Gaming and Leisure Properties (GLPI) 10-Q 9 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 04, 2016
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, 2016
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		207,126,523
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Assets
Real estate investments, net	$ 3,768,774	$ 2,090,059
Land rights, net	593,069	0
Property and equipment, used in operations, net	121,382	129,747
Investment in direct financing lease, net	2,728,716	0
Cash and cash equivalents	25,359	41,875	$ 42,740	$ 35,973
Prepaid expenses	9,511	7,908
Other current assets	57,983	57,721
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $9,500 and $5,937 at September 30, 2016 and December 31, 2015, respectively	0	3,563
Loan receivable	26,738	29,350
Deferred tax assets, non-current	3,384	2,447
Other assets	1,306	387
Total assets	7,421,320	2,448,155
Liabilities
Accounts payable	588	406
Accrued expenses	7,290	9,580
Accrued interest	73,367	17,623
Accrued salaries and wages	8,221	13,719
Gaming, property, and other taxes	46,116	24,702
Current maturities of long-term debt	106	102
Other current liabilities	24,323	17,687
Long-term debt, net of current maturities and unamortized debt issuance costs	4,661,577	2,510,239
Deferred rental revenue	149,807	107,379
Deferred tax liabilities, non-current	265	232
Total liabilities	4,971,660	2,701,669
Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2016 and December 31, 2015)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 207,115,019 and 115,594,321 shares issued at September 30, 2016 and December 31, 2015, respectively)	2,071	1,156
Additional paid-in capital	3,745,505	935,220
Retained accumulated deficit	(1,297,916)	(1,189,890)
Total shareholders’ equity (deficit)	2,449,660	(253,514)
Total liabilities and shareholders’ equity (deficit)	$ 7,421,320	$ 2,448,155

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Debt issuance costs, accumulated amortization	$ 9,500	$ 5,937
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	207,115,019	115,594,321

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Rental income	$ 160,664			$ 97,754			$ 402,980	$ 293,597
Income from direct financing lease	18,155			0			30,786	0
Real estate taxes paid by tenants	20,438			13,778			47,938	40,071
Total rental revenue and income from direct financing lease	199,257			111,532			481,704	333,668
Gaming	32,770			34,915			103,692	108,425
Food, beverage and other	2,613			2,794			8,221	8,464
Total revenues	234,640			149,241			593,617	450,557
Less promotional allowances	(1,365)			(1,449)			(4,161)	(4,193)
Net revenues	233,275			147,792			589,456	446,364
Operating expenses
Gaming	18,080			19,357			56,119	58,644
Food, beverage and other	2,037			2,128			6,174	6,489
Real estate taxes	20,866			14,174			49,148	41,138
General and administrative	21,821			19,285			64,988	64,546
Depreciation	27,165			27,557			81,267	82,585
Total operating expenses	89,969			82,501			257,696	253,402
Income from operations	143,306			65,291			331,760	192,962
Other income (expenses)
Interest expense	(52,880)			(31,226)			(132,217)	(90,373)
Interest income	481			581			1,652	1,761
Total other expenses	(52,399)			(30,645)			(130,565)	(88,612)
Income before income taxes	90,907			34,646			201,195	104,350
Income tax expense	1,307			1,417			5,582	6,001
Net income	$ 89,600			$ 33,229			$ 195,613	$ 98,349
Earnings per common share (in dollars per share)
Basic earnings per common share	$ 0.43			$ 0.29			$ 1.15	$ 0.86
Diluted earnings per common share	0.43			0.28			1.14	0.83
Dividends paid per common share (in dollars per share)	$ 0.60	$ 0.56	$ 0.56	$ 0.55	$ 0.55	$ 0.55	$ 1.72	$ 1.64

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Accumulated Deficit
Beginning Balance at Dec. 31, 2015	$ (253,514)	$ 1,156	$ 935,220	$ (1,189,890)
Beginning Balance (in shares) at Dec. 31, 2015	115,594,321	115,594,321
Increase (Decrease) in Shareholders' Equity
Issuance of new common stock	$ 2,694,921	$ 861	2,694,060
Issuance of new common stock (in shares)		86,074,167
Stock option activity	104,588	$ 53	104,535
Stock option activity (in shares)		5,308,579
Restricted stock activity	11,691	$ 1	11,690
Restricted stock activity (in shares)		137,952
Dividends paid	(303,639)	$ 0	0	(303,639)
Dividends paid (in shares)		0
Net income	195,613			195,613
Ending Balance at Sep. 30, 2016	$ 2,449,660	$ 2,071	$ 3,745,505	$ (1,297,916)
Ending Balance (in shares) at Sep. 30, 2016	207,115,019	207,115,019

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating activities
Net income	$ 195,613	$ 98,349
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	85,119	82,585
Amortization of debt issuance costs	11,889	7,730
(Gains) losses on dispositions of property	(460)	89
Deferred income taxes	(997)	(2,179)
Stock-based compensation	13,804	12,658
Straight-line rent adjustments	42,429	41,869
(Increase), decrease
Prepaid expenses and other current assets	10,593	(1,026)
Other assets	(658)	(2)
Increase, (decrease)
Accounts payable	57	16
Accrued expenses	(4,123)	3,634
Accrued interest	55,744	25,005
Accrued salaries and wages	(5,498)	(902)
Gaming, property and other taxes	840	(687)
Income taxes	0	0
Other current and non-current liabilities	1,093	(314)
Net cash provided by operating activities	405,445	266,825
Investing activities
Capital project expenditures, net of reimbursements	(323)	(13,699)
Capital maintenance expenditures	(1,693)	(2,108)
Proceeds from sale of property and equipment	1,131	117
Principal payments on loan receivable	2,612	1,613
Acquisition of real estate assets	(3,267,123)	0
Collections of principal payments on investment in direct financing lease	30,529	0
Net cash used in investing activities	(3,234,867)	(14,077)
Financing activities
Dividends paid	(303,639)	(188,470)
Proceeds from exercise of options	102,598	17,250
Proceeds from issuance of common stock, net of issuance costs	870,931	0
Proceeds from issuance of long-term debt	2,502,000	0
Financing costs	(31,908)	(6,688)
Repayments of long-term debt	(327,076)	(68,073)
Net cash provided by (used in) financing activities	2,812,906	(245,981)
Net (decrease) increase in cash and cash equivalents	(16,516)	6,767
Cash and cash equivalents at beginning of period	41,875	35,973
Cash and cash equivalents at end of period	$ 25,359	$ 42,740

Business and Operations

Business and Operations	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Operations	Business 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 "Penn Master Lease"), and GLPI also owns and operates the TRS Properties through an indirect wholly-owned subsidiary, GLP Holdings, Inc. In April 2016, the Company acquired substantially all of the real estate assets of Pinnacle Entertainment, Inc. ("Pinnacle") for approximately $4.8 billion . GLPI leases these assets back to Pinnacle, under a triple-net lease with an initial term of 10 years with no purchase option, followed by five 5 -year renewal options (exercisable by Pinnacle) on the same terms and conditions (the "Pinnacle Master Lease"). See Note 5 for further details surrounding the Pinnacle acquisition. 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, 2016 , GLPI’s portfolio consisted of 36 gaming and related facilities, including the TRS Properties, the real property associated with 18 gaming and related facilities operated by Penn, the real property associated with 15 gaming and related facilities operated by Pinnacle and the real property associated with the Casino Queen in East St. Louis, Illinois. These facilities are geographically diversified across 14 states and were 100% occupied at September 30, 2016 . GLPI expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms. For example, on September 9, 2016 the Company purchased the real property assets of the Meadows Racetrack and Casino (the "Meadows") from Cannery Casino Resorts LLC ("CCR"). Concurrent with the Company's purchase of the Meadows' real estate assets, Pinnacle purchased the entities holding the Meadows gaming and racing licenses and operating assets from CCR. GLPI leases the Meadows real property assets to Pinnacle under a triple-net lease separate from the Pinnacle Master Lease with an initial term of 10 years with no purchase option and the option to renew for three successive 5 -year terms and one 4 -year term, at Pinnacle's option (the "Meadows lease").

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation 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 normal recurring adjustments considered necessary for a fair presentation have been included. The condensed consolidated financial statements include the accounts of GLPI and its subsidiaries. All 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, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . The notes to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2015 (our "Annual Report") should be read in conjunction with these condensed consolidated financial statements. The December 31, 2015 financial information has been derived from the Company’s audited consolidated financial statements.

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Pronouncements In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02"). ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidation analysis of reporting entities that are involved with VIEs, and (iv) provide a scope exception for certain entities. The Company adopted ASU 2015-02 on January 1, 2016 and it had no impact on the Company's financial statements. Accounting Pronouncements Not Yet Adopted In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, a Consensus of the FASB Emerging Issues Task Force ("ASU 2016-15") . This ASU provides clarifying guidance on the presentation of certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company is evaluating the impact of adopting ASU 2016-15 on its financial statements, but does not believe the new guidance will have an impact on its presentation of cash receipts and payments on its consolidated statements of cash flows. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). This ASU amends certain aspects of accounting for share-based payments to employees, including (i) requiring all income tax effects of share-based awards to be recognized in the income statement when the award vests or settles and eliminating APIC pools, (ii) permitting employers to withhold the share equivalent of an employee's maximum tax liability without triggering liability accounting and (iii) allowing companies to make a policy election to account for forfeitures as they occur. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2017 and early adoption is permitted. The Company is evaluating the impact of adopting ASU 2016-09 on its financial statements, but does not believe the new guidance will have a significant impact on how it accounts for share-based payments. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"). This ASU primarily provides new guidance for lessees on the accounting treatment of operating leases. Under the new guidance, lessees are required to recognize assets and liabilities arising from operating leases on the balance sheet. ASU 2016-02 also aligns lessor accounting with the revenue recognition guidance in Topic 606 of the Accounting Standards Codification. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018 and is required to be adopted on a modified retrospective basis, meaning the new leasing model will be applied to the earliest year presented in the financial statements and thereafter. The Company is evaluating the impact of adopting this new accounting standard on its financial statements. 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, 2016
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" ("ASC 820"). 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 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. The fair value measurement of the loan receivable is considered a Level 3 measurement as defined under ASC 820. Investment in Direct Financing Lease, Net The fair value of the investment in direct financing lease, net approximates the carrying value of the Company's investment in direct financing lease, net, as collection on the outstanding receivable balance is reasonably assured. The fair value measurement of the investment in direct financing lease, net is considered a Level 3 measurement as defined under ASC 820. 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. The estimated fair values of the Company’s financial instruments are as follows (in thousands): September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Investment in direct financing lease, net $ 2,728,716 $ 2,728,716 $ — $ — Cash and cash equivalents 25,359 25,359 41,875 41,875 Deferred compensation plan assets 17,110 17,110 14,833 14,833 Loan receivable 26,738 26,738 29,350 29,350 Financial liabilities: Deferred compensation plan liabilities 17,263 17,263 14,866 14,866 Long-term debt Senior unsecured credit facility 1,290,000 1,283,165 490,000 479,612 Senior unsecured notes 3,425,000 3,643,750 2,050,000 2,014,750 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. The Company recognizes income from tenants subject to direct financing leases ratably over the lease term using the effective interest rate method which produces a constant periodic rate of return on the net investment in the leased property. At lease inception, the Company records an asset which represents the Company's net investment in the direct financing lease. This initial net investment is determined by aggregating the total future minimum lease payments attributable to the direct financing lease and the estimated residual value of the property, less unearned income. Over the lease term, the investment in the direct financing lease is reduced and income is recognized for the building portion of rent. Furthermore, as the net investment in direct financing lease includes only future minimum lease payments, percentage rent that is not fixed and determinable at the lease inception is excluded from the determination of the rent attributable to the leased assets and will therefore be recorded as income from the direct financing lease in the period earned. For further detail on the Company's direct financing lease refer to Note 9. As of September 30, 2016 , 18 of the Company’s real estate investment properties were leased to a subsidiary of Penn under the Penn Master Lease and 14 of the Company's real estate investment properties were leased to a subsidiary of Pinnacle under the Pinnacle Master Lease. The obligations under the Penn and Pinnacle Master Leases are guaranteed by Penn and Pinnacle, respectively and by most Penn and Pinnacle subsidiaries that occupy and operate the facilities leased under the Master Leases. A default by Penn or its subsidiaries with regard to any facility will cause a default with regard to the Penn Master Lease and a default by Pinnacle or its subsidiaries with regard to any facility will cause a default with regard to the Pinnacle Master Lease. Additionally, the newly acquired Meadows real estate assets are leased to Pinnacle under a single property triple-net lease separate from the Pinnacle Master Lease. GLPI also leases the Casino Queen property back to its operator on a triple-net basis on terms similar to those in the Master Leases. The rent structure under the Penn Master Lease 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 to an amount equal to 4% of the average net revenues of all facilities under the Penn 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 Penn Master Lease are required to pay the following executory costs: (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. Similar to the Penn Master Lease, the Pinnacle Master 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 facilities, which is adjusted, subject to certain floors every two years to an amount equal to 4% of the average annual net revenues of all facilities under the Pinnacle Master Lease during the preceding two years . As a tenant under a triple-net lease, Pinnacle is also responsible for all executory charges described in the above paragraph. The Meadows lease contains a fixed component, subject to annual escalators, and a component that is based on the performance of the facility, which is reset every two years to a fixed amount determined by multiplying (i) 4% by (ii) the average annual net revenues of the facility for the trailing two year period. The Meadows lease contains an annual escalator provision for up to 5% of the base rent, if certain rent coverage ratio thresholds are met, which remains at 5% until the earlier of ten years or the year in which total rent is $31 million , at which point the escalator will be reduced to 2% annually thereafter. Similar to the master leases, the tenant is responsible for all executory charges described above. 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 the master leases, the tenant is responsible for all executory charges described above. The Company determined, based on facts and circumstances prevailing at the time of each lease's inception, that neither Penn, Pinnacle (excluding the Meadows lease as described below) nor Casino Queen could effectively operate and run their respective business without the properties that are leased to it under the respective lease agreements with GLPI. Furthermore, at lease inception, all of Casino Queen's revenues and substantially all of Penn's and Pinnacle's revenues were generated from operations in connection with the leased properties. There are also various legal restrictions in the jurisdictions in which Penn, Pinnacle and Casino Queen operate that limit the availability and location of gaming facilities, which makes relocation or replacement of the leased gaming facilities restrictive and potentially impracticable or unavailable. Moreover, under the terms of the Penn and Pinnacle Master Leases, Penn and Pinnacle must make their renewal election with respect to all of the leased property together; the tenant is not entitled to selectively renew certain of the leased property while not renewing other property. Accordingly, the Company concluded that failure by Penn, Pinnacle or Casino Queen to renew the lease would impose a significant penalty on such tenant such that renewal of all lease renewal options appears at lease inception to be reasonably assured. Therefore, the Company concluded that the term of the leases with both Penn and Casino Queen is 35 years , equal to the initial 15 year term plus all four of the 5 year renewal options. The lease term of the Pinnacle Master Lease is also 35 years , equal to the initial 10 year term plus all five of the 5 -year renewal options. As described above, subsequent to purchasing the majority of Pinnacle's real estate assets and leasing them back to Pinnacle, GLPI entered into a separate triple-net lease with Pinnacle to lease the newly acquired Meadows real estate assets to Pinnacle. Because this lease involves only a single property within Pinnacle's portfolio, GLPI concluded it was not reasonably assured at lease inception that Pinnacle would elect to exercise all lease renewal options. The Company concluded that failure by Pinnacle to renew the Meadows lease would not impose a significant penalty on such tenant as this property's operations represent only an incremental portion of Pinnacle's total business at lease inception. Therefore, the Company concluded that the lease term of the Meadows lease is 10 years , equal to the initial 10 year term only. As of September 30, 2016 , the future minimum rental income from the Company's properties under non-cancelable operating leases, including any reasonably assured rental periods, is as follows (in thousands): Year ending December 31, 2016 $ 153,952 2017 614,212 2018 616,732 2019 629,337 2020 629,337 Thereafter 17,772,030 Total $ 20,415,600 As of September 30, 2016 , the expected future cash receipts to be recognized as income, as well as the cash receipts to be applied against the investment in direct financing lease from the Company's properties under the non-cancelable direct financing lease, inclusive of the fixed portion of ground lease rent and including any reasonably assured rental periods, is as follows (in thousands): Year ending December 31, Cash Receipts to be Recorded as Income Cash Receipts to be Applied Against the Investment in Direct Financing Lease 2016 $ 17,724 $ 18,004 2017 68,672 73,073 2018 66,509 45,244 2019 64,722 32,881 2020 63,057 34,546 Thereafter 1,121,270 1,835,157 Total $ 1,401,954 $ 2,038,905 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. Similarly, the Company records revenue for the ground lease rent paid by its tenants with an offsetting expense in general and administrative expense within the condensed consolidated statement of income as the Company has concluded that as the lessee it is the primary obligor under the ground leases. The Company subleases these ground leases back to its tenants, who are responsible for payment directly to the landlord. The portion of the ground lease rent that is fixed and determinable is included in the schedule above as future income, while the portion of the ground lease rent that is variable, as well as, the property taxes the Company's records as revenue are excluded from future minimum revenue as the amounts are not fixed and determinable at September 30, 2016 . Furthermore, any contingent rent the Company expects to receive from tenants is excluded from the above schedules as it is not fixed and determinable at September 30, 2016 . 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, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) (in thousands) Video lottery $ 28,285 $ 30,053 $ 89,403 $ 93,224 Table game 4,226 4,584 13,417 14,275 Poker 259 278 872 926 Total gaming revenue, net of cash incentives $ 32,770 $ 34,915 $ 103,692 $ 108,425 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, 2016 and 2015 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) (in thousands) Food and beverage $ 1,336 $ 1,427 $ 4,070 $ 4,150 Other 29 22 91 43 Total promotional allowances $ 1,365 $ 1,449 $ 4,161 $ 4,193 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, 2016 and 2015 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Food and beverage $ 582 $ 578 $ 1,696 $ 1,750 Other 13 12 42 19 Total cost of complimentary services $ 595 $ 590 $ 1,738 $ 1,769 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, 2016 , these expenses, which are primarily recorded within gaming expense in the condensed consolidated statements of income, totaled $13.9 million and $43.9 million , respectively, as compared to $15.1 million and $45.8 million for the three and nine months ended September 30, 2015 . 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, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Determination of shares: Weighted-average common shares outstanding 205,826 114,540 168,955 114,182 Assumed conversion of dilutive employee stock-based awards 1,293 3,696 1,983 4,112 Assumed conversion of restricted stock 185 150 158 178 Assumed conversion of performance-based restricted stock awards 572 377 453 420 Diluted weighted-average common shares outstanding 207,876 118,763 171,549 118,892 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, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands, except per share data) Calculation of basic EPS: Net income $ 89,600 $ 33,229 $ 195,613 $ 98,349 Less: Net income allocated to participating securities (184 ) (135 ) (489 ) (399 ) Net income attributable to common shareholders $ 89,416 $ 33,094 $ 195,124 $ 97,950 Weighted-average common shares outstanding 205,826 114,540 168,955 114,182 Basic EPS $ 0.43 $ 0.29 $ 1.15 $ 0.86 Calculation of diluted EPS: Net income $ 89,600 $ 33,229 $ 195,613 $ 98,349 Diluted weighted-average common shares outstanding 207,876 118,763 171,549 118,892 Diluted EPS $ 0.43 $ 0.28 $ 1.14 $ 0.83 There were 10,846 and 23,954 outstanding stock compensation awards during the three and nine months ended September 30, 2016 , respectively, that were not included in the computation of diluted EPS because they were antidilutive. There were 24,783 and 13,877 outstanding stock compensation awards during the three and nine months ended September 30, 2015 , respectively, that were not included in the computation of diluted EPS because they were 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 is amortized to expense over the awards’ remaining vesting periods. As of September 30, 2016 , there was no remaining unrecognized compensation cost for stock options. The Company recognized no compensation expense associated with these awards for the three months ended September 30, 2016 and recognized $20 thousand of compensation expense for the nine months ended September 30, 2016 , compared to $0.7 million and $2.1 million for the three and nine months ended September 30, 2015 , respectively. In addition, the Company also recognized $0.3 million and $4.5 million of compensation expense for the three and nine months ended September 30, 2016 , respectively, relating to each of the 2016 first and second quarter $0.56 per share dividends and third quarter $0.60 per share dividends paid on vested employee stock options. During the three and nine months ended September 30, 2015 , the Company recognized $2.9 million and $8.7 million , respectively, of compensation expense, relating to each of the 2015 first, second, and third quarter $0.55 per share dividends paid on vested employee stock options. As of September 30, 2016 , there was $7.7 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.50 years . For the three and nine months ended September 30, 2016 , the Company recognized $1.9 million and $5.6 million , respectively, of compensation expense associated with these awards, compared to $1.5 million and $4.4 million for the three and nine months ended September 30, 2015 , respectively. The following table contains information on restricted stock award activity for the nine months ended September 30, 2016 : Number of Award Shares Outstanding at December 31, 2015 463,764 Granted 168,966 Released (204,429 ) Canceled (4,713 ) Outstanding at September 30, 2016 423,588 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 upon the Company’s performance as measured against its peers. More specifically, the percentage of shares vesting at the end of the measurement period will be based on the Company’s three -year total shareholder return measured against the three -year return of the MSCI US REIT index. As of September 30, 2016 , there was $12.4 million of total unrecognized compensation cost, which will be recognized over the performance-based restricted stock awards' remaining weighted average vesting period of 1.75 years . For the three and nine months ended September 30, 2016 , the Company recognized $2.8 million and $8.2 million , respectively, of compensation expense associated with these awards, compared to $2.0 million and $6.2 million for the three and nine months ended September 30, 2015 , respectively. The following table contains information on performance-based restricted stock award activity for the nine months ended September 30, 2016 : Number of Performance-Based Award Shares Outstanding at December 31, 2015 1,091,556 Granted 558,000 Released — Canceled — Outstanding at September 30, 2016 1,649,556 As of September 30, 2016 , there was $0.4 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 0.34 years . For the three and nine months ended September 30, 2016 , the Company recognized $0.3 million and $1.0 million , respectively of compensation expense associated with these awards, compared to $0.2 million and $3.1 million for the three and nine months ended September 30, 2015 , respectively. In addition, the Company also recognized $19 thousand and $54 thousand , respectively, for the three and nine months ended September 30, 2016 , relating to the 2016 first and second quarter $0.56 per share dividends and third quarter $0.60 per share dividends paid on unvested PSUs. For the three and nine months ended September 30, 2015 , the Company recognized $63 thousand and $0.2 million , respectively, relating to the 2015 first, second, and third quarter $0.55 per share dividends paid on unvested PSUs. Upon the Company's declaration of 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, in order to comply with certain REIT qualification requirements (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.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Acquisitions	Acquisitions On September 9, 2016, the Company acquired the real property assets of the Meadows from CCR for approximately $327.8 million . Concurrent with the Company's purchase of the Meadows' real estate assets, Pinnacle purchased the entities holding the Meadows gaming and racing licenses and operating assets from CCR. GLPI leases the Meadows real property assets to Pinnacle under a triple-net lease separate from the Pinnacle Master Lease with an initial term of 10 years with no purchase option and the option to renew for three successive 5 -year terms and one 4 -year term, at Pinnacle's option. On April 28, 2016, the Company acquired substantially all of the real estate assets of Pinnacle, adding 14 properties to its real estate portfolio. The acquisition of Pinnacle's real estate assets was the final step in a series of transactions contemplated by the July 20, 2015 merger agreement between GLPI, Gold Merger Sub, LLC, a wholly owned subsidiary of GLPI ("Merger Sub"), and Pinnacle providing for the merger of Pinnacle with and into Merger Sub, with Merger Sub surviving the merger as a wholly owned subsidiary of GLPI (the "Merger"). Following the Merger, GLPI contributed all of the equity interests of Gold Merger Sub to GLP Capital, L.P., a Pennsylvania limited partnership and a wholly owned subsidiary of GLPI (“GLP Capital”). At September 30, 2016 , GLPI owns all of Pinnacle’s real property assets, other than Pinnacle’s Belterra Park property and excess land at certain locations. Approval of the Merger by GLPI shareholders and Pinnacle stockholders was obtained at separate special meetings held on March 15, 2016. In order to effect the acquisition of Pinnacle’s real property assets (other than the Belterra Park property and excess land at certain locations), prior to the Merger, Pinnacle caused certain assets relating to its operating business to be transferred to, and liabilities relating thereto to be assumed by a newly formed wholly owned subsidiary of Pinnacle ("OpCo"). Immediately following the separation of its real property assets and gaming and other operating assets, Pinnacle distributed to its stockholders all of the issued and outstanding shares of common stock of OpCo. As described above, on April 28, 2016, Pinnacle merged with and into Merger Sub, as described in more detail in the joint proxy statement/prospectus filed with a Registration Statement on Form S-4 (No. 333-206649) initially filed by GLPI with the SEC on December 23, 2015 and declared effective on February 16, 2016 (the "Joint Proxy Statement/Prospectus"), completing the Merger. Merger Sub, as the surviving company in the Merger, owns substantially all of Pinnacle’s real estate assets that were retained or transferred to Pinnacle in the separation and leases those assets back to Pinnacle pursuant to the triple-net 35 -year (including extension renewals) Pinnacle Master Lease. A wholly-owned subsidiary of Pinnacle operates the leased gaming facilities as a tenant under the Pinnacle Master Lease Agreement. At the effective time of the Merger, each share of Pinnacle common stock issued and outstanding immediately prior to the effective time of the Merger was converted into 0.85 of a share of GLPI common stock, with cash paid in lieu of the issuance of fractional shares of GLPI common stock. Shares of GLPI common stock were also issued to satisfy GLPI's portion of the outstanding Pinnacle employee equity and cash-based incentive awards outstanding at the closing date. Approximately 56 million shares of GLPI common stock were issued as consideration in the Merger. Additionally, GLPI repaid $2.7 billion of Pinnacle's debt and paid $226.8 million of Pinnacle's transaction expenses related to the Merger. The acquisition of the Pinnacle real estate assets is accounted for as an asset acquisition under ASC 805 - Business Combinations. Under asset acquisition accounting, transaction costs incurred to acquire the purchased assets are also included as part of the asset cost. Inclusive of $28.3 million of the Company's own transaction expenses, the purchase price of the Pinnacle real estate assets was $4.779 billion . The Pinnacle Merger contributed approximately $88.1 million and $149.9 million , respectively, to the Company's net revenues for the three and nine months ended September 30, 2016 and resulted in approximately $13.5 million and $23.3 million , respectively, of additional operating expenses for the same periods. Pinnacle is a publicly traded company that is subject to the informational filing requirements of the Securities and Exchange Act of 1934, as amended, and is required to file periodic reports on Form 10-K, Form 10-Q and Form 8-K with the SEC. Readers are directed to Pinnacle's website for further financial information on Pinnacle. Purchase price allocations are primarily based on provisional fair values and are subject to revision as the Company finalizes the inclusion of transaction costs contained in the purchase price, specifically taxes the Company has agreed to pay on Pinnacle's behalf related to its spin-off. Final determination of the Company's transaction expenses may result in further adjustments to the values presented below. The following tables summarize the consideration transferred in the Merger and the purchase price allocation to the assets acquired in the Merger (in thousands): Consideration Cash $ 2,954,493 GLPI common stock 1,823,991 Accrual for unpaid invoices at September 30, 2016 597 Fair value of total consideration transferred $ 4,779,081 Real estate investments, net $ 1,422,547 Land rights, net 596,920 Investment in direct financing lease, net 2,759,244 Prepaid expenses 111 Other assets 259 Total purchase price $ 4,779,081 As detailed above, the Company paid $3.0 billion in cash for the acquired Pinnacle real estate assets. In addition, as part of the consideration paid for the Pinnacle real estate assets acquired in the Merger, the Company issued shares of its common stock to Pinnacle stockholders and to Pinnacle to satisfy the Company's portion of Pinnacle's employee equity and cash-based incentive awards. The dollar value of the issued shares was $1.824 billion and is considered purchase price. The real estate investments, net represent the land purchased from Pinnacle, while the land rights, net represent the Company's rights to land subject to long-term ground leases. The Company assumed ground leases at several of the acquired Pinnacle properties and immediately subleased the land back to Pinnacle. The investment in direct financing lease, net is the Company's investment in the buildings and building improvements purchased from Pinnacle. As detailed in Note 9, the Pinnacle Master Lease was bifurcated between an operating lease and direct financing lease. The accounting treatment for the buildings purchased under a direct financing lease required the Company to record its initial investment in the buildings as a receivable on its Condensed Consolidated Balance Sheet, which is subsequently reduced over the lease term to its estimated residual value. The purchase price allocated to prepaid expenses and other assets represents the current and long-term portions of a director and officer liability insurance policy purchased from Pinnacle.

Real Estate Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments Real estate investments, net, represents investments in 34 rental properties and the corporate headquarters building and is summarized as follows: September 30, December 31, (in thousands) Land and improvements $ 2,062,216 $ 453,739 Building and improvements 2,438,522 2,297,128 Construction in progress 8 — Total real estate investments 4,500,746 2,750,867 Less accumulated depreciation (731,972 ) (660,808 ) Real estate investments, net $ 3,768,774 $ 2,090,059 The increase in land and improvements is related to the Company's April 28, 2016 acquisition of substantially all of Pinnacle's real estate assets and to a lesser extent the Company's September 9, 2016 acquisition of the Meadows real estate assets. The Meadows acquisition also contributed to the increase in building and improvements. As described in Note 9, however, the Company's acquisition of Pinnacle's building assets is recorded as an investment in direct financing lease.

Land Rights Land Rights

Land Rights Land Rights	9 Months Ended
	Sep. 30, 2016
Ground Leases, Net [Abstract]
Land Rights [Text Block]	Land Rights Land rights, net represents the Company's rights to land subject to long-term ground leases. The Company assumed ground leases at several of the acquired Pinnacle properties and immediately subleased the land back to Pinnacle. The ground leases are amortized over the individual lease term of each ground lease, including all renewal options, which ranged from 33 years to 92 years at the Merger date. Land rights net, consists of the following: September 30, December 31, (in thousands) Land rights $ 596,921 $ — Less accumulated amortization (3,852 ) — Land rights, net $ 593,069 $ — Amortization expense related to the ground leases is recorded within general and administrative expenses in the condensed consolidated statements of income and totaled $2.3 million and $3.9 million , respectively, for the three and nine months ended September 30, 2016 . As of September 30, 2016 , estimated future amortization expense related to the Company’s ground leases by fiscal year is as follows (in thousands): Year ending December 31, 2016 $ 2,311 2017 9,244 2018 9,244 2019 9,244 2020 9,244 Thereafter 553,782 Total $ 593,069 Details of the significant ground leases are as follows. The Company leases land at the Belterra Casino Resort under two ground leases, each with an initial term of 5 years and nine automatic renewals of 5 years each. The renewal options extend the leases through 2049 and are not terminable by the Company. The lease includes a base portion which is adjusted at each renewal based upon the CPI and a variable portion which is adjusted annually based upon 1.5% of gross gaming wins in excess of $100 million . The Company leases land at the Ameristar East Chicago property under a ground lease with an initial term of 30 years and two optional renewals of 30 years each. The lease extends through 2086 with all renewals. Rent under the lease is adjusted every 3 years based upon the CPI and does not include a variable portion. The Company leases land at the River City Hotel and Casino under a ground lease with a term of 99 years that extends through 2108. The lease includes a base portion which is fixed and a variable portion which is adjusted annually based upon 2.5% of the annual gross receipts of the property less fixed rent payments made in the same year. The Company leases land at the L'Auberge Lakes Charles property under a ground lease with an initial term of 10 years and six optional renewals of 10 years each. The lease extends through 2075 with all renewals. Rent under the lease is adjusted annually based upon the CPI and does not include a variable portion.

Property and Equipment Used in

Property and Equipment Used in Operations	9 Months Ended
	Sep. 30, 2016
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 $ 30,920 $ 31,187 Building and improvements 117,146 117,314 Furniture, fixtures, and equipment 113,987 112,227 Construction in progress 320 354 Total property and equipment 262,373 261,082 Less accumulated depreciation (140,991 ) (131,335 ) Property and equipment, net $ 121,382 $ 129,747

Receivables Receivables

Receivables Receivables	9 Months Ended
	Sep. 30, 2016
Financing Receivable, Net [Abstract]
Receivables	Receivables Investment in Direct Financing Lease, Net Under ASC 840 - Leases ("ASC 840"), the Pinnacle Master Lease is bifurcated between an operating lease and a direct financing lease. The fair value assigned to the land (inclusive of the land rights) qualifies for operating lease treatment, while the fair value assigned to the buildings is classified as a direct financing lease. Under ASC 840, the accounting treatment for direct financing leases requires the Company to record an investment in direct financing leases on its books at lease inception and subsequently recognize interest income and a reduction in the investment for the building portion of rent. This initial net investment is determined by aggregating the total future minimum lease payments attributable to the direct financing lease and the estimated residual value of the property, less unearned income. The interest income recorded under the direct financing lease is included in income from direct financing lease in the Company's Condensed Consolidated Statements of Income and is recognized over the 35 -year lease term using the effective interest rate method which produces a constant periodic rate of return on the net investment in the leased property. Furthermore, as the net investment in direct financing lease includes only future minimum lease payments, rent that is not fixed and determinable at the lease inception is excluded from the determination of the rent attributable to the leased assets and will therefore be recorded as income from direct financing lease in the period earned. The unguaranteed residual value is the Company's estimate of what it could realize upon the sale of the property at the end of the lease term. The net investment in the direct financing lease is evaluated for impairment on an annual basis and as necessary, if indicators of impairment are present, to determine if there has been an-other-than-temporary decline in the residual value of the property or a change in the lessee's credit worthiness. At September 30, 2016 , there were no indicators of a decline in the estimated residual value of the property and collectability of the remaining receivable balance is reasonably assured. The receivable balance is recorded at carrying value which approximates fair value. The Company's investment in direct financing lease, net, consists of the following and represents the building assets acquired in the Merger: September 30, December 31, (in thousands) Minimum lease payments receivable $ 3,440,859 $ — Unguaranteed residual value 689,811 — Gross investment in direct financing lease 4,130,670 — Less: unearned income (1,401,954 ) — Investment in direct financing lease, net $ 2,728,716 $ — Loan Receivable 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 . 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. Since March 31, 2015, Casino Queen has been 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. As of September 30, 2016 , these mandatory principal payments, as well as additional principal payments, have reduced the balance of this loan to $26.7 million . The collectability of the remaining loan balance is reasonably assured, and as of September 30, 2016 , 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 condensed consolidated statements of income in the period earned. GLPI leases the property back to Casino Queen on a triple-net basis on terms similar to those in the Master Leases and after giving effect to the rent escalator expects to receive approximately $14.2 million in annual rent during the year ended December 31, 2016 . 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. Subsequent to September 30, 2016, the Company committed to provide an unsecured loan of up to $13 million to an affiliate of Casino Queen to finance their acquisition of Lady Luck Casino in Marquette, Iowa. When the new unsecured loan is funded, Casino Queen will repay in full the five year term loan discussed above.

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt is as follows: September 30, December 31, (in thousands) Unsecured term loan A $ 300,000 $ 300,000 Unsecured term loan A-1 825,000 — Unsecured $700 million revolver 165,000 190,000 $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 $400 million 4.375% senior unsecured notes due April 2021 400,000 — $500 million 5.375% senior unsecured notes due November 2023 500,000 500,000 $975 million 5.375% senior unsecured notes due April 2026 975,000 — Capital lease 1,313 1,389 Total long-term debt 4,716,313 2,541,389 Less: unamortized debt issuance costs (54,630 ) (31,048 ) Total long-term debt, net of unamortized debt issuance costs 4,661,683 2,510,341 Less current maturities of long-term debt (106 ) (102 ) Long-term debt, net of current maturities $ 4,661,577 $ 2,510,239 The following is a schedule of future minimum repayments of long-term debt as of September 30, 2016 (in thousands): Within one year $ 106 2-3 years 1,015,228 4-5 years 2,225,251 Over 5 years 1,475,728 Total minimum payments $ 4,716,313 Senior Unsecured Credit Facility The Company has a $1,825.0 million senior unsecured credit facility (the "Credit Facility"), consisting of a $700.0 million revolving credit facility, a $300.0 million Term Loan A facility, and an $825.0 million Term Loan A-1 facility. The revolving credit facility and the Term Loan A facility mature on October 28, 2018 and the Term Loan A-1 facility matures on April 28, 2021. At September 30, 2016 , the Credit Facility had a gross outstanding balance of $1,290.0 million , consisting of the $1,125.0 million Term Loan A and A-1 facilities and $165.0 million of borrowings under the revolving credit facility. Additionally, at September 30, 2016 , 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 $534.1 million of available borrowing capacity under the revolving credit facility as of September 30, 2016 . 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 Penn 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, 2016 , the Company was in compliance with all required financial covenants under the Credit Facility. Senior Unsecured Notes On April 28, 2016, in connection with the Merger, the Company issued $400 million of 4.375% senior unsecured notes maturing on April 15, 2021 (the "2021 Notes") and $975 million of 5.375% senior unsecured notes maturing on April 15, 2026 (the "2026 Notes"). Interest on the 2021 Notes and 2026 Notes is payable semi-annually on April 15 and October 15 of each year, commencing on October 15, 2016. The net proceeds from the sale of the 2021 Notes and 2026 Notes were used (i) to finance the repayment, redemption and/or discharge of certain Pinnacle debt obligations that the Company assumed in the Merger, (ii) to pay transaction-related fees and expenses related to the Merger and (iii) for general corporate purposes, which may include the acquisition, development and improvement of properties, capital expenditures, the repayment of borrowings under our revolving credit facility and other general business purposes. 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 2020 Notes, 2021 Notes and 2026 Notes, the "Notes") contain 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 Penn 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, 2016 , the Company was in compliance with all required financial 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. Bridge Facility Also in connection with the Merger, the Company entered into an amended and restated commitment letter dated July 31, 2015 (the "GLPI Commitment Letter") with JPMorgan Chase Bank, N.A., Bank of America, N.A., Fifth Third Bank, Manufacturers and Traders Trust Company, Wells Fargo Bank, National Association, UBS AG, Stamford Branch, Credit Agricole Corporate and Investment Bank, Suntrust Bank, Nomura Securities International, Inc., Citizens Bank, National Association, Barclays and certain of their affiliates (collectively, the "GLPI Commitment Parties") to provide debt financing in connection with the transaction. Pursuant to the GLPI Commitment Letter, the GLPI Commitment Parties committed to provide a $1.875 billion senior unsecured 364 - day term loan bridge facility (the "GLPI Bridge Facility"). The Company did not utilize the GLPI Bridge Facility to finance the Pinnacle transaction, as the Company raised the proceeds which, together with an incremental term loan under the Company's Credit Facility, were necessary to finance the Merger through a combination of debt and equity offerings. The GLPI Bridge Facility expired on July 30, 2016 unused.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Separation and Distribution Agreement 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. Litigation The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, and other matters arising in the normal course of business. The Company does not believe that the final outcome of these matters will have a material adverse effect on the Company’s consolidated financial position or results of operations. In addition, the Company maintains what it believes is adequate insurance coverage to further mitigate the risks of such proceedings. However, such proceedings can be costly, time consuming, and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings may not materially impact the Company’s financial condition or results of operations. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. Operating Lease Commitments In addition to the Company's obligations under operating leases assigned to the Company at the time of the Spin-Off and its other obligations under operating leases for equipment and other miscellaneous assets, the Company records rental expense for the ground rent paid by its tenants. During April 2016, the Company acquired the real estate assets of Pinnacle, including the rights to land subject to long-term ground leases. The Company assumed ground leases at several of the acquired Pinnacle properties and immediately subleased the land back to Pinnacle, who is responsible for payment directly to the landlord. The Company records revenue for the ground lease rent paid by its tenants with an offsetting expense in general and administrative expense within the condensed consolidated statement of income as the Company has concluded that as the lessee it is the primary obligor under the ground leases. The portion of the ground lease rent that is fixed and determinable is included in the schedule below as a future commitment, while the portion of the ground lease rent that is variable is excluded from future commitments as the amounts are not fixed and determinable at September 30, 2016 and therefore considered contingent rent. For those ground leases with optional renewal terms extending beyond the 35 -year lease term of the Pinnacle Master Lease, the Company has included only the renewals that align most closely to the 2051 termination date of the Pinnacle Master Lease in the schedule below, as it cannot be reasonably assured it will renew ground leases for land subleased to Pinnacle beyond the term of the Pinnacle Master Lease. The future minimum lease commitments relating to noncancelable operating leases at September 30, 2016 are as follows (in thousands): Year ending December 31, 2016 $ 2,178 2017 8,655 2018 8,633 2019 8,181 2020 7,543 Thereafter 490,485 Total $ 525,675 Total rent expense for the three months ended September 30, 2016 and 2015 was $3.4 million and $1.5 million , respectively. Total rent expense for the nine months ended September 30, 2016 and 2015 was $7.6 million and $4.0 million , respectively. This includes rent expense under the leases assigned to the Company at Spin-Off, leases for equipment and miscellaneous assets and the fixed and variable rent under the ground leases discussed above.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Common Stock On August 9, 2016, the Company commenced a continuous equity offering under which the Company may sell up to an aggregate of $400 million of its common stock from time to time through a sales agent in “at the market” offerings (the “ATM Program”). Actual sales will depend on a variety of factors, including market conditions, the trading price of the Company's common stock and determinations of the appropriate sources of funding for proposed transactions. The Company may sell the shares in amounts and at times to be determined by the Company, but has no obligation to sell any of the shares in the ATM Program. The ATM Program also allows the Company to enter into forward sale agreements. In no event will the aggregate number of shares sold under the ATM Program (whether under any forward sale agreement or through a sales agent), have an aggregate sales price in excess of $400 million . The Company expects, that if it enters into a forward sale contract, to physically settle each forward sale agreement with the forward purchaser on one or more dates specified by the Company prior to the maturity date of that particular forward sale agreement, in which case the aggregate net cash proceeds at settlement will equal the number of shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, the Company may also elect to cash settle or net share settle a particular forward sale agreement, in which case proceeds may or may not be received or cash may be owed to the forward purchaser. In connection with the ATM Program, the Company engaged a sales agent who may receive compensation of up to 2% of the gross sales price of the shares sold. Similarly, in the event the Company enters into a forward sale agreement, it will pay the relevant forward seller a commission of up to 2% of the sales price of all borrowed shares of common stock sold during the applicable selling period of the forward sale agreement. Through September 30, 2016 , GLPI sold 1,321,999 shares of its common stock at an average price of $35.00 per share under the ATM Program, which generated gross proceeds of approximately $46.3 million (net proceeds of approximately $45.7 million ). The Company used the net proceeds from the ATM Program to partially fund its acquisition of the Meadows real estate assets. As of September 30, 2016 , the Company had $353.7 million remaining for issuance under the ATM Program and had not entered into any forward sale agreements. On April 6, 2016, the Company closed a public offering of 28,750,000 shares of its common stock, at a public offering price of $30.00 per share, before underwriting discount, which included 3,750,000 shares of common stock issued in connection with the exercise in full of the underwriters’ option to purchase additional shares. The Company received approximately $825.2 million in net proceeds from the offering and used the net proceeds from the offering to partially fund its acquisition of substantially all of the real estate assets of Pinnacle, including the repayment, redemption and/or discharge of a portion of certain debt of Pinnacle assumed by the Company in connection with the Merger and the payment of transaction-related fees and expenses. Additionally, on April 28, 2016, in connection with the Merger, the Company issued approximately 56 million shares of its common stock to Pinnacle stockholders and to Pinnacle to satisfy the Company's portion of Pinnacle's employee equity and cash-based incentive awards as consideration for the Pinnacle real estate assets. Dividends The following table lists the dividends declared and paid by the Company during the nine months ended September 30, 2016 and 2015 : Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (in thousands) 2016 January 29, 2016 February 22, 2016 Common Stock $ 0.56 First Quarter 2016 March 25, 2016 $ 65,345 April 25, 2016 June 2, 2016 Common Stock $ 0.56 Second Quarter 2016 June 17, 2016 $ 113,212 August 3, 2016 September 12, 2016 Common Stock $ 0.60 Third Quarter 2016 September 23, 2016 $ 124,262 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 In addition for the three and nine months ended September 30, 2016 , 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 $0.2 million and $0.8 million , respectively, as compared to $0.5 million and $1.6 million for the three and nine months ended September 30, 2015 , respectively.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
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. The following tables present certain information with respect to the Company’s segments. Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 (in thousands) GLP Capital TRS Properties Eliminations (1) Total GLP Capital TRS Properties Eliminations (1) Total Net revenues $ 199,257 $ 34,018 $ — $ 233,275 $ 111,532 $ 36,260 $ — $ 147,792 Income from operations 138,270 5,036 — 143,306 59,896 5,395 — 65,291 Interest, net 52,400 2,600 (2,601 ) 52,399 30,646 2,600 (2,601 ) 30,645 Income before income taxes 88,471 2,436 — 90,907 31,851 2,795 — 34,646 Income tax expense 210 1,097 — 1,307 225 1,192 — 1,417 Net income 88,261 1,339 — 89,600 31,626 1,603 — 33,229 Depreciation 24,328 2,837 — 27,165 24,337 3,220 — 27,557 Capital project expenditures, net of reimbursements 54 — — 54 2,949 — — 2,949 Capital maintenance expenditures — 496 — 496 — 382 — 382 Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 (in thousands) GLP Capital TRS Properties Eliminations (1) Total GLP Capital TRS Properties Eliminations (1) Total Net revenues $ 481,704 $ 107,752 $ — $ 589,456 $ 333,668 $ 112,696 $ — $ 446,364 Income from operations 312,586 19,174 — 331,760 173,809 19,153 — 192,962 Interest, net 130,568 7,801 (7,804 ) 130,565 88,615 7,801 (7,804 ) 88,612 Income before income taxes 189,822 11,373 — 201,195 92,998 11,352 — 104,350 Income tax expense 806 4,776 — 5,582 1,221 4,780 — 6,001 Net income 189,016 6,597 — 195,613 91,777 6,572 — 98,349 Depreciation 72,737 8,530 — 81,267 73,123 9,462 — 82,585 Capital project expenditures, net of reimbursements 222 101 — 323 7,802 5,897 — 13,699 Capital maintenance expenditures — 1,693 — 1,693 — 2,108 — 2,108 (in thousands) GLP Capital TRS Properties Eliminations Total Balance sheet at September 30, 2016 Total assets $ 7,211,477 $ 209,843 $ — $ 7,421,320 Balance sheet at December 31, 2015 Total assets $ 2,223,373 $ 224,782 $ — $ 2,448,155 (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, 2016
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental Disclosures of Cash Flow Information Supplemental disclosures of cash flow information are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Cash paid for income taxes, net of refunds received $ 1,608 $ 3,009 $ 4,638 $ 7,434 Cash paid for interest 6,201 2,491 64,502 57,557

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2016
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 for its corporate headquarters building. Also in connection with completion of construction of its corporate headquarters building, the Company entered into an agreement (the "Construction Management Agreement") with CB Consulting Group LLC (the "Construction Manager") during the year ended December 31, 2014. Construction of the Company's corporate headquarters building was completed in October 2015 and the Company did not incur additional costs related to the building with WPC or the Construction Manager subsequent to 2015. The Company paid approximately $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. Pursuant to the Construction Management Agreement, the Construction Manager, among other things, provided certain construction management services to the Company in exchange for three percent ( 3% ) of the total cost of work to complete the building construction project and certain additional costs for added services. During the three and nine months ended September 30, 2015 , the Company paid or accrued approximately $67,000 and $154,000 to the Construction Manager. Upon completion of the building in October 2015, the Company became responsible for the payment of monthly common area maintenance fees to the Wyomissing Professional Center Owners' Association ("WPCOA"). During the three and nine months ended September 30, 2016 , the Company paid approximately $8,300 and $22,100 to the WPCOA, respectively. Peter M. Carlino, the Company’s Chairman of the Board of Directors and Chief Executive Officer, is also the sole owner of WPC and associated with the WPCOA. 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, 2016
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. None of GLPI's subsidiaries guarantee the Notes. Summarized balance sheets as of September 30, 2016 and December 31, 2015 , statements of income for the three and nine months ended September 30, 2016 and 2015 and statements of cash flows for the nine months ended September 30, 2016 and 2015 for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers is presented below. At September 30, 2016 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 1,886,252 $ 1,882,522 $ — $ 3,768,774 Land rights, net — — 593,069 — 593,069 Property and equipment, used in operations, net — 23,110 98,272 — 121,382 Investment in direct financing lease, net — — 2,728,716 — 2,728,716 Cash and cash equivalents — 3,971 21,388 — 25,359 Prepaid expenses — 5,114 3,878 519 9,511 Other current assets — 39,880 18,103 — 57,983 Goodwill — — 75,521 — 75,521 Other intangible assets — — 9,577 — 9,577 Debt issuance costs, net of accumulated amortization of $9,500 at September 30, 2016 — — — — — Loan receivable — — 26,738 — 26,738 Intercompany loan receivable — 193,595 — (193,595 ) — Intercompany transactions and investment in subsidiaries 2,449,660 5,239,292 2,969,761 (10,658,713 ) — Deferred tax assets, non-current — 3,384 — 3,384 Other assets — 256 1,050 — 1,306 Total assets $ 2,449,660 $ 7,391,470 $ 8,431,979 $ (10,851,789 ) $ 7,421,320 Liabilities Accounts payable $ — $ 367 $ 221 $ — $ 588 Accrued expenses — 917 6,373 — 7,290 Accrued interest — 73,367 — — 73,367 Accrued salaries and wages — 6,275 1,946 — 8,221 Gaming, property, and other taxes — 27,579 18,537 — 46,116 Income taxes — 3 (522 ) 519 — Current maturities of long-term debt — 106 — — 106 Other current liabilities — 22,372 1,951 — 24,323 Long-term debt, net of current maturities and unamortized debt issuance costs — 4,661,577 — — 4,661,577 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 149,247 560 — 149,807 Deferred tax liabilities, non-current — — 265 — 265 Total liabilities — 4,941,810 222,926 (193,076 ) 4,971,660 Shareholders’ (deficit) equity Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2016) — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 207,115,019 shares issued at September 30, 2016) 2,071 2,071 2,071 (4,142 ) 2,071 Additional paid-in capital 3,745,505 3,745,507 9,332,507 (13,078,014 ) 3,745,505 Retained accumulated (deficit) earnings (1,297,916 ) (1,297,918 ) (1,125,525 ) 2,423,443 (1,297,916 ) Total shareholders’ (deficit) equity 2,449,660 2,449,660 8,209,053 (10,658,713 ) 2,449,660 Total liabilities and shareholders’ (deficit) equity $ 2,449,660 $ 7,391,470 $ 8,431,979 $ (10,851,789 ) $ 7,421,320 Three months ended September 30, 2016 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 95,045 $ 65,619 $ — $ 160,664 Income from direct financing lease — — 18,155 — 18,155 Real estate taxes paid by tenants — 10,919 9,519 — 20,438 Total rental revenue and income from direct financing lease — 105,964 93,293 — 199,257 Gaming — — 32,770 — 32,770 Food, beverage and other — — 2,613 — 2,613 Total revenues — 105,964 128,676 — 234,640 Less promotional allowances — — (1,365 ) — (1,365 ) Net revenues — 105,964 127,311 — 233,275 Operating expenses Gaming — — 18,080 — 18,080 Food, beverage and other — — 2,037 — 2,037 Real estate taxes — 10,938 9,928 — 20,866 General and administrative — 11,610 10,211 — 21,821 Depreciation — 23,331 3,834 — 27,165 Total operating expenses — 45,879 44,090 — 89,969 Income from operations — 60,085 83,221 — 143,306 Other income (expenses) Interest expense — (52,880 ) — — (52,880 ) Interest income — — 481 — 481 Intercompany dividends and interest — 103,903 1,399 (105,302 ) — Total other income (expenses) — 51,023 1,880 (105,302 ) (52,399 ) Income (loss) before income taxes — 111,108 85,101 (105,302 ) 90,907 Income tax expense — 210 1,097 — 1,307 Net income (loss) $ — $ 110,898 $ 84,004 $ (105,302 ) $ 89,600 Nine months ended September 30, 2016 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 287,783 $ 115,197 $ — $ 402,980 Income from direct financing lease — — 30,786 — 30,786 Real estate taxes paid by tenants — 30,815 17,123 — 47,938 Total rental revenue and income from direct financing lease — 318,598 163,106 — 481,704 Gaming — — 103,692 — 103,692 Food, beverage and other — — 8,221 — 8,221 Total revenues — 318,598 275,019 — 593,617 Less promotional allowances — — (4,161 ) — (4,161 ) Net revenues — 318,598 270,858 — 589,456 Operating expenses Gaming — — 56,119 — 56,119 Food, beverage and other — — 6,174 — 6,174 Real estate taxes — 30,865 18,283 — 49,148 General and administrative — 40,661 24,327 — 64,988 Depreciation — 70,218 11,049 — 81,267 Total operating expenses — 141,744 115,952 — 257,696 Income from operations — 176,854 154,906 — 331,760 Other income (expenses) Interest expense — (132,217 ) — — (132,217 ) Interest income — 169 1,483 — 1,652 Intercompany dividends and interest — 209,505 18,696 (228,201 ) — Total other income (expenses) — 77,457 20,179 (228,201 ) (130,565 ) Income (loss) before income taxes — 254,311 175,085 (228,201 ) 201,195 Income tax expense — 806 4,776 — 5,582 Net income (loss) $ — $ 253,505 $ 170,309 $ (228,201 ) $ 195,613 Nine months ended September 30, 2016 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income (loss) $ — $ 253,505 $ 170,309 $ (228,201 ) $ 195,613 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization — 70,218 14,901 — 85,119 Amortization of debt issuance costs — 11,889 — — 11,889 Gains on dispositions of property — (471 ) 11 — (460 ) Deferred income taxes — — (997 ) — (997 ) Stock-based compensation — 13,804 — — 13,804 Straight-line rent adjustments — 41,869 560 — 42,429 (Increase) decrease, Prepaid expenses and other current assets — 8,559 (369 ) 2,403 10,593 Other assets — — (658 ) — (658 ) Intercompany — 365 (365 ) — — Increase (decrease), Accounts payable — 115 (58 ) — 57 Accrued expenses — (3,820 ) (303 ) — (4,123 ) Accrued interest — 55,744 — — 55,744 Accrued salaries and wages — (4,453 ) (1,045 ) — (5,498 ) Gaming, property and other taxes — 683 157 — 840 Income taxes — 43 2,360 (2,403 ) — Other current and non-current liabilities — 6,072 (4,979 ) — 1,093 Net cash provided by (used in) operating activities — 454,122 179,524 (228,201 ) 405,445 Investing activities Capital project expenditures, net of reimbursements — (222 ) (101 ) — (323 ) Capital maintenance expenditures — — (1,693 ) — (1,693 ) Proceeds from sale of property and equipment — 897 234 — 1,131 Principal payments on loan receivable — — 2,612 — 2,612 Acquisition of real estate assets — — (3,267,123 ) — (3,267,123 ) Collection of principal payments on investment in direct financing lease — — 30,529 — 30,529 Net cash provided by (used in) investing activities — 675 (3,235,542 ) — (3,234,867 ) Financing activities Dividends paid (303,639 ) — — — (303,639 ) Proceeds from exercise of options 102,598 — — — 102,598 Proceeds from issuance of common stock, net of issuance costs 870,931 — — 870,931 Proceeds from issuance of long-term debt — 2,502,000 — — 2,502,000 Financing costs — (31,908 ) — — (31,908 ) Repayments of long-term debt — (327,076 ) — — (327,076 ) Intercompany financing (669,890 ) (2,602,558 ) 3,044,247 228,201 — Net cash (used in) provided by financing activities — (459,542 ) 3,044,247 228,201 2,812,906 Net decrease in cash and cash equivalents — (4,745 ) (11,771 ) — (16,516 ) Cash and cash equivalents at beginning of period — 8,716 33,159 — 41,875 Cash and cash equivalents at end of period $ — $ 3,971 $ 21,388 $ — $ 25,359 At December 31, 2015 Condensed Consolidating Balance Sheet Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 1,955,290 $ 134,769 $ — $ 2,090,059 Property and equipment, used in operations, net — 24,494 105,253 — 129,747 Cash and cash equivalents — 8,716 33,159 — 41,875 Prepaid expenses — 3,768 1,218 2,922 7,908 Other current assets — 54,838 2,883 — 57,721 Goodwill — — 75,521 — 75,521 Other intangible assets — — 9,577 — 9,577 Debt issuance costs, net of accumulated amortization of $5,937 at December 31, 2015 — 3,563 — — 3,563 Loan receivable — — 29,350 — 29,350 Intercompany loan receivable — 193,595 — (193,595 ) — Intercompany transactions and investment in subsidiaries (253,514 ) 191,112 (46,418 ) 108,820 — Deferred tax assets, non-current — — 2,554 (107 ) 2,447 Other assets — 256 131 — 387 Total assets $ (253,514 ) $ 2,435,632 $ 347,997 $ (81,960 ) $ 2,448,155 Liabilities Accounts payable $ — $ 127 $ 279 $ — $ 406 Accrued expenses — 4,737 4,843 — 9,580 Accrued interest — 17,623 — — 17,623 Accrued salaries and wages — 10,728 2,991 — 13,719 Gaming, property, and other taxes — 21,949 2,753 — 24,702 Income taxes — (41 ) (2,881 ) 2,922 — Current maturities of long-term debt — 102 — — 102 Other current liabilities — 16,303 1,384 — 17,687 Long-term debt, net of current maturities and unamortized debt issuance costs — 2,510,239 — — 2,510,239 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 107,379 — — 107,379 Deferred tax liabilities, non-current — — 339 (107 ) 232 Total liabilities — 2,689,146 203,303 (190,780 ) 2,701,669 Shareholders’ (deficit) equity Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2015) — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 115,594,321 shares issued at December 31, 2015) 1,156 1,156 1,156 (2,312 ) 1,156 Additional paid-in capital 935,220 935,221 1,088,058 (2,023,279 ) 935,220 Retained accumulated (deficit) earnings (1,189,890 ) (1,189,891 ) (944,520 ) 2,134,411 (1,189,890 ) Total shareholders’ (deficit) equity (253,514 ) (253,514 ) 144,694 108,820 (253,514 ) Total liabilities and shareholders’ (deficit) equity $ (253,514 ) $ 2,435,632 $ 347,997 $ (81,960 ) $ 2,448,155 Three months ended September 30, 2015 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 94,254 $ 3,500 $ — $ 97,754 Income from direct financing lease — — — — — Real estate taxes paid by tenants — 13,266 512 — 13,778 Total rental revenue and income from direct financing lease — 107,520 4,012 — 111,532 Gaming — — 34,915 — 34,915 Food, beverage and other — — 2,794 — 2,794 Total revenues — 107,520 41,721 — 149,241 Less promotional allowances — — (1,449 ) — (1,449 ) Net revenues — 107,520 40,272 — 147,792 Operating expenses Gaming — — 19,357 — 19,357 Food, beverage and other — — 2,128 — 2,128 Real estate taxes — 13,266 908 — 14,174 General and administrative — 13,521 5,764 — 19,285 Depreciation — 23,576 3,981 — 27,557 Total operating expenses — 50,363 32,138 — 82,501 Income from operations — 57,157 8,134 — 65,291 Other income (expenses) Interest expense — (31,226 ) — — (31,226 ) Interest income — (1 ) 582 — 581 Intercompany dividends and interest — 6,101 2,399 (8,500 ) — Total other income (expenses) — (25,126 ) 2,981 (8,500 ) (30,645 ) Income (loss) before income taxes — 32,031 11,115 (8,500 ) 34,646 Income tax expense — 226 1,191 — 1,417 Net income (loss) $ — $ 31,805 $ 9,924 $ (8,500 ) $ 33,229 Nine months ended September 30, 2015 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 283,097 $ 10,500 $ — $ 293,597 Income from direct financing lease — — — — — Real estate taxes paid by tenants — 38,575 1,496 — 40,071 Total rental revenue and income from direct financing lease — 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 income (expenses) — (66,573 ) 5,947 (27,986 ) (88,612 ) Income (loss) before income taxes — 99,019 33,317 (27,986 ) 104,350 Income tax expense — 1,222 4,779 — 6,001 Net income (loss) $ — $ 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 (loss) $ — $ 97,797 $ 28,538 $ (27,986 ) $ 98,349 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization — 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, 0 0 0 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 non-current 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) increase 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

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On November 4, 2016 , the Company declared its fourth quarter dividend of $0.60 per common share, payable on December 16, 2016 to shareholders of record on December 5, 2016 .

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
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" ("ASC 820"). 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 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. The fair value measurement of the loan receivable is considered a Level 3 measurement as defined under ASC 820. Investment in Direct Financing Lease, Net The fair value of the investment in direct financing lease, net approximates the carrying value of the Company's investment in direct financing lease, net, as collection on the outstanding receivable balance is reasonably assured. The fair value measurement of the investment in direct financing lease, net is considered a Level 3 measurement as defined under ASC 820. 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. The estimated fair values of the Company’s financial instruments are as follows (in thousands): September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Investment in direct financing lease, net $ 2,728,716 $ 2,728,716 $ — $ — Cash and cash equivalents 25,359 25,359 41,875 41,875 Deferred compensation plan assets 17,110 17,110 14,833 14,833 Loan receivable 26,738 26,738 29,350 29,350 Financial liabilities: Deferred compensation plan liabilities 17,263 17,263 14,866 14,866 Long-term debt Senior unsecured credit facility 1,290,000 1,283,165 490,000 479,612 Senior unsecured notes 3,425,000 3,643,750 2,050,000 2,014,750
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. The Company recognizes income from tenants subject to direct financing leases ratably over the lease term using the effective interest rate method which produces a constant periodic rate of return on the net investment in the leased property. At lease inception, the Company records an asset which represents the Company's net investment in the direct financing lease. This initial net investment is determined by aggregating the total future minimum lease payments attributable to the direct financing lease and the estimated residual value of the property, less unearned income. Over the lease term, the investment in the direct financing lease is reduced and income is recognized for the building portion of rent. Furthermore, as the net investment in direct financing lease includes only future minimum lease payments, percentage rent that is not fixed and determinable at the lease inception is excluded from the determination of the rent attributable to the leased assets and will therefore be recorded as income from the direct financing lease in the period earned. For further detail on the Company's direct financing lease refer to Note 9. As of September 30, 2016 , 18 of the Company’s real estate investment properties were leased to a subsidiary of Penn under the Penn Master Lease and 14 of the Company's real estate investment properties were leased to a subsidiary of Pinnacle under the Pinnacle Master Lease. The obligations under the Penn and Pinnacle Master Leases are guaranteed by Penn and Pinnacle, respectively and by most Penn and Pinnacle subsidiaries that occupy and operate the facilities leased under the Master Leases. A default by Penn or its subsidiaries with regard to any facility will cause a default with regard to the Penn Master Lease and a default by Pinnacle or its subsidiaries with regard to any facility will cause a default with regard to the Pinnacle Master Lease. Additionally, the newly acquired Meadows real estate assets are leased to Pinnacle under a single property triple-net lease separate from the Pinnacle Master Lease. GLPI also leases the Casino Queen property back to its operator on a triple-net basis on terms similar to those in the Master Leases. The rent structure under the Penn Master Lease 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 to an amount equal to 4% of the average net revenues of all facilities under the Penn 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 Penn Master Lease are required to pay the following executory costs: (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. Similar to the Penn Master Lease, the Pinnacle Master 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 facilities, which is adjusted, subject to certain floors every two years to an amount equal to 4% of the average annual net revenues of all facilities under the Pinnacle Master Lease during the preceding two years . As a tenant under a triple-net lease, Pinnacle is also responsible for all executory charges described in the above paragraph. The Meadows lease contains a fixed component, subject to annual escalators, and a component that is based on the performance of the facility, which is reset every two years to a fixed amount determined by multiplying (i) 4% by (ii) the average annual net revenues of the facility for the trailing two year period. The Meadows lease contains an annual escalator provision for up to 5% of the base rent, if certain rent coverage ratio thresholds are met, which remains at 5% until the earlier of ten years or the year in which total rent is $31 million , at which point the escalator will be reduced to 2% annually thereafter. Similar to the master leases, the tenant is responsible for all executory charges described above. 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 the master leases, the tenant is responsible for all executory charges described above. The Company determined, based on facts and circumstances prevailing at the time of each lease's inception, that neither Penn, Pinnacle (excluding the Meadows lease as described below) nor Casino Queen could effectively operate and run their respective business without the properties that are leased to it under the respective lease agreements with GLPI. Furthermore, at lease inception, all of Casino Queen's revenues and substantially all of Penn's and Pinnacle's revenues were generated from operations in connection with the leased properties. There are also various legal restrictions in the jurisdictions in which Penn, Pinnacle and Casino Queen operate that limit the availability and location of gaming facilities, which makes relocation or replacement of the leased gaming facilities restrictive and potentially impracticable or unavailable. Moreover, under the terms of the Penn and Pinnacle Master Leases, Penn and Pinnacle must make their renewal election with respect to all of the leased property together; the tenant is not entitled to selectively renew certain of the leased property while not renewing other property. Accordingly, the Company concluded that failure by Penn, Pinnacle or Casino Queen to renew the lease would impose a significant penalty on such tenant such that renewal of all lease renewal options appears at lease inception to be reasonably assured. Therefore, the Company concluded that the term of the leases with both Penn and Casino Queen is 35 years , equal to the initial 15 year term plus all four of the 5 year renewal options. The lease term of the Pinnacle Master Lease is also 35 years , equal to the initial 10 year term plus all five of the 5 -year renewal options. As described above, subsequent to purchasing the majority of Pinnacle's real estate assets and leasing them back to Pinnacle, GLPI entered into a separate triple-net lease with Pinnacle to lease the newly acquired Meadows real estate assets to Pinnacle. Because this lease involves only a single property within Pinnacle's portfolio, GLPI concluded it was not reasonably assured at lease inception that Pinnacle would elect to exercise all lease renewal options. The Company concluded that failure by Pinnacle to renew the Meadows lease would not impose a significant penalty on such tenant as this property's operations represent only an incremental portion of Pinnacle's total business at lease inception. Therefore, the Company concluded that the lease term of the Meadows lease is 10 years , equal to the initial 10 year term only. As of September 30, 2016 , the future minimum rental income from the Company's properties under non-cancelable operating leases, including any reasonably assured rental periods, is as follows (in thousands): Year ending December 31, 2016 $ 153,952 2017 614,212 2018 616,732 2019 629,337 2020 629,337 Thereafter 17,772,030 Total $ 20,415,600 As of September 30, 2016 , the expected future cash receipts to be recognized as income, as well as the cash receipts to be applied against the investment in direct financing lease from the Company's properties under the non-cancelable direct financing lease, inclusive of the fixed portion of ground lease rent and including any reasonably assured rental periods, is as follows (in thousands): Year ending December 31, Cash Receipts to be Recorded as Income Cash Receipts to be Applied Against the Investment in Direct Financing Lease 2016 $ 17,724 $ 18,004 2017 68,672 73,073 2018 66,509 45,244 2019 64,722 32,881 2020 63,057 34,546 Thereafter 1,121,270 1,835,157 Total $ 1,401,954 $ 2,038,905 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. Similarly, the Company records revenue for the ground lease rent paid by its tenants with an offsetting expense in general and administrative expense within the condensed consolidated statement of income as the Company has concluded that as the lessee it is the primary obligor under the ground leases. The Company subleases these ground leases back to its tenants, who are responsible for payment directly to the landlord. The portion of the ground lease rent that is fixed and determinable is included in the schedule above as future income, while the portion of the ground lease rent that is variable, as well as, the property taxes the Company's records as revenue are excluded from future minimum revenue as the amounts are not fixed and determinable at September 30, 2016 . Furthermore, any contingent rent the Company expects to receive from tenants is excluded from the above schedules as it is not fixed and determinable at September 30, 2016 . 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, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) (in thousands) Video lottery $ 28,285 $ 30,053 $ 89,403 $ 93,224 Table game 4,226 4,584 13,417 14,275 Poker 259 278 872 926 Total gaming revenue, net of cash incentives $ 32,770 $ 34,915 $ 103,692 $ 108,425 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, 2016 and 2015 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) (in thousands) Food and beverage $ 1,336 $ 1,427 $ 4,070 $ 4,150 Other 29 22 91 43 Total promotional allowances $ 1,365 $ 1,449 $ 4,161 $ 4,193 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, 2016 and 2015 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Food and beverage $ 582 $ 578 $ 1,696 $ 1,750 Other 13 12 42 19 Total cost of complimentary services $ 595 $ 590 $ 1,738 $ 1,769
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, 2016 , these expenses, which are primarily recorded within gaming expense in the condensed consolidated statements of income, totaled $13.9 million and $43.9 million , respectively, as compared to $15.1 million and $45.8 million for the three and nine months ended September 30, 2015 .
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, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Determination of shares: Weighted-average common shares outstanding 205,826 114,540 168,955 114,182 Assumed conversion of dilutive employee stock-based awards 1,293 3,696 1,983 4,112 Assumed conversion of restricted stock 185 150 158 178 Assumed conversion of performance-based restricted stock awards 572 377 453 420 Diluted weighted-average common shares outstanding 207,876 118,763 171,549 118,892 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, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands, except per share data) Calculation of basic EPS: Net income $ 89,600 $ 33,229 $ 195,613 $ 98,349 Less: Net income allocated to participating securities (184 ) (135 ) (489 ) (399 ) Net income attributable to common shareholders $ 89,416 $ 33,094 $ 195,124 $ 97,950 Weighted-average common shares outstanding 205,826 114,540 168,955 114,182 Basic EPS $ 0.43 $ 0.29 $ 1.15 $ 0.86 Calculation of diluted EPS: Net income $ 89,600 $ 33,229 $ 195,613 $ 98,349 Diluted weighted-average common shares outstanding 207,876 118,763 171,549 118,892 Diluted EPS $ 0.43 $ 0.28 $ 1.14 $ 0.83 There were 10,846 and 23,954 outstanding stock compensation awards during the three and nine months ended September 30, 2016 , respectively, that were not included in the computation of diluted EPS because they were antidilutive. There were 24,783 and 13,877 outstanding stock compensation awards during the three and nine months ended September 30, 2015 , respectively, that were not included in the computation of diluted EPS because they were 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 is amortized to expense over the awards’ remaining vesting periods. As of September 30, 2016 , there was no remaining unrecognized compensation cost for stock options. The Company recognized no compensation expense associated with these awards for the three months ended September 30, 2016 and recognized $20 thousand of compensation expense for the nine months ended September 30, 2016 , compared to $0.7 million and $2.1 million for the three and nine months ended September 30, 2015 , respectively. In addition, the Company also recognized $0.3 million and $4.5 million of compensation expense for the three and nine months ended September 30, 2016 , respectively, relating to each of the 2016 first and second quarter $0.56 per share dividends and third quarter $0.60 per share dividends paid on vested employee stock options. During the three and nine months ended September 30, 2015 , the Company recognized $2.9 million and $8.7 million , respectively, of compensation expense, relating to each of the 2015 first, second, and third quarter $0.55 per share dividends paid on vested employee stock options. As of September 30, 2016 , there was $7.7 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.50 years . For the three and nine months ended September 30, 2016 , the Company recognized $1.9 million and $5.6 million , respectively, of compensation expense associated with these awards, compared to $1.5 million and $4.4 million for the three and nine months ended September 30, 2015 , respectively. The following table contains information on restricted stock award activity for the nine months ended September 30, 2016 : Number of Award Shares Outstanding at December 31, 2015 463,764 Granted 168,966 Released (204,429 ) Canceled (4,713 ) Outstanding at September 30, 2016 423,588 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 upon the Company’s performance as measured against its peers. More specifically, the percentage of shares vesting at the end of the measurement period will be based on the Company’s three -year total shareholder return measured against the three -year return of the MSCI US REIT index. As of September 30, 2016 , there was $12.4 million of total unrecognized compensation cost, which will be recognized over the performance-based restricted stock awards' remaining weighted average vesting period of 1.75 years . For the three and nine months ended September 30, 2016 , the Company recognized $2.8 million and $8.2 million , respectively, of compensation expense associated with these awards, compared to $2.0 million and $6.2 million for the three and nine months ended September 30, 2015 , respectively. The following table contains information on performance-based restricted stock award activity for the nine months ended September 30, 2016 : Number of Performance-Based Award Shares Outstanding at December 31, 2015 1,091,556 Granted 558,000 Released — Canceled — Outstanding at September 30, 2016 1,649,556 As of September 30, 2016 , there was $0.4 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 0.34 years . For the three and nine months ended September 30, 2016 , the Company recognized $0.3 million and $1.0 million , respectively of compensation expense associated with these awards, compared to $0.2 million and $3.1 million for the three and nine months ended September 30, 2015 , respectively. In addition, the Company also recognized $19 thousand and $54 thousand , respectively, for the three and nine months ended September 30, 2016 , relating to the 2016 first and second quarter $0.56 per share dividends and third quarter $0.60 per share dividends paid on unvested PSUs. For the three and nine months ended September 30, 2015 , the Company recognized $63 thousand and $0.2 million , respectively, relating to the 2015 first, second, and third quarter $0.55 per share dividends paid on unvested PSUs. Upon the Company's declaration of 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, in order to comply with certain REIT qualification requirements (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.

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2016
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, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Investment in direct financing lease, net $ 2,728,716 $ 2,728,716 $ — $ — Cash and cash equivalents 25,359 25,359 41,875 41,875 Deferred compensation plan assets 17,110 17,110 14,833 14,833 Loan receivable 26,738 26,738 29,350 29,350 Financial liabilities: Deferred compensation plan liabilities 17,263 17,263 14,866 14,866 Long-term debt Senior unsecured credit facility 1,290,000 1,283,165 490,000 479,612 Senior unsecured notes 3,425,000 3,643,750 2,050,000 2,014,750
Schedule of future minimum lease payments receivable from operating leases	As of September 30, 2016 , the future minimum rental income from the Company's properties under non-cancelable operating leases, including any reasonably assured rental periods, is as follows (in thousands): Year ending December 31, 2016 $ 153,952 2017 614,212 2018 616,732 2019 629,337 2020 629,337 Thereafter 17,772,030 Total $ 20,415,600
Schedule of future minimum lease payments receivable from capital leases	As of September 30, 2016 , the expected future cash receipts to be recognized as income, as well as the cash receipts to be applied against the investment in direct financing lease from the Company's properties under the non-cancelable direct financing lease, inclusive of the fixed portion of ground lease rent and including any reasonably assured rental periods, is as follows (in thousands): Year ending December 31, Cash Receipts to be Recorded as Income Cash Receipts to be Applied Against the Investment in Direct Financing Lease 2016 $ 17,724 $ 18,004 2017 68,672 73,073 2018 66,509 45,244 2019 64,722 32,881 2020 63,057 34,546 Thereafter 1,121,270 1,835,157 Total $ 1,401,954 $ 2,038,905
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, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) (in thousands) Video lottery $ 28,285 $ 30,053 $ 89,403 $ 93,224 Table game 4,226 4,584 13,417 14,275 Poker 259 278 872 926 Total gaming revenue, net of cash incentives $ 32,770 $ 34,915 $ 103,692 $ 108,425
Schedule of amounts included in promotional allowances	The amounts included in promotional allowances for the three and nine months ended September 30, 2016 and 2015 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) (in thousands) Food and beverage $ 1,336 $ 1,427 $ 4,070 $ 4,150 Other 29 22 91 43 Total promotional allowances $ 1,365 $ 1,449 $ 4,161 $ 4,193
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, 2016 and 2015 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Food and beverage $ 582 $ 578 $ 1,696 $ 1,750 Other 13 12 42 19 Total cost of complimentary services $ 595 $ 590 $ 1,738 $ 1,769
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, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Determination of shares: Weighted-average common shares outstanding 205,826 114,540 168,955 114,182 Assumed conversion of dilutive employee stock-based awards 1,293 3,696 1,983 4,112 Assumed conversion of restricted stock 185 150 158 178 Assumed conversion of performance-based restricted stock awards 572 377 453 420 Diluted weighted-average common shares outstanding 207,876 118,763 171,549 118,892
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, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands, except per share data) Calculation of basic EPS: Net income $ 89,600 $ 33,229 $ 195,613 $ 98,349 Less: Net income allocated to participating securities (184 ) (135 ) (489 ) (399 ) Net income attributable to common shareholders $ 89,416 $ 33,094 $ 195,124 $ 97,950 Weighted-average common shares outstanding 205,826 114,540 168,955 114,182 Basic EPS $ 0.43 $ 0.29 $ 1.15 $ 0.86 Calculation of diluted EPS: Net income $ 89,600 $ 33,229 $ 195,613 $ 98,349 Diluted weighted-average common shares outstanding 207,876 118,763 171,549 118,892 Diluted EPS $ 0.43 $ 0.28 $ 1.14 $ 0.83
Schedule of restricted stock award activity	The following table contains information on restricted stock award activity for the nine months ended September 30, 2016 : Number of Award Shares Outstanding at December 31, 2015 463,764 Granted 168,966 Released (204,429 ) Canceled (4,713 ) Outstanding at September 30, 2016 423,588
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, 2016 : Number of Performance-Based Award Shares Outstanding at December 31, 2015 1,091,556 Granted 558,000 Released — Canceled — Outstanding at September 30, 2016 1,649,556

Acquisitions Acquisitions (Tabl

Acquisitions Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Schedule of Consideration Transferred in Asset Acquisitions	The following tables summarize the consideration transferred in the Merger and the purchase price allocation to the assets acquired in the Merger (in thousands): Consideration Cash $ 2,954,493 GLPI common stock 1,823,991 Accrual for unpaid invoices at September 30, 2016 597 Fair value of total consideration transferred $ 4,779,081
Schedule of Purchase Price Allocation	Real estate investments, net $ 1,422,547 Land rights, net 596,920 Investment in direct financing lease, net 2,759,244 Prepaid expenses 111 Other assets 259 Total purchase price $ 4,779,081

Real Estate Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Schedule of Real Estate Investments, Net	Real estate investments, net, represents investments in 34 rental properties and the corporate headquarters building and is summarized as follows: September 30, December 31, (in thousands) Land and improvements $ 2,062,216 $ 453,739 Building and improvements 2,438,522 2,297,128 Construction in progress 8 — Total real estate investments 4,500,746 2,750,867 Less accumulated depreciation (731,972 ) (660,808 ) Real estate investments, net $ 3,768,774 $ 2,090,059

Land Rights Land Rights (Tables

Land Rights Land Rights (Tables)	9 Months Ended
	Sep. 30, 2016
Ground Leases, Net [Abstract]
Schedule of Land Rights, Net	Land rights net, consists of the following: September 30, December 31, (in thousands) Land rights $ 596,921 $ — Less accumulated amortization (3,852 ) — Land rights, net $ 593,069 $ —
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of September 30, 2016 , estimated future amortization expense related to the Company’s ground leases by fiscal year is as follows (in thousands): Year ending December 31, 2016 $ 2,311 2017 9,244 2018 9,244 2019 9,244 2020 9,244 Thereafter 553,782 Total $ 593,069

Property and Equipment Used i29

Property and Equipment Used in Operations (Tables)	9 Months Ended
	Sep. 30, 2016
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 $ 30,920 $ 31,187 Building and improvements 117,146 117,314 Furniture, fixtures, and equipment 113,987 112,227 Construction in progress 320 354 Total property and equipment 262,373 261,082 Less accumulated depreciation (140,991 ) (131,335 ) Property and equipment, net $ 121,382 $ 129,747

Receivables Receivables (Table

Receivables Receivables (Tables)	9 Months Ended
	Sep. 30, 2016
Financing Receivable, Net [Abstract]
Schedule of Components of Real Estate Investments Held Under Direct Financing Leases	The Company's investment in direct financing lease, net, consists of the following and represents the building assets acquired in the Merger: September 30, December 31, (in thousands) Minimum lease payments receivable $ 3,440,859 $ — Unguaranteed residual value 689,811 — Gross investment in direct financing lease 4,130,670 — Less: unearned income (1,401,954 ) — Investment in direct financing lease, net $ 2,728,716 $ —

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt is as follows: September 30, December 31, (in thousands) Unsecured term loan A $ 300,000 $ 300,000 Unsecured term loan A-1 825,000 — Unsecured $700 million revolver 165,000 190,000 $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 $400 million 4.375% senior unsecured notes due April 2021 400,000 — $500 million 5.375% senior unsecured notes due November 2023 500,000 500,000 $975 million 5.375% senior unsecured notes due April 2026 975,000 — Capital lease 1,313 1,389 Total long-term debt 4,716,313 2,541,389 Less: unamortized debt issuance costs (54,630 ) (31,048 ) Total long-term debt, net of unamortized debt issuance costs 4,661,683 2,510,341 Less current maturities of long-term debt (106 ) (102 ) Long-term debt, net of current maturities $ 4,661,577 $ 2,510,239
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, 2016 (in thousands): Within one year $ 106 2-3 years 1,015,228 4-5 years 2,225,251 Over 5 years 1,475,728 Total minimum payments $ 4,716,313

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The future minimum lease commitments relating to noncancelable operating leases at September 30, 2016 are as follows (in thousands): Year ending December 31, 2016 $ 2,178 2017 8,655 2018 8,633 2019 8,181 2020 7,543 Thereafter 490,485 Total $ 525,675

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Dividends Declared	The following table lists the dividends declared and paid by the Company during the nine months ended September 30, 2016 and 2015 : Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (in thousands) 2016 January 29, 2016 February 22, 2016 Common Stock $ 0.56 First Quarter 2016 March 25, 2016 $ 65,345 April 25, 2016 June 2, 2016 Common Stock $ 0.56 Second Quarter 2016 June 17, 2016 $ 113,212 August 3, 2016 September 12, 2016 Common Stock $ 0.60 Third Quarter 2016 September 23, 2016 $ 124,262 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

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2016
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, 2016 Three Months Ended September 30, 2015 (in thousands) GLP Capital TRS Properties Eliminations (1) Total GLP Capital TRS Properties Eliminations (1) Total Net revenues $ 199,257 $ 34,018 $ — $ 233,275 $ 111,532 $ 36,260 $ — $ 147,792 Income from operations 138,270 5,036 — 143,306 59,896 5,395 — 65,291 Interest, net 52,400 2,600 (2,601 ) 52,399 30,646 2,600 (2,601 ) 30,645 Income before income taxes 88,471 2,436 — 90,907 31,851 2,795 — 34,646 Income tax expense 210 1,097 — 1,307 225 1,192 — 1,417 Net income 88,261 1,339 — 89,600 31,626 1,603 — 33,229 Depreciation 24,328 2,837 — 27,165 24,337 3,220 — 27,557 Capital project expenditures, net of reimbursements 54 — — 54 2,949 — — 2,949 Capital maintenance expenditures — 496 — 496 — 382 — 382 Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 (in thousands) GLP Capital TRS Properties Eliminations (1) Total GLP Capital TRS Properties Eliminations (1) Total Net revenues $ 481,704 $ 107,752 $ — $ 589,456 $ 333,668 $ 112,696 $ — $ 446,364 Income from operations 312,586 19,174 — 331,760 173,809 19,153 — 192,962 Interest, net 130,568 7,801 (7,804 ) 130,565 88,615 7,801 (7,804 ) 88,612 Income before income taxes 189,822 11,373 — 201,195 92,998 11,352 — 104,350 Income tax expense 806 4,776 — 5,582 1,221 4,780 — 6,001 Net income 189,016 6,597 — 195,613 91,777 6,572 — 98,349 Depreciation 72,737 8,530 — 81,267 73,123 9,462 — 82,585 Capital project expenditures, net of reimbursements 222 101 — 323 7,802 5,897 — 13,699 Capital maintenance expenditures — 1,693 — 1,693 — 2,108 — 2,108 (in thousands) GLP Capital TRS Properties Eliminations Total Balance sheet at September 30, 2016 Total assets $ 7,211,477 $ 209,843 $ — $ 7,421,320 Balance sheet at December 31, 2015 Total assets $ 2,223,373 $ 224,782 $ — $ 2,448,155 (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, 2016
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Supplemental disclosures of cash flow information are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Cash paid for income taxes, net of refunds received $ 1,608 $ 3,009 $ 4,638 $ 7,434 Cash paid for interest 6,201 2,491 64,502 57,557

Supplementary Condensed Conso36

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Tables)	9 Months Ended
	Sep. 30, 2016
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 balance sheets as of September 30, 2016 and December 31, 2015 , statements of income for the three and nine months ended September 30, 2016 and 2015 and statements of cash flows for the nine months ended September 30, 2016 and 2015 for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers is presented below. At September 30, 2016 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 1,886,252 $ 1,882,522 $ — $ 3,768,774 Land rights, net — — 593,069 — 593,069 Property and equipment, used in operations, net — 23,110 98,272 — 121,382 Investment in direct financing lease, net — — 2,728,716 — 2,728,716 Cash and cash equivalents — 3,971 21,388 — 25,359 Prepaid expenses — 5,114 3,878 519 9,511 Other current assets — 39,880 18,103 — 57,983 Goodwill — — 75,521 — 75,521 Other intangible assets — — 9,577 — 9,577 Debt issuance costs, net of accumulated amortization of $9,500 at September 30, 2016 — — — — — Loan receivable — — 26,738 — 26,738 Intercompany loan receivable — 193,595 — (193,595 ) — Intercompany transactions and investment in subsidiaries 2,449,660 5,239,292 2,969,761 (10,658,713 ) — Deferred tax assets, non-current — 3,384 — 3,384 Other assets — 256 1,050 — 1,306 Total assets $ 2,449,660 $ 7,391,470 $ 8,431,979 $ (10,851,789 ) $ 7,421,320 Liabilities Accounts payable $ — $ 367 $ 221 $ — $ 588 Accrued expenses — 917 6,373 — 7,290 Accrued interest — 73,367 — — 73,367 Accrued salaries and wages — 6,275 1,946 — 8,221 Gaming, property, and other taxes — 27,579 18,537 — 46,116 Income taxes — 3 (522 ) 519 — Current maturities of long-term debt — 106 — — 106 Other current liabilities — 22,372 1,951 — 24,323 Long-term debt, net of current maturities and unamortized debt issuance costs — 4,661,577 — — 4,661,577 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 149,247 560 — 149,807 Deferred tax liabilities, non-current — — 265 — 265 Total liabilities — 4,941,810 222,926 (193,076 ) 4,971,660 Shareholders’ (deficit) equity Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2016) — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 207,115,019 shares issued at September 30, 2016) 2,071 2,071 2,071 (4,142 ) 2,071 Additional paid-in capital 3,745,505 3,745,507 9,332,507 (13,078,014 ) 3,745,505 Retained accumulated (deficit) earnings (1,297,916 ) (1,297,918 ) (1,125,525 ) 2,423,443 (1,297,916 ) Total shareholders’ (deficit) equity 2,449,660 2,449,660 8,209,053 (10,658,713 ) 2,449,660 Total liabilities and shareholders’ (deficit) equity $ 2,449,660 $ 7,391,470 $ 8,431,979 $ (10,851,789 ) $ 7,421,320 Three months ended September 30, 2016 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 95,045 $ 65,619 $ — $ 160,664 Income from direct financing lease — — 18,155 — 18,155 Real estate taxes paid by tenants — 10,919 9,519 — 20,438 Total rental revenue and income from direct financing lease — 105,964 93,293 — 199,257 Gaming — — 32,770 — 32,770 Food, beverage and other — — 2,613 — 2,613 Total revenues — 105,964 128,676 — 234,640 Less promotional allowances — — (1,365 ) — (1,365 ) Net revenues — 105,964 127,311 — 233,275 Operating expenses Gaming — — 18,080 — 18,080 Food, beverage and other — — 2,037 — 2,037 Real estate taxes — 10,938 9,928 — 20,866 General and administrative — 11,610 10,211 — 21,821 Depreciation — 23,331 3,834 — 27,165 Total operating expenses — 45,879 44,090 — 89,969 Income from operations — 60,085 83,221 — 143,306 Other income (expenses) Interest expense — (52,880 ) — — (52,880 ) Interest income — — 481 — 481 Intercompany dividends and interest — 103,903 1,399 (105,302 ) — Total other income (expenses) — 51,023 1,880 (105,302 ) (52,399 ) Income (loss) before income taxes — 111,108 85,101 (105,302 ) 90,907 Income tax expense — 210 1,097 — 1,307 Net income (loss) $ — $ 110,898 $ 84,004 $ (105,302 ) $ 89,600 Nine months ended September 30, 2016 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 287,783 $ 115,197 $ — $ 402,980 Income from direct financing lease — — 30,786 — 30,786 Real estate taxes paid by tenants — 30,815 17,123 — 47,938 Total rental revenue and income from direct financing lease — 318,598 163,106 — 481,704 Gaming — — 103,692 — 103,692 Food, beverage and other — — 8,221 — 8,221 Total revenues — 318,598 275,019 — 593,617 Less promotional allowances — — (4,161 ) — (4,161 ) Net revenues — 318,598 270,858 — 589,456 Operating expenses Gaming — — 56,119 — 56,119 Food, beverage and other — — 6,174 — 6,174 Real estate taxes — 30,865 18,283 — 49,148 General and administrative — 40,661 24,327 — 64,988 Depreciation — 70,218 11,049 — 81,267 Total operating expenses — 141,744 115,952 — 257,696 Income from operations — 176,854 154,906 — 331,760 Other income (expenses) Interest expense — (132,217 ) — — (132,217 ) Interest income — 169 1,483 — 1,652 Intercompany dividends and interest — 209,505 18,696 (228,201 ) — Total other income (expenses) — 77,457 20,179 (228,201 ) (130,565 ) Income (loss) before income taxes — 254,311 175,085 (228,201 ) 201,195 Income tax expense — 806 4,776 — 5,582 Net income (loss) $ — $ 253,505 $ 170,309 $ (228,201 ) $ 195,613 Nine months ended September 30, 2016 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income (loss) $ — $ 253,505 $ 170,309 $ (228,201 ) $ 195,613 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization — 70,218 14,901 — 85,119 Amortization of debt issuance costs — 11,889 — — 11,889 Gains on dispositions of property — (471 ) 11 — (460 ) Deferred income taxes — — (997 ) — (997 ) Stock-based compensation — 13,804 — — 13,804 Straight-line rent adjustments — 41,869 560 — 42,429 (Increase) decrease, Prepaid expenses and other current assets — 8,559 (369 ) 2,403 10,593 Other assets — — (658 ) — (658 ) Intercompany — 365 (365 ) — — Increase (decrease), Accounts payable — 115 (58 ) — 57 Accrued expenses — (3,820 ) (303 ) — (4,123 ) Accrued interest — 55,744 — — 55,744 Accrued salaries and wages — (4,453 ) (1,045 ) — (5,498 ) Gaming, property and other taxes — 683 157 — 840 Income taxes — 43 2,360 (2,403 ) — Other current and non-current liabilities — 6,072 (4,979 ) — 1,093 Net cash provided by (used in) operating activities — 454,122 179,524 (228,201 ) 405,445 Investing activities Capital project expenditures, net of reimbursements — (222 ) (101 ) — (323 ) Capital maintenance expenditures — — (1,693 ) — (1,693 ) Proceeds from sale of property and equipment — 897 234 — 1,131 Principal payments on loan receivable — — 2,612 — 2,612 Acquisition of real estate assets — — (3,267,123 ) — (3,267,123 ) Collection of principal payments on investment in direct financing lease — — 30,529 — 30,529 Net cash provided by (used in) investing activities — 675 (3,235,542 ) — (3,234,867 ) Financing activities Dividends paid (303,639 ) — — — (303,639 ) Proceeds from exercise of options 102,598 — — — 102,598 Proceeds from issuance of common stock, net of issuance costs 870,931 — — 870,931 Proceeds from issuance of long-term debt — 2,502,000 — — 2,502,000 Financing costs — (31,908 ) — — (31,908 ) Repayments of long-term debt — (327,076 ) — — (327,076 ) Intercompany financing (669,890 ) (2,602,558 ) 3,044,247 228,201 — Net cash (used in) provided by financing activities — (459,542 ) 3,044,247 228,201 2,812,906 Net decrease in cash and cash equivalents — (4,745 ) (11,771 ) — (16,516 ) Cash and cash equivalents at beginning of period — 8,716 33,159 — 41,875 Cash and cash equivalents at end of period $ — $ 3,971 $ 21,388 $ — $ 25,359 At December 31, 2015 Condensed Consolidating Balance Sheet Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 1,955,290 $ 134,769 $ — $ 2,090,059 Property and equipment, used in operations, net — 24,494 105,253 — 129,747 Cash and cash equivalents — 8,716 33,159 — 41,875 Prepaid expenses — 3,768 1,218 2,922 7,908 Other current assets — 54,838 2,883 — 57,721 Goodwill — — 75,521 — 75,521 Other intangible assets — — 9,577 — 9,577 Debt issuance costs, net of accumulated amortization of $5,937 at December 31, 2015 — 3,563 — — 3,563 Loan receivable — — 29,350 — 29,350 Intercompany loan receivable — 193,595 — (193,595 ) — Intercompany transactions and investment in subsidiaries (253,514 ) 191,112 (46,418 ) 108,820 — Deferred tax assets, non-current — — 2,554 (107 ) 2,447 Other assets — 256 131 — 387 Total assets $ (253,514 ) $ 2,435,632 $ 347,997 $ (81,960 ) $ 2,448,155 Liabilities Accounts payable $ — $ 127 $ 279 $ — $ 406 Accrued expenses — 4,737 4,843 — 9,580 Accrued interest — 17,623 — — 17,623 Accrued salaries and wages — 10,728 2,991 — 13,719 Gaming, property, and other taxes — 21,949 2,753 — 24,702 Income taxes — (41 ) (2,881 ) 2,922 — Current maturities of long-term debt — 102 — — 102 Other current liabilities — 16,303 1,384 — 17,687 Long-term debt, net of current maturities and unamortized debt issuance costs — 2,510,239 — — 2,510,239 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 107,379 — — 107,379 Deferred tax liabilities, non-current — — 339 (107 ) 232 Total liabilities — 2,689,146 203,303 (190,780 ) 2,701,669 Shareholders’ (deficit) equity Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2015) — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 115,594,321 shares issued at December 31, 2015) 1,156 1,156 1,156 (2,312 ) 1,156 Additional paid-in capital 935,220 935,221 1,088,058 (2,023,279 ) 935,220 Retained accumulated (deficit) earnings (1,189,890 ) (1,189,891 ) (944,520 ) 2,134,411 (1,189,890 ) Total shareholders’ (deficit) equity (253,514 ) (253,514 ) 144,694 108,820 (253,514 ) Total liabilities and shareholders’ (deficit) equity $ (253,514 ) $ 2,435,632 $ 347,997 $ (81,960 ) $ 2,448,155 Three months ended September 30, 2015 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 94,254 $ 3,500 $ — $ 97,754 Income from direct financing lease — — — — — Real estate taxes paid by tenants — 13,266 512 — 13,778 Total rental revenue and income from direct financing lease — 107,520 4,012 — 111,532 Gaming — — 34,915 — 34,915 Food, beverage and other — — 2,794 — 2,794 Total revenues — 107,520 41,721 — 149,241 Less promotional allowances — — (1,449 ) — (1,449 ) Net revenues — 107,520 40,272 — 147,792 Operating expenses Gaming — — 19,357 — 19,357 Food, beverage and other — — 2,128 — 2,128 Real estate taxes — 13,266 908 — 14,174 General and administrative — 13,521 5,764 — 19,285 Depreciation — 23,576 3,981 — 27,557 Total operating expenses — 50,363 32,138 — 82,501 Income from operations — 57,157 8,134 — 65,291 Other income (expenses) Interest expense — (31,226 ) — — (31,226 ) Interest income — (1 ) 582 — 581 Intercompany dividends and interest — 6,101 2,399 (8,500 ) — Total other income (expenses) — (25,126 ) 2,981 (8,500 ) (30,645 ) Income (loss) before income taxes — 32,031 11,115 (8,500 ) 34,646 Income tax expense — 226 1,191 — 1,417 Net income (loss) $ — $ 31,805 $ 9,924 $ (8,500 ) $ 33,229 Nine months ended September 30, 2015 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 283,097 $ 10,500 $ — $ 293,597 Income from direct financing lease — — — — — Real estate taxes paid by tenants — 38,575 1,496 — 40,071 Total rental revenue and income from direct financing lease — 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 income (expenses) — (66,573 ) 5,947 (27,986 ) (88,612 ) Income (loss) before income taxes — 99,019 33,317 (27,986 ) 104,350 Income tax expense — 1,222 4,779 — 6,001 Net income (loss) $ — $ 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 (loss) $ — $ 97,797 $ 28,538 $ (27,986 ) $ 98,349 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization — 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, 0 0 0 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 non-current 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) increase 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

Business and Operations (Detail

Business and Operations (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)statepropertyrenewaloption
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio | property	36
Number of real estate properties | property	34
Number of states across which the portfolio of properties is diversified | state	14
Real estate, occupancy percentage	100.00%
Penn National Gaming Inc
Business and Operations
Operating lease, initial term of contract (in years)	15 years
Operating leases, number of renewal options	4
Operating lease, renewal term (in years)	5 years
Number of real estate properties | property	18
Pinnacle Entertainment, Inc.
Business and Operations
Number of real estate properties | property	15
Pinnacle Entertainment, Inc. Master Lease
Business and Operations
Operating lease, initial term of contract (in years)	10 years
Operating leases, number of renewal options	5
Operating lease, renewal term (in years)	5 years
Pinnacle Entertainment, Inc. Meadows Lease Term One
Business and Operations
Operating leases, number of renewal options	3
Pinnacle Entertainment, Inc. Meadows Lease Term Two
Business and Operations
Operating leases, number of renewal options	3
Pinnacle Entertainment, Inc. Meadows Lease Term Three
Business and Operations
Operating leases, number of renewal options	3
Pinnacle Entertainment, Inc. Meadows Lease For First Three Terms
Business and Operations
Operating lease, renewal term (in years)	5 years
Pinnacle Entertainment, Inc. Meadows Lease Term Four
Business and Operations
Operating leases, number of renewal options	1
Pinnacle Entertainment, Inc. Meadows Lease For Fourth Term
Business and Operations
Operating lease, renewal term (in years)	4 years
Pinnacle Entertainment, Inc. Meadows Lease
Business and Operations
Operating lease, initial term of contract (in years)	10 years
Pinnacle Entertainment, Inc.
Business and Operations
Consideration paid for acquisition of real estate assets | $	$ 4,779,081
Number of real estate properties | property	14

Summary of Significant Accoun38

Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Carrying Amount
Financial assets:
Investment in direct financing lease, net	$ 2,728,716	$ 0
Cash and cash equivalents	25,359	41,875
Deferred compensation plan assets	17,110	14,833
Loans receivable	26,738	29,350
Financial liabilities:
Deferred compensation plan liabilities	17,263	14,866
Senior unsecured credit facility	1,290,000	490,000
Senior notes	3,425,000	2,050,000
Fair Value
Financial assets:
Investment in direct financing lease, net	2,728,716	0
Cash and cash equivalents	25,359	41,875
Deferred compensation plan assets	17,110	14,833
Loans receivable	26,738	29,350
Financial liabilities:
Deferred compensation plan liabilities	17,263	14,866
Senior unsecured credit facility	1,283,165	479,612
Senior notes	$ 3,643,750	$ 2,014,750

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Revenue Recognition and Promotional Allowances) (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)propertyrenewaloption
Revenue Recognition and Promotional Allowances
Number of real estate properties | property	34
Penn National Gaming Inc
Revenue Recognition and Promotional Allowances
Number of real estate properties | property	18
Annual rent escalator, percentage	2.00%
Term of contract including all reasonably assured renewal periods (in years)	35 years
Operating lease, initial term of contract (in years)	15 years
Operating leases, number of renewal options | renewaloption	4
Operating lease, renewal term (in years)	5 years
Penn National Gaming Inc | 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	5 years
Operating leases, percent of the average net revenues of property used to calculate rent increase	4.00%
Lessor leasing arrangements period used in calculation of average net revenues	5 years
Penn National Gaming Inc | Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue Recognition and Promotional Allowances
Percentage of the change in net revenues of Ohio facilities under the Master Lease during the preceding month used for adjustment in rent structure	20.00%
Pinnacle Entertainment, Inc. Master Lease
Revenue Recognition and Promotional Allowances
Lessor leasing arrangements period used in calculation of average net revenues	2 years
Capital leases, annual rental escalation percentage	2.00%
Capital leases, frequency the property performance-based rent structure is adjusted	2 years
Capital leases, percent of the average annual net revenues of property used to calculate rent increase	4.00%
Term of contract including all reasonably assured renewal periods (in years)	35 years
Operating lease, initial term of contract (in years)	10 years
Operating leases, number of renewal options | renewaloption	5
Operating lease, renewal term (in years)	5 years
Pinnacle Entertainment, Inc. Meadows Lease
Revenue Recognition and Promotional Allowances
Annual rent escalator, percentage	5.00%
Frequency property performance-based rent structure is adjusted	2 years
Operating leases, percent of the average net revenues of property used to calculate rent increase	4.00%
Lessor leasing arrangements period used in calculation of average net revenues	2 years
Annual rent escalator over a period of time contingent upon the achievement of certain rent coverage ratio threshold, percentage	5.00%
Period existing upon achievement of certain rent coverage ratio	10 years
Amount of rent available upon achievement of certain rent coverage ratio | $	$ 31
Percentage at which rent escalation will be reduced upon achievement of certain threshold	2.00%
Operating lease, initial term of contract (in years)	10 years
Casino Queen
Revenue Recognition and Promotional Allowances
Annual rent escalator, percentage	2.00%
Frequency property performance-based rent structure is adjusted	5 years
Operating leases, percent of the average net revenues of property used to calculate rent increase	4.00%
Lessor leasing arrangements period used in calculation of average net revenues	5 years
Term of contract including all reasonably assured renewal periods (in years)	35 years
Operating lease, initial term of contract (in years)	15 years
Operating leases, number of renewal options | renewaloption	4
Operating lease, renewal term (in years)	5 years
Pinnacle Entertainment, Inc.
Revenue Recognition and Promotional Allowances
Number of real estate properties | property	14

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Revenue Recognition and Promotional Allowances) (Future Minimum Rental Payments) (Details) $ in Thousands	Sep. 30, 2016USD ($)
Accounting Policies [Abstract]
2,016	$ 153,952
2,017	614,212
2,018	616,732
2,019	629,337
2,020	629,337
Thereafter	17,772,030
Total	$ 20,415,600

Summary of Significant Accoun41

Summary of Significant Accounting Policies (Revenue Recognition and Promotional Allowances) (Future Minimum Lease Payments Receivable and Net Investment in Direct Financing Lease (Details) $ in Thousands	Sep. 30, 2016USD ($)
Cash Receipts to be Recorded as Income
2,016	$ 17,724
2,017	68,672
2,018	66,509
2,019	64,722
2,020	63,057
Thereafter	1,121,270
Total	1,401,954
Cash Receipts to be Applied Against the Investment in Direct Financing Lease
2,016	18,004
2,017	73,073
2,018	45,244
2,019	32,881
2,020	34,546
Thereafter	1,835,157
Total	$ 2,038,905

Summary of Significant Accoun42

Summary of Significant Accounting Policies (Revenue Recognition and Promotional Allowances) (Gaming Revenues and Promotional Allowances Tables) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	$ 32,770	$ 34,915	$ 103,692	$ 108,425
Promotional allowances	1,365	1,449	4,161	4,193
Cost of Complimentary Services	595	590	1,738	1,769
Video lottery
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	28,285	30,053	89,403	93,224
Table game
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	4,226	4,584	13,417	14,275
Poker
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	259	278	872	926
Food and beverage
Revenue Recognition and Promotional Allowances
Promotional allowances	1,336	1,427	4,070	4,150
Cost of Complimentary Services	582	578	1,696	1,750
Other
Revenue Recognition and Promotional Allowances
Promotional allowances	29	22	91	43
Cost of Complimentary Services	$ 13	$ 12	$ 42	$ 19

Summary of Significant Accoun43

Summary of Significant Accounting Policies (Gaming and Admission Taxes) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Gaming and Admission Taxes
Gaming and admission taxes	$ 13.9	$ 15.1	$ 43.9	$ 45.8

Summary of Significant Accoun44

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, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Weighted-average common shares outstanding	205,826	114,540	168,955	114,182
Diluted weighted-average common shares outstanding	207,876	118,763	171,549	118,892
Employee stock options
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	1,293	3,696	1,983	4,112
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	185	150	158	178
Performance-based restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	572	377	453	420

Summary of Significant Accoun45

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, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Accounting Policies [Abstract]
Anti-dilutive securities, options to purchase common stock outstanding (in shares)	10,846	24,783	23,954	13,877
Calculation of basic EPS:
Net income	$ 89,600	$ 33,229	$ 195,613	$ 98,349
Less: Net income allocated to participating securities	(184)	(135)	(489)	(399)
Net income attributable to common shareholders	$ 89,416	$ 33,094	$ 195,124	$ 97,950
Weighted-average common shares outstanding	205,826,000	114,540,000	168,955,000	114,182,000
Basic EPS (in dollars per share)	$ 0.43	$ 0.29	$ 1.15	$ 0.86
Calculation of diluted EPS:
Net income	$ 89,600	$ 33,229	$ 195,613	$ 98,349
Diluted weighted-average common shares outstanding	207,876,000	118,763,000	171,549,000	118,892,000
Diluted EPS (in dollars per share)	$ 0.43	$ 0.28	$ 1.14	$ 0.83

Summary of Significant Accoun46

Summary of Significant Accounting Policies (Stock-Based Compensation) (Narrative) (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Stock-based compensation
Dividends paid per common share (in dollars per share)	$ 0.60	$ 0.56	$ 0.56	$ 0.55	$ 0.55	$ 0.55	$ 1.72	$ 1.64
Employee stock options
Stock-based compensation
Total unrecognized compensation cost	$ 0						$ 0
Recognized compensation expense	0			$ 700,000			20,000	$ 2,100,000
Additional compensation expense related to dividends	300,000			2,900,000			4,500,000	8,700,000
Restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	7,700,000						7,700,000
Recognized compensation expense	1,900,000			1,500,000			$ 5,600,000	4,400,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost							1 year 5 months 29 days
Performance-based restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	12,400,000						$ 12,400,000
Recognized compensation expense	2,800,000			2,000,000			$ 8,200,000	6,200,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost							1 year 8 months 30 days
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	400,000						$ 400,000
Recognized compensation expense	300,000			200,000			1,000,000	3,100,000
Additional compensation expense related to dividends	$ 19,000			$ 63,000			$ 54,000	$ 200,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost							4 months 2 days
End Of Measurement Period Vesting | Performance-based restricted stock awards
Stock-based compensation
Vesting period							3 years

Summary of Significant Accoun47

Summary of Significant Accounting Policies (Stock-Based Compensation) (Restricted Stock Activity) (Details) - Restricted stock awards	9 Months Ended
	Sep. 30, 2016shares
Restricted Stock Awards Activity [Roll Forward]
Outstanding at the beginning of the period (in shares)	463,764
Granted (in shares)	168,966
Released (in shares)	(204,429)
Canceled (in shares)	(4,713)
Outstanding at the end of the period (in shares)	423,588

Summary of Significant Accoun48

Summary of Significant Accounting Policies (Stock-Based Compensation) (Performance-Based Awards) (Details) - Performance-based restricted stock awards	9 Months Ended
	Sep. 30, 2016shares
Performance-Based Restricted Stock Awards Activity [Roll Forward]
Outstanding at the beginning of the period (in shares)	1,091,556
Granted (in shares)	558,000
Released (in shares)	0
Canceled (in shares)	0
Outstanding at the end of the period (in shares)	1,649,556

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Thousands, shares in Millions	Apr. 28, 2016USD ($)shares	Sep. 30, 2016USD ($)property	Sep. 30, 2016USD ($)propertyrenewaloption
Acquisitions [Line Items}
Number of real estate properties | property		34	34
Pinnacle Entertainment, Inc. Meadows Lease
Acquisitions [Line Items}
Operating lease, initial term of contract (in years)			10 years
Pinnacle Entertainment, Inc. Meadows Lease Term One
Acquisitions [Line Items}
Operating leases, number of renewal options | renewaloption			3
Pinnacle Entertainment, Inc. Meadows Lease Term Two
Acquisitions [Line Items}
Operating leases, number of renewal options | renewaloption			3
Pinnacle Entertainment, Inc. Meadows Lease Term Three
Acquisitions [Line Items}
Operating leases, number of renewal options | renewaloption			3
Pinnacle Entertainment, Inc. Meadows Lease For First Three Terms
Acquisitions [Line Items}
Operating lease, renewal term (in years)			5 years
Pinnacle Entertainment, Inc. Meadows Lease Term Four
Acquisitions [Line Items}
Operating leases, number of renewal options | renewaloption			1
Pinnacle Entertainment, Inc. Meadows Lease For Fourth Term
Acquisitions [Line Items}
Operating lease, renewal term (in years)			4 years
Pinnacle Entertainment, Inc. Master Lease
Acquisitions [Line Items}
Operating lease, initial term of contract (in years)			10 years
Operating leases, number of renewal options | renewaloption			5
Operating lease, renewal term (in years)			5 years
Term of contract including all reasonably assured renewal periods (in years)			35 years
The Meadows Racetrack and Casino
Acquisitions [Line Items}
Consideration paid for acquisition of real estate assets			$ 327,800
Pinnacle Entertainment, Inc.
Acquisitions [Line Items}
Consideration paid for acquisition of real estate assets			$ 4,779,081
Number of real estate properties | property		14	14
Asset acquisition, conversion ratio of share of acquiree to share of acquirer	0.85
New issuances of common stock, shares, acquisitions | shares	56
Debt of acquiree paid by acquirer at acquisition date	$ 2,700,000
Seller's transaction fees by acquirer related to real estate acquisitions			$ 226,800
Transaction fees related to real estate acquisitions			28,300
Asset acquisition, pro forma information, revenue from acquired properties since acquisition date, actual		$ 88,100	149,900
Asset acquisition, pro forma information, operating expenses of acquired properties since acquisition date, actual		$ 13,500	$ 23,300

Acquisitions Acquisitions (Cons

Acquisitions Acquisitions (Consideration Transferred) (Details) - Pinnacle Entertainment, Inc. $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Acquisitions [Line Items}
Cash	$ 2,954,493
GLPI common stock	1,823,991
Accrual for unpaid invoices at September 30, 2016	597
Fair value of total consideration transferred	$ 4,779,081

Acquisitions Acquisitions (Purc

Acquisitions Acquisitions (Purchase Price Allocation Components) (Details) $ in Thousands	Sep. 30, 2016USD ($)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Real estate investments, net	$ 1,422,547
Land rights, net	596,920
Investment in direct financing lease, net	2,759,244
Prepaid expenses	111
Other assets	259
Total purchase price	$ 4,779,081

Acquisitions Acquisitions (Pu52

Acquisitions Acquisitions (Purchase Price Allocation) (Narrative) (Details) - Pinnacle Entertainment, Inc. $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Finite-Lived Intangible Assets [Line Items]
Asset acquisition, consideration transferred, cash	$ 2,954,493
Asset acquisition, consideration transferred, equity interests issued or issuable.	$ 1,823,991

Real Estate Investments (Detail

Real Estate Investments (Details) $ in Thousands	Sep. 30, 2016USD ($)property	Dec. 31, 2015USD ($)
Real estate investments
Number of real estate properties | property	34
Total real estate investments	$ 4,500,746	$ 2,750,867
Less accumulated depreciation	(731,972)	(660,808)
Real estate investments, net	3,768,774	2,090,059
Land and improvements
Real estate investments
Total real estate investments	2,062,216	453,739
Building and improvements
Real estate investments
Total real estate investments	2,438,522	2,297,128
Construction in progress
Real estate investments
Total real estate investments	$ 8	$ 0

Land Rights Land Rights (Detail

Land Rights Land Rights (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2016USD ($)propertyrenewaloption	Dec. 31, 2015USD ($)
Finite-Lived Intangible Assets [Line Items]
Land rights	$ 596,921	$ 596,921	$ 0
Less accumulated amortization	(3,852)	(3,852)	0
Land rights, net	593,069	593,069	0
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Land rights, net	593,069	593,069	$ 0
Ground leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense, land rights	2,300	3,900
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2,016	2,311	2,311
2,017	9,244	9,244
2,018	9,244	9,244
2,019	9,244	9,244
2,020	9,244	9,244
Thereafter	$ 553,782	$ 553,782
Ground leases [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period		33 years
Ground leases [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period		92 years
Belterra Casino Resort [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee Leasing Arrangements, Operating Leases, Term of Contract		5 years
Operating leases, number of renewal options | property		9
Operating lease, renewal term (in years)		5 years
Lease Agreement, Percentage of Gross Revenue for Determination of Annual Variable Rent		1.50%
Operating leases, revenue threshold for paying variable rent		$ 100,000
Ameristar East Chicago [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee Leasing Arrangements, Operating Leases, Term of Contract		30 years
Operating leases, number of renewal options | renewaloption		2
Operating lease, renewal term (in years)		30 years
Operating leases, frequency base rent is adjusted		3 years
River City Hotel and Casino [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee Leasing Arrangements, Operating Leases, Term of Contract		99 years
Lease Agreement, Percentage of Gross Revenue for Determination of Annual Variable Rent		2.50%
L'Auberge St. Charles [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee Leasing Arrangements, Operating Leases, Term of Contract		10 years
Operating leases, number of renewal options | renewaloption		6
Operating lease, renewal term (in years)		10 years

Property and Equipment Used i55

Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 262,373	$ 261,082
Less accumulated depreciation	(140,991)	(131,335)
Property and equipment, net	121,382	129,747
Land and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	30,920	31,187
Building and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	117,146	117,314
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	113,987	112,227
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 320	$ 354

Financing Receivables (Investme

Financing Receivables (Investment in Direct Financing Lease, Net) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Loans and Leases Receivable Disclosure [Line Items]
Minimum lease payments receivable	$ 3,440,859	$ 0
Unguaranteed residual value	689,811	0
Gross investment in direct financing lease	4,130,670	0
Less: unearned income	(1,401,954)	0
Investment in direct financing lease, net	$ 2,728,716	$ 0
Pinnacle Entertainment, Inc.
Loans and Leases Receivable Disclosure [Line Items]
Term of contract including all reasonably assured renewal periods (in years)	35 years

Financing Receivable (Loan Rece

Financing Receivable (Loan Receivable) (Details)	1 Months Ended	9 Months Ended
	Jan. 31, 2014USD ($)	Sep. 30, 2016USD ($)renewaloption	Sep. 30, 2015USD ($)	Nov. 09, 2016USD ($)	Dec. 31, 2015USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Amount paid for acquisition		$ 3,267,123,000	$ 0
Loan receivable		26,738,000			$ 29,350,000
Casino Queen
Loans and Leases Receivable Disclosure [Line Items]
Annual rent of property leased back on a triple net basis		$ 14,200,000
Operating lease, initial term of contract (in years)		15 years
Operating leases, number of renewal options | renewaloption		4
Operating lease, renewal term (in years)		5 years
Casino Queen
Loans and Leases Receivable Disclosure [Line Items]
Amount paid for acquisition	$ 140,700,000
Payments for term loan	$ 43,000,000
Term of term loan	5 years
Interest rate on term loan (as a percent)	7.00%
Mandatory Quarterly Principal Payment Due on Term Loan to Third Party, Percent		1.25%
Loan receivable		$ 26,700,000
Casino Queen | Subsequent Event | Unsecured Debt
Loans and Leases Receivable Disclosure [Line Items]
Unsecured loan committed by GLPI (up to)				$ 13,000,000

Long-term Debt (Schedule of Deb

Long-term Debt (Schedule of Debt) (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Long-term debt
Long-term debt, gross	$ 4,716,313,000	$ 2,541,389,000
Unamortized debt issuance costs	(54,630,000)	(31,048,000)
Total long-term debt, net of unamortized debt issuance costs	4,661,683,000	2,510,341,000
Current maturities of long-term debt	(106,000)	(102,000)
Long-term debt, net of current maturities and unamortized debt issuance costs	4,661,577,000	2,510,239,000
Unsecured term loan A
Long-term debt
Long-term debt	300,000,000	300,000,000
Unsecured term loan A -1
Long-term debt
Long-term debt	825,000,000	0
Unsecured $700 million revolver
Long-term debt
Long-term debt	165,000,000	190,000,000
$550 million 4.375% senior unsecured notes due November 2018
Long-term debt
Long-term debt	550,000,000	550,000,000
Face amount of debt	$ 550,000,000
Debt instrument, interest rate, stated percentage	4.375%
$1,000 million 4.875% senior unsecured notes due November 2020
Long-term debt
Long-term debt	$ 1,000,000,000	1,000,000,000
Face amount of debt	$ 1,000,000,000
Debt instrument, interest rate, stated percentage	4.875%
$400 million 4.375% senior unsecured notes due April 2021
Long-term debt
Long-term debt	$ 400,000,000	0
Face amount of debt	$ 400,000,000
Debt instrument, interest rate, stated percentage	4.375%
$500 million 5.375% senior unsecured notes due November 2023
Long-term debt
Long-term debt	$ 500,000,000	500,000,000
Face amount of debt	$ 500,000,000
Debt instrument, interest rate, stated percentage	5.375%
$975 million 5.375% senior unsecured notes due April 2026
Long-term debt
Long-term debt	$ 975,000,000	0
Face amount of debt	$ 975,000,000
Debt instrument, interest rate, stated percentage	5.375%
Capital lease
Long-term debt
Long-term debt	$ 1,313,000	$ 1,389,000

Long-term Debt (Maturities of L

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Future minimum repayments of long-term debt
Within one year	$ 106
2 - 3 years	1,015,228
4 - 5 years	2,225,251
Over 5 years	1,475,728
Long-term debt	$ 4,716,313	$ 2,541,389

Long-term Debt - Senior Unsecur

Long-term Debt - Senior Unsecured Credit Facility (Narrative) (Details)	Sep. 30, 2016USD ($)
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 1,825,000,000
Letters of credit outstanding, amount	900,000
Available borrowing capacity	534,100,000
Senior unsecured credit facility
Long-term debt
Long-term debt	1,290,000,000
Revolving credit facility
Long-term debt
Line of credit facility, maximum borrowing capacity	700,000,000
Outstanding balance on credit facility	165,000,000
Unsecured term loan A
Long-term debt
Line of credit facility, maximum borrowing capacity	300,000,000
Unsecured term loan A -1
Long-term debt
Line of credit facility, maximum borrowing capacity	825,000,000
Term Loan Facilities [Member]
Long-term debt
Outstanding balance on credit facility	$ 1,125,000,000

Long-term Debt - Senior Unsec61

Long-term Debt - Senior Unsecured Notes (Narrative) (Details)	Sep. 30, 2016USD ($)
Senior Unsecured Notes 4.375 Percent Due 2021
Long-term debt
Face amount of debt	$ 400,000,000
Debt instrument, interest rate, stated percentage	4.375%
$975 million 5.375% senior unsecured notes due April 2026
Long-term debt
Face amount of debt	$ 975,000,000
Debt instrument, interest rate, stated percentage	5.375%
Senior Unsecured Notes 4.375 Percent Due 2018
Long-term debt
Face amount of debt	$ 550,000,000
Debt instrument, interest rate, stated percentage	4.375%
Senior Unsecured Notes 4.875 Percent Due 2020
Long-term debt
Face amount of debt	$ 1,000,000,000
Debt instrument, interest rate, stated percentage	4.875%
Senior Unsecured Notes 5.375 Percent Due 2023
Long-term debt
Face amount of debt	$ 500,000,000
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, 2016
Capital lease
Long-term debt
Debt instrument, term	30 years

Long-term Debt Long-term Debt -

Long-term Debt Long-term Debt - Bridge Facility (Narrative) (Details)	9 Months Ended
	Sep. 30, 2016USD ($)
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,825,000,000
Bridge Facility [Member] | Bridge Loan [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,875,000,000
Debt instrument, term	364 days

Commitments and Contingencies64

Commitments and Contingencies Commitments and Contingencies (Operating Lease Commitments) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Capital Leased Assets [Line Items]
Operating leases, rent expense	$ 3.4	$ 1.5	$ 7.6	$ 4
Pinnacle Entertainment, Inc.
Capital Leased Assets [Line Items]
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods			35 years

Commitments and Contingencies65

Commitments and Contingencies Commitments and Contingencies (Future Minimum Lease Payments) (Details) $ in Thousands	Sep. 30, 2016USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,016	$ 2,178
2,017	8,655
2,018	8,633
2,019	8,181
2,020	7,543
Thereafter	490,485
Total Operating Leases, Future Minimum Payments Due	$ 525,675

Stockholders' Equity (Common St

Stockholders' Equity (Common Stock) (Details) - USD ($)	Aug. 09, 2016	Apr. 28, 2016	Apr. 06, 2016	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015
Class of Stock [Line Items]
Proceeds from new issuance of common stock			$ 825,200,000
Proceeds from issuance of common stock, net of issuance costs					$ 870,931,000	$ 0
Pinnacle Entertainment, Inc.
Class of Stock [Line Items]
New issuances of common stock, shares, acquisitions		56,000,000
At The Market Program
Class of Stock [Line Items]
Aggregate amount of shares the company may sell (up to)	$ 400,000,000
Percentage of commission to be received on gross gross sale price of shares sold (up to)	2.00%
Percentage of commission to be paid of sale price of borrowed shares of common stock (up to)	2.00%
Issuance of new common stock (in shares)				1,321,999
Proceeds from new issuance of common stock				$ 46,300,000
Proceeds from issuance of common stock, net of issuance costs				45,700,000
Amount of shares remaining for issuance				$ 353,700,000	$ 353,700,000
Common Stock
Class of Stock [Line Items]
Issuance of new common stock (in shares)			28,750,000		86,074,167
Public offering price per share (in dollars per share)			$ 30
Common Stock | Over-Allotment Option
Class of Stock [Line Items]
Issuance of new common stock (in shares)			3,750,000
Weighted Average | At The Market Program
Class of Stock [Line Items]
Public offering price per share (in dollars per share)				$ 35	$ 35

Stockholders' Equity (Dividends

Stockholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands

Sep. 23, 2016

Aug. 03, 2016

Jun. 17, 2016

Apr. 25, 2016

Mar. 25, 2016

Jan. 29, 2016

Sep. 25, 2015

Jul. 30, 2015

Jun. 26, 2015

May 01, 2015

Mar. 27, 2015

Feb. 03, 2015

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Sep. 30, 2016

Sep. 30, 2015

Equity [Abstract]

Dividends payable, date declared

Aug. 3, 2016

Apr. 25, 2016

Jan. 29, 2016

Jul. 30, 2015

May 1, 2015

Feb. 3, 2015

Dividends payable, date of record

Sep. 12, 2016

Jun. 2, 2016

Feb. 22, 2016

Sep. 14, 2015

Jun. 11, 2015

Mar. 10, 2015

Dividends declared per common share (in dollars per share)

$ 0.60

$ 0.56

$ 0.56

$ 0.545

$ 0.545

$ 0.545

Dividends paid per common share (in dollars per share)

$ 0.60

$ 0.56

$ 0.56

$ 0.55

$ 0.55

$ 0.55

$ 1.72

$ 1.64

Dividends payable, date to be paid

Sep. 23, 2016

Jun. 17, 2016

Mar. 25, 2016

Sep. 25, 2015

Jun. 26, 2015

Mar. 27, 2015

Payments of dividends, common stock

$ 124,262

$ 113,212

$ 65,345

$ 62,456

$ 62,348

$ 62,072

Dividends, share-based compensation

$ 200

$ 500

$ 800

$ 1,600

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)segment	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Segment information
Number of reportable segments | segment			2
Net revenues	$ 233,275	$ 147,792	$ 589,456	$ 446,364
Income from operations	143,306	65,291	331,760	192,962
Interest, net	52,399	30,645	130,565	88,612
Income before income taxes	90,907	34,646	201,195	104,350
Income tax expense	1,307	1,417	5,582	6,001
Net income	89,600	33,229	195,613	98,349
Depreciation	27,165	27,557	81,267	82,585
Capital project expenditures, net of reimbursements	54	2,949	323	13,699
Capital maintenance expenditures	496	382	1,693	2,108
Total assets	7,421,320		7,421,320		$ 2,448,155
Eliminations
Segment information
Net revenues	0	0	0	0
Income from operations	0	0	0	0
Interest, net	(2,601)	(2,601)	(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
Total assets	0		0		0
GLP Capital
Segment information
Net revenues	199,257	111,532	481,704	333,668
Income from operations	138,270	59,896	312,586	173,809
Interest, net	52,400	30,646	130,568	88,615
Income before income taxes	88,471	31,851	189,822	92,998
Income tax expense	210	225	806	1,221
Net income	88,261	31,626	189,016	91,777
Depreciation	24,328	24,337	72,737	73,123
Capital project expenditures, net of reimbursements	54	2,949	222	7,802
Capital maintenance expenditures	0	0	0	0
Total assets	7,211,477		7,211,477		2,223,373
TRS Properties
Segment information
Net revenues	34,018	36,260	107,752	112,696
Income from operations	5,036	5,395	19,174	19,153
Interest, net	2,600	2,600	7,801	7,801
Income before income taxes	2,436	2,795	11,373	11,352
Income tax expense	1,097	1,192	4,776	4,780
Net income	1,339	1,603	6,597	6,572
Depreciation	2,837	3,220	8,530	9,462
Capital project expenditures, net of reimbursements	0	0	101	5,897
Capital maintenance expenditures	496	$ 382	1,693	$ 2,108
Total assets	$ 209,843		$ 209,843		$ 224,782

Supplemental Disclosures of C69

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Cash paid for income taxes, net of refunds received	$ 1,608	$ 3,009	$ 4,638	$ 7,434
Cash paid for interest	$ 6,201	$ 2,491	$ 64,502	$ 57,557

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	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%
Wyomissing Professional Center Owners' Association | Chief Executive Officer
Related Party Transaction [Line Items]
Amounts of transaction	$ 8,300		$ 22,100

Supplementary Condensed Conso71

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, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Assets
Real estate investments, net	$ 3,768,774	$ 2,090,059
Land rights, net	593,069	0
Property and equipment, used in operations, net	121,382	129,747
Investment in direct financing lease, net	2,728,716	0
Cash and cash equivalents	25,359	41,875	$ 42,740	$ 35,973
Prepaid expenses	9,511	7,908
Other current assets	57,983	57,721
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $9,500 and $5,937 at September 30, 2016 and December 31, 2015, respectively	0	3,563
Loan receivable	26,738	29,350
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	0	0
Deferred tax assets, non-current	3,384	2,447
Other assets	1,306	387
Total assets	7,421,320	2,448,155
Liabilities
Accounts payable	588	406
Accrued expenses	7,290	9,580
Accrued interest	73,367	17,623
Accrued salaries and wages	8,221	13,719
Gaming, property, and other taxes	46,116	24,702
Income taxes	0	0
Current maturities of long-term debt	106	102
Other current liabilities	24,323	17,687
Long-term debt, net of current maturities and unamortized debt issuance costs	4,661,577	2,510,239
Intercompany loan payable	0	0
Deferred rental revenue	149,807	107,379
Deferred tax liabilities, non-current	265	232
Total liabilities	4,971,660	2,701,669
Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2016 and December 31, 2015)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 207,115,019 and 115,594,321 shares issued at September 30, 2016 and December 31, 2015, respectively)	2,071	1,156
Additional paid-in capital	3,745,505	935,220
Retained accumulated deficit	(1,297,916)	(1,189,890)
Total shareholders’ equity (deficit)	2,449,660	(253,514)
Total liabilities and shareholders’ equity (deficit)	7,421,320	2,448,155
Debt issuance costs, accumulated amortization	$ 9,500	$ 5,937
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	207,115,019	115,594,321
Consolidation, Eliminations
Assets
Real estate investments, net	$ 0	$ 0
Land rights, net	0
Property and equipment, used in operations, net	0	0
Investment in direct financing lease, net	0
Cash and cash equivalents	0	0	0	0
Prepaid expenses	519	2,922
Other current assets	0	0
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net of accumulated amortization of $9,500 and $5,937 at September 30, 2016 and December 31, 2015, respectively	0	0
Loan receivable	0	0
Intercompany loan receivable	(193,595)	(193,595)
Intercompany transactions and investment in subsidiaries	(10,658,713)	108,820
Deferred tax assets, non-current	0	(107)
Other assets	0	0
Total assets	(10,851,789)	(81,960)
Liabilities
Accounts payable	0	0
Accrued expenses	0	0
Accrued interest	0	0
Accrued salaries and wages	0	0
Gaming, property, and other taxes	0	0
Income taxes	519	2,922
Current maturities of long-term debt	0	0
Other current liabilities	0	0
Long-term debt, net of current maturities and unamortized debt issuance costs	0	0
Intercompany loan payable	(193,595)	(193,595)
Deferred rental revenue	0	0
Deferred tax liabilities, non-current	0	(107)
Total liabilities	(193,076)	(190,780)
Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2016 and December 31, 2015)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 207,115,019 and 115,594,321 shares issued at September 30, 2016 and December 31, 2015, respectively)	(4,142)	(2,312)
Additional paid-in capital	(13,078,014)	(2,023,279)
Retained accumulated deficit	2,423,443	2,134,411
Total shareholders’ equity (deficit)	(10,658,713)	108,820
Total liabilities and shareholders’ equity (deficit)	$ (10,851,789)	(81,960)
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
Land rights, net	0
Property and equipment, used in operations, net	0	0
Investment in direct financing lease, net	0
Cash and cash equivalents	0	0	0	2,643
Prepaid expenses	0	0
Other current assets	0	0
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net of accumulated amortization of $9,500 and $5,937 at September 30, 2016 and December 31, 2015, respectively	0	0
Loan receivable	0	0
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	2,449,660	(253,514)
Deferred tax assets, non-current		0
Other assets	0	0
Total assets	2,449,660	(253,514)
Liabilities
Accounts payable	0	0
Accrued expenses	0	0
Accrued interest	0	0
Accrued salaries and wages	0	0
Gaming, property, and other taxes	0	0
Income taxes	0	0
Current maturities of long-term debt	0	0
Other current liabilities	0	0
Long-term debt, net of current maturities and unamortized debt issuance costs	0	0
Intercompany loan payable	0	0
Deferred rental revenue	0	0
Deferred tax liabilities, non-current	0	0
Total liabilities	0	0
Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2016 and December 31, 2015)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 207,115,019 and 115,594,321 shares issued at September 30, 2016 and December 31, 2015, respectively)	2,071	1,156
Additional paid-in capital	3,745,505	935,220
Retained accumulated deficit	(1,297,916)	(1,189,890)
Total shareholders’ equity (deficit)	2,449,660	(253,514)
Total liabilities and shareholders’ equity (deficit)	$ 2,449,660	$ (253,514)
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	207,115,019	115,594,321
Subsidiary Issuers
Assets
Real estate investments, net	$ 1,886,252	$ 1,955,290
Land rights, net	0
Property and equipment, used in operations, net	23,110	24,494
Investment in direct financing lease, net	0
Cash and cash equivalents	3,971	8,716	10,807	4,450
Prepaid expenses	5,114	3,768
Other current assets	39,880	54,838
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net of accumulated amortization of $9,500 and $5,937 at September 30, 2016 and December 31, 2015, respectively	0	3,563
Loan receivable	0	0
Intercompany loan receivable	193,595	193,595
Intercompany transactions and investment in subsidiaries	5,239,292	191,112
Deferred tax assets, non-current	0	0
Other assets	256	256
Total assets	7,391,470	2,435,632
Liabilities
Accounts payable	367	127
Accrued expenses	917	4,737
Accrued interest	73,367	17,623
Accrued salaries and wages	6,275	10,728
Gaming, property, and other taxes	27,579	21,949
Income taxes	3	(41)
Current maturities of long-term debt	106	102
Other current liabilities	22,372	16,303
Long-term debt, net of current maturities and unamortized debt issuance costs	4,661,577	2,510,239
Intercompany loan payable	0	0
Deferred rental revenue	149,247	107,379
Deferred tax liabilities, non-current	0	0
Total liabilities	4,941,810	2,689,146
Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2016 and December 31, 2015)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 207,115,019 and 115,594,321 shares issued at September 30, 2016 and December 31, 2015, respectively)	2,071	1,156
Additional paid-in capital	3,745,507	935,221
Retained accumulated deficit	(1,297,918)	(1,189,891)
Total shareholders’ equity (deficit)	2,449,660	(253,514)
Total liabilities and shareholders’ equity (deficit)	7,391,470	2,435,632
Debt issuance costs, accumulated amortization	9,500	5,937
Non-Guarantor Subsidiaries [Member]
Assets
Real estate investments, net	1,882,522	134,769
Land rights, net	593,069
Property and equipment, used in operations, net	98,272	105,253
Investment in direct financing lease, net	2,728,716
Cash and cash equivalents	21,388	33,159	$ 31,933	$ 28,880
Prepaid expenses	3,878	1,218
Other current assets	18,103	2,883
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $9,500 and $5,937 at September 30, 2016 and December 31, 2015, respectively	0	0
Loan receivable	26,738	29,350
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	2,969,761	(46,418)
Deferred tax assets, non-current	3,384	2,554
Other assets	1,050	131
Total assets	8,431,979	347,997
Liabilities
Accounts payable	221	279
Accrued expenses	6,373	4,843
Accrued interest	0	0
Accrued salaries and wages	1,946	2,991
Gaming, property, and other taxes	18,537	2,753
Income taxes	(522)	(2,881)
Current maturities of long-term debt	0	0
Other current liabilities	1,951	1,384
Long-term debt, net of current maturities and unamortized debt issuance costs	0	0
Intercompany loan payable	193,595	193,595
Deferred rental revenue	560	0
Deferred tax liabilities, non-current	265	339
Total liabilities	222,926	203,303
Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2016 and December 31, 2015)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 207,115,019 and 115,594,321 shares issued at September 30, 2016 and December 31, 2015, respectively)	2,071	1,156
Additional paid-in capital	9,332,507	1,088,058
Retained accumulated deficit	(1,125,525)	(944,520)
Total shareholders’ equity (deficit)	8,209,053	144,694
Total liabilities and shareholders’ equity (deficit)	$ 8,431,979	$ 347,997

Supplementary Condensed Conso72

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, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Rental income	$ 160,664	$ 97,754	$ 402,980	$ 293,597
Income from direct financing lease	18,155	0	30,786	0
Real estate taxes paid by tenants	20,438	13,778	47,938	40,071
Total rental revenue and income from direct financing lease	199,257	111,532	481,704	333,668
Gaming	32,770	34,915	103,692	108,425
Food, beverage and other	2,613	2,794	8,221	8,464
Total revenues	234,640	149,241	593,617	450,557
Less promotional allowances	(1,365)	(1,449)	(4,161)	(4,193)
Net revenues	233,275	147,792	589,456	446,364
Operating expenses
Gaming	18,080	19,357	56,119	58,644
Food, beverage and other	2,037	2,128	6,174	6,489
Real estate taxes	20,866	14,174	49,148	41,138
General and administrative	21,821	19,285	64,988	64,546
Depreciation	27,165	27,557	81,267	82,585
Total operating expenses	89,969	82,501	257,696	253,402
Income from operations	143,306	65,291	331,760	192,962
Other income (expenses)
Interest expense	(52,880)	(31,226)	(132,217)	(90,373)
Interest income	481	581	1,652	1,761
Intercompany dividends and interest	0	0	0	0
Total other expenses	(52,399)	(30,645)	(130,565)	(88,612)
Income before income taxes	90,907	34,646	201,195	104,350
Income tax expense	1,307	1,417	5,582	6,001
Net income	89,600	33,229	195,613	98,349
Eliminations
Revenues
Rental income	0	0	0	0
Income from direct financing lease	0	0	0	0
Real estate taxes paid by tenants	0	0	0	0
Total rental revenue and income from direct financing lease	0	0	0	0
Gaming	0	0	0	0
Food, beverage and other	0	0	0	0
Total revenues	0	0	0	0
Less promotional allowances	0	0	0	0
Net revenues	0	0	0	0
Operating expenses
Gaming	0	0	0	0
Food, beverage and other	0	0	0	0
Real estate taxes	0	0	0	0
General and administrative	0	0	0	0
Depreciation	0	0	0	0
Total operating expenses	0	0	0	0
Income from operations	0	0	0	0
Other income (expenses)
Interest expense	0	0	0	0
Interest income	0	0	0	0
Intercompany dividends and interest	(105,302)	(8,500)	(228,201)	(27,986)
Total other expenses	(105,302)	(8,500)	(228,201)	(27,986)
Income before income taxes	(105,302)	(8,500)	(228,201)	(27,986)
Income tax expense	0	0	0	0
Net income	(105,302)	(8,500)	(228,201)	(27,986)
Parent Guarantor
Revenues
Rental income	0	0	0	0
Income from direct financing lease	0	0	0	0
Real estate taxes paid by tenants	0	0	0	0
Total rental revenue and income from direct financing lease	0	0	0	0
Gaming	0	0	0	0
Food, beverage and other	0	0	0	0
Total revenues	0	0	0	0
Less promotional allowances	0	0	0	0
Net revenues	0	0	0	0
Operating expenses
Gaming	0	0	0	0
Food, beverage and other	0	0	0	0
Real estate taxes	0	0	0	0
General and administrative	0	0	0	0
Depreciation	0	0	0	0
Total operating expenses	0	0	0	0
Income from operations	0	0	0	0
Other income (expenses)
Interest expense	0	0	0	0
Interest income	0	0	0	0
Intercompany dividends and interest	0	0	0	0
Total other expenses	0	0	0	0
Income before income taxes	0	0	0	0
Income tax expense	0	0	0	0
Net income	0	0	0	0
Subsidiary Issuers
Revenues
Rental income	95,045	94,254	287,783	283,097
Income from direct financing lease	0	0	0	0
Real estate taxes paid by tenants	10,919	13,266	30,815	38,575
Total rental revenue and income from direct financing lease	105,964	107,520	318,598	321,672
Gaming	0	0	0	0
Food, beverage and other	0	0	0	0
Total revenues	105,964	107,520	318,598	321,672
Less promotional allowances	0	0	0	0
Net revenues	105,964	107,520	318,598	321,672
Operating expenses
Gaming	0	0	0	0
Food, beverage and other	0	0	0	0
Real estate taxes	10,938	13,266	30,865	38,575
General and administrative	11,610	13,521	40,661	46,665
Depreciation	23,331	23,576	70,218	70,840
Total operating expenses	45,879	50,363	141,744	156,080
Income from operations	60,085	57,157	176,854	165,592
Other income (expenses)
Interest expense	(52,880)	(31,226)	(132,217)	(90,373)
Interest income	0	(1)	169	10
Intercompany dividends and interest	103,903	6,101	209,505	23,790
Total other expenses	51,023	(25,126)	77,457	(66,573)
Income before income taxes	111,108	32,031	254,311	99,019
Income tax expense	210	226	806	1,222
Net income	110,898	31,805	253,505	97,797
Non-Guarantor Subsidiaries [Member]
Revenues
Rental income	65,619	3,500	115,197	10,500
Income from direct financing lease	18,155	0	30,786	0
Real estate taxes paid by tenants	9,519	512	17,123	1,496
Total rental revenue and income from direct financing lease	93,293	4,012	163,106	11,996
Gaming	32,770	34,915	103,692	108,425
Food, beverage and other	2,613	2,794	8,221	8,464
Total revenues	128,676	41,721	275,019	128,885
Less promotional allowances	(1,365)	(1,449)	(4,161)	(4,193)
Net revenues	127,311	40,272	270,858	124,692
Operating expenses
Gaming	18,080	19,357	56,119	58,644
Food, beverage and other	2,037	2,128	6,174	6,489
Real estate taxes	9,928	908	18,283	2,563
General and administrative	10,211	5,764	24,327	17,881
Depreciation	3,834	3,981	11,049	11,745
Total operating expenses	44,090	32,138	115,952	97,322
Income from operations	83,221	8,134	154,906	27,370
Other income (expenses)
Interest expense	0	0	0	0
Interest income	481	582	1,483	1,751
Intercompany dividends and interest	1,399	2,399	18,696	4,196
Total other expenses	1,880	2,981	20,179	5,947
Income before income taxes	85,101	11,115	175,085	33,317
Income tax expense	1,097	1,191	4,776	4,779
Net income	$ 84,004	$ 9,924	$ 170,309	$ 28,538

Supplementary Condensed Conso73

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, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Operating activities
Net income	$ 89,600	$ 33,229	$ 195,613	$ 98,349
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			85,119	82,585
Amortization of debt issuance costs			11,889	7,730
(Gains) losses on dispositions of property			(460)	89
Deferred income taxes			(997)	(2,179)
Stock-based compensation			13,804	12,658
Straight-line rent adjustments			42,429	41,869
(Increase), decrease
Prepaid expenses and other current assets			10,593	(1,026)
Other assets			(658)	(2)
Intercompany			0	0
Increase, (decrease)
Accounts payable			57	16
Accrued expenses			(4,123)	3,634
Accrued interest			55,744	25,005
Accrued salaries and wages			(5,498)	(902)
Gaming, property and other taxes			840	(687)
Income taxes			0	0
Other current and non-current liabilities			1,093	(314)
Net cash provided by operating activities			405,445	266,825
Investing activities
Capital project expenditures, net of reimbursements	(54)	(2,949)	(323)	(13,699)
Capital maintenance expenditures	(496)	(382)	(1,693)	(2,108)
Proceeds from sale of property and equipment			1,131	117
Principal payments on loan receivable			2,612	1,613
Acquisition of real estate assets			(3,267,123)	0
Collections of principal payments on investment in direct financing lease			30,529	0
Net cash used in investing activities			(3,234,867)	(14,077)
Financing activities
Dividends paid			(303,639)	(188,470)
Proceeds from exercise of options			102,598	17,250
Proceeds from issuance of common stock, net of issuance costs			870,931	0
Proceeds from issuance of long-term debt			2,502,000	0
Financing costs			(31,908)	(6,688)
Repayments of long-term debt			(327,076)	(68,073)
Intercompany financing			0	0
Net cash provided by (used in) financing activities			2,812,906	(245,981)
Net (decrease) increase in cash and cash equivalents			(16,516)	6,767
Cash and cash equivalents at beginning of period			41,875	35,973
Cash and cash equivalents at end of period	25,359	42,740	25,359	42,740
Eliminations
Operating activities
Net income	(105,302)	(8,500)	(228,201)	(27,986)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			0	0
Amortization of debt issuance costs			0	0
(Gains) 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			2,403	703
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			(2,403)	(703)
Other current and non-current liabilities			0	0
Net cash provided by operating activities			(228,201)	(27,986)
Investing activities
Capital project expenditures, net of reimbursements			0	0
Capital maintenance expenditures			0	0
Proceeds from sale of property and equipment			0	0
Principal payments on loan receivable			0	0
Acquisition of real estate assets			0
Collections of principal payments on investment in direct financing lease			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 common stock, net of issuance costs			0
Proceeds from issuance of long-term debt			0
Financing costs			0	0
Repayments of long-term debt			0	0
Intercompany financing			228,201	27,986
Net cash provided by (used in) financing activities			228,201	27,986
Net (decrease) increase 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	0	0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			0	0
Amortization of debt issuance costs			0	0
(Gains) 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			0	0
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			0	0
Other current and non-current liabilities			0	0
Net cash provided by operating activities			0	0
Investing activities
Capital project expenditures, net of reimbursements			0	0
Capital maintenance expenditures			0	0
Proceeds from sale of property and equipment			0	0
Principal payments on loan receivable			0	0
Acquisition of real estate assets			0
Collections of principal payments on investment in direct financing lease			0
Net cash used in investing activities			0	0
Financing activities
Dividends paid			(303,639)	(188,470)
Proceeds from exercise of options			102,598	17,250
Proceeds from issuance of common stock, net of issuance costs			870,931
Proceeds from issuance of long-term debt			0
Financing costs			0	0
Repayments of long-term debt			0	0
Intercompany financing			(669,890)	168,577
Net cash provided by (used in) financing activities			0	(2,643)
Net (decrease) increase in cash and cash equivalents			0	(2,643)
Cash and cash equivalents at beginning of period			0	2,643
Cash and cash equivalents at end of period	0	0	0	0
Subsidiary Issuers
Operating activities
Net income	110,898	31,805	253,505	97,797
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			70,218	70,840
Amortization of debt issuance costs			11,889	7,730
(Gains) losses on dispositions of property			(471)	56
Deferred income taxes			0	0
Stock-based compensation			13,804	12,658
Straight-line rent adjustments			41,869	41,869
(Increase), decrease
Prepaid expenses and other current assets			8,559	(2,831)
Other assets			0	0
Intercompany			365	2,467
Increase, (decrease)
Accounts payable			115	(104)
Accrued expenses			(3,820)	3,871
Accrued interest			55,744	25,005
Accrued salaries and wages			(4,453)	(912)
Gaming, property and other taxes			683	(951)
Income taxes			43	165
Other current and non-current liabilities			6,072	(223)
Net cash provided by operating activities			454,122	257,437
Investing activities
Capital project expenditures, net of reimbursements			(222)	(7,802)
Capital maintenance expenditures			0	0
Proceeds from sale of property and equipment			897	111
Principal payments on loan receivable			0	0
Acquisition of real estate assets			0
Collections of principal payments on investment in direct financing lease			0
Net cash used in investing activities			675	(7,691)
Financing activities
Dividends paid			0	0
Proceeds from exercise of options			0	0
Proceeds from issuance of common stock, net of issuance costs			0
Proceeds from issuance of long-term debt			2,502,000
Financing costs			(31,908)	(6,688)
Repayments of long-term debt			(327,076)	(68,073)
Intercompany financing			(2,602,558)	(168,628)
Net cash provided by (used in) financing activities			(459,542)	(243,389)
Net (decrease) increase in cash and cash equivalents			(4,745)	6,357
Cash and cash equivalents at beginning of period			8,716	4,450
Cash and cash equivalents at end of period	3,971	10,807	3,971	10,807
Non-Guarantor Subsidiaries [Member]
Operating activities
Net income	84,004	9,924	170,309	28,538
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			14,901	11,745
Amortization of debt issuance costs			0	0
(Gains) losses on dispositions of property			11	33
Deferred income taxes			(997)	(2,179)
Stock-based compensation			0	0
Straight-line rent adjustments			560	0
(Increase), decrease
Prepaid expenses and other current assets			(369)	1,102
Other assets			(658)	(2)
Intercompany			(365)	(2,467)
Increase, (decrease)
Accounts payable			(58)	120
Accrued expenses			(303)	(237)
Accrued interest			0	0
Accrued salaries and wages			(1,045)	10
Gaming, property and other taxes			157	264
Income taxes			2,360	538
Other current and non-current liabilities			(4,979)	(91)
Net cash provided by operating activities			179,524	37,374
Investing activities
Capital project expenditures, net of reimbursements			(101)	(5,897)
Capital maintenance expenditures			(1,693)	(2,108)
Proceeds from sale of property and equipment			234	6
Principal payments on loan receivable			2,612	1,613
Acquisition of real estate assets			(3,267,123)
Collections of principal payments on investment in direct financing lease			30,529
Net cash used in investing activities			(3,235,542)	(6,386)
Financing activities
Dividends paid			0	0
Proceeds from exercise of options			0	0
Proceeds from issuance of common stock, net of issuance costs
Proceeds from issuance of long-term debt			0
Financing costs			0	0
Repayments of long-term debt			0	0
Intercompany financing			3,044,247	(27,935)
Net cash provided by (used in) financing activities			3,044,247	(27,935)
Net (decrease) increase in cash and cash equivalents			(11,771)	3,053
Cash and cash equivalents at beginning of period			33,159	28,880
Cash and cash equivalents at end of period	$ 21,388	$ 31,933	$ 21,388	$ 31,933

Subsequent Event (Details)

Subsequent Event (Details) - $ / shares

Nov. 04, 2016

Aug. 03, 2016

Apr. 25, 2016

Jan. 29, 2016

Jul. 30, 2015

May 01, 2015

Feb. 03, 2015

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Subsequent Event [Line Items]

Dividends payable, date declared

Aug. 3, 2016

Apr. 25, 2016

Jan. 29, 2016

Jul. 30, 2015

May 1, 2015

Feb. 3, 2015

Dividends declared per common share (in dollars per share)

$ 0.60

$ 0.56

$ 0.56

$ 0.545

$ 0.545

$ 0.545

Dividends payable, date to be paid

Sep. 23, 2016

Jun. 17, 2016

Mar. 25, 2016

Sep. 25, 2015

Jun. 26, 2015

Mar. 27, 2015

Dividends payable, date of record

Sep. 12, 2016

Jun. 2, 2016

Feb. 22, 2016

Sep. 14, 2015

Jun. 11, 2015

Mar. 10, 2015

Subsequent Event

Subsequent Event [Line Items]

Dividends payable, date declared

Nov. 4, 2016

Dividends declared per common share (in dollars per share)

$ 0.60

Dividends payable, date to be paid

Dec. 16, 2016

Dividends payable, date of record

Dec. 5, 2016