Gaming and Leisure Properties (GLPI) 10-Q 1 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Jul. 22, 2014
Document and Entity Information	'	'
Entity Registrant Name	'Gaming & Leisure Properties, Inc.	'
Entity Central Index Key	'0001575965	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	112,338,317
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets	'	'	'	'
Real estate investments, net	$2,178,613	$2,010,303	'	'
Property and equipment, used in operations, net	139,010	139,121	'	'
Cash and cash equivalents	41,679	285,221	18,400	14,562
Prepaid expenses	4,779	5,983	'	'
Deferred income taxes	1,933	2,228	'	'
Other current assets	37,087	17,367	'	'
Goodwill	75,521	75,521	'	'
Other intangible assets	9,577	9,577	'	'
Debt issuance costs, net of accumulated amortization of $5,288 and $1,270 at June 30, 2014 and December 31, 2013, respectively	43,165	46,877	'	'
Loan receivable	36,000	'	'	'
Other assets	14,313	17,041	'	'
Total assets	2,581,677	2,609,239	'	'
Liabilities	'	'	'	'
Accounts payable	49,074	21,397	'	'
Accrued expenses	7,423	13,783	'	'
Accrued interest	17,490	18,055	'	'
Accrued salaries and wages	10,441	10,337	'	'
Gaming, property, and other taxes	26,759	18,789	'	'
Income taxes	'	17,256	'	'
Other current liabilities	15,344	12,911	'	'
Long-term debt	2,526,000	2,350,000	'	'
Deferred income taxes	2,068	4,282	'	'
Total liabilities	2,654,599	2,466,810	'	'
Shareholders' (deficit) equity	'	'	'	'
Common stock ($.01 par value, 550,000,000 shares authorized, 112,274,380 and 88,659,448 shares issued at June 30, 2014 and December 31, 2013, respectively)	1,123	887	'	'
Additional paid-in capital	869,861	3,651	'	'
Retained (deficit) earnings	-943,906	137,891	'	'
Total shareholders' (deficit) equity	-72,922	142,429	'	'
Total liabilities and shareholders' (deficit) equity	$2,581,677	$2,609,239	'	'

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Condensed Consolidated Balance Sheets	'	'
Debt issuance costs, accumulated amortization (in dollars)	$5,288	$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	112,274,380	88,659,448

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues	'	'	'	'
Rental	$107,298	'	$213,412	'
Real estate taxes paid by tenants	12,446	'	24,444	'
Total rental revenue	119,744	'	237,856	'
Gaming	39,449	44,299	78,204	85,379
Food, beverage and other	3,088	3,374	5,919	6,589
Total revenues	162,281	47,673	321,979	91,968
Less promotional allowances	-1,495	-1,601	-2,865	-3,247
Net revenues	160,786	46,072	319,114	88,721
Operating expenses	'	'	'	'
Gaming	22,167	24,342	43,729	47,481
Food, beverage and other	2,509	2,783	5,055	5,550
Real estate taxes	12,856	406	25,279	812
General and administrative	19,531	5,824	40,472	11,763
Depreciation	26,349	3,627	52,871	7,215
Total operating expenses	83,412	36,982	167,406	72,821
Income from operations	77,374	9,090	151,708	15,900
Other income (expenses)	'	'	'	'
Interest expense	-29,108	'	-58,082	'
Interest income	668	1	1,214	1
Management fee	'	-1,381	'	-2,661
Total other expenses	-28,440	-1,380	-56,868	-2,660
Income before income taxes	48,934	7,710	94,840	13,240
Income tax provision	1,922	3,011	3,516	5,327
Net income	$47,012	$4,699	$91,324	$7,913
Earnings per common share:	'	'	'	'
Basic earnings per common share (in dollars per share)	$0.42	$0.04	$0.82	$0.07
Diluted earnings per common share (in dollars per share)	$0.40	$0.04	$0.78	$0.07
Dividends paid per common share (in dollars per share)	$0.52	'	$1.04	'

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, 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	23,256	14	23,242	'
Stock option activity (in shares)	'	1,478,489	'	'
Restricted stock activity	-707	2	-709	'
Restricted stock activity (in shares)	'	156,622	'	'
Dividends paid, including purging distribution	-329,224	220	843,677	-1,173,121
Dividends paid, including purging distribution (in shares)	'	21,979,821	'	'
Net income	91,324	'	'	91,324
Balance at Jun. 30, 2014	($72,922)	$1,123	$869,861	($943,906)
Balance (in shares) at Jun. 30, 2014	112,274,380	112,274,380	'	'

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Operating activities	'	'
Net income	$91,324	$7,913
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation	52,871	7,215
Amortization of debt issuance costs	4,018	'
Losses (Gains) on sales of property	159	-30
Deferred income taxes	-1,919	-373
Charge for stock-based compensation	5,087	'
(Increase) decrease,	'	'
Prepaid expenses and other current assets	-17,296	-247
Other assets	-1,309	6
Increase (decrease),	'	'
Accounts payable	8,183	135
Accrued expenses	-6,360	270
Accrued interest	-565	'
Accrued salaries and wages	104	-986
Gaming, pari-mutuel, property and other taxes	7,970	'
Income taxes	-18,476	-7,832
Other current and noncurrent liabilities	2,430	361
Net cash provided by operating activities	126,221	6,432
Investing activities	'	'
Capital project expenditures, net of reimbursements	-55,504	-554
Capital maintenance expenditures	-1,468	-1,744
Proceeds from sale of property and equipment	6	81
Funding of loan receivable	-43,000	'
Principal payments on loan receivable	7,000	'
Acquisition of real estate	-140,730	'
Net cash used in investing activities	-233,696	-2,217
Financing activities	'	'
Net advances to Penn National Gaming, Inc.	'	-377
Dividends paid	-329,224	'
Proceeds from exercise of options	17,463	'
Proceeds from issuance of long-term debt	208,000	'
Financing costs	-306	'
Payments of long-term debt	-32,000	'
Net cash used in financing activities	-136,067	-377
Net increase in cash and cash equivalents	-243,542	3,838
Cash and cash equivalents at beginning of year	285,221	14,562
Cash and cash equivalents at end of year	$41,679	$18,400

Organization_and_Operations

Organization and Operations	6 Months Ended
	Jun. 30, 2014
Organization and Operations	'
Organization and Operations	'
	1.              Organization and Operations
	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 (together with its 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 June 30, 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 operated by Penn (including two properties under development in Ohio, Hollywood Gaming at Dayton Raceway and Hollywood Gaming at Mahoning Valley Race Course), 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 9 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 and six months ended June 30, 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.

New_Accounting_Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2014
New Accounting Pronouncements	'
New Accounting Pronouncements	'
	2.              New Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). This new standard will replace all current U.S. GAAP guidance on this topic and eliminate all industry-specific guidance. ASU 2014-09 provides a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. This guidance will be effective for annual reporting periods beginning after December 15, 2016 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is evaluating the impact of adopting this new accounting standard on its financial statements and internal revenue recognition policies.
	In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014 -08”). This new standard raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures for both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. Under the new guidance, only disposals representing a strategic shift that will have a major effect on operations and financial results should be presented as discontinued operations.  ASU 2014 -08 is effective for fiscal years beginning on or after December 15, 2014. Early adoption is permitted but only for disposals that have not been reported in previously issued financial statements. The impact of the adoption of ASU 2014-08 on the Company’s results of operations, financial position, cash flows and disclosures will be based on the Company’s future disposal activity.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Summary of Significant Accounting Policies	'
Summary of Significant Accounting Policies	'
	3.              Summary of Significant Accounting Policies
	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:
	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.
	Long-term Debt
	The fair value of the senior unsecured 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 Accounting Standards Code (“ASC”) 820 “Fair Value Measurements and Disclosures.”
	The estimated fair values of the Company’s financial instruments are as follows (in thousands):
		June 30, 2014						December 31, 2013
		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
	Financial assets:
	Cash and cash equivalents	$	41,679		$	41,679		$	285,221		$	285,221
	Financial liabilities:
	Long-term debt
	Senior unsecured credit facility	476,000			459,340			300,000			294,750
	Senior notes	2,050,000			2,115,500			2,050,000			2,058,750
	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 and six months ended June 30, 2014 and 2013, and comprehensive income for the three months ended June 30, 2014 and 2013 was equivalent to net income for those time periods.
	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.
	As of June 30, 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.
	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.
	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 and six months ended June 30, 2014 and 2013:
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
		(in thousands)						(in thousands)
	Video lottery	$	33,651		$	37,697		$	67,032		$	75,049
	Table game	5,350			5,562			10,290			9,010
	Poker	448			1,040			882			1,320
	Total gaming revenue, net of cash incentives	$	39,449		$	44,299		$	78,204		$	85,379
	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 and six months ended June 30, 2014 and 2013 are as follows:
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
		(in thousands)						(in thousands)
	Food and beverage	$	1,484		$	1,588		$	2,845		$	3,105
	Other	11			13			20			142
	Total promotional allowances	$	1,495		$	1,601		$	2,865		$	3,247
	The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three and six months ended June 30, 2014 and 2013 are as follows:
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
		(in thousands)						(in thousands)
	Food and beverage	$	720		$	746		$	1,437		$	1,459
	Other	4			6			7			75
	Total cost of complimentary services	$	724		$	752		$	1,444		$	1,534
	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 and six months ended June 30, 2014, these expenses, which are primarily recorded within gaming expense in the condensed consolidated statements of income, totaled $17.9 million and $35.2 million, respectively, as compared to $19.6 million and $38.3 million for the three and six months ended June 30, 2013, 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 (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options, unvested restricted shares and unvested performance-based restricted shares. Basic and diluted EPS for the three and six months ended June 30, 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 purging distribution dividend paid 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 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 and six months ended June 30, 2014 and 2013 (in thousands):
		Three Months Ended June 30,				Six Months Ended June 30,
		2014		2013		2014		2013
		(in thousands)
	Determination of shares:
	Weighted-average common shares outstanding	111,921		110,582		111,561		110,582
	Assumed conversion of dilutive employee stock-based awards	5,579		4,703		5,922		4,703
	Assumed conversion of restricted stock	157		318		261		318
	Assumed conversion of performance-based restricted stock awards	74		—		40		—
	Diluted weighted-average common shares outstanding	117,731		115,603		117,784		115,603
	The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and six months ended June 30, 2014 and 2013:
	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
	(in thousands, expect per share data)
Calculation of basic EPS:
Net income	$	47,012		$	4,699		$	91,324		$	7,913
Less: Net income allocated to participating securities	(194		)	(18		)	(378		)	(30		)
Net income attributable to common shareholders	$	46,818		$	4,681		$	90,946		$	7,883
Weighted-average common shares outstanding	111,921			110,582			111,561			110,582
Basic EPS	$	0.42		$	0.04		$	0.82		$	0.07
Calculation of diluted EPS:
Net income	$	47,012		$	4,699		$	91,324		$	7,913
Diluted weighted-average common shares outstanding	117,731			115,603			117,784			115,603
Diluted EPS	$	0.4		$	0.04		$	0.78		$	0.07
Options to purchase 109,714 shares were outstanding during the three months ended June 30, 2014, but were not included in the computation of diluted EPS because of being antidilutive.  There were no outstanding options to purchase shares of common stock during the six months ended June 30, 2014 and three and six months ended June 30, 2013 that were not included in the computation of diluted EPS because of being antidilutive.
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.
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.”
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.
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.
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 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.  The unrecognized compensation relating 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 June 30, 2014, there was $5.0 million of total unrecognized compensation cost for stock options that will be recognized over the grants remaining weighted average vesting period of 1.27 years. For the three and six months ended June 30, 2014, the Company recognized $1.4 million and $2.8 million, respectively of compensation expense associated with these awards. In addition, the Company also recognized $3.2 million and $6.5 million of compensation expense for the three and six months ended June 30, 2014, relating to each of the first and second quarter $.52 per share dividends paid on vested employee stock options.
As of June 30, 2014, there was $14.9 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants remaining weighted average vesting period of 2.75 years. For the three and six months ended June 30, 2014 and 2013, the Company recognized $0.9 million and $1.5 million, respectively of compensation expense associated with these awards.
The following table contains information on restricted stock award activity for the six months ended June 30, 2014.
	Number of Award
	Shares
Outstanding at December 31, 2013	419,067
E&P Purge	106,261
Granted	232,891
Released	(237,304	)
Canceled	(59,018	)
Outstanding at June 30, 2014	461,897
On April 25, 2014, the Company awarded market performance-based restricted stock awards with a three-year cliff vesting. The amount of restricted shares vested at the end of the three-year period will be determined based on the Company’s performance as measured against its peers.  More specifically, the percentage of shares vesting at the end of the measurement period will be based on the Company’s three-year total shareholder return measured against the three-year return of the MSCI US REIT index.  The Company utilized a third party valuation firm to measure the fair value of the awards at grant date using the Monte Carlo model. As of June 30, 2014, there was $11.4 million of total unrecognized compensation cost, which will be recognized over the awards remaining weighted average vesting period of 2.82 years for performance-based restricted stock awards.  For the three and six months ended June 30, 2104, the Company recognized $0.7 million of compensation expense associated with these awards.
As of June 30, 2014, there was $7.1 million of total unrecognized compensation cost, which will be recognized over the awards remaining weighted average vesting period of 2.14 years, for Penn and GLPI PSUs held by GLPI employees that will be cash-settled by GLPI. For the three and six months ended June 30, 2014, the Company recognized $0.7 million and $1.1 million, respectively of compensation expense associated with these awards. In addition, the Company also recognized $0.1 million and $0.5 million for the three and six months ended June 30, 2014, respectively relating to the purging distribution dividend and the first and second quarter $.52 per share dividends paid on unvested PSUs.
As of June 30, 2014, there was $0.3 million of total unrecognized compensation cost, which will be recognized over the grants remaining weighted average vesting period of 1.39 years, for Penn and GLPI SARs held by GLPI employees that will be cash-settled by GLPI.
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
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 10 for further information with respect to the Company’s segments.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2014
Acquisitions	'
Acquisitions	'
	4.              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 June 30, 2014, the balance of this loan was $36 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.
	In May 2014, the Company announced that it had entered into an agreement with Cannery Casino Resorts LLC (“CCR”) to acquire The Meadows Racetrack and Casino located in Washington, Pennsylvania, a suburb of Pittsburgh, Pennsylvania, for $465 million. The 180,000 square foot casino, which opened in 2007, contains 3,317 slot machines, 61 table games and 14 poker tables. In addition to the casino, the property includes 11 casual and fine dining restaurants, bars and lounges, a 24-lane bowling alley and a 5/8 mile racetrack with a 500-seat grandstand.  The Company is currently evaluating third party operators for the property, to whom the Company expects to sell the entities holding the licenses and operating assets, while retaining ownership of the land and buildings. The transaction is subject to and requires approval from the Pennsylvania Gaming Control Board (“PAGCB”) and the Pennsylvania Racing Commission (“PARC”).  The Company filed applications/petitions with the PAGCB and the PARC for approval to own and operate the facility in the event that all of the conditions to closing in the Company’s agreement with CCR are satisfied and an agreement with a third party operator cannot be reached on terms acceptable to the Company and/or the PAGCB or PARC do not approve such third party operator.  The transaction, which is expected to be accretive immediately upon closing, is expected to close in 2015.

Real_Estate_Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2014
Real Estate Investments	'
Real Estate Investments	'
	5.              Real Estate Investments
	Real estate investments, net, represents investments in 20 properties and is summarized as follows:
		June 30,			December 31,
		2014			2013
		(in thousands)
	Land and improvements	$	453,297		$	382,581
	Building and improvements	2,120,572			2,050,533
	Construction in progress	135,047			61,677
	Total real estate investments	2,708,916			2,494,791
	Less accumulated depreciation	(530,303		)	(484,488		)
	Real estate investments, net	$	2,178,613		$	2,010,303
	Construction in progress primarily represents two development projects for which the Company is responsible for the real estate construction costs, namely Hollywood Gaming at Dayton Raceway and Hollywood Gaming at Mahoning Valley Race Course. On June 30, 2014, Penn announced that pending final regulatory approval, Hollywood Gaming at Dayton Raceway will open its doors to the public on August 28, 2014. Penn anticipates opening Hollywood Gaming at Mahoning Valley Race Course in mid-September 2014.  The increase in land and buildings and related improvements is primarily driven by the Company’s acquisition of the real estate of Casino Queen for $140.7 million in January 2014.

Property_and_Equipment_Used_in

Property and Equipment Used in Operations	6 Months Ended
	Jun. 30, 2014
Property and Equipment Used in Operations	'
Property and Equipment Used in Operations	'
	6.              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:
		June 30,			December 31,
		2014			2013
		(in thousands)
	Land and improvements	$	31,586		$	27,586
	Building and improvements	116,290			115,888
	Furniture, fixtures, and equipment	103,081			101,288
	Construction in progress	367			203
	Total property and equipment	251,324			244,965
	Less accumulated depreciation	(112,314		)	(105,844		)
	Property and equipment, net	$	139,010		$	139,121

Longterm_Debt

Long-term Debt	6 Months Ended
	Jun. 30, 2014
Long-term Debt	'
Long-term Debt	'
	7.              Long-term Debt
	Long-term debt is as follows:
		June 30,		December 31,
		2014		2013
		(in thousands)
	Senior unsecured credit facility	$	476,000	$	300,000
	$550 million 4.375% senior unsecured notes due November 2018	550,000		550,000
	$1,000 million 4.875% senior unsecured notes due November 2020	1,000,000		1,000,000
	$500 million 5.375% senior unsecured notes due November 2023	500,000		500,000
		$	2,526,000	$	2,350,000
	The following is a schedule of future minimum repayments of long-term debt as of June 30, 2014 (in thousands):
	2014	$	—
	2015	—
	2016	—
	2017	—
	2018	1,026,000
	Thereafter	1,500,000
	Total minimum payments	$	2,526,000
	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 June 30, 2014, the Credit Facility had a gross outstanding balance of $476.0 million, consisting of the $300 million Term Loan A facility and $176 million of borrowings under the revolving credit facility. As of June 30, 2014, $524.0 million remained available under the Credit Facility.
	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 2014 fiscal year. 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.
	Each of the 4.375% Senior Unsecured Notes due 2018 (the “2018 Notes”); 4.875% Senior Unsecured Notes due 2020 (the “2020 Notes”); and 5.375% Senior Unsecured Notes due 2023 (the “2023 Notes,” and collectively with the 2018 Notes and 2020 Notes, the “Notes”) contains 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.
	At June 30, 2014, the Company was in compliance with all required covenants.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies.	'
Commitments and Contingencies	'
	8.              Commitments and Contingencies
	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.
	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.

Dividends

Dividends	6 Months Ended
	Jun. 30, 2014
Dividends.	'
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 $210.0 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 $1.0 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.
	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 $58.0 million, to shareholders of record on March 7, 2014. In addition, first quarter dividend payments were made to or accrued for GLPI restricted stock award holders and both GLPI and Penn unvested employee stock options in the amount of $1.0 million. On May 30, 2014, the Company’s Board of Directors declared a second quarter dividend of $0.52 per common share, which was paid on June 27, 2014, in the amount of $58.2 million, to shareholders of record on June 12, 2014. In addition, second quarter dividend payments were made to or accrued for GLPI restricted stock award holders and both GLPI and Penn unvested employee stock options in the amount of $1.0 million.

Segment_Information

Segment Information	6 Months Ended
	Jun. 30, 2014
Segment Information	'
Segment Information	'
	10.       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.
		Three Months Ended June 30, 2014									Three Months Ended June 30, 2013
	(in thousands)	GLP Capital		TRS Properties		Eliminations (2)			Total		GLP Capital (1)		TRS Properties			Eliminations (2)		Total
	Net revenues	$	119,744	$	41,042	$	—		$	160,786	$	—	$	46,072		$	—	$	46,072
	Income from operations	70,219		7,155		—			77,374		—		9,090			—		9,090
	Interest, net	28,440		2,601		(2,601		)	28,440		—		(1		)	—		(1		)
	Income before income taxes	44,380		4,554		—			48,934		—		7,710			—		7,710
	Income tax provision	—		1,922		—			1,922		—		3,011			—		3,011
	Net income	44,380		2,632		—			47,012		—		4,699			—		4,699
	Depreciation	23,292		3,057		—			26,349		—		3,627			—		3,627
	Capital project expenditures, net of reimbursements	31,502		—		—			31,502		—		476			—		476
	Capital maintenance expenditures	—		597		—			597		—		848			—		848
		Six Months Ended June 30, 2014									Six Months Ended June 30, 2013
	(in thousands)	GLP Capital		TRS Properties		Eliminations (2)			Total		GLP Capital (1)		TRS Properties			Eliminations (2)		Total
	Net revenues	$	237,856	$	81,258	$	—		$	319,114	$	—	$	88,721		$	—	$	88,721
	Income from operations	138,090		13,618		—			151,708		—		15,900			—		15,900
	Interest, net	56,868		5,202		(5,202		)	56,868		—		(1		)	—		(1		)
	Income before income taxes	86,424		8,416		—			94,840		—		13,240			—		13,240
	Income tax provision	—		3,516		—			3,516		—		5,327			—		5,327
	Net income	86,424		4,900		—			91,324		—		7,913			—		7,913
	Depreciation	46,733		6,138		—			52,871		—		7,215			—		7,215
	Capital project expenditures, net of reimbursements	55,504		—		—			55,504		—		554			—		554
	Capital maintenance expenditures	—		1,468		—			1,468		—		1,744			—		1,744
	(1)       GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off.
	(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.

PreSpin_Transactions_with_Penn

Pre-Spin Transactions with Penn	6 Months Ended
	Jun. 30, 2014
Pre-Spin Transactions with Penn	'
Pre-Spin Transactions with Penn	'
	11.       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 $1.4 million and $2.7 million for the three and six months ended June 30, 2013, 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.

Supplemental_Disclosures_of_Ca

Supplemental Disclosures of Cash Flow Information	6 Months Ended
	Jun. 30, 2014
Supplemental Disclosures of cash flow information	'
Supplemental Disclosures of Cash Flow Information	'
	12.       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 federal 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 were $4.9 million and $6.7 million, respectively, for the three and six months ended June 30, 2013. Hollywood Casino Baton Rouge and Hollywood Casino Perryville made state income tax payments directly to the state authorities of $0.7 million for both the three and six months ended June 30, 2013.
	Cash paid for income taxes was $10.8 million and $24.6 million for the three and six months ended June 30, 2014, respectively. This included a payment of $5.1 million directly to Penn for federal and state income tax liabilities incurred prior to the Spin-Off, which Penn will be responsible for when filing its 2013 tax returns.
	Cash paid for interest was $52.5 million and $54.6 million for the three and six months ended June 30, 2014, respectively and no interest was paid for the three and six months ended June 30, 2013.

Supplementary_Condensed_Consol

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers	6 Months Ended
	Jun. 30, 2014
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers	'
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers	'
	13.       Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers
	GLPI guarantees 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.
	Summarized financial information as June 30, 2014 and December 31, 2013 and for the six months ended June 30, 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.
	At June 30, 2014	Parent			Subsidiary			Other			Eliminations			Consolidated
	Condensed Consolidating Balance Sheet	Guarantor			Issuers			Subsidiary
								Non-Issuers
		(in thousands)
	Assets
	Real estate investments, net	$	—		$	2,039,279		$	139,334		$	—		$	2,178,613
	Property and equipment, used in operations, net	26,133			—			112,877			—			139,010
	Cash and cash equivalents	7,078			5,178			29,423			—			41,679
	Prepaid expenses	622			875			2,062			1,220			4,779
	Deferred income taxes	—			—			1,933			—			1,933
	Other current assets	1,004			33,081			3,002			—			37,087
	Goodwill	—			—			75,521			—			75,521
	Other intangible assets	—			—			9,577			—			9,577
	Debt issuance costs, net of accumulated amortization of $5,288 at June 30, 2014	—			43,165			—			—			43,165
	Loan receivable	—			—			36,000			—			36,000
	Intercompany loan receivable	—			193,595						(193,595		)	—
	Intercompany transactions and investment in subsidiaries	(76,506		)	201,559			134,181			(259,234		)	—
	Other assets	14,178			—			135			—			14,313
	Total assets	$	(27,491	)	$	2,516,732		$	544,045		$	(451,609	)	$	2,581,677
	Liabilities
	Accounts payable	$	28,326		$	20,583		$	165		$	—		49,074
	Accrued expenses	817			881			5,725			—			7,423
	Accrued interest	—			17,490			—			—			17,490
	Accrued salaries and wages	8,011			—			2,430			—			10,441
	Gaming, property, and other taxes	191			23,794			2,774			—			26,759
	Income taxes	(5,915		)	4,943			(248		)	1,220			—
	Other current liabilities	13,999			—			1,345			—			15,344
	Long-term debt	—			2,526,000			—			—			2,526,000
	Intercompany loan payable	—			—			193,595			(193,595		)	—
	Deferred income taxes	—			—			2,068			—			2,068
	Total liabilities	45,429			2,593,691			207,854			(192,375		)	2,654,599
	Shareholders’ (deficit) equity
	Common stock ($.01 par value, 550,000,000 shares authorized, 112,274,380 shares issued at June 30, 2014	1,123			—			—			—			1,123
	Additional paid-in capital	869,861			72,270			226,981			(299,251		)	869,861
	Retained (deficit) earnings	(943,904		)	(149,229		)	109,210			40,017			(943,906		)
	Total shareholders’ (deficit) equity	(72,920		)	(76,959		)	336,191			(259,234		)	(72,922		)
	Total liabilities and shareholders’ (deficit) equity	$	(27,491	)	$	2,516,732		$	544,045		$	(451,609	)	$	2,581,677
	Six months ended June 30, 2014	Parent			Subsidiary			Other			Eliminations			Consolidated
	Condensed Consolidating Statement of Operations	Guarantor			Issuers			Subsidiary
								Non-Issuers
		(in thousands)
	Revenues
	Rental	$	—		$	207,240		$	6,172		$	—		$	213,412
	Real estate taxes paid by tenants	—			23,528			916			—			24,444
	Total rental revenue	—			230,768			7,088			—			237,856
	Gaming	—			—			78,204			—			78,204
	Food, beverage and other	—			—			5,919			—			5,919
	Total revenues	—			230,768			91,211			—			321,979
	Less promotional allowances	—			—			(2,865		)	—			(2,865		)
	Net revenues	—			230,768			88,346			—			319,114
	Operating expenses
	Gaming	—			—			43,729			—			43,729
	Food, beverage and other	—			—			5,055			—			5,055
	Real estate taxes	—			23,528			1,751			—			25,279
	General and administrative	27,145			1,442			11,885			—			40,472
	Depreciation	901			44,437			7,533			—			52,871
	Total operating expenses	28,046			69,407			69,953			—			167,406
	Income from operations	(28,046		)	161,361			18,393			—			151,708
	Other income (expenses)
	Interest expense	—			(58,082		)	—			—			(58,082		)
Interest income	—			—			1,214			—			1,214
Management fee	—			—			—			—			—
Intercompany dividends and interest	357,979			19,087			362,189			(739,255		)	—
Other	—			—			—			—			—
Total other expenses	357,979			(38,995		)	363,403			(739,255		)	(56,868		)
Income before income taxes	329,933			122,366			381,796			(739,255		)	94,840
Income tax provision	—			—			3,516			—			3,516
Net income	$	329,933		$	122,366		$	378,280		$	(739,255	)	$	91,324
Six months ended June 30, 2014	Parent			Subsidiary			Other			Eliminations			Consolidated
Condensed Consolidating Statement of Cash Flows	Guarantor			Issuers			Subsidiary
							Non-Issuers
	(in thousands)
Operating activities
Net income	$	329,933		$	122,366		$	(360,975	)	$	—		$	91,324
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	901			44,437			7,533			—			52,871
Amortization of debt issuance costs	—			4,018			—			—			4,018
Losses (Gains) on sales of property	—			—			159			—			159
Deferred income taxes	—			—			(1,919		)	—			(1,919		)
Charge for stock-based compensation	5,087			—			—			—			5,087
(Increase) decrease,
Prepaid expenses and other current assets	318			(16,415		)	(2,419		)	1,220			(17,296		)
Other assets	(1,288		)	—			(21		)	—			(1,309		)
Intercompany	(2,711		)	(867		)	3,578			—			—
Increase (decrease),
Accounts payable	7,320			1,089			(226		)	—			8,183
Accrued expenses	(7,641		)	880			401			—			(6,360		)
Accrued interest	—			(565		)	—			—			(565		)
Accrued salaries and wages	880			—			(776		)	—			104
Gaming, pari-mutuel, property and other taxes	50			6,252			1,668			—			7,970
Income taxes	(1,442		)	(7,365		)	(8,449		)	(1,220		)	(18,476		)
Other current and noncurrent liabilities	1,216			—			1,214			—			2,430
Net cash provided by (used in) operating activities	332,623			153,830			(360,232		)	—			126,221
Investing activities
Capital project expenditures, net of reimbursements	(1,586		)	(53,918		)	—			—			(55,504		)
Capital maintenance expenditures	—			—			(1,468		)	—			(1,468		)
Proceeds from sale of property and equipment	—			—			6			—			6
Funding of loan receivable	—			—			(43,000		)	—			(43,000		)
Principal payments on loan receivable	—			—			7,000			—			7,000
Acquisition of real estate							(140,730		)				(140,730		)
Net cash used in investing activities	(1,586		)	(53,918		)	(178,192		)	—			(233,696		)
Financing activities
Dividends paid	(329,224		)	—			—			—			(329,224		)
Proceeds from exercise of options	17,463			—			—			—			17,463
Proceeds from issuance of long-term debt	—			208,000			—			—			208,000
Financing costs	—			(306		)	—			—			(306		)
Payments of long-term debt	—			(32,000		)	—			—			(32,000		)
Intercompany financing	(54,999		)	(491,524		)	546,523			—			—
Net cash (used in) provided by financing activities	(366,760		)	(315,830		)	546,523			—			(136,067		)
Net increase in cash and cash equivalents	(35,723		)	(215,918		)	8,099			—			(243,542		)
Cash and cash equivalents at beginning of year	42,801			221,095			21,325			—			285,221
Cash and cash equivalents at end of year	$	7,078		$	5,178		$	29,423		$	—		$	41,679
At December 31, 2013	Parent			Subsidiary			Other			Eliminations			Consolidated
Condensed Consolidating Balance Sheet	Guarantor			Issuers			Subsidiary
							Non-Issuers
	(in thousands)
Assets
Real estate investments, net	$	—		$	2,010,303		$	—		$	—		$	2,010,303
Property and equipment, used in operations, net	25,458			—			113,663			—			139,121
Cash and cash equivalents	42,801			221,095			21,325			—			285,221
Prepaid expenses	1,191			1,834			2,958			—			5,983
Deferred income taxes	—			—			1,885			343			2,228
Other current assets	753			15,708			906			—			17,367
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			—			—			46,877
Loan receivable	—			—			—			—			—
Intercompany transactions and investment in subsidiaries	104,391			208,739			308,157			(621,287		)	—
Other assets	12,880			—			4,161			—			17,041
Total assets	$	187,474		$	2,504,556		$	538,153		$	(620,944	)	$	2,609,239
Liabilities
Accounts payable	$	21,006		$	—		$	391		$	—		21,397
Accrued expenses	8,458			—			5,325			—			13,783
Accrued interest	—			18,055			—			—			18,055
Accrued salaries and wages	7,131			—			3,206			—			10,337
Gaming, property, and other taxes	141			17,542			1,106			—			18,789
Income taxes	(4,473		)	12,308			9,421			—			17,256
Other current liabilities	12,782			—			129			—			12,911
Long-term debt	—			2,350,000			—			—			2,350,000
Deferred income taxes	—			—			3,939			343			4,282
Total liabilities	45,045			2,397,905			23,517			343			2,466,810
Shareholders’ (deficit) equity
Common stock ($.01 par value, 550,000,000 shares authorized, 88,659,448 shares issued at December 31, 2013	887			—			—			—			887
Additional paid-in capital	3,651			17,271			162,700			(179,971		)	3,651
Retained (deficit) earnings	137,891			89,380			351,936			(441,316		)	137,891
Total shareholders’ (deficit) equity	142,429			106,651			514,636			(621,287		)	142,429
Total liabilities and shareholders’ (deficit) equity	$	187,474		$	2,504,556		$	538,153		$	(620,944	)	$	2,609,239
Six months ended June 30, 2013	Parent			Subsidiary			Other			Eliminations			Consolidated
Condensed Consolidating Statement of Operations	Guarantor			Issuers			Subsidiary
							Non-
							Issuers
	(in thousands)
Revenues
Rental	$	—		$	—		$	—		$	—		$	—
Real estate taxes paid by tenants	—			—			—			—			—
Total rental revenue	—			—			—			—			—
Gaming	—			—			85,379			—			85,379
Food, beverage and other	—			—			6,589			—			6,589
Total revenues	—			—			91,968			—			91,968
Less promotional allowances	—			—			(3,247		)	—			(3,247		)
Net revenues	—			—			88,721			—			88,721
Operating expenses													—
Gaming	—			—			47,481			—			47,481
Food, beverage and other	—			—			5,550			—			5,550
Real estate taxes	—			—			812			—			812
General and administrative	—			—			11,763			—			11,763
Depreciation	—			—			7,215			—			7,215
Total operating expenses	—			—			72,821			—			72,821
Income from operations	—			—			15,900			—			15,900
Other income (expenses)
Interest expense	—			—			—			—			—
Interest income	—			—			1			—			1
Management fee	—			—			(2,661		)	—			(2,661		)
Intercompany dividends and interest	—			—			—			—			—
Other	—			—			—			—			—
Total other expenses	—			—			(2,660		)	—			(2,660		)
Income before income taxes	—			—			13,240			—			13,240
Income tax provision	—			—			5,327			—			5,327
Net income	$	—		$	—		$	7,913		$	—		$	7,913
Six months ended June 30, 2013	Parent			Subsidiary			Other			Eliminations			Consolidated
Condensed Consolidating Statement of Cash Flows	Guarantor			Issuers			Subsidiary
							Non-Issuers
	(in thousands)
Operating activities
Net income	$	—		$	—		$	7,913		$	—		$	7,913
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	—			—			7,215			—			7,215
Amortization of debt issuance costs	—			—			—			—			—
Losses (Gains) on sales of property	—			—			(30		)	—			(30		)
Deferred income taxes	—			—			(373		)	—			(373		)
Charge for stock-based compensation	—			—			—			—			—
(Increase) decrease,
Prepaid expenses and other current assets	—			—			(247		)	—			(247		)
Other assets	—			—			6			—			6
Increase (decrease),
Accounts payable	—			—			135			—			135
Accrued expenses	—			—			270			—			270
Accrued interest	—			—			—			—			—
Accrued salaries and wages	—			—			(986		)	—			(986		)
Gaming, pari-mutuel, property and other taxes	—			—			—			—			—
Income taxes	—			—			(7,832		)	—			(7,832		)
Other current and noncurrent liabilities	—			—			361			—			361
Net cash provided by operating activities	—			—			6,432			—			6,432
Investing activities
Capital project expenditures, net of reimbursements	`			`			(554		)	—			(554		)
Capital maintenance expenditures	—			—			(1,744		)	—			(1,744		)
Proceeds from sale of property and equipment	—			—			81			—			81
Increase in cash in escrow	—			—			—			—			—
Funding of loan receivable	—			—			—			—			—
Principal payments on loan receivable	—			—			—			—			—
Acquisition of real estate													—
Net cash used in investing activities	—			—			(2,217		)	—			(2,217		)
Financing activities
Net advances to Penn National Gaming, Inc.	—			—			(377		)	—			(377		)
Cash contributions to Penn National Gaming, Inc.	—			—			—			—			—
Dividends paid	—			—			—			—			—
Proceeds from exercise of options	—			—			—			—			—
Proceeds from issuance of long-term debt	—			—			—			—			—
Payments of long-term debt	—			—			—			—			—
Net cash used in financing activities	—			—			(377		)	—			(377		)
Net increase in cash and cash equivalents	—			—			3,838			—			3,838
Cash and cash equivalents at beginning of year							14,562						14,562
Cash and cash equivalents at end of year	$	—		$	—		$	18,400		$	—		$	18,400

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2014
Summary of Significant Accounting Policies	'
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:
	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.
	Long-term Debt
	The fair value of the senior unsecured 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 Accounting Standards Code (“ASC”) 820 “Fair Value Measurements and Disclosures.”
	The estimated fair values of the Company’s financial instruments are as follows (in thousands):
		June 30, 2014						December 31, 2013
		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
	Financial assets:
	Cash and cash equivalents	$	41,679		$	41,679		$	285,221		$	285,221
	Financial liabilities:
	Long-term debt
	Senior unsecured credit facility	476,000			459,340			300,000			294,750
	Senior notes	2,050,000			2,115,500			2,050,000			2,058,750
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 and six months ended June 30, 2014 and 2013, and comprehensive income for the three months ended June 30, 2014 and 2013 was equivalent to net income for those time periods.
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.
	As of June 30, 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.
	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.
	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 and six months ended June 30, 2014 and 2013:
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
		(in thousands)						(in thousands)
	Video lottery	$	33,651		$	37,697		$	67,032		$	75,049
	Table game	5,350			5,562			10,290			9,010
	Poker	448			1,040			882			1,320
	Total gaming revenue, net of cash incentives	$	39,449		$	44,299		$	78,204		$	85,379
	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 and six months ended June 30, 2014 and 2013 are as follows:
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
		(in thousands)						(in thousands)
	Food and beverage	$	1,484		$	1,588		$	2,845		$	3,105
	Other	11			13			20			142
	Total promotional allowances	$	1,495		$	1,601		$	2,865		$	3,247
	The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three and six months ended June 30, 2014 and 2013 are as follows:
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
		(in thousands)						(in thousands)
	Food and beverage	$	720		$	746		$	1,437		$	1,459
	Other	4			6			7			75
	Total cost of complimentary services	$	724		$	752		$	1,444		$	1,534
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 and six months ended June 30, 2014, these expenses, which are primarily recorded within gaming expense in the condensed consolidated statements of income, totaled $17.9 million and $35.2 million, respectively, as compared to $19.6 million and $38.3 million for the three and six months ended June 30, 2013, respectively.
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, unvested restricted shares and unvested performance-based restricted shares. Basic and diluted EPS for the three and six months ended June 30, 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 purging distribution dividend paid 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 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 and six months ended June 30, 2014 and 2013 (in thousands):
		Three Months Ended June 30,				Six Months Ended June 30,
		2014		2013		2014		2013
		(in thousands)
	Determination of shares:
	Weighted-average common shares outstanding	111,921		110,582		111,561		110,582
	Assumed conversion of dilutive employee stock-based awards	5,579		4,703		5,922		4,703
	Assumed conversion of restricted stock	157		318		261		318
	Assumed conversion of performance-based restricted stock awards	74		—		40		—
	Diluted weighted-average common shares outstanding	117,731		115,603		117,784		115,603
	The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and six months ended June 30, 2014 and 2013:
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
		(in thousands, expect per share data)
	Calculation of basic EPS:
	Net income	$	47,012		$	4,699		$	91,324		$	7,913
	Less: Net income allocated to participating securities	(194		)	(18		)	(378		)	(30		)
	Net income attributable to common shareholders	$	46,818		$	4,681		$	90,946		$	7,883
	Weighted-average common shares outstanding	111,921			110,582			111,561			110,582
	Basic EPS	$	0.42		$	0.04		$	0.82		$	0.07
	Calculation of diluted EPS:
	Net income	$	47,012		$	4,699		$	91,324		$	7,913
	Diluted weighted-average common shares outstanding	117,731			115,603			117,784			115,603
	Diluted EPS	$	0.4		$	0.04		$	0.78		$	0.07
	Options to purchase 109,714 shares were outstanding during the three months ended June 30, 2014, but were not included in the computation of diluted EPS because of being antidilutive.  There were no outstanding options to purchase shares of common stock during the six months ended June 30, 2014 and three and six months ended June 30, 2013 that were not included in the computation of diluted EPS because of being antidilutive.
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.
	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.”
	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.
	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.
	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 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.  The unrecognized compensation relating 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 June 30, 2014, there was $5.0 million of total unrecognized compensation cost for stock options that will be recognized over the grants remaining weighted average vesting period of 1.27 years. For the three and six months ended June 30, 2014, the Company recognized $1.4 million and $2.8 million, respectively of compensation expense associated with these awards. In addition, the Company also recognized $3.2 million and $6.5 million of compensation expense for the three and six months ended June 30, 2014, relating to each of the first and second quarter $.52 per share dividends paid on vested employee stock options.
	As of June 30, 2014, there was $14.9 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants remaining weighted average vesting period of 2.75 years. For the three and six months ended June 30, 2014 and 2013, the Company recognized $0.9 million and $1.5 million, respectively of compensation expense associated with these awards.
	The following table contains information on restricted stock award activity for the six months ended June 30, 2014.
		Number of Award
		Shares
	Outstanding at December 31, 2013	419,067
	E&P Purge	106,261
	Granted	232,891
	Released	(237,304	)
	Canceled	(59,018	)
	Outstanding at June 30, 2014	461,897
	On April 25, 2014, the Company awarded market performance-based restricted stock awards with a three-year cliff vesting. The amount of restricted shares vested at the end of the three-year period will be determined based on the Company’s performance as measured against its peers.  More specifically, the percentage of shares vesting at the end of the measurement period will be based on the Company’s three-year total shareholder return measured against the three-year return of the MSCI US REIT index.  The Company utilized a third party valuation firm to measure the fair value of the awards at grant date using the Monte Carlo model. As of June 30, 2014, there was $11.4 million of total unrecognized compensation cost, which will be recognized over the awards remaining weighted average vesting period of 2.82 years for performance-based restricted stock awards.  For the three and six months ended June 30, 2104, the Company recognized $0.7 million of compensation expense associated with these awards.
	As of June 30, 2014, there was $7.1 million of total unrecognized compensation cost, which will be recognized over the awards remaining weighted average vesting period of 2.14 years, for Penn and GLPI PSUs held by GLPI employees that will be cash-settled by GLPI. For the three and six months ended June 30, 2014, the Company recognized $0.7 million and $1.1 million, respectively of compensation expense associated with these awards. In addition, the Company also recognized $0.1 million and $0.5 million for the three and six months ended June 30, 2014, respectively relating to the purging distribution dividend and the first and second quarter $.52 per share dividends paid on unvested PSUs.
	As of June 30, 2014, there was $0.3 million of total unrecognized compensation cost, which will be recognized over the grants remaining weighted average vesting period of 1.39 years, for Penn and GLPI SARs held by GLPI employees that will be cash-settled by GLPI.
	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
	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 10 for further information with respect to the Company’s segments.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2014
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):
		June 30, 2014						December 31, 2013
		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
	Financial assets:
	Cash and cash equivalents	$	41,679		$	41,679		$	285,221		$	285,221
	Financial liabilities:
	Long-term debt
	Senior unsecured credit facility	476,000			459,340			300,000			294,750
	Senior notes	2,050,000			2,115,500			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 and six months ended June 30, 2014 and 2013:
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
		(in thousands)						(in thousands)
	Video lottery	$	33,651		$	37,697		$	67,032		$	75,049
	Table game	5,350			5,562			10,290			9,010
	Poker	448			1,040			882			1,320
	Total gaming revenue, net of cash incentives	$	39,449		$	44,299		$	78,204		$	85,379
Schedule of amounts included in promotional allowances	'
	The amounts included in promotional allowances for the three and six months ended June 30, 2014 and 2013 are as follows:
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
		(in thousands)						(in thousands)
	Food and beverage	$	1,484		$	1,588		$	2,845		$	3,105
	Other	11			13			20			142
	Total promotional allowances	$	1,495		$	1,601		$	2,865		$	3,247
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 and six months ended June 30, 2014 and 2013 are as follows:
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
		(in thousands)						(in thousands)
	Food and beverage	$	720		$	746		$	1,437		$	1,459
	Other	4			6			7			75
	Total cost of complimentary services	$	724		$	752		$	1,444		$	1,534
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 and six months ended June 30, 2014 and 2013 (in thousands):
		Three Months Ended June 30,				Six Months Ended June 30,
		2014		2013		2014		2013
		(in thousands)
	Determination of shares:
	Weighted-average common shares outstanding	111,921		110,582		111,561		110,582
	Assumed conversion of dilutive employee stock-based awards	5,579		4,703		5,922		4,703
	Assumed conversion of restricted stock	157		318		261		318
	Assumed conversion of performance-based restricted stock awards	74		—		40		—
	Diluted weighted-average common shares outstanding	117,731		115,603		117,784		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 and six months ended June 30, 2014 and 2013:
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
		(in thousands, expect per share data)
	Calculation of basic EPS:
	Net income	$	47,012		$	4,699		$	91,324		$	7,913
	Less: Net income allocated to participating securities	(194		)	(18		)	(378		)	(30		)
	Net income attributable to common shareholders	$	46,818		$	4,681		$	90,946		$	7,883
	Weighted-average common shares outstanding	111,921			110,582			111,561			110,582
	Basic EPS	$	0.42		$	0.04		$	0.82		$	0.07
	Calculation of diluted EPS:
	Net income	$	47,012		$	4,699		$	91,324		$	7,913
	Diluted weighted-average common shares outstanding	117,731			115,603			117,784			115,603
	Diluted EPS	$	0.4		$	0.04		$	0.78		$	0.07
Schedule of restricted stock award activity	'
	The following table contains information on restricted stock award activity for the six months ended June 30, 2014.
		Number of Award
		Shares
	Outstanding at December 31, 2013	419,067
	E&P Purge	106,261
	Granted	232,891
	Released	(237,304	)
	Canceled	(59,018	)
	Outstanding at June 30, 2014	461,897

Real_Estate_Investments_Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2014
Real Estate Investments	'
Schedule of real estate investments, net	'
	Real estate investments, net, represents investments in 20 properties and is summarized as follows:
		June 30,			December 31,
		2014			2013
		(in thousands)
	Land and improvements	$	453,297		$	382,581
	Building and improvements	2,120,572			2,050,533
	Construction in progress	135,047			61,677
	Total real estate investments	2,708,916			2,494,791
	Less accumulated depreciation	(530,303		)	(484,488		)
	Real estate investments, net	$	2,178,613		$	2,010,303

Property_and_Equipment_Used_in1

Property and Equipment Used in Operations (Tables)	6 Months Ended
	Jun. 30, 2014
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:
		June 30,			December 31,
		2014			2013
		(in thousands)
	Land and improvements	$	31,586		$	27,586
	Building and improvements	116,290			115,888
	Furniture, fixtures, and equipment	103,081			101,288
	Construction in progress	367			203
	Total property and equipment	251,324			244,965
	Less accumulated depreciation	(112,314		)	(105,844		)
	Property and equipment, net	$	139,010		$	139,121

Longterm_Debt_Tables

Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2014
Long-term Debt	'
Schedule of long-term debt	'
	Long-term debt is as follows:
		June 30,		December 31,
		2014		2013
		(in thousands)
	Senior unsecured credit facility	$	476,000	$	300,000
	$550 million 4.375% senior unsecured notes due November 2018	550,000		550,000
	$1,000 million 4.875% senior unsecured notes due November 2020	1,000,000		1,000,000
	$500 million 5.375% senior unsecured notes due November 2023	500,000		500,000
		$	2,526,000	$	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 June 30, 2014 (in thousands):
	2014	$	—
	2015	—
	2016	—
	2017	—
	2018	1,026,000
	Thereafter	1,500,000
	Total minimum payments	$	2,526,000

Segment_Information_Tables

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2014
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.
		Three Months Ended June 30, 2014									Three Months Ended June 30, 2013
	(in thousands)	GLP Capital		TRS Properties		Eliminations (2)			Total		GLP Capital (1)		TRS Properties			Eliminations (2)		Total
	Net revenues	$	119,744	$	41,042	$	—		$	160,786	$	—	$	46,072		$	—	$	46,072
	Income from operations	70,219		7,155		—			77,374		—		9,090			—		9,090
	Interest, net	28,440		2,601		(2,601		)	28,440		—		(1		)	—		(1		)
	Income before income taxes	44,380		4,554		—			48,934		—		7,710			—		7,710
	Income tax provision	—		1,922		—			1,922		—		3,011			—		3,011
	Net income	44,380		2,632		—			47,012		—		4,699			—		4,699
	Depreciation	23,292		3,057		—			26,349		—		3,627			—		3,627
	Capital project expenditures, net of reimbursements	31,502		—		—			31,502		—		476			—		476
	Capital maintenance expenditures	—		597		—			597		—		848			—		848
		Six Months Ended June 30, 2014									Six Months Ended June 30, 2013
	(in thousands)	GLP Capital		TRS Properties		Eliminations (2)			Total		GLP Capital (1)		TRS Properties			Eliminations (2)		Total
	Net revenues	$	237,856	$	81,258	$	—		$	319,114	$	—	$	88,721		$	—	$	88,721
	Income from operations	138,090		13,618		—			151,708		—		15,900			—		15,900
	Interest, net	56,868		5,202		(5,202		)	56,868		—		(1		)	—		(1		)
	Income before income taxes	86,424		8,416		—			94,840		—		13,240			—		13,240
	Income tax provision	—		3,516		—			3,516		—		5,327			—		5,327
	Net income	86,424		4,900		—			91,324		—		7,913			—		7,913
	Depreciation	46,733		6,138		—			52,871		—		7,215			—		7,215
	Capital project expenditures, net of reimbursements	55,504		—		—			55,504		—		554			—		554
	Capital maintenance expenditures	—		1,468		—			1,468		—		1,744			—		1,744
	(1)       GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off.
	(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.

Supplementary_Condensed_Consol1

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Tables)	6 Months Ended
	Jun. 30, 2014
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	'
	Summarized financial information as June 30, 2014 and December 31, 2013 and for the six months ended June 30, 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.
	At June 30, 2014	Parent			Subsidiary			Other			Eliminations			Consolidated
	Condensed Consolidating Balance Sheet	Guarantor			Issuers			Subsidiary
								Non-Issuers
		(in thousands)
	Assets
	Real estate investments, net	$	—		$	2,039,279		$	139,334		$	—		$	2,178,613
	Property and equipment, used in operations, net	26,133			—			112,877			—			139,010
	Cash and cash equivalents	7,078			5,178			29,423			—			41,679
	Prepaid expenses	622			875			2,062			1,220			4,779
	Deferred income taxes	—			—			1,933			—			1,933
	Other current assets	1,004			33,081			3,002			—			37,087
	Goodwill	—			—			75,521			—			75,521
	Other intangible assets	—			—			9,577			—			9,577
	Debt issuance costs, net of accumulated amortization of $5,288 at June 30, 2014	—			43,165			—			—			43,165
	Loan receivable	—			—			36,000			—			36,000
	Intercompany loan receivable	—			193,595						(193,595		)	—
	Intercompany transactions and investment in subsidiaries	(76,506		)	201,559			134,181			(259,234		)	—
	Other assets	14,178			—			135			—			14,313
	Total assets	$	(27,491	)	$	2,516,732		$	544,045		$	(451,609	)	$	2,581,677
	Liabilities
	Accounts payable	$	28,326		$	20,583		$	165		$	—		49,074
	Accrued expenses	817			881			5,725			—			7,423
	Accrued interest	—			17,490			—			—			17,490
	Accrued salaries and wages	8,011			—			2,430			—			10,441
	Gaming, property, and other taxes	191			23,794			2,774			—			26,759
	Income taxes	(5,915		)	4,943			(248		)	1,220			—
	Other current liabilities	13,999			—			1,345			—			15,344
	Long-term debt	—			2,526,000			—			—			2,526,000
	Intercompany loan payable	—			—			193,595			(193,595		)	—
	Deferred income taxes	—			—			2,068			—			2,068
	Total liabilities	45,429			2,593,691			207,854			(192,375		)	2,654,599
	Shareholders’ (deficit) equity
	Common stock ($.01 par value, 550,000,000 shares authorized, 112,274,380 shares issued at June 30, 2014	1,123			—			—			—			1,123
	Additional paid-in capital	869,861			72,270			226,981			(299,251		)	869,861
	Retained (deficit) earnings	(943,904		)	(149,229		)	109,210			40,017			(943,906		)
	Total shareholders’ (deficit) equity	(72,920		)	(76,959		)	336,191			(259,234		)	(72,922		)
	Total liabilities and shareholders’ (deficit) equity	$	(27,491	)	$	2,516,732		$	544,045		$	(451,609	)	$	2,581,677
	Six months ended June 30, 2014	Parent			Subsidiary			Other			Eliminations			Consolidated
	Condensed Consolidating Statement of Operations	Guarantor			Issuers			Subsidiary
								Non-Issuers
		(in thousands)
	Revenues
	Rental	$	—		$	207,240		$	6,172		$	—		$	213,412
	Real estate taxes paid by tenants	—			23,528			916			—			24,444
	Total rental revenue	—			230,768			7,088			—			237,856
	Gaming	—			—			78,204			—			78,204
	Food, beverage and other	—			—			5,919			—			5,919
	Total revenues	—			230,768			91,211			—			321,979
	Less promotional allowances	—			—			(2,865		)	—			(2,865		)
	Net revenues	—			230,768			88,346			—			319,114
	Operating expenses
	Gaming	—			—			43,729			—			43,729
	Food, beverage and other	—			—			5,055			—			5,055
	Real estate taxes	—			23,528			1,751			—			25,279
	General and administrative	27,145			1,442			11,885			—			40,472
	Depreciation	901			44,437			7,533			—			52,871
	Total operating expenses	28,046			69,407			69,953			—			167,406
	Income from operations	(28,046		)	161,361			18,393			—			151,708
	Other income (expenses)
	Interest expense	—			(58,082		)	—			—			(58,082		)
	Interest income	—			—			1,214			—			1,214
	Management fee	—			—			—			—			—
Intercompany dividends and interest	357,979			19,087			362,189			(739,255		)	—
Other	—			—			—			—			—
Total other expenses	357,979			(38,995		)	363,403			(739,255		)	(56,868		)
Income before income taxes	329,933			122,366			381,796			(739,255		)	94,840
Income tax provision	—			—			3,516			—			3,516
Net income	$	329,933		$	122,366		$	378,280		$	(739,255	)	$	91,324
Six months ended June 30, 2014	Parent			Subsidiary			Other			Eliminations			Consolidated
Condensed Consolidating Statement of Cash Flows	Guarantor			Issuers			Subsidiary
							Non-Issuers
	(in thousands)
Operating activities
Net income	$	329,933		$	122,366		$	(360,975	)	$	—		$	91,324
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	901			44,437			7,533			—			52,871
Amortization of debt issuance costs	—			4,018			—			—			4,018
Losses (Gains) on sales of property	—			—			159			—			159
Deferred income taxes	—			—			(1,919		)	—			(1,919		)
Charge for stock-based compensation	5,087			—			—			—			5,087
(Increase) decrease,
Prepaid expenses and other current assets	318			(16,415		)	(2,419		)	1,220			(17,296		)
Other assets	(1,288		)	—			(21		)	—			(1,309		)
Intercompany	(2,711		)	(867		)	3,578			—			—
Increase (decrease),
Accounts payable	7,320			1,089			(226		)	—			8,183
Accrued expenses	(7,641		)	880			401			—			(6,360		)
Accrued interest	—			(565		)	—			—			(565		)
Accrued salaries and wages	880			—			(776		)	—			104
Gaming, pari-mutuel, property and other taxes	50			6,252			1,668			—			7,970
Income taxes	(1,442		)	(7,365		)	(8,449		)	(1,220		)	(18,476		)
Other current and noncurrent liabilities	1,216			—			1,214			—			2,430
Net cash provided by (used in) operating activities	332,623			153,830			(360,232		)	—			126,221
Investing activities
Capital project expenditures, net of reimbursements	(1,586		)	(53,918		)	—			—			(55,504		)
Capital maintenance expenditures	—			—			(1,468		)	—			(1,468		)
Proceeds from sale of property and equipment	—			—			6			—			6
Funding of loan receivable	—			—			(43,000		)	—			(43,000		)
Principal payments on loan receivable	—			—			7,000			—			7,000
Acquisition of real estate							(140,730		)				(140,730		)
Net cash used in investing activities	(1,586		)	(53,918		)	(178,192		)	—			(233,696		)
Financing activities
Dividends paid	(329,224		)	—			—			—			(329,224		)
Proceeds from exercise of options	17,463			—			—			—			17,463
Proceeds from issuance of long-term debt	—			208,000			—			—			208,000
Financing costs	—			(306		)	—			—			(306		)
Payments of long-term debt	—			(32,000		)	—			—			(32,000		)
Intercompany financing	(54,999		)	(491,524		)	546,523			—			—
Net cash (used in) provided by financing activities	(366,760		)	(315,830		)	546,523			—			(136,067		)
Net increase in cash and cash equivalents	(35,723		)	(215,918		)	8,099			—			(243,542		)
Cash and cash equivalents at beginning of year	42,801			221,095			21,325			—			285,221
Cash and cash equivalents at end of year	$	7,078		$	5,178		$	29,423		$	—		$	41,679
At December 31, 2013	Parent			Subsidiary			Other			Eliminations			Consolidated
Condensed Consolidating Balance Sheet	Guarantor			Issuers			Subsidiary
							Non-Issuers
	(in thousands)
Assets
Real estate investments, net	$	—		$	2,010,303		$	—		$	—		$	2,010,303
Property and equipment, used in operations, net	25,458			—			113,663			—			139,121
Cash and cash equivalents	42,801			221,095			21,325			—			285,221
Prepaid expenses	1,191			1,834			2,958			—			5,983
Deferred income taxes	—			—			1,885			343			2,228
Other current assets	753			15,708			906			—			17,367
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			—			—			46,877
Loan receivable	—			—			—			—			—
Intercompany transactions and investment in subsidiaries	104,391			208,739			308,157			(621,287		)	—
Other assets	12,880			—			4,161			—			17,041
Total assets	$	187,474		$	2,504,556		$	538,153		$	(620,944	)	$	2,609,239
Liabilities
Accounts payable	$	21,006		$	—		$	391		$	—		21,397
Accrued expenses	8,458			—			5,325			—			13,783
Accrued interest	—			18,055			—			—			18,055
Accrued salaries and wages	7,131			—			3,206			—			10,337
Gaming, property, and other taxes	141			17,542			1,106			—			18,789
Income taxes	(4,473		)	12,308			9,421			—			17,256
Other current liabilities	12,782			—			129			—			12,911
Long-term debt	—			2,350,000			—			—			2,350,000
Deferred income taxes	—			—			3,939			343			4,282
Total liabilities	45,045			2,397,905			23,517			343			2,466,810
Shareholders’ (deficit) equity
Common stock ($.01 par value, 550,000,000 shares authorized, 88,659,448 shares issued at December 31, 2013	887			—			—			—			887
Additional paid-in capital	3,651			17,271			162,700			(179,971		)	3,651
Retained (deficit) earnings	137,891			89,380			351,936			(441,316		)	137,891
Total shareholders’ (deficit) equity	142,429			106,651			514,636			(621,287		)	142,429
Total liabilities and shareholders’ (deficit) equity	$	187,474		$	2,504,556		$	538,153		$	(620,944	)	$	2,609,239
Six months ended June 30, 2013	Parent			Subsidiary			Other			Eliminations			Consolidated
Condensed Consolidating Statement of Operations	Guarantor			Issuers			Subsidiary
							Non-
							Issuers
	(in thousands)
Revenues
Rental	$	—		$	—		$	—		$	—		$	—
Real estate taxes paid by tenants	—			—			—			—			—
Total rental revenue	—			—			—			—			—
Gaming	—			—			85,379			—			85,379
Food, beverage and other	—			—			6,589			—			6,589
Total revenues	—			—			91,968			—			91,968
Less promotional allowances	—			—			(3,247		)	—			(3,247		)
Net revenues	—			—			88,721			—			88,721
Operating expenses													—
Gaming	—			—			47,481			—			47,481
Food, beverage and other	—			—			5,550			—			5,550
Real estate taxes	—			—			812			—			812
General and administrative	—			—			11,763			—			11,763
Depreciation	—			—			7,215			—			7,215
Total operating expenses	—			—			72,821			—			72,821
Income from operations	—			—			15,900			—			15,900
Other income (expenses)
Interest expense	—			—			—			—			—
Interest income	—			—			1			—			1
Management fee	—			—			(2,661		)	—			(2,661		)
Intercompany dividends and interest	—			—			—			—			—
Other	—			—			—			—			—
Total other expenses	—			—			(2,660		)	—			(2,660		)
Income before income taxes	—			—			13,240			—			13,240
Income tax provision	—			—			5,327			—			5,327
Net income	$	—		$	—		$	7,913		$	—		$	7,913
Six months ended June 30, 2013	Parent			Subsidiary			Other			Eliminations			Consolidated
Condensed Consolidating Statement of Cash Flows	Guarantor			Issuers			Subsidiary
							Non-Issuers
	(in thousands)
Operating activities
Net income	$	—		$	—		$	7,913		$	—		$	7,913
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	—			—			7,215			—			7,215
Amortization of debt issuance costs	—			—			—			—			—
Losses (Gains) on sales of property	—			—			(30		)	—			(30		)
Deferred income taxes	—			—			(373		)	—			(373		)
Charge for stock-based compensation	—			—			—			—			—
(Increase) decrease,
Prepaid expenses and other current assets	—			—			(247		)	—			(247		)
Other assets	—			—			6			—			6
Increase (decrease),
Accounts payable	—			—			135			—			135
Accrued expenses	—			—			270			—			270
Accrued interest	—			—			—			—			—
Accrued salaries and wages	—			—			(986		)	—			(986		)
Gaming, pari-mutuel, property and other taxes	—			—			—			—			—
Income taxes	—			—			(7,832		)	—			(7,832		)
Other current and noncurrent liabilities	—			—			361			—			361
Net cash provided by operating activities	—			—			6,432			—			6,432
Investing activities
Capital project expenditures, net of reimbursements	`			`			(554		)	—			(554		)
Capital maintenance expenditures	—			—			(1,744		)	—			(1,744		)
Proceeds from sale of property and equipment	—			—			81			—			81
Increase in cash in escrow	—			—			—			—			—
Funding of loan receivable	—			—			—			—			—
Principal payments on loan receivable	—			—			—			—			—
Acquisition of real estate													—
Net cash used in investing activities	—			—			(2,217		)	—			(2,217		)
Financing activities
Net advances to Penn National Gaming, Inc.	—			—			(377		)	—			(377		)
Cash contributions to Penn National Gaming, Inc.	—			—			—			—			—
Dividends paid	—			—			—			—			—
Proceeds from exercise of options	—			—			—			—			—
Proceeds from issuance of long-term debt	—			—			—			—			—
Payments of long-term debt	—			—			—			—			—
Net cash used in financing activities	—			—			(377		)	—			(377		)
Net increase in cash and cash equivalents	—			—			3,838			—			3,838
Cash and cash equivalents at beginning of year							14,562						14,562
Cash and cash equivalents at end of year	$	—		$	—		$	18,400		$	—		$	18,400

Organization_and_Operations_De

Organization and Operations (Details)	6 Months Ended
	Jun. 30, 2014
	item
	facility
	property
Organization and Operations	'
Number of gaming and related facilities	22
Number of gaming and related facilities whose real property is included in the entity's portfolio	20
Number of properties under development	2
Number of states across which the portfolio of properties is diversified	13
Penn	'
Organization and Operations	'
Number of publicly traded companies	2
Initial term of Master Lease	'15 years
Number of lease renewal options of Master Lease	4
Term of Master Lease renewal options	'5 years
Number of gaming and related facilities whose real property is included in the entity's portfolio	19

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Carrying Amount	'	'
Financial assets:	'	'
Cash and cash equivalents	$41,679	$285,221
Financial liabilities:	'	'
Senior unsecured credit facility	476,000	300,000
Senior notes	2,050,000	2,050,000
Fair Value	'	'
Financial assets:	'	'
Cash and cash equivalents	41,679	285,221
Financial liabilities:	'	'
Senior unsecured credit facility	459,340	294,750
Senior notes	$2,115,500	$2,058,750

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Details 2) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
			property
Revenue Recognition and Promotional Allowances	'	'	'	'
Total gaming revenue, net of cash incentives	$39,449	$44,299	$78,204	$85,379
Promotional allowances	1,495	1,601	2,865	3,247
Cost of complimentary services	724	752	1,444	1,534
Number of properties leased to third parties other than subsidiary of Penn	'	'	3	'
Video lottery	'	'	'	'
Revenue Recognition and Promotional Allowances	'	'	'	'
Total gaming revenue, net of cash incentives	33,651	37,697	67,032	75,049
Table game	'	'	'	'
Revenue Recognition and Promotional Allowances	'	'	'	'
Total gaming revenue, net of cash incentives	5,350	5,562	10,290	9,010
Poker	'	'	'	'
Revenue Recognition and Promotional Allowances	'	'	'	'
Total gaming revenue, net of cash incentives	448	1,040	882	1,320
Food and beverage	'	'	'	'
Revenue Recognition and Promotional Allowances	'	'	'	'
Promotional allowances	1,484	1,588	2,845	3,105
Cost of complimentary services	720	746	1,437	1,459
Other	'	'	'	'
Revenue Recognition and Promotional Allowances	'	'	'	'
Promotional allowances	11	13	20	142
Cost of complimentary services	$4	$6	$7	$75
All Properties Under Master Lease, Except Hollywood Casino Columbus and Hollywood Casino Toledo	'	'	'	'
Revenue Recognition and Promotional Allowances	'	'	'	'
Annual rent escalator	'	'	2.00%	'
Frequency property performance-based rent structure is adjusted under the Master Lease	'	'	'5 years	'
Percentage of the average change in net revenues of facilities under the Master Lease during the preceding five years used to compute the performance based component of rent	'	'	4.00%	'
Period used in calculation of the average change in net revenues	'	'	'5 years	'
Hollywood Casino Columbus and Hollywood Casino Toledo	'	'	'	'
Revenue Recognition and Promotional Allowances	'	'	'	'
Percentage of the change in net revenues of all facilities under the Master Lease during the preceding month used for adjustment in rent structure	'	'	20.00%	'

Summary_of_Significant_Account5

Summary of Significant Accounting Policies (Details 3) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Mar. 31, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Apr. 25, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Jun. 30, 2014

Jun. 30, 2014

segment

Stock options

Stock options

Stock options

Restricted stock awards

Restricted stock awards

Restricted stock awards

Restricted stock awards

Restricted stock awards

Restricted stock awards

Restricted stock awards

PSUs

PSUs

PSUs

SARs

Performance-based

Performance-based

Performance-based

Gaming and Admission Taxes

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gaming expense

$17,900,000

$19,600,000

$35,200,000

$38,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Determination of shares:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted-average common shares outstanding

111,921,000

110,582,000

111,561,000

110,582,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Assumed conversion of dilutive employee stock-based awards (in shares)

5,579,000

4,703,000

5,922,000

4,703,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Assumed conversion of restricted stock (in shares)

157,000

318,000

261,000

318,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Assumed conversion of performance-based restricted stock awards (in shares)

74,000

'

40,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Diluted weighted-average common shares outstanding

117,731,000

115,603,000

117,784,000

115,603,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Calculation of basic EPS:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income

47,012,000

4,699,000

91,324,000

7,913,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Less: Net income allocated to participating securities

-194,000

-18,000

-378,000

-30,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income attributable to common shareholders

46,818,000

4,681,000

90,946,000

7,883,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted-average common shares outstanding

111,921,000

110,582,000

111,561,000

110,582,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Basic EPS (in dollars per share)

$0.42

$0.04

$0.82

$0.07

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Calculation of diluted EPS:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income

47,012,000

4,699,000

91,324,000

7,913,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Diluted weighted-average common shares outstanding

117,731,000

115,603,000

117,784,000

115,603,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Diluted EPS (in dollars per share)

$0.40

$0.04

$0.78

$0.07

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Anti-dilutive securities, options to purchase common stock outstanding (in shares)

109,714

0

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Segment Information

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of reportable segments

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock-based compensation

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total unrecognized compensation cost

'

'

'

'

5,000,000

'

5,000,000

14,900,000

'

14,900,000

'

'

11,400,000

11,400,000

7,100,000

'

7,100,000

300,000

Remaining weighted average vesting period for recognition of unrecognized compensation cost

'

'

'

'

'

'

'1 year 3 months 7 days

'

'

'2 years 9 months

'

'

'

'2 years 9 months 25 days

'

'

'2 years 1 month 20 days

'1 year 4 months 20 days

Recognized compensation expense

'

'

'

'

1,400,000

'

2,800,000

900,000

900,000

1,500,000

1,500,000

'

700,000

700,000

700,000

'

1,100,000

'

Additional compensation expense related to dividend

'

'

'

'

$3,200,000

'

$6,500,000

'

'

'

'

'

'

'

$100,000

'

$500,000

'

Dividends paid per common share (in dollars per share)

$0.52

'

$1.04

'

$0.52

$0.52

'

'

'

'

'

'

'

'

$0.52

$0.52

'

'

Number of Award Shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding at the beginning of the period (in shares)

'

'

'

'

'

'

'

'

'

419,067,000

'

'

'

'

'

'

'

'

E&P Purge (in shares)

'

'

'

'

'

'

'

'

'

106,261,000

'

'

'

'

'

'

'

'

Granted (in shares)

'

'

'

'

'

'

'

'

'

232,891,000

'

'

'

'

'

'

'

'

Released (in shares)

'

'

'

'

'

'

'

'

'

-237,304,000

'

'

'

'

'

'

'

'

Canceled (in shares)

'

'

'

'

'

'

'

'

'

-59,018,000

'

'

'

'

'

'

'

'

Outstanding at the end of the period (in shares)

'

'

'

'

'

'

'

461,897,000

'

461,897,000

'

'

'

'

'

'

'

'

Cliff vesting period

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

'

'

'

'

Vesting period

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

'

'

'

'

Period of total shareholder return upon which the percentage of shares vesting at the end of the measurement period will be based

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

'

'

'

'

Period of return of the MSCI US REIT index against which total shareholder return measured

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

'

'

'

'

Acquisitions_Details

Acquisitions (Details) (USD $)	6 Months Ended	1 Months Ended	6 Months Ended	1 Months Ended
	Jun. 30, 2014	Jan. 31, 2014	Jun. 30, 2014	Jan. 31, 2014	31-May-14
		Casino Queen	Casino Queen	Real property associated with the Casino Queen in East St. Louis, Illinois	The Meadows Racetrack and Casino
			item		item
					mi
					sqft
Acquisitions	'	'	'	'	'
Amount paid for acquisition	$140,730,000	'	'	$140,700,000	$465,000,000
Payments for term loan	'	43,000,000	'	'	'
Transaction fees related to real estate acquisitions	'	'	'	700,000	'
Loan receivable	36,000,000	'	36,000,000	'	'
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	'	'
Area of property space (in square feet)	'	'	'	'	180,000
Number of slot machines	'	'	'	'	3,317
Number of table games	'	'	'	'	61
Number of poker tables	'	'	'	'	14
Number of casual and fine dining restaurants, bars and lounges	'	'	'	'	11
Number of lanes at bowling alley	'	'	'	'	24
Length of racetrack (in miles)	'	'	'	'	0.625
Number of seat grandstand	'	'	'	'	500

Real_Estate_Investments_Detail

Real Estate Investments (Details) (USD $)	6 Months Ended		1 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013	Jan. 31, 2014	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013
	property		Real property associated with the Casino Queen in East St. Louis, Illinois	Penn	Land and improvements	Land and improvements	Building and improvements	Building and improvements	Construction in progress	Construction in progress
				property
Real Estate Investments	'	'	'	'	'	'	'	'	'	'
Number of properties	20	'	'	19	'	'	'	'	'	'
Real estate investments	'	'	'	'	'	'	'	'	'	'
Total real estate investments	$2,708,916	$2,494,791	'	'	$453,297	$382,581	$2,120,572	$2,050,533	$135,047	$61,677
Less accumulated depreciation	-530,303	-484,488	'	'	'	'	'	'	'	'
Real estate investments, net	2,178,613	2,010,303	'	'	'	'	'	'	'	'
Number of properties under development	2	'	'	'	'	'	'	'	'	'
Increase in Real Estate Investments	$140,730	'	$140,700	'	'	'	'	'	'	'

Property_and_Equipment_Used_in2

Property and Equipment Used in Operations (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Property and equipment used in operations	'	'
Total property and equipment	$251,324	$244,965
Less accumulated depreciation	-112,314	-105,844
Property and equipment, net	139,010	139,121
Land and improvements	'	'
Property and equipment used in operations	'	'
Total property and equipment	31,586	27,586
Building and improvements	'	'
Property and equipment used in operations	'	'
Total property and equipment	116,290	115,888
Furniture, fixtures, and equipment	'	'
Property and equipment used in operations	'	'
Total property and equipment	103,081	101,288
Construction in progress	'	'
Property and equipment used in operations	'	'
Total property and equipment	$367	$203

Longterm_Debt_Details

Long-term Debt (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Long-term debt	'	'
Long-term debt	$2,526,000,000	$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	'
Debt instrument interest rate stated percentage	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	'
Debt instrument interest rate stated percentage	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	'
Debt instrument interest rate stated percentage	5.38%	'
Senior unsecured credit facility	'	'
Long-term debt	'	'
Long-term debt	476,000,000	300,000,000
Face amount of debt	$1,000,000,000	'

Longterm_Debt_Details_2

Long-term Debt (Details 2) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Future minimum repayments of long-term debt	'	'
2018	$1,026,000	'
Thereafter	1,500,000	'
Debt	$2,526,000	$2,350,000

Longterm_Debt_Details_3

Long-term Debt (Details 3) (USD $)	Jun. 30, 2014
In Millions, unless otherwise specified
2018 Notes	'
Long-term debt	'
Face amount of debt	$550
Debt Instrument, Interest Rate, Stated Percentage	4.38%
2020 Notes	'
Long-term debt	'
Face amount of debt	1,000
Debt Instrument, Interest Rate, Stated Percentage	4.88%
2023 Notes	'
Long-term debt	'
Face amount of debt	500
Debt Instrument, Interest Rate, Stated Percentage	5.38%
Senior unsecured credit facility	'
Long-term debt	'
Face amount of debt	1,000
Gross outstanding balance	476
Available borrowing capacity	524
Revolving credit facility	'
Long-term debt	'
Face amount of debt	700
Gross outstanding balance on revolving credit facility	176
Term Loan A facility	'
Long-term debt	'
Face amount of debt	300
Gross outstanding balance	$300

Dividends_Details

Dividends (Details) (USD $)

3 Months Ended

6 Months Ended

0 Months Ended

0 Months Ended

6 Months Ended

3 Months Ended

0 Months Ended

6 Months Ended

3 Months Ended

Jun. 30, 2014

Jun. 30, 2014

Feb. 18, 2014

Feb. 18, 2014

Feb. 18, 2014

Mar. 28, 2014

Feb. 18, 2014

Jun. 30, 2014

Mar. 31, 2014

Jun. 27, 2014

30-May-14

Jun. 30, 2014

Jun. 30, 2014

Purging Distribution

Purging Distribution

Purging Distribution

First Quarter Dividend

First Quarter Dividend

First Quarter Dividend

First Quarter Dividend

Second Quarter Dividend

Second Quarter Dividend

Second Quarter Dividend

Second Quarter Dividend

Restricted stock award holders at Penn and GLPI

Weighted average

Restricted stock awards and options holders at Penn and GLPI

Restricted stock awards and options holders at Penn and GLPI

Dividends

'

'

'

'

'

'

'

'

'

'

'

'

'

Purging Distribution

'

'

$1,050,000,000

'

'

'

'

'

'

'

'

'

'

Total cash limitation on purging distribution

'

'

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

'

'

'

'

'

'

'

'

Shares issued in connection with dividend payment

'

'

22,000,000

'

'

'

'

'

'

'

'

'

'

Dividend paid

'

'

'

1,000,000

'

'

'

'

1,000,000

'

'

'

1,000,000

Quarterly dividend declared (in dollars per share)

'

'

'

'

'

'

$0.52

'

'

'

$0.52

'

'

Quarterly dividend paid (in dollars per share)

$0.52

$1.04

'

'

'

$0.52

'

'

'

$0.52

'

'

'

Dividend paid

'

'

'

'

'

$58,000,000

'

'

'

$58,200,000

'

'

'

Dividends declared, date

'

'

'

'

'

'

'

18-Feb-14

'

'

'

30-May-14

'

Dividend paid, date

'

'

'

'

'

'

'

28-Mar-14

'

'

'

27-Jun-14

'

Shareholders of record, date

'

'

'

'

'

'

'

7-Mar-14

'

'

'

12-Jun-14

'

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Segment information	'	'	'	'
Net revenues	$160,786	$46,072	$319,114	$88,721
Income from operations	77,374	9,090	151,708	15,900
Interest, net	28,440	-1	56,868	-1
Income before income taxes	48,934	7,710	94,840	13,240
Income tax provision	1,922	3,011	3,516	5,327
Net income	47,012	4,699	91,324	7,913
Depreciation	26,349	3,627	52,871	7,215
Capital project expenditures, net of reimbursements	31,502	476	55,504	554
Capital maintenance expenditures	597	848	1,468	1,744
Eliminations	'	'	'	'
Segment information	'	'	'	'
Interest, net	-2,601	'	-5,202	'
GLP Capital	'	'	'	'
Segment information	'	'	'	'
Net revenues	119,744	'	237,856	'
Income from operations	70,219	'	138,090	'
Interest, net	28,440	'	56,868	'
Income before income taxes	44,380	'	86,424	'
Net income	44,380	'	86,424	'
Depreciation	23,292	'	46,733	'
Capital project expenditures, net of reimbursements	31,502	'	55,504	'
TRS Properties	'	'	'	'
Segment information	'	'	'	'
Net revenues	41,042	46,072	81,258	88,721
Income from operations	7,155	9,090	13,618	15,900
Interest, net	2,601	-1	5,202	-1
Income before income taxes	4,554	7,710	8,416	13,240
Income tax provision	1,922	3,011	3,516	5,327
Net income	2,632	4,699	4,900	7,913
Depreciation	3,057	3,627	6,138	7,215
Capital project expenditures, net of reimbursements	'	476	'	554
Capital maintenance expenditures	$597	$848	$1,468	$1,744

PreSpin_Transactions_with_Penn1

Pre-Spin Transactions with Penn (Details) (Penn, Hollywood Casino Baton Rouge and Hollywood Casino Perryville, USD $)	3 Months Ended	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2013
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	$1.40	$2.70

Supplemental_Disclosures_of_Ca1

Supplemental Disclosures of Cash Flow Information (Details) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Supplemental Disclosures of cash flow information	'	'	'	'
Income taxes paid	$10.80	'	$24.60	'
Interest paid	52.5	0	54.6	0
Penn | Federal and State tax liabilities incurred prior to the spin-off	'	'	'	'
Supplemental Disclosures of cash flow information	'	'	'	'
Income taxes paid	5.1	'	5.1	'
Hollywood Casino Baton Rouge and Hollywood Casino Perryville | Penn | Federal	'	'	'	'
Supplemental Disclosures of cash flow information	'	'	'	'
Income taxes paid	'	4.9	'	6.7
Hollywood Casino Baton Rouge and Hollywood Casino Perryville | Penn | State taxing authorities	'	'	'	'
Supplemental Disclosures of cash flow information	'	'	'	'
Income taxes paid	'	$0.70	'	$0.70

Supplementary_Condensed_Consol2

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Details) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

In Thousands, except Share data, unless otherwise specified

Eliminations

Eliminations

Parent Guarantor

Parent Guarantor

Subsidiary Issuers

Subsidiary Issuers

Other Subsidiary Non-Issuers

Other Subsidiary Non-Issuers

Other Subsidiary Non-Issuers

Other Subsidiary Non-Issuers

2018 Notes

2018 Notes

2020 Notes

2020 Notes

2023 Notes

2023 Notes

Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership percentage of subsidiaries

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

100.00%

'

100.00%

'

Assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate investments, net

$2,178,613

$2,010,303

'

'

'

'

'

'

$2,039,279

$2,010,303

$139,334

'

'

'

'

'

'

'

'

'

Property and equipment, used in operations, net

139,010

139,121

'

'

'

'

26,133

25,458

'

'

112,877

113,663

'

'

'

'

'

'

'

'

Cash and cash equivalents

41,679

285,221

18,400

14,562

'

'

7,078

42,801

5,178

221,095

29,423

21,325

18,400

14,562

'

'

'

'

'

'

Prepaid expenses

4,779

5,983

'

'

1,220

'

622

1,191

875

1,834

2,062

2,958

'

'

'

'

'

'

'

'

Deferred income taxes

1,933

2,228

'

'

'

343

'

'

'

'

1,933

1,885

'

'

'

'

'

'

'

'

Other current assets

37,087

17,367

'

'

'

'

1,004

753

33,081

15,708

3,002

906

'

'

'

'

'

'

'

'

Goodwill

75,521

75,521

'

'

'

'

'

'

'

'

75,521

75,521

'

'

'

'

'

'

'

'

Other intangible assets

9,577

9,577

'

'

'

'

'

'

'

'

9,577

9,577

'

'

'

'

'

'

'

'

Debt issuance costs, net of accumulated amortization of $5,288 and $1,270 at June 30, 2014 and December 31, 2013, respectively

43,165

46,877

'

'

'

'

'

'

43,165

46,877

'

'

'

'

'

'

'

'

'

'

Debt issuance costs, accumulated amortization

5,288

1,270

'

'

'

'

'

'

5,288

'

'

'

'

'

'

'

'

'

'

'

Loan receivable

36,000

'

'

'

'

'

'

'

'

'

36,000

'

'

'

'

'

'

'

'

'

Intercompany loan receivable

'

'

'

'

-193,595

'

'

'

193,595

'

'

'

'

'

'

'

'

'

'

'

Intercompany transactions and investment in subsidiaries

'

'

'

'

-259,234

-621,287

-76,506

104,391

201,559

208,739

134,181

308,157

'

'

'

'

'

'

'

'

Other assets

14,313

17,041

'

'

'

'

14,178

12,880

'

'

135

4,161

'

'

'

'

'

'

'

'

Total assets

2,581,677

2,609,239

'

'

-451,609

-620,944

-27,491

187,474

2,516,732

2,504,556

544,045

538,153

'

'

'

'

'

'

'

'

Liabilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accounts payable

49,074

21,397

'

'

'

'

28,326

21,006

20,583

'

165

391

'

'

'

'

'

'

'

'

Accrued expenses

7,423

13,783

'

'

'

'

817

8,458

881

'

5,725

5,325

'

'

'

'

'

'

'

'

Accrued interest

17,490

18,055

'

'

'

'

'

'

17,490

18,055

'

'

'

'

'

'

'

'

'

'

Accrued salaries and wages

10,441

10,337

'

'

'

'

8,011

7,131

'

'

2,430

3,206

'

'

'

'

'

'

'

'

Gaming, property, and other taxes

26,759

18,789

'

'

'

'

191

141

23,794

17,542

2,774

1,106

'

'

'

'

'

'

'

'

Income taxes

'

17,256

'

'

1,220

'

-5,915

-4,473

4,943

12,308

-248

9,421

'

'

'

'

'

'

'

'

Other current liabilities

15,344

12,911

'

'

'

'

13,999

12,782

'

'

1,345

129

'

'

'

'

'

'

'

'

Long-term debt

2,526,000

2,350,000

'

'

'

'

'

'

2,526,000

2,350,000

'

'

'

'

550,000

550,000

1,000,000

1,000,000

500,000

500,000

Intercompany loan payable

'

'

'

'

-193,595

'

'

'

'

'

193,595

'

'

'

'

'

'

'

'

'

Deferred income taxes

2,068

4,282

'

'

'

343

'

'

'

'

2,068

3,939

'

'

'

'

'

'

'

'

Total liabilities

2,654,599

2,466,810

'

'

-192,375

343

45,429

45,045

2,593,691

2,397,905

207,854

23,517

'

'

'

'

'

'

'

'

Shareholders' (deficit) equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock ($.01 par value, 550,000,000 shares authorized, 112,274,380 and 88,659,448 shares issued at June 30, 2014 and December 31, 2013, respectively)

1,123

887

'

'

'

'

1,123

887

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, par value (in dollars per share)

$0.01

$0.01

'

'

'

'

$0.01

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, shares authorized

550,000,000

550,000,000

'

'

'

'

550,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, shares issued

112,274,380

88,659,448

'

'

'

'

112,274,380

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional paid-in capital

869,861

3,651

'

'

-299,251

-179,971

869,861

3,651

72,270

17,271

226,981

162,700

'

'

'

'

'

'

'

'

Retained (deficit) earnings

-943,906

137,891

'

'

40,017

-441,316

-943,904

137,891

-149,229

89,380

109,210

351,936

'

'

'

'

'

'

'

'

Total shareholders' (deficit) equity

-72,922

142,429

'

'

-259,234

-621,287

-72,920

142,429

-76,959

106,651

336,191

514,636

'

'

'

'

'

'

'

'

Total liabilities and shareholders' (deficit) equity

$2,581,677

$2,609,239

'

'

($451,609)

($620,944)

($27,491)

$187,474

$2,516,732

$2,504,556

$544,045

$538,153

'

'

'

'

'

'

'

'

Supplementary_Condensed_Consol3

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Details 2) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues	'	'	'	'
Rental	$107,298	'	$213,412	'
Real estate taxes paid by tenants	12,446	'	24,444	'
Total rental revenue	119,744	'	237,856	'
Gaming	39,449	44,299	78,204	85,379
Food, beverage and other	3,088	3,374	5,919	6,589
Total revenues	162,281	47,673	321,979	91,968
Less promotional allowances	-1,495	-1,601	-2,865	-3,247
Net revenues	160,786	46,072	319,114	88,721
Operating expenses	'	'	'	'
Gaming	22,167	24,342	43,729	47,481
Food, beverage and other	2,509	2,783	5,055	5,550
Real estate taxes	12,856	406	25,279	812
General and administrative	19,531	5,824	40,472	11,763
Depreciation	26,349	3,627	52,871	7,215
Total operating expenses	83,412	36,982	167,406	72,821
Income from operations	77,374	9,090	151,708	15,900
Other income (expenses)	'	'	'	'
Interest expense	-29,108	'	-58,082	'
Interest income	668	1	1,214	1
Management fee	'	-1,381	'	-2,661
Total other expenses	-28,440	-1,380	-56,868	-2,660
Income before income taxes	48,934	7,710	94,840	13,240
Income tax provision	1,922	3,011	3,516	5,327
Net income	47,012	4,699	91,324	7,913
Eliminations	'	'	'	'
Other income (expenses)	'	'	'	'
Intercompany dividends and interest	'	'	-739,255	'
Total other expenses	'	'	-739,255	'
Income before income taxes	'	'	-739,255	'
Net income	'	'	-739,255	'
Parent Guarantor	'	'	'	'
Operating expenses	'	'	'	'
General and administrative	'	'	27,145	'
Depreciation	'	'	901	'
Total operating expenses	'	'	28,046	'
Income from operations	'	'	-28,046	'
Other income (expenses)	'	'	'	'
Intercompany dividends and interest	'	'	357,979	'
Total other expenses	'	'	357,979	'
Income before income taxes	'	'	329,933	'
Net income	'	'	329,933	'
Subsidiary Issuers	'	'	'	'
Revenues	'	'	'	'
Rental	'	'	207,240	'
Real estate taxes paid by tenants	'	'	23,528	'
Total rental revenue	'	'	230,768	'
Total revenues	'	'	230,768	'
Net revenues	'	'	230,768	'
Operating expenses	'	'	'	'
Real estate taxes	'	'	23,528	'
General and administrative	'	'	1,442	'
Depreciation	'	'	44,437	'
Total operating expenses	'	'	69,407	'
Income from operations	'	'	161,361	'
Other income (expenses)	'	'	'	'
Interest expense	'	'	-58,082	'
Intercompany dividends and interest	'	'	19,087	'
Total other expenses	'	'	-38,995	'
Income before income taxes	'	'	122,366	'
Net income	'	'	122,366	'
Other Subsidiary Non-Issuers	'	'	'	'
Revenues	'	'	'	'
Rental	'	'	6,172	'
Real estate taxes paid by tenants	'	'	916	'
Total rental revenue	'	'	7,088	'
Gaming	'	'	78,204	85,379
Food, beverage and other	'	'	5,919	6,589
Total revenues	'	'	91,211	91,968
Less promotional allowances	'	'	-2,865	-3,247
Net revenues	'	'	88,346	88,721
Operating expenses	'	'	'	'
Gaming	'	'	43,729	47,481
Food, beverage and other	'	'	5,055	5,550
Real estate taxes	'	'	1,751	812
General and administrative	'	'	11,885	11,763
Depreciation	'	'	7,533	7,215
Total operating expenses	'	'	69,953	72,821
Income from operations	'	'	18,393	15,900
Other income (expenses)	'	'	'	'
Interest income	'	'	1,214	1
Management fee	'	'	'	-2,661
Intercompany dividends and interest	'	'	362,189	'
Total other expenses	'	'	363,403	-2,660
Income before income taxes	'	'	381,796	13,240
Income tax provision	'	'	3,516	5,327
Net income	'	'	($360,975)	$7,913

Supplementary_Condensed_Consol4

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Details 3) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Operating activities	'	'	'	'
Net income	$47,012	$4,699	$91,324	$7,913
Adjustments to reconcile net income to net cash provided by operating activities:	'	'	'	'
Depreciation	26,349	3,627	52,871	7,215
Amortization of debt issuance costs	'	'	4,018	'
Losses (Gains) on sales of property	'	'	159	-30
Deferred income taxes	'	'	-1,919	-373
Charge for stock-based compensation	'	'	5,087	'
(Increase) decrease,	'	'	'	'
Prepaid expenses and other current assets	'	'	-17,296	-247
Other assets	'	'	-1,309	6
Increase (decrease),	'	'	'	'
Accounts payable	'	'	8,183	135
Accrued expenses	'	'	-6,360	270
Accrued interest	'	'	-565	'
Accrued salaries and wages	'	'	104	-986
Gaming, pari-mutuel, property and other taxes	'	'	7,970	'
Income taxes	'	'	-18,476	-7,832
Other current and noncurrent liabilities	'	'	2,430	361
Net cash provided by operating activities	'	'	126,221	6,432
Investing activities	'	'	'	'
Capital project expenditures, net of reimbursements	'	'	-55,504	-554
Capital maintenance expenditures	-597	-848	-1,468	-1,744
Proceeds from sale of property and equipment	'	'	6	81
Funding of loan receivable	'	'	-43,000	'
Principal payments on loan receivable	'	'	7,000	'
Acquisition of real estate	'	'	-140,730	'
Net cash used in investing activities	'	'	-233,696	-2,217
Financing activities	'	'	'	'
Net advances to Penn National Gaming, Inc.	'	'	'	-377
Dividends paid	'	'	-329,224	'
Proceeds from exercise of options	'	'	17,463	'
Proceeds from issuance of long-term debt	'	'	208,000	'
Financing costs	'	'	-306	'
Payments of long-term debt	'	'	-32,000	'
Net cash used in financing activities	'	'	-136,067	-377
Net increase in cash and cash equivalents	'	'	-243,542	3,838
Cash and cash equivalents at beginning of year	'	'	285,221	14,562
Cash and cash equivalents at end of year	41,679	18,400	41,679	18,400
Eliminations	'	'	'	'
Operating activities	'	'	'	'
Net income	'	'	-739,255	'
(Increase) decrease,	'	'	'	'
Prepaid expenses and other current assets	'	'	1,220	'
Increase (decrease),	'	'	'	'
Income taxes	'	'	-1,220	'
Parent Guarantor	'	'	'	'
Operating activities	'	'	'	'
Net income	'	'	329,933	'
Adjustments to reconcile net income to net cash provided by operating activities:	'	'	'	'
Depreciation	'	'	901	'
Charge for stock-based compensation	'	'	5,087	'
(Increase) decrease,	'	'	'	'
Prepaid expenses and other current assets	'	'	318	'
Other assets	'	'	-1,288	'
Intercompany	'	'	-2,711	'
Increase (decrease),	'	'	'	'
Accounts payable	'	'	7,320	'
Accrued expenses	'	'	-7,641	'
Accrued salaries and wages	'	'	880	'
Gaming, pari-mutuel, property and other taxes	'	'	50	'
Income taxes	'	'	-1,442	'
Other current and noncurrent liabilities	'	'	1,216	'
Net cash provided by operating activities	'	'	332,623	'
Investing activities	'	'	'	'
Capital project expenditures, net of reimbursements	'	'	-1,586	'
Net cash used in investing activities	'	'	-1,586	'
Financing activities	'	'	'	'
Dividends paid	'	'	-329,224	'
Proceeds from exercise of options	'	'	17,463	'
Intercompany financing	'	'	-54,999	'
Net cash used in financing activities	'	'	-366,760	'
Net increase in cash and cash equivalents	'	'	-35,723	'
Cash and cash equivalents at beginning of year	'	'	42,801	'
Cash and cash equivalents at end of year	7,078	'	7,078	'
Subsidiary Issuers	'	'	'	'
Operating activities	'	'	'	'
Net income	'	'	122,366	'
Adjustments to reconcile net income to net cash provided by operating activities:	'	'	'	'
Depreciation	'	'	44,437	'
Amortization of debt issuance costs	'	'	4,018	'
(Increase) decrease,	'	'	'	'
Prepaid expenses and other current assets	'	'	-16,415	'
Intercompany	'	'	-867	'
Increase (decrease),	'	'	'	'
Accounts payable	'	'	1,089	'
Accrued expenses	'	'	880	'
Accrued interest	'	'	-565	'
Gaming, pari-mutuel, property and other taxes	'	'	6,252	'
Income taxes	'	'	-7,365	'
Net cash provided by operating activities	'	'	153,830	'
Investing activities	'	'	'	'
Capital project expenditures, net of reimbursements	'	'	-53,918	'
Net cash used in investing activities	'	'	-53,918	'
Financing activities	'	'	'	'
Proceeds from issuance of long-term debt	'	'	208,000	'
Financing costs	'	'	-306	'
Payments of long-term debt	'	'	-32,000	'
Intercompany financing	'	'	-491,524	'
Net cash used in financing activities	'	'	-315,830	'
Net increase in cash and cash equivalents	'	'	-215,918	'
Cash and cash equivalents at beginning of year	'	'	221,095	'
Cash and cash equivalents at end of year	5,178	'	5,178	'
Other Subsidiary Non-Issuers	'	'	'	'
Operating activities	'	'	'	'
Net income	'	'	-360,975	7,913
Adjustments to reconcile net income to net cash provided by operating activities:	'	'	'	'
Depreciation	'	'	7,533	7,215
Losses (Gains) on sales of property	'	'	159	-30
Deferred income taxes	'	'	-1,919	-373
(Increase) decrease,	'	'	'	'
Prepaid expenses and other current assets	'	'	-2,419	-247
Other assets	'	'	-21	6
Intercompany	'	'	3,578	'
Increase (decrease),	'	'	'	'
Accounts payable	'	'	-226	135
Accrued expenses	'	'	401	270
Accrued salaries and wages	'	'	-776	-986
Gaming, pari-mutuel, property and other taxes	'	'	1,668	'
Income taxes	'	'	-8,449	-7,832
Other current and noncurrent liabilities	'	'	1,214	361
Net cash provided by operating activities	'	'	-360,232	6,432
Investing activities	'	'	'	'
Capital project expenditures, net of reimbursements	'	'	'	-554
Capital maintenance expenditures	'	'	-1,468	-1,744
Proceeds from sale of property and equipment	'	'	6	81
Funding of loan receivable	'	'	-43,000	'
Principal payments on loan receivable	'	'	7,000	'
Acquisition of real estate	'	'	-140,730	'
Net cash used in investing activities	'	'	-178,192	-2,217
Financing activities	'	'	'	'
Net advances to Penn National Gaming, Inc.	'	'	'	-377
Intercompany financing	'	'	546,523	'
Net cash used in financing activities	'	'	546,523	-377
Net increase in cash and cash equivalents	'	'	8,099	3,838
Cash and cash equivalents at beginning of year	'	'	21,325	14,562
Cash and cash equivalents at end of year	$29,423	$18,400	$29,423	$18,400