Gaming and Leisure Properties (GLPI) 10-Q 9 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 04, 2015
Document and Entity Information
Entity Registrant Name	Gaming & Leisure Properties, Inc.
Entity Central Index Key	1,575,965
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		115,181,553
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Assets
Real estate investments, net	$ 2,113,382	$ 2,180,124
Property and equipment, used in operations, net	131,916	134,028
Cash and cash equivalents	42,740	35,973	$ 31,334	$ 285,221
Prepaid expenses	7,519	7,900
Deferred tax assets, current	1,799	2,015
Other current assets	60,837	45,254
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $17,057 and $9,327 at September 30, 2015 and December 31, 2014, respectively	38,083	39,126
Loan receivable	32,388	34,000
Deferred tax assets, non-current	1,968	679
Other assets	385	383
Total assets	2,516,115	2,564,580
Liabilities
Accounts payable	2,637	4,409
Accrued expenses	8,973	5,339
Accrued interest	42,533	17,528
Accrued salaries and wages	11,679	12,581
Gaming, property, and other taxes	36,231	22,741
Income taxes	0	0
Current maturities of long-term debt	101	81
Other current liabilities	15,474	15,788
Long-term debt, net of current maturities	2,541,313	2,609,406
Deferred rental revenue	93,423	51,554
Deferred tax liabilities, non-current	337	1,443
Total liabilities	2,752,701	2,740,870
Shareholders’ deficit
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2015 and December 31, 2014)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 114,668,312 and 112,981,088 shares issued at September 30, 2015 and December 31, 2014, respectively)	1,147	1,130
Additional paid-in capital	918,668	888,860
Retained deficit	(1,156,401)	(1,066,280)
Total shareholders’ deficit	(236,586)	(176,290)
Total liabilities and shareholders’ deficit	$ 2,516,115	$ 2,564,580

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Debt issuance costs, accumulated amortization	$ 17,057	$ 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	114,668,312	112,981,088

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Rental	$ 97,754			$ 96,437			$ 293,597	$ 289,817
Real estate taxes paid by tenants	13,778			12,512			40,071	36,956
Total rental revenue	111,532			108,949			333,668	326,773
Gaming	34,915			36,473			108,425	114,677
Food, beverage and other	2,794			3,015			8,464	8,934
Total revenues	149,241			148,437			450,557	450,384
Less promotional allowances	(1,449)			(1,531)			(4,193)	(4,396)
Net revenues	147,792			146,906			446,364	445,988
Operating expenses
Gaming	19,357			20,504			58,644	64,233
Food, beverage and other	2,128			2,471			6,489	7,526
Real estate taxes	14,174			12,929			41,138	38,208
General and administrative	19,285			17,743			64,546	58,215
Depreciation	27,557			26,526			82,585	79,397
Total operating expenses	82,501			80,173			253,402	247,579
Income from operations	65,291			66,733			192,962	198,409
Other income (expenses)
Interest expense	(31,226)			(29,378)			(90,373)	(87,460)
Interest income	581			623			1,761	1,837
Total other expenses	(30,645)			(28,755)			(88,612)	(85,623)
Income before income taxes	34,646			37,978			104,350	112,786
Income tax expense	1,417			665			6,001	4,181
Net income	$ 33,229			$ 37,313			$ 98,349	$ 108,605
Earnings per common share (in dollars per share)
Basic earnings per common share	$ 0.29			$ 0.33			$ 0.86	$ 0.97
Diluted earnings per common share	0.28			0.32			0.83	0.92
Dividends paid per common share (in dollars per share)	$ 0.545	$ 0.545	$ 0.545	$ 0.52	$ 0.52	$ 0.52	$ 1.635	$ 1.56

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - 9 months ended Sep. 30, 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	$ 21,495	$ 16	21,479
Stock option activity (in shares)		1,585,735
Restricted stock activity	8,330	$ 1	8,329
Restricted stock activity (in shares)		101,489
Dividends paid	(188,470)	$ 0	0	(188,470)
Dividends paid (in shares)		0
Net income	98,349			98,349
Balance at Sep. 30, 2015	$ (236,586)	$ 1,147	$ 918,668	$ (1,156,401)
Balance (in shares) at Sep. 30, 2015	114,668,312	114,668,312

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net income	$ 98,349	$ 108,605
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	82,585	79,397
Amortization of debt issuance costs	7,730	6,038
Losses on dispositions of property	89	13
Deferred income taxes	(2,179)	(3,145)
Stock-based compensation	12,658	8,623
Straight-line rent adjustments	41,869	30,921
(Increase), decrease
Prepaid expenses and other current assets	(1,026)	(7,675)
Other assets	(2)	(1,237)
Increase, (decrease)
Accounts payable	16	(1,480)
Accrued expenses	3,634	(7,584)
Accrued interest	25,005	24,360
Accrued salaries and wages	(902)	324
Gaming, property and other taxes	(687)	602
Income taxes	0	(19,113)
Other current and noncurrent liabilities	(314)	2,358
Net cash provided by operating activities	266,825	221,007
Investing activities
Capital project expenditures, net of reimbursements	(13,699)	(124,526)
Capital maintenance expenditures	(2,108)	(2,109)
Proceeds from sale of property and equipment	117	159
Funding of loan receivable	0	(43,000)
Principal payments on loan receivable	1,613	8,000
Acquisition of real estate	0	(140,730)
Net cash used in investing activities	(14,077)	(302,206)
Financing activities
Dividends paid	(188,470)	(388,678)
Proceeds from exercise of options	17,250	20,296
Proceeds from issuance of long-term debt	0	228,000
Financing costs	(6,688)	(306)
Payments of long-term debt	(68,073)	(32,000)
Net cash used in financing activities	(245,981)	(172,688)
Net increase (decrease) in cash and cash equivalents	6,767	(253,887)
Cash and cash equivalents at beginning of period	35,973	285,221
Cash and cash equivalents at end of period	$ 42,740	$ 31,334

Organization and Operations

Organization and Operations	9 Months Ended
	Sep. 30, 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. (d/b/a Hollywood Casino Baton Rouge) and Penn Cecil Maryland, Inc. (d/b/a Hollywood Casino Perryville) 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 September 30, 2015 , GLPI’s portfolio consisted of 21 gaming and related facilities, including 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, pursuant to the terms of a Pre-Filing Agreement with the IRS, 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. 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 and nine months ended September 30, 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 our 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. As described in Note 2, the Company restated its financial statements for the years ended December 31, 2014 and 2013, related to a non-cash adjustment to the Company's revenue recognition related to its Master Lease with Penn. The 10-K/A was filed concurrently with this Form 10-Q. The December 31, 2014 financial information has been derived from the Company’s audited consolidated financial statements.

Restatement of Financial Statem

Restatement of Financial Statements	9 Months Ended
	Sep. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Restatement of Financial Statements	Restatement of Financial Statements The restatement of the Company's historical financial statements relates to the Company's revenue recognition of percentage rents received from its tenant, Penn National Gaming, Inc., under the Master Lease Agreement. 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 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 $10.9 million and $30.9 million during the three and nine months ended September 30, 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 $93.4 million and $51.6 million at September 30, 2015 and December 31, 2014, respectively. The historical condensed consolidated financial statements included in this Form 10-Q 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. The following is a summary of the effect of the restatement on (i) the Company's condensed consolidated balance sheet at December 31, 2014 (ii) the Company's condensed consolidated statements of operations for the three and nine months ended September 30, 2014 and (iii) the Company's condensed consolidated statements of cash flows for the nine months ended September 30, 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 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 September 30, 2014: Rental revenues $ 107,326 $ (10,889 ) $ 96,437 Total rental revenue 119,838 (10,889 ) 108,949 Total revenues 159,326 (10,889 ) 148,437 Net revenues 157,795 (10,889 ) 146,906 Income from operations 77,622 (10,889 ) 66,733 Income before income taxes 48,867 (10,889 ) 37,978 Income tax (benefit) expense (1,035 ) 1,700 665 Net income 49,902 (12,589 ) 37,313 Basic earnings per common share $ 0.44 $ (0.11 ) $ 0.33 Diluted earnings per common share $ 0.42 $ (0.10 ) $ 0.32 Nine Months Ended September 30, 2014: Rental revenues $ 320,738 $ (30,921 ) $ 289,817 Total rental revenue 357,694 (30,921 ) 326,773 Total revenues 481,305 (30,921 ) 450,384 Net revenues 476,909 (30,921 ) 445,988 Income from operations 229,330 (30,921 ) 198,409 Income before income taxes 143,707 (30,921 ) 112,786 Income tax expense 2,481 1,700 4,181 Net income 141,226 (32,621 ) 108,605 Basic earnings per common share $ 1.26 $ (0.29 ) $ 0.97 Diluted earnings per common share $ 1.20 $ (0.28 ) $ 0.92 Condensed Consolidated Statements of Cash Flows (amounts in thousands) As Previously Reported Adjustments As Restated Nine Months Ended September 30, 2014: Net income $ 141,226 $ (32,621 ) $ 108,605 Straight-line rent adjustments — 30,921 30,921 Income taxes (20,813 ) 1,700 (19,113 )

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 September 30, 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 and the interest rate approximates market rates for a similar instrument. 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 ASC 820 "Fair Value Measurements and Disclosures." The estimated fair values of the Company’s financial instruments are as follows (in thousands): September 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents $ 42,740 $ 42,740 $ 35,973 $ 35,973 Deferred compensation plan assets 14,070 14,070 14,280 14,280 Loan receivable 32,388 32,388 34,000 34,000 Financial liabilities: Deferred compensation plan liabilities 14,146 14,146 14,369 14,369 Long-term debt Senior unsecured credit facility 490,000 467,362 558,000 535,010 Senior notes 2,050,000 2,051,625 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 and nine months ended September 30, 2015 and 2014 , and comprehensive income for the three and nine months ended September 30, 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 only when the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been transferred to the tenant. As of September 30, 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 in 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 condensed 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 and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) (in thousands) Video lottery $ 30,053 $ 31,593 $ 93,224 $ 98,625 Table game 4,584 4,496 14,275 14,786 Poker 278 384 926 1,266 Total gaming revenue, net of cash incentives $ 34,915 $ 36,473 $ 108,425 $ 114,677 Gaming revenue is recognized net of certain sales incentives in accordance with ASC 605-50, "Revenue Recognition— Customer Payments and Incentives." The Company records certain sales incentives and points earned in point-loyalty programs as a reduction of revenue. The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the three and nine months ended September 30, 2015 and 2014 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) (in thousands) Food and beverage $ 1,427 $ 1,522 $ 4,150 $ 4,367 Other 22 9 43 29 Total promotional allowances $ 1,449 $ 1,531 $ 4,193 $ 4,396 The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three and nine months ended September 30, 2015 and 2014 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) (in thousands) Food and beverage $ 578 $ 711 $ 1,750 $ 2,147 Other 12 3 19 10 Total cost of complimentary services $ 590 $ 714 $ 1,769 $ 2,157 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 and nine months ended September 30, 2015 , these expenses, which are primarily recorded within gaming expense in the condensed consolidated statements of income, totaled $15.1 million and $45.8 million , respectively, as compared to $16.7 million and $51.9 million for the three and nine months ended September 30, 2014 , 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. In accordance with ASC 260 "Earnings per Share", the Company includes all performance-based restricted shares that would have vested based upon the Company’s performance at quarter-end in the calculation of diluted EPS. 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 and nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) Determination of shares: Weighted-average common shares outstanding 114,540 112,377 114,182 111,836 Assumed conversion of dilutive employee stock-based awards 3,696 5,098 4,112 5,642 Assumed conversion of restricted stock 150 150 178 225 Assumed conversion of performance-based restricted stock awards 377 9 420 6 Diluted weighted-average common shares outstanding 118,763 117,634 118,892 117,709 The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands, expect per share data) (As restated) (As restated) Calculation of basic EPS: Net income $ 33,229 $ 37,313 $ 98,349 $ 108,605 Less: Net income allocated to participating securities (135 ) (155 ) (399 ) (453 ) Net income attributable to common shareholders $ 33,094 $ 37,158 $ 97,950 $ 108,152 Weighted-average common shares outstanding 114,540 112,377 114,182 111,836 Basic EPS $ 0.29 $ 0.33 $ 0.86 $ 0.97 Calculation of diluted EPS: Net income $ 33,229 $ 37,313 $ 98,349 $ 108,605 Diluted weighted-average common shares outstanding 118,763 117,634 118,892 117,709 Diluted EPS $ 0.28 $ 0.32 $ 0.83 $ 0.92 There were 24,783 and 13,877 outstanding options to purchase shares of common stock during the three and nine months ended September 30, 2015 , respectively, that were not included in the computation of diluted EPS because of being antidilutive. Options to purchase 17,158 and 12,155 shares were outstanding during the three and nine months ended September 30, 2014 , respectively, but 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 connection with the Spin-Off, each outstanding option with respect to Penn common stock outstanding on the distribution date was converted into two awards, an adjusted Penn option and a GLPI option. The adjustment preserved the aggregate intrinsic value of the options. 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, 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, 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 September 30, 2015 , there was $0.6 million of total unrecognized compensation cost for stock options that will be recognized over the grants remaining weighted average vesting period of 0.26 years . For the three and nine months ended September 30, 2015 , the Company recognized $0.7 million and $2.1 million , respectively, of compensation expense associated with these awards, compared to $1.5 million and $4.3 million for the three and nine months ended September 30, 2014 , respectively. In addition, the Company also recognized $2.9 million and $8.7 million of compensation expense for the three and nine months ended September 30, 2015 , respectively, relating to each of the 2015 first, second, and third quarter $0.545 per share dividends paid on vested employee stock options. During the three and nine months ended September 30, 2014 , the Company recognized $3.2 million and $9.7 million of compensation expense, relating to each of the 2014 first, second, and third quarter $0.52 per share dividends paid on vested employee stock options. As of September 30, 2015 , there was $9.9 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants remaining weighted average vesting period of 1.78 years . For the three and nine months ended September 30, 2015 , the Company recognized $1.5 million and $4.4 million , respectively, of compensation expense associated with these awards, compared to $1.1 million and $2.6 million for the three and nine months ended September 30, 2014 , respectively. The following table contains information on restricted stock award activity for the nine months ended September 30, 2015 : Number of Award Shares Outstanding at December 31, 2014 468,841 Granted 164,612 Released (160,067 ) Canceled (7,884 ) Outstanding at September 30, 2015 465,502 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 September 30, 2015 , there was $12.9 million of total unrecognized compensation cost, which will be recognized over the awards remaining weighted average vesting period of 1.81 years for performance-based restricted stock awards. For the three and nine months ended September 30, 2015 , the Company recognized $2.0 million and $6.2 million , respectively, of compensation expense associated with these awards, compared to $1.1 million and $1.8 million for the three and nine months ended September 30, 2014 . The following table contains information on performance-based restricted stock award activity for the nine months ended September 30, 2015 : Number of Performance-Based Award Shares Outstanding at December 31, 2014 543,556 Granted 548,000 Released — Canceled — Outstanding at September 30, 2015 1,091,556 As of September 30, 2015 , there was $2.9 million of total unrecognized compensation cost for Penn and GLPI PSUs held by GLPI employees that will be cash-settled by GLPI, which will be recognized over the awards remaining weighted average vesting period of 1.50 years . For the three and nine months ended September 30, 2015 , the Company recognized $0.2 million and $3.1 million , respectively of compensation expense associated with these awards, compared to $0.5 million and $1.6 million for the three and nine months ended September 30, 2014 , respectively. In addition, the Company also recognized $63 thousand and $0.2 million , respectively, for the three and nine months ended September 30, 2015 , relating to the 2015 first, second, and third quarter $0.545 per share dividends paid on unvested PSUs. For the three and nine months ended September 30, 2014 , the Company recognized $0.1 million and $0.6 million , respectively, relating to the Purging Distribution dividend and the 2014 first, second, and third quarter $0.52 per share dividends paid on unvested PSUs. Upon the declaration of the Purging Distribution, GLPI options were adjusted in a manner that preserved both the pre-distribution intrinsic value of the options 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	9 Months Ended
	Sep. 30, 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 $43.0 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 September 30, 2015 , principal and interest payments have reduced the balance of this loan to $32.4 million . As of 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 as of September 30, 2015 the obligor has made all mandatory principal and interest payments in full and on time and paid down additional principal toward the loan balance. The loan balance 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 $14.0 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	9 Months Ended
	Sep. 30, 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: September 30, December 31, (in thousands) Land and improvements $ 454,014 $ 454,181 Building and improvements 2,288,664 2,288,664 Construction in progress 7,719 2,576 Total real estate investments 2,750,397 2,745,421 Less accumulated depreciation (637,015 ) (565,297 ) Real estate investments, net $ 2,113,382 $ 2,180,124 Construction in progress represents the Company's investment in its corporate headquarters building located in Wyomissing, Pennsylvania. The Company relocated to the new corporate headquarters building at the beginning of the fourth quarter of 2015 and has accordingly transferred the balance from construction in progress to the appropriate fixed asset accounts.

Property and Equipment Used in

Property and Equipment Used in Operations	9 Months Ended
	Sep. 30, 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 Properties: September 30, December 31, (in thousands) Land and improvements $ 31,710 $ 31,595 Building and improvements 117,259 116,867 Furniture, fixtures, and equipment 110,657 103,612 Construction in progress 1,590 724 Total property and equipment 261,216 252,798 Less accumulated depreciation (129,300 ) (118,770 ) Property and equipment, net $ 131,916 $ 134,028 The increase in furniture, fixtures, and equipment is primarily due to the purchase of slot machines at Hollywood Casino Perryville, totaling approximately $5.9 million for the nine months ended September 30, 2015 .

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt is as follows: September 30, December 31, (in thousands) Senior unsecured credit facility $ 490,000 $ 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 1,414 1,487 Total long-term debt 2,541,414 2,609,487 Less current maturities of long-term debt (101 ) (81 ) Long-term debt, net of current maturities $ 2,541,313 $ 2,609,406 The following is a schedule of future minimum repayments of long-term debt as of September 30, 2015 (in thousands): Within one year $ 101 2-3 years 217 4-5 years 1,040,239 Over 5 years 1,500,857 Total minimum payments $ 2,541,414 Senior Unsecured Credit Facility The Company has a one billion dollar senior unsecured credit facility (the "Credit Facility"), consisting of a $700.0 million revolving credit facility and a $300.0 million Term Loan A facility. The Credit Facility matures on October 28, 2018. At September 30, 2015 , the Credit Facility had a gross outstanding balance of $490.0 million , consisting of the $300.0 million Term Loan A facility and $190.0 million of borrowings under the revolving credit facility. Additionally, at September 30, 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 $509.1 million of available borrowing capacity under the revolving credit facility as of September 30, 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 and 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, including 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 September 30, 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 its 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 September 30, 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	9 Months Ended
	Sep. 30, 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 $10.0 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 the Company 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 assurance 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	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Dividends	Dividends The following table lists the dividends declared and paid by the Company during the nine months ended September 30, 2015 and 2014 : Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (in thousands) 2015 February 3, 2015 March 10, 2015 Common Stock $ 0.545 First Quarter 2015 March 27, 2015 $ 62,072 May 1, 2015 June 11, 2015 Common Stock $ 0.545 Second Quarter 2015 June 26, 2015 $ 62,348 July 30, 2015 September 14, 2015 Common Stock $ 0.545 Third Quarter 2015 September 25, 2015 $ 62,456 2014 February 18, 2014 March 7, 2014 Common Stock $ 0.52 First Quarter 2014 March 28, 2014 $ 58,008 May 30, 2014 June 12, 2014 Common Stock $ 0.52 Second Quarter 2014 June 27, 2014 $ 58,207 September 3, 2014 September 15, 2014 Common Stock $ 0.52 Third Quarter 2014 September 26, 2014 $ 58,464 In addition for the three and nine months ended September 30, 2015 , dividend payments were made to or accrued for GLPI restricted stock award holders and for both GLPI and Penn unvested employee stock options in the amount of $0.5 million and $1.6 million , respectively, as compared to $1.0 million and $3.0 million for the three and nine months ended September 30, 2014 , respectively. 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, pursuant to the terms of a Pre-Filing Agreement with the IRS, 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 addition, cash distributions were made to or accrued for both GLPI restricted stock award holders and GLPI and Penn unvested employee stock options in the amount of $0.7 million for this one-time distribution.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Information	Segment Information The following tables present certain information with respect to the Company’s segments. Three Months Ended September 30, 2015 Three Months Ended September 30, 2014, as restated (in thousands) GLP Capital TRS Properties Eliminations (1) Total GLP Capital TRS Properties Eliminations (1) Total Net revenues $ 111,532 $ 36,260 $ — $ 147,792 $ 108,956 $ 37,950 $ — $ 146,906 Income from operations 59,896 5,395 — 65,291 61,399 5,334 — 66,733 Interest, net 30,646 2,600 (2,601 ) 30,645 28,757 2,600 (2,602 ) 28,755 Income before income taxes 31,851 2,795 — 34,646 35,244 2,734 — 37,978 Income tax expense 225 1,192 — 1,417 209 456 — 665 Net income 31,626 1,603 — 33,229 35,035 2,278 — 37,313 Depreciation 24,337 3,220 — 27,557 23,472 3,054 — 26,526 Capital project expenditures, net of reimbursements 2,949 — — 2,949 69,022 — — 69,022 Capital maintenance expenditures — 382 — 382 — 641 — 641 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014, as restated (in thousands) GLP Capital TRS Properties Eliminations (1) Total GLP Capital TRS Properties Eliminations (1) Total Net revenues $ 333,668 $ 112,696 $ — $ 446,364 $ 326,780 $ 119,208 $ — $ 445,988 Income from operations 173,809 19,153 — 192,962 179,457 18,952 — 198,409 Interest, net 88,615 7,801 (7,804 ) 88,612 85,625 7,802 (7,804 ) 85,623 Income before income taxes 92,998 11,352 — 104,350 101,636 11,150 — 112,786 Income tax expense 1,221 4,780 — 6,001 209 3,972 — 4,181 Net income 91,777 6,572 — 98,349 101,427 7,178 — 108,605 Depreciation 73,123 9,462 — 82,585 70,205 9,192 — 79,397 Capital project expenditures, net of reimbursements 7,802 5,897 — 13,699 124,526 — — 124,526 Capital maintenance expenditures — 2,108 — 2,108 — 2,109 — 2,109 (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	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental Disclosures of Cash Flow Information Supplemental disclosures of cash flow information is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) Cash paid for income taxes, net of refunds received (1) $ 3,009 $ 2,286 $ 7,434 $ 26,918 Cash paid for interest 2,491 2,409 57,557 56,988 (1) For the nine months ended September 30, 2014, amounts primarily reflect 2013 extension payments while GLPI was still a subsidiary of Penn and also included a payment of $5.1 million directly to Penn for federal and state income tax liabilities incurred prior to the Spin-Off, which Penn was responsible for when they filed their 2013 returns.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 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 $153,000 and $381,000 , respectively, to WPC during the three and nine months ended September 30, 2015 in connection with 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 also entered into an agreement (the "Construction Management Agreement") with CB Consulting Group LLC (the "Construction Manager") during the year ended December 31, 2014. 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. The Company paid or accrued $67,000 and $154,000 to the Construction Manager during the three and nine months ended September 30, 2015 , respectively. 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	9 Months Ended
	Sep. 30, 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 September 30, 2015 and December 31, 2014 and for the nine months ended September 30, 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, the historical financial information presented below has been restated, primarily to correct the Company's revenue recognition of percentage rents under the Master Lease with Penn National Gaming, Inc. At September 30, 2015 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 1,977,852 $ 135,530 $ — $ 2,113,382 Property and equipment, used in operations, net — 24,610 107,306 — 131,916 Cash and cash equivalents — 10,807 31,933 — 42,740 Prepaid expenses — 4,731 1,993 795 7,519 Deferred tax assets, current — — 1,799 — 1,799 Other current assets — 58,490 2,347 — 60,837 Goodwill — — 75,521 — 75,521 Other intangible assets — — 9,577 — 9,577 Debt issuance costs, net of accumulated amortization of $17,057 at September 30, 2015 — 38,083 — — 38,083 Loan receivable — — 32,388 — 32,388 Intercompany loan receivable — 193,595 — (193,595 ) — Intercompany transactions and investment in subsidiaries (236,586 ) 196,086 (27,332 ) 67,832 — Deferred tax assets, non-current — — 1,968 — 1,968 Other assets — 256 129 — 385 Total assets $ (236,586 ) $ 2,504,510 $ 373,159 $ (124,968 ) $ 2,516,115 Liabilities Accounts payable $ — $ 2,307 $ 330 $ — $ 2,637 Accrued expenses — 4,504 4,469 — 8,973 Accrued interest — 42,533 — — 42,533 Accrued salaries and wages — 9,101 2,578 — 11,679 Gaming, property, and other taxes — 33,668 2,563 — 36,231 Income taxes — — (795 ) 795 — Current maturities of long-term debt — 101 — — 101 Other current liabilities — 14,146 1,328 — 15,474 Long-term debt, net of current maturities — 2,541,313 — — 2,541,313 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 93,423 — — 93,423 Deferred tax liabilities, non-current — — 337 — 337 Total liabilities — 2,741,096 204,405 (192,800 ) 2,752,701 Shareholders’ (deficit) equity Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2015 — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 114,668,312 shares issued at September 30, 2015 1,147 1,147 1,147 (2,294 ) 1,147 Additional paid-in capital 918,668 918,669 1,071,506 (1,990,175 ) 918,668 Retained (deficit) earnings (1,156,401 ) (1,156,402 ) (903,899 ) 2,060,301 (1,156,401 ) Total shareholders’ (deficit) equity (236,586 ) (236,586 ) 168,754 67,832 (236,586 ) Total liabilities and shareholders’ (deficit) equity $ (236,586 ) $ 2,504,510 $ 373,159 $ (124,968 ) $ 2,516,115 Nine months ended September 30, 2015 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Revenues Rental $ — $ 283,097 $ 10,500 $ — $ 293,597 Real estate taxes paid by tenants — 38,575 1,496 — 40,071 Total rental revenue — 321,672 11,996 — 333,668 Gaming — — 108,425 — 108,425 Food, beverage and other — — 8,464 — 8,464 Total revenues — 321,672 128,885 — 450,557 Less promotional allowances — — (4,193 ) — (4,193 ) Net revenues — 321,672 124,692 — 446,364 Operating expenses Gaming — — 58,644 — 58,644 Food, beverage and other — — 6,489 — 6,489 Real estate taxes — 38,575 2,563 — 41,138 General and administrative — 46,665 17,881 — 64,546 Depreciation — 70,840 11,745 — 82,585 Total operating expenses — 156,080 97,322 — 253,402 Income from operations — 165,592 27,370 — 192,962 Other income (expenses) Interest expense — (90,373 ) — — (90,373 ) Interest income — 10 1,751 — 1,761 Intercompany dividends and interest — 23,790 4,196 (27,986 ) — Total other expenses — (66,573 ) 5,947 (27,986 ) (88,612 ) Income before income taxes — 99,019 33,317 (27,986 ) 104,350 Income tax expense — 1,222 4,779 — 6,001 Net income $ — $ 97,797 $ 28,538 $ (27,986 ) $ 98,349 Nine months ended September 30, 2015 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income $ — $ 97,797 $ 28,538 $ (27,986 ) $ 98,349 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation — 70,840 11,745 — 82,585 Amortization of debt issuance costs — 7,730 — — 7,730 Losses on dispositions of property — 56 33 — 89 Deferred income taxes — — (2,179 ) — (2,179 ) Stock-based compensation — 12,658 — — 12,658 Straight-line rent adjustments — 41,869 — — 41,869 (Increase) decrease, Prepaid expenses and other current assets — (2,831 ) 1,102 703 (1,026 ) Other assets — — (2 ) — (2 ) Intercompany — 2,467 (2,467 ) — — (Decrease) increase, Accounts payable — (104 ) 120 — 16 Accrued expenses — 3,871 (237 ) — 3,634 Accrued interest — 25,005 — — 25,005 Accrued salaries and wages — (912 ) 10 — (902 ) Gaming, property and other taxes — (951 ) 264 — (687 ) Income taxes — 165 538 (703 ) — Other current and noncurrent liabilities — (223 ) (91 ) — (314 ) Net cash provided by (used in) operating activities — 257,437 37,374 (27,986 ) 266,825 Investing activities Capital project expenditures, net of reimbursements — (7,802 ) (5,897 ) — (13,699 ) Capital maintenance expenditures — — (2,108 ) — (2,108 ) Proceeds from sale of property and equipment — 111 6 — 117 Principal payments on loan receivable — — 1,613 — 1,613 Net cash used in investing activities — (7,691 ) (6,386 ) — (14,077 ) Financing activities Dividends paid (188,470 ) — — — (188,470 ) Proceeds from exercise of options 17,250 — — — 17,250 Financing costs — (6,688 ) — — (6,688 ) Payments of long-term debt — (68,073 ) — — (68,073 ) Intercompany financing 168,577 (168,628 ) (27,935 ) 27,986 — Net cash (used in) provided by financing activities (2,643 ) (243,389 ) (27,935 ) 27,986 (245,981 ) Net decrease in cash and cash equivalents (2,643 ) 6,357 3,053 — 6,767 Cash and cash equivalents at beginning of period 2,643 4,450 28,880 — 35,973 Cash and cash equivalents at end of period $ — $ 10,807 $ 31,933 $ — $ 42,740 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 Nine months ended September 30, 2014 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental $— $ 280,145 $ 9,672 $ — $ 289,817 Real estate taxes paid by tenants — 35,516 1,440 — 36,956 Total rental revenue — 315,661 11,112 — 326,773 Gaming — — 114,677 — 114,677 Food, beverage and other 7 — 8,927 — 8,934 Total revenues 7 315,661 134,716 — 450,384 Less promotional allowances — — (4,396 ) — (4,396 ) Net revenues 7 315,661 130,320 — 445,988 Operating expenses Gaming — — 64,233 — 64,233 Food, beverage and other — — 7,526 — 7,526 Real estate taxes — 35,521 2,687 — 38,208 General and administrative 38,140 2,000 18,075 — 58,215 Depreciation 1,366 66,683 11,348 — 79,397 Total operating expenses 39,506 104,204 103,869 — 247,579 Income from operations (39,499 ) 211,457 26,451 — 198,409 Other income (expenses) Interest expense — (87,460 ) — — (87,460 ) Interest income — — 1,837 — 1,837 Intercompany dividends and interest 487,239 32,188 490,869 (1,010,296 ) — Total other expenses 487,239 (55,272 ) 492,706 (1,010,296 ) (85,623 ) Income before income taxes 447,740 156,185 519,157 (1,010,296 ) 112,786 Income tax expense — 209 3,972 — 4,181 Net income $ 447,740 $ 155,976 $ 515,185 $ (1,010,296 ) $ 108,605 Nine months ended September 30, 2014 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income $ 447,740 $ 155,976 $ 515,185 $ (1,010,296 ) $ 108,605 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation 1,366 66,683 11,348 — 79,397 Amortization of debt issuance costs — 6,038 — — 6,038 (Gains) losses on dispositions of property — (150 ) 163 — 13 Deferred income taxes — — (3,145 ) — (3,145 ) Stock-based compensation 8,623 — — — 8,623 Straight-line rent adjustments — 30,921 — — 30,921 Decrease (increase), Prepaid expenses and other current assets 1,672 (10,161 ) (2,743 ) 3,557 (7,675 ) Other assets (1,214 ) — (23 ) — (1,237 ) Intercompany (2,604 ) (867 ) 3,471 — — (Decrease) increase, 0 0 0 Accounts payable (12,808 ) 11,009 319 — (1,480 ) Accrued expenses (8,156 ) 913 (341 ) — (7,584 ) Accrued interest — 24,360 — — 24,360 Accrued salaries and wages 751 — (427 ) — 324 Gaming, property and other taxes 678 — (76 ) — 602 Income taxes 4,473 (13,097 ) (6,932 ) (3,557 ) (19,113 ) Other current and noncurrent liabilities 1,124 — 1,234 — 2,358 Net cash provided by (used in) operating activities 441,645 271,625 518,033 (1,010,296 ) 221,007 Investing activities Capital project expenditures, net of reimbursements (1,599 ) (122,927 ) — — (124,526 ) Capital maintenance expenditures — — (2,109 ) — (2,109 ) Proceeds from sale of property and equipment — 150 9 — 159 Funding of loan receivable — — (43,000 ) — (43,000 ) Principal payments on loan receivable — — 8,000 — 8,000 Acquisition of real estate — — (140,730 ) — (140,730 ) Net cash used in investing activities (1,599 ) (122,777 ) (177,830 ) — (302,206 ) Financing activities Dividends paid (388,678 ) — — — (388,678 ) Proceeds from exercise of options 20,296 — — — 20,296 Proceeds from issuance of long-term debt — 228,000 — — 228,000 Financing costs — (306 ) — — (306 ) Payments of long-term debt — (32,000 ) — — (32,000 ) Intercompany financing (113,352 ) (562,452 ) (334,492 ) 1,010,296 — Net cash (used in) provided by financing activities (481,734 ) (366,758 ) (334,492 ) 1,010,296 (172,688 ) Net (decrease) increase in cash and cash equivalents (41,688 ) (217,910 ) 5,711 — (253,887 ) Cash and cash equivalents at beginning of period 42,801 221,095 21,325 $ — 285,221 Cash and cash equivalents at end of period $ 1,113 $ 3,185 $ 27,036 $ — $ 31,334

Subsequent Events Subsesquent E

Subsequent Events Subsesquent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event On October 28, 2015 , the Company declared its fourth quarter dividend of $0.545 per common share, payable on December 18, 2015 to shareholders of record on December 1, 2015 .

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 September 30, 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 and the interest rate approximates market rates for a similar instrument. 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 ASC 820 "Fair Value Measurements and Disclosures." The estimated fair values of the Company’s financial instruments are as follows (in thousands): September 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents $ 42,740 $ 42,740 $ 35,973 $ 35,973 Deferred compensation plan assets 14,070 14,070 14,280 14,280 Loan receivable 32,388 32,388 34,000 34,000 Financial liabilities: Deferred compensation plan liabilities 14,146 14,146 14,369 14,369 Long-term debt Senior unsecured credit facility 490,000 467,362 558,000 535,010 Senior notes 2,050,000 2,051,625 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 and nine months ended September 30, 2015 and 2014 , and comprehensive income for the three and nine months ended September 30, 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 only when the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been transferred to the tenant. As of September 30, 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 in 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 condensed 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 and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) (in thousands) Video lottery $ 30,053 $ 31,593 $ 93,224 $ 98,625 Table game 4,584 4,496 14,275 14,786 Poker 278 384 926 1,266 Total gaming revenue, net of cash incentives $ 34,915 $ 36,473 $ 108,425 $ 114,677 Gaming revenue is recognized net of certain sales incentives in accordance with ASC 605-50, "Revenue Recognition— Customer Payments and Incentives." The Company records certain sales incentives and points earned in point-loyalty programs as a reduction of revenue. The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the three and nine months ended September 30, 2015 and 2014 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) (in thousands) Food and beverage $ 1,427 $ 1,522 $ 4,150 $ 4,367 Other 22 9 43 29 Total promotional allowances $ 1,449 $ 1,531 $ 4,193 $ 4,396 The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three and nine months ended September 30, 2015 and 2014 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) (in thousands) Food and beverage $ 578 $ 711 $ 1,750 $ 2,147 Other 12 3 19 10 Total cost of complimentary services $ 590 $ 714 $ 1,769 $ 2,157
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 and nine months ended September 30, 2015 , these expenses, which are primarily recorded within gaming expense in the condensed consolidated statements of income, totaled $15.1 million and $45.8 million , respectively, as compared to $16.7 million and $51.9 million for the three and nine months ended September 30, 2014 , 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. In accordance with ASC 260 "Earnings per Share", the Company includes all performance-based restricted shares that would have vested based upon the Company’s performance at quarter-end in the calculation of diluted EPS. 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 and nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) Determination of shares: Weighted-average common shares outstanding 114,540 112,377 114,182 111,836 Assumed conversion of dilutive employee stock-based awards 3,696 5,098 4,112 5,642 Assumed conversion of restricted stock 150 150 178 225 Assumed conversion of performance-based restricted stock awards 377 9 420 6 Diluted weighted-average common shares outstanding 118,763 117,634 118,892 117,709 The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands, expect per share data) (As restated) (As restated) Calculation of basic EPS: Net income $ 33,229 $ 37,313 $ 98,349 $ 108,605 Less: Net income allocated to participating securities (135 ) (155 ) (399 ) (453 ) Net income attributable to common shareholders $ 33,094 $ 37,158 $ 97,950 $ 108,152 Weighted-average common shares outstanding 114,540 112,377 114,182 111,836 Basic EPS $ 0.29 $ 0.33 $ 0.86 $ 0.97 Calculation of diluted EPS: Net income $ 33,229 $ 37,313 $ 98,349 $ 108,605 Diluted weighted-average common shares outstanding 118,763 117,634 118,892 117,709 Diluted EPS $ 0.28 $ 0.32 $ 0.83 $ 0.92 There were 24,783 and 13,877 outstanding options to purchase shares of common stock during the three and nine months ended September 30, 2015 , respectively, that were not included in the computation of diluted EPS because of being antidilutive. Options to purchase 17,158 and 12,155 shares were outstanding during the three and nine months ended September 30, 2014 , respectively, but 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 connection with the Spin-Off, each outstanding option with respect to Penn common stock outstanding on the distribution date was converted into two awards, an adjusted Penn option and a GLPI option. The adjustment preserved the aggregate intrinsic value of the options. 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, 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, 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 September 30, 2015 , there was $0.6 million of total unrecognized compensation cost for stock options that will be recognized over the grants remaining weighted average vesting period of 0.26 years . For the three and nine months ended September 30, 2015 , the Company recognized $0.7 million and $2.1 million , respectively, of compensation expense associated with these awards, compared to $1.5 million and $4.3 million for the three and nine months ended September 30, 2014 , respectively. In addition, the Company also recognized $2.9 million and $8.7 million of compensation expense for the three and nine months ended September 30, 2015 , respectively, relating to each of the 2015 first, second, and third quarter $0.545 per share dividends paid on vested employee stock options. During the three and nine months ended September 30, 2014 , the Company recognized $3.2 million and $9.7 million of compensation expense, relating to each of the 2014 first, second, and third quarter $0.52 per share dividends paid on vested employee stock options. As of September 30, 2015 , there was $9.9 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants remaining weighted average vesting period of 1.78 years . For the three and nine months ended September 30, 2015 , the Company recognized $1.5 million and $4.4 million , respectively, of compensation expense associated with these awards, compared to $1.1 million and $2.6 million for the three and nine months ended September 30, 2014 , respectively. The following table contains information on restricted stock award activity for the nine months ended September 30, 2015 : Number of Award Shares Outstanding at December 31, 2014 468,841 Granted 164,612 Released (160,067 ) Canceled (7,884 ) Outstanding at September 30, 2015 465,502 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 September 30, 2015 , there was $12.9 million of total unrecognized compensation cost, which will be recognized over the awards remaining weighted average vesting period of 1.81 years for performance-based restricted stock awards. For the three and nine months ended September 30, 2015 , the Company recognized $2.0 million and $6.2 million , respectively, of compensation expense associated with these awards, compared to $1.1 million and $1.8 million for the three and nine months ended September 30, 2014 . The following table contains information on performance-based restricted stock award activity for the nine months ended September 30, 2015 : Number of Performance-Based Award Shares Outstanding at December 31, 2014 543,556 Granted 548,000 Released — Canceled — Outstanding at September 30, 2015 1,091,556 As of September 30, 2015 , there was $2.9 million of total unrecognized compensation cost for Penn and GLPI PSUs held by GLPI employees that will be cash-settled by GLPI, which will be recognized over the awards remaining weighted average vesting period of 1.50 years . For the three and nine months ended September 30, 2015 , the Company recognized $0.2 million and $3.1 million , respectively of compensation expense associated with these awards, compared to $0.5 million and $1.6 million for the three and nine months ended September 30, 2014 , respectively. In addition, the Company also recognized $63 thousand and $0.2 million , respectively, for the three and nine months ended September 30, 2015 , relating to the 2015 first, second, and third quarter $0.545 per share dividends paid on unvested PSUs. For the three and nine months ended September 30, 2014 , the Company recognized $0.1 million and $0.6 million , respectively, relating to the Purging Distribution dividend and the 2014 first, second, and third quarter $0.52 per share dividends paid on unvested PSUs. Upon the declaration of the Purging Distribution, GLPI options were adjusted in a manner that preserved both the pre-distribution intrinsic value of the options 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 Stat23

Restatement of Financial Statements - (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Summary of the Impact of the Restatement on the Financial Statements	The following is a summary of the effect of the restatement on (i) the Company's condensed consolidated balance sheet at December 31, 2014 (ii) the Company's condensed consolidated statements of operations for the three and nine months ended September 30, 2014 and (iii) the Company's condensed consolidated statements of cash flows for the nine months ended September 30, 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 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 September 30, 2014: Rental revenues $ 107,326 $ (10,889 ) $ 96,437 Total rental revenue 119,838 (10,889 ) 108,949 Total revenues 159,326 (10,889 ) 148,437 Net revenues 157,795 (10,889 ) 146,906 Income from operations 77,622 (10,889 ) 66,733 Income before income taxes 48,867 (10,889 ) 37,978 Income tax (benefit) expense (1,035 ) 1,700 665 Net income 49,902 (12,589 ) 37,313 Basic earnings per common share $ 0.44 $ (0.11 ) $ 0.33 Diluted earnings per common share $ 0.42 $ (0.10 ) $ 0.32 Nine Months Ended September 30, 2014: Rental revenues $ 320,738 $ (30,921 ) $ 289,817 Total rental revenue 357,694 (30,921 ) 326,773 Total revenues 481,305 (30,921 ) 450,384 Net revenues 476,909 (30,921 ) 445,988 Income from operations 229,330 (30,921 ) 198,409 Income before income taxes 143,707 (30,921 ) 112,786 Income tax expense 2,481 1,700 4,181 Net income 141,226 (32,621 ) 108,605 Basic earnings per common share $ 1.26 $ (0.29 ) $ 0.97 Diluted earnings per common share $ 1.20 $ (0.28 ) $ 0.92 Condensed Consolidated Statements of Cash Flows (amounts in thousands) As Previously Reported Adjustments As Restated Nine Months Ended September 30, 2014: Net income $ 141,226 $ (32,621 ) $ 108,605 Straight-line rent adjustments — 30,921 30,921 Income taxes (20,813 ) 1,700 (19,113 )

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents $ 42,740 $ 42,740 $ 35,973 $ 35,973 Deferred compensation plan assets 14,070 14,070 14,280 14,280 Loan receivable 32,388 32,388 34,000 34,000 Financial liabilities: Deferred compensation plan liabilities 14,146 14,146 14,369 14,369 Long-term debt Senior unsecured credit facility 490,000 467,362 558,000 535,010 Senior notes 2,050,000 2,051,625 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 and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) (in thousands) Video lottery $ 30,053 $ 31,593 $ 93,224 $ 98,625 Table game 4,584 4,496 14,275 14,786 Poker 278 384 926 1,266 Total gaming revenue, net of cash incentives $ 34,915 $ 36,473 $ 108,425 $ 114,677
Schedule of amounts included in promotional allowances	The amounts included in promotional allowances for the three and nine months ended September 30, 2015 and 2014 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) (in thousands) Food and beverage $ 1,427 $ 1,522 $ 4,150 $ 4,367 Other 22 9 43 29 Total promotional allowances $ 1,449 $ 1,531 $ 4,193 $ 4,396
Schedule of the estimated cost of providing complimentary services	The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three and nine months ended September 30, 2015 and 2014 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) (in thousands) Food and beverage $ 578 $ 711 $ 1,750 $ 2,147 Other 12 3 19 10 Total cost of complimentary services $ 590 $ 714 $ 1,769 $ 2,157
Schedule of reconciliation of the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS	The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and nine months ended September 30, 2015 and 2014 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) Determination of shares: Weighted-average common shares outstanding 114,540 112,377 114,182 111,836 Assumed conversion of dilutive employee stock-based awards 3,696 5,098 4,112 5,642 Assumed conversion of restricted stock 150 150 178 225 Assumed conversion of performance-based restricted stock awards 377 9 420 6 Diluted weighted-average common shares outstanding 118,763 117,634 118,892 117,709
Schedule of calculation of basic and diluted EPS for the Company's common stock	The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands, expect per share data) (As restated) (As restated) Calculation of basic EPS: Net income $ 33,229 $ 37,313 $ 98,349 $ 108,605 Less: Net income allocated to participating securities (135 ) (155 ) (399 ) (453 ) Net income attributable to common shareholders $ 33,094 $ 37,158 $ 97,950 $ 108,152 Weighted-average common shares outstanding 114,540 112,377 114,182 111,836 Basic EPS $ 0.29 $ 0.33 $ 0.86 $ 0.97 Calculation of diluted EPS: Net income $ 33,229 $ 37,313 $ 98,349 $ 108,605 Diluted weighted-average common shares outstanding 118,763 117,634 118,892 117,709 Diluted EPS $ 0.28 $ 0.32 $ 0.83 $ 0.92
Schedule of restricted stock award activity	The following table contains information on restricted stock award activity for the nine months ended September 30, 2015 : Number of Award Shares Outstanding at December 31, 2014 468,841 Granted 164,612 Released (160,067 ) Canceled (7,884 ) Outstanding at September 30, 2015 465,502
Schedule of performance-based restricted stock award activity	The following table contains information on performance-based restricted stock award activity for the nine months ended September 30, 2015 : Number of Performance-Based Award Shares Outstanding at December 31, 2014 543,556 Granted 548,000 Released — Canceled — Outstanding at September 30, 2015 1,091,556

Real Estate Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 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: September 30, December 31, (in thousands) Land and improvements $ 454,014 $ 454,181 Building and improvements 2,288,664 2,288,664 Construction in progress 7,719 2,576 Total real estate investments 2,750,397 2,745,421 Less accumulated depreciation (637,015 ) (565,297 ) Real estate investments, net $ 2,113,382 $ 2,180,124

Property and Equipment Used i26

Property and Equipment Used in Operations (Tables)	9 Months Ended
	Sep. 30, 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 Properties: September 30, December 31, (in thousands) Land and improvements $ 31,710 $ 31,595 Building and improvements 117,259 116,867 Furniture, fixtures, and equipment 110,657 103,612 Construction in progress 1,590 724 Total property and equipment 261,216 252,798 Less accumulated depreciation (129,300 ) (118,770 ) Property and equipment, net $ 131,916 $ 134,028

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt is as follows: September 30, December 31, (in thousands) Senior unsecured credit facility $ 490,000 $ 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 1,414 1,487 Total long-term debt 2,541,414 2,609,487 Less current maturities of long-term debt (101 ) (81 ) Long-term debt, net of current maturities $ 2,541,313 $ 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 September 30, 2015 (in thousands): Within one year $ 101 2-3 years 217 4-5 years 1,040,239 Over 5 years 1,500,857 Total minimum payments $ 2,541,414

Dividends (Tables)

Dividends (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Dividends Declared	The following table lists the dividends declared and paid by the Company during the nine months ended September 30, 2015 and 2014 : Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (in thousands) 2015 February 3, 2015 March 10, 2015 Common Stock $ 0.545 First Quarter 2015 March 27, 2015 $ 62,072 May 1, 2015 June 11, 2015 Common Stock $ 0.545 Second Quarter 2015 June 26, 2015 $ 62,348 July 30, 2015 September 14, 2015 Common Stock $ 0.545 Third Quarter 2015 September 25, 2015 $ 62,456 2014 February 18, 2014 March 7, 2014 Common Stock $ 0.52 First Quarter 2014 March 28, 2014 $ 58,008 May 30, 2014 June 12, 2014 Common Stock $ 0.52 Second Quarter 2014 June 27, 2014 $ 58,207 September 3, 2014 September 15, 2014 Common Stock $ 0.52 Third Quarter 2014 September 26, 2014 $ 58,464

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables present certain information with respect to the Company’s segments. Three Months Ended September 30, 2015 Three Months Ended September 30, 2014, as restated (in thousands) GLP Capital TRS Properties Eliminations (1) Total GLP Capital TRS Properties Eliminations (1) Total Net revenues $ 111,532 $ 36,260 $ — $ 147,792 $ 108,956 $ 37,950 $ — $ 146,906 Income from operations 59,896 5,395 — 65,291 61,399 5,334 — 66,733 Interest, net 30,646 2,600 (2,601 ) 30,645 28,757 2,600 (2,602 ) 28,755 Income before income taxes 31,851 2,795 — 34,646 35,244 2,734 — 37,978 Income tax expense 225 1,192 — 1,417 209 456 — 665 Net income 31,626 1,603 — 33,229 35,035 2,278 — 37,313 Depreciation 24,337 3,220 — 27,557 23,472 3,054 — 26,526 Capital project expenditures, net of reimbursements 2,949 — — 2,949 69,022 — — 69,022 Capital maintenance expenditures — 382 — 382 — 641 — 641 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014, as restated (in thousands) GLP Capital TRS Properties Eliminations (1) Total GLP Capital TRS Properties Eliminations (1) Total Net revenues $ 333,668 $ 112,696 $ — $ 446,364 $ 326,780 $ 119,208 $ — $ 445,988 Income from operations 173,809 19,153 — 192,962 179,457 18,952 — 198,409 Interest, net 88,615 7,801 (7,804 ) 88,612 85,625 7,802 (7,804 ) 85,623 Income before income taxes 92,998 11,352 — 104,350 101,636 11,150 — 112,786 Income tax expense 1,221 4,780 — 6,001 209 3,972 — 4,181 Net income 91,777 6,572 — 98,349 101,427 7,178 — 108,605 Depreciation 73,123 9,462 — 82,585 70,205 9,192 — 79,397 Capital project expenditures, net of reimbursements 7,802 5,897 — 13,699 124,526 — — 124,526 Capital maintenance expenditures — 2,108 — 2,108 — 2,109 — 2,109 (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 Disclosure of Cash

Supplemental Disclosure of Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Supplemental disclosures of cash flow information is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) Cash paid for income taxes, net of refunds received (1) $ 3,009 $ 2,286 $ 7,434 $ 26,918 Cash paid for interest 2,491 2,409 57,557 56,988 (1) For the nine months ended September 30, 2014, amounts primarily reflect 2013 extension payments while GLPI was still a subsidiary of Penn and also included a payment of $5.1 million directly to Penn for federal and state income tax liabilities incurred prior to the Spin-Off, which Penn was responsible for when they filed their 2013 returns.

Supplementary Condensed Conso31

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2015 and December 31, 2014 and for the nine months ended September 30, 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, the historical financial information presented below has been restated, primarily to correct the Company's revenue recognition of percentage rents under the Master Lease with Penn National Gaming, Inc. At September 30, 2015 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 1,977,852 $ 135,530 $ — $ 2,113,382 Property and equipment, used in operations, net — 24,610 107,306 — 131,916 Cash and cash equivalents — 10,807 31,933 — 42,740 Prepaid expenses — 4,731 1,993 795 7,519 Deferred tax assets, current — — 1,799 — 1,799 Other current assets — 58,490 2,347 — 60,837 Goodwill — — 75,521 — 75,521 Other intangible assets — — 9,577 — 9,577 Debt issuance costs, net of accumulated amortization of $17,057 at September 30, 2015 — 38,083 — — 38,083 Loan receivable — — 32,388 — 32,388 Intercompany loan receivable — 193,595 — (193,595 ) — Intercompany transactions and investment in subsidiaries (236,586 ) 196,086 (27,332 ) 67,832 — Deferred tax assets, non-current — — 1,968 — 1,968 Other assets — 256 129 — 385 Total assets $ (236,586 ) $ 2,504,510 $ 373,159 $ (124,968 ) $ 2,516,115 Liabilities Accounts payable $ — $ 2,307 $ 330 $ — $ 2,637 Accrued expenses — 4,504 4,469 — 8,973 Accrued interest — 42,533 — — 42,533 Accrued salaries and wages — 9,101 2,578 — 11,679 Gaming, property, and other taxes — 33,668 2,563 — 36,231 Income taxes — — (795 ) 795 — Current maturities of long-term debt — 101 — — 101 Other current liabilities — 14,146 1,328 — 15,474 Long-term debt, net of current maturities — 2,541,313 — — 2,541,313 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 93,423 — — 93,423 Deferred tax liabilities, non-current — — 337 — 337 Total liabilities — 2,741,096 204,405 (192,800 ) 2,752,701 Shareholders’ (deficit) equity Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2015 — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 114,668,312 shares issued at September 30, 2015 1,147 1,147 1,147 (2,294 ) 1,147 Additional paid-in capital 918,668 918,669 1,071,506 (1,990,175 ) 918,668 Retained (deficit) earnings (1,156,401 ) (1,156,402 ) (903,899 ) 2,060,301 (1,156,401 ) Total shareholders’ (deficit) equity (236,586 ) (236,586 ) 168,754 67,832 (236,586 ) Total liabilities and shareholders’ (deficit) equity $ (236,586 ) $ 2,504,510 $ 373,159 $ (124,968 ) $ 2,516,115 Nine months ended September 30, 2015 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Revenues Rental $ — $ 283,097 $ 10,500 $ — $ 293,597 Real estate taxes paid by tenants — 38,575 1,496 — 40,071 Total rental revenue — 321,672 11,996 — 333,668 Gaming — — 108,425 — 108,425 Food, beverage and other — — 8,464 — 8,464 Total revenues — 321,672 128,885 — 450,557 Less promotional allowances — — (4,193 ) — (4,193 ) Net revenues — 321,672 124,692 — 446,364 Operating expenses Gaming — — 58,644 — 58,644 Food, beverage and other — — 6,489 — 6,489 Real estate taxes — 38,575 2,563 — 41,138 General and administrative — 46,665 17,881 — 64,546 Depreciation — 70,840 11,745 — 82,585 Total operating expenses — 156,080 97,322 — 253,402 Income from operations — 165,592 27,370 — 192,962 Other income (expenses) Interest expense — (90,373 ) — — (90,373 ) Interest income — 10 1,751 — 1,761 Intercompany dividends and interest — 23,790 4,196 (27,986 ) — Total other expenses — (66,573 ) 5,947 (27,986 ) (88,612 ) Income before income taxes — 99,019 33,317 (27,986 ) 104,350 Income tax expense — 1,222 4,779 — 6,001 Net income $ — $ 97,797 $ 28,538 $ (27,986 ) $ 98,349 Nine months ended September 30, 2015 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income $ — $ 97,797 $ 28,538 $ (27,986 ) $ 98,349 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation — 70,840 11,745 — 82,585 Amortization of debt issuance costs — 7,730 — — 7,730 Losses on dispositions of property — 56 33 — 89 Deferred income taxes — — (2,179 ) — (2,179 ) Stock-based compensation — 12,658 — — 12,658 Straight-line rent adjustments — 41,869 — — 41,869 (Increase) decrease, Prepaid expenses and other current assets — (2,831 ) 1,102 703 (1,026 ) Other assets — — (2 ) — (2 ) Intercompany — 2,467 (2,467 ) — — (Decrease) increase, Accounts payable — (104 ) 120 — 16 Accrued expenses — 3,871 (237 ) — 3,634 Accrued interest — 25,005 — — 25,005 Accrued salaries and wages — (912 ) 10 — (902 ) Gaming, property and other taxes — (951 ) 264 — (687 ) Income taxes — 165 538 (703 ) — Other current and noncurrent liabilities — (223 ) (91 ) — (314 ) Net cash provided by (used in) operating activities — 257,437 37,374 (27,986 ) 266,825 Investing activities Capital project expenditures, net of reimbursements — (7,802 ) (5,897 ) — (13,699 ) Capital maintenance expenditures — — (2,108 ) — (2,108 ) Proceeds from sale of property and equipment — 111 6 — 117 Principal payments on loan receivable — — 1,613 — 1,613 Net cash used in investing activities — (7,691 ) (6,386 ) — (14,077 ) Financing activities Dividends paid (188,470 ) — — — (188,470 ) Proceeds from exercise of options 17,250 — — — 17,250 Financing costs — (6,688 ) — — (6,688 ) Payments of long-term debt — (68,073 ) — — (68,073 ) Intercompany financing 168,577 (168,628 ) (27,935 ) 27,986 — Net cash (used in) provided by financing activities (2,643 ) (243,389 ) (27,935 ) 27,986 (245,981 ) Net decrease in cash and cash equivalents (2,643 ) 6,357 3,053 — 6,767 Cash and cash equivalents at beginning of period 2,643 4,450 28,880 — 35,973 Cash and cash equivalents at end of period $ — $ 10,807 $ 31,933 $ — $ 42,740 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 Nine months ended September 30, 2014 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental $— $ 280,145 $ 9,672 $ — $ 289,817 Real estate taxes paid by tenants — 35,516 1,440 — 36,956 Total rental revenue — 315,661 11,112 — 326,773 Gaming — — 114,677 — 114,677 Food, beverage and other 7 — 8,927 — 8,934 Total revenues 7 315,661 134,716 — 450,384 Less promotional allowances — — (4,396 ) — (4,396 ) Net revenues 7 315,661 130,320 — 445,988 Operating expenses Gaming — — 64,233 — 64,233 Food, beverage and other — — 7,526 — 7,526 Real estate taxes — 35,521 2,687 — 38,208 General and administrative 38,140 2,000 18,075 — 58,215 Depreciation 1,366 66,683 11,348 — 79,397 Total operating expenses 39,506 104,204 103,869 — 247,579 Income from operations (39,499 ) 211,457 26,451 — 198,409 Other income (expenses) Interest expense — (87,460 ) — — (87,460 ) Interest income — — 1,837 — 1,837 Intercompany dividends and interest 487,239 32,188 490,869 (1,010,296 ) — Total other expenses 487,239 (55,272 ) 492,706 (1,010,296 ) (85,623 ) Income before income taxes 447,740 156,185 519,157 (1,010,296 ) 112,786 Income tax expense — 209 3,972 — 4,181 Net income $ 447,740 $ 155,976 $ 515,185 $ (1,010,296 ) $ 108,605 Nine months ended September 30, 2014 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income $ 447,740 $ 155,976 $ 515,185 $ (1,010,296 ) $ 108,605 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation 1,366 66,683 11,348 — 79,397 Amortization of debt issuance costs — 6,038 — — 6,038 (Gains) losses on dispositions of property — (150 ) 163 — 13 Deferred income taxes — — (3,145 ) — (3,145 ) Stock-based compensation 8,623 — — — 8,623 Straight-line rent adjustments — 30,921 — — 30,921 Decrease (increase), Prepaid expenses and other current assets 1,672 (10,161 ) (2,743 ) 3,557 (7,675 ) Other assets (1,214 ) — (23 ) — (1,237 ) Intercompany (2,604 ) (867 ) 3,471 — — (Decrease) increase, 0 0 0 Accounts payable (12,808 ) 11,009 319 — (1,480 ) Accrued expenses (8,156 ) 913 (341 ) — (7,584 ) Accrued interest — 24,360 — — 24,360 Accrued salaries and wages 751 — (427 ) — 324 Gaming, property and other taxes 678 — (76 ) — 602 Income taxes 4,473 (13,097 ) (6,932 ) (3,557 ) (19,113 ) Other current and noncurrent liabilities 1,124 — 1,234 — 2,358 Net cash provided by (used in) operating activities 441,645 271,625 518,033 (1,010,296 ) 221,007 Investing activities Capital project expenditures, net of reimbursements (1,599 ) (122,927 ) — — (124,526 ) Capital maintenance expenditures — — (2,109 ) — (2,109 ) Proceeds from sale of property and equipment — 150 9 — 159 Funding of loan receivable — — (43,000 ) — (43,000 ) Principal payments on loan receivable — — 8,000 — 8,000 Acquisition of real estate — — (140,730 ) — (140,730 ) Net cash used in investing activities (1,599 ) (122,777 ) (177,830 ) — (302,206 ) Financing activities Dividends paid (388,678 ) — — — (388,678 ) Proceeds from exercise of options 20,296 — — — 20,296 Proceeds from issuance of long-term debt — 228,000 — — 228,000 Financing costs — (306 ) — — (306 ) Payments of long-term debt — (32,000 ) — — (32,000 ) Intercompany financing (113,352 ) (562,452 ) (334,492 ) 1,010,296 — Net cash (used in) provided by financing activities (481,734 ) (366,758 ) (334,492 ) 1,010,296 (172,688 ) Net (decrease) increase in cash and cash equivalents (41,688 ) (217,910 ) 5,711 — (253,887 ) Cash and cash equivalents at beginning of period 42,801 221,095 21,325 $ — 285,221 Cash and cash equivalents at end of period $ 1,113 $ 3,185 $ 27,036 $ — $ 31,334

Organization and Operations (De

Organization and Operations (Details) $ in Millions	Dec. 19, 2014USD ($)	Feb. 18, 2014USD ($)	Sep. 30, 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 Stat33

Restatement of Financial Statements - (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred rental revenue	$ 93,423		$ 93,423		$ 51,554
Total liabilities	2,752,701		2,752,701		2,740,870
Retained deficit	(1,156,401)		(1,156,401)		(1,066,280)
Total shareholders' deficit	(236,586)		(236,586)		(176,290)
Rental revenues	97,754	$ 96,437	293,597	$ 289,817
Total rental revenue	111,532	108,949	333,668	326,773
Total revenues	149,241	148,437	450,557	450,384
Net revenues	147,792	146,906	446,364	445,988
Income from operations	65,291	66,733	192,962	198,409
Income before income taxes	34,646	37,978	104,350	112,786
Income tax (benefit) expense	1,417	665	6,001	4,181
Net income	$ 33,229	$ 37,313	$ 98,349	$ 108,605
Basic earnings per common share	$ 0.29	$ 0.33	$ 0.86	$ 0.97
Diluted earnings per common share	$ 0.28	$ 0.32	$ 0.83	$ 0.92
Straight-line rent adjustments			$ 41,869	$ 30,921
Income taxes			$ 0	(19,113)
Scenario, Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred rental revenue					0
Total liabilities					2,689,316
Retained deficit					(1,014,726)
Total shareholders' deficit					(124,736)
Rental revenues		$ 107,326		320,738
Total rental revenue		119,838		357,694
Total revenues		159,326		481,305
Net revenues		157,795		476,909
Income from operations		77,622		229,330
Income before income taxes		48,867		143,707
Income tax (benefit) expense		(1,035)		2,481
Net income		$ 49,902		$ 141,226
Basic earnings per common share		$ 0.44		$ 1.26
Diluted earnings per common share		$ 0.42		$ 1.20
Straight-line rent adjustments				$ 0
Income taxes				(20,813)
Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred rental revenue					51,554
Total liabilities					51,554
Retained deficit					(51,554)
Total shareholders' deficit					$ (51,554)
Rental revenues		$ (10,889)		(30,921)
Total rental revenue		(10,889)		(30,921)
Total revenues		(10,889)		(30,921)
Net revenues		(10,889)		(30,921)
Income from operations		(10,889)		(30,921)
Income before income taxes		(10,889)		(30,921)
Income tax (benefit) expense		1,700		1,700
Net income		$ (12,589)		$ (32,621)
Basic earnings per common share		$ (0.11)		$ (0.29)
Diluted earnings per common share		$ (0.10)		$ (0.28)
Straight-line rent adjustments				$ 30,921
Income taxes				$ 1,700
Penn National Gaming Inc
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Operating lease, term of contract including all reasonable assured renewal periods			35 years
Penn National Gaming Inc | Restatement Adjustment [Member]
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
All Properties Under Master Lease, Except Hollywood Casino Columbus and Hollywood Casino Toledo
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Frequency property performance-based rent structure is adjusted under the Master Lease			5 years
All Properties Under Master Lease, Except Hollywood Casino Columbus and Hollywood Casino Toledo | Scenario, Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Operating Leases, Time Period Known Percentage Rental Revenue Originally Recognized as Received			5 years

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value
Financial assets:
Cash and cash equivalents	$ 42,740	$ 35,973
Deferred compensation plan assets	14,070	14,280
Loans receivable	32,388	34,000
Financial liabilities:
Deferred compensation plan liabilities	14,146	14,369
Senior unsecured credit facility	467,362	535,010
Senior notes	2,051,625	2,091,000
Carrying Amount
Financial assets:
Cash and cash equivalents	42,740	35,973
Deferred compensation plan assets	14,070	14,280
Loans receivable	32,388	34,000
Financial liabilities:
Deferred compensation plan liabilities	14,146	14,369
Senior unsecured credit facility	490,000	558,000
Senior notes	$ 2,050,000	$ 2,050,000

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Revenue Recognition and Promotional Allowances) (Narrative) (Details)	9 Months Ended
	Sep. 30, 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
Frequency property performance-based rent structure is adjusted under the Master Lease	5 years
Percentage of the average change in net revenues of facilities under the Master Lease during the preceding five years used to compute the performance based component of rent	4.00%
Period used in calculation of the average change in net revenues	5 years
Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue Recognition and Promotional Allowances
Percentage of the change in net revenues of all facilities under the Master Lease during the preceding month used for adjustment in rent structure	20.00%
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%
Frequency property performance-based rent structure is adjusted under the Master Lease	5 years
Percentage of the average change in net revenues of facilities under the Master Lease during the preceding five years used to compute the performance based component of rent	4.00%
Period used in calculation of the average change in net revenues	5 years

Summary of Significant Accoun36

Summary of Significant Accounting Policies (Revenue Recognition and Promotional Allowances) (Tables) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	$ 34,915	$ 36,473	$ 108,425	$ 114,677
Promotional allowances	1,449	1,531	4,193	4,396
Cost of Complimentary Services	590	714	1,769	2,157
Video lottery
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	30,053	31,593	93,224	98,625
Table game
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	4,584	4,496	14,275	14,786
Poker
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	278	384	926	1,266
Food and beverage
Revenue Recognition and Promotional Allowances
Promotional allowances	1,427	1,522	4,150	4,367
Cost of Complimentary Services	578	711	1,750	2,147
Other
Revenue Recognition and Promotional Allowances
Promotional allowances	22	9	43	29
Cost of Complimentary Services	$ 12	$ 3	$ 19	$ 10

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Gaming and Admission Taxes) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Gaming and Admission Taxes
Gaming and admission taxes	$ 15.1	$ 16.7	$ 45.8	$ 51.9

Summary of Significant Accoun38

Summary of Significant Accounting Policies (Earnings Per Share) (Weighted Average Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Weighted-average common shares outstanding	114,540	112,377	114,182	111,836
Diluted weighted-average common shares outstanding	118,763	117,634	118,892	117,709
Employee Stock Option
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	3,696	5,098	4,112	5,642
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	150	150	178	225
Performance Shares
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	377	9	420	6

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Earnings per Share) (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accounting Policies [Abstract]
Anti-dilutive securities, options to purchase common stock outstanding (in shares)	24,783	17,158	13,877	12,155
Calculation of basic EPS:
Net income	$ 33,229	$ 37,313	$ 98,349	$ 108,605
Less: Net income allocated to participating securities	(135)	(155)	(399)	(453)
Net income attributable to common shareholders	$ 33,094	$ 37,158	$ 97,950	$ 108,152
Weighted-average common shares outstanding	114,540,000	112,377,000	114,182,000	111,836,000
Basic EPS (in dollars per share)	$ 0.29	$ 0.33	$ 0.86	$ 0.97
Calculation of diluted EPS:
Net income	$ 33,229	$ 37,313	$ 98,349	$ 108,605
Diluted weighted-average common shares outstanding	118,763,000	117,634,000	118,892,000	117,709,000
Diluted EPS (in dollars per share)	$ 0.28	$ 0.32	$ 0.83	$ 0.92

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Stock-Based Compensation) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2015	Sep. 30, 2014
Stock-based compensation
Dividends paid per common share (in dollars per share)	$ 0.545	$ 0.545	$ 0.545	$ 0.52	$ 0.52	$ 0.52	$ 1.635	$ 1.56
Employee Stock Option
Stock-based compensation
Total unrecognized compensation cost	$ 600						$ 600
Remaining weighted average vesting period for recognition of unrecognized compensation cost							3 months 3 days
Recognized compensation expense	700			$ 1,500			$ 2,100	$ 4,300
Additional compensation expense related to dividend	2,900			3,200			8,700	9,700
Restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	9,900						$ 9,900
Remaining weighted average vesting period for recognition of unrecognized compensation cost							1 year 9 months 10 days
Recognized compensation expense	1,500			1,100			$ 4,400	2,600
Performance Shares
Stock-based compensation
Total unrecognized compensation cost	12,900						$ 12,900
Remaining weighted average vesting period for recognition of unrecognized compensation cost							1 year 9 months 21 days
Recognized compensation expense	2,000			1,100			$ 6,200	1,800
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	2,900						$ 2,900
Remaining weighted average vesting period for recognition of unrecognized compensation cost							1 year 5 months 29 days
Recognized compensation expense	200			500			$ 3,100	1,600
Additional compensation expense related to dividend	$ 63			$ 100			$ 200	$ 600
End Of Measurement Period Vesting | Performance Shares
Stock-based compensation
Vesting period							3 years

Summary of Significant Accoun41

Summary of Significant Accounting Policies (Stock-Based Compensation) (Restricted Stock Activity) (Details) - Restricted stock awards	9 Months Ended
	Sep. 30, 2015shares
Restricted Stock Awards Activity [Roll Forward]
Outstanding at the beginning of the period (in shares)	468,841
Granted (in shares)	164,612
Released (in shares)	(160,067)
Canceled (in shares)	(7,884)
Outstanding at the end of the period (in shares)	465,502

Summary of Significant Accoun42

Summary of Significant Accounting Policies (Stock-Based Compensation) (Performance-Based Awards) (Details) - Performance Shares	9 Months Ended
	Sep. 30, 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 Accoun43

Summary of Significant Accounting Policies (Segment Information) (Details)	9 Months Ended
	Sep. 30, 2015segment
Segment Information
Number of reportable segments	2

Acquisitions (Details)

Acquisitions (Details)	1 Months Ended	9 Months Ended
	Jan. 31, 2014USD ($)	Sep. 30, 2015USD ($)renewaloption	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Acquisitions
Amount paid for acquisition		$ 0	$ 140,730,000
Loan receivable		32,388,000		$ 34,000,000
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		$ 32,400,000
Mandatory Quarterly Principal Payment Due on Term Loan to Third Party, Percent		1.25%

Real Estate Investments (Detail

Real Estate Investments (Details) $ in Thousands	Sep. 30, 2015USD ($)property	Dec. 31, 2014USD ($)
Real estate investments
Number of real estate properties | property	19
Total real estate investments	$ 2,750,397	$ 2,745,421
Less accumulated depreciation	(637,015)	(565,297)
Real estate investments, net	2,113,382	2,180,124
Land and improvements
Real estate investments
Total real estate investments	454,014	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	$ 7,719	$ 2,576

Property and Equipment Used i46

Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Property and equipment used in operations
Total property and equipment	$ 261,216	$ 252,798
Less accumulated depreciation	(129,300)	(118,770)
Property and equipment, net	131,916	134,028
Land and improvements
Property and equipment used in operations
Total property and equipment	31,710	31,595
Building and improvements
Property and equipment used in operations
Total property and equipment	117,259	116,867
Furniture, fixtures, and equipment
Property and equipment used in operations
Total property and equipment	110,657	103,612
Construction in progress
Property and equipment used in operations
Total property and equipment	1,590	$ 724
Hollywood Casino Perryville | Gaming equipment
Property and equipment used in operations
Payments to acquire gaming equipment	$ 5,900

Long-term Debt (Schedule of Deb

Long-term Debt (Schedule of Debt) (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Long-term debt
Total Long-term debt	$ 2,541,414,000	$ 2,609,487,000
Current maturities of long-term debt	(101,000)	(81,000)
Long-term debt, net of current maturities	2,541,313,000	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	$ 490,000,000	558,000,000
Capital lease
Long-term debt
Total Long-term debt	$ 1,414,000	$ 1,487,000

Long-term Debt (Maturities of L

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Future minimum repayments of long-term debt
Within one year	$ 101
2 - 3 years	217
4 - 5 years	1,040,239
Over 5 years	1,500,857
Total Long-term debt	$ 2,541,414	$ 2,609,487

Long-term Debt - Senior Unsecur

Long-term Debt - Senior Unsecured Credit Facility (Narrative) (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 1,000,000,000
Long-term debt	2,541,414,000	$ 2,609,487,000
Letters of credit outstanding, amount	900,000
Available borrowing capacity	509,100,000
Senior unsecured credit facility
Long-term debt
Long-term debt	490,000,000	$ 558,000,000
Revolving credit facility
Long-term debt
Line of credit facility, maximum borrowing capacity	700,000,000
Outstanding balance on credit facility	190,000,000
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 Unsec50

Long-term Debt - Senior Unsecured Notes (Narrative) (Details)	Sep. 30, 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)	9 Months Ended
	Sep. 30, 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 ($)

Sep. 25, 2015

Jul. 30, 2015

Jun. 26, 2015

May. 01, 2015

Mar. 27, 2015

Feb. 03, 2015

Dec. 19, 2014

Sep. 26, 2014

Sep. 03, 2014

Jun. 27, 2014

May. 30, 2014

Mar. 28, 2014

Feb. 18, 2014

Feb. 13, 2014

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Sep. 30, 2015

Sep. 30, 2014

Dividends

Dividends payable, date declared

Jul. 30, 2015

May 1, 2015

Feb. 3, 2015

Sep. 3, 2014

May 30, 2014

Feb. 18, 2014

Quarterly dividend declared (in dollars per share)

$ 0.545

$ 0.545

$ 0.545

$ 0.52

$ 0.52

$ 0.52

Quarterly dividend paid (in dollars per share)

$ 0.545

$ 0.545

$ 0.545

$ 0.52

$ 0.52

$ 0.52

$ 1.635

$ 1.56

Dividends payable, date to be paid

Sep. 25, 2015

Jun. 26, 2015

Mar. 27, 2015

Sep. 26, 2014

Jun. 27, 2014

Mar. 28, 2014

Dividend paid

$ 62,456,000

$ 62,348,000

$ 62,072,000

$ 58,464,000

$ 58,207,000

$ 58,008,000

Dividends payable, date of record

Sep. 14, 2015

Jun. 11, 2015

Mar. 10, 2015

Sep. 15, 2014

Jun. 12, 2014

Mar. 7, 2014

Dividends, share-based compensation

$ 500,000

$ 1,000,000

$ 1,600,000

$ 3,000,000

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

Common stock outstanding (in shares)

88,691,827

Percentage of stockholders who elected the cash distribution

54.30%

Percentage of stockholders who elected a stock distribution or made no election

45.70%

Cash dividend distributed per common share held by shareholders who elected cash distribution (in dollars per share)

$ 4.358049

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		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment information
Net revenues		$ 147,792	$ 146,906	$ 446,364	$ 445,988
Income from operations		65,291	66,733	192,962	198,409
Interest, net		30,645	28,755	88,612	85,623
Income before income taxes		34,646	37,978	104,350	112,786
Income tax expense		1,417	665	6,001	4,181
Net income		33,229	37,313	98,349	108,605
Depreciation		27,557	26,526	82,585	79,397
Capital project expenditures, net of reimbursements		2,949	69,022	13,699	124,526
Capital maintenance expenditures		382	641	2,108	2,109
Eliminations
Segment information
Net revenues		0	0	0	0
Income from operations		0	0	0	0
Interest, net	[1]	(2,601)	(2,602)	(7,804)	(7,804)
Income before income taxes		0	0	0	0
Income tax expense		0	0	0	0
Net income		0	0	0	0
Depreciation		0	0	0	0
Capital project expenditures, net of reimbursements		0	0	0	0
Capital maintenance expenditures		0	0	0	0
GLP Capital
Segment information
Net revenues		111,532	108,956	333,668	326,780
Income from operations		59,896	61,399	173,809	179,457
Interest, net		30,646	28,757	88,615	85,625
Income before income taxes		31,851	35,244	92,998	101,636
Income tax expense		225	209	1,221	209
Net income		31,626	35,035	91,777	101,427
Depreciation		24,337	23,472	73,123	70,205
Capital project expenditures, net of reimbursements		2,949	69,022	7,802	124,526
Capital maintenance expenditures		0	0	0	0
TRS Properties
Segment information
Net revenues		36,260	37,950	112,696	119,208
Income from operations		5,395	5,334	19,153	18,952
Interest, net		2,600	2,600	7,801	7,802
Income before income taxes		2,795	2,734	11,352	11,150
Income tax expense		1,192	456	4,780	3,972
Net income		1,603	2,278	6,572	7,178
Depreciation		3,220	3,054	9,462	9,192
Capital project expenditures, net of reimbursements		0	0	5,897	0
Capital maintenance expenditures		$ 382	$ 641	$ 2,108	$ 2,109
[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 C55

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Supplemental Cash Flow Elements [Line Items]
Income taxes paid	$ 3,009	$ 2,286	$ 7,434	$ 26,918	[1]
Interest paid	$ 2,491	$ 2,409	$ 57,557	56,988
Penn National Gaming Inc
Supplemental Cash Flow Elements [Line Items]
Income taxes for Pre-Spin liability				$ 5,100
[1]	For the nine months ended September 30, 2014, amounts primarily reflect 2013 extension payments while GLPI was still a subsidiary of Penn and also included a payment of $5.1 million directly to Penn for federal and state income tax liabilities incurred prior to the Spin-Off, which Penn was responsible for when they filed their 2013 returns.

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Wyomissing Professional Center Inc | Chief Executive Officer
Related Party Transaction [Line Items]
Amounts of transaction	$ 153,000	$ 381,000
CB Consulting Group LLC | Chairman of the Board and Chief Executive Officer's Son
Related Party Transaction [Line Items]
Amounts of transaction	$ 67,000	$ 154,000
Percentage of construction cost paid to Construction Manager for management services		3.00%

Supplementary Condensed Conso57

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Balance Sheet) (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Assets
Real estate investments, net	$ 2,113,382	$ 2,180,124
Property and equipment, used in operations, net	131,916	134,028
Cash and cash equivalents	42,740	35,973	$ 31,334	$ 285,221
Prepaid expenses	7,519	7,900
Deferred tax assets, current	1,799	2,015
Other current assets	60,837	45,254
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $17,057 and $9,327 at September 30, 2015 and December 31, 2014, respectively	38,083	39,126
Loan receivable	32,388	34,000
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	0	0
Deferred tax assets, non-current	1,968	679
Other assets	385	383
Total assets	2,516,115	2,564,580
Liabilities
Accounts payable	2,637	4,409
Accrued expenses	8,973	5,339
Accrued interest	42,533	17,528
Accrued salaries and wages	11,679	12,581
Gaming, property, and other taxes	36,231	22,741
Income taxes	0	0
Current maturities of long-term debt	101	81
Other current liabilities	15,474	15,788
Long-term debt, net of current maturities	2,541,313	2,609,406
Intercompany loan payable	0	0
Deferred rental revenue	93,423	51,554
Deferred tax liabilities, non-current	337	1,443
Total liabilities	2,752,701	2,740,870
Shareholders’ deficit
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2015 and December 31, 2014)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 114,668,312 and 112,981,088 shares issued at September 30, 2015 and December 31, 2014, respectively)	1,147	1,130
Additional paid-in capital	918,668	888,860
Retained deficit	(1,156,401)	(1,066,280)
Total shareholders’ deficit	(236,586)	(176,290)
Total liabilities and shareholders’ deficit	2,516,115	2,564,580
Debt issuance costs, accumulated amortization	$ 17,057	$ 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	114,668,312	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	795	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 $17,057 and $9,327 at September 30, 2015 and December 31, 2014, respectively	0	0
Loan receivable	0	0
Intercompany loan receivable	(193,595)	(193,595)
Intercompany transactions and investment in subsidiaries	67,832	(18,252)
Deferred tax assets, non-current	0	0
Other assets	0	0
Total assets	(124,968)	(210,349)
Liabilities
Accounts payable	0	0
Accrued expenses	0	0
Accrued interest	0	0
Accrued salaries and wages	0	0
Gaming, property, and other taxes	0	0
Income taxes	795	1,498
Current maturities of long-term debt	0	0
Other current liabilities	0	0
Long-term debt, net of current maturities	0	0
Intercompany loan payable	(193,595)	(193,595)
Deferred rental revenue	0	0
Deferred tax liabilities, non-current	0	0
Total liabilities	(192,800)	(192,097)
Shareholders’ deficit
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2015 and December 31, 2014)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 114,668,312 and 112,981,088 shares issued at September 30, 2015 and December 31, 2014, respectively)	(2,294)	0
Additional paid-in capital	(1,990,175)	(432,358)
Retained deficit	2,060,301	414,106
Total shareholders’ deficit	67,832	(18,252)
Total liabilities and shareholders’ deficit	$ (124,968)	(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	1,113	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 $17,057 and $9,327 at September 30, 2015 and December 31, 2014, respectively	0	0
Loan receivable	0	0
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	(236,586)	(190,541)
Deferred tax assets, non-current	0	0
Other assets	0	256
Total assets	(236,586)	(146,371)
Liabilities
Accounts payable	0	4,011
Accrued expenses	0	514
Accrued interest	0	0
Accrued salaries and wages	0	10,013
Gaming, property, and other taxes	0	1,012
Income taxes	0	0
Current maturities of long-term debt	0	0
Other current liabilities	0	14,369
Long-term debt, net of current maturities	0	0
Intercompany loan payable	0	0
Deferred rental revenue	0	0
Deferred tax liabilities, non-current	0	0
Total liabilities	0	29,919
Shareholders’ deficit
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2015 and December 31, 2014)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 114,668,312 and 112,981,088 shares issued at September 30, 2015 and December 31, 2014, respectively)	1,147	1,130
Additional paid-in capital	918,668	888,860
Retained deficit	(1,156,401)	(1,066,280)
Total shareholders’ deficit	(236,586)	(176,290)
Total liabilities and shareholders’ deficit	$ (236,586)	$ (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	114,668,312	112,981,088
Subsidiary Issuers
Assets
Real estate investments, net	$ 1,977,852	$ 2,042,311
Property and equipment, used in operations, net	24,610	0
Cash and cash equivalents	10,807	4,450	3,185	221,095
Prepaid expenses	4,731	2,196
Deferred tax assets, current	0	0
Other current assets	58,490	27,417
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net of accumulated amortization of $17,057 and $9,327 at September 30, 2015 and December 31, 2014, respectively	38,083	39,126
Loan receivable	0	0
Intercompany loan receivable	193,595	193,595
Intercompany transactions and investment in subsidiaries	196,086	195,092
Deferred tax assets, non-current	0	0
Other assets	256	0
Total assets	2,504,510	2,504,187
Liabilities
Accounts payable	2,307	188
Accrued expenses	4,504	119
Accrued interest	42,533	17,528
Accrued salaries and wages	9,101	0
Gaming, property, and other taxes	33,668	18,874
Income taxes	0	(165)
Current maturities of long-term debt	101	81
Other current liabilities	14,146	0
Long-term debt, net of current maturities	2,541,313	2,609,406
Intercompany loan payable	0	0
Deferred rental revenue	93,423	51,554
Deferred tax liabilities, non-current	0	0
Total liabilities	2,741,096	2,697,585
Shareholders’ deficit
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2015 and December 31, 2014)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 114,668,312 and 112,981,088 shares issued at September 30, 2015 and December 31, 2014, respectively)	1,147	0
Additional paid-in capital	918,669	139,811
Retained deficit	(1,156,402)	(333,209)
Total shareholders’ deficit	(236,586)	(193,398)
Total liabilities and shareholders’ deficit	2,504,510	2,504,187
Debt issuance costs, accumulated amortization	17,057	9,327
Other Subsidiary Non-Issuers
Assets
Real estate investments, net	135,530	137,813
Property and equipment, used in operations, net	107,306	108,800
Cash and cash equivalents	31,933	28,880	$ 27,036	$ 21,325
Prepaid expenses	1,993	3,110
Deferred tax assets, current	1,799	2,015
Other current assets	2,347	2,890
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $17,057 and $9,327 at September 30, 2015 and December 31, 2014, respectively	0	0
Loan receivable	32,388	34,000
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	(27,332)	13,701
Deferred tax assets, non-current	1,968	679
Other assets	129	127
Total assets	373,159	417,113
Liabilities
Accounts payable	330	210
Accrued expenses	4,469	4,706
Accrued interest	0	0
Accrued salaries and wages	2,578	2,568
Gaming, property, and other taxes	2,563	2,855
Income taxes	(795)	(1,333)
Current maturities of long-term debt	0	0
Other current liabilities	1,328	1,419
Long-term debt, net of current maturities	0	0
Intercompany loan payable	193,595	193,595
Deferred rental revenue	0	0
Deferred tax liabilities, non-current	337	1,443
Total liabilities	204,405	205,463
Shareholders’ deficit
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2015 and December 31, 2014)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 114,668,312 and 112,981,088 shares issued at September 30, 2015 and December 31, 2014, respectively)	1,147	0
Additional paid-in capital	1,071,506	292,547
Retained deficit	(903,899)	(80,897)
Total shareholders’ deficit	168,754	211,650
Total liabilities and shareholders’ deficit	$ 373,159	$ 417,113

Supplementary Condensed Conso58

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Rental	$ 97,754	$ 96,437	$ 293,597	$ 289,817
Real estate taxes paid by tenants	13,778	12,512	40,071	36,956
Total rental revenue	111,532	108,949	333,668	326,773
Gaming	34,915	36,473	108,425	114,677
Food, beverage and other	2,794	3,015	8,464	8,934
Total revenues	149,241	148,437	450,557	450,384
Less promotional allowances	(1,449)	(1,531)	(4,193)	(4,396)
Net revenues	147,792	146,906	446,364	445,988
Operating expenses
Gaming	19,357	20,504	58,644	64,233
Food, beverage and other	2,128	2,471	6,489	7,526
Real estate taxes	14,174	12,929	41,138	38,208
General and administrative	19,285	17,743	64,546	58,215
Depreciation	27,557	26,526	82,585	79,397
Total operating expenses	82,501	80,173	253,402	247,579
Income from operations	65,291	66,733	192,962	198,409
Other income (expenses)
Interest expense	(31,226)	(29,378)	(90,373)	(87,460)
Interest income	581	623	1,761	1,837
Intercompany dividends and interest			0	0
Total other expenses	(30,645)	(28,755)	(88,612)	(85,623)
Income before income taxes	34,646	37,978	104,350	112,786
Income tax expense	1,417	665	6,001	4,181
Net income	$ 33,229	$ 37,313	98,349	108,605
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			(27,986)	(1,010,296)
Total other expenses			(27,986)	(1,010,296)
Income before income taxes			(27,986)	(1,010,296)
Income tax expense			0	0
Net income			(27,986)	(1,010,296)
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	7
Total revenues			0	7
Less promotional allowances			0	0
Net revenues			0	7
Operating expenses
Gaming			0	0
Food, beverage and other			0	0
Real estate taxes			0	0
General and administrative			0	38,140
Depreciation			0	1,366
Total operating expenses			0	39,506
Income from operations			0	(39,499)
Other income (expenses)
Interest expense			0	0
Interest income			0	0
Intercompany dividends and interest			0	487,239
Total other expenses			0	487,239
Income before income taxes			0	447,740
Income tax expense			0	0
Net income			0	447,740
Subsidiary Issuers
Revenues
Rental			283,097	280,145
Real estate taxes paid by tenants			38,575	35,516
Total rental revenue			321,672	315,661
Gaming			0	0
Food, beverage and other			0	0
Total revenues			321,672	315,661
Less promotional allowances			0	0
Net revenues			321,672	315,661
Operating expenses
Gaming			0	0
Food, beverage and other			0	0
Real estate taxes			38,575	35,521
General and administrative			46,665	2,000
Depreciation			70,840	66,683
Total operating expenses			156,080	104,204
Income from operations			165,592	211,457
Other income (expenses)
Interest expense			(90,373)	(87,460)
Interest income			10	0
Intercompany dividends and interest			23,790	32,188
Total other expenses			(66,573)	(55,272)
Income before income taxes			99,019	156,185
Income tax expense			1,222	209
Net income			97,797	155,976
Other Subsidiary Non-Issuers
Revenues
Rental			10,500	9,672
Real estate taxes paid by tenants			1,496	1,440
Total rental revenue			11,996	11,112
Gaming			108,425	114,677
Food, beverage and other			8,464	8,927
Total revenues			128,885	134,716
Less promotional allowances			(4,193)	(4,396)
Net revenues			124,692	130,320
Operating expenses
Gaming			58,644	64,233
Food, beverage and other			6,489	7,526
Real estate taxes			2,563	2,687
General and administrative			17,881	18,075
Depreciation			11,745	11,348
Total operating expenses			97,322	103,869
Income from operations			27,370	26,451
Other income (expenses)
Interest expense			0	0
Interest income			1,751	1,837
Intercompany dividends and interest			4,196	490,869
Total other expenses			5,947	492,706
Income before income taxes			33,317	519,157
Income tax expense			4,779	3,972
Net income			$ 28,538	$ 515,185

Supplementary Condensed Conso59

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Cash Flow) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net income	$ 33,229	$ 37,313	$ 98,349	$ 108,605
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	27,557	26,526	82,585	79,397
Amortization of debt issuance costs			7,730	6,038
Losses on dispositions of property			89	13
Deferred income taxes			(2,179)	(3,145)
Stock-based compensation			12,658	8,623
Straight-line rent adjustments			41,869	30,921
(Increase), decrease
Prepaid expenses and other current assets			(1,026)	(7,675)
Other assets			(2)	(1,237)
Intercompany			0	0
Increase, (decrease)
Accounts payable			16	(1,480)
Accrued expenses			3,634	(7,584)
Accrued interest			25,005	24,360
Accrued salaries and wages			(902)	324
Gaming, property and other taxes			(687)	602
Income taxes			0	(19,113)
Other current and noncurrent liabilities			(314)	2,358
Net cash provided by operating activities			266,825	221,007
Investing activities
Capital project expenditures, net of reimbursements	(2,949)	(69,022)	(13,699)	(124,526)
Capital maintenance expenditures	(382)	(641)	(2,108)	(2,109)
Proceeds from sale of property and equipment			117	159
Funding of loan receivable			0	(43,000)
Principal payments on loan receivable			1,613	8,000
Acquisition of real estate			0	(140,730)
Net cash used in investing activities			(14,077)	(302,206)
Financing activities
Dividends paid			(188,470)	(388,678)
Proceeds from exercise of options			17,250	20,296
Proceeds from issuance of long-term debt			0	228,000
Financing costs			(6,688)	(306)
Payments of long-term debt			(68,073)	(32,000)
Intercompany financing			0	0
Net cash used in financing activities			(245,981)	(172,688)
Net increase (decrease) in cash and cash equivalents			6,767	(253,887)
Cash and cash equivalents at beginning of period			35,973	285,221
Cash and cash equivalents at end of period	42,740	31,334	42,740	31,334
Eliminations
Operating activities
Net income			(27,986)	(1,010,296)
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
(Increase), decrease
Prepaid expenses and other current assets			703	3,557
Other assets			0	0
Intercompany			0	0
Increase, (decrease)
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			(703)	(3,557)
Other current and noncurrent liabilities			0	0
Net cash provided by operating activities			(27,986)	(1,010,296)
Investing activities
Capital project expenditures, net of reimbursements			0	0
Capital maintenance expenditures			0	0
Proceeds from sale of property and equipment			0	0
Funding of loan receivable				0
Principal payments on loan receivable			0	0
Acquisition of real estate				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
Financing costs			0	0
Payments of long-term debt			0	0
Intercompany financing			27,986	1,010,296
Net cash used in financing activities			27,986	1,010,296
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	0	0
Parent Guarantor
Operating activities
Net income			0	447,740
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			0	1,366
Amortization of debt issuance costs			0	0
Losses on dispositions of property			0	0
Deferred income taxes			0	0
Stock-based compensation			0	8,623
Straight-line rent adjustments			0	0
(Increase), decrease
Prepaid expenses and other current assets			0	1,672
Other assets			0	(1,214)
Intercompany			0	(2,604)
Increase, (decrease)
Accounts payable			0	(12,808)
Accrued expenses			0	(8,156)
Accrued interest			0	0
Accrued salaries and wages			0	751
Gaming, property and other taxes			0	678
Income taxes			0	4,473
Other current and noncurrent liabilities			0	1,124
Net cash provided by operating activities			0	441,645
Investing activities
Capital project expenditures, net of reimbursements			0	(1,599)
Capital maintenance expenditures			0	0
Proceeds from sale of property and equipment			0	0
Funding of loan receivable				0
Principal payments on loan receivable			0	0
Acquisition of real estate				0
Net cash used in investing activities			0	(1,599)
Financing activities
Dividends paid			(188,470)	(388,678)
Proceeds from exercise of options			17,250	20,296
Proceeds from issuance of long-term debt				0
Financing costs			0	0
Payments of long-term debt			0	0
Intercompany financing			168,577	(113,352)
Net cash used in financing activities			(2,643)	(481,734)
Net increase (decrease) in cash and cash equivalents			(2,643)	(41,688)
Cash and cash equivalents at beginning of period			2,643	42,801
Cash and cash equivalents at end of period	0	1,113	0	1,113
Subsidiary Issuers
Operating activities
Net income			97,797	155,976
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			70,840	66,683
Amortization of debt issuance costs			7,730	6,038
Losses on dispositions of property			56	(150)
Deferred income taxes			0	0
Stock-based compensation			12,658	0
Straight-line rent adjustments			41,869	30,921
(Increase), decrease
Prepaid expenses and other current assets			(2,831)	(10,161)
Other assets			0	0
Intercompany			2,467	(867)
Increase, (decrease)
Accounts payable			(104)	11,009
Accrued expenses			3,871	913
Accrued interest			25,005	24,360
Accrued salaries and wages			(912)	0
Gaming, property and other taxes			(951)	0
Income taxes			165	(13,097)
Other current and noncurrent liabilities			(223)	0
Net cash provided by operating activities			257,437	271,625
Investing activities
Capital project expenditures, net of reimbursements			(7,802)	(122,927)
Capital maintenance expenditures			0	0
Proceeds from sale of property and equipment			111	150
Funding of loan receivable				0
Principal payments on loan receivable			0	0
Acquisition of real estate				0
Net cash used in investing activities			(7,691)	(122,777)
Financing activities
Dividends paid			0	0
Proceeds from exercise of options			0	0
Proceeds from issuance of long-term debt				228,000
Financing costs			(6,688)	(306)
Payments of long-term debt			(68,073)	(32,000)
Intercompany financing			(168,628)	(562,452)
Net cash used in financing activities			(243,389)	(366,758)
Net increase (decrease) in cash and cash equivalents			6,357	(217,910)
Cash and cash equivalents at beginning of period			4,450	221,095
Cash and cash equivalents at end of period	10,807	3,185	10,807	3,185
Other Subsidiary Non-Issuers
Operating activities
Net income			28,538	515,185
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			11,745	11,348
Amortization of debt issuance costs			0	0
Losses on dispositions of property			33	163
Deferred income taxes			(2,179)	(3,145)
Stock-based compensation			0	0
Straight-line rent adjustments			0	0
(Increase), decrease
Prepaid expenses and other current assets			1,102	(2,743)
Other assets			(2)	(23)
Intercompany			(2,467)	3,471
Increase, (decrease)
Accounts payable			120	319
Accrued expenses			(237)	(341)
Accrued interest			0	0
Accrued salaries and wages			10	(427)
Gaming, property and other taxes			264	(76)
Income taxes			538	(6,932)
Other current and noncurrent liabilities			(91)	1,234
Net cash provided by operating activities			37,374	518,033
Investing activities
Capital project expenditures, net of reimbursements			(5,897)	0
Capital maintenance expenditures			(2,108)	(2,109)
Proceeds from sale of property and equipment			6	9
Funding of loan receivable				(43,000)
Principal payments on loan receivable			1,613	8,000
Acquisition of real estate				(140,730)
Net cash used in investing activities			(6,386)	(177,830)
Financing activities
Dividends paid			0	0
Proceeds from exercise of options			0	0
Proceeds from issuance of long-term debt				0
Financing costs			0	0
Payments of long-term debt			0	0
Intercompany financing			(27,935)	(334,492)
Net cash used in financing activities			(27,935)	(334,492)
Net increase (decrease) in cash and cash equivalents			3,053	5,711
Cash and cash equivalents at beginning of period			28,880	21,325
Cash and cash equivalents at end of period	$ 31,933	$ 27,036	$ 31,933	$ 27,036

Subsequent Event (Details)

Subsequent Event (Details) - $ / shares

Oct. 28, 2015

Jul. 30, 2015

May. 01, 2015

Feb. 03, 2015

Sep. 03, 2014

May. 30, 2014

Feb. 18, 2014

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Subsequent Event [Line Items]

Dividends payable, date declared

Jul. 30, 2015

May 1, 2015

Feb. 3, 2015

Sep. 3, 2014

May 30, 2014

Feb. 18, 2014

Common Stock, Dividends, Per Share, Declared

$ 0.545

$ 0.545

$ 0.545

$ 0.52

$ 0.52

$ 0.52

Dividends payable, date to be paid

Sep. 25, 2015

Jun. 26, 2015

Mar. 27, 2015

Sep. 26, 2014

Jun. 27, 2014

Mar. 28, 2014

Dividends payable, date of record

Sep. 14, 2015

Jun. 11, 2015

Mar. 10, 2015

Sep. 15, 2014

Jun. 12, 2014

Mar. 7, 2014

Subsequent Event

Subsequent Event [Line Items]

Dividends payable, date declared

Oct. 28, 2015

Common Stock, Dividends, Per Share, Declared

$ 0.545

Dividends payable, date to be paid

Dec. 18, 2015

Dividends payable, date of record

Dec. 1, 2015