Gaming and Leisure Properties (GLPI) 10-Q/A 9 Nov 15 2015 Q1 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document and Entity Information
Entity Registrant Name	Gaming & Leisure Properties, Inc.
Entity Central Index Key	1,575,965
Document Type	10-Q/A
Document Period End Date	Mar. 31, 2015
Amendment Flag	true
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		115,846,867
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q1
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 2 to the condensed 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 $14.0 million and $10.0 million during the three months ended March 31, 2015 and 2014, 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 $65.5 million and $51.6 million at March 31, 2015 and December 31, 2014, respectively. 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.

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Assets
Real estate investments, net	$ 2,157,003	$ 2,180,124
Property and equipment, used in operations, net	136,533	134,028
Cash and cash equivalents	45,367	35,973	$ 48,278	$ 285,221
Prepaid expenses	7,468	7,900
Deferred tax assets, current	1,568	2,015
Other current assets	47,644	45,254
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $11,347 and $9,327 at March 31, 2015 and December 31, 2014, respectively	37,106	39,126
Loan receivable	33,463	34,000
Deferred tax assets, non-current	808	679
Other assets	419	383
Total assets	2,552,477	2,564,580
Liabilities
Accounts payable	3,301	4,409
Accrued expenses	5,756	5,339
Accrued interest	42,431	17,528
Accrued salaries and wages	6,387	12,581
Gaming, property, and other taxes	25,132	22,741
Income taxes	1,572	0
Current maturities of long-term debt	99	81
Other current liabilities	16,237	15,788
Long-term debt, net of current maturities	2,576,364	2,609,406
Deferred rental revenue	65,510	51,554
Deferred tax liabilities, non-current	738	1,443
Total liabilities	2,743,527	2,740,870
Shareholders’ deficit
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2015 and December 31, 2014	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 114,213,335 and 112,981,088 shares issued at March 31, 2015 and December 31, 2014, respectively)	1,142	1,130
Additional paid-in capital	903,608	888,860
Retained deficit	(1,095,800)	(1,066,280)
Total shareholders’ deficit	(191,050)	(176,290)
Total liabilities and shareholders’ deficit	$ 2,552,477	$ 2,564,580

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Debt issuance costs, accumulated amortization	$ 11,347	$ 9,327
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	114,213,335	112,981,088

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues
Rental	$ 97,548	$ 96,098
Real estate taxes paid by tenants	13,350	11,998
Total rental revenue	110,898	108,096
Gaming	36,379	38,755
Food, beverage and other	2,815	2,831
Total revenues	150,092	149,682
Less promotional allowances	(1,387)	(1,370)
Net revenues	148,705	148,312
Operating expenses
Gaming	19,016	21,562
Food, beverage and other	2,184	2,546
Real estate taxes	13,755	12,423
General and administrative	21,539	20,941
Depreciation	27,411	26,522
Total operating expenses	83,905	83,994
Income from operations	64,800	64,318
Other income (expenses)
Interest expense	(29,562)	(28,974)
Interest income	595	546
Total other expenses	(28,967)	(28,428)
Income before income taxes	35,833	35,890
Income tax expense	2,702	1,594
Net income	$ 33,131	$ 34,296
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 0.29	$ 0.31
Diluted earnings per common share (in dollars per share)	0.28	0.29
Dividends paid per common share	$ 0.55	$ 0.52

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - 3 months ended Mar. 31, 2015 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Deficit
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
Increase (Decrease) in Shareholders' Equity
Stock option activity	$ 12,608	$ 11	12,597
Stock option activity (in shares)		1,166,823
Restricted stock activity	2,152	$ 1	2,151
Restricted stock activity (in shares)		65,424
Dividends paid	(62,651)	$ 0	0	(62,651)
Dividends paid (in shares)		0
Net income, as restated	33,131			33,131
Balance at Mar. 31, 2015	$ (191,050)	$ 1,142	$ 903,608	$ (1,095,800)
Balance (in shares) at Mar. 31, 2015	114,213,335	114,213,335

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating activities
Net income	$ 33,131	$ 34,296
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	27,411	26,522
Amortization of debt issuance costs	2,020	2,007
Losses on dispositions of property	1	158
Deferred income taxes	(386)	(898)
Stock-based compensation	4,394	1,951
Straight-line rent adjustments	13,956	10,016
Decrease (increase),
Prepaid expenses and other current assets	838	(5,201)
Other assets	0	(273)
(Decrease) increase,
Accounts payable	(1,345)	43
Accrued expenses	415	(6,788)
Accrued interest	24,903	24,814
Accrued salaries and wages	(6,194)	(2,202)
Gaming, pari-mutuel, property and other taxes	(406)	4,975
Income taxes	1,572	(11,367)
Other current and non-current liabilities	449	1,674
Net cash provided by operating activities	100,759	79,727
Investing activities
Capital project expenditures, net of reimbursements	(5,640)	(24,002)
Capital maintenance expenditures	(951)	(871)
Proceeds from sale of property and equipment	5	0
Increase in cash escrow	0	(3,356)
Funding of loan receivable	0	(43,000)
Principal payments on loan receivable	538	2,000
Acquisition of real estate	0	(140,730)
Other investing activities	(36)	0
Net cash used in investing activities	(6,084)	(209,959)
Financing activities
Dividends paid	(62,651)	(270,040)
Proceeds from exercise of options	10,394	13,321
Proceeds from issuance of long-term debt	0	182,008
Payments of long-term debt	(33,024)	(32,000)
Net cash used in financing activities	(85,281)	(106,711)
Net increase (decrease) in cash and cash equivalents	9,394	(236,943)
Cash and cash equivalents at beginning of period	35,973	285,221
Cash and cash equivalents at end of period	$ 45,367	$ 48,278

Organization and Operations

Organization and Operations	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations 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 elected 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., jointly elected to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc. as a "taxable REIT subsidiary" ("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. GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in "triple net" lease arrangements. As of March 31, 2015 , 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. 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 10 for further details. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The condensed consolidated financial statements include the accounts of GLPI and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses for the reporting periods. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . The notes to the consolidated financial statements contained in the Annual Report on Form 10-K/A for the year ended December 31, 2014 (our "Annual Report") should be read in conjunction with these condensed consolidated financial statements. The December 31, 2014 financial information has been derived from the Company’s audited consolidated financial statements.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-05, Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement ("ASU 2015-05"). This ASU provides guidance on determining whether a cloud computing arrangement includes a software license, the accounting treatment of such a software license to be consistent with that of other licensed intangible assets, and the treatment of service agreements within cloud computing arrangements as service contracts. ASU 2015-05 is effective for financial statements issued for fiscal years beginning after December 15, 2015 and may be applied on a prospective or retrospective basis. The Company is evaluating the impact of adopting ASU 2015-05 and does not believe its adoption will have a material effect on its financial position or results of operation. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). This ASU requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts. ASU 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015 and will be applied on a retrospective basis, wherein the balance sheet of each period presented will be adjusted to reflect the period-specific effects of applying the new guidance. Consistent with current guidance, the Company currently recognizes its debt issuance costs as deferred charges or assets on its balance sheet. The Company is evaluating the impact of adopting ASU 2015-03 and does not believe its adoption will have a material effect on its financial position or results of operation, as it believes only a balance sheet reclassification between assets and liabilities will be required upon adoption of the new standard. In May 2014, the FASB issued ASU 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. At the April 1, 2015 FASB meeting, the board voted to defer the effective date for the new revenue recognition standard to annual reporting periods beginning after December 15, 2017. The pronouncement was originally effective for annual reporting periods beginning after December 15, 2016, and companies are permitted to elect the adoption of the standard as of the original effective date. When adopted, the new guidance 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.

Restatement of Financial Statem

Restatement of Financial Statements Restatement of Financial Statements	3 Months Ended
	Mar. 31, 2015
Accounting Changes and Error Corrections [Abstract]
Restatement of Financial Statements	Restatement of Financial Statements The restatement of the Company's interim 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 $14.0 million and $10.0 million during the three months ended March 31, 2015 and 2014, 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 $65.5 million and $51.6 million at March 31, 2015 and December 31, 2014, respectively. The condensed consolidated financial statements included in this Form 10-Q/A have been restated to reflect the adjustments described above. The restatement has been set forth, for the periods presented, in Amendment No. 1 to the Company's Annual Report on Form 10-K/A for the fiscal year ended December 31, 2014 which the Company has filed concurrently with this Form 10-Q/A. The following is a summary of the effect of the restatement on (i) the Company's condensed consolidated balance sheets at March 31, 2015 and December 31, 2014 (ii) the Company's condensed consolidated statements of operations for the three months ended March 31, 2015 and 2014 and (iii) the Company's condensed consolidated statements of cash flows for the three months ended March 31, 2015 and 2014. The Company did not present a summary of the effect of the restatement on the condensed consolidated statement of changes in shareholders' deficit for any of the above referenced periods because the impact to retained earnings on the condensed consolidated statement of changes in shareholders' deficit is reflected below in the balance sheet summary. Condensed Consolidated Balance Sheets (amounts in thousands) As Previously Reported Adjustments As Restated March 31, 2015: Deferred rental revenue $ — $ 65,510 $ 65,510 Total liabilities 2,678,017 65,510 2,743,527 Retained deficit (1,030,290 ) (65,510 ) (1,095,800 ) Total shareholders' deficit (125,540 ) (65,510 ) (191,050 ) 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 ) Condensed Consolidated Statements of Income (amounts in thousands, except per share data) As Previously Reported Adjustments As Restated Three Months Ended March 31, 2015: Rental revenues $ 111,504 $ (13,956 ) $ 97,548 Total rental revenue 124,854 (13,956 ) 110,898 Total revenues 164,048 (13,956 ) 150,092 Net revenues 162,661 (13,956 ) 148,705 Income from operations 78,756 (13,956 ) 64,800 Income before income taxes 49,789 (13,956 ) 35,833 Net income 47,087 (13,956 ) 33,131 Basic earnings per common share $ 0.41 $ (0.12 ) $ 0.29 Diluted earnings per common share $ 0.40 $ (0.12 ) $ 0.28 Three Months Ended March 31, 2014: Rental revenues $ 106,114 $ (10,016 ) $ 96,098 Total rental revenue 118,112 (10,016 ) 108,096 Total revenues 159,698 (10,016 ) 149,682 Net revenues 158,328 (10,016 ) 148,312 Income from operations 74,334 (10,016 ) 64,318 Income before income taxes 45,906 (10,016 ) 35,890 Net income 44,312 (10,016 ) 34,296 Basic earnings per common share $ 0.40 $ (0.09 ) $ 0.31 Diluted earnings per common share $ 0.38 $ (0.09 ) $ 0.29 Condensed Consolidated Statements of Cash Flows (amounts in thousands) As Previously Reported Adjustments As Restated Three Months Ended March 31, 2015: Net income $ 47,087 $ (13,956 ) $ 33,131 Straight-line rent adjustments — 13,956 13,956 Three Months Ended March 31, 2014: Net income $ 44,312 $ (10,016 ) $ 34,296 Straight-line rent adjustments — 10,016 10,016

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Fair Value of Financial Instruments The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate: Cash and Cash Equivalents The fair value of the Company’s cash and cash equivalents approximates the carrying value of the Company’s cash and cash equivalents, due to the short maturity of the cash equivalents. 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 condensed consolidated balance sheets. Deferred compensation liabilities approximate the plan's assets and are included with current liabilities on the condensed consolidated balance sheets. The difference between the Company's deferred compensation plan assets and liabilities at both March 31, 2015 and December 31, 2014 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 as defined under Accounting Standards Code ("ASC") 820 "Fair Value Measurements and Disclosures." The estimated fair values of the Company’s financial instruments are as follows (in thousands): March 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents $ 45,367 $ 45,367 $ 35,973 $ 35,973 Deferred compensation plan assets 14,826 14,826 14,280 14,280 Loan receivable 33,463 33,463 34,000 34,000 Financial liabilities: Deferred compensation plan liabilities 14,901 14,901 14,369 14,369 Long-term debt Senior unsecured credit facility 525,000 509,250 558,000 535,010 Senior notes 2,050,000 2,107,025 2,050,000 2,091,000 Comprehensive Income Comprehensive income includes net income and all other non-owner changes in shareholders’ equity during a period. The Company did not have any non-owner changes in shareholders’ equity for the three months ended March 31, 2015 and 2014 , and comprehensive income for the three months ended March 31, 2015 and 2014 was equivalent to net income for those time periods. Revenue Recognition and Promotional Allowances The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractually fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured. 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 condensed 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 once the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been transferred to the tenant. As of March 31, 2015 , 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. 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 condensed consolidated statements of income for the three months ended March 31, 2015 and 2014 : Three Months Ended March 31, 2015 2014 (in thousands) Video lottery $ 31,241 $ 33,381 Table game 4,810 4,940 Poker 328 434 Total gaming revenue, net of cash incentives $ 36,379 $ 38,755 Gaming revenue is recognized net of certain sales incentives in accordance with ASC 605-50, "Revenue Recognition— Customer Payments and Incentives." The Company records certain sales incentives and points earned in point-loyalty programs as a reduction of revenue. The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the three months ended March 31, 2015 and 2014 are as follows: Three Months Ended March 31, 2015 2014 (in thousands) Food and beverage $ 1,377 $ 1,361 Other 10 9 Total promotional allowances $ 1,387 $ 1,370 The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three months ended March 31, 2015 and 2014 are as follows: Three Months Ended March 31, 2015 2014 (in thousands) Food and beverage $ 596 $ 716 Other 3 3 Total cost of complimentary services $ 599 $ 719 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 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 and admission tax expense in future interim periods. For the three months ended March 31, 2015 and 2014 , these expenses, which are recorded within gaming expense in the condensed consolidated statements of income, totaled $14.9 million and $17.3 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. Diluted EPS for the Company's common stock is computed using the more dilutive of the two-class method or the treasury stock method. The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three months ended March 31, 2015 and 2014 (in thousands): Three Months Ended March 31, 2015 2014 (in thousands) Determination of shares: Weighted-average common shares outstanding 113,666 111,198 Assumed conversion of dilutive employee stock-based awards 4,232 6,282 Assumed conversion of restricted stock 219 370 Assumed conversion of performance-based restricted stock awards 382 — Diluted weighted-average common shares outstanding 118,499 117,850 The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2015 and 2014 : Three Months Ended March 31, 2015 2014 (in thousands, expect per share data) (As restated) (As restated) Calculation of basic EPS: Net income $ 33,131 $ 34,296 Less: Net income allocated to participating securities (151 ) (136 ) Net income attributable to common shareholders $ 32,980 $ 34,160 Weighted-average common shares outstanding 113,666 111,198 Basic EPS $ 0.29 $ 0.31 Calculation of diluted EPS: Net income $ 33,131 $ 34,296 Diluted weighted-average common shares outstanding 118,499 117,850 Diluted EPS $ 0.28 $ 0.29 Options to purchase 15,529 shares were outstanding during the three months ended March 31, 2015 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 three months ended March 31, 2014 that were not included in the computation of diluted EPS because of being antidilutive. Stock-Based Compensation The Company accounts for stock compensation under ASC 718, "Compensation - Stock Compensation," which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value for stock options is estimated at the date of grant using the Black-Scholes option-pricing model. 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 phantom stock units ("PSU") entitle employees to receive cash based on the fair value of the Company’s common stock on the vesting date. These PSUs are accounted for as liability awards and are re-measured at fair value each reporting period until they become vested with compensation expense being recognized over the requisite service period in accordance with ASC 718-30, "Compensation-Stock Compensation, Awards Classified as Liabilities." In addition, the Company’s stock appreciation rights ("SAR") are accounted for as liability awards. 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. As of March 31, 2015 , there was $1.9 million of total unrecognized compensation cost for stock options that will be recognized over the grants remaining weighted average vesting period of 0.76 years . For the three months ended March 31, 2015 and 2014 , the Company recognized $0.7 million and $1.4 million , respectively, of compensation expense associated with these awards. In addition, the Company also recognized $2.9 million and $3.3 million of compensation expense for the three months ended March 31, 2015 and 2014 , respectively, relating to each of the first quarter $0.55 and $0.52 , respectively, per share dividends paid on vested employee stock options. As of March 31, 2015 , there was $12.8 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants remaining weighted average vesting period of 2.26 years . For the three months ended March 31, 2015 and 2014 , the Company recognized $1.4 million and $0.6 million , respectively, of compensation expense associated with these awards. The following table contains information on restricted stock award activity for the three months ended March 31, 2015 . Number of Award Shares Outstanding at December 31, 2014 468,841 Granted 163,783 Released (107,152 ) Canceled (5,028 ) Outstanding at March 31, 2015 520,444 Performance-based restricted stock awards have a three year cliff vesting with the amount of restricted shares vesting at the end of the three -year period 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 companies included in the MSCI US REIT index. As of March 31, 2015 , there was $16.9 million of total unrecognized compensation cost, which will be recognized over the awards remaining weighted average vesting period of 2.28 years for performance-based restricted stock awards. For the three months ended March 31, 2015 , the Company recognized $2.2 million of compensation expense associated with these awards. The following table contains information on performance-based restricted stock award activity for the three months ended March 31, 2015 . Number of Performance-Based Award Shares Outstanding at December 31, 2014 543,556 Granted 548,000 Released — Canceled — Outstanding at March 31, 2015 1,091,556 As of March 31, 2015 , there was $5.1 million of total unrecognized compensation cost, which will be recognized over the awards remaining weighted average vesting period of 1.71 years , for Penn and GLPI PSUs held by GLPI employees that will be cash-settled by GLPI. For the three months ended March 31, 2015 and 2014 , the Company recognized $1.8 million and $0.4 million , respectively of compensation expense associated with these awards. In addition, the Company also recognized $0.1 million for the three months ended March 31, 2015 , relating to the first quarter $0.55 per share dividends paid on unvested PSUs and $0.4 million for the three months ended March 31, 2014 , relating to the purging distribution dividend and the first quarter $0.52 per share dividends paid on unvested PSUs. As of March 31, 2015 , there was $0.1 million of total unrecognized compensation cost, which will be recognized over the grants remaining weighted average vesting period of 1.23 years , for Penn and GLPI SARs held by GLPI employees that will be cash-settled by GLPI. For the three months ended March 31, 2015 and 2014 , the Company recognized $6 thousand and $21 thousand , respectively, of compensation expense associated with these awards. Upon the declaration of the Purging Distribution, GLPI options and GLPI SARs were adjusted in a manner that preserved both the pre-distribution intrinsic value of the options and SARs and the pre-distribution ratio of the stock price to exercise price that existed immediately before the Purging Distribution. Additionally, upon declaration of the Purging Distribution, holders of GLPI PSUs were credited with the special dividend, which will accrue and be paid, if applicable, on the vesting date of the related PSU. Holders of GLPI restricted stock were entitled to receive the special dividend with respect to such restricted stock on the same date or dates that the special dividend was payable on GLPI common stock to shareholders of GLPI generally. Segment Information Consistent with how the Company’s Chief Operating Decision Maker reviews and assesses the Company’s financial performance, the Company has two reportable segments, GLP Capital, L.P. (a wholly-owned subsidiary of GLPI through which GLPI owns substantially all of its assets) ("GLP Capital") and the TRS Properties. The GLP Capital reportable segment consists of the leased real property and represents the majority of the Company’s business. The TRS Properties reportable segment consists of Hollywood Casino Perryville and Hollywood Casino Baton Rouge. See Note 11 for further information with respect to the Company’s segments.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 , principal and interest payments reduced the balance of this loan to $33.5 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, resulting in approximately $14 million in annual rent. The lease has an initial term of 15 years , and the tenant has an option to renew it at the same terms and conditions for four successive five year periods.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2015
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: March 31, December 31, (in thousands) Land and improvements $ 454,181 $ 454,181 Building and improvements 2,288,664 2,288,664 Construction in progress 3,381 2,576 Total real estate investments 2,746,226 2,745,421 Less accumulated depreciation (589,223 ) (565,297 ) Real estate investments, net $ 2,157,003 $ 2,180,124

Property and Equipment Used in

Property and Equipment Used in Operations	3 Months Ended
	Mar. 31, 2015
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: March 31, December 31, (in thousands) Land and improvements $ 31,595 $ 31,595 Building and improvements 116,867 116,867 Furniture, fixtures, and equipment 103,782 103,612 Construction in progress 6,455 724 Total property and equipment 258,699 252,798 Less accumulated depreciation (122,166 ) (118,770 ) Property and equipment, net $ 136,533 $ 134,028 The increase in construction in progress is primarily due to the purchase of slot machines at Hollywood Casino Perryville, totaling approximately $5.0 million for the three months ended March 31, 2015 .

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt is as follows: March 31, December 31, (in thousands) Senior unsecured credit facility $ 525,000 $ 558,000 $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 $ 1,463 $ 1,487 Total long-term debt $ 2,576,463 $ 2,609,487 Less current maturities of long-term debt $ (99 ) $ (81 ) Long-term debt, net of current maturities $ 2,576,364 $ 2,609,406 The following is a schedule of future minimum repayments of long-term debt as of March 31, 2015 (in thousands): Within one year $ 99 2-3 years 212 4-5 years 1,075,233 Over 5 years 1,500,919 Total minimum payments $ 2,576,463 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 Credit Facility matures on October 28, 2018. At March 31, 2015 , the Credit Facility had a gross outstanding balance of $525 million , consisting of the $300 million Term Loan A facility and $225 million of borrowings under the revolving credit facility. Additionally, at March 31, 2015 , the Company was contingently obligated under letters of credit issued pursuant to the senior unsecured credit facility with face amounts aggregating approximately $0.9 million , resulting in $474.1 million of available borrowing capacity under the revolving credit facility as of March 31, 2015 . The Credit Facility contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of GLPI and its subsidiaries, to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations or pay certain dividends and other restricted payments. The Credit Facility contains the following financial covenants, which are measured quarterly on a trailing four-quarter basis: a maximum total debt to total asset value ratio, a maximum senior secured debt to total asset value ratio, a maximum ratio of certain recourse debt to unencumbered asset value and a minimum fixed charge coverage ratio. In addition, GLPI is required to maintain a minimum tangible net worth. GLPI is required to maintain its status as a REIT on and after the effective date of its election to be treated as a REIT, which the Company elected on its 2014 U.S. federal income tax return. 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 March 31, 2015 , the Company was in compliance with all required covenants under the Credit Facility. Senior Unsecured Notes Each of the 4.375% Senior Unsecured Notes due 2018 (the "2018 Notes"); 4.875% Senior Unsecured Notes due 2020 (the "2020 Notes"); and 5.375% Senior Unsecured Notes due 2023 (the "2023 Notes," and collectively with the 2018 Notes and 2020 Notes, the "Notes") contains covenants limiting the Company’s ability to: incur additional debt and use their assets to secure debt; merge or consolidate with another company; and make certain amendments to the Master Lease. The Notes also require the Company to maintain a specified ratio of unencumbered assets to unsecured debt. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. At March 31, 2015 , 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	3 Months Ended
	Mar. 31, 2015
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 asserts claims that CCR has breached the agreements, with the Company seeking return of $10 million paid pursuant to a related consulting agreement and an unspecified amount of additional damages. The Company further seeks a declaration that a material adverse effect has occurred that excuses CCR from consummating the agreement. 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.

Dividends

Dividends	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Dividends	Dividends On February 3, 2015 , the Company’s Board of Directors declared the first quarterly dividend of 2015 of $0.545 per common share, which was paid on March 27, 2015 , in the amount of $62.1 million , to shareholders of record on March 10, 2015 . In addition, first quarter dividend payments were made to GLPI restricted stock award holders and for both GLPI and Penn unvested employee stock options in the amount of $0.6 million . On February 18, 2014 , the Company’s Board of Directors declared the first quarterly dividend of 2014 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 GLPI restricted stock award holders and for both GLPI and Penn unvested employee stock options in the amount of $1.0 million . Additionally, 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 GLPI restricted stock award holders and for both GLPI and for Penn unvested employee stock options in the amount of $0.7 million for this one-time distribution.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2015
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. Three Months Ended March 31, 2015, as restated Three Months Ended March 31, 2014, as restated (in thousands) GLP Capital TRS Properties Eliminations (1) Total GLP Capital TRS Properties Eliminations (1) Total Net revenues $ 110,898 $ 37,807 $ — $ 148,705 $ 108,096 $ 40,216 $ — $ 148,312 Income from operations 57,600 7,200 — 64,800 57,855 6,463 — 64,318 Interest, net 28,968 2,600 (2,601 ) 28,967 28,428 2,601 (2,601 ) 28,428 Income before income taxes 31,233 4,600 — 35,833 32,028 3,862 — 35,890 Income tax expense 810 1,892 — 2,702 — 1,594 — 1,594 Net income 30,423 2,708 — 33,131 32,028 2,268 — 34,296 Depreciation 24,393 3,018 — 27,411 23,441 3,081 — 26,522 Capital project expenditures, net of reimbursements 609 5,031 — 5,640 24,002 — — 24,002 Capital maintenance expenditures — 951 — 951 — 871 — 871 (1) 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.

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	3 Months Ended
	Mar. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental Disclosures of Cash Flow Information There was no cash paid for income taxes for the three months ended March 31, 2015 and $13.8 million paid for the three months ended March 31, 2014 , primarily for 2013 extension payments while GLPI was still a corporation. Cash paid for interest was $2.6 million and $2.1 million for the three months ended March 31, 2015 and 2014 , respectively.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions During the year ended December 31, 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. The Company subsequently paid $39,000 to WPC during the three months ended March 31, 2015 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, 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 three months ended March 31, 2015 , the Company made no payments 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.

Supplementary Condensed Consoli

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014 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. In preparation for the Company's potential use of an UPREIT structure, on January 1, 2015, all employees and associated assets and liabilities were transferred from GLPI to GLP Capital, L.P. As discussed in Note 2, this financial information has been restated to correct the Company's revenue recognition of percentage rents under the Master Lease with Penn National Gaming, Inc. At March 31, 2015 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 2,019,952 $ 137,051 $ — $ 2,157,003 Property and equipment, used in operations, net — 24,775 111,758 — 136,533 Cash and cash equivalents — 20,020 25,347 — 45,367 Prepaid expenses — 4,408 3,060 — 7,468 Deferred tax assets, current — — 1,568 — 1,568 Other current assets — 44,115 3,529 — 47,644 Goodwill — — 75,521 — 75,521 Other intangible assets — — 9,577 — 9,577 Debt issuance costs, net of accumulated amortization of $11,347 at March 31, 2015 — 37,106 — — 37,106 Loan receivable — — 33,463 — 33,463 Intercompany loan receivable — 193,595 — (193,595 ) — Intercompany transactions and investment in subsidiaries (191,050 ) 194,180 19,860 (22,990 ) — Deferred tax assets, non-current — — 808 — 808 Other assets — 292 127 — 419 Total assets $ (191,050 ) $ 2,538,443 $ 421,669 $ (216,585 ) $ 2,552,477 Liabilities Accounts payable $ — $ 2,636 $ 665 $ — $ 3,301 Accrued expenses — 1,041 4,715 — 5,756 Accrued interest — 42,431 — — 42,431 Accrued salaries and wages — 4,283 2,104 — 6,387 Gaming, property, and other taxes — 21,548 3,584 — 25,132 Income taxes — 682 890 — 1,572 Current maturities of long-term debt — 99 — — 99 Other current liabilities — 14,901 1,336 — 16,237 Long-term debt, net of current maturities — 2,576,364 — — 2,576,364 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 65,510 — — 65,510 Deferred tax liabilities, non-current — — 738 — 738 Total liabilities — 2,729,495 207,627 (193,595 ) 2,743,527 Shareholders’ (deficit) equity Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2015) — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 114,213,335 shares issued at March 31, 2015 1,142 1,142 1,142 (2,284 ) 1,142 Additional paid-in capital 903,608 903,608 1,056,445 (1,960,053 ) 903,608 Retained (deficit) earnings (1,095,800 ) (1,095,802 ) (843,545 ) 1,939,347 (1,095,800 ) Total shareholders’ (deficit) equity (191,050 ) (191,052 ) 214,042 (22,990 ) (191,050 ) Total liabilities and shareholders’ (deficit) equity $ (191,050 ) $ 2,538,443 $ 421,669 $ (216,585 ) $ 2,552,477 Three months ended March 31, 2015 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Revenues Rental $ — $ 94,048 $ 3,500 $ — $ 97,548 Real estate taxes paid by tenants — 12,827 523 — 13,350 Total rental revenue — 106,875 4,023 — 110,898 Gaming — — 36,379 — 36,379 Food, beverage and other — — 2,815 — 2,815 Total revenues — 106,875 43,217 — 150,092 Less promotional allowances — — (1,387 ) — (1,387 ) Net revenues — 106,875 41,830 — 148,705 Operating expenses Gaming — — 19,016 — 19,016 Food, beverage and other — — 2,184 — 2,184 Real estate taxes — 12,827 928 — 13,755 General and administrative — 15,556 5,983 — 21,539 Depreciation — 23,632 3,779 — 27,411 Total operating expenses — 52,015 31,890 — 83,905 Income from operations — 54,860 9,940 — 64,800 Other income (expenses) Interest expense — (29,562 ) — — (29,562 ) Interest income — 10 585 — 595 Intercompany dividends and interest — 10,086 400 (10,486 ) — Total other expenses — (19,466 ) 985 (10,486 ) (28,967 ) Income before income taxes — 35,394 10,925 (10,486 ) 35,833 Income tax expense — 810 1,892 — 2,702 Net income $ — $ 34,584 $ 9,033 $ (10,486 ) $ 33,131 Three months ended March 31, 2015 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income $ — $ 34,584 $ 9,033 $ (10,486 ) $ 33,131 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation — 23,632 3,779 — 27,411 Amortization of debt issuance costs — 2,020 — — 2,020 Losses on dispositions of property — — 1 — 1 Deferred income taxes — — (386 ) — (386 ) Stock-based compensation — 4,394 — — 4,394 Straight-line rent adjustments — 13,956 — — 13,956 (Increase) decrease, Prepaid expenses and other current assets — (593 ) 1,431 — 838 Other assets — — — — — Intercompany — 2,365 (2,365 ) — — (Decrease) increase, Accounts payable — (1,800 ) 455 — (1,345 ) Accrued expenses — 408 7 — 415 Accrued interest — 24,903 — — 24,903 Accrued salaries and wages — (5,730 ) (464 ) — (6,194 ) Gaming, pari-mutuel, property and other taxes — (613 ) 207 — (406 ) Income taxes — 847 725 — 1,572 Other current and non-current liabilities — 532 (83 ) — 449 Net cash provided by (used in) operating activities — 98,905 12,340 (10,486 ) 100,759 Investing activities Capital project expenditures, net of reimbursements — (609 ) (5,031 ) — (5,640 ) Capital maintenance expenditures — — (951 ) — (951 ) Proceeds from sale of property and equipment — — 5 — 5 Funding of loan receivable — — — — — Principal payments on loan receivable — — 538 — 538 Acquisition of real estate — — — — — Other investing activities — (36 ) — — (36 ) Net cash used in investing activities — (645 ) (5,439 ) — (6,084 ) Financing activities Dividends paid (62,651 ) — — — (62,651 ) Proceeds from exercise of options 10,394 — — — 10,394 Proceeds from issuance of long-term debt — — — — — Financing costs — — — — — Payments of long-term debt — (33,024 ) — — (33,024 ) Intercompany financing 49,614 (49,666 ) (10,434 ) 10,486 — Net cash (used in) provided by financing activities (2,643 ) (82,690 ) (10,434 ) 10,486 (85,281 ) Net (decrease) increase in cash and cash equivalents (2,643 ) 15,570 (3,533 ) — 9,394 Cash and cash equivalents at beginning of period 2,643 4,450 28,880 — 35,973 Cash and cash equivalents at end of period $ — $ 20,020 $ 25,347 $ — $ 45,367 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 Income taxes — (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 Three months ended March 31, 2014 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental $ — $ 93,426 $ 2,672 $ — $ 96,098 Real estate taxes paid by tenants — 11,629 369 — 11,998 Total rental revenue — 105,055 3,041 — 108,096 Gaming — — 38,755 — 38,755 Food, beverage and other — — 2,831 — 2,831 Total revenues — 105,055 44,627 — 149,682 Less promotional allowances — — (1,370 ) — (1,370 ) Net revenues — 105,055 43,257 — 148,312 Operating expenses Gaming — — 21,562 — 21,562 Food, beverage and other — — 2,546 — 2,546 Real estate taxes — 11,629 794 — 12,423 General and administrative 14,084 718 6,139 — 20,941 Depreciation 439 22,283 3,800 — 26,522 Total operating expenses 14,523 34,630 34,841 — 83,994 Income from operations (14,523 ) 70,425 8,416 — 64,318 Other income (expenses) Interest expense — (28,974 ) — — (28,974 ) Interest income — — 546 — 546 Intercompany dividends and interest 275,012 8,986 277,004 (561,002 ) — Total other expenses 275,012 (19,988 ) 277,550 (561,002 ) (28,428 ) Income before income taxes 260,489 50,437 285,966 (561,002 ) 35,890 Income tax expense — — 1,594 — 1,594 Net income $ 260,489 $ 50,437 $ 284,372 $ (561,002 ) $ 34,296 Three months ended March 31, 2014 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income $ 260,489 $ 50,437 $ 284,372 $ (561,002 ) $ 34,296 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation 439 22,283 3,800 — 26,522 Amortization of debt issuance costs — 2,007 — — 2,007 Losses on dispositions of property — — 158 — 158 Deferred income taxes — — (898 ) — (898 ) Stock-based compensation 1,951 — — — 1,951 Straight-line rent adjustments — 10,016 — — 10,016 Decrease (increase), Prepaid expenses and other current assets 1,028 (3,392 ) (2,837 ) — (5,201 ) Other assets (249 ) — (24 ) — (273 ) Intercompany (2,455 ) (2,601 ) 5,056 — — Increase (decrease), 0 0 0 Accounts payable 3,322 (3,154 ) (125 ) — 43 Accrued expenses (7,526 ) 160 578 — (6,788 ) Accrued interest — 24,814 — — 24,814 Accrued salaries and wages (1,625 ) — (577 ) — (2,202 ) Gaming, pari-mutuel, property and other taxes 11 2,060 2,904 — 4,975 Income taxes (11,511 ) — 144 — (11,367 ) Other current and non-current liabilities 448 — 1,226 — 1,674 Net cash provided by (used in) operating activities 244,322 102,630 293,777 (561,002 ) 79,727 Investing activities Capital project expenditures, net of reimbursements (1,533 ) (22,469 ) — — (24,002 ) Capital maintenance expenditures — — (871 ) — (871 ) Proceeds from sale of property and equipment — — — — — Increase in cash in escrow — (3,356 ) — — (3,356 ) Funding of loan receivable — — (43,000 ) — (43,000 ) Principal payments on loan receivable — — 2,000 — 2,000 Acquisition of real estate — — (140,730 ) — (140,730 ) Net cash used in investing activities (1,533 ) (25,825 ) (182,601 ) — (209,959 ) Financing activities Dividends paid (270,040 ) — — — (270,040 ) Proceeds from exercise of options 13,321 — — — 13,321 Proceeds from issuance of long-term debt — 182,008 — — 182,008 Financing costs — — — — — Payments of long-term debt — (32,000 ) — — (32,000 ) Intercompany financing (27,072 ) (431,720 ) (102,210 ) 561,002 — Net cash (used in) provided by financing activities (283,791 ) (281,712 ) (102,210 ) 561,002 (106,711 ) Net (decrease) increase in cash and cash equivalents (41,002 ) (204,907 ) 8,966 — (236,943 ) Cash and cash equivalents at beginning of period 42,801 221,095 21,325 $ — 285,221 Cash and cash equivalents at end of period $ 1,799 $ 16,188 $ 30,291 $ — $ 48,278

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
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 condensed consolidated balance sheets. Deferred compensation liabilities approximate the plan's assets and are included with current liabilities on the condensed consolidated balance sheets. The difference between the Company's deferred compensation plan assets and liabilities at both March 31, 2015 and December 31, 2014 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 as defined under Accounting Standards Code ("ASC") 820 "Fair Value Measurements and Disclosures." The estimated fair values of the Company’s financial instruments are as follows (in thousands): March 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents $ 45,367 $ 45,367 $ 35,973 $ 35,973 Deferred compensation plan assets 14,826 14,826 14,280 14,280 Loan receivable 33,463 33,463 34,000 34,000 Financial liabilities: Deferred compensation plan liabilities 14,901 14,901 14,369 14,369 Long-term debt Senior unsecured credit facility 525,000 509,250 558,000 535,010 Senior notes 2,050,000 2,107,025 2,050,000 2,091,000
Comprehensive Income	Comprehensive Income Comprehensive income includes net income and all other non-owner changes in shareholders’ equity during a period. The Company did not have any non-owner changes in shareholders’ equity for the three months ended March 31, 2015 and 2014 , and comprehensive income for the three months ended March 31, 2015 and 2014 was equivalent to net income for those time periods.
Revenue Recognition and Promotional Allowances	Revenue Recognition and Promotional Allowances The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractually fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured. 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 condensed 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 once the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been transferred to the tenant. As of March 31, 2015 , 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. 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 condensed consolidated statements of income for the three months ended March 31, 2015 and 2014 : Three Months Ended March 31, 2015 2014 (in thousands) Video lottery $ 31,241 $ 33,381 Table game 4,810 4,940 Poker 328 434 Total gaming revenue, net of cash incentives $ 36,379 $ 38,755 Gaming revenue is recognized net of certain sales incentives in accordance with ASC 605-50, "Revenue Recognition— Customer Payments and Incentives." The Company records certain sales incentives and points earned in point-loyalty programs as a reduction of revenue. The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the three months ended March 31, 2015 and 2014 are as follows: Three Months Ended March 31, 2015 2014 (in thousands) Food and beverage $ 1,377 $ 1,361 Other 10 9 Total promotional allowances $ 1,387 $ 1,370 The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three months ended March 31, 2015 and 2014 are as follows: Three Months Ended March 31, 2015 2014 (in thousands) Food and beverage $ 596 $ 716 Other 3 3 Total cost of complimentary services $ 599 $ 719
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 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 and admission tax expense in future interim periods. For the three months ended March 31, 2015 and 2014 , these expenses, which are recorded within gaming expense in the condensed consolidated statements of income, totaled $14.9 million and $17.3 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. Diluted EPS for the Company's common stock is computed using the more dilutive of the two-class method or the treasury stock method. The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three months ended March 31, 2015 and 2014 (in thousands): Three Months Ended March 31, 2015 2014 (in thousands) Determination of shares: Weighted-average common shares outstanding 113,666 111,198 Assumed conversion of dilutive employee stock-based awards 4,232 6,282 Assumed conversion of restricted stock 219 370 Assumed conversion of performance-based restricted stock awards 382 — Diluted weighted-average common shares outstanding 118,499 117,850 The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2015 and 2014 : Three Months Ended March 31, 2015 2014 (in thousands, expect per share data) (As restated) (As restated) Calculation of basic EPS: Net income $ 33,131 $ 34,296 Less: Net income allocated to participating securities (151 ) (136 ) Net income attributable to common shareholders $ 32,980 $ 34,160 Weighted-average common shares outstanding 113,666 111,198 Basic EPS $ 0.29 $ 0.31 Calculation of diluted EPS: Net income $ 33,131 $ 34,296 Diluted weighted-average common shares outstanding 118,499 117,850 Diluted EPS $ 0.28 $ 0.29 Options to purchase 15,529 shares were outstanding during the three months ended March 31, 2015 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 three months ended March 31, 2014 that were not included in the computation of diluted EPS because of being antidilutive.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock compensation under ASC 718, "Compensation - Stock Compensation," which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value for stock options is estimated at the date of grant using the Black-Scholes option-pricing model. 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 phantom stock units ("PSU") entitle employees to receive cash based on the fair value of the Company’s common stock on the vesting date. These PSUs are accounted for as liability awards and are re-measured at fair value each reporting period until they become vested with compensation expense being recognized over the requisite service period in accordance with ASC 718-30, "Compensation-Stock Compensation, Awards Classified as Liabilities." In addition, the Company’s stock appreciation rights ("SAR") are accounted for as liability awards. 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. As of March 31, 2015 , there was $1.9 million of total unrecognized compensation cost for stock options that will be recognized over the grants remaining weighted average vesting period of 0.76 years . For the three months ended March 31, 2015 and 2014 , the Company recognized $0.7 million and $1.4 million , respectively, of compensation expense associated with these awards. In addition, the Company also recognized $2.9 million and $3.3 million of compensation expense for the three months ended March 31, 2015 and 2014 , respectively, relating to each of the first quarter $0.55 and $0.52 , respectively, per share dividends paid on vested employee stock options. As of March 31, 2015 , there was $12.8 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants remaining weighted average vesting period of 2.26 years . For the three months ended March 31, 2015 and 2014 , the Company recognized $1.4 million and $0.6 million , respectively, of compensation expense associated with these awards. The following table contains information on restricted stock award activity for the three months ended March 31, 2015 . Number of Award Shares Outstanding at December 31, 2014 468,841 Granted 163,783 Released (107,152 ) Canceled (5,028 ) Outstanding at March 31, 2015 520,444 Performance-based restricted stock awards have a three year cliff vesting with the amount of restricted shares vesting at the end of the three -year period 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 companies included in the MSCI US REIT index. As of March 31, 2015 , there was $16.9 million of total unrecognized compensation cost, which will be recognized over the awards remaining weighted average vesting period of 2.28 years for performance-based restricted stock awards. For the three months ended March 31, 2015 , the Company recognized $2.2 million of compensation expense associated with these awards. The following table contains information on performance-based restricted stock award activity for the three months ended March 31, 2015 . Number of Performance-Based Award Shares Outstanding at December 31, 2014 543,556 Granted 548,000 Released — Canceled — Outstanding at March 31, 2015 1,091,556 As of March 31, 2015 , there was $5.1 million of total unrecognized compensation cost, which will be recognized over the awards remaining weighted average vesting period of 1.71 years , for Penn and GLPI PSUs held by GLPI employees that will be cash-settled by GLPI. For the three months ended March 31, 2015 and 2014 , the Company recognized $1.8 million and $0.4 million , respectively of compensation expense associated with these awards. In addition, the Company also recognized $0.1 million for the three months ended March 31, 2015 , relating to the first quarter $0.55 per share dividends paid on unvested PSUs and $0.4 million for the three months ended March 31, 2014 , relating to the purging distribution dividend and the first quarter $0.52 per share dividends paid on unvested PSUs. As of March 31, 2015 , there was $0.1 million of total unrecognized compensation cost, which will be recognized over the grants remaining weighted average vesting period of 1.23 years , for Penn and GLPI SARs held by GLPI employees that will be cash-settled by GLPI. For the three months ended March 31, 2015 and 2014 , the Company recognized $6 thousand and $21 thousand , respectively, of compensation expense associated with these awards. Upon the declaration of the Purging Distribution, GLPI options and GLPI SARs were adjusted in a manner that preserved both the pre-distribution intrinsic value of the options and SARs and the pre-distribution ratio of the stock price to exercise price that existed immediately before the Purging Distribution. Additionally, upon declaration of the Purging Distribution, holders of GLPI PSUs were credited with the special dividend, which will accrue and be paid, if applicable, on the vesting date of the related PSU. Holders of GLPI restricted stock were entitled to receive the special dividend with respect to such restricted stock on the same date or dates that the special dividend was payable on GLPI common stock to shareholders of GLPI generally.
Segment Information	Segment Information Consistent with how the Company’s Chief Operating Decision Maker reviews and assesses the Company’s financial performance, the Company has two reportable segments, GLP Capital, L.P. (a wholly-owned subsidiary of GLPI through which GLPI owns substantially all of its assets) ("GLP Capital") and the TRS Properties. The GLP Capital reportable segment consists of the leased real property and represents the majority of the Company’s business. The TRS Properties reportable segment consists of Hollywood Casino Perryville and Hollywood Casino Baton Rouge. See Note 11 for further information with respect to the Company’s segments.

Restatement of Financial Stat22

Restatement of Financial Statements Restatement of Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2015
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The following is a summary of the effect of the restatement on (i) the Company's condensed consolidated balance sheets at March 31, 2015 and December 31, 2014 (ii) the Company's condensed consolidated statements of operations for the three months ended March 31, 2015 and 2014 and (iii) the Company's condensed consolidated statements of cash flows for the three months ended March 31, 2015 and 2014. The Company did not present a summary of the effect of the restatement on the condensed consolidated statement of changes in shareholders' deficit for any of the above referenced periods because the impact to retained earnings on the condensed consolidated statement of changes in shareholders' deficit is reflected below in the balance sheet summary. Condensed Consolidated Balance Sheets (amounts in thousands) As Previously Reported Adjustments As Restated March 31, 2015: Deferred rental revenue $ — $ 65,510 $ 65,510 Total liabilities 2,678,017 65,510 2,743,527 Retained deficit (1,030,290 ) (65,510 ) (1,095,800 ) Total shareholders' deficit (125,540 ) (65,510 ) (191,050 ) 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 ) Condensed Consolidated Statements of Income (amounts in thousands, except per share data) As Previously Reported Adjustments As Restated Three Months Ended March 31, 2015: Rental revenues $ 111,504 $ (13,956 ) $ 97,548 Total rental revenue 124,854 (13,956 ) 110,898 Total revenues 164,048 (13,956 ) 150,092 Net revenues 162,661 (13,956 ) 148,705 Income from operations 78,756 (13,956 ) 64,800 Income before income taxes 49,789 (13,956 ) 35,833 Net income 47,087 (13,956 ) 33,131 Basic earnings per common share $ 0.41 $ (0.12 ) $ 0.29 Diluted earnings per common share $ 0.40 $ (0.12 ) $ 0.28 Three Months Ended March 31, 2014: Rental revenues $ 106,114 $ (10,016 ) $ 96,098 Total rental revenue 118,112 (10,016 ) 108,096 Total revenues 159,698 (10,016 ) 149,682 Net revenues 158,328 (10,016 ) 148,312 Income from operations 74,334 (10,016 ) 64,318 Income before income taxes 45,906 (10,016 ) 35,890 Net income 44,312 (10,016 ) 34,296 Basic earnings per common share $ 0.40 $ (0.09 ) $ 0.31 Diluted earnings per common share $ 0.38 $ (0.09 ) $ 0.29 Condensed Consolidated Statements of Cash Flows (amounts in thousands) As Previously Reported Adjustments As Restated Three Months Ended March 31, 2015: Net income $ 47,087 $ (13,956 ) $ 33,131 Straight-line rent adjustments — 13,956 13,956 Three Months Ended March 31, 2014: Net income $ 44,312 $ (10,016 ) $ 34,296 Straight-line rent adjustments — 10,016 10,016

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2015
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): March 31, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents $ 45,367 $ 45,367 $ 35,973 $ 35,973 Deferred compensation plan assets 14,826 14,826 14,280 14,280 Loan receivable 33,463 33,463 34,000 34,000 Financial liabilities: Deferred compensation plan liabilities 14,901 14,901 14,369 14,369 Long-term debt Senior unsecured credit facility 525,000 509,250 558,000 535,010 Senior notes 2,050,000 2,107,025 2,050,000 2,091,000
Schedule of the components of gaming revenue	The following table discloses the components of gaming revenue within the condensed consolidated statements of income for the three months ended March 31, 2015 and 2014 : Three Months Ended March 31, 2015 2014 (in thousands) Video lottery $ 31,241 $ 33,381 Table game 4,810 4,940 Poker 328 434 Total gaming revenue, net of cash incentives $ 36,379 $ 38,755
Schedule of amounts included in promotional allowances	The amounts included in promotional allowances for the three months ended March 31, 2015 and 2014 are as follows: Three Months Ended March 31, 2015 2014 (in thousands) Food and beverage $ 1,377 $ 1,361 Other 10 9 Total promotional allowances $ 1,387 $ 1,370
Schedule of the estimated cost of providing complimentary services	The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three months ended March 31, 2015 and 2014 are as follows: Three Months Ended March 31, 2015 2014 (in thousands) Food and beverage $ 596 $ 716 Other 3 3 Total cost of complimentary services $ 599 $ 719
Schedule of reconciliation of the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS	The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three months ended March 31, 2015 and 2014 (in thousands): Three Months Ended March 31, 2015 2014 (in thousands) Determination of shares: Weighted-average common shares outstanding 113,666 111,198 Assumed conversion of dilutive employee stock-based awards 4,232 6,282 Assumed conversion of restricted stock 219 370 Assumed conversion of performance-based restricted stock awards 382 — Diluted weighted-average common shares outstanding 118,499 117,850
Schedule of calculation of basic and diluted EPS for the Company's common stock	The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2015 and 2014 : Three Months Ended March 31, 2015 2014 (in thousands, expect per share data) (As restated) (As restated) Calculation of basic EPS: Net income $ 33,131 $ 34,296 Less: Net income allocated to participating securities (151 ) (136 ) Net income attributable to common shareholders $ 32,980 $ 34,160 Weighted-average common shares outstanding 113,666 111,198 Basic EPS $ 0.29 $ 0.31 Calculation of diluted EPS: Net income $ 33,131 $ 34,296 Diluted weighted-average common shares outstanding 118,499 117,850 Diluted EPS $ 0.28 $ 0.29
Schedule of restricted stock award activity	The following table contains information on restricted stock award activity for the three months ended March 31, 2015 . Number of Award Shares Outstanding at December 31, 2014 468,841 Granted 163,783 Released (107,152 ) Canceled (5,028 ) Outstanding at March 31, 2015 520,444
Schedule of performance-based restricted stock award activity	The following table contains information on performance-based restricted stock award activity for the three months ended March 31, 2015 . Number of Performance-Based Award Shares Outstanding at December 31, 2014 543,556 Granted 548,000 Released — Canceled — Outstanding at March 31, 2015 1,091,556

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2015
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: March 31, December 31, (in thousands) Land and improvements $ 454,181 $ 454,181 Building and improvements 2,288,664 2,288,664 Construction in progress 3,381 2,576 Total real estate investments 2,746,226 2,745,421 Less accumulated depreciation (589,223 ) (565,297 ) Real estate investments, net $ 2,157,003 $ 2,180,124

Property and Equipment Used i25

Property and Equipment Used in Operations (Tables)	3 Months Ended
	Mar. 31, 2015
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: March 31, December 31, (in thousands) Land and improvements $ 31,595 $ 31,595 Building and improvements 116,867 116,867 Furniture, fixtures, and equipment 103,782 103,612 Construction in progress 6,455 724 Total property and equipment 258,699 252,798 Less accumulated depreciation (122,166 ) (118,770 ) Property and equipment, net $ 136,533 $ 134,028

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt is as follows: March 31, December 31, (in thousands) Senior unsecured credit facility $ 525,000 $ 558,000 $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 $ 1,463 $ 1,487 Total long-term debt $ 2,576,463 $ 2,609,487 Less current maturities of long-term debt $ (99 ) $ (81 ) Long-term debt, net of current maturities $ 2,576,364 $ 2,609,406
Schedule of future minimum repayments of long-term debt	The following is a schedule of future minimum repayments of long-term debt as of March 31, 2015 (in thousands): Within one year $ 99 2-3 years 212 4-5 years 1,075,233 Over 5 years 1,500,919 Total minimum payments $ 2,576,463

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2015
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. Three Months Ended March 31, 2015, as restated Three Months Ended March 31, 2014, as restated (in thousands) GLP Capital TRS Properties Eliminations (1) Total GLP Capital TRS Properties Eliminations (1) Total Net revenues $ 110,898 $ 37,807 $ — $ 148,705 $ 108,096 $ 40,216 $ — $ 148,312 Income from operations 57,600 7,200 — 64,800 57,855 6,463 — 64,318 Interest, net 28,968 2,600 (2,601 ) 28,967 28,428 2,601 (2,601 ) 28,428 Income before income taxes 31,233 4,600 — 35,833 32,028 3,862 — 35,890 Income tax expense 810 1,892 — 2,702 — 1,594 — 1,594 Net income 30,423 2,708 — 33,131 32,028 2,268 — 34,296 Depreciation 24,393 3,018 — 27,411 23,441 3,081 — 26,522 Capital project expenditures, net of reimbursements 609 5,031 — 5,640 24,002 — — 24,002 Capital maintenance expenditures — 951 — 951 — 871 — 871 (1) Amounts in the "Eliminations" column represent the elimination of intercompany interest payments from the Company’s TRS Properties business segment to its GLP Capital business segment.

Supplementary Condensed Conso28

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Tables)	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014 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. In preparation for the Company's potential use of an UPREIT structure, on January 1, 2015, all employees and associated assets and liabilities were transferred from GLPI to GLP Capital, L.P. As discussed in Note 2, this financial information has been restated to correct the Company's revenue recognition of percentage rents under the Master Lease with Penn National Gaming, Inc. At March 31, 2015 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 2,019,952 $ 137,051 $ — $ 2,157,003 Property and equipment, used in operations, net — 24,775 111,758 — 136,533 Cash and cash equivalents — 20,020 25,347 — 45,367 Prepaid expenses — 4,408 3,060 — 7,468 Deferred tax assets, current — — 1,568 — 1,568 Other current assets — 44,115 3,529 — 47,644 Goodwill — — 75,521 — 75,521 Other intangible assets — — 9,577 — 9,577 Debt issuance costs, net of accumulated amortization of $11,347 at March 31, 2015 — 37,106 — — 37,106 Loan receivable — — 33,463 — 33,463 Intercompany loan receivable — 193,595 — (193,595 ) — Intercompany transactions and investment in subsidiaries (191,050 ) 194,180 19,860 (22,990 ) — Deferred tax assets, non-current — — 808 — 808 Other assets — 292 127 — 419 Total assets $ (191,050 ) $ 2,538,443 $ 421,669 $ (216,585 ) $ 2,552,477 Liabilities Accounts payable $ — $ 2,636 $ 665 $ — $ 3,301 Accrued expenses — 1,041 4,715 — 5,756 Accrued interest — 42,431 — — 42,431 Accrued salaries and wages — 4,283 2,104 — 6,387 Gaming, property, and other taxes — 21,548 3,584 — 25,132 Income taxes — 682 890 — 1,572 Current maturities of long-term debt — 99 — — 99 Other current liabilities — 14,901 1,336 — 16,237 Long-term debt, net of current maturities — 2,576,364 — — 2,576,364 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 65,510 — — 65,510 Deferred tax liabilities, non-current — — 738 — 738 Total liabilities — 2,729,495 207,627 (193,595 ) 2,743,527 Shareholders’ (deficit) equity Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2015) — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 114,213,335 shares issued at March 31, 2015 1,142 1,142 1,142 (2,284 ) 1,142 Additional paid-in capital 903,608 903,608 1,056,445 (1,960,053 ) 903,608 Retained (deficit) earnings (1,095,800 ) (1,095,802 ) (843,545 ) 1,939,347 (1,095,800 ) Total shareholders’ (deficit) equity (191,050 ) (191,052 ) 214,042 (22,990 ) (191,050 ) Total liabilities and shareholders’ (deficit) equity $ (191,050 ) $ 2,538,443 $ 421,669 $ (216,585 ) $ 2,552,477 Three months ended March 31, 2015 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Revenues Rental $ — $ 94,048 $ 3,500 $ — $ 97,548 Real estate taxes paid by tenants — 12,827 523 — 13,350 Total rental revenue — 106,875 4,023 — 110,898 Gaming — — 36,379 — 36,379 Food, beverage and other — — 2,815 — 2,815 Total revenues — 106,875 43,217 — 150,092 Less promotional allowances — — (1,387 ) — (1,387 ) Net revenues — 106,875 41,830 — 148,705 Operating expenses Gaming — — 19,016 — 19,016 Food, beverage and other — — 2,184 — 2,184 Real estate taxes — 12,827 928 — 13,755 General and administrative — 15,556 5,983 — 21,539 Depreciation — 23,632 3,779 — 27,411 Total operating expenses — 52,015 31,890 — 83,905 Income from operations — 54,860 9,940 — 64,800 Other income (expenses) Interest expense — (29,562 ) — — (29,562 ) Interest income — 10 585 — 595 Intercompany dividends and interest — 10,086 400 (10,486 ) — Total other expenses — (19,466 ) 985 (10,486 ) (28,967 ) Income before income taxes — 35,394 10,925 (10,486 ) 35,833 Income tax expense — 810 1,892 — 2,702 Net income $ — $ 34,584 $ 9,033 $ (10,486 ) $ 33,131 Three months ended March 31, 2015 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income $ — $ 34,584 $ 9,033 $ (10,486 ) $ 33,131 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation — 23,632 3,779 — 27,411 Amortization of debt issuance costs — 2,020 — — 2,020 Losses on dispositions of property — — 1 — 1 Deferred income taxes — — (386 ) — (386 ) Stock-based compensation — 4,394 — — 4,394 Straight-line rent adjustments — 13,956 — — 13,956 (Increase) decrease, Prepaid expenses and other current assets — (593 ) 1,431 — 838 Other assets — — — — — Intercompany — 2,365 (2,365 ) — — (Decrease) increase, Accounts payable — (1,800 ) 455 — (1,345 ) Accrued expenses — 408 7 — 415 Accrued interest — 24,903 — — 24,903 Accrued salaries and wages — (5,730 ) (464 ) — (6,194 ) Gaming, pari-mutuel, property and other taxes — (613 ) 207 — (406 ) Income taxes — 847 725 — 1,572 Other current and non-current liabilities — 532 (83 ) — 449 Net cash provided by (used in) operating activities — 98,905 12,340 (10,486 ) 100,759 Investing activities Capital project expenditures, net of reimbursements — (609 ) (5,031 ) — (5,640 ) Capital maintenance expenditures — — (951 ) — (951 ) Proceeds from sale of property and equipment — — 5 — 5 Funding of loan receivable — — — — — Principal payments on loan receivable — — 538 — 538 Acquisition of real estate — — — — — Other investing activities — (36 ) — — (36 ) Net cash used in investing activities — (645 ) (5,439 ) — (6,084 ) Financing activities Dividends paid (62,651 ) — — — (62,651 ) Proceeds from exercise of options 10,394 — — — 10,394 Proceeds from issuance of long-term debt — — — — — Financing costs — — — — — Payments of long-term debt — (33,024 ) — — (33,024 ) Intercompany financing 49,614 (49,666 ) (10,434 ) 10,486 — Net cash (used in) provided by financing activities (2,643 ) (82,690 ) (10,434 ) 10,486 (85,281 ) Net (decrease) increase in cash and cash equivalents (2,643 ) 15,570 (3,533 ) — 9,394 Cash and cash equivalents at beginning of period 2,643 4,450 28,880 — 35,973 Cash and cash equivalents at end of period $ — $ 20,020 $ 25,347 $ — $ 45,367 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 Income taxes — (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 Three months ended March 31, 2014 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental $ — $ 93,426 $ 2,672 $ — $ 96,098 Real estate taxes paid by tenants — 11,629 369 — 11,998 Total rental revenue — 105,055 3,041 — 108,096 Gaming — — 38,755 — 38,755 Food, beverage and other — — 2,831 — 2,831 Total revenues — 105,055 44,627 — 149,682 Less promotional allowances — — (1,370 ) — (1,370 ) Net revenues — 105,055 43,257 — 148,312 Operating expenses Gaming — — 21,562 — 21,562 Food, beverage and other — — 2,546 — 2,546 Real estate taxes — 11,629 794 — 12,423 General and administrative 14,084 718 6,139 — 20,941 Depreciation 439 22,283 3,800 — 26,522 Total operating expenses 14,523 34,630 34,841 — 83,994 Income from operations (14,523 ) 70,425 8,416 — 64,318 Other income (expenses) Interest expense — (28,974 ) — — (28,974 ) Interest income — — 546 — 546 Intercompany dividends and interest 275,012 8,986 277,004 (561,002 ) — Total other expenses 275,012 (19,988 ) 277,550 (561,002 ) (28,428 ) Income before income taxes 260,489 50,437 285,966 (561,002 ) 35,890 Income tax expense — — 1,594 — 1,594 Net income $ 260,489 $ 50,437 $ 284,372 $ (561,002 ) $ 34,296 Three months ended March 31, 2014 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income $ 260,489 $ 50,437 $ 284,372 $ (561,002 ) $ 34,296 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation 439 22,283 3,800 — 26,522 Amortization of debt issuance costs — 2,007 — — 2,007 Losses on dispositions of property — — 158 — 158 Deferred income taxes — — (898 ) — (898 ) Stock-based compensation 1,951 — — — 1,951 Straight-line rent adjustments — 10,016 — — 10,016 Decrease (increase), Prepaid expenses and other current assets 1,028 (3,392 ) (2,837 ) — (5,201 ) Other assets (249 ) — (24 ) — (273 ) Intercompany (2,455 ) (2,601 ) 5,056 — — Increase (decrease), 0 0 0 Accounts payable 3,322 (3,154 ) (125 ) — 43 Accrued expenses (7,526 ) 160 578 — (6,788 ) Accrued interest — 24,814 — — 24,814 Accrued salaries and wages (1,625 ) — (577 ) — (2,202 ) Gaming, pari-mutuel, property and other taxes 11 2,060 2,904 — 4,975 Income taxes (11,511 ) — 144 — (11,367 ) Other current and non-current liabilities 448 — 1,226 — 1,674 Net cash provided by (used in) operating activities 244,322 102,630 293,777 (561,002 ) 79,727 Investing activities Capital project expenditures, net of reimbursements (1,533 ) (22,469 ) — — (24,002 ) Capital maintenance expenditures — — (871 ) — (871 ) Proceeds from sale of property and equipment — — — — — Increase in cash in escrow — (3,356 ) — — (3,356 ) Funding of loan receivable — — (43,000 ) — (43,000 ) Principal payments on loan receivable — — 2,000 — 2,000 Acquisition of real estate — — (140,730 ) — (140,730 ) Net cash used in investing activities (1,533 ) (25,825 ) (182,601 ) — (209,959 ) Financing activities Dividends paid (270,040 ) — — — (270,040 ) Proceeds from exercise of options 13,321 — — — 13,321 Proceeds from issuance of long-term debt — 182,008 — — 182,008 Financing costs — — — — — Payments of long-term debt — (32,000 ) — — (32,000 ) Intercompany financing (27,072 ) (431,720 ) (102,210 ) 561,002 — Net cash (used in) provided by financing activities (283,791 ) (281,712 ) (102,210 ) 561,002 (106,711 ) Net (decrease) increase in cash and cash equivalents (41,002 ) (204,907 ) 8,966 — (236,943 ) Cash and cash equivalents at beginning of period 42,801 221,095 21,325 $ — 285,221 Cash and cash equivalents at end of period $ 1,799 $ 16,188 $ 30,291 $ — $ 48,278

Organization and Operations (De

Organization and Operations (Details) $ in Millions	Dec. 19, 2014USD ($)	Feb. 18, 2014USD ($)	Mar. 31, 2015statepropertyrenewaloption
Organization and Operations
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 | state			12
Purging Distribution
Organization and Operations
Purging distribution | $		$ 1,050
Pre-Filing Agreement Distribution
Organization and Operations
Pre-filing agreement distribution | $	$ 37
Penn National Gaming Inc
Organization and Operations
Operating lease, initial term of contract			15 years
Operating leases, number of renewal options | renewaloption			4
Operating lease, renewal term			5 years
Number of real estate properties			18

Restatement of Financial Stat30

Restatement of Financial Statements Restatement of Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Rental revenues	$ 97,548	$ 96,098
Deferred rental revenue	65,510		$ 51,554
Total liabilities	2,743,527		2,740,870
Retained deficit	(1,095,800)		(1,066,280)
Total stockholders' deficit	(191,050)		(176,290)
Total rental revenue	110,898	108,096
Total revenues	150,092	149,682
Net revenues	148,705	148,312
Income from operations	64,800	64,318
Income before income taxes	35,833	35,890
Net income	$ 33,131	$ 34,296
Basic earnings per common share (in dollars per share)	$ 0.29	$ 0.31
Diluted earnings per common share (in dollars per share)	$ 0.28	$ 0.29
Straight-line rent adjustments	$ 13,956	$ 10,016
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Rental revenues	111,504	106,114
Deferred rental revenue	0		0
Total liabilities	2,678,017		2,689,316
Retained deficit	(1,030,290)		(1,014,726)
Total stockholders' deficit	(125,540)		(124,736)
Total rental revenue	124,854	118,112
Total revenues	164,048	159,698
Net revenues	162,661	158,328
Income from operations	78,756	74,334
Income before income taxes	49,789	45,906
Net income	$ 47,087	$ 44,312
Basic earnings per common share (in dollars per share)	$ 0.41	$ 0.40
Diluted earnings per common share (in dollars per share)	$ 0.40	$ 0.38
Straight-line rent adjustments	$ 0	$ 0
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Rental revenues	(13,956)	(10,016)
Deferred rental revenue	65,510		51,554
Total liabilities	65,510		51,554
Retained deficit	(65,510)		(51,554)
Total stockholders' deficit	(65,510)		$ (51,554)
Total rental revenue	(13,956)	(10,016)
Total revenues	(13,956)	(10,016)
Net revenues	(13,956)	(10,016)
Income from operations	(13,956)	(10,016)
Income before income taxes	(13,956)	(10,016)
Net income	$ (13,956)	$ (10,016)
Basic earnings per common share (in dollars per share)	$ (0.12)	$ (0.09)
Diluted earnings per common share (in dollars per share)	$ (0.12)	$ (0.09)
Straight-line rent adjustments	$ 13,956	$ 10,016
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

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Fair Value
Financial assets:
Cash and cash equivalents	$ 45,367	$ 35,973
Deferred compensation plan assets	14,826	14,280
Loans receivable	33,463	34,000
Financial liabilities:
Deferred compensation plan liabilities	14,901	14,369
Senior unsecured credit facility	509,250	535,010
Senior notes	2,107,025	2,091,000
Carrying Amount
Financial assets:
Cash and cash equivalents	45,367	35,973
Deferred compensation plan assets	14,826	14,280
Loans receivable	33,463	34,000
Financial liabilities:
Deferred compensation plan liabilities	14,901	14,369
Senior unsecured credit facility	525,000	558,000
Senior notes	$ 2,050,000	$ 2,050,000

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Revenue Recognition and Promotional Allowances) (Narrative) (Details)	3 Months Ended
	Mar. 31, 2015property
Revenue Recognition and Promotional Allowances
Number of real estate properties	19
All Properties Under Master Lease, Except Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue Recognition and Promotional Allowances
Operating leases, frequency the property performance-based rent structure is adjusted	5 years
Percentage of the average change in net revenues of facilities under the Master Lease during the preceding five years used to compute the performance based component of rent	4.00%
Period used in calculation of the average change in net revenues	5 years
Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue Recognition and Promotional Allowances
Percentage of the change in net revenues of all facilities under the Master Lease during the preceding month used for adjustment in rent structure	20.00%
Properties Not Subject To Master Lease Agreement
Revenue Recognition and Promotional Allowances
Number of real estate properties	1
Penn National Gaming Inc
Revenue Recognition and Promotional Allowances
Number of real estate properties	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
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

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Revenue Recognition and Promotional Allowances) (Tables) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	$ 36,379	$ 38,755
Promotional allowances	1,387	1,370
Cost of Complimentary Services	599	719
Video lottery
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	31,241	33,381
Table game
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	4,810	4,940
Poker
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	328	434
Food and beverage
Revenue Recognition and Promotional Allowances
Promotional allowances	1,377	1,361
Cost of Complimentary Services	596	716
Other
Revenue Recognition and Promotional Allowances
Promotional allowances	10	9
Cost of Complimentary Services	$ 3	$ 3

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Gaming and Admission Taxes) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Gaming and Admission Taxes
Gaming and admission taxes	$ 14.9	$ 17.3

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Earnings Per Share) (Weighted Average Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Weighted-average common shares outstanding	113,666	111,198
Diluted weighted-average common shares outstanding	118,499	117,850
Employee Stock Option
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	4,232	6,282
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	219	370
Performance Shares
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	382	0

Summary of Significant Accoun36

Summary of Significant Accounting Policies (Earnings per Share) (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Accounting Policies [Abstract]
Anti-dilutive securities, options to purchase common stock outstanding (in shares)	15,529	0
Calculation of basic EPS:
Net income	$ 33,131	$ 34,296
Less: Net income allocated to participating securities	(151)	(136)
Net income attributable to common shareholders	$ 32,980	$ 34,160
Weighted-average common shares outstanding	113,666,000	111,198,000
Basic EPS (in dollars per share)	$ 0.29	$ 0.31
Calculation of diluted EPS:
Net income	$ 33,131	$ 34,296
Diluted weighted-average common shares outstanding	118,499,000	117,850,000
Diluted EPS (in dollars per share)	$ 0.28	$ 0.29

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Stock-Based Compensation) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Stock-based compensation
Dividends paid per common share	$ 0.55	$ 0.52
Employee Stock Option
Stock-based compensation
Total unrecognized compensation cost	$ 1,900
Remaining weighted average vesting period for recognition of unrecognized compensation cost	9 months 2 days
Recognized compensation expense	$ 700	$ 1,400
Additional compensation expense related to dividend	2,900	3,300
Restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	$ 12,800
Remaining weighted average vesting period for recognition of unrecognized compensation cost	2 years 3 months 5 days
Recognized compensation expense	$ 1,400	600
Performance Shares
Stock-based compensation
Total unrecognized compensation cost	$ 16,900
Remaining weighted average vesting period for recognition of unrecognized compensation cost	2 years 3 months 11 days
Recognized compensation expense	$ 2,200
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
PSUs
Stock-based compensation
Total unrecognized compensation cost	$ 5,100
Remaining weighted average vesting period for recognition of unrecognized compensation cost	1 year 8 months 14 days
Recognized compensation expense	$ 1,800	400
Additional compensation expense related to dividend	100	400
SARs
Stock-based compensation
Total unrecognized compensation cost	$ 100
Remaining weighted average vesting period for recognition of unrecognized compensation cost	1 year 2 months 22 days
Recognized compensation expense	$ 6	$ 21
End Of Measurement Period Vesting | Performance Shares
Stock-based compensation
Vesting period	3 years

Summary of Significant Accoun38

Summary of Significant Accounting Policies (Stock-Based Compensation) (Restricted Stock Activity) (Details) - Restricted stock awards	3 Months Ended
	Mar. 31, 2015shares
Restricted Stock Awards Activity [Roll Forward]
Outstanding at the beginning of the period (in shares)	468,841
Granted (in shares)	163,783
Released (in shares)	(107,152)
Canceled (in shares)	(5,028)
Outstanding at the end of the period (in shares)	520,444

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Stock-Based Compensation) (Performance-Based Awards) (Details) - Performance Shares	3 Months Ended
	Mar. 31, 2015shares
Performance-Based Restricted Stock Awards Activity [Roll Forward]
Outstanding at the beginning of the period (in shares)	543,556
Granted (in shares)	548,000
Released (in shares)	0
Canceled (in shares)	0
Outstanding at the end of the period (in shares)	1,091,556

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Segment Information) (Details)	3 Months Ended
	Mar. 31, 2015segment
Segment Information
Number of reportable segments	2

Acquisitions (Details)

Acquisitions (Details)	1 Months Ended	3 Months Ended
	Jan. 31, 2014USD ($)	Mar. 31, 2015USD ($)renewaloption	Mar. 31, 2014USD ($)	Dec. 31, 2014USD ($)
Acquisitions
Amount paid for acquisition		$ 0	$ 140,730,000
Loan receivable		$ 33,463,000		$ 34,000,000
Mandatory Quarterly Principal Payment Due on Term Loan to Third Party, Percent		1.25%
Casino Queen
Acquisitions
Annual rent of property leased back on a triple net basis		$ 14,000,000
Operating lease, initial term of contract		15 years
Operating leases, number of renewal options | renewaloption		4
Operating lease, renewal term		5 years
Casino Queen
Acquisitions
Amount paid for acquisition	$ 140,700,000
Transaction fees related to real estate acquisitions	700,000
Payments for term loan	$ 43,000,000
Term of term loan	5 years
Interest rate on term loan (as a percent)	7.00%
Loan receivable		$ 33,500,000

Real Estate Investments (Detail

Real Estate Investments (Details) $ in Thousands	Mar. 31, 2015USD ($)property	Dec. 31, 2014USD ($)
Real estate investments
Number of real estate properties | property	19
Total real estate investments	$ 2,746,226	$ 2,745,421
Less accumulated depreciation	(589,223)	(565,297)
Real estate investments, net	2,157,003	2,180,124
Land and improvements
Real estate investments
Total real estate investments	454,181	454,181
Building and improvements
Real estate investments
Total real estate investments	2,288,664	2,288,664
Construction in progress
Real estate investments
Total real estate investments	$ 3,381	$ 2,576

Property and Equipment Used i43

Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Property and equipment used in operations
Total property and equipment	$ 258,699	$ 252,798
Less accumulated depreciation	(122,166)	(118,770)
Property and equipment, net	136,533	134,028
Land and improvements
Property and equipment used in operations
Total property and equipment	31,595	31,595
Building and improvements
Property and equipment used in operations
Total property and equipment	116,867	116,867
Furniture, fixtures, and equipment
Property and equipment used in operations
Total property and equipment	103,782	103,612
Construction in progress
Property and equipment used in operations
Total property and equipment	6,455	$ 724
Hollywood Casino Perryville [Member] | Gaming equipment
Property and equipment used in operations
Payments to acquire gaming equipment	$ 5,000

Long-term Debt (Schedule of Deb

Long-term Debt (Schedule of Debt) (Details) - USD ($)	Mar. 31, 2015	Dec. 31, 2014
Long-term debt
Total Long-term debt	$ 2,576,463,000	$ 2,609,487,000
Current maturities of long-term debt	(99,000)	(81,000)
Long-term debt, net of current maturities	2,576,364,000	2,609,406,000
$550 million 4.375% senior unsecured notes due November 2018
Long-term debt
Total Long-term debt	550,000,000	550,000,000
Face amount of debt	$ 550,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.375%
$1,000 million 4.875% senior notes due November 2020
Long-term debt
Total Long-term debt	$ 1,000,000,000	1,000,000,000
Face amount of debt	$ 1,000,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.875%
$500 million 5.375% senior notes due November 2023
Long-term debt
Total Long-term debt	$ 500,000,000	500,000,000
Face amount of debt	$ 500,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.375%
Senior unsecured credit facility
Long-term debt
Total Long-term debt	$ 525,000,000	558,000,000
Capital lease
Long-term debt
Total Long-term debt	$ 1,463,000	$ 1,487,000

Long-term Debt (Maturities of L

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Future minimum repayments of long-term debt
Within one year	$ 99
2 - 3 years	212
4 - 5 years	1,075,233
Over 5 years	1,500,919
Total Long-term debt	$ 2,576,463	$ 2,609,487

Long-term Debt - Senior Unsecur

Long-term Debt - Senior Unsecured Credit Facility (Narrative) (Details) - USD ($)	Mar. 31, 2015	Dec. 31, 2014
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 1,000,000,000
Long-term debt	2,576,463,000	$ 2,609,487,000
Letters of credit outstanding, amount	900,000
Available borrowing capacity	474,100,000
Senior unsecured credit facility
Long-term debt
Long-term debt	525,000,000	$ 558,000,000
Revolving credit facility
Long-term debt
Line of credit facility, maximum borrowing capacity	700,000,000
Outstanding balance on credit facility	225,000,000
Term Loan a Facility
Long-term debt
Line of credit facility, maximum borrowing capacity	300,000,000
Outstanding balance on credit facility	$ 300,000,000

Long-term Debt - Senior Unsec47

Long-term Debt - Senior Unsecured Notes (Narrative) (Details)	Mar. 31, 2015
Senior Notes 4.375 Percent Due 2018 [Member]
Long-term debt
Debt Instrument, Interest Rate, Stated Percentage	4.375%
Senior Notes 4.875 Percent Due 2020 [Member]
Long-term debt
Debt Instrument, Interest Rate, Stated Percentage	4.875%
Senior Notes 5.375 Percent Due 2023 [Member]
Long-term debt
Debt Instrument, Interest Rate, Stated Percentage	5.375%

Long-term Debt - Capital Lease

Long-term Debt - Capital Lease (Narrative) (Details)	3 Months Ended
	Mar. 31, 2015
Capital lease
Long-term debt
Debt Instrument, Term	30 years

Commitments and Contingencies L

Commitments and Contingencies Litigation (Details) $ in Millions	Jan. 07, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loss contingency, damages sought, value	$ 10

Dividends (Details)

Dividends (Details) - USD ($)	Mar. 27, 2015	Feb. 03, 2015	Dec. 19, 2014	Mar. 28, 2014	Feb. 18, 2014	Feb. 13, 2014	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Dividends
Dividends payable, date declared		Feb. 3, 2015			Feb. 18, 2014
Quarterly dividend declared (in dollars per share)		$ 0.545			$ 0.52
Quarterly dividend paid (in dollars per share)							$ 0.55		$ 0.52
Dividends payable, date to be paid							Mar. 27, 2015		Mar. 28, 2014
Dividend paid	$ 62,100,000			$ 58,000,000
Dividends payable, date of record							Mar. 10, 2015		Mar. 7, 2014
Dividends, share-based compensation	$ 600,000			$ 1,000,000
Common stock outstanding (in shares)					88,691,827
Purging Distribution
Dividends
Dividends payable, date to be paid									Feb. 18, 2014
Dividends, share-based compensation					$ 1,000,000
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					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 | Weighted average
Dividends
Volume weighted average price (in dollars per share)						$ 38.2162
Pre-Filing Agreement Distribution
Dividends
Dividends payable, date to be paid								Dec. 19, 2014
Dividends, share-based compensation			$ 700,000
Pre-filing agreement distribution			$ 37,000,000

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2015	Mar. 31, 2014
Segment information
Net revenues		$ 148,705	$ 148,312
Income from operations		64,800	64,318
Interest, net		28,967	28,428
Income before income taxes		35,833	35,890
Income tax expense		2,702	1,594
Net income		33,131	34,296
Depreciation		27,411	26,522
Capital project expenditures, net of reimbursements		5,640	24,002
Capital maintenance expenditures		951	871
Eliminations
Segment information
Net revenues		0	0
Income from operations		0	0
Interest, net	[1]	(2,601)	(2,601)
Income before income taxes		0	0
Income tax expense		0	0
Net income		0	0
Depreciation		0	0
Capital project expenditures, net of reimbursements		0	0
Capital maintenance expenditures		0	0
GLP Capital
Segment information
Net revenues		110,898	108,096
Income from operations		57,600	57,855
Interest, net		28,968	28,428
Income before income taxes		31,233	32,028
Income tax expense		810	0
Net income		30,423	32,028
Depreciation		24,393	23,441
Capital project expenditures, net of reimbursements		609	24,002
Capital maintenance expenditures		0	0
TRS Properties
Segment information
Net revenues		37,807	40,216
Income from operations		7,200	6,463
Interest, net		2,600	2,601
Income before income taxes		4,600	3,862
Income tax expense		1,892	1,594
Net income		2,708	2,268
Depreciation		3,018	3,081
Capital project expenditures, net of reimbursements		5,031	0
Capital maintenance expenditures		$ 951	$ 871
[1]	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.

Supplemental Disclosures of C52

Supplemental Disclosures of Cash Flow Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Income taxes paid	$ 0	$ 13,800,000
Interest paid	$ 2,600,000	$ 2,100,000

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended
	Mar. 31, 2015USD ($)
Wyomissing Professional Center Inc | Chief Executive Officer
Related Party Transaction [Line Items]
Amounts of transaction	$ 39,000
CB Consulting Group LLC | Chairman of the Board and Chief Executive Officer's Son
Related Party Transaction [Line Items]
Amounts of transaction	$ 0
Percentage of construction cost paid to Construction Manager for management services	3.00%

Supplementary Condensed Conso54

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Balance Sheet) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Assets
Real estate investments, net	$ 2,157,003	$ 2,180,124
Property and equipment, used in operations, net	136,533	134,028
Cash and cash equivalents	45,367	35,973	$ 48,278	$ 285,221
Prepaid expenses	7,468	7,900
Deferred tax assets, current	1,568	2,015
Other current assets	47,644	45,254
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $11,347 and $9,327 at March 31, 2015 and December 31, 2014, respectively	37,106	39,126
Loan receivable	33,463	34,000
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	0	0
Deferred tax assets, non-current	808	679
Other assets	419	383
Total assets	2,552,477	2,564,580
Liabilities
Accounts payable	3,301	4,409
Accrued expenses	5,756	5,339
Accrued interest	42,431	17,528
Accrued salaries and wages	6,387	12,581
Gaming, property, and other taxes	25,132	22,741
Income taxes	1,572	0
Current maturities of long-term debt	99	81
Other current liabilities	16,237	15,788
Long-term debt, net of current maturities	2,576,364	2,609,406
Intercompany loan payable	0	0
Deferred rental revenue	65,510	51,554
Deferred tax liabilities, non-current	738	1,443
Total liabilities	2,743,527	2,740,870
Shareholders’ deficit
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2015 and December 31, 2014	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 114,213,335 and 112,981,088 shares issued at March 31, 2015 and December 31, 2014, respectively)	1,142	1,130
Additional paid-in capital	903,608	888,860
Retained deficit	(1,095,800)	(1,066,280)
Total shareholders’ deficit	(191,050)	(176,290)
Total liabilities and shareholders’ deficit	2,552,477	2,564,580
Debt issuance costs, accumulated amortization	$ 11,347	$ 9,327
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	114,213,335	112,981,088
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	0	1,498
Deferred tax assets, current	0	0
Other current assets	0	0
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net of accumulated amortization of $11,347 and $9,327 at March 31, 2015 and December 31, 2014, respectively	0	0
Loan receivable	0	0
Intercompany loan receivable	(193,595)	(193,595)
Intercompany transactions and investment in subsidiaries	(22,990)	(18,252)
Deferred tax assets, non-current	0	0
Other assets	0	0
Total assets	(216,585)	(210,349)
Liabilities
Accounts payable	0	0
Accrued expenses	0	0
Accrued interest	0	0
Accrued salaries and wages	0	0
Gaming, property, and other taxes	0	0
Income taxes	0	1,498
Current maturities of long-term debt	0	0
Other current liabilities	0	0
Long-term debt, net of current maturities	0	0
Intercompany loan payable	(193,595)	(193,595)
Deferred rental revenue	0	0
Deferred tax liabilities, non-current	0	0
Total liabilities	(193,595)	(192,097)
Shareholders’ deficit
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2015 and December 31, 2014	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 114,213,335 and 112,981,088 shares issued at March 31, 2015 and December 31, 2014, respectively)	(2,284)	0
Additional paid-in capital	(1,960,053)	(432,358)
Retained deficit	1,939,347	414,106
Total shareholders’ deficit	(22,990)	(18,252)
Total liabilities and shareholders’ deficit	$ (216,585)	(210,349)
GLP Capital, L.P. [Member]
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Ownership percentage of subsidiaries	100.00%
GLP Financing II, Inc. [Member]
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Ownership percentage of subsidiaries	100.00%
Parent Guarantor
Assets
Real estate investments, net	$ 0	0
Property and equipment, used in operations, net	0	25,228
Cash and cash equivalents	0	2,643	1,799	42,801
Prepaid expenses	0	1,096
Deferred tax assets, current	0	0
Other current assets	0	14,947
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net of accumulated amortization of $11,347 and $9,327 at March 31, 2015 and December 31, 2014, respectively	0	0
Loan receivable	0	0
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	(191,050)	(190,541)
Deferred tax assets, non-current	0	0
Other assets	0	256
Total assets	(191,050)	(146,371)
Liabilities
Accounts payable	0	4,011
Accrued expenses	0	514
Accrued interest	0	0
Accrued salaries and wages	0	10,013
Gaming, property, and other taxes	0	1,012
Income taxes	0	0
Current maturities of long-term debt	0	0
Other current liabilities	0	14,369
Long-term debt, net of current maturities	0	0
Intercompany loan payable	0	0
Deferred rental revenue	0	0
Deferred tax liabilities, non-current	0	0
Total liabilities	0	29,919
Shareholders’ deficit
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2015 and December 31, 2014	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 114,213,335 and 112,981,088 shares issued at March 31, 2015 and December 31, 2014, respectively)	1,142	1,130
Additional paid-in capital	903,608	888,860
Retained deficit	(1,095,800)	(1,066,280)
Total shareholders’ deficit	(191,050)	(176,290)
Total liabilities and shareholders’ deficit	$ (191,050)	$ (146,371)
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	114,213,335	112,981,088
Subsidiary Issuers
Assets
Real estate investments, net	$ 2,019,952	$ 2,042,311
Property and equipment, used in operations, net	24,775	0
Cash and cash equivalents	20,020	4,450	16,188	221,095
Prepaid expenses	4,408	2,196
Deferred tax assets, current	0	0
Other current assets	44,115	27,417
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net of accumulated amortization of $11,347 and $9,327 at March 31, 2015 and December 31, 2014, respectively	37,106	39,126
Loan receivable	0	0
Intercompany loan receivable	193,595	193,595
Intercompany transactions and investment in subsidiaries	194,180	195,092
Deferred tax assets, non-current	0	0
Other assets	292	0
Total assets	2,538,443	2,504,187
Liabilities
Accounts payable	2,636	188
Accrued expenses	1,041	119
Accrued interest	42,431	17,528
Accrued salaries and wages	4,283	0
Gaming, property, and other taxes	21,548	18,874
Income taxes	682	(165)
Current maturities of long-term debt	99	81
Other current liabilities	14,901	0
Long-term debt, net of current maturities	2,576,364	2,609,406
Intercompany loan payable	0	0
Deferred rental revenue	65,510	51,554
Deferred tax liabilities, non-current	0	0
Total liabilities	2,729,495	2,697,585
Shareholders’ deficit
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2015 and December 31, 2014	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 114,213,335 and 112,981,088 shares issued at March 31, 2015 and December 31, 2014, respectively)	1,142	0
Additional paid-in capital	903,608	139,811
Retained deficit	(1,095,802)	(333,209)
Total shareholders’ deficit	(191,052)	(193,398)
Total liabilities and shareholders’ deficit	2,538,443	2,504,187
Debt issuance costs, accumulated amortization	11,347	9,327
Other Subsidiary Non-Issuers
Assets
Real estate investments, net	137,051	137,813
Property and equipment, used in operations, net	111,758	108,800
Cash and cash equivalents	25,347	28,880	$ 30,291	$ 21,325
Prepaid expenses	3,060	3,110
Deferred tax assets, current	1,568	2,015
Other current assets	3,529	2,890
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $11,347 and $9,327 at March 31, 2015 and December 31, 2014, respectively	0	0
Loan receivable	33,463	34,000
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	19,860	13,701
Deferred tax assets, non-current	808	679
Other assets	127	127
Total assets	421,669	417,113
Liabilities
Accounts payable	665	210
Accrued expenses	4,715	4,706
Accrued interest	0	0
Accrued salaries and wages	2,104	2,568
Gaming, property, and other taxes	3,584	2,855
Income taxes	890	(1,333)
Current maturities of long-term debt	0	0
Other current liabilities	1,336	1,419
Long-term debt, net of current maturities	0	0
Intercompany loan payable	193,595	193,595
Deferred rental revenue	0	0
Deferred tax liabilities, non-current	738	1,443
Total liabilities	207,627	205,463
Shareholders’ deficit
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2015 and December 31, 2014	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 114,213,335 and 112,981,088 shares issued at March 31, 2015 and December 31, 2014, respectively)	1,142	0
Additional paid-in capital	1,056,445	292,547
Retained deficit	(843,545)	(80,897)
Total shareholders’ deficit	214,042	211,650
Total liabilities and shareholders’ deficit	$ 421,669	$ 417,113

Supplementary Condensed Conso55

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues
Rental	$ 97,548	$ 96,098
Real estate taxes paid by tenants	13,350	11,998
Total rental revenue	110,898	108,096
Gaming	36,379	38,755
Food, beverage and other	2,815	2,831
Total revenues	150,092	149,682
Less promotional allowances	(1,387)	(1,370)
Net revenues	148,705	148,312
Operating expenses
Gaming	19,016	21,562
Food, beverage and other	2,184	2,546
Real estate taxes	13,755	12,423
General and administrative	21,539	20,941
Depreciation	27,411	26,522
Total operating expenses	83,905	83,994
Income from operations	64,800	64,318
Other income (expenses)
Interest expense	(29,562)	(28,974)
Interest income	595	546
Intercompany dividends and interest	0	0
Total other expenses	(28,967)	(28,428)
Income before income taxes	35,833	35,890
Income tax expense	2,702	1,594
Net income	33,131	34,296
Eliminations
Revenues
Rental	0	0
Real estate taxes paid by tenants	0	0
Total rental revenue	0	0
Gaming	0	0
Food, beverage and other	0	0
Total revenues	0	0
Less promotional allowances	0	0
Net revenues	0	0
Operating expenses
Gaming	0	0
Food, beverage and other	0	0
Real estate taxes	0	0
General and administrative	0	0
Depreciation	0	0
Total operating expenses	0	0
Income from operations	0	0
Other income (expenses)
Interest expense	0	0
Interest income	0	0
Intercompany dividends and interest	(10,486)	(561,002)
Total other expenses	(10,486)	(561,002)
Income before income taxes	(10,486)	(561,002)
Income tax expense	0	0
Net income	(10,486)	(561,002)
Parent Guarantor
Revenues
Rental	0	0
Real estate taxes paid by tenants	0	0
Total rental revenue	0	0
Gaming	0	0
Food, beverage and other	0	0
Total revenues	0	0
Less promotional allowances	0	0
Net revenues	0	0
Operating expenses
Gaming	0	0
Food, beverage and other	0	0
Real estate taxes	0	0
General and administrative	0	14,084
Depreciation	0	439
Total operating expenses	0	14,523
Income from operations	0	(14,523)
Other income (expenses)
Interest expense	0	0
Interest income	0	0
Intercompany dividends and interest	0	275,012
Total other expenses	0	275,012
Income before income taxes	0	260,489
Income tax expense	0	0
Net income	0	260,489
Subsidiary Issuers
Revenues
Rental	94,048	93,426
Real estate taxes paid by tenants	12,827	11,629
Total rental revenue	106,875	105,055
Gaming	0	0
Food, beverage and other	0	0
Total revenues	106,875	105,055
Less promotional allowances	0	0
Net revenues	106,875	105,055
Operating expenses
Gaming	0	0
Food, beverage and other	0	0
Real estate taxes	12,827	11,629
General and administrative	15,556	718
Depreciation	23,632	22,283
Total operating expenses	52,015	34,630
Income from operations	54,860	70,425
Other income (expenses)
Interest expense	(29,562)	(28,974)
Interest income	10	0
Intercompany dividends and interest	10,086	8,986
Total other expenses	(19,466)	(19,988)
Income before income taxes	35,394	50,437
Income tax expense	810	0
Net income	34,584	50,437
Other Subsidiary Non-Issuers
Revenues
Rental	3,500	2,672
Real estate taxes paid by tenants	523	369
Total rental revenue	4,023	3,041
Gaming	36,379	38,755
Food, beverage and other	2,815	2,831
Total revenues	43,217	44,627
Less promotional allowances	(1,387)	(1,370)
Net revenues	41,830	43,257
Operating expenses
Gaming	19,016	21,562
Food, beverage and other	2,184	2,546
Real estate taxes	928	794
General and administrative	5,983	6,139
Depreciation	3,779	3,800
Total operating expenses	31,890	34,841
Income from operations	9,940	8,416
Other income (expenses)
Interest expense	0	0
Interest income	585	546
Intercompany dividends and interest	400	277,004
Total other expenses	985	277,550
Income before income taxes	10,925	285,966
Income tax expense	1,892	1,594
Net income	$ 9,033	$ 284,372

Supplementary Condensed Conso56

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Cash Flow) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating activities
Net income	$ 33,131	$ 34,296
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	27,411	26,522
Amortization of debt issuance costs	2,020	2,007
Losses on dispositions of property	1	158
Deferred income taxes	(386)	(898)
Stock-based compensation	4,394	1,951
Straight-line rent adjustments	13,956	10,016
Decrease (increase),
Prepaid expenses and other current assets	838	(5,201)
Other assets	0	(273)
Intercompany	0	0
(Decrease) increase,
Accounts payable	(1,345)	43
Accrued expenses	415	(6,788)
Accrued interest	24,903	24,814
Accrued salaries and wages	(6,194)	(2,202)
Gaming, pari-mutuel, property and other taxes	(406)	4,975
Income taxes	1,572	(11,367)
Other current and non-current liabilities	449	1,674
Net cash provided by operating activities	100,759	79,727
Investing activities
Capital project expenditures, net of reimbursements	(5,640)	(24,002)
Capital maintenance expenditures	(951)	(871)
Proceeds from sale of property and equipment	5	0
Increase in cash escrow	0	(3,356)
Funding of loan receivable	0	(43,000)
Principal payments on loan receivable	538	2,000
Acquisition of real estate	0	(140,730)
Other investing activities	(36)	0
Net cash used in investing activities	(6,084)	(209,959)
Financing activities
Dividends paid	(62,651)	(270,040)
Proceeds from exercise of options	10,394	13,321
Proceeds from issuance of long-term debt	0	182,008
Financing costs	0	0
Payments of long-term debt	(33,024)	(32,000)
Intercompany financing	0	0
Net cash used in financing activities	(85,281)	(106,711)
Net increase (decrease) in cash and cash equivalents	9,394	(236,943)
Cash and cash equivalents at beginning of period	35,973	285,221
Cash and cash equivalents at end of period	45,367	48,278
Eliminations
Operating activities
Net income	(10,486)	(561,002)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	0	0
Amortization of debt issuance costs	0	0
Losses on dispositions of property	0	0
Deferred income taxes	0	0
Stock-based compensation	0	0
Straight-line rent adjustments	0	0
Decrease (increase),
Prepaid expenses and other current assets	0	0
Other assets	0	0
Intercompany	0	0
(Decrease) increase,
Accounts payable	0	0
Accrued expenses	0	0
Accrued interest	0	0
Accrued salaries and wages	0	0
Gaming, pari-mutuel, property and other taxes	0	0
Income taxes	0	0
Other current and non-current liabilities	0	0
Net cash provided by operating activities	(10,486)	(561,002)
Investing activities
Capital project expenditures, net of reimbursements	0	0
Capital maintenance expenditures	0	0
Proceeds from sale of property and equipment	0	0
Increase in cash escrow		0
Funding of loan receivable	0	0
Principal payments on loan receivable	0	0
Acquisition of real estate	0	0
Other investing activities	0
Net cash used in investing activities	0	0
Financing activities
Dividends paid	0	0
Proceeds from exercise of options	0	0
Proceeds from issuance of long-term debt	0	0
Financing costs	0	0
Payments of long-term debt	0	0
Intercompany financing	10,486	561,002
Net cash used in financing activities	10,486	561,002
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Parent Guarantor
Operating activities
Net income	0	260,489
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	0	439
Amortization of debt issuance costs	0	0
Losses on dispositions of property	0	0
Deferred income taxes	0	0
Stock-based compensation	0	1,951
Straight-line rent adjustments	0	0
Decrease (increase),
Prepaid expenses and other current assets	0	1,028
Other assets	0	(249)
Intercompany	0	(2,455)
(Decrease) increase,
Accounts payable	0	3,322
Accrued expenses	0	(7,526)
Accrued interest	0	0
Accrued salaries and wages	0	(1,625)
Gaming, pari-mutuel, property and other taxes	0	11
Income taxes	0	(11,511)
Other current and non-current liabilities	0	448
Net cash provided by operating activities	0	244,322
Investing activities
Capital project expenditures, net of reimbursements	0	(1,533)
Capital maintenance expenditures	0	0
Proceeds from sale of property and equipment	0	0
Increase in cash escrow		0
Funding of loan receivable	0	0
Principal payments on loan receivable	0	0
Acquisition of real estate	0	0
Other investing activities	0
Net cash used in investing activities	0	(1,533)
Financing activities
Dividends paid	(62,651)	(270,040)
Proceeds from exercise of options	10,394	13,321
Proceeds from issuance of long-term debt	0	0
Financing costs	0	0
Payments of long-term debt	0	0
Intercompany financing	49,614	(27,072)
Net cash used in financing activities	(2,643)	(283,791)
Net increase (decrease) in cash and cash equivalents	(2,643)	(41,002)
Cash and cash equivalents at beginning of period	2,643	42,801
Cash and cash equivalents at end of period	0	1,799
Subsidiary Issuers
Operating activities
Net income	34,584	50,437
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	23,632	22,283
Amortization of debt issuance costs	2,020	2,007
Losses on dispositions of property	0	0
Deferred income taxes	0	0
Stock-based compensation	4,394	0
Straight-line rent adjustments	13,956	10,016
Decrease (increase),
Prepaid expenses and other current assets	(593)	(3,392)
Other assets	0	0
Intercompany	2,365	(2,601)
(Decrease) increase,
Accounts payable	(1,800)	(3,154)
Accrued expenses	408	160
Accrued interest	24,903	24,814
Accrued salaries and wages	(5,730)	0
Gaming, pari-mutuel, property and other taxes	(613)	2,060
Income taxes	847	0
Other current and non-current liabilities	532	0
Net cash provided by operating activities	98,905	102,630
Investing activities
Capital project expenditures, net of reimbursements	(609)	(22,469)
Capital maintenance expenditures	0	0
Proceeds from sale of property and equipment	0	0
Increase in cash escrow		(3,356)
Funding of loan receivable	0	0
Principal payments on loan receivable	0	0
Acquisition of real estate	0	0
Other investing activities	(36)
Net cash used in investing activities	(645)	(25,825)
Financing activities
Dividends paid	0	0
Proceeds from exercise of options	0	0
Proceeds from issuance of long-term debt	0	182,008
Financing costs	0	0
Payments of long-term debt	(33,024)	(32,000)
Intercompany financing	(49,666)	(431,720)
Net cash used in financing activities	(82,690)	(281,712)
Net increase (decrease) in cash and cash equivalents	15,570	(204,907)
Cash and cash equivalents at beginning of period	4,450	221,095
Cash and cash equivalents at end of period	20,020	16,188
Other Subsidiary Non-Issuers
Operating activities
Net income	9,033	284,372
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	3,779	3,800
Amortization of debt issuance costs	0	0
Losses on dispositions of property	1	158
Deferred income taxes	(386)	(898)
Stock-based compensation	0	0
Straight-line rent adjustments	0	0
Decrease (increase),
Prepaid expenses and other current assets	1,431	(2,837)
Other assets	0	(24)
Intercompany	(2,365)	5,056
(Decrease) increase,
Accounts payable	455	(125)
Accrued expenses	7	578
Accrued interest	0	0
Accrued salaries and wages	(464)	(577)
Gaming, pari-mutuel, property and other taxes	207	2,904
Income taxes	725	144
Other current and non-current liabilities	(83)	1,226
Net cash provided by operating activities	12,340	293,777
Investing activities
Capital project expenditures, net of reimbursements	(5,031)	0
Capital maintenance expenditures	(951)	(871)
Proceeds from sale of property and equipment	5	0
Increase in cash escrow		0
Funding of loan receivable	0	(43,000)
Principal payments on loan receivable	538	2,000
Acquisition of real estate	0	(140,730)
Other investing activities	0
Net cash used in investing activities	(5,439)	(182,601)
Financing activities
Dividends paid	0	0
Proceeds from exercise of options	0	0
Proceeds from issuance of long-term debt	0	0
Financing costs	0	0
Payments of long-term debt	0	0
Intercompany financing	(10,434)	(102,210)
Net cash used in financing activities	(10,434)	(102,210)
Net increase (decrease) in cash and cash equivalents	(3,533)	8,966
Cash and cash equivalents at beginning of period	28,880	21,325
Cash and cash equivalents at end of period	$ 25,347	$ 30,291