | ||||||||||||||||||||||||
Total operating expenses | — | — | 179,371 | — | $ | 179,371 | ||||||||||||||||||||||||||||
Income from operations | — | — | 52,513 | — | 52,513 | |||||||||||||||||||||||||||||
Other income (expenses) | — | — | (6,954 | ) | — | $ | (6,954 | ) | ||||||||||||||||||||||||||
Net income before income taxes | — | — | 45,559 | — | $ | 45,559 | ||||||||||||||||||||||||||||
Taxes on income | — | — | 18,875 | — | $ | 18,875 | ||||||||||||||||||||||||||||
Net income | $ | — | $ | — | $ | 26,684 | $ | — | $ | 26,684 | ||||||||||||||||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | — | $ | 56,840 | $ | — | $ | 56,840 | ||||||||||||||||||||||||
Net cash used in investing activities | — | — | (8,171 | ) | — | (8,171 | ) | |||||||||||||||||||||||||||
Net cash used in financing activities | — | — | (50,436 | ) | — | (50,436 | ) | |||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | — | — | (1,767 | ) | — | (1,767 | ) | |||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | — | — | 18,913 | — | 18,913 | |||||||||||||||||||||||||||||
Cash and cash equivalents at end of year | $ | — | $ | — | $ | 17,146 | $ | — | $ | 17,146 |
Business_and_Basis_of_Presenta2
Business and Basis of Presentation (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended |
Feb. 18, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
item | item | ||
property | property | ||
facility | facility | ||
Business and basis of presentation | ' | ' | ' |
Number of gaming and related facilities | ' | 22 | 21 |
Number of gaming and related facilities whose real property is included in the entity's portfolio | ' | 20 | 19 |
Number of properties under development | ' | 2 | 2 |
Number of states across which the portfolio of properties is diversified | ' | 13 | 13 |
Purging Distribution | $1,050,000,000 | ' | ' |
Subsequent event | ' | ' | ' |
Business and basis of presentation | ' | ' | ' |
Purging Distribution | 1,050,000,000 | ' | ' |
Penn | ' | ' | ' |
Business and basis of presentation | ' | ' | ' |
Number of publicly traded companies | ' | 2 | 2 |
Initial term of Master Lease | ' | '15 years | '15 years |
Number of lease renewal options of Master Lease | ' | 4 | 4 |
Term of Master Lease renewal options | ' | '5 years | '5 years |
Number of states across which the portfolio of properties is diversified | ' | ' | 11 |
Assets and liabilities contributed to GLPI from Penn | ' | ' | ' |
Prepaid expenses | ' | ' | 2,766,000 |
Current deferred income tax assets | ' | ' | 4,358,000 |
Property and equipment, net | ' | ' | 2,024,572,000 |
Other assets | ' | ' | 16,245,000 |
Accrued expenses | ' | ' | -5,656,000 |
Other current liabilities | ' | ' | -12,219,000 |
Deferred income tax liabilities | ' | ' | -6,493,000 |
Net contribution | ' | ' | 2,023,573,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
item | item | |||||||||||
Concentration of Credit Risk | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | $158,328 | $113,776 | $39,633 | $46,072 | $42,649 | $37,659 | $45,823 | $60,252 | $66,909 | $242,129 | $210,643 | $231,884 |
Number of states across which the portfolio of properties is diversified | 13 | ' | ' | ' | ' | ' | ' | ' | ' | 13 | ' | ' |
Penn | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration of Credit Risk | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,900,000 | $2,900,000 | ' |
Number of properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19 | ' | ' |
Number of states across which the portfolio of properties is diversified | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Carrying Amount | ' | ' | ' |
Financial assets: | ' | ' | ' |
Cash and cash equivalents | $48,278 | $285,221 | $14,562 |
Financial liabilities: | ' | ' | ' |
Senior unsecured credit facility | 450,000 | 300,000 | ' |
Senior notes | 2,050,000 | 2,050,000 | ' |
Fair Value | ' | ' | ' |
Financial assets: | ' | ' | ' |
Cash and cash equivalents | 48,278 | 285,221 | 14,562 |
Financial liabilities: | ' | ' | ' |
Senior unsecured credit facility | 441,000 | 294,750 | ' |
Senior notes | $2,114,250 | $2,058,750 | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2012 |
Goodwill and Other Intangible Assets | ' | ' | ' |
Goodwill | $75,521 | $75,521 | $75,521 |
Other intangible assets | $9,577 | $9,577 | $9,577 |
Income Taxes | ' | ' | ' |
Period following the year during which qualification is lost for which the entity will not be permitted to qualify for treatment as a REIT for federal income tax purposes | '4 years | ' | ' |
Minimum | ' | ' | ' |
Real Estate Investments | ' | ' | ' |
Useful lives | '1 year | ' | ' |
Maximum | ' | ' | ' |
Real Estate Investments | ' | ' | ' |
Useful lives | '41 years | ' | ' |
Land improvements | Minimum | ' | ' | ' |
Property and Equipment used in operations | ' | ' | ' |
Useful lives | '5 years | ' | ' |
Land improvements | Maximum | ' | ' | ' |
Property and Equipment used in operations | ' | ' | ' |
Useful lives | '15 years | ' | ' |
Building and improvements | Minimum | ' | ' | ' |
Real Estate Investments | ' | ' | ' |
Useful lives | '8 years | ' | ' |
Property and Equipment used in operations | ' | ' | ' |
Useful lives | '5 years | ' | ' |
Building and improvements | Maximum | ' | ' | ' |
Real Estate Investments | ' | ' | ' |
Useful lives | '41 years | ' | ' |
Property and Equipment used in operations | ' | ' | ' |
Useful lives | '40 years | ' | ' |
Furniture, fixtures, and equipment | Minimum | ' | ' | ' |
Property and Equipment used in operations | ' | ' | ' |
Useful lives | '3 years | ' | ' |
Furniture, fixtures, and equipment | Maximum | ' | ' | ' |
Property and Equipment used in operations | ' | ' | ' |
Useful lives | '31 years | ' | ' |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Details 4) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
property | property | ||||
Summary of Significant Accounting Policies | ' | ' | ' | ' | ' |
Number of properties leased to third parties other than subsidiary of Penn | 3 | ' | 2 | ' | ' |
Period after which rent structure is adjusted under the Master Lease | '5 years | ' | '5 years | ' | ' |
Percentage of the average change to net revenues of all facilities under the Master Lease during the preceding five years used for adjustment in the component of the rent structure | 4.00% | ' | 4.00% | ' | ' |
Period used in calculation of the average change to net revenues | '5 years | ' | '5 years | ' | ' |
Percentage of the change to net revenues of all facilities under the Master Lease during the preceding month used for adjustment in rent structure | 20.00% | ' | 20.00% | ' | ' |
Future minimum rental income from the properties under non-cancelable operating leases | ' | ' | ' | ' | ' |
2014 | ' | ' | $375,602,000 | ' | ' |
2015 | ' | ' | 375,602,000 | ' | ' |
2016 | ' | ' | 375,602,000 | ' | ' |
2017 | ' | ' | 376,101,000 | ' | ' |
2018 | ' | ' | 368,311,000 | ' | ' |
Thereafter | ' | ' | 3,240,760,000 | ' | ' |
Total | ' | ' | 5,111,978,000 | ' | ' |
Revenue Recognition and Promotional Allowances | ' | ' | ' | ' | ' |
Gaming revenue, net of cash incentives | 38,755,000 | 41,080,000 | 159,352,000 | 202,581,000 | 223,302,000 |
Promotional allowances | 1,370,000 | 1,646,000 | 6,137,000 | 7,573,000 | 7,814,000 |
Cost of complimentary services | 719,000 | 782,000 | 2,993,000 | 3,703,000 | 3,607,000 |
Video lottery, net of cash incentives | ' | ' | ' | ' | ' |
Revenue Recognition and Promotional Allowances | ' | ' | ' | ' | ' |
Gaming revenue, net of cash incentives | 33,381,000 | 37,352,000 | 138,803,000 | 189,808,000 | 210,349,000 |
Table game | ' | ' | ' | ' | ' |
Revenue Recognition and Promotional Allowances | ' | ' | ' | ' | ' |
Gaming revenue, net of cash incentives | 4,940,000 | 3,448,000 | 18,096,000 | 11,891,000 | 12,333,000 |
Poker | ' | ' | ' | ' | ' |
Revenue Recognition and Promotional Allowances | ' | ' | ' | ' | ' |
Gaming revenue, net of cash incentives | 434,000 | 280,000 | 2,453,000 | 882,000 | 620,000 |
Food and beverage | ' | ' | ' | ' | ' |
Revenue Recognition and Promotional Allowances | ' | ' | ' | ' | ' |
Promotional allowances | 1,361,000 | 1,517,000 | 5,970,000 | 6,806,000 | 6,971,000 |
Cost of complimentary services | 716,000 | 713,000 | 2,907,000 | 3,319,000 | 3,198,000 |
Other | ' | ' | ' | ' | ' |
Revenue Recognition and Promotional Allowances | ' | ' | ' | ' | ' |
Promotional allowances | 9,000 | 129,000 | 167,000 | 767,000 | 843,000 |
Cost of complimentary services | 3,000 | 69,000 | 86,000 | 384,000 | 409,000 |
Hollywood Casino Columbus and Hollywood Casino Toledo | ' | ' | ' | ' | ' |
Revenue Recognition and Promotional Allowances | ' | ' | ' | ' | ' |
Contingent rental income | ' | ' | $6,700,000 | ' | ' |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Details 5) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
segment | segment | |||||||||||
Gaming and Admission Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gaming expense | $17,300,000 | ' | ' | ' | $18,700,000 | ' | ' | ' | ' | $71,600,000 | $94,900,000 | $105,400,000 |
Determination of shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average common shares outstanding | 111,198,000 | ' | ' | ' | 110,582,000 | ' | ' | ' | ' | 110,617,000 | 110,582,000 | 110,582,000 |
Assumed conversion of dilutive employee stock-based awards (in shares) | 6,282,000 | ' | ' | ' | 4,703,000 | ' | ' | ' | ' | 4,924,000 | 4,703,000 | 4,703,000 |
Assumed conversion of restricted stock (in shares) | 370,000 | ' | ' | ' | 318,000 | ' | ' | ' | ' | 324,000 | 318,000 | 318,000 |
Diluted weighted-average common shares outstanding | 117,850,000 | ' | ' | ' | 115,603,000 | ' | ' | ' | ' | 115,865,000 | 115,603,000 | 115,603,000 |
Calculation of basic EPS: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 44,312,000 | 9,234,000 | 2,681,000 | 4,699,000 | 3,214,000 | 2,106,000 | 4,530,000 | 7,618,000 | 8,665,000 | 19,830,000 | 22,919,000 | 26,684,000 |
Less: Net income allocated to participating securities | -175,000 | ' | ' | ' | -12,000 | ' | ' | ' | ' | -75,000 | -86,000 | -101,000 |
Net income attributable to common shareholders | 44,137,000 | ' | ' | ' | 3,202,000 | ' | ' | ' | ' | 19,755,000 | 22,833,000 | 26,583,000 |
Weighted-average common shares outstanding | 111,198,000 | ' | ' | ' | 110,582,000 | ' | ' | ' | ' | 110,617,000 | 110,582,000 | 110,582,000 |
Basic EPS (in dollars per share) | $0.40 | $0.08 | $0.02 | $0.04 | $0.03 | $0.02 | $0.04 | $0.07 | $0.08 | $0.18 | $0.21 | $0.24 |
Calculation of diluted EPS: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $44,312,000 | $9,234,000 | $2,681,000 | $4,699,000 | $3,214,000 | $2,106,000 | $4,530,000 | $7,618,000 | $8,665,000 | $19,830,000 | $22,919,000 | $26,684,000 |
Diluted weighted-average common shares outstanding | 117,850,000 | ' | ' | ' | 115,603,000 | ' | ' | ' | ' | 115,865,000 | 115,603,000 | 115,603,000 |
Diluted EPS (in dollars per share) | $0.38 | $0.08 | $0.02 | $0.04 | $0.03 | $0.02 | $0.04 | $0.07 | $0.07 | $0.17 | $0.20 | $0.23 |
Anti-dilutive securities, options to purchase common stock outstanding (in shares) | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | 0 |
Stock-Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of awards into which each outstanding option and cash settled SAR converted in connection with the Spin-Off (in shares) | 2 | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Stock option grants awarded (in shares) | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Segment Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | 2 | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Real_Estate_Investments_Detail
Real Estate Investments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | property | property |
Real Estate Investments | ' | ' |
Number of properties | 20 | 19 |
Real estate investments | ' | ' |
Total property and equipment | $2,661,127 | $2,494,791 |
Less accumulated depreciation | -507,474 | -484,488 |
Real estate investments, net | 2,153,653 | 2,010,303 |
Number of properties under development | 2 | 2 |
Penn | ' | ' |
Real estate investments | ' | ' |
Real estate investments, net | ' | 1,960,000 |
Land and improvements | ' | ' |
Real estate investments | ' | ' |
Total property and equipment | 453,141 | 382,581 |
Building and improvements | ' | ' |
Real estate investments | ' | ' |
Total property and equipment | 2,120,663 | 2,050,533 |
Construction in progress | ' | ' |
Real estate investments | ' | ' |
Total property and equipment | $87,323 | $61,677 |
Property_and_Equipment_used_in2
Property and Equipment used in operations (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Property and equipment used in operations | ' | ' | ' |
Total property and equipment | $251,146 | $244,965 | $213,616 |
Less accumulated depreciation | -109,260 | -105,844 | -94,662 |
Property and equipment, net | 141,886 | 139,121 | 118,954 |
Land and improvements | ' | ' | ' |
Property and equipment used in operations | ' | ' | ' |
Total property and equipment | 31,635 | 27,586 | 28,193 |
Building and improvements | ' | ' | ' |
Property and equipment used in operations | ' | ' | ' |
Total property and equipment | 116,267 | 115,888 | 109,248 |
Furniture, fixtures, and equipment | ' | ' | ' |
Property and equipment used in operations | ' | ' | ' |
Total property and equipment | 102,740 | 101,288 | 76,088 |
Construction in progress | ' | ' | ' |
Property and equipment used in operations | ' | ' | ' |
Total property and equipment | $504 | $203 | $87 |
Longterm_Debt_Details
Long-term Debt (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2013 |
Long-term debt | ' | ' | ' |
Long-term debt | $2,500,000,000 | $2,350,000,000 | ' |
$550 million 4.375% senior notes due November 2018 | ' | ' | ' |
Long-term debt | ' | ' | ' |
Long-term debt | 550,000,000 | 550,000,000 | ' |
Face amount of debt | 550,000,000 | 550,000,000 | 550,000,000 |
Debt instrument interest rate stated percentage | 4.38% | 4.38% | ' |
$1,000 million 4.875% senior notes due November 2020 | ' | ' | ' |
Long-term debt | ' | ' | ' |
Long-term debt | 1,000,000,000 | 1,000,000,000 | ' |
Face amount of debt | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
Debt instrument interest rate stated percentage | 4.88% | 4.88% | ' |
$500 million 5.375% senior notes due November 2023 | ' | ' | ' |
Long-term debt | ' | ' | ' |
Long-term debt | 500,000,000 | 500,000,000 | ' |
Face amount of debt | 500,000,000 | 500,000,000 | 500,000,000 |
Debt instrument interest rate stated percentage | 5.38% | 5.38% | ' |
Senior unsecured credit facility | ' | ' | ' |
Long-term debt | ' | ' | ' |
Long-term debt | 450,000,000 | 300,000,000 | ' |
Face amount of debt | $1,000,000,000 | ' | ' |
Longterm_Debt_Details_2
Long-term Debt (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Oct. 28, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Oct. 28, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Oct. 28, 2013 |
Senior notes | Senior notes | Senior notes | Senior notes | 2018 Notes | 2018 Notes | 2018 Notes | 2020 Notes | 2020 Notes | 2020 Notes | 2023 Notes | 2023 Notes | 2023 Notes | Senior unsecured credit facility | Senior unsecured credit facility | Senior unsecured credit facility | Senior unsecured credit facility | Senior unsecured credit facility | Senior unsecured credit facility | Senior unsecured credit facility | Senior unsecured credit facility | Senior unsecured credit facility | Senior unsecured credit facility | Senior unsecured credit facility | Senior unsecured credit facility | Senior unsecured credit facility | Senior unsecured credit facility | Senior unsecured credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Revolving credit facility | Term Loan A facility | Term Loan A facility | Term Loan A facility | |||
item | If redeemed 90 or fewer days prior to maturity | Change of control | GLP Capital | GLP Capital | GLP Capital | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | Base rate | Base rate | Base rate | Base rate | Base rate | Subsequent event | GLP Capital | GLP Capital | GLP Capital | GLP Capital | GLP Capital | GLP Capital | GLP Capital | |||||||||||||||||
Subsequent event | GLP Capital | GLP Capital | GLP Capital | GLP Capital | Subsequent event | GLP Capital | GLP Capital | GLP Capital | GLP Capital | Subsequent event | Minimum | Maximum | ||||||||||||||||||||||||||||
Subsequent event | Minimum | Maximum | Subsequent event | Minimum | Maximum | |||||||||||||||||||||||||||||||||||
Future minimum repayments of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | $1,000,000,000 | $850,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 1,500,000,000 | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt | 2,500,000,000 | 2,350,000,000 | ' | ' | ' | ' | 550,000,000 | 550,000,000 | ' | 1,000,000,000 | 1,000,000,000 | ' | 500,000,000 | 500,000,000 | ' | 450,000,000 | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000,000 | ' | ' | ' | ' | ' | 300,000,000 |
Interest rate, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | 'base rate | 'base rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate added to the base rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 1.75% | 1.50% | 1.00% | 2.00% | 0.50% | 0.75% | 0.50% | 0.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 0.30% | ' | 0.25% | 0.15% | 0.35% | ' | ' | ' |
Gross outstanding balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | 300,000,000 | ' |
Revolving credit facility amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | $2,050,000,000 | ' | ' | ' | $550,000,000 | $550,000,000 | $550,000,000 | $1,000,000,000 | $1,000,000,000 | $1,000,000,000 | $500,000,000 | $500,000,000 | $500,000,000 | $1,000,000,000 | ' | ' | $2,050,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $700,000,000 | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | ' |
Number of series of new notes issued | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of wholly owned subsidiaries issuing debt instrument | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate stated percentage | ' | ' | ' | ' | ' | ' | 4.38% | 4.38% | ' | 4.88% | 4.88% | ' | 5.38% | 5.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount at which the entity may redeem all or part of the notes | ' | ' | ' | 100.00% | 100.00% | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases | ' | ' | ' |
2014 | $1,013,000 | ' | ' |
2015 | 314,000 | ' | ' |
2016 | 302,000 | ' | ' |
2017 | 316,000 | ' | ' |
2018 | 334,000 | ' | ' |
Thereafter | 44,178,000 | ' | ' |
Total | 46,457,000 | ' | ' |
Penn | ' | ' | ' |
Operating Lease Commitments | ' | ' | ' |
Total rental expense under agreements | 400,000 | ' | ' |
Penn's subsidiary | City of Bangor | ' | ' | ' |
Operating Lease Commitments | ' | ' | ' |
Initial term of lease | '15 years | ' | ' |
Minimum rent | 100,000 | ' | ' |
Number of lease renewal options | 3 | ' | ' |
Term of lease renewal options | '10 years | ' | ' |
Penn's subsidiary | Casino in Biloxi, Mississippi | ' | ' | ' |
Operating Lease Commitments | ' | ' | ' |
Initial term of lease | '99 years | ' | ' |
Period after which the annual rental payment will be increased by fifteen percent | '5 years | ' | ' |
Increase in annual rental payment after every 5 years (as a percent) | 15.00% | ' | ' |
Minimum rent | 200,000 | ' | ' |
Penn's subsidiary | Casino in Tunica, Mississippi | ' | ' | ' |
Operating Lease Commitments | ' | ' | ' |
Initial term of lease | '5 years | ' | ' |
Number of lease renewal options | 9 | ' | ' |
Term of lease renewal options | '5 years | ' | ' |
Percentage of gross revenues for determination of annual revenue-sharing provision under the lease agreement | 4.00% | ' | ' |
TRS properties | ' | ' | ' |
Operating Lease Commitments | ' | ' | ' |
Total rental expense under agreements | $1,400,000 | $1,600,000 | $1,600,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
item | |||
facility | |||
Capital Expenditure Commitments | ' | ' | ' |
Capital expenditures under current construction program for 2014 | $137.40 | ' | ' |
Contractual commitment to spend on capital expenditures | 34.5 | ' | ' |
Number of Ohio racetracks scheduled to be opened in the second half of 2014 | 2 | ' | ' |
Maximum amount of real estate financing in the form of a loan or lease | 418.5 | ' | ' |
Number of project which to be provide real estate financing in the form of loan or lease | 2 | ' | ' |
Purchase obligations | ' | ' | ' |
Obligations to purchase various goods and services | 1.4 | ' | ' |
Obligations to be incurred in 2014 | 1.1 | ' | ' |
Profit-sharing plan under the provisions of Section 401(k) | ' | ' | ' |
Employer's discretionary match contribution up to a maximum of 6% of eligible employee compensation (as a percent) | 50.00% | ' | ' |
Maximum percentage of eligible employee compensation eligible for discretionary employer match contribution | 6.00% | ' | ' |
Matching contributions for the profit-sharing plan | 0.2 | 0.2 | 0.2 |
Non-qualified deferred compensation plan | ' | ' | ' |
Vesting period for matching contribution by employer under the plan | '5 years | ' | ' |
Employer's matching contributions for the non-qualified deferred compensation plan | 0.3 | 0.1 | 0.1 |
Deferred compensation liability, which was included in other current liabilities | $12.80 | ' | ' |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details 3) | 12 Months Ended |
Dec. 31, 2013 | |
item | |
Labor Agreements | ' |
Number of employees under Seafarers Entertainment and Allied Trade Union agreement | 128 |
Number of employees | Represented by a single union | ' |
Labor Agreements | ' |
Threshold number of employees under agreement for separate disclosure of unions | 50 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred tax assets: | ' | ' | ' | ' | ' |
Accrued expenses | ' | ' | $2,228 | $2,859 | ' |
Net deferred tax assets | 1,927 | ' | 2,228 | 2,859 | ' |
Deferred tax liabilities: | ' | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | -3,459 | -7,840 | ' |
Intangibles | ' | ' | -823 | -577 | ' |
Net deferred tax liabilities | ' | ' | -4,282 | -8,417 | ' |
Net deferred taxes | ' | ' | -2,054 | -5,558 | ' |
Current tax expense | ' | ' | ' | ' | ' |
Federal | ' | ' | 19,429 | 12,216 | 21,048 |
State | ' | ' | 3,513 | 2,303 | 4,341 |
Total current | ' | ' | 22,942 | 14,519 | 25,389 |
Deferred tax (benefit) expense | ' | ' | ' | ' | ' |
Federal | ' | ' | -7,624 | 64 | -6,780 |
State | ' | ' | 1,978 | -152 | 266 |
Total deferred | -898 | 128 | -5,646 | -88 | -6,514 |
Total provision | 1,594 | 2,316 | 17,296 | 14,431 | 18,875 |
Percent of pretax income | ' | ' | ' | ' | ' |
U.S. federal statutory income tax rate (as a percent) | ' | ' | 35.00% | 35.00% | 35.00% |
State and local income taxes (as a percent) | ' | ' | 10.40% | 3.00% | 6.60% |
Nondeductible transaction costs (as a percent) | ' | ' | 7.50% | 0.00% | 0.00% |
REIT conversion benefit (as a percent) | ' | ' | -5.30% | 0.00% | 0.00% |
Other permanent differences (as a percent) | ' | ' | -0.80% | 0.10% | 0.20% |
Other miscellaneous items (as a percent) | ' | ' | -0.20% | 0.50% | -0.40% |
Actual effective income tax rate (as a percent) | ' | ' | 46.60% | 38.60% | 41.40% |
Amount based upon pretax income | ' | ' | ' | ' | ' |
U.S. federal statutory income tax | ' | ' | 12,994 | 13,073 | 15,945 |
State and local income taxes | ' | ' | 3,840 | 1,126 | 3,016 |
Nondeductible transaction costs | ' | ' | 2,793 | ' | ' |
REIT conversion benefit | ' | ' | -1,959 | ' | ' |
Permanent differences | ' | ' | -268 | 30 | 72 |
Other miscellaneous items | ' | ' | -104 | 202 | -158 |
Total provision | $1,594 | $2,316 | $17,296 | $14,431 | $18,875 |
Dividends_Details
Dividends (Details) (USD $) | 0 Months Ended |
Feb. 18, 2014 | |
Dividends | ' |
Purging Distribution | $1,050,000,000 |
Dividend declared (in dollars per shares) | $0.52 |
Subsequent event | ' |
Dividends | ' |
Purging Distribution | 1,050,000,000 |
Purging Distribution paid in cash | $210,000,000 |
Dividend declared (in dollars per shares) | $0.52 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Stock-based compensation | ' | ' |
Maximum shares of common stock that can be issued (in shares) | ' | 5,147,059 |
Stock option grants awarded (in shares) | 0 | 0 |
Stock options and restricted stock awards | ' | ' |
Stock-based compensation | ' | ' |
Recognized compensation expense | ' | 1,600,000 |
Stock options | ' | ' |
Stock-based compensation | ' | ' |
Total compensation cost related to nonvested awards not yet recognized | 5,800,000 | 6,800,000 |
Period for recognition of unrecognized compensation cost | '1 year 5 months 19 days | '1 year 8 months 5 days |
Recognized compensation expense | 1,400,000 | ' |
Number of Option Shares | ' | ' |
Outstanding at the beginning of the period (in shares) | 10,338,453 | ' |
Options transferred on Spin-Off date (in shares) | ' | 10,396,889 |
Exercised (in shares) | ' | -57,811 |
Canceled (in shares) | ' | -625 |
Outstanding at the end of the period (in shares) | ' | 10,338,453 |
Weighted-Average Exercise Price | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | 24.34 | ' |
Options transferred on Spin-Off date (in dollars per share) | ' | 24.35 |
Exercised (in dollars per share) | ' | 24.75 |
Canceled (in dollars per share) | ' | 20.85 |
Outstanding at the end of the period (in dollars per share) | ' | 24.34 |
Weighted-Average Remaining Contractual Term | ' | ' |
Outstanding at the end of the period | ' | '3 years 1 month 24 days |
Aggregate Intrinsic Value (in thousands) | ' | ' |
Outstanding at the end of the period | ' | 270,222,000 |
Restricted stock awards | ' | ' |
Stock-based compensation | ' | ' |
Total compensation cost related to nonvested awards not yet recognized | 6,400,000 | 4,700,000 |
Period for recognition of unrecognized compensation cost | '3 years 3 months 11 days | '3 years 18 days |
Recognized compensation expense | 600,000 | ' |
PSUs | ' | ' |
Stock-based compensation | ' | ' |
Total compensation cost related to nonvested awards not yet recognized | 8,100,000 | 9,400,000 |
Period for recognition of unrecognized compensation cost | '2 years 4 months 13 days | '2 years 5 months 5 days |
Recognized compensation expense | 400,000 | 1,200,000 |
SARs | ' | ' |
Stock-based compensation | ' | ' |
Total compensation cost related to nonvested awards not yet recognized | 300,000 | 500,000 |
Period for recognition of unrecognized compensation cost | '1 year 7 months 13 days | '1 year 10 months 2 days |
Recognized compensation expense | 21,000 | 200,000 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 2) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 |
Stock-based compensation | ' |
Exercisable options, intrinsic value | $213.80 |
Aggregate intrinsic value of stock options exercised | $1.30 |
$9.32 to $47.40 | ' |
Stock-based compensation | ' |
Exercise price range, lower range limit (in dollars per share) | $9.32 |
Exercise price range, upper range limit (in dollars per share) | $47.40 |
Outstanding options, number (in shares) | 10,338,453 |
Outstanding options, weighted-average remaining contractual life | '3 years 1 month 24 days |
Outstanding options, weighted-average exercise price (in dollars per share) | $24.34 |
Exercisable options, number (in shares) | 7,931,136 |
Exercisable options, weighted-average exercise price (in dollars per share) | $23.53 |
$9.32 to $22.41 | ' |
Stock-based compensation | ' |
Exercise price range, lower range limit (in dollars per share) | $9.32 |
Exercise price range, upper range limit (in dollars per share) | $22.41 |
Outstanding options, number (in shares) | 4,049,443 |
Outstanding options, weighted-average remaining contractual life | '1 year 11 months 8 days |
Outstanding options, weighted-average exercise price (in dollars per share) | $19.54 |
Exercisable options, number (in shares) | 3,621,045 |
Exercisable options, weighted-average exercise price (in dollars per share) | $19.38 |
$22.90 to $29.10 | ' |
Stock-based compensation | ' |
Exercise price range, lower range limit (in dollars per share) | $22.90 |
Exercise price range, upper range limit (in dollars per share) | $29.10 |
Outstanding options, number (in shares) | 3,555,573 |
Outstanding options, weighted-average remaining contractual life | '3 years 8 months 8 days |
Outstanding options, weighted-average exercise price (in dollars per share) | $25.16 |
Exercisable options, number (in shares) | 2,805,381 |
Exercisable options, weighted-average exercise price (in dollars per share) | $24.68 |
$29.19 to $47.40 | ' |
Stock-based compensation | ' |
Exercise price range, lower range limit (in dollars per share) | $29.19 |
Exercise price range, upper range limit (in dollars per share) | $47.40 |
Outstanding options, number (in shares) | 2,733,437 |
Outstanding options, weighted-average remaining contractual life | '4 years 1 month 28 days |
Outstanding options, weighted-average exercise price (in dollars per share) | $30.41 |
Exercisable options, number (in shares) | 1,504,710 |
Exercisable options, weighted-average exercise price (in dollars per share) | $31.36 |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 3) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Restricted stock awards | ' | ' |
Restricted shares issued and outstanding | ' | ' |
Outstanding at the beginning of the period (in shares) | 419,067 | ' |
Amounts transferred in connection with Spin-Off (in shares) | ' | 419,067 |
Outstanding at the end of the period (in shares) | 441,619 | 419,067 |
Total compensation cost related to nonvested awards not yet recognized | $6,400,000 | $4,700,000 |
Period for recognition of unrecognized compensation cost | '3 years 3 months 11 days | '3 years 18 days |
Recognized compensation expense | 600,000 | ' |
PSUs | ' | ' |
Restricted shares issued and outstanding | ' | ' |
Total compensation cost related to nonvested awards not yet recognized | 8,100,000 | 9,400,000 |
Period for recognition of unrecognized compensation cost | '2 years 4 months 13 days | '2 years 5 months 5 days |
Recognized compensation expense | 400,000 | 1,200,000 |
SARs | ' | ' |
Restricted shares issued and outstanding | ' | ' |
Total compensation cost related to nonvested awards not yet recognized | 300,000 | 500,000 |
Period for recognition of unrecognized compensation cost | '1 year 7 months 13 days | '1 year 10 months 2 days |
Recognized compensation expense | 21,000 | 200,000 |
Stock options | ' | ' |
Restricted shares issued and outstanding | ' | ' |
Total compensation cost related to nonvested awards not yet recognized | 5,800,000 | 6,800,000 |
Period for recognition of unrecognized compensation cost | '1 year 5 months 19 days | '1 year 8 months 5 days |
Recognized compensation expense | $1,400,000 | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | $158,328,000 | $113,776,000 | $39,633,000 | $46,072,000 | $42,649,000 | $37,659,000 | $45,823,000 | $60,252,000 | $66,909,000 | $242,129,000 | $210,643,000 | $231,884,000 |
Income from operations | 74,334,000 | 39,016,000 | 5,665,000 | 9,090,000 | 6,810,000 | 4,534,000 | 8,155,000 | 14,472,000 | 16,507,000 | 60,582,000 | 43,668,000 | 52,513,000 |
Interest expense | 28,974,000 | ' | ' | ' | ' | ' | ' | ' | ' | 19,254,000 | ' | ' |
Income from operations before income taxes | 45,906,000 | ' | ' | ' | 5,530,000 | ' | ' | ' | ' | 37,126,000 | 37,350,000 | 45,559,000 |
Income tax provision | 1,594,000 | ' | ' | ' | 2,316,000 | ' | ' | ' | ' | 17,296,000 | 14,431,000 | 18,875,000 |
Net income | 44,312,000 | 9,234,000 | 2,681,000 | 4,699,000 | 3,214,000 | 2,106,000 | 4,530,000 | 7,618,000 | 8,665,000 | 19,830,000 | 22,919,000 | 26,684,000 |
Depreciation | 26,522,000 | ' | ' | ' | 3,588,000 | ' | ' | ' | ' | 28,923,000 | 14,090,000 | 14,568,000 |
Capital expenditures | 24,002,000 | ' | ' | ' | 78,000 | ' | ' | ' | ' | 16,428,000 | 5,190,000 | 8,288,000 |
Assets | 2,561,886,000 | 2,609,239,000 | ' | ' | ' | 267,075,000 | ' | ' | ' | 2,609,239,000 | 267,075,000 | ' |
GLP Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | 118,112,000 | ' | ' | ' | ' | ' | ' | ' | ' | 76,557,000 | ' | ' |
Income from operations | 67,871,000 | ' | ' | ' | ' | ' | ' | ' | ' | 34,333,000 | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,254,000 | ' | ' |
Income from operations before income taxes | 42,044,000 | ' | ' | ' | ' | ' | ' | ' | ' | 15,079,000 | ' | ' |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,467,000 | ' | ' |
Net income | 42,044,000 | ' | ' | ' | ' | ' | ' | ' | ' | 6,612,000 | ' | ' |
Depreciation | 23,441,000 | ' | ' | ' | ' | ' | ' | ' | ' | 14,896,000 | ' | ' |
Capital expenditures | 24,002,000 | ' | ' | ' | ' | ' | ' | ' | ' | 13,042,000 | ' | ' |
Assets | 2,324,839,000 | 2,379,243,000 | ' | ' | ' | ' | ' | ' | ' | 2,379,243,000 | ' | ' |
Transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,500,000 | ' | ' |
TRS properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | 40,216,000 | ' | ' | ' | 42,649,000 | ' | ' | ' | ' | 165,572,000 | 210,643,000 | 231,884,000 |
Income from operations | 6,463,000 | ' | ' | ' | 6,810,000 | ' | ' | ' | ' | 26,249,000 | 43,668,000 | 52,513,000 |
Income from operations before income taxes | 3,862,000 | ' | ' | ' | 5,530,000 | ' | ' | ' | ' | 22,047,000 | 37,350,000 | 45,559,000 |
Income tax provision | 1,594,000 | ' | ' | ' | 2,316,000 | ' | ' | ' | ' | 8,829,000 | 14,431,000 | 18,875,000 |
Net income | 2,268,000 | ' | ' | ' | 3,214,000 | ' | ' | ' | ' | 13,218,000 | 22,919,000 | 26,684,000 |
Depreciation | 3,081,000 | ' | ' | ' | 3,588,000 | ' | ' | ' | ' | 14,027,000 | 14,090,000 | 14,568,000 |
Capital expenditures | ' | ' | ' | ' | 78,000 | ' | ' | ' | ' | 3,386,000 | 5,190,000 | 8,288,000 |
Assets | $237,047,000 | $229,996,000 | ' | ' | ' | $267,075,000 | ' | ' | ' | $229,996,000 | $267,075,000 | ' |
Summarized_Quarterly_Data_Unau2
Summarized Quarterly Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 31, 2014 | Oct. 28, 2013 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Senior unsecured credit facility | Senior unsecured credit facility | GLP Capital | GLP Capital | Spin-Off | Master Lease | |||||||||||||
Senior unsecured credit facility | Senior unsecured credit facility | |||||||||||||||||
Summarized Quarterly Data (Unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | $158,328,000 | $113,776,000 | $39,633,000 | $46,072,000 | $42,649,000 | $37,659,000 | $45,823,000 | $60,252,000 | $66,909,000 | $242,129,000 | $210,643,000 | $231,884,000 | ' | ' | ' | ' | ' | ' |
Income from operations | 74,334,000 | 39,016,000 | 5,665,000 | 9,090,000 | 6,810,000 | 4,534,000 | 8,155,000 | 14,472,000 | 16,507,000 | 60,582,000 | 43,668,000 | 52,513,000 | ' | ' | ' | ' | ' | ' |
Net income | 44,312,000 | 9,234,000 | 2,681,000 | 4,699,000 | 3,214,000 | 2,106,000 | 4,530,000 | 7,618,000 | 8,665,000 | 19,830,000 | 22,919,000 | 26,684,000 | ' | ' | ' | ' | ' | ' |
Earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per common share (in dollars per share) | $0.40 | $0.08 | $0.02 | $0.04 | $0.03 | $0.02 | $0.04 | $0.07 | $0.08 | $0.18 | $0.21 | $0.24 | ' | ' | ' | ' | ' | ' |
Diluted earnings per common share (in dollars per share) | $0.38 | $0.08 | $0.02 | $0.04 | $0.03 | $0.02 | $0.04 | $0.07 | $0.07 | $0.17 | $0.20 | $0.23 | ' | ' | ' | ' | ' | ' |
Summarized Quarterly Data (Unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental revenue | 118,112,000 | ' | ' | ' | ' | ' | ' | ' | ' | 76,557,000 | ' | ' | ' | ' | ' | ' | ' | 76,600,000 |
Transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,500,000 | ' |
Depreciation expense | 26,522,000 | ' | ' | ' | 3,588,000 | ' | ' | ' | ' | 28,923,000 | 14,090,000 | 14,568,000 | ' | ' | ' | ' | 14,800,000 | ' |
Debt instrument term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '5 years | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | 2,050,000,000 | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19,300,000 | ' | ' | ' | ' | ' |
PreSpin_Transactions_with_Penn1
Pre-Spin Transactions with Penn (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pre-Spin Transactions with Penn | ' | ' | ' | ' | ' |
Cumulative net advances | ' | ' | ' | $43,318,000 | ' |
Penn | Hollywood Casino Baton Rouge and Hollywood Casino Perryville | ' | ' | ' | ' | ' |
Pre-Spin Transactions with Penn | ' | ' | ' | ' | ' |
Management fee as a percentage of net revenues | 3.00% | ' | 3.00% | ' | ' |
Management fees incurred and paid | ' | 1,300,000 | 4,200,000 | 6,300,000 | 7,000,000 |
Cumulative net advances | ' | ' | ' | $43,300,000 | ' |
Supplemental_Disclosures_of_Ca1
Supplemental Disclosures of Cash Flow Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Disclosures of cash flow information | ' | ' | ' | ' | ' |
Interest paid | $2.10 | $0 | $0.80 | $0 | $0 |
Federal | ' | ' | ' | ' | ' |
Supplemental Disclosures of cash flow information | ' | ' | ' | ' | ' |
Income taxes paid | 10.1 | ' | ' | ' | ' |
State taxing authorities | ' | ' | ' | ' | ' |
Supplemental Disclosures of cash flow information | ' | ' | ' | ' | ' |
Income taxes paid | 1.4 | ' | ' | ' | ' |
Hollywood Casino Baton Rouge and Hollywood Casino Perryville | Federal | ' | ' | ' | ' | ' |
Supplemental Disclosures of cash flow information | ' | ' | ' | ' | ' |
Income taxes paid | 1.4 | ' | 0 | ' | ' |
Hollywood Casino Baton Rouge and Hollywood Casino Perryville | Penn | Federal | ' | ' | ' | ' | ' |
Supplemental Disclosures of cash flow information | ' | ' | ' | ' | ' |
Income taxes paid | ' | 1.8 | 9.4 | 13.2 | 15.1 |
Hollywood Casino Baton Rouge and Hollywood Casino Perryville | Penn | State taxing authorities | ' | ' | ' | ' | ' |
Supplemental Disclosures of cash flow information | ' | ' | ' | ' | ' |
Income taxes paid | $0.90 | $0 | $1.60 | $2.80 | $3.30 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | |||
Feb. 18, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Feb. 18, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | |
Casino Queen | Casino Queen | Real estate assets associated with the Casino Queen in East St. Louis, Illinois | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | Subsequent event | |||
item | Senior unsecured credit facility | Senior unsecured credit facility | Revolving credit facility | Casino Queen | Real estate assets associated with the Casino Queen in East St. Louis, Illinois | ||||||
LIBOR | Base rate | item | |||||||||
Subsequent events | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount paid for acquisition | ' | $140,730,000 | ' | ' | $140,700,000 | ' | ' | ' | ' | ' | $140,000,000 |
Payments for term loan | ' | ' | 43,000,000 | ' | ' | ' | ' | ' | ' | 43,000,000 | ' |
Term of term loan | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | '5 years | ' |
interest rate on term loan (as a percent) | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | 7.00% | ' |
Rent per year of property leased back on a triple net basis | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | 14,000,000 | ' |
Initial lease term | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | '15 years | ' |
Number of lease renewal options | ' | ' | ' | 4 | ' | ' | ' | ' | ' | 4 | ' |
Term of lease renewal options | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | '5 years | ' |
Purging Distribution | 1,050,000,000 | ' | ' | ' | ' | 1,050,000,000 | ' | ' | ' | ' | ' |
Total cash limitation on purging distribution in cash | $210,000,000 | ' | ' | ' | ' | $210,000,000 | ' | ' | ' | ' | ' |
Common stock outstanding (in shares) | 88,691,827 | ' | ' | ' | ' | 88,691,827 | ' | ' | ' | ' | ' |
Percentage of stockholders who elected the cash distribution | 54.30% | ' | ' | ' | ' | 54.30% | ' | ' | ' | ' | ' |
Percentage of stockholders who elected a stock distribution or made no election | 45.70% | ' | ' | ' | ' | 45.70% | ' | ' | ' | ' | ' |
Cash dividend distributed per common share held by shareholders who elected cash distribution (in dollars per share) | $4.36 | ' | ' | ' | ' | $4.36 | ' | ' | ' | ' | ' |
Stock dividend distributed per common share held by shareholders who elected cash distribution | 0.195747 | ' | ' | ' | ' | 0.195747 | ' | ' | ' | ' | ' |
Stock dividend distributed per common share held by shareholders who elected stock distribution | 0.309784 | ' | ' | ' | ' | 0.309784 | ' | ' | ' | ' | ' |
Period of trading days taken for calculation of volume weighted average price | '3 days | ' | ' | ' | ' | '3 days | ' | ' | ' | ' | ' |
Volume weighted average price (in dollars per share) | $38.22 | ' | ' | ' | ' | $38.22 | ' | ' | ' | ' | ' |
Shares issued in connection with dividend payment | 22,000,000 | ' | ' | ' | ' | 22,000,000 | ' | ' | ' | ' | ' |
Quarterly dividend declared (in dollars per share) | $0.52 | ' | ' | ' | ' | $0.52 | ' | ' | ' | ' | ' |
Interest rate, description | ' | ' | ' | ' | ' | ' | 'LIBOR | 'base rate | ' | ' | ' |
Interest rate added to the base rate (as a percent) | ' | ' | ' | ' | ' | ' | 1.50% | 0.50% | ' | ' | ' |
Commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' |
Supplementary_Condensed_Consol2
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' |
Condensed Consolidating Balance Sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate investments, net | $2,153,653 | $2,010,303 | ' | ' | ' | ' | ' | ' | ' | $2,010,303 | ' | ' | ' |
Other | 408,233 | 598,936 | ' | ' | ' | ' | ' | ' | ' | 598,936 | ' | ' | ' |
Total assets | 2,561,886 | 2,609,239 | ' | ' | ' | 267,075 | ' | ' | ' | 2,609,239 | 267,075 | ' | ' |
Other liabilities | 129,914 | 116,810 | ' | ' | ' | 30,745 | ' | ' | ' | 116,810 | 30,745 | ' | ' |
Long-term debt | 2,500,000 | 2,350,000 | ' | ' | ' | ' | ' | ' | ' | 2,350,000 | ' | ' | ' |
Total shareholders' (deficit) equity | -68,028 | 142,429 | ' | ' | ' | 236,330 | ' | ' | ' | 142,429 | 236,330 | 219,911 | 215,388 |
Total liabilities and shareholders' (deficit) equity | 2,561,886 | 2,609,239 | ' | ' | ' | 267,075 | ' | ' | ' | 2,609,239 | 267,075 | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | 158,328 | 113,776 | 39,633 | 46,072 | 42,649 | 37,659 | 45,823 | 60,252 | 66,909 | 242,129 | 210,643 | 231,884 | ' |
Operating expenses | 83,994 | ' | ' | ' | 35,839 | ' | ' | ' | ' | 181,547 | 166,975 | 179,371 | ' |
Income from operations | 74,334 | 39,016 | 5,665 | 9,090 | 6,810 | 4,534 | 8,155 | 14,472 | 16,507 | 60,582 | 43,668 | 52,513 | ' |
Other Income (expenses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income (expenses) | -28,428 | ' | ' | ' | ' | ' | ' | ' | ' | -23,456 | ' | ' | ' |
Total other expenses | -28,428 | ' | ' | ' | -1,280 | ' | ' | ' | ' | -23,456 | -6,318 | -6,954 | ' |
Income from operations before income taxes | 45,906 | ' | ' | ' | 5,530 | ' | ' | ' | ' | 37,126 | 37,350 | 45,559 | ' |
Taxes on income | 1,594 | ' | ' | ' | 2,316 | ' | ' | ' | ' | 17,296 | 14,431 | 18,875 | ' |
Net income | 44,312 | 9,234 | 2,681 | 4,699 | 3,214 | 2,106 | 4,530 | 7,618 | 8,665 | 19,830 | 22,919 | 26,684 | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | 79,727 | ' | ' | ' | -3,759 | ' | ' | ' | ' | 80,632 | 26,744 | 56,840 | ' |
Net cash used in investing activities | -209,959 | ' | ' | ' | -895 | ' | ' | ' | ' | -16,275 | -4,810 | -8,171 | ' |
Net cash (used in) provided by financing activities | -106,711 | ' | ' | ' | 7,280 | ' | ' | ' | ' | 206,302 | -24,518 | -50,436 | ' |
Net increase in cash and cash equivalents | -236,943 | ' | ' | ' | 2,626 | ' | ' | ' | ' | 270,659 | -2,584 | -1,767 | ' |
Cash and cash equivalents at beginning of year | 285,221 | ' | ' | 17,188 | 14,562 | ' | ' | ' | 17,146 | 14,562 | 17,146 | 18,913 | ' |
Cash and cash equivalents at end of year | 48,278 | 285,221 | ' | ' | 17,188 | 14,562 | ' | ' | ' | 285,221 | 14,562 | 17,146 | ' |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Balance Sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany transactions and investment in subsidiaries | -434,098 | -621,287 | ' | ' | ' | ' | ' | ' | ' | -621,287 | ' | ' | ' |
Other | ' | 343 | ' | ' | ' | ' | ' | ' | ' | 343 | ' | ' | ' |
Total assets | -434,098 | -620,944 | ' | ' | ' | ' | ' | ' | ' | -620,944 | ' | ' | ' |
Other liabilities | ' | 343 | ' | ' | ' | ' | ' | ' | ' | 343 | ' | ' | ' |
Total shareholders' (deficit) equity | -240,501 | -621,287 | ' | ' | ' | ' | ' | ' | ' | -621,287 | ' | ' | ' |
Total liabilities and shareholders' (deficit) equity | -434,096 | -620,944 | ' | ' | ' | ' | ' | ' | ' | -620,944 | ' | ' | ' |
Other Income (expenses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany dividends and interest | -561,002 | ' | ' | ' | ' | ' | ' | ' | ' | -137,910 | ' | ' | ' |
Total other expenses | -561,002 | ' | ' | ' | ' | ' | ' | ' | ' | -137,910 | ' | ' | ' |
Income from operations before income taxes | -561,002 | ' | ' | ' | ' | ' | ' | ' | ' | -137,910 | ' | ' | ' |
Net income | -561,002 | ' | ' | ' | ' | ' | ' | ' | ' | -137,910 | ' | ' | ' |
Parent Guarantor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Balance Sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany transactions and investment in subsidiaries | -82,258 | 104,391 | ' | ' | ' | ' | ' | ' | ' | 104,391 | ' | ' | ' |
Other | 42,395 | 83,083 | ' | ' | ' | ' | ' | ' | ' | 83,083 | ' | ' | ' |
Total assets | -39,863 | 187,474 | ' | ' | ' | ' | ' | ' | ' | 187,474 | ' | ' | ' |
Other liabilities | 28,165 | 45,045 | ' | ' | ' | ' | ' | ' | ' | 45,045 | ' | ' | ' |
Total shareholders' (deficit) equity | -68,028 | 142,429 | ' | ' | ' | ' | ' | ' | ' | 142,429 | ' | ' | ' |
Total liabilities and shareholders' (deficit) equity | -39,863 | 187,474 | ' | ' | ' | ' | ' | ' | ' | 187,474 | ' | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses | 14,522 | ' | ' | ' | ' | ' | ' | ' | ' | 19,800 | ' | ' | ' |
Income from operations | -14,522 | ' | ' | ' | ' | ' | ' | ' | ' | -19,800 | ' | ' | ' |
Other Income (expenses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany dividends and interest | 275,011 | ' | ' | ' | ' | ' | ' | ' | ' | 68,955 | ' | ' | ' |
Total other expenses | 275,011 | ' | ' | ' | ' | ' | ' | ' | ' | 68,955 | ' | ' | ' |
Income from operations before income taxes | 260,489 | ' | ' | ' | ' | ' | ' | ' | ' | 49,155 | ' | ' | ' |
Taxes on income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 643 | ' | ' | ' |
Net income | 260,489 | ' | ' | ' | ' | ' | ' | ' | ' | 48,512 | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | 217,250 | ' | ' | ' | ' | ' | ' | ' | ' | 68,082 | ' | ' | ' |
Net cash used in investing activities | -1,532 | ' | ' | ' | ' | ' | ' | ' | ' | -5,562 | ' | ' | ' |
Net cash (used in) provided by financing activities | -256,719 | ' | ' | ' | ' | ' | ' | ' | ' | -19,719 | ' | ' | ' |
Net increase in cash and cash equivalents | -41,001 | ' | ' | ' | ' | ' | ' | ' | ' | 42,801 | ' | ' | ' |
Cash and cash equivalents at beginning of year | 42,801 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents at end of year | 1,800 | 42,801 | ' | ' | ' | ' | ' | ' | ' | 42,801 | ' | ' | ' |
Subsidiary Issuers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Balance Sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate investments, net | 2,013,643 | 2,010,303 | ' | ' | ' | ' | ' | ' | ' | 2,010,303 | ' | ' | ' |
Intercompany transactions and investment in subsidiaries | 393,503 | 208,739 | ' | ' | ' | ' | ' | ' | ' | 208,739 | ' | ' | ' |
Other | 85,340 | 285,514 | ' | ' | ' | ' | ' | ' | ' | 285,514 | ' | ' | ' |
Total assets | 2,492,486 | 2,504,556 | ' | ' | ' | ' | ' | ' | ' | 2,504,556 | ' | ' | ' |
Other liabilities | 74,940 | 47,906 | ' | ' | ' | ' | ' | ' | ' | 47,906 | ' | ' | ' |
Long-term debt | 2,500,000 | 2,350,000 | ' | ' | ' | ' | ' | ' | ' | 2,350,000 | ' | ' | ' |
Total shareholders' (deficit) equity | -82,454 | 106,650 | ' | ' | ' | ' | ' | ' | ' | 106,650 | ' | ' | ' |
Total liabilities and shareholders' (deficit) equity | 2,492,486 | 2,504,556 | ' | ' | ' | ' | ' | ' | ' | 2,504,556 | ' | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | 115,072 | ' | ' | ' | ' | ' | ' | ' | ' | 76,557 | ' | ' | ' |
Operating expenses | 34,630 | ' | ' | ' | ' | ' | ' | ' | ' | 22,424 | ' | ' | ' |
Income from operations | 80,442 | ' | ' | ' | ' | ' | ' | ' | ' | 54,133 | ' | ' | ' |
Other Income (expenses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany dividends and interest | 6,384 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income (expenses) | -26,373 | ' | ' | ' | ' | ' | ' | ' | ' | -19,254 | ' | ' | ' |
Total other expenses | -19,989 | ' | ' | ' | ' | ' | ' | ' | ' | -19,254 | ' | ' | ' |
Income from operations before income taxes | 60,453 | ' | ' | ' | ' | ' | ' | ' | ' | 34,879 | ' | ' | ' |
Taxes on income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,824 | ' | ' | ' |
Net income | 60,453 | ' | ' | ' | ' | ' | ' | ' | ' | 27,055 | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | -329,090 | ' | ' | ' | ' | ' | ' | ' | ' | -81,887 | ' | ' | ' |
Net cash used in investing activities | -25,826 | ' | ' | ' | ' | ' | ' | ' | ' | -7,480 | ' | ' | ' |
Net cash (used in) provided by financing activities | 150,008 | ' | ' | ' | ' | ' | ' | ' | ' | 310,463 | ' | ' | ' |
Net increase in cash and cash equivalents | -204,908 | ' | ' | ' | ' | ' | ' | ' | ' | 221,096 | ' | ' | ' |
Cash and cash equivalents at beginning of year | 221,096 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents at end of year | 16,188 | 221,096 | ' | ' | ' | ' | ' | ' | ' | 221,096 | ' | ' | ' |
Other Subsidiary Non-Issuers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Balance Sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate investments, net | 140,010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany transactions and investment in subsidiaries | 122,853 | 308,157 | ' | ' | ' | ' | ' | ' | ' | 308,157 | ' | ' | ' |
Other | 280,498 | 229,996 | ' | ' | ' | ' | ' | ' | ' | 229,996 | ' | ' | ' |
Total assets | 543,361 | 538,153 | ' | ' | ' | 267,075 | ' | ' | ' | 538,153 | 267,075 | ' | ' |
Other liabilities | 26,809 | 23,516 | ' | ' | ' | 30,745 | ' | ' | ' | 23,516 | 30,745 | ' | ' |
Total shareholders' (deficit) equity | 322,955 | 514,637 | ' | ' | ' | 236,330 | ' | ' | ' | 514,637 | 236,330 | ' | ' |
Total liabilities and shareholders' (deficit) equity | 543,359 | 538,153 | ' | ' | ' | 267,075 | ' | ' | ' | 538,153 | 267,075 | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | 43,256 | ' | ' | ' | 42,649 | ' | ' | ' | ' | 165,572 | 210,643 | 231,884 | ' |
Operating expenses | 34,842 | ' | ' | ' | 35,839 | ' | ' | ' | ' | 139,323 | 166,975 | 179,371 | ' |
Income from operations | 8,414 | ' | ' | ' | 6,810 | ' | ' | ' | ' | 26,249 | 43,668 | 52,513 | ' |
Other Income (expenses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany dividends and interest | 279,607 | ' | ' | ' | ' | ' | ' | ' | ' | 68,955 | ' | ' | ' |
Other income (expenses) | -2,055 | ' | ' | ' | ' | ' | ' | ' | ' | -4,202 | ' | ' | ' |
Total other expenses | 277,552 | ' | ' | ' | -1,280 | ' | ' | ' | ' | 64,753 | -6,318 | -6,954 | ' |
Income from operations before income taxes | 285,966 | ' | ' | ' | 5,530 | ' | ' | ' | ' | 91,002 | 37,350 | 45,559 | ' |
Taxes on income | 1,594 | ' | ' | ' | 2,316 | ' | ' | ' | ' | 8,829 | 14,431 | 18,875 | ' |
Net income | 284,372 | ' | ' | ' | 3,214 | ' | ' | ' | ' | 82,173 | 22,919 | 26,684 | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | 191,567 | ' | ' | ' | -3,759 | ' | ' | ' | ' | 94,437 | 26,744 | 56,840 | ' |
Net cash used in investing activities | -182,601 | ' | ' | ' | -895 | ' | ' | ' | ' | -3,233 | -4,810 | -8,171 | ' |
Net cash (used in) provided by financing activities | ' | ' | ' | ' | 7,280 | ' | ' | ' | ' | -84,442 | -24,518 | -50,436 | ' |
Net increase in cash and cash equivalents | 8,966 | ' | ' | ' | 2,626 | ' | ' | ' | ' | 6,762 | -2,584 | -1,767 | ' |
Cash and cash equivalents at beginning of year | 21,324 | ' | ' | ' | 14,562 | ' | ' | ' | 17,146 | 14,562 | 17,146 | 18,913 | ' |
Cash and cash equivalents at end of year | $30,290 | $21,324 | ' | ' | $17,188 | $14,562 | ' | ' | ' | $21,324 | $14,562 | $17,146 | ' |
Schedule_III_REAL_ESTATE_ASSET1
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Initial Cost to Company | ' |
Land | 382,555,000 |
Building/Improvements | 2,050,497,000 |
Total | 2,433,052,000 |
Cost Capitalized Subsequent to Acquisition | 62,000 |
Gross Amount at which Carried at Close of Period | ' |
Land | 382,581,000 |
Building/Improvements | 2,050,533,000 |
Total | 2,433,114,000 |
Accumulated Depreciation | 484,488,000 |
Total cost of the properties for federal income tax purposes | 2,440,000,000 |
Minimum | ' |
Gross Amount at which Carried at Close of Period | ' |
Life on which Depreciation in Latest Income Statement is Computed | '1 year |
Maximum | ' |
Gross Amount at which Carried at Close of Period | ' |
Life on which Depreciation in Latest Income Statement is Computed | '41 years |
Hollywood Casino Lawrenceburg, IN | ' |
Real estate assets and accumulated depreciation | ' |
Ownership Percentage | 100.00% |
Initial Cost to Company | ' |
Land | 15,251,000 |
Building/Improvements | 342,393,000 |
Total | 357,644,000 |
Gross Amount at which Carried at Close of Period | ' |
Land | 15,251,000 |
Building/Improvements | 342,393,000 |
Total | 357,644,000 |
Accumulated Depreciation | 71,978,000 |
Life on which Depreciation in Latest Income Statement is Computed | '31 years |
Hollywood Casino Aurora, IL | ' |
Real estate assets and accumulated depreciation | ' |
Ownership Percentage | 100.00% |
Initial Cost to Company | ' |
Land | 4,937,000 |
Building/Improvements | 98,379,000 |
Total | 103,316,000 |
Gross Amount at which Carried at Close of Period | ' |
Land | 4,937,000 |
Building/Improvements | 98,379,000 |
Total | 103,316,000 |
Accumulated Depreciation | 44,796,000 |
Life on which Depreciation in Latest Income Statement is Computed | '30 years |
Hollywood Casino Joliet, IL | ' |
Real estate assets and accumulated depreciation | ' |
Ownership Percentage | 100.00% |
Initial Cost to Company | ' |
Land | 19,214,000 |
Building/Improvements | 101,104,000 |
Total | 120,318,000 |
Gross Amount at which Carried at Close of Period | ' |
Land | 19,214,000 |
Building/Improvements | 101,104,000 |
Total | 120,318,000 |
Accumulated Depreciation | 33,380,000 |
Life on which Depreciation in Latest Income Statement is Computed | '31 years |
Argosy Casino Alton, IL | ' |
Real estate assets and accumulated depreciation | ' |
Ownership Percentage | 100.00% |
Initial Cost to Company | ' |
Building/Improvements | 6,462,000 |
Total | 6,462,000 |
Gross Amount at which Carried at Close of Period | ' |
Building/Improvements | 6,462,000 |
Total | 6,462,000 |
Accumulated Depreciation | 3,411,000 |
Life on which Depreciation in Latest Income Statement is Computed | '31 years |
Hollywood Casino Toledo, IL | ' |
Real estate assets and accumulated depreciation | ' |
Ownership Percentage | 100.00% |
Initial Cost to Company | ' |
Land | 12,003,000 |
Building/Improvements | 144,094,000 |
Total | 156,097,000 |
Gross Amount at which Carried at Close of Period | ' |
Land | 12,003,000 |
Building/Improvements | 144,094,000 |
Total | 156,097,000 |
Accumulated Depreciation | 8,440,000 |
Life on which Depreciation in Latest Income Statement is Computed | '31 years |
Hollywood Casino Columbus, OH | ' |
Real estate assets and accumulated depreciation | ' |
Ownership Percentage | 100.00% |
Initial Cost to Company | ' |
Land | 38,240,000 |
Building/Improvements | 188,543,000 |
Total | 226,783,000 |
Cost Capitalized Subsequent to Acquisition | 62,000 |
Gross Amount at which Carried at Close of Period | ' |
Land | 38,266,000 |
Building/Improvements | 188,579,000 |
Total | 226,845,000 |
Accumulated Depreciation | 8,629,000 |
Life on which Depreciation in Latest Income Statement is Computed | '31 years |
Hollywood Casino at Charles Town Races, WV | ' |
Real estate assets and accumulated depreciation | ' |
Ownership Percentage | 100.00% |
Initial Cost to Company | ' |
Land | 35,102,000 |
Building/Improvements | 233,069,000 |
Total | 268,171,000 |
Gross Amount at which Carried at Close of Period | ' |
Land | 35,102,000 |
Building/Improvements | 233,069,000 |
Total | 268,171,000 |
Accumulated Depreciation | 84,897,000 |
Life on which Depreciation in Latest Income Statement is Computed | '31 years |
Hollywood Casino at Penn National Race Course, PA | ' |
Real estate assets and accumulated depreciation | ' |
Ownership Percentage | 100.00% |
Initial Cost to Company | ' |
Land | 25,500,000 |
Building/Improvements | 161,810,000 |
Total | 187,310,000 |
Gross Amount at which Carried at Close of Period | ' |
Land | 25,500,000 |
Building/Improvements | 161,810,000 |
Total | 187,310,000 |
Accumulated Depreciation | 41,299,000 |
Life on which Depreciation in Latest Income Statement is Computed | '31 years |
M Resort, NV | ' |
Real estate assets and accumulated depreciation | ' |
Ownership Percentage | 100.00% |
Initial Cost to Company | ' |
Land | 66,104,000 |
Building/Improvements | 126,689,000 |
Total | 192,793,000 |
Gross Amount at which Carried at Close of Period | ' |
Land | 66,104,000 |
Building/Improvements | 126,689,000 |
Total | 192,793,000 |
Accumulated Depreciation | 11,709,000 |
Life on which Depreciation in Latest Income Statement is Computed | '30 years |
Hollywood Casino Bangor, ME | ' |
Real estate assets and accumulated depreciation | ' |
Ownership Percentage | 100.00% |
Initial Cost to Company | ' |
Land | 12,883,000 |
Building/Improvements | 84,257,000 |
Total | 97,140,000 |
Gross Amount at which Carried at Close of Period | ' |
Land | 12,883,000 |
Building/Improvements | 84,257,000 |
Total | 97,140,000 |
Accumulated Depreciation | 16,621,000 |
Life on which Depreciation in Latest Income Statement is Computed | '31 years |
Zia Park Casino, NM | ' |
Real estate assets and accumulated depreciation | ' |
Ownership Percentage | 100.00% |
Initial Cost to Company | ' |
Land | 9,313,000 |
Building/Improvements | 38,947,000 |
Total | 48,260,000 |
Gross Amount at which Carried at Close of Period | ' |
Land | 9,313,000 |
Building/Improvements | 38,947,000 |
Total | 48,260,000 |
Accumulated Depreciation | 11,145,000 |
Life on which Depreciation in Latest Income Statement is Computed | '31 years |
Hollywood Casino Bay St. Louis, MS | ' |
Real estate assets and accumulated depreciation | ' |
Ownership Percentage | 100.00% |
Initial Cost to Company | ' |
Land | 59,388,000 |
Building/Improvements | 87,352,000 |
Total | 146,740,000 |
Gross Amount at which Carried at Close of Period | ' |
Land | 59,388,000 |
Building/Improvements | 87,352,000 |
Total | 146,740,000 |
Accumulated Depreciation | 32,897,000 |
Life on which Depreciation in Latest Income Statement is Computed | '40 years |
Argosy Casino Riverside, MO | ' |
Real estate assets and accumulated depreciation | ' |
Ownership Percentage | 100.00% |
Initial Cost to Company | ' |
Land | 23,468,000 |
Building/Improvements | 143,301,000 |
Total | 166,769,000 |
Gross Amount at which Carried at Close of Period | ' |
Land | 23,468,000 |
Building/Improvements | 143,301,000 |
Total | 166,769,000 |
Accumulated Depreciation | 38,387,000 |
Life on which Depreciation in Latest Income Statement is Computed | '37 years |
Hollywood Casino Tunica, MS | ' |
Real estate assets and accumulated depreciation | ' |
Ownership Percentage | 100.00% |
Initial Cost to Company | ' |
Land | 4,634,000 |
Building/Improvements | 42,031,000 |
Total | 46,665,000 |
Gross Amount at which Carried at Close of Period | ' |
Land | 4,634,000 |
Building/Improvements | 42,031,000 |
Total | 46,665,000 |
Accumulated Depreciation | 18,781,000 |
Life on which Depreciation in Latest Income Statement is Computed | '31 years |
Boomtown Biloxi, MS | ' |
Real estate assets and accumulated depreciation | ' |
Ownership Percentage | 100.00% |
Initial Cost to Company | ' |
Land | 3,423,000 |
Building/Improvements | 63,083,000 |
Total | 66,506,000 |
Gross Amount at which Carried at Close of Period | ' |
Land | 3,423,000 |
Building/Improvements | 63,083,000 |
Total | 66,506,000 |
Accumulated Depreciation | 30,720,000 |
Life on which Depreciation in Latest Income Statement is Computed | '15 years |
Argosy Casino Sioux City, IA | ' |
Real estate assets and accumulated depreciation | ' |
Ownership Percentage | 100.00% |
Initial Cost to Company | ' |
Land | 3,000 |
Building/Improvements | 11,920,000 |
Total | 11,923,000 |
Gross Amount at which Carried at Close of Period | ' |
Land | 3,000 |
Building/Improvements | 11,920,000 |
Total | 11,923,000 |
Accumulated Depreciation | 11,148,000 |
Life on which Depreciation in Latest Income Statement is Computed | '8 years |
Hollywood Casino St. Louis, MO | ' |
Real estate assets and accumulated depreciation | ' |
Ownership Percentage | 100.00% |
Initial Cost to Company | ' |
Land | 44,198,000 |
Building/Improvements | 177,063,000 |
Total | 221,261,000 |
Gross Amount at which Carried at Close of Period | ' |
Land | 44,198,000 |
Building/Improvements | 177,063,000 |
Total | 221,261,000 |
Accumulated Depreciation | 16,250,000 |
Life on which Depreciation in Latest Income Statement is Computed | '13 years |
Hollywood at Dayton Raceway, OH | ' |
Real estate assets and accumulated depreciation | ' |
Ownership Percentage | 100.00% |
Initial Cost to Company | ' |
Land | 3,211,000 |
Total | 3,211,000 |
Gross Amount at which Carried at Close of Period | ' |
Land | 3,211,000 |
Total | 3,211,000 |
Hollywood at Mahoning Valley Race Track, OH | ' |
Real estate assets and accumulated depreciation | ' |
Ownership Percentage | 100.00% |
Initial Cost to Company | ' |
Land | 5,683,000 |
Total | 5,683,000 |
Gross Amount at which Carried at Close of Period | ' |
Land | 5,683,000 |
Total | 5,683,000 |
Schedule_III_REAL_ESTATE_ASSET2
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (Details 2) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Real Estate: | ' |
Amounts contributed from Spin-Off | $2,433,052 |
Improvements | 62 |
Balance at the end of the year | 2,433,114 |
Accumulated Depreciation: | ' |
Amounts contributed from Spin-Off | -469,666 |
Depreciation expense | -14,822 |
Balance at the end of the year | $484,488 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||||
Assets | ' | ' | ' | ' | ' | ' |
Real estate investments, net | $2,153,653 | $2,010,303 | ' | ' | ' | ' |
Property and equipment, used in operations, net | 141,886 | 139,121 | ' | 118,954 | ' | ' |
Cash and cash equivalents | 48,278 | 285,221 | 17,188 | 14,562 | 17,146 | 18,913 |
Prepaid expenses | 7,667 | 5,983 | ' | 1,141 | ' | ' |
Deferred income taxes | 1,927 | 2,228 | ' | 2,859 | ' | ' |
Other current assets | 24,240 | 17,367 | ' | 1,009 | ' | ' |
Goodwill | 75,521 | 75,521 | ' | 75,521 | ' | ' |
Other intangible assets | 9,577 | 9,577 | ' | 9,577 | ' | ' |
Debt issuance costs, net of accumulated amortization of $3,277 and $1,270 at March 31, 2014 and December 31, 2013, respectively | 44,862 | 46,877 | ' | ' | ' | ' |
Loan receivable | 41,000 | ' | ' | ' | ' | ' |
Other assets | 13,275 | 17,041 | ' | 134 | ' | ' |
Total assets | 2,561,886 | 2,609,239 | ' | 267,075 | ' | ' |
Liabilities | ' | ' | ' | ' | ' | ' |
Accounts payable | 24,594 | 21,397 | ' | 251 | ' | ' |
Accrued expenses | 6,995 | 13,783 | ' | 5,787 | ' | ' |
Accrued interest | 42,869 | 18,055 | ' | ' | ' | ' |
Accrued salaries and wages | 8,135 | 10,337 | ' | 3,507 | ' | ' |
Gaming, property, and other taxes | 23,764 | 18,789 | ' | 1,136 | ' | ' |
Income taxes | 5,889 | 17,256 | ' | 11,538 | ' | ' |
Other current liabilities | 14,585 | 12,911 | ' | 109 | ' | ' |
Long-term debt | 2,500,000 | 2,350,000 | ' | ' | ' | ' |
Deferred income taxes | 3,083 | 4,282 | ' | 8,417 | ' | ' |
Total liabilities | 2,629,914 | 2,466,810 | ' | 30,745 | ' | ' |
Shareholders' (deficit) equity | ' | ' | ' | ' | ' | ' |
Common stock ($.01 par value, 550,000,000 shares authorized, 111,771,524 and 88,659,448 shares issued at March 31, 2014 and December 31, 2013, respectively) | 1,118 | 887 | ' | ' | ' | ' |
Additional paid-in capital | 862,588 | 3,651 | ' | 71,356 | ' | ' |
Retained (deficit) earnings | -931,734 | 137,891 | ' | 164,974 | ' | ' |
Total shareholders' (deficit) equity | -68,028 | 142,429 | ' | 236,330 | 219,911 | 215,388 |
Total liabilities and shareholders' (deficit) equity | $2,561,886 | $2,609,239 | ' | $267,075 | ' | ' |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Condensed Consolidated Balance Sheets | ' | ' |
Debt issuance costs, accumulated amortization (in dollars) | $3,277 | $1,270 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 550,000,000 | 550,000,000 |
Common stock, shares issued | 111,771,524 | 88,659,448 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental | $106,114 | ' | ' | ' | ' | ' | ' | ' | ' | $68,955 | ' | ' |
Real estate taxes paid by tenants | 11,998 | ' | ' | ' | ' | ' | ' | ' | ' | 7,602 | ' | ' |
Total rental revenue | 118,112 | ' | ' | ' | ' | ' | ' | ' | ' | 76,557 | ' | ' |
Gaming | 38,755 | ' | ' | ' | 41,080 | ' | ' | ' | ' | 159,352 | 202,581 | 223,302 |
Food, beverage and other | 2,831 | ' | ' | ' | 3,215 | ' | ' | ' | ' | 12,357 | 15,635 | 16,396 |
Total revenues | 159,698 | ' | ' | ' | 44,295 | ' | ' | ' | ' | 248,266 | 218,216 | 239,698 |
Less promotional allowances | -1,370 | ' | ' | ' | -1,646 | ' | ' | ' | ' | -6,137 | -7,573 | -7,814 |
Net revenues | 158,328 | 113,776 | 39,633 | 46,072 | 42,649 | 37,659 | 45,823 | 60,252 | 66,909 | 242,129 | 210,643 | 231,884 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gaming | 21,562 | ' | ' | ' | 23,139 | ' | ' | ' | ' | 89,367 | 113,111 | 124,971 |
Food, beverage and other | 2,546 | ' | ' | ' | 2,767 | ' | ' | ' | ' | 10,775 | 13,114 | 13,664 |
Real estate taxes | 12,423 | ' | ' | ' | 406 | ' | ' | ' | ' | 9,220 | 1,592 | 1,362 |
General and administrative | 20,941 | ' | ' | ' | 5,939 | ' | ' | ' | ' | 43,262 | 25,068 | 24,806 |
Depreciation | 26,522 | ' | ' | ' | 3,588 | ' | ' | ' | ' | 28,923 | 14,090 | 14,568 |
Total operating expenses | 83,994 | ' | ' | ' | 35,839 | ' | ' | ' | ' | 181,547 | 166,975 | 179,371 |
Income from operations | 74,334 | 39,016 | 5,665 | 9,090 | 6,810 | 4,534 | 8,155 | 14,472 | 16,507 | 60,582 | 43,668 | 52,513 |
Other Income (expenses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | -28,974 | ' | ' | ' | ' | ' | ' | ' | ' | -19,254 | ' | ' |
Interest income | 546 | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 2 | 4 |
Management fee | ' | ' | ' | ' | -1,280 | ' | ' | ' | ' | -4,203 | -6,320 | -6,958 |
Total other expenses | -28,428 | ' | ' | ' | -1,280 | ' | ' | ' | ' | -23,456 | -6,318 | -6,954 |
Income from operations before income taxes | 45,906 | ' | ' | ' | 5,530 | ' | ' | ' | ' | 37,126 | 37,350 | 45,559 |
Income tax provision | 1,594 | ' | ' | ' | 2,316 | ' | ' | ' | ' | 17,296 | 14,431 | 18,875 |
Net income | $44,312 | $9,234 | $2,681 | $4,699 | $3,214 | $2,106 | $4,530 | $7,618 | $8,665 | $19,830 | $22,919 | $26,684 |
Earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per common share (in dollars per share) | $0.40 | $0.08 | $0.02 | $0.04 | $0.03 | $0.02 | $0.04 | $0.07 | $0.08 | $0.18 | $0.21 | $0.24 |
Diluted earnings per common share (in dollars per share) | $0.38 | $0.08 | $0.02 | $0.04 | $0.03 | $0.02 | $0.04 | $0.07 | $0.07 | $0.17 | $0.20 | $0.23 |
Dividends paid per common share (in dollars per share) | $0.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings (Deficit) |
In Thousands, except Share data, unless otherwise specified | ||||
Balance at Dec. 31, 2010 | $215,388 | ' | $100,017 | $115,371 |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' |
Net income | 26,684 | ' | ' | 26,684 |
Balance at Dec. 31, 2011 | 219,911 | ' | 77,856 | 142,055 |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' |
Net income | 22,919 | ' | ' | 22,919 |
Balance at Dec. 31, 2012 | 236,330 | ' | 71,356 | 164,974 |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' |
Stock option activity | 2,622 | 1 | 2,621 | ' |
Stock option activity (in shares) | ' | 57,811 | ' | ' |
Restricted stock activity | 374 | ' | 374 | ' |
Net income | 19,830 | ' | ' | 19,830 |
Balance at Dec. 31, 2013 | 142,429 | 887 | 3,651 | 137,891 |
Balance (in shares) at Dec. 31, 2013 | 88,659,448 | 88,659,448 | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' |
Stock option activity | 15,854 | 10 | 15,844 | ' |
Stock option activity (in shares) | ' | 1,051,847 | ' | ' |
Restricted stock activity | -583 | 1 | -584 | ' |
Restricted stock activity (in shares) | ' | 80,408 | ' | ' |
Dividends paid, including purging distribution | -270,040 | 220 | 843,677 | -1,113,937 |
Dividends paid, including purging distribution (in shares) | ' | 21,979,821 | ' | ' |
Net income | 44,312 | ' | ' | 44,312 |
Balance at Mar. 31, 2014 | ($68,028) | $1,118 | $862,588 | ($931,734) |
Balance (in shares) at Mar. 31, 2014 | 111,771,524 | 111,771,524 | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Operating activities | ' |
Net income | $44,312 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' |
Depreciation | 26,522 |
Amortization of debt issuance costs | 2,007 |
Losses (Gain) on sale of fixed assets | 158 |
Deferred income taxes | -898 |
Charge for stock-based compensation | 1,951 |
(Increase) decrease, | ' |
Prepaid expenses and other current assets | -5,201 |
Other assets | -273 |
Increase (decrease), | ' |
Accounts payable | 43 |
Accrued expenses | -6,788 |
Accrued interest | 24,814 |
Accrued salaries and wages | -2,202 |
Gaming, pari-mutuel, property and other taxes | 4,975 |
Income taxes | -11,367 |
Other current and noncurrent liabilities | 1,674 |
Net cash provided by (used in) operating activities | 79,727 |
Investing activities | ' |
Capital project expenditures, net of reimbursements | -24,002 |
Capital maintenance expenditures | -871 |
Increase in cash in escrow | -3,356 |
Funding of loan receivable | -43,000 |
Principal payments on loan receivable | 2,000 |
Acquisition of real estate | -140,730 |
Net cash used in investing activities | -209,959 |
Financing activities | ' |
Dividends paid | -270,040 |
Proceeds from exercise of options | 13,321 |
Proceeds from issuance of long-term debt | 182,008 |
Payments of long-term debt | -32,000 |
Net cash (used in) provided by financing activities | -106,711 |
Net increase in cash and cash equivalents | -236,943 |
Cash and cash equivalents at beginning of year | 285,221 |
Cash and cash equivalents at end of year | $48,278 |
Organization_and_Operations
Organization and Operations | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Organization and Operations | ' | ' |
Organization and Operations | ' | ' |
1. Organization and Operations | ||
2. Principles of Consolidation | ||
On November 15, 2012, Penn National Gaming, Inc. (“Penn”) announced that it intended to pursue a plan to separate the majority of its operating assets and real property assets into two publicly traded companies including an operating entity, and, through a tax-free spin-off of its real estate assets to holders of its common and preferred stock, a newly formed publicly traded real estate investment trust (“REIT”), Gaming and Leisure Properties, Inc. (“GLPI”) (the “Spin-Off”). | ||
The consolidated financial statements include the accounts of GLPI and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||
GLPI and subsidiaries (the “Company”) was incorporated on February 13, 2013, as a wholly-owned subsidiary of Penn. In connection with the Spin-Off, which was completed on November 1, 2013, Penn contributed to GLPI, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with Penn’s real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville, which are referred to as the “TRS Properties,” in a tax-free distribution. The Company intends to elect on its United States (“U.S.”) federal income tax return for its taxable year beginning on January 1, 2014 to be treated as a REIT and the Company, together with an indirectly wholly-owned subsidiary of the Company, GLP Holdings, Inc., intend to jointly elect to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc. as a “taxable REIT subsidiary” (a “TRS”) effective on the first day of the first taxable year of GLPI as a REIT. As a result of the Spin-Off, GLPI owns substantially all of Penn’s former real property assets and leases back most of those assets to Penn for use by its subsidiaries, under a master lease, a “triple-net” operating lease with an initial term of 15 years with no purchase option, followed by four 5 year renewal options (exercisable by Penn) on the same terms and conditions (the “Master Lease”), and GLPI also owns and operates the TRS Properties through an indirect wholly-owned subsidiary, GLP Holdings, Inc. | ||
Prior to the Spin-Off, GLPI and Penn entered into a Separation and Distribution Agreement setting forth the mechanics of the Spin-Off, certain organizational matters and other ongoing obligations of Penn and GLPI. Penn and GLPI or their respective subsidiaries, as applicable, also entered into a number of other agreements prior to the Spin-Off to provide a framework for the restructuring and for the relationships between GLPI and Penn after the Spin-Off. | ||
GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in “triple net” lease arrangements. As of March 31, 2014, GLPI’s portfolio consisted of 22 gaming and related facilities, which included the TRS Properties, the real property associated with 19 gaming and related facilities of Penn (including two properties under development in Dayton, Ohio and Mahoning Valley, Ohio), and the real property associated with the Casino Queen in East St. Louis, Illinois, that was acquired in January 2014. These facilities are geographically diversified across 13 states. GLPI expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms, which may or may not include Penn. | ||
In connection with the Spin-Off, Penn allocated its accumulated earnings and profits (as determined for U.S. federal income tax purposes) for periods prior to the consummation of the Spin-Off between Penn and GLPI. In connection with its election to be taxed as a REIT for U.S. federal income tax purposes, GLPI declared a special dividend to its shareholders to distribute any accumulated earnings and profits relating to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off, to comply with certain REIT qualification requirements (the “Purging Distribution”). The Purging Distribution, which was paid on February 18, 2014, totaled approximately $1.05 billion and was comprised of cash and GLPI common stock. See Note 8 for further details. | ||
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. | ||
The condensed consolidated financial statements include the accounts of GLPI and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses for the reporting periods. Actual results could differ from those estimates. | ||
Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The notes to the consolidated financial statements contained in the Annual Report on Form 10-K for the year ended December 31, 2013 (our “Annual Report”) should be read in conjunction with these condensed consolidated financial statements. The December 31, 2013 financial information has been derived from the Company’s audited consolidated financial statements. | ||
Summary_of_Significant_Account8
Summary of Significant Accounting Policies | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||
Summary of Significant Accounting Policies | ' | ' | ||||||||||||||||||||||||||
Summary of Significant Accounting Policies | ' | ' | ||||||||||||||||||||||||||
2. Summary of Significant Accounting Policies | ||||||||||||||||||||||||||||
3. Summary of Significant Accounting Policies | ||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate: | ||||||||||||||||||||||||||||
The Company considers all cash balances and highly-liquid investments with original maturities of three months or less to be cash and cash equivalents. | ||||||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
Concentration of Credit Risk | ||||||||||||||||||||||||||||
The fair value of the Company’s cash and cash equivalents approximates the carrying value of the Company’s cash and cash equivalents, due to the short maturity of the cash equivalents. | ||||||||||||||||||||||||||||
Concentrations of credit risks arise when a number of operators, tenants, or obligors related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. As of December 31, 2013, substantially all of the Company's real estate properties were leased to Penn, and all of the Company's rental revenues were derived from a master lease defined below. Penn is a publicly traded company that is subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and is required to file periodic reports on Form 10-K and Form 10-Q with the Securities and Exchange Commission. Penn's net revenues were $2.9 billion for the years ended December 31, 2013 and 2012. Other than the Company's tenant concentration, management believes the Company's portfolio was reasonably diversified by geographical location and did not contain any other significant concentration of credit risks. As of December 31, 2013, the Company's portfolio of 19 leased properties was diversified by location across 11 states. | ||||||||||||||||||||||||||||
Long-term Debt | ||||||||||||||||||||||||||||
Financial instruments that subject the Company to credit risk consist of cash and cash equivalents and accounts receivable. | ||||||||||||||||||||||||||||
The fair value of the senior notes and senior unsecured credit facility is estimated based on quoted prices in active markets and as such is a Level 1 measurement as defined under ASC 820 “Fair Value Measurements and Disclosures.” | ||||||||||||||||||||||||||||
The Company's policy is to limit the amount of credit exposure to any one financial institution, and place investments with financial institutions evaluated as being creditworthy, or in short-term money market and tax-free bond funds which are exposed to minimal interest rate and credit risk. At times, the Company has bank deposits and overnight repurchase agreements that exceed federally-insured limits. | ||||||||||||||||||||||||||||
The estimated fair values of the Company’s financial instruments are as follows (in thousands): | ||||||||||||||||||||||||||||
Accounts are written off when management determines that an account is uncollectible. Recoveries of accounts previously written off are recorded when received. An allowance for doubtful accounts is determined to reduce the Company's receivables to their carrying value, which approximates fair value. The allowance is estimated based on historical collection experience, specific review of individual customer accounts, and current economic and business conditions. | ||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | Prepaid Expenses and Other Assets | ||||||||||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||||||||||
Financial assets: | Prepaid expenses consist of expenditures for goods (other than inventories) or services before the goods are used or the services are received. These amounts are deferred and charged to operations as the benefits are realized and primarily consist of prepayments for insurance and other contracts that will be expensed during the subsequent year. It also consists of admission fees and property taxes that were paid in advance. Other current assets are items expected to be realized within twelve months of the balance sheet date. Other current assets primarily include accounts receivable and food and beverage inventory. Other assets are all items that are long-term in nature and primarily include deferred compensation assets (see Note 7 for further details) and a deposit for certain real estate for Hollywood Casino Baton Rouge that should close in 2014. | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 48,278 | $ | 48,278 | $ | 285,221 | $ | 285,221 | ||||||||||||||||||||
Financial liabilities: | Fair Value of Financial Instruments | |||||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||
Senior unsecured credit facility | 450,000 | 441,000 | 300,000 | 294,750 | The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate: | |||||||||||||||||||||||
Senior notes | 2,050,000 | 2,114,250 | 2,050,000 | 2,058,750 | ||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
Comprehensive Income | The fair value of the Company's cash and cash equivalents approximates the carrying value of the Company's cash and cash equivalents, due to the short maturity of the cash equivalents. The Company maintained a higher level of cash on hand at December 31, 2013 in order to fund the cash portion of its Purging Distribution. See Note 15 for additional details. | |||||||||||||||||||||||||||
Comprehensive income includes net income and all other non-owner changes in shareholders’ equity during a period. The Company did not have any non-owner changes in shareholders’ equity for the three months ended March 31, 2014 and 2013, and comprehensive income for the three months ended March 31, 2014 and 2013 was equivalent to net income for those time periods. | Long-term Debt | |||||||||||||||||||||||||||
Revenue Recognition and Promotional Allowances | The fair value of the senior notes and senior unsecured credit facility is estimated based on quoted prices in active markets and as such is a Level 1 measurement as defined under ASC 820 "Fair Value Measurements and Disclosures." | |||||||||||||||||||||||||||
The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractually fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured. Contingent rental income is recognized once the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been transferred to the tenant. For facilities being jointly developed with the tenant, the Company retains control of the assets to be leased until operations commence and control is transferred to the tenant. | The estimated fair values of the Company's financial instruments are as follows (in thousands): | |||||||||||||||||||||||||||
As of March 31, 2014, all but three of the Company’s properties were leased to a subsidiary of Penn under the Master Lease. The obligations under the Master Lease are guaranteed by Penn and by most Penn subsidiaries that occupy and operate the facilities leased under the Master Lease. A default by Penn or its subsidiaries with regard to any facility will cause a default with regard to the Master Lease. In January 2014, GLPI completed the asset acquisition of Casino Queen in East St. Louis, Illinois. GLPI subsequently leased the property back to Casino Queen on a “triple net” basis on terms similar to those in the Master Lease. | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
The rent structure under the Master Lease with Penn includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors (i) every 5 years by an amount equal to 4% of the average change to net revenues of all facilities under the Master Lease (other than Hollywood Casino Columbus and Hollywood Casino Toledo) during the preceding five years, and (ii) monthly by an amount equal to 20% of the change in net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo during the preceding month. In addition to rent, all properties under the Master Lease with Penn are required to pay the following: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on the leased properties, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor) and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. | December 31, | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||||||||||
Additionally, in accordance with ASC 605, “Revenue Recognition,” the Company records revenue for the real estate taxes paid by its tenants on the leased properties under the Master Lease with an offsetting expense in real estate taxes within the consolidated statement of income as the Company has concluded it is the primary obligor under the Master Lease. | Financial assets: | |||||||||||||||||||||||||||
Cash and cash equivalents | $ | 285,221 | $ | 285,221 | $ | 14,562 | $ | 14,562 | ||||||||||||||||||||
Gaming revenue generated by the TRS Properties mainly consists of video lottery gaming revenue, and to a lesser extent, table game and poker revenue. Video lottery gaming revenue is the aggregate net difference between gaming wins and losses with liabilities recognized for funds deposited by customers before gaming play occurs, for “ticket-in, ticket-out” coupons in the customers’ possession, and for accruals related to the anticipated payout of progressive jackpots. Progressive slot machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are charged to revenue as the amount of the jackpots increases. Table game gaming revenue is the aggregate of table drop adjusted for the change in aggregate table chip inventory. Table drop is the total dollar amount of the currency, coins, chips, tokens, outstanding counter checks (markers), and front money that are removed from the live gaming tables. Additionally, food and beverage revenue is recognized as services are performed. | Financial liabilities: | |||||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||
The following table discloses the components of gaming revenue within the condensed consolidated statements of income for the three months ended March 31, 2014 and 2013: | Senior unsecured credit facility | 300,000 | 294,750 | — | — | |||||||||||||||||||||||
Senior notes | 2,050,000 | 2,058,750 | — | — | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | Real Estate Investments | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Video lottery | $ | 33,381 | $ | 37,352 | The Company records the acquisition of real estate at cost, including acquisition and closing costs. The cost of properties developed by the Company include costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. The Company considers the period of future benefit of the asset to determine the appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful lives of the buildings and building improvements which are generally between 8 years to 41 years. | |||||||||||||||||||||||
Table game | 4,940 | 3,448 | ||||||||||||||||||||||||||
Poker | 434 | 280 | The Company continually monitors events and circumstances that could indicate that the carrying amount of the Company's real estate investments may not be recoverable or realized. When indicators of potential impairment suggest that the carrying value of real estate investments may not be recoverable, the Company assesses the recoverability by estimating whether it will recover the carrying value of its real estate investments through its undiscounted future cash flows and the eventual disposition of the investment. In assessing the recoverability of the carrying value, the Company must make assumptions regarding future cash flows and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss. The Company groups its Real Estate Investments by tenant in evaluating impairment. If the Company determines the carrying amount is not recoverable, it would recognize an impairment charge equivalent to the amount required to adjust the carrying amount to its estimated fair value, calculated in accordance with current GAAP fair value provisions. | |||||||||||||||||||||||||
Total gaming revenue, net of cash incentives | $ | 38,755 | $ | 41,080 | ||||||||||||||||||||||||
Property and Equipment used in operations | ||||||||||||||||||||||||||||
Gaming revenue is recognized net of certain sales incentives in accordance with ASC 605-50, “Revenue Recognition—Customer Payments and Incentives.” The Company records certain sales incentives and points earned in point-loyalty programs as a reduction of revenue. | ||||||||||||||||||||||||||||
Property and equipment are stated at cost, less accumulated depreciation and represent assets used by the Company's TRS operations and certain corporate assets. Maintenance and repairs that neither add materially to the value of the asset nor appreciably prolong its useful life are charged to expense as incurred. Gains or losses on the disposal of property and equipment are included in the determination of income. | ||||||||||||||||||||||||||||
The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||||||
Depreciation of property and equipment is recorded using the straight-line method over the following estimated useful lives: | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(in thousands) | Land improvements | 5 to 15 years | ||||||||||||||||||||||||||
Food and beverage | $ | 1,361 | $ | 1,517 | Building and improvements | 5 to 40 years | ||||||||||||||||||||||
Other | 9 | 129 | Furniture, fixtures, and equipment | 3 to 31 years | ||||||||||||||||||||||||
Total promotional allowances | $ | 1,370 | $ | 1,646 | ||||||||||||||||||||||||
Leasehold improvements are depreciated over the shorter of the estimated useful life of the improvement or the related lease term. | ||||||||||||||||||||||||||||
The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||||||
The estimated useful lives are determined based on the nature of the assets as well as the Company's current operating strategy. | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | The Company reviews the carrying value of its property and equipment for possible impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based on undiscounted estimated future cash flows expected to result from its use and eventual disposition. The factors considered by the Company in performing this assessment include current operating results, market and other applicable trends and residual values, as well as the effect of obsolescense demand, competition and other factors. In estimating expected future cash flows for determining whether an asset is impaired, assets are grouped at the individual property level. In assessing the recoverability of the carrying value of property and equipment, the Company must make assumptions regarding future cash flows and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss for these assets. | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Food and beverage | $ | 716 | $ | 713 | Goodwill and Other Intangible Assets | |||||||||||||||||||||||
Other | 3 | 69 | ||||||||||||||||||||||||||
Total cost of complimentary services | $ | 719 | $ | 782 | At December 31, 2013, the Company had $75.5 million in goodwill and $9.6 million in other intangible assets within its consolidated balance sheet, resulting from the contribution of Hollywood Casino Baton Rouge and Hollywood Casino Perryville from Penn in connection with the Spin-Off. | |||||||||||||||||||||||
Gaming and Admission Taxes | Goodwill is tested annually, or more frequently if indicators of impairment exist, for impairment by comparing the fair value of the Hollywood Casino Baton Rouge reporting unit to its carrying amount. If the carrying amount exceeds its fair value in step 1 of the impairment test, then step 2 of the impairment test is performed to determine the implied value of goodwill. If the implied value of goodwill is less than the goodwill allocated, an impairment loss is recognized. | |||||||||||||||||||||||||||
For the TRS Properties, the Company is subject to gaming and admission taxes based on gross gaming revenues in the jurisdictions in which it operates. The Company primarily recognizes gaming tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states where or in which wagering occurs. At Hollywood Casino Baton Rouge, the gaming admission tax is based on graduated tax rates. The Company records gaming and admission taxes at the Company’s estimated effective gaming tax rate for the year, considering estimated taxable gaming revenue and the applicable rates. Such estimates are adjusted each interim period. If gaming tax rates change during the year, such changes are applied prospectively in the determination of gaming tax expense in future interim periods. For the three months ended March 31, 2014 and 2013, these expenses, which are recorded within gaming expense in the condensed consolidated statements of income, totaled $17.3 million, and $18.7 million, respectively. | In accordance with ASC 350, "Intangibles—Goodwill and Other," the Company considers its Hollywood Casino Perryville gaming license as an indefinite-life intangible asset that does not require amortization based on the Company's future expectations to operate this casino indefinitely as well as the gaming industry's historical experience in renewing these intangible assets at minimal cost with various state gaming commissions. Rather, the Company's gaming license is tested annually, or more frequently if indicators of impairment exist, for impairment by comparing the fair value of the recorded asset to its carrying amount. If the carrying amount of the indefinite-life intangible asset exceeds its fair value, an impairment loss is recognized. | |||||||||||||||||||||||||||
Earnings Per Share | The evaluation of goodwill and indefinite-life intangible assets requires the use of estimates about future operating results to determine the estimated fair value of the reporting unit and the indefinite-lived intangible assets. The Company must make various assumptions and estimates in performing its impairment testing. The implied fair value includes estimates of future cash flows that are based on reasonable and supportable assumptions which represent the Company's best estimates of the cash flows expected to result from the use of the assets including their eventual disposition. Changes in estimates, increases in the Company's cost of capital, reductions in transaction multiples, changes in operating and capital expenditure assumptions or application of alternative assumptions and definitions could produce significantly different results. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the Company's estimates. If the Company's ongoing estimates of future cash flows are not met, the Company may have to record additional impairment charges in future accounting periods. The Company's estimates of cash flows are based on the current regulatory and economic climates, as well as recent operating information and budgets. These estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, or other events. | |||||||||||||||||||||||||||
The Company calculates earnings per share (“EPS”) in accordance with ASC 260, “Earnings Per Share.” Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options and unvested restricted shares. Basic and diluted EPS for the three months ended March 31, 2013 were retroactively restated for the number of GLPI basic and diluted shares outstanding immediately following the Spin-Off and to include the shares issued as part of the Purge Distribution. | Forecasted cash flows (based on the Company's annual operating plan as determined in the fourth quarter) can be significantly impacted by the local economy in which the Company's reporting unit operates. For example, increases in unemployment rates can result in decreased customer visitations and/or lower customer spend per visit. In addition, new legislation which approves gaming in nearby jurisdictions or further expands gaming in jurisdictions has the impact of increasing competition for the property which generally will have a negative effect on its profitability once competitors become established as a certain level of cannibalization occurs absent an overall increase in customer visitations. Lastly, increases in gaming taxes approved by state regulatory bodies can negatively impact forecasted cash flows. | |||||||||||||||||||||||||||
The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three months ended March 31, 2014 and 2013 (in thousands): | Assumptions and estimates about future cash flow levels and multiples are complex and subjective. They are sensitive to changes in underlying assumptions and can be affected by a variety of factors, including external factors, such as industry, geopolitical and economic trends, and internal factors, such as changes in our business strategy, which may reallocate capital and resources to different or new opportunities which management believes will enhance the Company's overall value but may be to the detriment of its reporting unit. | |||||||||||||||||||||||||||
Three months ended March 31, | 2014 | 2013 | Debt Issuance Costs | |||||||||||||||||||||||||
Determination of shares: | Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense using the effective interest method over the contractual term of the underlying indebtedness. | |||||||||||||||||||||||||||
Weighted-average common shares outstanding | 111,198 | 110,582 | ||||||||||||||||||||||||||
Assumed conversion of dilutive employee stock-based awards | 6,282 | 4,703 | Comprehensive Income | |||||||||||||||||||||||||
Assumed conversion of restricted stock | 370 | 318 | ||||||||||||||||||||||||||
Diluted weighted-average common shares outstanding | 117,850 | 115,603 | Comprehensive income includes net income and all other non-owner changes in shareholders' equity during a period, including but not limited to, unrealized gains and losses on equity securities classified as available-for-sale and unrealized fair value adjustments on certain derivative instruments. Since the Company did not have any non-owner changes in shareholders' equity for the years ended December 31, 2013, 2012 and 2011, comprehensive income for the years ended December 31, 2013, 2012 and 2011 was equivalent to net income for those time periods. | |||||||||||||||||||||||||
The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2014 and 2013: | Income Taxes | |||||||||||||||||||||||||||
Three months ended March 31, | 2014 | 2013 | The Company accounts for income taxes in accordance with ASC 740, "Income Taxes" ("ASC 740"). Under ASC 740, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and are measured at the prevailing enacted tax rates that will be in effect when these differences are settled or realized. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realizability of the deferred tax assets is evaluated by assessing the valuation allowance and by adjusting the amount of the allowance, if any, as necessary. The factors used to assess the likelihood of realization are the forecast of future taxable income. | |||||||||||||||||||||||||
(in thousands, expect per share data) | ||||||||||||||||||||||||||||
Calculation of basic EPS: | ASC 740 also creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not have any uncertain tax positions for 2013, 2012 and 2011. | |||||||||||||||||||||||||||
Net income | $ | 44,312 | $ | 3,214 | ||||||||||||||||||||||||
Less: Net income allocated to participating securities | (175 | ) | (12 | ) | The Company is required under ASC 740 to disclose its accounting policy for classifying interest and penalties, the amount of interest and penalties charged to expense each period, as well as the cumulative amounts recorded in the combined balance sheets. If and when they occur, the Company will classify any income tax-related penalties and interest accrued related to unrecognized tax benefits in taxes on income within the consolidated statements of income. During the years ended December 31, 2013, 2012 and 2011, the Company did not recognized any interest and penalties, net of deferred taxes. | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | 44,137 | $ | 3,202 | ||||||||||||||||||||||||
Weighted-average common shares outstanding | 111,198 | 110,582 | The Company intends to elect on its U.S. federal income tax return for its taxable year beginning on January 1, 2014 to be treated as a REIT and the Company, together with an indirectly wholly-owned subsidiary of the Company, GLP Holdings, Inc., intend to jointly elect to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc. as a "taxable REIT subsidiary" effective on the first day of the first taxable year of GLPI as a REIT. The Company intends to continue to be organized and to operate in a manner that will permit the Company to qualify as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to shareholders. As a REIT, the Company generally will not be subject to federal income tax on income that it distributes as dividends to its shareholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax, including any applicable alternative minimum tax, on its taxable income at regular corporate income tax rates, and dividends paid to its shareholders would not be deductible by the Company in computing taxable income. Any resulting corporate liability could be substantial and could materially and adversely affect the Company's net income and net cash available for distribution to shareholders. Unless the Company was entitled to relief under certain Internal Revenue Code provisions, the Company also would be disqualified from re-electing to be taxed as a REIT for the four taxable years following the year in which it failed to qualify to be taxed as a REIT. | |||||||||||||||||||||||||
Basic EPS | $ | 0.4 | $ | 0.03 | ||||||||||||||||||||||||
The TRS Properties are able to engage in activities resulting in income that would be not qualifying income for a REIT. As a result, certain activities of the Company which occur within its TRS Properties are subject to federal and state income taxes. | ||||||||||||||||||||||||||||
Calculation of diluted EPS: | ||||||||||||||||||||||||||||
Net income | $ | 44,312 | $ | 3,214 | Revenue Recognition and Promotional Allowances | |||||||||||||||||||||||
Diluted weighted-average common shares outstanding | 117,850 | 115,603 | ||||||||||||||||||||||||||
Diluted EPS | $ | 0.38 | $ | 0.03 | The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured. Contingent rental income is recognized once the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been given to the tenant. | |||||||||||||||||||||||
There were no outstanding options to purchase shares of common stock during the three months ended March 31, 2014 and 2013 that were not included in the computation of diluted EPS because they were antidilutive. | As of December 31, 2013, all but two of the Company's properties were leased to a subsidiary of Penn under the Master Lease. The obligations under the Master Lease are guaranteed by Penn and by all Penn subsidiaries that occupy and operate the facilities leased under the Master Lease, or that own a gaming license, other license or other material asset necessary to operate any portion of the facilities. A default by Penn or its subsidiaries with regard to any facility will cause a default with regard to the entire portfolio. | |||||||||||||||||||||||||||
Stock-Based Compensation | The rent structure under the Master Lease with Penn includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors (i) every 5 years by an amount equal to 4% of the average change to net revenues of all facilities under the Master Lease (other than Hollywood Casino Columbus and Hollywood Casino Toledo) during the preceding five years, and (ii) monthly by an amount equal to 20% of the change in net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo during the preceding month. In addition to rent, all properties under the Master Lease with Penn are required to pay the following: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on the leased properties, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor) and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. | |||||||||||||||||||||||||||
The Company accounts for stock compensation under ASC 718, “Compensation - Stock Compensation,” which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value for stock options is estimated at the date of grant using the Black-Scholes option- pricing model. There were no stock option grants awarded in the first quarter 2014. | As of December 31, 2013, the future minimum rental income from the Company's properties under non-cancelable operating leases was as follows (in thousands): | |||||||||||||||||||||||||||
Additionally, the cash-settled phantom stock units (“PSU”) entitle employees to receive cash based on the fair value of the Company’s common stock on the vesting date. These PSUs are accounted for as liability awards and are re-measured at fair value each reporting period until they become vested with compensation expense being recognized over the requisite service period in accordance with ASC 718-30, “Compensation-Stock Compensation, Awards Classified as Liabilities.” | ||||||||||||||||||||||||||||
Year ending December 31, | ||||||||||||||||||||||||||||
In addition, the Company’s stock appreciation rights (“SAR”) are accounted for as liability awards since they will be settled in cash. The fair value of these awards is calculated during each reporting period and estimated using the Black-Scholes option pricing model. | 2014 | $ | 375,602 | |||||||||||||||||||||||||
2015 | 375,602 | |||||||||||||||||||||||||||
In connection with the Spin-Off of GLPI, employee stock options and cash settled stock appreciation rights of Penn were converted through the issuance of GLPI employee stock options and GLPI cash settled stock appreciation rights and an adjustment to the exercise prices of their Penn awards. The number of options and cash settled stock appreciation rights, subject to and the exercise price of each converted award was adjusted to preserve the same intrinsic value of the awards that existed immediately prior to the Spin-Off. | 2016 | 375,602 | ||||||||||||||||||||||||||
2017 | 376,101 | |||||||||||||||||||||||||||
Holders of outstanding restricted stock awards and cash settled phantom stock unit awards received an additional share of restricted stock or cash settled phantom stock unit awards in GLPI common stock at the Spin-Off so that the intrinsic value of these awards were equivalent to those that existed immediately prior to the Spin-Off. | 2018 | 368,311 | ||||||||||||||||||||||||||
Thereafter | 3,240,760 | |||||||||||||||||||||||||||
The adjusted options and SARs, as well as the restricted stock awards and PSUs, otherwise remain subject to their original terms, except that for purposes of the adjusted Penn awards (including in determining exercisability and the post-termination exercise period), continued service with GLPI following the distribution date shall be deemed continued service with Penn. | ||||||||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||
As of March 31, 2014, there was $5.8 million of total unrecognized compensation cost for stock options that will be recognized over the grants remaining weighted average vesting period of 1.47 years. For the three months ended March 31, 2014, the Company recognized $1.4 million of compensation expense associated with these awards. In addition, the Company also recognized $3.3 million of compensation expense for the three months ended March 31, 2014, relating to the first quarter $.52 dividend paid on vested employee stock options. | Total | $ | 5,111,978 | |||||||||||||||||||||||||
As of March 31, 2014, there was $6.4 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants remaining weighted average vesting period of 3.28 years. For the three months ended March 31, 2014, the Company recognized $0.6 million of compensation expense associated with these awards. | | | | | | |||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||
The following table contains information on restricted stock award activity for the three months ended March 31, 2014. | ||||||||||||||||||||||||||||
Number of | For the year ended December 31, 2013, GLPI recognized $6.7 million in contingent rental income from Hollywood Casino Columbus and Hollywood Casino Toledo related to clause (ii) in the paragraph above. | |||||||||||||||||||||||||||
Award Shares | ||||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 419,067 | Additionally, in accordance with ASC 605, "Revenue Recognition," the Company records revenue for the real estate taxes paid by its tenants on the leased properties under the Master Lease with an offsetting expense in real estate taxes within the consolidated statement of income as the Company has concluded it is the primary obligor under the Master Lease. | ||||||||||||||||||||||||||
E&P Purge | 106,261 | |||||||||||||||||||||||||||
Granted | 64,279 | Gaming revenue mainly consists of video lottery gaming revenue as well as to a lesser extent table game and poker revenue. Video lottery gaming revenue is the aggregate net difference between gaming wins and losses, with liabilities recognized for funds deposited by customers before gaming play occurs, for "ticket-in, ticket-out" coupons in the customers' possession, and for accruals related to the anticipated payout of progressive jackpots. Progressive slot machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are charged to revenue as the amount of the jackpots increases. Table game gaming revenue is the aggregate of table drop adjusted for the change in aggregate table chip inventory. Table drop is the total dollar amount of the currency, coins, chips, tokens, outstanding counter checks (markers), front money that are removed from the live gaming tables. Additionally, food and beverage revenue is recognized as services are performed. | ||||||||||||||||||||||||||
Released | (110,714 | ) | ||||||||||||||||||||||||||
Canceled | (37,274 | ) | The following table discloses the components of gaming revenue within the consolidated statements of income for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
Outstanding at March 31, 2014 | 441,619 | |||||||||||||||||||||||||||
In addition, there was $8.1 million of total unrecognized compensation cost at March 31, 2014, which will be recognized over the awards remaining weighted average vesting period of 2.37 years, for Penn and GLPI PSUs held by GLPI employees that will be cash-settled by GLPI. For the three months ended March 31, 2014, the Company recognized $0.4 million of compensation expense associated with these awards. In addition, the Company also recognized $0.4 million for the three months ended March 31, 2014, relating to the purge distribution dividend and the first quarter $.52 dividend paid on unvested PSUs. | Year ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Additionally, there was $0.3 million of total unrecognized compensation cost at March 31, 2014, which will be recognized over the grants remaining weighted average vesting period of 1.62 years, for Penn and GLPI SARs held by GLPI employees that will be cash-settled by GLPI. For the three months ended March 31, 2014, the Company recognized $21 thousand of compensation expense associated with these awards. | Video lottery, net of cash incentives | $ | 138,803 | $ | 189,808 | $ | 210,349 | |||||||||||||||||||||
Table game | 18,096 | 11,891 | 12,333 | |||||||||||||||||||||||||
Upon the declaration of the Purging Distribution, GLPI options and GLPI SARs were adjusted in a manner that preserved both the pre-distribution intrinsic value of the options and SARs and the pre-distribution ratio of the stock price to exercise price that existed immediately before the Purging Distribution. Additionally, upon declaration of the Purging Distribution, holders of GLPI PSUs were credited with the special dividend, which will accrue and be paid, if applicable, on the vesting date of the related PSU. Holders of GLPI restricted stock were entitled to receive the special dividend with respect to such restricted stock on the same date or dates that the special dividend was payable on GLPI common stock to shareholders of GLPI generally. | Poker | 2,453 | 882 | 620 | ||||||||||||||||||||||||
Segment Information | | | | | | | | | | | | |||||||||||||||||
Total gaming revenue | $ | 159,352 | $ | 202,581 | $ | 223,302 | ||||||||||||||||||||||
Consistent with how the Company’s Chief Operating Decision Maker reviews and assesses the Company’s financial performance, the Company has two reportable segments, GLP Capital, L.P. (a wholly-owned subsidiary of GLPI through which GLPI owns substantially all of its assets) (“GLP Capital”) and the TRS Properties. The GLP Capital reportable segment consists of the leased real property and represents the majority of the Company’s business. The TRS Properties reportable segment consists of Hollywood Casino Perryville and Hollywood Casino Baton Rouge. See Note 9 for further information with respect to the Company’s segments. | ||||||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Gaming revenue is recognized net of certain sales incentives in accordance with ASC 605-50, "Revenue Recognition—Customer Payments and Incentives." The Company records certain sales incentives and points earned in point-loyalty programs as a reduction of revenue. | ||||||||||||||||||||||||||||
The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Food and beverage | $ | 5,970 | $ | 6,806 | $ | 6,971 | ||||||||||||||||||||||
Other | 167 | 767 | 843 | |||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Total promotional allowances | $ | 6,137 | $ | 7,573 | $ | 7,814 | ||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Food and beverage | $ | 2,907 | $ | 3,319 | $ | 3,198 | ||||||||||||||||||||||
Other | 86 | 384 | 409 | |||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Total cost of complimentary services | $ | 2,993 | $ | 3,703 | $ | 3,607 | ||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Gaming and Admission Taxes | ||||||||||||||||||||||||||||
For the TRS Properties, the Company is subject to gaming and admission taxes based on gross gaming revenues in the jurisdictions in which it operates. The Company primarily recognizes gaming tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states where or in which wagering occurs. At Hollywood Casino Baton Rouge, the gaming admission tax is based on graduated tax rates. The Company records gaming and admission taxes at the Company's estimated effective gaming tax rate for the year, considering estimated taxable gaming revenue and the applicable rates. Such estimates are adjusted each interim period. If gaming tax rate changes during the year, such changes are applied prospectively in the determination of gaming tax expense in future interim periods. For the years ended December 31, 2013, 2012 and 2011, these expenses, which are recorded within gaming expense in the combined statements of income, totaled $71.6 million, $94.9 million and $105.4 million, respectively. | ||||||||||||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||||||||||
The Company calculates earnings per share ("EPS") in accordance with ASC 260, "Earnings Per Share." Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (outstanding restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options and unvested restricted shares. Basic and diluted EPS for the years ended December 31, 2012 and 2011 were retroactively restated for the number of GLPI basic and diluted shares outstanding immediately following the Spin-Off. The Company's share counts were also retroactively restated to include the shares issued as part of the Purge Distribution. | ||||||||||||||||||||||||||||
The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Determination of shares: | ||||||||||||||||||||||||||||
Weighted-average common shares outstanding | 110,617 | 110,582 | 110,582 | |||||||||||||||||||||||||
Assumed conversion of dilutive employee stock-based awards | 4,924 | 4,703 | 4,703 | |||||||||||||||||||||||||
Assumed conversion of restricted stock | 324 | 318 | 318 | |||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Diluted weighted-average common shares outstanding | 115,865 | 115,603 | 115,603 | |||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
The following table presents the calculation of basic and diluted EPS for the Company's common stock for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
(in thousands, expect per share data) | ||||||||||||||||||||||||||||
Calculation of basic EPS: | ||||||||||||||||||||||||||||
Net income | $ | 19,830 | $ | 22,919 | $ | 26,684 | ||||||||||||||||||||||
Less: Net income allocated to participating securities | (75 | ) | (86 | ) | (101 | ) | ||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Net income attributable to common shareholders | $ | 19,755 | $ | 22,833 | $ | 26,583 | ||||||||||||||||||||||
Weighted-average common shares outstanding | 110,617 | 110,582 | 110,582 | |||||||||||||||||||||||||
Basic EPS | $ | 0.18 | $ | 0.21 | $ | 0.24 | ||||||||||||||||||||||
Calculation of diluted EPS: | ||||||||||||||||||||||||||||
Net income | $ | 19,830 | $ | 22,919 | $ | 26,684 | ||||||||||||||||||||||
Diluted weighted-average common shares outstanding | 115,865 | 115,603 | 115,603 | |||||||||||||||||||||||||
Diluted EPS | $ | 0.17 | $ | 0.2 | $ | 0.23 | ||||||||||||||||||||||
There were no outstanding options to purchase shares of common stock during the years ended December 31, 2013, 2012 and 2011 that were not included in the computation of diluted EPS because they were antidilutive. | ||||||||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||||||
In connection with the Spin-Off, each outstanding option and cash settled stock appreciation right ("SAR") with respect to Penn common stock outstanding on the distribution date was converted into two awards, an adjusted Penn option and a GLPI option, or, in the case of the SARs, an adjusted Penn SAR and a GLPI SAR. The adjustment preserved the aggregate intrinsic value of the options and SARs. Additionally, in connection with the Spin-Off, holders of outstanding restricted stock and phantom stock units ("PSUs") with respect to Penn common stock became entitled to an additional share of restricted stock or PSU with respect to GLPI common stock for each share of Penn restricted stock or PSU held. | ||||||||||||||||||||||||||||
The adjusted options and SARs, as well as the restricted stock and PSUs, otherwise remain subject to their original terms, except that for purposes of the adjusted Penn awards (including in determining exercisability and the post-termination exercise period), continued service with GLPI following the distribution date shall be deemed continued service with Penn; and for purposes of the GLPI awards (including in determining exercisability and the post-termination exercise period), continued service with Penn following the distribution date shall be deemed continued service with GLPI. | ||||||||||||||||||||||||||||
The Company accounts for stock compensation under ASC 718, "Compensation-Stock Compensation," which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value for stock options is estimated at the date of grant using the Black-Scholes option-pricing model. There were no stock option grants awarded in 2013. | ||||||||||||||||||||||||||||
Additionally, the cash-settled PSUs entitle employees to receive cash based on the fair value of the Company's common stock on the vesting date. These PSUs are accounted for as liability awards and are re-measured at fair value each reporting period until they become vested with compensation expense being recognized over the requisite service period in accordance with ASC 718-30, "Compensation-Stock Compensation, Awards Classified as Liabilities." | ||||||||||||||||||||||||||||
In addition, the Company's SARs are accounted for as liability awards since they will be settled in cash. The fair value of these awards is calculated during each reporting period and estimated using the Black-Scholes option pricing model. | ||||||||||||||||||||||||||||
See Note 10 for further information related to the treatment of the unrecognized compensation expense at the time of the Spin-Off related to awards held by GLPI employees. | ||||||||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||||||
Consistent with how the Company's Chief Operating Decision Maker reviews and assesses the Company's financial performance, the Company has two reportable segments, GLP Capital, L.P. (a wholly-owned subsidiary of GLPI through which GLPI owns substantially all of its assets) ("GLP Capital") and the TRS Properties. The GLP Capital reportable segment consists of the leased real property and represents the majority of the Company's business. The TRS Properties reportable segment consists of Hollywood Casino Perryville and Hollywood Casino Baton Rouge. See Note 11 for further information with respect to the Company's segments. | ||||||||||||||||||||||||||||
Statements of Cash Flows | ||||||||||||||||||||||||||||
The Company has presented the consolidated statements of cash flows using the indirect method, which involves the reconciliation of net income to net cash flow from operating activities. | ||||||||||||||||||||||||||||
Certain Risks and Uncertainties | ||||||||||||||||||||||||||||
The Company is dependent on Penn (including its subsidiaries), who is the lessee of substantially all of the Company's properties pursuant to the Master Lease and accounts for a significant portion of its revenues. The inability or unwillingness of Penn to meet its subsidiary's rent obligations and other obligations under the Master Lease could materially adversely affect the Company's business, financial position or results of operations, including the Company's ability to pay dividends to its shareholders as required to maintain its status as a REIT. For these reasons, if Penn were to experience a material adverse effect on its gaming business, financial position or results of operations, the Company's business, financial position or results of operations could also be materially adversely affected. | ||||||||||||||||||||||||||||
The Company's operations are also dependent on its continued licensing by state gaming commissions of its gaming tenants and operators. The loss of a license could have an adverse effect on future results of operations. Additionally, the Company is dependent on the local market in which its gaming tenants and operators operate for a significant number of its patrons and revenues. If economic conditions in these areas deteriorate or additional gaming licenses are awarded in these markets, the Company's results of operations could be adversely affected. Furthermore, the Company is dependent upon a stable gaming tax structure in the locations that its gaming tenants and operators operate in. Any change in the tax structure could have an adverse effect on future results of operations. | ||||||||||||||||||||||||||||
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2014 | |
Acquisitions | ' |
Acquisitions | ' |
3. Acquisitions | |
In January 2014, the Company completed the asset acquisition of the real property associated with the Casino Queen in East St. Louis, Illinois for $140.7 million, including transaction fees of $0.7 million. Simultaneously with the acquisition, GLPI also provided Casino Queen with a $43 million, five year term loan at 7% interest, pre-payable at any time, which, together with the sale proceeds, completely refinanced and retired all of Casino Queen’s outstanding long-term debt obligations. As of March 31, 2014, the balance of this loan was $41 million, due to principal and interest payments made. GLPI leased the property back to Casino Queen on a “triple net” basis on terms similar to those in the Master Lease and will result in approximately $14 million in annual rent. The lease has an initial term of 15 years, and the tenant has an option to renew it at the same terms and conditions for four successive five year periods. | |
Real_Estate_Investments1
Real Estate Investments | 3 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||
Real Estate Investments | ' | ' | ||||||||||||||
Real Estate Investments | ' | ' | ||||||||||||||
4. Real Estate Investments | ||||||||||||||||
4. Real Estate Investments | ||||||||||||||||
Real estate investments, net, represents investments in 20 properties and is summarized as follows: | ||||||||||||||||
Real estate investments, net, represents investments in 19 properties and is summarized as follows: | ||||||||||||||||
March 31, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | December 31, | 2013 | 2012 | |||||||||||||
Land and improvements | $ | 453,141 | $ | 382,581 | (in thousands) | |||||||||||
Building and improvements | 2,120,663 | 2,050,533 | Land and improvements | $ | 382,581 | $ | — | |||||||||
Construction in progress | 87,323 | 61,677 | Building and improvements | 2,050,533 | — | |||||||||||
Total real estate investments | 2,661,127 | 2,494,791 | Construction in progress | 61,677 | — | |||||||||||
Less accumulated depreciation | (507,474 | ) | (484,488 | ) | ||||||||||||
Real estate investments, net | $ | 2,153,653 | $ | 2,010,303 | | | | | | | | | ||||
Total property and equipment | 2,494,791 | — | ||||||||||||||
Construction in progress primarily represents two development projects which the Company is responsible for the real estate construction costs, namely Hollywood at Dayton Raceway and Hollywood at Mahoning Valley Race Track which Penn anticipates opening in the fall of 2014. The Company acquired the real estate of Casino Queen for $140.7 million in January 2014. | Less accumulated depreciation | (484,488 | ) | — | ||||||||||||
| | | | | | | | |||||||||
Property and equipment, net | $ | 2,010,303 | $ | — | ||||||||||||
| | | | | | | | |||||||||
| | | | | | | | |||||||||
In connection with the Spin-Off, Penn contributed $1.96 billion of real estate investments, net of accumulated depreciation which was recorded at Penn's historical carrying value. Construction in progress primarily represents two development projects which the Company is responsible for the real estate construction costs, namely Hollywood at Dayton Raceway and Hollywood at Mahoning Valley Race Track which Penn anticipates opening in the fall of 2014. | ||||||||||||||||
Recovered_Sheet1
Property and Equipment Used in Operations | 3 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||
Property and Equipment Used in Operations | ' | ' | ||||||||||||||
Property and Equipment Used in Operations | ' | ' | ||||||||||||||
5. Property and Equipment Used in Operations | ||||||||||||||||
5. Property and Equipment used in operations | ||||||||||||||||
Property and equipment used in operations, net, consists of the following and primarily represents the assets utilized in the TRS: | ||||||||||||||||
Property and equipment used in operations, net, consists of the following: | ||||||||||||||||
March 31, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | December 31, | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Land and improvements | $ | 31,635 | $ | 27,586 | Land and improvements | $ | 27,586 | $ | 28,193 | |||||||
Building and improvements | 116,267 | 115,888 | Building and improvements | 115,888 | 109,248 | |||||||||||
Furniture, fixtures, and equipment | 102,740 | 101,288 | Furniture, fixtures, and equipment | 101,288 | 76,088 | |||||||||||
Construction in progress | 504 | 203 | Construction in progress | 203 | 87 | |||||||||||
Total property and equipment | 251,146 | 244,965 | ||||||||||||||
Less accumulated depreciation | (109,260 | ) | (105,844 | ) | | | | | | | | | ||||
Property and equipment, net | $ | 141,886 | $ | 139,121 | Total property and equipment | 244,965 | 213,616 | |||||||||
Less accumulated depreciation | (105,844 | ) | (94,662 | ) | ||||||||||||
| | | | | | | | |||||||||
Property and equipment, net | $ | 139,121 | $ | 118,954 | ||||||||||||
| | | | | | | | |||||||||
| | | | | | | | |||||||||
Longterm_Debt1
Long-term Debt | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||
Long-term Debt | ' | ' | |||||||||||
Long-term Debt | ' | ' | |||||||||||
6. Long-term Debt | |||||||||||||
6. Long-term Debt | |||||||||||||
Long-term debt is as follows: | |||||||||||||
Long-term debt is as follows: | |||||||||||||
March 31, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | December 31, | 2013 | |||||||||||
Senior unsecured credit facility | $ | 450,000 | $ | 300,000 | (in thousands) | ||||||||
$550 million 4.375% senior notes due November 2018 | 550,000 | 550,000 | Senior unsecured credit facility | $ | 300,000 | ||||||||
$1,000 million 4.875% senior notes due November 2020 | 1,000,000 | 1,000,000 | $550 million 4.375% senior notes due November 2018 | 550,000 | |||||||||
$500 million 5.375% senior notes due November 2023 | 500,000 | 500,000 | $1,000 million 4.875% senior notes due November 2020 | 1,000,000 | |||||||||
$ | 2,500,000 | $ | 2,350,000 | $500 million 5.375% senior notes due November 2023 | 500,000 | ||||||||
The following is a schedule of future minimum repayments of long-term debt as of March 31, 2014 (in thousands): | | | | | | ||||||||
$ | 2,350,000 | ||||||||||||
2014 | $ | — | |||||||||||
2015 | — | | | | | | |||||||
2016 | — | | | | | | |||||||
2017 | — | ||||||||||||
2018 | 1,000,000 | ||||||||||||
Thereafter | 1,500,000 | The following is a schedule of future minimum repayments of long-term debt as of December 31, 2013 (in thousands): | |||||||||||
Total minimum payments | $ | 2,500,000 | |||||||||||
The Company participates in a $1,000.0 million senior unsecured credit facility (the “Credit Facility”), consisting of a $700.0 million revolving credit facility and a $300.0 million Term Loan A facility. The Credit Facility matures on October 28, 2018. At March 31, 2014, the Credit Facility had a gross outstanding balance of $450 million, consisting of the $300 million Term Loan A facility and $150 million of borrowings under the revolving credit facility. As of March 31, 2014, $550 million remained available under the Credit Facility. | 2014 | $ | — | ||||||||||
2015 | — | ||||||||||||
The Credit Facility contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of GLPI and its subsidiaries, to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations or pay certain dividends and other restricted payments. The Credit Facility contains the following financial covenants, which are measured quarterly on a trailing four-quarter basis: a maximum total debt to total asset value ratio, a maximum senior secured debt to total asset value ratio, a maximum ratio of certain recourse debt to unencumbered asset value and a minimum fixed charge coverage ratio. In addition, GLPI is required to maintain a minimum tangible net worth. GLPI is required to maintain its status as a REIT on and after the effective date of its election to be treated as a REIT, which election GLPI intends to make on its U.S. federal income tax return for its first full fiscal year following the Spin-Off. GLPI is permitted to pay dividends to its shareholders as may be required in order to maintain REIT status, subject to the absence of payment or bankruptcy defaults. GLPI is also permitted to make other dividends and distributions subject to pro forma compliance with the financial covenants and the absence of defaults. The Credit Facility also contains certain customary affirmative covenants and events of default. Such events of default include the occurrence of a change of control and termination of the Master Lease (subject to certain replacement rights). The occurrence and continuance of an event of default under the Credit Facility will enable the lenders under the Credit Facility to accelerate the loans, and terminate the commitments, thereunder. | 2016 | — | |||||||||||
2017 | — | ||||||||||||
The Notes contain covenants limiting the Company’s ability to: incur additional debt and use their assets to secure debt; merge or consolidate with another company; and make certain amendments to the Master Lease. The Notes also require the Company to maintain a specified ratio of unencumbered assets to unsecured debt. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. | 2018 | 850,000 | |||||||||||
Thereafter | 1,500,000 | ||||||||||||
At March 31, 2014, the Company was in compliance with all required covenants. | |||||||||||||
| | | | | |||||||||
Total minimum payments | $ | 2,350,000 | |||||||||||
| | | | | |||||||||
| | | | | |||||||||
On October 28, 2013, GLP Capital entered into a new five year senior unsecured credit facility (the "Credit Facility"), consisting of a $700 million revolving credit facility and a $300 million Term Loan A facility. The interest rates payable on the loans are, at our option, equal to either a LIBOR rate or a base rate plus an applicable margin, which ranges from 1.0% to 2.0% per annum for LIBOR loans and 0.0% to 1.0% per annum for base rate loans, in each case, depending on the credit ratings assigned to the Credit Facility. At December 31, 2013, the applicable margin was 1.75% for LIBOR loans and 0.75% for base rate loans, which was reduced to 1.50% and 0.50%, respectively, in the first quarter of 2014. See Note 15 for further details. In addition, the Company is required to pay a commitment fee on the unused portion of the commitments under the revolving facility at a rate that ranges from 0.15% to 0.35% per annum, depending on the credit ratings assigned to the Credit Facility. At December 31, 2013, the commitment fee rate was 0.30%, which was reduced to 0.25% in the first quarter of 2014. GLP Capital is not required to repay any loans under the Credit Facility prior to maturity on October 28, 2018. GLP Capital may prepay all or any portion of the loans under the Credit Facility prior to maturity without premium or penalty, subject to reimbursement of any LIBOR breakage costs of the lenders. The Credit Facility is guaranteed by GLPI. | |||||||||||||
The Company's Credit Facility had a gross outstanding balance of $300 million at December 31, 2013, consisting of the $300 million Term Loan A facility. No balances were outstanding on the revolving credit facility at December 31, 2013. | |||||||||||||
The Credit Facility contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of GLPI and its subsidiaries, to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations or pay certain dividends and other restricted payments. The Credit Facility contains the following financial covenants, which are measured quarterly on a trailing four-quarter basis: a maximum total debt to total asset value ratio, a maximum senior secured debt to total asset value ratio, a maximum ratio of certain recourse debt to unencumbered asset value and a minimum fixed charge coverage ratio. In addition, GLPI is required to maintain a minimum tangible net worth. GLPI is required to maintain its status as a REIT on and after the effective date of its election to be treated as a REIT, which election GLPI intends to make on its U.S. federal income tax return for its first full fiscal year following the Spin-Off. GLPI is permitted to pay dividends to its shareholders as may be required in order to maintain REIT status, subject to the absence of payment or bankruptcy defaults. GLPI is also permitted to make other dividends and distributions subject to pro forma compliance with the financial covenants and the absence of defaults. The Credit Facility also contains certain customary affirmative covenants and events of default. Such events of default include the occurrence of a change of control and termination of the Master Lease (subject to certain replacement rights). The occurrence and continuance of an event of default under the Credit Facility will enable the lenders under the Credit Facility to accelerate the loans, and terminate the commitments, thereunder. | |||||||||||||
On October 30 and 31, 2013, the Company completed offerings of $2,050 million aggregate principal amount of three series of new senior notes issued by two of GLPI's wholly-owned subsidiaries (the "Issuers"): $550 million of 4.375% Senior Notes due 2018 (the "2018 Notes"); $1,000 million of 4.875% Senior Notes due 2020 (the "2020 Notes"); and $500 million of 5.375% Senior Notes due 2023 (the "2023 Notes," and collectively with the 2018 Notes and the 2020 Notes, the "Notes"). The 2018 Notes mature on November 1, 2018 and bear interest at a rate of 4.375% per year. The 2020 Notes mature on November 1, 2020 and bear interest at a rate of 4.875% per year. The 2023 Notes mature on November 1, 2023 and bear interest at a rate of 5.375% per year. Interest on the Notes is payable on May 1 and November 1 of each year, beginning on May 1, 2014. | |||||||||||||
The Company may redeem the Notes of any series at any time, and from time to time, at a redemption price of 100% of the principal amount of the Notes redeemed, plus a "make-whole" redemption premium described in the indenture governing the Notes, together with accrued and unpaid interest to, but not including, the redemption date, except that if Notes of a series are redeemed 90 or fewer days prior to their maturity, the redemption price will be 100% of the principal amount of the Notes redeemed, together with accrued and unpaid interest to, but not including, the redemption date. If GLPI experiences a change of control accompanied by a decline in the credit rating of the Notes of a particular series, the Company will be required to give holders of the Notes of such series the opportunity to sell their Notes of such series at a price equal to 101% of the principal amount of the Notes of such series, together with accrued and unpaid interest to, but not including, the repurchase date. The Notes also are subject to mandatory redemption requirements imposed by gaming laws and regulations. | |||||||||||||
The Notes are guaranteed on a senior unsecured basis by GLPI. The Notes are the Issuers' senior unsecured obligations and rank pari passu in right of payment with all of the Issuers' senior indebtedness, including the Credit Facility, and senior in right of payment to all of the Issuers' subordinated indebtedness, without giving effect to collateral arrangements. | |||||||||||||
The Notes contain covenants limiting the Issuers' ability to: incur additional debt and use their assets to secure debt; merge or consolidate with another company; and make certain amendments to the Master Lease. The Notes also require the Issuers to maintain a specified ratio of unencumbered assets to unsecured debt. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. | |||||||||||||
GLPI used the proceeds of the 2018 Notes and the 2023 Notes, together with borrowings under the Credit Facility, to make distributions directly or indirectly, to Penn in partial exchange for the contribution of real property assets to GLPI in connection with the Spin-Off and to pay related fees and expenses. A portion of the net proceeds from the 2020 Notes was used to repay certain amounts drawn under the revolving portion of the Credit Facility and the remaining net proceeds were used to fund the Purging Distribution by GLPI of accumulated earnings and profits on its real property assets in order to comply with certain REIT qualification requirements. The proceeds of additional revolving loans under the Credit Facility will be used for working capital, to fund permitted dividends, distributions and acquisitions, for general corporate purposes and for any other purpose not prohibited by the documentation governing the Credit Facility. | |||||||||||||
At December 31, 2013, the Company was in compliance with all required financial covenants. | |||||||||||||
Commitments_and_Contingencies1
Commitments and Contingencies | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||
Commitments and Contingencies. | ' | ' | ||||
Commitments and Contingencies | ' | ' | ||||
7. Commitments and Contingencies | ||||||
7. Commitments and Contingencies | ||||||
Litigation | ||||||
Litigation | ||||||
Pursuant to a Separation and Distribution Agreement between Penn and GLPI, any liability arising from or relating to legal proceedings involving the businesses and operations of Penn’s real property holdings prior to the Spin-Off (other than any liability arising from or relating to legal proceedings where the dispute arises from the operation or ownership of the TRS Properties) will be retained by Penn and Penn will indemnify GLPI (and its subsidiaries, directors, officers, employees and agents and certain other related parties) against any losses it may incur arising from or relating to such legal proceedings. | ||||||
Pursuant to a Separation and Distribution Agreement between Penn and GLPI, any liability arising from or relating to legal proceedings involving the businesses and operations of Penn's real property holdings prior to the Spin-Off (other than any liability arising from or relating to legal proceedings where the dispute arises from the operation or ownership of the TRS Properties) will be retained by Penn and Penn will indemnify GLPI (and its subsidiaries, directors, officers, employees and agents and certain other related parties) against any losses it may incur arising from or relating to such legal proceedings. | ||||||
The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, and other matters arising in the normal course of business. The Company does not believe that the final outcome of these matters will have a material adverse effect on the Company’s consolidated financial position or results of operations. In addition, the Company maintains what it believes is adequate insurance coverage to further mitigate the risks of such proceedings. However, such proceedings can be costly, time consuming, and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings may not materially impact the Company’s financial condition or results of operations. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. | ||||||
The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, and other matters arising in the normal course of business. The Company does not believe that the final outcome of these matters will have a material adverse effect on the Company's consolidated financial position or results of operations. In addition, the Company maintains what it believes is adequate insurance coverage to further mitigate the risks of such proceedings. However, such proceedings can be costly, time consuming, and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings may not materially impact the Company's financial condition or results of operations. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. | ||||||
Operating Lease Commitments | ||||||
As part of the Spin-Off, Penn assigned to GLPI various leases on the property acquired in connection with the Spin-Off. The following is a description of some of the more significant lease contracts that Penn assigned to GLPI. Total rental expense under these agreements was $0.4 million for the year ended December 31, 2013 (which covers the period subsequent to the Spin-Off date). | ||||||
One of Penn's subsidiaries entered into a lease agreement for the land utilized in connection with the operations of a casino in Biloxi, Mississippi. The lease commenced March 3, 1994 and is for a term of 99 years. The annual rental payments are increased every 5 years by fifteen percent and will be $0.2 million for 2014. The next reset period is in March 2014. | ||||||
One of Penn's subsidiaries entered into a lease agreement for the land utilized in connection with the operations of a casino in Tunica, Mississippi. The lease commenced on October 11, 1993 with a five year initial term and nine five year renewals at the tenant's option. The lease agreement has an annual fixed rent provision, as well as an annual revenue-sharing provisions, which is equal to the result obtained by subtracting the fixed rent provision from 4% of gross revenues. | ||||||
One of Penn's subsidiaries has an operating lease with the City of Bangor which covers the permanent casino facility that opened on July 1, 2008. Under the lease agreement, there is a fixed rent provision which GLPI is responsible for which totals $0.1 million per year. The final term of the lease, which commenced with the opening of the permanent facility, is for an initial term of fifteen years, with three ten-year renewal options. | ||||||
The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at December 31, 2013 are as follows (in thousands): | ||||||
Year ending December 31, | ||||||
2014 | $ | 1,013 | ||||
2015 | 314 | |||||
2016 | 302 | |||||
2017 | 316 | |||||
2018 | 334 | |||||
Thereafter | 44,178 | |||||
| | | | | ||
Total | $ | 46,457 | ||||
| | | | | ||
| | | | | ||
In addition, for the TRS Properties, the Company is liable under numerous operating leases for equipment and other miscellaneous assets, which expire at various dates through 2015. Total rental expense under these agreements was $1.4 million, $1.6 million and $1.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||
Capital Expenditure Commitments | ||||||
The Company's current construction program for 2014 calls for capital expenditures of approximately $137.4 million, of which the Company was contractually committed to spend approximately $34.5 million at December 31, 2013, related to the two Ohio racetracks scheduled to be opened in the fall of 2014. | ||||||
Additionally, as part of the Spin-Off, GLPI is committed to fund certain projects in development at Penn, including a new gaming and entertainment destination in Philadelphia, PA and an integrated racing and gaming facility in Lawrence County, near Pittsburgh (the last of the Category 1 sites in Pennsylvania). If Penn is selected for both of these projects, GLPI would provide real estate financing in the form of a loan or lease up to $418.5 million for these two projects. | ||||||
Purchase obligations | ||||||
The Company has obligations to purchase various goods and services totaling $1.4 million at December 31, 2013, of which $1.1 million will be incurred in 2014. | ||||||
Employee Benefit Plans | ||||||
The Company maintains a profit-sharing plan under the provisions of Section 401(k) of the Internal Revenue Code of 1986, as amended, which covers all eligible employees. The plan enables participating employees to defer a portion of their salary in a retirement fund to be administered by the Company. The Company makes a discretionary match contribution of 50% of employees' elective salary deferrals, up to a maximum of 6% of eligible employee compensation. The matching contributions for the profit-sharing plan for all years ended December 31, 2013, 2012 and 2011 were $0.2 million. | ||||||
The Company maintains a non-qualified deferred compensation plan that covers most management and other highly-compensated employees. The plan allows the participants to defer, on a pre-tax basis, a portion of their base annual salary and/or their annual bonus, and earn tax-deferred earnings on these deferrals. The plan also provides for matching Company contributions that vest over a five-year period. The Company has established a Trust, and transfers to the Trust, on a periodic basis, an amount necessary to provide for its respective future liabilities with respect to participant deferral and Company contribution amounts. The Company's matching contributions for the non-qualified deferred compensation plan for the years ended December 31, 2013, 2012 and 2011 were $0.3 million, $0.1 million and $0.1 million, respectively. The Company's deferred compensation liability, which was included in other current liabilities within the consolidated balance sheet, was $12.8 million at December 31, 2013 and relates primarily to balances contributed to use as part of the Spin-Off related to our executive officers that were previously employed by Penn. | ||||||
Labor Agreements | ||||||
Some of Hollywood Casino Perryville's employees are currently represented by labor unions. The Seafarers Entertainment and Allied Trade Union represents 128 of Hollywood Casino Perryville's employees under an agreement that expires in February 2020. Additionally, Local No. 27 United Food and Commercial Workers and United Industrial Service Transportation Professional and Government Workers of North America represent certain employees under collective bargaining agreements that expire in 2020, neither of which represents more than 50 of Hollywood Casino Perryville's employees. If the Company fails to renew or modify existing agreements on satisfactory terms, this failure could have a material adverse effect on Hollywood Casino Perryville's business, financial condition and results of operations. There can be no assurance that Hollywood Casino Perryville will be able to maintain these agreements. | ||||||
Dividends1
Dividends | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Dividends. | ' | ' |
Dividends | ' | ' |
8. Dividends | ||
9. Dividends | ||
On February 18, 2014, GLPI made the Purging Distribution, which totaled $1.05 billion and was comprised of cash and GLPI common stock, to distribute the accumulated earnings and profits related to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off. Shareholders were given the option to elect either an all-cash or all-stock dividend, subject to a total cash limitation of $210 million. Of the 88,691,827 shares of common stock outstanding on the record date, approximately 54.3% elected the cash distribution and approximately 45.7% elected a stock distribution or made no election. Shareholders electing cash received $4.358049 plus 0.195747 additional GLPI shares per common share held on the record date. Shareholders electing stock or not making an election received 0.309784 additional GLPI shares per common share held on the record date. Stock dividends were paid based on the volume weighted average price for the three trading days ended February 13, 2014 of $38.2162 per share. Approximately 22.0 million shares were issued in connection with this dividend payment. In addition, cash distributions were made to GLPI and Penn employee restricted stock award holders in the amount of $1 million for the purging distribution. GLPI and Penn have jointly requested a Pre-Filing Agreement from the Internal Revenue Service pursuant to Revenue Procedure 2009-14 to confirm the appropriate allocation of Penn’s historical earnings and profits between GLPI and Penn. The outcome of this request may affect the amount of the dividend required to be paid by GLPI to its shareholders prior to December 31, 2014. | ||
On February 18, 2014, GLPI made the Purging Distribution of $1.05 billion, of which approximately $210.0 million was made in cash with the remainder in GLPI common stock to distribute the accumulated earnings and profits related to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off. In addition, on February 18, 2014, the Company's Board of Directors declared its first quarterly dividend. Shareholders of record on March 7, 2014 will receive $0.52 per common share, payable on March 28, 2014. See Note 15 for further details. | ||
Additionally, on February 18, 2014, the Company’s Board of Directors declared its first quarterly dividend of $0.52 per common share, which was paid on March 28, 2014, in the amount of $58 million, to shareholders of record on March 7, 2014. In addition, dividend payments were made to GLPI restricted stock award holders in the amount of $1.0 million. | ||
Segment_Information1
Segment Information | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||
Segment Information | ' | ' | |||||||||||||||||||||||
Segment Information | ' | ' | |||||||||||||||||||||||
9. Segment Information | |||||||||||||||||||||||||
11. 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. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
GLP Capital (1) | TRS Properties | Eliminations (2) | Total | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
For the three months ended March 31, 2014 | GLP | TRS | Total | ||||||||||||||||||||||
Net revenues | $ | 118,112 | $ | 40,216 | $ | — | $ | 158,328 | Capital(1) | Properties | |||||||||||||||
Income from operations | 67,871 | 6,463 | — | 74,334 | (in thousands) | ||||||||||||||||||||
Interest, net | 28,428 | 2,601 | (2,601 | ) | 28,428 | For the year ended December 31, 2013 | |||||||||||||||||||
Income from operations before income taxes | 42,044 | 3,862 | — | 45,906 | Net revenues | $ | 76,557 | $ | 165,572 | $ | 242,129 | ||||||||||||||
Income tax provision | — | 1,594 | — | 1,594 | Income from operations | 34,333 | 26,249 | 60,582 | |||||||||||||||||
Net income | 42,044 | 2,268 | — | 44,312 | Interest expense | 19,254 | — | 19,254 | |||||||||||||||||
Depreciation | 23,441 | 3,081 | — | 26,522 | Income from operations before income taxes | 15,079 | 22,047 | 37,126 | |||||||||||||||||
Capital project expenditures, net of reimbursements | 24,002 | — | — | 24,002 | Income tax provision | 8,467 | 8,829 | 17,296 | |||||||||||||||||
Capital maintenance expenditures | — | 871 | — | 871 | Net income | 6,612 | 13,218 | 19,830 | |||||||||||||||||
Depreciation | 14,896 | 14,027 | 28,923 | ||||||||||||||||||||||
For the three months ended March 31, 2013 | Capital expenditures | 13,042 | 3,386 | 16,428 | |||||||||||||||||||||
Net revenues | $ | — | $ | 42,649 | $ | — | $ | 42,649 | For the year ended December 31, 2012 | ||||||||||||||||
Income from operations | — | 6,810 | — | 6,810 | Net revenues | $ | — | $ | 210,643 | $ | 210,643 | ||||||||||||||
Income from operations before income taxes | — | 5,530 | — | 5,530 | Income from operations | — | 43,668 | 43,668 | |||||||||||||||||
Income tax provision | — | 2,316 | — | 2,316 | Interest expense | — | — | — | |||||||||||||||||
Net income | — | 3,214 | — | 3,214 | Income from operations before income taxes | — | 37,350 | 37,350 | |||||||||||||||||
Depreciation | — | 3,588 | — | 3,588 | Income tax provision | — | 14,431 | 14,431 | |||||||||||||||||
Capital project expenditures, net of reimbursements | — | 78 | — | 78 | Net income | — | 22,919 | 22,919 | |||||||||||||||||
Capital maintenance expenditures | — | 896 | — | 896 | Depreciation | — | 14,090 | 14,090 | |||||||||||||||||
Capital expenditures | — | 5,190 | 5,190 | ||||||||||||||||||||||
Balance sheet at March 31,2014 | For the year ended December 31, 2011 | ||||||||||||||||||||||||
Total assets | $ | 2,324,839 | $ | 237,047 | — | $ | 2,561,886 | Net revenues | $ | — | $ | 231,884 | $ | 231,884 | |||||||||||
Income from operations | — | 52,513 | 52,513 | ||||||||||||||||||||||
Balance sheet at December 31, 2013 | Interest expense | — | — | — | |||||||||||||||||||||
Total assets | $ | 2,379,243 | $ | 229,996 | — | $ | 2,609,239 | Income from operations before income taxes | — | 45,559 | 45,559 | ||||||||||||||
Income tax provision | — | 18,875 | 18,875 | ||||||||||||||||||||||
Net income | — | 26,684 | 26,684 | ||||||||||||||||||||||
(1) GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off. | Depreciation | — | 14,568 | 14,568 | |||||||||||||||||||||
(2) Amounts in the “Eliminations” column represent the elimination of intercompany interest payments from the Company’s TRS Properties business segment to its GLP Capital business segment. | Capital expenditures | — | 8,288 | 8,288 | |||||||||||||||||||||
Balance sheet at December 31, 2013 | |||||||||||||||||||||||||
Total assets | 2,379,243 | 229,996 | 2,609,239 | ||||||||||||||||||||||
Balance sheet at December 31, 2012 | |||||||||||||||||||||||||
Total assets | — | 267,075 | 267,075 | ||||||||||||||||||||||
-1 | |||||||||||||||||||||||||
GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off. For the year ended December 31, 2013, all revenues in the GLP Capital segment were attributable from Penn under the terms of the Master Lease. Results included transaction costs associated with the Spin-Off of $13.5 million. | |||||||||||||||||||||||||
PreSpin_Transactions_with_Penn2
Pre-Spin Transactions with Penn | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Pre-Spin Transactions with Penn | ' | ' |
Pre-Spin Transactions with Penn | ' | ' |
10. Pre-Spin Transactions with Penn | ||
13. Pre-Spin Transactions with Penn | ||
Before the Spin-Off, Hollywood Casino Baton Rouge and Hollywood Casino Perryville had a corporate overhead assessment with Penn, whereby Penn provided various management services in consideration of a management fee equal to 3% of net revenues. The Company incurred and paid management fees of $1.3 million for the three months ended March 31, 2013. In connection with the completion of the Spin-Off, the management fee agreements between Penn and Hollywood Casino Baton Rouge and Hollywood Casino Perryville were terminated. | ||
Before the Spin-Off, Hollywood Casino Baton Rouge and Hollywood Casino Perryville had a corporate overhead assessment with Penn, whereby Penn provided various management services in consideration of a management fee equal to 3% of net revenues. The Company incurred and paid management fees of $4.2 million, $6.3 million and $7.0 million for the years ended December 31, 2013 (before the Spin-Off), 2012 and 2011, respectively. In connection with the completion of the Spin-Off, the management fee agreements between Penn and Hollywood Casino Baton Rouge and Hollywood Casino Perryville were terminated. | ||
Hollywood Casino Baton Rouge and Hollywood Casino Perryville had cumulative net advances of $43.3 million at December 31, 2012. The advances were the result of operating cash flows generated by Hollywood Casino Baton Rouge and Hollywood Casino Perryville in excess of intercompany allocations such as the management fee agreement. As part of the Spin-Off, these amounts were forgiven. | ||
Supplemental_Disclosures_of_Ca2
Supplemental Disclosures of Cash Flow Information | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Supplemental Disclosures of Cash Flow Information | ' | ' |
Supplemental Disclosures of Cash Flow Information | ' | ' |
11. Supplemental Disclosures of Cash Flow Information | ||
14. Supplemental Disclosures of Cash Flow Information | ||
Prior to the Spin-Off, the Company’s Hollywood Casino Baton Rouge and Hollywood Casino Perryville paid no federal income taxes directly to tax authorities and instead settled all intercompany balances with Penn. These settlements included, among other things, the share of the income taxes allocated by Penn to Hollywood Casino Baton Rouge and Hollywood Casino Perryville. The amounts paid to Penn for Hollywood Casino Baton Rouge and Hollywood Casino Perryville’s allocated share of federal income taxes was $1.8 million for the three months ended March 31, 2013. Hollywood Casino Baton Rouge and Hollywood Casino Perryville made federal income tax payments directly to tax authorities of $1.4 million for the three months ended March 31, 2014. Hollywood Casino Baton Rouge and Hollywood Casino Perryville made state income tax payments directly to the state authorities of $0.9 million for the three months ended March 31, 2014 and no payments for the three months ended March 31, 2013. In addition, GLPI, prior to qualifying for REIT status, was subjected to corporate federal and state income taxes. The Company paid federal income tax directly to tax authorities of $10.1 million for the three months ended March 31, 2014. The Company also paid state income tax payments of $1.4 million directly to the state authorities for the three months ended March 31, 2014. Cash paid for interest was $2.1 million for the three months ended March 31, 2014 and no interest was paid for the three months ended March 31, 2013. | ||
Prior to the Spin-Off, the Company's Hollywood Casino Baton Rouge and Hollywood Casino Perryville paid no federal income taxes directly to tax authorities and instead settled all intercompany balances with Penn. These settlements included, among other things, the share of the income taxes allocated by Penn to Hollywood Casino Baton Rouge and Hollywood Casino Perryville. The amounts paid to Penn for Hollywood Casino Baton Rouge and Hollywood Casino Perryville's allocated share of federal income taxes was $9.4 million, $13.2 million and $15.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. Their first federal income taxes payment directly to tax authorities will occur in early 2014. Hollywood Casino Baton Rouge and Hollywood Casino Perryville made state income tax payments directly to the state authorities of $1.6 million, $2.8 million and $3.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. Cash paid for interest was $0.8 million for the year ended December 31, 2013 and no interest was paid for the years ended December 31, 2012 and 2011. | ||
Supplementary_Condensed_Consol3
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers | ' | ' | ||||||||||||||||||||||||||||||||
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers | ' | ' | ||||||||||||||||||||||||||||||||
12. Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers | 16. Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers | |||||||||||||||||||||||||||||||||
GLPI guarantees the 2018 Notes, the 2020 Notes and the 2023 Notes (collectively, the “Notes”) issued by its subsidiaries, GLP Capital, L.P. and GLP Financing II, Inc. Each of the subsidiary issuers is 100% owned by GLPI. The guarantees of GLPI are full and unconditional. GLPI is not subject to any material or significant restrictions on its ability to obtain funds from its subsidiaries by dividend or loan or to transfer assets from such subsidiaries, except as provided by applicable law. No subsidiaries of GLPI guarantee the Notes. | GLPI guarantees the 2018 Notes, the 2020 Notes and the 2023 Notes issued by its subsidiaries, GLP Capital, L.P. and GLP Financing II, Inc. Each of the subsidiary issuers is 100% owned by GLPI. The guarantees of GLPI are full and unconditional. GLPI is not subject to any material or significant restrictions on its ability to obtain funds from its subsidiaries by dividend or loan or to transfer assets from such subsidiaries, except as provided by applicable law. No subsidiaries of GLPI guarantee the Notes. | |||||||||||||||||||||||||||||||||
Summarized financial information for the three months ended March 31, 2014 and 2013 for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers is presented below. | Summarized financial information for the years ended December 31, 2013, 2012 and 2011 for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers is presented below. | |||||||||||||||||||||||||||||||||
Other | Other | |||||||||||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Parent | Subsidiary | Subsidiary | |||||||||||||||||||||||||||||
Guarantor | Issuers | Non-Issuers | Eliminations | Consolidated | Guarantor | Issuers | Non-Issuers | Eliminations | Consolidated | |||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||
At March 31, 2014 | At December 31, 2013 | |||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||
Real estate investments, net | $ | — | $ | 2,013,643 | $ | 140,010 | $ | — | $ | 2,153,653 | Real estate investments, net | $ | — | $ | 2,010,303 | $ | — | $ | — | $ | 2,010,303 | |||||||||||||
Intercompany transactions and investment in subsidiaries | (82,258 | ) | 393,503 | 122,853 | (434,098 | ) | — | Intercompany transactions and investment in subsidiaries | 104,391 | 208,739 | 308,157 | (621,287 | ) | — | ||||||||||||||||||||
Other | 42,395 | 85,340 | 280,498 | — | 408,233 | Other | 83,083 | 285,514 | 229,996 | 343 | 598,936 | |||||||||||||||||||||||
Total assets | $ | (39,863 | ) | $ | 2,492,486 | $ | 543,361 | $ | (434,098 | ) | $ | 2,561,886 | Total assets | $ | 187,474 | $ | 2,504,556 | $ | 538,153 | $ | (620,944 | ) | $ | 2,609,239 | ||||||||||
Other liabilities | $ | 28,165 | $ | 74,940 | $ | 26,809 | $ | 129,914 | Other liabilities | $ | 45,045 | $ | 47,906 | $ | 23,516 | $ | 343 | $ | 116,810 | |||||||||||||||
Intercompany debt | 193,595 | (193,595 | ) | — | Intercompany debt | — | — | — | — | — | ||||||||||||||||||||||||
Long-term debt | — | 2,500,000 | — | — | 2,500,000 | Long-term debt | — | 2,350,000 | — | — | 2,350,000 | |||||||||||||||||||||||
Total shareholders’ (deficit) equity | (68,028 | ) | (82,454 | ) | 322,955 | (240,501 | ) | (68,028 | ) | Total shareholders’ equity | 142,429 | 106,650 | 514,637 | (621,287 | ) | 142,429 | ||||||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (39,863 | ) | $ | 2,492,486 | $ | 543,359 | $ | (434,096 | ) | $ | 2,561,886 | Total liabilities and shareholders’ equity | $ | 187,474 | $ | 2,504,556 | $ | 538,153 | $ | (620,944 | ) | $ | 2,609,239 | ||||||||||
Quarter ended March 31, 2014 | Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||
Net revenues | $ | — | $ | 115,072 | $ | 43,256 | $ | — | $ | 158,328 | Net revenues | $ | — | $ | 76,557 | $ | 165,572 | $ | — | $ | 242,129 | |||||||||||||
Operating expenses | 14,522 | 34,630 | 34,842 | — | 83,994 | Operating expenses | 19,800 | 22,424 | 139,323 | — | 181,547 | |||||||||||||||||||||||
Income (loss) from operations | (14,522 | ) | 80,442 | 8,414 | — | 74,334 | Income (loss) from operations | (19,800 | ) | 54,133 | 26,249 | — | 60,582 | |||||||||||||||||||||
Other income (expenses) | Other income (expenses) | |||||||||||||||||||||||||||||||||
Intercompany dividends and interest | 275,011 | 6,384 | 279,607 | (561,002 | ) | — | Intercompany dividends and interest | 68,955 | 68,955 | (137,910 | ) | — | ||||||||||||||||||||||
Other income (expenses) | — | (26,373 | ) | (2,055 | ) | — | (28,428 | ) | Other income (expenses) | — | (19,254 | ) | (4,202 | ) | — | (23,456 | ) | |||||||||||||||||
Total other income (expenses) | 275,011 | (19,989 | ) | 277,552 | (561,002 | ) | (28,428 | ) | Total other income (expenses) | 68,955 | (19,254 | ) | 64,753 | (137,910 | ) | (23,456 | ) | |||||||||||||||||
Net income (loss) before income taxes | 260,489 | 60,453 | 285,966 | (561,002 | ) | 45,906 | Net income (loss) before income taxes | 49,155 | 34,879 | 91,002 | (137,910 | ) | 37,126 | |||||||||||||||||||||
Taxes on income | — | — | 1,594 | — | 1,594 | Taxes on income | 643 | 7,824 | 8,829 | — | 17,296 | |||||||||||||||||||||||
Net income (loss) | $ | 260,489 | $ | 60,453 | $ | 284,372 | $ | (561,002 | ) | $ | 44,312 | Net income (loss) | $ | 48,512 | $ | 27,055 | $ | 82,173 | $ | (137,910 | ) | $ | 19,830 | |||||||||||
Quarter ended March 31, 2014 | Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 217,250 | $ | (329,090 | ) | $ | 191,567 | $ | — | $ | 79,727 | Net cash provided by (used in) operating activities | $ | 68,082 | $ | (81,887 | ) | $ | 94,437 | $ | — | $ | 80,632 | |||||||||||
Net cash used in investing activities | (1,532 | ) | (25,826 | ) | (182,601 | ) | — | (209,959 | ) | Net cash used in investing activities | (5,562 | ) | (7,480 | ) | (3,233 | ) | — | (16,275 | ) | |||||||||||||||
Net cash (used in) provided by financing activities | (256,719 | ) | 150,008 | — | — | (106,711 | ) | Net cash (used in) provided by financing activities | (19,719 | ) | 310,463 | (84,442 | ) | — | 206,302 | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (41,001 | ) | (204,908 | ) | 8,966 | — | (236,943 | ) | Net increase in cash and cash equivalents | 42,801 | 221,096 | 6,762 | — | 270,659 | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | 42,801 | 221,096 | 21,324 | — | 285,221 | Cash and cash equivalents at beginning of year | — | — | 14,562 | — | 14,562 | |||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 1,800 | $ | 16,188 | $ | 30,290 | $ | — | $ | 48,278 | Cash and cash equivalents at end of year | $ | 42,801 | $ | 221,096 | $ | 21,324 | $ | — | $ | 285,221 | |||||||||||||
Other | Other | |||||||||||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Parent | Subsidiary | Subsidiary | |||||||||||||||||||||||||||||
Guarantor | Issuers | Non-Issuers | Eliminations | Consolidated | Guarantor | Issuers | Non-Issuers | Eliminations | Consolidated | |||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||
Real estate investments, net | $ | — | $ | 2,010,303 | $ | — | $ | — | $ | 2,010,303 | Total real estate assets | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Intercompany transactions and investment in subsidiaries | 104,391 | 208,739 | 308,157 | (621,287 | ) | — | Total other assets | — | — | 267,075 | — | 267,075 | ||||||||||||||||||||||
Other | 83,083 | 285,514 | 229,996 | 343 | 598,936 | Total assets | $ | — | $ | — | $ | 267,075 | $ | — | $ | 267,075 | ||||||||||||||||||
Total assets | $ | 187,474 | $ | 2,504,556 | $ | 538,153 | (620,944 | ) | $ | 2,609,239 | ||||||||||||||||||||||||
Total other liabilities | $ | — | $ | — | $ | 30,745 | $ | — | $ | 30,745 | ||||||||||||||||||||||||
Total other liabilities | $ | 45,045 | $ | 47,906 | $ | 23,517 | 342 | $ | 116,810 | Total long-term debt | — | — | — | — | — | |||||||||||||||||||
Total long-term debt | — | 2,350,000 | — | — | 2,350,000 | Total shareholders’ equity | — | — | 236,330 | — | 236,330 | |||||||||||||||||||||||
Total shareholders’ equity | 142,429 | 106,650 | 514,637 | (621,287 | ) | 142,429 | Total liabilities and shareholders’ equity | $ | — | $ | — | $ | 267,075 | $ | — | $ | 267,075 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 187,474 | $ | 2,504,556 | $ | 538,154 | $ | (620,945 | ) | $ | 2,609,239 | |||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||
Quarter ended March 31, 2013 | Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | Net revenues | $ | — | $ | — | $ | 210,643 | $ | — | $ | 210,643 | |||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | 42,649 | $ | — | $ | 42,649 | Total operating expenses | — | — | 166,975 | — | $ | 166,975 | |||||||||||||||||
Total operating expenses | — | — | 35,839 | — | $ | 35,839 | Income from operations | — | — | 43,668 | — | 43,668 | ||||||||||||||||||||||
Income from operations | — | — | 6,810 | — | 6,810 | Other income (expenses) | — | — | (6,318 | ) | — | $ | (6,318 | ) | ||||||||||||||||||||
Other income (expenses) | — | — | (1,280 | ) | — | $ | (1,280 | ) | Net income before income taxes | — | — | 37,350 | — | $ | 37,350 | |||||||||||||||||||
Net income before income taxes | — | — | 5,530 | — | $ | 5,530 | Taxes on income | — | — | 14,431 | — | $ | 14,431 | |||||||||||||||||||||
Taxes on income | — | — | 2,316 | — | $ | 2,316 | Net income | $ | — | $ | — | $ | 22,919 | $ | — | $ | 22,919 | |||||||||||||||||
Net income | $ | — | $ | — | $ | 3,214 | $ | — | $ | 3,214 | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||
Quarter ended March 31, 2013 | Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Net cash provided by operating activities | $ | — | $ | — | $ | 26,744 | $ | — | $ | 26,744 | |||||||||||||||||||||||
Net cash used in operating activities | $ | — | $ | — | $ | (3,759 | ) | $ | — | $ | (3,759 | ) | Net cash used in investing activities | — | — | (4,810 | ) | — | (4,810 | ) | ||||||||||||||
Net cash used in investing activities | — | — | (895 | ) | — | (895 | ) | Net cash used in financing activities | — | — | (24,518 | ) | — | (24,518 | ) | |||||||||||||||||||
Net cash provided by financing activities | — | — | 7,280 | — | 7,280 | Net decrease in cash and cash equivalents | — | — | (2,584 | ) | — | (2,584 | ) | |||||||||||||||||||||
Net increase in cash and cash equivalents | — | — | 2,626 | — | 2,626 | Cash and cash equivalents at beginning of year | — | — | 17,146 | — | 17,146 | |||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 14,562 | — | 14,562 | Cash and cash equivalents at end of year | $ | — | $ | — | $ | 14,562 | $ | — | $ | 14,562 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 17,188 | $ | — | $ | 17,188 | ||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | ||||||||||||||||||||||||||||||||
Guarantor | Issuers | Non-Issuers | Eliminations | Consolidated | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | 231,884 | $ | — | $ | 231,884 | ||||||||||||||||||||||||
Total operating expenses | — | — | 179,371 | — | $ | 179,371 | ||||||||||||||||||||||||||||
Income from operations | — | — | 52,513 | — | 52,513 | |||||||||||||||||||||||||||||
Other income (expenses) | — | — | (6,954 | ) | — | $ | (6,954 | ) | ||||||||||||||||||||||||||
Net income before income taxes | — | — | 45,559 | — | $ | 45,559 | ||||||||||||||||||||||||||||
Taxes on income | — | — | 18,875 | — | $ | 18,875 | ||||||||||||||||||||||||||||
Net income | $ | — | $ | — | $ | 26,684 | $ | — | $ | 26,684 | ||||||||||||||||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | — | $ | 56,840 | $ | — | $ | 56,840 | ||||||||||||||||||||||||
Net cash used in investing activities | — | — | (8,171 | ) | — | (8,171 | ) | |||||||||||||||||||||||||||
Net cash used in financing activities | — | — | (50,436 | ) | — | (50,436 | ) | |||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | — | — | (1,767 | ) | — | (1,767 | ) | |||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | — | — | 18,913 | — | 18,913 | |||||||||||||||||||||||||||||
Cash and cash equivalents at end of year | $ | — | $ | — | $ | 17,146 | $ | — | $ | 17,146 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||
Summary of Significant Accounting Policies | ' | ' | ||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | ' | ||||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||||||
The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate: | ||||||||||||||||||||||||||||
The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate: | ||||||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||
The fair value of the Company’s cash and cash equivalents approximates the carrying value of the Company’s cash and cash equivalents, due to the short maturity of the cash equivalents. | ||||||||||||||||||||||||||||
The fair value of the Company's cash and cash equivalents approximates the carrying value of the Company's cash and cash equivalents, due to the short maturity of the cash equivalents. The Company maintained a higher level of cash on hand at December 31, 2013 in order to fund the cash portion of its Purging Distribution. See Note 15 for additional details. | ||||||||||||||||||||||||||||
Long-term Debt | ||||||||||||||||||||||||||||
Long-term Debt | ||||||||||||||||||||||||||||
The fair value of the senior notes and senior unsecured credit facility is estimated based on quoted prices in active markets and as such is a Level 1 measurement as defined under ASC 820 “Fair Value Measurements and Disclosures.” | ||||||||||||||||||||||||||||
The fair value of the senior notes and senior unsecured credit facility is estimated based on quoted prices in active markets and as such is a Level 1 measurement as defined under ASC 820 "Fair Value Measurements and Disclosures." | ||||||||||||||||||||||||||||
The estimated fair values of the Company’s financial instruments are as follows (in thousands): | ||||||||||||||||||||||||||||
The estimated fair values of the Company's financial instruments are as follows (in thousands): | ||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||
Amount | Value | Amount | Value | 2013 | 2012 | |||||||||||||||||||||||
Financial assets: | December 31, | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||
Cash and cash equivalents | $ | 48,278 | $ | 48,278 | $ | 285,221 | $ | 285,221 | Amount | Value | Amount | Value | ||||||||||||||||
Financial liabilities: | Financial assets: | |||||||||||||||||||||||||||
Long-term debt | Cash and cash equivalents | $ | 285,221 | $ | 285,221 | $ | 14,562 | $ | 14,562 | |||||||||||||||||||
Senior unsecured credit facility | 450,000 | 441,000 | 300,000 | 294,750 | Financial liabilities: | |||||||||||||||||||||||
Senior notes | 2,050,000 | 2,114,250 | 2,050,000 | 2,058,750 | Long-term debt | |||||||||||||||||||||||
Senior unsecured credit facility | 300,000 | 294,750 | — | — | ||||||||||||||||||||||||
Senior notes | 2,050,000 | 2,058,750 | — | — | ||||||||||||||||||||||||
Comprehensive Income | ' | ' | ||||||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||||
Comprehensive income includes net income and all other non-owner changes in shareholders’ equity during a period. The Company did not have any non-owner changes in shareholders’ equity for the three months ended March 31, 2014 and 2013, and comprehensive income for the three months ended March 31, 2014 and 2013 was equivalent to net income for those time periods. | ||||||||||||||||||||||||||||
Comprehensive income includes net income and all other non-owner changes in shareholders' equity during a period, including but not limited to, unrealized gains and losses on equity securities classified as available-for-sale and unrealized fair value adjustments on certain derivative instruments. Since the Company did not have any non-owner changes in shareholders' equity for the years ended December 31, 2013, 2012 and 2011, comprehensive income for the years ended December 31, 2013, 2012 and 2011 was equivalent to net income for those time periods. | ||||||||||||||||||||||||||||
Revenue Recognition and Promotional Allowances | ' | ' | ||||||||||||||||||||||||||
Revenue Recognition and Promotional Allowances | ||||||||||||||||||||||||||||
Revenue Recognition and Promotional Allowances | ||||||||||||||||||||||||||||
The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractually fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured. Contingent rental income is recognized once the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been transferred to the tenant. For facilities being jointly developed with the tenant, the Company retains control of the assets to be leased until operations commence and control is transferred to the tenant. | ||||||||||||||||||||||||||||
The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured. Contingent rental income is recognized once the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been given to the tenant. | ||||||||||||||||||||||||||||
As of March 31, 2014, all but three of the Company’s properties were leased to a subsidiary of Penn under the Master Lease. The obligations under the Master Lease are guaranteed by Penn and by most Penn subsidiaries that occupy and operate the facilities leased under the Master Lease. A default by Penn or its subsidiaries with regard to any facility will cause a default with regard to the Master Lease. In January 2014, GLPI completed the asset acquisition of Casino Queen in East St. Louis, Illinois. GLPI subsequently leased the property back to Casino Queen on a “triple net” basis on terms similar to those in the Master Lease. | ||||||||||||||||||||||||||||
As of December 31, 2013, all but two of the Company's properties were leased to a subsidiary of Penn under the Master Lease. The obligations under the Master Lease are guaranteed by Penn and by all Penn subsidiaries that occupy and operate the facilities leased under the Master Lease, or that own a gaming license, other license or other material asset necessary to operate any portion of the facilities. A default by Penn or its subsidiaries with regard to any facility will cause a default with regard to the entire portfolio. | ||||||||||||||||||||||||||||
The rent structure under the Master Lease with Penn includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors (i) every 5 years by an amount equal to 4% of the average change to net revenues of all facilities under the Master Lease (other than Hollywood Casino Columbus and Hollywood Casino Toledo) during the preceding five years, and (ii) monthly by an amount equal to 20% of the change in net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo during the preceding month. In addition to rent, all properties under the Master Lease with Penn are required to pay the following: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on the leased properties, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor) and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. | ||||||||||||||||||||||||||||
The rent structure under the Master Lease with Penn includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors (i) every 5 years by an amount equal to 4% of the average change to net revenues of all facilities under the Master Lease (other than Hollywood Casino Columbus and Hollywood Casino Toledo) during the preceding five years, and (ii) monthly by an amount equal to 20% of the change in net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo during the preceding month. In addition to rent, all properties under the Master Lease with Penn are required to pay the following: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on the leased properties, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor) and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. | ||||||||||||||||||||||||||||
Additionally, in accordance with ASC 605, “Revenue Recognition,” the Company records revenue for the real estate taxes paid by its tenants on the leased properties under the Master Lease with an offsetting expense in real estate taxes within the consolidated statement of income as the Company has concluded it is the primary obligor under the Master Lease. | ||||||||||||||||||||||||||||
As of December 31, 2013, the future minimum rental income from the Company's properties under non-cancelable operating leases was as follows (in thousands): | ||||||||||||||||||||||||||||
Gaming revenue generated by the TRS Properties mainly consists of video lottery gaming revenue, and to a lesser extent, table game and poker revenue. Video lottery gaming revenue is the aggregate net difference between gaming wins and losses with liabilities recognized for funds deposited by customers before gaming play occurs, for “ticket-in, ticket-out” coupons in the customers’ possession, and for accruals related to the anticipated payout of progressive jackpots. Progressive slot machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are charged to revenue as the amount of the jackpots increases. Table game gaming revenue is the aggregate of table drop adjusted for the change in aggregate table chip inventory. Table drop is the total dollar amount of the currency, coins, chips, tokens, outstanding counter checks (markers), and front money that are removed from the live gaming tables. Additionally, food and beverage revenue is recognized as services are performed. | ||||||||||||||||||||||||||||
The following table discloses the components of gaming revenue within the condensed consolidated statements of income for the three months ended March 31, 2014 and 2013: | Year ending December 31, | |||||||||||||||||||||||||||
2014 | $ | 375,602 | ||||||||||||||||||||||||||
Three Months Ended March 31, | 2015 | 375,602 | ||||||||||||||||||||||||||
2014 | 2013 | 2016 | 375,602 | |||||||||||||||||||||||||
(in thousands) | 2017 | 376,101 | ||||||||||||||||||||||||||
Video lottery | $ | 33,381 | $ | 37,352 | 2018 | 368,311 | ||||||||||||||||||||||
Table game | 4,940 | 3,448 | Thereafter | 3,240,760 | ||||||||||||||||||||||||
Poker | 434 | 280 | ||||||||||||||||||||||||||
Total gaming revenue, net of cash incentives | $ | 38,755 | $ | 41,080 | | | | | | |||||||||||||||||||
Total | $ | 5,111,978 | ||||||||||||||||||||||||||
Gaming revenue is recognized net of certain sales incentives in accordance with ASC 605-50, “Revenue Recognition—Customer Payments and Incentives.” The Company records certain sales incentives and points earned in point-loyalty programs as a reduction of revenue. | ||||||||||||||||||||||||||||
| | | | | ||||||||||||||||||||||||
The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the three months ended March 31, 2014 and 2013 are as follows: | | | | | | |||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | For the year ended December 31, 2013, GLPI recognized $6.7 million in contingent rental income from Hollywood Casino Columbus and Hollywood Casino Toledo related to clause (ii) in the paragraph above. | ||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Food and beverage | $ | 1,361 | $ | 1,517 | Additionally, in accordance with ASC 605, "Revenue Recognition," the Company records revenue for the real estate taxes paid by its tenants on the leased properties under the Master Lease with an offsetting expense in real estate taxes within the consolidated statement of income as the Company has concluded it is the primary obligor under the Master Lease. | |||||||||||||||||||||||
Other | 9 | 129 | ||||||||||||||||||||||||||
Total promotional allowances | $ | 1,370 | $ | 1,646 | Gaming revenue mainly consists of video lottery gaming revenue as well as to a lesser extent table game and poker revenue. Video lottery gaming revenue is the aggregate net difference between gaming wins and losses, with liabilities recognized for funds deposited by customers before gaming play occurs, for "ticket-in, ticket-out" coupons in the customers' possession, and for accruals related to the anticipated payout of progressive jackpots. Progressive slot machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are charged to revenue as the amount of the jackpots increases. Table game gaming revenue is the aggregate of table drop adjusted for the change in aggregate table chip inventory. Table drop is the total dollar amount of the currency, coins, chips, tokens, outstanding counter checks (markers), front money that are removed from the live gaming tables. Additionally, food and beverage revenue is recognized as services are performed. | |||||||||||||||||||||||
The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three months ended March 31, 2014 and 2013 are as follows: | The following table discloses the components of gaming revenue within the consolidated statements of income for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||
Food and beverage | $ | 716 | $ | 713 | Video lottery, net of cash incentives | $ | 138,803 | $ | 189,808 | $ | 210,349 | |||||||||||||||||
Other | 3 | 69 | Table game | 18,096 | 11,891 | 12,333 | ||||||||||||||||||||||
Total cost of complimentary services | $ | 719 | $ | 782 | Poker | 2,453 | 882 | 620 | ||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Total gaming revenue | $ | 159,352 | $ | 202,581 | $ | 223,302 | ||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Gaming revenue is recognized net of certain sales incentives in accordance with ASC 605-50, "Revenue Recognition—Customer Payments and Incentives." The Company records certain sales incentives and points earned in point-loyalty programs as a reduction of revenue. | ||||||||||||||||||||||||||||
The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Food and beverage | $ | 5,970 | $ | 6,806 | $ | 6,971 | ||||||||||||||||||||||
Other | 167 | 767 | 843 | |||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Total promotional allowances | $ | 6,137 | $ | 7,573 | $ | 7,814 | ||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Food and beverage | $ | 2,907 | $ | 3,319 | $ | 3,198 | ||||||||||||||||||||||
Other | 86 | 384 | 409 | |||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Total cost of complimentary services | $ | 2,993 | $ | 3,703 | $ | 3,607 | ||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Gaming and Admission Taxes | ' | ' | ||||||||||||||||||||||||||
Gaming and Admission Taxes | ||||||||||||||||||||||||||||
Gaming and Admission Taxes | ||||||||||||||||||||||||||||
For the TRS Properties, the Company is subject to gaming and admission taxes based on gross gaming revenues in the jurisdictions in which it operates. The Company primarily recognizes gaming tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states where or in which wagering occurs. At Hollywood Casino Baton Rouge, the gaming admission tax is based on graduated tax rates. The Company records gaming and admission taxes at the Company’s estimated effective gaming tax rate for the year, considering estimated taxable gaming revenue and the applicable rates. Such estimates are adjusted each interim period. If gaming tax rates change during the year, such changes are applied prospectively in the determination of gaming tax expense in future interim periods. For the three months ended March 31, 2014 and 2013, these expenses, which are recorded within gaming expense in the condensed consolidated statements of income, totaled $17.3 million, and $18.7 million, respectively. | ||||||||||||||||||||||||||||
For the TRS Properties, the Company is subject to gaming and admission taxes based on gross gaming revenues in the jurisdictions in which it operates. The Company primarily recognizes gaming tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states where or in which wagering occurs. At Hollywood Casino Baton Rouge, the gaming admission tax is based on graduated tax rates. The Company records gaming and admission taxes at the Company's estimated effective gaming tax rate for the year, considering estimated taxable gaming revenue and the applicable rates. Such estimates are adjusted each interim period. If gaming tax rate changes during the year, such changes are applied prospectively in the determination of gaming tax expense in future interim periods. For the years ended December 31, 2013, 2012 and 2011, these expenses, which are recorded within gaming expense in the combined statements of income, totaled $71.6 million, $94.9 million and $105.4 million, respectively. | ||||||||||||||||||||||||||||
Earnings Per Share | ' | ' | ||||||||||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||||||||||
The Company calculates earnings per share (“EPS”) in accordance with ASC 260, “Earnings Per Share.” Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options and unvested restricted shares. Basic and diluted EPS for the three months ended March 31, 2013 were retroactively restated for the number of GLPI basic and diluted shares outstanding immediately following the Spin-Off and to include the shares issued as part of the Purge Distribution. | ||||||||||||||||||||||||||||
The Company calculates earnings per share ("EPS") in accordance with ASC 260, "Earnings Per Share." Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (outstanding restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options and unvested restricted shares. Basic and diluted EPS for the years ended December 31, 2012 and 2011 were retroactively restated for the number of GLPI basic and diluted shares outstanding immediately following the Spin-Off. The Company's share counts were also retroactively restated to include the shares issued as part of the Purge Distribution. | ||||||||||||||||||||||||||||
The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three months ended March 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||||
The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||||||||||
Three months ended March 31, | 2014 | 2013 | ||||||||||||||||||||||||||
Determination of shares: | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Weighted-average common shares outstanding | 111,198 | 110,582 | Determination of shares: | |||||||||||||||||||||||||
Assumed conversion of dilutive employee stock-based awards | 6,282 | 4,703 | Weighted-average common shares outstanding | 110,617 | 110,582 | 110,582 | ||||||||||||||||||||||
Assumed conversion of restricted stock | 370 | 318 | Assumed conversion of dilutive employee stock-based awards | 4,924 | 4,703 | 4,703 | ||||||||||||||||||||||
Diluted weighted-average common shares outstanding | 117,850 | 115,603 | Assumed conversion of restricted stock | 324 | 318 | 318 | ||||||||||||||||||||||
The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2014 and 2013: | | | | | | | | | | | | |||||||||||||||||
Diluted weighted-average common shares outstanding | 115,865 | 115,603 | 115,603 | |||||||||||||||||||||||||
Three months ended March 31, | 2014 | 2013 | ||||||||||||||||||||||||||
(in thousands, expect per share data) | | | | | | | | | | | | |||||||||||||||||
Calculation of basic EPS: | | | | | | | | | | | | |||||||||||||||||
Net income | $ | 44,312 | $ | 3,214 | ||||||||||||||||||||||||
Less: Net income allocated to participating securities | (175 | ) | (12 | ) | ||||||||||||||||||||||||
Net income attributable to common shareholders | $ | 44,137 | $ | 3,202 | The following table presents the calculation of basic and diluted EPS for the Company's common stock for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||
Weighted-average common shares outstanding | 111,198 | 110,582 | ||||||||||||||||||||||||||
Basic EPS | $ | 0.4 | $ | 0.03 | ||||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Calculation of diluted EPS: | (in thousands, expect per share data) | |||||||||||||||||||||||||||
Net income | $ | 44,312 | $ | 3,214 | Calculation of basic EPS: | |||||||||||||||||||||||
Diluted weighted-average common shares outstanding | 117,850 | 115,603 | Net income | $ | 19,830 | $ | 22,919 | $ | 26,684 | |||||||||||||||||||
Diluted EPS | $ | 0.38 | $ | 0.03 | Less: Net income allocated to participating securities | (75 | ) | (86 | ) | (101 | ) | |||||||||||||||||
There were no outstanding options to purchase shares of common stock during the three months ended March 31, 2014 and 2013 that were not included in the computation of diluted EPS because they were antidilutive. | | | | | | | | | | | | |||||||||||||||||
Net income attributable to common shareholders | $ | 19,755 | $ | 22,833 | $ | 26,583 | ||||||||||||||||||||||
Weighted-average common shares outstanding | 110,617 | 110,582 | 110,582 | |||||||||||||||||||||||||
Basic EPS | $ | 0.18 | $ | 0.21 | $ | 0.24 | ||||||||||||||||||||||
Calculation of diluted EPS: | ||||||||||||||||||||||||||||
Net income | $ | 19,830 | $ | 22,919 | $ | 26,684 | ||||||||||||||||||||||
Diluted weighted-average common shares outstanding | 115,865 | 115,603 | 115,603 | |||||||||||||||||||||||||
Diluted EPS | $ | 0.17 | $ | 0.2 | $ | 0.23 | ||||||||||||||||||||||
There were no outstanding options to purchase shares of common stock during the years ended December 31, 2013, 2012 and 2011 that were not included in the computation of diluted EPS because they were antidilutive. | ||||||||||||||||||||||||||||
Stock-Based Compensation | ' | ' | ||||||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||||||
The Company accounts for stock compensation under ASC 718, “Compensation - Stock Compensation,” which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value for stock options is estimated at the date of grant using the Black-Scholes option- pricing model. There were no stock option grants awarded in the first quarter 2014. | ||||||||||||||||||||||||||||
In connection with the Spin-Off, each outstanding option and cash settled stock appreciation right ("SAR") with respect to Penn common stock outstanding on the distribution date was converted into two awards, an adjusted Penn option and a GLPI option, or, in the case of the SARs, an adjusted Penn SAR and a GLPI SAR. The adjustment preserved the aggregate intrinsic value of the options and SARs. Additionally, in connection with the Spin-Off, holders of outstanding restricted stock and phantom stock units ("PSUs") with respect to Penn common stock became entitled to an additional share of restricted stock or PSU with respect to GLPI common stock for each share of Penn restricted stock or PSU held. | ||||||||||||||||||||||||||||
Additionally, the cash-settled phantom stock units (“PSU”) entitle employees to receive cash based on the fair value of the Company’s common stock on the vesting date. These PSUs are accounted for as liability awards and are re-measured at fair value each reporting period until they become vested with compensation expense being recognized over the requisite service period in accordance with ASC 718-30, “Compensation-Stock Compensation, Awards Classified as Liabilities.” | ||||||||||||||||||||||||||||
The adjusted options and SARs, as well as the restricted stock and PSUs, otherwise remain subject to their original terms, except that for purposes of the adjusted Penn awards (including in determining exercisability and the post-termination exercise period), continued service with GLPI following the distribution date shall be deemed continued service with Penn; and for purposes of the GLPI awards (including in determining exercisability and the post-termination exercise period), continued service with Penn following the distribution date shall be deemed continued service with GLPI. | ||||||||||||||||||||||||||||
In addition, the Company’s stock appreciation rights (“SAR”) are accounted for as liability awards since they will be settled in cash. The fair value of these awards is calculated during each reporting period and estimated using the Black-Scholes option pricing model. | ||||||||||||||||||||||||||||
The Company accounts for stock compensation under ASC 718, "Compensation-Stock Compensation," which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value for stock options is estimated at the date of grant using the Black-Scholes option-pricing model. There were no stock option grants awarded in 2013. | ||||||||||||||||||||||||||||
In connection with the Spin-Off of GLPI, employee stock options and cash settled stock appreciation rights of Penn were converted through the issuance of GLPI employee stock options and GLPI cash settled stock appreciation rights and an adjustment to the exercise prices of their Penn awards. The number of options and cash settled stock appreciation rights, subject to and the exercise price of each converted award was adjusted to preserve the same intrinsic value of the awards that existed immediately prior to the Spin-Off. | ||||||||||||||||||||||||||||
Additionally, the cash-settled PSUs entitle employees to receive cash based on the fair value of the Company's common stock on the vesting date. These PSUs are accounted for as liability awards and are re-measured at fair value each reporting period until they become vested with compensation expense being recognized over the requisite service period in accordance with ASC 718-30, "Compensation-Stock Compensation, Awards Classified as Liabilities." | ||||||||||||||||||||||||||||
Holders of outstanding restricted stock awards and cash settled phantom stock unit awards received an additional share of restricted stock or cash settled phantom stock unit awards in GLPI common stock at the Spin-Off so that the intrinsic value of these awards were equivalent to those that existed immediately prior to the Spin-Off. | ||||||||||||||||||||||||||||
In addition, the Company's SARs are accounted for as liability awards since they will be settled in cash. The fair value of these awards is calculated during each reporting period and estimated using the Black-Scholes option pricing model. | ||||||||||||||||||||||||||||
The adjusted options and SARs, as well as the restricted stock awards and PSUs, otherwise remain subject to their original terms, except that for purposes of the adjusted Penn awards (including in determining exercisability and the post-termination exercise period), continued service with GLPI following the distribution date shall be deemed continued service with Penn. | ||||||||||||||||||||||||||||
See Note 10 for further information related to the treatment of the unrecognized compensation expense at the time of the Spin-Off related to awards held by GLPI employees. | ||||||||||||||||||||||||||||
As of March 31, 2014, there was $5.8 million of total unrecognized compensation cost for stock options that will be recognized over the grants remaining weighted average vesting period of 1.47 years. For the three months ended March 31, 2014, the Company recognized $1.4 million of compensation expense associated with these awards. In addition, the Company also recognized $3.3 million of compensation expense for the three months ended March 31, 2014, relating to the first quarter $.52 dividend paid on vested employee stock options. | ||||||||||||||||||||||||||||
As of March 31, 2014, there was $6.4 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants remaining weighted average vesting period of 3.28 years. For the three months ended March 31, 2014, the Company recognized $0.6 million of compensation expense associated with these awards. | ||||||||||||||||||||||||||||
The following table contains information on restricted stock award activity for the three months ended March 31, 2014. | ||||||||||||||||||||||||||||
Number of | ||||||||||||||||||||||||||||
Award Shares | ||||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 419,067 | |||||||||||||||||||||||||||
E&P Purge | 106,261 | |||||||||||||||||||||||||||
Granted | 64,279 | |||||||||||||||||||||||||||
Released | (110,714 | ) | ||||||||||||||||||||||||||
Canceled | (37,274 | ) | ||||||||||||||||||||||||||
Outstanding at March 31, 2014 | 441,619 | |||||||||||||||||||||||||||
In addition, there was $8.1 million of total unrecognized compensation cost at March 31, 2014, which will be recognized over the awards remaining weighted average vesting period of 2.37 years, for Penn and GLPI PSUs held by GLPI employees that will be cash-settled by GLPI. For the three months ended March 31, 2014, the Company recognized $0.4 million of compensation expense associated with these awards. In addition, the Company also recognized $0.4 million for the three months ended March 31, 2014, relating to the purge distribution dividend and the first quarter $.52 dividend paid on unvested PSUs. | ||||||||||||||||||||||||||||
Additionally, there was $0.3 million of total unrecognized compensation cost at March 31, 2014, which will be recognized over the grants remaining weighted average vesting period of 1.62 years, for Penn and GLPI SARs held by GLPI employees that will be cash-settled by GLPI. For the three months ended March 31, 2014, the Company recognized $21 thousand of compensation expense associated with these awards. | ||||||||||||||||||||||||||||
Upon the declaration of the Purging Distribution, GLPI options and GLPI SARs were adjusted in a manner that preserved both the pre-distribution intrinsic value of the options and SARs and the pre-distribution ratio of the stock price to exercise price that existed immediately before the Purging Distribution. Additionally, upon declaration of the Purging Distribution, holders of GLPI PSUs were credited with the special dividend, which will accrue and be paid, if applicable, on the vesting date of the related PSU. Holders of GLPI restricted stock were entitled to receive the special dividend with respect to such restricted stock on the same date or dates that the special dividend was payable on GLPI common stock to shareholders of GLPI generally. | ||||||||||||||||||||||||||||
Segment Information | ' | ' | ||||||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||||||
Consistent with how the Company’s Chief Operating Decision Maker reviews and assesses the Company’s financial performance, the Company has two reportable segments, GLP Capital, L.P. (a wholly-owned subsidiary of GLPI through which GLPI owns substantially all of its assets) (“GLP Capital”) and the TRS Properties. The GLP Capital reportable segment consists of the leased real property and represents the majority of the Company’s business. The TRS Properties reportable segment consists of Hollywood Casino Perryville and Hollywood Casino Baton Rouge. See Note 9 for further information with respect to the Company’s segments. | ||||||||||||||||||||||||||||
Consistent with how the Company's Chief Operating Decision Maker reviews and assesses the Company's financial performance, the Company has two reportable segments, GLP Capital, L.P. (a wholly-owned subsidiary of GLPI through which GLPI owns substantially all of its assets) ("GLP Capital") and the TRS Properties. The GLP Capital reportable segment consists of the leased real property and represents the majority of the Company's business. The TRS Properties reportable segment consists of Hollywood Casino Perryville and Hollywood Casino Baton Rouge. See Note 11 for further information with respect to the Company's segments. | ||||||||||||||||||||||||||||
Recovered_Sheet2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||
Summary of Significant Accounting Policies | ' | ' | ||||||||||||||||||||||||||
Schedule of estimated fair values of financial instruments | ' | ' | ||||||||||||||||||||||||||
The estimated fair values of the Company’s financial instruments are as follows (in thousands): | ||||||||||||||||||||||||||||
The estimated fair values of the Company's financial instruments are as follows (in thousands): | ||||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||
Amount | Value | Amount | Value | 2013 | 2012 | |||||||||||||||||||||||
Financial assets: | December 31, | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||
Cash and cash equivalents | $ | 48,278 | $ | 48,278 | $ | 285,221 | $ | 285,221 | Amount | Value | Amount | Value | ||||||||||||||||
Financial liabilities: | Financial assets: | |||||||||||||||||||||||||||
Long-term debt | Cash and cash equivalents | $ | 285,221 | $ | 285,221 | $ | 14,562 | $ | 14,562 | |||||||||||||||||||
Senior unsecured credit facility | 450,000 | 441,000 | 300,000 | 294,750 | Financial liabilities: | |||||||||||||||||||||||
Senior notes | 2,050,000 | 2,114,250 | 2,050,000 | 2,058,750 | Long-term debt | |||||||||||||||||||||||
Senior unsecured credit facility | 300,000 | 294,750 | — | — | ||||||||||||||||||||||||
Senior notes | 2,050,000 | 2,058,750 | — | — | ||||||||||||||||||||||||
Schedule of the components of gaming revenue | ' | ' | ||||||||||||||||||||||||||
The following table discloses the components of gaming revenue within the condensed consolidated statements of income for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||
The following table discloses the components of gaming revenue within the consolidated statements of income for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(in thousands) | Year ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
Video lottery | $ | 33,381 | $ | 37,352 | (in thousands) | |||||||||||||||||||||||
Table game | 4,940 | 3,448 | Video lottery, net of cash incentives | $ | 138,803 | $ | 189,808 | $ | 210,349 | |||||||||||||||||||
Poker | 434 | 280 | Table game | 18,096 | 11,891 | 12,333 | ||||||||||||||||||||||
Total gaming revenue, net of cash incentives | $ | 38,755 | $ | 41,080 | Poker | 2,453 | 882 | 620 | ||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Total gaming revenue | $ | 159,352 | $ | 202,581 | $ | 223,302 | ||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Schedule of amounts included in promotional allowances | ' | ' | ||||||||||||||||||||||||||
The amounts included in promotional allowances for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||||||
The amounts included in promotional allowances for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(in thousands) | Year ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
Food and beverage | $ | 1,361 | $ | 1,517 | (in thousands) | |||||||||||||||||||||||
Other | 9 | 129 | Food and beverage | $ | 5,970 | $ | 6,806 | $ | 6,971 | |||||||||||||||||||
Total promotional allowances | $ | 1,370 | $ | 1,646 | Other | 167 | 767 | 843 | ||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Total promotional allowances | $ | 6,137 | $ | 7,573 | $ | 7,814 | ||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Schedule of the estimated cost of providing complimentary services | ' | ' | ||||||||||||||||||||||||||
The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||||||
The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(in thousands) | Year ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
Food and beverage | $ | 716 | $ | 713 | (in thousands) | |||||||||||||||||||||||
Other | 3 | 69 | Food and beverage | $ | 2,907 | $ | 3,319 | $ | 3,198 | |||||||||||||||||||
Total cost of complimentary services | $ | 719 | $ | 782 | Other | 86 | 384 | 409 | ||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Total cost of complimentary services | $ | 2,993 | $ | 3,703 | $ | 3,607 | ||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Schedule of reconciliation of the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS | ' | ' | ||||||||||||||||||||||||||
The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three months ended March 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||||
The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||||||||||
Three months ended March 31, | 2014 | 2013 | ||||||||||||||||||||||||||
Determination of shares: | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Weighted-average common shares outstanding | 111,198 | 110,582 | Determination of shares: | |||||||||||||||||||||||||
Assumed conversion of dilutive employee stock-based awards | 6,282 | 4,703 | Weighted-average common shares outstanding | 110,617 | 110,582 | 110,582 | ||||||||||||||||||||||
Assumed conversion of restricted stock | 370 | 318 | Assumed conversion of dilutive employee stock-based awards | 4,924 | 4,703 | 4,703 | ||||||||||||||||||||||
Diluted weighted-average common shares outstanding | 117,850 | 115,603 | Assumed conversion of restricted stock | 324 | 318 | 318 | ||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Diluted weighted-average common shares outstanding | 115,865 | 115,603 | 115,603 | |||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Schedule of calculation of basic and diluted EPS for the Company's common stock | ' | ' | ||||||||||||||||||||||||||
The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||
The following table presents the calculation of basic and diluted EPS for the Company's common stock for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||||||||
Three months ended March 31, | 2014 | 2013 | ||||||||||||||||||||||||||
(in thousands, expect per share data) | ||||||||||||||||||||||||||||
Calculation of basic EPS: | Year ended December 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
Net income | $ | 44,312 | $ | 3,214 | (in thousands, expect per share data) | |||||||||||||||||||||||
Less: Net income allocated to participating securities | (175 | ) | (12 | ) | Calculation of basic EPS: | |||||||||||||||||||||||
Net income attributable to common shareholders | $ | 44,137 | $ | 3,202 | Net income | $ | 19,830 | $ | 22,919 | $ | 26,684 | |||||||||||||||||
Weighted-average common shares outstanding | 111,198 | 110,582 | Less: Net income allocated to participating securities | (75 | ) | (86 | ) | (101 | ) | |||||||||||||||||||
Basic EPS | $ | 0.4 | $ | 0.03 | ||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||||
Calculation of diluted EPS: | Net income attributable to common shareholders | $ | 19,755 | $ | 22,833 | $ | 26,583 | |||||||||||||||||||||
Net income | $ | 44,312 | $ | 3,214 | Weighted-average common shares outstanding | 110,617 | 110,582 | 110,582 | ||||||||||||||||||||
Diluted weighted-average common shares outstanding | 117,850 | 115,603 | Basic EPS | $ | 0.18 | $ | 0.21 | $ | 0.24 | |||||||||||||||||||
Diluted EPS | $ | 0.38 | $ | 0.03 | Calculation of diluted EPS: | |||||||||||||||||||||||
Net income | $ | 19,830 | $ | 22,919 | $ | 26,684 | ||||||||||||||||||||||
Diluted weighted-average common shares outstanding | 115,865 | 115,603 | 115,603 | |||||||||||||||||||||||||
Diluted EPS | $ | 0.17 | $ | 0.2 | $ | 0.23 | ||||||||||||||||||||||
Schedule of restricted stock award activity | ' | ' | ||||||||||||||||||||||||||
The following table contains information on restricted stock award activity for the three months ended March 31, 2014. | ||||||||||||||||||||||||||||
Number of | ||||||||||||||||||||||||||||
Award Shares | ||||||||||||||||||||||||||||
Outstanding at December 31, 2013 | 419,067 | |||||||||||||||||||||||||||
E&P Purge | 106,261 | |||||||||||||||||||||||||||
Granted | 64,279 | |||||||||||||||||||||||||||
Released | (110,714 | ) | ||||||||||||||||||||||||||
Canceled | (37,274 | ) | ||||||||||||||||||||||||||
Outstanding at March 31, 2014 | 441,619 | |||||||||||||||||||||||||||
Real_Estate_Investments_Tables1
Real Estate Investments (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||
Real Estate Investments | ' | ' | ||||||||||||||
Schedule of real estate investments, net | ' | ' | ||||||||||||||
Real estate investments, net, represents investments in 20 properties and is summarized as follows: | ||||||||||||||||
Real estate investments, net, represents investments in 19 properties and is summarized as follows: | ||||||||||||||||
March 31, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | December 31, | 2013 | 2012 | |||||||||||||
Land and improvements | $ | 453,141 | $ | 382,581 | (in thousands) | |||||||||||
Building and improvements | 2,120,663 | 2,050,533 | Land and improvements | $ | 382,581 | $ | — | |||||||||
Construction in progress | 87,323 | 61,677 | Building and improvements | 2,050,533 | — | |||||||||||
Total real estate investments | 2,661,127 | 2,494,791 | Construction in progress | 61,677 | — | |||||||||||
Less accumulated depreciation | (507,474 | ) | (484,488 | ) | ||||||||||||
Real estate investments, net | $ | 2,153,653 | $ | 2,010,303 | | | | | | | | | ||||
Total property and equipment | 2,494,791 | — | ||||||||||||||
Less accumulated depreciation | (484,488 | ) | — | |||||||||||||
| | | | | | | | |||||||||
Property and equipment, net | $ | 2,010,303 | $ | — | ||||||||||||
| | | | | | | | |||||||||
| | | | | | | | |||||||||
Recovered_Sheet3
Property and Equipment Used in Operations (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||
Property and Equipment Used in Operations | ' | ' | ||||||||||||||
Schedule of property and equipment used in operations, net | ' | ' | ||||||||||||||
Property and equipment used in operations, net, consists of the following and primarily represents the assets utilized in the TRS: | ||||||||||||||||
Property and equipment used in operations, net, consists of the following: | ||||||||||||||||
March 31, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in thousands) | December 31, | 2013 | 2012 | |||||||||||||
(in thousands) | ||||||||||||||||
Land and improvements | $ | 31,635 | $ | 27,586 | Land and improvements | $ | 27,586 | $ | 28,193 | |||||||
Building and improvements | 116,267 | 115,888 | Building and improvements | 115,888 | 109,248 | |||||||||||
Furniture, fixtures, and equipment | 102,740 | 101,288 | Furniture, fixtures, and equipment | 101,288 | 76,088 | |||||||||||
Construction in progress | 504 | 203 | Construction in progress | 203 | 87 | |||||||||||
Total property and equipment | 251,146 | 244,965 | ||||||||||||||
Less accumulated depreciation | (109,260 | ) | (105,844 | ) | | | | | | | | | ||||
Property and equipment, net | $ | 141,886 | $ | 139,121 | Total property and equipment | 244,965 | 213,616 | |||||||||
Less accumulated depreciation | (105,844 | ) | (94,662 | ) | ||||||||||||
| | | | | | | | |||||||||
Property and equipment, net | $ | 139,121 | $ | 118,954 | ||||||||||||
| | | | | | | | |||||||||
| | | | | | | | |||||||||
Longterm_Debt_Tables1
Long-term Debt (Tables) | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||
Long-term Debt | ' | ' | |||||||||||
Schedule of long-term debt | ' | ' | |||||||||||
Long-term debt is as follows: | |||||||||||||
Long-term debt is as follows: | |||||||||||||
March 31, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | December 31, | 2013 | |||||||||||
Senior unsecured credit facility | $ | 450,000 | $ | 300,000 | (in thousands) | ||||||||
$550 million 4.375% senior notes due November 2018 | 550,000 | 550,000 | Senior unsecured credit facility | $ | 300,000 | ||||||||
$1,000 million 4.875% senior notes due November 2020 | 1,000,000 | 1,000,000 | $550 million 4.375% senior notes due November 2018 | 550,000 | |||||||||
$500 million 5.375% senior notes due November 2023 | 500,000 | 500,000 | $1,000 million 4.875% senior notes due November 2020 | 1,000,000 | |||||||||
$ | 2,500,000 | $ | 2,350,000 | $500 million 5.375% senior notes due November 2023 | 500,000 | ||||||||
| | | | | |||||||||
$ | 2,350,000 | ||||||||||||
| | | | | |||||||||
| | | | | |||||||||
Schedule of future minimum repayments of long-term debt | ' | ' | |||||||||||
The following is a schedule of future minimum repayments of long-term debt as of March 31, 2014 (in thousands): | |||||||||||||
The following is a schedule of future minimum repayments of long-term debt as of December 31, 2013 (in thousands): | |||||||||||||
2014 | $ | — | |||||||||||
2015 | — | ||||||||||||
2016 | — | 2014 | $ | — | |||||||||
2017 | — | 2015 | — | ||||||||||
2018 | 1,000,000 | 2016 | — | ||||||||||
Thereafter | 1,500,000 | 2017 | — | ||||||||||
Total minimum payments | $ | 2,500,000 | 2018 | 850,000 | |||||||||
Thereafter | 1,500,000 | ||||||||||||
| | | | | |||||||||
Total minimum payments | $ | 2,350,000 | |||||||||||
| | | | | |||||||||
| | | | | |||||||||
Segment_Information_Tables1
Segment Information (Tables) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||
Segment Information | ' | ' | |||||||||||||||||||||||
Schedule of information with respect to the Company's segments | ' | ' | |||||||||||||||||||||||
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. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
GLP Capital (1) | TRS Properties | Eliminations (2) | Total | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
For the three months ended March 31, 2014 | GLP | TRS | Total | ||||||||||||||||||||||
Net revenues | $ | 118,112 | $ | 40,216 | $ | — | $ | 158,328 | Capital(1) | Properties | |||||||||||||||
Income from operations | 67,871 | 6,463 | — | 74,334 | (in thousands) | ||||||||||||||||||||
Interest, net | 28,428 | 2,601 | (2,601 | ) | 28,428 | For the year ended December 31, 2013 | |||||||||||||||||||
Income from operations before income taxes | 42,044 | 3,862 | — | 45,906 | Net revenues | $ | 76,557 | $ | 165,572 | $ | 242,129 | ||||||||||||||
Income tax provision | — | 1,594 | — | 1,594 | Income from operations | 34,333 | 26,249 | 60,582 | |||||||||||||||||
Net income | 42,044 | 2,268 | — | 44,312 | Interest expense | 19,254 | — | 19,254 | |||||||||||||||||
Depreciation | 23,441 | 3,081 | — | 26,522 | Income from operations before income taxes | 15,079 | 22,047 | 37,126 | |||||||||||||||||
Capital project expenditures, net of reimbursements | 24,002 | — | — | 24,002 | Income tax provision | 8,467 | 8,829 | 17,296 | |||||||||||||||||
Capital maintenance expenditures | — | 871 | — | 871 | Net income | 6,612 | 13,218 | 19,830 | |||||||||||||||||
Depreciation | 14,896 | 14,027 | 28,923 | ||||||||||||||||||||||
For the three months ended March 31, 2013 | Capital expenditures | 13,042 | 3,386 | 16,428 | |||||||||||||||||||||
Net revenues | $ | — | $ | 42,649 | $ | — | $ | 42,649 | For the year ended December 31, 2012 | ||||||||||||||||
Income from operations | — | 6,810 | — | 6,810 | Net revenues | $ | — | $ | 210,643 | $ | 210,643 | ||||||||||||||
Income from operations before income taxes | — | 5,530 | — | 5,530 | Income from operations | — | 43,668 | 43,668 | |||||||||||||||||
Income tax provision | — | 2,316 | — | 2,316 | Interest expense | — | — | — | |||||||||||||||||
Net income | — | 3,214 | — | 3,214 | Income from operations before income taxes | — | 37,350 | 37,350 | |||||||||||||||||
Depreciation | — | 3,588 | — | 3,588 | Income tax provision | — | 14,431 | 14,431 | |||||||||||||||||
Capital project expenditures, net of reimbursements | — | 78 | — | 78 | Net income | — | 22,919 | 22,919 | |||||||||||||||||
Capital maintenance expenditures | — | 896 | — | 896 | Depreciation | — | 14,090 | 14,090 | |||||||||||||||||
Capital expenditures | — | 5,190 | 5,190 | ||||||||||||||||||||||
Balance sheet at March 31,2014 | For the year ended December 31, 2011 | ||||||||||||||||||||||||
Total assets | $ | 2,324,839 | $ | 237,047 | — | $ | 2,561,886 | Net revenues | $ | — | $ | 231,884 | $ | 231,884 | |||||||||||
Income from operations | — | 52,513 | 52,513 | ||||||||||||||||||||||
Balance sheet at December 31, 2013 | Interest expense | — | — | — | |||||||||||||||||||||
Total assets | $ | 2,379,243 | $ | 229,996 | — | $ | 2,609,239 | Income from operations before income taxes | — | 45,559 | 45,559 | ||||||||||||||
Income tax provision | — | 18,875 | 18,875 | ||||||||||||||||||||||
Net income | — | 26,684 | 26,684 | ||||||||||||||||||||||
(1) GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off. | Depreciation | — | 14,568 | 14,568 | |||||||||||||||||||||
(2) Amounts in the “Eliminations” column represent the elimination of intercompany interest payments from the Company’s TRS Properties business segment to its GLP Capital business segment. | Capital expenditures | — | 8,288 | 8,288 | |||||||||||||||||||||
Balance sheet at December 31, 2013 | |||||||||||||||||||||||||
Total assets | 2,379,243 | 229,996 | 2,609,239 | ||||||||||||||||||||||
Balance sheet at December 31, 2012 | |||||||||||||||||||||||||
Total assets | — | 267,075 | 267,075 | ||||||||||||||||||||||
-1 | |||||||||||||||||||||||||
GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off. For the year ended December 31, 2013, all revenues in the GLP Capital segment were attributable from Penn under the terms of the Master Lease. Results included transaction costs associated with the Spin-Off of $13.5 million. | |||||||||||||||||||||||||
Supplementary_Condensed_Consol4
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers | ' | ' | ||||||||||||||||||||||||||||||||
Summary of financial information for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers | ' | ' | ||||||||||||||||||||||||||||||||
Other | Other | |||||||||||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Parent | Subsidiary | Subsidiary | |||||||||||||||||||||||||||||
Guarantor | Issuers | Non-Issuers | Eliminations | Consolidated | Guarantor | Issuers | Non-Issuers | Eliminations | Consolidated | |||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||
At March 31, 2014 | At December 31, 2013 | |||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||
Real estate investments, net | $ | — | $ | 2,013,643 | $ | 140,010 | $ | — | $ | 2,153,653 | Real estate investments, net | $ | — | $ | 2,010,303 | $ | — | $ | — | $ | 2,010,303 | |||||||||||||
Intercompany transactions and investment in subsidiaries | (82,258 | ) | 393,503 | 122,853 | (434,098 | ) | — | Intercompany transactions and investment in subsidiaries | 104,391 | 208,739 | 308,157 | (621,287 | ) | — | ||||||||||||||||||||
Other | 42,395 | 85,340 | 280,498 | — | 408,233 | Other | 83,083 | 285,514 | 229,996 | 343 | 598,936 | |||||||||||||||||||||||
Total assets | $ | (39,863 | ) | $ | 2,492,486 | $ | 543,361 | $ | (434,098 | ) | $ | 2,561,886 | Total assets | $ | 187,474 | $ | 2,504,556 | $ | 538,153 | $ | (620,944 | ) | $ | 2,609,239 | ||||||||||
Other liabilities | $ | 28,165 | $ | 74,940 | $ | 26,809 | $ | 129,914 | Other liabilities | $ | 45,045 | $ | 47,906 | $ | 23,516 | $ | 343 | $ | 116,810 | |||||||||||||||
Intercompany debt | 193,595 | (193,595 | ) | — | Intercompany debt | — | — | — | — | — | ||||||||||||||||||||||||
Long-term debt | — | 2,500,000 | — | — | 2,500,000 | Long-term debt | — | 2,350,000 | — | — | 2,350,000 | |||||||||||||||||||||||
Total shareholders’ (deficit) equity | (68,028 | ) | (82,454 | ) | 322,955 | (240,501 | ) | (68,028 | ) | Total shareholders’ equity | 142,429 | 106,650 | 514,637 | (621,287 | ) | 142,429 | ||||||||||||||||||
Total liabilities and shareholders’ (deficit) equity | $ | (39,863 | ) | $ | 2,492,486 | $ | 543,359 | $ | (434,096 | ) | $ | 2,561,886 | Total liabilities and shareholders’ equity | $ | 187,474 | $ | 2,504,556 | $ | 538,153 | $ | (620,944 | ) | $ | 2,609,239 | ||||||||||
Quarter ended March 31, 2014 | Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||
Net revenues | $ | — | $ | 115,072 | $ | 43,256 | $ | — | $ | 158,328 | Net revenues | $ | — | $ | 76,557 | $ | 165,572 | $ | — | $ | 242,129 | |||||||||||||
Operating expenses | 14,522 | 34,630 | 34,842 | — | 83,994 | Operating expenses | 19,800 | 22,424 | 139,323 | — | 181,547 | |||||||||||||||||||||||
Income (loss) from operations | (14,522 | ) | 80,442 | 8,414 | — | 74,334 | Income (loss) from operations | (19,800 | ) | 54,133 | 26,249 | — | 60,582 | |||||||||||||||||||||
Other income (expenses) | Other income (expenses) | |||||||||||||||||||||||||||||||||
Intercompany dividends and interest | 275,011 | 6,384 | 279,607 | (561,002 | ) | — | Intercompany dividends and interest | 68,955 | 68,955 | (137,910 | ) | — | ||||||||||||||||||||||
Other income (expenses) | — | (26,373 | ) | (2,055 | ) | — | (28,428 | ) | Other income (expenses) | — | (19,254 | ) | (4,202 | ) | — | (23,456 | ) | |||||||||||||||||
Total other income (expenses) | 275,011 | (19,989 | ) | 277,552 | (561,002 | ) | (28,428 | ) | Total other income (expenses) | 68,955 | (19,254 | ) | 64,753 | (137,910 | ) | (23,456 | ) | |||||||||||||||||
Net income (loss) before income taxes | 260,489 | 60,453 | 285,966 | (561,002 | ) | 45,906 | Net income (loss) before income taxes | 49,155 | 34,879 | 91,002 | (137,910 | ) | 37,126 | |||||||||||||||||||||
Taxes on income | — | — | 1,594 | — | 1,594 | Taxes on income | 643 | 7,824 | 8,829 | — | 17,296 | |||||||||||||||||||||||
Net income (loss) | $ | 260,489 | $ | 60,453 | $ | 284,372 | $ | (561,002 | ) | $ | 44,312 | Net income (loss) | $ | 48,512 | $ | 27,055 | $ | 82,173 | $ | (137,910 | ) | $ | 19,830 | |||||||||||
Quarter ended March 31, 2014 | Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 217,250 | $ | (329,090 | ) | $ | 191,567 | $ | — | $ | 79,727 | Net cash provided by (used in) operating activities | $ | 68,082 | $ | (81,887 | ) | $ | 94,437 | $ | — | $ | 80,632 | |||||||||||
Net cash used in investing activities | (1,532 | ) | (25,826 | ) | (182,601 | ) | — | (209,959 | ) | Net cash used in investing activities | (5,562 | ) | (7,480 | ) | (3,233 | ) | — | (16,275 | ) | |||||||||||||||
Net cash (used in) provided by financing activities | (256,719 | ) | 150,008 | — | — | (106,711 | ) | Net cash (used in) provided by financing activities | (19,719 | ) | 310,463 | (84,442 | ) | — | 206,302 | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (41,001 | ) | (204,908 | ) | 8,966 | — | (236,943 | ) | Net increase in cash and cash equivalents | 42,801 | 221,096 | 6,762 | — | 270,659 | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | 42,801 | 221,096 | 21,324 | — | 285,221 | Cash and cash equivalents at beginning of year | — | — | 14,562 | — | 14,562 | |||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 1,800 | $ | 16,188 | $ | 30,290 | $ | — | $ | 48,278 | Cash and cash equivalents at end of year | $ | 42,801 | $ | 221,096 | $ | 21,324 | $ | — | $ | 285,221 | |||||||||||||
Other | Other | |||||||||||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | Parent | Subsidiary | Subsidiary | |||||||||||||||||||||||||||||
Guarantor | Issuers | Non-Issuers | Eliminations | Consolidated | Guarantor | Issuers | Non-Issuers | Eliminations | Consolidated | |||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||
Real estate investments, net | $ | — | $ | 2,010,303 | $ | — | $ | — | $ | 2,010,303 | Total real estate assets | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Intercompany transactions and investment in subsidiaries | 104,391 | 208,739 | 308,157 | (621,287 | ) | — | Total other assets | — | — | 267,075 | — | 267,075 | ||||||||||||||||||||||
Other | 83,083 | 285,514 | 229,996 | 343 | 598,936 | Total assets | $ | — | $ | — | $ | 267,075 | $ | — | $ | 267,075 | ||||||||||||||||||
Total assets | $ | 187,474 | $ | 2,504,556 | $ | 538,153 | (620,944 | ) | $ | 2,609,239 | ||||||||||||||||||||||||
Total other liabilities | $ | — | $ | — | $ | 30,745 | $ | — | $ | 30,745 | ||||||||||||||||||||||||
Total other liabilities | $ | 45,045 | $ | 47,906 | $ | 23,517 | 342 | $ | 116,810 | Total long-term debt | — | — | — | — | — | |||||||||||||||||||
Total long-term debt | — | 2,350,000 | — | — | 2,350,000 | Total shareholders’ equity | — | — | 236,330 | — | 236,330 | |||||||||||||||||||||||
Total shareholders’ equity | 142,429 | 106,650 | 514,637 | (621,287 | ) | 142,429 | Total liabilities and shareholders’ equity | $ | — | $ | — | $ | 267,075 | $ | — | $ | 267,075 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 187,474 | $ | 2,504,556 | $ | 538,154 | $ | (620,945 | ) | $ | 2,609,239 | |||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||
Quarter ended March 31, 2013 | Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | Net revenues | $ | — | $ | — | $ | 210,643 | $ | — | $ | 210,643 | |||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | 42,649 | $ | — | $ | 42,649 | Total operating expenses | — | — | 166,975 | — | $ | 166,975 | |||||||||||||||||
Total operating expenses | — | — | 35,839 | — | $ | 35,839 | Income from operations | — | — | 43,668 | — | 43,668 | ||||||||||||||||||||||
Income from operations | — | — | 6,810 | — | 6,810 | Other income (expenses) | — | — | (6,318 | ) | — | $ | (6,318 | ) | ||||||||||||||||||||
Other income (expenses) | — | — | (1,280 | ) | — | $ | (1,280 | ) | Net income before income taxes | — | — | 37,350 | — | $ | 37,350 | |||||||||||||||||||
Net income before income taxes | — | — | 5,530 | — | $ | 5,530 | Taxes on income | — | — | 14,431 | — | $ | 14,431 | |||||||||||||||||||||
Taxes on income | — | — | 2,316 | — | $ | 2,316 | Net income | $ | — | $ | — | $ | 22,919 | $ | — | $ | 22,919 | |||||||||||||||||
Net income | $ | — | $ | — | $ | 3,214 | $ | — | $ | 3,214 | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||
Quarter ended March 31, 2013 | Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Net cash provided by operating activities | $ | — | $ | — | $ | 26,744 | $ | — | $ | 26,744 | |||||||||||||||||||||||
Net cash used in operating activities | $ | — | $ | — | $ | (3,759 | ) | $ | — | $ | (3,759 | ) | Net cash used in investing activities | — | — | (4,810 | ) | — | (4,810 | ) | ||||||||||||||
Net cash used in investing activities | — | — | (895 | ) | — | (895 | ) | Net cash used in financing activities | — | — | (24,518 | ) | — | (24,518 | ) | |||||||||||||||||||
Net cash provided by financing activities | — | — | 7,280 | — | 7,280 | Net decrease in cash and cash equivalents | — | — | (2,584 | ) | — | (2,584 | ) | |||||||||||||||||||||
Net increase in cash and cash equivalents | — | — | 2,626 | — | 2,626 | Cash and cash equivalents at beginning of year | — | — | 17,146 | — | 17,146 | |||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 14,562 | — | 14,562 | Cash and cash equivalents at end of year | $ | — | $ | — | $ | 14,562 | $ | — | $ | 14,562 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 17,188 | $ | — | $ | 17,188 | ||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||
Parent | Subsidiary | Subsidiary | ||||||||||||||||||||||||||||||||
Guarantor | Issuers | Non-Issuers | Eliminations | Consolidated | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||||||||||||
Net revenues | $ | — | $ | — | $ | 231,884 | $ | — | $ | 231,884 | ||||||||||||||||||||||||
Total operating expenses | — | — | 179,371 | — | $ | 179,371 | ||||||||||||||||||||||||||||
Income from operations | — | — | 52,513 | — | 52,513 | |||||||||||||||||||||||||||||
Other income (expenses) | — | — | (6,954 | ) | — | $ | (6,954 | ) | ||||||||||||||||||||||||||
Net income before income taxes | — | — | 45,559 | — | $ | 45,559 | ||||||||||||||||||||||||||||
Taxes on income | — | — | 18,875 | — | $ | 18,875 | ||||||||||||||||||||||||||||
Net income | $ | — | $ | — | $ | 26,684 | $ | — | $ | 26,684 | ||||||||||||||||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | — | $ | 56,840 | $ | — | $ | 56,840 | ||||||||||||||||||||||||
Net cash used in investing activities | — | — | (8,171 | ) | — | (8,171 | ) | |||||||||||||||||||||||||||
Net cash used in financing activities | — | — | (50,436 | ) | — | (50,436 | ) | |||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | — | — | (1,767 | ) | — | (1,767 | ) | |||||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | — | — | 18,913 | — | 18,913 | |||||||||||||||||||||||||||||
Cash and cash equivalents at end of year | $ | — | $ | — | $ | 17,146 | $ | — | $ | 17,146 |
Organization_and_Operations_De
Organization and Operations (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended |
In Billions, unless otherwise specified | Feb. 18, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
item | item | ||
facility | property | ||
property | facility | ||
Organization and Operations | ' | ' | ' |
Number of gaming and related facilities | ' | 22 | 21 |
Number of gaming and related facilities whose real property is included in the entity's portfolio | ' | 20 | 19 |
Number of properties under development | ' | 2 | 2 |
Number of states across which the portfolio of properties is diversified | ' | 13 | 13 |
Purging Distribution | $1.05 | ' | ' |
Penn | ' | ' | ' |
Organization and Operations | ' | ' | ' |
Number of publicly traded companies | ' | 2 | 2 |
Initial term of Master Lease | ' | '15 years | '15 years |
Number of lease renewal options of Master Lease | ' | 4 | 4 |
Term of Master Lease renewal options | ' | '5 years | '5 years |
Number of states across which the portfolio of properties is diversified | ' | ' | 11 |
Recovered_Sheet4
Summary of Significant Accounting Policies (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Carrying Amount | ' | ' | ' |
Financial assets: | ' | ' | ' |
Cash and cash equivalents | $48,278 | $285,221 | $14,562 |
Financial liabilities: | ' | ' | ' |
Senior unsecured credit facility | 450,000 | 300,000 | ' |
Senior notes | 2,050,000 | 2,050,000 | ' |
Fair Value | ' | ' | ' |
Financial assets: | ' | ' | ' |
Cash and cash equivalents | 48,278 | 285,221 | 14,562 |
Financial liabilities: | ' | ' | ' |
Senior unsecured credit facility | 441,000 | 294,750 | ' |
Senior notes | $2,114,250 | $2,058,750 | ' |
Recovered_Sheet5
Summary of Significant Accounting Policies (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
property | property | ||||
Summary of Significant Accounting Policies | ' | ' | ' | ' | ' |
Number of properties leased to third parties other than subsidiary of Penn | 3 | ' | 2 | ' | ' |
Period after which rent structure is adjusted under the Master Lease | '5 years | ' | '5 years | ' | ' |
Percentage of the average change to net revenues of all facilities under the Master Lease during the preceding five years used for adjustment in the component of the rent structure | 4.00% | ' | 4.00% | ' | ' |
Period used in calculation of the average change to net revenues | '5 years | ' | '5 years | ' | ' |
Percentage of the change to net revenues of all facilities under the Master Lease during the preceding month used for adjustment in rent structure | 20.00% | ' | 20.00% | ' | ' |
Revenue Recognition and Promotional Allowances | ' | ' | ' | ' | ' |
Gaming revenue, net of cash incentives | $38,755 | $41,080 | $159,352 | $202,581 | $223,302 |
Promotional allowances | 1,370 | 1,646 | 6,137 | 7,573 | 7,814 |
Cost of complimentary services | 719 | 782 | 2,993 | 3,703 | 3,607 |
Video lottery | ' | ' | ' | ' | ' |
Revenue Recognition and Promotional Allowances | ' | ' | ' | ' | ' |
Gaming revenue, net of cash incentives | 33,381 | 37,352 | 138,803 | 189,808 | 210,349 |
Table game | ' | ' | ' | ' | ' |
Revenue Recognition and Promotional Allowances | ' | ' | ' | ' | ' |
Gaming revenue, net of cash incentives | 4,940 | 3,448 | 18,096 | 11,891 | 12,333 |
Poker | ' | ' | ' | ' | ' |
Revenue Recognition and Promotional Allowances | ' | ' | ' | ' | ' |
Gaming revenue, net of cash incentives | 434 | 280 | 2,453 | 882 | 620 |
Food and beverage | ' | ' | ' | ' | ' |
Revenue Recognition and Promotional Allowances | ' | ' | ' | ' | ' |
Promotional allowances | 1,361 | 1,517 | 5,970 | 6,806 | 6,971 |
Cost of complimentary services | 716 | 713 | 2,907 | 3,319 | 3,198 |
Other | ' | ' | ' | ' | ' |
Revenue Recognition and Promotional Allowances | ' | ' | ' | ' | ' |
Promotional allowances | 9 | 129 | 167 | 767 | 843 |
Cost of complimentary services | $3 | $69 | $86 | $384 | $409 |
Recovered_Sheet6
Summary of Significant Accounting Policies (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
segment | segment | |||||||||||
Gaming and Admission Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gaming expense | $17,300,000 | ' | ' | ' | $18,700,000 | ' | ' | ' | ' | $71,600,000 | $94,900,000 | $105,400,000 |
Determination of shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average common shares outstanding | 111,198,000 | ' | ' | ' | 110,582,000 | ' | ' | ' | ' | 110,617,000 | 110,582,000 | 110,582,000 |
Assumed conversion of dilutive employee stock-based awards (in shares) | 6,282,000 | ' | ' | ' | 4,703,000 | ' | ' | ' | ' | 4,924,000 | 4,703,000 | 4,703,000 |
Assumed conversion of restricted stock (in shares) | 370,000 | ' | ' | ' | 318,000 | ' | ' | ' | ' | 324,000 | 318,000 | 318,000 |
Diluted weighted-average common shares outstanding | 117,850,000 | ' | ' | ' | 115,603,000 | ' | ' | ' | ' | 115,865,000 | 115,603,000 | 115,603,000 |
Calculation of basic EPS: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 44,312,000 | 9,234,000 | 2,681,000 | 4,699,000 | 3,214,000 | 2,106,000 | 4,530,000 | 7,618,000 | 8,665,000 | 19,830,000 | 22,919,000 | 26,684,000 |
Less: Net income allocated to participating securities | -175,000 | ' | ' | ' | -12,000 | ' | ' | ' | ' | -75,000 | -86,000 | -101,000 |
Net income attributable to common shareholders | 44,137,000 | ' | ' | ' | 3,202,000 | ' | ' | ' | ' | 19,755,000 | 22,833,000 | 26,583,000 |
Weighted-average common shares outstanding | 111,198,000 | ' | ' | ' | 110,582,000 | ' | ' | ' | ' | 110,617,000 | 110,582,000 | 110,582,000 |
Basic EPS (in dollars per share) | $0.40 | $0.08 | $0.02 | $0.04 | $0.03 | $0.02 | $0.04 | $0.07 | $0.08 | $0.18 | $0.21 | $0.24 |
Calculation of diluted EPS: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 44,312,000 | 9,234,000 | 2,681,000 | 4,699,000 | 3,214,000 | 2,106,000 | 4,530,000 | 7,618,000 | 8,665,000 | 19,830,000 | 22,919,000 | 26,684,000 |
Diluted weighted-average common shares outstanding | 117,850,000 | ' | ' | ' | 115,603,000 | ' | ' | ' | ' | 115,865,000 | 115,603,000 | 115,603,000 |
Diluted EPS (in dollars per share) | $0.38 | $0.08 | $0.02 | $0.04 | $0.03 | $0.02 | $0.04 | $0.07 | $0.07 | $0.17 | $0.20 | $0.23 |
Anti-dilutive securities, options to purchase common stock outstanding (in shares) | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | 0 |
Segment Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | 2 | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option grants awarded (in shares) | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Number of awards into which each outstanding option and cash settled SAR converted in connection with the Spin-Off (in shares) | 2 | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Dividends paid per common share (in dollars per share) | $0.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost | 5,800,000 | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | 6,800,000 | ' | ' |
Remaining weighted average vesting period for recognition of unrecognized compensation cost | '1 year 5 months 19 days | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 8 months 5 days | ' | ' |
Recognized compensation expense | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional compensation expense related to dividend | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid per common share (in dollars per share) | $0.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend paid | 0.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost | 6,400,000 | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | 4,700,000 | ' | ' |
Remaining weighted average vesting period for recognition of unrecognized compensation cost | '3 years 3 months 11 days | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 18 days | ' | ' |
Recognized compensation expense | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend paid | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Award Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | 419,067 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
E&P Purge (in shares) | 106,261 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | 64,279 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Released (in shares) | -110,714 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Canceled (in shares) | -37,274 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in shares) | 441,619 | 419,067 | ' | ' | ' | ' | ' | ' | ' | 419,067 | ' | ' |
PSUs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost | 8,100,000 | 9,400,000 | ' | ' | ' | ' | ' | ' | ' | 9,400,000 | ' | ' |
Remaining weighted average vesting period for recognition of unrecognized compensation cost | '2 years 4 months 13 days | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 5 months 5 days | ' | ' |
Recognized compensation expense | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' |
Additional compensation expense related to dividend | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid per common share (in dollars per share) | $0.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend paid | 0.52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SARs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost | 300,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' |
Remaining weighted average vesting period for recognition of unrecognized compensation cost | '1 year 7 months 13 days | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 10 months 2 days | ' | ' |
Recognized compensation expense | $21,000 | ' | ' | ' | ' | ' | ' | ' | ' | $200,000 | ' | ' |
Acquisitions_Details
Acquisitions (Details) (USD $) | 1 Months Ended | 3 Months Ended |
Jan. 31, 2014 | Mar. 31, 2014 | |
item | ||
Acquisitions | ' | ' |
Amount paid for acquisition | ' | $140,730,000 |
Loan receivable | ' | 41,000,000 |
Casino Queen | ' | ' |
Acquisitions | ' | ' |
Payments for term loan | 43,000,000 | ' |
Loan receivable | ' | 41,000,000 |
Term of term loan | '5 years | ' |
Interest rate on term loan (as a percent) | 7.00% | ' |
Annual rent of property leased back on a triple net basis | 14,000,000 | ' |
Initial lease term | ' | '15 years |
Number of lease renewal option | ' | 4 |
Period of lease renewal option | ' | '5 years |
Real property associated with the Casino Queen in East St. Louis, Illinois | ' | ' |
Acquisitions | ' | ' |
Amount paid for acquisition | 140,700,000 | ' |
Transaction fees related to real estate acquisitions | $700,000 | ' |
Real_Estate_Investments_Detail1
Real Estate Investments (Details) (USD $) | 3 Months Ended | 1 Months Ended | |||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
property | property | Real property associated with the Casino Queen in East St. Louis, Illinois | Land and improvements | Land and improvements | Building and improvements | Building and improvements | Construction in progress | Construction in progress | |
Real Estate Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties | 20 | 19 | ' | ' | ' | ' | ' | ' | ' |
Real estate investments | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total real estate investments | $2,661,127 | $2,494,791 | ' | $453,141 | $382,581 | $2,120,663 | $2,050,533 | $87,323 | $61,677 |
Less accumulated depreciation | -507,474 | -484,488 | ' | ' | ' | ' | ' | ' | ' |
Real estate investments, net | 2,153,653 | 2,010,303 | ' | ' | ' | ' | ' | ' | ' |
Number of properties under development | 2 | 2 | ' | ' | ' | ' | ' | ' | ' |
Increase in Real Estate Investments | $140,730 | ' | $140,700 | ' | ' | ' | ' | ' | ' |
Recovered_Sheet7
Property and Equipment Used in Operations (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Property and equipment used in operations | ' | ' | ' |
Total property and equipment | $251,146 | $244,965 | $213,616 |
Less accumulated depreciation | -109,260 | -105,844 | -94,662 |
Property and equipment, net | 141,886 | 139,121 | 118,954 |
Land and improvements | ' | ' | ' |
Property and equipment used in operations | ' | ' | ' |
Total property and equipment | 31,635 | 27,586 | 28,193 |
Building and improvements | ' | ' | ' |
Property and equipment used in operations | ' | ' | ' |
Total property and equipment | 116,267 | 115,888 | 109,248 |
Furniture, fixtures, and equipment | ' | ' | ' |
Property and equipment used in operations | ' | ' | ' |
Total property and equipment | 102,740 | 101,288 | 76,088 |
Construction in progress | ' | ' | ' |
Property and equipment used in operations | ' | ' | ' |
Total property and equipment | $504 | $203 | $87 |
Longterm_Debt_Details1
Long-term Debt (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2013 |
Long-term debt | ' | ' | ' |
Long-term debt | $2,500,000,000 | $2,350,000,000 | ' |
$550 million 4.375% senior notes due November 2018 | ' | ' | ' |
Long-term debt | ' | ' | ' |
Long-term debt | 550,000,000 | 550,000,000 | ' |
Face amount of debt | 550,000,000 | 550,000,000 | 550,000,000 |
Debt instrument interest rate stated percentage | 4.38% | 4.38% | ' |
$1,000 million 4.875% senior notes due November 2020 | ' | ' | ' |
Long-term debt | ' | ' | ' |
Long-term debt | 1,000,000,000 | 1,000,000,000 | ' |
Face amount of debt | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
Debt instrument interest rate stated percentage | 4.88% | 4.88% | ' |
$500 million 5.375% senior notes due November 2023 | ' | ' | ' |
Long-term debt | ' | ' | ' |
Long-term debt | 500,000,000 | 500,000,000 | ' |
Face amount of debt | 500,000,000 | 500,000,000 | 500,000,000 |
Debt instrument interest rate stated percentage | 5.38% | 5.38% | ' |
Senior unsecured credit facility | ' | ' | ' |
Long-term debt | ' | ' | ' |
Long-term debt | 450,000,000 | 300,000,000 | ' |
Face amount of debt | $1,000,000,000 | ' | ' |
Longterm_Debt_Details_21
Long-term Debt (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Future minimum repayments of long-term debt | ' | ' |
2018 | $1,000,000 | $850,000 |
Thereafter | 1,500,000 | 1,500,000 |
Debt | $2,500,000 | $2,350,000 |
Longterm_Debt_Details_3
Long-term Debt (Details 3) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Senior unsecured credit facility | ' |
Long-term debt | ' |
Face amount of debt | $1,000 |
Gross outstanding balance | 450 |
Available borrowing capacity | 550 |
Revolving credit facility | ' |
Long-term debt | ' |
Face amount of debt | 700 |
Gross outstanding balance on revolving credit facility | 150 |
Term Loan A facility | ' |
Long-term debt | ' |
Face amount of debt | 300 |
Gross outstanding balance | $300 |
Dividends_Details1
Dividends (Details) (USD $) | 0 Months Ended | 3 Months Ended | |
Mar. 28, 2014 | Feb. 18, 2014 | Mar. 31, 2014 | |
Restricted stock awards | |||
Dividends | ' | ' | ' |
Purging Distribution | ' | $1,050,000,000 | ' |
Total cash limitation on purging distribution in cash | ' | 210,000,000 | ' |
Common stock outstanding (in shares) | ' | 88,691,827 | ' |
Percentage of stockholders who elected the cash distribution | ' | 54.30% | ' |
Percentage of stockholders who elected a stock distribution or made no election | ' | 45.70% | ' |
Cash dividend distributed per common share held by shareholders who elected cash distribution (in dollars per share) | ' | $4.36 | ' |
Stock dividend distributed per common share held by shareholders who elected cash distribution | ' | 0.195747 | ' |
Stock dividend distributed per common share held by shareholders who elected stock distribution | ' | 0.309784 | ' |
Period of trading days taken for calculation of volume weighted average price | ' | '3 days | ' |
Volume weighted average price (in dollars per share) | ' | $38.22 | ' |
Dividend paid | ' | ' | 1,000,000 |
Shares issued in connection with dividend payment | ' | 22,000,000 | ' |
Quarterly dividend declared (in dollars per share) | ' | $0.52 | ' |
Dividend paid | $58,000,000 | ' | ' |
Segment_Information_Details1
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | $158,328 | $113,776 | $39,633 | $46,072 | $42,649 | $37,659 | $45,823 | $60,252 | $66,909 | $242,129 | $210,643 | $231,884 |
Income from operations | 74,334 | 39,016 | 5,665 | 9,090 | 6,810 | 4,534 | 8,155 | 14,472 | 16,507 | 60,582 | 43,668 | 52,513 |
Interest, net | 28,428 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from operations before income taxes | 45,906 | ' | ' | ' | 5,530 | ' | ' | ' | ' | 37,126 | 37,350 | 45,559 |
Income tax provision | 1,594 | ' | ' | ' | 2,316 | ' | ' | ' | ' | 17,296 | 14,431 | 18,875 |
Net income | 44,312 | 9,234 | 2,681 | 4,699 | 3,214 | 2,106 | 4,530 | 7,618 | 8,665 | 19,830 | 22,919 | 26,684 |
Depreciation | 26,522 | ' | ' | ' | 3,588 | ' | ' | ' | ' | 28,923 | 14,090 | 14,568 |
Capital project expenditures, net of reimbursements | 24,002 | ' | ' | ' | 78 | ' | ' | ' | ' | 16,428 | 5,190 | 8,288 |
Capital maintenance expenditures | 871 | ' | ' | ' | 896 | ' | ' | ' | ' | 4,230 | 3,260 | 3,157 |
Total assets | 2,561,886 | 2,609,239 | ' | ' | ' | 267,075 | ' | ' | ' | 2,609,239 | 267,075 | ' |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest, net | -2,601 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
GLP Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | 118,112 | ' | ' | ' | ' | ' | ' | ' | ' | 76,557 | ' | ' |
Income from operations | 67,871 | ' | ' | ' | ' | ' | ' | ' | ' | 34,333 | ' | ' |
Interest, net | 28,428 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from operations before income taxes | 42,044 | ' | ' | ' | ' | ' | ' | ' | ' | 15,079 | ' | ' |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,467 | ' | ' |
Net income | 42,044 | ' | ' | ' | ' | ' | ' | ' | ' | 6,612 | ' | ' |
Depreciation | 23,441 | ' | ' | ' | ' | ' | ' | ' | ' | 14,896 | ' | ' |
Capital project expenditures, net of reimbursements | 24,002 | ' | ' | ' | ' | ' | ' | ' | ' | 13,042 | ' | ' |
Total assets | 2,324,839 | 2,379,243 | ' | ' | ' | ' | ' | ' | ' | 2,379,243 | ' | ' |
TRS Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | 40,216 | ' | ' | ' | 42,649 | ' | ' | ' | ' | 165,572 | 210,643 | 231,884 |
Income from operations | 6,463 | ' | ' | ' | 6,810 | ' | ' | ' | ' | 26,249 | 43,668 | 52,513 |
Interest, net | 2,601 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from operations before income taxes | 3,862 | ' | ' | ' | 5,530 | ' | ' | ' | ' | 22,047 | 37,350 | 45,559 |
Income tax provision | 1,594 | ' | ' | ' | 2,316 | ' | ' | ' | ' | 8,829 | 14,431 | 18,875 |
Net income | 2,268 | ' | ' | ' | 3,214 | ' | ' | ' | ' | 13,218 | 22,919 | 26,684 |
Depreciation | 3,081 | ' | ' | ' | 3,588 | ' | ' | ' | ' | 14,027 | 14,090 | 14,568 |
Capital project expenditures, net of reimbursements | ' | ' | ' | ' | 78 | ' | ' | ' | ' | 3,386 | 5,190 | 8,288 |
Capital maintenance expenditures | 871 | ' | ' | ' | 896 | ' | ' | ' | ' | ' | ' | ' |
Total assets | $237,047 | $229,996 | ' | ' | ' | $267,075 | ' | ' | ' | $229,996 | $267,075 | ' |
PreSpin_Transactions_with_Penn3
Pre-Spin Transactions with Penn (Details) (Penn, Hollywood Casino Baton Rouge and Hollywood Casino Perryville, USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Penn | Hollywood Casino Baton Rouge and Hollywood Casino Perryville | ' | ' | ' | ' | ' |
Pre-Spin Transactions with Penn | ' | ' | ' | ' | ' |
Management fee as a percentage of net revenues | 3.00% | ' | 3.00% | ' | ' |
Management fees incurred and paid | ' | $1.30 | $4.20 | $6.30 | $7 |
Supplemental_Disclosures_of_Ca3
Supplemental Disclosures of Cash Flow Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Disclosures of cash flow information | ' | ' | ' | ' | ' |
Interest paid | $2.10 | $0 | $0.80 | $0 | $0 |
Federal | ' | ' | ' | ' | ' |
Supplemental Disclosures of cash flow information | ' | ' | ' | ' | ' |
Income taxes paid | 10.1 | ' | ' | ' | ' |
State taxing authorities | ' | ' | ' | ' | ' |
Supplemental Disclosures of cash flow information | ' | ' | ' | ' | ' |
Income taxes paid | 1.4 | ' | ' | ' | ' |
Hollywood Casino Baton Rouge and Hollywood Casino Perryville | Federal | ' | ' | ' | ' | ' |
Supplemental Disclosures of cash flow information | ' | ' | ' | ' | ' |
Income taxes paid | 1.4 | ' | 0 | ' | ' |
Hollywood Casino Baton Rouge and Hollywood Casino Perryville | Penn | Federal | ' | ' | ' | ' | ' |
Supplemental Disclosures of cash flow information | ' | ' | ' | ' | ' |
Income taxes paid | ' | 1.8 | 9.4 | 13.2 | 15.1 |
Hollywood Casino Baton Rouge and Hollywood Casino Perryville | Penn | State taxing authorities | ' | ' | ' | ' | ' |
Supplemental Disclosures of cash flow information | ' | ' | ' | ' | ' |
Income taxes paid | $0.90 | $0 | $1.60 | $2.80 | $3.30 |
Supplementary_Condensed_Consol5
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' |
Condensed Consolidating Balance Sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate investments, net | $2,153,653 | $2,010,303 | ' | ' | ' | ' | ' | ' | ' | $2,010,303 | ' | ' | ' |
Other | 408,233 | 598,936 | ' | ' | ' | ' | ' | ' | ' | 598,936 | ' | ' | ' |
Total assets | 2,561,886 | 2,609,239 | ' | ' | ' | 267,075 | ' | ' | ' | 2,609,239 | 267,075 | ' | ' |
Other liabilities | 129,914 | 116,810 | ' | ' | ' | 30,745 | ' | ' | ' | 116,810 | 30,745 | ' | ' |
Long-term debt | 2,500,000 | 2,350,000 | ' | ' | ' | ' | ' | ' | ' | 2,350,000 | ' | ' | ' |
Total shareholders' (deficit) equity | -68,028 | 142,429 | ' | ' | ' | 236,330 | ' | ' | ' | 142,429 | 236,330 | 219,911 | 215,388 |
Total liabilities and shareholders' (deficit) equity | 2,561,886 | 2,609,239 | ' | ' | ' | 267,075 | ' | ' | ' | 2,609,239 | 267,075 | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | 158,328 | 113,776 | 39,633 | 46,072 | 42,649 | 37,659 | 45,823 | 60,252 | 66,909 | 242,129 | 210,643 | 231,884 | ' |
Operating expenses | 83,994 | ' | ' | ' | 35,839 | ' | ' | ' | ' | 181,547 | 166,975 | 179,371 | ' |
Income from operations | 74,334 | 39,016 | 5,665 | 9,090 | 6,810 | 4,534 | 8,155 | 14,472 | 16,507 | 60,582 | 43,668 | 52,513 | ' |
Other Income (expenses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income (expenses) | -28,428 | ' | ' | ' | ' | ' | ' | ' | ' | -23,456 | ' | ' | ' |
Total other expenses | -28,428 | ' | ' | ' | -1,280 | ' | ' | ' | ' | -23,456 | -6,318 | -6,954 | ' |
Income from operations before income taxes | 45,906 | ' | ' | ' | 5,530 | ' | ' | ' | ' | 37,126 | 37,350 | 45,559 | ' |
Taxes on income | 1,594 | ' | ' | ' | 2,316 | ' | ' | ' | ' | 17,296 | 14,431 | 18,875 | ' |
Net income | 44,312 | 9,234 | 2,681 | 4,699 | 3,214 | 2,106 | 4,530 | 7,618 | 8,665 | 19,830 | 22,919 | 26,684 | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | 79,727 | ' | ' | ' | -3,759 | ' | ' | ' | ' | 80,632 | 26,744 | 56,840 | ' |
Net cash used in investing activities | -209,959 | ' | ' | ' | -895 | ' | ' | ' | ' | -16,275 | -4,810 | -8,171 | ' |
Net cash (used in) provided by financing activities | -106,711 | ' | ' | ' | 7,280 | ' | ' | ' | ' | 206,302 | -24,518 | -50,436 | ' |
Net increase in cash and cash equivalents | -236,943 | ' | ' | ' | 2,626 | ' | ' | ' | ' | 270,659 | -2,584 | -1,767 | ' |
Cash and cash equivalents at beginning of year | 285,221 | ' | ' | 17,188 | 14,562 | ' | ' | ' | 17,146 | 14,562 | 17,146 | 18,913 | ' |
Cash and cash equivalents at end of year | 48,278 | 285,221 | ' | ' | 17,188 | 14,562 | ' | ' | ' | 285,221 | 14,562 | 17,146 | ' |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Balance Sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany transactions and investment in subsidiaries | -434,098 | -621,287 | ' | ' | ' | ' | ' | ' | ' | -621,287 | ' | ' | ' |
Other | ' | 343 | ' | ' | ' | ' | ' | ' | ' | 343 | ' | ' | ' |
Total assets | -434,098 | -620,944 | ' | ' | ' | ' | ' | ' | ' | -620,944 | ' | ' | ' |
Other liabilities | ' | 343 | ' | ' | ' | ' | ' | ' | ' | 343 | ' | ' | ' |
Intercompany debt | -193,595 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total shareholders' (deficit) equity | -240,501 | -621,287 | ' | ' | ' | ' | ' | ' | ' | -621,287 | ' | ' | ' |
Total liabilities and shareholders' (deficit) equity | -434,096 | -620,944 | ' | ' | ' | ' | ' | ' | ' | -620,944 | ' | ' | ' |
Other Income (expenses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany dividends and interest | -561,002 | ' | ' | ' | ' | ' | ' | ' | ' | -137,910 | ' | ' | ' |
Total other expenses | -561,002 | ' | ' | ' | ' | ' | ' | ' | ' | -137,910 | ' | ' | ' |
Income from operations before income taxes | -561,002 | ' | ' | ' | ' | ' | ' | ' | ' | -137,910 | ' | ' | ' |
Net income | -561,002 | ' | ' | ' | ' | ' | ' | ' | ' | -137,910 | ' | ' | ' |
Parent Guarantor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Balance Sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany transactions and investment in subsidiaries | -82,258 | 104,391 | ' | ' | ' | ' | ' | ' | ' | 104,391 | ' | ' | ' |
Other | 42,395 | 83,083 | ' | ' | ' | ' | ' | ' | ' | 83,083 | ' | ' | ' |
Total assets | -39,863 | 187,474 | ' | ' | ' | ' | ' | ' | ' | 187,474 | ' | ' | ' |
Other liabilities | 28,165 | 45,045 | ' | ' | ' | ' | ' | ' | ' | 45,045 | ' | ' | ' |
Total shareholders' (deficit) equity | -68,028 | 142,429 | ' | ' | ' | ' | ' | ' | ' | 142,429 | ' | ' | ' |
Total liabilities and shareholders' (deficit) equity | -39,863 | 187,474 | ' | ' | ' | ' | ' | ' | ' | 187,474 | ' | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses | 14,522 | ' | ' | ' | ' | ' | ' | ' | ' | 19,800 | ' | ' | ' |
Income from operations | -14,522 | ' | ' | ' | ' | ' | ' | ' | ' | -19,800 | ' | ' | ' |
Other Income (expenses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany dividends and interest | 275,011 | ' | ' | ' | ' | ' | ' | ' | ' | 68,955 | ' | ' | ' |
Total other expenses | 275,011 | ' | ' | ' | ' | ' | ' | ' | ' | 68,955 | ' | ' | ' |
Income from operations before income taxes | 260,489 | ' | ' | ' | ' | ' | ' | ' | ' | 49,155 | ' | ' | ' |
Taxes on income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 643 | ' | ' | ' |
Net income | 260,489 | ' | ' | ' | ' | ' | ' | ' | ' | 48,512 | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | 217,250 | ' | ' | ' | ' | ' | ' | ' | ' | 68,082 | ' | ' | ' |
Net cash used in investing activities | -1,532 | ' | ' | ' | ' | ' | ' | ' | ' | -5,562 | ' | ' | ' |
Net cash (used in) provided by financing activities | -256,719 | ' | ' | ' | ' | ' | ' | ' | ' | -19,719 | ' | ' | ' |
Net increase in cash and cash equivalents | -41,001 | ' | ' | ' | ' | ' | ' | ' | ' | 42,801 | ' | ' | ' |
Cash and cash equivalents at beginning of year | 42,801 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents at end of year | 1,800 | 42,801 | ' | ' | ' | ' | ' | ' | ' | 42,801 | ' | ' | ' |
Subsidiary Issuers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Balance Sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate investments, net | 2,013,643 | 2,010,303 | ' | ' | ' | ' | ' | ' | ' | 2,010,303 | ' | ' | ' |
Intercompany transactions and investment in subsidiaries | 393,503 | 208,739 | ' | ' | ' | ' | ' | ' | ' | 208,739 | ' | ' | ' |
Other | 85,340 | 285,514 | ' | ' | ' | ' | ' | ' | ' | 285,514 | ' | ' | ' |
Total assets | 2,492,486 | 2,504,556 | ' | ' | ' | ' | ' | ' | ' | 2,504,556 | ' | ' | ' |
Other liabilities | 74,940 | 47,906 | ' | ' | ' | ' | ' | ' | ' | 47,906 | ' | ' | ' |
Long-term debt | 2,500,000 | 2,350,000 | ' | ' | ' | ' | ' | ' | ' | 2,350,000 | ' | ' | ' |
Total shareholders' (deficit) equity | -82,454 | 106,650 | ' | ' | ' | ' | ' | ' | ' | 106,650 | ' | ' | ' |
Total liabilities and shareholders' (deficit) equity | 2,492,486 | 2,504,556 | ' | ' | ' | ' | ' | ' | ' | 2,504,556 | ' | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | 115,072 | ' | ' | ' | ' | ' | ' | ' | ' | 76,557 | ' | ' | ' |
Operating expenses | 34,630 | ' | ' | ' | ' | ' | ' | ' | ' | 22,424 | ' | ' | ' |
Income from operations | 80,442 | ' | ' | ' | ' | ' | ' | ' | ' | 54,133 | ' | ' | ' |
Other Income (expenses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany dividends and interest | 6,384 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other income (expenses) | -26,373 | ' | ' | ' | ' | ' | ' | ' | ' | -19,254 | ' | ' | ' |
Total other expenses | -19,989 | ' | ' | ' | ' | ' | ' | ' | ' | -19,254 | ' | ' | ' |
Income from operations before income taxes | 60,453 | ' | ' | ' | ' | ' | ' | ' | ' | 34,879 | ' | ' | ' |
Taxes on income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,824 | ' | ' | ' |
Net income | 60,453 | ' | ' | ' | ' | ' | ' | ' | ' | 27,055 | ' | ' | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | -329,090 | ' | ' | ' | ' | ' | ' | ' | ' | -81,887 | ' | ' | ' |
Net cash used in investing activities | -25,826 | ' | ' | ' | ' | ' | ' | ' | ' | -7,480 | ' | ' | ' |
Net cash (used in) provided by financing activities | 150,008 | ' | ' | ' | ' | ' | ' | ' | ' | 310,463 | ' | ' | ' |
Net increase in cash and cash equivalents | -204,908 | ' | ' | ' | ' | ' | ' | ' | ' | 221,096 | ' | ' | ' |
Cash and cash equivalents at beginning of year | 221,096 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents at end of year | 16,188 | 221,096 | ' | ' | ' | ' | ' | ' | ' | 221,096 | ' | ' | ' |
Other Subsidiary Non-Issuers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Consolidating Balance Sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate investments, net | 140,010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany transactions and investment in subsidiaries | 122,853 | 308,157 | ' | ' | ' | ' | ' | ' | ' | 308,157 | ' | ' | ' |
Other | 280,498 | 229,996 | ' | ' | ' | ' | ' | ' | ' | 229,996 | ' | ' | ' |
Total assets | 543,361 | 538,153 | ' | ' | ' | 267,075 | ' | ' | ' | 538,153 | 267,075 | ' | ' |
Other liabilities | 26,809 | 23,516 | ' | ' | ' | 30,745 | ' | ' | ' | 23,516 | 30,745 | ' | ' |
Intercompany debt | 193,595 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total shareholders' (deficit) equity | 322,955 | 514,637 | ' | ' | ' | 236,330 | ' | ' | ' | 514,637 | 236,330 | ' | ' |
Total liabilities and shareholders' (deficit) equity | 543,359 | 538,153 | ' | ' | ' | 267,075 | ' | ' | ' | 538,153 | 267,075 | ' | ' |
Condensed Consolidating Statement of Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | 43,256 | ' | ' | ' | 42,649 | ' | ' | ' | ' | 165,572 | 210,643 | 231,884 | ' |
Operating expenses | 34,842 | ' | ' | ' | 35,839 | ' | ' | ' | ' | 139,323 | 166,975 | 179,371 | ' |
Income from operations | 8,414 | ' | ' | ' | 6,810 | ' | ' | ' | ' | 26,249 | 43,668 | 52,513 | ' |
Other Income (expenses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intercompany dividends and interest | 279,607 | ' | ' | ' | ' | ' | ' | ' | ' | 68,955 | ' | ' | ' |
Other income (expenses) | -2,055 | ' | ' | ' | ' | ' | ' | ' | ' | -4,202 | ' | ' | ' |
Total other expenses | 277,552 | ' | ' | ' | -1,280 | ' | ' | ' | ' | 64,753 | -6,318 | -6,954 | ' |
Income from operations before income taxes | 285,966 | ' | ' | ' | 5,530 | ' | ' | ' | ' | 91,002 | 37,350 | 45,559 | ' |
Taxes on income | 1,594 | ' | ' | ' | 2,316 | ' | ' | ' | ' | 8,829 | 14,431 | 18,875 | ' |
Net income | 284,372 | ' | ' | ' | 3,214 | ' | ' | ' | ' | 82,173 | 22,919 | 26,684 | ' |
Condensed Consolidating Statement of Cash Flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | 191,567 | ' | ' | ' | -3,759 | ' | ' | ' | ' | 94,437 | 26,744 | 56,840 | ' |
Net cash used in investing activities | -182,601 | ' | ' | ' | -895 | ' | ' | ' | ' | -3,233 | -4,810 | -8,171 | ' |
Net cash (used in) provided by financing activities | ' | ' | ' | ' | 7,280 | ' | ' | ' | ' | -84,442 | -24,518 | -50,436 | ' |
Net increase in cash and cash equivalents | 8,966 | ' | ' | ' | 2,626 | ' | ' | ' | ' | 6,762 | -2,584 | -1,767 | ' |
Cash and cash equivalents at beginning of year | 21,324 | ' | ' | ' | 14,562 | ' | ' | ' | 17,146 | 14,562 | 17,146 | 18,913 | ' |
Cash and cash equivalents at end of year | $30,290 | $21,324 | ' | ' | $17,188 | $14,562 | ' | ' | ' | $21,324 | $14,562 | $17,146 | ' |