Cover
Cover - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2019 | Feb. 18, 2020 | |
Cover page. | ||
Document Type | 10-K | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-36124 | |
Entity Registrant Name | Gaming and Leisure Properties, Inc. | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 46-2116489 | |
Entity Address, Address Line One | 845 Berkshire Blvd., Suite 200 | |
Entity Address, City or Town | Wyomissing | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19610 | |
City Area Code | 610 | |
Local Phone Number | 401-2900 | |
Title of 12(b) Security | Common Stock, par value $.01 per share | |
Trading Symbol | GLPI | |
Security Exchange Name | NASDAQ | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Public Float | $ 7.9 | |
Entity Common Stock, Shares Outstanding | 215,101,747 | |
Documents Incorporated by Reference | Portions of the registrant's definitive proxy statement for its 2020 annual meeting of shareholders (when it is filed) will be incorporated by reference into Part III of this Annual Report on Form 10-K. | |
Entity Central Index Key | 0001575965 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Real estate investments, net | $ 7,100,555 | $ 7,331,460 |
Property and equipment, used in operations, net | 94,080 | 100,884 |
Right-of-use assets and land rights, net | 838,734 | |
Land rights, net | 673,207 | |
Cash and cash equivalents | 26,823 | 25,783 |
Prepaid expenses | 4,228 | 30,967 |
Goodwill | 16,067 | 16,067 |
Other intangible assets | 9,577 | 9,577 |
Deferred tax assets | 6,056 | 5,178 |
Other assets | 34,494 | 67,486 |
Total assets | 8,434,298 | 8,577,293 |
Liabilities | ||
Accounts payable | 1,006 | 2,511 |
Accrued expenses | 6,239 | 30,297 |
Accrued interest | 60,695 | 45,261 |
Accrued salaries and wages | 13,821 | 17,010 |
Gaming, property, and other taxes | 944 | 42,879 |
Lease liabilities | 183,971 | |
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts | 5,737,962 | 5,853,497 |
Deferred rental revenue | 328,485 | 293,911 |
Deferred tax liabilities | 279 | 261 |
Other liabilities | 26,651 | 26,059 |
Total liabilities | 6,360,053 | 6,311,686 |
Commitments and Contingencies | ||
Shareholders’ equity | ||
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2019 and December 31, 2018) | 0 | 0 |
Common stock ($.01 par value, 500,000,000 shares authorized, 214,694,165 and 214,211,932 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively) | 2,147 | 2,142 |
Additional paid-in capital | 3,959,383 | 3,952,503 |
Accumulated deficit | (1,887,285) | (1,689,038) |
Total shareholders’ equity | 2,074,245 | 2,265,607 |
Total liabilities and shareholders’ equity | 8,434,298 | 8,577,293 |
Real Estate Loan | ||
Assets | ||
Loans receivable | 303,684 | 303,684 |
Loan receivable | ||
Assets | ||
Loans receivable | $ 0 | $ 13,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 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 | 0 | 214,211,932 |
Common stock, shares outstanding | 0 | 214,211,932 |
Consolidated Statements of Inco
Consolidated Statements of Income | 12 Months Ended |
Dec. 31, 2019USD ($)$ / shares | |
Revenues | |
Rental income | $ 996,166,000 |
Income from direct financing lease | 0 |
Interest income from real estate loans | 28,916,000 |
Total revenues | 1,153,473,000 |
Operating expenses | |
Land rights and ground lease expense | 42,438,000 |
General and administrative | 65,477,000 |
Depreciation | 240,435,000 |
Loan impairment charges | 13,000,000 |
Goodwill impairment charges | 0 |
Total operating expenses | 436,050,000 |
Income from operations | 717,423,000 |
Other income (expenses) | |
Interest expense | (301,520,000) |
Interest income | 756,000 |
Losses on debt extinguishment | (21,014,000) |
Total other expenses | (321,778,000) |
Income before income taxes | 395,645,000 |
Income tax expense | 4,764,000 |
Net income | $ 390,881,000 |
Earnings per common share: | |
Basic earnings per common share (in dollars per share) | $ / shares | $ 1.82 |
Diluted earnings per common share (in dollars per share) | $ / shares | $ 1.81 |
Real estate | |
Revenues | |
Total revenues | $ 1,025,082,000 |
Gaming, food, beverage and other | |
Revenues | |
Total revenues | 128,391,000 |
Operating expenses | |
Gaming, food, beverage and other | $ 74,700,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Balance at Dec. 31, 2016 | $ 2,433,869 | $ 2,077 | $ 3,760,729 | $ (1,328,937) |
Balance (in shares) at Dec. 31, 2016 | 207,676,827 | |||
Increase (Decrease) in Shareholders' Equity | ||||
Issuance of common stock | 139,414 | $ 38 | 139,376 | |
Issuance of common stock, shares | 3,864,872 | |||
Stock option activity | 21,003 | $ 10 | 20,993 | |
Stock option activity (in shares) | 1,013,984 | |||
Restricted stock activity | 12,733 | $ 2 | 12,731 | |
Restricted stock activity (in shares) | 161,866 | |||
Dividends paid | (529,370) | (529,370) | ||
Net income | 380,598 | 380,598 | ||
Balance at Dec. 31, 2017 | 2,458,247 | $ 2,127 | 3,933,829 | (1,477,709) |
Balance (in shares) at Dec. 31, 2017 | 212,717,549 | |||
Increase (Decrease) in Shareholders' Equity | ||||
Stock option activity | 19,815 | $ 10 | 19,805 | |
Stock option activity (in shares) | 1,007,750 | |||
Restricted stock activity | (1,126) | $ 5 | (1,131) | |
Restricted stock activity (in shares) | 486,633 | |||
Dividends paid | (550,435) | (550,435) | ||
Net income | 339,516 | 339,516 | ||
Balance at Dec. 31, 2018 | $ 2,265,607 | $ 2,142 | 3,952,503 | (1,689,038) |
Balance (in shares) at Dec. 31, 2018 | 214,211,932 | 214,211,932 | ||
Increase (Decrease) in Shareholders' Equity | ||||
Adjustments to Additional Paid in Capital, ATM Program Offering Costs | $ (255) | (255) | ||
Stock option activity | 592 | $ 0 | 592 | |
Stock option activity (in shares) | 26,799 | |||
Restricted stock activity | 6,548 | $ 5 | 6,543 | |
Restricted stock activity (in shares) | 453,934 | |||
Dividends paid | (589,128) | (589,128) | ||
Net income | 390,881 | 390,881 | ||
Balance at Dec. 31, 2019 | $ 2,074,245 | $ 2,147 | $ 3,959,383 | $ (1,887,285) |
Balance (in shares) at Dec. 31, 2019 | 0 | 214,694,165 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Deficit) (Parenthetical) - $ / shares | Dec. 27, 2019 | Sep. 20, 2019 | Jun. 28, 2019 | Mar. 22, 2019 | Dec. 28, 2018 | Sep. 21, 2018 | Jun. 29, 2018 | Mar. 23, 2018 | Dec. 15, 2017 | Sep. 22, 2017 | Jun. 30, 2017 | Mar. 24, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Stockholders' Equity [Abstract] | |||||||||||||||
Common stock, dividends per share, cash paid | $ 0.68 | $ 0.68 | $ 0.68 | $ 0.68 | $ 0.68 | $ 0.63 | $ 0.63 | $ 0.63 | $ 0.63 | $ 0.63 | $ 0.62 | $ 0.62 | $ 2.74 | $ 2.57 | $ 2.50 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | |||
Net income | $ 390,881,000 | $ 339,516,000 | $ 380,598,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 258,971,000 | 148,365,000 | 123,835,000 |
Amortization of debt issuance costs, bond premiums and original issuance discounts | 11,455,000 | 12,167,000 | 13,026,000 |
Losses on dispositions of property | 92,000 | 309,000 | 530,000 |
Deferred income taxes | (755,000) | (522,000) | (561,000) |
Stock-based compensation | 16,198,000 | 11,152,000 | 15,636,000 |
Straight-line rent adjustments | 34,574,000 | 61,888,000 | 65,971,000 |
Losses on debt extinguishment | 21,014,000 | 3,473,000 | 0 |
Loan impairment charges | 13,000,000 | 0 | 0 |
Goodwill impairment charges | 0 | 59,454,000 | 0 |
(Increase) decrease, | |||
Prepaid expenses and other assets | (6,070,000) | (673,000) | (5,332,000) |
(Decrease), increase | |||
Accounts payable | (1,505,000) | 1,796,000 | (421,000) |
Accrued expenses | (270,000) | (126,000) | 411,000 |
Accrued interest | 15,434,000 | 12,020,000 | (502,000) |
Accrued salaries and wages | (3,189,000) | 6,201,000 | 190,000 |
Gaming, property and other taxes | (120,000) | (149,000) | (517,000) |
Other liabilities | 592,000 | (438,000) | 5,847,000 |
Net cash provided by operating activities | 750,302,000 | 654,433,000 | 598,711,000 |
Investing activities | |||
Capital project expenditures | 0 | (20,000) | (78,000) |
Capital maintenance expenditures | (3,017,000) | (4,284,000) | (3,178,000) |
Proceeds from sale of property and equipment | 200,000 | 3,211,000 | 934,000 |
Principal payments on loan receivable | 0 | 0 | 13,200,000 |
Acquisition of real estate assets | 0 | (1,243,466,000) | (83,252,000) |
Originations of real estate loans | 0 | (303,684,000) | 0 |
Collections of principal payments on investment in direct financing lease | 0 | 38,459,000 | 73,072,000 |
Net cash (used in) provided by investing activities | (2,817,000) | (1,509,784,000) | 698,000 |
Financing activities | |||
Dividends paid | (589,128,000) | (550,435,000) | (529,370,000) |
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options | (9,058,000) | 7,537,000 | 18,157,000 |
Proceeds from issuance of common stock, net of issuance costs | 139,414,000 | ||
ATM Program offering costs | (255,000) | 0 | |
Proceeds from issuance of long-term debt | 1,358,853,000 | 2,593,405,000 | 100,000,000 |
Financing costs | (10,029,000) | (32,426,000) | 0 |
Repayments of long-term debt | (1,477,949,000) | (1,164,117,000) | (335,112,000) |
Premium and related costs paid on tender of senior unsecured notes | (18,879,000) | (1,884,000) | 0 |
Net cash (used in) provided by financing activities | (746,445,000) | 852,080,000 | (606,911,000) |
Net increase (decrease) in cash and cash equivalents | 1,040,000 | (3,271,000) | (7,502,000) |
Cash and cash equivalents at beginning of period | 25,783,000 | 29,054,000 | 36,556,000 |
Cash and cash equivalents at end of period | $ 26,823,000 | $ 25,783,000 | $ 29,054,000 |
Business and Basis of Presentat
Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Basis of Presentation | Business and Basis of Presentation Gaming and Leisure Properties, Inc. ("GLPI") is a self-administered and self-managed Pennsylvania real estate investment trust ("REIT"). GLPI (together with its subsidiaries, the "Company") was incorporated on February 13, 2013, as a wholly-owned subsidiary of Penn National Gaming, Inc. ("Penn"). On November 1, 2013, Penn contributed to GLPI, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with Penn’s real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville (which are referred to as the "TRS Properties") and then spun-off GLPI to holders of Penn's common and preferred stock in a tax-free distribution (the "Spin-Off"). The assets and liabilities of GLPI were recorded at their respective historical carrying values at the time of the Spin-Off in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 505-60 - Spinoffs and Reverse Spinoffs (" ASC 505" ). 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. In connection with the Spin-Off, Penn allocated its accumulated earnings and profits (as determined for U.S. federal income tax purposes) for periods prior to the consummation of the Spin-Off between Penn and GLPI. In connection with its election to be taxed as a REIT for U.S. federal income tax purposes, GLPI declared a special dividend to its shareholders to distribute any accumulated earnings and profits relating to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off, to comply with certain REIT qualification requirements. As a result of the Spin-Off, GLPI owns substantially all of Penn’s former real property assets (as of the consummation 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 . See Note 18 for further details surrounding the original Pinnacle acquisition and the subsequent acquisition of Pinnacle by Penn. 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 entered into a loan agreement with Eldorado in connection with Eldorado’s acquisition of Lumière Place, whereby the Company loaned Eldorado $246.0 million (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 December 31, 2019 , GLPI’s portfolio consisted of interests in 44 gaming and related facilities, including the TRS Properties, the real property associated with 32 gaming and related facilities operated by Penn, the real property associated with 5 gaming and related facilities operated by Eldorado, the real property associated with 4 gaming and related facilities operated by Boyd (including one financed facility) and the real property associated with the Casino Queen in East St. Louis, Illinois. These facilities, including our corporate headquarters building, are geographically diversified across 16 states and contain approximately 22.1 million square feet. As of December 31, 2019 , the Company's properties were 100% occupied. GLPI expects to continue growing its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms. The consolidated financial statements include the accounts of GLPI and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Real Estate Investments Real estate investments primarily represent land and buildings leased to the Company's tenants. The Company records the acquisition of real estate assets at fair value, including acquisition and closing costs. The cost of properties developed by the Company include costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. The Company considers the period of future benefit of the asset to determine the appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful lives of the buildings and building improvements which are generally between 10 to 31 years . The Company continually monitors events and circumstances that could indicate that the carrying amount of its real estate investments may not be recoverable or realized. The factors considered by the Company in performing these assessments include evaluating whether the tenant is current on their lease payments, the tenant’s rent coverage ratio, the financial stability of the tenant and its parent company, and any other relevant factors. When indicators of potential impairment suggest that the carrying value of a real estate investment may not be recoverable, the Company estimates the fair value of the investment by calculating the undiscounted future cash flows from the use and eventual disposition of the investment. This amount is compared to the asset's carrying value. If the Company determines the carrying amount is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP. The Company groups its real estate investments together by lease, the lowest level for which identifiable cash flows are available, in evaluating impairment. In assessing the recoverability of the carrying value, the Company must make assumptions regarding future cash flows and other factors. The factors considered by the Company in performing this assessment include current operating results, market and other applicable trends and residual values, as well as the effect of obsolescence, demand, competition and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss. Property and Equipment Used in Operations Property and equipment are stated at cost, less accumulated depreciation and represent assets used by the Company's TRS operations and certain corporate assets. Maintenance and repairs that neither add materially to the value of the asset nor appreciably prolong its useful life are charged to expense as incurred. Gains or losses on the disposal of property and equipment are included in the determination of income. Depreciation of property and equipment is recorded using the straight-line method over the following estimated useful lives: Land improvements 15 years Building and improvements 5 to 31 years Furniture, fixtures, and equipment 3 to 31 years Leasehold improvements are depreciated over the shorter of the estimated useful life of the improvement or the related lease term. The estimated useful lives are determined based on the nature of the assets as well as the Company's current operating strategy. The Company reviews the carrying value of its property and equipment for possible impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based upon the estimated undiscounted future cash flows expected to result from its use and eventual disposition. If the Company determines the carrying amount is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP. In estimating expected future cash flows for determining whether an asset is impaired, assets are grouped at the individual property level. In assessing the recoverability of the carrying value of property and equipment, the Company must make assumptions regarding future cash flows and other factors. The factors considered by the Company in performing this assessment include current operating results, market and other applicable trends and residual values, as well as the effect of obsolescence, demand, competition and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss for these assets. Real Estate Loans and Other Loans Receivable The Company may periodically loan funds to casino owner-operators for the purchase of gaming related real estate and/or operations. Loans for the purchase of real estate assets of gaming-related properties are classified as real estate loans on the Company's consolidated balance sheets, while loans for an operator's general operations are classified as loans receivable on the Company's consolidated balance sheets. All loans receivable are recorded on the Company's consolidated balance sheets at carrying value which approximates fair value. Interest income related to real estate loans is recorded as interest income from real estate loans within the Company's consolidated statements of income in the period earned, whereas interest income related to other loans receivable is recorded as non-operating interest income within the Company's consolidated statements of income in the period earned. The Company evaluates loans for impairment when it is probable that it will not be able to collect all amounts due according to the contractual terms of the agreement. All amounts due under the contractual terms of the agreement means that both contractual interest payments and contractual principal payments 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. The Company's adoption of Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") on January 1, 2020 (as described in Note 3 ) did not result in the Company recording any allowances against its real estate loans for expected losses. Lease Assets and Lease Liabilities 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 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 (in which the Company acts as lessee) cannot readily be determined, the Company utilizes its own estimated incremental borrowing rates to determine the present value of its lease payments. Consideration is given to the Company's recent debt issuances, as well as publicly available data for instruments with similar characteristics, including tenor, when determining the incremental borrowing rates of the Company's leases. The Company includes options to extend a 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 its tenant occupied 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 (as necessary) of its leases of all classes of underlying assets as a single lease component. Leases with a term of 12 months or less are not recorded on the Company's 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. 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. Cash and Cash Equivalents The Company considers all cash balances and highly-liquid investments with original maturities of three months or less to be cash and cash equivalents. Prepaid Expenses and Other Assets Prepaid expenses consist of expenditures for goods or services before the goods are used or the services are received. These amounts are deferred and charged to operations as the benefits are realized and primarily consist of prepayments for insurance, property taxes and other contracts that will be expensed during the subsequent year. It also includes transaction costs that will be allocated to purchase price upon the closing of an asset acquisition. Other assets primarily consists of accounts receivable and deferred compensation plan assets (See Note 11 for further details on the deferred compensation plan). Goodwill and Intangible Assets The Company's goodwill and intangible assets are the result of the contribution of Hollywood Casino Baton Rouge and Hollywood Casino Perryville in connection with the Spin-Off. The Company's goodwill resides on the books of its Hollywood Casino Baton Rouge subsidiary, while the other intangible asset represents a gaming license on the books of its Hollywood Casino Perryville subsidiary. Both subsidiaries are members of the TRS Properties segment and are considered separate reporting units under ASC 350 - Intangibles - Goodwill and Other ("ASC 350"). Goodwill is tested at the reporting unit level, which is an operating segment or one level below an operating segment for which discrete financial information is available Under ASC 350, the Company is required to test goodwill for impairment at least annually and whenever events or circumstances indicate that it is more likely than not that goodwill may be impaired. The Company has elected to perform its annual goodwill impairment test as of October 1 of each year. In accordance with ASC 350, the Company tests goodwill for impairment subsequent to testing its other long-lived assets for impairment. ASC 350 prescribes a two-step goodwill impairment test, the first step which involves the determination of the fair value of each reporting unit and its comparison to the carrying amount. In order to determine the fair value of the Baton Rouge reporting unit, the Company utilizes a discounted cash flow model, which relies on projected EBITDA to determine the reporting unit's future cash flows. If the carrying amount exceeds the fair value in step 1, then step 2 of the impairment test is performed to determine the implied fair value of goodwill. If the implied fair value of goodwill is less than the goodwill allocated to the reporting unit, an impairment loss is recognized. In accordance with ASC 350, the Company considers its Hollywood Casino Perryville gaming license an indefinite-lived intangible asset that does not require amortization based on the Company's future expectations to operate this casino indefinitely, as well as the gaming industry's historical experience in renewing these intangible assets at minimal cost with various state gaming commissions. Rather, the Company's gaming license is tested annually, or more frequently if indicators of impairment exist, for impairment by comparing the fair value of the recorded asset to its carrying amount. If the carrying amount of the indefinite-life intangible asset exceeds its fair value, an impairment loss is recognized. Hollywood Casino Perryville's gaming license will expire in September 2025, fifteen years from the casino's opening date. The Company expects to expense any costs related to the gaming license renewal as incurred. The Company calculates the fair value of its gaming license using the Greenfield Method under the income approach. The Greenfield Method estimates the fair value of the gaming license assuming the Company built a casino with similar utility to that of the existing facility. The method assumes a theoretical start-up company going into business without any assets other than the intangible asset being valued. As such the value of the license is a function of the following items: • Projected revenues and operating cash flows; • Theoretical construction costs and duration; • Pre-opening expenses; • Discounting that reflects the level of risk associated with receiving future cash flows attributable to the license; and • Remaining useful life of the license The evaluation of goodwill and indefinite-lived intangible assets requires the use of estimates about future operating results to determine the estimated fair value of the reporting unit and the indefinite-lived intangible assets. The Company must make various assumptions and estimates in performing its impairment testing. The implied fair value includes estimates of future cash flows that are based on reasonable and supportable assumptions, which represent the Company's best estimates of the cash flows expected to result from the use of the assets. Changes in estimates, increases in the Company's cost of capital, reductions in transaction multiples, changes in operating and capital expenditure assumptions or application of alternative assumptions and definitions could produce significantly different results. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the Company's estimates. If the Company's ongoing estimates of future cash flows are not met, the Company may have to record impairment charges in future accounting periods. The Company's estimates of cash flows are based on the current regulatory and economic climates, as well as recent operating information and budgets. These estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, or other events. Forecasted cash flows can be significantly impacted by the local economy in which the Company's subsidiaries operate. For example, increases in unemployment rates can result in decreased customer visitations and/or lower customer spend per visit. In addition, new legislation which approves gaming in nearby jurisdictions or further expands gaming in jurisdictions in which the Company operates can result in increased competition for the property. This generally has a negative effect on profitability once competitors become established, as a certain level of cannibalization occurs absent an overall increase in customer visitations. Lastly, increases in gaming taxes approved by state regulatory bodies can negatively impact forecasted cash flows. Assumptions and estimates about future cash flow levels are complex and subjective. They are sensitive to changes in underlying assumptions and can be affected by a variety of factors, including external factors, such as industry, geopolitical and economic trends, and internal factors, such as changes in the Company's business strategy, which may reallocate capital and resources to different or new opportunities which management believes will enhance the Company's overall value but may be to the detriment of its existing operations. The Company's adoption of ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ("ASU 2017-04") on January 1, 2020 (as described in Note 3 ) is expected to simplify the analysis required under the Company's future goodwill impairment tests. Debt Issuance Costs and Bond Premiums and Discounts Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the contractual term of the underlying indebtedness. In accordance with ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, the Company records long-term debt net of unamortized debt issuance costs on its consolidated balance sheets. Similarly, the Company records long-term debt net of any unamortized bond premiums and original issuance discounts on its consolidated balance sheets. Any original issuance discounts or bond premiums are also amortized to interest expense over the contractual term of the underlying indebtedness. 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. Revenue Recognition 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 in accordance with ASC 842 - Leases . Additionally, percentage rent that is fixed and determinable at the lease inception date is recorded on a straight-line basis over the lease term, resulting in the recognition of deferred rental revenue on the Company’s consolidated balance sheets. Deferred rental revenue is amortized to rental revenue on a straight-line basis over the remainder of the lease term. The lease term includes the initial non-cancelable lease term and any reasonably assured renewable periods. Contingent rental income that is not fixed and determinable at lease inception is recognized only when the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been transferred to the tenant. 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 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 may periodically loan funds to casino owner-operators for the purchase of gaming related real estate. Interest income related to real estate loans is recorded as revenue from real estate within the Company's consolidated statements of income in the period earned. 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 increase. 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. Gaming revenue is recognized net of certain sales incentives, including promotional allowances in accordance with ASC 606 - Revenues 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 until a later period when the points are redeemed or forfeited. Other revenues at the TRS Properties are derived from the properties' dining, retail and certain other ancillary activities and revenue for these activities is recognized as services are performed. Stock-Based Compensation The Company's Amended 2013 Long Term Incentive Compensation Plan (the "2013 Plan") provides for the Company to issue restricted stock awards, including performance-based restricted stock awards, and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards. The Company accounts for stock compensation under ASC 718 - Compensation - Stock Compensation , which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value of the Company's time-based restricted stock awards is equivalent to the closing stock price on the day prior to 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. The unrecognized compensation cost relating to restricted stock awards and performance-based restricted stock awards is recognized as expense over the awards’ remaining vesting periods. See Note 13 for further information related to stock-based compensation. Income Taxes The TRS Properties are able to engage in activities resulting in income that would not be qualifying income for a REIT. As a result, certain activities of the Company which occur within its TRS Properties are subject to federal and state income taxes. The Company accounts for income taxes in accordance with ASC 740 - Income Taxes ("ASC 740"). Under ASC 740, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and are measured at the prevailing enacted tax rates that will be in effect when these differences are settled or realized. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realizability of the deferred tax assets is evaluated by assessing the valuation allowance and by adjusting the amount of the allowance, if any, as necessary. The factors used to assess the likelihood of realization are the forecast of future taxable income. ASC 740 also creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not have any uncertain tax positions for the three years ended December 31, 2019 . The Company is required under ASC 740 to disclose its accounting policy for classifying interest and penalties, the amount of interest and penalties charged to expense each period, as well as the cumulative amounts recorded in the consolidated balance sheets. If and when they occur, the Company will classify any income tax-related penalties and interest accrued related to unrecognized tax benefits in taxes on income within the consolidated statements of income. During the years ended December 31, 2019 , 2018 and 2017 , the Company recognized no penalties and interest, net of deferred income taxes. The Company elected on its U.S. federal income tax return for its taxable year that began on January 1, 2014 to be treated as a REIT and the Company, together with an indirect wholly-owned subsidiary of the Company, GLP Holdings, Inc., jointly elected to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc. as a "taxable REIT subsidiary" effective on the first day of the first taxable year of GLPI as a REIT. The Company continues to be organized and to operate in a manner that will permit the Company to qualify as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to shareholders. As a REIT, the Company generally will not be subject to federal, state or local income tax on income that it distributes as dividends to its shareholders, except in those jurisdictions that do not allow a deduction for such distributions. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal, state and local income tax, including any applicable alternative minimum tax, on its taxable income at regular corporate income tax rates, and dividends paid to its shareholders would not be deductible by the Company in computing taxable income. Any resulting corporate liability could be substantial and could materially and adversely affect the Company's net income and net cash available for distribution to shareholders. Unless the Company was entitled to relief under certain Internal Revenue Code provisions, the Company also would be disqualified from re-electing to be taxed as a REIT for the 4 taxable years following the year in which it failed to qualify to be taxed as a REIT. Earnings Per Share The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings Per Share . Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options, unvested restricted shares and unvested performance-based restricted shares. See Note 15 for further details on the Company's earnings per share calculations. 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 real estate assets) and the TRS Properties. The GLP Capital reportable segment consists of the leased real property and represents the majority of the Company’s business. The TRS Properties reportable segment consists of Hollywood Casino Perryville and Hollywood Casino Baton Rouge. See Note 17 for further information with respect to the Company’s segments. Concentration of Credit Risk Concentrations of credit risk arise when a number of operators, tenants, or obligors related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. Additionally, concentrations of credit risk may arise when revenues of the Company are derived from a small number of tenants. As of December 31, 2019 , substantially all of the Company's real estate properties were leased to Penn, Eldorado and Boyd. During the year ended December 31, 2019 , approximately 79% , 11% and 9% of the Company's collective income from real estate was derived from tenant leases and real estate loans with Penn, Eldorado and Boyd, respectively. Revenues from our tenants are reported in the Company's GLP Capital, L.P. reportable segment. Penn, Eldorado and Boyd are publicly traded companies that are subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and are required to file periodic reports on Form 10-K and Form 10-Q and current reports on Form 8-K with the Securities and Exchange Commission ("SEC"). Readers are directed to Penn, Eldorado and Boyd's respective websites for further financial information on these companies. Other than the Company's tenant concentration, management believes the Company's portfolio was reasonably diversified by geographical location and did not contain any other significant concentrations of credit risk. As of December 31, 2019 , the Company's portfolio of 44 properties is diversified by location across 16 states. Financial instruments that subject the Company to credit risk consist of cash and cash equivalents, accounts receivable, real estate loans and other loans receivable. The Company's policy is to limit the amount of credit exposure to any one financial institution and place investments with financial institutions evaluated as being creditworthy, or in short-term money market and tax-free bond funds which are exposed to minimal interest rate and credit risk. At times, the Company has bank deposits and overnight repurchase agreements that exceed federally-insured limits. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 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, Leases (Topic 842) ("ASU 2016-02"). This ASU primarily provides new guidance for lessees on the accounting treatment of operating leases. Under the new guidance, lessees are required to recognize assets and liabilities arising from operating leases on the balance sheet. ASU 2016-02 also aligns lessor accounting with the revenue recognition guidance in Topic 606 of the Accounting Standards Codification. 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 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 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 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 the aggregate with the Company's operating lease right-of-use assets, reflected as right-of-use assets and land rights, net on the 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. The Company adopted ASU 2018-15 on January 1, 2020 and 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 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. The Company adopted ASU 2017-04 on January 1, 2020 and expects the new guidance to simplify the analysis required under its future goodwill impairment tests. In June 2016, the FASB issued ASU No. 2016-13. This ASU introduces a new model for estimating credit losses for certain types of financial instruments, including mortgage, real estate and other loans receivable, amongst other financial instruments. ASU 2016-13 sets forth an "expected credit loss" impairment model to replace the current "incurred loss" method of recognizing credit losses, which is intended to improve financial reporting by requiring timely recording of credit losses on loans and other financial instruments. The Company adopted ASU 2016-13 on January 1, 2020 and did not record any allowances against its financial instruments subject to the new guidance. |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Real Estate Investments | Real Estate Investments Real estate investments, net, represent investments in 42 rental properties and the corporate headquarters building and is summarized as follows: December 31, December 31, (in thousands) Land and improvements $ 2,552,285 $ 2,552,475 Building and improvements 5,749,211 5,762,071 Total real estate investments 8,301,496 8,314,546 Less accumulated depreciation (1,200,941 ) (983,086 ) Real estate investments, net $ 7,100,555 $ 7,331,460 On June 30, 2019, the Resorts Casino Tunica property was closed by the Company's tenant, resulting in the acceleration of $10.3 million of depreciation expense related to the building at this property. The net book value of this building is zero at December 31, 2019. The Company entered into an agreement to terminate the long-term ground lease for this property, which will be effective in February 2020, at which time such ground lease will be removed from the Penn Master Lease. |
Property and Equipment Used in
Property and Equipment Used in Operations | 12 Months Ended |
Dec. 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 at the TRS Properties December 31, December 31, (in thousands) Land and improvements $ 30,492 $ 30,431 Building and improvements 116,904 116,776 Furniture, fixtures, and equipment 118,766 117,247 Construction in progress 120 284 Total property and equipment 266,282 264,738 Less accumulated depreciation (172,202 ) (163,854 ) Property and equipment, net $ 94,080 $ 100,884 |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2019 | |
Financing Receivable, after Allowance for Credit Loss [Abstract] | |
Receivables | Receivables Real Estate Loans At December 31, 2019 , the Company has two loans, the proceeds of which were used to acquire real estate by the respective casino owner-operators. On October 1, 2018, Eldorado purchased the real estate assets of Lumière Place Casino and Hotel 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 real estate loan (the "Eldorado Loan"). The Eldorado Loan bears interest at a rate equal to (i) 9.09% until October 1, 2019 and (ii) 9.27% until its maturity. On the one-year anniversary of the Eldorado Loan, the mortgage evidenced by a deed of trust on the Lumière Place property terminated and the loan became unsecured and will remain unsecured until its final maturity on the two-year anniversary of the closing. The parties anticipate that the Eldorado 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's initial interest rate was equal to 11.11% and the loan matures in connection with the expiration of the Boyd Master Lease (as may be extended at the tenant's option to April 30, 2051). At December 31, 2019 , the interest rate on the Belterra Park Loan had increased to 11.20% . At December 31, 2019 , the Company does not have any allowances recorded against its real estate loans as the collection of the remaining principal and interest payments is reasonable assured. Other Loans 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 5-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 (the "Casino Queen Loan") to CQ Holding Company, Inc., an affiliate of Casino Queen ("CQ Holding Company"), to partially finance its acquisition of Lady Luck Casino in Marquette, Iowa. The Casino Queen Loan bears an interest rate of 15% and is pre-payable at any time. On June 12, 2018, the Company received a Notice of Event of Default under the senior credit agreement of CQ Holding Company from the secured lender under such agreement, which reported a covenant default under its 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 December 31, 2019 , the interest due from CQ Holding Company under the Company's unsecured loan was paid in kind. In addition to the covenant violation noted above under its senior credit agreement, CQ Holding Company also had a payment default under the senior credit agreement. 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. However, the paid-in-kind interest due to the Company at December 31, 2018 was not expected to be collected, resulting in an impairment charge of $1.5 million during the fourth quarter of 2018. The Company did not recognize the paid-in-kind interest income due to the Company for the quarter ended December 31, 2018 and took a charge for the previously recognized paid-in-kind interest income through the Company’s consolidated statement of earnings as a reversal of the paid-in-kind interest income recognized earlier in the year. During 2019, the operating results of Casino Queen continued to decline, the secured debt of Casino Queen was sold to a third-party casino operator at a discount and the Company no longer expected the loan to be repaid. Thus, because the Company did not expect Casino Queen to be able to repay the $13.0 million of principal due to the Company under the Casino Queen Loan, 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 consolidated statement of income for the year ended December 31, 2019 to reflect the write-off of the Casino Queen Loan. At December 31, 2019 , all lease payments due from Casino Queen remain current, however Casino Queen was in violation of the rent coverage ratio required under its lease with the Company and the Company provided notice and a reservation of rights to Casino Queen and its secured lenders of such default. |
Lease Assets and Lease Liabilit
Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease Asset and Lease Liabilities | Lease Assets and Lease Liabilities Lease Assets 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. These ground leases may include fixed rent, as well as variable rent based upon an individual property’s performance or changes in an index such as the CPI and have maturity dates ranging from 2028 to 2108, when considering all renewal options. For certain of these ground leases, the Company’s tenants are responsible for payment directly to the third-party landlord. Under ASC 842, the Company is required to gross-up its 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 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 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 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 (in thousands): December 31, 2019 Right-of use assets - operating leases $ 184,063 Land rights, net 654,671 Right-of-use assets and land rights, net $ 838,734 On June 30, 2019, the Resorts Casino Tunica property was closed by the Company's tenant, resulting in the acceleration of $6.3 million of land right amortization expense related to the long-term ground lease at this property and bringing the net book value of this land right to zero at December 31, 2019. Subsequent to the property's closure, the Company entered into an agreement to terminate the long-term ground lease for the Resorts Casino Tunica property, which will be effective in February 2020. In connection with the exercised termination option, the Company remeasured the lease liability and adjusted the right-of-use asset it had recorded on its consolidated balance sheet for this lease to align with the new termination date. 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: December 31, December 31, (in thousands) Land rights $ 694,077 $ 700,997 Less accumulated amortization (39,406 ) (27,790 ) Land rights, net $ 654,671 $ 673,207 As of December 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, 2020 $ 12,081 2021 12,081 2022 12,081 2023 12,081 2024 12,081 Thereafter 594,266 Total $ 654,671 Lease Liabilities At December 31, 2019 , maturities of the Company's operating lease liabilities were as follows (in thousands): Year ending December 31, 2020 $ 14,071 2021 13,766 2022 13,659 2023 13,638 2024 13,617 Thereafter 644,059 Total lease payments $ 712,810 Less: interest (528,839 ) Present value of lease liabilities $ 183,971 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 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: Year Ended December 31, 2019 (in thousands) Operating lease cost $ 15,482 Variable lease cost 9,048 Short-term lease cost 1,060 Amortization of land right assets 18,536 Total lease cost $ 44,126 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 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 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 consolidated statements of income. Amortization expense related to the land right intangibles totaled $11.3 million and $10.4 million , respectively, for the years ended December 31, 2018 and 2017. Other lease costs totaled $18.9 million and $15.8 million , respectively, for the years ended December 31, 2018 and 2017. Supplemental Disclosures Related to Leases Supplemental balance sheet information related to the Company's operating leases was as follows: December 31, 2019 Weighted average remaining lease term - operating leases 53.51 years Weighted average discount rate - operating leases 6.7% Supplemental cash flow information related to the Company's operating leases was as follows: Year Ended December 31, 2019 (in thousands) Cash paid for amounts included in the measurement of leases liabilities: Operating cash flows from operating leases (1) $ 2,226 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 293 (1) The Company's cash paid for operating leases is significantly less than the lease cost for the same period due to the majority of the Company's ground lease rent being paid directly to the landlords by the Company's tenants. Although GLPI expends no cash related to these leases, they are required to be grossed up in the Company's financial statements under ASC 842. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The only goodwill of the Company is the goodwill recorded on the books of Hollywood Casino Baton Rouge, in connection with Penn's purchase of this entity prior to the Spin- Off. The original assets and liabilities of GLPI, including goodwill and intangible assets were recorded at their respective historical carrying values at the time of the Spin-Off in accordance with the provisions of ASC 505. There is no goodwill recorded on the Company's GLP Capital segment, which holds the Company's REIT operations. Changes in the carrying amount of goodwill for the years ended December 31, 2019 and 2018 are as follows: TRS Properties Business Segment (in thousands) Balance at December 31, 2017 $ 75,521 Acquisitions — Impairment losses (59,454 ) Balance at December 31, 2018 $ 16,067 Acquisitions — Impairment losses — Balance at December 31, 2019 $ 16,067 During the year ended December 31, 2018, the Company recorded a goodwill impairment charge of $59.5 million in connection with its operations at Hollywood Casino Baton Rouge. This charge was driven by general market deterioration in the Baton Rouge region and the smoking ban at all Baton Rouge, Louisiana casinos that went into effect during the second quarter of 2018, both of which significantly impacted the Company's forecasted cash flows for this reporting unit. Subsequent to conducting its impairment tests on other long-lived assets, including the gaming license described below, the Company performed Step 1 of the goodwill impairment test, which indicated a potential impairment. Step 1 of the goodwill impairment test involved the determination of the fair value of the Baton Rouge reporting unit and its comparison to the reporting unit's carrying amount. Using a discounted cash flow model, which relied on projected EBITDA to determine the reporting unit's future cash flows, the Company calculated a fair value that was less than the reporting unit's carrying value and proceeded to Step 2. In Step 2 of the goodwill impairment test, the Company performed a fair value allocation as if the reporting unit had been acquired in a business combination and assigned the fair value of the reporting unit calculated in Step 1 to all assets and liabilities of the reporting unit, including any unrecognized intangible assets. Any residual fair value was allocated to goodwill to arrive at the implied fair value of goodwill. After completing the Step 2 allocation, the Company determined the goodwill on its Baton Rouge reporting unit had an implied fair value of $16.1 million and recorded the impairment charge of $59.5 million during the fourth quarter of 2018. In accordance with ASC 350, the Company considers its gaming license at the Hollywood Casino Perryville property an indefinite-lived intangible asset that does not require amortization based on the Company's future expectations to operate this casino indefinitely, as well as the gaming industry's historical experience in renewing these intangible assets at minimal cost with various state gaming commissions. Rather, the Company's gaming license is tested annually, or more frequently if indicators of impairment exist, for impairment by comparing the fair value of the recorded asset to its carrying amount. If the carrying amount of the indefinite-life intangible asset exceeds its fair value, an impairment loss is recognized. Hollywood Casino Perryville's gaming license will expire in September 2025, fifteen years from the casino's opening date. The Company expects to expense any costs related to the gaming license renewal as incurred. The Company conducted its annual impairment assessment of the gaming license on October 1, 2019 using the Greenfield Method which estimates the fair value of the gaming license assuming the Company built a casino with similar utility to that of the existing facility. This method also assumes a theoretical start-up company going into business without any assets other than the intangible asset being valued. Based upon these assumptions and the Company's current forecasted cash flows for this reporting unit, the gaming license was not impaired. At both December 31, 2019 and 2018 , the gaming license had a carrying value of $9.6 million . |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt, net of current maturities and unamortized debt issuance costs is as follows: December 31, December 31, (in thousands) Unsecured $1,175 million revolver $ 46,000 $ 402,000 Unsecured term loan A-1 449,000 525,000 $1,000 million 4.875% senior unsecured notes due November 2020 215,174 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 $400 million 3.35% senior unsecured notes due September 2024 400,000 — $850 million 5.250% 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 5.750% senior unsecured notes due June 2028 500,000 500,000 $750 million 5.30% senior unsecured notes due January 2029 750,000 750,000 $700 million 4.00% senior unsecured notes due January 2030 700,000 — Finance lease liability 989 1,112 Total long-term debt 5,786,163 5,903,112 Less: unamortized debt issuance costs, bond premiums and original issuance discounts (48,201 ) (49,615 ) Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts $ 5,737,962 $ 5,853,497 The following is a schedule of future minimum repayments of long-term debt as of December 31, 2019 (in thousands): 2020 $ 215,303 2021 849,135 2022 142 2023 546,149 2024 400,156 Over 5 years 3,775,278 Total minimum payments $ 5,786,163 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 $449 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 December 31, 2019 , the Credit Facility had a gross outstanding balance of $495 million , consisting of the $449 million Term Loan A-1 facility and $46 million of borrowings under the revolving credit facility. Additionally, at December 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 $1,128.6 million of available borrowing capacity under the revolving credit facility as of December 31, 2019 . The interest rates payable on the loans are, at the Company's option, equal to either a LIBOR rate or a base rate plus an applicable margin, which ranges from 1.0% to 2.0% per annum for LIBOR loans and 0.0% to 1.0% per annum for base rate loans, in each case, depending on the credit ratings assigned to the Credit Facility. At December 31, 2019 , the applicable margin was 1.50% for LIBOR loans and 0.50% for base rate loans. In addition, the Company is required to pay a commitment fee on the unused portion of the commitments under the revolving facility at a rate that ranges from 0.15% to 0.35% per annum, depending on the credit ratings assigned to the Credit Facility. At December 31, 2019 , the commitment fee rate was 0.25% . The Company is not required to repay any loans under the Credit Facility prior to maturity and may prepay all or any portion of the loans under the Credit Facility prior to maturity without premium or penalty, subject to reimbursement of any LIBOR breakage costs of the lenders. The Company's wholly owned subsidiary, GLP Capital is the primary obligor under the Credit Facility, which is guaranteed by GLPI. 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 December 31, 2019 , the Company was in compliance with all required financial covenants under the Credit Facility. Senior Unsecured Notes At December 31, 2019 , the Company had an outstanding balance of $5,290.2 million of senior unsecured notes (the "Senior Notes"). On August 29, 2019, the Company issued $400 million of 3.35% Senior Unsecured Notes maturing on September 1, 2024 at an issue price equal to 99.899% of the principal amount (the "2024 Notes") and $700 million of 4.00% Senior Unsecured Notes maturing on January 15, 2030 at an issue price equal to 99.751% of the principal amount (the "2030 Notes"). Interest on the 2024 Notes is payable semi-annually on March 1 and September 1 of each year, commencing on March 1, 2020. Interest on the 2030 Notes is payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2020. The net proceeds from the sale of the 2024 Notes and 2030 Notes were used to (i) finance the Company's cash tender offer to purchase its 4.875% Senior Unsecured Notes due 2020 (described below) (ii) repay outstanding borrowings under the Company's revolving credit facility and (iii) repay a portion of the outstanding borrowings under the Company's Term Loan A-1 facility. On September 12, 2019, the Company completed a cash tender offer (the "2019 Tender Offer") to purchase its $1,000 million aggregate principal amount 4.875% Senior Unsecured Notes due 2020 (the "2020 Notes"). The Company received early tenders from the holders of approximately $782.6 million in aggregate principal of the 2020 Notes, or approximately 78% of its outstanding 2020 Notes, in connection with the 2019 Tender Offer at a price of 102.337% of the unpaid principal amount plus accrued and unpaid interest through the settlement date. Subsequent to the early tender deadline, an additional $2.2 million in aggregate principal of the 2020 Notes were tendered at a price of 99.337% of the unpaid principal amount plus accrued and unpaid interest through the settlement date, for a total redemption of $784.8 million of the 2020 Notes. The Company recorded a loss on the early extinguishment of debt related to the 2019 Tender Offer, of approximately $21.0 million , for the difference between the reaquisition price of the tendered 2020 Notes and their net carrying value. The Company may redeem the Senior Notes of any series at any time, and from time to time, at a redemption price of 100% of the principal amount of the Senior Notes redeemed, plus a "make-whole" redemption premium described in the indenture governing the Senior Notes, together with accrued and unpaid interest to, but not including, the redemption date, except that if Senior Notes of a series are redeemed 90 or fewer days prior to their maturity, the redemption price will be 100% of the principal amount of the Senior Notes redeemed, together with accrued and unpaid interest to, but not including, the redemption date. If GLPI experiences a change of control accompanied by a decline in the credit rating of the Senior Notes of a particular series, the Company will be required to give holders of the Senior Notes of such series the opportunity to sell their Senior Notes of such series at a price equal to 101% of the principal amount of the Senior Notes of such series, together with accrued and unpaid interest to, but not including, the repurchase date. The Senior Notes also are subject to mandatory redemption requirements imposed by gaming laws and regulations. The Senior Notes were issued by GLP Capital, L.P. and GLP Financing II, Inc. (the "Issuers"), two wholly-owned subsidiaries of GLPI, and are guaranteed on a senior unsecured basis by GLPI. The guarantees of GLPI are full and unconditional. The Senior Notes are the Issuers' senior unsecured obligations and rank pari passu in right of payment with all of the Issuers' senior indebtedness, including the Credit Facility, and senior in right of payment to all of the Issuers' subordinated indebtedness, without giving effect to collateral arrangements. See Note 21 for additional financial information on the parent guarantor and subsidiary issuers of the Senior Notes. The 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 December 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 consolidated balance sheet. The original term of the finance lease is 30 years and it will terminate in 2026. |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
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 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 consolidated balance sheets. Real Estate Loans The fair value of the real estate loans approximates the carrying value of the Company's real estate loans, as collection on the outstanding loan balances is reasonably assured. The fair value measurement of the real estate loans 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): December 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents $ 26,823 $ 26,823 $ 25,783 $ 25,783 Deferred compensation plan assets 28,855 28,855 22,709 22,709 Real estate loans 303,684 303,684 303,684 303,684 Financial liabilities: Long-term debt: Senior unsecured credit facility 495,000 493,533 927,000 909,308 Senior unsecured notes 5,290,174 5,707,996 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 years ended December 31, 2019 and 2018 are categorized in the tables below based upon the lowest level of significant input to the valuation. There were no liabilities measured at fair value on a nonrecurring basis during the years ended December 31, 2019 and 2018. Level 1 Level 2 Level 3 Total Impairment Charges Recorded during the Year Ended December 31, 2019 (in thousands) Assets: Loan receivable $ — $ — $ — $ 13,000 Total assets measured at fair value on a nonrecurring basis $ — $ — $ — $ 13,000 Level 1 Level 2 Level 3 Total Impairment Charges Recorded during the Year Ended December 31, 2018 (in thousands) Assets: Goodwill $ — $ — $ 16,067 $ 59,454 Loan receivable — — 13,000 1,500 Total assets measured at fair value on a nonrecurring basis $ — $ — $ 29,067 $ 60,954 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. During 2019, the operating results of Casino Queen continued to decline, the secured debt of Casino Queen was sold to a third-party casino operator at a discount and the Company no longer expected the loan to be repaid. During the fourth quarter of 2018, the Company recorded an impairment charge of $1.5 million related to the paid-in-kind interest income on its Casino Queen Loan. The Company determined, based upon facts and circumstances existing at December 31, 2018, that the paid-in-kind interest due to the Company at December 31, 2018 is not expected to be collected. Therefore, the Company did not recognize the paid-in-kind interest income due to the Company for the quarter ended December 31, 2018 and took a charge for the previously recognized paid-in-kind interest income through the Company’s consolidated statement of earnings as a reversal of the paid-in-kind interest income recognized earlier in the year. See Note 6 for further details surrounding the Casino Queen Loan. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Separation and Distribution Agreements Pursuant to a Separation and Distribution Agreement between Penn and GLPI, any liability arising from or relating to legal proceedings involving the businesses and operations of Penn’s real property holdings prior to the Spin-Off (other than any liability arising from or relating to legal proceedings where the dispute arises from the operation or ownership of the TRS Properties) will be retained by Penn, and Penn will indemnify GLPI (and its subsidiaries, directors, officers, employees and agents and certain other related parties) against any losses it may incur arising from or relating to such legal proceedings. Similarly, pursuant to a Separation and Distribution Agreement between Pinnacle's operating company and GLPI (as successor to Pinnacle Entertainment), any liability arising from or relating to legal proceedings involving the business and operations of Pinnacle's real property holdings prior to the Pinnacle Merger will be retained by Pinnacle, and Pinnacle will indemnify GLPI (and its subsidiaries, directors, officers, employees and agents and certain other related parties) against any losses it may incur arising from or relating to such legal proceedings. Effective October 15, 2018, Penn assumed all obligations of Pinnacle pursuant to a merger of Pinnacle with and into a subsidiary of Penn. There can be no assurance that Penn will be able to fully satisfy these indemnification obligations. Moreover, even if the Company ultimately succeeds in recovering from Penn any amounts for which the Company is liable, it may be temporarily required to bear those losses. Litigation The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, and other matters arising in the normal course of business. The Company does not believe that the final outcome of these matters will have a material adverse effect on the Company’s consolidated financial position or results of operations. In addition, the Company maintains what it believes is adequate insurance coverage to further mitigate the risks of such proceedings. However, such proceedings can be costly, time consuming, and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings may not materially impact the Company’s financial condition or results of operations. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. Employee Benefit Plans The Company maintains a defined contribution plan under the provisions of Section 401(k) of the Internal Revenue Code of 1986, as amended, which covers all eligible employees. The plan enables participating employees to defer a portion of their salary and/or their annual bonus in a retirement fund to be administered by the Company. The Company makes a discretionary match contribution of 50% of employees' elective salary deferrals, up to a maximum of 6% of eligible employee compensation. The matching contributions for the defined contribution plan were $0.3 million for each of the years ended December 31, 2019 , 2018 and 2017 . The Company maintains a non-qualified deferred compensation plan that covers most management and other highly-compensated employees. The plan allows the participants to defer, on a pre-tax basis, a portion of their base annual salary and/or their annual bonus, and earn tax-deferred earnings on these deferrals. The plan also provides for matching Company contributions that vest over a five-year period. The Company has established a Trust, and transfers to the Trust, on a periodic basis, an amount necessary to provide for its respective future liabilities with respect to participant deferral and Company contribution amounts. The Company's matching contributions for the non-qualified deferred compensation plan for the years ended December 31, 2019 , 2018 and 2017 were $0.6 million , $0.7 million and $0.6 million , respectively. The Company's deferred compensation liability, which was included in other liabilities within the consolidated balance sheet, was $25.2 million and $22.8 million at December 31, 2019 and 2018 , respectively. Assets held in the Trust were $28.9 million and $22.7 million at December 31, 2019 and 2018 , respectively, and are included in other assets within the consolidated balance sheet. Labor Agreements Some of Hollywood Casino Perryville's employees are currently represented by labor unions. The Seafarers Entertainment and Allied Trade Union represents 145 of Hollywood Casino Perryville's employees under an agreement that expires in January 2032. Additionally, United Industrial Service Transportation Professional and Government Workers of North America and Local No. 27 United Food and Commercial Workers represent certain employees under collective bargaining agreements that expire in 2020 and 2032, respectively, neither of which represents more than 50 of Hollywood Casino Perryville's employees. If the Company fails to renew or modify existing agreements on satisfactory terms, this failure could have a material adverse effect on Hollywood Casino Perryville's business, financial condition and results of operations. There can be no assurance that Hollywood Casino Perryville will be able to maintain these agreements. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenue Recognition Revenues from Real Estate As of December 31, 2019 , 19 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 (the "Meadows 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, as well as the Meadows Lease are guaranteed by Penn and, with respect to each lease, jointly and severally by Penn's subsidiaries that occupy and operate the facilities covered by such lease. Similarly, the obligations under the Eldorado Master Lease are jointly and severally guaranteed by Eldorado and by most of Eldorado's subsidiaries that occupy and operate the facilities leased under the Eldorado Master Lease. The obligations under the Boyd Master Leases are jointly and severally guaranteed by Boyd's subsidiaries that occupy and operate the facilities leased under the Boyd Master Lease. The rent structure under the Penn Master Lease includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors (i) every five years to an amount equal to 4% of the average net revenues of all facilities under the Penn Master Lease (other than Hollywood Casino Columbus and Hollywood Casino Toledo) during the preceding five years , and (ii) monthly by an amount equal to 20% of the net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo during the preceding month. Similar to the Penn Master Lease, the Amended Pinnacle Master Lease also includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors every two years to an amount equal to 4% of the average annual net revenues of all facilities under the Amended Pinnacle Master Lease during the preceding two years . The Eldorado Master Lease includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors every two years to an amount equal to 4% of the average annual net revenues of all facilities under the Eldorado Master Lease during the preceding two years . The Boyd Master Lease includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors every two years to an amount equal to 4% of the average annual net revenues of all facilities under the Boyd Master Lease during the preceding two years . The Meadows Lease contains a fixed component, subject to annual escalators, and a component that is based on the performance of the facility, which is reset every two years to an amount determined by multiplying (i) 4% by (ii) the average annual net revenues of the facility for the trailing two-year period. The Meadows Lease contains an annual escalator provision for up to 5% of the base rent, if certain rent coverage ratio thresholds are met, which remains at 5% until the earlier of ten years or the year in which total rent is $31.0 million , at which point the escalator will be reduced to 2% annually thereafter. The rent structure under the Casino Queen Lease also includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facility, which is reset every five years to an amount equal to the greater of (i) the annual amount of non-fixed rent applicable for the lease year immediately preceding such rent reset year and (ii) an amount equal to 4% of the average annual net revenues of the facility for the trailing five-year period. Furthermore, the Company's master leases provide for a floor on the percentage rent described above, should the Company's tenants acquire or commence operating a competing facility within a restricted area (typically 60 miles from a property under the existing master lease with such tenant). These clauses provide landlord protections by basing the percentage rent floor for any affected facility on the net revenues of such facility for the calendar year immediately preceding the year in which the competing facility is acquired or first operated by the tenant. In June 2019, a percentage rent floor was triggered on Penn's Hollywood Casino Toledo property, as a result of Penn's purchase of the operations of the Greektown Casino-Hotel in Detroit, Michigan. 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. 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. As discussed in Note 18 , on October 15, 2018, in conjunction with the Penn-Pinnacle Merger, the Pinnacle Master Lease was amended by a fourth amendment 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 did not represent a meaningful portion of Penn's business at the time Penn assumed the lease, the Company concluded that the lease term of the Amended Pinnacle Master Lease is 10 years , equal to the initial 10-year term only. Because the Meadows Lease was a single property lease operated by a large multi-property operator, GLPI concluded it was not reasonably assured at lease inception that the operator 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 from Pinnacle. 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 of the master leases did not represent a meaningful portion of either tenant's business at lease inception; therefore the Company 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 , equal to the initial terms of such master leases only. Details of the Company's rental income for the year ended December 31, 2019 was as follows (in thousands): Year Ended December 31, 2019 Building base rent (1) $ 659,620 Land base rent 190,168 Percentage rent 159,107 Total cash rental income $ 1,008,895 Straight-line rent adjustments (34,574 ) Ground rent in revenue 21,347 Other rental revenue 498 Total rental income $ 996,166 (1) Building base rent is subject to the annual rent escalators described above. As of December 31, 2019 , the future minimum rental income from the Company's rental properties under non-cancelable operating leases, including any reasonably assured renewal periods, was as follows (in thousands): Year ending December 31, Future Rental Payments Receivable Straight-Line Rent Adjustments Future Base Ground Rents Receivable Future Income to be Recognized Related to Operating Leases 2020 $ 959,603 $ (2,567 ) $ 12,223 $ 969,259 2021 926,874 21,786 12,045 960,705 2022 926,874 21,786 12,051 960,711 2023 920,236 21,786 12,057 954,079 2024 887,046 21,786 12,063 920,895 Thereafter 10,984,406 243,908 72,882 11,301,196 Total $ 15,605,039 $ 328,485 $ 133,321 $ 16,066,845 The table above presents the cash rent the Company expects to receive from its tenants, offset by adjustments to recognize this rent on a straight-line basis over the lease term. The Company also includes the future non-cash revenue it expects to recognize from the fixed portion of tenant paid ground leases in the table above. For further details on these tenant paid ground leases, refer to Note 7 . The Company may periodically loan funds to casino owner-operators for the purchase of real estate. Interest income related to real estate loans is recorded as revenue from real estate within the Company's consolidated statements of income in the period earned. At December 31, 2019 , the Company has two loans, the proceeds of which were used to acquire real estate, the Belterra Park Loan and the Eldorado Loan. During the years ended December 31, 2019 and 2018 , the Company recognized interest income from these real estate loans of $28.9 million and $6.9 million , respectively. Gaming, Food, Beverage and Other Revenues 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 is recognized net of certain sales incentives, including promotional allowances in accordance with ASC 606. 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 until a later period when the points are redeemed or forfeited. Other revenues at our TRS Properties are derived from our dining, retail and certain other ancillary activities. During the years ended December 31, 2019 and 2018 , the Company recognized gaming, food, beverage and other revenue of $128.4 million and $132.5 million , respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation As of December 31, 2019 , the Company had 1,750,857 shares available for future issuance under the Amended 2013 Long Term Incentive Compensation Plan (the "2013 Plan"). The 2013 Plan provides for the Company to issue restricted stock awards, including performance-based restricted stock awards and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards. The Company issues new authorized common shares to satisfy stock option exercises and restricted stock award releases. As of December 31, 2019 , there was $5.1 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.62 years . For the years ended December 31, 2019 , 2018 and 2017 , the Company recognized $7.5 million , $4.7 million and $6.0 million , respectively, of compensation expense associated with these awards. The total fair value of awards released during the years ended December 31, 2019 , 2018 and 2017 , was $10.1 million , $10.0 million and $7.3 million , respectively. The following table contains information on restricted stock award activity for the years ended December 31, 2019 and 2018 : Number of Award Shares Weighted Average Grant-Date Fair Value Outstanding at December 31, 2017 344,744 $ 29.69 Granted 283,183 $ 23.34 Released (273,286 ) $ 18.16 Canceled (54,999 ) $ 33.34 Outstanding at December 31, 2018 299,642 $ 33.53 Granted 317,290 $ 22.69 Released (299,961 ) $ 21.47 Canceled — $ — Outstanding at December 31, 2019 316,971 $ 34.10 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 and meet a minimum market capitalization. As of December 31, 2019 , there was $8.9 million of total unrecognized compensation cost for performance-based restricted stock awards, which will be recognized over the awards' remaining weighted average vesting period of 1.67 years . For the years ended December 31, 2019 , 2018 and 2017 , the Company recognized $8.7 million , $6.4 million and $9.7 million , respectively, of compensation expense associated with these awards. The total fair value of performance-based stock awards released during the years ended December 31, 2019 , and 2018 was $14.7 million and $20.1 million , respectively. No performance-based stock awards were released during the year ended December 31, 2017. The following table contains information on performance-based restricted stock award activity for the years ended December 31, 2019 and 2018 : Number of Performance-Based Award Shares Weighted Average Grant-Date Fair Value Outstanding at December 31, 2017 1,664,000 $ 17.49 Granted 556,000 $ 20.64 Released (548,000 ) $ 17.29 Canceled (330,000 ) $ 18.60 Outstanding at December 31, 2018 1,342,000 $ 18.60 Granted 512,000 $ 17.85 Released (447,334 ) $ 17.22 Canceled (23,332 ) $ 18.63 Outstanding at December 31, 2019 1,383,334 $ 18.77 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company elected on its U.S. federal income tax return for its taxable year that began on January 1, 2014 to be treated as a REIT. The benefits of the intended REIT conversion on the Company's tax provision and effective income tax rate are reflected in the tables below. Deferred tax assets and liabilities are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated balance sheets. These temporary differences result in taxable or deductible amounts in future years. As a result of the Tax Cuts and Jobs Act, the corporate tax rate was permanently lowered from the previous maximum rate of 35% to 21% , effective for tax years including or commencing January 1, 2018. As a result of the reduction of the corporate tax rate, U.S. generally accepted accounting principles required companies to re-value their deferred tax assets and liabilities as of the date of the enactment, with resulting tax effects accounted for in the reported period of enactment. As such, the Company revalued its net deferred tax asset at December 31, 2017. This revaluation resulted in a reduction in the value of its net deferred tax asset of approximately $1.8 million , which was recorded as additional income tax expense in the Company’s consolidated statement of income for the year ended December 31, 2017. The components of the Company's deferred tax assets and liabilities, related to its TRS, are as follows: Year ended December 31, 2019 2018 (in thousands) Deferred tax assets: Accrued expenses $ 1,597 $ 1,416 Property and equipment 5,844 5,405 Interest expense 596 313 Net deferred tax assets 8,037 7,134 Deferred tax liabilities: Property and equipment (624 ) (757 ) Intangibles (1,636 ) (1,460 ) Net deferred tax liabilities (2,260 ) (2,217 ) Net: $ 5,777 $ 4,917 The provision for income taxes charged to operations for years ended December 31, 2019 , 2018 and 2017 was as follows: Year ended December 31, 2019 2018 2017 (in thousands) Current tax expense Federal $ 3,005 $ 2,856 $ 7,039 State 2,514 2,630 3,309 Total current 5,519 5,486 10,348 Deferred tax (benefit) expense Federal (667 ) (512 ) (166 ) State (88 ) (10 ) (395 ) Total deferred (755 ) (522 ) (561 ) Total provision $ 4,764 $ 4,964 $ 9,787 The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2019 , 2018 and 2017 : Year ended December 31, 2019 2018 2017 Percent of pretax income U.S. federal statutory income tax rate 21.0 % 21.0 % 35.0 % State and local income taxes 0.5 % 0.6 % 0.6 % Federal tax rate change — % — % 0.5 % REIT conversion benefit (20.3 )% (23.8 )% (33.6 )% Goodwill impairment charges — % 3.6 % — % 1.2 % 1.4 % 2.5 % Year ended December 31, 2019 2018 2017 (in thousands) Amount based upon pretax income U.S. federal statutory income tax $ 83,086 $ 72,341 $ 136,636 State and local income taxes 2,051 2,246 2,284 Federal tax rate change — — 1,818 REIT conversion benefit (80,397 ) (82,151 ) (130,876 ) Goodwill impairment charges — 12,485 — Permanent differences 23 19 49 Other miscellaneous items 1 24 (124 ) $ 4,764 $ 4,964 $ 9,787 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 (in thousands) Determination of shares: Weighted-average common shares outstanding 214,667 213,720 210,705 Assumed conversion of employee stock-based awards — 206 644 Assumed conversion of restricted stock awards 117 80 155 Assumed conversion of performance-based restricted stock awards 1,002 773 1,248 Diluted weighted-average common shares outstanding 215,786 214,779 212,752 The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 (in thousands, except per share and share amounts) Calculation of basic EPS: Net income $ 390,881 $ 339,516 $ 380,598 Less: Net income allocated to participating securities (576 ) (475 ) (622 ) Net income attributable to common shareholders $ 390,305 $ 339,041 $ 379,976 Weighted-average common shares outstanding 214,667 213,720 210,705 Basic EPS $ 1.82 $ 1.59 $ 1.80 Calculation of diluted EPS: Net income $ 390,881 $ 339,516 $ 380,598 Diluted weighted-average common shares outstanding 215,786 214,779 212,752 Diluted EPS $ 1.81 $ 1.58 $ 1.79 Antidilutive securities excluded from the computation of diluted earnings per share (in shares) — 13,335 3,483 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Common Stock ATM Program On August 14, 2019, the Company commenced a continuous equity offering under which the Company may sell up to an aggregate of $600 million of its common stock from time to time through a sales agent in "at the market" offerings (the "2019 ATM Program"). Actual sales will depend on a variety of factors, including market conditions, the trading price of the Company's common stock and determinations of the appropriate sources of funding. The Company may sell the shares in amounts and at times to be determined by the Company, but has no obligation to sell any of the shares in the 2019 ATM Program. The 2019 ATM Program also allows the Company to enter into forward sale agreements. In no event will the aggregate number of shares sold under the 2019 ATM Program (whether under any forward sale agreement or through a sales agent), have an aggregate sales price in excess of $600 million . The Company expects, that if it enters into a forward sale contract, to physically settle each forward sale agreement with the forward purchaser on one or more dates specified by the Company prior to the maturity date of that particular forward sale agreement, in which case the aggregate net cash proceeds at settlement will equal the number of shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, the Company may also elect to cash settle or net share settle a particular forward sale agreement, in which case proceeds may or may not be received or cash may be owed to the forward purchaser. In connection with the 2019 ATM Program, the Company engaged a sales agent who may receive compensation of up to 2% of the gross sales price of the shares sold. Similarly, in the event the Company enters into a forward sale agreement, it will pay the relevant forward seller a commission of up to 2% of the sales price of all borrowed shares of common stock sold during the applicable selling period of the forward sale agreement. During the year ended December 31, 2019 , GLPI sold 1,500 shares of its common stock at an average price of $43.17 per share under the 2019 ATM Program, which generated gross proceeds of approximately $65 thousand . The Company incurred legal and other fees in connection with the ATM Program, which resulted in net costs of $255 thousand . During the year ended December 31, 2017, GLPI sold 3,864,872 shares of its common stock at an average price of $36.22 per share under a previously authorized ATM Program, which generated gross proceeds of approximately $140.0 million (net proceeds of approximately $139.4 million ). The Company used the net proceeds from the 2017 sales to partially fund its acquisition of the Tunica Properties' real estate assets. As of December 31, 2019 , the Company had $599.9 million remaining for issuance under the 2019 ATM Program and had not entered into any forward sale agreements. The following table lists the regular dividends declared and paid by the Company during the years ended December 31, 2019 , 2018 and 2017 : Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (in thousands) 2019 February 19, 2019 March 8, 2019 Common Stock $ 0.68 First Quarter 2019 March 22, 2019 $ 145,954 May 28, 2019 June 14, 2019 Common Stock $ 0.68 Second Quarter 2019 June 28, 2019 $ 145,978 August 20, 2019 September 6, 2019 Common Stock $ 0.68 Third Quarter 2019 September 20, 2019 $ 145,984 November 26, 2019 December 13, 2019 Common Stock $ 0.70 Fourth Quarter 2019 December 27, 2019 $ 150,285 2018 February 1, 2018 March 9, 2018 Common Stock $ 0.63 First Quarter 2018 March 23, 2018 $ 134,490 April 24, 2018 June 15, 2018 Common Stock $ 0.63 Second Quarter 2018 June 29, 2018 $ 134,631 July 31, 2018 September 7, 2018 Common Stock $ 0.63 Third Quarter 2018 September 21, 2018 $ 134,844 October 12, 2018 December 14, 2018 Common Stock $ 0.68 Fourth Quarter 2018 December 28, 2018 $ 145,627 2017 February 1, 2017 March 13, 2017 Common Stock $ 0.62 First Quarter 2017 March 24, 2017 $ 129,007 April 25, 2017 June 16, 2017 Common Stock $ 0.62 Second Quarter 2017 June 30, 2017 $ 131,554 July 25, 2017 September 8, 2017 Common Stock $ 0.63 Third Quarter 2017 September 22, 2017 $ 133,936 October 19, 2017 December 1, 2017 Common Stock $ 0.63 Fourth Quarter 2017 December 15, 2017 $ 133,942 In addition for the years ended December 31, 2019 , 2018 and 2017 , dividend payments were made to or accrued for GLPI restricted stock award holders and for both GLPI and Penn unvested employee stock options in the amount of $0.9 million , $0.8 million and $0.9 million , respectively. A summary of the Company's common stock distributions for the years ended December 31, 2019 , 2018 and 2017 is as follows (unaudited): Year Ended December 31, 2019 2018 2017 (in dollars per share) Qualified dividends $ 0.0387 $ 0.0391 $ 0.0543 Non-qualified dividends 2.2649 2.2955 2.2436 Capital gains 0.0353 0.0270 0.0371 Non-taxable return of capital 0.4011 0.2084 0.1650 Total distributions per common share $ 2.74 $ 2.57 $ 2.50 Percentage classified as qualified dividends 1.41 % 1.52 % 2.17 % Percentage classified as non-qualified dividends 82.66 % 89.32 % 89.75 % Percentage classified as capital gains 1.29 % 1.05 % 1.48 % Percentage classified as non-taxable return of capital 14.64 % 8.11 % 6.60 % 100.00 % 100.00 % 100.00 % |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The following tables present certain information with respect to the Company’s segments. Intersegment revenues between the Company’s segments were not material in any of the periods presented below. GLP Capital (1) TRS Properties Total (in thousands) For the year ended December 31, 2019 Total revenues $ 1,025,082 $ 128,391 $ 1,153,473 Income from operations 694,215 23,208 717,423 Interest expense 291,114 10,406 301,520 Income before income taxes 382,841 12,804 395,645 Income tax expense 657 4,107 4,764 Net income 382,184 8,697 390,881 Depreciation 232,708 7,727 240,435 Capital project expenditures — — — Capital maintenance expenditures 22 2,995 3,017 For the year ended December 31, 2018 Total revenues $ 923,182 $ 132,545 $ 1,055,727 Income (loss) from operations 630,122 (36,312 ) 593,810 Interest expense 237,278 10,406 247,684 Income (loss) before income taxes 391,196 (46,716 ) 344,480 Income tax expense 855 4,109 4,964 Net income (loss) 390,341 (50,825 ) 339,516 Depreciation 127,696 9,397 137,093 Capital project expenditures 20 — 20 Capital maintenance expenditures 55 4,229 4,284 For the year ended December 31, 2017 Total revenues $ 829,221 $ 142,086 $ 971,307 Income from operations 578,661 26,857 605,518 Interest expense 206,662 10,406 217,068 Income before income taxes 373,931 16,454 390,385 Income tax expense 1,099 8,688 9,787 Net income 372,832 7,766 380,598 Depreciation 102,652 10,828 113,480 Capital project expenditures 78 — 78 Capital maintenance expenditures — 3,178 3,178 Balance sheet at December 31, 2019 Total assets $ 8,299,143 $ 135,155 $ 8,434,298 Balance sheet at December 31, 2018 Total assets $ 8,441,345 $ 135,948 $ 8,577,293 (1) Interest expense is net of intercompany interest eliminations of $10.4 million for each of the years ended December 31, 2019 , 2018 and 2017 . |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions The Company accounts for its acquisitions of real estate assets as asset acquisitions under ASC 805 - Business Combinations . Under asset acquisition accounting, transaction costs incurred to acquire the purchased assets are also included as part of the asset cost. Prior Year Acquisitions 2018 On October 15, 2018, in conjunction with the Penn-Pinnacle Merger the Company acquired the real property assets of Plainridge Park from Penn for approximately $250.9 million . This property was added to the Amended Pinnacle Master Lease via the fourth amendment to the Pinnacle Master Lease and is leased to Penn who will continue to operate the property. The initial annual cash rent of $25.0 million for Plainridge Park will not be subject to rent escalators or adjustments. Also in conjunction with the Penn-Pinnacle Merger, the Pinnacle Master Lease was amended via the 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 and to increase fixed rent under the lease by an additional $13.9 million annually. The Company entered into a new unitary triple-net master lease agreement with Boyd for these properties on terms similar to the Company’s existing master leases. As a result of the fourth amendment to the Pinnacle Master Lease, 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, the building assets of $2.6 billion previously recorded as an investment in direct financing lease on the Company's consolidated balance sheet were recorded as real estate assets on the Company's consolidated balance sheet and all rent received under the Amended Pinnacle Master Lease is recorded as rental income on the Company's consolidated statement of income. The Amended Pinnacle Master Lease was assumed by Penn at the consummation of the Penn-Pinnacle Merger. On October 1, 2018, the Company acquired the real property assets of five casino properties from Tropicana and certain of its affiliates for approximately $992.5 million , pursuant to the Real Estate Purchase Agreement dated April 15, 2018 between Tropicana and GLP Capital, which was subsequently amended on October 1, 2018. 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 and the rights to six long-term ground leases for land on which the operations of the acquired Tropicana properties reside. Concurrent with the Tropicana Acquisition, Eldorado acquired the operating assets of these properties from Tropicana pursuant to 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. Initial annual rent under the Eldorado Master Lease was $87.6 million and is subject to annual rent escalators and biennial percentage rent adjustments. Purchase price allocations are primarily based on the fair values of assets acquired and liabilities assumed at the time of acquisition. The following table summarizes the purchase price allocation of the assets acquired in the Tropicana Acquisition (in thousands): Real estate investments, net $ 948,217 Land rights, net 44,331 Total purchase price $ 992,548 2017 On May 1, 2017, the Company acquired the real property assets of Bally's Casino Tunica (subsequently re-branded as the 1 st Jackpot Casino) and Resorts Casino Tunica (the "Tunica Properties") for $82.9 million . The Company acquired both Bally's Casino Tunica and Resorts Casino Tunica, as well as the Resorts Hotel and land at Bally's Casino Tunica. Land rights to three |
Summarized Quarterly Data (Unau
Summarized Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Information [Abstract] | |
Summarized Quarterly Data (Unaudited) | Summarized Quarterly Data (Unaudited) The following table summarizes the quarterly results of operations for the years ended December 31, 2019 and 2018 : Fiscal Quarter First Second Third Fourth (in thousands, except per share data) 2019 Total revenues $ 287,864 $ 289,013 $ 287,612 $ 288,984 (1 ) (2 ) Income from operations 170,775 170,767 187,625 188,256 (2 ) Net income 93,010 93,033 90,547 114,291 (3 ) Earnings per common share: Basic earnings per common share $ 0.43 $ 0.43 $ 0.42 $ 0.53 Diluted earnings per common share $ 0.43 $ 0.43 $ 0.42 $ 0.53 2018 Total revenues $ 244,050 $ 254,221 $ 254,139 $ 303,317 (1 ) (2 ) Income from operations 151,851 153,241 164,834 123,884 (2 ) Net income 96,772 91,998 104,815 45,931 (4 ) Earnings per common share: Basic earnings per common share $ 0.45 $ 0.43 $ 0.49 $ 0.21 Diluted earnings per common share $ 0.45 $ 0.43 $ 0.49 $ 0.21 (1) In conjunction with the adoption of ASU 2016-02 on January 1, 2019, the Company is no longer required to gross- up its revenues for real estate taxes paid directly by its tenants. This change had no impact to the Company's operating results as these revenue gross-ups were offset with a gross-up to our operating expenses. (2) During October 2018, the Company acquired the real property assets of five casino properties from Tropicana and leased these assets to Eldorado under the Eldorado Master Lease. Also during October 2018, in conjunction with the Penn-Pinnacle Merger, the Company acquired the real property assets of Plainridge Park and added this property to the Amended Pinnacle Master Lease. These transactions, in addition to the treatment of the Amended Pinnacle Master Lease as an operating lease in its entirety, as detailed in Note 18 were the primary drivers for the Company's improved operating results in 2019 as compared to 2018. (3) During March 2019, the Company recorded a $13.0 million loan impairment charge related to the write-off of the Casino Queen Loan. During June 2019, the Company recorded accelerated depreciation and amortization expense in the aggregate amount of $16.6 million related to the closure of the Resorts Casino Tunica property by our tenant. In September 2019, the Company recorded a loss on the early extinguishment of debt related to the 2019 Tender Offer of approximately $21.0 million . The absence of any unusual charges in the fourth quarter is the driving factor in increased net income for the period. (4) During the fourth quarter of 2018, the Company recorded an impairment charge of $59.5 million , related to the goodwill recorded on the books of its subsidiary, Hollywood Casino Baton Rouge. This was the largest driver of the decrease in the Company's net income during the fourth quarter of 2018. For further information on the impairment charge see Note 8 . |
Supplemental Disclosures of Cas
Supplemental Disclosures of Cash Flow Information and Noncash Activities | 12 Months Ended |
Dec. 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: Year ended December 31, 2019 2018 2017 (in thousands) Cash paid for income taxes, net of refunds received $ 5,554 $ 5,389 $ 11,646 Cash paid for interest 274,530 229,779 204,442 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 consolidated balance sheet to represent its rights to underlying assets and future lease obligations. In conjunction with the October 2018 Penn-Pinnacle Merger, the Company reassessed the classification of the Pinnacle Master Lease and determined the new lease agreement qualified for operating lease treatment in its entirety. Therefore, on October 15, 2018, the building assets of $2.6 billion previously recorded as an investment in direct financing lease on the Company's consolidated balance sheet were reclassified to real estate assets on the Company's consolidated balance sheet. The Company did not engage in any other noncash investing and financing activities during the years ended December 31, 2019 , 2018 and 2017 . |
Supplementary Condensed Consoli
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers | 12 Months Ended |
Dec. 31, 2019 | |
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers | |
Supplementary Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers | Supplementary Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers GLPI guarantees the Senior Notes issued by its subsidiaries, GLP Capital 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 sheet information as of December 31, 2019 and 2018 and summarized income statement and cash flow information for the years ended December 31, 2019 , 2018 and 2017 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 December 31, 2019 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 2,514,806 $ 4,585,749 $ — $ 7,100,555 Property and equipment, used in operations, net — 16,607 77,473 — 94,080 Real estate loans — 246,000 57,684 — 303,684 Right-of-use assets and land rights, net — 181,593 657,141 — 838,734 Cash and cash equivalents — 4,281 22,542 — 26,823 Prepaid expenses — 1,243 2,222 763 4,228 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 2,074,245 5,082,624 2,498,577 (9,655,446 ) — Deferred tax assets — — 6,056 — 6,056 Other assets — 31,766 2,728 — 34,494 Total assets $ 2,074,245 $ 8,272,515 $ 7,935,816 $ (9,848,278 ) $ 8,434,298 Liabilities Accounts payable $ — $ 817 $ 189 $ — $ 1,006 Accrued expenses — 706 5,533 — 6,239 Accrued interest — 60,695 — — 60,695 Accrued salaries and wages — 10,798 3,023 — 13,821 Gaming, property, and other taxes — 480 464 — 944 Income taxes — (51 ) (712 ) 763 — Lease liabilities — 89,856 94,115 — 183,971 Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts — 5,737,962 — — 5,737,962 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 271,837 56,648 — 328,485 Deferred tax liabilities — — 279 279 Other liabilities — 25,170 1,481 — 26,651 Total liabilities — 6,198,270 354,615 (192,832 ) 6,360,053 Shareholders’ equity (deficit) Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2019) — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 214,694,165 shares issued and outstanding at December 31, 2019) 2,147 2,147 2,147 (4,294 ) 2,147 Additional paid-in capital 3,959,383 3,959,384 9,839,709 (13,799,093 ) 3,959,383 Retained accumulated (deficit) earnings (1,887,285 ) (1,887,286 ) (2,260,655 ) 4,147,941 (1,887,285 ) Total shareholders’ equity (deficit) 2,074,245 2,074,245 7,581,201 (9,655,446 ) 2,074,245 Total liabilities and shareholders’ equity (deficit) $ 2,074,245 $ 8,272,515 $ 7,935,816 $ (9,848,278 ) $ 8,434,298 Year ended December 31, 2019 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 552,980 $ 443,186 $ — $ 996,166 Interest income from real estate loans — 22,471 6,445 — 28,916 Total income from real estate — 575,451 449,631 — 1,025,082 Gaming, food, beverage and other — — 128,391 — 128,391 Total revenues — 575,451 578,022 — 1,153,473 Operating expenses Gaming, food, beverage and other — — 74,700 — 74,700 Land rights and ground lease expense — 24,375 18,063 — 42,438 General and administrative — 42,505 22,972 — 65,477 Depreciation — 124,401 116,034 — 240,435 Loan impairment charges — — 13,000 — 13,000 Total operating expenses — 191,281 244,769 — 436,050 Income from operations — 384,170 333,253 — 717,423 Other income (expenses) Interest expense — (301,520 ) — — (301,520 ) Interest income — 755 1 — 756 Losses on debt extinguishment — (21,014 ) — — (21,014 ) Intercompany dividends and interest — 494,179 7,726 (501,905 ) — Total other income (expenses) — 172,400 7,727 (501,905 ) (321,778 ) Income before income taxes — 556,570 340,980 (501,905 ) 395,645 Income tax expense — 657 4,107 — 4,764 Net income $ — $ 555,913 $ 336,873 $ (501,905 ) $ 390,881 Year ended December 31, 2019 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income $ — $ 555,913 $ 336,873 $ (501,905 ) $ 390,881 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization — 133,693 125,278 — 258,971 Amortization of debt issuance costs, bond premiums and original issuance discounts — 11,455 — — 11,455 Losses on dispositions of property — 8 84 — 92 Deferred income taxes — — (755 ) — (755 ) Stock-based compensation — 16,198 — — 16,198 Straight-line rent adjustments — 2,653 31,921 — 34,574 Losses on debt extinguishment — 21,014 — — 21,014 Loan impairment charges — — 13,000 — 13,000 (Increase) decrease, Prepaid expenses and other assets — (5,101 ) (1,217 ) 248 (6,070 ) Intercompany — (430 ) 430 — — (Decrease) increase, Accounts payable — (1,652 ) 147 — (1,505 ) Accrued expenses — (58 ) (212 ) — (270 ) Accrued interest — 15,434 — — 15,434 Accrued salaries and wages — (3,830 ) 641 — (3,189 ) Gaming, property and other taxes — 51 (171 ) — (120 ) Income taxes — (49 ) 297 (248 ) — Other liabilities — 634 (42 ) — 592 Net cash provided by (used in) operating activities — 745,933 506,274 (501,905 ) 750,302 Investing activities Capital maintenance expenditures — (22 ) (2,995 ) — (3,017 ) Proceeds from sale of property and equipment — 182 18 — 200 Net cash provided by (used in) investing activities — 160 (2,977 ) — (2,817 ) Financing activities Dividends paid (589,128 ) — — — (589,128 ) Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options (9,058 ) — — — (9,058 ) ATM Program offering costs and proceeds from issuance of common stock, net (255 ) — — — (255 ) Proceeds from issuance of long-term debt — 1,358,853 — — 1,358,853 Financing costs — (10,029 ) — — (10,029 ) Repayments of long-term debt — (1,477,949 ) — — (1,477,949 ) Premium and related costs paid on tender of senior unsecured notes — (18,879 ) — — (18,879 ) Intercompany financing 598,441 (598,440 ) (501,906 ) 501,905 — Net cash (used in) provided by financing activities — (746,444 ) (501,906 ) 501,905 (746,445 ) Net (decrease) increase in cash and cash equivalents — (351 ) 1,391 — 1,040 Cash and cash equivalents at beginning of period — 4,632 21,151 — 25,783 Cash and cash equivalents at end of period $ — $ 4,281 $ 22,542 $ — $ 26,823 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 Real estate loans — 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 Year ended December 31, 2018 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 437,211 $ 310,443 $ — $ 747,654 Income from direct financing lease — — 81,119 — 81,119 Interest income from real estate loans — 5,590 1,353 — 6,943 Real estate taxes paid by tenants — 46,327 41,139 — 87,466 Total income from real estate — 489,128 434,054 — 923,182 Gaming, food, beverage and other — — 132,545 — 132,545 Total revenues — 489,128 566,599 — 1,055,727 Operating expenses Gaming, food, beverage and other — — 77,127 — 77,127 Real estate taxes — 46,443 42,314 — 88,757 Land rights and ground lease expense — 10,156 18,202 — 28,358 General and administrative — 49,161 21,967 — 71,128 Depreciation — 97,632 39,461 — 137,093 Goodwill impairment charges — — 59,454 — 59,454 Total operating expenses — 203,392 258,525 — 461,917 Income from operations — 285,736 308,074 — 593,810 Other income (expenses) Interest expense — (247,684 ) — — (247,684 ) Interest income — 1,355 472 — 1,827 Losses on debt extinguishment — (3,473 ) — — (3,473 ) Intercompany dividends and interest — 460,044 10,280 (470,324 ) — Total other income (expenses) — 210,242 10,752 (470,324 ) (249,330 ) Income before income taxes — 495,978 318,826 (470,324 ) 344,480 Income tax expense — 855 4,109 — 4,964 Net income $ — $ 495,123 $ 314,717 $ (470,324 ) $ 339,516 Year ended December 31, 2018 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income $ — $ 495,123 $ 314,717 $ (470,324 ) $ 339,516 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation — 99,678 48,687 — 148,365 Amortization of debt issuance costs, bond premiums and original issuance discounts — 12,167 — — 12,167 Losses on dispositions of property — 75 234 — 309 Deferred income taxes — — (522 ) — (522 ) Stock-based compensation — 11,152 — — 11,152 Straight-line rent adjustments — 49,166 12,722 — 61,888 Losses on debt extinguishment — 3,473 — — 3,473 Goodwill impairment charges — — 59,454 — 59,454 Decrease (increase), Prepaid expenses and other assets — (1,777 ) 477 627 (673 ) Intercompany — 66 (66 ) — — (Decrease) increase, 0 0 0 Accounts payable — 1,851 (55 ) — 1,796 Accrued expenses — (205 ) 79 — (126 ) Accrued interest — 12,020 — — 12,020 Accrued salaries and wages — 6,796 (595 ) — 6,201 Gaming, property and other taxes — (78 ) (71 ) — (149 ) Income taxes — 304 323 (627 ) — Other liabilities — 55 (493 ) — (438 ) Net cash provided by (used in) operating activities — 689,866 434,891 (470,324 ) 654,433 Investing activities Capital project expenditures — (20 ) — — (20 ) Capital maintenance expenditures — (55 ) (4,229 ) — (4,284 ) Proceeds from sale of property and equipment — 3,195 16 — 3,211 Acquisition of real estate assets — (985,750 ) (257,716 ) — (1,243,466 ) Originations of real estate loans — (246,000 ) (57,684 ) — (303,684 ) Collection of principal payments on investment in direct financing lease — — 38,459 — 38,459 Net cash (used in) provided by investing activities — (1,228,630 ) (281,154 ) — (1,509,784 ) Financing activities Dividends paid (550,435 ) — — — (550,435 ) Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings 7,537 — — — 7,537 Proceeds from issuance of long-term debt, net of unamortized debt issuance costs,bond premium and original issuance discounts — 2,593,405 — — 2,593,405 Financing costs — (32,426 ) — — (32,426 ) Repayments of long-term debt — (1,164,117 ) — — (1,164,117 ) Premium and related costs paid on tender of senior unsecured notes — (1,884 ) — — (1,884 ) Intercompany financing 542,898 (858,316 ) (154,906 ) 470,324 — Net cash provided by (used in) financing activities — 536,662 (154,906 ) 470,324 852,080 Net decrease in cash and cash equivalents — (2,102 ) (1,169 ) — (3,271 ) Cash and cash equivalents at beginning of period — 6,734 22,320 — 29,054 Cash and cash equivalents at end of period $ — $ 4,632 $ 21,151 $ — $ 25,783 Year ended December 31, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 398,070 $ 273,120 $ — $ 671,190 Income from direct financing lease — — 74,333 — 74,333 Real estate taxes paid by tenants — 43,672 40,026 — 83,698 Total income from real estate — 441,742 387,479 — 829,221 Gaming, food, beverage and other — — 142,086 — 142,086 Total revenues — 441,742 529,565 — 971,307 Operating expenses Gaming, food, beverage and other — — 80,487 — 80,487 Real estate taxes — 43,755 40,911 — 84,666 Land rights and ground lease expense — 5,895 18,110 — 24,005 General and administrative — 39,863 23,288 — 63,151 Depreciation — 93,948 19,532 — 113,480 Total operating expenses — 183,461 182,328 — 365,789 Income from operations — 258,281 347,237 — 605,518 Other income (expenses) Interest expense — (217,068 ) — — (217,068 ) Interest income — — 1,935 — 1,935 Intercompany dividends and interest — 451,295 12,318 (463,613 ) — Total other income (expenses) — 234,227 14,253 (463,613 ) (215,133 ) Income before income taxes — 492,508 361,490 (463,613 ) 390,385 Income tax expense — 1,099 8,688 — 9,787 Net income $ — $ 491,409 $ 352,802 $ (463,613 ) $ 380,598 Year ended December 31, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income $ — $ 491,409 $ 352,802 $ (463,613 ) $ 380,598 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization — 95,058 28,777 — 123,835 Amortization of debt issuance costs — 13,026 — — 13,026 Losses on dispositions of property — — 530 — 530 Deferred income taxes — — (561 ) — (561 ) Stock-based compensation — 15,636 — — 15,636 Straight-line rent adjustments — 56,815 9,156 — 65,971 (Increase) decrease, Prepaid expenses and other assets — (5,703 ) 1,268 (897 ) (5,332 ) Intercompany — 317 (317 ) — — Increase (decrease), 0 0 0 Accounts payable — 148 (569 ) — (421 ) Accrued expenses — 103 308 — 411 Accrued interest — (502 ) — — (502 ) Accrued salaries and wages — (79 ) 269 — 190 Gaming, property and other taxes — (505 ) (12 ) — (517 ) Income taxes — (325 ) (572 ) 897 — Other liabilities — 6,591 (744 ) — 5,847 Net cash provided by (used in) operating activities — 671,989 390,335 (463,613 ) 598,711 Investing activities Capital project expenditures — (78 ) — — (78 ) Capital maintenance expenditures — — (3,178 ) — (3,178 ) Proceeds from sale of property and equipment — 10 924 — 934 Principal payments on loan receivable — — 13,200 — 13,200 Acquisition of real estate assets — (82,866 ) (386 ) — (83,252 ) Collection of principal payments on investment in direct financing lease — — 73,072 — 73,072 Net cash (used in) provided by investing activities — (82,934 ) 83,632 — 698 Financing activities Dividends paid (529,370 ) — — — (529,370 ) Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings 18,157 — — — 18,157 Proceeds from issuance of common stock, net of issuance costs 139,414 — — — 139,414 Proceeds from issuance of long-term debt — 100,000 — — 100,000 Repayments of long-term debt — (335,112 ) — — (335,112 ) Intercompany financing 371,799 (358,983 ) (476,429 ) 463,613 — Net cash (used in) provided by financing activities — (594,095 ) (476,429 ) 463,613 (606,911 ) Net decrease in cash and cash equivalents — (5,040 ) (2,462 ) — (7,502 ) Cash and cash equivalents at beginning of period — 11,774 24,782 — 36,556 Cash and cash equivalents at end of period $ — $ 6,734 $ 22,320 $ — $ 29,054 |
Schedule III Real Estate Assets
Schedule III Real Estate Assets and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure | SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION December 31, 2019 (in thousands) Initial Cost to Company Net Capitalized Costs (Retirements) Subsequent to Acquisition Gross Amount at which Carried at Close of Period Life on which Depreciation in Latest Income Statement is Computed Original Date of Construction / Renovation Description Location Encumbrances Land and Improvements Buildings and Improvements Land and Improvements Buildings and Improvements Total (6) Accumulated Depreciation Date Acquire d Rental Properties: Hollywood Casino Lawrenceburg Lawrenceburg, IN $ — $ 15,251 $ 342,393 $ (30 ) $ 15,222 $ 342,392 $ 357,614 $ 150,315 1997/2009 11/1/2013 31 Hollywood Casino Aurora Aurora, IL — 4,937 98,378 (383 ) 4,936 97,996 102,932 68,924 1993/2002/ 2012 11/1/2013 30 Hollywood Casino Joliet Joliet, IL — 19,214 101,104 (20 ) 19,194 101,104 120,298 61,511 1992/2003/ 2010 11/1/2013 31 Argosy Casino Alton Alton, IL — — 6,462 — — 6,462 6,462 4,599 1991/1999 11/1/2013 31 Hollywood Casino Toledo Toledo, OH — 12,003 144,093 (201 ) 11,802 144,093 155,895 40,111 2012 11/1/2013 31 Hollywood Casino Columbus Columbus, OH — 38,240 188,543 105 38,266 188,622 226,888 52,883 2012 11/1/2013 31 Hollywood Casino at Charles Town Races Charles Town, WV — 35,102 233,069 — 35,102 233,069 268,171 138,278 1997/2010 11/1/2013 31 Hollywood Casino at Penn National Race Course Grantville, PA — 25,500 161,810 — 25,500 161,810 187,310 81,702 2008/2010 11/1/2013 31 M Resort Henderson, NV — 66,104 126,689 (436 ) 65,668 126,689 192,357 40,605 2009/2012 11/1/2013 30 Hollywood Casino Bangor Bangor, ME — 12,883 84,257 — 12,883 84,257 97,140 35,033 2008/2012 11/1/2013 31 Zia Park Casino Hobbs, NM — 9,313 38,947 — 9,313 38,947 48,260 21,456 2005 11/1/2013 31 Hollywood Casino Gulf Coast Bay St. Louis, MS — 59,388 87,352 (229 ) 59,176 87,335 146,511 53,256 1992/2006/ 2011 11/1/2013 40 Argosy Casino Riverside Riverside, MO — 23,468 143,301 (77 ) 23,391 143,301 166,692 67,802 1994/2007 11/1/2013 37 Hollywood Casino Tunica Tunica, MS — 4,634 42,031 — 4,634 42,031 46,665 28,362 1994/2012 11/1/2013 31 Boomtown Biloxi Biloxi, MS — 3,423 63,083 (137 ) 3,286 63,083 66,369 49,446 1994/2006 11/1/2013 15 Hollywood Casino St. Louis Maryland Heights, MO — 44,198 177,063 (3,239 ) 40,959 177,063 218,022 87,157 1997/2013 11/1/2013 13 Hollywood Casino at Dayton Raceway (1) Dayton, OH — 3,211 — 86,288 3,211 86,288 89,499 14,949 2014 11/1/2013 31 Hollywood Casino at Mahoning Valley Race Track (1) Youngstown, OH — 5,683 — 94,314 5,833 94,164 99,997 16,065 2014 11/1/2013 31 Resorts Casino Tunica (2) Tunica, MS — — 12,860 (12,860 ) — — — — 1994/1996/ 2005/2014 5/1/2017 N/A 1 st Jackpot Casino Tunica, MS — 161 10,100 — 161 10,100 10,261 982 1995 5/1/2017 31 Ameristar Black Hawk (3) Black Hawk, CO — 243,092 334,024 — 243,092 334,024 577,116 13,617 2000 4/28/2016 31 Ameristar East Chicago (3) East Chicago, IN — 4,198 123,430 — 4,198 123,430 127,628 5,788 1997 4/28/2016 31 Belterra Casino Resort (3) Florence, IN — 63,420 172,875 — 63,420 172,875 236,295 10,014 2000 4/28/2016 31 Ameristar Council Bluffs (3) Council Bluffs, IA — 84,009 109,027 — 84,009 109,027 193,036 5,332 1996 4/28/2016 31 L'Auberge Baton Rouge (3) Baton Rouge, LA — 205,274 178,426 — 205,274 178,426 383,700 7,747 2012 4/28/2016 31 Boomtown Bossier City (3) Bossier City, LA — 79,022 107,067 — 79,022 107,067 186,089 4,829 2002 4/28/2016 31 L'Auberge Lake Charles (3) Lake Charles, LA — 14,831 310,877 — 14,831 310,877 325,708 15,412 2005 4/28/2016 31 Boomtown New Orleans (3) Boomtown, LA — 46,019 58,258 — 46,019 58,258 104,277 2,866 1994 4/28/2016 31 Ameristar Vicksburg (3) Vicksburg, MS — 128,068 96,106 — 128,068 96,106 224,174 5,631 1994 4/28/2016 31 River City Casino & Hotel (3) St Louis, MO — 8,117 221,038 — 8,117 221,038 229,155 9,924 2010 4/28/2016 31 Ameristar Kansas City (3) Kansas City, MO — 239,111 271,598 — 239,111 271,598 510,709 13,663 1997 4/28/2016 31 Ameristar St. Charles (3) St. Charles, MO — 375,597 437,908 — 375,596 437,908 813,504 18,220 1994 4/28/2016 31 Jackpot Properties (3) Jackpot, NV — 48,785 61,550 — 48,785 61,550 110,335 4,596 1954 4/28/2016 31 Plainridge Park Casino Plainridge, MA — 127,068 123,850 — 127,068 123,850 250,918 4,827 2015 10/15/2018 31 The Meadows Racetrack and Casino Washington, PA — 181,532 141,370 386 181,918 141,370 323,288 18,630 2006 9/9/2016 31 Casino Queen East St. Louis, IL — 70,716 70,014 — 70,716 70,014 140,730 16,615 1999 1/23/2014 31 Tropicana Atlantic City Atlantic City, NJ — 166,974 392,923 — 166,974 392,923 559,897 15,386 1981 10/1/2018 31 Tropicana Evansville Evansville, IN — 47,439 146,930 — 47,439 146,930 194,369 5,727 1995 10/1/2018 31 Tropicana Laughlin Laughlin, NV — 20,671 80,530 — 20,671 80,530 101,201 3,517 1988 10/1/2018 27 Trop Casino Greenville Greenville, MS — — 21,680 — — 21,680 21,680 845 2012 10/1/2018 31 Belle of Baton Rouge Baton Rouge, LA — 11,873 52,400 — 11,873 52,400 64,273 3,160 1994 10/1/2018 31 $ — $ 2,548,529 $ 5,573,416 $ 163,481 $ 2,544,738 $ 5,740,687 $ 8,285,425 $ 1,199,782 Headquarters Property: GLPI Corporate Office (4) Wyomissing, PA $ — $ 750 $ 8,465 $ 58 $ 750 $ 8,523 $ 9,273 $ 1,159 2014/2015 9/19/2014 31 Other Properties Other owned land (5) various $ — $ 6,798 $ — $ — $ 6,798 $ — $ 6,798 $ — 10/1/18 N/A $ — $ 2,556,077 $ 5,581,881 $ 163,539 $ 2,552,286 $ 5,749,210 $ 8,301,496 $ 1,200,941 (1) Hollywood Casino at Dayton Raceway and Hollywood Casino at Mahoning Valley Race Course were jointly developed with Penn National Gaming, Inc. The costs capitalized subsequent to acquisition represent the capital expenditures incurred by the Company subsequent to the transfer of the development properties at Spin-Off. Both properties commenced operations and began paying rent during the year ended December 31, 2014. (2) We currently lease 86.6 acres in Tunica, Mississippi, where the Resorts Casino Tunica is located. This property is leased to Penn as part of the Penn Master Lease, however, the casino and hotel were closed by Penn in June 2019. As a result of the property closure, the Company entered into an agreement to terminate the long-term ground lease for this property, which will be effective in February 2020, at which time such ground lease will be removed from the Penn Master Lease. (3) During April 2016, the Company acquired substantially all of the real estate assets of Pinnacle and subsequently leased the assets back to Pinnacle. As discussed further in the footnotes to the consolidated financial statements, the Pinnacle Master Lease was originally bifurcated between an operating lease and a direct financing lease, resulting in the land that was subject to operating lease treatment being recorded as a real estate asset on the Company's consolidated balance sheet, while the building assets that triggered direct financing lease treatment were recorded as an investment in direct financing lease on the Company's consolidated balance sheet. In conjunction with the Penn-Pinnacle Merger, on October 15, 2018, the Pinnacle Master Lease was amended via the 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 and the building assets previously recorded as an investment in direct financing lease on the Company's consolidated balance sheet were recorded as real estate assets on the Company's consolidated balance sheet. (4) The Company's corporate headquarters building was completed in October 2015. The land was purchased on September 19, 2014 and construction on the building occurred through October 2015. (5) This includes undeveloped land the Company owns at locations other than its tenant occupied properties. (6) The aggregate cost for federal income tax purposes of the properties listed above was $7.95 billion at December 31, 2019 . This amount includes the tax basis of all real property assets acquired from Pinnacle, including building assets. A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2019 , 2018 and 2017 is as follows: Year Ended December 31, 2019 2018 2017 Real Estate: (in thousands) Balance at the beginning of the period $ 8,314,546 $ 4,519,501 $ 4,495,972 Acquisitions — 1,199,135 23,507 Reclass of assets from investment in direct financing lease to real estate investments (1) — 2,599,180 — Capital expenditures and assets placed in service — — 32 Dispositions (13,050 ) (3,270 ) (10 ) Balance at the end of the period $ 8,301,496 $ 8,314,546 $ 4,519,501 Accumulated Depreciation: Balance at the beginning of the period $ (983,086 ) $ (857,456 ) $ (756,881 ) Depreciation expense (230,716 ) (125,630 ) (100,576 ) Dispositions 12,861 — 1 Balance at the end of the period $ (1,200,941 ) $ (983,086 ) $ (857,456 ) |
Schedule IV Mortgage Loans on R
Schedule IV Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
SEC Schedule IV, Mortgage Loans on Real Estate Disclosure | SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE December 31, 2019 (in thousands) Description Interest Rate Final Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgage Carrying Amount of Mortgage (3) Principal Amount of Loans Subject to Delinquent Principal or Interest Belterra Park Loan 11.20% 4/3/2051 (1) interest paid monthly — 57,684 57,684 — $ 57,684 $ 57,684 — (1) The Belterra Park Loan matures in connection with the expiration of the Boyd Master Lease (as may be extended at the tenant's option to April 30, 2051). (3) The aggregate cost for federal income tax purposes of the mortgage loan listed above was approximately $58 million at December 31, 2019 . Year Ended December 31, 2019 Year Ended December 31, 2018 (in thousands) Mortgage Loans: Balance at the beginning of the period $ 303,684 $ — Additions during the period: New mortgage loans — 303,684 Deductions during the period: Collections of principal — — Other deductions (1) (246,000 ) — Balance at the end of the period $ 57,684 $ 303,684 (1) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Real Estate Investments | Real Estate Investments Real estate investments primarily represent land and buildings leased to the Company's tenants. The Company records the acquisition of real estate assets at fair value, including acquisition and closing costs. The cost of properties developed by the Company include costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. The Company considers the period of future benefit of the asset to determine the appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful lives of the buildings and building improvements which are generally between 10 to 31 years . The Company continually monitors events and circumstances that could indicate that the carrying amount of its real estate investments may not be recoverable or realized. The factors considered by the Company in performing these assessments include evaluating whether the tenant is current on their lease payments, the tenant’s rent coverage ratio, the financial stability of the tenant and its parent company, and any other relevant factors. When indicators of potential impairment suggest that the carrying value of a real estate investment may not be recoverable, the Company estimates the fair value of the investment by calculating the undiscounted future cash flows from the use and eventual disposition of the investment. This amount is compared to the asset's carrying value. If the Company determines the carrying amount is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP. The Company groups its real estate investments together by lease, the lowest level for which identifiable cash flows are available, in evaluating impairment. In assessing the recoverability of the carrying value, the Company must make assumptions regarding future cash flows and other factors. The factors considered by the Company in performing this assessment include current operating results, market and other applicable trends and residual values, as well as the effect of obsolescence, demand, competition and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss. |
Property and Equipment Used in Operations | Property and Equipment Used in Operations Property and equipment are stated at cost, less accumulated depreciation and represent assets used by the Company's TRS operations and certain corporate assets. Maintenance and repairs that neither add materially to the value of the asset nor appreciably prolong its useful life are charged to expense as incurred. Gains or losses on the disposal of property and equipment are included in the determination of income. Depreciation of property and equipment is recorded using the straight-line method over the following estimated useful lives: Land improvements 15 years Building and improvements 5 to 31 years Furniture, fixtures, and equipment 3 to 31 years Leasehold improvements are depreciated over the shorter of the estimated useful life of the improvement or the related lease term. The estimated useful lives are determined based on the nature of the assets as well as the Company's current operating strategy. The Company reviews the carrying value of its property and equipment for possible impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based upon the estimated undiscounted future cash flows expected to result from its use and eventual disposition. If the Company determines the carrying amount is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP. In estimating expected future cash flows for determining whether an asset is impaired, assets are grouped at the individual property level. In assessing the recoverability of the carrying value of property and equipment, the Company must make assumptions regarding future cash flows and other factors. The factors considered by the Company in performing this assessment include current operating results, market and other applicable trends and residual values, as well as the effect of obsolescence, demand, competition and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss for these assets. |
Loans Receivable | Loans and Other Loans Receivable The Company may periodically loan funds to casino owner-operators for the purchase of gaming related real estate and/or operations. Loans for the purchase of real estate assets of gaming-related properties are classified as real estate loans on the Company's consolidated balance sheets, while loans for an operator's general operations are classified as loans receivable on the Company's consolidated balance sheets. All loans receivable are recorded on the Company's consolidated balance sheets at carrying value which approximates fair value. Interest income related to real estate loans is recorded as interest income from real estate loans within the Company's consolidated statements of income in the period earned, whereas interest income related to other loans receivable is recorded as non-operating interest income within the Company's consolidated statements of income in the period earned. The Company evaluates loans for impairment when it is probable that it will not be able to collect all amounts due according to the contractual terms of the agreement. All amounts due under the contractual terms of the agreement means that both contractual interest payments and contractual principal payments 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. |
Lease Assets and Lease Liabilities | Lease Assets and Lease Liabilities 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 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 (in which the Company acts as lessee) cannot readily be determined, the Company utilizes its own estimated incremental borrowing rates to determine the present value of its lease payments. Consideration is given to the Company's recent debt issuances, as well as publicly available data for instruments with similar characteristics, including tenor, when determining the incremental borrowing rates of the Company's leases. The Company includes options to extend a 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 its tenant occupied 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 (as necessary) of its leases of all classes of underlying assets as a single lease component. Leases with a term of 12 months or less are not recorded on the Company's 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. 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all cash balances and highly-liquid investments with original maturities of three months or less to be cash and cash equivalents. |
Prepaid Expenses and Other Assets | Prepaid Expenses and Other Assets |
Goodwill and Other Intangible Assets | Goodwill and Intangible Assets The Company's goodwill and intangible assets are the result of the contribution of Hollywood Casino Baton Rouge and Hollywood Casino Perryville in connection with the Spin-Off. The Company's goodwill resides on the books of its Hollywood Casino Baton Rouge subsidiary, while the other intangible asset represents a gaming license on the books of its Hollywood Casino Perryville subsidiary. Both subsidiaries are members of the TRS Properties segment and are considered separate reporting units under ASC 350 - Intangibles - Goodwill and Other ("ASC 350"). Goodwill is tested at the reporting unit level, which is an operating segment or one level below an operating segment for which discrete financial information is available Under ASC 350, the Company is required to test goodwill for impairment at least annually and whenever events or circumstances indicate that it is more likely than not that goodwill may be impaired. The Company has elected to perform its annual goodwill impairment test as of October 1 of each year. In accordance with ASC 350, the Company tests goodwill for impairment subsequent to testing its other long-lived assets for impairment. ASC 350 prescribes a two-step goodwill impairment test, the first step which involves the determination of the fair value of each reporting unit and its comparison to the carrying amount. In order to determine the fair value of the Baton Rouge reporting unit, the Company utilizes a discounted cash flow model, which relies on projected EBITDA to determine the reporting unit's future cash flows. If the carrying amount exceeds the fair value in step 1, then step 2 of the impairment test is performed to determine the implied fair value of goodwill. If the implied fair value of goodwill is less than the goodwill allocated to the reporting unit, an impairment loss is recognized. In accordance with ASC 350, the Company considers its Hollywood Casino Perryville gaming license an indefinite-lived intangible asset that does not require amortization based on the Company's future expectations to operate this casino indefinitely, as well as the gaming industry's historical experience in renewing these intangible assets at minimal cost with various state gaming commissions. Rather, the Company's gaming license is tested annually, or more frequently if indicators of impairment exist, for impairment by comparing the fair value of the recorded asset to its carrying amount. If the carrying amount of the indefinite-life intangible asset exceeds its fair value, an impairment loss is recognized. Hollywood Casino Perryville's gaming license will expire in September 2025, fifteen years from the casino's opening date. The Company expects to expense any costs related to the gaming license renewal as incurred. The Company calculates the fair value of its gaming license using the Greenfield Method under the income approach. The Greenfield Method estimates the fair value of the gaming license assuming the Company built a casino with similar utility to that of the existing facility. The method assumes a theoretical start-up company going into business without any assets other than the intangible asset being valued. As such the value of the license is a function of the following items: • Projected revenues and operating cash flows; • Theoretical construction costs and duration; • Pre-opening expenses; • Discounting that reflects the level of risk associated with receiving future cash flows attributable to the license; and • Remaining useful life of the license The evaluation of goodwill and indefinite-lived intangible assets requires the use of estimates about future operating results to determine the estimated fair value of the reporting unit and the indefinite-lived intangible assets. The Company must make various assumptions and estimates in performing its impairment testing. The implied fair value includes estimates of future cash flows that are based on reasonable and supportable assumptions, which represent the Company's best estimates of the cash flows expected to result from the use of the assets. Changes in estimates, increases in the Company's cost of capital, reductions in transaction multiples, changes in operating and capital expenditure assumptions or application of alternative assumptions and definitions could produce significantly different results. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the Company's estimates. If the Company's ongoing estimates of future cash flows are not met, the Company may have to record impairment charges in future accounting periods. The Company's estimates of cash flows are based on the current regulatory and economic climates, as well as recent operating information and budgets. These estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, or other events. Forecasted cash flows can be significantly impacted by the local economy in which the Company's subsidiaries operate. For example, increases in unemployment rates can result in decreased customer visitations and/or lower customer spend per visit. In addition, new legislation which approves gaming in nearby jurisdictions or further expands gaming in jurisdictions in which the Company operates can result in increased competition for the property. This generally has a negative effect on profitability once competitors become established, as a certain level of cannibalization occurs absent an overall increase in customer visitations. Lastly, increases in gaming taxes approved by state regulatory bodies can negatively impact forecasted cash flows. |
Debt Issuance Costs | Debt Issuance Costs and Bond Premiums and Discounts Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the contractual term of the underlying indebtedness. In accordance with ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, |
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. |
Revenue Recognition | Revenue Recognition 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 in accordance with ASC 842 - Leases . Additionally, percentage rent that is fixed and determinable at the lease inception date is recorded on a straight-line basis over the lease term, resulting in the recognition of deferred rental revenue on the Company’s consolidated balance sheets. Deferred rental revenue is amortized to rental revenue on a straight-line basis over the remainder of the lease term. The lease term includes the initial non-cancelable lease term and any reasonably assured renewable periods. Contingent rental income that is not fixed and determinable at lease inception is recognized only when the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been transferred to the tenant. 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 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 may periodically loan funds to casino owner-operators for the purchase of gaming related real estate. Interest income related to real estate loans is recorded as revenue from real estate within the Company's consolidated statements of income in the period earned. 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 increase. 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. Gaming revenue is recognized net of certain sales incentives, including promotional allowances in accordance with ASC 606 - Revenues from Contracts with Customers |
Stock-Based Compensation | Stock-Based Compensation The Company's Amended 2013 Long Term Incentive Compensation Plan (the "2013 Plan") provides for the Company to issue restricted stock awards, including performance-based restricted stock awards, and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards. The Company accounts for stock compensation under ASC 718 - Compensation - Stock Compensation , which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value of the Company's time-based restricted stock awards is equivalent to the closing stock price on the day prior to 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. The unrecognized compensation cost relating to restricted stock awards and performance-based restricted stock awards is recognized as expense over the awards’ remaining vesting periods. |
Income Taxes | Income Taxes The TRS Properties are able to engage in activities resulting in income that would not be qualifying income for a REIT. As a result, certain activities of the Company which occur within its TRS Properties are subject to federal and state income taxes. The Company accounts for income taxes in accordance with ASC 740 - Income Taxes ("ASC 740"). Under ASC 740, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and are measured at the prevailing enacted tax rates that will be in effect when these differences are settled or realized. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realizability of the deferred tax assets is evaluated by assessing the valuation allowance and by adjusting the amount of the allowance, if any, as necessary. The factors used to assess the likelihood of realization are the forecast of future taxable income. ASC 740 also creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not have any uncertain tax positions for the three years ended December 31, 2019 . The Company is required under ASC 740 to disclose its accounting policy for classifying interest and penalties, the amount of interest and penalties charged to expense each period, as well as the cumulative amounts recorded in the consolidated balance sheets. If and when they occur, the Company will classify any income tax-related penalties and interest accrued related to unrecognized tax benefits in taxes on income within the consolidated statements of income. During the years ended December 31, 2019 , 2018 and 2017 , the Company recognized no penalties and interest, net of deferred income taxes. The Company elected on its U.S. federal income tax return for its taxable year that began on January 1, 2014 to be treated as a REIT and the Company, together with an indirect wholly-owned subsidiary of the Company, GLP Holdings, Inc., jointly elected to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc. as a "taxable REIT subsidiary" effective on the first day of the first taxable year of GLPI as a REIT. The Company continues to be organized and to operate in a manner that will permit the Company to qualify as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% |
Earnings Per Share | Earnings Per Share The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings Per Share |
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 |
Concentration of Credit Risk | Concentration of Credit Risk Concentrations of credit risk arise when a number of operators, tenants, or obligors related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. Additionally, concentrations of credit risk may arise when revenues of the Company are derived from a small number of tenants. As of December 31, 2019 , substantially all of the Company's real estate properties were leased to Penn, Eldorado and Boyd. During the year ended December 31, 2019 , approximately 79% , 11% and 9% of the Company's collective income from real estate was derived from tenant leases and real estate loans with Penn, Eldorado and Boyd, respectively. Revenues from our tenants are reported in the Company's GLP Capital, L.P. reportable segment. Penn, Eldorado and Boyd are publicly traded companies that are subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and are required to file periodic reports on Form 10-K and Form 10-Q and current reports on Form 8-K with the Securities and Exchange Commission ("SEC"). Readers are directed to Penn, Eldorado and Boyd's respective websites for further financial information on these companies. Other than the Company's tenant concentration, management believes the Company's portfolio was reasonably diversified by geographical location and did not contain any other significant concentrations of credit risk. As of December 31, 2019 , the Company's portfolio of 44 properties is diversified by location across 16 states. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of property, plant and equipment, useful lives | Depreciation of property and equipment is recorded using the straight-line method over the following estimated useful lives: Land improvements 15 years Building and improvements 5 to 31 years Furniture, fixtures, and equipment 3 to 31 years |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Schedule of Real Estate Investments, Net | Real estate investments, net, represent investments in 42 rental properties and the corporate headquarters building and is summarized as follows: December 31, December 31, (in thousands) Land and improvements $ 2,552,285 $ 2,552,475 Building and improvements 5,749,211 5,762,071 Total real estate investments 8,301,496 8,314,546 Less accumulated depreciation (1,200,941 ) (983,086 ) Real estate investments, net $ 7,100,555 $ 7,331,460 |
Property and Equipment Used i_2
Property and Equipment Used in Operations (Tables) | 12 Months Ended |
Dec. 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 at the TRS Properties December 31, December 31, (in thousands) Land and improvements $ 30,492 $ 30,431 Building and improvements 116,904 116,776 Furniture, fixtures, and equipment 118,766 117,247 Construction in progress 120 284 Total property and equipment 266,282 264,738 Less accumulated depreciation (172,202 ) (163,854 ) Property and equipment, net $ 94,080 $ 100,884 |
Lease Assets and Lease Liabil_2
Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | ||
Components of the Company's Right-Of-Use Asset And Land Rights, Net | Components of the Company's right-of use assets and land rights, net are detailed below (in thousands): December 31, 2019 Right-of use assets - operating leases $ 184,063 Land rights, net 654,671 Right-of-use assets and land rights, net $ 838,734 | |
Schedule of Land Rights, Net | Land rights net, consist of the following: December 31, December 31, (in thousands) Land rights $ 694,077 $ 700,997 Less accumulated amortization (39,406 ) (27,790 ) Land rights, net $ 654,671 $ 673,207 | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of December 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, 2020 $ 12,081 2021 12,081 2022 12,081 2023 12,081 2024 12,081 Thereafter 594,266 Total $ 654,671 | |
Schedule of Lessee, Operating Lease, Liability, Maturity | At December 31, 2019 , maturities of the Company's operating lease liabilities were as follows (in thousands): Year ending December 31, 2020 $ 14,071 2021 13,766 2022 13,659 2023 13,638 2024 13,617 Thereafter 644,059 Total lease payments $ 712,810 Less: interest (528,839 ) Present value of lease liabilities $ 183,971 | |
Components of Lease Expense | Supplemental balance sheet information related to the Company's operating leases was as follows: December 31, 2019 Weighted average remaining lease term - operating leases 53.51 years Weighted average discount rate - operating leases 6.7% Supplemental cash flow information related to the Company's operating leases was as follows: Year Ended December 31, 2019 (in thousands) Cash paid for amounts included in the measurement of leases liabilities: Operating cash flows from operating leases (1) $ 2,226 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 293 (1) The Company's cash paid for operating leases is significantly less than the lease cost for the same period due to the majority of the Company's ground lease rent being paid directly to the landlords by the Company's tenants. Although GLPI expends no cash related to these leases, they are required to be grossed up in the Company's financial statements under ASC 842. The components of lease expense were as follows: Year Ended December 31, 2019 (in thousands) Operating lease cost $ 15,482 Variable lease cost 9,048 Short-term lease cost 1,060 Amortization of land right assets 18,536 Total lease cost $ 44,126 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill for the years ended December 31, 2019 and 2018 are as follows: TRS Properties Business Segment (in thousands) Balance at December 31, 2017 $ 75,521 Acquisitions — Impairment losses (59,454 ) Balance at December 31, 2018 $ 16,067 Acquisitions — Impairment losses — Balance at December 31, 2019 $ 16,067 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt, net of current maturities and unamortized debt issuance costs is as follows: December 31, December 31, (in thousands) Unsecured $1,175 million revolver $ 46,000 $ 402,000 Unsecured term loan A-1 449,000 525,000 $1,000 million 4.875% senior unsecured notes due November 2020 215,174 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 $400 million 3.35% senior unsecured notes due September 2024 400,000 — $850 million 5.250% 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 5.750% senior unsecured notes due June 2028 500,000 500,000 $750 million 5.30% senior unsecured notes due January 2029 750,000 750,000 $700 million 4.00% senior unsecured notes due January 2030 700,000 — Finance lease liability 989 1,112 Total long-term debt 5,786,163 5,903,112 Less: unamortized debt issuance costs, bond premiums and original issuance discounts (48,201 ) (49,615 ) Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts $ 5,737,962 $ 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 December 31, 2019 (in thousands): 2020 $ 215,303 2021 849,135 2022 142 2023 546,149 2024 400,156 Over 5 years 3,775,278 Total minimum payments $ 5,786,163 |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 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): December 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents $ 26,823 $ 26,823 $ 25,783 $ 25,783 Deferred compensation plan assets 28,855 28,855 22,709 22,709 Real estate loans 303,684 303,684 303,684 303,684 Financial liabilities: Long-term debt: Senior unsecured credit facility 495,000 493,533 927,000 909,308 Senior unsecured notes 5,290,174 5,707,996 4,975,000 4,958,455 |
Schedule of assets 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 years ended December 31, 2019 and 2018 are categorized in the tables below based upon the lowest level of significant input to the valuation. There were no liabilities measured at fair value on a nonrecurring basis during the years ended December 31, 2019 and 2018. Level 1 Level 2 Level 3 Total Impairment Charges Recorded during the Year Ended December 31, 2019 (in thousands) Assets: Loan receivable $ — $ — $ — $ 13,000 Total assets measured at fair value on a nonrecurring basis $ — $ — $ — $ 13,000 Level 1 Level 2 Level 3 Total Impairment Charges Recorded during the Year Ended December 31, 2018 (in thousands) Assets: Goodwill $ — $ — $ 16,067 $ 59,454 Loan receivable — — 13,000 1,500 Total assets measured at fair value on a nonrecurring basis $ — $ — $ 29,067 $ 60,954 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue Recognition [Abstract] | ||
Operating leases, lease income | Details of the Company's rental income for the year ended December 31, 2019 was as follows (in thousands): Year Ended December 31, 2019 Building base rent (1) $ 659,620 Land base rent 190,168 Percentage rent 159,107 Total cash rental income $ 1,008,895 Straight-line rent adjustments (34,574 ) Ground rent in revenue 21,347 Other rental revenue 498 Total rental income $ 996,166 | |
Schedule of future minimum lease payments receivable from operating leases | As of December 31, 2019 , the future minimum rental income from the Company's rental properties under non-cancelable operating leases, including any reasonably assured renewal periods, was as follows (in thousands): Year ending December 31, Future Rental Payments Receivable Straight-Line Rent Adjustments Future Base Ground Rents Receivable Future Income to be Recognized Related to Operating Leases 2020 $ 959,603 $ (2,567 ) $ 12,223 $ 969,259 2021 926,874 21,786 12,045 960,705 2022 926,874 21,786 12,051 960,711 2023 920,236 21,786 12,057 954,079 2024 887,046 21,786 12,063 920,895 Thereafter 10,984,406 243,908 72,882 11,301,196 Total $ 15,605,039 $ 328,485 $ 133,321 $ 16,066,845 | . |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Awards Activity | The following table contains information on restricted stock award activity for the years ended December 31, 2019 and 2018 : Number of Award Shares Weighted Average Grant-Date Fair Value Outstanding at December 31, 2017 344,744 $ 29.69 Granted 283,183 $ 23.34 Released (273,286 ) $ 18.16 Canceled (54,999 ) $ 33.34 Outstanding at December 31, 2018 299,642 $ 33.53 Granted 317,290 $ 22.69 Released (299,961 ) $ 21.47 Canceled — $ — Outstanding at December 31, 2019 316,971 $ 34.10 |
Schedule of Share-based Compensation, Performance-Based Restricted Stock Awards Activity | The following table contains information on performance-based restricted stock award activity for the years ended December 31, 2019 and 2018 : Number of Performance-Based Award Shares Weighted Average Grant-Date Fair Value Outstanding at December 31, 2017 1,664,000 $ 17.49 Granted 556,000 $ 20.64 Released (548,000 ) $ 17.29 Canceled (330,000 ) $ 18.60 Outstanding at December 31, 2018 1,342,000 $ 18.60 Granted 512,000 $ 17.85 Released (447,334 ) $ 17.22 Canceled (23,332 ) $ 18.63 Outstanding at December 31, 2019 1,383,334 $ 18.77 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | The components of the Company's deferred tax assets and liabilities, related to its TRS, are as follows: Year ended December 31, 2019 2018 (in thousands) Deferred tax assets: Accrued expenses $ 1,597 $ 1,416 Property and equipment 5,844 5,405 Interest expense 596 313 Net deferred tax assets 8,037 7,134 Deferred tax liabilities: Property and equipment (624 ) (757 ) Intangibles (1,636 ) (1,460 ) Net deferred tax liabilities (2,260 ) (2,217 ) Net: $ 5,777 $ 4,917 |
Schedule of Components of Income Tax Expense | The provision for income taxes charged to operations for years ended December 31, 2019 , 2018 and 2017 was as follows: Year ended December 31, 2019 2018 2017 (in thousands) Current tax expense Federal $ 3,005 $ 2,856 $ 7,039 State 2,514 2,630 3,309 Total current 5,519 5,486 10,348 Deferred tax (benefit) expense Federal (667 ) (512 ) (166 ) State (88 ) (10 ) (395 ) Total deferred (755 ) (522 ) (561 ) Total provision $ 4,764 $ 4,964 $ 9,787 |
Schedules of Effective Income Tax Rate Reconciliations | The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2019 , 2018 and 2017 : Year ended December 31, 2019 2018 2017 Percent of pretax income U.S. federal statutory income tax rate 21.0 % 21.0 % 35.0 % State and local income taxes 0.5 % 0.6 % 0.6 % Federal tax rate change — % — % 0.5 % REIT conversion benefit (20.3 )% (23.8 )% (33.6 )% Goodwill impairment charges — % 3.6 % — % 1.2 % 1.4 % 2.5 % Year ended December 31, 2019 2018 2017 (in thousands) Amount based upon pretax income U.S. federal statutory income tax $ 83,086 $ 72,341 $ 136,636 State and local income taxes 2,051 2,246 2,284 Federal tax rate change — — 1,818 REIT conversion benefit (80,397 ) (82,151 ) (130,876 ) Goodwill impairment charges — 12,485 — Permanent differences 23 19 49 Other miscellaneous items 1 24 (124 ) $ 4,764 $ 4,964 $ 9,787 |
Earnings Per Share Earnings P_2
Earnings Per Share Earnings Per Share (Tables) | 12 Months Ended |
Dec. 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 years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 (in thousands) Determination of shares: Weighted-average common shares outstanding 214,667 213,720 210,705 Assumed conversion of employee stock-based awards — 206 644 Assumed conversion of restricted stock awards 117 80 155 Assumed conversion of performance-based restricted stock awards 1,002 773 1,248 Diluted weighted-average common shares outstanding 215,786 214,779 212,752 |
Schedule of calculation of basic and diluted EPS for the Company's common stock | The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 (in thousands, except per share and share amounts) Calculation of basic EPS: Net income $ 390,881 $ 339,516 $ 380,598 Less: Net income allocated to participating securities (576 ) (475 ) (622 ) Net income attributable to common shareholders $ 390,305 $ 339,041 $ 379,976 Weighted-average common shares outstanding 214,667 213,720 210,705 Basic EPS $ 1.82 $ 1.59 $ 1.80 Calculation of diluted EPS: Net income $ 390,881 $ 339,516 $ 380,598 Diluted weighted-average common shares outstanding 215,786 214,779 212,752 Diluted EPS $ 1.81 $ 1.58 $ 1.79 Antidilutive securities excluded from the computation of diluted earnings per share (in shares) — 13,335 3,483 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Dividends Declared | The following table lists the regular dividends declared and paid by the Company during the years ended December 31, 2019 , 2018 and 2017 : Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (in thousands) 2019 February 19, 2019 March 8, 2019 Common Stock $ 0.68 First Quarter 2019 March 22, 2019 $ 145,954 May 28, 2019 June 14, 2019 Common Stock $ 0.68 Second Quarter 2019 June 28, 2019 $ 145,978 August 20, 2019 September 6, 2019 Common Stock $ 0.68 Third Quarter 2019 September 20, 2019 $ 145,984 November 26, 2019 December 13, 2019 Common Stock $ 0.70 Fourth Quarter 2019 December 27, 2019 $ 150,285 2018 February 1, 2018 March 9, 2018 Common Stock $ 0.63 First Quarter 2018 March 23, 2018 $ 134,490 April 24, 2018 June 15, 2018 Common Stock $ 0.63 Second Quarter 2018 June 29, 2018 $ 134,631 July 31, 2018 September 7, 2018 Common Stock $ 0.63 Third Quarter 2018 September 21, 2018 $ 134,844 October 12, 2018 December 14, 2018 Common Stock $ 0.68 Fourth Quarter 2018 December 28, 2018 $ 145,627 2017 February 1, 2017 March 13, 2017 Common Stock $ 0.62 First Quarter 2017 March 24, 2017 $ 129,007 April 25, 2017 June 16, 2017 Common Stock $ 0.62 Second Quarter 2017 June 30, 2017 $ 131,554 July 25, 2017 September 8, 2017 Common Stock $ 0.63 Third Quarter 2017 September 22, 2017 $ 133,936 October 19, 2017 December 1, 2017 Common Stock $ 0.63 Fourth Quarter 2017 December 15, 2017 $ 133,942 |
Dividends Classification | A summary of the Company's common stock distributions for the years ended December 31, 2019 , 2018 and 2017 is as follows (unaudited): Year Ended December 31, 2019 2018 2017 (in dollars per share) Qualified dividends $ 0.0387 $ 0.0391 $ 0.0543 Non-qualified dividends 2.2649 2.2955 2.2436 Capital gains 0.0353 0.0270 0.0371 Non-taxable return of capital 0.4011 0.2084 0.1650 Total distributions per common share $ 2.74 $ 2.57 $ 2.50 Percentage classified as qualified dividends 1.41 % 1.52 % 2.17 % Percentage classified as non-qualified dividends 82.66 % 89.32 % 89.75 % Percentage classified as capital gains 1.29 % 1.05 % 1.48 % Percentage classified as non-taxable return of capital 14.64 % 8.11 % 6.60 % 100.00 % 100.00 % 100.00 % |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 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. Intersegment revenues between the Company’s segments were not material in any of the periods presented below. GLP Capital (1) TRS Properties Total (in thousands) For the year ended December 31, 2019 Total revenues $ 1,025,082 $ 128,391 $ 1,153,473 Income from operations 694,215 23,208 717,423 Interest expense 291,114 10,406 301,520 Income before income taxes 382,841 12,804 395,645 Income tax expense 657 4,107 4,764 Net income 382,184 8,697 390,881 Depreciation 232,708 7,727 240,435 Capital project expenditures — — — Capital maintenance expenditures 22 2,995 3,017 For the year ended December 31, 2018 Total revenues $ 923,182 $ 132,545 $ 1,055,727 Income (loss) from operations 630,122 (36,312 ) 593,810 Interest expense 237,278 10,406 247,684 Income (loss) before income taxes 391,196 (46,716 ) 344,480 Income tax expense 855 4,109 4,964 Net income (loss) 390,341 (50,825 ) 339,516 Depreciation 127,696 9,397 137,093 Capital project expenditures 20 — 20 Capital maintenance expenditures 55 4,229 4,284 For the year ended December 31, 2017 Total revenues $ 829,221 $ 142,086 $ 971,307 Income from operations 578,661 26,857 605,518 Interest expense 206,662 10,406 217,068 Income before income taxes 373,931 16,454 390,385 Income tax expense 1,099 8,688 9,787 Net income 372,832 7,766 380,598 Depreciation 102,652 10,828 113,480 Capital project expenditures 78 — 78 Capital maintenance expenditures — 3,178 3,178 Balance sheet at December 31, 2019 Total assets $ 8,299,143 $ 135,155 $ 8,434,298 Balance sheet at December 31, 2018 Total assets $ 8,441,345 $ 135,948 $ 8,577,293 (1) |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the purchase price allocation of the assets acquired in the Tropicana Acquisition (in thousands): Real estate investments, net $ 948,217 Land rights, net 44,331 Total purchase price $ 992,548 |
Summarized Quarterly Data (Un_2
Summarized Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Financial Information | The following table summarizes the quarterly results of operations for the years ended December 31, 2019 and 2018 : Fiscal Quarter First Second Third Fourth (in thousands, except per share data) 2019 Total revenues $ 287,864 $ 289,013 $ 287,612 $ 288,984 (1 ) (2 ) Income from operations 170,775 170,767 187,625 188,256 (2 ) Net income 93,010 93,033 90,547 114,291 (3 ) Earnings per common share: Basic earnings per common share $ 0.43 $ 0.43 $ 0.42 $ 0.53 Diluted earnings per common share $ 0.43 $ 0.43 $ 0.42 $ 0.53 2018 Total revenues $ 244,050 $ 254,221 $ 254,139 $ 303,317 (1 ) (2 ) Income from operations 151,851 153,241 164,834 123,884 (2 ) Net income 96,772 91,998 104,815 45,931 (4 ) Earnings per common share: Basic earnings per common share $ 0.45 $ 0.43 $ 0.49 $ 0.21 Diluted earnings per common share $ 0.45 $ 0.43 $ 0.49 $ 0.21 (1) In conjunction with the adoption of ASU 2016-02 on January 1, 2019, the Company is no longer required to gross- up its revenues for real estate taxes paid directly by its tenants. This change had no impact to the Company's operating results as these revenue gross-ups were offset with a gross-up to our operating expenses. (2) During October 2018, the Company acquired the real property assets of five casino properties from Tropicana and leased these assets to Eldorado under the Eldorado Master Lease. Also during October 2018, in conjunction with the Penn-Pinnacle Merger, the Company acquired the real property assets of Plainridge Park and added this property to the Amended Pinnacle Master Lease. These transactions, in addition to the treatment of the Amended Pinnacle Master Lease as an operating lease in its entirety, as detailed in Note 18 were the primary drivers for the Company's improved operating results in 2019 as compared to 2018. (3) During March 2019, the Company recorded a $13.0 million loan impairment charge related to the write-off of the Casino Queen Loan. During June 2019, the Company recorded accelerated depreciation and amortization expense in the aggregate amount of $16.6 million related to the closure of the Resorts Casino Tunica property by our tenant. In September 2019, the Company recorded a loss on the early extinguishment of debt related to the 2019 Tender Offer of approximately $21.0 million . The absence of any unusual charges in the fourth quarter is the driving factor in increased net income for the period. (4) During the fourth quarter of 2018, the Company recorded an impairment charge of $59.5 million , related to the goodwill recorded on the books of its subsidiary, Hollywood Casino Baton Rouge. This was the largest driver of the decrease in the Company's net income during the fourth quarter of 2018. For further information on the impairment charge see Note 8 . |
Supplemental Disclosures of C_2
Supplemental Disclosures of Cash Flow Information and Noncash Activities (Tables) | 12 Months Ended |
Dec. 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: Year ended December 31, 2019 2018 2017 (in thousands) Cash paid for income taxes, net of refunds received $ 5,554 $ 5,389 $ 11,646 Cash paid for interest 274,530 229,779 204,442 |
Supplementary Condensed Conso_2
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers | |
Summary of financial information for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers | Summarized balance sheet information as of December 31, 2019 and 2018 and summarized income statement and cash flow information for the years ended December 31, 2019 , 2018 and 2017 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 December 31, 2019 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 2,514,806 $ 4,585,749 $ — $ 7,100,555 Property and equipment, used in operations, net — 16,607 77,473 — 94,080 Real estate loans — 246,000 57,684 — 303,684 Right-of-use assets and land rights, net — 181,593 657,141 — 838,734 Cash and cash equivalents — 4,281 22,542 — 26,823 Prepaid expenses — 1,243 2,222 763 4,228 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 2,074,245 5,082,624 2,498,577 (9,655,446 ) — Deferred tax assets — — 6,056 — 6,056 Other assets — 31,766 2,728 — 34,494 Total assets $ 2,074,245 $ 8,272,515 $ 7,935,816 $ (9,848,278 ) $ 8,434,298 Liabilities Accounts payable $ — $ 817 $ 189 $ — $ 1,006 Accrued expenses — 706 5,533 — 6,239 Accrued interest — 60,695 — — 60,695 Accrued salaries and wages — 10,798 3,023 — 13,821 Gaming, property, and other taxes — 480 464 — 944 Income taxes — (51 ) (712 ) 763 — Lease liabilities — 89,856 94,115 — 183,971 Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts — 5,737,962 — — 5,737,962 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 271,837 56,648 — 328,485 Deferred tax liabilities — — 279 279 Other liabilities — 25,170 1,481 — 26,651 Total liabilities — 6,198,270 354,615 (192,832 ) 6,360,053 Shareholders’ equity (deficit) Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2019) — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 214,694,165 shares issued and outstanding at December 31, 2019) 2,147 2,147 2,147 (4,294 ) 2,147 Additional paid-in capital 3,959,383 3,959,384 9,839,709 (13,799,093 ) 3,959,383 Retained accumulated (deficit) earnings (1,887,285 ) (1,887,286 ) (2,260,655 ) 4,147,941 (1,887,285 ) Total shareholders’ equity (deficit) 2,074,245 2,074,245 7,581,201 (9,655,446 ) 2,074,245 Total liabilities and shareholders’ equity (deficit) $ 2,074,245 $ 8,272,515 $ 7,935,816 $ (9,848,278 ) $ 8,434,298 Year ended December 31, 2019 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 552,980 $ 443,186 $ — $ 996,166 Interest income from real estate loans — 22,471 6,445 — 28,916 Total income from real estate — 575,451 449,631 — 1,025,082 Gaming, food, beverage and other — — 128,391 — 128,391 Total revenues — 575,451 578,022 — 1,153,473 Operating expenses Gaming, food, beverage and other — — 74,700 — 74,700 Land rights and ground lease expense — 24,375 18,063 — 42,438 General and administrative — 42,505 22,972 — 65,477 Depreciation — 124,401 116,034 — 240,435 Loan impairment charges — — 13,000 — 13,000 Total operating expenses — 191,281 244,769 — 436,050 Income from operations — 384,170 333,253 — 717,423 Other income (expenses) Interest expense — (301,520 ) — — (301,520 ) Interest income — 755 1 — 756 Losses on debt extinguishment — (21,014 ) — — (21,014 ) Intercompany dividends and interest — 494,179 7,726 (501,905 ) — Total other income (expenses) — 172,400 7,727 (501,905 ) (321,778 ) Income before income taxes — 556,570 340,980 (501,905 ) 395,645 Income tax expense — 657 4,107 — 4,764 Net income $ — $ 555,913 $ 336,873 $ (501,905 ) $ 390,881 Year ended December 31, 2019 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income $ — $ 555,913 $ 336,873 $ (501,905 ) $ 390,881 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization — 133,693 125,278 — 258,971 Amortization of debt issuance costs, bond premiums and original issuance discounts — 11,455 — — 11,455 Losses on dispositions of property — 8 84 — 92 Deferred income taxes — — (755 ) — (755 ) Stock-based compensation — 16,198 — — 16,198 Straight-line rent adjustments — 2,653 31,921 — 34,574 Losses on debt extinguishment — 21,014 — — 21,014 Loan impairment charges — — 13,000 — 13,000 (Increase) decrease, Prepaid expenses and other assets — (5,101 ) (1,217 ) 248 (6,070 ) Intercompany — (430 ) 430 — — (Decrease) increase, Accounts payable — (1,652 ) 147 — (1,505 ) Accrued expenses — (58 ) (212 ) — (270 ) Accrued interest — 15,434 — — 15,434 Accrued salaries and wages — (3,830 ) 641 — (3,189 ) Gaming, property and other taxes — 51 (171 ) — (120 ) Income taxes — (49 ) 297 (248 ) — Other liabilities — 634 (42 ) — 592 Net cash provided by (used in) operating activities — 745,933 506,274 (501,905 ) 750,302 Investing activities Capital maintenance expenditures — (22 ) (2,995 ) — (3,017 ) Proceeds from sale of property and equipment — 182 18 — 200 Net cash provided by (used in) investing activities — 160 (2,977 ) — (2,817 ) Financing activities Dividends paid (589,128 ) — — — (589,128 ) Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options (9,058 ) — — — (9,058 ) ATM Program offering costs and proceeds from issuance of common stock, net (255 ) — — — (255 ) Proceeds from issuance of long-term debt — 1,358,853 — — 1,358,853 Financing costs — (10,029 ) — — (10,029 ) Repayments of long-term debt — (1,477,949 ) — — (1,477,949 ) Premium and related costs paid on tender of senior unsecured notes — (18,879 ) — — (18,879 ) Intercompany financing 598,441 (598,440 ) (501,906 ) 501,905 — Net cash (used in) provided by financing activities — (746,444 ) (501,906 ) 501,905 (746,445 ) Net (decrease) increase in cash and cash equivalents — (351 ) 1,391 — 1,040 Cash and cash equivalents at beginning of period — 4,632 21,151 — 25,783 Cash and cash equivalents at end of period $ — $ 4,281 $ 22,542 $ — $ 26,823 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 Real estate loans — 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 Year ended December 31, 2018 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 437,211 $ 310,443 $ — $ 747,654 Income from direct financing lease — — 81,119 — 81,119 Interest income from real estate loans — 5,590 1,353 — 6,943 Real estate taxes paid by tenants — 46,327 41,139 — 87,466 Total income from real estate — 489,128 434,054 — 923,182 Gaming, food, beverage and other — — 132,545 — 132,545 Total revenues — 489,128 566,599 — 1,055,727 Operating expenses Gaming, food, beverage and other — — 77,127 — 77,127 Real estate taxes — 46,443 42,314 — 88,757 Land rights and ground lease expense — 10,156 18,202 — 28,358 General and administrative — 49,161 21,967 — 71,128 Depreciation — 97,632 39,461 — 137,093 Goodwill impairment charges — — 59,454 — 59,454 Total operating expenses — 203,392 258,525 — 461,917 Income from operations — 285,736 308,074 — 593,810 Other income (expenses) Interest expense — (247,684 ) — — (247,684 ) Interest income — 1,355 472 — 1,827 Losses on debt extinguishment — (3,473 ) — — (3,473 ) Intercompany dividends and interest — 460,044 10,280 (470,324 ) — Total other income (expenses) — 210,242 10,752 (470,324 ) (249,330 ) Income before income taxes — 495,978 318,826 (470,324 ) 344,480 Income tax expense — 855 4,109 — 4,964 Net income $ — $ 495,123 $ 314,717 $ (470,324 ) $ 339,516 Year ended December 31, 2018 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income $ — $ 495,123 $ 314,717 $ (470,324 ) $ 339,516 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation — 99,678 48,687 — 148,365 Amortization of debt issuance costs, bond premiums and original issuance discounts — 12,167 — — 12,167 Losses on dispositions of property — 75 234 — 309 Deferred income taxes — — (522 ) — (522 ) Stock-based compensation — 11,152 — — 11,152 Straight-line rent adjustments — 49,166 12,722 — 61,888 Losses on debt extinguishment — 3,473 — — 3,473 Goodwill impairment charges — — 59,454 — 59,454 Decrease (increase), Prepaid expenses and other assets — (1,777 ) 477 627 (673 ) Intercompany — 66 (66 ) — — (Decrease) increase, 0 0 0 Accounts payable — 1,851 (55 ) — 1,796 Accrued expenses — (205 ) 79 — (126 ) Accrued interest — 12,020 — — 12,020 Accrued salaries and wages — 6,796 (595 ) — 6,201 Gaming, property and other taxes — (78 ) (71 ) — (149 ) Income taxes — 304 323 (627 ) — Other liabilities — 55 (493 ) — (438 ) Net cash provided by (used in) operating activities — 689,866 434,891 (470,324 ) 654,433 Investing activities Capital project expenditures — (20 ) — — (20 ) Capital maintenance expenditures — (55 ) (4,229 ) — (4,284 ) Proceeds from sale of property and equipment — 3,195 16 — 3,211 Acquisition of real estate assets — (985,750 ) (257,716 ) — (1,243,466 ) Originations of real estate loans — (246,000 ) (57,684 ) — (303,684 ) Collection of principal payments on investment in direct financing lease — — 38,459 — 38,459 Net cash (used in) provided by investing activities — (1,228,630 ) (281,154 ) — (1,509,784 ) Financing activities Dividends paid (550,435 ) — — — (550,435 ) Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings 7,537 — — — 7,537 Proceeds from issuance of long-term debt, net of unamortized debt issuance costs,bond premium and original issuance discounts — 2,593,405 — — 2,593,405 Financing costs — (32,426 ) — — (32,426 ) Repayments of long-term debt — (1,164,117 ) — — (1,164,117 ) Premium and related costs paid on tender of senior unsecured notes — (1,884 ) — — (1,884 ) Intercompany financing 542,898 (858,316 ) (154,906 ) 470,324 — Net cash provided by (used in) financing activities — 536,662 (154,906 ) 470,324 852,080 Net decrease in cash and cash equivalents — (2,102 ) (1,169 ) — (3,271 ) Cash and cash equivalents at beginning of period — 6,734 22,320 — 29,054 Cash and cash equivalents at end of period $ — $ 4,632 $ 21,151 $ — $ 25,783 Year ended December 31, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 398,070 $ 273,120 $ — $ 671,190 Income from direct financing lease — — 74,333 — 74,333 Real estate taxes paid by tenants — 43,672 40,026 — 83,698 Total income from real estate — 441,742 387,479 — 829,221 Gaming, food, beverage and other — — 142,086 — 142,086 Total revenues — 441,742 529,565 — 971,307 Operating expenses Gaming, food, beverage and other — — 80,487 — 80,487 Real estate taxes — 43,755 40,911 — 84,666 Land rights and ground lease expense — 5,895 18,110 — 24,005 General and administrative — 39,863 23,288 — 63,151 Depreciation — 93,948 19,532 — 113,480 Total operating expenses — 183,461 182,328 — 365,789 Income from operations — 258,281 347,237 — 605,518 Other income (expenses) Interest expense — (217,068 ) — — (217,068 ) Interest income — — 1,935 — 1,935 Intercompany dividends and interest — 451,295 12,318 (463,613 ) — Total other income (expenses) — 234,227 14,253 (463,613 ) (215,133 ) Income before income taxes — 492,508 361,490 (463,613 ) 390,385 Income tax expense — 1,099 8,688 — 9,787 Net income $ — $ 491,409 $ 352,802 $ (463,613 ) $ 380,598 Year ended December 31, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income $ — $ 491,409 $ 352,802 $ (463,613 ) $ 380,598 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization — 95,058 28,777 — 123,835 Amortization of debt issuance costs — 13,026 — — 13,026 Losses on dispositions of property — — 530 — 530 Deferred income taxes — — (561 ) — (561 ) Stock-based compensation — 15,636 — — 15,636 Straight-line rent adjustments — 56,815 9,156 — 65,971 (Increase) decrease, Prepaid expenses and other assets — (5,703 ) 1,268 (897 ) (5,332 ) Intercompany — 317 (317 ) — — Increase (decrease), 0 0 0 Accounts payable — 148 (569 ) — (421 ) Accrued expenses — 103 308 — 411 Accrued interest — (502 ) — — (502 ) Accrued salaries and wages — (79 ) 269 — 190 Gaming, property and other taxes — (505 ) (12 ) — (517 ) Income taxes — (325 ) (572 ) 897 — Other liabilities — 6,591 (744 ) — 5,847 Net cash provided by (used in) operating activities — 671,989 390,335 (463,613 ) 598,711 Investing activities Capital project expenditures — (78 ) — — (78 ) Capital maintenance expenditures — — (3,178 ) — (3,178 ) Proceeds from sale of property and equipment — 10 924 — 934 Principal payments on loan receivable — — 13,200 — 13,200 Acquisition of real estate assets — (82,866 ) (386 ) — (83,252 ) Collection of principal payments on investment in direct financing lease — — 73,072 — 73,072 Net cash (used in) provided by investing activities — (82,934 ) 83,632 — 698 Financing activities Dividends paid (529,370 ) — — — (529,370 ) Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings 18,157 — — — 18,157 Proceeds from issuance of common stock, net of issuance costs 139,414 — — — 139,414 Proceeds from issuance of long-term debt — 100,000 — — 100,000 Repayments of long-term debt — (335,112 ) — — (335,112 ) Intercompany financing 371,799 (358,983 ) (476,429 ) 463,613 — Net cash (used in) provided by financing activities — (594,095 ) (476,429 ) 463,613 (606,911 ) Net decrease in cash and cash equivalents — (5,040 ) (2,462 ) — (7,502 ) Cash and cash equivalents at beginning of period — 11,774 24,782 — 36,556 Cash and cash equivalents at end of period $ — $ 6,734 $ 22,320 $ — $ 29,054 |
Business and Basis of Present_2
Business and Basis of Presentation (Narrative) (Details) $ in Thousands, ft² in Millions | Oct. 15, 2018USD ($) | Oct. 01, 2018USD ($) | Apr. 30, 2016USD ($) | Dec. 31, 2019USD ($)ft²statepropertyrenewaloption | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Payments to acquire mortgage notes receivable | $ | $ 0 | $ 303,684 | $ 0 | |||
Number of facilities whose real estate property is included in entity portfolio | 44 | |||||
Number of real estate properties | 42 | |||||
Number of states across which the portfolio of properties is diversified | state | 16 | |||||
Area of real estate property | ft² | 22.1 | |||||
Real estate, occupancy percentage | 100.00% | |||||
Penn National Gaming Inc | ||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Number of real estate properties | 32 | |||||
Eldorado Resorts, Inc. | ||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Number of facilities whose real estate property is included in entity portfolio | 5 | |||||
Boyd Gaming Corporation | ||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Number of facilities whose real estate property is included in entity portfolio | 4 | |||||
Boyd Gaming Corporation | ||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Payments to acquire real estate, exclusive of transaction fees | $ | $ 57,700 | |||||
Boyd Gaming Corporation | Real Estate Loan | ||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Payments to acquire mortgage notes receivable | $ | 57,700 | |||||
Eldorado Resorts, Inc. | ||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Payments to acquire real estate, exclusive of transaction fees | $ | $ 246,000 | |||||
Eldorado Resorts, Inc. | Real Estate Loan | ||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Payments to acquire mortgage notes receivable | $ | 246,000 | |||||
Pinnacle Entertainment, Inc. | ||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Asset acquisition, consideration transferred | $ | $ 4,800,000 | |||||
Plainridge Park Casino | ||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Payments to acquire real estate, exclusive of transaction fees | $ | $ 250,000 | |||||
Tropicana Entertainment | ||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Payments to acquire real estate, exclusive of transaction fees | $ | $ 964,000 | |||||
Number of real estate properties | 5 | |||||
Penn National Gaming Inc. Master Lease | ||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Lessor leasing arrangements, operating leases, term of contract | 15 years | |||||
Lessor leasing arrangements operating leases number of renewal options | renewaloption | 4 | |||||
Lessor leasing arrangements, operating lease, renewal term | 5 years | |||||
Number of real estate properties | 19 | |||||
Amended Pinnacle Entertainment, Inc. Master Lease | ||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Lessor leasing arrangements, operating leases, term of contract | 10 years | |||||
Lessor leasing arrangements operating leases number of renewal options | renewaloption | 5 | |||||
Lessor leasing arrangements, operating lease, renewal term | 5 years | |||||
Number of real estate properties | 12 | |||||
Boyd Gaming Corporation Master Lease | ||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Lessor leasing arrangements, operating leases, term of contract | 10 years | |||||
Lessor leasing arrangements operating leases number of renewal options | renewaloption | 5 | |||||
Lessor leasing arrangements, operating lease, renewal term | 5 years | |||||
Number of real estate properties | 3 | |||||
Eldorado Master Lease | ||||||
Organization Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Lessor leasing arrangements, operating leases, term of contract | 15 years | |||||
Lessor leasing arrangements operating leases number of renewal options | renewaloption | 4 | |||||
Lessor leasing arrangements, operating lease, renewal term | 5 years | |||||
Number of real estate properties | 5 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Real Estate Investments) (Details) - Building and improvements | 12 Months Ended |
Dec. 31, 2019 | |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Life used for depreciation of real estate assets, buildings and improvements | 10 years |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Life used for depreciation of real estate assets, buildings and improvements | 31 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Property and Equipment Used in Operations) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Income tax penalties and interest, net of deferred income taxes | $ 0 | $ 0 | $ 0 |
Period for which entity will not be permitted to qualify for tax treatment as real estate investment trust in case of failure to qualify as REIT in any taxable year | 4 years | ||
Land improvements | |||
Property, Plant and Equipment [Line Items] | |||
Useful life used for property, plant, and equipment | 15 years | ||
Building and improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life used for property, plant, and equipment | 5 years | ||
Building and improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life used for property, plant, and equipment | 31 years | ||
Furniture, fixtures, and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life used for property, plant, and equipment | 3 years | ||
Furniture, fixtures, and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life used for property, plant, and equipment | 31 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Maximum | |
Cash and Cash Equivalents [Line Items] | |
Investment maturity date for cash equivalent classification | 3 months |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income tax penalties and interest, net of deferred income taxes | $ 0 | $ 0 | $ 0 |
REIT taxable income distribution requirement | 90.00% | ||
Period for which entity will not be permitted to qualify for tax treatment as real estate investment trust in case of failure to qualify as REIT in any taxable year | 4 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Segment Information) (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
Segment Information | |
Number of reportable segments | 2 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Concentration of Credit Risk) (Details) | 12 Months Ended |
Dec. 31, 2019stateproperty | |
Concentration Risk [Line Items] | |
Number of facilities whose real estate property is included in entity portfolio | property | (44) |
Number of states across which the portfolio of properties is diversified | state | 16 |
Sales Revenue, Net | Penn National Gaming Inc | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 79.00% |
Sales Revenue, Net | Eldorado Resorts, Inc. | |
Concentration Risk [Line Items] | |
Concentration risk, percentage | 9.00% |
New Accounting Pronouncements (
New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease right-of-use assets | $ 838,734 | |
Lease liabilities | $ 183,971 | |
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 | 12 Months Ended | |
Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | |
Real estate investments | ||
Number of real estate properties | property | 42 | |
Total real estate investments | $ 8,301,496 | $ 8,314,546 |
Less accumulated depreciation | (1,200,941) | (983,086) |
Real estate investments, net | 7,100,555 | 7,331,460 |
Land and improvements | ||
Real estate investments | ||
Total real estate investments | 2,552,285 | 2,552,475 |
Building and improvements | ||
Real estate investments | ||
Total real estate investments | 5,749,211 | $ 5,762,071 |
Resorts Casino Tunica (2) | Building and improvements | ||
Real estate investments | ||
Real estate investments, net | 0 | |
Accelerated depreciation of real estate properties | $ 10,300 |
Property and Equipment Used i_3
Property and Equipment Used in Operations (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property and equipment used in operations | ||
Total property and equipment | $ 266,282 | $ 264,738 |
Less accumulated depreciation | (172,202) | (163,854) |
Property and equipment, net | 94,080 | 100,884 |
Land and improvements | ||
Property and equipment used in operations | ||
Total property and equipment | 30,492 | 30,431 |
Building and improvements | ||
Property and equipment used in operations | ||
Total property and equipment | 116,904 | 116,776 |
Furniture, fixtures, and equipment | ||
Property and equipment used in operations | ||
Total property and equipment | 118,766 | 117,247 |
Construction in progress | ||
Property and equipment used in operations | ||
Total property and equipment | $ 120 | $ 284 |
Receivables (Mortgage Loans Rec
Receivables (Mortgage Loans Receivable) (Details) - USD ($) $ in Thousands | Oct. 15, 2018 | Oct. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Payments to acquire mortgage notes receivable | $ 0 | $ 303,684 | $ 0 | ||
Eldorado Resorts, Inc. | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Payments to acquire real estate, exclusive of transaction fees | $ 246,000 | ||||
Debt instrument, interest rate, stated percentage | 9.09% | 9.27% | |||
Boyd Gaming Corporation | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Payments to acquire real estate, exclusive of transaction fees | $ 57,700 | ||||
Debt instrument, interest rate, stated percentage | 11.11% | 11.20% | |||
Real Estate Loan | Eldorado Resorts, Inc. | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Payments to acquire mortgage notes receivable | $ 246,000 | ||||
Real Estate Loan | Boyd Gaming Corporation | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Payments to acquire mortgage notes receivable | $ 57,700 | ||||
Secured Debt | Real Estate Loan | Eldorado Resorts, Inc. | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Payments to acquire mortgage notes receivable | $ 246,000 | ||||
Secured Debt | Real Estate Loan | Boyd Gaming Corporation | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Payments to acquire mortgage notes receivable | $ 57,700 |
Receivables (Loan Receivable) (
Receivables (Loan Receivable) (Details) $ in Thousands | Mar. 13, 2017USD ($) | Jan. 31, 2014USD ($) | Dec. 31, 2019USD ($)renewaloption | Dec. 31, 2019USD ($)renewaloption | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Payments to acquire real estate | $ 0 | $ 1,243,466 | $ 83,252 | |||
Loan impairment charges | $ 13,000 | 0 | $ 0 | |||
Loan impairment charges | $ 1,500 | 1,500 | ||||
Casino Queen Lease | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Lessor leasing arrangements, operating leases, term of contract | 15 years | 15 years | ||||
Lessor leasing arrangements operating leases number of renewal options | renewaloption | 4 | 4 | ||||
Lessor leasing arrangements, operating lease, renewal term | 5 years | 5 years | ||||
Casino Queen | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Debt instrument, face amount | $ 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] | ||||||
Debt instrument, face amount | $ 13,000 | |||||
Debt instrument term | 5 years 6 months | |||||
Debt instrument, interest rate, stated percentage | 15.00% | |||||
Loan receivable | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loan receivable | $ 0 | $ 0 | $ 13,000 |
Lease Assets and Lease Liabil_3
Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Assets) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | ||
Right-of-use assets and land rights, net | $ 838,734,000 | |
Land rights, net | $ 673,207,000 | |
Subsidiary of Penn National Gaming Inc. | Boomtown Biloxi MS, Under Second of Two Ground Lease Members | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease renewal term | 10 years | |
Subsidiary of Penn National Gaming Inc. | Hollywood Casino Tunica | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease renewal term | 5 years | |
Operating lease, term of contract | 5 years | |
Subsidiary of Penn National Gaming Inc. | Hollywood Casino Bangor | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease renewal term | 10 years | |
Subsidiary of Penn National Gaming Inc. | Argosy Casino Alton | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, term of contract | 30 years | |
Subsidiary of Penn National Gaming Inc. | Hollywood Casino Aurora | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, term of contract | 49 years | |
Lease Arrangement, Tranche One | Subsidiary of Eldorado Resorts, Inc. | Belle of Baton Rouge, LA, Under Second of Two Ground Lease Members | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease renewal term | 3 years | |
Lease Arrangement, Tranche One | Subsidiary of Eldorado Resorts, Inc. | Tropicana Evansville | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease renewal term | 5 years | |
Lease Arrangement, Tranche Two | Subsidiary of Eldorado Resorts, Inc. | Tropicana Evansville | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease renewal term | 12 years | |
Lease Arrangement, Tranche Three | Subsidiary of Eldorado Resorts, Inc. | Tropicana Evansville | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease renewal term | 3 years | |
Lease Arrangement, Tranche Four | Subsidiary of Eldorado Resorts, Inc. | Tropicana Evansville | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease renewal term | 5 years | |
Right-of-use assets - operating leases | ||
Lessee, Lease, Description [Line Items] | ||
Right-of-use assets and land rights, net | $ 184,063,000 | |
Land rights, net | ||
Lessee, Lease, Description [Line Items] | ||
Right-of-use assets and land rights, net | 654,671,000 | |
Land rights, net | 654,671,000 | $ 673,207,000 |
Land rights, net | Resorts Casino Tunica (2) | ||
Lessee, Lease, Description [Line Items] | ||
Accelerated amortization of land rights | 6,300,000 | |
Land rights, net | $ 0 |
Lease Assets and Lease Liabil_4
Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Land Rights) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Land rights, net | $ 673,207 | |
Land rights, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Land rights | $ 694,077 | 700,997 |
Less accumulated amortization | (39,406) | (27,790) |
Land rights, net | 654,671 | $ 673,207 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
2020 | 12,081 | |
2021 | 12,081 | |
2022 | 12,081 | |
2023 | 12,081 | |
2024 | 12,081 | |
Thereafter | $ 594,266 | |
Land rights, net | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, land rights, remaining amortization period | 10 years | |
Land rights, net | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, land rights, remaining amortization period | 92 years |
Lease Assets and Lease Liabil_5
Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Maturity Schedule) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2020 | $ 14,071 |
2021 | 13,766 |
2022 | 13,659 |
2023 | 13,638 |
2024 | 13,617 |
Thereafter | 644,059 |
Total lease payments | 712,810 |
Less: interest | (528,839) |
Present value of lease liabilities | $ 183,971 |
Lease Assets and Lease Liabil_6
Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Components of Lease Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Operating lease cost | $ 15,482 | ||
Variable lease cost | 9,048 | ||
Short-term lease cost | 1,060 | ||
Total lease cost | 44,126 | ||
Operating leases, rent expense per ASC 840 | $ 18,900 | $ 15,800 | |
Land rights, net | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Operating lease cost | $ 18,536 | ||
Amortization of land rights | $ 11,300 | $ 10,400 |
Lease Assets and Lease Liabil_7
Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Balance Sheet Information) (Details) | Dec. 31, 2019 |
Leases [Abstract] | |
Weighted average remaining lease term - operating leases | 53 years 6 months 3 days |
Weighted average discount rate - operating leases | 6.70% |
Lease Assets and Lease Liabil_8
Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Cash Flow Information) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases (1) | $ 2,226 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 293 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||||
Beginning Balance, Goodwill | $ 16,067,000 | |||
Impairment losses | 0 | $ 59,454,000 | $ 0 | |
Ending Balance, Goodwill | $ 16,067,000 | 16,067,000 | 16,067,000 | |
Other intangible assets | 9,577,000 | 9,577,000 | 9,577,000 | |
Hollywood Casino Baton Rouge, LA | ||||
Goodwill [Roll Forward] | ||||
Beginning Balance, Goodwill | 16,100,000 | |||
Impairment losses | 59,500,000 | 59,500,000 | ||
Ending Balance, Goodwill | 16,100,000 | 16,100,000 | ||
Hollywood Casino Perryville, MD | ||||
Goodwill [Roll Forward] | ||||
Other intangible assets | 9,600,000 | |||
TRS Properties | ||||
Goodwill [Roll Forward] | ||||
Beginning Balance, Goodwill | 16,067,000 | 75,521,000 | ||
Acquisitions | 0 | 0 | ||
Impairment losses | 0 | (59,454,000) | ||
Ending Balance, Goodwill | $ 16,067,000 | $ 16,067,000 | $ 16,067,000 | $ 75,521,000 |
Long-term Debt (Schedule of Lon
Long-term Debt (Schedule of Long-Term Debt) (Details) - USD ($) | Dec. 31, 2019 | Sep. 12, 2019 | Aug. 29, 2019 | Dec. 31, 2018 |
Long-term debt | ||||
Finance lease liability | $ 989,000 | |||
Capital lease obligations | $ 1,112,000 | |||
Total long-term debt, gross | 5,786,163,000 | 5,903,112,000 | ||
Less: unamortized debt issuance costs, bond premiums and original issuance discounts | (48,201,000) | (49,615,000) | ||
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts | 5,737,962,000 | 5,853,497,000 | ||
Unsecured $1,175 million revolver | ||||
Long-term debt | ||||
Long-term debt, gross | 46,000,000 | 402,000,000 | ||
Unsecured term loan A-1 | ||||
Long-term debt | ||||
Long-term debt, gross | 449,000,000 | 525,000,000 | ||
$1,000 million 4.875% senior unsecured notes due November 2020 | ||||
Long-term debt | ||||
Long-term debt, gross | 215,174,000 | 1,000,000,000 | ||
Debt instrument, face amount | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | |
Debt instrument, interest rate, stated percentage | 4.875% | 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 | ||
Debt instrument, face amount | $ 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 | ||
Debt instrument, face amount | $ 500,000,000 | $ 500,000,000 | ||
Debt instrument, interest rate, stated percentage | 5.375% | 5.375% | ||
$400 million 3.35% senior unsecured notes due September 2024 | ||||
Long-term debt | ||||
Long-term debt, gross | $ 400,000,000 | $ 0 | ||
Debt instrument, face amount | $ 400,000,000 | $ 400,000,000 | ||
Debt instrument, interest rate, stated percentage | 3.35% | 3.35% | ||
$850 million 5.250% senior unsecured notes due June 2025 | ||||
Long-term debt | ||||
Long-term debt, gross | $ 850,000,000 | 850,000,000 | ||
Debt instrument, face amount | $ 850,000,000 | |||
Debt instrument, interest rate, stated percentage | 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 | ||
Debt instrument, face amount | $ 975,000,000 | $ 975,000,000 | ||
Debt instrument, interest rate, stated percentage | 5.375% | 5.375% | ||
$500 million 5.750% senior unsecured notes due June 2028 | ||||
Long-term debt | ||||
Long-term debt, gross | $ 500,000,000 | $ 500,000,000 | ||
Debt instrument, face amount | $ 500,000,000 | |||
Debt instrument, interest rate, stated percentage | 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 | ||
Debt instrument, face amount | $ 750,000,000 | |||
Debt instrument, interest rate, stated percentage | 5.30% | |||
$700 million 4.00% senior unsecured notes due January 2030 | ||||
Long-term debt | ||||
Long-term debt, gross | $ 700,000,000 | $ 0 | ||
Debt instrument, face amount | 700,000,000 | $ 700,000,000 | ||
Debt instrument, interest rate, stated percentage | 4.00% | |||
Unsecured $1,175 million revolver | ||||
Long-term debt | ||||
Line of credit facility, maximum borrowing capacity | $ 1,175,000,000 |
Long-term Debt (Maturities of L
Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Future minimum repayments of long-term debt | ||
2020 | $ 215,303 | |
2021 | 849,135 | |
2022 | 142 | |
2023 | 546,149 | |
2024 | 400,156 | |
Over 5 years | 3,775,278 | |
Total minimum payments | $ 5,786,163 | $ 5,903,112 |
Long-term Debt (Senior Unsecure
Long-term Debt (Senior Unsecured Credit Facility) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Long-term debt | |
Letters of credit outstanding | $ 400,000 |
Line of credit facility, available borrowing capacity | 1,128,600,000 |
Senior unsecured credit facility | |
Long-term debt | |
Long-term debt, gross | $ 495,000,000 |
Revolving credit facility | |
Long-term debt | |
Revolving credit facility, commitment fee percentage | 0.25% |
Minimum | Revolving credit facility | |
Long-term debt | |
Revolving credit facility, commitment fee percentage | 0.15% |
Maximum | Revolving credit facility | |
Long-term debt | |
Revolving credit facility, commitment fee percentage | 0.35% |
LIBOR | Senior unsecured credit facility | |
Long-term debt | |
Basis spread on variable rate debt | 1.50% |
LIBOR | Minimum | Senior unsecured credit facility | |
Long-term debt | |
Basis spread on variable rate debt | 1.00% |
LIBOR | Maximum | Senior unsecured credit facility | |
Long-term debt | |
Basis spread on variable rate debt | 2.00% |
Base Rate | Senior unsecured credit facility | |
Long-term debt | |
Basis spread on variable rate debt | 0.50% |
Base Rate | Minimum | Senior unsecured credit facility | |
Long-term debt | |
Basis spread on variable rate debt | 0.00% |
Base Rate | Maximum | Senior unsecured credit facility | |
Long-term debt | |
Basis spread on variable rate debt | 1.00% |
Revolving credit facility | |
Long-term debt | |
Line of credit facility, maximum borrowing capacity | $ 1,175,000,000 |
Outstanding balance on credit facility | 46,000,000 |
Unsecured term loan A-1 | |
Long-term debt | |
Line of credit facility, maximum borrowing capacity | $ 449,000,000 |
Long-term Debt (Senior Unsecu_2
Long-term Debt (Senior Unsecured Notes) (Narrative) (Details) | Sep. 12, 2019USD ($) | Dec. 31, 2019USD ($)propertyRate | Dec. 31, 2019USD ($)propertysubsidiary | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Aug. 29, 2019USD ($)Rate |
Long-term debt | ||||||
Losses on debt extinguishment | $ 21,014,000 | $ 3,473,000 | $ 0 | |||
Number of real estate properties | property | 42 | 42 | ||||
Number of wholly-owned subsidiary note issuers | subsidiary | 2 | |||||
Senior Notes | ||||||
Long-term debt | ||||||
Long-term debt, gross | $ 5,290,200,000 | $ 5,290,200,000 | ||||
Debt instrument, redemption price, percentage | 100.00% | |||||
Senior Notes | Change of Control | ||||||
Long-term debt | ||||||
Debt instrument, redemption price, percentage | 101.00% | |||||
$400 million 3.35% senior unsecured notes due September 2024 | ||||||
Long-term debt | ||||||
Long-term debt, gross | 400,000,000 | $ 400,000,000 | 0 | |||
Debt instrument, face amount | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | |||
Debt instrument, interest rate, stated percentage | 3.35% | 3.35% | 3.35% | |||
Debt instrument, discount rate at issuance as a percent of face value | Rate | 99.899% | |||||
$700 million 4.00% senior unsecured notes due January 2030 | ||||||
Long-term debt | ||||||
Long-term debt, gross | $ 700,000,000 | $ 700,000,000 | 0 | |||
Debt instrument, face amount | 700,000,000 | 700,000,000 | $ 700,000,000 | |||
Debt instrument, interest rate, stated percentage | 4.00% | |||||
Debt instrument, discount rate at issuance as a percent of face value | Rate | 99.751% | |||||
$750 million 5.30% senior unsecured notes due January 2029 | ||||||
Long-term debt | ||||||
Long-term debt, gross | 750,000,000 | 750,000,000 | 750,000,000 | |||
Debt instrument, face amount | $ 750,000,000 | $ 750,000,000 | ||||
Debt instrument, interest rate, stated percentage | 5.30% | 5.30% | ||||
$550 million 4.375% senior unsecured notes due November 2018 | ||||||
Long-term debt | ||||||
Debt instrument, face amount | $ 550,000,000 | |||||
Debt instrument, interest rate, stated percentage | 4.375% | |||||
$500 million 5.750% senior unsecured notes due June 2028 | ||||||
Long-term debt | ||||||
Long-term debt, gross | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | |||
Debt instrument, face amount | $ 500,000,000 | $ 500,000,000 | ||||
Debt instrument, interest rate, stated percentage | 5.75% | 5.75% | ||||
$1,000 million 4.875% senior unsecured notes due November 2020 | ||||||
Long-term debt | ||||||
Long-term debt, gross | $ 215,174,000 | $ 215,174,000 | 1,000,000,000 | |||
Debt instrument, face amount | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | ||
Debt instrument, interest rate, stated percentage | 4.875% | 4.875% | 4.875% | 4.875% | ||
Debt instrument, dollar amount of notes tendered | $ 784,800,000 | |||||
Losses on debt extinguishment | $ 21,000,000 | |||||
$400 million 4.375% senior unsecured notes due April 2021 | ||||||
Long-term debt | ||||||
Long-term debt, gross | 400,000,000 | $ 400,000,000 | $ 400,000,000 | |||
Debt instrument, face amount | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | |||
Debt instrument, interest rate, stated percentage | 4.375% | 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 | $ 500,000,000 | |||
Debt instrument, face amount | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | |||
Debt instrument, interest rate, stated percentage | 5.375% | 5.375% | 5.375% | |||
$975 million 5.375% senior unsecured notes due April 2026 | ||||||
Long-term debt | ||||||
Long-term debt, gross | $ 975,000,000 | $ 975,000,000 | $ 975,000,000 | |||
Debt instrument, face amount | $ 975,000,000 | $ 975,000,000 | $ 975,000,000 | |||
Debt instrument, interest rate, stated percentage | 5.375% | 5.375% | 5.375% | |||
Minimum | ||||||
Long-term debt | ||||||
Number of days prior to maturity notes can be redeemed and receive make-whole redemption premium | 90 days | |||||
Redemption period, early tender | $1,000 million 4.875% senior unsecured notes due November 2020 | ||||||
Long-term debt | ||||||
Debt instrument, dollar amount of notes tendered | $ 782,600,000 | |||||
Debt instrument, percentage of principal amount redeemed | Rate | 78.00% | |||||
Debt instrument, redemption price, percentage | Rate | 102.337% | |||||
Redemption period, subsequent to early tender | $1,000 million 4.875% senior unsecured notes due November 2020 | ||||||
Long-term debt | ||||||
Debt instrument, dollar amount of notes tendered | $ 2,200,000 | |||||
Debt instrument, redemption price, percentage | Rate | 99.337% |
Long-term Debt (Finance Lease L
Long-term Debt (Finance Lease LIability) (Narrative) (Details) | Dec. 31, 2019 |
Debt Disclosure [Abstract] | |
Lessee, finance lease, term of contract | 30 years |
Fair Value of Financial Asset_3
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | $ 26,823 | $ 25,783 |
Deferred compensation plan assets | 28,855 | 22,709 |
Long-term debt | ||
Senior unsecured credit facility | 493,533 | 909,308 |
Senior unsecured notes | 5,707,996 | 4,958,455 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 26,823 | 25,783 |
Deferred compensation plan assets | 28,855 | 22,709 |
Long-term debt | ||
Senior unsecured credit facility | 495,000 | 927,000 |
Senior unsecured notes | 5,290,174 | 4,975,000 |
Mortgage loans receivable | Fair Value | ||
Financial assets: | ||
Mortgage loans receivable | 303,684 | 303,684 |
Mortgage loans receivable | Carrying Amount | ||
Financial assets: | ||
Mortgage loans receivable | $ 303,684 | $ 303,684 |
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 Nonrecurring Basis) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 13, 2017 | |
Assets: | |||||
Loan impairment charges | $ 1,500,000 | $ 1,500,000 | |||
Loan impairment charges | $ 13,000,000 | 0 | $ 0 | ||
Goodwill impairment charges | 0 | 59,454,000 | $ 0 | ||
Total impairment charges | 13,000,000 | 60,954,000 | |||
Level 1 | |||||
Assets: | |||||
Loan receivable | 0 | 0 | 0 | ||
Goodwill | 0 | ||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | ||
Level 2 | |||||
Assets: | |||||
Loan receivable | 0 | 0 | 0 | ||
Goodwill | 0 | ||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | ||
Level 3 | |||||
Assets: | |||||
Loan receivable | 0 | 0 | 13,000,000 | ||
Goodwill | 16,067,000 | ||||
Assets, Fair Value Disclosure | $ 0 | $ 0 | $ 29,067,000 | ||
CQ Holding Company Inc. | Unsecured Debt | |||||
Assets: | |||||
Debt Instrument, Face Amount | $ 13,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Employee Benefit Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan, employer matching contribution, percent of match | 50.00% | ||
Defined contribution plan, employer discretionary contribution amount | $ 0.3 | $ 0.3 | $ 0.3 |
Deferred compensation arrangement employer contribution vesting period | 5 years | ||
Deferred compensation arrangement with individual, employer contribution | $ 0.6 | 0.7 | $ 0.6 |
Deferred compensation plan liabilities | 25.2 | 22.8 | |
Deferred compensation plan assets | $ 28.9 | $ 22.7 | |
Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan, employer matching contribution, percent of employees' gross pay | 6.00% | ||
Boyd Gaming Corporation Master Lease | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods | 10 years |
Commitments and Contingencies_2
Commitments and Contingencies (Labor Agreements) (Details) | 12 Months Ended |
Dec. 31, 2019employee | |
Labor Agreements [Line Items] | |
Agreements with SEATU Union number of employees | 145 |
Maximum | Number of Employees, Total | Unionized Employees Concentration Risk | |
Labor Agreements [Line Items] | |
Threshold number of employees under agreement for separate disclosure of unions (more than) | 50 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($)propertyrenewaloptionmi | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)propertyrenewaloptionmi | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Revenue, Major Customer [Line Items] | |||||||||||
Number of real estate properties | property | 42 | 42 | |||||||||
Number Of Miles | mi | 60 | 60 | |||||||||
Interest income from real estate loans | $ | $ 28,916,000 | $ 6,943,000 | $ 0 | ||||||||
Revenues | $ | $ 288,984,000 | $ 287,612,000 | $ 289,013,000 | $ 287,864,000 | $ 303,317,000 | $ 254,139,000 | $ 254,221,000 | $ 244,050,000 | $ 1,153,473,000 | 1,055,727,000 | 971,307,000 |
Penn National Gaming Inc. Master Lease | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Number of real estate properties | property | 19 | 19 | |||||||||
Annual rent escalator | 2.00% | ||||||||||
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods | 35 years | ||||||||||
Lessor leasing arrangements, operating leases, term of contract | 15 years | 15 years | |||||||||
Lessor leasing arrangements operating leases number of renewal options | renewaloption | 4 | 4 | |||||||||
Lessor leasing arrangements, operating lease, renewal term | 5 years | 5 years | |||||||||
Penn National Gaming Inc. Master Lease | Hollywood Casino Columbus and Hollywood Casino Toledo | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Percentage of the change in net revenues from the preceding month (of 2 facilities under the Master Lease) used for adjustment in rent structure | 20.00% | ||||||||||
Penn National Gaming Inc. Master Lease | All Properties Under Master Lease, Except Hollywood Casino Columbus and Hollywood Casino Toledo | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Operating leases, frequency the property performance-based rent structure is adjusted | 5 years | ||||||||||
Operating leases, percent of the average net revenues of property used to calculate rent increase | 4.00% | ||||||||||
Period used in calculation of average net revenues | 5 years | ||||||||||
Amended Pinnacle Entertainment, Inc. Master Lease | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Number of real estate properties | property | 12 | 12 | |||||||||
Annual rent escalator | 2.00% | ||||||||||
Operating leases, frequency the property performance-based rent structure is adjusted | 2 years | ||||||||||
Operating leases, percent of the average net revenues of property used to calculate rent increase | 4.00% | ||||||||||
Period used in calculation of average net revenues | 2 years | ||||||||||
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods | 10 years | ||||||||||
Lessor leasing arrangements, operating leases, term of contract | 10 years | 10 years | |||||||||
Lessor leasing arrangements operating leases number of renewal options | renewaloption | 5 | 5 | |||||||||
Lessor leasing arrangements, operating lease, renewal term | 5 years | 5 years | |||||||||
Penn National Gaming, Inc. Meadows Lease | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Annual rent escalator | 5.00% | ||||||||||
Operating leases, frequency the property performance-based rent structure is adjusted | 2 years | ||||||||||
Operating leases, percent of the average net revenues of property used to calculate rent increase | 4.00% | ||||||||||
Period used in calculation of average net revenues | 2 years | ||||||||||
Annual rent escalator over a period of time contingent upon the achievement of certain rent coverage ratio threshold (in percentage) | 5.00% | ||||||||||
Period existing upon achievement of certain rent coverage ratio | 10 years | ||||||||||
Amount of rent available upon achievement of certain rent coverage ratio | $ | $ 31,000,000 | ||||||||||
Percentage at which rent escalation will be reduced upon achievement of certain threshold | 2.00% | ||||||||||
Lessor leasing arrangements, operating leases, term of contract | 10 years | 10 years | |||||||||
Eldorado Master Lease | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Number of real estate properties | property | 5 | 5 | |||||||||
Annual rent escalator | 2.00% | ||||||||||
Operating leases, frequency the property performance-based rent structure is adjusted | 2 years | ||||||||||
Operating leases, percent of the average net revenues of property used to calculate rent increase | 4.00% | ||||||||||
Period used in calculation of average net revenues | 2 years | ||||||||||
Lessor leasing arrangements, operating leases, term of contract | 15 years | 15 years | |||||||||
Lessor leasing arrangements operating leases number of renewal options | renewaloption | 4 | 4 | |||||||||
Lessor leasing arrangements, operating lease, renewal term | 5 years | 5 years | |||||||||
Boyd Gaming Corporation Master Lease | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Number of real estate properties | property | 3 | 3 | |||||||||
Annual rent escalator | 2.00% | ||||||||||
Operating leases, frequency the property performance-based rent structure is adjusted | 2 years | ||||||||||
Operating leases, percent of the average net revenues of property used to calculate rent increase | 4.00% | ||||||||||
Period used in calculation of average net revenues | 2 years | ||||||||||
Lessor leasing arrangements, operating leases, term of contract | 10 years | 10 years | |||||||||
Lessor leasing arrangements operating leases number of renewal options | renewaloption | 5 | 5 | |||||||||
Lessor leasing arrangements, operating lease, renewal term | 5 years | 5 years | |||||||||
Casino Queen Lease | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Annual rent escalator | 2.00% | ||||||||||
Operating leases, frequency the property performance-based rent structure is adjusted | 5 years | ||||||||||
Operating leases, percent of the average net revenues of property used to calculate rent increase | 4.00% | ||||||||||
Period used in calculation of average net revenues | 5 years | ||||||||||
Lessor leasing arrangements, operating leases, term of contract including all reasonably assured renewal periods | 35 years | ||||||||||
Lessor leasing arrangements, operating leases, term of contract | 15 years | 15 years | |||||||||
Lessor leasing arrangements operating leases number of renewal options | renewaloption | 4 | 4 | |||||||||
Lessor leasing arrangements, operating lease, renewal term | 5 years | 5 years | |||||||||
Gaming, food, beverage and other | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Revenues | $ | $ 128,391,000 | $ 132,545,000 | $ 142,086,000 |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition (Rental Income Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Leased Assets [Line Items] | |||
Total cash rental income | $ 1,008,895 | ||
Straight-line rent adjustments | (34,574) | $ (61,888) | $ (65,971) |
Ground rent in revenue | 21,347 | ||
Other rental revenue | 498 | ||
Total rental income | 996,166 | ||
Base rent income | Building | |||
Operating Leased Assets [Line Items] | |||
Total cash rental income | 659,620 | ||
Base rent income | Land | |||
Operating Leased Assets [Line Items] | |||
Total cash rental income | 190,168 | ||
Variable rent income | |||
Operating Leased Assets [Line Items] | |||
Total cash rental income | $ 159,107 |
Revenue Recognition (Future Min
Revenue Recognition (Future Minimum Lease Payments Receivable - Operating Leases (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Future Rental Payments Receivable | |
2019 | $ 959,603 |
2020 | 926,874 |
2021 | 926,874 |
2022 | 920,236 |
2023 | 887,046 |
Thereafter | 10,984,406 |
Total | 15,605,039 |
Straight-Line Rent Adjustments | |
2019 | (2,567) |
2020 | 21,786 |
2021 | 21,786 |
2022 | 21,786 |
2023 | 21,786 |
Thereafter | 243,908 |
Total | 328,485 |
Future Base Ground Rents Receivable | |
2019 | 12,223 |
2020 | 12,045 |
2021 | 12,051 |
2022 | 12,057 |
2023 | 12,063 |
Thereafter | 72,882 |
Total | 133,321 |
Future Income to be Recognized Related to Operating Leases | |
2019 | 969,259 |
2020 | 960,705 |
2021 | 960,711 |
2022 | 954,079 |
2023 | 920,895 |
Thereafter | 11,301,196 |
Total | $ 16,066,845 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for issuance | 1,750,857 | ||
Employee stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | $ 0 | $ 0 | |
Restricted stock awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | $ 7,500,000 | 4,700,000 | 6,000,000 |
Total unrecognized compensation cost | $ 5,100,000 | ||
Remaining weighted average vesting period for recognition of unrecognized compensation cost | 1 year 7 months 13 days | ||
Fair value of restricted stock awards released in period | $ 10,100,000 | 10,000,000 | 7,300,000 |
Performance-based restricted stock awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | 8,700,000 | 6,400,000 | $ 9,700,000 |
Total unrecognized compensation cost | $ 8,900,000 | ||
Remaining weighted average vesting period for recognition of unrecognized compensation cost | 1 year 8 months 1 day | ||
Fair value of restricted stock awards released in period | $ 14,700,000 | $ 20,100,000 | |
Period of total shareholder return upon which the percentage of shares vesting at the end of the measurement period will be based | 3 years | ||
Period of return of the MSCI US REIT index against which total shareholder return measured | 3 years | ||
Percentage of revenues from triple-net leases | 75.00% | ||
Performance-based restricted stock awards | End Of Measurement Period Vesting | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of stock awards | 3 years |
Stock-Based Compensation (Restr
Stock-Based Compensation (Restricted Stock Award Activity) (Details) - Restricted stock awards - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Award Shares | ||
Outstanding at the beginning of the period (in shares) | 299,642 | 344,744 |
Granted (in shares) | 317,290 | 283,183 |
Released (in shares) | (299,961) | (273,286) |
Canceled (in shares) | 0 | (54,999) |
Outstanding at the end of the period (in shares) | 316,971 | 299,642 |
Weighted Average Grant-Date Fair Value | ||
Outstanding at the beginning of the period (in dollars per share) | $ 33.53 | $ 29.69 |
Granted (in dollars per share) | 22.69 | 23.34 |
Released (in dollars per share) | 21.47 | 18.16 |
Canceled (in dollars per share) | 0 | 33.34 |
Outstanding at the end of the period (in dollars per share) | $ 34.10 | $ 33.53 |
Stock-Based Compensation (Perfo
Stock-Based Compensation (Performance-Based Restricted Stock Awards Activity) (Details) - Performance-based restricted stock awards - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of restricted stock awards released in period | $ 14.7 | $ 20.1 |
Number of Performance-Based Award Shares | ||
Outstanding at the beginning of the period (in shares) | 1,342,000 | 1,664,000 |
Granted (in shares) | 512,000 | 556,000 |
Released (in shares) | (447,334) | (548,000) |
Canceled (in shares) | (23,332) | (330,000) |
Outstanding at the end of the period (in shares) | 1,383,334 | 1,342,000 |
Weighted Average Grant-Date Fair Value | ||
Outstanding at the beginning of the period (in dollars per share) | $ 18.60 | $ 17.49 |
Granted (in dollars per share) | 17.85 | 20.64 |
Released (in dollars per share) | 17.22 | 17.29 |
Canceled (in dollars per share) | 18.63 | 18.60 |
Outstanding at the end of the period (in dollars per share) | $ 18.77 | $ 18.60 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Income Tax Disclosure [Abstract] | |
Reduction in deferred tax assets | $ 1.8 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Accrued expenses | $ 1,597 | $ 1,416 |
Property and equipment | 5,844 | 5,405 |
Interest expense | 596 | 313 |
Net deferred tax assets | 8,037 | 7,134 |
Deferred tax liabilities: | ||
Property and equipment | (624) | (757) |
Intangibles | (1,636) | (1,460) |
Net deferred tax liabilities | (2,260) | (2,217) |
Net: | $ 5,777 | $ 4,917 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes - Current and Deferred) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current tax expense | |||
Federal | $ 3,005 | $ 2,856 | $ 7,039 |
State | 2,514 | 2,630 | 3,309 |
Total current | 5,519 | 5,486 | 10,348 |
Deferred tax (benefit) expense | |||
Federal | (667) | (512) | (166) |
State | (88) | (10) | (395) |
Total deferred | (755) | (522) | (561) |
Total provision | $ 4,764 | $ 4,964 | $ 9,787 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation, Percent) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 35.00% |
State and local income taxes | 0.50% | 0.60% | 0.60% |
Federal tax rate change | 0.00% | 0.00% | 0.50% |
REIT conversion benefit | (20.30%) | (23.80%) | (33.60%) |
Goodwill impairment charges | 0.00% | 3.60% | 0.00% |
Effective income tax rate reconciliation, effective income tax rate, percent | 1.20% | 1.40% | 2.50% |
Income Taxes (Effective Incom_2
Income Taxes (Effective Income Tax Rate Reconciliation, Amount) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
U.S. federal statutory income tax | $ 83,086 | $ 72,341 | $ 136,636 |
State and local income taxes | 2,051 | 2,246 | 2,284 |
Federal tax rate change | 0 | 0 | 1,818 |
REIT conversion benefit | (80,397) | (82,151) | (130,876) |
Goodwill impairment charges | 0 | 12,485 | 0 |
Permanent differences | 23 | 19 | 49 |
Other miscellaneous items | 1 | 24 | (124) |
Total provision | $ 4,764 | $ 4,964 | $ 9,787 |
Earnings Per Share Earnings P_3
Earnings Per Share Earnings Per Share (Weighted Average Common Shares Outstanding) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items] | |||
Basic weighted-average common shares outstanding (in shares) | 214,667 | 213,720 | 210,705 |
Diluted weighted-average common shares outstanding (in shares) | 215,786 | 214,779 | 212,752 |
Employee stock options | |||
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items] | |||
Assumed conversion of dilutive securities (in shares) | 0 | 206 | 644 |
Restricted stock awards | |||
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items] | |||
Assumed conversion of dilutive securities (in shares) | 117 | 80 | 155 |
Performance-based restricted stock awards | |||
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items] | |||
Assumed conversion of dilutive securities (in shares) | 1,002 | 773 | 1,248 |
Earnings Per Share Earnings P_4
Earnings Per Share Earnings Per Share (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Calculation of basic EPS: | |||||||||||
Net income | $ 114,291 | $ 90,547 | $ 93,033 | $ 93,010 | $ 45,931 | $ 104,815 | $ 91,998 | $ 96,772 | $ 390,881 | $ 339,516 | $ 380,598 |
Less: Net income allocated to participating securities | (576) | (475) | (622) | ||||||||
Net income attributable to common shareholders | $ 390,305 | $ 339,041 | $ 379,976 | ||||||||
Basic weighted-average common shares outstanding (in shares) | 214,667,000 | 213,720,000 | 210,705,000 | ||||||||
Basic earnings per common share (in dollars per share) | $ 0.53 | $ 0.42 | $ 0.43 | $ 0.43 | $ 0.21 | $ 0.49 | $ 0.43 | $ 0.45 | $ 1.82 | $ 1.59 | $ 1.80 |
Calculation of diluted EPS: | |||||||||||
Net income | $ 114,291 | $ 90,547 | $ 93,033 | $ 93,010 | $ 45,931 | $ 104,815 | $ 91,998 | $ 96,772 | $ 390,881 | $ 339,516 | $ 380,598 |
Diluted weighted-average common shares outstanding (in shares) | 215,786,000 | 214,779,000 | 212,752,000 | ||||||||
Diluted earnings per common share (in dollars per share) | $ 0.53 | $ 0.42 | $ 0.43 | $ 0.43 | $ 0.21 | $ 0.49 | $ 0.43 | $ 0.45 | $ 1.81 | $ 1.58 | $ 1.79 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 13,335 | 3,483 |
Shareholders' Equity (Common St
Shareholders' Equity (Common Stock) (Details) - USD ($) | Aug. 14, 2019 | Dec. 31, 2019 | Dec. 31, 2017 |
Class of Stock [Line Items] | |||
Proceeds from issuance of common stock, net of issuance costs | $ 139,414,000 | ||
At The Market Program | |||
Class of Stock [Line Items] | |||
Aggregate dollar value of common stock share the Company may sell (up to) | $ 600,000,000 | ||
Percentage of commission to be paid on gross sales price of commons stock shares sold (up to) | 2.00% | ||
Percentage of commission to be paid on sales price of borrowed shares of common stock (up to) | 2.00% | ||
Issuance of common stock (in shares) | 1,500 | 3,864,872 | |
Weighted-average price of shares issued (in dollars per share) | $ 43.17 | $ 36.22 | |
Proceeds from issuance of common stock | $ 65,000 | $ 140,000,000 | |
Expenses related to the issuance of common stock | 255,000 | ||
Proceeds from issuance of common stock, net of issuance costs | $ 139,400,000 | ||
Dollar value of common stock shares remaining for issuance | $ 599,900,000 |
Shareholders' Equity (Dividends
Shareholders' Equity (Dividends Declared and Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 27, 2019 | Nov. 27, 2019 | Sep. 20, 2019 | Aug. 20, 2019 | Jun. 28, 2019 | May 28, 2019 | Mar. 22, 2019 | Feb. 20, 2019 | Dec. 28, 2018 | Oct. 12, 2018 | Sep. 21, 2018 | Jul. 31, 2018 | Jun. 29, 2018 | Apr. 24, 2018 | Mar. 23, 2018 | Feb. 01, 2018 | Dec. 15, 2017 | Oct. 19, 2017 | Sep. 22, 2017 | Jul. 25, 2017 | Jun. 30, 2017 | Apr. 25, 2017 | Mar. 24, 2017 | Feb. 01, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Dividends [Abstract] | |||||||||||||||||||||||||||
Common stock, cash dividends declared (in dollars per share) | $ 0.70 | $ 0.68 | $ 0.68 | $ 0.68 | $ 0.68 | $ 0.63 | $ 0.63 | $ 0.63 | $ 0.63 | $ 0.63 | $ 0.62 | $ 0.62 | |||||||||||||||
Common stock, cash dividends paid (in dollars per share) | $ 0.68 | $ 0.68 | $ 0.68 | $ 0.68 | $ 0.68 | $ 0.63 | $ 0.63 | $ 0.63 | $ 0.63 | $ 0.63 | $ 0.62 | $ 0.62 | $ 2.74 | $ 2.57 | $ 2.50 | ||||||||||||
Dividend Amount | $ 150,285 | $ 145,984 | $ 145,978 | $ 145,954 | $ 145,627 | $ 134,844 | $ 134,631 | $ 134,490 | $ 133,942 | $ 133,936 | $ 131,554 | $ 129,007 | |||||||||||||||
Dividends, share-based compensation | $ 900 | $ 800 | $ 900 |
Shareholders' Equity (Dividend
Shareholders' Equity (Dividend Classification) (Details) - $ / shares | Dec. 27, 2019 | Sep. 20, 2019 | Jun. 28, 2019 | Mar. 22, 2019 | Dec. 28, 2018 | Sep. 21, 2018 | Jun. 29, 2018 | Mar. 23, 2018 | Dec. 15, 2017 | Sep. 22, 2017 | Jun. 30, 2017 | Mar. 24, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Dividends | |||||||||||||||
Common stock, cash dividends paid (in dollars per share) | $ 0.68 | $ 0.68 | $ 0.68 | $ 0.68 | $ 0.68 | $ 0.63 | $ 0.63 | $ 0.63 | $ 0.63 | $ 0.63 | $ 0.62 | $ 0.62 | $ 2.74 | $ 2.57 | $ 2.50 |
Common stock, cash dividends, classification of distribution, percent | 100.00% | 100.00% | 100.00% | ||||||||||||
Qualified dividends | |||||||||||||||
Dividends | |||||||||||||||
Common stock, cash dividends paid (in dollars per share) | $ 0.0387 | $ 0.0391 | $ 0.0543 | ||||||||||||
Common stock, cash dividends, classification of distribution, percent | 1.41% | 1.52% | 2.17% | ||||||||||||
Non-qualified dividends | |||||||||||||||
Dividends | |||||||||||||||
Common stock, cash dividends paid (in dollars per share) | $ 2.2649 | $ 2.2955 | $ 2.2436 | ||||||||||||
Common stock, cash dividends, classification of distribution, percent | 82.66% | 89.32% | 89.75% | ||||||||||||
Capital gains | |||||||||||||||
Dividends | |||||||||||||||
Common stock, cash dividends paid (in dollars per share) | $ 0.0353 | $ 0.0270 | $ 0.0371 | ||||||||||||
Common stock, cash dividends, classification of distribution, percent | 1.29% | 1.05% | 1.48% | ||||||||||||
Non-taxable return of capital | |||||||||||||||
Dividends | |||||||||||||||
Common stock, cash dividends paid (in dollars per share) | $ 0.4011 | $ 0.2084 | $ 0.1650 | ||||||||||||
Common stock, cash dividends, classification of distribution, percent | 14.64% | 8.11% | 6.60% |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment information | |||||||||||
Total revenues | $ 288,984 | $ 287,612 | $ 289,013 | $ 287,864 | $ 303,317 | $ 254,139 | $ 254,221 | $ 244,050 | $ 1,153,473 | $ 1,055,727 | $ 971,307 |
Income from operations | 188,256 | 187,625 | 170,767 | 170,775 | 123,884 | 164,834 | 153,241 | 151,851 | 717,423 | 593,810 | 605,518 |
Interest expense | 301,520 | 247,684 | 217,068 | ||||||||
Income before income taxes | 395,645 | 344,480 | 390,385 | ||||||||
Income tax expense | 4,764 | 4,964 | 9,787 | ||||||||
Net income | 114,291 | $ 90,547 | $ 93,033 | $ 93,010 | 45,931 | $ 104,815 | $ 91,998 | $ 96,772 | 390,881 | 339,516 | 380,598 |
Depreciation | 240,435 | 137,093 | 113,480 | ||||||||
Capital project expenditures | 0 | 20 | 78 | ||||||||
Capital maintenance expenditures | 3,017 | 4,284 | 3,178 | ||||||||
Total assets | 8,434,298 | 8,577,293 | 8,434,298 | 8,577,293 | |||||||
GLP Capital (1) | |||||||||||
Segment information | |||||||||||
Total revenues | 1,025,082 | 923,182 | 829,221 | ||||||||
Income from operations | 694,215 | 630,122 | 578,661 | ||||||||
Interest expense | 291,114 | 237,278 | 206,662 | ||||||||
Income before income taxes | 382,841 | 391,196 | 373,931 | ||||||||
Income tax expense | 657 | 855 | 1,099 | ||||||||
Net income | 382,184 | 390,341 | 372,832 | ||||||||
Depreciation | 232,708 | 127,696 | 102,652 | ||||||||
Capital project expenditures | 0 | 20 | 78 | ||||||||
Capital maintenance expenditures | 22 | 55 | 0 | ||||||||
Total assets | 8,299,143 | 8,441,345 | 8,299,143 | 8,441,345 | |||||||
TRS Properties | |||||||||||
Segment information | |||||||||||
Total revenues | 128,391 | 132,545 | 142,086 | ||||||||
Income from operations | 23,208 | (36,312) | 26,857 | ||||||||
Interest expense | 10,406 | 10,406 | 10,406 | ||||||||
Income before income taxes | 12,804 | (46,716) | 16,454 | ||||||||
Income tax expense | 4,107 | 4,109 | 8,688 | ||||||||
Net income | 8,697 | (50,825) | 7,766 | ||||||||
Depreciation | 7,727 | 9,397 | 10,828 | ||||||||
Capital project expenditures | 0 | 0 | 0 | ||||||||
Capital maintenance expenditures | 2,995 | 4,229 | $ 3,178 | ||||||||
Total assets | $ 135,155 | $ 135,948 | $ 135,155 | $ 135,948 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Oct. 15, 2018USD ($) | Oct. 01, 2018USD ($) | May 01, 2017USD ($)lease | Dec. 31, 2019USD ($)propertyrenewaloptionlease | Oct. 14, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Consideration | ||||||||
Payments to acquire real estate | $ 0 | $ 1,243,466 | $ 83,252 | |||||
Rental income | 747,654 | $ 671,190 | ||||||
Real estate investments, net | $ 7,100,555 | 7,331,460 | ||||||
Number of real estate properties | property | 42 | |||||||
Amended Pinnacle Entertainment, Inc. Master Lease | ||||||||
Consideration | ||||||||
Additional lease revenue | $ 13,900 | |||||||
Number of real estate properties | property | 12 | |||||||
Lessor leasing arrangements, operating leases, term of contract | 10 years | |||||||
Lessor leasing arrangements operating leases number of renewal options | renewaloption | 5 | |||||||
Lessor leasing arrangements, operating lease, renewal term | 5 years | |||||||
Eldorado Master Lease | ||||||||
Consideration | ||||||||
Number of real estate properties | property | 5 | |||||||
Lessor leasing arrangements, operating leases, term of contract | 15 years | |||||||
Lessor leasing arrangements operating leases number of renewal options | renewaloption | 4 | |||||||
Lessor leasing arrangements, operating lease, renewal term | 5 years | |||||||
Plainridge Park Casino | ||||||||
Consideration | ||||||||
Payments to acquire real estate | $ 250,900 | |||||||
Rental income | $ 25,000 | |||||||
Tropicana Entertainment | ||||||||
Consideration | ||||||||
Payments to acquire real estate | $ 992,500 | |||||||
Rental income | $ 87,600 | |||||||
Number of real estate properties | property | 5 | |||||||
Tunica Properties | ||||||||
Consideration | ||||||||
Payments to acquire real estate | $ 82,900 | |||||||
Lessee leasing arrangements, number of ground leases | lease | 3 | |||||||
Subsidiary of Eldorado Resorts, Inc. | Eldorado Master Lease | ||||||||
Consideration | ||||||||
Lessee leasing arrangements, number of ground leases | lease | 6 | |||||||
Building and improvements | Pinnacle Entertainment, Inc. Master Lease | ||||||||
Consideration | ||||||||
Real estate investments, net | $ 2,600,000 |
Acquisitions (Purchase Price Al
Acquisitions (Purchase Price Allocation Components) (Details) - Tropicana Entertainment $ in Thousands | Dec. 31, 2019USD ($) |
Consideration | |
Real estate investments, net | $ 948,217 |
Land rights, net | 44,331 |
Total purchase price | $ 992,548 |
Summarized Quarterly Data (Un_3
Summarized Quarterly Data (Unaudited) (Details) | Sep. 12, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($)property$ / shares | Sep. 30, 2019USD ($)$ / shares | Jun. 30, 2019USD ($)$ / shares | Mar. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)$ / shares | Sep. 30, 2018USD ($)$ / shares | Jun. 30, 2018USD ($)$ / shares | Mar. 31, 2018USD ($)$ / shares | Dec. 31, 2019USD ($)property$ / shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares |
Selected Quarterly Financial Information [Abstract] | |||||||||||||
Total revenues | $ 288,984,000 | $ 287,612,000 | $ 289,013,000 | $ 287,864,000 | $ 303,317,000 | $ 254,139,000 | $ 254,221,000 | $ 244,050,000 | $ 1,153,473,000 | $ 1,055,727,000 | $ 971,307,000 | ||
Income from operations | 188,256,000 | 187,625,000 | 170,767,000 | 170,775,000 | 123,884,000 | 164,834,000 | 153,241,000 | 151,851,000 | 717,423,000 | 593,810,000 | 605,518,000 | ||
Net income | $ 114,291,000 | $ 90,547,000 | $ 93,033,000 | $ 93,010,000 | $ 45,931,000 | $ 104,815,000 | $ 91,998,000 | $ 96,772,000 | $ 390,881,000 | $ 339,516,000 | $ 380,598,000 | ||
Earnings per common share: | |||||||||||||
Basic earnings per common share (in dollars per share) | $ / shares | $ 0.53 | $ 0.42 | $ 0.43 | $ 0.43 | $ 0.21 | $ 0.49 | $ 0.43 | $ 0.45 | $ 1.82 | $ 1.59 | $ 1.80 | ||
Diluted earnings per common share (in dollars per share) | $ / shares | $ 0.53 | $ 0.42 | $ 0.43 | $ 0.43 | $ 0.21 | $ 0.49 | $ 0.43 | $ 0.45 | $ 1.81 | $ 1.58 | $ 1.79 | ||
Consideration | |||||||||||||
Number of real estate properties | property | 42 | 42 | |||||||||||
Provision for Loan and Lease Losses | $ 13,000,000 | ||||||||||||
Losses on debt extinguishment | (21,014,000) | $ (3,473,000) | $ 0 | ||||||||||
Goodwill impairment charges | $ 0 | 59,454,000 | $ 0 | ||||||||||
Hollywood Casino Baton Rouge, LA | |||||||||||||
Consideration | |||||||||||||
Goodwill impairment charges | $ 59,500,000 | $ 59,500,000 | |||||||||||
Building and improvements | Resorts Casino Tunica (2) | |||||||||||||
Consideration | |||||||||||||
Real Estate Investment Property, Accelerated Depreciation And Amortization | $ 16,600,000 | ||||||||||||
$1,000 million 4.875% senior unsecured notes due November 2020 | |||||||||||||
Consideration | |||||||||||||
Losses on debt extinguishment | $ (21,000,000) |
Supplemental Disclosures of C_3
Supplemental Disclosures of Cash Flow Information and Noncash Activities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid for income taxes, net of refunds received | $ 5,554 | $ 5,389 | $ 11,646 |
Cash paid for interest | $ 274,530 | $ 229,779 | $ 204,442 |
Supplemental Disclosures of C_4
Supplemental Disclosures of Cash Flow Information and Noncash Activities (Noncash Investing and Financing Activities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Other Significant Noncash Transactions [Line Items] | |||
Operating lease right-of-use assets | $ 838,734 | ||
Lease liabilities | 183,971 | ||
Recording of right of use asset and lease liabilities in conjunction with adoption of ASC 842 | $ 7,100,555 | $ 7,331,460 | |
Building and improvements | Pinnacle Entertainment, Inc. Master Lease | |||
Other Significant Noncash Transactions [Line Items] | |||
Recording of right of use asset and lease liabilities in conjunction with adoption of ASC 842 | $ 2,600,000 | ||
Accounting Standards Update 2016-02 | |||
Other Significant Noncash Transactions [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 | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Assets | ||||
Real estate investments, net | $ 7,100,555 | $ 7,331,460 | ||
Land rights, net | 673,207 | |||
Property and equipment, used in operations, net | 94,080 | 100,884 | ||
Right-of-use assets and land rights, net | 838,734 | |||
Cash and cash equivalents | 26,823 | 25,783 | ||
Prepaid expenses | 4,228 | 30,967 | ||
Goodwill | 16,067 | 16,067 | ||
Other intangible assets | 9,577 | 9,577 | ||
Intercompany loan receivable | 0 | 0 | ||
Intercompany transactions and investment in subsidiaries | 0 | 0 | ||
Deferred tax assets | 6,056 | 5,178 | ||
Other assets | 34,494 | 67,486 | ||
Total assets | 8,434,298 | 8,577,293 | ||
Liabilities | ||||
Accounts payable | 1,006 | 2,511 | ||
Accrued expenses | 6,239 | 30,297 | ||
Accrued interest | 60,695 | 45,261 | ||
Accrued salaries and wages | 13,821 | 17,010 | ||
Gaming, property, and other taxes | 944 | 42,879 | ||
Income taxes | 0 | 0 | ||
Lease liabilities | 183,971 | |||
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts | 5,737,962 | 5,853,497 | ||
Intercompany loan payable | 0 | 0 | ||
Deferred rental revenue | 328,485 | 293,911 | ||
Deferred tax liabilities | 279 | 261 | ||
Other liabilities | 26,651 | 26,059 | ||
Total liabilities | 6,360,053 | 6,311,686 | ||
Shareholders’ equity (deficit) | ||||
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2019 and December 31, 2018) | 0 | 0 | ||
Common stock ($.01 par value, 500,000,000 shares authorized, 214,694,165 and 214,211,932 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively) | 2,147 | 2,142 | ||
Additional paid-in capital | 3,959,383 | 3,952,503 | ||
Retained accumulated (deficit) earnings | (1,887,285) | (1,689,038) | ||
Total shareholders’ equity | 2,074,245 | 2,265,607 | $ 2,458,247 | $ 2,433,869 |
Total liabilities and shareholders’ equity | $ 8,434,298 | $ 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 | 0 | 214,211,932 | ||
Common stock, shares outstanding | 0 | 214,211,932 | ||
Consolidation, Eliminations | ||||
Assets | ||||
Real estate investments, net | $ 0 | $ 0 | ||
Land rights, net | 0 | |||
Property and equipment, used in operations, net | 0 | 0 | ||
Right-of-use assets and land rights, net | 0 | |||
Cash and cash equivalents | 0 | 0 | ||
Prepaid expenses | 763 | 1,011 | ||
Goodwill | 0 | 0 | ||
Other intangible assets | 0 | 0 | ||
Intercompany loan receivable | (193,595) | (193,595) | ||
Intercompany transactions and investment in subsidiaries | (9,655,446) | (10,210,077) | ||
Deferred tax assets | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | (9,848,278) | (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 | 763 | 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 | |||
Other liabilities | 0 | 0 | ||
Total liabilities | (192,832) | (192,584) | ||
Shareholders’ equity (deficit) | ||||
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2019 and December 31, 2018) | 0 | 0 | ||
Common stock ($.01 par value, 500,000,000 shares authorized, 214,694,165 and 214,211,932 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively) | (4,294) | (4,284) | ||
Additional paid-in capital | (13,799,093) | (13,785,336) | ||
Retained accumulated (deficit) earnings | 4,147,941 | 3,579,543 | ||
Total shareholders’ equity | (9,655,446) | (10,210,077) | ||
Total liabilities and shareholders’ equity | (9,848,278) | (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 | ||
Right-of-use assets and land rights, net | 0 | |||
Cash and cash equivalents | 0 | 0 | ||
Prepaid expenses | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets | 0 | 0 | ||
Intercompany loan receivable | 0 | 0 | ||
Intercompany transactions and investment in subsidiaries | 2,074,245 | 2,265,607 | ||
Deferred tax assets | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total assets | 2,074,245 | 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 (deficit) | ||||
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2019 and December 31, 2018) | 0 | 0 | ||
Common stock ($.01 par value, 500,000,000 shares authorized, 214,694,165 and 214,211,932 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively) | 2,147 | 2,142 | ||
Additional paid-in capital | 3,959,383 | 3,952,503 | ||
Retained accumulated (deficit) earnings | (1,887,285) | (1,689,038) | ||
Total shareholders’ equity | 2,074,245 | 2,265,607 | ||
Total liabilities and shareholders’ equity | 2,074,245 | 2,265,607 | ||
Subsidiary Issuers | ||||
Assets | ||||
Real estate investments, net | 2,514,806 | 2,637,404 | ||
Land rights, net | 100,938 | |||
Property and equipment, used in operations, net | 16,607 | 18,577 | ||
Right-of-use assets and land rights, net | 181,593 | |||
Cash and cash equivalents | 4,281 | 4,632 | ||
Prepaid expenses | 1,243 | 27,071 | ||
Goodwill | 0 | 0 | ||
Other intangible assets | 0 | 0 | ||
Intercompany loan receivable | 193,595 | 193,595 | ||
Intercompany transactions and investment in subsidiaries | 5,082,624 | 5,247,229 | ||
Deferred tax assets | 0 | 0 | ||
Other assets | 31,766 | 47,378 | ||
Total assets | 8,272,515 | 8,522,824 | ||
Liabilities | ||||
Accounts payable | 817 | 2,469 | ||
Accrued expenses | 706 | 23,587 | ||
Accrued interest | 60,695 | 45,261 | ||
Accrued salaries and wages | 10,798 | 14,628 | ||
Gaming, property, and other taxes | 480 | 24,055 | ||
Income taxes | (51) | (2) | ||
Lease liabilities | 89,856 | |||
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts | 5,737,962 | 5,853,497 | ||
Intercompany loan payable | 0 | 0 | ||
Deferred rental revenue | 271,837 | 269,185 | ||
Deferred tax liabilities | 0 | 0 | ||
Other liabilities | 25,170 | 24,536 | ||
Total liabilities | 6,198,270 | 6,257,216 | ||
Shareholders’ equity (deficit) | ||||
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2019 and December 31, 2018) | 0 | 0 | ||
Common stock ($.01 par value, 500,000,000 shares authorized, 214,694,165 and 214,211,932 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively) | 2,147 | 2,142 | ||
Additional paid-in capital | 3,959,384 | 3,952,506 | ||
Retained accumulated (deficit) earnings | (1,887,286) | (1,689,040) | ||
Total shareholders’ equity | 2,074,245 | 2,265,608 | ||
Total liabilities and shareholders’ equity | 8,272,515 | 8,522,824 | ||
Non-Guarantor Subsidiaries | ||||
Assets | ||||
Real estate investments, net | 4,585,749 | 4,694,056 | ||
Land rights, net | 572,269 | |||
Property and equipment, used in operations, net | 77,473 | 82,307 | ||
Right-of-use assets and land rights, net | 657,141 | |||
Cash and cash equivalents | 22,542 | 21,151 | ||
Prepaid expenses | 2,222 | 2,885 | ||
Goodwill | 16,067 | 16,067 | ||
Other intangible assets | 9,577 | 9,577 | ||
Intercompany loan receivable | 0 | 0 | ||
Intercompany transactions and investment in subsidiaries | 2,498,577 | 2,697,241 | ||
Deferred tax assets | 6,056 | 5,178 | ||
Other assets | 2,728 | 20,108 | ||
Total assets | 7,935,816 | 8,191,523 | ||
Liabilities | ||||
Accounts payable | 189 | 42 | ||
Accrued expenses | 5,533 | 6,710 | ||
Accrued interest | 0 | 0 | ||
Accrued salaries and wages | 3,023 | 2,382 | ||
Gaming, property, and other taxes | 464 | 18,824 | ||
Income taxes | (712) | (1,009) | ||
Lease liabilities | 94,115 | |||
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 | 56,648 | 24,726 | ||
Deferred tax liabilities | 279 | 261 | ||
Other liabilities | 1,481 | 1,523 | ||
Total liabilities | 354,615 | 247,054 | ||
Shareholders’ equity (deficit) | ||||
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2019 and December 31, 2018) | 0 | 0 | ||
Common stock ($.01 par value, 500,000,000 shares authorized, 214,694,165 and 214,211,932 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively) | 2,147 | 2,142 | ||
Additional paid-in capital | 9,839,709 | 9,832,830 | ||
Retained accumulated (deficit) earnings | (2,260,655) | (1,890,503) | ||
Total shareholders’ equity | 7,581,201 | 7,944,469 | ||
Total liabilities and shareholders’ equity | $ 7,935,816 | 8,191,523 | ||
GLP Capital, L.P. | ||||
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers | ||||
Ownership percentage of subsidiaries by parent company | 100.00% | |||
GLP Financing II, Inc. | ||||
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers | ||||
Ownership percentage of subsidiaries by parent company | 100.00% | |||
Real Estate Loan | ||||
Assets | ||||
Loans receivable | $ 303,684 | 303,684 | ||
Real Estate Loan | Consolidation, Eliminations | ||||
Assets | ||||
Loans receivable | 0 | 0 | ||
Real Estate Loan | Parent Guarantor | ||||
Assets | ||||
Loans receivable | 0 | 0 | ||
Real Estate Loan | Subsidiary Issuers | ||||
Assets | ||||
Loans receivable | 246,000 | 246,000 | ||
Real Estate Loan | Non-Guarantor Subsidiaries | ||||
Assets | ||||
Loans receivable | 57,684 | 57,684 | ||
Loan receivable | ||||
Assets | ||||
Loans receivable | $ 0 | 13,000 | ||
Loan receivable | Consolidation, Eliminations | ||||
Assets | ||||
Loans receivable | 0 | |||
Loan receivable | Parent Guarantor | ||||
Assets | ||||
Loans receivable | 0 | |||
Loan receivable | Subsidiary Issuers | ||||
Assets | ||||
Loans receivable | 0 | |||
Loan receivable | Non-Guarantor Subsidiaries | ||||
Assets | ||||
Loans receivable | $ 13,000 |
Supplementary Condensed Conso_4
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Income Statement) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers | |||||||||||
Rental income | $ 996,166,000 | ||||||||||
Revenues | |||||||||||
Rental income | $ 747,654,000 | $ 671,190,000 | |||||||||
Income from direct financing lease | 81,119,000 | 74,333,000 | |||||||||
Interest income from real estate loans | 28,916,000 | 6,943,000 | 0 | ||||||||
Real estate taxes paid by tenants | 87,466,000 | 83,698,000 | |||||||||
Total revenues | $ 288,984,000 | $ 287,612,000 | $ 289,013,000 | $ 287,864,000 | $ 303,317,000 | $ 254,139,000 | $ 254,221,000 | $ 244,050,000 | 1,153,473,000 | 1,055,727,000 | 971,307,000 |
Operating expenses | |||||||||||
Real estate taxes | 88,757,000 | 84,666,000 | |||||||||
Land rights and ground lease expense | 42,438,000 | 28,358,000 | 24,005,000 | ||||||||
General and administrative | 65,477,000 | 71,128,000 | 63,151,000 | ||||||||
Depreciation | 240,435,000 | 137,093,000 | 113,480,000 | ||||||||
Loan impairment charges | 13,000,000 | 0 | 0 | ||||||||
Goodwill impairment charges | 0 | 59,454,000 | 0 | ||||||||
Total operating expenses | 436,050,000 | 461,917,000 | 365,789,000 | ||||||||
Income from operations | 188,256,000 | 187,625,000 | 170,767,000 | 170,775,000 | 123,884,000 | 164,834,000 | 153,241,000 | 151,851,000 | 717,423,000 | 593,810,000 | 605,518,000 |
Other income (expenses) | |||||||||||
Interest expense | (301,520,000) | (247,684,000) | (217,068,000) | ||||||||
Interest income | 756,000 | 1,827,000 | 1,935,000 | ||||||||
Losses on debt extinguishment | (21,014,000) | (3,473,000) | 0 | ||||||||
Intercompany dividends and interest | 0 | 0 | 0 | ||||||||
Total other expenses | (321,778,000) | (249,330,000) | (215,133,000) | ||||||||
Income before income taxes | 395,645,000 | 344,480,000 | 390,385,000 | ||||||||
Income tax expense | 4,764,000 | 4,964,000 | 9,787,000 | ||||||||
Net income | $ 114,291,000 | $ 90,547,000 | $ 93,033,000 | $ 93,010,000 | $ 45,931,000 | $ 104,815,000 | $ 91,998,000 | $ 96,772,000 | 390,881,000 | 339,516,000 | 380,598,000 |
Eliminations | |||||||||||
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers | |||||||||||
Rental income | 0 | ||||||||||
Revenues | |||||||||||
Rental income | 0 | 0 | |||||||||
Income from direct financing lease | 0 | 0 | |||||||||
Interest income from real estate loans | 0 | 0 | |||||||||
Real estate taxes paid by tenants | 0 | 0 | |||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Operating expenses | |||||||||||
Real estate taxes | 0 | 0 | |||||||||
Land rights and ground lease expense | 0 | 0 | 0 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Depreciation | 0 | 0 | 0 | ||||||||
Loan impairment charges | 0 | ||||||||||
Goodwill impairment charges | 0 | ||||||||||
Total operating expenses | 0 | 0 | 0 | ||||||||
Income from operations | 0 | 0 | 0 | ||||||||
Other income (expenses) | |||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Losses on debt extinguishment | 0 | 0 | |||||||||
Intercompany dividends and interest | (501,905,000) | (470,324,000) | (463,613,000) | ||||||||
Total other expenses | (501,905,000) | (470,324,000) | (463,613,000) | ||||||||
Income before income taxes | (501,905,000) | (470,324,000) | (463,613,000) | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Net income | (501,905,000) | (470,324,000) | (463,613,000) | ||||||||
Parent Guarantor | |||||||||||
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers | |||||||||||
Rental income | 0 | ||||||||||
Revenues | |||||||||||
Rental income | 0 | 0 | |||||||||
Income from direct financing lease | 0 | 0 | |||||||||
Interest income from real estate loans | 0 | 0 | |||||||||
Real estate taxes paid by tenants | 0 | 0 | |||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Operating expenses | |||||||||||
Real estate taxes | 0 | 0 | |||||||||
Land rights and ground lease expense | 0 | 0 | 0 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Depreciation | 0 | 0 | 0 | ||||||||
Loan impairment charges | 0 | ||||||||||
Goodwill impairment charges | 0 | ||||||||||
Total operating expenses | 0 | 0 | 0 | ||||||||
Income from operations | 0 | 0 | 0 | ||||||||
Other income (expenses) | |||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Interest income | 0 | 0 | 0 | ||||||||
Losses on debt extinguishment | 0 | 0 | |||||||||
Intercompany dividends and interest | 0 | 0 | 0 | ||||||||
Total other expenses | 0 | 0 | 0 | ||||||||
Income before income taxes | 0 | 0 | 0 | ||||||||
Income tax expense | 0 | 0 | 0 | ||||||||
Net income | 0 | 0 | 0 | ||||||||
Subsidiary Issuers | |||||||||||
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers | |||||||||||
Rental income | 552,980,000 | ||||||||||
Revenues | |||||||||||
Rental income | 437,211,000 | 398,070,000 | |||||||||
Income from direct financing lease | 0 | 0 | |||||||||
Interest income from real estate loans | 22,471,000 | 5,590,000 | |||||||||
Real estate taxes paid by tenants | 46,327,000 | 43,672,000 | |||||||||
Total revenues | 575,451,000 | 489,128,000 | 441,742,000 | ||||||||
Operating expenses | |||||||||||
Real estate taxes | 46,443,000 | 43,755,000 | |||||||||
Land rights and ground lease expense | 24,375,000 | 10,156,000 | 5,895,000 | ||||||||
General and administrative | 42,505,000 | 49,161,000 | 39,863,000 | ||||||||
Depreciation | 124,401,000 | 97,632,000 | 93,948,000 | ||||||||
Loan impairment charges | 0 | ||||||||||
Goodwill impairment charges | 0 | ||||||||||
Total operating expenses | 191,281,000 | 203,392,000 | 183,461,000 | ||||||||
Income from operations | 384,170,000 | 285,736,000 | 258,281,000 | ||||||||
Other income (expenses) | |||||||||||
Interest expense | (301,520,000) | (247,684,000) | (217,068,000) | ||||||||
Interest income | 755,000 | 1,355,000 | 0 | ||||||||
Losses on debt extinguishment | (21,014,000) | (3,473,000) | |||||||||
Intercompany dividends and interest | 494,179,000 | 460,044,000 | 451,295,000 | ||||||||
Total other expenses | 172,400,000 | 210,242,000 | 234,227,000 | ||||||||
Income before income taxes | 556,570,000 | 495,978,000 | 492,508,000 | ||||||||
Income tax expense | 657,000 | 855,000 | 1,099,000 | ||||||||
Net income | 555,913,000 | 495,123,000 | 491,409,000 | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers | |||||||||||
Rental income | 443,186,000 | ||||||||||
Revenues | |||||||||||
Rental income | 310,443,000 | 273,120,000 | |||||||||
Income from direct financing lease | 81,119,000 | 74,333,000 | |||||||||
Interest income from real estate loans | 6,445,000 | 1,353,000 | |||||||||
Real estate taxes paid by tenants | 41,139,000 | 40,026,000 | |||||||||
Total revenues | 578,022,000 | 566,599,000 | 529,565,000 | ||||||||
Operating expenses | |||||||||||
Real estate taxes | 42,314,000 | 40,911,000 | |||||||||
Land rights and ground lease expense | 18,063,000 | 18,202,000 | 18,110,000 | ||||||||
General and administrative | 22,972,000 | 21,967,000 | 23,288,000 | ||||||||
Depreciation | 116,034,000 | 39,461,000 | 19,532,000 | ||||||||
Loan impairment charges | 13,000,000 | ||||||||||
Goodwill impairment charges | 59,454,000 | ||||||||||
Total operating expenses | 244,769,000 | 258,525,000 | 182,328,000 | ||||||||
Income from operations | 333,253,000 | 308,074,000 | 347,237,000 | ||||||||
Other income (expenses) | |||||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Interest income | 1,000 | 472,000 | 1,935,000 | ||||||||
Losses on debt extinguishment | 0 | 0 | |||||||||
Intercompany dividends and interest | 7,726,000 | 10,280,000 | 12,318,000 | ||||||||
Total other expenses | 7,727,000 | 10,752,000 | 14,253,000 | ||||||||
Income before income taxes | 340,980,000 | 318,826,000 | 361,490,000 | ||||||||
Income tax expense | 4,107,000 | 4,109,000 | 8,688,000 | ||||||||
Net income | 336,873,000 | 314,717,000 | 352,802,000 | ||||||||
Real estate | |||||||||||
Revenues | |||||||||||
Total revenues | 1,025,082,000 | 923,182,000 | 829,221,000 | ||||||||
Real estate | Eliminations | |||||||||||
Revenues | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Real estate | Parent Guarantor | |||||||||||
Revenues | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Real estate | Subsidiary Issuers | |||||||||||
Revenues | |||||||||||
Total revenues | 575,451,000 | 489,128,000 | 441,742,000 | ||||||||
Real estate | Non-Guarantor Subsidiaries | |||||||||||
Revenues | |||||||||||
Total revenues | 449,631,000 | 434,054,000 | 387,479,000 | ||||||||
Gaming, food, beverage and other | |||||||||||
Revenues | |||||||||||
Total revenues | 128,391,000 | 132,545,000 | 142,086,000 | ||||||||
Gaming, food, beverage and other | 74,700,000 | 77,127,000 | 80,487,000 | ||||||||
Gaming, food, beverage and other | Eliminations | |||||||||||
Revenues | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Gaming, food, beverage and other | 0 | 0 | 0 | ||||||||
Gaming, food, beverage and other | Parent Guarantor | |||||||||||
Revenues | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Gaming, food, beverage and other | 0 | 0 | 0 | ||||||||
Gaming, food, beverage and other | Subsidiary Issuers | |||||||||||
Revenues | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Gaming, food, beverage and other | 0 | 0 | 0 | ||||||||
Gaming, food, beverage and other | Non-Guarantor Subsidiaries | |||||||||||
Revenues | |||||||||||
Total revenues | 128,391,000 | 132,545,000 | 142,086,000 | ||||||||
Gaming, food, beverage and other | $ 74,700,000 | $ 77,127,000 | $ 80,487,000 |
Supplementary Condensed Conso_5
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Cash Flow) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | |||||||||||
Net income | $ 114,291,000 | $ 90,547,000 | $ 93,033,000 | $ 93,010,000 | $ 45,931,000 | $ 104,815,000 | $ 91,998,000 | $ 96,772,000 | $ 390,881,000 | $ 339,516,000 | $ 380,598,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 258,971,000 | 148,365,000 | 123,835,000 | ||||||||
Amortization of debt issuance costs, bond premiums and original issuance discounts | 11,455,000 | 12,167,000 | 13,026,000 | ||||||||
Losses on dispositions of property | 92,000 | 309,000 | 530,000 | ||||||||
Deferred income taxes | (755,000) | (522,000) | (561,000) | ||||||||
Stock-based compensation | 16,198,000 | 11,152,000 | 15,636,000 | ||||||||
Straight-line rent adjustments | 34,574,000 | 61,888,000 | 65,971,000 | ||||||||
Loan impairment charges | 13,000,000 | 0 | 0 | ||||||||
Losses on debt extinguishment | 21,014,000 | 3,473,000 | 0 | ||||||||
Goodwill impairment charges | 0 | 59,454,000 | 0 | ||||||||
(Increase) decrease, | |||||||||||
Prepaid expenses and other assets | (6,070,000) | (673,000) | (5,332,000) | ||||||||
Intercompany | 0 | 0 | 0 | ||||||||
(Decrease), increase | |||||||||||
Accounts payable | (1,505,000) | 1,796,000 | (421,000) | ||||||||
Accrued expenses | (270,000) | (126,000) | 411,000 | ||||||||
Accrued interest | 15,434,000 | 12,020,000 | (502,000) | ||||||||
Accrued salaries and wages | (3,189,000) | 6,201,000 | 190,000 | ||||||||
Gaming, property and other taxes | (120,000) | (149,000) | (517,000) | ||||||||
Income taxes | 0 | 0 | 0 | ||||||||
Other liabilities | 592,000 | (438,000) | 5,847,000 | ||||||||
Net cash provided by operating activities | 750,302,000 | 654,433,000 | 598,711,000 | ||||||||
Investing activities | |||||||||||
Capital project expenditures | 0 | (20,000) | (78,000) | ||||||||
Capital maintenance expenditures | (3,017,000) | (4,284,000) | (3,178,000) | ||||||||
Proceeds from sale of property and equipment | 200,000 | 3,211,000 | 934,000 | ||||||||
Principal payments on loan receivable | 0 | 0 | 13,200,000 | ||||||||
Acquisition of real estate assets | 0 | (1,243,466,000) | (83,252,000) | ||||||||
Originations of real estate loans | 0 | (303,684,000) | 0 | ||||||||
Collections of principal payments on investment in direct financing lease | 0 | 38,459,000 | 73,072,000 | ||||||||
Net cash (used in) provided by investing activities | (2,817,000) | (1,509,784,000) | 698,000 | ||||||||
Financing activities | |||||||||||
Dividends paid | (589,128,000) | (550,435,000) | (529,370,000) | ||||||||
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options | (9,058,000) | 7,537,000 | 18,157,000 | ||||||||
ATM Program offering costs | 255,000 | 0 | |||||||||
Proceeds from issuance of common stock, net of issuance costs | 139,414,000 | ||||||||||
Proceeds from issuance of long-term debt | 1,358,853,000 | 2,593,405,000 | 100,000,000 | ||||||||
Financing costs | (10,029,000) | (32,426,000) | 0 | ||||||||
Repayments of long-term debt | (1,477,949,000) | (1,164,117,000) | (335,112,000) | ||||||||
Premium and related costs paid on tender of senior unsecured notes | (18,879,000) | (1,884,000) | 0 | ||||||||
Intercompany financing | 0 | 0 | 0 | ||||||||
Net cash (used in) provided by financing activities | (746,445,000) | 852,080,000 | (606,911,000) | ||||||||
Net increase (decrease) in cash and cash equivalents | 1,040,000 | (3,271,000) | (7,502,000) | ||||||||
Cash and cash equivalents at beginning of period | 25,783,000 | 29,054,000 | 25,783,000 | 29,054,000 | 36,556,000 | ||||||
Cash and cash equivalents at end of period | 26,823,000 | 25,783,000 | 26,823,000 | 25,783,000 | 29,054,000 | ||||||
Eliminations | |||||||||||
Operating activities | |||||||||||
Net income | (501,905,000) | (470,324,000) | (463,613,000) | ||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Amortization of debt issuance costs, bond premiums and original issuance discounts | 0 | 0 | 0 | ||||||||
Losses on dispositions of property | 0 | 0 | 0 | ||||||||
Deferred income taxes | 0 | 0 | 0 | ||||||||
Stock-based compensation | 0 | 0 | 0 | ||||||||
Straight-line rent adjustments | 0 | 0 | 0 | ||||||||
Loan impairment charges | 0 | ||||||||||
Losses on debt extinguishment | 0 | 0 | |||||||||
Goodwill impairment charges | 0 | ||||||||||
(Increase) decrease, | |||||||||||
Prepaid expenses and other assets | 248,000 | 627,000 | (897,000) | ||||||||
Intercompany | 0 | 0 | 0 | ||||||||
(Decrease), increase | |||||||||||
Accounts payable | 0 | 0 | 0 | ||||||||
Accrued expenses | 0 | 0 | 0 | ||||||||
Accrued interest | 0 | 0 | 0 | ||||||||
Accrued salaries and wages | 0 | 0 | 0 | ||||||||
Gaming, property and other taxes | 0 | 0 | 0 | ||||||||
Income taxes | (248,000) | (627,000) | 897,000 | ||||||||
Other liabilities | 0 | 0 | 0 | ||||||||
Net cash provided by operating activities | (501,905,000) | (470,324,000) | (463,613,000) | ||||||||
Investing activities | |||||||||||
Capital project expenditures | 0 | 0 | |||||||||
Capital maintenance expenditures | 0 | 0 | 0 | ||||||||
Proceeds from sale of property and equipment | 0 | 0 | 0 | ||||||||
Principal payments on loan receivable | 0 | ||||||||||
Acquisition of real estate assets | 0 | 0 | |||||||||
Originations of real estate loans | 0 | ||||||||||
Collections of principal payments on investment in direct financing lease | 0 | 0 | |||||||||
Net cash (used in) provided by investing activities | 0 | 0 | 0 | ||||||||
Financing activities | |||||||||||
Dividends paid | 0 | 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 | 0 | ||||||||
ATM Program offering costs | 0 | ||||||||||
Proceeds from issuance of common stock, net of issuance costs | 0 | ||||||||||
Proceeds from issuance of long-term debt | 0 | 0 | 0 | ||||||||
Financing costs | 0 | 0 | |||||||||
Repayments of long-term debt | 0 | 0 | 0 | ||||||||
Premium and related costs paid on tender of senior unsecured notes | 0 | 0 | |||||||||
Intercompany financing | 501,905,000 | 470,324,000 | 463,613,000 | ||||||||
Net cash (used in) provided by financing activities | 501,905,000 | 470,324,000 | 463,613,000 | ||||||||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | ||||||||
Cash and cash equivalents at beginning of period | 0 | 0 | 0 | 0 | 0 | ||||||
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 | 0 | ||||||
Parent Guarantor | |||||||||||
Operating activities | |||||||||||
Net income | 0 | 0 | 0 | ||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Amortization of debt issuance costs, bond premiums and original issuance discounts | 0 | 0 | 0 | ||||||||
Losses on dispositions of property | 0 | 0 | 0 | ||||||||
Deferred income taxes | 0 | 0 | 0 | ||||||||
Stock-based compensation | 0 | 0 | 0 | ||||||||
Straight-line rent adjustments | 0 | 0 | 0 | ||||||||
Loan impairment charges | 0 | ||||||||||
Losses on debt extinguishment | 0 | 0 | |||||||||
Goodwill impairment charges | 0 | ||||||||||
(Increase) decrease, | |||||||||||
Prepaid expenses and other assets | 0 | 0 | 0 | ||||||||
Intercompany | 0 | 0 | 0 | ||||||||
(Decrease), increase | |||||||||||
Accounts payable | 0 | 0 | 0 | ||||||||
Accrued expenses | 0 | 0 | 0 | ||||||||
Accrued interest | 0 | 0 | 0 | ||||||||
Accrued salaries and wages | 0 | 0 | 0 | ||||||||
Gaming, property and other taxes | 0 | 0 | 0 | ||||||||
Income taxes | 0 | 0 | 0 | ||||||||
Other liabilities | 0 | 0 | 0 | ||||||||
Net cash provided by operating activities | 0 | 0 | 0 | ||||||||
Investing activities | |||||||||||
Capital project expenditures | 0 | 0 | |||||||||
Capital maintenance expenditures | 0 | 0 | 0 | ||||||||
Proceeds from sale of property and equipment | 0 | 0 | 0 | ||||||||
Principal payments on loan receivable | 0 | ||||||||||
Acquisition of real estate assets | 0 | 0 | |||||||||
Originations of real estate loans | 0 | ||||||||||
Collections of principal payments on investment in direct financing lease | 0 | 0 | |||||||||
Net cash (used in) provided by investing activities | 0 | 0 | 0 | ||||||||
Financing activities | |||||||||||
Dividends paid | (589,128,000) | (550,435,000) | (529,370,000) | ||||||||
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options | (9,058,000) | 7,537,000 | 18,157,000 | ||||||||
ATM Program offering costs | 255,000 | ||||||||||
Proceeds from issuance of common stock, net of issuance costs | 139,414,000 | ||||||||||
Proceeds from issuance of long-term debt | 0 | 0 | 0 | ||||||||
Financing costs | 0 | 0 | |||||||||
Repayments of long-term debt | 0 | 0 | 0 | ||||||||
Premium and related costs paid on tender of senior unsecured notes | 0 | 0 | |||||||||
Intercompany financing | 598,441,000 | 542,898,000 | 371,799,000 | ||||||||
Net cash (used in) provided by financing activities | 0 | 0 | 0 | ||||||||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | ||||||||
Cash and cash equivalents at beginning of period | 0 | 0 | 0 | 0 | 0 | ||||||
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 | 0 | ||||||
Subsidiary Issuers | |||||||||||
Operating activities | |||||||||||
Net income | 555,913,000 | 495,123,000 | 491,409,000 | ||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 133,693,000 | 99,678,000 | 95,058,000 | ||||||||
Amortization of debt issuance costs, bond premiums and original issuance discounts | 11,455,000 | 12,167,000 | 13,026,000 | ||||||||
Losses on dispositions of property | 8,000 | 75,000 | 0 | ||||||||
Deferred income taxes | 0 | 0 | 0 | ||||||||
Stock-based compensation | 16,198,000 | 11,152,000 | 15,636,000 | ||||||||
Straight-line rent adjustments | 2,653,000 | 49,166,000 | 56,815,000 | ||||||||
Loan impairment charges | 0 | ||||||||||
Losses on debt extinguishment | 21,014,000 | 3,473,000 | |||||||||
Goodwill impairment charges | 0 | ||||||||||
(Increase) decrease, | |||||||||||
Prepaid expenses and other assets | (5,101,000) | (1,777,000) | (5,703,000) | ||||||||
Intercompany | (430,000) | 66,000 | 317,000 | ||||||||
(Decrease), increase | |||||||||||
Accounts payable | (1,652,000) | 1,851,000 | 148,000 | ||||||||
Accrued expenses | (58,000) | (205,000) | 103,000 | ||||||||
Accrued interest | 15,434,000 | 12,020,000 | (502,000) | ||||||||
Accrued salaries and wages | (3,830,000) | 6,796,000 | (79,000) | ||||||||
Gaming, property and other taxes | 51,000 | (78,000) | (505,000) | ||||||||
Income taxes | (49,000) | 304,000 | (325,000) | ||||||||
Other liabilities | 634,000 | 55,000 | 6,591,000 | ||||||||
Net cash provided by operating activities | 745,933,000 | 689,866,000 | 671,989,000 | ||||||||
Investing activities | |||||||||||
Capital project expenditures | (20,000) | (78,000) | |||||||||
Capital maintenance expenditures | (22,000) | (55,000) | 0 | ||||||||
Proceeds from sale of property and equipment | 182,000 | 3,195,000 | 10,000 | ||||||||
Principal payments on loan receivable | 0 | ||||||||||
Acquisition of real estate assets | (985,750,000) | (82,866,000) | |||||||||
Originations of real estate loans | (246,000,000) | ||||||||||
Collections of principal payments on investment in direct financing lease | 0 | 0 | |||||||||
Net cash (used in) provided by investing activities | 160,000 | (1,228,630,000) | (82,934,000) | ||||||||
Financing activities | |||||||||||
Dividends paid | 0 | 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 | 0 | ||||||||
ATM Program offering costs | 0 | ||||||||||
Proceeds from issuance of common stock, net of issuance costs | 0 | ||||||||||
Proceeds from issuance of long-term debt | 1,358,853,000 | 2,593,405,000 | 100,000,000 | ||||||||
Financing costs | (10,029,000) | (32,426,000) | |||||||||
Repayments of long-term debt | (1,477,949,000) | (1,164,117,000) | (335,112,000) | ||||||||
Premium and related costs paid on tender of senior unsecured notes | (18,879,000) | (1,884,000) | |||||||||
Intercompany financing | (598,440,000) | (858,316,000) | (358,983,000) | ||||||||
Net cash (used in) provided by financing activities | (746,444,000) | 536,662,000 | (594,095,000) | ||||||||
Net increase (decrease) in cash and cash equivalents | (351,000) | (2,102,000) | (5,040,000) | ||||||||
Cash and cash equivalents at beginning of period | 4,632,000 | 6,734,000 | 4,632,000 | 6,734,000 | 11,774,000 | ||||||
Cash and cash equivalents at end of period | 4,281,000 | 4,632,000 | 4,281,000 | 4,632,000 | 6,734,000 | ||||||
Non-Guarantor Subsidiaries | |||||||||||
Operating activities | |||||||||||
Net income | 336,873,000 | 314,717,000 | 352,802,000 | ||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 125,278,000 | 48,687,000 | 28,777,000 | ||||||||
Amortization of debt issuance costs, bond premiums and original issuance discounts | 0 | 0 | 0 | ||||||||
Losses on dispositions of property | 84,000 | 234,000 | 530,000 | ||||||||
Deferred income taxes | (755,000) | (522,000) | (561,000) | ||||||||
Stock-based compensation | 0 | 0 | 0 | ||||||||
Straight-line rent adjustments | 31,921,000 | 12,722,000 | 9,156,000 | ||||||||
Loan impairment charges | 13,000,000 | ||||||||||
Losses on debt extinguishment | 0 | 0 | |||||||||
Goodwill impairment charges | 59,454,000 | ||||||||||
(Increase) decrease, | |||||||||||
Prepaid expenses and other assets | (1,217,000) | 477,000 | 1,268,000 | ||||||||
Intercompany | 430,000 | (66,000) | (317,000) | ||||||||
(Decrease), increase | |||||||||||
Accounts payable | 147,000 | (55,000) | (569,000) | ||||||||
Accrued expenses | (212,000) | 79,000 | 308,000 | ||||||||
Accrued interest | 0 | 0 | 0 | ||||||||
Accrued salaries and wages | 641,000 | (595,000) | 269,000 | ||||||||
Gaming, property and other taxes | (171,000) | (71,000) | (12,000) | ||||||||
Income taxes | 297,000 | 323,000 | (572,000) | ||||||||
Other liabilities | (42,000) | (493,000) | (744,000) | ||||||||
Net cash provided by operating activities | 506,274,000 | 434,891,000 | 390,335,000 | ||||||||
Investing activities | |||||||||||
Capital project expenditures | 0 | 0 | |||||||||
Capital maintenance expenditures | (2,995,000) | (4,229,000) | (3,178,000) | ||||||||
Proceeds from sale of property and equipment | 18,000 | 16,000 | 924,000 | ||||||||
Principal payments on loan receivable | 13,200,000 | ||||||||||
Acquisition of real estate assets | (257,716,000) | (386,000) | |||||||||
Originations of real estate loans | (57,684,000) | ||||||||||
Collections of principal payments on investment in direct financing lease | 38,459,000 | 73,072,000 | |||||||||
Net cash (used in) provided by investing activities | (2,977,000) | (281,154,000) | 83,632,000 | ||||||||
Financing activities | |||||||||||
Dividends paid | 0 | 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 | 0 | ||||||||
ATM Program offering costs | 0 | ||||||||||
Proceeds from issuance of common stock, net of issuance costs | 0 | ||||||||||
Proceeds from issuance of long-term debt | 0 | 0 | 0 | ||||||||
Financing costs | 0 | 0 | |||||||||
Repayments of long-term debt | 0 | 0 | 0 | ||||||||
Premium and related costs paid on tender of senior unsecured notes | 0 | 0 | |||||||||
Intercompany financing | (501,906,000) | (154,906,000) | (476,429,000) | ||||||||
Net cash (used in) provided by financing activities | (501,906,000) | (154,906,000) | (476,429,000) | ||||||||
Net increase (decrease) in cash and cash equivalents | 1,391,000 | (1,169,000) | (2,462,000) | ||||||||
Cash and cash equivalents at beginning of period | $ 21,151,000 | $ 22,320,000 | 21,151,000 | 22,320,000 | 24,782,000 | ||||||
Cash and cash equivalents at end of period | $ 22,542,000 | $ 21,151,000 | $ 22,542,000 | $ 21,151,000 | $ 22,320,000 |
Schedule III Real Estate Asse_2
Schedule III Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land and Improvements | 2,556,077 | |||
Initial Cost to Company, Building and Improvements | 5,581,881 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 163,539 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 2,552,286 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 5,749,210 | |||
Gross Amount at which Carried at Close of Period | $ 8,314,546 | $ 4,519,501 | $ 4,495,972 | 8,301,496 |
Accumulated Depreciation | (983,086) | (983,086) | (756,881) | (1,200,941) |
Federal income tax basis | 7,950,000 | |||
Real Estate: | ||||
Balance at the beginning of the period | 8,314,546 | 4,519,501 | 4,495,972 | |
Acquisitions | 0 | 1,199,135 | 23,507 | |
Reclass of assets from investment in direct financing lease to real estate investments (1) | 0 | 0 | ||
Capital expenditures and assets placed in service | 0 | 0 | 32 | |
Dispositions | (13,050) | (3,270) | (10) | |
Balance at the end of the period | 8,301,496 | 8,314,546 | 4,519,501 | |
Accumulated Depreciation: | ||||
Balance at the beginning of the period | (983,086) | (857,456) | (756,881) | |
Depreciation expense | (230,716) | (125,630) | (100,576) | |
Dispositions | 12,861 | 0 | 1 | |
Balance at the end of the period | (1,200,941) | $ (983,086) | $ (857,456) | |
Hollywood Casino Lawrenceburg | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 15,251 | |||
Initial Cost to Company, Building and Improvements | 342,393 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | (30) | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 15,222 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 342,392 | |||
Gross Amount at which Carried at Close of Period | 357,614 | 357,614 | ||
Accumulated Depreciation | $ (150,315) | (150,315) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 357,614 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (150,315) | |||
Hollywood Casino Aurora | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 4,937 | |||
Initial Cost to Company, Building and Improvements | 98,378 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | (383) | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 4,936 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 97,996 | |||
Gross Amount at which Carried at Close of Period | 102,932 | 102,932 | ||
Accumulated Depreciation | $ (68,924) | (68,924) | ||
Life on which Depreciation in Latest Income Statement is Computed | 30 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 102,932 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (68,924) | |||
Hollywood Casino Joliet | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 19,214 | |||
Initial Cost to Company, Building and Improvements | 101,104 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | (20) | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 19,194 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 101,104 | |||
Gross Amount at which Carried at Close of Period | 120,298 | 120,298 | ||
Accumulated Depreciation | $ (61,511) | (61,511) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 120,298 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (61,511) | |||
Argosy Casino Alton | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 0 | |||
Initial Cost to Company, Building and Improvements | 6,462 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 0 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 6,462 | |||
Gross Amount at which Carried at Close of Period | 6,462 | 6,462 | ||
Accumulated Depreciation | $ (4,599) | (4,599) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 6,462 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (4,599) | |||
Hollywood Casino Toledo | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 12,003 | |||
Initial Cost to Company, Building and Improvements | 144,093 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | (201) | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 11,802 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 144,093 | |||
Gross Amount at which Carried at Close of Period | 155,895 | 155,895 | ||
Accumulated Depreciation | $ (40,111) | (40,111) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 155,895 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (40,111) | |||
Hollywood Casino Columbus | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 38,240 | |||
Initial Cost to Company, Building and Improvements | 188,543 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 105 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 38,266 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 188,622 | |||
Gross Amount at which Carried at Close of Period | 226,888 | 226,888 | ||
Accumulated Depreciation | $ (52,883) | (52,883) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 226,888 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (52,883) | |||
Hollywood Casino at Charles Town Races | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 35,102 | |||
Initial Cost to Company, Building and Improvements | 233,069 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 35,102 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 233,069 | |||
Gross Amount at which Carried at Close of Period | 268,171 | 268,171 | ||
Accumulated Depreciation | $ (138,278) | (138,278) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 268,171 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (138,278) | |||
Hollywood Casino at Penn National Race Course | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 25,500 | |||
Initial Cost to Company, Building and Improvements | 161,810 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 25,500 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 161,810 | |||
Gross Amount at which Carried at Close of Period | 187,310 | 187,310 | ||
Accumulated Depreciation | $ (81,702) | (81,702) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 187,310 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (81,702) | |||
M Resort | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 66,104 | |||
Initial Cost to Company, Building and Improvements | 126,689 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | (436) | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 65,668 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 126,689 | |||
Gross Amount at which Carried at Close of Period | 192,357 | 192,357 | ||
Accumulated Depreciation | $ (40,605) | (40,605) | ||
Life on which Depreciation in Latest Income Statement is Computed | 30 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 192,357 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (40,605) | |||
Hollywood Casino Bangor | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 12,883 | |||
Initial Cost to Company, Building and Improvements | 84,257 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 12,883 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 84,257 | |||
Gross Amount at which Carried at Close of Period | 97,140 | 97,140 | ||
Accumulated Depreciation | $ (35,033) | (35,033) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 97,140 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (35,033) | |||
Zia Park Casino | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 9,313 | |||
Initial Cost to Company, Building and Improvements | 38,947 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 9,313 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 38,947 | |||
Gross Amount at which Carried at Close of Period | 48,260 | 48,260 | ||
Accumulated Depreciation | $ (21,456) | (21,456) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 48,260 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (21,456) | |||
Hollywood Casino Gulf Coast | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 59,388 | |||
Initial Cost to Company, Building and Improvements | 87,352 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | (229) | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 59,176 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 87,335 | |||
Gross Amount at which Carried at Close of Period | 146,511 | 146,511 | ||
Accumulated Depreciation | $ (53,256) | (53,256) | ||
Life on which Depreciation in Latest Income Statement is Computed | 40 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 146,511 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (53,256) | |||
Argosy Casino Riverside | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 23,468 | |||
Initial Cost to Company, Building and Improvements | 143,301 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | (77) | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 23,391 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 143,301 | |||
Gross Amount at which Carried at Close of Period | 166,692 | 166,692 | ||
Accumulated Depreciation | $ (67,802) | (67,802) | ||
Life on which Depreciation in Latest Income Statement is Computed | 37 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 166,692 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (67,802) | |||
Hollywood Casino Tunica | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 4,634 | |||
Initial Cost to Company, Building and Improvements | 42,031 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 4,634 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 42,031 | |||
Gross Amount at which Carried at Close of Period | 46,665 | 46,665 | ||
Accumulated Depreciation | $ (28,362) | (28,362) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 46,665 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (28,362) | |||
Boomtown Biloxi | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 3,423 | |||
Initial Cost to Company, Building and Improvements | 63,083 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | (137) | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 3,286 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 63,083 | |||
Gross Amount at which Carried at Close of Period | 66,369 | 66,369 | ||
Accumulated Depreciation | $ (49,446) | (49,446) | ||
Life on which Depreciation in Latest Income Statement is Computed | 15 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 66,369 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (49,446) | |||
Hollywood Casino St. Louis | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 44,198 | |||
Initial Cost to Company, Building and Improvements | 177,063 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | (3,239) | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 40,959 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 177,063 | |||
Gross Amount at which Carried at Close of Period | 218,022 | 218,022 | ||
Accumulated Depreciation | $ (87,157) | (87,157) | ||
Life on which Depreciation in Latest Income Statement is Computed | 13 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 218,022 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (87,157) | |||
Hollywood Casino at Dayton Raceway | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 3,211 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 86,288 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 3,211 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 86,288 | |||
Gross Amount at which Carried at Close of Period | 89,499 | 89,499 | ||
Accumulated Depreciation | $ (14,949) | (14,949) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 89,499 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (14,949) | |||
Hollywood Casino at Mahoning Valley Race Track | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 5,683 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 94,314 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 5,833 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 94,164 | |||
Gross Amount at which Carried at Close of Period | 99,997 | 99,997 | ||
Accumulated Depreciation | $ (16,065) | (16,065) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 99,997 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (16,065) | |||
Resorts Casino Tunica (2) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 0 | |||
Initial Cost to Company, Building and Improvements | 12,860 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | (12,860) | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 0 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount at which Carried at Close of Period | 0 | 0 | ||
Accumulated Depreciation | 0 | 0 | ||
Real Estate: | ||||
Balance at the end of the period | 0 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | 0 | |||
1st Jackpot Casino | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 161 | |||
Initial Cost to Company, Building and Improvements | 10,100 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 161 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 10,100 | |||
Gross Amount at which Carried at Close of Period | 10,261 | 10,261 | ||
Accumulated Depreciation | $ (982) | (982) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 10,261 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (982) | |||
Ameristar Black Hawk | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 243,092 | |||
Initial Cost to Company, Building and Improvements | 334,024 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 243,092 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 334,024 | |||
Gross Amount at which Carried at Close of Period | 577,116 | 577,116 | ||
Accumulated Depreciation | $ (13,617) | (13,617) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 577,116 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (13,617) | |||
Ameristar East Chicago | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 4,198 | |||
Initial Cost to Company, Building and Improvements | 123,430 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 4,198 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 123,430 | |||
Gross Amount at which Carried at Close of Period | 127,628 | 127,628 | ||
Accumulated Depreciation | $ (5,788) | (5,788) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 127,628 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (5,788) | |||
Belterra Casino Resort | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 63,420 | |||
Initial Cost to Company, Building and Improvements | 172,875 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 63,420 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 172,875 | |||
Gross Amount at which Carried at Close of Period | 236,295 | 236,295 | ||
Accumulated Depreciation | $ (10,014) | (10,014) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 236,295 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (10,014) | |||
Ameristar Council Bluffs | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 84,009 | |||
Initial Cost to Company, Building and Improvements | 109,027 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 84,009 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 109,027 | |||
Gross Amount at which Carried at Close of Period | 193,036 | 193,036 | ||
Accumulated Depreciation | $ (5,332) | (5,332) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 193,036 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (5,332) | |||
L'Auberge Baton Rouge | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 205,274 | |||
Initial Cost to Company, Building and Improvements | 178,426 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 205,274 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 178,426 | |||
Gross Amount at which Carried at Close of Period | 383,700 | 383,700 | ||
Accumulated Depreciation | $ (7,747) | (7,747) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 383,700 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (7,747) | |||
Boomtown Bossier City | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 79,022 | |||
Initial Cost to Company, Building and Improvements | 107,067 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 79,022 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 107,067 | |||
Gross Amount at which Carried at Close of Period | 186,089 | 186,089 | ||
Accumulated Depreciation | $ (4,829) | (4,829) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 186,089 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (4,829) | |||
L'Auberge Lake Charles | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 14,831 | |||
Initial Cost to Company, Building and Improvements | 310,877 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 14,831 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 310,877 | |||
Gross Amount at which Carried at Close of Period | 325,708 | 325,708 | ||
Accumulated Depreciation | $ (15,412) | (15,412) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 325,708 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (15,412) | |||
Boomtown New Orleans | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 46,019 | |||
Initial Cost to Company, Building and Improvements | 58,258 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 46,019 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 58,258 | |||
Gross Amount at which Carried at Close of Period | 104,277 | 104,277 | ||
Accumulated Depreciation | $ (2,866) | (2,866) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 104,277 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (2,866) | |||
Ameristar Vicksburg | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 128,068 | |||
Initial Cost to Company, Building and Improvements | 96,106 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 128,068 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 96,106 | |||
Gross Amount at which Carried at Close of Period | 224,174 | 224,174 | ||
Accumulated Depreciation | $ (5,631) | (5,631) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 224,174 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (5,631) | |||
River City Casino & Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land and Improvements | 8,117 | |||
Initial Cost to Company, Building and Improvements | 221,038 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 8,117 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 221,038 | |||
Gross Amount at which Carried at Close of Period | 229,155 | 229,155 | ||
Accumulated Depreciation | $ (9,924) | (9,924) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 229,155 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (9,924) | |||
Ameristar Kansas City | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 239,111 | |||
Initial Cost to Company, Building and Improvements | 271,598 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 239,111 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 271,598 | |||
Gross Amount at which Carried at Close of Period | 510,709 | 510,709 | ||
Accumulated Depreciation | $ (13,663) | (13,663) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 510,709 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (13,663) | |||
Ameristar St. Charles | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 375,597 | |||
Initial Cost to Company, Building and Improvements | 437,908 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 375,596 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 437,908 | |||
Gross Amount at which Carried at Close of Period | 813,504 | 813,504 | ||
Accumulated Depreciation | $ (18,220) | (18,220) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 813,504 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (18,220) | |||
Jackpot Properties | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 48,785 | |||
Initial Cost to Company, Building and Improvements | 61,550 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 48,785 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 61,550 | |||
Gross Amount at which Carried at Close of Period | 110,335 | 110,335 | ||
Accumulated Depreciation | $ (4,596) | (4,596) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 110,335 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (4,596) | |||
Plainridge Park Casino | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 127,068 | |||
Initial Cost to Company, Building and Improvements | 123,850 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 127,068 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 123,850 | |||
Gross Amount at which Carried at Close of Period | 250,918 | 250,918 | ||
Accumulated Depreciation | $ (4,827) | (4,827) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 250,918 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (4,827) | |||
The Meadows Racetrack and Casino | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 181,532 | |||
Initial Cost to Company, Building and Improvements | 141,370 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 386 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 181,918 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 141,370 | |||
Gross Amount at which Carried at Close of Period | 323,288 | 323,288 | ||
Accumulated Depreciation | $ (18,630) | (18,630) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 323,288 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (18,630) | |||
Casino Queen | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 70,716 | |||
Initial Cost to Company, Building and Improvements | 70,014 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 70,716 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 70,014 | |||
Gross Amount at which Carried at Close of Period | 140,730 | 140,730 | ||
Accumulated Depreciation | $ (16,615) | (16,615) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 140,730 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (16,615) | |||
Tropicana Atlantic City | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 166,974 | |||
Initial Cost to Company, Building and Improvements | 392,923 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 166,974 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 392,923 | |||
Gross Amount at which Carried at Close of Period | 559,897 | 559,897 | ||
Accumulated Depreciation | $ (15,386) | (15,386) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 559,897 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (15,386) | |||
Tropicana Evansville | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 47,439 | |||
Initial Cost to Company, Building and Improvements | 146,930 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 47,439 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 146,930 | |||
Gross Amount at which Carried at Close of Period | 194,369 | 194,369 | ||
Accumulated Depreciation | $ (5,727) | (5,727) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 194,369 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (5,727) | |||
Tropicana Laughlin | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 20,671 | |||
Initial Cost to Company, Building and Improvements | 80,530 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 20,671 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 80,530 | |||
Gross Amount at which Carried at Close of Period | 101,201 | 101,201 | ||
Accumulated Depreciation | $ (3,517) | (3,517) | ||
Life on which Depreciation in Latest Income Statement is Computed | 27 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 101,201 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (3,517) | |||
Trop Casino Greenville | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 0 | |||
Initial Cost to Company, Building and Improvements | 21,680 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 0 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 21,680 | |||
Gross Amount at which Carried at Close of Period | 21,680 | 21,680 | ||
Accumulated Depreciation | $ (845) | (845) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 21,680 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (845) | |||
Belle of Baton Rouge | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 11,873 | |||
Initial Cost to Company, Building and Improvements | 52,400 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 11,873 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 52,400 | |||
Gross Amount at which Carried at Close of Period | 64,273 | 64,273 | ||
Accumulated Depreciation | $ (3,160) | (3,160) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 64,273 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (3,160) | |||
GLPI Corporate Office | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 750 | |||
Initial Cost to Company, Building and Improvements | 8,465 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 58 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 750 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 8,523 | |||
Gross Amount at which Carried at Close of Period | 9,273 | 9,273 | ||
Accumulated Depreciation | $ (1,159) | (1,159) | ||
Life on which Depreciation in Latest Income Statement is Computed | 31 years | |||
Real Estate: | ||||
Balance at the end of the period | $ 9,273 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | (1,159) | |||
Other owned land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 6,798 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 0 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 6,798 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amount at which Carried at Close of Period | 6,798 | 6,798 | ||
Accumulated Depreciation | 0 | 0 | ||
Real Estate: | ||||
Balance at the end of the period | 6,798 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | 0 | |||
Rental Properties | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land and Improvements | 2,548,529 | |||
Initial Cost to Company, Building and Improvements | 5,573,416 | |||
Net Capitalized Costs (Retirements) Subsequent to Acquisition | 163,481 | |||
Gross Amount at which Carried at Close of Period, Land and Improvements | 2,544,738 | |||
Gross Amount at which Carried at Close of Period, Building and Improvements | 5,740,687 | |||
Gross Amount at which Carried at Close of Period | 8,285,425 | 8,285,425 | ||
Accumulated Depreciation | (1,199,782) | $ (1,199,782) | ||
Real Estate: | ||||
Balance at the end of the period | 8,285,425 | |||
Accumulated Depreciation: | ||||
Balance at the end of the period | $ (1,199,782) |
Schedule IV Mortgage Loans on_2
Schedule IV Mortgage Loans on Real Estate Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Face Amount of Mortgage | $ 57,684 | ||
Carrying Amount of Mortgage | 57,684 | $ 303,684 | $ 0 |
Principal Amount of Loans Subject to Delinquent Principal or Interest | 0 | ||
Federal income tax basis | $ 58,000 | ||
Boyd Gaming Corporation | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 11.20% | ||
Prior Liens | $ 0 | ||
Face Amount of Mortgage | 57,684 | ||
Carrying Amount of Mortgage | 57,684 | ||
Principal Amount of Loans Subject to Delinquent Principal or Interest | $ 0 |
Schedule IV Mortgage Loans on_3
Schedule IV Mortgage Loans on Real Estate Reconciliation of Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Mortgage Loans: | ||
Balance at the beginning of the period | $ 303,684 | $ 0 |
New mortgage loans | 0 | 303,684 |
Collections of principal | 0 | 0 |
Other deductions | (246,000) | 0 |
Balance at the end of the period | $ 57,684 | $ 303,684 |
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) |