Gaming and Leisure Properties (GLPI) 10-Q 7 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 02, 2019
Document and Entity Information
Entity Registrant Name	Gaming & Leisure Properties, Inc.
Entity Central Index Key	0001575965
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		214,659,312
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	GLPI

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Assets
Real estate investments, net	$ 7,275,596	$ 7,331,460
Property and equipment, used in operations, net	98,513	100,884
Mortgage loans receivable	303,684	303,684
Right-of-use assets and land rights, net	872,656
Land rights, net		673,207
Cash and cash equivalents	30,334	25,783	$ 45,420	$ 29,054
Prepaid expenses	3,462	30,967
Goodwill	16,067	16,067
Other intangible assets	9,577	9,577
Loan receivable	0	13,000
Deferred tax assets	5,528	5,178
Other assets	31,415	67,486
Total assets	8,646,832	8,577,293
Liabilities
Accounts payable	702	2,511
Accrued expenses	5,951	30,297
Accrued interest	98,223	45,261
Accrued salaries and wages	6,848	17,010
Gaming, property, and other taxes	1,340	42,879
Income taxes	648	0
Lease liabilities	202,405
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,795,122	5,853,497
Deferred rental revenue	302,555	293,911
Deferred tax liabilities	258	261
Other liabilities	25,096	26,059
Total liabilities	6,439,148	6,311,686
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2019 and December 31, 2018)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,645,500 and 214,211,932 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively)	2,146	2,142
Additional paid-in capital	3,947,768	3,952,503
Accumulated deficit	(1,742,230)	(1,689,038)
Total shareholders’ equity	2,207,684	2,265,607	$ 2,416,848	$ 2,458,247
Total liabilities and shareholders’ equity	$ 8,646,832	$ 8,577,293

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
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	214,645,500	214,211,932
Common stock, shares, outstanding	214,645,500	214,211,932

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)$ / shares
Revenues
Rental income	$ 247,678
Income from direct financing lease	0
Interest income from mortgaged real estate	7,193
Total revenues	287,864
Operating expenses
Gaming, food, beverage and other	19,022
Land rights and ground lease expense	9,249
General and administrative	17,240
Depreciation	58,578
Loan impairment charges	13,000
Total operating expenses	117,089
Income from operations	170,775
Other income (expenses)
Interest expense	(76,728)
Interest income	89
Total other expenses	(76,639)
Income before income taxes	94,136
Income tax expense	1,126
Net income	$ 93,010
Earnings per common share (in dollars per share)
Basic earnings per common share (in dollars per share) | $ / shares	$ 0.43
Diluted earnings per common share (in dollars per share) | $ / shares	$ 0.43
Real Estate
Revenues
Total revenues	$ 254,871
Gaming, food, beverage and other
Revenues
Total revenues	$ 32,993

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Dividends paid per common share (in dollars per share)	$ 0.63
Beginning Balance at Dec. 31, 2017	$ 2,458,247	$ 2,127	$ 3,933,829	$ (1,477,709)
Beginning Balance (in shares) at Dec. 31, 2017		212,717,549
Increase (Decrease) in Shareholders' Equity
Stock option activity	5,244	$ 3	5,241
Stock option activity (in shares)		297,605
Restricted stock activity	(8,288)	$ 5	(8,293)
Restricted stock activity (in shares)		483,095
Dividends paid	(134,717)			(134,717)
Net income	96,772			96,772
Ending Balance at Mar. 31, 2018	$ 2,416,848	$ 2,135	3,930,777	(1,516,064)
Ending Balance (in shares) at Mar. 31, 2018		213,498,249
Dividends paid per common share (in dollars per share)	$ 0.68
Beginning Balance at Dec. 31, 2018	$ 2,265,607	$ 2,142	3,952,503	(1,689,038)
Beginning Balance (in shares) at Dec. 31, 2018	214,211,932	214,211,932
Increase (Decrease) in Shareholders' Equity
Stock option activity	$ 592	$ 0	592
Stock option activity (in shares)		26,799
Restricted stock activity	(5,323)	$ 4	(5,327)
Restricted stock activity (in shares)		406,769
Dividends paid	(146,202)			(146,202)
Net income	93,010			93,010
Ending Balance at Mar. 31, 2019	$ 2,207,684	$ 2,146	$ 3,947,768	$ (1,742,230)
Ending Balance (in shares) at Mar. 31, 2019	214,645,500	214,645,500

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities
Net income	$ 93,010	$ 96,772
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	61,668	30,681
Amortization of debt issuance costs, bond premiums and original issuance discounts	2,891	3,257
Losses on dispositions of property	7	0
Deferred income taxes	(248)	164
Stock-based compensation	4,325	3,987
Straight-line rent adjustments	8,644	16,617
Loan impairment charges	13,000	0
(Increase), decrease
Prepaid expenses and other assets	(3,346)	(1,001)
Increase, (decrease)
Accounts payable	(1,809)	(225)
Accrued expenses	521	203
Accrued interest	52,962	42,238
Accrued salaries and wages	(10,162)	(7,680)
Gaming, property and other taxes	276	22
Income taxes	648	199
Other liabilities	(964)	522
Net cash provided by operating activities	221,423	185,756
Investing activities
Capital maintenance expenditures	(530)	(822)
Proceeds from sale of property and equipment	182	0
Collections of principal payments on investment in direct financing lease	0	18,209
Net cash (used in) provided by investing activities	(348)	17,387
Financing activities
Dividends paid	(146,202)	(134,717)
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options	(9,056)	(7,031)
Proceeds from issuance of long-term debt	62,000	0
Financing costs	(236)	0
Repayments of long-term debt	(123,030)	(45,029)
Net cash used in financing activities	(216,524)	(186,777)
Net increase in cash and cash equivalents	4,551	16,366
Cash and cash equivalents at beginning of period	25,783	29,054
Cash and cash equivalents at end of period	$ 30,334	$ 45,420

Business and Operations

Business and Operations	3 Months Ended
	Mar. 31, 2019
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 that began on January 1, 2014 to be treated as a REIT and GLPI, together with its indirect wholly-owned subsidiary, 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 (as of the Spin-Off) and leases back most of those assets to Penn for use by its subsidiaries, under a unitary master lease, a triple-net operating lease with an initial term of 15 years (expiring October 31, 2028) 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 originally leased these assets back to Pinnacle, under a unitary triple-net lease with an initial term of 10 years (expiring April 30, 2026) with no purchase option, followed by five 5-year renewal options (exercisable by Pinnacle) on the same terms and conditions (the "Pinnacle Master Lease"). On October 15, 2018, the Company completed its previously announced transactions with Penn, Pinnacle and Boyd Gaming Corporation ("Boyd") to accommodate Penn's acquisition of the majority of Pinnacle's operations, pursuant to a definitive agreement and plan of merger between Penn and Pinnacle, dated December 17, 2017 (the "Penn-Pinnacle Merger"). Concurrent with the Penn-Pinnacle Merger, the Company amended the Pinnacle Master Lease to allow for the sale of the operating assets of Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort from Pinnacle to Boyd (the "Amended Pinnacle Master Lease") and entered into a new unitary triple-net master lease agreement with Boyd (the "Boyd Master Lease") for these properties on terms similar to the Company’s Amended Pinnacle Master Lease. The Boyd Master Lease has an initial term of 10 years (from the original April 2016 commencement date of the Pinnacle Master Lease and expiring April 30, 2026), with no purchase option, followed by five 5-year renewal options (exercisable by Boyd) on the same terms and conditions. The Company also purchased the real estate assets of Plainridge Park Casino ("Plainridge Park") from Penn for $250.0 million , exclusive of transaction fees and taxes and added this property to the Amended Pinnacle Master Lease. The Amended Pinnacle Master Lease was assumed by Penn at the consummation of the Penn-Pinnacle Merger. The Company also entered into a mortgage loan agreement with Boyd in connection with Boyd's acquisition of Belterra Park Gaming & Entertainment Center ("Belterra Park"), whereby the Company loaned Boyd $57.7 million . In addition to the acquisition of Plainridge Park described above, on October 1, 2018, the Company closed its previously announced transaction to acquire certain real property assets from Tropicana Entertainment Inc. (“Tropicana”) and certain of its affiliates pursuant to a Purchase and Sale Agreement (the “Real Estate Purchase Agreement”) dated April 15, 2018 between Tropicana and GLP Capital L.P., the operating partnership of GLPI (“GLP Capital”), which was subsequently amended on October 1, 2018 (as amended, the “Amended Real Estate Purchase Agreement”). Pursuant to the terms of the Amended Real Estate Purchase Agreement, the Company acquired the real estate assets of Tropicana Atlantic City, Tropicana Evansville, Tropicana Laughlin, Trop Casino Greenville and the Belle of Baton Rouge (the “GLP Assets”) from Tropicana for an aggregate cash purchase price of $964.0 million , exclusive of transaction fees and taxes (the "Tropicana Acquisition"). Concurrent with the Tropicana Acquisition, Eldorado Resorts, Inc. ("Eldorado") acquired the operating assets of these properties from Tropicana pursuant to an Agreement and Plan of Merger dated April 15, 2018 by and among Tropicana, GLP Capital, Eldorado and a wholly-owned subsidiary of Eldorado (the "Tropicana Merger Agreement") and leased the GLP Assets from the Company pursuant to the terms of a new unitary triple-net master lease with an initial term of 15 years , with no purchase option followed by four successive 5-year renewal periods (exercisable by Eldorado) on the same terms and conditions (the “Eldorado Master Lease”). Additionally, on October 1, 2018 the Company made a mortgage loan to Eldorado in the amount of $246.0 million in connection with Eldorado’s acquisition of Lumière Place Casino and Hotel ("Lumière Place") (and together with the Tropicana Acquisition the "Tropicana Transactions"). GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of March 31, 2019 , GLPI’s portfolio consisted of interests in 46 gaming and related facilities, including the TRS Properties, the real property associated with 33 gaming and related facilities operated by Penn, the real property associated with 6 gaming and related facilities operated by Eldorado (including one mortgaged facility), the real property associated with 4 gaming and related facilities operated by Boyd (including one mortgaged facility) and the real property associated with the Casino Queen in East St. Louis, Illinois. These facilities are geographically diversified across 16 states and were 100% occupied at March 31, 2019

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation	3 Months Ended
	Mar. 31, 2019
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. In conjunction with the adoption of ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"), on January 1, 2019, the Company recorded right-of-use assets on the condensed consolidated balance sheet to represent the Company's rights to use the underlying leased assets for the term of the lease. As this asset related, in part, to the same leases which resulted in the below market lease asset the Company described as land rights, net on the December 31, 2018 condensed consolidated balance sheet, this line item has been re-named to right-of-use assets and land rights, net as the assets are required to be reported in the aggregate subsequent to the adoption of ASU 2016-02. Furthermore, under ASU 2016-02, the Company is no longer required to gross-up its financial statements for the real estate taxes paid directly by its tenants to third-parties. 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 months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . The notes to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018 (our "Annual Report") should be read in conjunction with these condensed consolidated financial statements. The December 31, 2018

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 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. Generally speaking, ASU 2016-02 more significantly impacted the accounting for leases in which GLPI is the lessee by requiring the Company to record a right-of-use asset and lease liability on its condensed consolidated balance sheet for these leases. The Company's accounting treatment of its triple-net tenant leases, which are the primary source of revenues to the Company, were not significantly impacted by the adoption of ASU 2016-02, other than to eliminate the real estate tax gross-up discussed below. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements ("ASU 2018-11") which permits companies to apply the transition provisions of ASU 2016-02 at its effective date (i.e. comparative financial statements are not required). Furthermore, in December 2018, the FASB issued ASU No. 2018-20, Leases (Topic 842): Narrow Scope Improvements for Lessors ("ASU 2018-20"). ASU 2018-20 clarifies that lessor costs paid directly to a third-party by a lessee on behalf of the lessor, are no longer required to be recognized in the lessor's financial statements. Therefore, upon the adoption of ASU 2016-02, the Company no longer grosses-up its financial statements for real estate taxes paid directly to third-parties by its tenants. The Company notes, however, that ground leases for which the tenant pays the landlord directly on the Company's behalf are still required to be grossed-up within its condensed consolidated financial statements upon the adoption of ASU 2016-02 as these are not considered lessor costs. On January 1, 2019, the Company adopted ASU 2016-02 using the new transition option available under ASU 2018-11 and recorded right-of-use assets and related lease liabilities of $203 million on its condensed consolidated balance sheet to represent its rights to underlying assets and its future lease obligations. Also in connection with the adoption of ASC 842 - Leases ("ASC 842"), the land rights recorded on balance sheet in conjunction with the Company's assumption of below market leases at the time it acquired the related land and building assets are now required to be reported in aggregate with the Company's operating lease right-of-use assets, reflected as right-of-use assets and land rights, net on the condensed consolidated balance sheet. Furthermore, the Company elected the package of practical expedients, which among other things, did not require the Company to reassess the lease classification of its existing leases and the practical expedient related to land easements, which allowed the Company to bypass the reassessment of existing or expired land easements for the existence of a lease under ASC 842. See Note 7 for further disclosures related to the adoption of ASU 2016-02. Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (a consensus of the FASB Emerging Issues Task Force ) ("ASU 2018-15"). This ASU clarifies that entities should follow the guidance for capitalizing implementation costs incurred to develop or obtain internal-use software to account for implementation costs of cloud computing arrangements that are service contracts. ASU 2018-15 does not change the accounting for the service component of a cloud computing arrangement. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company does not expect the adoption of ASU 2018-15 to have a significant impact on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). This ASU simplifies an entity's goodwill impairment test by eliminating Step 2 from the test. The new guidance also amends the definition of impairment to a condition that exists when the carrying amount of goodwill exceeds its fair value. By eliminating Step 2 from the test, entities are no longer required to determine the implied fair value of goodwill by computing the fair value (at impairment testing date) of all assets and liabilities in a manner similar to that required in conjunction with business combinations. Upon the adoption of ASU 2017-04, an impairment charge is simply recorded as the difference between carrying value and fair value, when carrying value exceeds fair value. ASU 2017-04 is effective for annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company expects the adoption of ASU 2017-04 to simplify the analysis required under the goodwill impairment test. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instrument

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments Real estate investments, net, represents investments in 42 rental properties and the corporate headquarters building and is summarized as follows: March 31, December 31, (in thousands) Land and improvements $ 2,552,286 $ 2,552,475 Building and improvements 5,762,071 5,762,071 Total real estate investments 8,314,357 8,314,546 Less accumulated depreciation (1,038,761 ) (983,086 ) Real estate investments, net $ 7,275,596 $ 7,331,460

Property and Equipment Used in

Property and Equipment Used in Operations	3 Months Ended
	Mar. 31, 2019
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: March 31, December 31, (in thousands) Land and improvements $ 30,431 $ 30,431 Building and improvements 116,776 116,776 Furniture, fixtures, and equipment 117,593 117,247 Construction in progress 439 284 Total property and equipment 265,239 264,738 Less accumulated depreciation (166,726 ) (163,854 ) Property and equipment, net $ 98,513 $ 100,884

Receivables Receivables

Receivables Receivables	3 Months Ended
	Mar. 31, 2019
Receivables [Abstract]
Receivables	Receivables Mortgage Loans Receivable At March 31, 2019 , the Company has financial interests in two casino properties through secured mortgage loans to the respective casino owner-operators. On October 1, 2018, Eldorado purchased the real estate assets of Lumière Place from Tropicana for a cash purchase price of $246.0 million , exclusive of transaction fees. Financing for the transaction was provided by the Company in the form of $246.0 million secured mortgage loan on Lumière Place (the "Lumière Loan"). The Lumière Loan bears interest at a rate equal to (i) 9.09% until the one-year anniversary of the closing, and (ii) 9.27% until its maturity. Until the one-year anniversary of the closing, the Lumière Loan will be secured by a first mortgage lien on Lumière Place. On the one-year anniversary of the Lumière Loan, the mortgage and the related deed of trust on the Lumière Place property will terminate and the loan will continue unsecured until its final maturity on the two-year anniversary of the closing. The parties anticipate that the Lumière Loan will be fully repaid on or prior to maturity by way of substitution of one or more additional Eldorado properties acceptable to Eldorado and the Company, which will be transferred to the Company and added to the Eldorado Master Lease. On October 15, 2018, Boyd purchased the real estate assets of Belterra Park from Pinnacle for a cash purchase price of $57.7 million , exclusive of transaction fees. Financing for the transaction was provided by the Company in the form of $57.7 million secured mortgage loan on Belterra Park (the "Belterra Park Loan"). The Belterra Park Loan bears interest at an initial rate equal to 11.11% and matures in connection with the expiration of the Boyd Master Lease (as may be extended at the tenant's option to April 30, 2051). 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. GLPI leases the property back to Casino Queen on a triple-net basis on terms similar to those in the Company's existing master leases. 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 (the "Casino Queen Lease"). Simultaneously with the Casino Queen acquisition, GLPI 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. On March 13, 2017, the outstanding principal and interest on this loan was repaid in full and GLPI simultaneously provided a new unsecured $13.0 million , 5.5-year term loan to CQ Holding Company, Inc., an affiliate of Casino Queen ("CQ Holding Company"), to partially finance their acquisition of Lady Luck Casino in Marquette, Iowa. The new loan bears an interest rate of 15% and is pre-payable at any time. The Company evaluates loans for impairment when it is probable that it will not be able to collect all amounts due according to contractual terms. All amounts due under the contractual terms means that both contractual interest payments and contractual principal payments of a loan will be collected as scheduled in the loan agreement. Indicators of impairment may include delinquent payments, a decline in the credit worthiness of a debtor, or a decline in the underlying property/tenant’s performance. The Company measures loan impairment based upon the present value of expected future cash flows discounted at the loan’s original effective interest rate. The determination of whether loans are impaired involves judgments and assumptions based on objective and subjective factors. If an impairment occurs, the Company will reduce the carrying value of the loan and record a corresponding charge to net income. On June 12, 2018, the Company received a Notice of Event of Default under the senior credit agreement of CQ Holding Company from Citizens Bank, N.A. ("Citizens"), which reported a covenant default under their senior secured agreement. Under the terms of that agreement, when an event of default occurs, CQ Holding Company is prohibited from making cash payments to unsecured lenders such as GLPI. Therefore, beginning in June 2018 and through March 31, 2019, the interest due from CQ Holding Company under the Company's unsecured loan was paid in kind in the aggregate amount of $2.0 million . In addition to the covenant violation noted above under the senior credit agreement with Citizens, CQ Holding Company also had a payment default under their senior credit agreement with Citizens. Furthermore, the Company notified Casino Queen of Events of Default under the Company's unsecured loan with CQ Holding Company, related to financial covenant violations during the year ended December 31, 2018. At December 31, 2018, active negotiations for the sale of Casino Queen's operations were taking place. Despite the payment and covenant defaults noted above, at that time, full payment of the principal was still expected, due to the anticipation that the operations were to be sold in the near term for an amount allowing for repayment of the full $13.0 million of loan principal due to GLPI. During the first quarter of 2019, the operating results of Casino Queen continued to decline, resulting in the anticipated acquirer withdrawing from the sales process. Subsequent offers for the operating assets of Casino Queen have declined substantially and proceeds from the sale are not expected to generate enough cash to repay all of Casino Queen’s creditors. Thus, because the Company does not expect Casino Queen to be able to repay the $13.0 million of principal due to it under the unsecured loan agreement, the full $13.0 million of principal was written off at March 31, 2019. The Company has recorded an impairment charge of $13.0 million through the condensed consolidated statement of income for the three months ended March 31, 2019 to reflect the write-off of the Casino Queen loan. At March 31, 2019

Lease Assets and Lease Liabilit

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lease Assets and Lease Liabilities	Lease Assets and Lease Liabilities Lease Assets The Company determines whether a contract is or contains a lease at its inception. A lease is defined as the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Right-of-use assets and lease liabilities are recorded on the Company's condensed consolidated balance sheet at the lease commencement date for operating leases in which the Company acts as lessee. Right-of-use assets represent the Company's rights to use underlying assets for the term of the lease and lease liabilities represent the Company's future obligations under the lease agreement. Right-of-use assets and lease liabilities are recognized at the lease commencement date based upon the estimated present value of the lease payments. As the rate implicit in the Company's leases cannot readily be determined, the Company utilizes its estimated incremental borrowing rate to determine the present value of its lease payments. Consideration is also given to the Company's recent debt issuances, as well as publicly available data for instruments with similar characteristics when determining the incremental borrowing rates of the Company's leases. The Company includes options to extend the lease in its lease term, when it is reasonably certain that the Company will exercise those renewal options. In the instance of the Company's ground leases associated with leased properties, the Company has included all available renewal options in the lease term, as it intends to renew these leases indefinitely. The Company accounts for the lease and nonlease components of these triple-net tenant leases as a single lease component. Leases with a term of 12 months or less are not recorded on the Company's condensed consolidated balance sheet. Right-of-use assets and land rights are monitored for potential impairment in much the same way as the Company's real estate assets, using the impairment model in ASC 360 - Property, Plant and Equipment . If the Company determines the carrying amount of a right-of-use asset or land right is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP. The Company is subject to various operating leases as lessee for both real estate and equipment, the majority of which are ground leases related to properties the Company leases to its tenants under triple-net operating leases. Details of the Company's significant ground leases can be found in the Form 10-K for the year ended December 31, 2018. For certain of these ground leases, the Company subleases the underlying assets to its tenants who are responsible for payment directly to the third-party landlord. Under ASC 842, the Company is required to gross-up its condensed consolidated financial statements for these ground leases as the Company is considered the primary obligor. In conjunction with the adoption of ASU 2016-02 on January 1, 2019, the Company recorded right-of-use assets and related lease liabilities on its condensed consolidated balance sheet to represent its rights to use the underlying leased assets and its future lease obligations, respectively, including for those ground leases paid directly by our tenants. Because the right-of-use asset relates, in part, to the same leases which resulted in the land right assets the Company recorded on its condensed consolidated balance sheet in conjunction with the Company's assumption of below market leases at the time it acquired the related land and building assets, the Company is required to report the right-of-use assets and land rights in the aggregate on the condensed consolidated balance sheet. Land rights, net represent the Company's rights to land subject to long-term ground leases. The Company obtained ground lease rights through the acquisition of several of its rental properties and immediately subleased the land to its tenants. These land rights represent the below market value of the related ground leases. The Company assessed the acquired ground leases to determine if the lease terms were favorable or unfavorable, given market conditions at the acquisition date. Because the market rents to be received under the Company's triple-net tenant leases were greater than the rents to be paid under the acquired ground leases, the Company concluded that the ground leases were below market and were therefore required to be recorded as a definite lived asset (land rights) on its books. Components of the Company's right-of use assets and land rights, net are detailed below: March 31, 2019 Right-of use assets - operating leases $ 202,538 Land rights, net 670,118 Right-of-use assets and land rights, net $ 872,656 Land Rights The land rights are amortized over the individual lease term of the related ground lease, including all renewal options, which ranged from 10 years to 92 years at their respective acquisition dates. Land rights net, consist of the following: March 31, December 31, (in thousands) Land rights $ 700,997 $ 700,997 Less accumulated amortization (30,879 ) (27,790 ) Land rights, net $ 670,118 $ 673,207 As of March 31, 2019 , estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands): Year ending December 31, 2019 (remainder of year) $ 9,270 2020 12,359 2021 12,359 2022 12,359 2023 12,359 Thereafter 611,412 Total $ 670,118 Lease Liabilities At March 31, 2019 , maturities of the Company's operating lease liabilities were as follows (in thousands): Year ending December 31, 2019 (remainder of year) $ 11,613 2020 15,159 2021 15,042 2022 15,026 2023 15,005 Thereafter 685,975 Total lease payments $ 757,820 Less: interest (555,415 ) Present value of lease liabilities $ 202,405 As a result of transitioning from the guidance in ASC 840 to ASC 842, the Company's annual minimum lease payments did not change. Lease Expense Operating lease costs represent the entire amount of expense recognized for operating leases that are recorded on the condensed consolidated balance sheet. Variable lease costs are not included in the measurement of the lease liability and include both lease payments tied to a property's performance and changes in an index such as the CPI that are not determinable at lease commencement, while short-term lease costs are costs for those operating leases with a term of 12 months or less. The components of lease expense were as follows: Three Months Ended March 31, 2019 (in thousands) Operating lease cost $ 3,893 Variable lease cost 2,436 Short-term lease cost 238 Amortization of land right assets 3,090 Total lease cost $ 9,657 Amortization expense related to the land right intangibles, as well as variable lease costs and the majority of the Company's operating lease costs are recorded within land rights and ground lease expense in the condensed consolidated statements of income. The Company's short-term lease costs are recorded in both gaming, food, beverage and other expense and general and administrative expense in the condensed consolidated statements of income, while a small portion of operating lease costs is also recorded in both gaming, food, beverage and other expense and general and administrative expense in the condensed consolidated statements of income. Amortization expense related to the land right intangibles and other lease costs totaled $2.7 million and $4.3 million , respectively, for the three months ended March 31, 2018. Supplemental Disclosures Related to Leases Supplemental balance sheet information related to the Company's operating leases was as follows: March 31, 2019 Weighted average remaining lease term - operating leases 51.61 years Weighted average discount rate - operating leases 6.7% Supplemental cash flow information related to the Company's operating leases was as follows: Three Months Ended March 31, 2019 (in thousands) Cash paid for amounts included in the measurement of leases liabilities: Operating cash flows from operating leases (1) $ 556 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ — (1)

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt is as follows: March 31, December 31, (in thousands) Unsecured $1,175 million revolver $ 341,000 $ 402,000 Unsecured term loan A-1 525,000 525,000 $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 400,000 400,000 $500 million 5.375% senior unsecured notes due November 2023 500,000 500,000 $850 million 5.25% senior unsecured notes due June 2025 850,000 850,000 $975 million 5.375% senior unsecured notes due April 2026 975,000 975,000 $500 million 5.75% senior unsecured notes due June 2028 500,000 500,000 $750 million 5.30% senior unsecured notes due January 2029 750,000 750,000 Finance lease liability 1,082 1,112 Total long-term debt 5,842,082 5,903,112 Less: unamortized debt issuance costs, bond premiums and original issuance discounts (46,960 ) (49,615 ) Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts $ 5,795,122 $ 5,853,497 The following is a schedule of future minimum repayments of long-term debt as of March 31, 2019 (in thousands): Within one year $ 125 2-3 years 1,925,268 4-5 years 841,294 Over 5 years 3,075,395 Total minimum payments $ 5,842,082 Senior Unsecured Credit Facility The Company's senior unsecured credit facility (the "Credit Facility"), consists of a $1,175 million revolving credit facility and a $525 million Term Loan A-1 facility. The revolving credit facility matures on May 21, 2023 and the Term Loan A-1 facility matures on April 28, 2021. At March 31, 2019 , the Credit Facility had a gross outstanding balance of $866 million , consisting of the $525 million Term Loan A-1 facility and $341 million of borrowings under the revolving credit facility. Additionally, at March 31, 2019 , the Company was contingently obligated under letters of credit issued pursuant to the Credit Facility with face amounts aggregating approximately $0.4 million , resulting in $833.6 million of available borrowing capacity under the revolving credit facility as of March 31, 2019 . 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. 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 March 31, 2019 , the Company was in compliance with all required financial covenants under the Credit Facility. Senior Unsecured Notes At March 31, 2019 , the Company had $4,975 million of outstanding senior unsecured notes (the "Senior Notes"). Each of the Company's Senior 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 Senior Notes also require the Company to maintain a specified ratio of unencumbered assets to unsecured debt. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. At March 31, 2019 , the Company was in compliance with all required financial covenants under its Senior Notes. Finance Lease Liability The Company assumed the finance lease obligations related to certain assets at its Aurora, Illinois property. GLPI recorded the asset and liability associated with the finance lease on its condensed consolidated balance sheet. The original term of the finance lease was 30 years

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities	Fair Value of Financial Assets and Liabilities Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are classified based upon the level of judgment associated with the inputs used to measure their fair value. ASC 820 - Fair Value Measurements and Disclosures ("ASC 820") establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy related to the subjectivity of the valuation inputs are described below: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Unobservable inputs that reflect the reporting entity's own assumptions, as there is little, if any, related market activity. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy. Assets and Liabilities Measured at Fair Value on a Recurring Basis 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 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 ASC 820. Deferred compensation plan assets are included within other assets on the condensed consolidated balance sheets. Mortgage Loans Receivable The fair value of the mortgage loans receivable approximates the carrying value of the Company's mortgage loans receivable, as collection on the outstanding loan balances is reasonably assured. The fair value measurement of the mortgage loans receivable is considered a Level 3 measurement as defined under ASC 820. Long-term Debt The fair value of the Senior 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): March 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents 30,334 30,334 25,783 25,783 Deferred compensation plan assets 26,119 26,119 22,709 22,709 Mortgage loans receivable 303,684 303,684 303,684 303,684 Financial liabilities: Long-term debt: Senior unsecured credit facility 866,000 857,495 927,000 909,308 Senior unsecured notes 4,975,000 5,191,775 4,975,000 4,958,455 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis in periods subsequent to initial recognition. Assets measured at fair value on a nonrecurring basis during the three months ended March 31, 2019 are categorized in the table below based upon the lowest level of significant input to the valuation. There were no assets measured at fair value on a nonrecurring basis during the three months ended March 31, 2018 or liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2019 and 2018. Level 1 Level 2 Level 3 Total Impairment Charges Recorded during the Three Months Ended March 31, 2019 (in thousands) Assets: Loan receivable — — — 13,000 Total assets measured at fair value on a nonrecurring basis $ — $ — $ — $ 13,000 Loan Receivable During the first quarter of 2019, the Company recorded an impairment charge of $13.0 million related to the write-off of the principal due to the Company under its unsecured loan to CQ Holding Company. The Company no longer expects the proceeds from the sale of the operating assets of Casino Queen to generate enough cash to repay all of Casino Queen's creditors, including the Company. Thus, because the Company does not expect Casino Queen to repay the $13.0 million of principal due to it under the unsecured loan agreement, the full $13.0 million of principal was written off at March 31, 2019. The Company has recorded an impairment charge of $13.0 million

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2019
Revenue Recognition [Abstract]
Revenue Recognition	Revenue Recognition As of March 31, 2019 , 20 of the Company’s real estate investment properties were leased to a subsidiary of Penn under the Penn Master Lease, an additional 12 of the Company's real estate investment properties were leased to a subsidiary of Penn under the Amended Pinnacle Master Lease, 5 of the Company's real estate investment properties were leased to a subsidiary of Eldorado under the Eldorado Master Lease and 3 of the Company's real estate investment properties were leased to a subsidiary of Boyd under the Boyd Master Lease. Additionally, the Meadows real estate assets are leased to Penn under a single property triple-net lease and the Casino Queen real estate assets are leased back to the operator under an additional single property triple-net lease. The obligations under the Penn and Amended Pinnacle Master Leases are guaranteed by Penn and by most of Penn's subsidiaries that occupy and operate the facilities leased under these master leases. A default by Penn or its subsidiaries with regard to any facility under the Penn Master Lease will cause a default with regard to the Penn Master Lease and a default by Penn or its subsidiaries with regard to any facility under the Amended Pinnacle Master Lease will cause a default with regard to the Amended Pinnacle Master Lease. The obligations under the Eldorado Master Lease are guaranteed by Eldorado and by most of Eldorado's subsidiaries that occupy and operate the facilities leased under the Eldorado Master Lease. A default by Eldorado or its subsidiaries with regard to any facility under the Eldorado Master Lease will cause a default with regard to the Eldorado Master Lease. The obligations under the Boyd Master Leases are guaranteed by most of Boyd's subsidiaries that occupy and operate the facilities leased under the Boyd Master Lease. A default by Boyd or its subsidiaries with regard to any facility under the Boyd Master Lease will cause a default with regard to the Boyd Master Lease. 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’s triple-net tenant leases all contain a fixed component, a portion of which is subject to an annual escalator (typically 2% ) if certain rent coverage ratio thresholds are met and a component that is based on the performance of the facilities subject to such lease, which is adjusted, subject to certain floors, every 2 to 5 years to an amount equal to 4% of the average annual net revenues of all facilities under the related tenant lease during the preceding 2 to 5 years . The Penn Master Lease also provides for a component that is based on the performance of two Ohio facilities, which is adjusted, subject to certain floors monthly by an amount equal to 20% of the net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo (together, the "Ohio Properties") during the preceding month. In addition to rent, as triple-net lessees, all of the Company's tenants 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, including coverage of the landlord's interests, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor) and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. Additionally, in accordance with ASC 842, the Company records revenue for the ground lease rent paid by its tenants with an offsetting expense in land rights and ground lease 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 Company determined, based on facts and circumstances prevailing at the time of each lease's inception, that neither Penn nor Casino Queen could continue as a going concern without the property(ies) that are leased to them under the respective master lease agreement (in the instance of Penn) and single property lease (in the instance of Casino Queen) with the Company. At lease inception, all of Casino Queen's revenues and substantially all of Penn's revenues were generated from operations in connection with the leased properties. There are also various legal restrictions in the jurisdictions in which Penn, 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 master lease, Penn must make renewal elections 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 or Casino Queen to renew the lease would impose a significant penalty on such tenant such that renewal of all lease renewal options appeared at lease inception to be reasonably assured. Therefore, the Company concluded that the term of Penn Master Lease and the Casino Queen Lease is 35 years , equal to the initial 15-year term plus all four of the 5-year renewal options. On October 15, 2018, in conjunction with the Penn-Pinnacle Merger, the Pinnacle Master Lease was amended by a fourth amendment to such lease to allow for the sale of the operating assets of Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort from Pinnacle to Boyd. As a result of this amendment, the Company reassessed the lease's classification and determined the new lease agreement qualified for operating lease treatment under ASC 840. Therefore, subsequent to the Penn-Pinnacle Merger, the Amended Pinnacle Master Lease is treated as an operating lease in its entirety. Because the properties under the Amended Pinnacle Master Lease, do not represent a meaningful portion of Penn's business at the time Penn assumed the lease, the Company has concluded that the lease term of the Amended Pinnacle Master Lease is 10 years (from the original April 2016 commencement date of the Pinnacle Master Lease), equal to the initial 10-year term only. Subsequent to purchasing the majority of Pinnacle's real estate assets and leasing them back to Pinnacle, the Company entered into a separate triple-net lease with Pinnacle to lease the Meadows real estate assets to Pinnacle. Because this lease involved 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. Therefore, the Company concluded that the lease term of the Meadows Lease is 10 years , equal to the initial 10-year term only. In conjunction with the Penn-Pinnacle Merger, Penn assumed the Meadows Lease. The accounting for the Meadows Lease, including the lease term was not impacted by the change in tenant. Based upon similar fact patterns, the Company concluded it was not reasonably assured at lease inception that Eldorado or Boyd would elect to exercise all lease renewal options under their respective master leases. The properties under each master lease do not represent a meaningful portion of either tenant's business at lease inception; therefore the Company has concluded that the lease term of the Eldorado Master Lease is 15 years and the lease term of the Boyd Master Lease is 10 years (from the original April 2016 commencement date of the Pinnacle Master Lease), equal to the initial terms of such master leases only. The Company may periodically loan funds to casino owner-operators pursuant to secured mortgage loans for the purchase of gaming related properties. Interest income related to mortgage loans receivable is recorded as revenue from mortgaged real estate within the Company's condensed consolidated statements of income in the period earned. At March 31, 2019, the Company had financial interests in two casino properties, Belterra Park and Lumière Place, pursuant to the secured mortgage loans made by the Company to the respective casino owner-operators, Boyd and Eldorado. Gaming revenue generated by the TRS Properties mainly consists of revenue from slot machines, and to a lesser extent, table game and poker revenue. Gaming revenue from slot machines 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. Gaming revenue is recognized net of certain sales incentives, including promotional allowances in accordance with ASC 606 - Revenue from Contracts with Customers . The Company also defers a portion of the revenue received from customers (who participate in the points-based loyalty programs) at the time of play and attributed to the awarded points until a later period when the points are redeemed or forfeited. For the TRS Properties, the Company is subject to gaming taxes based on gross gaming revenues in the jurisdictions in which it operates. The Company 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. The Company records gaming taxes at the Company’s estimated effective gaming tax rate for the year, considering estimated taxable gaming revenue and the applicable rates. Such estimates are adjusted each interim period. If gaming tax rates change during the year, such changes are applied prospectively in the determination of gaming tax expense in future interim periods. For the three months ended March 31, 2019 and 2018, these expenses, which are recorded within gaming, food, beverage and other expense in the condensed consolidated statements of income, totaled $14.0 million and $14.2 million

Earnings per Share Earnings per

Earnings per Share Earnings per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings per Share	Earnings Per Share The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings per Share ("ASC 260" ) . 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, 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 months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 (in thousands) Determination of shares: Weighted-average common shares outstanding 214,626 213,304 Assumed conversion of dilutive employee stock-based awards — 389 Assumed conversion of restricted stock awards 54 42 Assumed conversion of performance-based restricted stock awards 608 947 Diluted weighted-average common shares outstanding 215,288 214,682 The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 (in thousands, except per share data) Calculation of basic EPS: Net income $ 93,010 $ 96,772 Less: Net income allocated to participating securities (158 ) (162 ) Net income attributable to common shareholders $ 92,852 $ 96,610 Weighted-average common shares outstanding 214,626 213,304 Basic EPS $ 0.43 $ 0.45 Calculation of diluted EPS: Net income $ 93,010 $ 96,772 Diluted weighted-average common shares outstanding 215,288 214,682 Diluted EPS $ 0.43 $ 0.45 There were 78,483 and 176,641 outstanding equity based awards during the three months ended March 31, 2019

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Dividends The following table lists the dividends declared and paid by the Company during the three months ended March 31, 2019 and 2018 : Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (in thousands) 2019 February 20, 2019 March 8, 2019 Common Stock $ 0.68 First Quarter 2019 March 22, 2019 $ 145,954 2018 February 1, 2018 March 9, 2018 Common Stock $ 0.63 First Quarter 2018 March 23, 2018 $ 134,490 In addition, for both the three months ended March 31, 2019 and 2018, dividend payments were made to GLPI restricted stock award holders in the amount of $0.2 million

Stock Based Compensation Stock

Stock Based Compensation Stock Based Compensation	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
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 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. As of March 31, 2019 , there was $10.6 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.90 years . For the three months ended March 31, 2019 and 2018, the Company recognized $2.0 million and $1.4 million , respectively, of compensation expense associated with these awards. The following table contains information on restricted stock award activity for the three months ended March 31, 2019 : Number of Award Shares Outstanding at December 31, 2018 299,642 Granted 317,290 Released (252,704 ) Canceled — Outstanding at March 31, 2019 364,228 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 total shareholder return of the companies included in the MSCI US REIT index and the Company's stock performance ranking among a group of triple-net REIT peer companies. The triple-net measurement group includes publicly traded REITs, which the Company believes derive at least 75% of revenues from triple-net leases. As of March 31, 2019 , there was $15.3 million of total unrecognized compensation cost, which will be recognized over the performance-based restricted stock awards' remaining weighted average vesting period of 2.17 years . For the three months ended March 31, 2019 and 2018, the Company recognized $2.3 million and $2.6 million , respectively, of compensation expense associated with these awards, The following table contains information on performance-based restricted stock award activity for the three months ended March 31, 2019 : Number of Performance-Based Award Shares Outstanding at December 31, 2018 1,342,000 Granted 512,000 Released (447,334 ) Canceled (23,332 ) Outstanding at March 31, 2019 1,383,334

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information Consistent with how the Company’s Chief Operating Decision Maker (as such term is defined in ASC 280 - Segment Reporting ) 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 March 31, 2019 Three Months Ended March 31, 2018 (in thousands) GLP Capital (1) TRS Properties Total GLP Capital (1) TRS Properties Total Total revenues $ 254,871 $ 32,993 $ 287,864 $ 209,304 $ 34,746 $ 244,050 Income from operations 164,869 5,906 170,775 144,874 6,977 151,851 Interest expense 74,127 2,601 76,728 51,467 2,601 54,068 Income before income taxes 90,831 3,305 94,136 93,887 4,377 98,264 Income tax expense 68 1,058 1,126 171 1,321 1,492 Net income 90,763 2,247 93,010 93,716 3,056 96,772 Depreciation 56,175 2,403 58,578 25,615 2,339 27,954 Capital project expenditures — — — — — — Capital maintenance expenditures 2 528 530 48 774 822 (1) Interest expense is net of intercompany interest eliminations of $2.6 million for both the three months ended March 31, 2019 and 2018

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information and Noncash Activities	3 Months Ended
	Mar. 31, 2019
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Supplemental Disclosures of Cash Flow Information and Noncash Activities	Supplemental Disclosures of Cash Flow Information and Noncash Activities Supplemental disclosures of cash flow information are as follows: Three Months Ended March 31, 2019 2018 (in thousands) Cash paid for income taxes, net of refunds received $ — $ 22 Cash paid for interest 20,850 8,549 Noncash Investing and Financing Activities On January 1, 2019, in conjunction with its adoption of ASU 2016-02, the Company recorded right-of-use assets and related lease liabilities of $203 million on its condensed consolidated balance sheet to represent its rights to underlying assets and future lease obligations. The Company did not engage in any other noncash investing and financing activities during the three months ended March 31, 2019 and 2018

Supplementary Condensed Consoli

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers	3 Months Ended
	Mar. 31, 2019
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 Senior 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 other subsidiaries guarantee the Senior Notes. Summarized balance sheets as of March 31, 2019 and December 31, 2018 and statements of income and cash flows for the three months ended March 31, 2019 and 2018 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 March 31, 2019 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 2,608,928 $ 4,666,668 $ — $ 7,275,596 Property and equipment, used in operations, net — 18,080 80,433 — 98,513 Mortgage loans receivable — 246,000 57,684 — 303,684 Right-of-use assets and land rights, net — 208,305 664,351 — 872,656 Cash and cash equivalents — 4,640 25,694 — 30,334 Prepaid expenses — 2,449 1,013 — 3,462 Goodwill — — 16,067 — 16,067 Other intangible assets — — 9,577 — 9,577 Intercompany loan receivable — 193,595 — (193,595 ) — Intercompany transactions and investment in subsidiaries 2,207,684 5,198,680 2,641,226 (10,047,590 ) — Deferred tax assets — — 5,528 — 5,528 Other assets — 29,712 1,703 — 31,415 Total assets $ 2,207,684 $ 8,510,389 $ 8,169,944 $ (10,241,185 ) $ 8,646,832 Liabilities Accounts payable $ — $ 659 $ 43 $ — $ 702 Accrued expenses — 1,084 4,867 — 5,951 Accrued interest — 98,223 — — 98,223 Accrued salaries and wages — 5,275 1,573 — 6,848 Gaming, property, and other taxes — 827 513 — 1,340 Income taxes — 67 581 — 648 Lease liabilities — 108,013 94,392 — 202,405 Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts — 5,795,122 — — 5,795,122 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 269,848 32,707 — 302,555 Deferred tax liabilities — — 258 — 258 Other liabilities — 23,587 1,509 — 25,096 Total liabilities — 6,302,705 330,038 (193,595 ) 6,439,148 Shareholders’ equity (deficit) Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2019) — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 214,645,500 shares issued and outstanding at March 31, 2019) 2,146 2,146 2,146 (4,292 ) 2,146 Additional paid-in capital 3,947,768 3,947,770 9,828,095 (13,775,865 ) 3,947,768 Retained accumulated (deficit) earnings (1,742,230 ) (1,742,232 ) (1,990,335 ) 3,732,567 (1,742,230 ) Total shareholders’ equity (deficit) 2,207,684 2,207,684 7,839,906 (10,047,590 ) 2,207,684 Total liabilities and shareholders’ equity (deficit) $ 2,207,684 $ 8,510,389 $ 8,169,944 $ (10,241,185 ) $ 8,646,832 Three months ended March 31, 2019 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 138,253 $ 109,425 $ — $ 247,678 Interest income from mortgage real estate — 5,590 1,603 — 7,193 Total income from real estate — 143,843 111,028 — 254,871 Gaming, food, beverage and other — — 32,993 — 32,993 Total revenues — 143,843 144,021 — 287,864 Operating expenses Gaming, food, beverage and other — — 19,022 — 19,022 Land rights and ground lease expense — 4,724 4,525 — 9,249 General and administrative — 11,512 5,728 — 17,240 Depreciation — 28,787 29,791 — 58,578 Loan impairment charges — — 13,000 — 13,000 Total operating expenses — 45,023 72,066 — 117,089 Income from operations — 98,820 71,955 — 170,775 Other income (expenses) Interest expense — (76,728 ) — — (76,728 ) Interest income — 89 — — 89 Intercompany dividends and interest — 119,394 (1,571 ) (117,823 ) — Total other income (expenses) — 42,755 (1,571 ) (117,823 ) (76,639 ) Income (loss) before income taxes — 141,575 70,384 (117,823 ) 94,136 Income tax expense — 69 1,057 — 1,126 Net income (loss) $ — $ 141,506 $ 69,327 $ (117,823 ) $ 93,010 Three months ended March 31, 2019 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income (loss) $ — $ 141,506 $ 69,327 $ (117,823 ) $ 93,010 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization — 29,566 32,102 — 61,668 Amortization of debt issuance costs, bond premiums and original issuance discounts — 2,891 — — 2,891 Losses on dispositions of property — 7 — — 7 Deferred income taxes — — (248 ) — (248 ) Stock-based compensation — 4,325 — — 4,325 Straight-line rent adjustments — 663 7,981 — 8,644 Loan impairment charges — — 13,000 — 13,000 (Increase) decrease, Prepaid expenses and other assets — (4,240 ) (117 ) 1,011 (3,346 ) Intercompany — 52 (52 ) — — Increase (decrease), Accounts payable — (1,810 ) 1 — (1,809 ) Accrued expenses — 264 257 — 521 Accrued interest — 52,962 — — 52,962 Accrued salaries and wages — (9,353 ) (809 ) — (10,162 ) Gaming, property and other taxes — 398 (122 ) — 276 Income taxes — 69 1,590 (1,011 ) 648 Other liabilities — (948 ) (16 ) — (964 ) Net cash provided by (used in) operating activities — 216,352 122,894 (117,823 ) 221,423 Investing activities Capital maintenance expenditures — (2 ) (528 ) — (530 ) Proceeds from sale of property and equipment — 182 — — 182 Net cash provided by (used in) investing activities — 180 (528 ) — (348 ) Financing activities Dividends paid (146,202 ) — — — (146,202 ) Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options (9,056 ) — — — (9,056 ) Proceeds from issuance of long-term debt — 62,000 — — 62,000 Financing costs — (236 ) — — (236 ) Repayments of long-term debt — (123,030 ) — — (123,030 ) Intercompany financing 155,258 (155,258 ) (117,823 ) 117,823 — Net cash (used in) provided by financing activities — (216,524 ) (117,823 ) 117,823 (216,524 ) Net increase in cash and cash equivalents — 8 4,543 — 4,551 Cash and cash equivalents at beginning of period — 4,632 21,151 — 25,783 Cash and cash equivalents at end of period $ — $ 4,640 $ 25,694 $ — $ 30,334 At December 31, 2018 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 2,637,404 $ 4,694,056 $ — $ 7,331,460 Land rights, net — 100,938 572,269 — 673,207 Property and equipment, used in operations, net — 18,577 82,307 — 100,884 Mortgage loans receivable — 246,000 57,684 — 303,684 Cash and cash equivalents — 4,632 21,151 — 25,783 Prepaid expenses — 27,071 2,885 1,011 30,967 Goodwill — — 16,067 — 16,067 Other intangible assets — — 9,577 — 9,577 Loan receivable — — 13,000 — 13,000 Intercompany loan receivable — 193,595 — (193,595 ) — Intercompany transactions and investment in subsidiaries 2,265,607 5,247,229 2,697,241 (10,210,077 ) — Deferred tax assets — — 5,178 — 5,178 Other assets — 47,378 20,108 — 67,486 Total assets $ 2,265,607 $ 8,522,824 $ 8,191,523 $ (10,402,661 ) $ 8,577,293 Liabilities Accounts payable $ — $ 2,469 $ 42 $ — $ 2,511 Accrued expenses — 23,587 6,710 — 30,297 Accrued interest — 45,261 — — 45,261 Accrued salaries and wages — 14,628 2,382 — 17,010 Gaming, property, and other taxes — 24,055 18,824 — 42,879 Income taxes — (2 ) (1,009 ) 1,011 — Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts — 5,853,497 — — 5,853,497 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 269,185 24,726 — 293,911 Deferred tax liabilities — — 261 — 261 Other liabilities — 24,536 1,523 — 26,059 Total liabilities — 6,257,216 247,054 (192,584 ) 6,311,686 Shareholders’ equity (deficit) Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2018) — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 214,211,932 shares issued and outstanding at December 31, 2018) 2,142 2,142 2,142 (4,284 ) 2,142 Additional paid-in capital 3,952,503 3,952,506 9,832,830 (13,785,336 ) 3,952,503 Retained accumulated (deficit) earnings (1,689,038 ) (1,689,040 ) (1,890,503 ) 3,579,543 (1,689,038 ) Total shareholders’ equity (deficit) 2,265,607 2,265,608 7,944,469 (10,210,077 ) 2,265,607 Total liabilities and shareholders’ equity (deficit) $ 2,265,607 $ 8,522,824 $ 8,191,523 $ (10,402,661 ) $ 8,577,293 Three months ended March 31, 2018 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 101,820 $ 67,585 $ — $ 169,405 Income from direct financing lease — — 18,621 — 18,621 Real estate taxes paid by tenants — 10,900 10,378 — 21,278 Total income from real estate — 112,720 96,584 — 209,304 Gaming, food, beverage and other — — 34,746 — 34,746 Total revenues — 112,720 131,330 — 244,050 Operating expenses Gaming, food, beverage and other — — 19,658 — 19,658 Real estate taxes — 10,919 10,676 — 21,595 Land rights and ground lease expense — 2,019 4,513 — 6,532 General and administrative — 10,921 5,539 — 16,460 Depreciation — 23,601 4,353 — 27,954 Total operating expenses — 47,460 44,739 — 92,199 Income from operations — 65,260 86,591 — 151,851 Other income (expenses) Interest expense — (54,068 ) — — (54,068 ) Interest income — — 481 — 481 Intercompany dividends and interest — 107,103 (315 ) (106,788 ) — Total other income (expenses) — 53,035 166 (106,788 ) (53,587 ) Income (loss) before income taxes — 118,295 86,757 (106,788 ) 98,264 Income tax expense — 171 1,321 — 1,492 Net income (loss) $ — $ 118,124 $ 85,436 $ (106,788 ) $ 96,772 Three months ended March 31, 2018 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income (loss) $ — $ 118,124 $ 85,436 $ (106,788 ) $ 96,772 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation — 24,018 6,663 — 30,681 Amortization of debt issuance costs — 3,257 — — 3,257 Deferred income taxes — — 164 — 164 Stock-based compensation — 3,987 — — 3,987 Straight-line rent adjustments — 14,328 2,289 — 16,617 (Increase) decrease, Prepaid expenses and other assets — (2,913 ) 274 1,638 (1,001 ) Intercompany — (9 ) 9 — — (Decrease) increase, 0 0 0 Accounts payable — (160 ) (65 ) — (225 ) Accrued expenses — 98 105 — 203 Accrued interest — 42,238 — — 42,238 Accrued salaries and wages — (6,408 ) (1,272 ) — (7,680 ) Gaming, property and other taxes — 124 (102 ) — 22 Income taxes — 152 1,685 (1,638 ) 199 Other liabilities — 949 (427 ) — 522 Net cash provided by (used in) operating activities — 197,785 94,759 (106,788 ) 185,756 Investing activities Capital maintenance expenditures — (48 ) (774 ) — (822 ) Collection of principal payments on investment in direct financing lease — — 18,209 — 18,209 Net cash (used in) provided by investing activities — (48 ) 17,435 — 17,387 Financing activities Dividends paid (134,717 ) — — — (134,717 ) Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options (7,031 ) — — — (7,031 ) Repayments of long-term debt — (45,029 ) — — (45,029 ) Intercompany financing 141,748 (141,749 ) (106,787 ) 106,788 — Net cash (used in) provided by financing activities — (186,778 ) (106,787 ) 106,788 (186,777 ) Net increase in cash and cash equivalents — 10,959 5,407 — 16,366 Cash and cash equivalents at beginning of period — 6,734 22,320 — 29,054 Cash and cash equivalents at end of period $ — $ 17,693 $ 27,727 $ — $ 45,420

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event

Lease Assets and Lease Liabil_2

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Policies)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lessee, Leases, Policy	The Company determines whether a contract is or contains a lease at its inception. A lease is defined as the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Right-of-use assets and lease liabilities are recorded on the Company's condensed consolidated balance sheet at the lease commencement date for operating leases in which the Company acts as lessee. Right-of-use assets represent the Company's rights to use underlying assets for the term of the lease and lease liabilities represent the Company's future obligations under the lease agreement. Right-of-use assets and lease liabilities are recognized at the lease commencement date based upon the estimated present value of the lease payments. As the rate implicit in the Company's leases cannot readily be determined, the Company utilizes its estimated incremental borrowing rate to determine the present value of its lease payments. Consideration is also given to the Company's recent debt issuances, as well as publicly available data for instruments with similar characteristics when determining the incremental borrowing rates of the Company's leases. The Company includes options to extend the lease in its lease term, when it is reasonably certain that the Company will exercise those renewal options. In the instance of the Company's ground leases associated with leased properties, the Company has included all available renewal options in the lease term, as it intends to renew these leases indefinitely. The Company accounts for the lease and nonlease components of these triple-net tenant leases as a single lease component. Leases with a term of 12 months or less are not recorded on the Company's condensed consolidated balance sheet. Right-of-use assets and land rights are monitored for potential impairment in much the same way as the Company's real estate assets, using the impairment model in ASC 360 - Property, Plant and Equipment

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Policies)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities, Policy	Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are classified based upon the level of judgment associated with the inputs used to measure their fair value. ASC 820 - Fair Value Measurements and Disclosures ("ASC 820") establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy related to the subjectivity of the valuation inputs are described below: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Unobservable inputs that reflect the reporting entity's own assumptions, as there is little, if any, related market activity. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy.

Revenue Recognition Revenue Rec

Revenue Recognition Revenue Recognition (Policies)	3 Months Ended
	Mar. 31, 2019
Revenue Recognition [Abstract]
Revenue Recognition, Policy	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 may periodically loan funds to casino owner-operators pursuant to secured mortgage loans for the purchase of gaming related properties. Interest income related to mortgage loans receivable is recorded as revenue from mortgaged real estate within the Company's condensed consolidated statements of income in the period earned. At March 31, 2019, the Company had financial interests in two casino properties, Belterra Park and Lumière Place, pursuant to the secured mortgage loans made by the Company to the respective casino owner-operators, Boyd and Eldorado. Gaming revenue generated by the TRS Properties mainly consists of revenue from slot machines, and to a lesser extent, table game and poker revenue. Gaming revenue from slot machines 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. Gaming revenue is recognized net of certain sales incentives, including promotional allowances in accordance with ASC 606 - Revenue from Contracts with Customers
Gaming Taxes, Policy	For the TRS Properties, the Company is subject to gaming taxes based on gross gaming revenues in the jurisdictions in which it operates. The Company 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. The Company records gaming taxes at the Company’s estimated effective gaming tax rate for the year, considering estimated taxable gaming revenue and the applicable rates. Such estimates are adjusted each interim period. If gaming tax rates change during the year, such changes are applied prospectively in the determination of gaming tax expense in future interim periods.

Earnings per Share Earnings p_2

Earnings per Share Earnings per Share (Policies)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings per Share	The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings per Share ("ASC 260" )

Stock Based Compensation Stock-

Stock Based Compensation Stock-Based Compensation (Policies)	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	The Company accounts for stock compensation under ASC 718 - Compensation - Stock Compensation,

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Schedule of Real Estate Investments, Net	Real estate investments, net, represents investments in 42 rental properties and the corporate headquarters building and is summarized as follows: March 31, December 31, (in thousands) Land and improvements $ 2,552,286 $ 2,552,475 Building and improvements 5,762,071 5,762,071 Total real estate investments 8,314,357 8,314,546 Less accumulated depreciation (1,038,761 ) (983,086 ) Real estate investments, net $ 7,275,596 $ 7,331,460

Property and Equipment Used i_2

Property and Equipment Used in Operations (Tables)	3 Months Ended
	Mar. 31, 2019
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: March 31, December 31, (in thousands) Land and improvements $ 30,431 $ 30,431 Building and improvements 116,776 116,776 Furniture, fixtures, and equipment 117,593 117,247 Construction in progress 439 284 Total property and equipment 265,239 264,738 Less accumulated depreciation (166,726 ) (163,854 ) Property and equipment, net $ 98,513 $ 100,884

Lease Assets and Lease Liabil_3

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Components of the Company's Right-of Use Assets and Land Rights, Net	Components of the Company's right-of use assets and land rights, net are detailed below: March 31, 2019 Right-of use assets - operating leases $ 202,538 Land rights, net 670,118 Right-of-use assets and land rights, net $ 872,656
Schedule of Land Rights, Net	Land rights net, consist of the following: March 31, December 31, (in thousands) Land rights $ 700,997 $ 700,997 Less accumulated amortization (30,879 ) (27,790 ) Land rights, net $ 670,118 $ 673,207
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of March 31, 2019 , estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands): Year ending December 31, 2019 (remainder of year) $ 9,270 2020 12,359 2021 12,359 2022 12,359 2023 12,359 Thereafter 611,412 Total $ 670,118
Lessee, Operating Lease, Liability, Maturity	At March 31, 2019 , maturities of the Company's operating lease liabilities were as follows (in thousands): Year ending December 31, 2019 (remainder of year) $ 11,613 2020 15,159 2021 15,042 2022 15,026 2023 15,005 Thereafter 685,975 Total lease payments $ 757,820 Less: interest (555,415 ) Present value of lease liabilities $ 202,405
Components of Lease Expense	The components of lease expense were as follows: Three Months Ended March 31, 2019 (in thousands) Operating lease cost $ 3,893 Variable lease cost 2,436 Short-term lease cost 238 Amortization of land right assets 3,090 Total lease cost $ 9,657 March 31, 2019 Weighted average remaining lease term - operating leases 51.61 years Weighted average discount rate - operating leases 6.7% Three Months Ended March 31, 2019 (in thousands) Cash paid for amounts included in the measurement of leases liabilities: Operating cash flows from operating leases (1) $ 556 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ — (1)

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt is as follows: March 31, December 31, (in thousands) Unsecured $1,175 million revolver $ 341,000 $ 402,000 Unsecured term loan A-1 525,000 525,000 $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 400,000 400,000 $500 million 5.375% senior unsecured notes due November 2023 500,000 500,000 $850 million 5.25% senior unsecured notes due June 2025 850,000 850,000 $975 million 5.375% senior unsecured notes due April 2026 975,000 975,000 $500 million 5.75% senior unsecured notes due June 2028 500,000 500,000 $750 million 5.30% senior unsecured notes due January 2029 750,000 750,000 Finance lease liability 1,082 1,112 Total long-term debt 5,842,082 5,903,112 Less: unamortized debt issuance costs, bond premiums and original issuance discounts (46,960 ) (49,615 ) Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts $ 5,795,122 $ 5,853,497
Schedule of future minimum repayments of long-term debt	The following is a schedule of future minimum repayments of long-term debt as of March 31, 2019 (in thousands): Within one year $ 125 2-3 years 1,925,268 4-5 years 841,294 Over 5 years 3,075,395 Total minimum payments $ 5,842,082

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of estimated fair values of financial instruments	The estimated fair values of the Company’s financial instruments are as follows (in thousands): March 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents 30,334 30,334 25,783 25,783 Deferred compensation plan assets 26,119 26,119 22,709 22,709 Mortgage loans receivable 303,684 303,684 303,684 303,684 Financial liabilities: Long-term debt: Senior unsecured credit facility 866,000 857,495 927,000 909,308 Senior unsecured notes 4,975,000 5,191,775 4,975,000 4,958,455
Schedule of assets measured at fair value on a nonrecurring basis	Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis in periods subsequent to initial recognition. Assets measured at fair value on a nonrecurring basis during the three months ended March 31, 2019 are categorized in the table below based upon the lowest level of significant input to the valuation. There were no assets measured at fair value on a nonrecurring basis during the three months ended March 31, 2018 or liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2019 and 2018. Level 1 Level 2 Level 3 Total Impairment Charges Recorded during the Three Months Ended March 31, 2019 (in thousands) Assets: Loan receivable — — — 13,000 Total assets measured at fair value on a nonrecurring basis $ — $ — $ — $ 13,000

Earnings per Share Earnings p_3

Earnings per Share Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of reconciliation of the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS	The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 (in thousands) Determination of shares: Weighted-average common shares outstanding 214,626 213,304 Assumed conversion of dilutive employee stock-based awards — 389 Assumed conversion of restricted stock awards 54 42 Assumed conversion of performance-based restricted stock awards 608 947 Diluted weighted-average common shares outstanding 215,288 214,682
Schedule of calculation of basic and diluted EPS for the Company's common stock	The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, 2019 2018 (in thousands, except per share data) Calculation of basic EPS: Net income $ 93,010 $ 96,772 Less: Net income allocated to participating securities (158 ) (162 ) Net income attributable to common shareholders $ 92,852 $ 96,610 Weighted-average common shares outstanding 214,626 213,304 Basic EPS $ 0.43 $ 0.45 Calculation of diluted EPS: Net income $ 93,010 $ 96,772 Diluted weighted-average common shares outstanding 215,288 214,682 Diluted EPS $ 0.43 $ 0.45

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Dividends Declared	The following table lists the dividends declared and paid by the Company during the three months ended March 31, 2019 and 2018 : Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (in thousands) 2019 February 20, 2019 March 8, 2019 Common Stock $ 0.68 First Quarter 2019 March 22, 2019 $ 145,954 2018 February 1, 2018 March 9, 2018 Common Stock $ 0.63 First Quarter 2018 March 23, 2018 $ 134,490

Stock Based Compensation Stoc_2

Stock Based Compensation Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of restricted stock award activity	The following table contains information on restricted stock award activity for the three months ended March 31, 2019 : Number of Award Shares Outstanding at December 31, 2018 299,642 Granted 317,290 Released (252,704 ) Canceled — Outstanding at March 31, 2019 364,228
Schedule of performance-based restricted stock award activity	The following table contains information on performance-based restricted stock award activity for the three months ended March 31, 2019 : Number of Performance-Based Award Shares Outstanding at December 31, 2018 1,342,000 Granted 512,000 Released (447,334 ) Canceled (23,332 ) Outstanding at March 31, 2019 1,383,334

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 Three Months Ended March 31, 2018 (in thousands) GLP Capital (1) TRS Properties Total GLP Capital (1) TRS Properties Total Total revenues $ 254,871 $ 32,993 $ 287,864 $ 209,304 $ 34,746 $ 244,050 Income from operations 164,869 5,906 170,775 144,874 6,977 151,851 Interest expense 74,127 2,601 76,728 51,467 2,601 54,068 Income before income taxes 90,831 3,305 94,136 93,887 4,377 98,264 Income tax expense 68 1,058 1,126 171 1,321 1,492 Net income 90,763 2,247 93,010 93,716 3,056 96,772 Depreciation 56,175 2,403 58,578 25,615 2,339 27,954 Capital project expenditures — — — — — — Capital maintenance expenditures 2 528 530 48 774 822 (1) Interest expense is net of intercompany interest eliminations of $2.6 million for both the three months ended March 31, 2019 and 2018

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Tables)	3 Months Ended
	Mar. 31, 2019
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Supplemental disclosures of cash flow information are as follows: Three Months Ended March 31, 2019 2018 (in thousands) Cash paid for income taxes, net of refunds received $ — $ 22 Cash paid for interest 20,850 8,549

Supplementary Condensed Conso_2

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 and December 31, 2018 and statements of income and cash flows for the three months ended March 31, 2019 and 2018 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 March 31, 2019 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 2,608,928 $ 4,666,668 $ — $ 7,275,596 Property and equipment, used in operations, net — 18,080 80,433 — 98,513 Mortgage loans receivable — 246,000 57,684 — 303,684 Right-of-use assets and land rights, net — 208,305 664,351 — 872,656 Cash and cash equivalents — 4,640 25,694 — 30,334 Prepaid expenses — 2,449 1,013 — 3,462 Goodwill — — 16,067 — 16,067 Other intangible assets — — 9,577 — 9,577 Intercompany loan receivable — 193,595 — (193,595 ) — Intercompany transactions and investment in subsidiaries 2,207,684 5,198,680 2,641,226 (10,047,590 ) — Deferred tax assets — — 5,528 — 5,528 Other assets — 29,712 1,703 — 31,415 Total assets $ 2,207,684 $ 8,510,389 $ 8,169,944 $ (10,241,185 ) $ 8,646,832 Liabilities Accounts payable $ — $ 659 $ 43 $ — $ 702 Accrued expenses — 1,084 4,867 — 5,951 Accrued interest — 98,223 — — 98,223 Accrued salaries and wages — 5,275 1,573 — 6,848 Gaming, property, and other taxes — 827 513 — 1,340 Income taxes — 67 581 — 648 Lease liabilities — 108,013 94,392 — 202,405 Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts — 5,795,122 — — 5,795,122 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 269,848 32,707 — 302,555 Deferred tax liabilities — — 258 — 258 Other liabilities — 23,587 1,509 — 25,096 Total liabilities — 6,302,705 330,038 (193,595 ) 6,439,148 Shareholders’ equity (deficit) Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2019) — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 214,645,500 shares issued and outstanding at March 31, 2019) 2,146 2,146 2,146 (4,292 ) 2,146 Additional paid-in capital 3,947,768 3,947,770 9,828,095 (13,775,865 ) 3,947,768 Retained accumulated (deficit) earnings (1,742,230 ) (1,742,232 ) (1,990,335 ) 3,732,567 (1,742,230 ) Total shareholders’ equity (deficit) 2,207,684 2,207,684 7,839,906 (10,047,590 ) 2,207,684 Total liabilities and shareholders’ equity (deficit) $ 2,207,684 $ 8,510,389 $ 8,169,944 $ (10,241,185 ) $ 8,646,832 Three months ended March 31, 2019 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 138,253 $ 109,425 $ — $ 247,678 Interest income from mortgage real estate — 5,590 1,603 — 7,193 Total income from real estate — 143,843 111,028 — 254,871 Gaming, food, beverage and other — — 32,993 — 32,993 Total revenues — 143,843 144,021 — 287,864 Operating expenses Gaming, food, beverage and other — — 19,022 — 19,022 Land rights and ground lease expense — 4,724 4,525 — 9,249 General and administrative — 11,512 5,728 — 17,240 Depreciation — 28,787 29,791 — 58,578 Loan impairment charges — — 13,000 — 13,000 Total operating expenses — 45,023 72,066 — 117,089 Income from operations — 98,820 71,955 — 170,775 Other income (expenses) Interest expense — (76,728 ) — — (76,728 ) Interest income — 89 — — 89 Intercompany dividends and interest — 119,394 (1,571 ) (117,823 ) — Total other income (expenses) — 42,755 (1,571 ) (117,823 ) (76,639 ) Income (loss) before income taxes — 141,575 70,384 (117,823 ) 94,136 Income tax expense — 69 1,057 — 1,126 Net income (loss) $ — $ 141,506 $ 69,327 $ (117,823 ) $ 93,010 Three months ended March 31, 2019 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income (loss) $ — $ 141,506 $ 69,327 $ (117,823 ) $ 93,010 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization — 29,566 32,102 — 61,668 Amortization of debt issuance costs, bond premiums and original issuance discounts — 2,891 — — 2,891 Losses on dispositions of property — 7 — — 7 Deferred income taxes — — (248 ) — (248 ) Stock-based compensation — 4,325 — — 4,325 Straight-line rent adjustments — 663 7,981 — 8,644 Loan impairment charges — — 13,000 — 13,000 (Increase) decrease, Prepaid expenses and other assets — (4,240 ) (117 ) 1,011 (3,346 ) Intercompany — 52 (52 ) — — Increase (decrease), Accounts payable — (1,810 ) 1 — (1,809 ) Accrued expenses — 264 257 — 521 Accrued interest — 52,962 — — 52,962 Accrued salaries and wages — (9,353 ) (809 ) — (10,162 ) Gaming, property and other taxes — 398 (122 ) — 276 Income taxes — 69 1,590 (1,011 ) 648 Other liabilities — (948 ) (16 ) — (964 ) Net cash provided by (used in) operating activities — 216,352 122,894 (117,823 ) 221,423 Investing activities Capital maintenance expenditures — (2 ) (528 ) — (530 ) Proceeds from sale of property and equipment — 182 — — 182 Net cash provided by (used in) investing activities — 180 (528 ) — (348 ) Financing activities Dividends paid (146,202 ) — — — (146,202 ) Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options (9,056 ) — — — (9,056 ) Proceeds from issuance of long-term debt — 62,000 — — 62,000 Financing costs — (236 ) — — (236 ) Repayments of long-term debt — (123,030 ) — — (123,030 ) Intercompany financing 155,258 (155,258 ) (117,823 ) 117,823 — Net cash (used in) provided by financing activities — (216,524 ) (117,823 ) 117,823 (216,524 ) Net increase in cash and cash equivalents — 8 4,543 — 4,551 Cash and cash equivalents at beginning of period — 4,632 21,151 — 25,783 Cash and cash equivalents at end of period $ — $ 4,640 $ 25,694 $ — $ 30,334 At December 31, 2018 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 2,637,404 $ 4,694,056 $ — $ 7,331,460 Land rights, net — 100,938 572,269 — 673,207 Property and equipment, used in operations, net — 18,577 82,307 — 100,884 Mortgage loans receivable — 246,000 57,684 — 303,684 Cash and cash equivalents — 4,632 21,151 — 25,783 Prepaid expenses — 27,071 2,885 1,011 30,967 Goodwill — — 16,067 — 16,067 Other intangible assets — — 9,577 — 9,577 Loan receivable — — 13,000 — 13,000 Intercompany loan receivable — 193,595 — (193,595 ) — Intercompany transactions and investment in subsidiaries 2,265,607 5,247,229 2,697,241 (10,210,077 ) — Deferred tax assets — — 5,178 — 5,178 Other assets — 47,378 20,108 — 67,486 Total assets $ 2,265,607 $ 8,522,824 $ 8,191,523 $ (10,402,661 ) $ 8,577,293 Liabilities Accounts payable $ — $ 2,469 $ 42 $ — $ 2,511 Accrued expenses — 23,587 6,710 — 30,297 Accrued interest — 45,261 — — 45,261 Accrued salaries and wages — 14,628 2,382 — 17,010 Gaming, property, and other taxes — 24,055 18,824 — 42,879 Income taxes — (2 ) (1,009 ) 1,011 — Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts — 5,853,497 — — 5,853,497 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 269,185 24,726 — 293,911 Deferred tax liabilities — — 261 — 261 Other liabilities — 24,536 1,523 — 26,059 Total liabilities — 6,257,216 247,054 (192,584 ) 6,311,686 Shareholders’ equity (deficit) Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2018) — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 214,211,932 shares issued and outstanding at December 31, 2018) 2,142 2,142 2,142 (4,284 ) 2,142 Additional paid-in capital 3,952,503 3,952,506 9,832,830 (13,785,336 ) 3,952,503 Retained accumulated (deficit) earnings (1,689,038 ) (1,689,040 ) (1,890,503 ) 3,579,543 (1,689,038 ) Total shareholders’ equity (deficit) 2,265,607 2,265,608 7,944,469 (10,210,077 ) 2,265,607 Total liabilities and shareholders’ equity (deficit) $ 2,265,607 $ 8,522,824 $ 8,191,523 $ (10,402,661 ) $ 8,577,293 Three months ended March 31, 2018 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 101,820 $ 67,585 $ — $ 169,405 Income from direct financing lease — — 18,621 — 18,621 Real estate taxes paid by tenants — 10,900 10,378 — 21,278 Total income from real estate — 112,720 96,584 — 209,304 Gaming, food, beverage and other — — 34,746 — 34,746 Total revenues — 112,720 131,330 — 244,050 Operating expenses Gaming, food, beverage and other — — 19,658 — 19,658 Real estate taxes — 10,919 10,676 — 21,595 Land rights and ground lease expense — 2,019 4,513 — 6,532 General and administrative — 10,921 5,539 — 16,460 Depreciation — 23,601 4,353 — 27,954 Total operating expenses — 47,460 44,739 — 92,199 Income from operations — 65,260 86,591 — 151,851 Other income (expenses) Interest expense — (54,068 ) — — (54,068 ) Interest income — — 481 — 481 Intercompany dividends and interest — 107,103 (315 ) (106,788 ) — Total other income (expenses) — 53,035 166 (106,788 ) (53,587 ) Income (loss) before income taxes — 118,295 86,757 (106,788 ) 98,264 Income tax expense — 171 1,321 — 1,492 Net income (loss) $ — $ 118,124 $ 85,436 $ (106,788 ) $ 96,772 Three months ended March 31, 2018 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income (loss) $ — $ 118,124 $ 85,436 $ (106,788 ) $ 96,772 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation — 24,018 6,663 — 30,681 Amortization of debt issuance costs — 3,257 — — 3,257 Deferred income taxes — — 164 — 164 Stock-based compensation — 3,987 — — 3,987 Straight-line rent adjustments — 14,328 2,289 — 16,617 (Increase) decrease, Prepaid expenses and other assets — (2,913 ) 274 1,638 (1,001 ) Intercompany — (9 ) 9 — — (Decrease) increase, 0 0 0 Accounts payable — (160 ) (65 ) — (225 ) Accrued expenses — 98 105 — 203 Accrued interest — 42,238 — — 42,238 Accrued salaries and wages — (6,408 ) (1,272 ) — (7,680 ) Gaming, property and other taxes — 124 (102 ) — 22 Income taxes — 152 1,685 (1,638 ) 199 Other liabilities — 949 (427 ) — 522 Net cash provided by (used in) operating activities — 197,785 94,759 (106,788 ) 185,756 Investing activities Capital maintenance expenditures — (48 ) (774 ) — (822 ) Collection of principal payments on investment in direct financing lease — — 18,209 — 18,209 Net cash (used in) provided by investing activities — (48 ) 17,435 — 17,387 Financing activities Dividends paid (134,717 ) — — — (134,717 ) Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options (7,031 ) — — — (7,031 ) Repayments of long-term debt — (45,029 ) — — (45,029 ) Intercompany financing 141,748 (141,749 ) (106,787 ) 106,788 — Net cash (used in) provided by financing activities — (186,778 ) (106,787 ) 106,788 (186,777 ) Net increase in cash and cash equivalents — 10,959 5,407 — 16,366 Cash and cash equivalents at beginning of period — 6,734 22,320 — 29,054 Cash and cash equivalents at end of period $ — $ 17,693 $ 27,727 $ — $ 45,420

Business and Operations (Detail

Business and Operations (Details) $ in Millions	Oct. 15, 2018USD ($)	Oct. 01, 2018USD ($)	Apr. 30, 2016USD ($)	Mar. 31, 2019	Mar. 31, 2019state	Mar. 31, 2019property	Mar. 31, 2019	Mar. 31, 2019year	Mar. 31, 2019renewaloption
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio						46
Number of real estate properties						42
Number of states across which the portfolio of properties is diversified | state					16
Real estate, occupancy percentage							100.00%
Penn National Gaming Inc. Master Lease
Business and Operations
Operating lease, initial term of contract (in years)				15 years
Operating leases, number of renewal options								4	4
Operating lease, renewal term (in years)				5 years
Number of real estate properties						20
Amended Pinnacle Entertainment, Inc. Master Lease
Business and Operations
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
Number of real estate properties						12
Boyd Gaming Corporation Master Lease
Business and Operations
Operating lease, initial term of contract (in years)				10 years
Operating leases, number of renewal options | year								5
Operating lease, renewal term (in years)				5 years
Number of real estate properties						3
Eldorado Master Lease
Business and Operations
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
Number of real estate properties						5
Pinnacle Entertainment, Inc.
Business and Operations
Consideration paid for acquisition of real estate assets | $			$ 4,800
Plainridge Park Casino
Business and Operations
Payments to Acquire Real Estate, Excluding Transaction Costs | $	$ 250
Tropicana Entertainment Inc.
Business and Operations
Payments to Acquire Real Estate, Excluding Transaction Costs | $		$ 964
Eldorado Resorts, Inc.
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio						6
Boyd Gaming Corporation
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio						4
Penn National Gaming Inc
Business and Operations
Number of real estate properties						33
Eldorado Resorts, Inc. | Real Estate Loan
Business and Operations
Payment to acquire finance receivables | $		$ 246
Boyd Gaming Corporation | Real Estate Loan
Business and Operations
Payment to acquire finance receivables | $	$ 57.7

New Accounting Pronouncements (

New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 872,656
Lease liabilities	$ 202,405
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets		$ 203,000
Lease liabilities		$ 203,000

Real Estate Investments (Detail

Real Estate Investments (Details) $ in Thousands	Mar. 31, 2019USD ($)property	Dec. 31, 2018USD ($)
Real estate investments
Number of real estate properties | property	42
Total real estate investments	$ 8,314,357	$ 8,314,546
Less accumulated depreciation	(1,038,761)	(983,086)
Real estate investments, net	7,275,596	7,331,460
Land and improvements
Real estate investments
Total real estate investments	2,552,286	2,552,475
Building and improvements
Real estate investments
Total real estate investments	$ 5,762,071	$ 5,762,071

Property and Equipment Used i_3

Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 265,239	$ 264,738
Less accumulated depreciation	(166,726)	(163,854)
Property and equipment, net	98,513	100,884
Land and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	30,431	30,431
Building and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	116,776	116,776
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	117,593	117,247
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 439	$ 284

Receivables Receivables (Mortga

Receivables Receivables (Mortgage Loans Receivable) (Details) $ in Millions	Oct. 15, 2018USD ($)	Oct. 01, 2018USD ($)	Mar. 31, 2019property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of casino properties company has financial interests in | property			2
Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, interest rate, stated percentage	11.11%
Real Estate Loan | Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment to acquire finance receivables		$ 246
Real Estate Loan | Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment to acquire finance receivables	$ 57.7
Secured Debt | Real Estate Loan | Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment to acquire finance receivables		246
Secured Debt | Real Estate Loan | Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment to acquire finance receivables	57.7
Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to Acquire Real Estate, Excluding Transaction Costs		$ 246
Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to Acquire Real Estate, Excluding Transaction Costs	$ 57.7
Until one-year anniversary | Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, interest rate, stated percentage		9.09%
Until maturity | Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, interest rate, stated percentage		9.27%

Receivables (Loan Receivable) (

Receivables (Loan Receivable) (Details) $ in Thousands	Mar. 13, 2017USD ($)	Jan. 31, 2014USD ($)	Mar. 31, 2019USD ($)renewaloption	Mar. 31, 2018USD ($)	Mar. 31, 2019USD ($)renewaloption	Dec. 31, 2018USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Loan receivable			$ 0		$ 0	$ 13,000
Loan impairment charges			$ 13,000	$ 0
Casino Queen
Loans and Leases Receivable Disclosure [Line Items]
Face amount of debt		$ 43,000
Debt instrument, term		5 years
Debt instrument, interest rate, stated percentage		7.00%
CQ Holding Company Inc. | Unsecured Debt
Loans and Leases Receivable Disclosure [Line Items]
Face amount of debt	$ 13,000
Debt instrument, term	5 years 6 months
Debt instrument, interest rate, stated percentage	15.00%
Interest Income, Paid-in-kind					$ 2,000
Casino Queen Lease
Loans and Leases Receivable Disclosure [Line Items]
Operating lease, initial term of contract (in years)			15 years		15 years
Operating leases, number of renewal options | renewaloption			4		4
Operating lease, renewal term (in years)			5 years		5 years

Lease Assets and Lease Liabil_4

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Assets) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 872,656
Right-of use assets - operating leases
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	202,538
Land rights, net
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 670,118

Lease Assets and Lease Liabil_5

Lease Assets and Lease Liabilities Lease Assets and Lease LIabilities (Land Rights) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Land rights, net		$ 673,207
Minimum | Land rights, net
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	10 years
Maximum | Land rights, net
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	92 years
Land rights, net
Finite-Lived Intangible Assets [Line Items]
Land rights	$ 700,997	700,997
Less accumulated amortization	(30,879)	(27,790)
Land rights, net	670,118	$ 673,207
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2019	9,270
2020	12,359
2021	12,359
2022	12,359
2023	12,359
Thereafter	$ 611,412

Lease Assets and Lease Liabil_6

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Maturity Schedule) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Operating Lease Liabilities, Payments Due [Abstract]
2019	$ 11,613
2020	15,159
2021	15,042
2022	15,026
2023	15,005
Thereafter	685,975
Total lease payments	757,820
Less: interest	(555,415)
Present value of lease liabilities	$ 202,405

Lease Assets and Lease Liabil_7

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Components of Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 3,893
Variable lease cost	2,436
Short-term lease cost	238
Amortization of land rights	3,090
Total lease cost	$ 9,657
Operating leases, rent expense per ASC 840		$ 4,300
Land rights, net
Lessee, Lease, Description [Line Items]
Amortization of land rights		$ 2,700

Lease Assets and Lease Liabil_8

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Balance Sheet Information) (Details)	Mar. 31, 2019
Leases [Abstract]
Weighted average remaining lease term - operating leases	51 years 7 months 9 days
Weighted average discount rate - operating leases	6.70%

Lease Assets and Lease Liabil_9

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Cash Flow Information) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating cash flows from operating leases (1)	$ 556
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 0

Long-term Debt (Schedule of Deb

Long-term Debt (Schedule of Debt) (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Long-term debt
Finance lease liability	$ 1,082,000
Capital lease obligations		$ 1,112,000
Total long-term debt	5,842,082,000	5,903,112,000
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(46,960,000)	(49,615,000)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,795,122,000	5,853,497,000
Unsecured $1,175 million revolver
Long-term debt
Long-term debt, gross	341,000,000	402,000,000
Unsecured term loan A-1
Long-term debt
Long-term debt, gross	525,000,000	525,000,000
$1,000 million 4.875% senior unsecured notes due November 2020
Long-term debt
Long-term debt, gross	1,000,000,000	1,000,000,000
Face amount of debt	$ 1,000,000,000	$ 1,000,000,000
Debt instrument, interest rate, stated percentage	4.875%	4.875%
$400 million 4.375% senior unsecured notes due April 2021
Long-term debt
Long-term debt, gross	$ 400,000,000	$ 400,000,000
Face amount of debt	$ 400,000,000	$ 400,000,000
Debt instrument, interest rate, stated percentage	4.375%	4.375%
$500 million 5.375% senior unsecured notes due November 2023
Long-term debt
Long-term debt, gross	$ 500,000,000	$ 500,000,000
Face amount of debt	$ 500,000,000	$ 500,000,000
Debt instrument, interest rate, stated percentage	5.375%	5.375%
$850 million 5.25% senior unsecured notes due June 2025
Long-term debt
Long-term debt, gross	$ 850,000,000	$ 850,000,000
Face amount of debt	$ 850,000,000	$ 850,000,000
Debt instrument, interest rate, stated percentage	5.25%	5.25%
$975 million 5.375% senior unsecured notes due April 2026
Long-term debt
Long-term debt, gross	$ 975,000,000	$ 975,000,000
Face amount of debt	$ 975,000,000	$ 975,000,000
Debt instrument, interest rate, stated percentage	5.375%	5.375%
$500 million 5.75% senior unsecured notes due June 2028
Long-term debt
Long-term debt, gross	$ 500,000,000	$ 500,000,000
Face amount of debt	$ 500,000,000	$ 500,000,000
Debt instrument, interest rate, stated percentage	5.75%	5.75%
$750 million 5.30% senior unsecured notes due January 2029
Long-term debt
Long-term debt, gross	$ 750,000,000	$ 750,000,000
Face amount of debt	$ 750,000,000	$ 750,000,000
Debt instrument, interest rate, stated percentage	5.30%	5.30%
Unsecured $1,175 million revolver
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 1,175,000,000	$ 1,175,000,000

Long-term Debt (Maturities of L

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Future minimum repayments of long-term debt
Within one year	$ 125
2-3 years	1,925,268
4-5 years	841,294
Over 5 years	3,075,395
Total minimum payments	$ 5,842,082	$ 5,903,112

Long-term Debt - Senior Unsecur

Long-term Debt - Senior Unsecured Credit Facility (Narrative) (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Long-term debt
Letters of credit outstanding, amount	$ 400,000
Available borrowing capacity	833,600,000
Senior unsecured credit facility
Long-term debt
Long-term debt, gross	866,000,000
Revolving credit facility
Long-term debt
Line of credit facility, maximum borrowing capacity	1,175,000,000	$ 1,175,000,000
Outstanding balance on credit facility	341,000,000
Unsecured term loan A-1
Long-term debt
Line of credit facility, maximum borrowing capacity	525,000,000
Outstanding balance on credit facility	$ 525,000,000

Long-term Debt - Senior Unsec_2

Long-term Debt - Senior Unsecured Notes (Narrative) (Details)	Mar. 31, 2019USD ($)
Senior Notes
Long-term debt
Long-term debt, gross	$ 4,975,000,000

Long-term Debt - Finance Lease

Long-term Debt - Finance Lease Liability (Narrative) (Details)	Mar. 31, 2019
Debt Disclosure [Abstract]
Lessee, finance lease, term of contract	30 years

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and LIabilities (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 30,334	$ 25,783
Deferred compensation plan assets	26,119	22,709
Mortgage loans receivable	303,684	303,684
Long-term debt:
Senior unsecured credit facility	866,000	927,000
Senior unsecured notes	4,975,000	4,975,000
Fair Value
Financial assets:
Cash and cash equivalents	30,334	25,783
Deferred compensation plan assets	26,119	22,709
Mortgage loans receivable	303,684	303,684
Long-term debt:
Senior unsecured credit facility	857,495	909,308
Senior unsecured notes	$ 5,191,775	$ 4,958,455

Fair Value of Financial Asset_5

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Assets and Liabilities Measured on a Non Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 13, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loan impairment charges	$ 13,000	$ 0
Total impairment charges	13,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loans receivable	0
Total assets measured at fair value on a nonrecurring basis	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loans receivable	0
Total assets measured at fair value on a nonrecurring basis	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loans receivable	0
Total assets measured at fair value on a nonrecurring basis	$ 0
CQ Holding Company Inc. | Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt Instrument, Face Amount			$ 13,000

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2019property	Mar. 31, 2019year	Mar. 31, 2019renewaloption
Revenue Recognition [Line Items]
Number of real estate properties			42
Number of casino properties company has financial interests in			2
Gaming Taxes | $	$ 14	$ 14.2
Penn National Gaming Inc. Master Lease
Revenue Recognition [Line Items]
Number of real estate properties			20
Operating lease, initial term of contract (in years)	15 years
Operating leases, number of renewal options				4	4
Operating lease, renewal term (in years)	5 years
Term of contract including all reasonably assured renewal periods (in years)	35 years
Penn National Gaming Inc. Master Lease | Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue Recognition [Line Items]
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%
Amended Pinnacle Entertainment, Inc. Master Lease
Revenue Recognition [Line Items]
Number of real estate properties			12
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)	10 years
Eldorado Master Lease
Revenue Recognition [Line Items]
Number of real estate properties			5
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
Term of contract including all reasonably assured renewal periods (in years)	15 years
Boyd Gaming Corporation Master Lease
Revenue Recognition [Line Items]
Number of real estate properties			3
Operating lease, initial term of contract (in years)	10 years
Operating leases, number of renewal options | year				5
Operating lease, renewal term (in years)	5 years
Term of contract including all reasonably assured renewal periods (in years)	10 years
All Tenant Leases
Revenue Recognition [Line Items]
Annual rent escalator, percentage	2.00%
Operating leases, percent of the average net revenues of property(s) used to calculate rent increase	4.00%
Casino Queen Lease
Revenue Recognition [Line Items]
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
Term of contract including all reasonably assured renewal periods (in years)	35 years
Penn National Gaming, Inc. Meadows Lease
Revenue Recognition [Line Items]
Operating lease, initial term of contract (in years)	10 years
Term of contract including all reasonably assured renewal periods (in years)	10 years
Minimum | All Tenant Leases
Revenue Recognition [Line Items]
Frequency property performance-based rent structure is adjusted	2 years
Lessor leasing arrangements period used in calculation of average net revenues	2 years
Maximum | All Tenant Leases
Revenue Recognition [Line Items]
Frequency property performance-based rent structure is adjusted	5 years
Lessor leasing arrangements period used in calculation of average net revenues	5 years

Earnings per Share Earnings p_4

Earnings per Share Earnings per Share (Weighted Average Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Weighted-average common shares outstanding (in shares)	214,626	213,304
Diluted weighted-average common shares outstanding (in shares)	215,288	214,682
Employee stock options
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	0	389
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	54	42
Performance-based restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	608	947

Earnings per Share Earnings p_5

Earnings per Share Earnings per Share (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Calculation of basic EPS:
Net income	$ 93,010	$ 96,772
Less: Net income allocated to participating securities	(158)	(162)
Net income attributable to common shareholders	$ 92,852	$ 96,610
Weighted-average common shares outstanding (in shares)	214,626,000	213,304,000
Basic EPS (in dollars per share)	$ 0.43	$ 0.45
Calculation of diluted EPS:
Net income	$ 93,010	$ 96,772
Diluted weighted-average common shares outstanding (in shares)	215,288,000	214,682,000
Diluted EPS (in dollars per share)	$ 0.43	$ 0.45
Anti-dilutive securities, options to purchase common stock outstanding (in shares)	78,483	176,641

Shareholders' Equity (Dividends

Shareholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 22, 2019	Feb. 20, 2019	Mar. 23, 2018	Feb. 01, 2018	Mar. 31, 2019	Mar. 31, 2018
Equity [Abstract]
Dividends declared per common share (in dollars per share)		$ 0.68		$ 0.63
Dividends paid per common share (in dollars per share)					$ 0.68	$ 0.63
Payments of dividends, common stock	$ 145,954		$ 134,490
Dividends, share-based compensation					$ 200	$ 200

Stock Based Compensation Stoc_3

Stock Based Compensation Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	$ 10.6
Remaining weighted average vesting period for recognition of unrecognized compensation cost	1 year 10 months 24 days
Recognized compensation expense	$ 2	$ 1.4
Performance-based restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	$ 15.3
Remaining weighted average vesting period for recognition of unrecognized compensation cost	2 years 2 months 1 day
Recognized compensation expense	$ 2.3	$ 2.6
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
Percentage of revenues from triple-net leases (at least)	75.00%
End Of Measurement Period Vesting | Performance-based restricted stock awards
Stock-based compensation
Vesting period	3 years

Stock Based Compensation Stoc_4

Stock Based Compensation Stock Based Compensation (Restricted Stock Activity) (Details) - Restricted stock awards	3 Months Ended
	Mar. 31, 2019shares
Stock-based compensation
Outstanding at the beginning of the period (in shares)	299,642
Granted (in shares)	317,290
Released (in shares)	(252,704)
Canceled (in shares)	0
Outstanding at the end of the period (in shares)	364,228

Stock Based Compensation Stoc_5

Stock Based Compensation Stock-Based Compensation (Performance-Based Awards) (Details) - Performance-based restricted stock awards	3 Months Ended
	Mar. 31, 2019shares
Performance-Based Restricted Stock Awards Activity [Roll Forward]
Outstanding at the beginning of the period (in shares)	1,342,000
Granted (in shares)	512,000
Released (in shares)	(447,334)
Canceled (in shares)	(23,332)
Outstanding at the end of the period (in shares)	1,383,334

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)segment	Mar. 31, 2018USD ($)
Segment information
Number of reportable segments | segment	2
Total revenues	$ 287,864	$ 244,050
Income from operations	170,775	151,851
Interest expense	76,728	54,068
Income before income taxes	94,136	98,264
Income tax expense	1,126	1,492
Net income	93,010	96,772
Depreciation	58,578	27,954
Capital project expenditures	0	0
Capital maintenance expenditures	530	822
GLP Capital
Segment information
Total revenues	254,871	209,304
Income from operations	164,869	144,874
Interest expense	74,127	51,467
Income before income taxes	90,831	93,887
Income tax expense	68	171
Net income	90,763	93,716
Depreciation	56,175	25,615
Capital project expenditures	0	0
Capital maintenance expenditures	2	48
TRS Properties
Segment information
Total revenues	32,993	34,746
Income from operations	5,906	6,977
Interest expense	2,601	2,601
Income before income taxes	3,305	4,377
Income tax expense	1,058	1,321
Net income	2,247	3,056
Depreciation	2,403	2,339
Capital project expenditures	0	0
Capital maintenance expenditures	$ 528	$ 774

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2019
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Cash paid for income taxes, net of refunds received	$ 0	$ 22
Cash paid for interest	20,850	$ 8,549
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	872,656
Lease liabilities	$ 202,405
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets			$ 203,000
Lease liabilities			$ 203,000

Supplementary Condensed Conso_3

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Balance Sheet) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Assets
Real estate investments, net	$ 7,275,596	$ 7,331,460
Land rights, net		673,207
Property and equipment, used in operations, net	98,513	100,884
Mortgage loans receivable	303,684	303,684
Right-of-use assets and land rights, net	872,656
Cash and cash equivalents	30,334	25,783	$ 45,420	$ 29,054
Prepaid expenses	3,462	30,967
Goodwill	16,067	16,067
Other intangible assets	9,577	9,577
Loan receivable	0	13,000
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	0	0
Deferred tax assets	5,528	5,178
Other assets	31,415	67,486
Total assets	8,646,832	8,577,293
Liabilities
Accounts payable	702	2,511
Accrued expenses	5,951	30,297
Accrued interest	98,223	45,261
Accrued salaries and wages	6,848	17,010
Gaming, property, and other taxes	1,340	42,879
Income taxes	648	0
Lease liabilities	202,405
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,795,122	5,853,497
Intercompany loan payable	0	0
Deferred rental revenue	302,555	293,911
Deferred tax liabilities	258	261
Other liabilities	25,096	26,059
Total liabilities	6,439,148	6,311,686
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2019 and December 31, 2018)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,645,500 and 214,211,932 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively)	2,146	2,142
Additional paid-in capital	3,947,768	3,952,503
Accumulated deficit	(1,742,230)	(1,689,038)
Total shareholders’ equity	2,207,684	2,265,607	2,416,848	2,458,247
Total liabilities and shareholders’ equity	$ 8,646,832	$ 8,577,293
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	214,645,500	214,211,932
Common stock, shares, outstanding	214,645,500	214,211,932
Eliminations
Assets
Real estate investments, net	$ 0	$ 0
Land rights, net		0
Property and equipment, used in operations, net	0	0
Mortgage loans receivable	0	0
Right-of-use assets and land rights, net	0
Cash and cash equivalents	0	0	0	0
Prepaid expenses	0	1,011
Goodwill	0	0
Other intangible assets	0	0
Loan receivable		0
Intercompany loan receivable	(193,595)	(193,595)
Intercompany transactions and investment in subsidiaries	(10,047,590)	(10,210,077)
Deferred tax assets	0	0
Other assets	0	0
Total assets	(10,241,185)	(10,402,661)
Liabilities
Accounts payable	0	0
Accrued expenses	0	0
Accrued interest	0	0
Accrued salaries and wages	0	0
Gaming, property, and other taxes	0	0
Income taxes	0	1,011
Lease liabilities	0
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	0	0
Intercompany loan payable	(193,595)	(193,595)
Deferred rental revenue	0	0
Deferred tax liabilities	0	0
Other liabilities	0	0
Total liabilities	(193,595)	(192,584)
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2019 and December 31, 2018)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,645,500 and 214,211,932 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively)	(4,292)	(4,284)
Additional paid-in capital	(13,775,865)	(13,785,336)
Accumulated deficit	3,732,567	3,579,543
Total shareholders’ equity	(10,047,590)	(10,210,077)
Total liabilities and shareholders’ equity	(10,241,185)	(10,402,661)
Parent Guarantor
Assets
Real estate investments, net	0	0
Land rights, net		0
Property and equipment, used in operations, net	0	0
Mortgage loans receivable	0	0
Right-of-use assets and land rights, net	0
Cash and cash equivalents	0	0	0	0
Prepaid expenses	0	0
Goodwill	0	0
Other intangible assets	0	0
Loan receivable		0
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	2,207,684	2,265,607
Deferred tax assets	0	0
Other assets	0	0
Total assets	2,207,684	2,265,607
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
Lease liabilities	0
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	0	0
Intercompany loan payable	0	0
Deferred rental revenue	0	0
Deferred tax liabilities	0	0
Other liabilities	0	0
Total liabilities	0	0
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2019 and December 31, 2018)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,645,500 and 214,211,932 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively)	2,146	2,142
Additional paid-in capital	3,947,768	3,952,503
Accumulated deficit	(1,742,230)	(1,689,038)
Total shareholders’ equity	2,207,684	2,265,607
Total liabilities and shareholders’ equity	2,207,684	2,265,607
Subsidiary Issuers
Assets
Real estate investments, net	2,608,928	2,637,404
Land rights, net		100,938
Property and equipment, used in operations, net	18,080	18,577
Mortgage loans receivable	246,000	246,000
Right-of-use assets and land rights, net	208,305
Cash and cash equivalents	4,640	4,632	17,693	6,734
Prepaid expenses	2,449	27,071
Goodwill	0	0
Other intangible assets	0	0
Loan receivable		0
Intercompany loan receivable	193,595	193,595
Intercompany transactions and investment in subsidiaries	5,198,680	5,247,229
Deferred tax assets	0	0
Other assets	29,712	47,378
Total assets	8,510,389	8,522,824
Liabilities
Accounts payable	659	2,469
Accrued expenses	1,084	23,587
Accrued interest	98,223	45,261
Accrued salaries and wages	5,275	14,628
Gaming, property, and other taxes	827	24,055
Income taxes	67	(2)
Lease liabilities	108,013
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,795,122	5,853,497
Intercompany loan payable	0	0
Deferred rental revenue	269,848	269,185
Deferred tax liabilities	0	0
Other liabilities	23,587	24,536
Total liabilities	6,302,705	6,257,216
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2019 and December 31, 2018)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,645,500 and 214,211,932 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively)	2,146	2,142
Additional paid-in capital	3,947,770	3,952,506
Accumulated deficit	(1,742,232)	(1,689,040)
Total shareholders’ equity	2,207,684	2,265,608
Total liabilities and shareholders’ equity	8,510,389	8,522,824
Other Subsidiary Non-Issuers
Assets
Real estate investments, net	4,666,668	4,694,056
Land rights, net		572,269
Property and equipment, used in operations, net	80,433	82,307
Mortgage loans receivable	57,684	57,684
Right-of-use assets and land rights, net	664,351
Cash and cash equivalents	25,694	21,151	$ 27,727	$ 22,320
Prepaid expenses	1,013	2,885
Goodwill	16,067	16,067
Other intangible assets	9,577	9,577
Loan receivable		13,000
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	2,641,226	2,697,241
Deferred tax assets	5,528	5,178
Other assets	1,703	20,108
Total assets	8,169,944	8,191,523
Liabilities
Accounts payable	43	42
Accrued expenses	4,867	6,710
Accrued interest	0	0
Accrued salaries and wages	1,573	2,382
Gaming, property, and other taxes	513	18,824
Income taxes	581	(1,009)
Lease liabilities	94,392
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	0	0
Intercompany loan payable	193,595	193,595
Deferred rental revenue	32,707	24,726
Deferred tax liabilities	258	261
Other liabilities	1,509	1,523
Total liabilities	330,038	247,054
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2019 and December 31, 2018)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,645,500 and 214,211,932 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively)	2,146	2,142
Additional paid-in capital	9,828,095	9,832,830
Accumulated deficit	(1,990,335)	(1,890,503)
Total shareholders’ equity	7,839,906	7,944,469
Total liabilities and shareholders’ equity	$ 8,169,944	$ 8,191,523
GLP Capital, L.P.
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Ownership percentage of subsidiaries	100.00%
GLP Financing II, Inc.
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Ownership percentage of subsidiaries	100.00%

Supplementary Condensed Conso_4

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues
Rental income	$ 247,678
Rental income		$ 169,405
Income from direct financing lease		18,621
Interest income from mortgaged real estate	7,193	0
Real estate taxes paid by tenants		21,278
Total revenues	287,864	244,050
Operating expenses
Gaming, food, beverage and other	19,022	19,658
Real estate taxes		21,595
Land rights and ground lease expense	9,249	6,532
General and administrative	17,240	16,460
Depreciation	58,578	27,954
Loan impairment charges	13,000	0
Total operating expenses	117,089	92,199
Income from operations	170,775	151,851
Other income (expenses)
Interest expense	(76,728)	(54,068)
Interest income	89	481
Intercompany dividends and interest	0	0
Total other expenses	(76,639)	(53,587)
Income before income taxes	94,136	98,264
Income tax expense	1,126	1,492
Net income	93,010	96,772
Eliminations
Revenues
Rental income	0
Rental income		0
Income from direct financing lease		0
Interest income from mortgaged real estate	0
Real estate taxes paid by tenants		0
Total revenues	0	0
Operating expenses
Gaming, food, beverage and other	0	0
Real estate taxes		0
Land rights and ground lease expense	0	0
General and administrative	0	0
Depreciation	0	0
Loan impairment charges	0
Total operating expenses	0	0
Income from operations	0	0
Other income (expenses)
Interest expense	0	0
Interest income	0	0
Intercompany dividends and interest	(117,823)	(106,788)
Total other expenses	(117,823)	(106,788)
Income before income taxes	(117,823)	(106,788)
Income tax expense	0	0
Net income	(117,823)	(106,788)
Parent Guarantor
Revenues
Rental income	0
Rental income		0
Income from direct financing lease		0
Interest income from mortgaged real estate	0
Real estate taxes paid by tenants		0
Total revenues	0	0
Operating expenses
Gaming, food, beverage and other	0	0
Real estate taxes		0
Land rights and ground lease expense	0	0
General and administrative	0	0
Depreciation	0	0
Loan impairment charges	0
Total operating expenses	0	0
Income from operations	0	0
Other income (expenses)
Interest expense	0	0
Interest income	0	0
Intercompany dividends and interest	0	0
Total other expenses	0	0
Income before income taxes	0	0
Income tax expense	0	0
Net income	0	0
Subsidiary Issuers
Revenues
Rental income	138,253
Rental income		101,820
Income from direct financing lease		0
Interest income from mortgaged real estate	5,590
Real estate taxes paid by tenants		10,900
Total revenues	143,843	112,720
Operating expenses
Gaming, food, beverage and other	0	0
Real estate taxes		10,919
Land rights and ground lease expense	4,724	2,019
General and administrative	11,512	10,921
Depreciation	28,787	23,601
Loan impairment charges	0
Total operating expenses	45,023	47,460
Income from operations	98,820	65,260
Other income (expenses)
Interest expense	(76,728)	(54,068)
Interest income	89	0
Intercompany dividends and interest	119,394	107,103
Total other expenses	42,755	53,035
Income before income taxes	141,575	118,295
Income tax expense	69	171
Net income	141,506	118,124
Other Subsidiary Non-Issuers
Revenues
Rental income	109,425
Rental income		67,585
Income from direct financing lease		18,621
Interest income from mortgaged real estate	1,603
Real estate taxes paid by tenants		10,378
Total revenues	144,021	131,330
Operating expenses
Gaming, food, beverage and other	19,022	19,658
Real estate taxes		10,676
Land rights and ground lease expense	4,525	4,513
General and administrative	5,728	5,539
Depreciation	29,791	4,353
Loan impairment charges	13,000
Total operating expenses	72,066	44,739
Income from operations	71,955	86,591
Other income (expenses)
Interest expense	0	0
Interest income	0	481
Intercompany dividends and interest	(1,571)	(315)
Total other expenses	(1,571)	166
Income before income taxes	70,384	86,757
Income tax expense	1,057	1,321
Net income	69,327	85,436
Real Estate
Revenues
Total revenues	254,871	209,304
Real Estate | Eliminations
Revenues
Total revenues	0	0
Real Estate | Parent Guarantor
Revenues
Total revenues	0	0
Real Estate | Subsidiary Issuers
Revenues
Total revenues	143,843	112,720
Real Estate | Other Subsidiary Non-Issuers
Revenues
Total revenues	111,028	96,584
Gaming, food, beverage and other
Revenues
Total revenues	32,993	34,746
Gaming, food, beverage and other | Eliminations
Revenues
Total revenues	0	0
Gaming, food, beverage and other | Parent Guarantor
Revenues
Total revenues	0	0
Gaming, food, beverage and other | Subsidiary Issuers
Revenues
Total revenues	0	0
Gaming, food, beverage and other | Other Subsidiary Non-Issuers
Revenues
Total revenues	$ 32,993	$ 34,746

Supplementary Condensed Conso_5

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Cash Flow) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating activities
Net income	$ 93,010	$ 96,772
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	61,668	30,681
Amortization of debt issuance costs, bond premiums and original issuance discounts	2,891	3,257
Losses on dispositions of property	7	0
Deferred income taxes	(248)	164
Stock-based compensation	4,325	3,987
Straight-line rent adjustments	8,644	16,617
Loan impairment charges	13,000	0
(Increase), decrease
Prepaid expenses and other assets	(3,346)	(1,001)
Intercompany	0	0
Increase, (decrease)
Accounts payable	(1,809)	(225)
Accrued expenses	521	203
Accrued interest	52,962	42,238
Accrued salaries and wages	(10,162)	(7,680)
Gaming, property and other taxes	276	22
Income taxes	648	199
Other liabilities	(964)	522
Net cash provided by operating activities	221,423	185,756
Investing activities
Capital maintenance expenditures	(530)	(822)
Proceeds from sale of property and equipment	182	0
Collections of principal payments on investment in direct financing lease	0	18,209
Net cash (used in) provided by investing activities	(348)	17,387
Financing activities
Dividends paid	(146,202)	(134,717)
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options	(9,056)	(7,031)
Proceeds from issuance of long-term debt	62,000	0
Financing costs	(236)	0
Repayments of long-term debt	(123,030)	(45,029)
Intercompany financing	0	0
Net cash used in financing activities	(216,524)	(186,777)
Net increase in cash and cash equivalents	4,551	16,366
Cash and cash equivalents at beginning of period	25,783	29,054
Cash and cash equivalents at end of period	30,334	45,420
Eliminations
Operating activities
Net income	(117,823)	(106,788)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	0	0
Amortization of debt issuance costs, bond premiums and original issuance discounts	0	0
Losses on dispositions of property	0
Deferred income taxes	0	0
Stock-based compensation	0	0
Straight-line rent adjustments	0	0
Loan impairment charges	0
(Increase), decrease
Prepaid expenses and other assets	1,011	1,638
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	(1,011)	(1,638)
Other liabilities	0	0
Net cash provided by operating activities	(117,823)	(106,788)
Investing activities
Capital maintenance expenditures	0	0
Proceeds from sale of property and equipment	0
Collections of principal payments on investment in direct financing lease		0
Net cash (used in) provided by investing activities	0	0
Financing activities
Dividends paid	0	0
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options	0	0
Proceeds from issuance of long-term debt	0
Financing costs	0
Repayments of long-term debt	0	0
Intercompany financing	117,823	106,788
Net cash used in financing activities	117,823	106,788
Net 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
Parent Guarantor
Operating activities
Net income	0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	0	0
Amortization of debt issuance costs, bond premiums and original issuance discounts	0	0
Losses on dispositions of property	0
Deferred income taxes	0	0
Stock-based compensation	0	0
Straight-line rent adjustments	0	0
Loan impairment charges	0
(Increase), decrease
Prepaid expenses and 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 liabilities	0	0
Net cash provided by operating activities	0	0
Investing activities
Capital maintenance expenditures	0	0
Proceeds from sale of property and equipment	0
Collections of principal payments on investment in direct financing lease		0
Net cash (used in) provided by investing activities	0	0
Financing activities
Dividends paid	(146,202)	(134,717)
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options	(9,056)	(7,031)
Proceeds from issuance of long-term debt	0
Financing costs	0
Repayments of long-term debt	0	0
Intercompany financing	155,258	141,748
Net cash used in financing activities	0	0
Net 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
Subsidiary Issuers
Operating activities
Net income	141,506	118,124
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	29,566	24,018
Amortization of debt issuance costs, bond premiums and original issuance discounts	2,891	3,257
Losses on dispositions of property	7
Deferred income taxes	0	0
Stock-based compensation	4,325	3,987
Straight-line rent adjustments	663	14,328
Loan impairment charges	0
(Increase), decrease
Prepaid expenses and other assets	(4,240)	(2,913)
Intercompany	52	(9)
Increase, (decrease)
Accounts payable	(1,810)	(160)
Accrued expenses	264	98
Accrued interest	52,962	42,238
Accrued salaries and wages	(9,353)	(6,408)
Gaming, property and other taxes	398	124
Income taxes	69	152
Other liabilities	(948)	949
Net cash provided by operating activities	216,352	197,785
Investing activities
Capital maintenance expenditures	(2)	(48)
Proceeds from sale of property and equipment	182
Collections of principal payments on investment in direct financing lease		0
Net cash (used in) provided by investing activities	180	(48)
Financing activities
Dividends paid	0	0
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options	0	0
Proceeds from issuance of long-term debt	62,000
Financing costs	(236)
Repayments of long-term debt	(123,030)	(45,029)
Intercompany financing	(155,258)	(141,749)
Net cash used in financing activities	(216,524)	(186,778)
Net increase in cash and cash equivalents	8	10,959
Cash and cash equivalents at beginning of period	4,632	6,734
Cash and cash equivalents at end of period	4,640	17,693
Other Subsidiary Non-Issuers
Operating activities
Net income	69,327	85,436
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	32,102	6,663
Amortization of debt issuance costs, bond premiums and original issuance discounts	0	0
Losses on dispositions of property	0
Deferred income taxes	(248)	164
Stock-based compensation	0	0
Straight-line rent adjustments	7,981	2,289
Loan impairment charges	13,000
(Increase), decrease
Prepaid expenses and other assets	(117)	274
Intercompany	(52)	9
Increase, (decrease)
Accounts payable	1	(65)
Accrued expenses	257	105
Accrued interest	0	0
Accrued salaries and wages	(809)	(1,272)
Gaming, property and other taxes	(122)	(102)
Income taxes	1,590	1,685
Other liabilities	(16)	(427)
Net cash provided by operating activities	122,894	94,759
Investing activities
Capital maintenance expenditures	(528)	(774)
Proceeds from sale of property and equipment	0
Collections of principal payments on investment in direct financing lease		18,209
Net cash (used in) provided by investing activities	(528)	17,435
Financing activities
Dividends paid	0	0
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options	0	0
Proceeds from issuance of long-term debt	0
Financing costs	0
Repayments of long-term debt	0	0
Intercompany financing	(117,823)	(106,787)
Net cash used in financing activities	(117,823)	(106,787)
Net increase in cash and cash equivalents	4,543	5,407
Cash and cash equivalents at beginning of period	21,151	22,320
Cash and cash equivalents at end of period	$ 25,694	$ 27,727

Uncategorized Items - glpi-2019

Label	Element	Value
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (410,000)
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (410,000)