PENN Entertainment (PENN) 10-Q 8 Aug 19 2019 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Cover page.
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	0-24206
Entity Registrant Name	PENN NATIONAL GAMING, INC.
Entity Central Index Key	0000921738
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-2234473
Entity Address, Address Line One	825 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	373-2400
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	PENN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		115,870,152

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 378,766	$ 479,598
Receivables, net of allowance for doubtful accounts of $4,098 and $3,161	106,442	106,837
Prepaid expenses	73,961	62,971
Other current assets	50,065	28,252
Total current assets	609,234	677,658
Property and equipment, net	5,215,777	6,868,768
Investment in and advances to unconsolidated affiliates	127,219	128,488
Goodwill	1,354,127	1,228,422
Other intangible assets, net	2,110,863	1,856,868
Deferred income taxes	0	80,612
Operating lease right-of-use assets	4,458,257	0
Finance lease right-of-use assets	224,641	0
Other assets	109,107	120,196
Total assets	14,209,225	10,961,012
Current liabilities
Accounts payable	28,350	30,551
Current maturities of long-term debt	62,505	62,140
Current portion of financing obligations	49,890	67,777
Current portion of operating lease liabilities	123,797	0
Current portion of finance lease liabilities	6,214	0
Accrued expenses and other current liabilities	589,750	577,968
Total current liabilities	860,506	738,436
Long-term debt, net of current maturities and debt issuance costs	2,489,613	2,350,088
Long-term portion of financing obligations	4,119,159	7,080,638
Long-term portion of operating lease liabilities	4,317,349	0
Long-term portion of finance lease liabilities	219,475	0
Deferred income taxes	249,318	0
Other noncurrent liabilities	62,097	60,629
Total liabilities	12,317,517	10,229,791
Commitments and contingencies (Note 12)
Stockholders’ equity
Common stock ($0.01 par value, 200,000,000 shares authorized, 118,037,162 and 118,855,201 shares issued, and 115,869,769 and 116,687,808 shares outstanding)	1,176	1,188
Treasury stock, at cost, (2,167,393 shares held in both periods)	(28,414)	(28,414)
Additional paid-in capital	1,708,904	1,726,401
Retained earnings (accumulated deficit)	210,242	(967,949)
Total Penn stockholders’ equity	1,891,908	731,226
Non-controlling interest	(200)	(5)
Total stockholders’ equity	1,891,708	731,221
Total liabilities and stockholders’ equity	14,209,225	10,961,012
Series B Preferred stock ($0.01 par value, 1,000,000 shares authorized, no shares issued and outstanding)
Stockholders’ equity
Preferred stock	0	0
Series C Preferred stock ($0.01 par value, 18,500 shares authorized, no shares issued and outstanding)
Stockholders’ equity
Preferred stock	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Allowance for doubtful accounts	$ 4,098	$ 3,161
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	118,037,162	118,855,201
Common stock, shares outstanding (in shares)	115,869,769	116,687,808
Treasury stock (in shares)	2,167,393	2,167,393
Series B Preferred stock ($0.01 par value, 1,000,000 shares authorized, no shares issued and outstanding)
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Series C Preferred stock ($0.01 par value, 18,500 shares authorized, no shares issued and outstanding)
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	18,500	18,500
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Revenues	$ 1,323,094	$ 826,913	$ 2,605,665	$ 1,642,998
Operating expenses
General and administrative	286,968	132,591	573,896	253,854
Depreciation and amortization	106,020	58,559	210,073	118,949
Recoveries on loan loss and unfunded loan commitments, net of impairment losses	0	(16,985)	0	(16,367)
Total operating expenses	1,124,714	645,158	2,224,899	1,289,109
Operating income	198,380	181,755	380,766	353,889
Other income (expenses)
Interest expense	(135,039)	(115,873)	(267,626)	(231,613)
Interest income	257	241	576	490
Income from unconsolidated affiliates	6,255	5,734	11,942	11,095
Loss on early extinguishment of debt	0	(2,579)	0	(3,461)
Other	43	(48)	43	(44)
Total other expenses	(128,484)	(112,525)	(255,065)	(223,533)
Income before income taxes	69,896	69,230	125,701	130,356
Income tax expense	(18,539)	(15,242)	(33,357)	(30,931)
Net income	51,357	53,988	92,344	99,425
Less: Net loss attributable to non-controlling interest	190	0	195	0
Net income attributable to Penn	$ 51,547	$ 53,988	$ 92,539	$ 99,425
Earnings per common share
Basic earnings per common share (in dollars per share)	$ 0.44	$ 0.59	$ 0.80	$ 1.09
Diluted earnings per common share (in dollars per share)	$ 0.44	$ 0.57	$ 0.78	$ 1.05
Weighted average basic shares outstanding (in shares)	115,982	91,468	116,137	91,330
Weighted average diluted shares outstanding (in shares)	117,676	94,995	118,161	94,834
Gaming
Revenues
Revenues	$ 1,062,139	$ 665,094	$ 2,096,650	$ 1,319,588
Operating expenses
Cost of revenue	564,155	350,694	1,111,600	691,210
Food, beverage, hotel and other
Revenues
Revenues	260,955	133,664	509,015	264,633
Operating expenses
Cost of revenue	167,571	95,112	329,330	188,092
Management service and license fees
Revenues
Revenues	0	2,968	0	5,406
Reimbursable management costs
Revenues
Revenues	0	25,187	0	53,371
Operating expenses
Cost of revenue	$ 0	$ 25,187	$ 0	$ 53,371

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 51,357	$ 53,988	$ 92,344	$ 99,425
Total comprehensive income	51,357	53,988	92,344	99,425
Less: Comprehensive loss attributable to non-controlling interest	190	0	195	0
Comprehensive income attributable to Penn	$ 51,547	$ 53,988	$ 92,539	$ 99,425

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Loss	Total Penn National Gaming, Inc. Stockholders’ Equity (Deficit)	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2017		0	91,225,242
Beginning balance at Dec. 31, 2017	$ (73,146)	$ 0	$ 933	$ (28,414)	$ 1,007,606	$ (1,051,818)	$ (1,453)	$ (73,146)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)			971,043
Share-based compensation arrangements	11,127		$ 10		11,117			11,127
Net income (loss)	99,425					99,425		99,425
Ending balance (in shares) at Jun. 30, 2018		0	92,196,285
Ending balance at Jun. 30, 2018	27,756	$ 0	$ 943	(28,414)	1,018,723	(962,043)	(1,453)	27,756	0
Beginning balance (in shares) at Mar. 31, 2018		0	91,655,290
Beginning balance at Mar. 31, 2018	(33,639)	$ 0	$ 937	(28,414)	1,011,322	(1,016,031)	(1,453)	(33,639)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)			540,995
Share-based compensation arrangements	7,407		$ 6		7,401			7,407
Net income (loss)	53,988					53,988		53,988
Ending balance (in shares) at Jun. 30, 2018		0	92,196,285
Ending balance at Jun. 30, 2018	27,756	$ 0	$ 943	(28,414)	1,018,723	(962,043)	(1,453)	27,756	0
Beginning balance (in shares) at Dec. 31, 2018		0	116,687,808
Beginning balance at Dec. 31, 2018	731,221	$ 0	$ 1,188	(28,414)	1,726,401	(967,949)	0	731,226	(5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)			453,784
Share-based compensation arrangements	7,376		$ 1		7,375			7,376
Share repurchases (in shares)			(1,271,823)
Share repurchases	(24,885)		$ (13)		(24,872)			(24,885)
Net income (loss)	92,344					92,539		92,539	(195)
Ending balance (in shares) at Jun. 30, 2019		0	115,869,769
Ending balance at Jun. 30, 2019	1,891,708	$ 0	$ 1,176	(28,414)	1,708,904	210,242	0	1,891,908	(200)
Beginning balance (in shares) at Mar. 31, 2019		0	117,140,551
Beginning balance at Mar. 31, 2019	1,861,811	$ 0	$ 1,189	(28,414)	1,730,351	158,695	0	1,861,821	(10)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)			1,041
Share-based compensation arrangements	3,425		$ 0		3,425			3,425
Share repurchases (in shares)			(1,271,823)
Share repurchases	(24,885)		$ (13)		(24,872)			(24,885)
Net income (loss)	51,357					51,547		51,547	(190)
Ending balance (in shares) at Jun. 30, 2019		0	115,869,769
Ending balance at Jun. 30, 2019	$ 1,891,708	$ 0	$ 1,176	$ (28,414)	$ 1,708,904	$ 210,242	$ 0	$ 1,891,908	$ (200)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities
Net income	$ 92,344	$ 99,425
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	210,073	118,949
Amortization of items charged to interest expense	3,826	3,143
Noncash operating lease expense	61,047	0
Change in fair value of contingent purchase price	5,757	1,337
Loss on sale of property and equipment	893	3
Income from unconsolidated affiliates	(11,942)	(11,095)
Return on investment from unconsolidated affiliates	13,500	13,300
Deferred income taxes	15,429	8,210
Stock-based compensation	6,664	5,932
Recoveries on loan loss and unfunded loan commitments, net of impairment losses	0	(16,367)
Loss on early extinguishment of debt	0	3,461
Changes in operating assets and liabilities, net of businesses acquired
Accounts receivable	7,595	5,766
Prepaid expenses and other current assets	(256)	(5,081)
Other assets	(1,497)	(1,579)
Accounts payable	119	(2,014)
Accrued expenses	(20,043)	(32,058)
Income taxes	7,621	14,091
Operating lease liabilities	(78,307)	0
Other current and noncurrent liabilities	2,371	1,636
Net cash provided by operating activities	315,194	207,059
Investing activities
Project capital expenditures	(12,010)	(1,661)
Maintenance capital expenditures	(83,020)	(31,297)
Proceeds from sale of property and equipment	376	218
Proceeds from sale of loan	0	15,186
Consideration paid for acquisitions of businesses, net of cash acquired	(1,359,466)	(3,006)
Proceeds from sale-and-leaseback transactions in conjunction with acquisitions	961,127	0
Consideration paid for gaming licenses and other intangible assets	(1,377)	(58,230)
Other	(250)	(326)
Net cash used in investing activities	(494,620)	(79,116)
Financing activities
Proceeds from revolving credit facility	340,000	54,000
Principal payments on long-term debt	(23,336)	(170,750)
Repayments on revolving credit facility	(172,000)	(54,000)
Payments of other long-term obligations	(7,939)	(7,636)
Principal payments on financing obligations	(25,343)	(32,766)
Principal payments on finance leases	(2,941)	0
Proceeds from exercise of options	712	5,195
Repurchase of common stock	(24,885)	0
Payments of contingent purchase price	(367)	(541)
Proceeds from insurance financing	13,797	8,541
Payments on insurance financing	(10,474)	(7,814)
Other	(280)	0
Net cash provided by (used in) financing activities	86,944	(205,771)
Change in cash, cash equivalents, and restricted cash	(92,482)	(77,828)
Cash, cash equivalents and restricted cash at the beginning of the year	481,238	279,418
Cash, cash equivalents and restricted cash at the end of the period	388,756	201,590
Reconciliation of cash, cash equivalents and restricted cash:
Total cash, cash equivalents and restricted cash	481,238	279,418
Supplemental disclosure:
Cash paid for interest, net of amounts capitalized	265,624	230,023
Cash payments related to income taxes, net	4,500	6,507
Non-cash investing and financing activities:
Commencement of operating leases	712,837	0
Commencement of finance leases	4,332	0
Accrued capital expenditures	$ 3,636	$ 4,089

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization: Penn National Gaming, Inc., together with its subsidiaries, is a leading, diversified, multi-jurisdictional owner and manager of gaming and racing facilities and video gaming terminal (“VGT”) operations with a focus on slot machine entertainment. In the second half of 2018, we launched live sports wagering at our facilities in Mississippi, Pennsylvania and West Virginia. In addition, the Company operates an interactive gaming division through its subsidiary, Penn Interactive Ventures, LLC (“PIV”). Our MYCHOICE ® customer loyalty program (the “my choice program”) provides its members with various benefits, including earning reward points redeemable for complimentary goods and/or services and credit toward tier status, which entitles our guests to receive certain other benefits. References in these footnotes to “Penn,” the “Company,” “we,” “our,” or “us” refer to Penn National Gaming, Inc. and its subsidiaries, except where stated or the context otherwise indicates. As of June 30, 2019 , we owned, managed, or had ownership interests in 41 facilities in 19 jurisdictions. The majority of the gaming facilities used in the Company’s operations are subject to triple net master leases; the most significant of which are the Penn Master Lease and the Pinnacle Master Lease (as such terms are defined in Note 4, “Leases,” and collectively referred to as the “ Master Leases ”), with Gaming and Leisure Properties, Inc. (GLPI:NASDAQ) (“GLPI”), a real estate investment trust (“REIT”), as the landlord under the Master Leases . The Company has four reportable segments: Northeast, South, West and Midwest. See Note 2, “Significant Accounting Policies” and Note 16, “Segment Information” for further information. Basis of Presentation: The unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Results of operations and cash flows for the interim periods presented herein are not necessarily indicative of the results that would be achieved during a full year of operations or in future periods. These unaudited Condensed Consolidated Financial Statements and notes thereto should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Principles of Consolidation: The unaudited Condensed Consolidated Financial Statements include the accounts of Penn National Gaming, Inc. and its subsidiaries. Investments in and advances to unconsolidated affiliates that do not meet the consolidation criteria of the authoritative guidance for voting interest, controlling interest or variable interest entities (“VIEs”), are accounted for under the equity method. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates: The preparation of unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Segment Information: We view each of our gaming and racing properties as an operating segment with the exception of our two properties in Jackpot, Nevada, which we view as one operating segment. We view our combined VGT operations as an operating segment. See Note 16, “Segment Information,” for further information. For financial reporting purposes, we aggregate our operating segments into the following reportable segments: Location Real Estate Assets Lease or Ownership Structure Northeast segment Ameristar East Chicago East Chicago, Indiana Pinnacle Master Lease Greektown Casino-Hotel (1) Detroit, Michigan Greektown Lease Hollywood Casino Bangor Bangor, Maine Penn Master Lease Hollywood Casino at Charles Town Races Charles Town, West Virginia Penn Master Lease Hollywood Casino Columbus Columbus, Ohio Penn Master Lease Hollywood Casino Lawrenceburg Lawrenceburg, Indiana Penn Master Lease Hollywood Casino at Penn National Race Course Grantville, Pennsylvania Penn Master Lease Hollywood Casino Toledo Toledo, Ohio Penn Master Lease Hollywood Gaming at Dayton Raceway Dayton, Ohio Penn Master Lease Hollywood Gaming at Mahoning Valley Race Course Youngstown, Ohio Penn Master Lease Meadows Racetrack and Casino Washington, Pennsylvania Meadows Lease Plainridge Park Casino Plainville, Massachusetts Pinnacle Master Lease South segment (2) 1 st Jackpot Casino Tunica, Mississippi Penn Master Lease Ameristar Vicksburg Vicksburg, Mississippi Pinnacle Master Lease Boomtown Biloxi Biloxi, Mississippi Penn Master Lease Boomtown Bossier City Bossier City, Louisiana Pinnacle Master Lease Boomtown New Orleans New Orleans, Louisiana Pinnacle Master Lease Hollywood Casino Gulf Coast Bay St. Louis, Mississippi Penn Master Lease Hollywood Casino Tunica Tunica, Mississippi Penn Master Lease L’Auberge Baton Rouge Baton Rouge, Louisiana Pinnacle Master Lease L’Auberge Lake Charles Lake Charles, Louisiana Pinnacle Master Lease Margaritaville Resort Casino (3) Bossier City, Louisiana Margaritaville Lease West segment Ameristar Black Hawk Black Hawk, Colorado Pinnacle Master Lease Cactus Petes and Horseshu Jackpot, Nevada Pinnacle Master Lease M Resort Henderson, Nevada Penn Master Lease Tropicana Las Vegas Las Vegas, Nevada Owned Zia Park Casino Hobbs, New Mexico Penn Master Lease Midwest segment Ameristar Council Bluffs Council Bluffs, Iowa Pinnacle Master Lease Argosy Casino Alton (4) Alton, Illinois Penn Master Lease Argosy Casino Riverside Riverside, Missouri Penn Master Lease Hollywood Casino Aurora Aurora, Illinois Penn Master Lease Hollywood Casino Joliet Joliet, Illinois Penn Master Lease Hollywood Casino at Kansas Speedway (5) Kansas City, Kansas Owned - JV Hollywood Casino St. Louis Maryland Heights, Missouri Penn Master Lease Prairie State Gaming (6) Illinois N/A River City Casino St. Louis, Missouri Pinnacle Master Lease (1) Acquired on May 23, 2019 (2) Resorts Casino Tunica closed on June 30, 2019, but remains subject to the Penn Master Lease. (3) Acquired on January 1, 2019 (4) The riverboat is owned by us and not subject to the Penn Master Lease. (5) Pursuant to a joint venture with International Speedway Corporation (“International Speedway”) and includes the Company’s 50% investment in Kansas Entertainment, LLC (“Kansas Entertainment”), which owns the Hollywood Casino at Kansas Speedway. (6) VGT route operations Revenue Recognition: The Company’s revenue from contracts with customers consists of gaming wagers, food and beverage transactions, retail transactions, hotel room sales, racing wagers, sports betting wagers, and management services related to the management of external casinos and reimbursable costs associated with management contracts. During the second quarter of 2018, our management contract was terminated for Hollywood Casino-Jamul San Diego, which is located on the Jamul Tribe’s trust land in San Diego, California. In addition, our management contract was terminated for Casino Rama, which is located in Ontario, Canada, during the third quarter of 2018. Complimentaries associated with Gaming Contracts Food and beverage, hotel, and other services furnished to patrons for free as an inducement to gamble or through the redemption of our customers’ loyalty points are recorded as food and beverage, hotel, and other revenues, at their estimated standalone selling prices with an offset recorded as a reduction to gaming revenues. The cost of providing complimentary goods and services to patrons as an inducement to gamble as well as for the fulfillment of our loyalty point obligation is included in food, beverage, hotel, and other expenses. Revenues recorded to food and beverage, hotel, and other and offset to gaming revenues were as follows: For the three months ended June 30, For the six months ended June 30, (in thousands) 2019 2018 2019 2018 Food and beverage $ 64,102 $ 23,775 $ 128,580 $ 46,750 Hotel 40,848 10,616 77,444 20,303 Other 4,521 1,033 8,793 2,010 Total complimentaries associated with gaming contracts $ 109,471 $ 35,424 $ 214,817 $ 69,063 Revenue Disaggregation We generate revenues at our owned, managed, or operated properties principally by providing the following types of services: (i) gaming, (ii) food and beverage, (iii) hotel, (iv) racing, (v) reimbursable management costs and (vi) other. In addition, we assess our revenues based on geographic location of the related properties, which is consistent with our reportable segments (see Note 16, “Segment Information,” for further information). Our revenue disaggregation by type of revenue and geographic location was as follows: For the three months ended June 30, 2019 (in thousands) Northeast South West Midwest Other Total Revenues: Gaming $ 528,906 $ 206,841 $ 96,498 $ 229,889 $ 5 $ 1,062,139 Food and beverage 37,584 39,551 29,548 19,624 397 126,704 Hotel 10,498 26,521 31,631 11,592 — 80,242 Racing 6,987 — 84 — 1,533 8,604 Other 15,111 9,275 6,489 7,055 7,475 45,405 Total revenues $ 599,086 $ 282,188 $ 164,250 $ 268,160 $ 9,410 $ 1,323,094 For the three months ended June 30, 2018 (in thousands) Northeast South West Midwest Other Total Revenues: Gaming $ 398,719 $ 49,213 $ 50,550 $ 166,612 $ — $ 665,094 Food and beverage 23,321 8,657 20,967 11,473 319 64,737 Hotel 5,316 3,119 20,900 5,947 — 35,282 Racing 4,890 — 99 — 1,661 6,650 Reimbursable management costs 21,068 — 4,119 — — 25,187 Other 11,971 1,629 4,116 4,130 8,117 29,963 Total revenues $ 465,285 $ 62,618 $ 100,751 $ 188,162 $ 10,097 $ 826,913 For the six months ended June 30, 2019 (in thousands) Northeast South West Midwest Other Total Revenues: Gaming $ 1,016,633 $ 426,932 $ 189,321 $ 463,644 $ 120 $ 2,096,650 Food and beverage 73,381 79,741 57,418 40,662 696 251,898 Hotel 17,652 49,501 63,272 21,226 — 151,651 Racing 13,512 — 101 — 3,067 16,680 Other 28,486 17,956 12,792 13,890 15,662 88,786 Total revenues $ 1,149,664 $ 574,130 $ 322,904 $ 539,422 $ 19,545 $ 2,605,665 For the six months ended June 30, 2018 (in thousands) Northeast South West Midwest Other Total Revenues: Gaming $ 790,997 $ 100,189 $ 97,121 $ 331,281 $ — $ 1,319,588 Food and beverage 46,624 17,087 40,816 23,271 582 128,380 Hotel 10,036 5,599 42,021 11,147 — 68,803 Racing 10,167 — 106 — 3,188 13,461 Reimbursable management costs 42,912 — 10,459 — — 53,371 Other 23,268 3,073 8,194 7,997 16,863 59,395 Total revenues $ 924,004 $ 125,948 $ 198,717 $ 373,696 $ 20,633 $ 1,642,998 Customer-related Liabilities The Company has two general types of liabilities related to contracts with customers: (i) the obligation associated with our my choice program (loyalty points and tier status benefits) and (ii) advance payments on goods and services yet to be provided and for unpaid wagers. The Company’s my choice program allows members to utilize their reward membership cards to earn loyalty points that are redeemable for slot play and complimentaries, such as food and beverage at our restaurants, lodging at our hotels and products offered at our retail stores across the vast majority of the Company’s properties. In addition, members of the my choice program earn credit toward tier status, which entitles them to receive certain other benefits, such as gifts. The Company accounts for the obligation associated with our my choice program utilizing a deferred revenue model, which defers revenue at the point in time when the loyalty points and tier status benefits are earned by our customers. Deferred revenue associated with the my choice program is recognized at the point in time when the loyalty points are redeemed by our customers or at the point in time when our customers receive the tier status benefits. The obligation associated with our my choice program is based on the estimated standalone selling price of the loyalty points and the tier status benefits earned after factoring in the likelihood of redemption. The obligation associated with our my choice program, which is included in “Accrued expenses and other current liabilities” within our unaudited Condensed Consolidated Balance Sheets, was $49.0 million and $39.9 million as of June 30, 2019 and December 31, 2018 , respectively, and consisted principally of the obligation associated with the loyalty points. Our loyalty point obligations are generally settled within six months of issuance. Changes between the opening and closing balances primarily relate to the timing of our customers’ election to redeem loyalty points as well as the timing of when our customers receive their earned tier status benefits. The Company’s advance payments on goods and services yet to be provided and for unpaid wagers primarily consist of the following: (i) deposits on rooms and convention space, (ii) money deposited on behalf of a customer in advance of their property visit (referred to as “safekeeping” or “front money”), (iii) outstanding tickets generated by slot machine play or pari-mutuel wagering, (iv) outstanding chip liabilities, (v) unclaimed jackpots, and (vi) gift cards redeemable at our properties. Advance payments on goods and services are recognized as revenue when the good or service is transferred to the customer. Unpaid wagers primarily relate to the Company’s obligation to settle outstanding slot tickets, pari-mutuel racing tickets and gaming chips with customers and generally represent obligations stemming from prior wagering events, of which revenue was previously recognized. The Company’s advance payments on goods and services yet to be provided and for unpaid wagers were $30.7 million and $34.3 million as of June 30, 2019 and December 31, 2018 , respectively, of which, $0.6 million and $0.7 million are classified as long-term, respectively. The current portion and long-term portion of our advance payments on goods and services yet to be provided and for unpaid wagers are included in “Accrued expenses and other current liabilities” and “Other noncurrent liabilities” within our unaudited Condensed Consolidated Balance Sheets, respectively. Gaming and Racing Taxes: The Company is subject to gaming and pari-mutuel taxes based on gross gaming revenue and pari-mutuel revenue in the jurisdictions in which it operates. The Company primarily recognizes gaming and pari-mutuel tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states where or in which wagering occurs. In certain states in which the Company operates, gaming taxes are based on graduated rates. For the three and six months ended June 30, 2019 , these expenses, which were recorded primarily within gaming expense within the unaudited Condensed Consolidated Statements of Operations, were $399.8 million and $786.3 million , respectively, as compared to $253.0 million and $500.4 million , respectively, for the three and six months ended June 30, 2018 . Correction of Cash Flow Classification: Subsequent to the issuance of the Company’s Form 10-Q for the quarterly period ended March 31, 2019, we concluded that the $261.1 million in proceeds from the Margaritaville Resort Casino sale-and-leaseback transaction was incorrectly classified as cash provided by financing activities rather than cash provided by investing activities within the Company’s unaudited Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2019. The accompanying unaudited Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2019 correctly reflects such amount as cash provided by investing activities. The Company will correct the unaudited Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2019 when it files its Form 10-Q for the quarterly period ended March 31, 2020 with the SEC. The correction of this error had no effect on the Company’s net cash provided by operating activities or the accompanying unaudited Condensed Consolidated Balance Sheet, unaudited Condensed Consolidated Statement of Operations, unaudited Condensed Consolidated Statement of Comprehensive Income, or unaudited Condensed Consolidated Statement of Changes in Stockholders’ equity (deficit) as of and for the three months ended March 31, 2019.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Accounting Pronouncements Implemented in 2019 On January 1, 2019, the Company adopted Accounting Standards Codification (“ASC”) Topic 842, “Leases” (“ASC 842”), and all the related amendments (the “new lease standard”) using the modified retrospective method with an effective date of January 1, 2019 (the “adoption date”) and a cumulative effect adjustment to equity. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. As part of the adoption, the Company elected to utilize the package of practical expedients included in this guidance, which permitted the Company to not reassess (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and (iii) the initial direct costs for existing leases. In conjunction with the adoption of the new lease standard, the Company elected the following policies: (i) to account for lease and non-lease components as a single component for all classes of underlying assets and (ii) to not recognize short-term leases (i.e., a lease that is less than 12 months and does not contain a purchase option) within the unaudited Condensed Consolidated Balance Sheets, with the expense related to these short-term leases recorded in total operating expenses within the unaudited Condensed Consolidated Statements of Operations. Penn Master Lease and Pinnacle Master Lease The most significant impact of the adoption of the new lease standard relates to the accounting for our Master Leases with GLPI. Under previous GAAP, as contained within ASC Topic 840, “Leases” (“ASC 840”), the Company concluded that (i) the Penn Master Lease and (ii) the Pinnacle Master Lease to each be a failed sale-leaseback transaction resulting in (a) the land and building assets associated with the Master Leases to be recognized in “Property and equipment, net” within the unaudited Condensed Consolidated Balance Sheets, (b) the recognition of a financing obligation, with the associated interest recorded to “Interest expense” within the unaudited Condensed Consolidated Statements of Operations, and (c) the contingent rentals to be recorded as additional interest expense. Under the provisions of the new lease standard, the Company was required to evaluate its existing sale-leaseback transactions with GLPI to determine whether a sale had occurred, and if a sale had occurred, to determine the classification (operating or finance) of each component contained within each of the Master Leases. Lease components contained within each of the Master Leases that were determined to be operating leases (consisting primarily of the land components) at the adoption date resulted in (i) the derecognition of the existing financing obligation and the carrying amount of the property and equipment with an adjustment to the opening balance of retained earnings and (ii) the recognition of an operating lease liability and an operating lease right-of-use (“ROU”) asset. Operating lease expenses are recorded as rent expense, as opposed to interest expense and depreciation and amortization expense, within the unaudited Condensed Consolidated Statements of Operations and recorded as operating cash outflows within the unaudited Condensed Consolidated Statements of Cash Flows. Lease components contained within each of the Master Leases that were determined to continue to be financing obligations (consisting primarily of the building components) at the adoption date resulted in (i) the continued recognition of the leased assets in “Property and equipment, net” within our unaudited Condensed Consolidated Balance Sheets and (ii) the continued recognition of the financing obligation utilizing assumptions as determined (a) at the lease commencement date with respect to the Penn Master Lease or (b) at the acquisition date with respect to the Pinnacle Master Lease. Our Hollywood Casino at Dayton Raceway and Hollywood Casino at Mahoning Valley Race Course (“Dayton and Mahoning Valley”) properties included within the Penn Master Lease were previously accounted for under build-to-suit guidance pursuant to ASC 840. The Company was required to evaluate the components contained within the build-to-suit arrangements and determine the classification (operating or finance) under the provisions of the new lease standard at the adoption date. The Dayton and Mahoning Valley lease components were determined to be finance leases, which resulted in (i) the recognition of a finance lease ROU asset (recorded to depreciation and amortization expense over the lease term), (ii) a corresponding finance lease liability (recorded to interest expense over the lease term), and (iii) a write-off of the previous (a) carrying amount of the property and equipment and (b) financing obligation recorded with an adjustment to the opening balance of retained earnings at the adoption date. Principal payments associated with finance leases are recorded as financing cash outflows and interest payments associated with finance leases are recorded as operating cash outflows within our unaudited Condensed Consolidated Statements of Cash Flows. Operating Leases, inclusive of the Meadows Lease with GLPI The adoption of the new lease standard required us to recognize ROU assets and lease liabilities that had not previously been recorded within the unaudited Condensed Consolidated Balance Sheets. The lease liability for operating leases is based on the present value of future lease payments. The ROU asset for operating leases is based on the lease liability adjusted for the reclassification of certain balance sheet amounts, such as deferred rent. Deferred and prepaid rent are no longer presented separately. Leases that are short-term in nature are not recognized as ROU assets within the unaudited Condensed Consolidated Balance Sheets, but are recognized as an expense (recorded within total operating expenses) within the unaudited Condensed Consolidated Statements of Operations. The impact of the adoption of the new lease standard on our unaudited Condensed Consolidated Balance Sheets at January 1, 2019 was as follows (only financial statement line items impacted are presented): Impacts of: (in thousands) As Reported as of December 31, 2018 Financing Obligations - Master Leases (1) Finance Leases - Dayton and Mahoning Valley Operating Leases - Master Leases (2) Operating Lease - Meadows (3) Other Operating Leases - Non-Master Leases As Adjusted for ASC 842 Increase/(Decrease) Assets Current assets Prepaid expenses $ 62,971 $ — $ — $ — $ — $ (977 ) $ 61,994 $ (977 ) Total current assets $ 677,658 $ — $ — $ — $ — $ (977 ) $ 676,681 $ (977 ) Property and equipment, net (4) $ 6,868,768 $ — $ (164,314 ) $ (1,407,357 ) $ — $ — $ 5,297,097 $ (1,571,671 ) Goodwill $ 1,228,422 $ 5,517 $ — $ — $ — $ — $ 1,233,939 $ 5,517 Operating lease right-of-use assets (5) $ — $ — $ — $ 3,541,144 $ 112,804 $ 152,519 $ 3,806,467 $ 3,806,467 Finance lease right-of-use assets (6) $ — $ — $ 224,482 $ — $ — $ — $ 224,482 $ 224,482 Total assets $ 10,961,012 $ 5,517 $ 60,168 $ 2,133,787 $ 112,804 $ 151,542 $ 13,424,830 $ 2,463,818 Liabilities Current liabilities Current portion of financing obligations (7) $ 67,777 $ — $ (1,534 ) $ (16,157 ) $ — $ — $ 50,086 $ (17,691 ) Current portion of operating lease liabilities (5) $ — $ — $ — $ 72,894 $ 20,515 $ 8,913 $ 102,322 $ 102,322 Current portion of finance lease liabilities (6) $ — $ — $ 5,752 $ — $ — $ — $ 5,752 $ 5,752 Accrued expenses and other current liabilities $ 577,968 $ — $ — $ — $ — $ (434 ) $ 577,534 $ (434 ) Total current liabilities $ 738,436 $ — $ 4,218 $ 56,737 $ 20,515 $ 8,479 $ 828,385 $ 89,949 Long-term portion of financing obligations (7) $ 7,080,638 $ 5,517 $ (181,262 ) $ (2,760,587 ) $ — $ — $ 4,144,306 $ (2,936,332 ) Long-term portion of operating lease liabilities (5) $ — $ — $ — $ 3,467,057 $ 92,289 $ 144,988 $ 3,704,334 $ 3,704,334 Long-term portion of finance lease liabilities (6) $ — $ — $ 218,329 $ — $ — $ — $ 218,329 $ 218,329 Deferred income taxes (8) $ — $ — $ 4,288 $ 299,523 $ — $ — $ 303,811 $ 303,811 Other noncurrent liabilities $ 60,629 $ — $ — $ — $ — $ (1,925 ) $ 58,704 $ (1,925 ) Total liabilities $ 10,229,791 $ 5,517 $ 45,573 $ 1,062,730 $ 112,804 $ 151,542 $ 11,607,957 $ 1,378,166 Stockholders’ equity Retained earnings (accumulated deficit) $ (967,949 ) $ — $ 14,595 $ 1,071,057 $ — $ — $ 117,703 $ 1,085,652 Total Penn National Gaming, Inc. stockholders’ equity $ 731,226 $ — $ 14,595 $ 1,071,057 $ — $ — $ 1,816,878 $ 1,085,652 Total stockholders’ equity $ 731,221 $ — $ 14,595 $ 1,071,057 $ — $ — $ 1,816,873 $ 1,085,652 Total liabilities and stockholders’ equity $ 10,961,012 $ 5,517 $ 60,168 $ 2,133,787 $ 112,804 $ 151,542 $ 13,424,830 $ 2,463,818 (1) During the first quarter of 2019, the Company identified an adjustment to the purchase price allocation associated with its October 2018 acquisition of Pinnacle Entertainment, Inc. (“Pinnacle”). The purchase price adjustment increased the financing obligation upon the adoption of the new lease standard, resulting in an increase to goodwill (see Note 5, “Acquisitions” ). (2) Represents components contained within each of the Master Leases determined to be operating leases (primarily land). (3) Represents the triple net lease with GLPI for the real estate assets used in the operations of Meadows Racetrack and Casino (the “Meadows Lease”). (4) Represents the (i) derecognition of the carrying amount of the property and equipment, net, associated with land components contained within our Master Leases determined to be operating leases upon the adoption of the new lease standard; and (ii) derecognition of the carrying amount of the property and equipment, net, associated with land and building components associated with Dayton and Mahoning Valley determined to be finance leases upon the adoption of the new lease standard. (5) Operating lease ROU assets represent (i) the land components contained within the Master Leases determined to be operating leases upon the adoption of the new lease standard; and (ii) with respect to other Operating Leases, represent (a) the Meadows Lease, which was acquired by the Company in conjunction with the acquisition of Pinnacle; (b) ground and levee leases with landlords, which were not assumed by GLPI and remain an obligation of the Company; and (c) buildings and equipment not associated with our Master Leases. For leases where the rate implicit in the lease was not readily determinable, we used our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. We utilized the incremental borrowing rate on the adoption date for operating leases that commenced prior to that date. The operating lease liability is based on the net present value of future lease payments. (6) Amounts primarily represent finance leases associated with Dayton and Mahoning Valley, which are included in the Penn Master Lease, that under ASC 840 utilized specific build-to-suit guidance. The adoption of the new lease standard required the Company to evaluate the components under current guidance contained within the new lease standard, which resulted in all components being classified as finance leases. Finance leases result in (i) the recognition of a finance lease ROU asset amortized over the lease term and (ii) a corresponding finance lease liability (recorded to interest expense over the lease term). We utilized our incremental borrowing rate based on the information available at the adoption date in determining the present value of lease payments. The finance lease liability is based on the net present value of future lease payments. (7) Represents components associated with our Master Leases that remain financing obligations (primarily buildings). The financing obligation at the adoption date was calculated utilizing previous assumptions as determined (a) at the lease commencement date with respect to the Penn Master Lease and (b) at the acquisition date with respect to the Pinnacle Master Lease. (8) Represents the tax impacts related to the adoption of the new lease standard. See Note 11, “Income Taxes.” Accounting Pronouncements to be Implemented in 2020 In June 2016, the Financial Accounting Standards Board issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurements of Credit Losses on Financial Instruments” (“ASU 2016-13”), which sets forth a “current expected credit loss” (referred to as “CECL”) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and must be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company is currently assessing the impact of the adoption of ASU 2016-13 on its unaudited Condensed Consolidated Financial Statements.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	Leases The Company determines if a contract is or contains a leasing element at contract inception or the date in which a modification of an existing contract occurs. In order for a contract to be considered a lease, the contract must transfer the right to control the use of an identified asset for a period of time in exchange for consideration. Control is determined to have occurred if the lessee has the right to (i) obtain substantially all of the economic benefits from the use of the identified asset throughout the period of use and (ii) direct the use of the identified asset. The Company has leasing arrangements that contain both (i) lease and (ii) non-lease components. We account for both the lease and non-lease components as a single component for all classes of underlying assets. In determining the present value of lease payments at lease commencement date, the Company utilizes its incremental borrowing rate based on the information available, unless the rate implicit in the lease is readily determinable. Upon adoption of the new lease standard, which is discussed in Note 3, “New Accounting Pronouncements,” the Company utilized its incremental borrowing rate on January 1, 2019, for operating and finance leases that commenced prior to that date. Lessee Master Leases Upon adoption of the new lease standard, components associated with the Master Leases were determined to be either (i) operating leases, (ii) finance leases, or (iii) financing obligations. Changes to future lease payments under both our Penn Master Lease and Pinnacle Master Lease (i.e., when future escalators become known or future variable rent resets occur), which are discussed below, require the Company to (i) increase both the ROU assets and corresponding lease liabilities with respect to operating and finance leases and (ii) record the incremental variable payment associated with the financing obligation to interest expense. Penn Master Lease Pursuant to a triple net master lease with GLPI, which became effective November 1, 2013 (the “Penn Master Lease”), the Company leases real estate assets associated with 19 of the gaming facilities used in its operations. The Penn Master Lease has an initial term of 15 years with four subsequent, five -year renewal periods on the same terms and conditions, exercisable at the Company’s option. The Company has determined that the lease term is 35 years . The payment structure under the Penn Master Lease includes a fixed component, a portion of which is subject to an annual escalator of up to 2% , depending on the Adjusted Revenue to Rent Ratio (as defined in the Penn Master Lease) of 1.8 :1, and a component that is based on the performance of the facilities, which is prospectively adjusted (i) every five years by an amount equal to 4% of the average change in net revenues of all facilities under the Penn Master Lease (other than Hollywood Casino Columbus and Hollywood Casino Toledo (“Columbus and Toledo”)) compared to a contractual baseline during the preceding five years (“Penn Percentage Rent”) and (ii) monthly by an amount equal to 20% of the net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo in excess of a contractual baseline. The next annual escalator test date is scheduled to occur effective November 1, 2019 and the next Penn Percentage Rent reset is scheduled to occur on November 1, 2023. As discussed above, the monthly rent associated with Columbus and Toledo is variable and considered contingent rent. The variable expense related to the operating lease components (the land) is included in “General and administrative” within our unaudited Condensed Consolidated Statements of Operations and the variable expense related to the finance lease components (the buildings) is included in “Interest expense” within our unaudited Condensed Consolidated Statements of Operations. The entire variable expense related to prior year periods was included in “Interest expense” pursuant to the failed sale-leaseback accounting treatment under ASC 840. Total monthly variable expenses were as follows: For the three months ended June 30, For the six months ended June 30, (in thousands) 2019 2018 2019 2018 Variable expenses included in “General and administrative” $ 6,238 $ — $ 13,042 $ — Variable expenses included in “Interest expense” 5,725 12,543 11,969 24,984 Total variable expenses $ 11,963 $ 12,543 $ 25,011 $ 24,984 Pinnacle Master Lease In connection with the Pinnacle Acquisition (as defined in Note 5, “Acquisitions,” ), the Company assumed a triple net master lease with GLPI, originally effective April 28, 2016 (the “Pinnacle Master Lease”), pursuant to which the Company leases real estate assets associated with 12 of the gaming facilities used in its operations. Upon assumption of the Pinnacle Master Lease, as amended, there were 7.5 years remaining of the initial 10 -year term, with five subsequent, five -year renewal periods, on the same terms and conditions, exercisable at the Company’s option. The Company has determined that the lease term is 32.5 years . The payment structure under the Pinnacle Master Lease includes a fixed component, a portion of which is subject to an annual escalator of up to 2% , depending on the Adjusted Revenue to Rent Ratio (as defined in the Pinnacle Master Lease) of 1.8 :1, and a component that is based on the performance of the facilities, which is prospectively adjusted every two years by an amount equal to 4% of the average change in net revenues compared to a contractual baseline during the preceding two years (“Pinnacle Percentage Rent”). The next annual escalator test date and the next Pinnacle Percentage Rent reset are scheduled to occur on May 1, 2020. Operating Leases The Company’s operating leases consist mainly of (i) the Meadows Lease, (ii) a triple net lease with VICI Properties Inc. (VICI:NYSE) (“VICI”) for the real estate assets used in the operation of Margaritaville Resort Casino (the “Margaritaville Lease”), (iii) a triple net lease for the real estate assets used in the operation of Greektown Casino-Hotel (the “Greektown Lease”), (iv) ground and levee leases to landlords which were not assumed by our REIT landlords and remain an obligation of the Company, and (v) building and equipment not associated with our Master Leases. Certain of our lease agreements include rental payments based on a percentage of sales over specified contractual amounts, rental payments adjusted periodically for inflation, and rental payments based on usage. The Company’s leases include options to extend the lease terms. The Company’s operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. Information related to lease term and discount rate was as follows: June 30, 2019 Weighted Average Remaining Lease Term Operating leases (1) 27.8 years Finance leases (2) 28.8 years Financing obligations (3) 30.9 years Weighted Average Discount Rate (4) Operating leases 6.7 % Finance leases 6.8 % Financing obligations 8.1 % (1) Amount consists principally of (i) land components associated with our Master Leases; (ii) our Meadows Lease; (iii) our Margaritaville Lease; (iv) our Greektown Lease; (v) ground and levee leases with landlords which were not assumed by our REIT landlords; and (vi) building and equipment not associated with our Master Leases. (2) Amount consists primarily of the Dayton and Mahoning Valley finance leases. (3) Amount consists of the components contained within each of the Master Leases determined to continue to be financing obligations (primarily buildings) at the adoption date of the new lease standard. (4) For leases where the rate implicit in the lease is not readily determinable, we use our incremental borrowing rate based on the information available at the adoption date in determining the present value of lease payments. The components of lease expense were as follows: Classification (in thousands) Gaming Expense Food, Beverage, Hotel and Other Expense General and Administrative Interest Expense Depreciation and Amortization Total for the three months ended June 30, 2019 Operating Lease Costs Rent expense associated with triple net leases classified as operating leases (1) $ — $ — $ 90,025 $ — $ — $ 90,025 Operating lease cost (2) 146 113 4,346 — — 4,605 Short-term lease cost 14,226 375 212 — — 14,813 Variable lease cost (2) — — 260 — — 260 Total $ 14,372 $ 488 $ 94,843 $ — $ — $ 109,703 Finance Lease Costs Interest expense (3) $ — $ — $ — $ 3,830 $ — $ 3,830 Amortization expense (3) — — — — 1,956 1,956 Total $ — $ — $ — $ 3,830 $ 1,956 $ 5,786 Financing Obligation Costs Interest expense (4) $ — $ — $ — $ 98,369 $ — $ 98,369 Classification (in thousands) Gaming Expense Food, Beverage, Hotel and Other Expense General and Administrative Interest Expense Depreciation and Amortization Total for the six months ended June 30, 2019 Operating Lease Costs Rent expense associated with triple net leases classified as operating leases (1) $ — $ — $ 174,755 $ — $ — $ 174,755 Operating lease cost (2) 283 269 8,443 — — 8,995 Short-term lease cost 27,162 535 780 — — 28,477 Variable lease cost (2) 1,201 2 575 — — 1,778 Total $ 28,646 $ 806 $ 184,553 $ — $ — $ 214,005 Finance Lease Costs Interest expense (3) $ — $ — $ — $ 7,657 $ — $ 7,657 Amortization expense (3) — — — — 3,915 3,915 Total $ — $ — $ — $ 7,657 $ 3,915 $ 11,572 Financing Obligation Costs Interest expense (4) $ — $ — $ — $ 196,041 $ — $ 196,041 (1) Pertains to the components contained within the Master Leases (primarily land) determined to be operating leases, the Meadows Lease, the Margaritaville Lease, and the Greektown Lease, inclusive of the variable expense associated with Columbus and Toledo for the operating lease components (the land) (see table above). (2) Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases, discussed in footnote (1) above. (3) Primarily pertains to the Dayton and Mahoning Valley finance leases. (4) Pertains to the components contained within the Master Leases (primarily buildings) determined to continue to be financing obligations, inclusive of the variable expense associated with Columbus and Toledo for the finance lease components (the buildings) (see table above). The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of June 30, 2019 : (in thousands) Operating Leases Finance Leases Financing Obligations Years ending December 31, 2019 (excluding the six months ended June 30, 2019) $ 209,805 $ 10,749 $ 194,793 2020 408,009 21,481 374,715 2021 387,771 21,474 367,278 2022 384,825 21,362 367,278 2023 381,689 20,497 367,278 Thereafter 8,159,497 403,820 9,637,956 Total lease payments 9,931,596 499,383 11,309,298 Less: Amounts representing interest (5,490,450 ) (273,694 ) (7,140,249 ) Present value of future lease payments 4,441,146 225,689 4,169,049 Less: Current portion of lease obligations (123,797 ) (6,214 ) (49,890 ) Long-term portion of lease obligations $ 4,317,349 $ 219,475 $ 4,119,159 During the three and six months ended June 30, 2019 , total payments made under our Master Leases, the Meadows Lease, the Margaritaville Lease, and the Greektown Lease, were $214.9 million and $422.8 million , respectively. During the three and six months ended June 30, 2018 , total payments made under our Penn Master Lease were $115.9 million and $231.8 million , respectively. Supplemental cash flow information related to leases was as follows: (in thousands) For the six months ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 7,657 Operating cash flows from operating leases $ 186,868 Financing cash flows from finance leases $ 2,941 Lessor The Company leases its hotel rooms to patrons and records the corresponding lessor revenue in “Food, beverage, hotel and other revenues” within our unaudited Condensed Consolidated Statements of Operations. For the three and six months ended June 30, 2019 , the Company recognized $80.2 million and $151.7 million of lessor revenues related to the rental of hotel rooms, respectively. Hotel leasing arrangements vary in duration, but are short-term in nature. The cost and accumulated depreciation of property and equipment associated with hotel rooms is included in “Property and equipment, net” within our unaudited Condensed Consolidated Balance Sheets.
Leases	Leases The Company determines if a contract is or contains a leasing element at contract inception or the date in which a modification of an existing contract occurs. In order for a contract to be considered a lease, the contract must transfer the right to control the use of an identified asset for a period of time in exchange for consideration. Control is determined to have occurred if the lessee has the right to (i) obtain substantially all of the economic benefits from the use of the identified asset throughout the period of use and (ii) direct the use of the identified asset. The Company has leasing arrangements that contain both (i) lease and (ii) non-lease components. We account for both the lease and non-lease components as a single component for all classes of underlying assets. In determining the present value of lease payments at lease commencement date, the Company utilizes its incremental borrowing rate based on the information available, unless the rate implicit in the lease is readily determinable. Upon adoption of the new lease standard, which is discussed in Note 3, “New Accounting Pronouncements,” the Company utilized its incremental borrowing rate on January 1, 2019, for operating and finance leases that commenced prior to that date. Lessee Master Leases Upon adoption of the new lease standard, components associated with the Master Leases were determined to be either (i) operating leases, (ii) finance leases, or (iii) financing obligations. Changes to future lease payments under both our Penn Master Lease and Pinnacle Master Lease (i.e., when future escalators become known or future variable rent resets occur), which are discussed below, require the Company to (i) increase both the ROU assets and corresponding lease liabilities with respect to operating and finance leases and (ii) record the incremental variable payment associated with the financing obligation to interest expense. Penn Master Lease Pursuant to a triple net master lease with GLPI, which became effective November 1, 2013 (the “Penn Master Lease”), the Company leases real estate assets associated with 19 of the gaming facilities used in its operations. The Penn Master Lease has an initial term of 15 years with four subsequent, five -year renewal periods on the same terms and conditions, exercisable at the Company’s option. The Company has determined that the lease term is 35 years . The payment structure under the Penn Master Lease includes a fixed component, a portion of which is subject to an annual escalator of up to 2% , depending on the Adjusted Revenue to Rent Ratio (as defined in the Penn Master Lease) of 1.8 :1, and a component that is based on the performance of the facilities, which is prospectively adjusted (i) every five years by an amount equal to 4% of the average change in net revenues of all facilities under the Penn Master Lease (other than Hollywood Casino Columbus and Hollywood Casino Toledo (“Columbus and Toledo”)) compared to a contractual baseline during the preceding five years (“Penn Percentage Rent”) and (ii) monthly by an amount equal to 20% of the net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo in excess of a contractual baseline. The next annual escalator test date is scheduled to occur effective November 1, 2019 and the next Penn Percentage Rent reset is scheduled to occur on November 1, 2023. As discussed above, the monthly rent associated with Columbus and Toledo is variable and considered contingent rent. The variable expense related to the operating lease components (the land) is included in “General and administrative” within our unaudited Condensed Consolidated Statements of Operations and the variable expense related to the finance lease components (the buildings) is included in “Interest expense” within our unaudited Condensed Consolidated Statements of Operations. The entire variable expense related to prior year periods was included in “Interest expense” pursuant to the failed sale-leaseback accounting treatment under ASC 840. Total monthly variable expenses were as follows: For the three months ended June 30, For the six months ended June 30, (in thousands) 2019 2018 2019 2018 Variable expenses included in “General and administrative” $ 6,238 $ — $ 13,042 $ — Variable expenses included in “Interest expense” 5,725 12,543 11,969 24,984 Total variable expenses $ 11,963 $ 12,543 $ 25,011 $ 24,984 Pinnacle Master Lease In connection with the Pinnacle Acquisition (as defined in Note 5, “Acquisitions,” ), the Company assumed a triple net master lease with GLPI, originally effective April 28, 2016 (the “Pinnacle Master Lease”), pursuant to which the Company leases real estate assets associated with 12 of the gaming facilities used in its operations. Upon assumption of the Pinnacle Master Lease, as amended, there were 7.5 years remaining of the initial 10 -year term, with five subsequent, five -year renewal periods, on the same terms and conditions, exercisable at the Company’s option. The Company has determined that the lease term is 32.5 years . The payment structure under the Pinnacle Master Lease includes a fixed component, a portion of which is subject to an annual escalator of up to 2% , depending on the Adjusted Revenue to Rent Ratio (as defined in the Pinnacle Master Lease) of 1.8 :1, and a component that is based on the performance of the facilities, which is prospectively adjusted every two years by an amount equal to 4% of the average change in net revenues compared to a contractual baseline during the preceding two years (“Pinnacle Percentage Rent”). The next annual escalator test date and the next Pinnacle Percentage Rent reset are scheduled to occur on May 1, 2020. Operating Leases The Company’s operating leases consist mainly of (i) the Meadows Lease, (ii) a triple net lease with VICI Properties Inc. (VICI:NYSE) (“VICI”) for the real estate assets used in the operation of Margaritaville Resort Casino (the “Margaritaville Lease”), (iii) a triple net lease for the real estate assets used in the operation of Greektown Casino-Hotel (the “Greektown Lease”), (iv) ground and levee leases to landlords which were not assumed by our REIT landlords and remain an obligation of the Company, and (v) building and equipment not associated with our Master Leases. Certain of our lease agreements include rental payments based on a percentage of sales over specified contractual amounts, rental payments adjusted periodically for inflation, and rental payments based on usage. The Company’s leases include options to extend the lease terms. The Company’s operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. Information related to lease term and discount rate was as follows: June 30, 2019 Weighted Average Remaining Lease Term Operating leases (1) 27.8 years Finance leases (2) 28.8 years Financing obligations (3) 30.9 years Weighted Average Discount Rate (4) Operating leases 6.7 % Finance leases 6.8 % Financing obligations 8.1 % (1) Amount consists principally of (i) land components associated with our Master Leases; (ii) our Meadows Lease; (iii) our Margaritaville Lease; (iv) our Greektown Lease; (v) ground and levee leases with landlords which were not assumed by our REIT landlords; and (vi) building and equipment not associated with our Master Leases. (2) Amount consists primarily of the Dayton and Mahoning Valley finance leases. (3) Amount consists of the components contained within each of the Master Leases determined to continue to be financing obligations (primarily buildings) at the adoption date of the new lease standard. (4) For leases where the rate implicit in the lease is not readily determinable, we use our incremental borrowing rate based on the information available at the adoption date in determining the present value of lease payments. The components of lease expense were as follows: Classification (in thousands) Gaming Expense Food, Beverage, Hotel and Other Expense General and Administrative Interest Expense Depreciation and Amortization Total for the three months ended June 30, 2019 Operating Lease Costs Rent expense associated with triple net leases classified as operating leases (1) $ — $ — $ 90,025 $ — $ — $ 90,025 Operating lease cost (2) 146 113 4,346 — — 4,605 Short-term lease cost 14,226 375 212 — — 14,813 Variable lease cost (2) — — 260 — — 260 Total $ 14,372 $ 488 $ 94,843 $ — $ — $ 109,703 Finance Lease Costs Interest expense (3) $ — $ — $ — $ 3,830 $ — $ 3,830 Amortization expense (3) — — — — 1,956 1,956 Total $ — $ — $ — $ 3,830 $ 1,956 $ 5,786 Financing Obligation Costs Interest expense (4) $ — $ — $ — $ 98,369 $ — $ 98,369 Classification (in thousands) Gaming Expense Food, Beverage, Hotel and Other Expense General and Administrative Interest Expense Depreciation and Amortization Total for the six months ended June 30, 2019 Operating Lease Costs Rent expense associated with triple net leases classified as operating leases (1) $ — $ — $ 174,755 $ — $ — $ 174,755 Operating lease cost (2) 283 269 8,443 — — 8,995 Short-term lease cost 27,162 535 780 — — 28,477 Variable lease cost (2) 1,201 2 575 — — 1,778 Total $ 28,646 $ 806 $ 184,553 $ — $ — $ 214,005 Finance Lease Costs Interest expense (3) $ — $ — $ — $ 7,657 $ — $ 7,657 Amortization expense (3) — — — — 3,915 3,915 Total $ — $ — $ — $ 7,657 $ 3,915 $ 11,572 Financing Obligation Costs Interest expense (4) $ — $ — $ — $ 196,041 $ — $ 196,041 (1) Pertains to the components contained within the Master Leases (primarily land) determined to be operating leases, the Meadows Lease, the Margaritaville Lease, and the Greektown Lease, inclusive of the variable expense associated with Columbus and Toledo for the operating lease components (the land) (see table above). (2) Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases, discussed in footnote (1) above. (3) Primarily pertains to the Dayton and Mahoning Valley finance leases. (4) Pertains to the components contained within the Master Leases (primarily buildings) determined to continue to be financing obligations, inclusive of the variable expense associated with Columbus and Toledo for the finance lease components (the buildings) (see table above). The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of June 30, 2019 : (in thousands) Operating Leases Finance Leases Financing Obligations Years ending December 31, 2019 (excluding the six months ended June 30, 2019) $ 209,805 $ 10,749 $ 194,793 2020 408,009 21,481 374,715 2021 387,771 21,474 367,278 2022 384,825 21,362 367,278 2023 381,689 20,497 367,278 Thereafter 8,159,497 403,820 9,637,956 Total lease payments 9,931,596 499,383 11,309,298 Less: Amounts representing interest (5,490,450 ) (273,694 ) (7,140,249 ) Present value of future lease payments 4,441,146 225,689 4,169,049 Less: Current portion of lease obligations (123,797 ) (6,214 ) (49,890 ) Long-term portion of lease obligations $ 4,317,349 $ 219,475 $ 4,119,159 During the three and six months ended June 30, 2019 , total payments made under our Master Leases, the Meadows Lease, the Margaritaville Lease, and the Greektown Lease, were $214.9 million and $422.8 million , respectively. During the three and six months ended June 30, 2018 , total payments made under our Penn Master Lease were $115.9 million and $231.8 million , respectively. Supplemental cash flow information related to leases was as follows: (in thousands) For the six months ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 7,657 Operating cash flows from operating leases $ 186,868 Financing cash flows from finance leases $ 2,941 Lessor The Company leases its hotel rooms to patrons and records the corresponding lessor revenue in “Food, beverage, hotel and other revenues” within our unaudited Condensed Consolidated Statements of Operations. For the three and six months ended June 30, 2019 , the Company recognized $80.2 million and $151.7 million of lessor revenues related to the rental of hotel rooms, respectively. Hotel leasing arrangements vary in duration, but are short-term in nature. The cost and accumulated depreciation of property and equipment associated with hotel rooms is included in “Property and equipment, net” within our unaudited Condensed Consolidated Balance Sheets.
Leases	Leases The Company determines if a contract is or contains a leasing element at contract inception or the date in which a modification of an existing contract occurs. In order for a contract to be considered a lease, the contract must transfer the right to control the use of an identified asset for a period of time in exchange for consideration. Control is determined to have occurred if the lessee has the right to (i) obtain substantially all of the economic benefits from the use of the identified asset throughout the period of use and (ii) direct the use of the identified asset. The Company has leasing arrangements that contain both (i) lease and (ii) non-lease components. We account for both the lease and non-lease components as a single component for all classes of underlying assets. In determining the present value of lease payments at lease commencement date, the Company utilizes its incremental borrowing rate based on the information available, unless the rate implicit in the lease is readily determinable. Upon adoption of the new lease standard, which is discussed in Note 3, “New Accounting Pronouncements,” the Company utilized its incremental borrowing rate on January 1, 2019, for operating and finance leases that commenced prior to that date. Lessee Master Leases Upon adoption of the new lease standard, components associated with the Master Leases were determined to be either (i) operating leases, (ii) finance leases, or (iii) financing obligations. Changes to future lease payments under both our Penn Master Lease and Pinnacle Master Lease (i.e., when future escalators become known or future variable rent resets occur), which are discussed below, require the Company to (i) increase both the ROU assets and corresponding lease liabilities with respect to operating and finance leases and (ii) record the incremental variable payment associated with the financing obligation to interest expense. Penn Master Lease Pursuant to a triple net master lease with GLPI, which became effective November 1, 2013 (the “Penn Master Lease”), the Company leases real estate assets associated with 19 of the gaming facilities used in its operations. The Penn Master Lease has an initial term of 15 years with four subsequent, five -year renewal periods on the same terms and conditions, exercisable at the Company’s option. The Company has determined that the lease term is 35 years . The payment structure under the Penn Master Lease includes a fixed component, a portion of which is subject to an annual escalator of up to 2% , depending on the Adjusted Revenue to Rent Ratio (as defined in the Penn Master Lease) of 1.8 :1, and a component that is based on the performance of the facilities, which is prospectively adjusted (i) every five years by an amount equal to 4% of the average change in net revenues of all facilities under the Penn Master Lease (other than Hollywood Casino Columbus and Hollywood Casino Toledo (“Columbus and Toledo”)) compared to a contractual baseline during the preceding five years (“Penn Percentage Rent”) and (ii) monthly by an amount equal to 20% of the net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo in excess of a contractual baseline. The next annual escalator test date is scheduled to occur effective November 1, 2019 and the next Penn Percentage Rent reset is scheduled to occur on November 1, 2023. As discussed above, the monthly rent associated with Columbus and Toledo is variable and considered contingent rent. The variable expense related to the operating lease components (the land) is included in “General and administrative” within our unaudited Condensed Consolidated Statements of Operations and the variable expense related to the finance lease components (the buildings) is included in “Interest expense” within our unaudited Condensed Consolidated Statements of Operations. The entire variable expense related to prior year periods was included in “Interest expense” pursuant to the failed sale-leaseback accounting treatment under ASC 840. Total monthly variable expenses were as follows: For the three months ended June 30, For the six months ended June 30, (in thousands) 2019 2018 2019 2018 Variable expenses included in “General and administrative” $ 6,238 $ — $ 13,042 $ — Variable expenses included in “Interest expense” 5,725 12,543 11,969 24,984 Total variable expenses $ 11,963 $ 12,543 $ 25,011 $ 24,984 Pinnacle Master Lease In connection with the Pinnacle Acquisition (as defined in Note 5, “Acquisitions,” ), the Company assumed a triple net master lease with GLPI, originally effective April 28, 2016 (the “Pinnacle Master Lease”), pursuant to which the Company leases real estate assets associated with 12 of the gaming facilities used in its operations. Upon assumption of the Pinnacle Master Lease, as amended, there were 7.5 years remaining of the initial 10 -year term, with five subsequent, five -year renewal periods, on the same terms and conditions, exercisable at the Company’s option. The Company has determined that the lease term is 32.5 years . The payment structure under the Pinnacle Master Lease includes a fixed component, a portion of which is subject to an annual escalator of up to 2% , depending on the Adjusted Revenue to Rent Ratio (as defined in the Pinnacle Master Lease) of 1.8 :1, and a component that is based on the performance of the facilities, which is prospectively adjusted every two years by an amount equal to 4% of the average change in net revenues compared to a contractual baseline during the preceding two years (“Pinnacle Percentage Rent”). The next annual escalator test date and the next Pinnacle Percentage Rent reset are scheduled to occur on May 1, 2020. Operating Leases The Company’s operating leases consist mainly of (i) the Meadows Lease, (ii) a triple net lease with VICI Properties Inc. (VICI:NYSE) (“VICI”) for the real estate assets used in the operation of Margaritaville Resort Casino (the “Margaritaville Lease”), (iii) a triple net lease for the real estate assets used in the operation of Greektown Casino-Hotel (the “Greektown Lease”), (iv) ground and levee leases to landlords which were not assumed by our REIT landlords and remain an obligation of the Company, and (v) building and equipment not associated with our Master Leases. Certain of our lease agreements include rental payments based on a percentage of sales over specified contractual amounts, rental payments adjusted periodically for inflation, and rental payments based on usage. The Company’s leases include options to extend the lease terms. The Company’s operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. Information related to lease term and discount rate was as follows: June 30, 2019 Weighted Average Remaining Lease Term Operating leases (1) 27.8 years Finance leases (2) 28.8 years Financing obligations (3) 30.9 years Weighted Average Discount Rate (4) Operating leases 6.7 % Finance leases 6.8 % Financing obligations 8.1 % (1) Amount consists principally of (i) land components associated with our Master Leases; (ii) our Meadows Lease; (iii) our Margaritaville Lease; (iv) our Greektown Lease; (v) ground and levee leases with landlords which were not assumed by our REIT landlords; and (vi) building and equipment not associated with our Master Leases. (2) Amount consists primarily of the Dayton and Mahoning Valley finance leases. (3) Amount consists of the components contained within each of the Master Leases determined to continue to be financing obligations (primarily buildings) at the adoption date of the new lease standard. (4) For leases where the rate implicit in the lease is not readily determinable, we use our incremental borrowing rate based on the information available at the adoption date in determining the present value of lease payments. The components of lease expense were as follows: Classification (in thousands) Gaming Expense Food, Beverage, Hotel and Other Expense General and Administrative Interest Expense Depreciation and Amortization Total for the three months ended June 30, 2019 Operating Lease Costs Rent expense associated with triple net leases classified as operating leases (1) $ — $ — $ 90,025 $ — $ — $ 90,025 Operating lease cost (2) 146 113 4,346 — — 4,605 Short-term lease cost 14,226 375 212 — — 14,813 Variable lease cost (2) — — 260 — — 260 Total $ 14,372 $ 488 $ 94,843 $ — $ — $ 109,703 Finance Lease Costs Interest expense (3) $ — $ — $ — $ 3,830 $ — $ 3,830 Amortization expense (3) — — — — 1,956 1,956 Total $ — $ — $ — $ 3,830 $ 1,956 $ 5,786 Financing Obligation Costs Interest expense (4) $ — $ — $ — $ 98,369 $ — $ 98,369 Classification (in thousands) Gaming Expense Food, Beverage, Hotel and Other Expense General and Administrative Interest Expense Depreciation and Amortization Total for the six months ended June 30, 2019 Operating Lease Costs Rent expense associated with triple net leases classified as operating leases (1) $ — $ — $ 174,755 $ — $ — $ 174,755 Operating lease cost (2) 283 269 8,443 — — 8,995 Short-term lease cost 27,162 535 780 — — 28,477 Variable lease cost (2) 1,201 2 575 — — 1,778 Total $ 28,646 $ 806 $ 184,553 $ — $ — $ 214,005 Finance Lease Costs Interest expense (3) $ — $ — $ — $ 7,657 $ — $ 7,657 Amortization expense (3) — — — — 3,915 3,915 Total $ — $ — $ — $ 7,657 $ 3,915 $ 11,572 Financing Obligation Costs Interest expense (4) $ — $ — $ — $ 196,041 $ — $ 196,041 (1) Pertains to the components contained within the Master Leases (primarily land) determined to be operating leases, the Meadows Lease, the Margaritaville Lease, and the Greektown Lease, inclusive of the variable expense associated with Columbus and Toledo for the operating lease components (the land) (see table above). (2) Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases, discussed in footnote (1) above. (3) Primarily pertains to the Dayton and Mahoning Valley finance leases. (4) Pertains to the components contained within the Master Leases (primarily buildings) determined to continue to be financing obligations, inclusive of the variable expense associated with Columbus and Toledo for the finance lease components (the buildings) (see table above). The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of June 30, 2019 : (in thousands) Operating Leases Finance Leases Financing Obligations Years ending December 31, 2019 (excluding the six months ended June 30, 2019) $ 209,805 $ 10,749 $ 194,793 2020 408,009 21,481 374,715 2021 387,771 21,474 367,278 2022 384,825 21,362 367,278 2023 381,689 20,497 367,278 Thereafter 8,159,497 403,820 9,637,956 Total lease payments 9,931,596 499,383 11,309,298 Less: Amounts representing interest (5,490,450 ) (273,694 ) (7,140,249 ) Present value of future lease payments 4,441,146 225,689 4,169,049 Less: Current portion of lease obligations (123,797 ) (6,214 ) (49,890 ) Long-term portion of lease obligations $ 4,317,349 $ 219,475 $ 4,119,159 During the three and six months ended June 30, 2019 , total payments made under our Master Leases, the Meadows Lease, the Margaritaville Lease, and the Greektown Lease, were $214.9 million and $422.8 million , respectively. During the three and six months ended June 30, 2018 , total payments made under our Penn Master Lease were $115.9 million and $231.8 million , respectively. Supplemental cash flow information related to leases was as follows: (in thousands) For the six months ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 7,657 Operating cash flows from operating leases $ 186,868 Financing cash flows from finance leases $ 2,941 Lessor The Company leases its hotel rooms to patrons and records the corresponding lessor revenue in “Food, beverage, hotel and other revenues” within our unaudited Condensed Consolidated Statements of Operations. For the three and six months ended June 30, 2019 , the Company recognized $80.2 million and $151.7 million of lessor revenues related to the rental of hotel rooms, respectively. Hotel leasing arrangements vary in duration, but are short-term in nature. The cost and accumulated depreciation of property and equipment associated with hotel rooms is included in “Property and equipment, net” within our unaudited Condensed Consolidated Balance Sheets.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Acquisitions	Acquisitions Greektown Casino-Hotel On May 23, 2019, the Company acquired all of the membership interests of Greektown Holdings, L.L.C., for a net purchase price of $320.3 million , after working capital and other adjustments, pursuant to a transaction agreement among the Company, VICI Properties L.P., a wholly-owned subsidiary of VICI, and Greektown Mothership LLC (“Greektown Mothership”). In connection with the acquisition, the real estate assets relating to Greektown Casino-Hotel (“Greektown”) were acquired by a subsidiary of VICI for an aggregate sales price of $700.0 million and the Company entered into a triple net lease agreement for the real estate assets used in the operations of Greektown which has an initial annual rent of $55.6 million and an initial term of 15 years , with four five -year renewal options (the “Greektown Lease”). The acquisition of the operations was financed through a combination of cash on hand and incremental borrowings under the Company’s Revolving Credit Facility (as defined in Note 9, “Long-term Debt” ). Due to the recent acquisition date of Greektown, the Company has not yet finalized its valuation analysis and is in the process of evaluating key assumptions that derive the fair value of the assets acquired and liabilities assumed. The following table reflects the preliminary allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed, with the excess recorded as goodwill: (in thousands) May 23, 2019 Cash and cash equivalents $ 31,051 Receivables, prepaid expenses, and other current assets 15,622 Property and equipment 32,330 Goodwill (1) 61,714 Other intangible assets Gaming license 166,400 Trademark 24,400 Customer relationships 3,300 Operating lease right-of-use assets 516,099 Finance lease right-of-use assets 4,168 Other assets 228 Total assets $ 855,312 Accounts payable, accrued expenses, and other current liabilities $ 14,830 Operating lease liabilities 516,059 Finance lease liabilities 4,168 Total liabilities 535,057 Net assets acquired $ 320,255 (1) The goodwill has been assigned to our Northeast segment. The entire $61.7 million goodwill amount is deductible for tax purposes. The Company used the income, market, or cost approach (or a combination thereof) for the valuation, as appropriate, and used valuation inputs in these models and analyses that were based on market participant assumptions. Market participants are considered to be buyers and sellers unrelated to the Company in the principal or most advantageous market for the asset or liability. Property and equipment acquired consists of non-REIT assets (e.g., equipment for use in gaming operations and furniture and equipment). We determined that the land and buildings subject to the Greektown Lease, which was entered into at the time of the acquisition, represent operating lease ROU assets with a corresponding operating lease liability calculated based on the present value of the future lease payments at the acquisition date. Management determined the fair value of its office equipment, computer equipment and slot machine gaming devices based on the market approach and other property based on the cost approach, supported where available by observable market data, which includes consideration of obsolescence. Acquired identifiable intangible assets consist of a gaming license and a trademark, which are both indefinite-lived intangible assets, and a customer relationship, which is an amortizing intangible asset with an assigned useful life of 2 years . Management valued (i) the gaming license using the Greenfield Method under the income approach, which estimates the fair value of the gaming license using a discounted cash flow model assuming the Company built a casino with similar utility to that of the existing facility and assumes a theoretical start-up company going into business without any assets other than the intangible asset being valued; (ii) the trademark using the relief-from-royalty method under the income approach; and (iii) customer relationships (rated player databases) using the with-and-without method of the income approach. All valuation methods are forms of the income approach supported by observable market data for peer casino operator companies. The following table includes the financial results of Greektown since the acquisition date, which are included within our unaudited Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2019 : (in thousands) Period from May 23, 2019 through June 30, 2019 Revenues $ 34,229 Net income $ 932 Margaritaville Resort Casino On January 1, 2019, the Company acquired the operations of Margaritaville Resort Casino (“Margaritaville”) for a net purchase price of $119.9 million , after working capital and other adjustments, pursuant to (i) an agreement and plan of merger (the “Margaritaville Merger Agreement”) among the Company, VICI, Bossier Casino Venture (HoldCo), Inc. (“Holdco”), and Silver Slipper Gaming, LLC, and (ii) a membership interest purchase agreement (the “MIPA”) among VICI and the Company. Pursuant to the Margaritaville Merger Agreement, a subsidiary of VICI merged with and into Holdco with Holdco surviving the merger as a wholly-owned subsidiary of VICI (the “Merger”) and owner of the real estate assets relating to Margaritaville. Pursuant to the MIPA, immediately following the consummation of the Merger, HoldCo sold its interests in its sole direct subsidiary and owner of the Margaritaville operating assets, to the Company. In connection with the acquisition, the real estate assets used in the operations of Margaritaville were acquired by VICI for $261.1 million and the Company entered into the Margaritaville Lease which has an initial annual rent of $23.2 million and an initial term of 15 years , with four five -year renewal options. The acquisition of the operations was financed through incremental borrowings under the Company’s Revolving Credit Facility. The Company has not yet finalized its valuation analysis of Margaritaville and is in the process of evaluating key assumptions that derive the fair value of the assets acquired and liabilities assumed. The following table reflects the preliminary allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed, with the excess recorded as goodwill: (in thousands) January 1, 2019 Cash and cash equivalents $ 10,756 Receivables, prepaid expenses, and other current assets 7,058 Property and equipment 21,731 Goodwill (1) 39,457 Other intangible assets Gaming license 48,100 Customer relationships 2,300 Operating lease right-of-use assets 196,212 Total assets $ 325,614 Accounts payable, accrued expenses, and other current liabilities $ 9,511 Operating lease liabilities 196,212 Total liabilities 205,723 Net assets acquired $ 119,891 (1) The goodwill has been assigned to our South segment. The entire $39.5 million goodwill amount is deductible for tax purposes. The Company used the income, market, or cost approach (or a combination thereof) for the valuation, as appropriate, and used valuation inputs in these models and analyses that were based on market participant assumptions. Property and equipment acquired consists of non-REIT assets (e.g., equipment for use in gaming operations and furniture and equipment). We determined that the land and buildings subject to the Margaritaville Lease, which was entered into at the time of the acquisition, represent operating lease ROU assets with a corresponding operating lease liability calculated based on the present value of the future lease payments at the acquisition date. Management determined the fair value of its office equipment, computer equipment and slot machine gaming devices based on the market approach and other property based on the cost approach, supported where available by observable market data, which includes consideration of obsolescence. Acquired identifiable intangible assets consist of a gaming license, which is an indefinite-lived intangible asset, and a customer relationship, which is an amortizing intangible asset with an assigned useful life of 2 years . Management valued (i) the gaming license using the Greenfield Method under the income approach and (ii) the customer relationships using the with-and-without method of the income approach. All valuation methods are forms of the income approach supported by observable market data for peer casino operator companies. The following table includes the financial results of Margaritaville since the acquisition date, which are included within our unaudited Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2019 : (in thousands) For the three months ended June 30, 2019 For the six months ended June 30, 2019 Revenues $ 39,586 $ 81,085 Net income $ 3,271 $ 8,232 Pinnacle Acquisition On October 15, 2018, the Company acquired all of the outstanding shares of Pinnacle, for a total purchase price of $2,816.2 million , which consisted of (i) a cash payment of $20.00 per share of Pinnacle common stock, totaling $1,252.2 million ; (ii) issuance of Penn common stock in the amount of $749.7 million ; and (iii) the retirement of $814.3 million of Pinnacle debt obligations (the “Pinnacle Acquisition”). In conjunction with the Pinnacle Acquisition, the Company divested the membership interests of certain Pinnacle subsidiaries, which operated the casinos known as Ameristar St. Charles, Ameristar Kansas City, Belterra Resort and Belterra Park, to Boyd Gaming Corporation (BYD:NYSE) (“Boyd”), and GLPI acquired the real estate assets associated with Plainridge Park Casino and concurrently leased back the real estate assets to the Company. Additionally, as a part of the transaction, the Pinnacle Master Lease was assumed and amended by the Company. For more information on the Pinnacle Master Lease and related amendment, see Note 4, “Leases.” Due primarily to the scale and complexity of the Pinnacle Acquisition, the Company has not yet finalized its valuation analysis and is in the process of evaluating key assumptions that derive the fair value of the assets acquired and liabilities assumed, including the income tax balances. Therefore, the allocation of the purchase price is preliminary and subject to change. During the six months ended June 30, 2019, we made the following adjustments to the preliminary purchase price allocation: (in thousands) Estimated fair value as previously reported (1) Measurement period adjustments Estimated fair value as adjusted Cash and restricted cash $ 124,231 $ — $ 124,231 Assets held for sale 667,036 461 667,497 Other current assets 80,622 — 80,622 Property and equipment - non-Pinnacle Master Lease 318,856 — 318,856 Property and equipment - Pinnacle Master Lease (2) 3,984,119 (29,200 ) 3,954,919 Goodwill (3) 219,531 24,534 244,065 Other intangible assets Gaming licenses 1,046,000 21,600 1,067,600 Trademarks 298,000 — 298,000 Customer relationships 22,400 — 22,400 Other long-term assets 38,767 — 38,767 Total assets $ 6,799,562 $ 17,395 $ 6,816,957 Long-term financing obligation, including current portion (4) $ 3,427,016 $ 5,517 $ 3,432,533 Other current liabilities 200,547 1,188 201,735 Deferred tax liabilities 339,149 10,690 349,839 Other long-term liabilities 16,635 — 16,635 Total liabilities 3,983,347 17,395 4,000,742 Net assets acquired $ 2,816,215 $ — $ 2,816,215 (1) Amounts were initially reported within the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019. (2) Includes buildings, boats, vessels, barges, and implied land and land use rights. Land use rights represent the intangible value of the Company’s ability to utilize and access land associated with long term ground lease agreements that give the Company the exclusive rights to operate the casino gaming facilities associated with such agreements. (3) See Note 7, “Goodwill and Other Intangible Assets,” for details on the impact to each reportable segment. (4) Long-term financing obligation, including current portion represents the financing obligation associated with Pinnacle Master Lease, as amended. Pro Forma Financial Information - Greektown, Margaritaville, and Pinnacle The following table includes unaudited pro forma consolidated financial information assuming our acquisitions of Greektown and Margaritaville had occurred as of January 1, 2018 and Pinnacle had occurred as of January 1, 2017. The pro forma financial information does not represent the anticipated future results of the combined company. The pro forma amounts include the historical operating results of Penn, Greektown, Margaritaville, and Pinnacle, prior to the acquisition, with adjustments directly attributable to the acquisitions, inclusive of adjustments for acquisition costs. The below pro forma results do not include any adjustments related to synergies. For the three months ended June 30, For the six months ended June 30, (in thousands) 2019 2018 2019 2018 Revenues $ 1,372,682 $ 1,446,724 $ 2,739,259 $ 2,848,996 Net income attributable to Penn $ 57,296 $ 65,970 $ 111,199 $ 117,093

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment, net, consisted of the following: (in thousands) June 30, December 31, Property and equipment - non-Master Leases Land and improvements $ 353,111 $ 343,987 Building, vessels and improvements 348,814 342,944 Furniture, fixtures and equipment 1,652,145 1,565,830 Leasehold improvements 157,555 152,943 Construction in progress 43,173 25,473 2,554,798 2,431,177 Less: Accumulated depreciation (1,484,226 ) (1,400,198 ) 1,070,572 1,030,979 Property and equipment - Master Leases Land and improvements (1) 1,525,934 2,970,969 Building, vessels and improvements (2) 3,664,611 3,845,062 5,190,545 6,816,031 Less: Accumulated depreciation (1,045,340 ) (978,242 ) 4,145,205 5,837,789 Property and equipment, net $ 5,215,777 $ 6,868,768 (1) Upon adoption of ASC 842, approximately $1.4 billion of land was derecognized and replaced with operating lease ROU assets based on the present value of future lease payments. See Note 3, “New Accounting Pronouncements.” (2) Upon adoption of ASC 842, $180.4 million of building and improvements, gross, was derecognized and replaced with finance lease ROU assets based on the present value of future lease payments. See Note 3, “New Accounting Pronouncements.” Depreciation expense was as follows: For the three months ended June 30, For the six months ended June 30, (in thousands) 2019 2018 2019 2018 Depreciation expense (1) $ 97,668 $ 54,434 $ 193,898 $ 110,348 (1) Of such amounts, $46.1 million , $22.9 million , $92.9 million , and $46.2 million , respectively, pertain to real estate assets subject to either of our Master Leases. There was no interest capitalized during the three and six months ended June 30, 2019 and 2018 .

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets A reconciliation of goodwill and accumulated goodwill impairment losses, by reportable segment, is as follows: (in thousands) Northeast South West Midwest Other Total Balance as of December 31, 2018 Goodwill, gross $ 848,424 $ 185,158 $ 210,423 $ 1,110,052 $ 156,116 $ 2,510,173 Accumulated goodwill impairment losses (707,593 ) (34,522 ) (16,633 ) (435,283 ) (87,720 ) (1,281,751 ) Goodwill, net 140,831 150,636 193,790 674,769 68,396 1,228,422 Goodwill acquired during year 61,714 39,457 — — — 101,171 Other (1) (800 ) 9,000 8,134 8,200 — 24,534 Balance as of June 30, 2019 Goodwill, gross 909,338 233,615 218,557 1,118,252 156,116 2,635,878 Accumulated goodwill impairment losses (707,593 ) (34,522 ) (16,633 ) (435,283 ) (87,720 ) (1,281,751 ) Goodwill, net $ 201,745 $ 199,093 $ 201,924 $ 682,969 $ 68,396 $ 1,354,127 (1) Amounts relate to adjustments made to the preliminary purchase price allocation of Pinnacle during the six months ended June 30, 2019, as described in Note 5, “Acquisitions.” The table below presents the gross carrying amount, accumulated amortization, and net carrying amount of each major class of other intangible assets: June 30, 2019 December 31, 2018 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived intangible assets Gaming licenses $ 1,734,585 $ — $ 1,734,585 $ 1,498,309 $ — $ 1,498,309 Trademarks 322,400 — 322,400 298,000 — 298,000 Other 696 — 696 696 — 696 Amortizing intangible assets Customer relationships 104,352 (60,070 ) 44,282 98,752 (51,544 ) 47,208 Other 61,896 (52,996 ) 8,900 61,918 (49,263 ) 12,655 Total other intangible assets $ 2,223,929 $ (113,066 ) $ 2,110,863 $ 1,957,675 $ (100,807 ) $ 1,856,868 There were no impairment charges recorded on other intangible assets during the three or six months June 30, 2019 and 2018 . Amortization expense relating to our amortizing intangible assets was $6.4 million and $12.3 million , for the three and six months ended June 30, 2019 , respectively, as compared to $4.1 million and $8.6 million , for the three and six months ended June 30, 2018 , respectively. The following table presents the estimated amortization expense based on our amortizing intangible assets as of June 30, 2019 (in thousands): Remaining 2019 $ 12,032 2020 19,629 2021 5,683 2022 3,800 2023 3,593 Thereafter 8,445 Total $ 53,182

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2019
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: (in thousands) June 30, December 31, Accrued salaries and wages $ 117,815 $ 139,159 Accrued gaming, pari-mutuel, property, and other taxes 106,502 105,767 Accrued interest 13,081 15,793 Other accrued expenses (1) 229,587 204,656 Other current liabilities (2) 122,765 112,593 $ 589,750 $ 577,968 (1) Amounts include the obligation associated with our my choice program and the current portion of advance payments on goods and services yet to be provided and for unpaid wagers, which are discussed in Note 2, “Significant Accounting Policies.” (2) Amounts include $72.0 million and $64.1 million , respectively, pertaining to the Company’s non-qualified deferred compensation plan that covers most management and other highly-compensated employees.

Long-term Debt

Long-term Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt, net of current maturities, was as follows: (in thousands) June 30, December 31, Senior Secured Credit Facilities: Revolving Credit Facility due 2023 $ 280,000 $ 112,000 Term Loan A Facility due 2023 689,982 707,674 Term Loan B-1 Facility due 2025 1,123,106 1,128,750 5.625% Notes due 2027 400,000 400,000 Other long-term obligations 96,644 104,583 Capital leases (1) — 381 2,589,732 2,453,388 Less: Current maturities of long-term debt (62,505 ) (62,140 ) Less: Debt discount (2,568 ) (2,748 ) Less: Debt issuance costs (35,046 ) (38,412 ) $ 2,489,613 $ 2,350,088 (1) Reclassified to finance lease liabilities upon the adoption of ASC 842. Senior Secured Credit Facilities On January 19, 2017, the Company entered into an agreement to amend and restate its previous credit agreement, dated October 30, 2013, as amended, (the “Credit Agreement”), which provided for: (i) a five -year $700 million revolving credit facility (the “Revolving Credit Facility”), (ii) a five -year $300 million term loan A facility (the “Term Loan A Facility”), and (iii) a seven -year $500 million term loan B facility (the “Term Loan B Facility”). As of June 30, 2019 , the Company had conditional obligations under letters of credit issued pursuant to the Senior Secured Credit Facilities with face amounts aggregating $29.7 million . On October 15, 2018, in connection with the Pinnacle Acquisition, the Company entered into an incremental joinder agreement (the “Incremental Joinder”), which amended the Credit Agreement (the “Amended Credit Agreement”). The Incremental Joinder provided for an additional $430.2 million of incremental loans having the same terms as the existing Term Loan A Facility, with the exception of extending the maturity date, and an additional $1,128.8 million of loans as a new tranche having new terms (the “Term Loan B-1 Facility” and collectively with the Revolving Credit Facility and the Term Loan A Facility, the “Senior Secured Credit Facilities”). With the exception of extending the maturity date, the Incremental Joinder did not impact the Revolving Credit Facility. The payment and performance of obligations under the Senior Secured Credit Facilities are guaranteed by a lien on and security interest in substantially all of the assets (other than excluded property such as gaming licenses) of the Company and its subsidiaries. 5.625% Senior Unsecured Notes On January 19, 2017, the Company completed an offering of $400 million aggregate principal amount of 5.625% senior unsecured notes that mature on January 15, 2027 (the “ 5.625% Notes”) at a price of par. Interest on the 5.625% Notes is payable on January 15 th and July 15 th of each year. Loss on Early Extinguishment of Debt In connection with voluntary principal repayments on the Term Loan B Facility, the Company recorded losses on early extinguishment of debt of $2.6 million and $3.5 million during the three and six months ended June 30, 2018 . Covenants Our Senior Secured Credit Facilities and 5.625% Notes require us, among other obligations, to maintain specified financial ratios and to satisfy certain financial tests. In addition, the Company’s Senior Secured Credit Facilities and 5.625% Notes restrict, among other things, our ability to incur additional indebtedness, incur guarantee obligations, amend debt instruments, pay dividends, create liens on assets, make investments, engage in mergers or consolidations, and otherwise restrict corporate activities. As of June 30, 2019 , the Company was in compliance with all required financial covenants. Other Long-Term Obligations Ohio Relocation Fees As of June 30, 2019 and December 31, 2018 , other long-term obligations included $84.0 million and $91.3 million , respectively, related to the relocation fees for Dayton and Mahoning Valley, which opened in August 2014 and September 2014, respectively. The relocation fee for each facility is payable as follows: $7.5 million upon the opening of the facility and eighteen semi-annual payments of $4.8 million beginning one year after the commencement of operations. This obligation is accreted to interest expense at an effective yield of 5.0% . The amount included in interest expense related to this obligation was $1.1 million and $2.2 million for the three and six months ended June 30, 2019 , respectively, as compared to $1.2 million and $2.5 million for the three and six months ended June 30, 2018 , respectively. Event Center As of June 30, 2019 and December 31, 2018 , other long-term obligations included $12.6 million and $13.2 million , respectively, related to the repayment obligation of a hotel and event center located near Hollywood Casino Lawrenceburg, which was constructed by The City of Lawrenceburg Department of Redevelopment. Effective in January 2015, by contractual agreement, in exchange for conveyance of the property, the Company is obligated to make annual payments of $1.0 million for 20 years , which began in January 2016. This obligation is accreted to interest expense at its effective yield of 3.0% .

Investments in and Advances to

Investments in and Advances to Unconsolidated Affiliates	6 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Unconsolidated Affiliates	Investments in and Advances to Unconsolidated Affiliates As of June 30, 2019 , investment in and advances to unconsolidated affiliates primarily included the Company’s 50% investment in Kansas Entertainment, which is a joint venture with International Speedway, its 50% interest in Freehold Raceway, and its 50% joint venture with MAXXAM, Inc. (“MAXXAM”) that owns and operates racetracks in Texas. Kansas Joint Venture The Company has a 50% investment in Kansas Entertainment, which owns the Hollywood Casino at Kansas Speedway. As of June 30, 2019 and December 31, 2018 , the Company’s investment balance was $88.6 million and $89.4 million , respectively. The Company has determined that Kansas Entertainment is a VIE that should not be consolidated since the Company does not qualify as the primary beneficiary. In making this determination, the Company concluded that it does not have the ability to direct the activities of Kansas Entertainment that most significantly impact Kansas Entertainment’s economic performance without the approval of International Speedway. Furthermore, International Speedway has substantive participating rights in Kansas Entertainment. The following table provides summary income statement information of Kansas Entertainment for the comparative periods that are included within the Company’s unaudited Condensed Consolidated Statements of Operations: For the three months ended June 30, For the six months ended June 30, (in thousands) 2019 2018 2019 2018 Revenues $ 40,121 $ 40,206 $ 79,632 $ 79,491 Operating expenses 26,796 27,924 54,210 55,582 Operating income 13,325 12,282 25,422 23,909 Net income $ 13,325 $ 12,282 $ 25,422 $ 23,909 Net income attributable to Penn $ 6,662 $ 6,141 $ 12,711 $ 11,955 Texas and New Jersey Joint Ventures The Company has a 50% interest in a joint venture with MAXXAM, which owns and operates the Sam Houston Race Park in Houston, Texas and the Valley Race Park in Harlingen, Texas, and holds a license for a racetrack in Austin, Texas. Sam Houston Race Park hosts thoroughbred and quarter-horse racing and offers daily simulcast operations, and Valley Race Park features dog racing and simulcasting. In addition, through a separate arrangement, the Company has a 50% interest in a joint venture with Greenwood Limited Jersey, Inc. (“Greenwood”), which owns and operates Freehold Raceway, in Freehold, New Jersey. The property features a half-mile standardbred racetrack and a grandstand. The Company has determined that neither its Texas joint venture nor its New Jersey joint venture qualify as a VIE. Using the guidance for entities that are not VIEs, in both cases, the Company determined that it did not have a controlling financial interest in either of the joint ventures, primarily as it did not have the ability to direct the activities of either of the joint ventures that most significantly impacted the joint ventures’ economic performance without the input of MAXXAM or Greenwood, respectively. Therefore, the Company does not consolidate either of its investments in the joint ventures.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company calculates the provision for income taxes during interim reporting periods, by applying an estimate of the annual effective tax rate to its year-to-date pretax book income or loss. The tax effects of discrete items, including but not limited to, excess tax benefits associated with stock-based compensation, changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The effective tax rate (income taxes as a percentage of income before income taxes) including discrete items was 26.5% for both the three and six months ended June 30, 2019 , as compared to 22.0% and 23.7% for the three and six months ended June 30, 2018 , respectively. The Company’s effective income tax rate can vary from period to period depending on, among other factors, the geographic and business mix of our earnings, changes to our state valuation allowance and the level of our tax credits. Certain of these and other factors, including our history and projections of pretax earnings, are considered in assessing our ability to realize our net deferred tax assets. During the measurement period following the Pinnacle Acquisition, which was completed on October 15, 2018, the Company will continue to refine its purchase accounting estimates. Any changes in the purchase accounting may affect the recorded net deferred tax assets and liabilities as well as our effective tax rate in a future period. The adoption of ASC 842, which is described fully in Note 3, “New Accounting Pronouncements,” required us to adjust the deferred income taxes associated with our Master Leases through retained earnings as of January 1, 2019. Upon adoption, the Company recorded a reduction to our net deferred tax asset of $80.6 million , an increase to our net deferred tax liability of $223.2 million , and a decrease to retained earnings of $303.8 million .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, development agreements and other matters arising in the ordinary course of business. Although the Company maintains what it believes to be adequate insurance coverage to mitigate the risk of loss pertaining to covered matters, legal and administrative proceedings can be costly, time-consuming and unpredictable. The Company does not believe that the final outcome of these matters will have a material adverse effect on its financial position, cash flows or results of operations.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Long Term Incentive Compensation Plans The Company’s 2018 Long Term Incentive Compensation Plan (the “2018 Plan”) permits it to issue stock options (incentive and/or non-qualified), stock appreciation rights (“SARs”), restricted stock, phantom stock units (“PSUs”) and other equity and cash awards to employees. Non-employee directors are eligible to receive all such awards, other than incentive stock options. Prior to the 2018 Plan, the Company had the 2008 Long Term Incentive Compensation Plan (the “2008 Plan”), which expired in June 2018. Although awards can no longer be granted under the 2008 Plan, it remains in place until all of the awards previously granted thereunder have been paid, forfeited or expired. As of June 30, 2019 , there were 9,421,571 shares available for future grants under the 2018 Plan. Share Repurchase Program On January 9, 2019, the Company announced a share repurchase program pursuant to which the Board of Directors authorized to repurchase up to $200 million of the Company’s common stock, which expires on December 31, 2020. During the six months ended June 30, 2019 , the Company repurchased 1,271,823 shares of its common stock in open market transactions for $24.9 million at an average price of $19.55 per share. All repurchased shares were retired. Performance Share Program On February 14, 2019, the Company’s Compensation Committee of the Board of Directors adopted a performance share program (the “Performance Share Program II”) pursuant to the 2018 Plan, which provides for the issuance of restricted stock awards with performance-based vesting conditions. An aggregate of 278,780 performance shares, at target, was granted on February 14, 2019, with the grant having a three -year award period consisting of three one -year performance periods and a three -year service period. The performance threshold for vesting of these awards is 50% of target and, based on the level of achievement, up to 150% of target. Stock Options The Company granted 1,314,210 and 661,175 stock options during the six months ended June 30, 2019 and 2018 , respectively. Stock-based Compensation Expense Stock-based compensation expense, which pertains to our stock options, restricted stock, and other equity awards, for the three and six months ended June 30, 2019 was $3.3 million and $6.7 million , respectively, as compared to $3.0 million and $5.9 million for the three and six months ended June 30, 2018 , respectively, and is included within the unaudited Condensed Consolidated Statements of Operations under “General and administrative.” Stock Appreciation Rights The fair value of SARs is calculated each reporting period and estimated using the Black-Scholes option pricing model. The Company’s SARs, which vest over a period of four years , are accounted for as liability awards since they will be settled in cash. Accordingly, the Company has a liability, which is included in “Accrued expenses and other current liabilities” within the unaudited Condensed Consolidated Balance Sheets, associated with its SARs of $7.5 million and $6.8 million as of June 30, 2019 and December 31, 2018 , respectively. For SARs held by employees of the Company, there was $7.4 million of total unrecognized compensation cost as of June 30, 2019 that will be recognized over the awards remaining weighted average vesting period of 2.79 years. For the three and six months ended June 30, 2019 , the Company recognized a reduction to compensation expense of $0.5 million and compensation expense of $2.5 million , respectively, as compared to compensation expense of $9.8 million and $5.8 million for the three and six months ended June 30, 2018 , respectively, associated with these awards. Compensation expense associated with our SARs is recorded in “General and administrative” within the unaudited Condensed Consolidated Statements of Operations. The Company paid $1.8 million and $4.5 million during the six months ended June 30, 2019 and 2018 , respectively, pertaining to its cash-settled SARs. Phantom Stock Units The Company’s PSUs, which vest over a period of three to four years , entitle employees and directors to receive cash based on the fair value of the Company’s common stock on the vesting date. The PSUs are accounted for as liability awards and are re-measured at fair value each reporting period until they become vested with compensation expense being recognized over the requisite service period. The Company has a liability, which is included in “Accrued expenses and other current liabilities” within the unaudited Condensed Consolidated Balance Sheets, associated with its PSUs of $0.8 million and $1.7 million as of June 30, 2019 and December 31, 2018 , respectively. For PSUs held by employees and directors of the Company, there was $3.8 million of total unrecognized compensation cost as of June 30, 2019 that will be recognized over the awards remaining weighted average vesting period of 2.04 years. For the three and six months ended June 30, 2019 , the Company recognized $0.5 million and $1.6 million , respectively, of compensation expense associated with these awards, as compared to $1.4 million and $1.5 million , for the three and six months ended June 30, 2018 , respectively. Compensation expense associated with our PSUs is recorded in “General and administrative” within the unaudited Condensed Consolidated Statements of Operations. The Company paid $2.5 million and $4.2 million during the six months ended June 30, 2019 and 2018 , respectively, pertaining to its cash-settled PSUs.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 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 earnings per share (“EPS”) to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and six months ended June 30, 2019 and 2018 : For the three months ended June 30, For the six months ended June 30, (in thousands) 2019 2018 2019 2018 Determination of shares: Weighted-average common shares outstanding 115,982 91,468 116,137 91,330 Assumed conversion of dilutive employee stock-based awards 1,598 3,319 1,832 3,299 Assumed conversion of restricted stock 96 208 192 205 Diluted weighted-average common shares outstanding 117,676 94,995 118,161 94,834 Options to purchase 1,955,220 and 1,947,967 shares and 660,958 and 653,673 shares were outstanding during the three and six months ended June 30, 2019 and 2018 , respectively, but were not included in the computation of diluted EPS because they were antidilutive. The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and six months ended June 30, 2019 and 2018 : For the three months ended June 30, For the six months ended June 30, (in thousands, except per share data) 2019 2018 2019 2018 Calculation of basic EPS: Net income applicable to common stock $ 51,547 $ 53,988 $ 92,539 $ 99,425 Weighted-average common shares outstanding 115,982 91,468 116,137 91,330 Basic EPS $ 0.44 $ 0.59 $ 0.80 $ 1.09 Calculation of diluted EPS: Net income applicable to common stock $ 51,547 $ 53,988 $ 92,539 $ 99,425 Diluted weighted-average common shares outstanding 117,676 94,995 118,161 94,834 Diluted EPS $ 0.44 $ 0.57 $ 0.78 $ 1.05

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements ASC Topic 820, “Fair Value Measurements and Disclosures,” 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 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. 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. The fair value of the Company’s trade accounts receivable and payables approximates the carrying amounts. Cash and Cash Equivalents The fair value of the Company’s cash and cash equivalents approximates their carrying amount, due to the short maturity of the cash equivalents. Held-to-maturity Securities and Promissory Notes We have a management contract with Retama Development Corporation (“RDC”), a local government corporation of the City of Selma, Texas, to manage the day-to-day operations of Retama Park Racetrack, located outside of San Antonio, Texas. In addition, we own 1.0% of the equity of Retama Nominal Holder, LLC, which holds a nominal interest in the racing license used to operate Retama Park Racetrack, and a 75.5% interest in Pinnacle Retama Partners, LLC (“PRP”), which owns the contingent gaming rights that may arise if gaming under the existing racing license becomes legal in Texas in the future. As of June 30, 2019 and December 31, 2018 , PRP held $16.9 million in promissory notes issued by RDC and $7.5 million in local government corporation bonds issued by RDC, at amortized cost. The promissory notes and the local government corporation bonds are collateralized by the assets of Retama Park Racetrack. As of June 30, 2019 , the promissory notes are included in “Other current assets” within our unaudited Condensed Consolidated Balance Sheet and the local government corporation bonds, which have long-term contractual maturities, are included in “Other assets” within our unaudited Condensed Consolidated Balance Sheet. The contractual terms of these promissory notes include interest payments due at maturity; however, we have not recorded accrued interest on these promissory notes because uncertainty exists as to RDC’s ability to make interest payments. We have the positive intent and ability to hold the local government corporation bonds to maturity and until the amortized cost is recovered. The estimated fair values of such investments are principally based on appraised values of the land associated with Retama Park Racetrack, which are classified as Level 2 inputs. Long-term Debt The fair value of the Company’s Term Loan A Facility, Term Loan B-1 Facility and 5.625% Notes is estimated based on quoted prices in active markets and is classified as a Level 1 measurement. The fair value of the Company’s Revolving Credit Facility approximates its carrying amount as it is revolving, variable rate debt, which we classify as a Level 2 measurement. Other long-term obligations as of June 30, 2019 and December 31, 2018 included the relocation fees for Dayton and Mahoning Valley and the repayment obligation of a hotel and event center located near Hollywood Casino Lawrenceburg, which are discussed in Note 9, “Long-term Debt.” The fair values of these long-term obligations are estimated based on rates consistent with the Company’s credit rating for comparable terms and debt instruments and are classified as Level 2 measurements. Other Liabilities Other liabilities as of June 30, 2019 and December 31, 2018 principally consist of contingent consideration related to Plainridge Park Casino. The contingent consideration is calculated based on actual earnings of the gaming operations over the first 10 years of operations, which commenced on June 24, 2015. As of June 30, 2019 and December 31, 2018 , we were contractually obligated to make seven additional annual payments. The fair value of this liability, which is included within our unaudited Condensed Consolidated Balance Sheets in “Accrued expenses and other current liabilities” or “Other noncurrent liabilities,” depending on the timing of the next payment, is estimated based on an income approach using a discounted cash flow model and has been classified as a Level 3 measurement. The carrying amounts and estimated fair values by input level of the Company’s financial instruments were as follows: June 30, 2019 (in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 378,766 $ 378,766 $ 378,766 $ — $ — Held-to-maturity securities $ 7,466 $ 7,763 $ — $ 7,763 $ — Promissory notes $ 16,853 $ 17,267 $ — $ 17,267 $ — Financial liabilities: Long-term debt Senior Secured Credit Facilities $ 2,056,100 $ 2,081,977 $ 2,081,977 $ — $ — 5.625% Notes $ 399,374 $ 399,500 $ 399,500 $ — $ — Other long-term obligations $ 96,644 $ 89,405 $ — $ 89,405 $ — Other liabilities $ 27,246 $ 27,239 $ — $ 2,807 $ 24,432 December 31, 2018 (in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 479,598 $ 479,598 $ 479,598 $ — $ — Held-to-maturity securities $ 7,466 $ 7,879 $ — $ 7,879 $ — Promissory notes $ 16,853 $ 17,415 $ — $ 17,415 $ — Financial liabilities: Long-term debt Senior Secured Credit Facilities $ 1,907,932 $ 1,886,333 $ 1,886,333 $ — $ — 5.625% Notes $ 399,332 $ 360,000 $ 360,000 $ — $ — Other long-term obligations $ 104,583 $ 96,338 $ — $ 96,338 $ — Other liabilities $ 21,863 $ 21,857 $ — $ 2,815 $ 19,042 The following table summarizes the changes in fair value of our Level 3 liabilities measured on a recurring basis: Other Liabilities (in thousands) Contingent Purchase Price Balance as of January 1, 2019 $ 19,042 Payments (367 ) Included in earnings (1) 5,757 Balance as of June 30, 2019 $ 24,432 (1) The expense is included in “General and administrative” within our unaudited Condensed Consolidated Statements of Operations. The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 liabilities on a recurring basis as of June 30, 2019 : Valuation Technique Unobservable Input Discount Rate Contingent purchase price - Plainridge Park Casino Discounted cash flow Discount rate 7.14%

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information We have aggregated our operating segments into four reportable segments based on the similar characteristics of the operating segments within the regions in which they operate: Northeast, South, West and Midwest. The Other category is included in the following tables in order to reconcile the segment information to the consolidated information. Inter-segment revenues were not material in any of the years presented below. During the fourth quarter of 2018, the Company made revisions to its reportable segments upon the consummation of the Pinnacle Acquisition. Apart from the addition of the new properties, the most significant change was dividing the South/West segment into two separate reportable segments. The financial information presented below reflects such changes, including restating the prior period comparative financial information. The Company utilizes Adjusted EBITDAR (as defined below) as its measure of segment profit or loss. The following table highlights our revenues and Adjusted EBITDAR for each reportable segment and reconciles Adjusted EBITDAR on a consolidated basis to Net income. For the three months ended June 30, For the six months ended June 30, (in thousands) 2019 2018 2019 2018 Revenues: Northeast segment $ 599,086 $ 465,285 $ 1,149,664 $ 924,004 South segment 282,188 62,618 574,130 125,948 West segment 164,250 100,751 322,904 198,717 Midwest segment 268,160 188,162 539,422 373,696 Other (1) 9,410 10,097 19,545 20,633 Revenues $ 1,323,094 $ 826,913 $ 2,605,665 $ 1,642,998 Adjusted EBITDAR (2) : Northeast segment $ 186,190 $ 148,394 $ 350,944 $ 293,371 South segment 92,761 20,545 190,605 41,663 West segment 50,460 26,103 100,383 50,034 Midwest segment 97,793 67,543 197,012 135,728 Other (1) (20,747 ) (15,479 ) (41,050 ) (31,144 ) Adjusted EBITDAR (2) 406,457 247,106 797,894 489,652 Other operating benefits (costs) and other income (expenses): Rent expense associated with triple net operating leases (3) (90,025 ) — (174,755 ) — Stock-based compensation (3,247 ) (3,003 ) (6,664 ) (5,932 ) Cash-settled stock-based awards variance 3,436 (7,800 ) 2,964 (338 ) Gain (loss) on disposal of assets (371 ) 52 (893 ) (3 ) Contingent purchase price (1,040 ) (202 ) (5,757 ) (1,337 ) Pre-opening and acquisition costs (3,700 ) (5,879 ) (8,080 ) (11,972 ) Depreciation and amortization (106,020 ) (58,559 ) (210,073 ) (118,949 ) Recoveries on loan loss and unfunded loan commitments, net of impairment losses — 16,985 — 16,367 Insurance recoveries, net of deductible charges — 68 — 68 Non-operating items for Kansas JV (855 ) (1,279 ) (1,928 ) (2,572 ) Interest expense (135,039 ) (115,873 ) (267,626 ) (231,613 ) Interest income 257 241 576 490 Loss on early extinguishment of debt — (2,579 ) — (3,461 ) Other 43 (48 ) 43 (44 ) Income before income taxes 69,896 69,230 125,701 130,356 Income tax expense (18,539 ) (15,242 ) (33,357 ) (30,931 ) Net income $ 51,357 $ 53,988 $ 92,344 $ 99,425 (1) The Other category consists of the Company's standalone racing operations, namely Sanford-Orlando Kennel Club, located in Longwood, Florida, and the Company’s joint venture interests in Texas and New Jersey (see Note 10, “Investments in and Advances to Unconsolidated Affiliates” ). The Other category also includes PIV, our management contract for Retama Park Racetrack, and our live and televised poker tournament series that operates under the trade name, Heartland Poker Tour. Expenses incurred for corporate and shared services activities that are directly attributable to a property or are otherwise incurred to support a property are allocated to each property. The Other category also includes corporate overhead costs, which consist of certain expenses, such as: payroll, professional fees, travel expenses and other general and administrative expenses that do not directly relate to or have otherwise been allocated to a property. (2) We define Adjusted EBITDAR as earnings before interest income and expense, income taxes, depreciation and amortization, rent expense associated with triple net operating leases (see footnote (3) below), stock-based compensation, debt extinguishment and financing charges, impairment charges, insurance recoveries and deductible charges, changes in the estimated fair value of our contingent purchase price obligations, gain or loss on disposal of assets, the difference between budget and actual expense for cash-settled stock-based awards, pre-opening and acquisition costs, and other income or expenses. Adjusted EBITDAR is also inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (such as depreciation and amortization) added back for our joint venture in Kansas Entertainment. Adjusted EBITDAR excludes payments associated with our Master Leases, the Meadows Lease, the Margaritaville Lease, and the Greektown Lease, as such amounts are included as either interest expense or rent expense. (3) The Company’s triple net operating leases include certain components of the Master Leases (primarily land), the Meadows Lease, the Margaritaville Lease, and the Greektown Lease. For the three months ended June 30, For the six months ended June 30, (in thousands) 2019 2018 2019 2018 Capital expenditures: Northeast segment $ 31,781 $ 8,489 $ 44,466 $ 12,701 South segment 7,698 2,814 16,570 3,496 West segment 7,065 2,510 14,092 5,240 Midwest segment 9,344 5,144 16,383 8,151 Other 1,476 2,188 3,519 3,370 Total capital expenditures $ 57,364 $ 21,145 $ 95,030 $ 32,958 (in thousands) Northeast South West Midwest Other Total As of June 30, 2019 Investment in and advances to unconsolidated affiliates $ 143 $ — $ — $ 88,561 $ 38,515 $ 127,219 Total assets (1) $ 2,315,457 $ 1,443,203 $ 750,615 $ 1,482,103 $ 8,217,847 $ 14,209,225 As of December 31, 2018 Investment in and advances to unconsolidated affiliates $ 105 $ — $ — $ 89,350 $ 39,033 $ 128,488 Total assets (2) $ 1,330,256 $ 1,082,304 $ 755,665 $ 1,411,468 $ 6,381,319 $ 10,961,012 (1) As of June 30, 2019, total assets of the Other category includes the real estate assets subject to the Master Leases, which are either classified as property and equipment, operating lease ROU assets, or finance lease ROU assets, depending on whether the underlying component of the Master Leases was determined to be an operating lease, a finance lease, or continue to be financing obligations, upon adoption of ASC 842. (2) As of December 31, 2018, total assets of the Other category includes the real estate assets subject to the Master Leases, which are classified as property and equipment.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation: The unaudited Condensed Consolidated Financial Statements include the accounts of Penn National Gaming, Inc. and its subsidiaries. Investments in and advances to unconsolidated affiliates that do not meet the consolidation criteria of the authoritative guidance for voting interest, controlling interest or variable interest entities (“VIEs”), are accounted for under the equity method. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates: The preparation of unaudited Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
Segment Information	Segment Information: We view each of our gaming and racing properties as an operating segment with the exception of our two properties in Jackpot, Nevada, which we view as one operating segment. We view our combined VGT operations as an operating segment. See Note 16, “Segment Information,” for further information. For financial reporting purposes, we aggregate our operating segments into the following reportable segments: Location Real Estate Assets Lease or Ownership Structure Northeast segment Ameristar East Chicago East Chicago, Indiana Pinnacle Master Lease Greektown Casino-Hotel (1) Detroit, Michigan Greektown Lease Hollywood Casino Bangor Bangor, Maine Penn Master Lease Hollywood Casino at Charles Town Races Charles Town, West Virginia Penn Master Lease Hollywood Casino Columbus Columbus, Ohio Penn Master Lease Hollywood Casino Lawrenceburg Lawrenceburg, Indiana Penn Master Lease Hollywood Casino at Penn National Race Course Grantville, Pennsylvania Penn Master Lease Hollywood Casino Toledo Toledo, Ohio Penn Master Lease Hollywood Gaming at Dayton Raceway Dayton, Ohio Penn Master Lease Hollywood Gaming at Mahoning Valley Race Course Youngstown, Ohio Penn Master Lease Meadows Racetrack and Casino Washington, Pennsylvania Meadows Lease Plainridge Park Casino Plainville, Massachusetts Pinnacle Master Lease South segment (2) 1 st Jackpot Casino Tunica, Mississippi Penn Master Lease Ameristar Vicksburg Vicksburg, Mississippi Pinnacle Master Lease Boomtown Biloxi Biloxi, Mississippi Penn Master Lease Boomtown Bossier City Bossier City, Louisiana Pinnacle Master Lease Boomtown New Orleans New Orleans, Louisiana Pinnacle Master Lease Hollywood Casino Gulf Coast Bay St. Louis, Mississippi Penn Master Lease Hollywood Casino Tunica Tunica, Mississippi Penn Master Lease L’Auberge Baton Rouge Baton Rouge, Louisiana Pinnacle Master Lease L’Auberge Lake Charles Lake Charles, Louisiana Pinnacle Master Lease Margaritaville Resort Casino (3) Bossier City, Louisiana Margaritaville Lease West segment Ameristar Black Hawk Black Hawk, Colorado Pinnacle Master Lease Cactus Petes and Horseshu Jackpot, Nevada Pinnacle Master Lease M Resort Henderson, Nevada Penn Master Lease Tropicana Las Vegas Las Vegas, Nevada Owned Zia Park Casino Hobbs, New Mexico Penn Master Lease Midwest segment Ameristar Council Bluffs Council Bluffs, Iowa Pinnacle Master Lease Argosy Casino Alton (4) Alton, Illinois Penn Master Lease Argosy Casino Riverside Riverside, Missouri Penn Master Lease Hollywood Casino Aurora Aurora, Illinois Penn Master Lease Hollywood Casino Joliet Joliet, Illinois Penn Master Lease Hollywood Casino at Kansas Speedway (5) Kansas City, Kansas Owned - JV Hollywood Casino St. Louis Maryland Heights, Missouri Penn Master Lease Prairie State Gaming (6) Illinois N/A River City Casino St. Louis, Missouri Pinnacle Master Lease (1) Acquired on May 23, 2019 (2) Resorts Casino Tunica closed on June 30, 2019, but remains subject to the Penn Master Lease. (3) Acquired on January 1, 2019 (4) The riverboat is owned by us and not subject to the Penn Master Lease. (5) Pursuant to a joint venture with International Speedway Corporation (“International Speedway”) and includes the Company’s 50% investment in Kansas Entertainment, LLC (“Kansas Entertainment”), which owns the Hollywood Casino at Kansas Speedway. (6) VGT route operations
Revenue Recognition	Revenue Disaggregation Revenue Recognition: The Company’s revenue from contracts with customers consists of gaming wagers, food and beverage transactions, retail transactions, hotel room sales, racing wagers, sports betting wagers, and management services related to the management of external casinos and reimbursable costs associated with management contracts. During the second quarter of 2018, our management contract was terminated for Hollywood Casino-Jamul San Diego, which is located on the Jamul Tribe’s trust land in San Diego, California. In addition, our management contract was terminated for Casino Rama, which is located in Ontario, Canada, during the third quarter of 2018. Complimentaries associated with Gaming Contracts Customer-related Liabilities The Company has two general types of liabilities related to contracts with customers: (i) the obligation associated with our my choice program (loyalty points and tier status benefits) and (ii) advance payments on goods and services yet to be provided and for unpaid wagers. The Company’s my choice program allows members to utilize their reward membership cards to earn loyalty points that are redeemable for slot play and complimentaries, such as food and beverage at our restaurants, lodging at our hotels and products offered at our retail stores across the vast majority of the Company’s properties. In addition, members of the my choice program earn credit toward tier status, which entitles them to receive certain other benefits, such as gifts. The Company accounts for the obligation associated with our my choice program utilizing a deferred revenue model, which defers revenue at the point in time when the loyalty points and tier status benefits are earned by our customers. Deferred revenue associated with the my choice program is recognized at the point in time when the loyalty points are redeemed by our customers or at the point in time when our customers receive the tier status benefits. The obligation associated with our my choice program is based on the estimated standalone selling price of the loyalty points and the tier status benefits earned after factoring in the likelihood of redemption. The obligation associated with our my choice program, which is included in “Accrued expenses and other current liabilities” within our unaudited Condensed Consolidated Balance Sheets, was $49.0 million and $39.9 million as of June 30, 2019 and December 31, 2018 , respectively, and consisted principally of the obligation associated with the loyalty points. Our loyalty point obligations are generally settled within six months of issuance. Changes between the opening and closing balances primarily relate to the timing of our customers’ election to redeem loyalty points as well as the timing of when our customers receive their earned tier status benefits. The Company’s advance payments on goods and services yet to be provided and for unpaid wagers primarily consist of the following: (i) deposits on rooms and convention space, (ii) money deposited on behalf of a customer in advance of their property visit (referred to as “safekeeping” or “front money”), (iii) outstanding tickets generated by slot machine play or pari-mutuel wagering, (iv) outstanding chip liabilities, (v) unclaimed jackpots, and (vi) gift cards redeemable at our properties. Advance payments on goods and services are recognized as revenue when the good or service is transferred to the customer. Unpaid wagers primarily relate to the Company’s obligation to settle outstanding slot tickets, pari-mutuel racing tickets and gaming chips with customers and generally represent obligations stemming from prior wagering events, of which revenue was previously recognized. The Company’s advance payments on goods and services yet to be provided and for unpaid wagers were $30.7 million and $34.3 million as of June 30, 2019 and December 31, 2018 , respectively, of which, $0.6 million and $0.7 million are classified as long-term, respectively. The current portion and long-term portion of our advance payments on goods and services yet to be provided and for unpaid wagers are included in “Accrued expenses and other current liabilities” and “Other noncurrent liabilities” within our unaudited Condensed Consolidated Balance Sheets, respectively.
Gaming and Racing Taxes	Gaming and Racing Taxes: The Company is subject to gaming and pari-mutuel taxes based on gross gaming revenue and pari-mutuel revenue in the jurisdictions in which it operates. The Company primarily recognizes gaming and pari-mutuel tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states where or in which wagering occurs. In certain states in which the Company operates, gaming taxes are based on graduated rates. For the three and six months ended June 30, 2019 , these expenses, which were recorded primarily within gaming expense within the unaudited Condensed Consolidated Statements of Operations, were $399.8 million and $786.3 million , respectively, as compared to $253.0 million and $500.4 million , respectively, for the three and six months ended June 30, 2018 .
New Accounting Pronouncements	Accounting Pronouncements Implemented in 2019 On January 1, 2019, the Company adopted Accounting Standards Codification (“ASC”) Topic 842, “Leases” (“ASC 842”), and all the related amendments (the “new lease standard”) using the modified retrospective method with an effective date of January 1, 2019 (the “adoption date”) and a cumulative effect adjustment to equity. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. As part of the adoption, the Company elected to utilize the package of practical expedients included in this guidance, which permitted the Company to not reassess (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and (iii) the initial direct costs for existing leases. In conjunction with the adoption of the new lease standard, the Company elected the following policies: (i) to account for lease and non-lease components as a single component for all classes of underlying assets and (ii) to not recognize short-term leases (i.e., a lease that is less than 12 months and does not contain a purchase option) within the unaudited Condensed Consolidated Balance Sheets, with the expense related to these short-term leases recorded in total operating expenses within the unaudited Condensed Consolidated Statements of Operations. Penn Master Lease and Pinnacle Master Lease The most significant impact of the adoption of the new lease standard relates to the accounting for our Master Leases with GLPI. Under previous GAAP, as contained within ASC Topic 840, “Leases” (“ASC 840”), the Company concluded that (i) the Penn Master Lease and (ii) the Pinnacle Master Lease to each be a failed sale-leaseback transaction resulting in (a) the land and building assets associated with the Master Leases to be recognized in “Property and equipment, net” within the unaudited Condensed Consolidated Balance Sheets, (b) the recognition of a financing obligation, with the associated interest recorded to “Interest expense” within the unaudited Condensed Consolidated Statements of Operations, and (c) the contingent rentals to be recorded as additional interest expense. Under the provisions of the new lease standard, the Company was required to evaluate its existing sale-leaseback transactions with GLPI to determine whether a sale had occurred, and if a sale had occurred, to determine the classification (operating or finance) of each component contained within each of the Master Leases. Lease components contained within each of the Master Leases that were determined to be operating leases (consisting primarily of the land components) at the adoption date resulted in (i) the derecognition of the existing financing obligation and the carrying amount of the property and equipment with an adjustment to the opening balance of retained earnings and (ii) the recognition of an operating lease liability and an operating lease right-of-use (“ROU”) asset. Operating lease expenses are recorded as rent expense, as opposed to interest expense and depreciation and amortization expense, within the unaudited Condensed Consolidated Statements of Operations and recorded as operating cash outflows within the unaudited Condensed Consolidated Statements of Cash Flows. Lease components contained within each of the Master Leases that were determined to continue to be financing obligations (consisting primarily of the building components) at the adoption date resulted in (i) the continued recognition of the leased assets in “Property and equipment, net” within our unaudited Condensed Consolidated Balance Sheets and (ii) the continued recognition of the financing obligation utilizing assumptions as determined (a) at the lease commencement date with respect to the Penn Master Lease or (b) at the acquisition date with respect to the Pinnacle Master Lease. Our Hollywood Casino at Dayton Raceway and Hollywood Casino at Mahoning Valley Race Course (“Dayton and Mahoning Valley”) properties included within the Penn Master Lease were previously accounted for under build-to-suit guidance pursuant to ASC 840. The Company was required to evaluate the components contained within the build-to-suit arrangements and determine the classification (operating or finance) under the provisions of the new lease standard at the adoption date. The Dayton and Mahoning Valley lease components were determined to be finance leases, which resulted in (i) the recognition of a finance lease ROU asset (recorded to depreciation and amortization expense over the lease term), (ii) a corresponding finance lease liability (recorded to interest expense over the lease term), and (iii) a write-off of the previous (a) carrying amount of the property and equipment and (b) financing obligation recorded with an adjustment to the opening balance of retained earnings at the adoption date. Principal payments associated with finance leases are recorded as financing cash outflows and interest payments associated with finance leases are recorded as operating cash outflows within our unaudited Condensed Consolidated Statements of Cash Flows. Operating Leases, inclusive of the Meadows Lease with GLPI The adoption of the new lease standard required us to recognize ROU assets and lease liabilities that had not previously been recorded within the unaudited Condensed Consolidated Balance Sheets. The lease liability for operating leases is based on the present value of future lease payments. The ROU asset for operating leases is based on the lease liability adjusted for the reclassification of certain balance sheet amounts, such as deferred rent. Deferred and prepaid rent are no longer presented separately. Leases that are short-term in nature are not recognized as ROU assets within the unaudited Condensed Consolidated Balance Sheets, but are recognized as an expense (recorded within total operating expenses) within the unaudited Condensed Consolidated Statements of Operations. The impact of the adoption of the new lease standard on our unaudited Condensed Consolidated Balance Sheets at January 1, 2019 was as follows (only financial statement line items impacted are presented): Impacts of: (in thousands) As Reported as of December 31, 2018 Financing Obligations - Master Leases (1) Finance Leases - Dayton and Mahoning Valley Operating Leases - Master Leases (2) Operating Lease - Meadows (3) Other Operating Leases - Non-Master Leases As Adjusted for ASC 842 Increase/(Decrease) Assets Current assets Prepaid expenses $ 62,971 $ — $ — $ — $ — $ (977 ) $ 61,994 $ (977 ) Total current assets $ 677,658 $ — $ — $ — $ — $ (977 ) $ 676,681 $ (977 ) Property and equipment, net (4) $ 6,868,768 $ — $ (164,314 ) $ (1,407,357 ) $ — $ — $ 5,297,097 $ (1,571,671 ) Goodwill $ 1,228,422 $ 5,517 $ — $ — $ — $ — $ 1,233,939 $ 5,517 Operating lease right-of-use assets (5) $ — $ — $ — $ 3,541,144 $ 112,804 $ 152,519 $ 3,806,467 $ 3,806,467 Finance lease right-of-use assets (6) $ — $ — $ 224,482 $ — $ — $ — $ 224,482 $ 224,482 Total assets $ 10,961,012 $ 5,517 $ 60,168 $ 2,133,787 $ 112,804 $ 151,542 $ 13,424,830 $ 2,463,818 Liabilities Current liabilities Current portion of financing obligations (7) $ 67,777 $ — $ (1,534 ) $ (16,157 ) $ — $ — $ 50,086 $ (17,691 ) Current portion of operating lease liabilities (5) $ — $ — $ — $ 72,894 $ 20,515 $ 8,913 $ 102,322 $ 102,322 Current portion of finance lease liabilities (6) $ — $ — $ 5,752 $ — $ — $ — $ 5,752 $ 5,752 Accrued expenses and other current liabilities $ 577,968 $ — $ — $ — $ — $ (434 ) $ 577,534 $ (434 ) Total current liabilities $ 738,436 $ — $ 4,218 $ 56,737 $ 20,515 $ 8,479 $ 828,385 $ 89,949 Long-term portion of financing obligations (7) $ 7,080,638 $ 5,517 $ (181,262 ) $ (2,760,587 ) $ — $ — $ 4,144,306 $ (2,936,332 ) Long-term portion of operating lease liabilities (5) $ — $ — $ — $ 3,467,057 $ 92,289 $ 144,988 $ 3,704,334 $ 3,704,334 Long-term portion of finance lease liabilities (6) $ — $ — $ 218,329 $ — $ — $ — $ 218,329 $ 218,329 Deferred income taxes (8) $ — $ — $ 4,288 $ 299,523 $ — $ — $ 303,811 $ 303,811 Other noncurrent liabilities $ 60,629 $ — $ — $ — $ — $ (1,925 ) $ 58,704 $ (1,925 ) Total liabilities $ 10,229,791 $ 5,517 $ 45,573 $ 1,062,730 $ 112,804 $ 151,542 $ 11,607,957 $ 1,378,166 Stockholders’ equity Retained earnings (accumulated deficit) $ (967,949 ) $ — $ 14,595 $ 1,071,057 $ — $ — $ 117,703 $ 1,085,652 Total Penn National Gaming, Inc. stockholders’ equity $ 731,226 $ — $ 14,595 $ 1,071,057 $ — $ — $ 1,816,878 $ 1,085,652 Total stockholders’ equity $ 731,221 $ — $ 14,595 $ 1,071,057 $ — $ — $ 1,816,873 $ 1,085,652 Total liabilities and stockholders’ equity $ 10,961,012 $ 5,517 $ 60,168 $ 2,133,787 $ 112,804 $ 151,542 $ 13,424,830 $ 2,463,818 (1) During the first quarter of 2019, the Company identified an adjustment to the purchase price allocation associated with its October 2018 acquisition of Pinnacle Entertainment, Inc. (“Pinnacle”). The purchase price adjustment increased the financing obligation upon the adoption of the new lease standard, resulting in an increase to goodwill (see Note 5, “Acquisitions” ). (2) Represents components contained within each of the Master Leases determined to be operating leases (primarily land). (3) Represents the triple net lease with GLPI for the real estate assets used in the operations of Meadows Racetrack and Casino (the “Meadows Lease”). (4) Represents the (i) derecognition of the carrying amount of the property and equipment, net, associated with land components contained within our Master Leases determined to be operating leases upon the adoption of the new lease standard; and (ii) derecognition of the carrying amount of the property and equipment, net, associated with land and building components associated with Dayton and Mahoning Valley determined to be finance leases upon the adoption of the new lease standard. (5) Operating lease ROU assets represent (i) the land components contained within the Master Leases determined to be operating leases upon the adoption of the new lease standard; and (ii) with respect to other Operating Leases, represent (a) the Meadows Lease, which was acquired by the Company in conjunction with the acquisition of Pinnacle; (b) ground and levee leases with landlords, which were not assumed by GLPI and remain an obligation of the Company; and (c) buildings and equipment not associated with our Master Leases. For leases where the rate implicit in the lease was not readily determinable, we used our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. We utilized the incremental borrowing rate on the adoption date for operating leases that commenced prior to that date. The operating lease liability is based on the net present value of future lease payments. (6) Amounts primarily represent finance leases associated with Dayton and Mahoning Valley, which are included in the Penn Master Lease, that under ASC 840 utilized specific build-to-suit guidance. The adoption of the new lease standard required the Company to evaluate the components under current guidance contained within the new lease standard, which resulted in all components being classified as finance leases. Finance leases result in (i) the recognition of a finance lease ROU asset amortized over the lease term and (ii) a corresponding finance lease liability (recorded to interest expense over the lease term). We utilized our incremental borrowing rate based on the information available at the adoption date in determining the present value of lease payments. The finance lease liability is based on the net present value of future lease payments. (7) Represents components associated with our Master Leases that remain financing obligations (primarily buildings). The financing obligation at the adoption date was calculated utilizing previous assumptions as determined (a) at the lease commencement date with respect to the Penn Master Lease and (b) at the acquisition date with respect to the Pinnacle Master Lease. (8) Represents the tax impacts related to the adoption of the new lease standard. See Note 11, “Income Taxes.” Accounting Pronouncements to be Implemented in 2020 In June 2016, the Financial Accounting Standards Board issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurements of Credit Losses on Financial Instruments” (“ASU 2016-13”), which sets forth a “current expected credit loss” (referred to as “CECL”) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and must be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company is currently assessing the impact of the adoption of ASU 2016-13 on its unaudited Condensed Consolidated Financial Statements.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Schedule of complimentaries	Revenues recorded to food and beverage, hotel, and other and offset to gaming revenues were as follows: For the three months ended June 30, For the six months ended June 30, (in thousands) 2019 2018 2019 2018 Food and beverage $ 64,102 $ 23,775 $ 128,580 $ 46,750 Hotel 40,848 10,616 77,444 20,303 Other 4,521 1,033 8,793 2,010 Total complimentaries associated with gaming contracts $ 109,471 $ 35,424 $ 214,817 $ 69,063
Schedule of disaggregation of revenue	Our revenue disaggregation by type of revenue and geographic location was as follows: For the three months ended June 30, 2019 (in thousands) Northeast South West Midwest Other Total Revenues: Gaming $ 528,906 $ 206,841 $ 96,498 $ 229,889 $ 5 $ 1,062,139 Food and beverage 37,584 39,551 29,548 19,624 397 126,704 Hotel 10,498 26,521 31,631 11,592 — 80,242 Racing 6,987 — 84 — 1,533 8,604 Other 15,111 9,275 6,489 7,055 7,475 45,405 Total revenues $ 599,086 $ 282,188 $ 164,250 $ 268,160 $ 9,410 $ 1,323,094 For the three months ended June 30, 2018 (in thousands) Northeast South West Midwest Other Total Revenues: Gaming $ 398,719 $ 49,213 $ 50,550 $ 166,612 $ — $ 665,094 Food and beverage 23,321 8,657 20,967 11,473 319 64,737 Hotel 5,316 3,119 20,900 5,947 — 35,282 Racing 4,890 — 99 — 1,661 6,650 Reimbursable management costs 21,068 — 4,119 — — 25,187 Other 11,971 1,629 4,116 4,130 8,117 29,963 Total revenues $ 465,285 $ 62,618 $ 100,751 $ 188,162 $ 10,097 $ 826,913 For the six months ended June 30, 2019 (in thousands) Northeast South West Midwest Other Total Revenues: Gaming $ 1,016,633 $ 426,932 $ 189,321 $ 463,644 $ 120 $ 2,096,650 Food and beverage 73,381 79,741 57,418 40,662 696 251,898 Hotel 17,652 49,501 63,272 21,226 — 151,651 Racing 13,512 — 101 — 3,067 16,680 Other 28,486 17,956 12,792 13,890 15,662 88,786 Total revenues $ 1,149,664 $ 574,130 $ 322,904 $ 539,422 $ 19,545 $ 2,605,665 For the six months ended June 30, 2018 (in thousands) Northeast South West Midwest Other Total Revenues: Gaming $ 790,997 $ 100,189 $ 97,121 $ 331,281 $ — $ 1,319,588 Food and beverage 46,624 17,087 40,816 23,271 582 128,380 Hotel 10,036 5,599 42,021 11,147 — 68,803 Racing 10,167 — 106 — 3,188 13,461 Reimbursable management costs 42,912 — 10,459 — — 53,371 Other 23,268 3,073 8,194 7,997 16,863 59,395 Total revenues $ 924,004 $ 125,948 $ 198,717 $ 373,696 $ 20,633 $ 1,642,998

New Accounting Pronouncements (

New Accounting Pronouncements (Tables)	6 Months Ended
	Jun. 30, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Schedule of impact of adoption of ASU-2014-09	The impact of the adoption of the new lease standard on our unaudited Condensed Consolidated Balance Sheets at January 1, 2019 was as follows (only financial statement line items impacted are presented): Impacts of: (in thousands) As Reported as of December 31, 2018 Financing Obligations - Master Leases (1) Finance Leases - Dayton and Mahoning Valley Operating Leases - Master Leases (2) Operating Lease - Meadows (3) Other Operating Leases - Non-Master Leases As Adjusted for ASC 842 Increase/(Decrease) Assets Current assets Prepaid expenses $ 62,971 $ — $ — $ — $ — $ (977 ) $ 61,994 $ (977 ) Total current assets $ 677,658 $ — $ — $ — $ — $ (977 ) $ 676,681 $ (977 ) Property and equipment, net (4) $ 6,868,768 $ — $ (164,314 ) $ (1,407,357 ) $ — $ — $ 5,297,097 $ (1,571,671 ) Goodwill $ 1,228,422 $ 5,517 $ — $ — $ — $ — $ 1,233,939 $ 5,517 Operating lease right-of-use assets (5) $ — $ — $ — $ 3,541,144 $ 112,804 $ 152,519 $ 3,806,467 $ 3,806,467 Finance lease right-of-use assets (6) $ — $ — $ 224,482 $ — $ — $ — $ 224,482 $ 224,482 Total assets $ 10,961,012 $ 5,517 $ 60,168 $ 2,133,787 $ 112,804 $ 151,542 $ 13,424,830 $ 2,463,818 Liabilities Current liabilities Current portion of financing obligations (7) $ 67,777 $ — $ (1,534 ) $ (16,157 ) $ — $ — $ 50,086 $ (17,691 ) Current portion of operating lease liabilities (5) $ — $ — $ — $ 72,894 $ 20,515 $ 8,913 $ 102,322 $ 102,322 Current portion of finance lease liabilities (6) $ — $ — $ 5,752 $ — $ — $ — $ 5,752 $ 5,752 Accrued expenses and other current liabilities $ 577,968 $ — $ — $ — $ — $ (434 ) $ 577,534 $ (434 ) Total current liabilities $ 738,436 $ — $ 4,218 $ 56,737 $ 20,515 $ 8,479 $ 828,385 $ 89,949 Long-term portion of financing obligations (7) $ 7,080,638 $ 5,517 $ (181,262 ) $ (2,760,587 ) $ — $ — $ 4,144,306 $ (2,936,332 ) Long-term portion of operating lease liabilities (5) $ — $ — $ — $ 3,467,057 $ 92,289 $ 144,988 $ 3,704,334 $ 3,704,334 Long-term portion of finance lease liabilities (6) $ — $ — $ 218,329 $ — $ — $ — $ 218,329 $ 218,329 Deferred income taxes (8) $ — $ — $ 4,288 $ 299,523 $ — $ — $ 303,811 $ 303,811 Other noncurrent liabilities $ 60,629 $ — $ — $ — $ — $ (1,925 ) $ 58,704 $ (1,925 ) Total liabilities $ 10,229,791 $ 5,517 $ 45,573 $ 1,062,730 $ 112,804 $ 151,542 $ 11,607,957 $ 1,378,166 Stockholders’ equity Retained earnings (accumulated deficit) $ (967,949 ) $ — $ 14,595 $ 1,071,057 $ — $ — $ 117,703 $ 1,085,652 Total Penn National Gaming, Inc. stockholders’ equity $ 731,226 $ — $ 14,595 $ 1,071,057 $ — $ — $ 1,816,878 $ 1,085,652 Total stockholders’ equity $ 731,221 $ — $ 14,595 $ 1,071,057 $ — $ — $ 1,816,873 $ 1,085,652 Total liabilities and stockholders’ equity $ 10,961,012 $ 5,517 $ 60,168 $ 2,133,787 $ 112,804 $ 151,542 $ 13,424,830 $ 2,463,818 (1) During the first quarter of 2019, the Company identified an adjustment to the purchase price allocation associated with its October 2018 acquisition of Pinnacle Entertainment, Inc. (“Pinnacle”). The purchase price adjustment increased the financing obligation upon the adoption of the new lease standard, resulting in an increase to goodwill (see Note 5, “Acquisitions” ). (2) Represents components contained within each of the Master Leases determined to be operating leases (primarily land). (3) Represents the triple net lease with GLPI for the real estate assets used in the operations of Meadows Racetrack and Casino (the “Meadows Lease”). (4) Represents the (i) derecognition of the carrying amount of the property and equipment, net, associated with land components contained within our Master Leases determined to be operating leases upon the adoption of the new lease standard; and (ii) derecognition of the carrying amount of the property and equipment, net, associated with land and building components associated with Dayton and Mahoning Valley determined to be finance leases upon the adoption of the new lease standard. (5) Operating lease ROU assets represent (i) the land components contained within the Master Leases determined to be operating leases upon the adoption of the new lease standard; and (ii) with respect to other Operating Leases, represent (a) the Meadows Lease, which was acquired by the Company in conjunction with the acquisition of Pinnacle; (b) ground and levee leases with landlords, which were not assumed by GLPI and remain an obligation of the Company; and (c) buildings and equipment not associated with our Master Leases. For leases where the rate implicit in the lease was not readily determinable, we used our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. We utilized the incremental borrowing rate on the adoption date for operating leases that commenced prior to that date. The operating lease liability is based on the net present value of future lease payments. (6) Amounts primarily represent finance leases associated with Dayton and Mahoning Valley, which are included in the Penn Master Lease, that under ASC 840 utilized specific build-to-suit guidance. The adoption of the new lease standard required the Company to evaluate the components under current guidance contained within the new lease standard, which resulted in all components being classified as finance leases. Finance leases result in (i) the recognition of a finance lease ROU asset amortized over the lease term and (ii) a corresponding finance lease liability (recorded to interest expense over the lease term). We utilized our incremental borrowing rate based on the information available at the adoption date in determining the present value of lease payments. The finance lease liability is based on the net present value of future lease payments. (7) Represents components associated with our Master Leases that remain financing obligations (primarily buildings). The financing obligation at the adoption date was calculated utilizing previous assumptions as determined (a) at the lease commencement date with respect to the Penn Master Lease and (b) at the acquisition date with respect to the Pinnacle Master Lease. (8) Represents the tax impacts related to the adoption of the new lease standard. See Note 11, “Income Taxes.”

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Other information related to leases, components of lease expense and supplemental cash flow information	Supplemental cash flow information related to leases was as follows: (in thousands) For the six months ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from finance leases $ 7,657 Operating cash flows from operating leases $ 186,868 Financing cash flows from finance leases $ 2,941 Information related to lease term and discount rate was as follows: June 30, 2019 Weighted Average Remaining Lease Term Operating leases (1) 27.8 years Finance leases (2) 28.8 years Financing obligations (3) 30.9 years Weighted Average Discount Rate (4) Operating leases 6.7 % Finance leases 6.8 % Financing obligations 8.1 % (1) Amount consists principally of (i) land components associated with our Master Leases; (ii) our Meadows Lease; (iii) our Margaritaville Lease; (iv) our Greektown Lease; (v) ground and levee leases with landlords which were not assumed by our REIT landlords; and (vi) building and equipment not associated with our Master Leases. (2) Amount consists primarily of the Dayton and Mahoning Valley finance leases. (3) Amount consists of the components contained within each of the Master Leases determined to continue to be financing obligations (primarily buildings) at the adoption date of the new lease standard. (4) For leases where the rate implicit in the lease is not readily determinable, we use our incremental borrowing rate based on the information available at the adoption date in determining the present value of lease payments. The components of lease expense were as follows: Classification (in thousands) Gaming Expense Food, Beverage, Hotel and Other Expense General and Administrative Interest Expense Depreciation and Amortization Total for the three months ended June 30, 2019 Operating Lease Costs Rent expense associated with triple net leases classified as operating leases (1) $ — $ — $ 90,025 $ — $ — $ 90,025 Operating lease cost (2) 146 113 4,346 — — 4,605 Short-term lease cost 14,226 375 212 — — 14,813 Variable lease cost (2) — — 260 — — 260 Total $ 14,372 $ 488 $ 94,843 $ — $ — $ 109,703 Finance Lease Costs Interest expense (3) $ — $ — $ — $ 3,830 $ — $ 3,830 Amortization expense (3) — — — — 1,956 1,956 Total $ — $ — $ — $ 3,830 $ 1,956 $ 5,786 Financing Obligation Costs Interest expense (4) $ — $ — $ — $ 98,369 $ — $ 98,369 Classification (in thousands) Gaming Expense Food, Beverage, Hotel and Other Expense General and Administrative Interest Expense Depreciation and Amortization Total for the six months ended June 30, 2019 Operating Lease Costs Rent expense associated with triple net leases classified as operating leases (1) $ — $ — $ 174,755 $ — $ — $ 174,755 Operating lease cost (2) 283 269 8,443 — — 8,995 Short-term lease cost 27,162 535 780 — — 28,477 Variable lease cost (2) 1,201 2 575 — — 1,778 Total $ 28,646 $ 806 $ 184,553 $ — $ — $ 214,005 Finance Lease Costs Interest expense (3) $ — $ — $ — $ 7,657 $ — $ 7,657 Amortization expense (3) — — — — 3,915 3,915 Total $ — $ — $ — $ 7,657 $ 3,915 $ 11,572 Financing Obligation Costs Interest expense (4) $ — $ — $ — $ 196,041 $ — $ 196,041 (1) Pertains to the components contained within the Master Leases (primarily land) determined to be operating leases, the Meadows Lease, the Margaritaville Lease, and the Greektown Lease, inclusive of the variable expense associated with Columbus and Toledo for the operating lease components (the land) (see table above). (2) Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases, discussed in footnote (1) above. (3) Primarily pertains to the Dayton and Mahoning Valley finance leases. (4) Pertains to the components contained within the Master Leases (primarily buildings) determined to continue to be financing obligations, inclusive of the variable expense associated with Columbus and Toledo for the finance lease components (the buildings) (see table above). For the three months ended June 30, For the six months ended June 30, (in thousands) 2019 2018 2019 2018 Variable expenses included in “General and administrative” $ 6,238 $ — $ 13,042 $ — Variable expenses included in “Interest expense” 5,725 12,543 11,969 24,984 Total variable expenses $ 11,963 $ 12,543 $ 25,011 $ 24,984
Schedule of future minimum lease commitments, operating leases	The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of June 30, 2019 : (in thousands) Operating Leases Finance Leases Financing Obligations Years ending December 31, 2019 (excluding the six months ended June 30, 2019) $ 209,805 $ 10,749 $ 194,793 2020 408,009 21,481 374,715 2021 387,771 21,474 367,278 2022 384,825 21,362 367,278 2023 381,689 20,497 367,278 Thereafter 8,159,497 403,820 9,637,956 Total lease payments 9,931,596 499,383 11,309,298 Less: Amounts representing interest (5,490,450 ) (273,694 ) (7,140,249 ) Present value of future lease payments 4,441,146 225,689 4,169,049 Less: Current portion of lease obligations (123,797 ) (6,214 ) (49,890 ) Long-term portion of lease obligations $ 4,317,349 $ 219,475 $ 4,119,159
Schedule of future minimum lease commitments, finance leases	The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of June 30, 2019 : (in thousands) Operating Leases Finance Leases Financing Obligations Years ending December 31, 2019 (excluding the six months ended June 30, 2019) $ 209,805 $ 10,749 $ 194,793 2020 408,009 21,481 374,715 2021 387,771 21,474 367,278 2022 384,825 21,362 367,278 2023 381,689 20,497 367,278 Thereafter 8,159,497 403,820 9,637,956 Total lease payments 9,931,596 499,383 11,309,298 Less: Amounts representing interest (5,490,450 ) (273,694 ) (7,140,249 ) Present value of future lease payments 4,441,146 225,689 4,169,049 Less: Current portion of lease obligations (123,797 ) (6,214 ) (49,890 ) Long-term portion of lease obligations $ 4,317,349 $ 219,475 $ 4,119,159
Schedule of future minimum lease commitments, financing obligations	The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of June 30, 2019 : (in thousands) Operating Leases Finance Leases Financing Obligations Years ending December 31, 2019 (excluding the six months ended June 30, 2019) $ 209,805 $ 10,749 $ 194,793 2020 408,009 21,481 374,715 2021 387,771 21,474 367,278 2022 384,825 21,362 367,278 2023 381,689 20,497 367,278 Thereafter 8,159,497 403,820 9,637,956 Total lease payments 9,931,596 499,383 11,309,298 Less: Amounts representing interest (5,490,450 ) (273,694 ) (7,140,249 ) Present value of future lease payments 4,441,146 225,689 4,169,049 Less: Current portion of lease obligations (123,797 ) (6,214 ) (49,890 ) Long-term portion of lease obligations $ 4,317,349 $ 219,475 $ 4,119,159

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Allocation of purchase price	The following table reflects the preliminary allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed, with the excess recorded as goodwill: (in thousands) May 23, 2019 Cash and cash equivalents $ 31,051 Receivables, prepaid expenses, and other current assets 15,622 Property and equipment 32,330 Goodwill (1) 61,714 Other intangible assets Gaming license 166,400 Trademark 24,400 Customer relationships 3,300 Operating lease right-of-use assets 516,099 Finance lease right-of-use assets 4,168 Other assets 228 Total assets $ 855,312 Accounts payable, accrued expenses, and other current liabilities $ 14,830 Operating lease liabilities 516,059 Finance lease liabilities 4,168 Total liabilities 535,057 Net assets acquired $ 320,255 (1) The goodwill has been assigned to our Northeast segment. The entire $61.7 million goodwill amount is deductible for tax purposes. (in thousands) January 1, 2019 Cash and cash equivalents $ 10,756 Receivables, prepaid expenses, and other current assets 7,058 Property and equipment 21,731 Goodwill (1) 39,457 Other intangible assets Gaming license 48,100 Customer relationships 2,300 Operating lease right-of-use assets 196,212 Total assets $ 325,614 Accounts payable, accrued expenses, and other current liabilities $ 9,511 Operating lease liabilities 196,212 Total liabilities 205,723 Net assets acquired $ 119,891 (1) The goodwill has been assigned to our South segment. The entire $39.5 million goodwill amount is deductible for tax purposes.
Actual and pro forma financial results	For the three months ended June 30, For the six months ended June 30, (in thousands) 2019 2018 2019 2018 Revenues $ 1,372,682 $ 1,446,724 $ 2,739,259 $ 2,848,996 Net income attributable to Penn $ 57,296 $ 65,970 $ 111,199 $ 117,093 The following table includes the financial results of Margaritaville since the acquisition date, which are included within our unaudited Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2019 : (in thousands) For the three months ended June 30, 2019 For the six months ended June 30, 2019 Revenues $ 39,586 $ 81,085 Net income $ 3,271 $ 8,232 The following table includes the financial results of Greektown since the acquisition date, which are included within our unaudited Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2019 : (in thousands) Period from May 23, 2019 through June 30, 2019 Revenues $ 34,229 Net income $ 932
Adjustments to purchase price allocation	During the six months ended June 30, 2019, we made the following adjustments to the preliminary purchase price allocation: (in thousands) Estimated fair value as previously reported (1) Measurement period adjustments Estimated fair value as adjusted Cash and restricted cash $ 124,231 $ — $ 124,231 Assets held for sale 667,036 461 667,497 Other current assets 80,622 — 80,622 Property and equipment - non-Pinnacle Master Lease 318,856 — 318,856 Property and equipment - Pinnacle Master Lease (2) 3,984,119 (29,200 ) 3,954,919 Goodwill (3) 219,531 24,534 244,065 Other intangible assets Gaming licenses 1,046,000 21,600 1,067,600 Trademarks 298,000 — 298,000 Customer relationships 22,400 — 22,400 Other long-term assets 38,767 — 38,767 Total assets $ 6,799,562 $ 17,395 $ 6,816,957 Long-term financing obligation, including current portion (4) $ 3,427,016 $ 5,517 $ 3,432,533 Other current liabilities 200,547 1,188 201,735 Deferred tax liabilities 339,149 10,690 349,839 Other long-term liabilities 16,635 — 16,635 Total liabilities 3,983,347 17,395 4,000,742 Net assets acquired $ 2,816,215 $ — $ 2,816,215 (1) Amounts were initially reported within the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019. (2) Includes buildings, boats, vessels, barges, and implied land and land use rights. Land use rights represent the intangible value of the Company’s ability to utilize and access land associated with long term ground lease agreements that give the Company the exclusive rights to operate the casino gaming facilities associated with such agreements. (3) See Note 7, “Goodwill and Other Intangible Assets,” for details on the impact to each reportable segment. (4) Long-term financing obligation, including current portion represents the financing obligation associated with Pinnacle Master Lease, as amended.

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Schedule of property and equipment, net and depreciation expense	Property and equipment, net, consisted of the following: (in thousands) June 30, December 31, Property and equipment - non-Master Leases Land and improvements $ 353,111 $ 343,987 Building, vessels and improvements 348,814 342,944 Furniture, fixtures and equipment 1,652,145 1,565,830 Leasehold improvements 157,555 152,943 Construction in progress 43,173 25,473 2,554,798 2,431,177 Less: Accumulated depreciation (1,484,226 ) (1,400,198 ) 1,070,572 1,030,979 Property and equipment - Master Leases Land and improvements (1) 1,525,934 2,970,969 Building, vessels and improvements (2) 3,664,611 3,845,062 5,190,545 6,816,031 Less: Accumulated depreciation (1,045,340 ) (978,242 ) 4,145,205 5,837,789 Property and equipment, net $ 5,215,777 $ 6,868,768 (1) Upon adoption of ASC 842, approximately $1.4 billion of land was derecognized and replaced with operating lease ROU assets based on the present value of future lease payments. See Note 3, “New Accounting Pronouncements.” (2) Upon adoption of ASC 842, $180.4 million of building and improvements, gross, was derecognized and replaced with finance lease ROU assets based on the present value of future lease payments. See Note 3, “New Accounting Pronouncements.” Depreciation expense was as follows: For the three months ended June 30, For the six months ended June 30, (in thousands) 2019 2018 2019 2018 Depreciation expense (1) $ 97,668 $ 54,434 $ 193,898 $ 110,348 (1) Of such amounts, $46.1 million , $22.9 million , $92.9 million , and $46.2 million , respectively, pertain to real estate assets subject to either of our Master Leases.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Details of goodwill	A reconciliation of goodwill and accumulated goodwill impairment losses, by reportable segment, is as follows: (in thousands) Northeast South West Midwest Other Total Balance as of December 31, 2018 Goodwill, gross $ 848,424 $ 185,158 $ 210,423 $ 1,110,052 $ 156,116 $ 2,510,173 Accumulated goodwill impairment losses (707,593 ) (34,522 ) (16,633 ) (435,283 ) (87,720 ) (1,281,751 ) Goodwill, net 140,831 150,636 193,790 674,769 68,396 1,228,422 Goodwill acquired during year 61,714 39,457 — — — 101,171 Other (1) (800 ) 9,000 8,134 8,200 — 24,534 Balance as of June 30, 2019 Goodwill, gross 909,338 233,615 218,557 1,118,252 156,116 2,635,878 Accumulated goodwill impairment losses (707,593 ) (34,522 ) (16,633 ) (435,283 ) (87,720 ) (1,281,751 ) Goodwill, net $ 201,745 $ 199,093 $ 201,924 $ 682,969 $ 68,396 $ 1,354,127 (1) Amounts relate to adjustments made to the preliminary purchase price allocation of Pinnacle during the six months ended June 30, 2019, as described in Note 5, “Acquisitions.”
Schedule of indefinite-lived intangible assets	The table below presents the gross carrying amount, accumulated amortization, and net carrying amount of each major class of other intangible assets: June 30, 2019 December 31, 2018 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived intangible assets Gaming licenses $ 1,734,585 $ — $ 1,734,585 $ 1,498,309 $ — $ 1,498,309 Trademarks 322,400 — 322,400 298,000 — 298,000 Other 696 — 696 696 — 696 Amortizing intangible assets Customer relationships 104,352 (60,070 ) 44,282 98,752 (51,544 ) 47,208 Other 61,896 (52,996 ) 8,900 61,918 (49,263 ) 12,655 Total other intangible assets $ 2,223,929 $ (113,066 ) $ 2,110,863 $ 1,957,675 $ (100,807 ) $ 1,856,868
Schedule of finite-lived intangible assets	The table below presents the gross carrying amount, accumulated amortization, and net carrying amount of each major class of other intangible assets: June 30, 2019 December 31, 2018 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived intangible assets Gaming licenses $ 1,734,585 $ — $ 1,734,585 $ 1,498,309 $ — $ 1,498,309 Trademarks 322,400 — 322,400 298,000 — 298,000 Other 696 — 696 696 — 696 Amortizing intangible assets Customer relationships 104,352 (60,070 ) 44,282 98,752 (51,544 ) 47,208 Other 61,896 (52,996 ) 8,900 61,918 (49,263 ) 12,655 Total other intangible assets $ 2,223,929 $ (113,066 ) $ 2,110,863 $ 1,957,675 $ (100,807 ) $ 1,856,868
Expected intangible asset amortization expense	The following table presents the estimated amortization expense based on our amortizing intangible assets as of June 30, 2019 (in thousands): Remaining 2019 $ 12,032 2020 19,629 2021 5,683 2022 3,800 2023 3,593 Thereafter 8,445 Total $ 53,182

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2019
Payables and Accruals [Abstract]
Accrued expenses and other current liabilities	Accrued expenses and other current liabilities consisted of the following: (in thousands) June 30, December 31, Accrued salaries and wages $ 117,815 $ 139,159 Accrued gaming, pari-mutuel, property, and other taxes 106,502 105,767 Accrued interest 13,081 15,793 Other accrued expenses (1) 229,587 204,656 Other current liabilities (2) 122,765 112,593 $ 589,750 $ 577,968 (1) Amounts include the obligation associated with our my choice program and the current portion of advance payments on goods and services yet to be provided and for unpaid wagers, which are discussed in Note 2, “Significant Accounting Policies.” (2) Amounts include $72.0 million and $64.1 million , respectively, pertaining to the Company’s non-qualified deferred compensation plan that covers most management and other highly-compensated employees.

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of long-term debt, net of current maturities	Long-term debt, net of current maturities, was as follows: (in thousands) June 30, December 31, Senior Secured Credit Facilities: Revolving Credit Facility due 2023 $ 280,000 $ 112,000 Term Loan A Facility due 2023 689,982 707,674 Term Loan B-1 Facility due 2025 1,123,106 1,128,750 5.625% Notes due 2027 400,000 400,000 Other long-term obligations 96,644 104,583 Capital leases (1) — 381 2,589,732 2,453,388 Less: Current maturities of long-term debt (62,505 ) (62,140 ) Less: Debt discount (2,568 ) (2,748 ) Less: Debt issuance costs (35,046 ) (38,412 ) $ 2,489,613 $ 2,350,088 (1) Reclassified to finance lease liabilities upon the adoption of ASC 842.

Investments in and Advances t_2

Investments in and Advances to Unconsolidated Affiliates (Tables)	6 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Schedule of summary financial information for Kansas Entertainment	The following table provides summary income statement information of Kansas Entertainment for the comparative periods that are included within the Company’s unaudited Condensed Consolidated Statements of Operations: For the three months ended June 30, For the six months ended June 30, (in thousands) 2019 2018 2019 2018 Revenues $ 40,121 $ 40,206 $ 79,632 $ 79,491 Operating expenses 26,796 27,924 54,210 55,582 Operating income 13,325 12,282 25,422 23,909 Net income $ 13,325 $ 12,282 $ 25,422 $ 23,909 Net income attributable to Penn $ 6,662 $ 6,141 $ 12,711 $ 11,955

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of reconciliation of the weighted-average common shares outstanding	The following table reconciles the weighted-average common shares outstanding used in the calculation of basic earnings per share (“EPS”) to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and six months ended June 30, 2019 and 2018 : For the three months ended June 30, For the six months ended June 30, (in thousands) 2019 2018 2019 2018 Determination of shares: Weighted-average common shares outstanding 115,982 91,468 116,137 91,330 Assumed conversion of dilutive employee stock-based awards 1,598 3,319 1,832 3,299 Assumed conversion of restricted stock 96 208 192 205 Diluted weighted-average common shares outstanding 117,676 94,995 118,161 94,834
Schedule of calculation of basic and diluted EPS	The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and six months ended June 30, 2019 and 2018 : For the three months ended June 30, For the six months ended June 30, (in thousands, except per share data) 2019 2018 2019 2018 Calculation of basic EPS: Net income applicable to common stock $ 51,547 $ 53,988 $ 92,539 $ 99,425 Weighted-average common shares outstanding 115,982 91,468 116,137 91,330 Basic EPS $ 0.44 $ 0.59 $ 0.80 $ 1.09 Calculation of diluted EPS: Net income applicable to common stock $ 51,547 $ 53,988 $ 92,539 $ 99,425 Diluted weighted-average common shares outstanding 117,676 94,995 118,161 94,834 Diluted EPS $ 0.44 $ 0.57 $ 0.78 $ 1.05

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of carrying amounts and estimated fair values by input level	The carrying amounts and estimated fair values by input level of the Company’s financial instruments were as follows: June 30, 2019 (in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 378,766 $ 378,766 $ 378,766 $ — $ — Held-to-maturity securities $ 7,466 $ 7,763 $ — $ 7,763 $ — Promissory notes $ 16,853 $ 17,267 $ — $ 17,267 $ — Financial liabilities: Long-term debt Senior Secured Credit Facilities $ 2,056,100 $ 2,081,977 $ 2,081,977 $ — $ — 5.625% Notes $ 399,374 $ 399,500 $ 399,500 $ — $ — Other long-term obligations $ 96,644 $ 89,405 $ — $ 89,405 $ — Other liabilities $ 27,246 $ 27,239 $ — $ 2,807 $ 24,432 December 31, 2018 (in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 479,598 $ 479,598 $ 479,598 $ — $ — Held-to-maturity securities $ 7,466 $ 7,879 $ — $ 7,879 $ — Promissory notes $ 16,853 $ 17,415 $ — $ 17,415 $ — Financial liabilities: Long-term debt Senior Secured Credit Facilities $ 1,907,932 $ 1,886,333 $ 1,886,333 $ — $ — 5.625% Notes $ 399,332 $ 360,000 $ 360,000 $ — $ — Other long-term obligations $ 104,583 $ 96,338 $ — $ 96,338 $ — Other liabilities $ 21,863 $ 21,857 $ — $ 2,815 $ 19,042
Summary of the changes in fair value of Level 3 liabilities	The following table summarizes the changes in fair value of our Level 3 liabilities measured on a recurring basis: Other Liabilities (in thousands) Contingent Purchase Price Balance as of January 1, 2019 $ 19,042 Payments (367 ) Included in earnings (1) 5,757 Balance as of June 30, 2019 $ 24,432 (1) The expense is included in “General and administrative” within our unaudited Condensed Consolidated Statements of Operations.
Summary of significant unobservable inputs used in calculating Level 3 assets and liabilities	The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 liabilities on a recurring basis as of June 30, 2019 : Valuation Technique Unobservable Input Discount Rate Contingent purchase price - Plainridge Park Casino Discounted cash flow Discount rate 7.14%

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Schedule of segment information	The following table highlights our revenues and Adjusted EBITDAR for each reportable segment and reconciles Adjusted EBITDAR on a consolidated basis to Net income. For the three months ended June 30, For the six months ended June 30, (in thousands) 2019 2018 2019 2018 Revenues: Northeast segment $ 599,086 $ 465,285 $ 1,149,664 $ 924,004 South segment 282,188 62,618 574,130 125,948 West segment 164,250 100,751 322,904 198,717 Midwest segment 268,160 188,162 539,422 373,696 Other (1) 9,410 10,097 19,545 20,633 Revenues $ 1,323,094 $ 826,913 $ 2,605,665 $ 1,642,998 Adjusted EBITDAR (2) : Northeast segment $ 186,190 $ 148,394 $ 350,944 $ 293,371 South segment 92,761 20,545 190,605 41,663 West segment 50,460 26,103 100,383 50,034 Midwest segment 97,793 67,543 197,012 135,728 Other (1) (20,747 ) (15,479 ) (41,050 ) (31,144 ) Adjusted EBITDAR (2) 406,457 247,106 797,894 489,652 Other operating benefits (costs) and other income (expenses): Rent expense associated with triple net operating leases (3) (90,025 ) — (174,755 ) — Stock-based compensation (3,247 ) (3,003 ) (6,664 ) (5,932 ) Cash-settled stock-based awards variance 3,436 (7,800 ) 2,964 (338 ) Gain (loss) on disposal of assets (371 ) 52 (893 ) (3 ) Contingent purchase price (1,040 ) (202 ) (5,757 ) (1,337 ) Pre-opening and acquisition costs (3,700 ) (5,879 ) (8,080 ) (11,972 ) Depreciation and amortization (106,020 ) (58,559 ) (210,073 ) (118,949 ) Recoveries on loan loss and unfunded loan commitments, net of impairment losses — 16,985 — 16,367 Insurance recoveries, net of deductible charges — 68 — 68 Non-operating items for Kansas JV (855 ) (1,279 ) (1,928 ) (2,572 ) Interest expense (135,039 ) (115,873 ) (267,626 ) (231,613 ) Interest income 257 241 576 490 Loss on early extinguishment of debt — (2,579 ) — (3,461 ) Other 43 (48 ) 43 (44 ) Income before income taxes 69,896 69,230 125,701 130,356 Income tax expense (18,539 ) (15,242 ) (33,357 ) (30,931 ) Net income $ 51,357 $ 53,988 $ 92,344 $ 99,425 (1) The Other category consists of the Company's standalone racing operations, namely Sanford-Orlando Kennel Club, located in Longwood, Florida, and the Company’s joint venture interests in Texas and New Jersey (see Note 10, “Investments in and Advances to Unconsolidated Affiliates” ). The Other category also includes PIV, our management contract for Retama Park Racetrack, and our live and televised poker tournament series that operates under the trade name, Heartland Poker Tour. Expenses incurred for corporate and shared services activities that are directly attributable to a property or are otherwise incurred to support a property are allocated to each property. The Other category also includes corporate overhead costs, which consist of certain expenses, such as: payroll, professional fees, travel expenses and other general and administrative expenses that do not directly relate to or have otherwise been allocated to a property. (2) We define Adjusted EBITDAR as earnings before interest income and expense, income taxes, depreciation and amortization, rent expense associated with triple net operating leases (see footnote (3) below), stock-based compensation, debt extinguishment and financing charges, impairment charges, insurance recoveries and deductible charges, changes in the estimated fair value of our contingent purchase price obligations, gain or loss on disposal of assets, the difference between budget and actual expense for cash-settled stock-based awards, pre-opening and acquisition costs, and other income or expenses. Adjusted EBITDAR is also inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (such as depreciation and amortization) added back for our joint venture in Kansas Entertainment. Adjusted EBITDAR excludes payments associated with our Master Leases, the Meadows Lease, the Margaritaville Lease, and the Greektown Lease, as such amounts are included as either interest expense or rent expense. (3) The Company’s triple net operating leases include certain components of the Master Leases (primarily land), the Meadows Lease, the Margaritaville Lease, and the Greektown Lease. For the three months ended June 30, For the six months ended June 30, (in thousands) 2019 2018 2019 2018 Capital expenditures: Northeast segment $ 31,781 $ 8,489 $ 44,466 $ 12,701 South segment 7,698 2,814 16,570 3,496 West segment 7,065 2,510 14,092 5,240 Midwest segment 9,344 5,144 16,383 8,151 Other 1,476 2,188 3,519 3,370 Total capital expenditures $ 57,364 $ 21,145 $ 95,030 $ 32,958 (in thousands) Northeast South West Midwest Other Total As of June 30, 2019 Investment in and advances to unconsolidated affiliates $ 143 $ — $ — $ 88,561 $ 38,515 $ 127,219 Total assets (1) $ 2,315,457 $ 1,443,203 $ 750,615 $ 1,482,103 $ 8,217,847 $ 14,209,225 As of December 31, 2018 Investment in and advances to unconsolidated affiliates $ 105 $ — $ — $ 89,350 $ 39,033 $ 128,488 Total assets (2) $ 1,330,256 $ 1,082,304 $ 755,665 $ 1,411,468 $ 6,381,319 $ 10,961,012 (1) As of June 30, 2019, total assets of the Other category includes the real estate assets subject to the Master Leases, which are either classified as property and equipment, operating lease ROU assets, or finance lease ROU assets, depending on whether the underlying component of the Master Leases was determined to be an operating lease, a finance lease, or continue to be financing obligations, upon adoption of ASC 842. (2)

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2019jurisdictionfacilitysegment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of facilities the entity owned, managed, or had ownership interests in | facility	41
Number of jurisdictions in which the entity operates | jurisdiction	19
Number of reportable segments | segment	4

Significant Accounting Polici_4

Significant Accounting Policies - Segment Information (Details)	12 Months Ended
	Dec. 31, 2018segment	Jun. 30, 2019facility
Segment Information
Number of facilities the entity owned, managed, or had ownership interests in		41
Kansas Entertainment
Segment Information
Ownership interest		50.00%
Jackpot, Nevada
Segment Information
Number of facilities the entity owned, managed, or had ownership interests in		2
Number of operating segments | segment	1

Significant Accounting Polici_5

Significant Accounting Policies - Revenue Recognition and Complimentaries (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	$ 109,471	$ 35,424	$ 214,817	$ 69,063
Food and beverage
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	64,102	23,775	128,580	46,750
Hotel
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	40,848	10,616	77,444	20,303
Other
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	$ 4,521	$ 1,033	$ 8,793	$ 2,010

Significant Accounting Polici_6

Significant Accounting Policies - Revenue Disaggregation and Customer-Related Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 1,323,094	$ 826,913	$ 2,605,665	$ 1,642,998
Loyalty credit obligation
Disaggregation of Revenue [Line Items]
Customer-related liabilities	49,000		$ 49,000		$ 39,900
Customer-related liabilities, term			6 months
Advance payments on goods and services yet to be provided and unpaid wagers
Disaggregation of Revenue [Line Items]
Customer-related liabilities	30,700		$ 30,700		34,300
Customer-related liabilities, long-term	600		600		$ 700
Gaming
Disaggregation of Revenue [Line Items]
Revenues	1,062,139	665,094	2,096,650	1,319,588
Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	126,704	64,737	251,898	128,380
Hotel
Disaggregation of Revenue [Line Items]
Revenues	80,242	35,282	151,651	68,803
Racing
Disaggregation of Revenue [Line Items]
Revenues	8,604	6,650	16,680	13,461
Reimbursable management costs
Disaggregation of Revenue [Line Items]
Revenues		25,187		53,371
Other
Disaggregation of Revenue [Line Items]
Revenues	45,405	29,963	88,786	59,395
Operating segments | Northeast segment
Disaggregation of Revenue [Line Items]
Revenues	599,086	465,285	1,149,664	924,004
Operating segments | Northeast segment | Gaming
Disaggregation of Revenue [Line Items]
Revenues	528,906	398,719	1,016,633	790,997
Operating segments | Northeast segment | Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	37,584	23,321	73,381	46,624
Operating segments | Northeast segment | Hotel
Disaggregation of Revenue [Line Items]
Revenues	10,498	5,316	17,652	10,036
Operating segments | Northeast segment | Racing
Disaggregation of Revenue [Line Items]
Revenues	6,987	4,890	13,512	10,167
Operating segments | Northeast segment | Reimbursable management costs
Disaggregation of Revenue [Line Items]
Revenues		21,068		42,912
Operating segments | Northeast segment | Other
Disaggregation of Revenue [Line Items]
Revenues	15,111	11,971	28,486	23,268
Operating segments | South segment
Disaggregation of Revenue [Line Items]
Revenues	282,188	62,618	574,130	125,948
Operating segments | South segment | Gaming
Disaggregation of Revenue [Line Items]
Revenues	206,841	49,213	426,932	100,189
Operating segments | South segment | Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	39,551	8,657	79,741	17,087
Operating segments | South segment | Hotel
Disaggregation of Revenue [Line Items]
Revenues	26,521	3,119	49,501	5,599
Operating segments | South segment | Racing
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | South segment | Reimbursable management costs
Disaggregation of Revenue [Line Items]
Revenues		0		0
Operating segments | South segment | Other
Disaggregation of Revenue [Line Items]
Revenues	9,275	1,629	17,956	3,073
Operating segments | West segment
Disaggregation of Revenue [Line Items]
Revenues	164,250	100,751	322,904	198,717
Operating segments | West segment | Gaming
Disaggregation of Revenue [Line Items]
Revenues	96,498	50,550	189,321	97,121
Operating segments | West segment | Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	29,548	20,967	57,418	40,816
Operating segments | West segment | Hotel
Disaggregation of Revenue [Line Items]
Revenues	31,631	20,900	63,272	42,021
Operating segments | West segment | Racing
Disaggregation of Revenue [Line Items]
Revenues	84	99	101	106
Operating segments | West segment | Reimbursable management costs
Disaggregation of Revenue [Line Items]
Revenues		4,119		10,459
Operating segments | West segment | Other
Disaggregation of Revenue [Line Items]
Revenues	6,489	4,116	12,792	8,194
Operating segments | Midwest segment
Disaggregation of Revenue [Line Items]
Revenues	268,160	188,162	539,422	373,696
Operating segments | Midwest segment | Gaming
Disaggregation of Revenue [Line Items]
Revenues	229,889	166,612	463,644	331,281
Operating segments | Midwest segment | Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	19,624	11,473	40,662	23,271
Operating segments | Midwest segment | Hotel
Disaggregation of Revenue [Line Items]
Revenues	11,592	5,947	21,226	11,147
Operating segments | Midwest segment | Racing
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | Midwest segment | Reimbursable management costs
Disaggregation of Revenue [Line Items]
Revenues		0		0
Operating segments | Midwest segment | Other
Disaggregation of Revenue [Line Items]
Revenues	7,055	4,130	13,890	7,997
Other
Disaggregation of Revenue [Line Items]
Revenues	9,410	10,097	19,545	20,633
Other | Gaming
Disaggregation of Revenue [Line Items]
Revenues	5	0	120	0
Other | Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	397	319	696	582
Other | Hotel
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Other | Racing
Disaggregation of Revenue [Line Items]
Revenues	1,533	1,661	3,067	3,188
Other | Reimbursable management costs
Disaggregation of Revenue [Line Items]
Revenues		0		0
Other | Other
Disaggregation of Revenue [Line Items]
Revenues	$ 7,475	$ 8,117	$ 15,662	$ 16,863

Significant Accounting Polici_7

Significant Accounting Policies - Gaming and Racing Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Accounting Policies [Abstract]
Gaming taxes	$ 399.8	$ 253	$ 786.3	$ 500.4

Significant Accounting Polici_8

Significant Accounting Policies - Correction of Cash Flow Classification (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2019	Jun. 30, 2019	Jun. 30, 2018
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by (used in) financing activities		$ 86,944	$ (205,771)
Net cash used in investing activities		$ (494,620)	$ (79,116)
Correction of error
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by (used in) financing activities	$ (261,100)
Net cash used in investing activities	$ 261,100

New Accounting Pronouncements_2

New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Current assets
Prepaid expenses	$ 73,961		$ 61,994	$ 62,971
Total current assets	609,234		676,681	677,658
Property and equipment, net	5,215,777		5,297,097	6,868,768
Other assets
Goodwill	1,354,127		1,233,939	1,228,422
Operating lease right-of-use assets	4,458,257		3,806,467	0
Finance lease right-of-use assets	224,641		224,482	0
Total assets	14,209,225		13,424,830	10,961,012
Current liabilities
Current portion of financing obligations	49,890		50,086	67,777
Current portion of operating lease liabilities	123,797		102,322	0
Current portion of finance lease liabilities	6,214		5,752	0
Accrued expenses and other current liabilities	589,750		577,534	577,968
Total current liabilities	860,506		828,385	738,436
Long-term portion of financing obligations	4,119,159		4,144,306	7,080,638
Long-term portion of operating lease liabilities	4,317,349		3,704,334	0
Long-term portion of finance lease liabilities	219,475		218,329	0
Deferred income taxes	249,318		303,811	0
Other noncurrent liabilities	62,097		58,704	60,629
Total liabilities	12,317,517		11,607,957	10,229,791
Retained earnings (accumulated deficit)	210,242		117,703	(967,949)
Total Penn National Gaming, Inc. stockholders’ equity	1,891,908		1,816,878	731,226
Total stockholders’ equity	1,891,708	$ 1,861,811	1,816,873	731,221	$ 27,756	$ (33,639)	$ (73,146)
Total liabilities and stockholders’ equity	$ 14,209,225		13,424,830	$ 10,961,012
ASC 842
Current assets
Prepaid expenses			(977)
Total current assets			(977)
Property and equipment, net			(1,571,671)
Other assets
Goodwill			5,517
Operating lease right-of-use assets			3,806,467
Finance lease right-of-use assets			224,482
Total assets			2,463,818
Current liabilities
Current portion of financing obligations			(17,691)
Current portion of operating lease liabilities			102,322
Current portion of finance lease liabilities			5,752
Accrued expenses and other current liabilities			(434)
Total current liabilities			89,949
Long-term portion of financing obligations			(2,936,332)
Long-term portion of operating lease liabilities			3,704,334
Long-term portion of finance lease liabilities			218,329
Deferred income taxes			303,811
Other noncurrent liabilities			(1,925)
Total liabilities			1,378,166
Retained earnings (accumulated deficit)			1,085,652
Total Penn National Gaming, Inc. stockholders’ equity			1,085,652
Total stockholders’ equity			1,085,652
Total liabilities and stockholders’ equity			2,463,818
Financing Obligations - Master Leases
Current assets
Prepaid expenses			0
Total current assets			0
Property and equipment, net			0
Other assets
Goodwill			5,517
Operating lease right-of-use assets			0
Finance lease right-of-use assets			0
Total assets			5,517
Current liabilities
Current portion of financing obligations			0
Current portion of operating lease liabilities			0
Current portion of finance lease liabilities			0
Accrued expenses and other current liabilities			0
Total current liabilities			0
Long-term portion of financing obligations			5,517
Long-term portion of operating lease liabilities			0
Long-term portion of finance lease liabilities			0
Deferred income taxes			0
Other noncurrent liabilities			0
Total liabilities			5,517
Retained earnings (accumulated deficit)			0
Total Penn National Gaming, Inc. stockholders’ equity			0
Total stockholders’ equity			0
Total liabilities and stockholders’ equity			5,517
Finance Leases - Dayton and Mahoning Valley
Current assets
Prepaid expenses			0
Total current assets			0
Property and equipment, net			(164,314)
Other assets
Goodwill			0
Operating lease right-of-use assets			0
Finance lease right-of-use assets			224,482
Total assets			60,168
Current liabilities
Current portion of financing obligations			(1,534)
Current portion of operating lease liabilities			0
Current portion of finance lease liabilities			5,752
Accrued expenses and other current liabilities			0
Total current liabilities			4,218
Long-term portion of financing obligations			(181,262)
Long-term portion of operating lease liabilities			0
Long-term portion of finance lease liabilities			218,329
Deferred income taxes			4,288
Other noncurrent liabilities			0
Total liabilities			45,573
Retained earnings (accumulated deficit)			14,595
Total Penn National Gaming, Inc. stockholders’ equity			14,595
Total stockholders’ equity			14,595
Total liabilities and stockholders’ equity			60,168
Operating Leases - Master Leases
Current assets
Prepaid expenses			0
Total current assets			0
Property and equipment, net			(1,407,357)
Other assets
Goodwill			0
Operating lease right-of-use assets			3,541,144
Finance lease right-of-use assets			0
Total assets			2,133,787
Current liabilities
Current portion of financing obligations			(16,157)
Current portion of operating lease liabilities			72,894
Current portion of finance lease liabilities			0
Accrued expenses and other current liabilities			0
Total current liabilities			56,737
Long-term portion of financing obligations			(2,760,587)
Long-term portion of operating lease liabilities			3,467,057
Long-term portion of finance lease liabilities			0
Deferred income taxes			299,523
Other noncurrent liabilities			0
Total liabilities			1,062,730
Retained earnings (accumulated deficit)			1,071,057
Total Penn National Gaming, Inc. stockholders’ equity			1,071,057
Total stockholders’ equity			1,071,057
Total liabilities and stockholders’ equity			2,133,787
Operating Lease - Meadows
Current assets
Prepaid expenses			0
Total current assets			0
Property and equipment, net			0
Other assets
Goodwill			0
Operating lease right-of-use assets			112,804
Finance lease right-of-use assets			0
Total assets			112,804
Current liabilities
Current portion of financing obligations			0
Current portion of operating lease liabilities			20,515
Current portion of finance lease liabilities			0
Accrued expenses and other current liabilities			0
Total current liabilities			20,515
Long-term portion of financing obligations			0
Long-term portion of operating lease liabilities			92,289
Long-term portion of finance lease liabilities			0
Deferred income taxes			0
Other noncurrent liabilities			0
Total liabilities			112,804
Retained earnings (accumulated deficit)			0
Total Penn National Gaming, Inc. stockholders’ equity			0
Total stockholders’ equity			0
Total liabilities and stockholders’ equity			112,804
Other Operating Leases - Non-Master Leases
Current assets
Prepaid expenses			(977)
Total current assets			(977)
Property and equipment, net			0
Other assets
Goodwill			0
Operating lease right-of-use assets			152,519
Finance lease right-of-use assets			0
Total assets			151,542
Current liabilities
Current portion of financing obligations			0
Current portion of operating lease liabilities			8,913
Current portion of finance lease liabilities			0
Accrued expenses and other current liabilities			(434)
Total current liabilities			8,479
Long-term portion of financing obligations			0
Long-term portion of operating lease liabilities			144,988
Long-term portion of finance lease liabilities			0
Deferred income taxes			0
Other noncurrent liabilities			(1,925)
Total liabilities			151,542
Retained earnings (accumulated deficit)			0
Total Penn National Gaming, Inc. stockholders’ equity			0
Total stockholders’ equity			0
Total liabilities and stockholders’ equity			$ 151,542

Leases - Other Information Rela

Leases - Other Information Related to Lease Term and Discount Rate (Details)	6 Months Ended
	Jun. 30, 2019
Weighted Average Remaining Lease Term
Operating leases	27 years 9 months 18 days
Finance leases	28 years 9 months 18 days
Financing obligations	30 years 10 months 24 days
Weighted Average Discount Rate
Operating leases	6.70%
Finance leases	6.80%
Financing obligations	8.10%

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Operating Lease Costs
Rent expense associated with triple net leases classified as operating leases	$ 90,025		$ 174,755
Operating lease cost	4,605		8,995
Short-term lease cost	14,813		28,477
Variable lease cost	260		1,778
Total	109,703		214,005
Finance Lease Costs
Interest expense	3,830		7,657
Amortization expense	1,956		3,915
Total	5,786		11,572
Financing Obligation Costs
Interest expense	98,369		196,041
Cost of revenue | Gaming
Operating Lease Costs
Rent expense associated with triple net leases classified as operating leases	0		0
Operating lease cost	146		283
Short-term lease cost	14,226		27,162
Variable lease cost	0		1,201
Total	14,372		28,646
Finance Lease Costs
Interest expense	0		0
Amortization expense	0		0
Total	0		0
Financing Obligation Costs
Interest expense	0		0
Cost of revenue | Food, beverage, hotel and other
Operating Lease Costs
Rent expense associated with triple net leases classified as operating leases	0		0
Operating lease cost	113		269
Short-term lease cost	375		535
Variable lease cost	0		2
Total	488		806
Finance Lease Costs
Interest expense	0		0
Amortization expense	0		0
Total	0		0
Financing Obligation Costs
Interest expense	0		0
General and administrative
Operating Lease Costs
Rent expense associated with triple net leases classified as operating leases	90,025		174,755
Operating lease cost	4,346		8,443
Short-term lease cost	212		780
Variable lease cost	260		575
Total	94,843		184,553
Finance Lease Costs
Interest expense	0		0
Amortization expense	0		0
Total	0		0
Financing Obligation Costs
Interest expense	0		0
Interest expense
Operating Lease Costs
Rent expense associated with triple net leases classified as operating leases	0		0
Operating lease cost	0		0
Short-term lease cost	0		0
Variable lease cost	0		0
Total	0		0
Finance Lease Costs
Interest expense	3,830		7,657
Amortization expense	0		0
Total	3,830		7,657
Financing Obligation Costs
Interest expense	98,369		196,041
Depreciation and amortization
Operating Lease Costs
Rent expense associated with triple net leases classified as operating leases	0		0
Operating lease cost	0		0
Short-term lease cost	0		0
Variable lease cost	0		0
Total	0		0
Finance Lease Costs
Interest expense	0		0
Amortization expense	1,956		3,915
Total	1,956		3,915
Financing Obligation Costs
Interest expense	0		0
Penn Master Lease
Operating Lease Costs
Variable lease cost	11,963	$ 12,543	25,011	$ 24,984
Penn Master Lease | General and administrative
Operating Lease Costs
Variable lease cost	6,238	0	13,042	0
Penn Master Lease | Interest expense
Operating Lease Costs
Variable lease cost	$ 5,725	$ 12,543	$ 11,969	$ 24,984

Leases - Future Minimum Lease C

Leases - Future Minimum Lease Commitments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating Leases
2019 (excluding the six months ended June 30, 2019)	$ 209,805
2020	408,009
2021	387,771
2022	384,825
2023	381,689
Thereafter	8,159,497
Total lease payments	9,931,596
Less: Amounts representing interest	(5,490,450)
Present value of future lease payments	4,441,146
Less: Current portion of lease obligations	(123,797)	$ (102,322)	$ 0
Long-term portion of lease obligations	4,317,349	3,704,334	0
Finance Leases
2019 (excluding the six months ended June 30, 2019)	10,749
2020	21,481
2021	21,474
2022	21,362
2023	20,497
Thereafter	403,820
Total lease payments	499,383
Less: Amounts representing interest	(273,694)
Present value of future lease payments	225,689
Less: Current portion of lease obligations	(6,214)	(5,752)	0
Long-term portion of lease obligations	219,475	218,329	0
Financing Obligations
2019 (excluding the six months ended June 30, 2019)	194,793
2020	374,715
2021	367,278
2022	367,278
2023	367,278
Thereafter	9,637,956
Total lease payments	11,309,298
Less: Amounts representing interest	(7,140,249)
Present value of future lease payments	4,169,049
Less: Current portion of lease obligations	(49,890)	(50,086)	(67,777)
Long-term portion of lease obligations	$ 4,119,159	$ 4,144,306	$ 7,080,638

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from finance leases	$ 7,657
Operating cash flows from operating leases	186,868
Financing cash flows from finance leases	$ 2,941	$ 0

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	Apr. 28, 2016facilityextension_period	Nov. 01, 2013facilityextension_period	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)
Schedule of Leased Assets [Line Items]
Variable expenses			$ 260		$ 1,778
Lease payments			214,900	$ 115,900	422,800	$ 231,800
Lease income			80,200		151,700
General and administrative expense
Schedule of Leased Assets [Line Items]
Variable expenses			260		575
Interest expense
Schedule of Leased Assets [Line Items]
Variable expenses			0		0
Penn Master Lease
Schedule of Leased Assets [Line Items]
Number of facilities with leased real estate | facility		19
Lease term		15 years
Number of options to extend lease | extension_period		4
Lease renewal term		5 years
Lease - expected term with renewal options		35 years
Adjusted annual escalator percentage		2.00%
Adjusted revenue to rent ratio		1.8
Period over which fixed component is adjusted		5 years
Adjustment to fixed component as percentage of the average change to net revenues during the preceding five years		4.00%
Adjustment to fixed component as percentage of the average change to net revenues during preceding month		20.00%
Variable expenses			11,963	12,543	25,011	24,984
Penn Master Lease | General and administrative expense
Schedule of Leased Assets [Line Items]
Variable expenses			6,238	0	13,042	0
Penn Master Lease | Interest expense
Schedule of Leased Assets [Line Items]
Variable expenses			$ 5,725	$ 12,543	$ 11,969	$ 24,984
Pinnacle Master Lease
Schedule of Leased Assets [Line Items]
Number of facilities with leased real estate | facility	12
Number of options to extend lease | extension_period	5
Lease renewal term	5 years
Lease - expected term with renewal options	32 years 6 months
Remaining lease term	7 years 6 months
Initial lease term	10 years
Annual escalator percentage - up to	2.00%
Adjusted Revenue to Rent Ratio, as defined	1.8
Percentage rent escalation interval	2 years
Percentage of average net revenues during preceding two years	4.00%
Percentage rent baseline period	2 years

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) $ / shares in Units, $ in Thousands	May 23, 2019USD ($)renewal_option	Jan. 01, 2019USD ($)renewal_option	Oct. 15, 2018USD ($)$ / shares	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)
Business Acquisition [Line Items]
Proceeds from sale-and-leaseback transactions in conjunction with acquisitions				$ 961,127	$ 0
Margaritaville Resort Casino
Business Acquisition [Line Items]
Purchase price		$ 119,900
Proceeds from sale-and-leaseback transactions in conjunction with acquisitions		261,100
Annual rent		$ 23,200
Lease term		15 years
Number of lease renewal options | renewal_option		4
Lease renewal term	5 years
Margaritaville Resort Casino | Customer relationships
Business Acquisition [Line Items]
Assigned useful life of amortizing intangible asset acquired		2 years
Pinnacle
Business Acquisition [Line Items]
Purchase price			$ 2,816,200
Cash paid per share (in dollars per share) | $ / shares			$ 20
Cash paid			$ 1,252,200
Fair value of Penn common stock issued to former Pinnacle shareholders			749,700
Liabilities incurred on acquisition			$ 814,300
Greektown Casino-Hotel
Business Acquisition [Line Items]
Purchase price	$ 320,300
Proceeds from sale-and-leaseback transactions in conjunction with acquisitions	700,000
Annual rent	$ 55,600
Lease term	15 years
Number of lease renewal options | renewal_option	4
Lease renewal term	5 years
Assigned useful life of amortizing intangible asset acquired	2 years

Acquisitions - Allocation of Pu

Acquisitions - Allocation of Purchase Price (Details) - USD ($) $ in Thousands	Jun. 30, 2019	May 23, 2019	Jan. 01, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 1,354,127		$ 1,233,939	$ 1,228,422
Greektown Casino-Hotel
Business Acquisition [Line Items]
Cash and cash equivalents		$ 31,051
Receivables, prepaid expenses, and other current assets		15,622
Property and equipment		32,330
Goodwill		61,714
Customer relationships		3,300
Operating lease right-of-use assets		516,099
Finance lease right-of-use assets		4,168
Other assets		228
Total assets		855,312
Accounts payable, accrued expenses, and other current liabilities		14,830
Operating lease liabilities		516,059
Finance lease liabilities		4,168
Total liabilities		535,057
Net assets acquired		320,255
Goodwill deductible for tax purposes		61,700
Greektown Casino-Hotel | Gaming licenses
Business Acquisition [Line Items]
Indefinite-lived intangible assets		166,400
Greektown Casino-Hotel | Trade name
Business Acquisition [Line Items]
Indefinite-lived intangible assets		$ 24,400
Margaritaville Resort Casino
Business Acquisition [Line Items]
Cash and cash equivalents			10,756
Receivables, prepaid expenses, and other current assets			7,058
Property and equipment			21,731
Goodwill			39,457
Operating lease right-of-use assets			196,212
Total assets			325,614
Accounts payable, accrued expenses, and other current liabilities			9,511
Operating lease liabilities			196,212
Total liabilities			205,723
Net assets acquired			119,891
Goodwill deductible for tax purposes			39,500
Margaritaville Resort Casino | Customer relationships
Business Acquisition [Line Items]
Customer relationships			2,300
Margaritaville Resort Casino | Gaming licenses
Business Acquisition [Line Items]
Indefinite-lived intangible assets			$ 48,100

Acquisitions - Actual and Pro F

Acquisitions - Actual and Pro Forma Financial Results (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Greektown Casino-Hotel
Actual financial results of acquiree since acquisition date
Revenues			$ 34,229
Net income			932
Margaritaville Resort Casino
Actual financial results of acquiree since acquisition date
Revenues	$ 39,586		81,085
Net income	3,271		8,232
Margaritaville Resort Casino and Pinnacle
Pro forma financial results
Revenues	1,372,682	$ 1,446,724	2,739,259	$ 2,848,996
Net income attributable to Penn	$ 57,296	$ 65,970	$ 111,199	$ 117,093

Acquisitions - Purchase Price A

Acquisitions - Purchase Price Adjustments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018	Oct. 15, 2018
Business Acquisition [Line Items]
Goodwill	$ 1,354,127	$ 1,233,939	$ 1,228,422
Measurement period adjustments
Other current liabilities	1,188
Pinnacle
Business Acquisition [Line Items]
Cash and restricted cash	124,231			$ 124,231
Assets held for sale	667,497			667,036
Other current assets	80,622			80,622
Goodwill	244,065			219,531
Customer relationships	22,400			22,400
Other long-term assets	38,767			38,767
Total assets	6,816,957			6,799,562
Long-term financing obligation, including current portion	3,432,533			3,427,016
Other current liabilities	201,735			200,547
Deferred tax liabilities	349,839			339,149
Other long-term liabilities	16,635			16,635
Total liabilities	4,000,742			3,983,347
Net assets acquired	2,816,215			2,816,215
Measurement period adjustments
Assets held for sale	461
Goodwill	24,534
Total assets	17,395
Long-term financing obligation, including current portion	5,517
Deferred tax liabilities	10,690
Total liabilities	17,395
Net assets acquired	0
Property and equipment - non-Master Leases | Pinnacle
Business Acquisition [Line Items]
Property and equipment	318,856			318,856
Property and equipment - Master Leases | Pinnacle
Business Acquisition [Line Items]
Property and equipment	3,954,919			3,984,119
Measurement period adjustments
Property and equipment	(29,200)
Gaming licenses | Pinnacle
Business Acquisition [Line Items]
Indefinite-lived intangible assets	1,067,600			1,046,000
Measurement period adjustments
Indefinite-lived intangible assets	21,600
Trademarks | Pinnacle
Business Acquisition [Line Items]
Indefinite-lived intangible assets	$ 298,000			$ 298,000

Property and Equipment - Proper

Property and Equipment - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 5,215,777	$ 5,297,097	$ 6,868,768
Operating Leases - Master Leases
Property, Plant and Equipment [Line Items]
Property and equipment, net		(1,407,357)
Finance Leases - Dayton and Mahoning Valley
Property, Plant and Equipment [Line Items]
Property and equipment, net		(164,314)
Property and equipment - non-Master Leases
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,554,798		2,431,177
Less: Accumulated depreciation	(1,484,226)		(1,400,198)
Property and equipment, net	1,070,572		1,030,979
Land and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	353,111		343,987
Building, vessels and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	348,814		342,944
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,652,145		1,565,830
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	157,555		152,943
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	43,173		25,473
Property and equipment - Master Leases
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,190,545		6,816,031
Less: Accumulated depreciation	(1,045,340)		(978,242)
Property and equipment, net	4,145,205		5,837,789
Land and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,525,934		2,970,969
Land and improvements | Operating Leases - Master Leases
Property, Plant and Equipment [Line Items]
Property and equipment, gross		(1,400,000)
Building, vessels and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,664,611		$ 3,845,062
Building, vessels and improvements | Finance Leases - Dayton and Mahoning Valley
Property, Plant and Equipment [Line Items]
Property and equipment, gross		$ (180,400)

Property and Equipment - Deprec

Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 97,668	$ 54,434	$ 193,898	$ 110,348
Property and equipment - Master Leases
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 46,100	$ 22,900	$ 92,900	$ 46,200

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Interest capitalized	$ 0	$ 0	$ 0	$ 0

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill and Accumulated Goodwill Impairment Losses (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	$ 2,510,173
Accumulated goodwill impairment losses, beginning balance	(1,281,751)
Goodwill, net, beginning balance	1,228,422
Goodwill acquired during year	101,171
Other	24,534
Goodwill, gross, ending balance	2,635,878
Accumulated goodwill impairment losses, ending balance	(1,281,751)
Goodwill, net, ending balance	1,354,127
Operating segments | Northeast segment
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	848,424
Accumulated goodwill impairment losses, beginning balance	(707,593)
Goodwill, net, beginning balance	140,831
Goodwill acquired during year	61,714
Other	(800)
Goodwill, gross, ending balance	909,338
Accumulated goodwill impairment losses, ending balance	(707,593)
Goodwill, net, ending balance	201,745
Operating segments | South segment
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	185,158
Accumulated goodwill impairment losses, beginning balance	(34,522)
Goodwill, net, beginning balance	150,636
Goodwill acquired during year	39,457
Other	9,000
Goodwill, gross, ending balance	233,615
Accumulated goodwill impairment losses, ending balance	(34,522)
Goodwill, net, ending balance	199,093
Operating segments | West segment
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	210,423
Accumulated goodwill impairment losses, beginning balance	(16,633)
Goodwill, net, beginning balance	193,790
Goodwill acquired during year	0
Other	8,134
Goodwill, gross, ending balance	218,557
Accumulated goodwill impairment losses, ending balance	(16,633)
Goodwill, net, ending balance	201,924
Operating segments | Midwest segment
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	1,110,052
Accumulated goodwill impairment losses, beginning balance	(435,283)
Goodwill, net, beginning balance	674,769
Goodwill acquired during year	0
Other	8,200
Goodwill, gross, ending balance	1,118,252
Accumulated goodwill impairment losses, ending balance	(435,283)
Goodwill, net, ending balance	682,969
Other
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	156,116
Accumulated goodwill impairment losses, beginning balance	(87,720)
Goodwill, net, beginning balance	68,396
Goodwill acquired during year	0
Other	0
Goodwill, gross, ending balance	156,116
Accumulated goodwill impairment losses, ending balance	(87,720)
Goodwill, net, ending balance	$ 68,396

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, accumulated amortization	$ (113,066)	$ (100,807)
Amortizing intangible assets, net carrying amount	53,182
Indefinite-lived Intangible Assets [Line Items]
Total other intangible assets, gross carrying amount	2,223,929	1,957,675
Total other intangible assets, net carrying amount	2,110,863	1,856,868
Gaming licenses
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,734,585	1,498,309
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	322,400	298,000
Other
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	696	696
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, gross carrying amount	104,352	98,752
Amortizing intangible assets, accumulated amortization	(60,070)	(51,544)
Amortizing intangible assets, net carrying amount	44,282	47,208
Other
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, gross carrying amount	61,896	61,918
Amortizing intangible assets, accumulated amortization	(52,996)	(49,263)
Amortizing intangible assets, net carrying amount	$ 8,900	$ 12,655

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Expected Intangible Asset Amortization Expense (Details) $ in Thousands	Jun. 30, 2019USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2019	$ 12,032
2020	19,629
2021	5,683
2022	3,800
2023	3,593
Thereafter	8,445
Amortizing intangible assets, net carrying amount	$ 53,182

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment charges on other intangible assets	$ 0	$ 0	$ 0	$ 0
Intangible asset amortization expense	$ 6,400,000	$ 4,100,000	$ 12,300,000	$ 8,600,000

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Accrued salaries and wages	$ 117,815		$ 139,159
Accrued gaming, pari-mutuel, property, and other taxes	106,502		105,767
Accrued interest	13,081		15,793
Other accrued expenses (1)	229,587		204,656
Other current liabilities (2)	122,765		112,593
Accrued expenses and other current liabilities	589,750	$ 577,534	577,968
Deferred compensation liability, current	$ 72,000		$ 64,100

Long-term Debt - Debt Summary (

Long-term Debt - Debt Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jan. 19, 2017
Debt Instrument [Line Items]
Long-term debt	$ 2,589,732	$ 2,453,388
Less: Current maturities of long-term debt	(62,505)	(62,140)
Less: Debt discount	(2,568)	(2,748)
Less: Debt issuance costs	(35,046)	(38,412)
Long-term debt, net of current maturities and debt issuance costs	$ 2,489,613	2,350,088
Interest rate	5.625%
Secured credit facility | Revolving Credit Facility due 2023
Debt Instrument [Line Items]
Long-term debt	$ 280,000	112,000
Secured credit facility | Term Loan A Facility due 2023
Debt Instrument [Line Items]
Long-term debt	689,982	707,674
Secured credit facility | Term Loan B-1 Facility due 2025
Debt Instrument [Line Items]
Long-term debt	1,123,106	1,128,750
Senior notes | 5.625% Notes due 2027
Debt Instrument [Line Items]
Long-term debt	$ 400,000	400,000
Interest rate	5.625%		5.625%
Other long-term obligations
Debt Instrument [Line Items]
Long-term debt	$ 96,644	104,583
Capital leases
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 381

Long-term Debt - Senior Secured

Long-term Debt - Senior Secured Credit Facilities, Senior Unsecured Notes, Loss on Early Extinguishment of Debt, and Covenants (Details) - USD ($)	Jan. 19, 2017	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2019	Oct. 15, 2018
Debt Instrument [Line Items]
Interest rate				5.625%
Secured credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Debt term	5 years
Maximum borrowing capacity	$ 700,000,000
Letters of credit outstanding				$ 29,700,000
Secured credit facility | Term Loan A Facility
Debt Instrument [Line Items]
Debt term	5 years
Maximum borrowing capacity	$ 300,000,000
Secured credit facility | Term Loan B Facility
Debt Instrument [Line Items]
Debt term	7 years
Maximum borrowing capacity	$ 500,000,000
Secured credit facility | Term Loan A Facility due 2023, incremental loans
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 430,200,000
Secured credit facility | Term Loan B-1 Facility due 2025
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 1,128,800,000
Secured credit facility | 2013 Senior Secured Credit Facilities
Debt Instrument [Line Items]
Loss on early extinguishment of debt		$ 2,600,000	$ 3,500,000
Senior notes | 5.625% Notes due 2027
Debt Instrument [Line Items]
Interest rate	5.625%			5.625%
Debt principal amount	$ 400,000,000

Long-term Debt - Other Long-ter

Long-term Debt - Other Long-term Obligations (Details) $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Jan. 31, 2015USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Sep. 30, 2014USD ($)payment	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Long-term debt		$ 2,589,732			$ 2,589,732		$ 2,453,388
Other long-term obligations
Debt Instrument [Line Items]
Long-term debt		96,644			96,644		104,583
Other long-term obligations | Ohio relocation fees debt
Debt Instrument [Line Items]
Long-term debt		84,000			84,000		91,300
Amount payable upon opening of the facility				$ 7,500
Number of semi-annual payments | payment				18
Amount of semi-annual payments due beginning one year from commencement of operations				$ 4,800
Effective yield				5.00%
Interest expense		1,100	$ 1,200		2,200	$ 2,500
Other long-term obligations | Event center debt
Debt Instrument [Line Items]
Long-term debt		$ 12,600			$ 12,600		$ 13,200
Effective yield	3.00%
Periodic payment amount	$ 1,000
Debt term	20 years

Investments in and Advances t_3

Investments in and Advances to Unconsolidated Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Summary financial information
Net income attributable to Penn	$ 6,255	$ 5,734	$ 11,942	$ 11,095
Kansas Entertainment
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%		50.00%
Investment balance	$ 88,600		$ 88,600		$ 89,400
Summary financial information
Revenues	40,121	40,206	79,632	79,491
Operating expenses	26,796	27,924	54,210	55,582
Operating income	13,325	12,282	25,422	23,909
Net income	13,325	12,282	25,422	23,909
Net income attributable to Penn	$ 6,662	$ 6,141	$ 12,711	$ 11,955
Freehold Raceway
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%		50.00%
MAXXAM
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%		50.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jan. 01, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Effective tax rate	26.50%	22.00%	26.50%	23.70%
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (accumulated deficit)	$ 210,242		$ 210,242		$ 117,703	$ (967,949)
ASC 842 - Master Lease deferred tax adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred tax assets, net					(80,600)
Deferred tax liabilities, net					223,200
Retained earnings (accumulated deficit)					$ (303,800)

Stock-Based Compensation (Detai

Stock-Based Compensation (Details)	Feb. 14, 2019shares	Jun. 30, 2019USD ($)shares	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)performance_period$ / sharesshares	Jun. 30, 2018USD ($)shares	Jan. 09, 2019USD ($)	Dec. 31, 2018USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount under share repurchase program						$ 200,000,000
Repurchases of common stock (in shares) | shares				1,271,823
Repurchases of common stock				$ 24,900,000
Repurchases of common stock, average price (in dollars per share) | $ / shares				$ 19.55
Stock options granted (in shares) | shares				1,314,210	661,175
Stock-based compensation expense (reduction to expense)		$ 3,300,000	$ 3,000,000	$ 6,700,000	$ 5,900,000
Phantom share units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense (reduction to expense)		500,000	1,400,000	1,600,000	1,500,000
Liability for cash-settled awards		800,000		800,000			$ 1,700,000
Unrecognized compensation cost, other awards		3,800,000		$ 3,800,000
Unamortized compensation costs, weighted average period of recognition				2 years 14 days
Amounts paid on cash-settled awards				$ 2,500,000	4,200,000
Phantom share units (PSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Phantom share units (PSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				4 years
Stock appreciation rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense (reduction to expense)		(500,000)	9,800,000	$ 2,500,000	$ 5,800,000
Vesting period				4 years
Liability for cash-settled awards		7,500,000		$ 7,500,000			$ 6,800,000
Unrecognized compensation cost, other awards		$ 7,400,000		$ 7,400,000
Unamortized compensation costs, weighted average period of recognition				2 years 9 months 14 days
Amounts paid on cash-settled awards			$ 4,500,000	$ 1,800,000
2018 Long Term Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants (in shares) | shares		9,421,571		9,421,571
Performance Share Program | Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) | shares	278,780
Award period				3 years
Number of annual award performance periods | performance_period				3
Service period				3 years
Vesting period				3 years
Performance Share Program | Performance shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award which can potentially be earned				50.00%
Performance Share Program | Performance shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award which can potentially be earned				150.00%

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Determination of shares:
Weighted average basic shares outstanding (in shares)	115,982,000	91,468,000	116,137,000	91,330,000
Diluted weighted-average common shares outstanding (in shares)	117,676,000	94,995,000	118,161,000	94,834,000
Anti-dilutive securities, stock options (in shares)	1,955,220	660,958	1,947,967	653,673
Calculation of basic EPS:
Net income applicable to common stock	$ 51,547	$ 53,988	$ 92,539	$ 99,425
Weighted average basic shares outstanding (in shares)	115,982,000	91,468,000	116,137,000	91,330,000
Basic EPS (in dollars per share)	$ 0.44	$ 0.59	$ 0.80	$ 1.09
Calculation of diluted EPS using two class method:
Net income applicable to common stock	$ 51,547	$ 53,988	$ 92,539	$ 99,425
Diluted weighted-average common shares outstanding (in shares)	117,676,000	94,995,000	118,161,000	94,834,000
Diluted EPS (in dollars per share)	$ 0.44	$ 0.57	$ 0.78	$ 1.05
Stock options
Determination of shares:
Assumed conversion of dilutive employee stock-based awards and restricted stock (in shares)	1,598,000	3,319,000	1,832,000	3,299,000
Restricted stock
Determination of shares:
Assumed conversion of dilutive employee stock-based awards and restricted stock (in shares)	96,000	208,000	192,000	205,000

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts and Estimated Fair Values by Input Level (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jan. 19, 2017
Financial liabilities:
Interest rate	5.625%
Senior notes | 5.625% Notes
Financial liabilities:
Interest rate	5.625%		5.625%
Carrying Amount | Recurring
Financial assets:
Cash and cash equivalents	$ 378,766	$ 479,598
Held-to-maturity securities	7,466	7,466
Promissory notes	16,853	16,853
Financial liabilities:
Other liabilities	27,246	21,863
Carrying Amount | Recurring | Secured credit facility
Financial liabilities:
Long-term debt	2,056,100	1,907,932
Carrying Amount | Recurring | Senior notes | 5.625% Notes
Financial liabilities:
Long-term debt	399,374	399,332
Carrying Amount | Recurring | Other long-term obligations
Financial liabilities:
Long-term debt	96,644	104,583
Fair Value | Recurring
Financial assets:
Cash and cash equivalents	378,766	479,598
Held-to-maturity securities	7,763	7,879
Promissory notes	17,267	17,415
Financial liabilities:
Other liabilities	27,239	21,857
Fair Value | Recurring | Secured credit facility
Financial liabilities:
Long-term debt	2,081,977	1,886,333
Fair Value | Recurring | Senior notes | 5.625% Notes
Financial liabilities:
Long-term debt	399,500	360,000
Fair Value | Recurring | Other long-term obligations
Financial liabilities:
Long-term debt	89,405	96,338
Level 1 | Recurring
Financial assets:
Cash and cash equivalents	378,766	479,598
Held-to-maturity securities	0	0
Promissory notes	0	0
Financial liabilities:
Other liabilities	0	0
Level 1 | Recurring | Secured credit facility
Financial liabilities:
Long-term debt	2,081,977	1,886,333
Level 1 | Recurring | Senior notes | 5.625% Notes
Financial liabilities:
Long-term debt	399,500	360,000
Level 1 | Recurring | Other long-term obligations
Financial liabilities:
Long-term debt	0	0
Level 2 | Recurring
Financial assets:
Cash and cash equivalents	0	0
Held-to-maturity securities	7,763	7,879
Promissory notes	17,267	17,415
Financial liabilities:
Other liabilities	2,807	2,815
Level 2 | Recurring | Secured credit facility
Financial liabilities:
Long-term debt	0	0
Level 2 | Recurring | Senior notes | 5.625% Notes
Financial liabilities:
Long-term debt	0	0
Level 2 | Recurring | Other long-term obligations
Financial liabilities:
Long-term debt	89,405	96,338
Level 3 | Recurring
Financial assets:
Cash and cash equivalents	0	0
Held-to-maturity securities	0	0
Promissory notes	0	0
Financial liabilities:
Other liabilities	24,432	19,042
Level 3 | Recurring | Secured credit facility
Financial liabilities:
Long-term debt	0	0
Level 3 | Recurring | Senior notes | 5.625% Notes
Financial liabilities:
Long-term debt	0	0
Level 3 | Recurring | Other long-term obligations
Financial liabilities:
Long-term debt	$ 0	$ 0

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value of Level 3 Liabilities (Details) - Recurring $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Contingent Purchase Price
Balance	$ 19,042
Payments	(367)
Included in earnings	5,757
Balance	$ 24,432

Fair Value Measurements - Signi

Fair Value Measurements - Significant Unobservable Inputs For Level 3 Assets and Liabilities (Details)	Jun. 30, 2019
Plainridge Park Casino | Discounted cash flow | Level 3 | Discount rate
Recurring basis:
Contingent purchase price, measurement input	0.0714

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)payment	Dec. 31, 2018USD ($)payment	Jan. 19, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	5.625%
Plainridge Park Casino
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Period of actual earnings used to calculate contingent consideration	10 years
Number of remaining annual payments | payment	7	7
Senior notes | 5.625% Notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	5.625%		5.625%
Retama Nominal Holder, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership interest	1.00%
Pinnacle Retama Partners, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership interest by parent	75.50%
Other assets | Pinnacle Retama Partners, LLC | Retama Development Corporation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Promissory notes	$ 16.9	$ 16.9
Other assets | Local government bonds | Pinnacle Retama Partners, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, at amortized cost	$ 7.5	$ 7.5

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)segment	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)segment	Jun. 30, 2018USD ($)	Jan. 01, 2019USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment				4
Revenues:
Revenues	$ 1,323,094		$ 826,913	$ 2,605,665	$ 1,642,998
Adjusted EBITDAR:
Adjusted EBITDAR	406,457		247,106	797,894	489,652
Rent expense associated with triple net operating lease	(90,025)		0	(174,755)	0
Stock-based compensation	(3,247)		(3,003)	(6,664)	(5,932)
Cash-settled stock-based awards variance	3,436		(7,800)	2,964	(338)
Gain (loss) on disposal of assets	(371)		52	(893)	(3)
Contingent purchase price	(1,040)		(202)	(5,757)	(1,337)
Pre-opening and acquisition costs	(3,700)		(5,879)	(8,080)	(11,972)
Depreciation and amortization	(106,020)		(58,559)	(210,073)	(118,949)
Recoveries on loan loss and unfunded loan commitments, net of impairment losses	0		16,985	0	16,367
Insurance recoveries, net of deductible charges	0		68	0	68
Non-operating items for Kansas JV	(855)		(1,279)	(1,928)	(2,572)
Interest expense	(135,039)		(115,873)	(267,626)	(231,613)
Interest income	257		241	576	490
Loss on early extinguishment of debt	0		(2,579)	0	(3,461)
Other	43		(48)	43	(44)
Income before income taxes	69,896		69,230	125,701	130,356
Income tax expense	(18,539)		(15,242)	(33,357)	(30,931)
Net income	51,357		53,988	92,344	99,425
Capital expenditures:
Capital expenditures	57,364		21,145	95,030	32,958
Assets:
Investment in and advances to unconsolidated affiliates	127,219	$ 128,488		127,219
Total assets	14,209,225	$ 10,961,012		14,209,225		$ 13,424,830
South/West segment
Segment Reporting Information [Line Items]
Number of new reportable segments from division of segment | segment		2
Operating segments | Northeast segment
Revenues:
Revenues	599,086		465,285	1,149,664	924,004
Adjusted EBITDAR:
Adjusted EBITDAR	186,190		148,394	350,944	293,371
Capital expenditures:
Capital expenditures	31,781		8,489	44,466	12,701
Assets:
Investment in and advances to unconsolidated affiliates	143	$ 105		143
Total assets	2,315,457	1,330,256		2,315,457
Operating segments | South segment
Revenues:
Revenues	282,188		62,618	574,130	125,948
Adjusted EBITDAR:
Adjusted EBITDAR	92,761		20,545	190,605	41,663
Capital expenditures:
Capital expenditures	7,698		2,814	16,570	3,496
Assets:
Investment in and advances to unconsolidated affiliates	0	0		0
Total assets	1,443,203	1,082,304		1,443,203
Operating segments | West segment
Revenues:
Revenues	164,250		100,751	322,904	198,717
Adjusted EBITDAR:
Adjusted EBITDAR	50,460		26,103	100,383	50,034
Capital expenditures:
Capital expenditures	7,065		2,510	14,092	5,240
Assets:
Investment in and advances to unconsolidated affiliates	0	0		0
Total assets	750,615	755,665		750,615
Operating segments | Midwest segment
Revenues:
Revenues	268,160		188,162	539,422	373,696
Adjusted EBITDAR:
Adjusted EBITDAR	97,793		67,543	197,012	135,728
Capital expenditures:
Capital expenditures	9,344		5,144	16,383	8,151
Assets:
Investment in and advances to unconsolidated affiliates	88,561	89,350		88,561
Total assets	1,482,103	1,411,468		1,482,103
Other
Revenues:
Revenues	9,410		10,097	19,545	20,633
Adjusted EBITDAR:
Adjusted EBITDAR	(20,747)		(15,479)	(41,050)	(31,144)
Capital expenditures:
Capital expenditures	1,476		$ 2,188	3,519	$ 3,370
Assets:
Investment in and advances to unconsolidated affiliates	38,515	39,033		38,515
Total assets	$ 8,217,847	$ 6,381,319		$ 8,217,847

Uncategorized Items - penn06302

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (9,650,000)
Restricted Cash and Cash Equivalents, Current	us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue	8,350,000
Restricted Cash and Cash Equivalents, Current	us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue	0
Restricted Cash and Cash Equivalents, Noncurrent	us-gaap_RestrictedCashAndCashEquivalentsNoncurrent	1,439,000
Restricted Cash and Cash Equivalents, Noncurrent	us-gaap_RestrictedCashAndCashEquivalentsNoncurrent	1,640,000
Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(9,650,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(9,650,000)
Accounting Standards Update 2016-02 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	1,085,652,000
Accounting Standards Update 2016-02 [Member] | Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	1,085,652,000
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 1,085,652,000