Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 | |
Document and Entity Information | |||
Entity Registrant Name | Gaming & Leisure Properties, Inc. | ||
Entity Central Index Key | 1,575,965 | ||
Document Type | 10-K/A | ||
Document Period End Date | Dec. 31, 2014 | ||
Amendment Flag | true | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 3.4 | ||
Entity Common Stock, Shares Outstanding | 113,662,355 | ||
Document Fiscal Year Focus | 2,014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Description | The restatement is related to the Company's revenue recognition of percentage rents received from its tenant, Penn National Gaming, Inc., under the Master Lease Agreement (the "Master Lease"), which were previously recognized as received. As explained in Note 3 to the consolidated financial statements included within this report, management has now concluded that the percentage rent that was fixed or determinable at the lease inception date should have been recorded on a straight-line basis over the initial non-cancelable lease term and any reasonably assured renewal periods, as compared to being recognized as received during the first five years of the Master Lease. As a result of the restatement, the Company will reduce rental revenues by $44.9 million and $6.7 million during the fiscal years ended December 31, 2014 and 2013, respectively. An increase to deferred rental revenue of the same amount was recorded on the Company's consolidated balance sheets during the respective periods, resulting in deferred rental revenue of $51.6 million and $6.7 million at December 31, 2014 and December 31, 2013, respectively. The deferred rental revenue will be amortized over the remainder of the 35 year lease term on a straight-line basis by recognizing rental revenue, thus changing only the timing of the Company's revenue recognition. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||
Real estate investments, net | $ 2,180,124 | $ 2,010,303 |
Property and equipment, used in operations, net | 134,028 | 139,121 |
Cash and cash equivalents | 35,973 | 285,221 |
Prepaid expenses | 7,900 | 5,983 |
Deferred tax assets, current | 2,015 | 2,228 |
Other current assets | 45,254 | 30,052 |
Goodwill | 75,521 | 75,521 |
Other intangible assets | 9,577 | 9,577 |
Debt issuance costs, net of accumulated amortization of $9,327 and $1,270 at December 31, 2014 and 2013, respectively | 39,126 | 46,877 |
Loan receivable | 34,000 | 0 |
Deferred tax assets, non-current | 679 | 0 |
Other assets | 383 | 4,356 |
Total assets | 2,564,580 | 2,609,239 |
Liabilities | ||
Accounts payable | 4,409 | 21,397 |
Accrued expenses | 5,339 | 13,783 |
Accrued interest | 17,528 | 18,055 |
Accrued salaries and wages | 12,581 | 10,337 |
Gaming, property, and other taxes | 22,741 | 18,789 |
Income taxes | 0 | 15,556 |
Current maturities of long-term debt | 81 | 0 |
Other current liabilities | 15,788 | 12,911 |
Long-term debt, net of current maturities | 2,609,406 | 2,350,000 |
Deferred rental revenue | 51,554 | 6,677 |
Deferred tax liabilities, non-current | 1,443 | 4,282 |
Total liabilities | $ 2,740,870 | $ 2,471,787 |
Commitments and Contingencies (Note 10) | ||
Shareholders’ (deficit) equity | ||
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2014 and December 31, 2013 | $ 0 | $ 0 |
Common stock ($.01 par value, 500,000,000 shares authorized, 112,981,088 and 88,659,448 shares issued at December 31, 2014 and 2013, respectively) | 1,130 | 887 |
Additional paid-in capital | 888,860 | 3,651 |
Retained (deficit) earnings | (1,066,280) | 132,914 |
Total shareholders’ (deficit) equity | (176,290) | 137,452 |
Total liabilities and shareholders’ (deficit) equity | $ 2,564,580 | $ 2,609,239 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Debt issuance costs, accumulated amortization (in dollars) | $ 9,327 | $ 1,270 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 112,981,088 | 88,659,448 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Revenues | ||||||||||||
Rental | $ 386,403 | $ 62,278 | $ 0 | |||||||||
Real estate taxes paid by tenants | 50,534 | 7,602 | 0 | |||||||||
Total rental revenue | 436,937 | 69,880 | 0 | |||||||||
Gaming | 148,283 | 159,352 | 202,581 | |||||||||
Food, beverage and other | 11,621 | 12,357 | 15,635 | |||||||||
Total revenues | 596,841 | 241,589 | 218,216 | |||||||||
Less promotional allowances | (5,773) | (6,137) | (7,573) | |||||||||
Net revenues | $ 145,080 | $ 146,906 | $ 150,770 | $ 148,312 | $ 107,099 | [1] | $ 39,633 | $ 46,072 | $ 42,648 | 591,068 | 235,452 | 210,643 |
Operating expenses | ||||||||||||
Gaming | 82,995 | 89,367 | 113,111 | |||||||||
Food, beverage and other | 9,734 | 10,775 | 13,114 | |||||||||
Real estate taxes | 52,154 | 9,220 | 1,592 | |||||||||
General and administrative | 80,836 | 43,262 | 25,068 | |||||||||
Depreciation | 106,843 | 28,923 | 14,090 | |||||||||
Total operating expenses | 332,562 | 181,547 | 166,975 | |||||||||
Income from operations | 60,097 | 66,733 | 67,358 | 64,318 | 32,339 | [2] | 5,665 | 9,090 | 6,811 | 258,506 | 53,905 | 43,668 |
Other income (expenses) | ||||||||||||
Interest expense | (117,030) | (19,254) | 0 | |||||||||
Interest income | 2,444 | 1 | 2 | |||||||||
Management fees | 0 | (4,203) | (6,320) | |||||||||
Total other expenses | (114,586) | (23,456) | (6,318) | |||||||||
Income before income taxes | 143,920 | 30,449 | 37,350 | |||||||||
Income tax expense | 5,113 | 15,596 | 14,431 | |||||||||
Net income | $ 30,202 | $ 37,313 | $ 36,996 | $ 34,296 | $ 4,257 | [2] | $ 2,681 | $ 4,699 | $ 3,216 | $ 138,807 | $ 14,853 | $ 22,919 |
Earnings per common share: | ||||||||||||
Basic earnings per common share (in dollars per share) | $ 0.27 | $ 0.33 | $ 0.33 | $ 0.31 | $ 0.04 | $ 0.02 | $ 0.04 | $ 0.04 | $ 1.23 | $ 0.13 | $ 0.21 | |
Diluted earnings per common share (in dollars per share) | $ 0.26 | $ 0.32 | $ 0.31 | $ 0.29 | $ 0.04 | $ 0.02 | $ 0.04 | $ 0.03 | $ 1.18 | $ 0.13 | $ 0.20 | |
[1] | During the fourth quarter of 2013, the Company recognized rental revenue related to the Master Lease, which became effective at Spin-Off (November 1, 2013), of $69.9 million. | |||||||||||
[2] | The Company's fiscal year 2013 fourth quarter results include transaction costs of $13.5 million associated with the Spin-Off and depreciation expense of $14.8 million related to the real property assets transferred to GLPI as part of the Spin-Off. Also during the fourth quarter of 2013, the Company entered into a new five year senior unsecured credit facility and completed offerings of $2,050.0 million aggregate principal of new senior unsecured notes in October 2013. The Company incurred interest expense of $19.3 million related to its new borrowings during the fourth quarter of 2013. The following information reconciles the Company's previously reported financial information with as restated amounts for its quarterly reporting periods ended December 31, 2013 through December 31, 2014. Refer to Note 3 for further information regarding the restatement of previously reported financial information. Three Months Ended March 31, 2014 Three Months Ended June 30, 2014 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$158,328 $(10,016) $148,312 $160,786 $(10,016) $150,770Income from operations74,334 (10,016) 64,318 77,374 (10,016) 67,358Net income44,312 (10,016) 34,296 47,012 (10,016) 36,996Earnings per common share Basic earnings per common share$0.40 $(0.09) $0.31 $0.42 $(0.09) $0.33Diluted earnings per common share$0.38 $(0.09) $0.29 $0.40 $(0.09) $0.31 Three Months Ended September 30, 2014 Three Months Ended December 31, 2014 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$157,795 $(10,889) $146,906 $159,036 $(13,956) $145,080Income from operations77,622 (10,889) 66,733 74,053 (13,956) 60,097Net income49,902 (12,589) 37,313 44,158 (13,956) 30,202Earnings per common share Basic earnings per common share$0.44 $(0.11) $0.33 $0.39 $(0.12) $0.27Diluted earnings per common share$0.42 $(0.10) $0.32 $0.38 $(0.12) $0.26 Three Months Ended December 31, 2013 As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$113,776 $(6,677) $107,099Income from operations39,016 (6,677) 32,339Net income9,234 (4,977) 4,257Earnings per common share Basic earnings per common share$0.08 $(0.04) $0.04Diluted earnings per common share$0.08 $(0.04) $0.04 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings (Deficit) |
Balance at Dec. 31, 2011 | $ 219,911 | $ 0 | $ 77,856 | $ 142,055 |
Balance (in shares) at Dec. 31, 2011 | 0 | |||
Increase (Decrease) in Shareholders' Equity | ||||
Adjustments to APIC, Other | (6,500) | (6,500) | ||
Net income | 22,919 | 22,919 | ||
Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off | 0 | |||
Balance at Dec. 31, 2012 | 236,330 | $ 0 | 71,356 | 164,974 |
Balance (in shares) at Dec. 31, 2012 | 0 | |||
Increase (Decrease) in Shareholders' Equity | ||||
Adjustments to APIC, Other | (50,300) | (3,387) | (46,913) | |
Net income | 14,853 | 14,853 | ||
Real estate assets and liabilities contributed to GLPI from Penn National Gaming, Inc. | 2,023,573 | $ 886 | 2,022,687 | |
Real estate assets and liabilities contributed to GLPI from Penn National Gaming, Inc. (in shares) | 88,601,637 | |||
Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off | (2,090,000) | (2,090,000) | ||
Stock option activity | 2,622 | $ 1 | 2,621 | |
Stock option activity (in shares) | 57,811 | |||
Restricted stock activity | 374 | 374 | ||
Balance at Dec. 31, 2013 | $ 137,452 | $ 887 | 3,651 | 132,914 |
Balance (in shares) at Dec. 31, 2013 | 88,659,448 | 88,659,448 | ||
Increase (Decrease) in Shareholders' Equity | ||||
Adjustments to APIC, Other | $ (635) | (635) | ||
Net income | 138,807 | 138,807 | ||
Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off | 0 | |||
Stock option activity | 38,669 | $ 21 | 38,648 | |
Stock option activity (in shares) | 2,184,980 | |||
Restricted stock activity | 3,521 | $ 2 | 3,519 | |
Restricted stock activity (in shares) | 156,839 | |||
Dividends paid, including the Purging Distribution ($14.32 per common share) | (494,104) | $ 220 | 843,677 | (1,338,001) |
Dividends paid, including the Purging Distribution ($14.32 per common share) (in shares) | 21,979,821 | |||
Balance at Dec. 31, 2014 | $ (176,290) | $ 1,130 | $ 888,860 | $ (1,066,280) |
Balance (in shares) at Dec. 31, 2014 | 112,981,088 | 112,981,088 |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Shareholders' Equity (Deficit) (Parenthetical) | 12 Months Ended |
Dec. 31, 2014$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Common stock, dividends including purge distribution, per share, cash paid | $ 14.32 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating activities | |||
Net income | $ 138,807 | $ 14,853 | $ 22,919 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 106,843 | 28,923 | 14,090 |
Amortization of debt issuance costs | 8,057 | 1,270 | 0 |
Losses (gains) on dispositions of property | 10 | (39) | (142) |
Deferred income taxes | (3,305) | (5,646) | (88) |
Stock-based compensation | 12,258 | 1,566 | 0 |
Straight-line rent adjustments | 44,877 | 6,677 | 0 |
(Increase) decrease, | |||
Prepaid expenses and other current assets | (10,601) | (885) | 1,513 |
Other assets | (1,660) | (662) | 0 |
Increase (decrease), | |||
Accounts payable | (1,650) | 2,638 | (260) |
Accrued expenses | (8,444) | 7,996 | (456) |
Accrued interest | (527) | 17,216 | 0 |
Accrued salaries and wages | 2,244 | 2,131 | (394) |
Gaming, pari-mutuel, property and other taxes | 527 | (7) | (250) |
Income taxes | (17,054) | 4,018 | (10,162) |
Other current and noncurrent liabilities | 2,877 | 583 | (26) |
Net cash provided by operating activities | 273,259 | 80,632 | 26,744 |
Investing activities | |||
Capital project expenditures, net of reimbursements | (139,231) | (12,198) | (1,930) |
Capital maintenance expenditures | (3,538) | (4,230) | (3,260) |
Proceeds from sale of property and equipment | 180 | 153 | 380 |
Funding of loan receivable | (43,000) | 0 | 0 |
Principal payments on loan receivable | 9,000 | 0 | 0 |
Acquisition of real estate | (140,730) | 0 | 0 |
Net cash used in investing activities | (317,319) | (16,275) | (4,810) |
Financing activities | |||
Net advances to Penn National Gaming, Inc. | 0 | (6,982) | (24,518) |
Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off | 0 | (2,090,000) | 0 |
Dividends paid, including the Purging Distribution | (494,104) | 0 | 0 |
Proceeds from exercise of options | 29,931 | 1,431 | 0 |
Proceeds from issuance of long-term debt | 291,950 | 2,350,000 | 0 |
Financing costs | (306) | (48,147) | 0 |
Payments of long-term debt | (32,024) | 0 | 0 |
Distribution in connection with 2013 Pre-Spin tax matter agreement | (635) | 0 | 0 |
Net cash (used in) provided by financing activities | (205,188) | 206,302 | (24,518) |
Net (decrease) increase in cash and cash equivalents | (249,248) | 270,659 | (2,584) |
Cash and cash equivalents at beginning of period | 285,221 | 14,562 | 17,146 |
Cash and cash equivalents at end of period | $ 35,973 | $ 285,221 | $ 14,562 |
Business and Basis of Presentat
Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Basis of Presentation | Business and Basis of Presentation Gaming and Leisure Properties, Inc. ("GLPI") is a self-administered and self-managed Pennsylvania real estate investment trust ("REIT"). GLPI (together with its subsidiaries, the "Company") was incorporated on February 13, 2013, as a wholly-owned subsidiary of Penn National Gaming, Inc. ("Penn"). 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," and then spun-off GLPI to holders of Penn's common and preferred stock in a tax-free distribution (the "Spin-Off"). 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 December 31, 2014 , GLPI’s portfolio consisted of 21 gaming and related facilities, which included the TRS Properties, the real property associated with 18 gaming and related facilities operated by Penn and the real property associated with the Casino Queen in East St. Louis, Illinois. These facilities are geographically diversified across 12 states and contain approximately 7.0 million of rentable square feet. As of December 31, 2014 , the Company's properties were 100% occupied. 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. Additionally, on December 19, 2014, the Company made a one-time distribution of $37.0 million to shareholders in order to confirm the Company appropriately allocated its historical earnings and profits relative to the separation from Penn, in response to the Pre-Filing Agreement requested from the IRS. See Note 12 for further details on the Purging Distribution and the distribution related to the Pre-Filing Agreement. The assets and liabilities of GLPI were recorded at their respective historical carrying values at the time of the Spin-Off in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 505-60, "Spinoffs and Reverse Spinoffs." The assets and liabilities contributed to GLPI from Penn were as follows (in thousands): Prepaid expenses $ 2,766 Current deferred income tax assets 4,358 Property and equipment, net 2,024,572 Other assets 16,245 Accrued expenses (5,656 ) Other current liabilities (12,219 ) Deferred income tax liabilities (6,493 ) Net contribution $ 2,023,573 The preparation of financial statements in conformity with 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 may differ from those estimates. |
Principles of Consolidation
Principles of Consolidation | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of GLPI and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. When reviewing the Company's financial results it should be noted that financial results for the Company's 2014 fiscal year reflect a full year of operations for both operating segments, whereas financial results for the Company's 2013 fiscal year reflect a full year of operations for the businesses in the TRS and a partial year from November 1, 2013 to December 31, 2013 for the real estate entity. Financial results for the Company's 2012 fiscal year reflect only the operations of the Company's TRS. |
Restatement of Financial Statem
Restatement of Financial Statements Restatement of Financial Statements | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | |
Restatement of Financial Statements | Restatement of Financial Statements The restatement of the Company's audited financial statements relates to the Company's revenue recognition of percentage rents received from its tenant, Penn National Gaming, Inc., under the Master Lease. Previously, management concluded that the portion of the rent under the Master Lease classified as percentage rent and subject to re-sets every five years should be recognized as revenue as received during the first five years of the Master Lease when such rent was known. Management has now concluded that the percentage rent that was fixed or determinable at the lease inception date should have been recorded on a straight-line basis over the initial non-cancelable lease term and any reasonably assured renewals terms. As a result of the restatement, the Company will reduce rental revenues during the first five years of the Master Lease and increase rental revenues over the remaining 30 years of the lease. Concurrent with the reduction in recognized rental revenues during the first five years of the Master Lease, the Company will record a deferred rent liability of the same amount to its balance sheet. This deferred rent liability will be amortized over the remainder of the 35 year lease term on a straight-line basis by recognizing rental revenue, thus changing only the timing of the Company’s revenue recognition. Accordingly, while the timing of the Company’s revenue recognition has been changed as a result of this revised accounting treatment, this adjustment is non-cash and the restatement does not affect the economic terms or substance of the Master Lease, including the total amount of rent paid or to be paid by the tenant. The primary effect of the adjustments was to reduce rental revenues by $44.9 million and $6.7 million during the fiscal years ended December 31, 2014 and 2013, respectively. An increase to deferred rental revenue of the same amount was recorded on the Company's consolidated balance sheets during the respective periods, resulting in deferred rental revenue of $51.6 million and $6.7 million at December 31, 2014 and December 31, 2013, respectively. The Company also made a correction to recognize income tax expense in fiscal year 2014, while reducing income tax expense in fiscal year 2013 by the same amount and to reclassify the assets of its deferred compensation plan to other current assets from other assets at December 31, 2013. The consolidated financial statements included in this Form 10-K/A have been restated to reflect the adjustments described above. The following is a summary of the effect of the restatement on (i) the Company's consolidated balance sheets at December 31, 2014 and December 31, 2013 (ii) the Company's consolidated statements of operations for the years ended December 31, 2014 and 2013 and (iii) the Company's consolidated statements of cash flows for the years ended December 31, 2014 and 2013. The Company did not present a summary of the effect of the restatement on the consolidated statement of changes in shareholders' equity (deficit) for any of the above referenced periods because the impact to retained earnings on the condensed consolidated statement of changes in shareholders' equity (deficit) is reflected below in the balance sheet summary. Consolidated Balance Sheets (amounts in thousands) As Previously Reported Adjustments As Restated December 31, 2014: Deferred rental revenue $ — $ 51,554 $ 51,554 Total liabilities 2,689,316 51,554 2,740,870 Retained deficit (1,014,726 ) (51,554 ) (1,066,280 ) Total shareholders' deficit (124,736 ) (51,554 ) (176,290 ) December 31, 2013: Other current assets $ 17,367 $ 12,685 $ 30,052 Other assets 17,041 (12,685 ) 4,356 Income taxes 17,256 (1,700 ) 15,556 Deferred rental revenue — 6,677 6,677 Total liabilities 2,466,810 4,977 2,471,787 Retained earnings 137,891 (4,977 ) 132,914 Total shareholders' equity 142,429 (4,977 ) 137,452 Consolidated Statements of Income (amounts in thousands, except per share data) As Previously Reported Adjustments As Restated Year Ended December 31, 2014: Rental revenues $ 431,280 $ (44,877 ) $ 386,403 Total rental revenue 481,814 (44,877 ) 436,937 Total revenues 641,718 (44,877 ) 596,841 Net revenues 635,945 (44,877 ) 591,068 Income from operations 303,383 (44,877 ) 258,506 Income before income taxes 188,797 (44,877 ) 143,920 Income tax expense 3,413 1,700 5,113 Net income 185,384 (46,577 ) 138,807 Basic earnings per common share $ 1.65 $ (0.42 ) $ 1.23 Diluted earnings per common share $ 1.58 $ (0.40 ) $ 1.18 Year Ended December 31, 2013: Rental revenues $ 68,955 $ (6,677 ) $ 62,278 Total rental revenue 76,557 (6,677 ) 69,880 Total revenues 248,266 (6,677 ) 241,589 Net revenues 242,129 (6,677 ) 235,452 Income from operations 60,582 (6,677 ) 53,905 Income before income taxes 37,126 (6,677 ) 30,449 Income tax expense 17,296 (1,700 ) 15,596 Net income 19,830 (4,977 ) 14,853 Basic earnings per common share $ 0.18 $ (0.05 ) $ 0.13 Diluted earnings per common share $ 0.17 $ (0.04 ) $ 0.13 Consolidated Statements of Cash Flows (amounts in thousands) As Previously Reported Adjustments As Restated Year Ended December 31, 2014: Net income $ 185,384 $ (46,577 ) $ 138,807 Straight-line rent adjustments — 44,877 44,877 Income taxes (18,754 ) 1,700 (17,054 ) Year Ended December 31, 2013: Net income $ 19,830 $ (4,977 ) 14,853 Straight-line rent adjustments — 6,677 6,677 Income taxes 5,718 (1,700 ) 4,018 |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | 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 Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Cash and Cash Equivalents The Company considers all cash balances and highly-liquid investments with original maturities of three months or less to be cash and cash equivalents. Concentration of Credit Risk Concentrations of credit risk arise when a number of operators, tenants, or obligors related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. As of December 31, 2014 , substantially all of the Company's real estate properties were leased to Penn and approximately 97% of the Company's rental revenues were derived from the Master Lease. Revenues from Penn are reported in the Company's GLP Capital, L.P. reportable segment. Penn is a publicly traded company that is subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and is required to file periodic reports on Form 10-K and Form 10-Q with the Securities and Exchange Commission. Penn's net revenues were $2.6 billion for the year ended December 31, 2014 and $2.9 billion for each of the years ended December 31, 2013 and 2012 . Other than the Company's tenant concentration, management believes the Company's portfolio was reasonably diversified by geographical location and did not contain any other significant concentrations of credit risk. As of December 31, 2014 , the Company's portfolio of 19 leased properties and the TRS properties was diversified by location across 12 states. Financial instruments that subject the Company to credit risk consist of cash and cash equivalents, accounts receivable and loans receivable. The Company's policy is to limit the amount of credit exposure to any one financial institution and place investments with financial institutions evaluated as being creditworthy, or in short-term money market and tax-free bond funds which are exposed to minimal interest rate and credit risk. At times, the Company has bank deposits and overnight repurchase agreements that exceed federally-insured limits. Prepaid Expenses and Other Assets Prepaid expenses consist of expenditures for goods (other than inventories) or services before the goods are used or the services are received. These amounts are deferred and charged to operations as the benefits are realized and primarily consist of prepayments for insurance and other contracts that will be expensed during the subsequent year. It also includes property taxes that were paid in advance. Other current assets are items expected to be realized within twelve months of the balance sheet date and primarily consists of accounts receivable, deposits, food and beverage inventory and deferred compensation plan assets (See Note 10 for further details). Other assets are all items that are long-term in nature. 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. Deferred Compensation Plan Assets and Corresponding Liabilities The Company's deferred compensation plan assets consist of open-ended mutual funds and as such the fair value measurement of the assets is considered a Level 1 measurement as defined under Accounting Standards Code ("ASC") 820 "Fair Value Measurements and Disclosures." Deferred compensation plan assets are included within other current assets on the consolidated balance sheets. Deferred compensation liabilities approximate the plan's assets and are included within other current liabilities on the consolidated balance sheets. The difference between the Company's deferred compensation plan assets and liabilities at both December 31, 2014 and 2013 is related to timing differences between the funding of assets held at the plan trustee and the actual contributions from eligible employees' compensation. Loan Receivable The fair value of the loan receivable approximates the carrying value of the Company's loan receivable, as collection on the outstanding loan balance is reasonably assured. 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. The estimated fair values of the Company’s financial instruments are as follows (in thousands): December 31, 2014 December 31, 2013 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents $ 35,973 $ 35,973 $ 285,221 $ 285,221 Deferred compensation plan assets 14,280 14,280 12,685 12,685 Loan receivable 34,000 34,000 — — Financial liabilities: Deferred compensation plan liabilities 14,369 14,369 12,783 12,783 Long-term debt: Senior unsecured credit facility 558,000 535,010 300,000 294,750 Senior unsecured notes 2,050,000 2,091,000 2,050,000 2,058,750 Real Estate Investments The Company records the acquisition of real estate assets at cost, including acquisition and closing costs. The cost of properties developed by the Company include costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. The Company considers the period of future benefit of the asset to determine the appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful lives of the buildings and building improvements which are generally between 10 to 31 years . Additionally, the amortization of real estate assets subject to capital leases is included within the depreciation line item of the Company's consolidated statements of earnings. The Company continually monitors events and circumstances that could indicate that the carrying amount of its real estate investments may not be recoverable or realized. When indicators of potential impairment suggest that the carrying value of a real estate investment may not be recoverable, the Company estimates the fair value of the investment by calculating the undiscounted future cash flows from the use and eventual disposition of the investment. This amount is compared to the asset's carrying value. If the Company determines the carrying amount is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP fair value provisions. The Company groups its real estate investments by tenant in evaluating impairment. In assessing the recoverability of the carrying value, the Company must make assumptions regarding future cash flows and other factors. The factors considered by the Company in performing this assessment include current operating results, market and other applicable trends and residual values, as well as the effect of obsolescence, demand, competition and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss. Property and Equipment Used in Operations Property and equipment are stated at cost, less accumulated depreciation and represent assets used by the Company's TRS operations and certain corporate assets. Maintenance and repairs that neither add materially to the value of the asset nor appreciably prolong its useful life are charged to expense as incurred. Gains or losses on the disposal of property and equipment are included in the determination of income. Depreciation of property and equipment is recorded using the straight-line method over the following estimated useful lives: Land improvements 15 years Building and improvements 5 to 31 years Furniture, fixtures, and equipment 3 to 31 years Leasehold improvements are depreciated over the shorter of the estimated useful life of the improvement or the related lease term. The estimated useful lives are determined based on the nature of the assets as well as the Company's current operating strategy. The Company reviews the carrying value of its property and equipment for possible impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based upon the estimated undiscounted future cash flows expected to result from its use and eventual disposition. If the Company determines the carrying amount is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP fair value provisions. In estimating expected future cash flows for determining whether an asset is impaired, assets are grouped at the individual property level. In assessing the recoverability of the carrying value of property and equipment, the Company must make assumptions regarding future cash flows and other factors. The factors considered by the Company in performing this assessment include current operating results, market and other applicable trends and residual values, as well as the effect of obsolescence, demand, competition and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss for these assets. Goodwill and Other Intangible Assets At both December 31, 2014 and 2013 , the Company had $75.5 million of goodwill and $9.6 million of other intangible assets within its consolidated balance sheets, resulting from the contribution of Hollywood Casino Baton Rouge and Hollywood Casino Perryville in connection with the Spin-Off. The Company's goodwill resides on the books of its Hollywood Casino Baton Rouge subsidiary, while the other intangible asset represents a gaming license on the books of its Hollywood Casino Perryville subsidiary. Both subsidiaries are members of the TRS Properties segment and are considered separate reporting units under ASC 350, "Intangibles - Goodwill and Other" ("ASC 350"). Goodwill is tested at the reporting unit level, which is an operating segment or one level below an operating segment for which discrete financial information is available. Under ASC 350, the Company is required to test goodwill for impairment at least annually and whenever events or circumstances indicate that it is more likely than not that goodwill may be impaired. The Company has elected to perform its annual goodwill impairment test as of October 1 of each year. ASC 350 prescribes a two-step goodwill impairment test, the first step which involves the determination of the fair value of each reporting unit and its comparison to the carrying amount. If the carrying amount exceeds the fair value in step 1, then step 2 of the impairment test is performed to determine the implied value of goodwill. If the implied value of goodwill is less than the goodwill allocated to the reporting unit, an impairment loss is recognized. In accordance with ASC 350, the Company considers its Hollywood Casino Perryville gaming license an indefinite-lived intangible asset that does not require amortization based on the Company's future expectations to operate this casino indefinitely as well as the gaming industry's historical experience in renewing these intangible assets at minimal cost with various state gaming commissions. Rather, the Company's gaming license is tested annually, or more frequently if indicators of impairment exist, for impairment by comparing the fair value of the recorded asset to its carrying amount. If the carrying amount of the indefinite-life intangible asset exceeds its fair value, an impairment loss is recognized. Hollywood Casino Perryville's gaming license will expire in September 2025, fifteen years from the casino's opening date. The Company expects to expense any costs related to the gaming license renewal as incurred. We assessed the fair value of our gaming license using the Greenfield Method under the income approach. The Greenfield Method estimates the fair value of the gaming license assuming the Company built a casino with similar unity to that of the existing facility. The method assumes a theoretical start-up company going into business without any assets other than the intangible asset being valued. As such the value of the license is a function of the following items: • Projected revenues and operating cash flows; • Theoretical construction costs and duration; • Pre-opening expenses; • Discounting that reflects the level of risk associated with receiving future cash flows attributable to the license; and • Remaining useful life of the license The evaluation of goodwill and indefinite-lived intangible assets requires the use of estimates about future operating results to determine the estimated fair value of the reporting unit and the indefinite-lived intangible assets. The Company must make various assumptions and estimates in performing its impairment testing. The implied fair value includes estimates of future cash flows that are based on reasonable and supportable assumptions which represent the Company's best estimates of the cash flows expected to result from the use of the assets. Changes in estimates, increases in the Company's cost of capital, reductions in transaction multiples, changes in operating and capital expenditure assumptions or application of alternative assumptions and definitions could produce significantly different results. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the Company's estimates. If the Company's ongoing estimates of future cash flows are not met, the Company may have to record additional impairment charges in future accounting periods. The Company's estimates of cash flows are based on the current regulatory and economic climates, as well as recent operating information and budgets. These estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, or other events. Forecasted cash flows can be significantly impacted by the local economy in which the Company's subsidiaries operate. For example, increases in unemployment rates can result in decreased customer visitations and/or lower customer spend per visit. In addition, new legislation which approves gaming in nearby jurisdictions or further expands gaming in jurisdictions can result in increased competition for the property. This generally has a negative effect on profitability once competitors become established, as a certain level of cannibalization occurs absent an overall increase in customer visitations. Lastly, increases in gaming taxes approved by state regulatory bodies can negatively impact forecasted cash flows. Assumptions and estimates about future cash flow levels are complex and subjective. They are sensitive to changes in underlying assumptions and can be affected by a variety of factors, including external factors, such as industry, geopolitical and economic trends, and internal factors, such as changes in the Company's business strategy, which may reallocate capital and resources to different or new opportunities which management believes will enhance the Company's overall value but may be to the detriment of its existing operations. The Company determined the fair value of its goodwill and gaming license as of October 1, 2014 utilizing the forecasted cash flow methods described above and compared these values to the carrying value of the assets on its balance sheet. In determining the fair value of each asset, the Company incorporated recent operating trends of both TRS properties, as well as the expected impact of the recent opening of the Horseshoe Casino Baltimore in August 2014 and the anticipated opening of new casino in Prince George's County during the second half of 2016 on Hollywood Casino Perryville into its current year projections. After consideration of these facts, the fair value of both assets exceeded their carrying amounts, and as of October 1, 2014, the Company's goodwill and gaming license were not impaired. Debt Issuance Costs Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the contractual term of the underlying indebtedness. 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 years ended December 31, 2014 , 2013 and 2012 and comprehensive income for the years ended December 31, 2014 , 2013 and 2012 was equivalent to net income for those time periods. Income Taxes The TRS Properties are able to engage in activities resulting in income that would not be qualifying income for a REIT. As a result, certain activities of the Company which occur within its TRS Properties are subject to federal and state income taxes. The Company accounts for income taxes in accordance with ASC 740, "Income Taxes" ("ASC 740"). Under ASC 740, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and are measured at the prevailing enacted tax rates that will be in effect when these differences are settled or realized. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realizability of the deferred tax assets is evaluated by assessing the valuation allowance and by adjusting the amount of the allowance, if any, as necessary. The factors used to assess the likelihood of realization are the forecast of future taxable income. ASC 740 also creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not have any uncertain tax positions for the years ended December 31, 2014 , 2013 and 2012 . The Company is required under ASC 740 to disclose its accounting policy for classifying interest and penalties, the amount of interest and penalties charged to expense each period, as well as the cumulative amounts recorded in the consolidated balance sheets. If and when they occur, the Company will classify any income tax-related penalties and interest accrued related to unrecognized tax benefits in taxes on income within the consolidated statements of income. During the year ended December 31, 2014 , the Company recognized $18 thousand of penalties and interest, net of deferred income taxes. During the years ended December 31, 2013 and 2012 , the Company did not recognize any interest and penalties, net of deferred income taxes. The Company intends to elect on its U.S. federal income tax return for its taxable year beginning on January 1, 2014 to be treated as a REIT and the Company, together with an indirectly wholly-owned subsidiary of the Company, GLP Holdings, Inc., intend to jointly elect to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc. as a "taxable REIT subsidiary" effective on the first day of the first taxable year of GLPI as a REIT. The Company intends to continue to be organized and to operate in a manner that will permit the Company to qualify as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to shareholders. As a REIT, the Company generally will not be subject to federal income tax on income that it distributes as dividends to its shareholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax, including any applicable alternative minimum tax, on its taxable income at regular corporate income tax rates, and dividends paid to its shareholders would not be deductible by the Company in computing taxable income. Any resulting corporate liability could be substantial and could materially and adversely affect the Company's net income and net cash available for distribution to shareholders. Unless the Company was entitled to relief under certain Internal Revenue Code provisions, the Company also would be disqualified from re-electing to be taxed as a REIT for the 4 taxable years following the year in which it failed to qualify to be taxed as a REIT. 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. Additionally, percentage rent that is fixed and determinable at the lease inception date is recorded on a straight-line basis over the lease term, resulting in the recognition of deferred rental revenue on the Company’s consolidated balance sheets. Deferred rental revenue is amortized to rental revenue on a straight-line basis over the remainder of the lease term. The lease term includes the initial non-cancelable lease term and any reasonably assured renewable periods. Contingent rental income that is not fixed and determinable at lease inception is recognized only when the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been transferred to the tenant. As of December 31, 2014 , all but one of the Company’s real estate investment 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 five years by an amount equal to 4% of the average change to net revenues of all facilities under the Master Lease (other than Hollywood Casino Columbus and Hollywood Casino Toledo) during the preceding five years , and (ii) monthly by an amount equal to 20% of the change in net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo during the preceding month. In addition to rent, all properties under the Master Lease with Penn are required to pay the following: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on the leased properties, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor) and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. The rent structure under the Casino Queen lease also 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 facility, which is reset every five years to a fixed amount equal to the greater of (i) the annual amount of non-fixed rent applicable for the lease year immediately preceding such rent reset year and (ii) an amount equal to 4% of the average annual net revenues of the facility for the trailing five year period. Similar to Master Lease, the tenant is responsible for all executory charges described in the above paragraph. As of December 31, 2014 , the future minimum rental income, including any reasonably assured renewable periods, from the Company's properties under non-cancelable operating leases was as follows (in thousands): Year ending December 31, 2015 $ 349,918 2016 349,918 2017 350,418 2018 353,577 2019 369,368 Thereafter 10,663,145 Total, as restated $ 12,436,344 For the years ended December 31, 2014 and 2013 , GLPI recognized $40.5 million and $6.7 million , respectively, in contingent rental income from Hollywood Casino Columbus and Hollywood Casino Toledo related to clause (ii) in the paragraph above. The expected future minimum rental income from these properties, as well as the portion of the rent based on the performance of the other facilities under the Master Lease that is reset in Year 5 (November 1, 2018) of the lease are excluded from the table above as they are considered contingent rental income under ASC 840 "Leases." 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 with an offsetting expense in real estate taxes within the consolidated statement of income as the Company has concluded it is the primary obligor. 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 consolidated statements of income for the years ended December 31, 2014 , 2013 and 2012 : Year Ended December 31, 2014 2013 2012 (in thousands) Video lottery $ 127,572 $ 138,803 $ 189,808 Table game 19,120 18,096 11,891 Poker 1,591 2,453 882 Total gaming revenue, net of cash incentives $ 148,283 $ 159,352 $ 202,581 Gaming revenue is recognized net of certain sales incentives in accordance with ASC 605-50, "Revenue Recognition— Customer Payments and Incentives." The Company records certain sales incentives and points earned in point-loyalty programs as a reduction of revenue. The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the years ended December 31, 2014 , 2013 and 2012 are as follows: Year Ended December 31, 2014 2013 2012 (in thousands) Food and beverage $ 5,732 $ 5,970 $ 6,806 Other 41 167 767 Total promotional allowances $ 5,773 $ 6,137 $ 7,573 The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the years ended December 31, 2014 , 2013 and 2012 are as follows: Year Ended December 31, 2014 2013 2012 (in thousands) Food and beverage $ 2,766 $ 2,907 $ 3,319 Other 15 86 384 Total cost of complimentary services $ 2,781 $ 2,993 $ 3,703 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 wagering occurs. At Hollywood Casino Baton Rouge, the gaming and admission tax is based on graduated tax rates. At Hollywood Casino Perryville the gaming and admission tax rate is flat. 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 and admission tax rates change during the year, such changes are applied prospectively in the determination of gaming tax expense in future interim periods. For the years ended December 31, 2014 , 2013 and 2012 , these expenses, which are primarily recorded within gaming expense in the consolidated statements of income, totaled $66.8 million , $71.6 million and $94.9 million , respectively. Earnings Per Share The Company calculates earnings per share ("EPS") in accordance with ASC 260, "Earnings Per Share." Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (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 year ended December 31, 2012 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. The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2014 , 2013 and 2012 (in thousands): Year Ended December 31, 2014 2013 2012 Determination of shares: Weighted-average common shares outstanding 112,037 110,617 110,582 Assumed conversion of dilutive employee stock-based awards 5,340 4,924 4,703 Assumed conversion of restricted stock 209 324 318 Assumed conversion of performance-based restricted stock awards — — — Diluted weighted-average common shares outstanding 117,586 115,865 115,603 The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2014 , 2013 and 2012 (in thousands, except per share amounts): Year Ended December 31, 2014 2013 2012 (As restated) (As restated) Calculation of basic EPS: Net income $ 138,807 $ 14,853 $ 22,919 Less: Net income allocated to participating securities (578 ) (56 ) (86 ) Net income attributable to common shareholders $ 138,229 $ 14,797 $ 22,833 Weighted-average common shares outstanding 112,037 110,617 110,582 Basic EPS $ 1.23 $ 0.13 $ 0.21 Calculation of diluted EPS: Net income $ 138,807 $ 14,853 $ 22,919 Diluted weighted-average common shares outstanding 117,586 115,865 115,603 Diluted EPS $ 1.18 $ 0.13 $ 0.20 Options to purchase 17,917 shares were outstanding during the year ended December 31, 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 years ended December 31, 2013 and 2012 that were not included in the computation of diluted EPS because of being antidilutive. Performance-based restricted stock awards were excluded from the computation of diluted EPS for the year ended December 31, 2014 because at the end of the reporting period no contingent shares were issuable based upon |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2014 | |
Business Combinations [Abstract] | |
Acquisitions | 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 December 31, 2014 , principal and interest payments reduced the balance of this loan to $34.0 million . Commencing on March 31, 2015, Casino Queen is obligated to make mandatory principal payments on the loan on the last day of each calendar year quarter equal to 1.25% of the original loan balance. The collectability of the remaining loan balance is reasonably assured, and it is recorded at carrying value which approximates fair value. Interest income related to the loan is recorded in interest income within the Company's consolidated statement of income in the period of receipt. 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. On May 14, 2014, the Company announced that it 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. The agreement provides that closing of the acquisition is subject to, among other things, the accuracy of CCR’s representations and its compliance with the covenants set forth in the agreement, as well as the approval of the Pennsylvania Gaming Control Board and Pennsylvania Racing Commission. On October 27, 2014, the Company filed a lawsuit in the Southern District of New York against CCR alleging, among other things, fraud, breach of the agreement and breach of the related consulting agreement entered into at the same time. The lawsuit was subsequently re-filed in New York state court on January 7, 2015 for procedural reasons. The Company is seeking a declaratory judgment that CCR has breached the agreements, return of $10 million paid pursuant to a related consulting agreement and an unspecified amount of additional damages. The Company will further evaluate and consider all other remedies available to it, including termination of the agreements. Although the Company intends to pursue its claims vigorously, there can be no assurances that the Company will prevail on any of the claims in the action, or, if the Company does prevail on one or more of the claims, of the amount of recovery that may be awarded to the Company for such claim(s). In addition, the timing and resolution of the claims set forth in the lawsuit are unpredictable and the Company is not able to currently predict any effect this suit may have on closing of the transaction. |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2014 | |
Real Estate [Abstract] | |
Real Estate Investments | Real Estate Investments Real estate investments, net, represents investments in 19 rental properties and the corporate headquarters building and is summarized as follows: December 31, December 31, (in thousands) Land and improvements $ 454,181 $ 382,581 Building and improvements 2,288,664 2,050,533 Construction in progress 2,576 61,677 Total real estate investments 2,745,421 2,494,791 Less accumulated depreciation (565,297 ) (484,488 ) Real estate investments, net $ 2,180,124 $ 2,010,303 The decrease in construction in progress and related increase in building and improvements is primarily due to the Hollywood Gaming at Dayton Raceway and Hollywood Gaming at Mahoning Valley assets being placed into service upon commencement of operations on August 28, 2014 and September 17, 2014, respectively. Both properties were jointly developed with Penn and were added to the Master Lease upon commencement of operations. The Company’s acquisition of the real estate assets of Casino Queen for $140.7 million in January 2014 also contributed to the increase in building and improvements, as well as land and improvements. |
Property and Equipment Used in
Property and Equipment Used in Operations | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment Used in Operations | 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: December 31, December 31, (in thousands) Land and improvements $ 31,595 $ 27,586 Building and improvements 116,867 115,888 Furniture, fixtures, and equipment 103,612 101,288 Construction in progress 724 203 Total property and equipment 252,798 244,965 Less accumulated depreciation (118,770 ) (105,844 ) Property and equipment, net $ 134,028 $ 139,121 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt, net of current maturities is as follows: December 31, December 31, (in thousands) Senior unsecured credit facility $ 558,000 $ 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 Capital lease 1,487 — Total long-term debt 2,609,487 2,350,000 Less current maturities of long-term debt (81 ) — Long-term debt, net of current maturities $ 2,609,406 $ 2,350,000 The following is a schedule of future minimum repayments of long-term debt as of December 31, 2014 (in thousands): 2015 $ 81 2016 119 2017 107 2018 1,108,113 2019 118 Thereafter 1,500,949 Total minimum payments $ 2,609,487 Senior Unsecured Credit Facility The Company participates in a one billion senior unsecured credit facility (the "Credit Facility"), consisting of a $700 million revolving credit facility and a $300 million Term Loan A facility. The interest rates payable on the loans are, at the Company's option, equal to either a LIBOR rate or a base rate plus an applicable margin, which ranges from 1.0% to 2.0% per annum for LIBOR loans and 0.0% to 1.0% per annum for base rate loans, in each case, depending on the credit ratings assigned to the Credit Facility. At December 31, 2014 , the applicable margin was 1.50% for LIBOR loans and 0.50% for base rate loans. In addition, the Company is required to pay a commitment fee on the unused portion of the commitments under the revolving facility at a rate that ranges from 0.15% to 0.35% per annum, depending on the credit ratings assigned to the Credit Facility. At December 31, 2014 , the commitment fee rate was 0.25% . The Company is not required to repay any loans under the Credit Facility prior to maturity on October 28, 2018 and may prepay all or any portion of the loans under the Credit Facility prior to maturity without premium or penalty, subject to reimbursement of any LIBOR breakage costs of the lenders. The Company's wholly owned subsidiary, GLP Capital is the primary obligor under the Credit Facility, which is guaranteed by GLPI. At December 31, 2014 , the Credit Facility had a gross outstanding balance of $558 million , consisting of the $300 million Term Loan A facility and $258 million of borrowings under the revolving credit facility. Additionally, at December 31, 2014 , the Company was contingently obligated under letters of credit issued pursuant to the senior unsecured credit facility with face amounts aggregating approximately $0.7 million , resulting in $441.3 million of available borrowing capacity under the revolving credit facility as of December 31, 2014 . 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. At December 31, 2014 , the Company was in compliance with all required covenants under the Credit Facility. Senior Unsecured Notes At December 31, 2014 , the Company had $550 million outstanding of 4.375% senior unsecured notes maturing on November 1, 2018 (the "2018 Notes"), $1,000 million outstanding of 4.875% senior unsecured notes maturing on November 1, 2020 (the "2020 Notes") and $500 million outstanding of 5.375% senior unsecured notes maturing on November 1, 2023 (the "2023 Notes"). Interest on each of the 2018 Notes, 2020 Notes and 2023 Notes, (collectively the "Notes") is payable semi-annually on May 1 and November 1 of each year. The Company may redeem the Notes of any series at any time, and from time to time, at a redemption price of 100% of the principal amount of the Notes redeemed, plus a "make-whole" redemption premium described in the indenture governing the Notes, together with accrued and unpaid interest to, but not including, the redemption date, except that if Notes of a series are redeemed 90 or fewer days prior to their maturity, the redemption price will be 100% of the principal amount of the Notes redeemed, together with accrued and unpaid interest to, but not including, the redemption date. If GLPI experiences a change of control accompanied by a decline in the credit rating of the Notes of a particular series, the Company will be required to give holders of the Notes of such series the opportunity to sell their Notes of such series at a price equal to 101% of the principal amount of the Notes of such series, together with accrued and unpaid interest to, but not including, the repurchase date. The Notes also are subject to mandatory redemption requirements imposed by gaming laws and regulations. The Notes were issued by GLP Capital, L.P. and GLP Financing II, Inc., (the "Issuers") two wholly-owned subsidiaries of GLPI and are guaranteed on a senior unsecured basis by GLPI. The guarantees of GLPI are full and unconditional. The Notes are the Issuers' senior unsecured obligations and rank pari passu in right of payment with all of the Issuers' senior indebtedness, including the Credit Facility, and senior in right of payment to all of the Issuers' subordinated indebtedness, without giving effect to collateral arrangements. See Note 19 for additional financial information on the parent guarantor and subsidiary issuers of the Notes. The Notes contain covenants limiting the Company’s ability to: incur additional debt and use their assets to secure debt; merge or consolidate with another company; and make certain amendments to the Master Lease. The Notes also require the Company to maintain a specified ratio of unencumbered assets to unsecured debt. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. At December 31, 2014 , the Company was in compliance with all required covenants under the Notes. Capital Lease The Company assumed the capital lease obligation related to certain assets at its Aurora, Illinois property. GLPI recorded the asset and liability associated with the capital lease on its balance sheet. The original term of the capital lease was 30 years and it will terminate in 2026. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation On May 14, 2014, the Company announced that it entered into an agreement with CCR to acquire The Meadows Racetrack and Casino located in Washington, Pennsylvania, a suburb of Pittsburgh, Pennsylvania. The agreement provides that closing of the acquisition is subject to, among other things, the accuracy of CCR’s representations and its compliance with the covenants set forth in the agreement, as well as the approval of the Pennsylvania Gaming Control Board and Pennsylvania Racing Commission. On October 27, 2014, the Company filed a lawsuit in the Southern District of New York against CCR alleging, among other things, fraud, breach of the agreement and breach of the related consulting agreement entered into at the same time. The lawsuit was subsequently re-filed in New York state court on January 7, 2015 for procedural reasons. The Company is seeking a declaratory judgment that CCR has breached the agreements, return of $10 million paid pursuant to a related consulting agreement and an unspecified amount of additional damages. The Company will further evaluate and consider all other remedies available to it, including termination of the agreements. Although the Company intends to pursue its claims vigorously, there can be no assurances that the Company will prevail on any of the claims in the action, or, if the Company does prevail on one or more of the claims, of the amount of recovery that may be awarded to the Company for such claim(s). In addition, the timing and resolution of the claims set forth in the lawsuit are unpredictable and the Company is not able to currently predict any effect this suit may have on closing of the transaction. 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. There can be no assurance that Penn will be able to fully satisfy its indemnification obligations. Moreover, even if we ultimately succeed in recovering from Penn any amounts for which we are liable, we may be temporarily required to bear those losses. The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, and other matters arising in the normal course of business. The Company does not believe that the final outcome of these matters will have a material adverse effect on the Company’s consolidated financial position or results of operations. In addition, the Company maintains what it believes is adequate insurance coverage to further mitigate the risks of such proceedings. However, such proceedings can be costly, time consuming, and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings may not materially impact the Company’s financial condition or results of operations. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. Operating Lease Commitments As part of the Spin-Off, Penn assigned to GLPI various leases on the land and buildings acquired in connection with the Spin-Off. The following is a description of some of the more significant lease contracts that Penn assigned to GLPI. Total rental expense under these agreements was $2.8 million and $0.4 million for the years ended December 31, 2014 and 2013 (which covers the period subsequent to the Spin-Off date). The leases consist of annual base lease payments and, in some instances, a percentage rent based on a percent of adjusted gaming wins, as described in the respective leases. The Company has an operating lease for the land utilized in connection with the operations of the casino in Biloxi, Mississippi. The lease commenced March 3, 1994 and is for a term of 99 years . The annual rental payments are increased every 5 years by fifteen percent and will be $0.2 million for 2015 . The next reset period is in March 2019. The Company has an operating lease for the land utilized in connection with the operations of the casino in Tunica, Mississippi. The lease commenced on October 11, 1993 with a five year initial term and nine five year renewals at the tenant's option. The lease agreement has an annual fixed rent provision, as well as an annual revenue-sharing provision, which is equal to the result obtained by subtracting the fixed rent provision from 4% of gross revenues. The Company has an operating lease with the City of Bangor which covers the permanent casino facility that opened on July 1, 2008. Under the lease agreement, there is a fixed rent provision, for which GLPI is responsible, which totals $0.1 million per year. The term of the lease, which commenced with the opening of the permanent facility, is for an initial term of fifteen years , with three ten -year renewal options. The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at December 31, 2014 are as follows (in thousands): Year ending December 31, 2015 $ 1,528 2016 1,520 2017 1,533 2018 1,531 2019 1,089 Thereafter 44,320 Total $ 51,521 In addition, the Company is liable under numerous operating leases for equipment and other miscellaneous assets, which expire at various dates through 2019. Total rental expense under these agreements was $1.2 million , $1.4 million and $1.6 million for the years ended December 31, 2014 , 2013 and 2012 , respectively. Capital Expenditure Commitments The Company's current construction program for 2015 calls for no capital expenditures for which the Company was contractually committed to spend at December 31, 2014 . Purchase Obligations The Company has obligations to purchase various goods and services totaling $1.8 million at December 31, 2014 , of which the majority will be incurred in 2015 . Employee Benefit Plans The Company maintains a defined contribution plan under the provisions of Section 401(k) of the Internal Revenue Code of 1986, as amended, which covers all eligible employees. The plan enables participating employees to defer a portion of their salary and/or their annual bonus in a retirement fund to be administered by the Company. The Company makes a discretionary match contribution of 50% of employees' elective salary deferrals, up to a maximum of 6% of eligible employee compensation. The matching contributions for the defined contribution plan for the years ended December 31, 2014 , 2013 and 2012 were $0.3 million , $0.2 million , and $0.2 million , respectively. The Company maintains a non-qualified deferred compensation plan that covers most management and other highly-compensated employees. The plan allows the participants to defer, on a pre-tax basis, a portion of their base annual salary and/or their annual bonus, and earn tax-deferred earnings on these deferrals. The plan also provides for matching Company contributions that vest over a five -year period. The Company has established a Trust, and transfers to the Trust, on a periodic basis, an amount necessary to provide for its respective future liabilities with respect to participant deferral and Company contribution amounts. The Company's matching contributions for the non-qualified deferred compensation plan for the years ended December 31, 2014 , 2013 and 2012 were $0.4 million , $0.3 million and $0.1 million , respectively. The Company's deferred compensation liability, which was included in other current liabilities within the consolidated balance sheet, was $14.4 million and $12.8 million at December 31, 2014 and 2013 , respectively and primarily relates to balances contributed as part of the Spin-Off as related to the Company's executive officers that were previously employed by Penn. Assets held in the Trust were $14.3 million and $12.7 million at December 31, 2014 and 2013 , respectively, and are included in other current assets within the consolidated balance sheet. Labor Agreements Some of Hollywood Casino Perryville's employees are currently represented by labor unions. The Seafarers Entertainment and Allied Trade Union represents 210 of Hollywood Casino Perryville's employees under an agreement that expires in February 2020. Additionally, Local No. 27 United Food and Commercial Workers and United Industrial Service Transportation Professional and Government Workers of North America represent certain employees under collective bargaining agreements that expire in 2020, neither of which represents more than 50 of Hollywood Casino Perryville's employees. If the Company fails to renew or modify existing agreements on satisfactory terms, this failure could have a material adverse effect on Hollywood Casino Perryville's business, financial condition and results of operations. There can be no assurance that Hollywood Casino Perryville will be able to maintain these agreements. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company intends to elect on its U.S. federal income tax return for its taxable year beginning on January 1, 2014 to be treated as a REIT. The benefits of the intended REIT conversion on the Company's tax provision and effective income tax rate are reflected in the tables below. Deferred tax assets and liabilities are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated balance sheets. These temporary differences result in taxable or deductible amounts in future years. The components of the Company's deferred tax assets and liabilities, related to its TRS, are as follows: Year ended December 31, 2014 2013 (in thousands) Deferred tax assets: Accrued expenses $ 2,015 $ 2,228 Property and equipment 679 — Net deferred tax assets 2,694 2,228 Deferred tax liabilities: Property and equipment (336 ) (3,459 ) Intangibles (1,107 ) (823 ) Net deferred tax liabilities (1,443 ) (4,282 ) Net: $ 1,251 $ (2,054 ) The provision for income taxes charged to operations for years ended December 31, 2014 , 2013 and 2012 was as follows: Year ended December 31, 2014 2013 2012 (in thousands) (As restated) (As restated) Current tax expense Federal $ 6,115 $ 17,729 $ 12,216 State 2,303 3,513 2,303 Total current 8,418 21,242 14,519 Deferred tax (benefit) expense Federal (2,680 ) (7,624 ) 64 State (625 ) 1,978 (152 ) Total deferred (3,305 ) (5,646 ) (88 ) Total provision $ 5,113 $ 15,596 $ 14,431 The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2014 , 2013 and 2012 : Year ended December 31, 2014 2013 2012 (As restated) (As restated) Percent of pretax income U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % State and local income taxes 0.7 % 12.6 % 3.0 % Nondeductible transaction costs — % 9.2 % — % REIT conversion benefit (31.8 )% (4.3 )% — % Permanent differences — % (0.9 )% 0.1 % Other miscellaneous items (0.3 )% (0.4 )% 0.5 % 3.6 % 51.2 % 38.6 % Year ended December 31, 2014 2013 2012 (in thousands) (As restated) (As restated) Amount based upon pretax income U.S. federal statutory income tax $ 50,372 $ 10,657 $ 13,073 State and local income taxes 964 3,840 1,126 Nondeductible transaction costs — 2,793 — REIT conversion benefit (45,777 ) (1,322 ) — Permanent differences 52 (268 ) 30 Other miscellaneous items (498 ) (104 ) 202 $ 5,113 $ 15,596 $ 14,431 The Company is still subject to federal income tax examinations for its years ended December 31, 2014 and 2013. |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2014 | |
Dividends [Abstract] | |
Dividends | 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. Additionally, on December 19, 2014, the Company made a one-time distribution of $37.0 million to shareholders in order to confirm the Company appropriately allocated its historical earnings and profits relative to the separation from Penn, in response to the Pre-Filing Agreement requested from the IRS. In addition, cash distributions were made to or accrued for both GLPI restricted stock award holders and GLPI and Penn unvested employee stock options in the amount of $0.7 million for this one-time distribution. Also 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 . On September 3, 2014 , the Company’s Board of Directors declared a third quarter dividend of $0.52 per common share, which was paid on September 26, 2014 , in the amount of $58.5 million , to shareholders of record on September 15, 2014 . In addition, third 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 November 18, 2014 , the Company’s Board of Directors declared a fourth quarter dividend of $0.92 per common share, which was paid on December 19, 2014 , in the amount of $103.7 million , to shareholders of record on December 2, 2014 . The $0.92 per share dividend included a regular quarterly dividend of $0.52 per share and a one-time dividend of $0.40 per share. The one-time dividend is related to distributions made to confirm the Company appropriately allocated its historical earnings and profits relative to the separation from Penn, in response to the Pre-Filing Agreement requested from the Internal Revenue Service and to ensure that the Company has distributed 100% of its taxable income for the 2014 year. In addition, fourth quarter regular quarterly 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 . A summary of the Company's common stock distributions for the year ended December 31, 2014 is as follows: Qualified dividends $ 12.24 Non-qualified dividends 1.90 Capital gains 0.16 Non-taxable return of capital 0.02 Total distributions per common share $ 14.32 Percentage classified as qualified dividends 85.47 % Percentage classified as non-qualified dividends 13.27 % Percentage classified as capital gains 1.12 % Percentage classified as non-taxable return of capital 0.14 % 100.00 % |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation As of December 31, 2014 , the Company had 4,380,854 shares available for future issuance under the 2013 Long Term Incentive Compensation Plan (the "2013 Plan") that was approved by shareholders on October 23, 2013. The 2013 Plan provides for the Company to issue stock options (incentive and/or non-qualified), stock appreciation rights, restricted stock awards, phantom stock units and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards. In connection with the Spin-Off, each outstanding option and cash settled SAR with respect to Penn common stock outstanding on the distribution date was converted into two awards, an adjusted Penn option and a GLPI option, or, in the case of the SARs, an adjusted Penn SAR and a GLPI SAR. The adjustment preserved the aggregate intrinsic value of the options and SARs. Additionally, holders of outstanding restricted stock and PSUs with respect to Penn common stock became entitled to an additional share of restricted stock or PSU with respect to GLPI common stock for each share of Penn restricted stock or PSU held so that the intrinsic value of these awards were equivalent to those that existed immediately prior to the Spin-Off. These awards are not counted against the 2013 Plan limit mentioned above. 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 at the time of the Spin-Off related to both Penn and GLPI's stock options and restricted stock awards held by GLPI employees will be amortized to expense over the awards' remaining vesting periods. As of December 31, 2014 , there was $2.5 million of total unrecognized compensation cost for stock options that will be recognized over the grants remaining weighted average vesting period of 1.00 year . For the years ended December 31, 2014 and 2013 , the Company recognized $5.8 million and $1.2 million , respectively of compensation expense associated with these awards. There was no compensation cost recognized for the year ended December 31, 2012 related to stock options. In addition, the Company also recognized $15.3 million of compensation expense for the year ended December 31, 2014 , relating to the $2.48 per share dividends paid on vested employee stock options. The following tables contain information on stock options issued and outstanding for the year ended December 31, 2014 : Number of Option Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2013 (1) 13,662,842 $ 18.42 Exercised (2,330,848 ) 16.24 Canceled (170,152 ) 21.47 Outstanding at December 31, 2014 11,161,842 $ 18.83 2.37 $ 119,233 (1) The number of outstanding stock options and the weighted average exercise price of these options was adjusted for the period ended December 31, 2013, as part of the Purging Distribution. The number of stock options outstanding at December 31, 2013 includes 3,324,389 shares resulting from the distribution. Exercise Price Range Total $10.22 to $15.39 $15.78 to $23.68 $23.72 to $35.87 $10.22 to $35.87 Outstanding options Number outstanding 1,121,623 8,855,409 1,184,810 11,161,842 Weighted-average remaining contractual life (years) 1.03 2.58 2.06 2.37 Weighted-average exercise price $ 12.45 $ 18.88 $ 24.50 $ 18.83 Exercisable options Number outstanding 1,121,623 7,474,418 1,174,898 9,770,939 Weighted-average exercise price $ 12.45 $ 18.38 $ 24.49 $ 18.44 The Company had 9,770,939 stock options that were exercisable at December 31, 2014 with a weighted average exercise price of $18.44 which had an intrinsic value of $108.2 million . The aggregate intrinsic value of stock options exercised during 2014 was $43.1 million . The Company issues new authorized common shares to satisfy stock option exercises and plans to do the same for restricted stock lapses once they occur. As of December 31, 2014 , there was $9.6 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants remaining weighted average vesting period of 2.27 years . For the years ended December 31, 2014 and 2013 , the Company recognized $3.6 million and $0.4 million , respectively, of compensation expense associated with these awards. There was no compensation cost recognized for the year ended December 31, 2012 related to restricted stock awards. The following table contains information on restricted stock award activity for the year ended December 31, 2014 : Number of Award Shares Outstanding at December 31, 2013 (1) 525,328 Granted 240,149 Released (237,618 ) Canceled (59,018 ) Outstanding at December 31, 2014 468,841 (1) The number of outstanding restricted stock awards was adjusted for the period ended December 31, 2013, as part of the Purging Distribution. The number of restricted awards outstanding at December 31, 2013 includes 106,261 shares resulting from the distribution. On April 25, 2014, the Company awarded market performance-based restricted stock awards with a three -year cliff vesting. The amount of performance-based 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 December 31, 2014 , there was $9.6 million of total unrecognized compensation cost, which will be recognized over the awards remaining weighted average vesting period of 2.32 years for performance-based restricted stock awards. For the year ended December 31, 2014 the Company recognized $2.9 million of compensation expense associated with these awards. The following table contains information on performance-based restricted stock award activity for the year ended December 31, 2014 : Number of Performance-Based Award Shares Outstanding at December 31, 2013 — Granted 613,556 Released — Canceled (70,000 ) Outstanding at December 31, 2014 543,556 As of December 31, 2014 , there was $5.1 million of total unrecognized compensation cost, which will be recognized over the awards remaining weighted average vesting period of 1.70 years , for Penn and GLPI PSUs held by GLPI employees that will be cash-settled by GLPI. For the years ended December 31, 2014 and 2013 , the Company recognized $2.5 million and $1.2 million , respectively of compensation expense associated with these awards. In addition, the Company also recognized $0.8 million for the year ended December 31, 2014 relating to the Purging Distribution dividend and the $2.48 per share dividends paid on unvested PSUs. As of December 31, 2014 , there was $0.2 million of total unrecognized compensation cost, which will be recognized over the grants remaining weighted average vesting period of 1.32 years , for Penn and GLPI SARs held by GLPI employees that will be cash-settled by GLPI. For the years ended December 31, 2014 and 2013 , the Company recognized $67 thousand and $0.2 million , respectively of compensation expense associated with these awards. There was no compensation cost recognized for the year ended December 31, 2012 related to SARs. 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 | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Segment Information | 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. GLP Capital (1) TRS Properties Eliminations (2) Total (in thousands) For the year ended December 31, 2014, as restated Net revenues $ 436,944 $ 154,124 $ — $ 591,068 Income from operations 234,971 23,535 — 258,506 Interest, net 114,588 10,406 (10,408 ) 114,586 Income before income taxes 130,791 13,129 — 143,920 Income tax expense 211 4,902 — 5,113 Net income 130,580 8,227 — 138,807 Depreciation 94,582 12,261 — 106,843 Capital project expenditures, net of reimbursements 139,231 — — 139,231 Capital maintenance expenditures — 3,538 — 3,538 For the year ended December 31, 2013, as restated Net revenues $ 69,880 $ 165,572 $ — $ 235,452 Income from operations 27,656 26,249 — 53,905 Interest, net 19,254 (1 ) — 19,253 Income before income taxes 8,402 22,047 — 30,449 Income tax expense 6,767 8,829 — 15,596 Net income 1,635 13,218 — 14,853 Depreciation 14,896 14,027 — 28,923 Capital project expenditures, net of reimbursements 13,042 (844 ) — 12,198 Capital maintenance expenditures — 4,230 — 4,230 For the year ended December 31, 2012 Net revenues $ — $ 210,643 $ — $ 210,643 Income from operations — 43,668 — 43,668 Interest, net — (2 ) — (2 ) Income before income taxes — 37,350 — 37,350 Income tax expense — 14,431 — 14,431 Net income — 22,919 — 22,919 Depreciation — 14,090 — 14,090 Capital project expenditures, net of reimbursements — 1,930 — 1,930 Capital maintenance expenditures — 3,260 — 3,260 Balance sheet at December 31, 2014, as restated Total assets $ 2,335,472 $ 229,108 $ — $ 2,564,580 Balance sheet at December 31, 2013, as restated Total assets $ 2,379,243 $ 229,996 $ — $ 2,609,239 (1) GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off. For the year ended December 31, 2013 , results included transaction costs associated with the Spin-Off of $13.5 million . (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. |
Summarized Quarterly Data (Unau
Summarized Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2014 | |
Selected Quarterly Financial Information [Abstract] | |
Summarized Quarterly Data | Summarized Quarterly Data (Unaudited) The following table summarizes the quarterly results of operations for the years ended December 31, 2014 and 2013 : Fiscal Quarter First Second Third Fourth (in thousands, except per share data) 2014, as restated Net revenues $ 148,312 $ 150,770 $ 146,906 $ 145,080 Income from operations 64,318 67,358 66,733 60,097 Net income 34,296 36,996 37,313 30,202 Earnings per common share: Basic earnings per common share $ 0.31 $ 0.33 $ 0.33 $ 0.27 Diluted earnings per common share $ 0.29 $ 0.31 $ 0.32 $ 0.26 2013, as restated Net revenues $ 42,648 $ 46,072 $ 39,633 $ 107,099 Income from operations 6,811 9,090 5,665 32,339 Net income 3,216 4,699 2,681 4,257 Earnings per common share: Basic earnings per common share $ 0.04 $ 0.04 $ 0.02 $ 0.04 Diluted earnings per common share $ 0.03 $ 0.04 $ 0.02 $ 0.04 (1) During the fourth quarter of 2013, the Company recognized rental revenue related to the Master Lease, which became effective at Spin-Off (November 1, 2013), of $69.9 million . (2) The Company's fiscal year 2013 fourth quarter results include transaction costs of $13.5 million associated with the Spin-Off and depreciation expense of $14.8 million related to the real property assets transferred to GLPI as part of the Spin-Off. Also during the fourth quarter of 2013, the Company entered into a new five year senior unsecured credit facility and completed offerings of $2,050.0 million aggregate principal of new senior unsecured notes in October 2013. The Company incurred interest expense of $19.3 million related to its new borrowings during the fourth quarter of 2013. The following information reconciles the Company's previously reported financial information with as restated amounts for its quarterly reporting periods ended December 31, 2013 through December 31, 2014. Refer to Note 3 for further information regarding the restatement of previously reported financial information. Three Months Ended March 31, 2014 Three Months Ended June 30, 2014 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (in thousands, except per share data) Net revenues $ 158,328 $ (10,016 ) $ 148,312 $ 160,786 $ (10,016 ) $ 150,770 Income from operations 74,334 (10,016 ) 64,318 77,374 (10,016 ) 67,358 Net income 44,312 (10,016 ) 34,296 47,012 (10,016 ) 36,996 Earnings per common share Basic earnings per common share $ 0.40 $ (0.09 ) $ 0.31 $ 0.42 $ (0.09 ) $ 0.33 Diluted earnings per common share $ 0.38 $ (0.09 ) $ 0.29 $ 0.40 $ (0.09 ) $ 0.31 Three Months Ended September 30, 2014 Three Months Ended December 31, 2014 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (in thousands, except per share data) Net revenues $ 157,795 $ (10,889 ) $ 146,906 $ 159,036 $ (13,956 ) $ 145,080 Income from operations 77,622 (10,889 ) 66,733 74,053 (13,956 ) 60,097 Net income 49,902 (12,589 ) 37,313 44,158 (13,956 ) 30,202 Earnings per common share Basic earnings per common share $ 0.44 $ (0.11 ) $ 0.33 $ 0.39 $ (0.12 ) $ 0.27 Diluted earnings per common share $ 0.42 $ (0.10 ) $ 0.32 $ 0.38 $ (0.12 ) $ 0.26 Three Months Ended December 31, 2013 As Previously Reported Adjustments As Restated (in thousands, except per share data) Net revenues $ 113,776 $ (6,677 ) $ 107,099 Income from operations 39,016 (6,677 ) 32,339 Net income 9,234 (4,977 ) 4,257 Earnings per common share Basic earnings per common share $ 0.08 $ (0.04 ) $ 0.04 Diluted earnings per common share $ 0.08 $ (0.04 ) $ 0.04 |
Pre-Spin Transactions with Penn
Pre-Spin Transactions with Penn | 12 Months Ended |
Dec. 31, 2014 | |
Pre-Spin Transactions with Penn | |
Pre-Spin Transactions with Penn | 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 $4.2 million and $6.3 million for the years ended December 31, 2013 (before the Spin-Off) and 2012, 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 Cas
Supplemental Disclosures of Cash Flow Information | 12 Months Ended |
Dec. 31, 2014 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flow Information | 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 $9.4 million and $13.2 million , respectively, for the years ended December 31, 2013 and 2012, respectively. Hollywood Casino Baton Rouge and Hollywood Casino Perryville made state income tax payments directly to the state authorities of $1.6 million and $2.8 million for the years ended December 31, 2013 and 2012, respectively. Cash paid for income taxes was $20.1 million , net of refunds, for the year ended December 31, 2014 . Cash paid for interest was $109.4 million and $0.8 million for the years ended December 31, 2014 and 2013 , respectively, and no interest was paid for the year ended December 31, 2012. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions On September 19, 2014, the Company entered into an Agreement of Sale (the "Sale Agreement") with Wyomissing Professional Center Inc. ("WPC") and acquired certain land in an office complex known as The Wyomissing Professional Center Campus, located in Wyomissing, Pennsylvania, in exchange for the payment of $725,000 in cash to WPC, plus taxes and closing costs. In addition, the Company reimbursed WPC approximately $270,000 for site work and pre-development costs previously completed per the Sale Agreement. The Company subsequently paid an additional $244,000 to WPC during the year ended December 31, 2014 in connection with numerous construction costs WPC paid on the Company's behalf. In connection with completion of construction of the building in The Wyomissing Professional Center Campus, on September 24, 2014, the Company entered into an agreement (the "Construction Management Agreement") with CB Consulting Group LLC (the "Construction Manager"). Pursuant to the Construction Management Agreement, the Construction Manager will, among other things, provide certain construction management services to the Company in exchange for three percent ( 3% ) of the total cost of work to complete the building construction project, and certain additional costs for added services. During the year ended December 31, 2014 , the Company paid approximately $59,000 to the Construction Manager. Peter M. Carlino, the Company’s Chairman of the Board of Directors and Chief Executive Officer, is also the sole owner of WPC. In addition, Mr. Carlino’s son owns a material interest in the Construction Manager. |
Supplmentary Condensed Consolid
Supplmentary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers | 12 Months Ended |
Dec. 31, 2014 | |
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers | |
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers | 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 of December 31, 2014 and 2013 and for the years ended December 31, 2014 , 2013 and 2012 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. As discussed in Note 3, this financial information has been restated, primarily to correct the Company's revenue recognition of percentage rents under the Master Lease with Penn National Gaming, Inc. At December 31, 2014 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 2,042,311 $ 137,813 $ — $ 2,180,124 Property and equipment, used in operations, net 25,228 — 108,800 — 134,028 Cash and cash equivalents 2,643 4,450 28,880 — 35,973 Prepaid expenses 1,096 2,196 3,110 1,498 7,900 Deferred tax assets, current — — 2,015 — 2,015 Other current assets 14,947 27,417 2,890 — 45,254 Goodwill — — 75,521 — 75,521 Other intangible assets — — 9,577 — 9,577 Debt issuance costs, net of accumulated amortization of $9,327 at December 31, 2014 — 39,126 — — 39,126 Loan receivable — — 34,000 — 34,000 Intercompany loan receivable — 193,595 — (193,595 ) — Intercompany transactions and investment in subsidiaries (190,541 ) 195,092 13,701 (18,252 ) — Deferred tax assets, non-current — — 679 — 679 Other assets 256 — 127 — 383 Total assets $ (146,371 ) $ 2,504,187 $ 417,113 $ (210,349 ) $ 2,564,580 Liabilities Accounts payable $ 4,011 $ 188 $ 210 $ — $ 4,409 Accrued expenses 514 119 4,706 — 5,339 Accrued interest — 17,528 — — 17,528 Accrued salaries and wages 10,013 — 2,568 — 12,581 Gaming, property, and other taxes 1,012 18,874 2,855 — 22,741 Deferred income tax liabilities — (165 ) (1,333 ) 1,498 — Current maturities of long-term debt — 81 — — 81 Other current liabilities 14,369 — 1,419 — 15,788 Long-term debt, net of current maturities — 2,609,406 — — 2,609,406 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 51,554 — — 51,554 Deferred tax liabilities, non-current — — 1,443 — 1,443 Total liabilities 29,919 2,697,585 205,463 (192,097 ) 2,740,870 Shareholders’ (deficit) equity Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2014) — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 112,981,088 shares issued at December 31, 2014 1,130 — — — 1,130 Additional paid-in capital 888,860 139,811 292,547 (432,358 ) 888,860 Retained (deficit) earnings (1,066,280 ) (333,209 ) (80,897 ) 414,106 (1,066,280 ) Total shareholders’ (deficit) equity (176,290 ) (193,398 ) 211,650 (18,252 ) (176,290 ) Total liabilities and shareholders’ (deficit) equity $ (146,371 ) $ 2,504,187 $ 417,113 $ (210,349 ) $ 2,564,580 Year ended December 31, 2014 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Revenues Rental $ — $ 373,231 $ 13,172 $ — $ 386,403 Real estate taxes paid by tenants — 48,570 1,964 — 50,534 Total rental revenue — 421,801 15,136 — 436,937 Gaming — — 148,283 — 148,283 Food, beverage and other 7 — 11,614 — 11,621 Total revenues 7 421,801 175,033 — 596,841 Less promotional allowances — — (5,773 ) — (5,773 ) Net revenues 7 421,801 169,260 — 591,068 Operating expenses Gaming — — 82,995 — 82,995 Food, beverage and other — — 9,734 — 9,734 Real estate taxes — 48,576 3,578 — 52,154 General and administrative 54,073 2,758 24,005 — 80,836 Depreciation 1,832 89,833 15,178 — 106,843 Total operating expenses 55,905 141,167 135,490 — 332,562 Income from operations (55,898 ) 280,634 33,770 — 258,506 Other income (expenses) Interest expense (11 ) (117,016 ) (3 ) — (117,030 ) Interest income — — 2,444 — 2,444 Management fee — — — — — Intercompany dividends and interest 612,326 39,805 618,695 (1,270,826 ) — Total other expenses 612,315 (77,211 ) 621,136 (1,270,826 ) (114,586 ) Income before income taxes 556,417 203,423 654,906 (1,270,826 ) 143,920 Income tax expense — 210 4,903 — 5,113 Net income $ 556,417 $ 203,213 $ 650,003 $ (1,270,826 ) $ 138,807 Year ended December 31, 2014 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income $ 556,417 $ 203,213 $ 650,003 $ (1,270,826 ) $ 138,807 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation 1,832 89,833 15,178 — 106,843 Amortization of debt issuance costs — 8,057 — — 8,057 Losses (gains) on dispositions of property 2 (150 ) 158 — 10 Deferred income taxes — — (3,305 ) — (3,305 ) Stock-based compensation 12,258 — — — 12,258 Straight-line rent adjustments — 44,877 — — 44,877 Decrease (increase), Prepaid expenses and other current assets 181 (10,741 ) (1,539 ) 1,498 (10,601 ) Other assets (1,645 ) — (15 ) — (1,660 ) Intercompany 800 (4,015 ) 3,215 — — (Decrease) increase, Accounts payable (16,995 ) 15,526 (181 ) — (1,650 ) Accrued expenses (7,944 ) 119 (619 ) — (8,444 ) Accrued interest — (527 ) — — (527 ) Accrued salaries and wages 2,882 — (638 ) — 2,244 Gaming, pari-mutuel, property and other taxes 871 — (344 ) — 527 Income taxes (1,441 ) (7,625 ) (6,490 ) (1,498 ) (17,054 ) Other current and noncurrent liabilities 1,585 — 1,292 — 2,877 Net cash provided by (used in) operating activities 548,803 338,567 656,715 (1,270,826 ) 273,259 Investing activities Capital project expenditures, net of reimbursements (1,613 ) (137,618 ) — — (139,231 ) Capital maintenance expenditures — — (3,538 ) — (3,538 ) Proceeds from sale of property and equipment — 150 30 — 180 Funding of loan receivable — — (43,000 ) — (43,000 ) Principal payments on loan receivable — — 9,000 — 9,000 Acquisition of real estate — — (140,730 ) — (140,730 ) Net cash used in investing activities (1,613 ) (137,468 ) (178,238 ) — (317,319 ) Financing activities Dividends paid (494,104 ) — — — (494,104 ) Proceeds from exercise of options 29,931 — — — 29,931 Proceeds from issuance of long-term debt — 291,950 — — 291,950 Financing costs — (306 ) — — (306 ) Payments of long-term debt — (32,024 ) — — (32,024 ) Intercompany financing (122,540 ) (677,364 ) (470,922 ) 1,270,826 — Distribution in connection with 2013 Pre-Spin tax matter agreement (635 ) — — — (635 ) Net cash (used in) provided by financing activities (587,348 ) (417,744 ) (470,922 ) 1,270,826 (205,188 ) Net (decrease) increase in cash and cash equivalents (40,158 ) (216,645 ) 7,555 — (249,248 ) Cash and cash equivalents at beginning of period 42,801 221,095 21,325 — 285,221 Cash and cash equivalents at end of period $ 2,643 $ 4,450 $ 28,880 $ — $ 35,973 At December 31, 2013 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (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 tax assets, current — — 1,885 343 2,228 Other current assets 13,438 15,708 906 — 30,052 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 99,414 208,739 303,180 (611,333 ) — Other assets 195 — 4,161 — 4,356 Total assets $ 182,497 $ 2,504,556 $ 533,176 $ (610,990 ) $ 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 Deferred tax liabilities, non-current (4,473 ) 10,608 9,421 — 15,556 Other current liabilities 12,782 — 129 — 12,911 Long-term debt — 2,350,000 — — 2,350,000 Deferred rental revenue — 6,677 — — 6,677 Deferred income taxes — — 3,939 343 4,282 Total liabilities 45,045 2,402,882 23,517 343 2,471,787 Shareholders’ equity (deficit) Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2013) — — — — — Common stock ($.01 par value, 500,000,000 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 earnings (deficit) 132,914 84,403 346,959 (431,362 ) 132,914 Total shareholders’ equity (deficit) 137,452 101,674 509,659 (611,333 ) 137,452 Total liabilities and shareholders’ equity (deficit) $ 182,497 $ 2,504,556 $ 533,176 $ (610,990 ) $ 2,609,239 Year ended December 31, 2013 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental $ — $ 62,278 $ — $ — $ 62,278 Real estate taxes paid by tenants — 7,602 — — 7,602 Total rental revenue — 69,880 — — 69,880 Gaming — — 159,352 — 159,352 Food, beverage and other — — 12,357 — 12,357 Total revenues — 69,880 171,709 — 241,589 Less promotional allowances — — (6,137 ) — (6,137 ) Net revenues — 69,880 165,572 — 235,452 Operating expenses Gaming — — 89,367 — 89,367 Food, beverage and other — — 10,775 — 10,775 Real estate taxes — 7,602 1,618 — 9,220 General and administrative 19,726 — 23,536 — 43,262 Depreciation 74 14,822 14,027 — 28,923 Total operating expenses 19,800 22,424 139,323 — 181,547 Income from operations (19,800 ) 47,456 26,249 — 53,905 Other income (expenses) Interest expense — (19,254 ) — — (19,254 ) Interest income — — 1 — 1 Management fee — — (4,203 ) — (4,203 ) Intercompany dividends and interest 68,955 — 68,955 (137,910 ) — Total other expenses 68,955 (19,254 ) 64,753 (137,910 ) (23,456 ) Income before income taxes 49,155 28,202 91,002 (137,910 ) 30,449 Income tax expense 643 6,124 8,829 — 15,596 Net income $ 48,512 $ 22,078 $ 82,173 $ (137,910 ) $ 14,853 Year ended December 31, 2013 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income $ 48,512 $ 22,078 $ 82,173 $ (137,910 ) $ 14,853 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation 74 14,822 14,027 — 28,923 Amortization of debt issuance costs — 1,270 — — 1,270 Gain on sales of property — — (39 ) — (39 ) Deferred income taxes — — (5,646 ) — (5,646 ) Stock-based compensation 1,566 — — — 1,566 Straight-line rent adjustments — 6,677 — — 6,677 (Increase) decrease, Prepaid expenses and other current assets (1,944 ) — (775 ) 1,834 (885 ) Other assets (662 ) — — — (662 ) Intercompany 2,259 — (2,259 ) — — Increase (decrease), 0 0 0 Accounts payable 20,073 (18,508 ) 1,073 — 2,638 Accrued expenses 8,458 — (462 ) — 7,996 Accrued interest — 18,055 (839 ) — 17,216 Accrued salaries and wages 2,432 — (301 ) — 2,131 Gaming, pari-mutuel, property and other taxes 141 — (148 ) — (7 ) Income taxes (4,473 ) 10,608 (283 ) (1,834 ) 4,018 Other current and noncurrent liabilities 564 — 19 — 583 Net cash provided by (used in) operating activities 77,000 55,002 86,540 (137,910 ) 80,632 Investing activities Capital project expenditures, net of reimbursements (5,532 ) (7,510 ) 844 — (12,198 ) Capital maintenance expenditures — — (4,230 ) — (4,230 ) Proceeds from sale of property and equipment — — 153 — 153 Funding of loan receivable — — — — — Principal payments on loan receivable — — — — — Acquisition of real estate — — — — — Net cash used in investing activities (5,532 ) (7,510 ) (3,233 ) — (16,275 ) Financing activities Net advances to Penn National Gaming, Inc. — — (6,982 ) — (6,982 ) Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off (19,609 ) (1,992,931 ) (77,460 ) — (2,090,000 ) Dividends paid — — — — — Proceeds from exercise of options 1,431 — — — 1,431 Proceeds from issuance of long-term debt — 2,350,000 — — 2,350,000 Financing costs — (48,147 ) — — (48,147 ) Payments of long-term debt — — — — — Intercompany financing (10,489 ) (135,319 ) 7,898 137,910 — Net cash (used in) provided by financing activities (28,667 ) 173,603 (76,544 ) 137,910 206,302 Net increase in cash and cash equivalents 42,801 221,095 6,763 — 270,659 Cash and cash equivalents at beginning of period — — 14,562 — 14,562 Cash and cash equivalents at end of period $ 42,801 $ 221,095 $ 21,325 $ — $ 285,221 Year ended December 31, 2012 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental $ — $ — $ — $ — $ — Real estate taxes paid by tenants — — — — — Total rental revenue — — — — — Gaming — — 202,581 — 202,581 Food, beverage and other — — 15,635 — 15,635 Total revenues — — 218,216 — 218,216 Less promotional allowances — — (7,573 ) — (7,573 ) Net revenues — — 210,643 — 210,643 Operating expenses Gaming — — 113,111 — 113,111 Food, beverage and other — — 13,114 — 13,114 Real estate taxes — — 1,592 — 1,592 General and administrative — — 25,068 — 25,068 Depreciation — — 14,090 — 14,090 Total operating expenses — — 166,975 — 166,975 Income from operations — — 43,668 — 43,668 Other income (expenses) Interest expense — — — — — Interest income — — 2 — 2 Management fee — — (6,320 ) — (6,320 ) Intercompany dividends and interest — — — — — Total other expenses — — (6,318 ) — (6,318 ) Income before income taxes — — 37,350 — 37,350 Income tax expense — — 14,431 — 14,431 Net income $ — $ — $ 22,919 $ — $ 22,919 Year ended December 31, 2012 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income $ — $ — $ 22,919 $ — $ 22,919 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation — — 14,090 — 14,090 Amortization of debt issuance costs — — — — — Gain on sales of property — — (142 ) — (142 ) Deferred income taxes — — (88 ) — (88 ) Stock-based compensation — — — — — (Increase) decrease, Prepaid expenses and other current assets — — 1,513 — 1,513 Other assets — — — — — Intercompany — — — — — Increase (decrease), 0 0 0 Accounts payable — — (260 ) — (260 ) Accrued expenses — — (456 ) — (456 ) Accrued interest — — — — — Accrued salaries and wages — — (394 ) — (394 ) Gaming, pari-mutuel, property and other taxes — — (250 ) — (250 ) Income taxes — — (10,162 ) — (10,162 ) Other current and noncurrent liabilities — — (26 ) — (26 ) Net cash provided by operating activities — — 26,744 — 26,744 Investing activities Capital project expenditures, net of reimbursements — — (1,930 ) — (1,930 ) Capital maintenance expenditures — — (3,260 ) — (3,260 ) Proceeds from sale of property and equipment — — 380 — 380 Funding of loan receivable — — — — — Principal payments on loan receivable — — — — — Acquisition of real estate — — — — — Net cash used in investing activities — — (4,810 ) — (4,810 ) Financing activities Net advances to Penn National Gaming, Inc. — — (24,518 ) — (24,518 ) Dividends paid — — — — — Proceeds from exercise of options — — — — — Proceeds from issuance of long-term debt — — — — — Financing costs — — — — — Payments of long-term debt — — — — — Intercompany financing — — — — — Net cash used in financing activities — — (24,518 ) — (24,518 ) Net decrease in cash and cash equivalents — — (2,584 ) — (2,584 ) Cash and cash equivalents at beginning of period — — 17,146 $ — 17,146 Cash and cash equivalents at end of period $ — $ — $ 14,562 $ — $ 14,562 |
Schedule III Real Estate Assets
Schedule III Real Estate Assets and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2014 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure | SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION December 31, 2014 (in thousands) Initial Cost to Company Net Capitalized Costs (Retirements) Subsequent to Acquisition Gross Amount at which Carried at Close of Period Life on which Depreciation in Latest Income Statement is Computed Original Date of Construction / Renovation Description Location Encumbrances Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total (1) Accumulated Depreciation Date Acquire d Rental Properties: Hollywood Casino Lawrenceburg Lawrenceburg, IN $ — $ 15,251 $ 342,393 $ — $ 15,251 $ 342,392 $ 357,643 $ 85,035 1997/2009 11/1/2013 31 Hollywood Casino Aurora Aurora, IL — 4,937 98,379 (439 ) 4,937 97,940 102,877 48,889 1993/2002/ 2012 11/1/2013 30 Hollywood Casino Joliet Joliet, IL — 19,214 101,104 — 19,214 101,104 120,318 38,926 1992/2003/ 2010 11/1/2013 31 Argosy Casino Alton Alton, IL — — 6,462 — — 6,462 6,462 3,791 1991/1999 11/1/2013 31 Hollywood Casino Toledo Toledo, OH — 12,003 144,094 — 12,003 144,093 156,096 13,722 2012 11/1/2013 31 Hollywood Casino Columbus Columbus, OH — 38,240 188,543 105 38,267 188,622 226,889 16,004 2012 11/1/2013 31 Hollywood Casino at Charles Town Races Charles Town, WV — 35,102 233,069 — 35,102 233,069 268,171 93,991 1997/2010 11/1/2013 31 Hollywood Casino at Penn National Race Course Grantville, PA — 25,500 161,810 — 25,500 161,810 187,310 48,052 2008/2010 11/1/2013 31 M Resort Henderson, NV — 66,104 126,689 — 66,104 126,689 192,793 16,525 2009/2012 11/1/2013 30 Hollywood Casino Bangor Bangor, ME — 12,883 84,257 — 12,883 84,257 97,140 19,690 2008/2012 11/1/2013 31 Zia Park Casino Hobbs, NM — 9,313 38,947 — 9,313 38,947 48,260 12,865 2005 11/1/2013 31 Hollywood Casino Bay St. Louis Bay St. Louis, MS — 59,388 87,352 (17 ) 59,388 87,335 146,723 36,697 1992/2006/ 2011 11/1/2013 40 Argosy Casino Riverside Riverside, MO — 23,468 143,301 — 23,468 143,301 166,769 43,578 1994/2007 11/1/2013 37 Hollywood Casino Tunica Tunica, MS — 4,634 42,031 — 4,634 42,031 46,665 20,452 1994/2012 11/1/2013 31 Boomtown Biloxi Biloxi, MS — 3,423 63,083 — 3,423 63,083 66,506 34,138 1994/2006 11/1/2013 15 Hollywood Casino St. Louis Maryland Heights, MO — 44,198 177,063 — 44,198 177,063 221,261 28,167 1997/2013 11/1/2013 13 Hollywood Casino at Dayton Raceway (2) Dayton, OH — 3,211 — 86,288 3,211 86,288 89,499 1,031 2014 11/1/2013 31 Hollywood Casino at Mahoning Valley Race Track (2) Youngstown, OH — 5,683 — 94,315 5,833 94,164 99,997 827 2014 11/1/2013 31 Casino Queen East St. Louis, IL — 70,716 70,014 — 70,716 70,014 140,730 2,917 1999 1/23/2014 31 $ — $ 453,268 $ 2,108,591 $ 180,252 $ 453,445 $ 2,288,664 $ 2,742,109 $ 565,297 Headquarters Property: GLPI Corporate Office (3) Wyomissing, PA $ — $ 736 $ — $ — $ 736 $ — $ 736 $ — 2014 9/19/2014 N/A $ — $ 454,004 $ 2,108,591 $ 180,252 $ 454,181 $ 2,288,664 $ 2,742,845 $ 565,297 (1) The aggregate cost for federal income tax purposes of the properties listed above was $2.75 billion at December 31, 2014 . (2) Hollywood Casino at Dayton Raceway and Hollywood Casino at Mahoning Valley Race Course were jointly developed with Penn National Gaming, Inc. The costs capitalized subsequent to acquisition represent the capital expenditures incurred by the Company subsequent to the transfer of the development properties at Spin-Off. Both properties commenced operations and began paying rent during the year ended December 31, 2014. (3) Excludes the amounts classified as construction in progress, as presented on the real estate investments, net line item of the Company's consolidated balance sheets and detailed in Note 7 to the consolidated financial statements. A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2014 and 2013 is as follows: Year Ended December 31, 2014 2013 (1) Real Estate: (in thousands) Balance at the beginning of the period $ 2,433,114 $ — Amounts contributed from Spin-Off — 2,433,052 Acquisitions 140,730 — Capital expenditures and assets placed in service 181,404 62 Dispositions (12,403 ) — Balance at the end of the year $ 2,742,845 $ 2,433,114 Accumulated Depreciation: Balance at the beginning of the period $ (484,488 ) $ — Amounts contributed from Spin-Off — (469,666 ) Depreciation expense (92,750 ) (14,822 ) Dispositions 11,941 — Balance at the end of the year $ (565,297 ) $ (484,488 ) (1) The Company's real estate operations commenced on November 1, 2013, in connection with the Spin-Off. See Note 1 to the consolidated financial statements for further information regarding the Spin-Off. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all cash balances and highly-liquid investments with original maturities of three months or less to be cash and cash equivalents. |
Concentration of Credit Risk | Concentration of Credit Risk Concentrations of credit risk arise when a number of operators, tenants, or obligors related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. As of December 31, 2014 , substantially all of the Company's real estate properties were leased to Penn and approximately 97% of the Company's rental revenues were derived from the Master Lease. Revenues from Penn are reported in the Company's GLP Capital, L.P. reportable segment. Penn is a publicly traded company that is subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and is required to file periodic reports on Form 10-K and Form 10-Q with the Securities and Exchange Commission. Penn's net revenues were $2.6 billion for the year ended December 31, 2014 and $2.9 billion for each of the years ended December 31, 2013 and 2012 . Other than the Company's tenant concentration, management believes the Company's portfolio was reasonably diversified by geographical location and did not contain any other significant concentrations of credit risk. As of December 31, 2014 , the Company's portfolio of 19 leased properties and the TRS properties was diversified by location across 12 states. Financial instruments that subject the Company to credit risk consist of cash and cash equivalents, accounts receivable and loans receivable. The Company's policy is to limit the amount of credit exposure to any one financial institution and place investments with financial institutions evaluated as being creditworthy, or in short-term money market and tax-free bond funds which are exposed to minimal interest rate and credit risk. At times, the Company has bank deposits and overnight repurchase agreements that exceed federally-insured limits. |
Prepaid Expenses and Other Assets | Prepaid Expenses and Other Assets Prepaid expenses consist of expenditures for goods (other than inventories) or services before the goods are used or the services are received. These amounts are deferred and charged to operations as the benefits are realized and primarily consist of prepayments for insurance and other contracts that will be expensed during the subsequent year. It also includes property taxes that were paid in advance. Other current assets are items expected to be realized within twelve months of the balance sheet date and primarily consists of accounts receivable, deposits, food and beverage inventory and deferred compensation plan assets (See Note 10 for further details). Other assets are all items that are long-term in nature. |
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. Deferred Compensation Plan Assets and Corresponding Liabilities The Company's deferred compensation plan assets consist of open-ended mutual funds and as such the fair value measurement of the assets is considered a Level 1 measurement as defined under Accounting Standards Code ("ASC") 820 "Fair Value Measurements and Disclosures." Deferred compensation plan assets are included within other current assets on the consolidated balance sheets. Deferred compensation liabilities approximate the plan's assets and are included within other current liabilities on the consolidated balance sheets. The difference between the Company's deferred compensation plan assets and liabilities at both December 31, 2014 and 2013 is related to timing differences between the funding of assets held at the plan trustee and the actual contributions from eligible employees' compensation. Loan Receivable The fair value of the loan receivable approximates the carrying value of the Company's loan receivable, as collection on the outstanding loan balance is reasonably assured. 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. The estimated fair values of the Company’s financial instruments are as follows (in thousands): December 31, 2014 December 31, 2013 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents $ 35,973 $ 35,973 $ 285,221 $ 285,221 Deferred compensation plan assets 14,280 14,280 12,685 12,685 Loan receivable 34,000 34,000 — — Financial liabilities: Deferred compensation plan liabilities 14,369 14,369 12,783 12,783 Long-term debt: Senior unsecured credit facility 558,000 535,010 300,000 294,750 Senior unsecured notes 2,050,000 2,091,000 2,050,000 2,058,750 |
Real Estate Investments | Real Estate Investments The Company records the acquisition of real estate assets at cost, including acquisition and closing costs. The cost of properties developed by the Company include costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. The Company considers the period of future benefit of the asset to determine the appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful lives of the buildings and building improvements which are generally between 10 to 31 years . Additionally, the amortization of real estate assets subject to capital leases is included within the depreciation line item of the Company's consolidated statements of earnings. The Company continually monitors events and circumstances that could indicate that the carrying amount of its real estate investments may not be recoverable or realized. When indicators of potential impairment suggest that the carrying value of a real estate investment may not be recoverable, the Company estimates the fair value of the investment by calculating the undiscounted future cash flows from the use and eventual disposition of the investment. This amount is compared to the asset's carrying value. If the Company determines the carrying amount is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP fair value provisions. The Company groups its real estate investments by tenant in evaluating impairment. In assessing the recoverability of the carrying value, the Company must make assumptions regarding future cash flows and other factors. The factors considered by the Company in performing this assessment include current operating results, market and other applicable trends and residual values, as well as the effect of obsolescence, demand, competition and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss. |
Property and Equipment Used in Operations | Property and Equipment Used in Operations Property and equipment are stated at cost, less accumulated depreciation and represent assets used by the Company's TRS operations and certain corporate assets. Maintenance and repairs that neither add materially to the value of the asset nor appreciably prolong its useful life are charged to expense as incurred. Gains or losses on the disposal of property and equipment are included in the determination of income. Depreciation of property and equipment is recorded using the straight-line method over the following estimated useful lives: Land improvements 15 years Building and improvements 5 to 31 years Furniture, fixtures, and equipment 3 to 31 years Leasehold improvements are depreciated over the shorter of the estimated useful life of the improvement or the related lease term. The estimated useful lives are determined based on the nature of the assets as well as the Company's current operating strategy. The Company reviews the carrying value of its property and equipment for possible impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based upon the estimated undiscounted future cash flows expected to result from its use and eventual disposition. If the Company determines the carrying amount is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP fair value provisions. In estimating expected future cash flows for determining whether an asset is impaired, assets are grouped at the individual property level. In assessing the recoverability of the carrying value of property and equipment, the Company must make assumptions regarding future cash flows and other factors. The factors considered by the Company in performing this assessment include current operating results, market and other applicable trends and residual values, as well as the effect of obsolescence, demand, competition and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss for these assets. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets At both December 31, 2014 and 2013 , the Company had $75.5 million of goodwill and $9.6 million of other intangible assets within its consolidated balance sheets, resulting from the contribution of Hollywood Casino Baton Rouge and Hollywood Casino Perryville in connection with the Spin-Off. The Company's goodwill resides on the books of its Hollywood Casino Baton Rouge subsidiary, while the other intangible asset represents a gaming license on the books of its Hollywood Casino Perryville subsidiary. Both subsidiaries are members of the TRS Properties segment and are considered separate reporting units under ASC 350, "Intangibles - Goodwill and Other" ("ASC 350"). Goodwill is tested at the reporting unit level, which is an operating segment or one level below an operating segment for which discrete financial information is available. Under ASC 350, the Company is required to test goodwill for impairment at least annually and whenever events or circumstances indicate that it is more likely than not that goodwill may be impaired. The Company has elected to perform its annual goodwill impairment test as of October 1 of each year. ASC 350 prescribes a two-step goodwill impairment test, the first step which involves the determination of the fair value of each reporting unit and its comparison to the carrying amount. If the carrying amount exceeds the fair value in step 1, then step 2 of the impairment test is performed to determine the implied value of goodwill. If the implied value of goodwill is less than the goodwill allocated to the reporting unit, an impairment loss is recognized. In accordance with ASC 350, the Company considers its Hollywood Casino Perryville gaming license an indefinite-lived intangible asset that does not require amortization based on the Company's future expectations to operate this casino indefinitely as well as the gaming industry's historical experience in renewing these intangible assets at minimal cost with various state gaming commissions. Rather, the Company's gaming license is tested annually, or more frequently if indicators of impairment exist, for impairment by comparing the fair value of the recorded asset to its carrying amount. If the carrying amount of the indefinite-life intangible asset exceeds its fair value, an impairment loss is recognized. Hollywood Casino Perryville's gaming license will expire in September 2025, fifteen years from the casino's opening date. The Company expects to expense any costs related to the gaming license renewal as incurred. We assessed the fair value of our gaming license using the Greenfield Method under the income approach. The Greenfield Method estimates the fair value of the gaming license assuming the Company built a casino with similar unity to that of the existing facility. The method assumes a theoretical start-up company going into business without any assets other than the intangible asset being valued. As such the value of the license is a function of the following items: • Projected revenues and operating cash flows; • Theoretical construction costs and duration; • Pre-opening expenses; • Discounting that reflects the level of risk associated with receiving future cash flows attributable to the license; and • Remaining useful life of the license The evaluation of goodwill and indefinite-lived intangible assets requires the use of estimates about future operating results to determine the estimated fair value of the reporting unit and the indefinite-lived intangible assets. The Company must make various assumptions and estimates in performing its impairment testing. The implied fair value includes estimates of future cash flows that are based on reasonable and supportable assumptions which represent the Company's best estimates of the cash flows expected to result from the use of the assets. Changes in estimates, increases in the Company's cost of capital, reductions in transaction multiples, changes in operating and capital expenditure assumptions or application of alternative assumptions and definitions could produce significantly different results. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the Company's estimates. If the Company's ongoing estimates of future cash flows are not met, the Company may have to record additional impairment charges in future accounting periods. The Company's estimates of cash flows are based on the current regulatory and economic climates, as well as recent operating information and budgets. These estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, or other events. Forecasted cash flows can be significantly impacted by the local economy in which the Company's subsidiaries operate. For example, increases in unemployment rates can result in decreased customer visitations and/or lower customer spend per visit. In addition, new legislation which approves gaming in nearby jurisdictions or further expands gaming in jurisdictions can result in increased competition for the property. This generally has a negative effect on profitability once competitors become established, as a certain level of cannibalization occurs absent an overall increase in customer visitations. Lastly, increases in gaming taxes approved by state regulatory bodies can negatively impact forecasted cash flows. Assumptions and estimates about future cash flow levels are complex and subjective. They are sensitive to changes in underlying assumptions and can be affected by a variety of factors, including external factors, such as industry, geopolitical and economic trends, and internal factors, such as changes in the Company's business strategy, which may reallocate capital and resources to different or new opportunities which management believes will enhance the Company's overall value but may be to the detriment of its existing operations. The Company determined the fair value of its goodwill and gaming license as of October 1, 2014 utilizing the forecasted cash flow methods described above and compared these values to the carrying value of the assets on its balance sheet. In determining the fair value of each asset, the Company incorporated recent operating trends of both TRS properties, as well as the expected impact of the recent opening of the Horseshoe Casino Baltimore in August 2014 and the anticipated opening of new casino in Prince George's County during the second half of 2016 on Hollywood Casino Perryville into its current year projections. After consideration of these facts, the fair value of both assets exceeded their carrying amounts, and as of October 1, 2014, the Company's goodwill and gaming license were not impaired. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the contractual term of the underlying indebtedness. |
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 years ended December 31, 2014 , 2013 and 2012 and comprehensive income for the years ended December 31, 2014 , 2013 and 2012 was equivalent to net income for those time periods. |
Income Taxes | Income Taxes The TRS Properties are able to engage in activities resulting in income that would not be qualifying income for a REIT. As a result, certain activities of the Company which occur within its TRS Properties are subject to federal and state income taxes. The Company accounts for income taxes in accordance with ASC 740, "Income Taxes" ("ASC 740"). Under ASC 740, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and are measured at the prevailing enacted tax rates that will be in effect when these differences are settled or realized. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realizability of the deferred tax assets is evaluated by assessing the valuation allowance and by adjusting the amount of the allowance, if any, as necessary. The factors used to assess the likelihood of realization are the forecast of future taxable income. ASC 740 also creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not have any uncertain tax positions for the years ended December 31, 2014 , 2013 and 2012 . The Company is required under ASC 740 to disclose its accounting policy for classifying interest and penalties, the amount of interest and penalties charged to expense each period, as well as the cumulative amounts recorded in the consolidated balance sheets. If and when they occur, the Company will classify any income tax-related penalties and interest accrued related to unrecognized tax benefits in taxes on income within the consolidated statements of income. During the year ended December 31, 2014 , the Company recognized $18 thousand of penalties and interest, net of deferred income taxes. During the years ended December 31, 2013 and 2012 , the Company did not recognize any interest and penalties, net of deferred income taxes. The Company intends to elect on its U.S. federal income tax return for its taxable year beginning on January 1, 2014 to be treated as a REIT and the Company, together with an indirectly wholly-owned subsidiary of the Company, GLP Holdings, Inc., intend to jointly elect to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc. as a "taxable REIT subsidiary" effective on the first day of the first taxable year of GLPI as a REIT. The Company intends to continue to be organized and to operate in a manner that will permit the Company to qualify as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to shareholders. As a REIT, the Company generally will not be subject to federal income tax on income that it distributes as dividends to its shareholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax, including any applicable alternative minimum tax, on its taxable income at regular corporate income tax rates, and dividends paid to its shareholders would not be deductible by the Company in computing taxable income. Any resulting corporate liability could be substantial and could materially and adversely affect the Company's net income and net cash available for distribution to shareholders. Unless the Company was entitled to relief under certain Internal Revenue Code provisions, the Company also would be disqualified from re-electing to be taxed as a REIT for the 4 taxable years following the year in which it failed to qualify to be taxed as a REIT. |
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. Additionally, percentage rent that is fixed and determinable at the lease inception date is recorded on a straight-line basis over the lease term, resulting in the recognition of deferred rental revenue on the Company’s consolidated balance sheets. Deferred rental revenue is amortized to rental revenue on a straight-line basis over the remainder of the lease term. The lease term includes the initial non-cancelable lease term and any reasonably assured renewable periods. Contingent rental income that is not fixed and determinable at lease inception is recognized only when the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been transferred to the tenant. As of December 31, 2014 , all but one of the Company’s real estate investment 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 five years by an amount equal to 4% of the average change to net revenues of all facilities under the Master Lease (other than Hollywood Casino Columbus and Hollywood Casino Toledo) during the preceding five years , and (ii) monthly by an amount equal to 20% of the change in net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo during the preceding month. In addition to rent, all properties under the Master Lease with Penn are required to pay the following: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on the leased properties, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor) and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. The rent structure under the Casino Queen lease also 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 facility, which is reset every five years to a fixed amount equal to the greater of (i) the annual amount of non-fixed rent applicable for the lease year immediately preceding such rent reset year and (ii) an amount equal to 4% of the average annual net revenues of the facility for the trailing five year period. Similar to Master Lease, the tenant is responsible for all executory charges described in the above paragraph. As of December 31, 2014 , the future minimum rental income, including any reasonably assured renewable periods, from the Company's properties under non-cancelable operating leases was as follows (in thousands): Year ending December 31, 2015 $ 349,918 2016 349,918 2017 350,418 2018 353,577 2019 369,368 Thereafter 10,663,145 Total, as restated $ 12,436,344 For the years ended December 31, 2014 and 2013 , GLPI recognized $40.5 million and $6.7 million , respectively, in contingent rental income from Hollywood Casino Columbus and Hollywood Casino Toledo related to clause (ii) in the paragraph above. The expected future minimum rental income from these properties, as well as the portion of the rent based on the performance of the other facilities under the Master Lease that is reset in Year 5 (November 1, 2018) of the lease are excluded from the table above as they are considered contingent rental income under ASC 840 "Leases." 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 with an offsetting expense in real estate taxes within the consolidated statement of income as the Company has concluded it is the primary obligor. 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 consolidated statements of income for the years ended December 31, 2014 , 2013 and 2012 : Year Ended December 31, 2014 2013 2012 (in thousands) Video lottery $ 127,572 $ 138,803 $ 189,808 Table game 19,120 18,096 11,891 Poker 1,591 2,453 882 Total gaming revenue, net of cash incentives $ 148,283 $ 159,352 $ 202,581 Gaming revenue is recognized net of certain sales incentives in accordance with ASC 605-50, "Revenue Recognition— Customer Payments and Incentives." The Company records certain sales incentives and points earned in point-loyalty programs as a reduction of revenue. The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the years ended December 31, 2014 , 2013 and 2012 are as follows: Year Ended December 31, 2014 2013 2012 (in thousands) Food and beverage $ 5,732 $ 5,970 $ 6,806 Other 41 167 767 Total promotional allowances $ 5,773 $ 6,137 $ 7,573 The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the years ended December 31, 2014 , 2013 and 2012 are as follows: Year Ended December 31, 2014 2013 2012 (in thousands) Food and beverage $ 2,766 $ 2,907 $ 3,319 Other 15 86 384 Total cost of complimentary services $ 2,781 $ 2,993 $ 3,703 |
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 wagering occurs. At Hollywood Casino Baton Rouge, the gaming and admission tax is based on graduated tax rates. At Hollywood Casino Perryville the gaming and admission tax rate is flat. 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 and admission tax rates change during the year, such changes are applied prospectively in the determination of gaming tax expense in future interim periods. For the years ended December 31, 2014 , 2013 and 2012 , these expenses, which are primarily recorded within gaming expense in the consolidated statements of income, totaled $66.8 million , $71.6 million and $94.9 million , 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 year ended December 31, 2012 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. The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2014 , 2013 and 2012 (in thousands): Year Ended December 31, 2014 2013 2012 Determination of shares: Weighted-average common shares outstanding 112,037 110,617 110,582 Assumed conversion of dilutive employee stock-based awards 5,340 4,924 4,703 Assumed conversion of restricted stock 209 324 318 Assumed conversion of performance-based restricted stock awards — — — Diluted weighted-average common shares outstanding 117,586 115,865 115,603 The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2014 , 2013 and 2012 (in thousands, except per share amounts): Year Ended December 31, 2014 2013 2012 (As restated) (As restated) Calculation of basic EPS: Net income $ 138,807 $ 14,853 $ 22,919 Less: Net income allocated to participating securities (578 ) (56 ) (86 ) Net income attributable to common shareholders $ 138,229 $ 14,797 $ 22,833 Weighted-average common shares outstanding 112,037 110,617 110,582 Basic EPS $ 1.23 $ 0.13 $ 0.21 Calculation of diluted EPS: Net income $ 138,807 $ 14,853 $ 22,919 Diluted weighted-average common shares outstanding 117,586 115,865 115,603 Diluted EPS $ 1.18 $ 0.13 $ 0.20 Options to purchase 17,917 shares were outstanding during the year ended December 31, 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 years ended December 31, 2013 and 2012 that were not included in the computation of diluted EPS because of being antidilutive. Performance-based restricted stock awards were excluded from the computation of diluted EPS for the year ended December 31, 2014 because at the end of the reporting period no contingent shares were issuable based upon the terms of the awards. |
Stock-Based Compensation | Stock-Based Compensation The Company's 2013 Long Term Incentive Compensation Plan (the "2013 Plan") provides for the Company to issue stock options (incentive and/or non-qualified), stock appreciation rights ("SARs"), restricted stock awards, including performance-based restricted stock awards, phantom stock units ("PSUs") and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards. 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. The fair value of the Company's time-based restricted stock awards is equivalent to the closing stock price on the day of grant. The Company utilizes a third party valuation firm to measure the fair value of performance-based restricted stock awards at grant date using the Monte Carlo model. Additionally, the cash-settled PSUs entitle employees to receive cash based on the fair value of the Company’s common stock on the vesting date. These PSUs are accounted for as liability awards and are re-measured at fair value each reporting period until they become vested with compensation expense being recognized over the requisite service period in accordance with ASC 718-30, "Compensation-Stock Compensation, Awards Classified as Liabilities." In addition, the Company’s cash-settled SARs are accounted for as liability awards. 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, each outstanding option and cash settled SAR with respect to Penn common stock outstanding on the distribution date was converted into two awards, an adjusted Penn option and a GLPI option, or, in the case of the SARs, an adjusted Penn SAR and a GLPI SAR. The adjustment preserved the aggregate intrinsic value of the options and SARs. Additionally, in connection with the Spin-Off, holders of outstanding restricted stock and PSUs with respect to Penn common stock became entitled to an additional share of restricted stock or PSU with respect to GLPI common stock for each share of Penn restricted stock or PSU held. The adjusted options and SARs, as well as the restricted stock 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; and for purposes of the GLPI awards (including in determining exercisability and the post-termination exercise period), continued service with Penn following the distribution date shall be deemed continued service with GLPI. The unrecognized compensation relating to both Penn and GLPI’s stock options, SARs, restricted stock awards, performance-based restricted stock awards and PSUs held by GLPI employees will be amortized to expense over the awards’ remaining vesting periods. See Note 13 for further information related to the stock-based compensation. |
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 real estate 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 14 for further information with respect to the Company’s segments. |
Statements of Cash Flows | Statements of Cash Flows The Company has presented the consolidated statements of cash flows using the indirect method, which involves the reconciliation of net income to net cash flow from operating activities. |
Certain Risks and Uncertainties | Certain Risks and Uncertainties The Company is dependent on Penn (including its subsidiaries), who is the lessee of substantially all of the Company's properties pursuant to the Master Lease and accounts for a significant portion of its revenues. The inability or unwillingness of Penn to meet its subsidiary's rent obligations and other obligations under the Master Lease could materially adversely affect the Company's business, financial position or results of operations, including the Company's ability to pay dividends to its shareholders as required to maintain its status as a REIT. For these reasons, if Penn were to experience a material adverse effect on its gaming business, financial position or results of operations, the Company's business, financial position or results of operations could also be materially adversely affected. The Company's operations are also dependent on its continued licensing by state gaming commissions of its gaming tenants and operators. The loss of a license could have an adverse effect on future results of operations. Additionally, the Company is dependent on the local market in which its gaming tenants and operators operate for a significant number of its patrons and revenues. If economic conditions in these areas deteriorate or additional gaming licenses are awarded in these markets, the Company's results of operations could be adversely affected. Furthermore, the Company is dependent upon a stable gaming tax structure in the locations that its gaming tenants and operators operate in. Any change in the tax structure could have an adverse effect on future results of operations. |
Business and Basis of Present29
Business and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Assets and Liabilities Contributed through Spin-Off | The assets and liabilities contributed to GLPI from Penn were as follows (in thousands): Prepaid expenses $ 2,766 Current deferred income tax assets 4,358 Property and equipment, net 2,024,572 Other assets 16,245 Accrued expenses (5,656 ) Other current liabilities (12,219 ) Deferred income tax liabilities (6,493 ) Net contribution $ 2,023,573 |
Restatement of Financial Stat30
Restatement of Financial Statements Restatment of Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | |
Summary of the Impact of the Restatement on the Financial Statements | The following is a summary of the effect of the restatement on (i) the Company's consolidated balance sheets at December 31, 2014 and December 31, 2013 (ii) the Company's consolidated statements of operations for the years ended December 31, 2014 and 2013 and (iii) the Company's consolidated statements of cash flows for the years ended December 31, 2014 and 2013. The Company did not present a summary of the effect of the restatement on the consolidated statement of changes in shareholders' equity (deficit) for any of the above referenced periods because the impact to retained earnings on the condensed consolidated statement of changes in shareholders' equity (deficit) is reflected below in the balance sheet summary. Consolidated Balance Sheets (amounts in thousands) As Previously Reported Adjustments As Restated December 31, 2014: Deferred rental revenue $ — $ 51,554 $ 51,554 Total liabilities 2,689,316 51,554 2,740,870 Retained deficit (1,014,726 ) (51,554 ) (1,066,280 ) Total shareholders' deficit (124,736 ) (51,554 ) (176,290 ) December 31, 2013: Other current assets $ 17,367 $ 12,685 $ 30,052 Other assets 17,041 (12,685 ) 4,356 Income taxes 17,256 (1,700 ) 15,556 Deferred rental revenue — 6,677 6,677 Total liabilities 2,466,810 4,977 2,471,787 Retained earnings 137,891 (4,977 ) 132,914 Total shareholders' equity 142,429 (4,977 ) 137,452 Consolidated Statements of Income (amounts in thousands, except per share data) As Previously Reported Adjustments As Restated Year Ended December 31, 2014: Rental revenues $ 431,280 $ (44,877 ) $ 386,403 Total rental revenue 481,814 (44,877 ) 436,937 Total revenues 641,718 (44,877 ) 596,841 Net revenues 635,945 (44,877 ) 591,068 Income from operations 303,383 (44,877 ) 258,506 Income before income taxes 188,797 (44,877 ) 143,920 Income tax expense 3,413 1,700 5,113 Net income 185,384 (46,577 ) 138,807 Basic earnings per common share $ 1.65 $ (0.42 ) $ 1.23 Diluted earnings per common share $ 1.58 $ (0.40 ) $ 1.18 Year Ended December 31, 2013: Rental revenues $ 68,955 $ (6,677 ) $ 62,278 Total rental revenue 76,557 (6,677 ) 69,880 Total revenues 248,266 (6,677 ) 241,589 Net revenues 242,129 (6,677 ) 235,452 Income from operations 60,582 (6,677 ) 53,905 Income before income taxes 37,126 (6,677 ) 30,449 Income tax expense 17,296 (1,700 ) 15,596 Net income 19,830 (4,977 ) 14,853 Basic earnings per common share $ 0.18 $ (0.05 ) $ 0.13 Diluted earnings per common share $ 0.17 $ (0.04 ) $ 0.13 Consolidated Statements of Cash Flows (amounts in thousands) As Previously Reported Adjustments As Restated Year Ended December 31, 2014: Net income $ 185,384 $ (46,577 ) $ 138,807 Straight-line rent adjustments — 44,877 44,877 Income taxes (18,754 ) 1,700 (17,054 ) Year Ended December 31, 2013: Net income $ 19,830 $ (4,977 ) 14,853 Straight-line rent adjustments — 6,677 6,677 Income taxes 5,718 (1,700 ) 4,018 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Schedule of estimated fair values of financial instruments | The estimated fair values of the Company’s financial instruments are as follows (in thousands): December 31, 2014 December 31, 2013 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents $ 35,973 $ 35,973 $ 285,221 $ 285,221 Deferred compensation plan assets 14,280 14,280 12,685 12,685 Loan receivable 34,000 34,000 — — Financial liabilities: Deferred compensation plan liabilities 14,369 14,369 12,783 12,783 Long-term debt: Senior unsecured credit facility 558,000 535,010 300,000 294,750 Senior unsecured notes 2,050,000 2,091,000 2,050,000 2,058,750 |
Schedule of property, plant and equipment, useful lives | Depreciation of property and equipment is recorded using the straight-line method over the following estimated useful lives: Land improvements 15 years Building and improvements 5 to 31 years Furniture, fixtures, and equipment 3 to 31 years |
Schedule of future minimum lease payments receivable from operating leases | As of December 31, 2014 , the future minimum rental income, including any reasonably assured renewable periods, from the Company's properties under non-cancelable operating leases was as follows (in thousands): Year ending December 31, 2015 $ 349,918 2016 349,918 2017 350,418 2018 353,577 2019 369,368 Thereafter 10,663,145 Total, as restated $ 12,436,344 |
Schedule of the components of gaming revenue | The following table discloses the components of gaming revenue within the consolidated statements of income for the years ended December 31, 2014 , 2013 and 2012 : Year Ended December 31, 2014 2013 2012 (in thousands) Video lottery $ 127,572 $ 138,803 $ 189,808 Table game 19,120 18,096 11,891 Poker 1,591 2,453 882 Total gaming revenue, net of cash incentives $ 148,283 $ 159,352 $ 202,581 |
Schedule of amounts included in promotional allowances | The amounts included in promotional allowances for the years ended December 31, 2014 , 2013 and 2012 are as follows: Year Ended December 31, 2014 2013 2012 (in thousands) Food and beverage $ 5,732 $ 5,970 $ 6,806 Other 41 167 767 Total promotional allowances $ 5,773 $ 6,137 $ 7,573 |
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 years ended December 31, 2014 , 2013 and 2012 are as follows: Year Ended December 31, 2014 2013 2012 (in thousands) Food and beverage $ 2,766 $ 2,907 $ 3,319 Other 15 86 384 Total cost of complimentary services $ 2,781 $ 2,993 $ 3,703 |
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 years ended December 31, 2014 , 2013 and 2012 (in thousands): Year Ended December 31, 2014 2013 2012 Determination of shares: Weighted-average common shares outstanding 112,037 110,617 110,582 Assumed conversion of dilutive employee stock-based awards 5,340 4,924 4,703 Assumed conversion of restricted stock 209 324 318 Assumed conversion of performance-based restricted stock awards — — — Diluted weighted-average common shares outstanding 117,586 115,865 115,603 |
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 years ended December 31, 2014 , 2013 and 2012 (in thousands, except per share amounts): Year Ended December 31, 2014 2013 2012 (As restated) (As restated) Calculation of basic EPS: Net income $ 138,807 $ 14,853 $ 22,919 Less: Net income allocated to participating securities (578 ) (56 ) (86 ) Net income attributable to common shareholders $ 138,229 $ 14,797 $ 22,833 Weighted-average common shares outstanding 112,037 110,617 110,582 Basic EPS $ 1.23 $ 0.13 $ 0.21 Calculation of diluted EPS: Net income $ 138,807 $ 14,853 $ 22,919 Diluted weighted-average common shares outstanding 117,586 115,865 115,603 Diluted EPS $ 1.18 $ 0.13 $ 0.20 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Real Estate [Abstract] | |
Schedule of Real Estate Investments, Net | Real estate investments, net, represents investments in 19 rental properties and the corporate headquarters building and is summarized as follows: December 31, December 31, (in thousands) Land and improvements $ 454,181 $ 382,581 Building and improvements 2,288,664 2,050,533 Construction in progress 2,576 61,677 Total real estate investments 2,745,421 2,494,791 Less accumulated depreciation (565,297 ) (484,488 ) Real estate investments, net $ 2,180,124 $ 2,010,303 |
Property and Equipment Used i33
Property and Equipment Used in Operations (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |
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: December 31, December 31, (in thousands) Land and improvements $ 31,595 $ 27,586 Building and improvements 116,867 115,888 Furniture, fixtures, and equipment 103,612 101,288 Construction in progress 724 203 Total property and equipment 252,798 244,965 Less accumulated depreciation (118,770 ) (105,844 ) Property and equipment, net $ 134,028 $ 139,121 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt, net of current maturities is as follows: December 31, December 31, (in thousands) Senior unsecured credit facility $ 558,000 $ 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 Capital lease 1,487 — Total long-term debt 2,609,487 2,350,000 Less current maturities of long-term debt (81 ) — Long-term debt, net of current maturities $ 2,609,406 $ 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 December 31, 2014 (in thousands): 2015 $ 81 2016 119 2017 107 2018 1,108,113 2019 118 Thereafter 1,500,949 Total minimum payments $ 2,609,487 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at December 31, 2014 are as follows (in thousands): Year ending December 31, 2015 $ 1,528 2016 1,520 2017 1,533 2018 1,531 2019 1,089 Thereafter 44,320 Total $ 51,521 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | The components of the Company's deferred tax assets and liabilities, related to its TRS, are as follows: Year ended December 31, 2014 2013 (in thousands) Deferred tax assets: Accrued expenses $ 2,015 $ 2,228 Property and equipment 679 — Net deferred tax assets 2,694 2,228 Deferred tax liabilities: Property and equipment (336 ) (3,459 ) Intangibles (1,107 ) (823 ) Net deferred tax liabilities (1,443 ) (4,282 ) Net: $ 1,251 $ (2,054 ) |
Schedule of Components of Income Tax Expense | The provision for income taxes charged to operations for years ended December 31, 2014 , 2013 and 2012 was as follows: Year ended December 31, 2014 2013 2012 (in thousands) (As restated) (As restated) Current tax expense Federal $ 6,115 $ 17,729 $ 12,216 State 2,303 3,513 2,303 Total current 8,418 21,242 14,519 Deferred tax (benefit) expense Federal (2,680 ) (7,624 ) 64 State (625 ) 1,978 (152 ) Total deferred (3,305 ) (5,646 ) (88 ) Total provision $ 5,113 $ 15,596 $ 14,431 |
Schedules of Effective Income Tax Rate Reconciliations | The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2014 , 2013 and 2012 : Year ended December 31, 2014 2013 2012 (As restated) (As restated) Percent of pretax income U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % State and local income taxes 0.7 % 12.6 % 3.0 % Nondeductible transaction costs — % 9.2 % — % REIT conversion benefit (31.8 )% (4.3 )% — % Permanent differences — % (0.9 )% 0.1 % Other miscellaneous items (0.3 )% (0.4 )% 0.5 % 3.6 % 51.2 % 38.6 % Year ended December 31, 2014 2013 2012 (in thousands) (As restated) (As restated) Amount based upon pretax income U.S. federal statutory income tax $ 50,372 $ 10,657 $ 13,073 State and local income taxes 964 3,840 1,126 Nondeductible transaction costs — 2,793 — REIT conversion benefit (45,777 ) (1,322 ) — Permanent differences 52 (268 ) 30 Other miscellaneous items (498 ) (104 ) 202 $ 5,113 $ 15,596 $ 14,431 |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Dividends [Abstract] | |
Dividends Classification | A summary of the Company's common stock distributions for the year ended December 31, 2014 is as follows: Qualified dividends $ 12.24 Non-qualified dividends 1.90 Capital gains 0.16 Non-taxable return of capital 0.02 Total distributions per common share $ 14.32 Percentage classified as qualified dividends 85.47 % Percentage classified as non-qualified dividends 13.27 % Percentage classified as capital gains 1.12 % Percentage classified as non-taxable return of capital 0.14 % 100.00 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation, Stock Options Activity | The following tables contain information on stock options issued and outstanding for the year ended December 31, 2014 : Number of Option Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2013 (1) 13,662,842 $ 18.42 Exercised (2,330,848 ) 16.24 Canceled (170,152 ) 21.47 Outstanding at December 31, 2014 11,161,842 $ 18.83 2.37 $ 119,233 (1) The number of outstanding stock options and the weighted average exercise price of these options was adjusted for the period ended December 31, 2013, as part of the Purging Distribution. The number of stock options outstanding at December 31, 2013 includes 3,324,389 shares resulting from the distribution. |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable | Exercise Price Range Total $10.22 to $15.39 $15.78 to $23.68 $23.72 to $35.87 $10.22 to $35.87 Outstanding options Number outstanding 1,121,623 8,855,409 1,184,810 11,161,842 Weighted-average remaining contractual life (years) 1.03 2.58 2.06 2.37 Weighted-average exercise price $ 12.45 $ 18.88 $ 24.50 $ 18.83 Exercisable options Number outstanding 1,121,623 7,474,418 1,174,898 9,770,939 Weighted-average exercise price $ 12.45 $ 18.38 $ 24.49 $ 18.44 |
Schedule of Share-based Compensation, Restricted Stock Awards Activity | The following table contains information on restricted stock award activity for the year ended December 31, 2014 : Number of Award Shares Outstanding at December 31, 2013 (1) 525,328 Granted 240,149 Released (237,618 ) Canceled (59,018 ) Outstanding at December 31, 2014 468,841 (1) The number of outstanding restricted stock awards was adjusted for the period ended December 31, 2013, as part of the Purging Distribution. The number of restricted awards outstanding at December 31, 2013 includes 106,261 shares resulting from the distribution. |
Share-based Compensation, Performance-Based Restricted Stock Awards Activity | The following table contains information on performance-based restricted stock award activity for the year ended December 31, 2014 : Number of Performance-Based Award Shares Outstanding at December 31, 2013 — Granted 613,556 Released — Canceled (70,000 ) Outstanding at December 31, 2014 543,556 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables present certain information with respect to the Company’s segments. Intersegment revenues between the Company’s segments were not material in any of the periods presented below. GLP Capital (1) TRS Properties Eliminations (2) Total (in thousands) For the year ended December 31, 2014, as restated Net revenues $ 436,944 $ 154,124 $ — $ 591,068 Income from operations 234,971 23,535 — 258,506 Interest, net 114,588 10,406 (10,408 ) 114,586 Income before income taxes 130,791 13,129 — 143,920 Income tax expense 211 4,902 — 5,113 Net income 130,580 8,227 — 138,807 Depreciation 94,582 12,261 — 106,843 Capital project expenditures, net of reimbursements 139,231 — — 139,231 Capital maintenance expenditures — 3,538 — 3,538 For the year ended December 31, 2013, as restated Net revenues $ 69,880 $ 165,572 $ — $ 235,452 Income from operations 27,656 26,249 — 53,905 Interest, net 19,254 (1 ) — 19,253 Income before income taxes 8,402 22,047 — 30,449 Income tax expense 6,767 8,829 — 15,596 Net income 1,635 13,218 — 14,853 Depreciation 14,896 14,027 — 28,923 Capital project expenditures, net of reimbursements 13,042 (844 ) — 12,198 Capital maintenance expenditures — 4,230 — 4,230 For the year ended December 31, 2012 Net revenues $ — $ 210,643 $ — $ 210,643 Income from operations — 43,668 — 43,668 Interest, net — (2 ) — (2 ) Income before income taxes — 37,350 — 37,350 Income tax expense — 14,431 — 14,431 Net income — 22,919 — 22,919 Depreciation — 14,090 — 14,090 Capital project expenditures, net of reimbursements — 1,930 — 1,930 Capital maintenance expenditures — 3,260 — 3,260 Balance sheet at December 31, 2014, as restated Total assets $ 2,335,472 $ 229,108 $ — $ 2,564,580 Balance sheet at December 31, 2013, as restated Total assets $ 2,379,243 $ 229,996 $ — $ 2,609,239 (1) GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off. For the year ended December 31, 2013 , results included transaction costs associated with the Spin-Off of $13.5 million . (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. |
Summarized Quarterly Data (Un40
Summarized Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Financial Information | The following table summarizes the quarterly results of operations for the years ended December 31, 2014 and 2013 : Fiscal Quarter First Second Third Fourth (in thousands, except per share data) 2014, as restated Net revenues $ 148,312 $ 150,770 $ 146,906 $ 145,080 Income from operations 64,318 67,358 66,733 60,097 Net income 34,296 36,996 37,313 30,202 Earnings per common share: Basic earnings per common share $ 0.31 $ 0.33 $ 0.33 $ 0.27 Diluted earnings per common share $ 0.29 $ 0.31 $ 0.32 $ 0.26 2013, as restated Net revenues $ 42,648 $ 46,072 $ 39,633 $ 107,099 Income from operations 6,811 9,090 5,665 32,339 Net income 3,216 4,699 2,681 4,257 Earnings per common share: Basic earnings per common share $ 0.04 $ 0.04 $ 0.02 $ 0.04 Diluted earnings per common share $ 0.03 $ 0.04 $ 0.02 $ 0.04 (1) During the fourth quarter of 2013, the Company recognized rental revenue related to the Master Lease, which became effective at Spin-Off (November 1, 2013), of $69.9 million . (2) The Company's fiscal year 2013 fourth quarter results include transaction costs of $13.5 million associated with the Spin-Off and depreciation expense of $14.8 million related to the real property assets transferred to GLPI as part of the Spin-Off. Also during the fourth quarter of 2013, the Company entered into a new five year senior unsecured credit facility and completed offerings of $2,050.0 million aggregate principal of new senior unsecured notes in October 2013. The Company incurred interest expense of $19.3 million related to its new borrowings during the fourth quarter of 2013. The following information reconciles the Company's previously reported financial information with as restated amounts for its quarterly reporting periods ended December 31, 2013 through December 31, 2014. Refer to Note 3 for further information regarding the restatement of previously reported financial information. Three Months Ended March 31, 2014 Three Months Ended June 30, 2014 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (in thousands, except per share data) Net revenues $ 158,328 $ (10,016 ) $ 148,312 $ 160,786 $ (10,016 ) $ 150,770 Income from operations 74,334 (10,016 ) 64,318 77,374 (10,016 ) 67,358 Net income 44,312 (10,016 ) 34,296 47,012 (10,016 ) 36,996 Earnings per common share Basic earnings per common share $ 0.40 $ (0.09 ) $ 0.31 $ 0.42 $ (0.09 ) $ 0.33 Diluted earnings per common share $ 0.38 $ (0.09 ) $ 0.29 $ 0.40 $ (0.09 ) $ 0.31 Three Months Ended September 30, 2014 Three Months Ended December 31, 2014 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (in thousands, except per share data) Net revenues $ 157,795 $ (10,889 ) $ 146,906 $ 159,036 $ (13,956 ) $ 145,080 Income from operations 77,622 (10,889 ) 66,733 74,053 (13,956 ) 60,097 Net income 49,902 (12,589 ) 37,313 44,158 (13,956 ) 30,202 Earnings per common share Basic earnings per common share $ 0.44 $ (0.11 ) $ 0.33 $ 0.39 $ (0.12 ) $ 0.27 Diluted earnings per common share $ 0.42 $ (0.10 ) $ 0.32 $ 0.38 $ (0.12 ) $ 0.26 Three Months Ended December 31, 2013 As Previously Reported Adjustments As Restated (in thousands, except per share data) Net revenues $ 113,776 $ (6,677 ) $ 107,099 Income from operations 39,016 (6,677 ) 32,339 Net income 9,234 (4,977 ) 4,257 Earnings per common share Basic earnings per common share $ 0.08 $ (0.04 ) $ 0.04 Diluted earnings per common share $ 0.08 $ (0.04 ) $ 0.04 |
Supplementary Condensed Consoli
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Tables) | 12 Months Ended |
Dec. 31, 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 of December 31, 2014 and 2013 and for the years ended December 31, 2014 , 2013 and 2012 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. As discussed in Note 3, this financial information has been restated, primarily to correct the Company's revenue recognition of percentage rents under the Master Lease with Penn National Gaming, Inc. At December 31, 2014 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 2,042,311 $ 137,813 $ — $ 2,180,124 Property and equipment, used in operations, net 25,228 — 108,800 — 134,028 Cash and cash equivalents 2,643 4,450 28,880 — 35,973 Prepaid expenses 1,096 2,196 3,110 1,498 7,900 Deferred tax assets, current — — 2,015 — 2,015 Other current assets 14,947 27,417 2,890 — 45,254 Goodwill — — 75,521 — 75,521 Other intangible assets — — 9,577 — 9,577 Debt issuance costs, net of accumulated amortization of $9,327 at December 31, 2014 — 39,126 — — 39,126 Loan receivable — — 34,000 — 34,000 Intercompany loan receivable — 193,595 — (193,595 ) — Intercompany transactions and investment in subsidiaries (190,541 ) 195,092 13,701 (18,252 ) — Deferred tax assets, non-current — — 679 — 679 Other assets 256 — 127 — 383 Total assets $ (146,371 ) $ 2,504,187 $ 417,113 $ (210,349 ) $ 2,564,580 Liabilities Accounts payable $ 4,011 $ 188 $ 210 $ — $ 4,409 Accrued expenses 514 119 4,706 — 5,339 Accrued interest — 17,528 — — 17,528 Accrued salaries and wages 10,013 — 2,568 — 12,581 Gaming, property, and other taxes 1,012 18,874 2,855 — 22,741 Deferred income tax liabilities — (165 ) (1,333 ) 1,498 — Current maturities of long-term debt — 81 — — 81 Other current liabilities 14,369 — 1,419 — 15,788 Long-term debt, net of current maturities — 2,609,406 — — 2,609,406 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 51,554 — — 51,554 Deferred tax liabilities, non-current — — 1,443 — 1,443 Total liabilities 29,919 2,697,585 205,463 (192,097 ) 2,740,870 Shareholders’ (deficit) equity Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2014) — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 112,981,088 shares issued at December 31, 2014 1,130 — — — 1,130 Additional paid-in capital 888,860 139,811 292,547 (432,358 ) 888,860 Retained (deficit) earnings (1,066,280 ) (333,209 ) (80,897 ) 414,106 (1,066,280 ) Total shareholders’ (deficit) equity (176,290 ) (193,398 ) 211,650 (18,252 ) (176,290 ) Total liabilities and shareholders’ (deficit) equity $ (146,371 ) $ 2,504,187 $ 417,113 $ (210,349 ) $ 2,564,580 Year ended December 31, 2014 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Revenues Rental $ — $ 373,231 $ 13,172 $ — $ 386,403 Real estate taxes paid by tenants — 48,570 1,964 — 50,534 Total rental revenue — 421,801 15,136 — 436,937 Gaming — — 148,283 — 148,283 Food, beverage and other 7 — 11,614 — 11,621 Total revenues 7 421,801 175,033 — 596,841 Less promotional allowances — — (5,773 ) — (5,773 ) Net revenues 7 421,801 169,260 — 591,068 Operating expenses Gaming — — 82,995 — 82,995 Food, beverage and other — — 9,734 — 9,734 Real estate taxes — 48,576 3,578 — 52,154 General and administrative 54,073 2,758 24,005 — 80,836 Depreciation 1,832 89,833 15,178 — 106,843 Total operating expenses 55,905 141,167 135,490 — 332,562 Income from operations (55,898 ) 280,634 33,770 — 258,506 Other income (expenses) Interest expense (11 ) (117,016 ) (3 ) — (117,030 ) Interest income — — 2,444 — 2,444 Management fee — — — — — Intercompany dividends and interest 612,326 39,805 618,695 (1,270,826 ) — Total other expenses 612,315 (77,211 ) 621,136 (1,270,826 ) (114,586 ) Income before income taxes 556,417 203,423 654,906 (1,270,826 ) 143,920 Income tax expense — 210 4,903 — 5,113 Net income $ 556,417 $ 203,213 $ 650,003 $ (1,270,826 ) $ 138,807 Year ended December 31, 2014 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income $ 556,417 $ 203,213 $ 650,003 $ (1,270,826 ) $ 138,807 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation 1,832 89,833 15,178 — 106,843 Amortization of debt issuance costs — 8,057 — — 8,057 Losses (gains) on dispositions of property 2 (150 ) 158 — 10 Deferred income taxes — — (3,305 ) — (3,305 ) Stock-based compensation 12,258 — — — 12,258 Straight-line rent adjustments — 44,877 — — 44,877 Decrease (increase), Prepaid expenses and other current assets 181 (10,741 ) (1,539 ) 1,498 (10,601 ) Other assets (1,645 ) — (15 ) — (1,660 ) Intercompany 800 (4,015 ) 3,215 — — (Decrease) increase, Accounts payable (16,995 ) 15,526 (181 ) — (1,650 ) Accrued expenses (7,944 ) 119 (619 ) — (8,444 ) Accrued interest — (527 ) — — (527 ) Accrued salaries and wages 2,882 — (638 ) — 2,244 Gaming, pari-mutuel, property and other taxes 871 — (344 ) — 527 Income taxes (1,441 ) (7,625 ) (6,490 ) (1,498 ) (17,054 ) Other current and noncurrent liabilities 1,585 — 1,292 — 2,877 Net cash provided by (used in) operating activities 548,803 338,567 656,715 (1,270,826 ) 273,259 Investing activities Capital project expenditures, net of reimbursements (1,613 ) (137,618 ) — — (139,231 ) Capital maintenance expenditures — — (3,538 ) — (3,538 ) Proceeds from sale of property and equipment — 150 30 — 180 Funding of loan receivable — — (43,000 ) — (43,000 ) Principal payments on loan receivable — — 9,000 — 9,000 Acquisition of real estate — — (140,730 ) — (140,730 ) Net cash used in investing activities (1,613 ) (137,468 ) (178,238 ) — (317,319 ) Financing activities Dividends paid (494,104 ) — — — (494,104 ) Proceeds from exercise of options 29,931 — — — 29,931 Proceeds from issuance of long-term debt — 291,950 — — 291,950 Financing costs — (306 ) — — (306 ) Payments of long-term debt — (32,024 ) — — (32,024 ) Intercompany financing (122,540 ) (677,364 ) (470,922 ) 1,270,826 — Distribution in connection with 2013 Pre-Spin tax matter agreement (635 ) — — — (635 ) Net cash (used in) provided by financing activities (587,348 ) (417,744 ) (470,922 ) 1,270,826 (205,188 ) Net (decrease) increase in cash and cash equivalents (40,158 ) (216,645 ) 7,555 — (249,248 ) Cash and cash equivalents at beginning of period 42,801 221,095 21,325 — 285,221 Cash and cash equivalents at end of period $ 2,643 $ 4,450 $ 28,880 $ — $ 35,973 At December 31, 2013 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (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 tax assets, current — — 1,885 343 2,228 Other current assets 13,438 15,708 906 — 30,052 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 99,414 208,739 303,180 (611,333 ) — Other assets 195 — 4,161 — 4,356 Total assets $ 182,497 $ 2,504,556 $ 533,176 $ (610,990 ) $ 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 Deferred tax liabilities, non-current (4,473 ) 10,608 9,421 — 15,556 Other current liabilities 12,782 — 129 — 12,911 Long-term debt — 2,350,000 — — 2,350,000 Deferred rental revenue — 6,677 — — 6,677 Deferred income taxes — — 3,939 343 4,282 Total liabilities 45,045 2,402,882 23,517 343 2,471,787 Shareholders’ equity (deficit) Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2013) — — — — — Common stock ($.01 par value, 500,000,000 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 earnings (deficit) 132,914 84,403 346,959 (431,362 ) 132,914 Total shareholders’ equity (deficit) 137,452 101,674 509,659 (611,333 ) 137,452 Total liabilities and shareholders’ equity (deficit) $ 182,497 $ 2,504,556 $ 533,176 $ (610,990 ) $ 2,609,239 Year ended December 31, 2013 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental $ — $ 62,278 $ — $ — $ 62,278 Real estate taxes paid by tenants — 7,602 — — 7,602 Total rental revenue — 69,880 — — 69,880 Gaming — — 159,352 — 159,352 Food, beverage and other — — 12,357 — 12,357 Total revenues — 69,880 171,709 — 241,589 Less promotional allowances — — (6,137 ) — (6,137 ) Net revenues — 69,880 165,572 — 235,452 Operating expenses Gaming — — 89,367 — 89,367 Food, beverage and other — — 10,775 — 10,775 Real estate taxes — 7,602 1,618 — 9,220 General and administrative 19,726 — 23,536 — 43,262 Depreciation 74 14,822 14,027 — 28,923 Total operating expenses 19,800 22,424 139,323 — 181,547 Income from operations (19,800 ) 47,456 26,249 — 53,905 Other income (expenses) Interest expense — (19,254 ) — — (19,254 ) Interest income — — 1 — 1 Management fee — — (4,203 ) — (4,203 ) Intercompany dividends and interest 68,955 — 68,955 (137,910 ) — Total other expenses 68,955 (19,254 ) 64,753 (137,910 ) (23,456 ) Income before income taxes 49,155 28,202 91,002 (137,910 ) 30,449 Income tax expense 643 6,124 8,829 — 15,596 Net income $ 48,512 $ 22,078 $ 82,173 $ (137,910 ) $ 14,853 Year ended December 31, 2013 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income $ 48,512 $ 22,078 $ 82,173 $ (137,910 ) $ 14,853 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation 74 14,822 14,027 — 28,923 Amortization of debt issuance costs — 1,270 — — 1,270 Gain on sales of property — — (39 ) — (39 ) Deferred income taxes — — (5,646 ) — (5,646 ) Stock-based compensation 1,566 — — — 1,566 Straight-line rent adjustments — 6,677 — — 6,677 (Increase) decrease, Prepaid expenses and other current assets (1,944 ) — (775 ) 1,834 (885 ) Other assets (662 ) — — — (662 ) Intercompany 2,259 — (2,259 ) — — Increase (decrease), 0 0 0 Accounts payable 20,073 (18,508 ) 1,073 — 2,638 Accrued expenses 8,458 — (462 ) — 7,996 Accrued interest — 18,055 (839 ) — 17,216 Accrued salaries and wages 2,432 — (301 ) — 2,131 Gaming, pari-mutuel, property and other taxes 141 — (148 ) — (7 ) Income taxes (4,473 ) 10,608 (283 ) (1,834 ) 4,018 Other current and noncurrent liabilities 564 — 19 — 583 Net cash provided by (used in) operating activities 77,000 55,002 86,540 (137,910 ) 80,632 Investing activities Capital project expenditures, net of reimbursements (5,532 ) (7,510 ) 844 — (12,198 ) Capital maintenance expenditures — — (4,230 ) — (4,230 ) Proceeds from sale of property and equipment — — 153 — 153 Funding of loan receivable — — — — — Principal payments on loan receivable — — — — — Acquisition of real estate — — — — — Net cash used in investing activities (5,532 ) (7,510 ) (3,233 ) — (16,275 ) Financing activities Net advances to Penn National Gaming, Inc. — — (6,982 ) — (6,982 ) Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off (19,609 ) (1,992,931 ) (77,460 ) — (2,090,000 ) Dividends paid — — — — — Proceeds from exercise of options 1,431 — — — 1,431 Proceeds from issuance of long-term debt — 2,350,000 — — 2,350,000 Financing costs — (48,147 ) — — (48,147 ) Payments of long-term debt — — — — — Intercompany financing (10,489 ) (135,319 ) 7,898 137,910 — Net cash (used in) provided by financing activities (28,667 ) 173,603 (76,544 ) 137,910 206,302 Net increase in cash and cash equivalents 42,801 221,095 6,763 — 270,659 Cash and cash equivalents at beginning of period — — 14,562 — 14,562 Cash and cash equivalents at end of period $ 42,801 $ 221,095 $ 21,325 $ — $ 285,221 Year ended December 31, 2012 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental $ — $ — $ — $ — $ — Real estate taxes paid by tenants — — — — — Total rental revenue — — — — — Gaming — — 202,581 — 202,581 Food, beverage and other — — 15,635 — 15,635 Total revenues — — 218,216 — 218,216 Less promotional allowances — — (7,573 ) — (7,573 ) Net revenues — — 210,643 — 210,643 Operating expenses Gaming — — 113,111 — 113,111 Food, beverage and other — — 13,114 — 13,114 Real estate taxes — — 1,592 — 1,592 General and administrative — — 25,068 — 25,068 Depreciation — — 14,090 — 14,090 Total operating expenses — — 166,975 — 166,975 Income from operations — — 43,668 — 43,668 Other income (expenses) Interest expense — — — — — Interest income — — 2 — 2 Management fee — — (6,320 ) — (6,320 ) Intercompany dividends and interest — — — — — Total other expenses — — (6,318 ) — (6,318 ) Income before income taxes — — 37,350 — 37,350 Income tax expense — — 14,431 — 14,431 Net income $ — $ — $ 22,919 $ — $ 22,919 Year ended December 31, 2012 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income $ — $ — $ 22,919 $ — $ 22,919 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation — — 14,090 — 14,090 Amortization of debt issuance costs — — — — — Gain on sales of property — — (142 ) — (142 ) Deferred income taxes — — (88 ) — (88 ) Stock-based compensation — — — — — (Increase) decrease, Prepaid expenses and other current assets — — 1,513 — 1,513 Other assets — — — — — Intercompany — — — — — Increase (decrease), 0 0 0 Accounts payable — — (260 ) — (260 ) Accrued expenses — — (456 ) — (456 ) Accrued interest — — — — — Accrued salaries and wages — — (394 ) — (394 ) Gaming, pari-mutuel, property and other taxes — — (250 ) — (250 ) Income taxes — — (10,162 ) — (10,162 ) Other current and noncurrent liabilities — — (26 ) — (26 ) Net cash provided by operating activities — — 26,744 — 26,744 Investing activities Capital project expenditures, net of reimbursements — — (1,930 ) — (1,930 ) Capital maintenance expenditures — — (3,260 ) — (3,260 ) Proceeds from sale of property and equipment — — 380 — 380 Funding of loan receivable — — — — — Principal payments on loan receivable — — — — — Acquisition of real estate — — — — — Net cash used in investing activities — — (4,810 ) — (4,810 ) Financing activities Net advances to Penn National Gaming, Inc. — — (24,518 ) — (24,518 ) Dividends paid — — — — — Proceeds from exercise of options — — — — — Proceeds from issuance of long-term debt — — — — — Financing costs — — — — — Payments of long-term debt — — — — — Intercompany financing — — — — — Net cash used in financing activities — — (24,518 ) — (24,518 ) Net decrease in cash and cash equivalents — — (2,584 ) — (2,584 ) Cash and cash equivalents at beginning of period — — 17,146 $ — 17,146 Cash and cash equivalents at end of period $ — $ — $ 14,562 $ — $ 14,562 |
Business and Basis of Present42
Business and Basis of Presentation (Narrative) (Details) ft² in Millions, $ in Millions | Dec. 19, 2014USD ($) | Feb. 18, 2014USD ($) | Dec. 31, 2014ft²propertyrenewaloptionitem |
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||
Number of facilities whose real estate property is included in entity portfolio | 21 | ||
Number of real estate properties | 19 | ||
Number of states across which the portfolio of properties is diversified | item | 12 | ||
Net rentable area | ft² | 7 | ||
Real estate, occupancy percentage | 100.00% | ||
Purging Distribution | |||
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||
Purging distribution | $ | $ 1,050 | ||
Pre-Filing Agreement Distribution | |||
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||
Pre-filing agreement distribution | $ | $ 37 | ||
Penn National Gaming Inc | |||
Organization Consolidation and Presentation of Financial Statements [Line Items] | |||
Lessor leasing arrangements, operating leases, term of contract | 15 years | ||
lessor leasing arrangements operating leases number of renewal options | renewaloption | 4 | ||
Lessor leasing arrangements, operating lease, renewal term | 5 years | ||
Number of real estate properties | 18 |
Business and Basis of Present43
Business and Basis of Presentation (Assets and Liabilities Acquired Through Spinoff) (Details) - Penn National Gaming Inc $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Organization Consolidation and Presentation of Financial Statements [Line Items] | |
Spinoff of real estate assets through REIT prepaid expenses net contributed | $ 2,766 |
Spinoff of real estate assets through REIT deferred tax assets current | 4,358 |
Spinoff of real estate assets through REIT property, plant and equipment net contributed | 2,024,572 |
Spinoff of real estate assets through REIT other assets contributed | 16,245 |
Spinoff of real estate assets through REIT accrued expenses contributed | (5,656) |
Spinoff of real estate assets through REIT other current liabilities contributed | (12,219) |
Spinoff of real estate assets through REIT deferred tax liabilities contributed | (6,493) |
Spinoff of real estate assets through REIT assets and liabilities contributed net | $ 2,023,573 |
Restatement of Financial Stat44
Restatement of Financial Statements Restatement of Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Rental revenues | $ 386,403 | $ 62,278 | $ 0 | ||||||||||
Deferred rental revenue | $ 51,554 | $ 6,677 | 51,554 | 6,677 | |||||||||
Total liabilities | 2,740,870 | 2,471,787 | 2,740,870 | 2,471,787 | |||||||||
Retained (deficit) earnings | (1,066,280) | 132,914 | (1,066,280) | 132,914 | |||||||||
Total shareholders' (deficit) equity | (176,290) | 137,452 | (176,290) | 137,452 | 236,330 | $ 219,911 | |||||||
Other current assets | 45,254 | 30,052 | 45,254 | 30,052 | |||||||||
Other assets | 383 | 4,356 | 383 | 4,356 | |||||||||
Income taxes | 0 | 15,556 | 0 | 15,556 | |||||||||
Total rental revenues | 436,937 | 69,880 | 0 | ||||||||||
Revenues before Promotional Allowances | 596,841 | 241,589 | 218,216 | ||||||||||
Net revenues | 145,080 | $ 146,906 | $ 150,770 | $ 148,312 | 107,099 | [1] | $ 39,633 | $ 46,072 | $ 42,648 | 591,068 | 235,452 | 210,643 | |
Income from operations | 60,097 | 66,733 | 67,358 | 64,318 | 32,339 | [2] | 5,665 | 9,090 | 6,811 | 258,506 | 53,905 | 43,668 | |
Income before income taxes | 143,920 | 30,449 | 37,350 | ||||||||||
Income tax expense | 5,113 | 15,596 | 14,431 | ||||||||||
Net income | $ 30,202 | $ 37,313 | $ 36,996 | $ 34,296 | $ 4,257 | [2] | $ 2,681 | $ 4,699 | $ 3,216 | $ 138,807 | $ 14,853 | $ 22,919 | |
Basic earnings per common share (in dollars per share) | $ 0.27 | $ 0.33 | $ 0.33 | $ 0.31 | $ 0.04 | $ 0.02 | $ 0.04 | $ 0.04 | $ 1.23 | $ 0.13 | $ 0.21 | ||
Diluted earnings per common share (in dollars per share) | $ 0.26 | $ 0.32 | $ 0.31 | $ 0.29 | $ 0.04 | $ 0.02 | $ 0.04 | $ 0.03 | $ 1.18 | $ 0.13 | $ 0.20 | ||
Straight-line rent adjustments | $ 44,877 | $ 6,677 | $ 0 | ||||||||||
Income taxes | (17,054) | 4,018 | $ (10,162) | ||||||||||
As Previously Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Rental revenues | 431,280 | 68,955 | |||||||||||
Deferred rental revenue | $ 0 | $ 0 | 0 | 0 | |||||||||
Total liabilities | 2,689,316 | 2,466,810 | 2,689,316 | 2,466,810 | |||||||||
Retained (deficit) earnings | (1,014,726) | 137,891 | (1,014,726) | 137,891 | |||||||||
Total shareholders' (deficit) equity | (124,736) | 142,429 | (124,736) | 142,429 | |||||||||
Other current assets | 17,367 | 17,367 | |||||||||||
Other assets | 17,041 | 17,041 | |||||||||||
Income taxes | 17,256 | 17,256 | |||||||||||
Total rental revenues | 481,814 | 76,557 | |||||||||||
Revenues before Promotional Allowances | 641,718 | 248,266 | |||||||||||
Net revenues | 159,036 | $ 157,795 | $ 160,786 | $ 158,328 | 113,776 | 635,945 | 242,129 | ||||||
Income from operations | 74,053 | 77,622 | 77,374 | 74,334 | 39,016 | 303,383 | 60,582 | ||||||
Income before income taxes | 188,797 | 37,126 | |||||||||||
Income tax expense | 3,413 | 17,296 | |||||||||||
Net income | $ 44,158 | $ 49,902 | $ 47,012 | $ 44,312 | $ 9,234 | $ 185,384 | $ 19,830 | ||||||
Basic earnings per common share (in dollars per share) | $ 0.39 | $ 0.44 | $ 0.42 | $ 0.40 | $ 0.08 | $ 1.65 | $ 0.18 | ||||||
Diluted earnings per common share (in dollars per share) | $ 0.38 | $ 0.42 | $ 0.40 | $ 0.38 | $ 0.08 | $ 1.58 | $ 0.17 | ||||||
Straight-line rent adjustments | $ 0 | $ 0 | |||||||||||
Income taxes | (18,754) | 5,718 | |||||||||||
Adjustments | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Rental revenues | (44,877) | (6,677) | |||||||||||
Deferred rental revenue | $ 51,554 | $ 6,677 | 51,554 | 6,677 | |||||||||
Total liabilities | 51,554 | 4,977 | 51,554 | 4,977 | |||||||||
Retained (deficit) earnings | (51,554) | (4,977) | (51,554) | (4,977) | |||||||||
Total shareholders' (deficit) equity | (51,554) | (4,977) | (51,554) | (4,977) | |||||||||
Other current assets | 12,685 | 12,685 | |||||||||||
Other assets | (12,685) | (12,685) | |||||||||||
Income taxes | (1,700) | (1,700) | |||||||||||
Total rental revenues | (44,877) | (6,677) | |||||||||||
Revenues before Promotional Allowances | (44,877) | (6,677) | |||||||||||
Net revenues | (13,956) | $ (10,889) | $ (10,016) | $ (10,016) | (6,677) | (44,877) | (6,677) | ||||||
Income from operations | (13,956) | (10,889) | (10,016) | (10,016) | (6,677) | (44,877) | (6,677) | ||||||
Income before income taxes | (44,877) | (6,677) | |||||||||||
Income tax expense | 1,700 | (1,700) | |||||||||||
Net income | $ (13,956) | $ (12,589) | $ (10,016) | $ (10,016) | $ (4,977) | $ (46,577) | $ (4,977) | ||||||
Basic earnings per common share (in dollars per share) | $ (0.12) | $ (0.11) | $ (0.09) | $ (0.09) | $ (0.04) | $ (0.42) | $ (0.05) | ||||||
Diluted earnings per common share (in dollars per share) | $ (0.12) | $ (0.10) | $ (0.09) | $ (0.09) | $ (0.04) | $ (0.40) | $ (0.04) | ||||||
Straight-line rent adjustments | $ 44,877 | $ 6,677 | |||||||||||
Income taxes | $ 1,700 | $ (1,700) | |||||||||||
All Properties Under Master Lease, Except Hollywood Casino Columbus and Hollywood Casino Toledo | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Operating leases, frequency the property performance-based rent structure is adjusted | 5 years | ||||||||||||
All Properties Under Master Lease, Except Hollywood Casino Columbus and Hollywood Casino Toledo | As Previously Reported | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Operating leases, time period known percentage rental revenue originally recognized as received | 5 years | ||||||||||||
Penn National Gaming Inc | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Lessor leasing arrangements, operating leases, term of contract including all reasonably assured renewal periods | 35 years | ||||||||||||
Penn National Gaming Inc | Adjustments | |||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||||
Operating leases, reduction in rental revenue over initial lease term | 5 years | ||||||||||||
Operating leases, increase in rental revenue over remaining lease term | 30 years | ||||||||||||
[1] | During the fourth quarter of 2013, the Company recognized rental revenue related to the Master Lease, which became effective at Spin-Off (November 1, 2013), of $69.9 million. | ||||||||||||
[2] | The Company's fiscal year 2013 fourth quarter results include transaction costs of $13.5 million associated with the Spin-Off and depreciation expense of $14.8 million related to the real property assets transferred to GLPI as part of the Spin-Off. Also during the fourth quarter of 2013, the Company entered into a new five year senior unsecured credit facility and completed offerings of $2,050.0 million aggregate principal of new senior unsecured notes in October 2013. The Company incurred interest expense of $19.3 million related to its new borrowings during the fourth quarter of 2013. The following information reconciles the Company's previously reported financial information with as restated amounts for its quarterly reporting periods ended December 31, 2013 through December 31, 2014. Refer to Note 3 for further information regarding the restatement of previously reported financial information. Three Months Ended March 31, 2014 Three Months Ended June 30, 2014 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$158,328 $(10,016) $148,312 $160,786 $(10,016) $150,770Income from operations74,334 (10,016) 64,318 77,374 (10,016) 67,358Net income44,312 (10,016) 34,296 47,012 (10,016) 36,996Earnings per common share Basic earnings per common share$0.40 $(0.09) $0.31 $0.42 $(0.09) $0.33Diluted earnings per common share$0.38 $(0.09) $0.29 $0.40 $(0.09) $0.31 Three Months Ended September 30, 2014 Three Months Ended December 31, 2014 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$157,795 $(10,889) $146,906 $159,036 $(13,956) $145,080Income from operations77,622 (10,889) 66,733 74,053 (13,956) 60,097Net income49,902 (12,589) 37,313 44,158 (13,956) 30,202Earnings per common share Basic earnings per common share$0.44 $(0.11) $0.33 $0.39 $(0.12) $0.27Diluted earnings per common share$0.42 $(0.10) $0.32 $0.38 $(0.12) $0.26 Three Months Ended December 31, 2013 As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$113,776 $(6,677) $107,099Income from operations39,016 (6,677) 32,339Net income9,234 (4,977) 4,257Earnings per common share Basic earnings per common share$0.08 $(0.04) $0.04Diluted earnings per common share$0.08 $(0.04) $0.04 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Maximum [Member] | |
Cash and Cash Equivalents [Line Items] | |
Investment maturity date | 3 months |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Concentration of Credit Risk) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014USD ($)propertyitem | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2013USD ($) | [1] | Sep. 30, 2013USD ($) | Jun. 30, 2013USD ($) | Mar. 31, 2013USD ($) | Dec. 31, 2014USD ($)propertyitem | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Concentration Risk [Line Items] | ||||||||||||
Revenues | $ 145,080 | $ 146,906 | $ 150,770 | $ 148,312 | $ 107,099 | $ 39,633 | $ 46,072 | $ 42,648 | $ 591,068 | $ 235,452 | $ 210,643 | |
Number of leased properties | property | 19 | 19 | ||||||||||
Number of states across which the portfolio of properties is diversified | item | 12 | 12 | ||||||||||
Penn National Gaming Inc | ||||||||||||
Concentration Risk [Line Items] | ||||||||||||
Revenues | $ 2,600,000 | $ 2,900,000 | $ 2,900,000 | |||||||||
Penn National Gaming Inc | Sales Revenue, Net [Member] | ||||||||||||
Concentration Risk [Line Items] | ||||||||||||
Concentration risk, percentage | 97.00% | |||||||||||
[1] | During the fourth quarter of 2013, the Company recognized rental revenue related to the Master Lease, which became effective at Spin-Off (November 1, 2013), of $69.9 million. |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 31, 2013 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | $ 35,973 | $ 285,221 |
Deferred compensation plan assets | 14,280 | 12,685 |
Loan receivable | 34,000 | 0 |
Financial liabilities: | ||
Deferred compensation plan liabilities | 14,369 | 12,783 |
Senior unsecured credit facility | 558,000 | 300,000 |
Senior unsecured notes | 2,050,000 | 2,050,000 |
Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 35,973 | 285,221 |
Deferred compensation plan assets | 14,280 | 12,685 |
Loan receivable | 34,000 | 0 |
Financial liabilities: | ||
Deferred compensation plan liabilities | 14,369 | 12,783 |
Senior unsecured credit facility | 535,010 | 294,750 |
Senior unsecured notes | $ 2,091,000 | $ 2,058,750 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Real Estate Investments) (Details) - Building and improvements | 12 Months Ended |
Dec. 31, 2014 | |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Life used for depreciation of real estate assets, buildings and improvements | 10 years |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Life used for depreciation of real estate assets, buildings and improvements | 31 years |
Summary of Significant Accoun49
Summary of Significant Accounting Policies (Property and Equipment Used in Operations) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Land improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life used for property, plant, and equipment | 15 years |
Building and improvements | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life used for property, plant, and equipment | 5 years |
Building and improvements | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life used for property, plant, and equipment | 31 years |
Furniture, fixtures, and equipment | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life used for property, plant, and equipment | 3 years |
Furniture, fixtures, and equipment | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life used for property, plant, and equipment | 31 years |
Summary of Significant Accoun50
Summary of Significant Accounting Policies (Goodwill and Other Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 31, 2013 |
Accounting Policies [Abstract] | ||
Goodwill | $ 75,521 | $ 75,521 |
Other intangible assets | $ 9,577 | $ 9,577 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Income tax penalties and interest, net of deferred income taxes | $ 18 | $ 0 | $ 0 |
REIT taxable income distribution requirement | 90.00% | ||
Period for which entity will not be permitted to qualify for tax treatment as real estate investment trust in case of failure to qualify as REIT in any taxable year | 4 years |
Summary of Significant Accoun52
Summary of Significant Accounting Policies (Revenue Recognition and Promotional Allowances) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Revenue Recognition and Promotional Allowances | |||
Number of real estate properties | property | 19 | ||
Casino Revenue | $ 148,283 | $ 159,352 | $ 202,581 |
Promotional Allowances | 5,773 | 6,137 | 7,573 |
Cost of Complimentary Services | 2,781 | 2,993 | 3,703 |
Future Minimum Rental Payments Receivable from Operating Leases | |||
2,015 | 349,918 | ||
2,016 | 349,918 | ||
2,017 | 350,418 | ||
2,018 | 353,577 | ||
2,019 | 369,368 | ||
Thereafter | 10,663,145 | ||
Operating Leases, Future Minimum Payments Receivable | 12,436,344 | ||
Video lottery | |||
Revenue Recognition and Promotional Allowances | |||
Casino Revenue | 127,572 | 138,803 | 189,808 |
Table game | |||
Revenue Recognition and Promotional Allowances | |||
Casino Revenue | 19,120 | 18,096 | 11,891 |
Poker | |||
Revenue Recognition and Promotional Allowances | |||
Casino Revenue | 1,591 | 2,453 | 882 |
Food and beverage | |||
Revenue Recognition and Promotional Allowances | |||
Promotional Allowances | 5,732 | 5,970 | 6,806 |
Cost of Complimentary Services | 2,766 | 2,907 | 3,319 |
Other | |||
Revenue Recognition and Promotional Allowances | |||
Promotional Allowances | 41 | 167 | 767 |
Cost of Complimentary Services | $ 15 | 86 | $ 384 |
All Properties Under Master Lease, Except Hollywood Casino Columbus and Hollywood Casino Toledo | |||
Revenue Recognition and Promotional Allowances | |||
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 | ||
Operating leases, frequency the property performance-based rent structure is adjusted | 5 years | ||
Hollywood Casino Columbus and Hollywood Casino Toledo | |||
Revenue Recognition and Promotional Allowances | |||
Percentage of the change in net revenues from the preceding month (of all facilities except 2 under the Master Lease) used for adjustment in rent structure | 20.00% | ||
Operating Leases, Income Statement, Contingent Revenue | $ 40,500 | $ 6,700 | |
Properties Not Subject To Master Lease Agreement | |||
Revenue Recognition and Promotional Allowances | |||
Number of real estate properties | property | 1 | ||
Penn National Gaming Inc | |||
Revenue Recognition and Promotional Allowances | |||
Number of real estate properties | property | 18 | ||
Annual rent escalator | 2.00% | ||
Casino Queen | |||
Revenue Recognition and Promotional Allowances | |||
Annual rent escalator | 2.00% | ||
Operating leases, frequency the property performance-based rent structure is adjusted | 5 years | ||
Operating leases, percent of the average changes in net revenues of property used to calculate rent increase | 4.00% |
Summary of Significant Accoun53
Summary of Significant Accounting Policies (Gaming and Admission Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Gaming and Admission Taxes | |||
Gaming and admission taxes | $ 66.8 | $ 71.6 | $ 94.9 |
Summary of Significant Accoun54
Summary of Significant Accounting Policies (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Determination of shares: | ||||||||||||
Basic weighted-average common shares outstanding | 112,037,000 | 110,617,000 | 110,582,000 | |||||||||
Diluted weighted-average common shares outstanding | 117,586,000 | 115,865,000 | 115,603,000 | |||||||||
Calculation of basic EPS: | ||||||||||||
Net income | $ 30,202 | $ 37,313 | $ 36,996 | $ 34,296 | $ 4,257 | [1] | $ 2,681 | $ 4,699 | $ 3,216 | $ 138,807 | $ 14,853 | $ 22,919 |
Less: Net income allocated to participating securities | (578) | (56) | (86) | |||||||||
Net income attributable to common shareholders | $ 138,229 | $ 14,797 | $ 22,833 | |||||||||
Basic weighted-average common shares outstanding | 112,037,000 | 110,617,000 | 110,582,000 | |||||||||
Basic earnings per common share (in dollars per share) | $ 0.27 | $ 0.33 | $ 0.33 | $ 0.31 | $ 0.04 | $ 0.02 | $ 0.04 | $ 0.04 | $ 1.23 | $ 0.13 | $ 0.21 | |
Calculation of diluted EPS: | ||||||||||||
Net income | $ 30,202 | $ 37,313 | $ 36,996 | $ 34,296 | $ 4,257 | [1] | $ 2,681 | $ 4,699 | $ 3,216 | $ 138,807 | $ 14,853 | $ 22,919 |
Diluted weighted-average common shares outstanding | 117,586,000 | 115,865,000 | 115,603,000 | |||||||||
Diluted earnings per common share (in dollars per share) | $ 0.26 | $ 0.32 | $ 0.31 | $ 0.29 | $ 0.04 | $ 0.02 | $ 0.04 | $ 0.03 | $ 1.18 | $ 0.13 | $ 0.20 | |
Antidilutive securities excluded from computation of earnings per share (in shares) | 17,917 | 0 | 0 | |||||||||
Employee Stock Option | ||||||||||||
Determination of shares: | ||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 5,340,000 | 4,924,000 | 4,703,000 | |||||||||
Restricted stock awards | ||||||||||||
Determination of shares: | ||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 209,000 | 324,000 | 318,000 | |||||||||
Performance-based restricted stock awards | ||||||||||||
Determination of shares: | ||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0 | 0 | |||||||||
[1] | The Company's fiscal year 2013 fourth quarter results include transaction costs of $13.5 million associated with the Spin-Off and depreciation expense of $14.8 million related to the real property assets transferred to GLPI as part of the Spin-Off. Also during the fourth quarter of 2013, the Company entered into a new five year senior unsecured credit facility and completed offerings of $2,050.0 million aggregate principal of new senior unsecured notes in October 2013. The Company incurred interest expense of $19.3 million related to its new borrowings during the fourth quarter of 2013. The following information reconciles the Company's previously reported financial information with as restated amounts for its quarterly reporting periods ended December 31, 2013 through December 31, 2014. Refer to Note 3 for further information regarding the restatement of previously reported financial information. Three Months Ended March 31, 2014 Three Months Ended June 30, 2014 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$158,328 $(10,016) $148,312 $160,786 $(10,016) $150,770Income from operations74,334 (10,016) 64,318 77,374 (10,016) 67,358Net income44,312 (10,016) 34,296 47,012 (10,016) 36,996Earnings per common share Basic earnings per common share$0.40 $(0.09) $0.31 $0.42 $(0.09) $0.33Diluted earnings per common share$0.38 $(0.09) $0.29 $0.40 $(0.09) $0.31 Three Months Ended September 30, 2014 Three Months Ended December 31, 2014 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$157,795 $(10,889) $146,906 $159,036 $(13,956) $145,080Income from operations77,622 (10,889) 66,733 74,053 (13,956) 60,097Net income49,902 (12,589) 37,313 44,158 (13,956) 30,202Earnings per common share Basic earnings per common share$0.44 $(0.11) $0.33 $0.39 $(0.12) $0.27Diluted earnings per common share$0.42 $(0.10) $0.32 $0.38 $(0.12) $0.26 Three Months Ended December 31, 2013 As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$113,776 $(6,677) $107,099Income from operations39,016 (6,677) 32,339Net income9,234 (4,977) 4,257Earnings per common share Basic earnings per common share$0.08 $(0.04) $0.04Diluted earnings per common share$0.08 $(0.04) $0.04 |
Summary of Significant Accoun55
Summary of Significant Accounting Policies (Segment Information) (Details) | 12 Months Ended |
Dec. 31, 2014segment | |
Segment Information | |
Number of reportable segments | 2 |
Acquisitions (Details)
Acquisitions (Details) $ in Thousands | Oct. 27, 2014USD ($) | Jan. 31, 2014USD ($) | Mar. 31, 2015 | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Acquisitions | ||||||
Amount paid for acquisition | $ 140,730 | $ 0 | $ 0 | |||
Loan receivable | 34,000 | $ 0 | ||||
Loss contingency, damages sought, value | $ 10,000 | |||||
Casino Queen | ||||||
Acquisitions | ||||||
Annual rent of property leased back on a triple net basis | $ 14,000 | |||||
Lessor leasing arrangements, operating leases, term of contract | 15 years | |||||
Number of renewal options | 4 | |||||
Lessor leasing arrangements, operating lease, renewal term | 5 years | |||||
Casino Queen | ||||||
Acquisitions | ||||||
Amount paid for acquisition | $ 140,700 | |||||
Transaction fees related to real estate acquisitions | 700 | |||||
Payments by registrant for term loans granted to third party | $ 43,000 | |||||
Term of term loan | 5 years | |||||
Interest rate on term loan (as a percent) | 7.00% | |||||
Loan receivable | $ 34,000 | |||||
Scenario, Forecast [Member] | ||||||
Acquisitions | ||||||
Mandatory Quarterly Principal Payment Due on Term Loan to Third Party, Percent | 1.25% |
Real Estate Investments (Detail
Real Estate Investments (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Real estate investments | |||
Number of real estate properties | property | 19 | ||
Total real estate investments | $ 2,745,421 | $ 2,494,791 | |
Less accumulated depreciation | (565,297) | (484,488) | |
Real estate investments, net | 2,180,124 | 2,010,303 | |
Amount paid for acquisition | 140,730 | 0 | $ 0 |
Land and improvements | |||
Real estate investments | |||
Total real estate investments | 454,181 | 382,581 | |
Building and improvements | |||
Real estate investments | |||
Total real estate investments | 2,288,664 | 2,050,533 | |
Construction in progress | |||
Real estate investments | |||
Total real estate investments | $ 2,576 | $ 61,677 |
Property and Equipment Used i58
Property and Equipment Used in Operations (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 31, 2013 |
Property and equipment used in operations | ||
Total property and equipment | $ 252,798 | $ 244,965 |
Less accumulated depreciation | (118,770) | (105,844) |
Property and equipment, net | 134,028 | 139,121 |
Land and improvements | ||
Property and equipment used in operations | ||
Total property and equipment | 31,595 | 27,586 |
Building and improvements | ||
Property and equipment used in operations | ||
Total property and equipment | 116,867 | 115,888 |
Furniture, fixtures, and equipment | ||
Property and equipment used in operations | ||
Total property and equipment | 103,612 | 101,288 |
Construction in progress | ||
Property and equipment used in operations | ||
Total property and equipment | $ 724 | $ 203 |
Long-term Debt (Schedule of Lon
Long-term Debt (Schedule of Long-Term Debt) (Details) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Long-term debt | ||
Long-term debt | $ 2,609,487,000 | $ 2,350,000,000 |
Current maturities of long-term debt | 81,000 | 0 |
Long-term debt, net of current maturities | 2,609,406,000 | 2,350,000,000 |
$550 million 4.375% senior unsecured notes due November 2018 | ||
Long-term debt | ||
Long-term debt | 550,000,000 | 550,000,000 |
Debt Instrument face amount | $ 550,000,000 | |
Stated interest rate percentage on debt | 4.375% | |
$1,000 million 4.875% senior unsecured notes due November 2020 | ||
Long-term debt | ||
Long-term debt | $ 1,000,000,000 | 1,000,000,000 |
Debt Instrument face amount | $ 1,000,000,000 | |
Stated interest rate percentage on debt | 4.875% | |
$500 million 5.375% senior unsecured notes due November 2023 | ||
Long-term debt | ||
Long-term debt | $ 500,000,000 | 500,000,000 |
Debt Instrument face amount | $ 500,000,000 | |
Stated interest rate percentage on debt | 5.375% | |
Senior unsecured credit facility | ||
Long-term debt | ||
Long-term debt | $ 558,000,000 | 300,000,000 |
Capital lease | ||
Long-term debt | ||
Long-term debt | $ 1,487,000 | $ 0 |
Long-term Debt (Maturities of L
Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 31, 2013 |
Future minimum repayments of long-term debt | ||
2,015 | $ 81 | |
2,016 | 119 | |
2,017 | 107 | |
2,018 | 1,108,113 | |
2,019 | 118 | |
Thereafter | 1,500,949 | |
Long-term debt | $ 2,609,487 | $ 2,350,000 |
Long-term Debt (Senior Unsecure
Long-term Debt (Senior Unsecured Credit Facility) (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Long-term debt | ||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | |
Long-term debt | 2,609,487,000 | $ 2,350,000,000 |
Letters of credit outstanding | 700,000 | |
Available borrowing capacity | 441,300,000 | |
Senior unsecured credit facility | ||
Long-term debt | ||
Long-term debt | $ 558,000,000 | $ 300,000,000 |
Revolving credit facility | ||
Long-term debt | ||
Commitment fee percentage | 0.25% | |
Minimum [Member] | Revolving credit facility | ||
Long-term debt | ||
Commitment fee percentage | 0.15% | |
Maximum [Member] | Revolving credit facility | ||
Long-term debt | ||
Commitment fee percentage | 0.35% | |
London Interbank Offered Rate (LIBOR) [Member] | Senior unsecured credit facility | ||
Long-term debt | ||
Basis spread on variable rate | 1.50% | |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Senior unsecured credit facility | ||
Long-term debt | ||
Basis spread on variable rate | 1.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Senior unsecured credit facility | ||
Long-term debt | ||
Basis spread on variable rate | 2.00% | |
Base Rate [Member] | Senior unsecured credit facility | ||
Long-term debt | ||
Basis spread on variable rate | 0.50% | |
Base Rate [Member] | Minimum [Member] | Senior unsecured credit facility | ||
Long-term debt | ||
Basis spread on variable rate | 0.00% | |
Base Rate [Member] | Maximum [Member] | Senior unsecured credit facility | ||
Long-term debt | ||
Basis spread on variable rate | 1.00% | |
Revolving credit facility | ||
Long-term debt | ||
Line of credit facility, maximum borrowing capacity | $ 700,000,000 | |
Outstanding balance on revolving credit facility | 258,000,000 | |
Term Loan a Facility | ||
Long-term debt | ||
Line of credit facility, maximum borrowing capacity | 300,000,000 | |
Outstanding balance on revolving credit facility | $ 300,000,000 |
Long-term Debt (Senior Unsecu62
Long-term Debt (Senior Unsecured Notes) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Long-term debt | ||
Long-term debt | $ 2,609,487 | $ 2,350,000 |
Senior Notes 4.375 Percent Due 2018 [Member] | ||
Long-term debt | ||
Long-term debt | $ 550,000 | 550,000 |
Stated interest rate percentage on debt | 4.375% | |
Senior Notes 4.875 Percent Due 2020 [Member] | ||
Long-term debt | ||
Long-term debt | $ 1,000,000 | 1,000,000 |
Stated interest rate percentage on debt | 4.875% | |
Senior Notes 5.375 Percent Due 2023 [Member] | ||
Long-term debt | ||
Long-term debt | $ 500,000 | $ 500,000 |
Stated interest rate percentage on debt | 5.375% | |
Senior Notes [Member] | ||
Long-term debt | ||
Debt instrument redemption price, percentage | 100.00% | |
Senior Notes [Member] | Change of Control [Member] | ||
Long-term debt | ||
Debt instrument redemption price, percentage | 101.00% |
Long-term Debt (Capital Lease)
Long-term Debt (Capital Lease) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Capital lease | |
Long-term debt | |
Debt instrument term | 30 years |
Commitments and Contingencies64
Commitments and Contingencies (Litigation) (Details) $ in Millions | Oct. 27, 2014USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Loss contingency, damages sought, value | $ 10 |
Commitments and Contingencies65
Commitments and Contingencies (Operating Lease Commitments) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)renewaloption | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||
2,015 | $ 1,528 | |||
2,016 | 1,520 | |||
2,017 | 1,533 | |||
2,018 | 1,531 | |||
2,019 | 1,089 | |||
Thereafter | 44,320 | |||
Total | 51,521 | |||
Hollywood Casino Baton Rouge and Hollywood Casino Perryville | ||||
Operating Leased Assets [Line Items] | ||||
Operating leases, rent expense | 1,200 | $ 1,400 | $ 1,600 | |
Assigned Leases [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating leases, rent expense | $ 2,800 | $ 400 | ||
Casino in Biloxi Mississippi [Member] | Subsidiary of Penn National Gaming Inc [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating leases, term of contract | 99 years | |||
Lease agreement period after which annual lease rental will be increased at specified percentage | 5 years | |||
Lease agreement percentage increase in annual lease rental after specified period | 15.00% | |||
Casino in Biloxi Mississippi [Member] | Scenario, Forecast [Member] | Subsidiary of Penn National Gaming Inc [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating leases, rent expense, minimum rentals | $ 200 | |||
Casino in Tunica Mississippi [Member] | Subsidiary of Penn National Gaming Inc [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating leases, term of contract | 5 years | |||
Leasing arrangements operating leases number of renewal options | renewaloption | 9 | |||
Leasing arrangements, operating leases, renewal term | 5 years | |||
Lease agreement percentage of gross revenue for determination of annual revenue sharing provision | 4.00% | |||
City of Bangor [Member] | Subsidiary of Penn National Gaming Inc [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating leases, term of contract | 15 years | |||
Operating leases, rent expense, minimum rentals | $ 100 | |||
Leasing arrangements operating leases number of renewal options | renewaloption | 3 | |||
Leasing arrangements, operating leases, renewal term | 10 years |
Commitments and Contingencies66
Commitments and Contingencies (Capital Expenditure Commitments) (Details) | Dec. 31, 2014USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Construction program capital expenditures for next fiscal year | $ 0 |
Commitments and Contingencies67
Commitments and Contingencies (Purchase Obligations) (Details) $ in Millions | Dec. 31, 2014USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase obligations | $ 1.8 |
Commitments and Contingencies68
Commitments and Contingencies (Employee Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan, employer matching contribution, percent of match | 50.00% | ||
Defined contribution plan, employer discretionary contribution amount | $ 0.3 | $ 0.2 | $ 0.2 |
Deferred compensation arrangement employer contribution vesting period | 5 years | ||
Deferred compensation arrangement with individual, employer contribution | $ 0.4 | 0.3 | $ 0.1 |
Deferred compensation liabilities, current | 14.4 | 12.8 | |
Deferred compensation plan assets, current | $ 14.3 | $ 12.7 | |
Maximum [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan, employer matching contribution, percent of employees' gross pay | 6.00% |
Commitments and Contingencies69
Commitments and Contingencies (Labor Agreements) (Details) | 12 Months Ended |
Dec. 31, 2014employee | |
Labor Agreements [Line Items] | |
Agreements with SEATU Union number of employees | 210 |
Maximum [Member] | Number of Employees, Total [Member] | Unionized Employees Concentration Risk [Member] | |
Labor Agreements [Line Items] | |
Threshold number of employees under agreement for separate disclosure of unions | 50 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred tax assets: | |||
Accrued expenses | $ 2,015 | $ 2,228 | |
Property and equipment | 679 | 0 | |
Net deferred tax assets | 2,694 | 2,228 | |
Deferred tax liabilities: | |||
Property and equipment | (336) | (3,459) | |
Intangibles | (1,107) | (823) | |
Net deferred tax liabilities | 1,443 | 4,282 | |
Net: | 1,251 | (2,054) | |
Current tax expense | |||
Federal | 6,115 | 17,729 | $ 12,216 |
State | 2,303 | 3,513 | 2,303 |
Total current | 8,418 | 21,242 | 14,519 |
Deferred tax (benefit) expense | |||
Federal | (2,680) | (7,624) | 64 |
State | (625) | 1,978 | (152) |
Total deferred | (3,305) | (5,646) | (88) |
Total provision | $ 5,113 | $ 15,596 | $ 14,431 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State and local income taxes | 0.70% | 12.60% | 3.00% |
Nondeductible transaction costs | 0.00% | 9.20% | 0.00% |
REIT conversion benefit | (31.80%) | (4.30%) | 0.00% |
Permanent differences | 0.00% | (0.90%) | 0.10% |
Other miscellaneous items | (0.30%) | (0.40%) | 0.50% |
Effective income tax rate reconciliation, effective income tax rate, percent | 3.60% | 51.20% | 38.60% |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
U.S. federal statutory income tax | $ 50,372 | $ 10,657 | $ 13,073 |
State and local income taxes | 964 | 3,840 | 1,126 |
Nondeductible transaction costs | 0 | 2,793 | 0 |
REIT conversion benefit | (45,777) | (1,322) | 0 |
Permanent differences | 52 | (268) | 30 |
Other miscellaneous items | $ (498) | $ (104) | $ 202 |
Dividends (Details)
Dividends (Details) - USD ($) | Dec. 19, 2014 | Dec. 02, 2014 | Nov. 18, 2014 | Sep. 26, 2014 | Sep. 03, 2014 | Jun. 27, 2014 | May. 30, 2014 | Mar. 28, 2014 | Feb. 18, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Feb. 13, 2014 |
Dividends | |||||||||||||||
Common stock outstanding (in shares) | 88,691,827 | ||||||||||||||
Dividends, share-based compensation | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | |||||||||||
Dividends payable, date declared | Nov. 18, 2014 | Sep. 3, 2014 | May 30, 2014 | Feb. 18, 2014 | |||||||||||
Quarterly dividend declared (in dollars per share) | $ 0.92 | $ 0.52 | $ 0.52 | $ 0.52 | |||||||||||
Common stock, dividends per share, cash paid | $ 0.92 | $ 0.52 | $ 0.52 | $ 0.52 | $ 2.48 | ||||||||||
Dividends payable, date to be paid | Dec. 19, 2014 | Sep. 26, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | |||||||||||
Dividend paid | $ 103,700,000 | $ 58,500,000 | $ 58,200,000 | $ 58,000,000 | |||||||||||
Dividends payable, date of record | Dec. 2, 2014 | Sep. 15, 2014 | Jun. 12, 2014 | Mar. 7, 2014 | |||||||||||
Taxable income distributions, percent | 100.00% | ||||||||||||||
Purging Distribution | |||||||||||||||
Dividends | |||||||||||||||
Purging distribution | $ 1,050,000,000 | ||||||||||||||
Total cash limitation on purging distribution | $ 210,000,000 | ||||||||||||||
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) | $ 4.358049 | ||||||||||||||
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 or made no election | 0.309784 | ||||||||||||||
Period of trading days taken for calculation of volume weighted average price | 3 days | ||||||||||||||
Shares issued in connection with dividend payment | 22,000,000 | ||||||||||||||
Purging Distribution | Restricted stock award holders at Penn and GLPI | |||||||||||||||
Dividends | |||||||||||||||
Dividends, share-based compensation | $ 1,000,000 | ||||||||||||||
Purging Distribution | Weighted average | |||||||||||||||
Dividends | |||||||||||||||
Volume weighted average price (in dollars per share) | $ 38.2162 | ||||||||||||||
Pre-Filing Agreement Distribution | |||||||||||||||
Dividends | |||||||||||||||
Pre-filing agreement distribution | 37,000,000 | ||||||||||||||
Pre-Filing Agreement Distribution | Restricted stock award holders at Penn and GLPI | |||||||||||||||
Dividends | |||||||||||||||
Dividends, share-based compensation | $ 700,000 | ||||||||||||||
Regular dividend | |||||||||||||||
Dividends | |||||||||||||||
Common stock, dividends per share, cash paid | $ 0.52 | ||||||||||||||
One-time dividends | |||||||||||||||
Dividends | |||||||||||||||
Common stock, dividends per share, cash paid | $ 0.40 |
Dividends (Dividend Classificat
Dividends (Dividend Classification) (Details) | 12 Months Ended |
Dec. 31, 2014$ / shares | |
Dividends | |
Common stock, dividends including purge distribution, per share, cash paid | $ 14.32 |
Classification of distribution as a percent | 100.00% |
Qualified Dividends | |
Dividends | |
Common stock, dividends including purge distribution, per share, cash paid | $ 12.24 |
Classification of distribution as a percent | 85.47% |
Non-qualified Dividends | |
Dividends | |
Common stock, dividends including purge distribution, per share, cash paid | $ 1.90 |
Classification of distribution as a percent | 13.27% |
Capital Gains | |
Dividends | |
Common stock, dividends including purge distribution, per share, cash paid | $ 0.16 |
Classification of distribution as a percent | 1.12% |
Non-taxable Return of Capital | |
Dividends | |
Common stock, dividends including purge distribution, per share, cash paid | $ 0.02 |
Classification of distribution as a percent | 0.14% |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Options Issued and Oustanding) (Details) - Employee Stock Option $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2014USD ($)$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at beginning of period (in shares) | shares | 13,662,842 | [1] |
Exercised (in shares) | shares | (2,330,848) | |
Canceled (in shares) | shares | (170,152) | |
Outstanding at end of period (in shares) | shares | 11,161,842 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Outstanding at period start (in dollars per share) | $ 18.42 | [1] |
Exercised (in dollars per share) | 16.24 | |
Canceled (in dollars per share) | 21.47 | |
Outstanding at period end (in dollars per share) | $ 18.83 | |
Weighted average remaining contractual term | 2 years 4 months 13 days | |
Aggregate intrinsic value | $ | $ 119,233 | |
[1] | The number of outstanding stock options and the weighted average exercise price of these options was adjusted for the period ended December 31, 2013, as part of the Purging Distribution. The number of stock options outstanding at December 31, 2013 includes 3,324,389 shares resulting from the distribution. |
Stock-Based Compensation (Optio
Stock-Based Compensation (Options Outstanding and Exercisable by Price Range) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | [1] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of options exercisable | 9,770,939 | ||
Weighted average exercise price of exercisable options (in dollars per share) | $ 18.44 | ||
Exercise Price Range from Dollars 10.22 to Dollars 15.39 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price range, number of outstanding options | 1,121,623 | ||
Weighted average remaining contractual term | 1 year 11 days | ||
Exercise price range, outstanding options, weighted average exercise price (in dollards per share) | $ 12.45 | ||
Exercise price range, number of exercisable options | 1,121,623 | ||
Exercise price range, exercisable options, weighted average exercise price (in dollars per share) | $ 12.45 | ||
Exercise price range, lower range limit | 10.22 | ||
Exercise price range, upper range limit | $ 15.39 | ||
Exercise Price Range from Dollars 15.78 to Dollars 23.68 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price range, number of outstanding options | 8,855,409 | ||
Weighted average remaining contractual term | 2 years 6 months 29 days | ||
Exercise price range, outstanding options, weighted average exercise price (in dollards per share) | $ 18.88 | ||
Exercise price range, number of exercisable options | 7,474,418 | ||
Exercise price range, exercisable options, weighted average exercise price (in dollars per share) | $ 18.38 | ||
Exercise price range, lower range limit | 15.78 | ||
Exercise price range, upper range limit | $ 23.68 | ||
Exercise Price Range from Dollars 23.72 to Dollars 35.87 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise price range, number of outstanding options | 1,184,810 | ||
Weighted average remaining contractual term | 2 years 22 days | ||
Exercise price range, outstanding options, weighted average exercise price (in dollards per share) | $ 24.50 | ||
Exercise price range, number of exercisable options | 1,174,898 | ||
Exercise price range, exercisable options, weighted average exercise price (in dollars per share) | $ 24.49 | ||
Exercise price range, lower range limit | 23.72 | ||
Exercise price range, upper range limit | $ 35.87 | ||
Employee Stock Option | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Number of options outstanding | 11,161,842 | 13,662,842 | |
Weighted average remaining contractual term | 2 years 4 months 13 days | ||
Weighted average exercise price of outstanding options (in dollars per share) | $ 18.83 | $ 18.42 | |
[1] | The number of outstanding stock options and the weighted average exercise price of these options was adjusted for the period ended December 31, 2013, as part of the Purging Distribution. The number of stock options outstanding at December 31, 2013 includes 3,324,389 shares resulting from the distribution. |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Award Activity) (Details) - Restricted stock awards | 12 Months Ended | |
Dec. 31, 2014shares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||
Outstanding at the beginning of the period (in shares) | 525,328 | [1] |
Granted (in shares) | 240,149 | |
Released (in shares) | (237,618) | |
Canceled (in shares) | (59,018) | |
Outstanding at the end of the period (in shares) | 468,841 | |
[1] | The number of outstanding restricted stock awards was adjusted for the period ended December 31, 2013, as part of the Purging Distribution. The number of restricted awards outstanding at December 31, 2013 includes 106,261 shares resulting from the distribution. |
Stock-Based Compensation Stock-
Stock-Based Compensation Stock-Based Compensation (Performance-Based Restricted Stock Awards Activity) (Details) - Performance-based restricted stock awards | 12 Months Ended |
Dec. 31, 2014shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Outstanding at the beginning of the period (in shares) | 0 |
Granted (in shares) | 613,556 |
Released (in shares) | 0 |
Canceled (in shares) | (70,000) |
Outstanding at the end of the period (in shares) | 543,556 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | Dec. 19, 2014 | Sep. 26, 2014 | Jun. 27, 2014 | Apr. 25, 2014 | Mar. 28, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares authorized | 4,380,854 | |||||||
Common stock, dividends per share, cash paid | $ 0.92 | $ 0.52 | $ 0.52 | $ 0.52 | $ 2.48 | |||
Number of exercisable options outstanding | 9,770,939 | |||||||
Weighted average exercise price of exercisable options outstanding (in dollars per share) | $ 18.44 | |||||||
Intrinsic value of exercisable options outstanding | $ 108,200,000 | |||||||
Aggregate intrinsic value of options exercised | $ 43,100,000 | |||||||
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 | |||||||
Employee Stock Option | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total unrecognized compensation cost | $ 2,500,000 | |||||||
Remaining weighted average vesting period for recognition of unrecognized compensation cost | 1 year | |||||||
Allocated share-based compensation expense | $ 5,800,000 | $ 1,200,000 | $ 0 | |||||
Allocated share based compensation expense related to dividend paid | 15,300,000 | |||||||
Options outstanding due to purging distribution | 3,324,389 | |||||||
Restricted stock awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total unrecognized compensation cost | $ 9,600,000 | |||||||
Remaining weighted average vesting period for recognition of unrecognized compensation cost | 2 years 3 months 7 days | |||||||
Allocated share-based compensation expense | $ 3,600,000 | $ 400,000 | ||||||
Restricted stock awards outstanding due to purging distribution | 106,261 | |||||||
Performance-based restricted stock awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total unrecognized compensation cost | $ 9,600,000 | |||||||
Remaining weighted average vesting period for recognition of unrecognized compensation cost | 2 years 3 months 26 days | |||||||
Allocated share-based compensation expense | $ 2,900,000 | |||||||
Performance-based restricted stock awards | End Of Measurement Period Vesting [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted stock awards vesting period | 3 years | |||||||
PSUs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total unrecognized compensation cost | $ 5,100,000 | |||||||
Remaining weighted average vesting period for recognition of unrecognized compensation cost | 1 year 8 months 13 days | |||||||
Allocated share-based compensation expense | $ 2,500,000 | $ 1,200,000 | ||||||
Allocated share based compensation expense related to dividend paid | 800,000 | |||||||
SARs | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total unrecognized compensation cost | $ 200,000 | |||||||
Remaining weighted average vesting period for recognition of unrecognized compensation cost | 1 year 3 months 26 days | |||||||
Allocated share-based compensation expense | $ 67,000 | $ 200,000 | $ 0 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||
Segment information | |||||||||||||||
Net revenues | $ 145,080 | $ 146,906 | $ 150,770 | $ 148,312 | $ 107,099 | [1] | $ 39,633 | $ 46,072 | $ 42,648 | $ 591,068 | $ 235,452 | $ 210,643 | |||
Income from operations | 60,097 | 66,733 | 67,358 | 64,318 | 32,339 | [2] | 5,665 | 9,090 | 6,811 | 258,506 | 53,905 | 43,668 | |||
Interest, net | 114,586 | 19,253 | (2) | ||||||||||||
Income before income taxes | 143,920 | 30,449 | 37,350 | ||||||||||||
Income tax expense | 5,113 | 15,596 | 14,431 | ||||||||||||
Net income | 30,202 | $ 37,313 | $ 36,996 | $ 34,296 | 4,257 | [2] | $ 2,681 | $ 4,699 | $ 3,216 | 138,807 | 14,853 | 22,919 | |||
Depreciation | 106,843 | 28,923 | 14,090 | ||||||||||||
Capital project expenditures, net of reimbursements | 139,231 | 12,198 | 1,930 | ||||||||||||
Capital maintenance expenditures | 3,538 | 4,230 | 3,260 | ||||||||||||
Total assets | 2,564,580 | 2,609,239 | 2,564,580 | 2,609,239 | |||||||||||
Spinoff | |||||||||||||||
Segment information | |||||||||||||||
Depreciation | 14,800 | ||||||||||||||
Spinoff of real estate assets through REIT transaction costs | 13,500 | 13,500 | |||||||||||||
Eliminations | |||||||||||||||
Segment information | |||||||||||||||
Net revenues | 0 | 0 | 0 | ||||||||||||
Income from operations | 0 | 0 | 0 | ||||||||||||
Interest, net | (10,408) | [3] | 0 | 0 | |||||||||||
Income before income taxes | 0 | 0 | 0 | ||||||||||||
Income tax expense | 0 | 0 | 0 | ||||||||||||
Net income | 0 | 0 | 0 | ||||||||||||
Depreciation | 0 | 0 | 0 | ||||||||||||
Capital project expenditures, net of reimbursements | 0 | 0 | 0 | ||||||||||||
Capital maintenance expenditures | 0 | 0 | 0 | ||||||||||||
Total assets | 0 | 0 | 0 | 0 | |||||||||||
GLP Capital | |||||||||||||||
Segment information | |||||||||||||||
Net revenues | 436,944 | 69,880 | [4] | 0 | [4] | ||||||||||
Income from operations | 234,971 | 27,656 | [4] | 0 | [4] | ||||||||||
Interest, net | 114,588 | 19,254 | [4] | 0 | [4] | ||||||||||
Income before income taxes | 130,791 | 8,402 | [4] | 0 | [4] | ||||||||||
Income tax expense | 211 | 6,767 | [4] | 0 | [4] | ||||||||||
Net income | 130,580 | 1,635 | [4] | 0 | [4] | ||||||||||
Depreciation | 94,582 | 14,896 | [4] | 0 | [4] | ||||||||||
Capital project expenditures, net of reimbursements | 139,231 | 13,042 | [4] | 0 | [4] | ||||||||||
Capital maintenance expenditures | 0 | 0 | [4] | 0 | [4] | ||||||||||
Total assets | 2,335,472 | 2,379,243 | 2,335,472 | 2,379,243 | |||||||||||
TRS Properties | |||||||||||||||
Segment information | |||||||||||||||
Net revenues | 154,124 | 165,572 | 210,643 | ||||||||||||
Income from operations | 23,535 | 26,249 | 43,668 | ||||||||||||
Interest, net | 10,406 | (1) | (2) | ||||||||||||
Income before income taxes | 13,129 | 22,047 | 37,350 | ||||||||||||
Income tax expense | 4,902 | 8,829 | 14,431 | ||||||||||||
Net income | 8,227 | 13,218 | 22,919 | ||||||||||||
Depreciation | 12,261 | 14,027 | 14,090 | ||||||||||||
Capital project expenditures, net of reimbursements | 0 | (844) | 1,930 | ||||||||||||
Capital maintenance expenditures | 3,538 | 4,230 | $ 3,260 | ||||||||||||
Total assets | $ 229,108 | $ 229,996 | $ 229,108 | $ 229,996 | |||||||||||
[1] | During the fourth quarter of 2013, the Company recognized rental revenue related to the Master Lease, which became effective at Spin-Off (November 1, 2013), of $69.9 million. | ||||||||||||||
[2] | The Company's fiscal year 2013 fourth quarter results include transaction costs of $13.5 million associated with the Spin-Off and depreciation expense of $14.8 million related to the real property assets transferred to GLPI as part of the Spin-Off. Also during the fourth quarter of 2013, the Company entered into a new five year senior unsecured credit facility and completed offerings of $2,050.0 million aggregate principal of new senior unsecured notes in October 2013. The Company incurred interest expense of $19.3 million related to its new borrowings during the fourth quarter of 2013. The following information reconciles the Company's previously reported financial information with as restated amounts for its quarterly reporting periods ended December 31, 2013 through December 31, 2014. Refer to Note 3 for further information regarding the restatement of previously reported financial information. Three Months Ended March 31, 2014 Three Months Ended June 30, 2014 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$158,328 $(10,016) $148,312 $160,786 $(10,016) $150,770Income from operations74,334 (10,016) 64,318 77,374 (10,016) 67,358Net income44,312 (10,016) 34,296 47,012 (10,016) 36,996Earnings per common share Basic earnings per common share$0.40 $(0.09) $0.31 $0.42 $(0.09) $0.33Diluted earnings per common share$0.38 $(0.09) $0.29 $0.40 $(0.09) $0.31 Three Months Ended September 30, 2014 Three Months Ended December 31, 2014 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$157,795 $(10,889) $146,906 $159,036 $(13,956) $145,080Income from operations77,622 (10,889) 66,733 74,053 (13,956) 60,097Net income49,902 (12,589) 37,313 44,158 (13,956) 30,202Earnings per common share Basic earnings per common share$0.44 $(0.11) $0.33 $0.39 $(0.12) $0.27Diluted earnings per common share$0.42 $(0.10) $0.32 $0.38 $(0.12) $0.26 Three Months Ended December 31, 2013 As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$113,776 $(6,677) $107,099Income from operations39,016 (6,677) 32,339Net income9,234 (4,977) 4,257Earnings per common share Basic earnings per common share$0.08 $(0.04) $0.04Diluted earnings per common share$0.08 $(0.04) $0.04 | ||||||||||||||
[3] | 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. | ||||||||||||||
[4] | GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off. For the year ended December 31, 2013, results included transaction costs associated with the Spin-Off of $13.5 million. |
Summarized Quarterly Data (Un79
Summarized Quarterly Data (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2013 | ||
Quarterly Financial Information [Line Items] | |||||||||||||
Net revenues | $ 145,080,000 | $ 146,906,000 | $ 150,770,000 | $ 148,312,000 | $ 107,099,000 | [1] | $ 39,633,000 | $ 46,072,000 | $ 42,648,000 | $ 591,068,000 | $ 235,452,000 | $ 210,643,000 | |
Income from operations | 60,097,000 | 66,733,000 | 67,358,000 | 64,318,000 | 32,339,000 | [2] | 5,665,000 | 9,090,000 | 6,811,000 | 258,506,000 | 53,905,000 | 43,668,000 | |
Net income | $ 30,202,000 | $ 37,313,000 | $ 36,996,000 | $ 34,296,000 | $ 4,257,000 | [2] | $ 2,681,000 | $ 4,699,000 | $ 3,216,000 | 138,807,000 | 14,853,000 | 22,919,000 | |
Rental Revenue | 436,937,000 | 69,880,000 | 0 | ||||||||||
Depreciation | $ 106,843,000 | $ 28,923,000 | $ 14,090,000 | ||||||||||
Earnings Per Share | |||||||||||||
Basic earnings per common share (in dollars per share) | $ 0.27 | $ 0.33 | $ 0.33 | $ 0.31 | $ 0.04 | $ 0.02 | $ 0.04 | $ 0.04 | $ 1.23 | $ 0.13 | $ 0.21 | ||
Diluted earnings per common share (in dollars per share) | $ 0.26 | $ 0.32 | $ 0.31 | $ 0.29 | $ 0.04 | $ 0.02 | $ 0.04 | $ 0.03 | $ 1.18 | $ 0.13 | $ 0.20 | ||
Senior unsecured credit facility | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Interest expense, debt | $ 19,300,000 | ||||||||||||
Senior unsecured credit facility | GLP Capital | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Debt instrument term | 5 years | ||||||||||||
Debt instrument face amount | $ 2,050,000,000 | ||||||||||||
Spinoff | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Spinoff of real estate assets through REIT transaction costs | $ 13,500,000 | $ 13,500,000 | |||||||||||
Depreciation | 14,800,000 | ||||||||||||
Master Lease Agreement | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Rental Revenue | 69,900,000 | ||||||||||||
As Previously Reported | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Net revenues | $ 159,036,000 | $ 157,795,000 | $ 160,786,000 | $ 158,328,000 | 113,776,000 | $ 635,945,000 | 242,129,000 | ||||||
Income from operations | 74,053,000 | 77,622,000 | 77,374,000 | 74,334,000 | 39,016,000 | 303,383,000 | 60,582,000 | ||||||
Net income | $ 44,158,000 | $ 49,902,000 | $ 47,012,000 | $ 44,312,000 | $ 9,234,000 | 185,384,000 | 19,830,000 | ||||||
Rental Revenue | $ 481,814,000 | $ 76,557,000 | |||||||||||
Earnings Per Share | |||||||||||||
Basic earnings per common share (in dollars per share) | $ 0.39 | $ 0.44 | $ 0.42 | $ 0.40 | $ 0.08 | $ 1.65 | $ 0.18 | ||||||
Diluted earnings per common share (in dollars per share) | $ 0.38 | $ 0.42 | $ 0.40 | $ 0.38 | $ 0.08 | $ 1.58 | $ 0.17 | ||||||
Adjustments | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Net revenues | $ (13,956,000) | $ (10,889,000) | $ (10,016,000) | $ (10,016,000) | $ (6,677,000) | $ (44,877,000) | $ (6,677,000) | ||||||
Income from operations | (13,956,000) | (10,889,000) | (10,016,000) | (10,016,000) | (6,677,000) | (44,877,000) | (6,677,000) | ||||||
Net income | $ (13,956,000) | $ (12,589,000) | $ (10,016,000) | $ (10,016,000) | $ (4,977,000) | (46,577,000) | (4,977,000) | ||||||
Rental Revenue | $ (44,877,000) | $ (6,677,000) | |||||||||||
Earnings Per Share | |||||||||||||
Basic earnings per common share (in dollars per share) | $ (0.12) | $ (0.11) | $ (0.09) | $ (0.09) | $ (0.04) | $ (0.42) | $ (0.05) | ||||||
Diluted earnings per common share (in dollars per share) | $ (0.12) | $ (0.10) | $ (0.09) | $ (0.09) | $ (0.04) | $ (0.40) | $ (0.04) | ||||||
[1] | During the fourth quarter of 2013, the Company recognized rental revenue related to the Master Lease, which became effective at Spin-Off (November 1, 2013), of $69.9 million. | ||||||||||||
[2] | The Company's fiscal year 2013 fourth quarter results include transaction costs of $13.5 million associated with the Spin-Off and depreciation expense of $14.8 million related to the real property assets transferred to GLPI as part of the Spin-Off. Also during the fourth quarter of 2013, the Company entered into a new five year senior unsecured credit facility and completed offerings of $2,050.0 million aggregate principal of new senior unsecured notes in October 2013. The Company incurred interest expense of $19.3 million related to its new borrowings during the fourth quarter of 2013. The following information reconciles the Company's previously reported financial information with as restated amounts for its quarterly reporting periods ended December 31, 2013 through December 31, 2014. Refer to Note 3 for further information regarding the restatement of previously reported financial information. Three Months Ended March 31, 2014 Three Months Ended June 30, 2014 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$158,328 $(10,016) $148,312 $160,786 $(10,016) $150,770Income from operations74,334 (10,016) 64,318 77,374 (10,016) 67,358Net income44,312 (10,016) 34,296 47,012 (10,016) 36,996Earnings per common share Basic earnings per common share$0.40 $(0.09) $0.31 $0.42 $(0.09) $0.33Diluted earnings per common share$0.38 $(0.09) $0.29 $0.40 $(0.09) $0.31 Three Months Ended September 30, 2014 Three Months Ended December 31, 2014 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$157,795 $(10,889) $146,906 $159,036 $(13,956) $145,080Income from operations77,622 (10,889) 66,733 74,053 (13,956) 60,097Net income49,902 (12,589) 37,313 44,158 (13,956) 30,202Earnings per common share Basic earnings per common share$0.44 $(0.11) $0.33 $0.39 $(0.12) $0.27Diluted earnings per common share$0.42 $(0.10) $0.32 $0.38 $(0.12) $0.26 Three Months Ended December 31, 2013 As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$113,776 $(6,677) $107,099Income from operations39,016 (6,677) 32,339Net income9,234 (4,977) 4,257Earnings per common share Basic earnings per common share$0.08 $(0.04) $0.04Diluted earnings per common share$0.08 $(0.04) $0.04 |
Pre-Spin Transactions with Pe80
Pre-Spin Transactions with Penn (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pre-Spin Transactions with Penn | |||
Management fee | $ 0 | $ 4,203 | $ 6,320 |
Hollywood Casino Baton Rouge and Hollywood Casino Perryville | Penn National Gaming Inc | |||
Pre-Spin Transactions with Penn | |||
Management fee as a percentage of net revenues | 3.00% | 3.00% | |
Management fee | $ 4,200 | $ 6,300 |
Supplemental Disclosures of C81
Supplemental Disclosures of Cash Flow Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Supplemental Disclosures of cash flow information | |||
Cash paid for income taxes, net of refunds | $ 20,100,000 | ||
Cash paid for interest | $ 109,400,000 | $ 800,000 | $ 0 |
Hollywood Casino Baton Rouge and Hollywood Casino Perryville | Penn National Gaming Inc | Federal | |||
Supplemental Disclosures of cash flow information | |||
Cash paid for income taxes, net of refunds | 9,400,000 | 13,200,000 | |
Hollywood Casino Baton Rouge and Hollywood Casino Perryville | Penn National Gaming Inc | State taxing authorities | |||
Supplemental Disclosures of cash flow information | |||
Cash paid for income taxes, net of refunds | $ 1,600,000 | $ 2,800,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | Sep. 24, 2014 | Sep. 19, 2014 | Sep. 30, 2014 | Dec. 31, 2014 |
Wyomissing Professional Center Inc | Chief Executive Officer | ||||
Related Party Transaction [Line Items] | ||||
Purchases from related party | $ 725 | |||
Amount of related party transaction | $ 270 | $ 244 | ||
CB Consulting Group LLC | Chairman of the Board and Chief Executive Officer's Son | ||||
Related Party Transaction [Line Items] | ||||
Amount of related party transaction | $ 59 | |||
Percentage of construction cost paid to Construction Manager for management services | 3.00% |
Supplementary Condensed Conso83
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Balance Sheet) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Assets | ||||
Real estate investments, net | $ 2,180,124 | $ 2,010,303 | ||
Property and equipment, used in operations, net | 134,028 | 139,121 | ||
Cash and cash equivalents | 35,973 | 285,221 | $ 14,562 | $ 17,146 |
Prepaid expenses | 7,900 | 5,983 | ||
Deferred tax assets, current | 2,015 | 2,228 | ||
Other current assets | 45,254 | 30,052 | ||
Goodwill | 75,521 | 75,521 | ||
Other intangible assets | 9,577 | 9,577 | ||
Debt issuance costs, net of accumulated amortization of $9,327 and $1,270 at December 31, 2014 and 2013, respectively | 39,126 | 46,877 | ||
Loan receivable | 34,000 | 0 | ||
Intercompany loan receivable | 0 | |||
Intercompany transactions and investment in subsidiaries | 0 | 0 | ||
Deferred tax assets, non-current | 679 | 0 | ||
Other assets | 383 | 4,356 | ||
Total assets | 2,564,580 | 2,609,239 | ||
Liabilities | ||||
Accounts payable | 4,409 | 21,397 | ||
Accrued expenses | 5,339 | 13,783 | ||
Accrued interest | 17,528 | 18,055 | ||
Accrued salaries and wages | 12,581 | 10,337 | ||
Gaming, property, and other taxes | 22,741 | 18,789 | ||
Income taxes | 0 | 15,556 | ||
Current maturities of long-term debt | 81 | 0 | ||
Other current liabilities | 15,788 | 12,911 | ||
Long-term debt, net of current maturities | 2,609,406 | 2,350,000 | ||
Intercompany loan payable | 0 | |||
Deferred rental revenue | 51,554 | 6,677 | ||
Deferred tax liabilities, non-current | 1,443 | 4,282 | ||
Total liabilities | 2,740,870 | 2,471,787 | ||
Shareholders’ (deficit) equity | ||||
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2014 and December 31, 2013 | 0 | 0 | ||
Common stock ($.01 par value, 500,000,000 shares authorized, 112,981,088 and 88,659,448 shares issued at December 31, 2014 and 2013, respectively) | 1,130 | 887 | ||
Additional paid-in capital | 888,860 | 3,651 | ||
Retained (deficit) earnings | (1,066,280) | 132,914 | ||
Total shareholders’ (deficit) equity | (176,290) | 137,452 | 236,330 | 219,911 |
Total liabilities and shareholders’ (deficit) equity | 2,564,580 | 2,609,239 | ||
Debt issuance costs, accumulated amortization (in dollars) | $ 9,327 | $ 1,270 | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | ||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Common stock, shares issued | 112,981,088 | 88,659,448 | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||
Consolidation, Eliminations | ||||
Assets | ||||
Real estate investments, net | $ 0 | $ 0 | ||
Property and equipment, used in operations, net | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Prepaid expenses | 1,498 | 0 | ||
Deferred tax assets, current | 0 | 343 | ||
Other current assets | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets | 0 | 0 | ||
Debt issuance costs, net of accumulated amortization of $9,327 and $1,270 at December 31, 2014 and 2013, respectively | 0 | 0 | ||
Loan receivable | 0 | 0 | ||
Intercompany loan receivable | (193,595) | |||
Intercompany transactions and investment in subsidiaries | (18,252) | (611,333) | ||
Deferred tax assets, non-current | 0 | |||
Other assets | 0 | 0 | ||
Total assets | (210,349) | (610,990) | ||
Liabilities | ||||
Accounts payable | 0 | 0 | ||
Accrued expenses | 0 | 0 | ||
Accrued interest | 0 | 0 | ||
Accrued salaries and wages | 0 | 0 | ||
Gaming, property, and other taxes | 0 | 0 | ||
Income taxes | 1,498 | 0 | ||
Current maturities of long-term debt | 0 | |||
Other current liabilities | 0 | 0 | ||
Long-term debt, net of current maturities | 0 | 0 | ||
Intercompany loan payable | (193,595) | |||
Deferred rental revenue | 0 | 0 | ||
Deferred tax liabilities, non-current | 0 | 343 | ||
Total liabilities | (192,097) | 343 | ||
Shareholders’ (deficit) equity | ||||
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2014 and December 31, 2013 | 0 | 0 | ||
Common stock ($.01 par value, 500,000,000 shares authorized, 112,981,088 and 88,659,448 shares issued at December 31, 2014 and 2013, respectively) | 0 | 0 | ||
Additional paid-in capital | (432,358) | (179,971) | ||
Retained (deficit) earnings | 414,106 | (431,362) | ||
Total shareholders’ (deficit) equity | (18,252) | (611,333) | ||
Total liabilities and shareholders’ (deficit) equity | $ (210,349) | (610,990) | ||
GLP Capital, L.P. | ||||
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers | ||||
Ownership percentage of subsidiaries by parent company | 100.00% | |||
GLP Financing II, Inc. | ||||
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers | ||||
Ownership percentage of subsidiaries by parent company | 100.00% | |||
Parent Guarantor | ||||
Assets | ||||
Real estate investments, net | $ 0 | 0 | ||
Property and equipment, used in operations, net | 25,228 | 25,458 | ||
Cash and cash equivalents | 2,643 | 42,801 | 0 | 0 |
Prepaid expenses | 1,096 | 1,191 | ||
Deferred tax assets, current | 0 | 0 | ||
Other current assets | 14,947 | 13,438 | ||
Goodwill | 0 | 0 | ||
Other intangible assets | 0 | 0 | ||
Debt issuance costs, net of accumulated amortization of $9,327 and $1,270 at December 31, 2014 and 2013, respectively | 0 | 0 | ||
Loan receivable | 0 | 0 | ||
Intercompany loan receivable | 0 | |||
Intercompany transactions and investment in subsidiaries | (190,541) | 99,414 | ||
Deferred tax assets, non-current | 0 | |||
Other assets | 256 | 195 | ||
Total assets | (146,371) | 182,497 | ||
Liabilities | ||||
Accounts payable | 4,011 | 21,006 | ||
Accrued expenses | 514 | 8,458 | ||
Accrued interest | 0 | 0 | ||
Accrued salaries and wages | 10,013 | 7,131 | ||
Gaming, property, and other taxes | 1,012 | 141 | ||
Income taxes | 0 | (4,473) | ||
Current maturities of long-term debt | 0 | |||
Other current liabilities | 14,369 | 12,782 | ||
Long-term debt, net of current maturities | 0 | 0 | ||
Intercompany loan payable | 0 | |||
Deferred rental revenue | 0 | 0 | ||
Deferred tax liabilities, non-current | 0 | 0 | ||
Total liabilities | 29,919 | 45,045 | ||
Shareholders’ (deficit) equity | ||||
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2014 and December 31, 2013 | 0 | 0 | ||
Common stock ($.01 par value, 500,000,000 shares authorized, 112,981,088 and 88,659,448 shares issued at December 31, 2014 and 2013, respectively) | 1,130 | 887 | ||
Additional paid-in capital | 888,860 | 3,651 | ||
Retained (deficit) earnings | (1,066,280) | 132,914 | ||
Total shareholders’ (deficit) equity | (176,290) | 137,452 | ||
Total liabilities and shareholders’ (deficit) equity | $ (146,371) | $ 182,497 | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | ||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Common stock, shares issued | 112,981,088 | 88,659,448 | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 | ||
Subsidiary Issuers | ||||
Assets | ||||
Real estate investments, net | $ 2,042,311 | $ 2,010,303 | ||
Property and equipment, used in operations, net | 0 | 0 | ||
Cash and cash equivalents | 4,450 | 221,095 | 0 | 0 |
Prepaid expenses | 2,196 | 1,834 | ||
Deferred tax assets, current | 0 | 0 | ||
Other current assets | 27,417 | 15,708 | ||
Goodwill | 0 | 0 | ||
Other intangible assets | 0 | 0 | ||
Debt issuance costs, net of accumulated amortization of $9,327 and $1,270 at December 31, 2014 and 2013, respectively | 39,126 | 46,877 | ||
Loan receivable | 0 | 0 | ||
Intercompany loan receivable | 193,595 | |||
Intercompany transactions and investment in subsidiaries | 195,092 | 208,739 | ||
Deferred tax assets, non-current | 0 | |||
Other assets | 0 | 0 | ||
Total assets | 2,504,187 | 2,504,556 | ||
Liabilities | ||||
Accounts payable | 188 | 0 | ||
Accrued expenses | 119 | 0 | ||
Accrued interest | 17,528 | 18,055 | ||
Accrued salaries and wages | 0 | 0 | ||
Gaming, property, and other taxes | 18,874 | 17,542 | ||
Income taxes | (165) | 10,608 | ||
Current maturities of long-term debt | 81 | |||
Other current liabilities | 0 | 0 | ||
Long-term debt, net of current maturities | 2,609,406 | 2,350,000 | ||
Intercompany loan payable | 0 | |||
Deferred rental revenue | 51,554 | 6,677 | ||
Deferred tax liabilities, non-current | 0 | 0 | ||
Total liabilities | 2,697,585 | 2,402,882 | ||
Shareholders’ (deficit) equity | ||||
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2014 and December 31, 2013 | 0 | 0 | ||
Common stock ($.01 par value, 500,000,000 shares authorized, 112,981,088 and 88,659,448 shares issued at December 31, 2014 and 2013, respectively) | 0 | 0 | ||
Additional paid-in capital | 139,811 | 17,271 | ||
Retained (deficit) earnings | (333,209) | 84,403 | ||
Total shareholders’ (deficit) equity | (193,398) | 101,674 | ||
Total liabilities and shareholders’ (deficit) equity | 2,504,187 | 2,504,556 | ||
Debt issuance costs, accumulated amortization (in dollars) | 9,327 | 1,270 | ||
Other Subsidiary Non-Issuers | ||||
Assets | ||||
Real estate investments, net | 137,813 | 0 | ||
Property and equipment, used in operations, net | 108,800 | 113,663 | ||
Cash and cash equivalents | 28,880 | 21,325 | $ 14,562 | $ 17,146 |
Prepaid expenses | 3,110 | 2,958 | ||
Deferred tax assets, current | 2,015 | 1,885 | ||
Other current assets | 2,890 | 906 | ||
Goodwill | 75,521 | 75,521 | ||
Other intangible assets | 9,577 | 9,577 | ||
Debt issuance costs, net of accumulated amortization of $9,327 and $1,270 at December 31, 2014 and 2013, respectively | 0 | 0 | ||
Loan receivable | 34,000 | 0 | ||
Intercompany loan receivable | 0 | |||
Intercompany transactions and investment in subsidiaries | 13,701 | 303,180 | ||
Deferred tax assets, non-current | 679 | |||
Other assets | 127 | 4,161 | ||
Total assets | 417,113 | 533,176 | ||
Liabilities | ||||
Accounts payable | 210 | 391 | ||
Accrued expenses | 4,706 | 5,325 | ||
Accrued interest | 0 | 0 | ||
Accrued salaries and wages | 2,568 | 3,206 | ||
Gaming, property, and other taxes | 2,855 | 1,106 | ||
Income taxes | (1,333) | 9,421 | ||
Current maturities of long-term debt | 0 | |||
Other current liabilities | 1,419 | 129 | ||
Long-term debt, net of current maturities | 0 | 0 | ||
Intercompany loan payable | 193,595 | |||
Deferred rental revenue | 0 | 0 | ||
Deferred tax liabilities, non-current | 1,443 | 3,939 | ||
Total liabilities | 205,463 | 23,517 | ||
Shareholders’ (deficit) equity | ||||
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2014 and December 31, 2013 | 0 | 0 | ||
Common stock ($.01 par value, 500,000,000 shares authorized, 112,981,088 and 88,659,448 shares issued at December 31, 2014 and 2013, respectively) | 0 | 0 | ||
Additional paid-in capital | 292,547 | 162,700 | ||
Retained (deficit) earnings | (80,897) | 346,959 | ||
Total shareholders’ (deficit) equity | 211,650 | 509,659 | ||
Total liabilities and shareholders’ (deficit) equity | $ 417,113 | $ 533,176 |
Supplementary Condensed Conso84
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Revenues | ||||||||||||
Rental | $ 386,403 | $ 62,278 | $ 0 | |||||||||
Real estate taxes paid by tenants | 50,534 | 7,602 | 0 | |||||||||
Total rental revenue | 436,937 | 69,880 | 0 | |||||||||
Gaming | 148,283 | 159,352 | 202,581 | |||||||||
Food, beverage and other | 11,621 | 12,357 | 15,635 | |||||||||
Total revenues | 596,841 | 241,589 | 218,216 | |||||||||
Less promotional allowances | (5,773) | (6,137) | (7,573) | |||||||||
Net revenues | $ 145,080 | $ 146,906 | $ 150,770 | $ 148,312 | $ 107,099 | [1] | $ 39,633 | $ 46,072 | $ 42,648 | 591,068 | 235,452 | 210,643 |
Operating expenses | ||||||||||||
Gaming | 82,995 | 89,367 | 113,111 | |||||||||
Food, beverage and other | 9,734 | 10,775 | 13,114 | |||||||||
Real estate taxes | 52,154 | 9,220 | 1,592 | |||||||||
General and administrative | 80,836 | 43,262 | 25,068 | |||||||||
Depreciation | 106,843 | 28,923 | 14,090 | |||||||||
Total operating expenses | 332,562 | 181,547 | 166,975 | |||||||||
Income from operations | 60,097 | 66,733 | 67,358 | 64,318 | 32,339 | [2] | 5,665 | 9,090 | 6,811 | 258,506 | 53,905 | 43,668 |
Other income (expenses) | ||||||||||||
Interest expense | (117,030) | (19,254) | 0 | |||||||||
Interest income | 2,444 | 1 | 2 | |||||||||
Management fees | 0 | (4,203) | (6,320) | |||||||||
Intercompany dividends and interest | 0 | 0 | 0 | |||||||||
Total other expenses | (114,586) | (23,456) | (6,318) | |||||||||
Income before income taxes | 143,920 | 30,449 | 37,350 | |||||||||
Income tax expense | 5,113 | 15,596 | 14,431 | |||||||||
Net income | $ 30,202 | $ 37,313 | $ 36,996 | $ 34,296 | $ 4,257 | [2] | $ 2,681 | $ 4,699 | $ 3,216 | 138,807 | 14,853 | 22,919 |
Eliminations | ||||||||||||
Revenues | ||||||||||||
Rental | 0 | 0 | 0 | |||||||||
Real estate taxes paid by tenants | 0 | 0 | 0 | |||||||||
Total rental revenue | 0 | 0 | 0 | |||||||||
Gaming | 0 | 0 | 0 | |||||||||
Food, beverage and other | 0 | 0 | 0 | |||||||||
Total revenues | 0 | 0 | 0 | |||||||||
Less promotional allowances | 0 | 0 | 0 | |||||||||
Net revenues | 0 | 0 | 0 | |||||||||
Operating expenses | ||||||||||||
Gaming | 0 | 0 | 0 | |||||||||
Food, beverage and other | 0 | 0 | 0 | |||||||||
Real estate taxes | 0 | 0 | 0 | |||||||||
General and administrative | 0 | 0 | 0 | |||||||||
Depreciation | 0 | 0 | 0 | |||||||||
Total operating expenses | 0 | 0 | 0 | |||||||||
Income from operations | 0 | 0 | 0 | |||||||||
Other income (expenses) | ||||||||||||
Interest expense | 0 | 0 | 0 | |||||||||
Interest income | 0 | 0 | 0 | |||||||||
Management fees | 0 | |||||||||||
Intercompany dividends and interest | (1,270,826) | (137,910) | 0 | |||||||||
Total other expenses | (1,270,826) | (137,910) | 0 | |||||||||
Income before income taxes | (1,270,826) | (137,910) | 0 | |||||||||
Income tax expense | 0 | 0 | 0 | |||||||||
Net income | (1,270,826) | (137,910) | 0 | |||||||||
Parent Guarantor | ||||||||||||
Revenues | ||||||||||||
Rental | 0 | 0 | 0 | |||||||||
Real estate taxes paid by tenants | 0 | 0 | 0 | |||||||||
Total rental revenue | 0 | 0 | 0 | |||||||||
Gaming | 0 | 0 | 0 | |||||||||
Food, beverage and other | 7 | 0 | 0 | |||||||||
Total revenues | 7 | 0 | 0 | |||||||||
Less promotional allowances | 0 | 0 | 0 | |||||||||
Net revenues | 7 | 0 | 0 | |||||||||
Operating expenses | ||||||||||||
Gaming | 0 | 0 | 0 | |||||||||
Food, beverage and other | 0 | 0 | 0 | |||||||||
Real estate taxes | 0 | 0 | 0 | |||||||||
General and administrative | 54,073 | 19,726 | 0 | |||||||||
Depreciation | 1,832 | 74 | 0 | |||||||||
Total operating expenses | 55,905 | 19,800 | 0 | |||||||||
Income from operations | (55,898) | (19,800) | 0 | |||||||||
Other income (expenses) | ||||||||||||
Interest expense | (11) | 0 | 0 | |||||||||
Interest income | 0 | 0 | 0 | |||||||||
Management fees | 0 | 0 | 0 | |||||||||
Intercompany dividends and interest | 612,326 | 68,955 | 0 | |||||||||
Total other expenses | 612,315 | 68,955 | 0 | |||||||||
Income before income taxes | 556,417 | 49,155 | 0 | |||||||||
Income tax expense | 0 | 643 | 0 | |||||||||
Net income | 556,417 | 48,512 | 0 | |||||||||
Subsidiary Issuers | ||||||||||||
Revenues | ||||||||||||
Rental | 373,231 | 62,278 | 0 | |||||||||
Real estate taxes paid by tenants | 48,570 | 7,602 | 0 | |||||||||
Total rental revenue | 421,801 | 69,880 | 0 | |||||||||
Gaming | 0 | 0 | 0 | |||||||||
Food, beverage and other | 0 | 0 | 0 | |||||||||
Total revenues | 421,801 | 69,880 | 0 | |||||||||
Less promotional allowances | 0 | 0 | 0 | |||||||||
Net revenues | 421,801 | 69,880 | 0 | |||||||||
Operating expenses | ||||||||||||
Gaming | 0 | 0 | 0 | |||||||||
Food, beverage and other | 0 | 0 | 0 | |||||||||
Real estate taxes | 48,576 | 7,602 | 0 | |||||||||
General and administrative | 2,758 | 0 | 0 | |||||||||
Depreciation | 89,833 | 14,822 | 0 | |||||||||
Total operating expenses | 141,167 | 22,424 | 0 | |||||||||
Income from operations | 280,634 | 47,456 | 0 | |||||||||
Other income (expenses) | ||||||||||||
Interest expense | (117,016) | (19,254) | 0 | |||||||||
Interest income | 0 | 0 | 0 | |||||||||
Management fees | 0 | 0 | 0 | |||||||||
Intercompany dividends and interest | 39,805 | 0 | 0 | |||||||||
Total other expenses | (77,211) | (19,254) | 0 | |||||||||
Income before income taxes | 203,423 | 28,202 | 0 | |||||||||
Income tax expense | 210 | 6,124 | 0 | |||||||||
Net income | 203,213 | 22,078 | 0 | |||||||||
Other Subsidiary Non-Issuers | ||||||||||||
Revenues | ||||||||||||
Rental | 13,172 | 0 | 0 | |||||||||
Real estate taxes paid by tenants | 1,964 | 0 | 0 | |||||||||
Total rental revenue | 15,136 | 0 | 0 | |||||||||
Gaming | 148,283 | 159,352 | 202,581 | |||||||||
Food, beverage and other | 11,614 | 12,357 | 15,635 | |||||||||
Total revenues | 175,033 | 171,709 | 218,216 | |||||||||
Less promotional allowances | (5,773) | (6,137) | (7,573) | |||||||||
Net revenues | 169,260 | 165,572 | 210,643 | |||||||||
Operating expenses | ||||||||||||
Gaming | 82,995 | 89,367 | 113,111 | |||||||||
Food, beverage and other | 9,734 | 10,775 | 13,114 | |||||||||
Real estate taxes | 3,578 | 1,618 | 1,592 | |||||||||
General and administrative | 24,005 | 23,536 | 25,068 | |||||||||
Depreciation | 15,178 | 14,027 | 14,090 | |||||||||
Total operating expenses | 135,490 | 139,323 | 166,975 | |||||||||
Income from operations | 33,770 | 26,249 | 43,668 | |||||||||
Other income (expenses) | ||||||||||||
Interest expense | (3) | 0 | 0 | |||||||||
Interest income | 2,444 | 1 | 2 | |||||||||
Management fees | 0 | (4,203) | (6,320) | |||||||||
Intercompany dividends and interest | 618,695 | 68,955 | 0 | |||||||||
Total other expenses | 621,136 | 64,753 | (6,318) | |||||||||
Income before income taxes | 654,906 | 91,002 | 37,350 | |||||||||
Income tax expense | 4,903 | 8,829 | 14,431 | |||||||||
Net income | $ 650,003 | $ 82,173 | $ 22,919 | |||||||||
[1] | During the fourth quarter of 2013, the Company recognized rental revenue related to the Master Lease, which became effective at Spin-Off (November 1, 2013), of $69.9 million. | |||||||||||
[2] | The Company's fiscal year 2013 fourth quarter results include transaction costs of $13.5 million associated with the Spin-Off and depreciation expense of $14.8 million related to the real property assets transferred to GLPI as part of the Spin-Off. Also during the fourth quarter of 2013, the Company entered into a new five year senior unsecured credit facility and completed offerings of $2,050.0 million aggregate principal of new senior unsecured notes in October 2013. The Company incurred interest expense of $19.3 million related to its new borrowings during the fourth quarter of 2013. The following information reconciles the Company's previously reported financial information with as restated amounts for its quarterly reporting periods ended December 31, 2013 through December 31, 2014. Refer to Note 3 for further information regarding the restatement of previously reported financial information. Three Months Ended March 31, 2014 Three Months Ended June 30, 2014 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$158,328 $(10,016) $148,312 $160,786 $(10,016) $150,770Income from operations74,334 (10,016) 64,318 77,374 (10,016) 67,358Net income44,312 (10,016) 34,296 47,012 (10,016) 36,996Earnings per common share Basic earnings per common share$0.40 $(0.09) $0.31 $0.42 $(0.09) $0.33Diluted earnings per common share$0.38 $(0.09) $0.29 $0.40 $(0.09) $0.31 Three Months Ended September 30, 2014 Three Months Ended December 31, 2014 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$157,795 $(10,889) $146,906 $159,036 $(13,956) $145,080Income from operations77,622 (10,889) 66,733 74,053 (13,956) 60,097Net income49,902 (12,589) 37,313 44,158 (13,956) 30,202Earnings per common share Basic earnings per common share$0.44 $(0.11) $0.33 $0.39 $(0.12) $0.27Diluted earnings per common share$0.42 $(0.10) $0.32 $0.38 $(0.12) $0.26 Three Months Ended December 31, 2013 As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$113,776 $(6,677) $107,099Income from operations39,016 (6,677) 32,339Net income9,234 (4,977) 4,257Earnings per common share Basic earnings per common share$0.08 $(0.04) $0.04Diluted earnings per common share$0.08 $(0.04) $0.04 |
Supplementary Condensed Conso85
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Cash Flow) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Operating activities | ||||||||||||
Net income | $ 30,202,000 | $ 37,313,000 | $ 36,996,000 | $ 34,296,000 | $ 4,257,000 | [1] | $ 2,681,000 | $ 4,699,000 | $ 3,216,000 | $ 138,807,000 | $ 14,853,000 | $ 22,919,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation | 106,843,000 | 28,923,000 | 14,090,000 | |||||||||
Amortization of debt issuance costs | 8,057,000 | 1,270,000 | 0 | |||||||||
Losses (gains) on dispositions of property | 10,000 | (39,000) | (142,000) | |||||||||
Deferred income taxes | (3,305,000) | (5,646,000) | (88,000) | |||||||||
Stock-based compensation | 12,258,000 | 1,566,000 | 0 | |||||||||
Straight-line rent adjustments | 44,877,000 | 6,677,000 | 0 | |||||||||
(Increase) decrease, | ||||||||||||
Prepaid expenses and other current assets | (10,601,000) | (885,000) | 1,513,000 | |||||||||
Other assets | (1,660,000) | (662,000) | 0 | |||||||||
Intercompany | 0 | 0 | 0 | |||||||||
Increase (decrease), | ||||||||||||
Accounts payable | (1,650,000) | 2,638,000 | (260,000) | |||||||||
Accrued expenses | (8,444,000) | 7,996,000 | (456,000) | |||||||||
Accrued interest | (527,000) | 17,216,000 | 0 | |||||||||
Accrued salaries and wages | 2,244,000 | 2,131,000 | (394,000) | |||||||||
Gaming, pari-mutuel, property and other taxes | 527,000 | (7,000) | (250,000) | |||||||||
Income taxes | (17,054,000) | 4,018,000 | (10,162,000) | |||||||||
Other current and noncurrent liabilities | 2,877,000 | 583,000 | (26,000) | |||||||||
Net cash provided by operating activities | 273,259,000 | 80,632,000 | 26,744,000 | |||||||||
Investing activities | ||||||||||||
Capital project expenditures, net of reimbursements | (139,231,000) | (12,198,000) | (1,930,000) | |||||||||
Capital maintenance expenditures | (3,538,000) | (4,230,000) | (3,260,000) | |||||||||
Proceeds from sale of property and equipment | 180,000 | 153,000 | 380,000 | |||||||||
Funding of loan receivable | (43,000,000) | 0 | 0 | |||||||||
Principal payments on loan receivable | 9,000,000 | 0 | 0 | |||||||||
Acquisition of real estate | (140,730,000) | 0 | 0 | |||||||||
Net cash used in investing activities | (317,319,000) | (16,275,000) | (4,810,000) | |||||||||
Financing activities | ||||||||||||
Net advances to Penn National Gaming, Inc. | 0 | (6,982,000) | (24,518,000) | |||||||||
Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off | 0 | (2,090,000,000) | 0 | |||||||||
Dividends paid, including the Purging Distribution | (494,104,000) | 0 | 0 | |||||||||
Proceeds from exercise of options | 29,931,000 | 1,431,000 | 0 | |||||||||
Proceeds from issuance of long-term debt | 291,950,000 | 2,350,000,000 | 0 | |||||||||
Financing costs | (306,000) | (48,147,000) | 0 | |||||||||
Payments of long-term debt | (32,024,000) | 0 | 0 | |||||||||
Intercompany financing | 0 | 0 | 0 | |||||||||
Distribution in connection with 2013 Pre-Spin tax matter agreement | (635,000) | 0 | 0 | |||||||||
Net cash (used in) provided by financing activities | (205,188,000) | 206,302,000 | (24,518,000) | |||||||||
Net (decrease) increase in cash and cash equivalents | (249,248,000) | 270,659,000 | (2,584,000) | |||||||||
Cash and cash equivalents at beginning of period | 285,221,000 | 14,562,000 | 285,221,000 | 14,562,000 | 17,146,000 | |||||||
Cash and cash equivalents at end of period | 35,973,000 | 285,221,000 | 35,973,000 | 285,221,000 | 14,562,000 | |||||||
Eliminations | ||||||||||||
Operating activities | ||||||||||||
Net income | (1,270,826,000) | (137,910,000) | 0 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation | 0 | 0 | 0 | |||||||||
Amortization of debt issuance costs | 0 | 0 | 0 | |||||||||
Losses (gains) on dispositions of property | 0 | 0 | 0 | |||||||||
Deferred income taxes | 0 | 0 | 0 | |||||||||
Stock-based compensation | 0 | 0 | 0 | |||||||||
Straight-line rent adjustments | 0 | 0 | ||||||||||
(Increase) decrease, | ||||||||||||
Prepaid expenses and other current assets | 1,498,000 | 1,834,000 | 0 | |||||||||
Other assets | 0 | 0 | 0 | |||||||||
Intercompany | 0 | 0 | 0 | |||||||||
Increase (decrease), | ||||||||||||
Accounts payable | 0 | 0 | 0 | |||||||||
Accrued expenses | 0 | 0 | 0 | |||||||||
Accrued interest | 0 | 0 | 0 | |||||||||
Accrued salaries and wages | 0 | 0 | 0 | |||||||||
Gaming, pari-mutuel, property and other taxes | 0 | 0 | 0 | |||||||||
Income taxes | (1,498,000) | (1,834,000) | 0 | |||||||||
Other current and noncurrent liabilities | 0 | 0 | 0 | |||||||||
Net cash provided by operating activities | (1,270,826,000) | (137,910,000) | 0 | |||||||||
Investing activities | ||||||||||||
Capital project expenditures, net of reimbursements | 0 | 0 | 0 | |||||||||
Capital maintenance expenditures | 0 | 0 | 0 | |||||||||
Proceeds from sale of property and equipment | 0 | 0 | 0 | |||||||||
Funding of loan receivable | 0 | 0 | 0 | |||||||||
Principal payments on loan receivable | 0 | 0 | 0 | |||||||||
Acquisition of real estate | 0 | 0 | 0 | |||||||||
Net cash used in investing activities | 0 | 0 | 0 | |||||||||
Financing activities | ||||||||||||
Net advances to Penn National Gaming, Inc. | 0 | 0 | ||||||||||
Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off | 0 | |||||||||||
Dividends paid, including the Purging Distribution | 0 | 0 | 0 | |||||||||
Proceeds from exercise of options | 0 | 0 | 0 | |||||||||
Proceeds from issuance of long-term debt | 0 | 0 | 0 | |||||||||
Financing costs | 0 | 0 | 0 | |||||||||
Payments of long-term debt | 0 | 0 | 0 | |||||||||
Intercompany financing | 1,270,826,000 | 137,910,000 | 0 | |||||||||
Distribution in connection with 2013 Pre-Spin tax matter agreement | 0 | |||||||||||
Net cash (used in) provided by financing activities | 1,270,826,000 | 137,910,000 | 0 | |||||||||
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 | |||||||||
Cash and cash equivalents at beginning of period | 0 | 0 | 0 | 0 | 0 | |||||||
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 | 0 | |||||||
Parent Guarantor | ||||||||||||
Operating activities | ||||||||||||
Net income | 556,417,000 | 48,512,000 | 0 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation | 1,832,000 | 74,000 | 0 | |||||||||
Amortization of debt issuance costs | 0 | 0 | 0 | |||||||||
Losses (gains) on dispositions of property | 2,000 | 0 | 0 | |||||||||
Deferred income taxes | 0 | 0 | 0 | |||||||||
Stock-based compensation | 12,258,000 | 1,566,000 | 0 | |||||||||
Straight-line rent adjustments | 0 | 0 | ||||||||||
(Increase) decrease, | ||||||||||||
Prepaid expenses and other current assets | 181,000 | (1,944,000) | 0 | |||||||||
Other assets | (1,645,000) | (662,000) | 0 | |||||||||
Intercompany | 800,000 | 2,259,000 | 0 | |||||||||
Increase (decrease), | ||||||||||||
Accounts payable | (16,995,000) | 20,073,000 | 0 | |||||||||
Accrued expenses | (7,944,000) | 8,458,000 | 0 | |||||||||
Accrued interest | 0 | 0 | 0 | |||||||||
Accrued salaries and wages | 2,882,000 | 2,432,000 | 0 | |||||||||
Gaming, pari-mutuel, property and other taxes | 871,000 | 141,000 | 0 | |||||||||
Income taxes | (1,441,000) | (4,473,000) | 0 | |||||||||
Other current and noncurrent liabilities | 1,585,000 | 564,000 | 0 | |||||||||
Net cash provided by operating activities | 548,803,000 | 77,000,000 | 0 | |||||||||
Investing activities | ||||||||||||
Capital project expenditures, net of reimbursements | (1,613,000) | (5,532,000) | 0 | |||||||||
Capital maintenance expenditures | 0 | 0 | 0 | |||||||||
Proceeds from sale of property and equipment | 0 | 0 | 0 | |||||||||
Funding of loan receivable | 0 | 0 | 0 | |||||||||
Principal payments on loan receivable | 0 | 0 | 0 | |||||||||
Acquisition of real estate | 0 | 0 | 0 | |||||||||
Net cash used in investing activities | (1,613,000) | (5,532,000) | 0 | |||||||||
Financing activities | ||||||||||||
Net advances to Penn National Gaming, Inc. | 0 | 0 | ||||||||||
Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off | (19,609,000) | |||||||||||
Dividends paid, including the Purging Distribution | (494,104,000) | 0 | 0 | |||||||||
Proceeds from exercise of options | 29,931,000 | 1,431,000 | 0 | |||||||||
Proceeds from issuance of long-term debt | 0 | 0 | 0 | |||||||||
Financing costs | 0 | 0 | 0 | |||||||||
Payments of long-term debt | 0 | 0 | 0 | |||||||||
Intercompany financing | (122,540,000) | (10,489,000) | 0 | |||||||||
Distribution in connection with 2013 Pre-Spin tax matter agreement | (635,000) | |||||||||||
Net cash (used in) provided by financing activities | (587,348,000) | (28,667,000) | 0 | |||||||||
Net (decrease) increase in cash and cash equivalents | (40,158,000) | 42,801,000 | 0 | |||||||||
Cash and cash equivalents at beginning of period | 42,801,000 | 0 | 42,801,000 | 0 | 0 | |||||||
Cash and cash equivalents at end of period | 2,643,000 | 42,801,000 | 2,643,000 | 42,801,000 | 0 | |||||||
Subsidiary Issuers | ||||||||||||
Operating activities | ||||||||||||
Net income | 203,213,000 | 22,078,000 | 0 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation | 89,833,000 | 14,822,000 | 0 | |||||||||
Amortization of debt issuance costs | 8,057,000 | 1,270,000 | 0 | |||||||||
Losses (gains) on dispositions of property | (150,000) | 0 | 0 | |||||||||
Deferred income taxes | 0 | 0 | 0 | |||||||||
Stock-based compensation | 0 | 0 | 0 | |||||||||
Straight-line rent adjustments | 44,877,000 | 6,677,000 | ||||||||||
(Increase) decrease, | ||||||||||||
Prepaid expenses and other current assets | (10,741,000) | 0 | 0 | |||||||||
Other assets | 0 | 0 | ||||||||||
Intercompany | (4,015,000) | 0 | 0 | |||||||||
Increase (decrease), | ||||||||||||
Accounts payable | 15,526,000 | (18,508,000) | 0 | |||||||||
Accrued expenses | 119,000 | 0 | 0 | |||||||||
Accrued interest | (527,000) | 18,055,000 | 0 | |||||||||
Accrued salaries and wages | 0 | 0 | 0 | |||||||||
Gaming, pari-mutuel, property and other taxes | 0 | 0 | 0 | |||||||||
Income taxes | (7,625,000) | 10,608,000 | 0 | |||||||||
Other current and noncurrent liabilities | 0 | 0 | 0 | |||||||||
Net cash provided by operating activities | 338,567,000 | 55,002,000 | 0 | |||||||||
Investing activities | ||||||||||||
Capital project expenditures, net of reimbursements | (137,618,000) | (7,510,000) | 0 | |||||||||
Capital maintenance expenditures | 0 | 0 | 0 | |||||||||
Proceeds from sale of property and equipment | 150,000 | 0 | 0 | |||||||||
Funding of loan receivable | 0 | 0 | 0 | |||||||||
Principal payments on loan receivable | 0 | 0 | 0 | |||||||||
Acquisition of real estate | 0 | 0 | 0 | |||||||||
Net cash used in investing activities | (137,468,000) | (7,510,000) | 0 | |||||||||
Financing activities | ||||||||||||
Net advances to Penn National Gaming, Inc. | 0 | 0 | ||||||||||
Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off | (1,992,931,000) | |||||||||||
Dividends paid, including the Purging Distribution | 0 | 0 | 0 | |||||||||
Proceeds from exercise of options | 0 | 0 | 0 | |||||||||
Proceeds from issuance of long-term debt | 291,950,000 | 2,350,000,000 | 0 | |||||||||
Financing costs | (306,000) | (48,147,000) | 0 | |||||||||
Payments of long-term debt | (32,024,000) | 0 | 0 | |||||||||
Intercompany financing | (677,364,000) | (135,319,000) | 0 | |||||||||
Distribution in connection with 2013 Pre-Spin tax matter agreement | 0 | |||||||||||
Net cash (used in) provided by financing activities | (417,744,000) | 173,603,000 | 0 | |||||||||
Net (decrease) increase in cash and cash equivalents | (216,645,000) | 221,095,000 | 0 | |||||||||
Cash and cash equivalents at beginning of period | 221,095,000 | 0 | 221,095,000 | 0 | 0 | |||||||
Cash and cash equivalents at end of period | 4,450,000 | 221,095,000 | 4,450,000 | 221,095,000 | 0 | |||||||
Other Subsidiary Non-Issuers | ||||||||||||
Operating activities | ||||||||||||
Net income | 650,003,000 | 82,173,000 | 22,919,000 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation | 15,178,000 | 14,027,000 | 14,090,000 | |||||||||
Amortization of debt issuance costs | 0 | 0 | 0 | |||||||||
Losses (gains) on dispositions of property | 158,000 | (39,000) | (142,000) | |||||||||
Deferred income taxes | (3,305,000) | (5,646,000) | (88,000) | |||||||||
Stock-based compensation | 0 | 0 | 0 | |||||||||
Straight-line rent adjustments | 0 | 0 | ||||||||||
(Increase) decrease, | ||||||||||||
Prepaid expenses and other current assets | (1,539,000) | (775,000) | 1,513,000 | |||||||||
Other assets | (15,000) | 0 | 0 | |||||||||
Intercompany | 3,215,000 | (2,259,000) | 0 | |||||||||
Increase (decrease), | ||||||||||||
Accounts payable | (181,000) | 1,073,000 | (260,000) | |||||||||
Accrued expenses | (619,000) | (462,000) | (456,000) | |||||||||
Accrued interest | 0 | (839,000) | 0 | |||||||||
Accrued salaries and wages | (638,000) | (301,000) | (394,000) | |||||||||
Gaming, pari-mutuel, property and other taxes | (344,000) | (148,000) | (250,000) | |||||||||
Income taxes | (6,490,000) | (283,000) | (10,162,000) | |||||||||
Other current and noncurrent liabilities | 1,292,000 | 19,000 | (26,000) | |||||||||
Net cash provided by operating activities | 656,715,000 | 86,540,000 | 26,744,000 | |||||||||
Investing activities | ||||||||||||
Capital project expenditures, net of reimbursements | 0 | 844,000 | (1,930,000) | |||||||||
Capital maintenance expenditures | (3,538,000) | (4,230,000) | (3,260,000) | |||||||||
Proceeds from sale of property and equipment | 30,000 | 153,000 | 380,000 | |||||||||
Funding of loan receivable | (43,000,000) | 0 | 0 | |||||||||
Principal payments on loan receivable | 9,000,000 | 0 | 0 | |||||||||
Acquisition of real estate | (140,730,000) | 0 | 0 | |||||||||
Net cash used in investing activities | (178,238,000) | (3,233,000) | (4,810,000) | |||||||||
Financing activities | ||||||||||||
Net advances to Penn National Gaming, Inc. | (6,982,000) | (24,518,000) | ||||||||||
Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off | (77,460,000) | |||||||||||
Dividends paid, including the Purging Distribution | 0 | 0 | 0 | |||||||||
Proceeds from exercise of options | 0 | 0 | 0 | |||||||||
Proceeds from issuance of long-term debt | 0 | 0 | 0 | |||||||||
Financing costs | 0 | 0 | 0 | |||||||||
Payments of long-term debt | 0 | 0 | 0 | |||||||||
Intercompany financing | (470,922,000) | 7,898,000 | 0 | |||||||||
Distribution in connection with 2013 Pre-Spin tax matter agreement | 0 | |||||||||||
Net cash (used in) provided by financing activities | (470,922,000) | (76,544,000) | (24,518,000) | |||||||||
Net (decrease) increase in cash and cash equivalents | 7,555,000 | 6,763,000 | (2,584,000) | |||||||||
Cash and cash equivalents at beginning of period | $ 21,325,000 | $ 14,562,000 | 21,325,000 | 14,562,000 | 17,146,000 | |||||||
Cash and cash equivalents at end of period | $ 28,880,000 | $ 21,325,000 | $ 28,880,000 | $ 21,325,000 | $ 14,562,000 | |||||||
[1] | The Company's fiscal year 2013 fourth quarter results include transaction costs of $13.5 million associated with the Spin-Off and depreciation expense of $14.8 million related to the real property assets transferred to GLPI as part of the Spin-Off. Also during the fourth quarter of 2013, the Company entered into a new five year senior unsecured credit facility and completed offerings of $2,050.0 million aggregate principal of new senior unsecured notes in October 2013. The Company incurred interest expense of $19.3 million related to its new borrowings during the fourth quarter of 2013. The following information reconciles the Company's previously reported financial information with as restated amounts for its quarterly reporting periods ended December 31, 2013 through December 31, 2014. Refer to Note 3 for further information regarding the restatement of previously reported financial information. Three Months Ended March 31, 2014 Three Months Ended June 30, 2014 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$158,328 $(10,016) $148,312 $160,786 $(10,016) $150,770Income from operations74,334 (10,016) 64,318 77,374 (10,016) 67,358Net income44,312 (10,016) 34,296 47,012 (10,016) 36,996Earnings per common share Basic earnings per common share$0.40 $(0.09) $0.31 $0.42 $(0.09) $0.33Diluted earnings per common share$0.38 $(0.09) $0.29 $0.40 $(0.09) $0.31 Three Months Ended September 30, 2014 Three Months Ended December 31, 2014 As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$157,795 $(10,889) $146,906 $159,036 $(13,956) $145,080Income from operations77,622 (10,889) 66,733 74,053 (13,956) 60,097Net income49,902 (12,589) 37,313 44,158 (13,956) 30,202Earnings per common share Basic earnings per common share$0.44 $(0.11) $0.33 $0.39 $(0.12) $0.27Diluted earnings per common share$0.42 $(0.10) $0.32 $0.38 $(0.12) $0.26 Three Months Ended December 31, 2013 As Previously Reported Adjustments As Restated (in thousands, except per share data)Net revenues$113,776 $(6,677) $107,099Income from operations39,016 (6,677) 32,339Net income9,234 (4,977) 4,257Earnings per common share Basic earnings per common share$0.08 $(0.04) $0.04Diluted earnings per common share$0.08 $(0.04) $0.04 |
Schedule III Real Estate Asse86
Schedule III Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Improvements | 454,004 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,108,591 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Net Capitalized Costs (Retirements) Subsequent to Acquisition, Carrying Costs | 180,252 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 454,181 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 2,288,664 | ||||||
SEC Schedule III, Real Estate And Accumulated Depreciation, Real Estate Carrying Value | $ 2,433,114 | [1] | $ 0 | [1] | 2,742,845 | [2] | |
SEC Schedule III, Real Estate and Accumulated Depreciation, Accumulated Depreciation | (484,488) | [1] | 0 | [1] | (565,297) | ||
SEC Schedule III, Real Estate, Federal Income Tax Basis | 2,750,000 | ||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the beginning of the period | [1] | 2,433,114 | 0 | ||||
Amounts contributed from Spin-Off | 0 | 2,433,052 | [1] | ||||
Acquisitions | 140,730 | 0 | [1] | ||||
Capital expenditures and assets placed in service | 181,404 | 62 | [1] | ||||
Dispositions | (12,403) | 0 | [1] | ||||
Balance at the end of the period | 2,742,845 | [2] | 2,433,114 | [1] | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the beginning of the period | [1] | (484,488) | 0 | ||||
Amounts contributed from Spin-Off | 0 | (469,666) | [1] | ||||
Depreciation expense | (92,750) | (14,822) | [1] | ||||
Dispositions | 11,941 | 0 | [1] | ||||
Balance at the end of the period | (565,297) | $ (484,488) | [1] | ||||
Hollywood Casino Lawrenceburg IN [Member] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Improvements | 15,251 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 342,393 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Net Capitalized Costs (Retirements) Subsequent to Acquisition, Carrying Costs | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 15,251 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 342,392 | ||||||
SEC Schedule III, Real Estate And Accumulated Depreciation, Real Estate Carrying Value | 357,643 | 357,643 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (85,035) | (85,035) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 31 years | ||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the period | $ 357,643 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the period | (85,035) | ||||||
Hollywood Casino Aurora IL [Member] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Improvements | 4,937 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 98,379 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Net Capitalized Costs (Retirements) Subsequent to Acquisition, Carrying Costs | (439) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,937 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 97,940 | ||||||
SEC Schedule III, Real Estate And Accumulated Depreciation, Real Estate Carrying Value | 102,877 | 102,877 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (48,889) | (48,889) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the period | $ 102,877 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the period | (48,889) | ||||||
Hollywood Casino Joliet IL [Member] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Improvements | 19,214 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 101,104 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Net Capitalized Costs (Retirements) Subsequent to Acquisition, Carrying Costs | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 19,214 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 101,104 | ||||||
SEC Schedule III, Real Estate And Accumulated Depreciation, Real Estate Carrying Value | 120,318 | 120,318 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (38,926) | (38,926) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 31 years | ||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the period | $ 120,318 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the period | (38,926) | ||||||
Argosy Casino Alton IL [Member] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Improvements | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 6,462 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Net Capitalized Costs (Retirements) Subsequent to Acquisition, Carrying Costs | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 6,462 | ||||||
SEC Schedule III, Real Estate And Accumulated Depreciation, Real Estate Carrying Value | 6,462 | 6,462 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (3,791) | (3,791) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 31 years | ||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the period | $ 6,462 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the period | (3,791) | ||||||
Hollywood Casino Toledo OH [Member] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Improvements | 12,003 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 144,094 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Net Capitalized Costs (Retirements) Subsequent to Acquisition, Carrying Costs | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 12,003 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 144,093 | ||||||
SEC Schedule III, Real Estate And Accumulated Depreciation, Real Estate Carrying Value | 156,096 | 156,096 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (13,722) | (13,722) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 31 years | ||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the period | $ 156,096 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the period | (13,722) | ||||||
Hollywood Casino Columbus OH [Member] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Improvements | 38,240 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 188,543 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Net Capitalized Costs (Retirements) Subsequent to Acquisition, Carrying Costs | 105 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 38,267 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 188,622 | ||||||
SEC Schedule III, Real Estate And Accumulated Depreciation, Real Estate Carrying Value | 226,889 | 226,889 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (16,004) | (16,004) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 31 years | ||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the period | $ 226,889 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the period | (16,004) | ||||||
Hollywood Casino at Charles Town Races WV [Member] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Improvements | 35,102 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 233,069 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Net Capitalized Costs (Retirements) Subsequent to Acquisition, Carrying Costs | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 35,102 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 233,069 | ||||||
SEC Schedule III, Real Estate And Accumulated Depreciation, Real Estate Carrying Value | 268,171 | 268,171 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (93,991) | (93,991) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 31 years | ||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the period | $ 268,171 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the period | (93,991) | ||||||
Hollywood Casino at Penn National Race Course PA [Member] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Improvements | 25,500 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 161,810 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Net Capitalized Costs (Retirements) Subsequent to Acquisition, Carrying Costs | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 25,500 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 161,810 | ||||||
SEC Schedule III, Real Estate And Accumulated Depreciation, Real Estate Carrying Value | 187,310 | 187,310 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (48,052) | (48,052) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 31 years | ||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the period | $ 187,310 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the period | (48,052) | ||||||
M Resort NV [Member] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Improvements | 66,104 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 126,689 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Net Capitalized Costs (Retirements) Subsequent to Acquisition, Carrying Costs | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 66,104 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 126,689 | ||||||
SEC Schedule III, Real Estate And Accumulated Depreciation, Real Estate Carrying Value | 192,793 | 192,793 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (16,525) | (16,525) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the period | $ 192,793 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the period | (16,525) | ||||||
Hollywood Casino Bangor ME [Member] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Improvements | 12,883 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 84,257 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Net Capitalized Costs (Retirements) Subsequent to Acquisition, Carrying Costs | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 12,883 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 84,257 | ||||||
SEC Schedule III, Real Estate And Accumulated Depreciation, Real Estate Carrying Value | 97,140 | 97,140 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (19,690) | (19,690) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 31 years | ||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the period | $ 97,140 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the period | (19,690) | ||||||
Zia Park Casino NM [Member] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Improvements | 9,313 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 38,947 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Net Capitalized Costs (Retirements) Subsequent to Acquisition, Carrying Costs | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,313 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 38,947 | ||||||
SEC Schedule III, Real Estate And Accumulated Depreciation, Real Estate Carrying Value | 48,260 | 48,260 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (12,865) | (12,865) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 31 years | ||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the period | $ 48,260 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the period | (12,865) | ||||||
Hollywood Casino Bay St Louis MS [Member] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Improvements | 59,388 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 87,352 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Net Capitalized Costs (Retirements) Subsequent to Acquisition, Carrying Costs | (17) | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 59,388 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 87,335 | ||||||
SEC Schedule III, Real Estate And Accumulated Depreciation, Real Estate Carrying Value | 146,723 | 146,723 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (36,697) | (36,697) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the period | $ 146,723 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the period | (36,697) | ||||||
Argosy Casino Riverside MO [Member] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Improvements | 23,468 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 143,301 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Net Capitalized Costs (Retirements) Subsequent to Acquisition, Carrying Costs | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 23,468 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 143,301 | ||||||
SEC Schedule III, Real Estate And Accumulated Depreciation, Real Estate Carrying Value | 166,769 | 166,769 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (43,578) | (43,578) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 37 years | ||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the period | $ 166,769 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the period | (43,578) | ||||||
Hollywood Casino Tunica MS [Member] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Improvements | 4,634 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 42,031 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Net Capitalized Costs (Retirements) Subsequent to Acquisition, Carrying Costs | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,634 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 42,031 | ||||||
SEC Schedule III, Real Estate And Accumulated Depreciation, Real Estate Carrying Value | 46,665 | 46,665 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (20,452) | (20,452) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 31 years | ||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the period | $ 46,665 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the period | (20,452) | ||||||
Boomtown Biloxi MS [Member] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Improvements | 3,423 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 63,083 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Net Capitalized Costs (Retirements) Subsequent to Acquisition, Carrying Costs | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,423 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 63,083 | ||||||
SEC Schedule III, Real Estate And Accumulated Depreciation, Real Estate Carrying Value | 66,506 | 66,506 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (34,138) | (34,138) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | ||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the period | $ 66,506 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the period | (34,138) | ||||||
Hollywood Casino St Louis MO [Member] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Improvements | 44,198 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 177,063 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Net Capitalized Costs (Retirements) Subsequent to Acquisition, Carrying Costs | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 44,198 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 177,063 | ||||||
SEC Schedule III, Real Estate And Accumulated Depreciation, Real Estate Carrying Value | 221,261 | 221,261 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (28,167) | (28,167) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 13 years | ||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the period | $ 221,261 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the period | (28,167) | ||||||
Hollywood Casino at Dayton Raceway OH [Member] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Improvements | 3,211 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Net Capitalized Costs (Retirements) Subsequent to Acquisition, Carrying Costs | [3] | 86,288 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,211 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 86,288 | ||||||
SEC Schedule III, Real Estate And Accumulated Depreciation, Real Estate Carrying Value | 89,499 | 89,499 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (1,031) | (1,031) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 31 years | ||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the period | $ 89,499 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the period | (1,031) | ||||||
Hollywood Casino at Mahoning Valley Race Track OH [Member] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Improvements | 5,683 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Net Capitalized Costs (Retirements) Subsequent to Acquisition, Carrying Costs | [3] | 94,315 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,833 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 94,164 | ||||||
SEC Schedule III, Real Estate And Accumulated Depreciation, Real Estate Carrying Value | 99,997 | 99,997 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (827) | (827) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 31 years | ||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the period | $ 99,997 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the period | (827) | ||||||
Casino Queen IL [Member] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Improvements | 70,716 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 70,014 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Net Capitalized Costs (Retirements) Subsequent to Acquisition, Carrying Costs | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 70,716 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 70,014 | ||||||
SEC Schedule III, Real Estate And Accumulated Depreciation, Real Estate Carrying Value | 140,730 | 140,730 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Accumulated Depreciation | $ (2,917) | (2,917) | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 31 years | ||||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the period | $ 140,730 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the period | (2,917) | ||||||
GLPI Corporate Office [Member] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Improvements | 736 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Net Capitalized Costs (Retirements) Subsequent to Acquisition, Carrying Costs | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 736 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | ||||||
SEC Schedule III, Real Estate And Accumulated Depreciation, Real Estate Carrying Value | [4] | 736 | 736 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | 0 | |||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the period | [4] | 736 | |||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the period | 0 | ||||||
Rental Properties [Member] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land and Improvements | 453,268 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,108,591 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Net Capitalized Costs (Retirements) Subsequent to Acquisition, Carrying Costs | 180,252 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 453,445 | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 2,288,664 | ||||||
SEC Schedule III, Real Estate And Accumulated Depreciation, Real Estate Carrying Value | 2,742,109 | 2,742,109 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Accumulated Depreciation | (565,297) | $ (565,297) | |||||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||||
Balance at the end of the period | 2,742,109 | ||||||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||||
Balance at the end of the period | $ (565,297) | ||||||
[1] | The Company's real estate operations commenced on November 1, 2013, in connection with the Spin-Off. See Note 1 to the consolidated financial statements for further information regarding the Spin-Off. | ||||||
[2] | The aggregate cost for federal income tax purposes of the properties listed above was $2.75 billion at December 31, 2014. | ||||||
[3] | Hollywood Casino at Dayton Raceway and Hollywood Casino at Mahoning Valley Race Course were jointly developed with Penn National Gaming, Inc. The costs capitalized subsequent to acquisition represent the capital expenditures incurred by the Company subsequent to the transfer of the development properties at Spin-Off. Both properties commenced operations and began paying rent during the year ended December 31, 2014. | ||||||
[4] | Excludes the amounts classified as construction in progress, as presented on the real estate investments, net line item of the Company's consolidated balance sheets and detailed in Note 7 to the consolidated financial statements. |