PENN Entertainment (PENN) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	0-24206
Entity Registrant Name	PENN Entertainment, Inc.
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		158,562,535
Entity Central Index Key	0000921738
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 1,708.3	$ 1,863.9
Accounts receivable, net	169.4	195
Prepaid expenses	132.8	132.3
Other current assets	48.4	32.4
Total current assets	2,058.9	2,223.6
Property and equipment, net	4,539.7	4,582.2
Investment in and advances to unconsolidated affiliates	250.3	255.1
Goodwill	2,799.6	2,822.5
Other intangible assets, net	1,842.1	1,872.6
Lease right-of-use assets	6,181.3	4,853
Other assets	208.9	263.1
Total assets	17,880.8	16,872.1
Current liabilities
Accounts payable	38.9	53.3
Current maturities of long-term debt	55.8	99.5
Current portion of financing obligations	63.8	39
Current portion of lease liabilities	189.7	142.9
Accrued expenses and other current liabilities	737.7	798.5
Total current liabilities	1,085.9	1,133.2
Long-term debt, net of current maturities, debt discount and debt issuance costs	2,730.4	2,637.3
Long-term portion of financing obligations	4,001.3	4,057.8
Long-term portion of lease liabilities	5,941.7	4,628.6
Deferred income taxes	227.9	189.1
Other long-term liabilities	127.6	129
Total liabilities	14,114.8	12,775
Commitments and contingencies (Note 12)
Stockholders’ equity
Treasury stock, at cost, (11,508,978 and 2,167,393 shares)	(370.5)	(28.4)
Additional paid-in capital	4,187.3	4,239.6
Retained earnings (accumulated deficit)	10.2	(86.5)
Accumulated other comprehensive loss	(81.3)	(54.4)
Total PENN Entertainment stockholders’ equity	3,766.8	4,097.8
Non-controlling interest	(0.8)	(0.7)
Total stockholders’ equity	3,766	4,097.1
Total liabilities and stockholders’ equity	17,880.8	16,872.1
Series B Preferred Stock
Stockholders’ equity
Preferred stock	0	0
Series C Preferred Stock
Stockholders’ equity
Preferred stock	0	0
Series D Preferred Stock
Stockholders’ equity
Preferred stock	19.4	25.8
Common Stock, Non-Exchangeable
Stockholders’ equity
Common stock	1.7	1.7
Common Stock, Exchangeable
Stockholders’ equity
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Treasury stock (in shares)	11,508,978	2,167,393
Series B Preferred Stock
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
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
Series D Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000	5,000
Preferred stock, shares issued (in shares)	969	969
Preferred stock, shares outstanding (in shares)	581	775
Common Stock, Non-Exchangeable
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	172,234,701	171,729,276
Common stock, shares outstanding (in shares)	160,725,723	169,561,883
Common Stock, Exchangeable
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	697,539	697,539
Common stock, shares issued (in shares)	697,539	697,539

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Total revenues	$ 1,626.9	$ 1,545.8	$ 3,191.1	$ 2,820.7
Operating expenses
General and administrative	273.8	316.5	569.3	642.7
Depreciation and amortization	150.3	81.9	268.5	163.2
Total operating expenses	1,324.5	1,167.9	2,596.7	2,226.3
Operating income	302.4	377.9	594.4	594.4
Other income (expenses)
Interest expense, net	(193.6)	(138)	(354.4)	(273.7)
Income from unconsolidated affiliates	1.8	9.1	10.5	18.7
Other	(28.2)	2.8	(68.9)	23.9
Total other expenses	(220)	(126.1)	(412.8)	(231.1)
Income before income taxes	82.4	251.8	181.6	363.3
Income tax expense	(56.3)	(53.1)	(103.9)	(73.7)
Net income	26.1	198.7	77.7	289.6
Less: Net loss attributable to non-controlling interest	0	0	0.1	0.1
Net income attributable to PENN Entertainment	$ 26.1	$ 198.7	$ 77.8	$ 289.7
Earnings Per Share
Basic earnings per share (in dollars per share)	$ 0.16	$ 1.27	$ 0.47	$ 1.85
Diluted earnings per share (in dollars per share)	$ 0.15	$ 1.17	$ 0.45	$ 1.72
Weighted average common shares outstanding - Basic (in shares)	164.8	156	166.5	155.8
Weighted average common shares outstanding - diluted (in shares)	180.2	172.7	182.3	172.8
Gaming
Revenues
Total revenues	$ 1,325.6	$ 1,305.5	$ 2,616.8	$ 2,387.5
Operating expenses
Cost of revenue	713.6	620.9	1,400.2	1,148.7
Food, beverage, hotel and other
Revenues
Total revenues	301.3	240.3	574.3	433.2
Operating expenses
Cost of revenue	$ 186.8	$ 148.6	$ 358.7	$ 271.7

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 26.1	$ 198.7	$ 77.7	$ 289.6
Other comprehensive loss:
Foreign currency translation adjustment during the period	(62.7)	0	(26.9)	0
Other comprehensive loss	(62.7)	0	(26.9)	0
Total comprehensive income (loss)	(36.6)	198.7	50.8	289.6
Less: Comprehensive loss attributable to non-controlling interest	0	0	0.1	0.1
Comprehensive income (loss) attributable to PENN Entertainment	$ (36.6)	$ 198.7	$ 50.9	$ 289.7

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock, Non-Exchangeable	Total PENN Stockholders’ Equity	Total PENN Stockholders’ Equity Cumulative Effect, Period of Adoption, Adjustment	Preferred Stock	Common Stock Common Stock, Non-Exchangeable	Common Stock Common Stock, Exchangeable	Treasury Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit) Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2020						883
Beginning balance (in shares) at Dec. 31, 2020							155,700,834	0
Beginning balance at Dec. 31, 2020	$ 2,655.8			$ 2,656.2		$ 23.1	$ 1.6	$ 0	$ (28.4)	$ 3,167.2		$ (507.3)		$ 0	$ (0.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)							891,155
Share-based compensation arrangements	13.4			13.4						13.4
Preferred stock conversions/ Conversion of Preferred Stock (in shares)						(151)	151,200
Preferred stock conversions/ Conversion of Preferred Stock	0			0		$ (4)				4
Stock issuance (Note 13) (in shares)						43	43,684
Stock issuance (Note 13)	8.6			8.6		$ 5.1				3.5
Currency translation adjustment	0
Net income	289.6			289.7								289.7			(0.1)
Other	(9.6)			(9.6)						(9.6)
Ending balance (in shares) at Jun. 30, 2021						775
Ending balance (in shares) at Jun. 30, 2021							156,786,873	0
Ending balance at Jun. 30, 2021	$ 2,957.8			2,958.3		$ 24.2	$ 1.6	$ 0	(28.4)	3,178.5		(217.6)		0	(0.5)
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06 [Member]
Beginning balance (in shares) at Dec. 31, 2020						883
Beginning balance (in shares) at Dec. 31, 2020							155,700,834	0
Beginning balance at Dec. 31, 2020	$ 2,655.8			2,656.2		$ 23.1	$ 1.6	$ 0	(28.4)	3,167.2		(507.3)		0	(0.4)
Ending balance (in shares) at Dec. 31, 2021						775
Ending balance (in shares) at Dec. 31, 2021			169,561,883				169,561,883	653,059
Ending balance at Dec. 31, 2021	4,097.1	$ (69.3)		4,097.8	$ (69.3)	$ 25.8	$ 1.7	$ 0	(28.4)	4,239.6	$ (88.2)	(86.5)	$ 18.9	(54.4)	(0.7)
Beginning balance (in shares) at Mar. 31, 2021						775
Beginning balance (in shares) at Mar. 31, 2021							156,330,141	0
Beginning balance at Mar. 31, 2021	2,755.8			2,756.3		$ 24.2	$ 1.6	$ 0	(28.4)	3,175.2		(416.3)		0	(0.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)							413,048
Share-based compensation arrangements	9.4			9.4						9.4
Stock issuance (Note 13) (in shares)							43,684
Stock issuance (Note 13)	3.5			3.5						3.5
Currency translation adjustment	0
Net income	198.7			198.7								198.7
Other	(9.6)			(9.6)						(9.6)
Ending balance (in shares) at Jun. 30, 2021						775
Ending balance (in shares) at Jun. 30, 2021							156,786,873	0
Ending balance at Jun. 30, 2021	2,957.8			2,958.3		$ 24.2	$ 1.6	$ 0	(28.4)	3,178.5		(217.6)		0	(0.5)
Beginning balance (in shares) at Dec. 31, 2021						775
Beginning balance (in shares) at Dec. 31, 2021			169,561,883				169,561,883	653,059
Beginning balance at Dec. 31, 2021	4,097.1	$ (69.3)		4,097.8	$ (69.3)	$ 25.8	$ 1.7	$ 0	(28.4)	4,239.6	$ (88.2)	(86.5)	$ 18.9	(54.4)	(0.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)							218,824
Share-based compensation arrangements	$ 31.5			31.5						31.5
Share repurchases (Note 13) (in shares)	(9,341,585)						(9,341,585)
Share repurchases (Note 13)	$ (342.1)			(342.1)					(342.1)
Preferred stock conversions/ Conversion of Preferred Stock (in shares)						(194)	194,200
Preferred stock conversions/ Conversion of Preferred Stock	0					$ (6.4)				6.4
Stock issuance (Note 13) (in shares)							64,000
Stock issuance (Note 13)	2			2						2
Exchangeable shares conversions (Note 13) (in shares)							28,401	(28,401)
Currency translation adjustment	(26.9)			(26.9)										(26.9)
Net income	77.7			77.8								77.8			(0.1)
Other	(4)			(4)						(4)
Ending balance (in shares) at Jun. 30, 2022						581
Ending balance (in shares) at Jun. 30, 2022			160,725,723				160,725,723	624,658
Ending balance at Jun. 30, 2022	3,766			3,766.8		$ 19.4	$ 1.7	$ 0	(370.5)	4,187.3		10.2		(81.3)	(0.8)
Beginning balance (in shares) at Mar. 31, 2022						581
Beginning balance (in shares) at Mar. 31, 2022							166,161,818	633,189
Beginning balance at Mar. 31, 2022	3,952.7			3,953.5		$ 19.4	$ 1.7	$ 0	(203.5)	4,170.4		(15.9)		(18.6)	(0.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)							30,551
Share-based compensation arrangements	$ 14.5			14.5						14.5
Share repurchases (Note 13) (in shares)	(5,539,177)						(5,539,177)
Share repurchases (Note 13)	$ (167)			(167)					(167)
Stock issuance (Note 13) (in shares)							64,000
Stock issuance (Note 13)	2			2						2
Exchangeable shares conversions (Note 13) (in shares)							8,531	(8,531)
Currency translation adjustment	(62.7)			(62.7)										(62.7)
Net income	26.1			26.1								26.1
Other	0.4			0.4						0.4
Ending balance (in shares) at Jun. 30, 2022						581
Ending balance (in shares) at Jun. 30, 2022			160,725,723				160,725,723	624,658
Ending balance at Jun. 30, 2022	$ 3,766			$ 3,766.8		$ 19.4	$ 1.7	$ 0	$ (370.5)	$ 4,187.3		$ 10.2		$ (81.3)	$ (0.8)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities
Net income	$ 77.7	$ 289.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	268.5	163.2
Amortization of debt discount and debt issuance costs	4.9	11
Noncash interest expense	12.9	5.2
Noncash operating lease expense	47.2	75.5
Holding loss (gain) on equity securities	55.6	(18.8)
Loss (gain) on sale or disposal of property and equipment	7.2	(0.2)
Gain on Hurricane Laura	(8.8)	0
Income from unconsolidated affiliates	(10.5)	(18.7)
Return on investment from unconsolidated affiliates	17	13.4
Deferred income taxes	39.6	21.8
Stock-based compensation	31.5	13.4
Loss on early extinguishment of debt	10.4	0
Changes in operating assets and liabilities, net of businesses acquired
Accounts receivable	7.7	(42.1)
Prepaid expenses and other current assets	(31.5)	(22)
Other assets	7.6	(8.4)
Accounts payable	(14.4)	1
Accrued expenses	(23)	55.3
Income taxes	15.4	21.1
Operating lease liabilities	(43.2)	(63.2)
Other current and long-term liabilities	(36.6)	7.5
Other	1.2	0
Net cash provided by operating activities	436.4	504.6
Investing activities
Capital expenditures	(125.6)	(64.6)
Proceeds from sale of property and equipment	4.6	0.4
Hurricane Laura insurance proceeds	24.2	0
Consideration paid for acquisitions of businesses, net of cash acquired	0	(6.2)
Consideration paid for a cost method investment	(15)	0
Consideration paid for gaming licenses and other intangible assets	(1.9)	(18.7)
Other	0	(10)
Net cash used in investing activities	(113.7)	(99.1)
Financing activities
Proceeds from issuance of long-term debt, net of discounts	1,545	0
Repayments on credit facilities	(1,543.2)	0
Principal payments on long-term debt	(20.5)	(32.2)
Debt issuance costs	(18.2)	0
Proceeds from other long-term obligations	0	72.5
Payments of other long-term obligations	(9.1)	(8.6)
Principal payments on financing obligations	(31.9)	(17.7)
Principal payments on finance leases	(53.5)	(3.4)
Proceeds from exercise of options	2.8	8.5
Repurchase of common stock	(342.1)	0
Proceeds from insurance financing	0	26.6
Payments on insurance financing	0	(17.5)
Other	(6.6)	(9.4)
Net cash (used in) provided by financing activities	(477.3)	18.8
Effect of currency rate changes on cash, cash equivalents, and restricted cash	(0.6)	0
Change in cash, cash equivalents, and restricted cash	(155.2)	424.3
Cash, cash equivalents and restricted cash at the beginning of the year	1,880.1	1,870.4
Cash, cash equivalents and restricted cash at the end of the period	1,724.9	2,294.7
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	1,708.3	2,274.7
Restricted cash included in Other current assets	15.4	18.8
Restricted cash included in Other assets	1.2	1.2
Total cash, cash equivalents and restricted cash	1,724.9	2,294.7
Supplemental disclosure:
Cash paid for interest, net of amounts capitalized	338.5	275.2
Cash payments related to income taxes, net	45.5	27.7
Non-cash activities:
Commencement of operating leases	39	28.9
Commencement of finance leases	1,417.1	0
Accrued capital expenditures	$ 25.5	$ 25.5

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization: On August 4, 2022, Penn National Gaming, Inc. was renamed PENN Entertainment, Inc. PENN Entertainment, Inc., together with its subsidiaries (“PENN,” the “Company,” “we,” “our,” or “us”), is North America’s leading provider of integrated entertainment, sports content, and casino gaming experiences. A member of the S&P 500 ® , PENN operates 44 properties in 20 states, online sports betting in 13 jurisdictions and iCasino in five, under a portfolio of well-recognized brands including Hollywood Casino ® , L’Auberge ® , Barstool Sportsbook ® , and theScore Bet ® . PENN’s highly differentiated strategy, which is focused on organic cross-sell opportunities, is reinforced by its investments in owned technology, including a state-of-the-art media and betting platform and an in-house iCasino content studio. The Company’s portfolio is further bolstered by its industry-leading my choice ® customer loyalty program (the “my choice program”), which offers its over 26 million members a unique set of rewards and experiences across business channels. The majority of the real estate assets (i.e., land and buildings) used in our 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 9, “Leases,” and collectively referred to as the “Master Leases”), with Gaming and Leisure Properties, Inc. (Nasdaq: GLPI) (“GLPI”), a real estate investment trust (“REIT”). Basis of Presentation: The unaudited 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 notes 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 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, 2021.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Principles of Consolidation: The unaudited Consolidated Financial Statements include the accounts of PENN Entertainment, 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 entities (“VOEs”) or variable interest entities (“VIEs”) are accounted for under the equity method. All intercompany accounts and transactions have been eliminated in consolidation. Reclassifications: Certain reclassifications have been made to conform the prior period presentation. Use of Estimates: The preparation of unaudited 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 have five reportable segments: Northeast, South, West, Midwest, and Interactive. Our gaming and racing properties are grouped by geographic location, and each is viewed as an operating segment with the exception of our two properties in Jackpot, Nevada, which are viewed as one operating segment. We consider our combined Video Gaming Terminal (“VGT”) operations, by state, to be separate operating segments. Interactive includes all of our iCasino and online sports betting operations, management of retail sports betting, media, and our proportionate share of earnings attributable to our equity method investment in Barstool Sports, Inc. (“Barstool Sports”). 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 Hollywood Casino at Greektown 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 Morgantown Morgantown, Pennsylvania Morgantown Lease Hollywood Casino at PENN National Race Course Grantville, Pennsylvania PENN Master Lease Hollywood Casino Perryville Perryville, Maryland Perryville Lease Hollywood Casino Toledo Toledo, Ohio PENN Master Lease Hollywood Casino York York, Pennsylvania Operating Lease (not with REIT Landlord) Hollywood Gaming at Dayton Raceway Dayton, Ohio PENN Master Lease Hollywood Gaming at Mahoning Valley Race Course Youngstown, Ohio PENN Master Lease Marquee by PENN (1) Pennsylvania N/A Hollywood Casino at Meadows Racetrack Washington, Pennsylvania Meadows Lease Plainridge Park Casino Plainville, Massachusetts Pinnacle Master Lease South segment 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 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 Tropicana Lease Zia Park Casino Hobbs, New Mexico PENN Master Lease Midwest segment Ameristar Council Bluffs Council Bluffs, Iowa Pinnacle Master Lease Argosy Casino Alton (2) 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 (3) Kansas City, Kansas Owned - JV Hollywood Casino St. Louis Maryland Heights, Missouri PENN Master Lease Prairie State Gaming (1) Illinois N/A River City Casino St. Louis, Missouri Pinnacle Master Lease (1) VGT route operations (2) The riverboat is owned by us and not subject to the PENN Master Lease. (3) Pursuant to a joint venture (“JV”) with NASCAR and includes the Company’s 50% investment in Kansas Entertainment, LLC (“Kansas Entertainment”), which owns Hollywood Casino at Kansas Speedway. Revenue Recognition: Our revenue from contracts with customers consists primarily of gaming wagers, inclusive of sports betting and iCasino products, food and beverage transactions, retail transactions, hotel room sales, racing wagers, management services related to the management of external operations and third-party revenue sharing agreements. See Note 5, “Revenue Disaggregation,” for information on our revenue by type and geographic location. Complimentaries Associated with Gaming Contracts Food, 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, 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, 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 millions) 2022 2021 2022 2021 Food and beverage $ 52.1 $ 44.1 $ 102.8 $ 80.2 Hotel 36.6 30.7 68.8 57.1 Other 2.8 2.1 5.3 4.0 Total complimentaries associated with gaming contracts $ 91.5 $ 76.9 $ 176.9 $ 141.3 Customer-related Liabilities The Company has three general types of liabilities related to contracts with customers: (i) the obligation associated with its my choice program (loyalty points and tier status benefits), (ii) advance payments on goods and services yet to be provided and for unpaid wagers, and (iii) deferred revenue associated with third-party sports betting operators for online sports betting and related iCasino market access. Our my choice program allows members 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 our 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 and free play. The obligation associated with our my choice program, which is included in “Accrued expenses and other current liabilities” within our unaudited Consolidated Balance Sheets, was $43.4 million and $37.6 million as of June 30, 2022 and December 31, 2021, 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) money deposited in an online wallet not yet wagered or wagered and not yet withdrawn, (iv) outstanding tickets generated by slot machine play or pari-mutuel wagering, (v) outstanding chip liabilities, (vi) unclaimed jackpots, and (vii) gift cards redeemable at our properties. Unpaid wagers primarily relate to the Company’s obligation to settle outstanding slot tickets, pari-mutuel racing tickets, gaming chips with customers and online wagers not yet withdrawn 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 $93.2 million and $112.0 million as of June 30, 2022 and December 31, 2021, respectively. Advance payments on goods and services yet to be provided and for unpaid wagers are included in “Accrued expenses and other current liabilities” within our unaudited Consolidated Balance Sheets. PENN Interactive Ventures, LLC (“PENN Interactive”) enters into multi-year agreements with sports betting operators for online sports betting and related iCasino market access across our portfolio of properties. Deferred revenue associated with third-party sports betting operators for online sports betting and related iCasino market access, which is included in “Other long-term liabilities” within our unaudited Consolidated Balance Sheets was $55.4 million and $52.2 million as of June 30, 2022 and December 31, 2021, respectively. Advertising: The Company expenses advertising costs the first time the advertising takes place or as incurred. Advertising expenses, which generally relate to media placement costs and are primarily included in “Gaming” expenses within the unaudited Consolidated Statements of Operations, were $18.5 million, and $42.6 million for the three and six months ended June 30, 2022, respectively, as compared to $15.3 million and $32.4 million for the three and six months ended June 30, 2021, respectively. Gaming and Racing Taxes: We are subject to gaming and pari-mutuel taxes based on gross gaming revenue and pari-mutuel revenue in the jurisdictions in which we operate. 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 the wagering occurs, as well as taxes on revenues derived from arrangements which allow for third-party partners to operate online casinos and online sportsbooks under our gaming licenses. Additionally, some states require us to prepay annual assessments to support the operations of local regulatory authorities. We consider these prepaid costs to be a type of gaming and racing tax. Gaming and racing taxes are recorded in “Gaming” expense or “Food, beverage, hotel, and other” expenses within the unaudited Consolidated Statements of Operations, and were $486.8 million and $959.0 million for the three and six months ended June 30, 2022, respectively, as compared to $515.9 million and $933.8 million for the three and six months ended June 30, 2021, respectively. Foreign Currency Translation: The functional currency of the Company’s foreign subsidiaries is the local currency in which the subsidiary operates. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Translation adjustments resulting from this process are recorded to other comprehensive income. Revenues and expenses are translated at the average exchange rates during the year. Gains or losses resulting from foreign currency transactions are included in “Other” within our unaudited Consolidated Statements of Operations. Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss: Comprehensive income (loss) includes net income and all other non-stockholder changes in equity, or other comprehensive income (loss). The balance of accumulated other comprehensive loss consists solely of foreign currency translation adjustments. Earnings Per Share: Basic earnings per share (“EPS”) is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the additional dilution, if any, for all potentially-dilutive securities such as stock options, unvested restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) (collectively with RSAs, “restricted stock”), outstanding convertible preferred stock and convertible debt. Holders of the Company’s Series D Preferred Stock (as defined in Note 10, “Investments in and Advances to Unconsolidated Affiliates” ) are entitled to participate equally and ratably in all dividends and distributions paid to holders of PENN Common Stock irrespective of any vesting requirement. Accordingly, the Series D Preferred Stock shares are considered a participating security and the Company is required to apply the two-class method to consider the impact of the preferred shares on the calculation of basic and diluted EPS. The holders of the Company’s Series D Preferred Stock are not obligated to absorb losses; therefore, in reporting periods where the Company is in a net loss position, it does not apply the two-class method. In reporting periods where the Company is in a net income position, the two-class method is applied by allocating all earnings during the period to common shares and preferred shares. See Note 14, “Earnings per Share,” for more information. Voting Interest Entities and Variable Interest Entities: The Company consolidates all subsidiaries or other entities in which it has a controlling financial interest. The consolidation guidance requires an analysis to determine if an entity should be evaluated for consolidation using the VOE model or the VIE model. Under the VOE model, controlling financial interest is generally defined as a majority ownership of voting rights. Under the VIE model, controlling financial interest is defined as (i) the power to direct activities that most significantly impact the economic performance of the entity and (ii) the obligation to absorb losses of or the right to receive benefits from the entity that could potentially be significant to the entity. For those entities that qualify as a VIE, the primary beneficiary is generally defined as the party who has a controlling financial interest in the VIE. The Company consolidates the financial position and results of operations of every VOE in which it has a controlling financial interest and VIEs in which it is considered to be the primary beneficiary. See Note 10, “Investments in and Advances to Unconsolidated Affiliates.”

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting PronouncementsIn March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides an optional expedient and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates and, particularly, the risk of cessation of the London Interbank Offered Rate (referred to as “LIBOR”), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction- based and less susceptible to manipulation. ASU 2020-04 also provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. The interest rates associated with the Company’s previous borrowings under its Senior Secured Credit Facilities (as defined in Note 8, “Long-term Debt” ) were tied to LIBOR. Subsequent to the amendment of the Senior Secured Credit Facilities on May 3, 2022, the Company’s borrowings are tied to SOFR (see Note 8, “Long-term Debt” ). The adoption of ASU 2020-04 did not have an impact on our unaudited Consolidated Financial Statements. In August 2020, The FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Topic 814): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). ASU 2020-06 eliminates the number of accounting models used to account for convertible debt instruments and convertible preferred stock. The update also amends the disclosure requirements for convertible instruments and EPS in an effort to increase financial reporting transparency. The new standard impacts the Company’s existing 2.75% convertible senior notes due May 2026 (“Convertible Notes”) which prior to adoption of the new standard, were accounted for under the cash conversion feature model. The cash conversion feature model is eliminated under the new standard and entities will no longer separately present in stockholders’ equity an embedded conversion feature of a debt instrument. The new guidance also requires the use of the if-converted method when calculating diluted EPS for convertible instruments and the treasury stock method should no longer be used. Under the new guidance, convertible instruments that may be settled in cash or shares (e.g., the Company’s Convertible Notes) are to be included in the calculation of diluted EPS if the effect is more dilutive, with no option for rebutting the presumption of share settlement based on stated policy or past experience. Each of these requirements are consistent with Company’s previous method for calculating diluted EPS.

Hurricane Laura

Hurricane Laura	6 Months Ended
	Jun. 30, 2022
Unusual or Infrequent Items, or Both [Abstract]
Hurricane Laura	Hurricane Laura On August 27, 2020, Hurricane Laura made landfall in Lake Charles, Louisiana, which caused significant damage to our L’Auberge Lake Charles property and closure of the property for approximately two weeks. The Company maintains insurance, subject to certain deductibles and coinsurance, that covers business interruption, including lost profits, and covers the repair or replacement of assets that suffered losses. The Company recorded a receivable relating to our estimate of repairs and maintenance costs which have been incurred and property and equipment which have been written off, and for which we deem the recovery of such costs and property and equipment from our insurers to be probable. The insurance recovery receivable was included in “Accounts Receivable, net” within the unaudited Consolidated Balance Sheets. As we deemed it probable that the proceeds to be recovered from our insurers exceeds the total of our insurance recovery recorded and our insurers’ deductible and coinsurance, we did not record any loss associated with the impact of this natural disaster. Timing differences exist between the recognition of (i) impairment losses and capital expenditures made to repair or restore the assets and (ii) the receipt of insurance proceeds within the unaudited Consolidated Financial Statements. As of December 31, 2021, the receivable was $28.7 million. During the six months ended June 30, 2022, we received additional insurance claim proceeds totaling $37.5 million, resulting in a gain of $8.8 million, which is included in “General and administrative” within our unaudited Consolidated Statements of Operations. We did not receive insurance proceeds during the three months ended June 30, 2022. As of August 4, 2022, the insurance claim remains open and we expect to receive additional future proceeds. We will record proceeds in excess of the recognized losses and lost profits under our business interruption insurance as a gain contingency in accordance with ASC 450, “Contingencies,” which we expect to recognize at the time of final settlement or when nonrefundable cash advances are made in a period subsequent to June 30, 2022. The following table summarizes the financial impact of Hurricane Laura related matters: (in millions) June 30, 2022 December 31, 2021 Insurance proceeds received through the end of the period $ 85.0 $ 47.5 Deductible $ 15.0 $ 15.0 Coinsurance $ 2.5 $ 2.5 Clean-up, restoration, and other costs $ 52.8 $ 52.8 Fixed asset write-off $ 23.2 $ 23.2 Inventory write-off $ 0.2 $ 0.2 Insurance receivable $ — $ 28.7

Revenue Disaggregation

Revenue Disaggregation	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue Disaggregation	Revenue Disaggregation We generate revenues at our owned, managed or operated properties principally by providing the following types of services: (i) gaming, including iCasino, retail and online sports betting; (ii) food and beverage; (iii) hotel; and (iv) other. Other revenues are principally comprised of ancillary gaming-related activities, such as commissions received on ATM transactions, racing, PENN Interactive’s social gaming, and revenue from third-party sports betting operators and the related gross-up for taxes. Our revenue is disaggregated by type of revenue and geographic location of the related properties, which is consistent with our reportable segments, as follows: For the three months ended June 30, 2022 (in millions) Northeast South West Midwest Interactive Other Intersegment Eliminations (1) Total Revenues: Gaming $ 621.4 $ 269.0 $ 98.9 $ 267.0 $ 69.3 $ — $ — $ 1,325.6 Food and beverage 31.5 33.0 21.6 13.2 — 1.3 — 100.6 Hotel 10.3 26.0 26.4 9.1 — — — 71.8 Other 21.7 10.6 6.9 7.0 85.6 4.6 (7.5) 128.9 Total revenues $ 684.9 $ 338.6 $ 153.8 $ 296.3 $ 154.9 $ 5.9 $ (7.5) $ 1,626.9 For the three months ended June 30, 2021 (in millions) Northeast South West Midwest Interactive Other Intersegment Eliminations (1) Total Revenues: Gaming $ 602.5 $ 304.4 $ 96.7 $ 272.1 $ 29.8 $ — $ — $ 1,305.5 Food and beverage 24.1 29.4 18.2 9.7 — 0.2 — 81.6 Hotel 6.7 24.1 19.9 7.0 — — — 57.7 Other 19.2 10.3 5.6 6.0 66.2 1.5 (7.8) 101.0 Total revenues $ 652.5 $ 368.2 $ 140.4 $ 294.8 $ 96.0 $ 1.7 $ (7.8) $ 1,545.8 For the six months ended June 30, 2022 (in millions) Northeast South West Midwest Interactive Other Intersegment Eliminations (1) Total Revenues: Gaming $ 1,220.5 $ 547.6 $ 193.0 $ 523.5 $ 132.2 $ — $ — $ 2,616.8 Food and beverage 63.4 64.0 40.9 25.7 — 2.5 — 196.5 Hotel 18.4 48.0 48.7 16.7 — — — 131.8 Other 41.1 20.4 12.1 13.3 164.2 10.7 (15.8) 246.0 Total revenues $ 1,343.4 $ 680.0 $ 294.7 $ 579.2 $ 296.4 $ 13.2 $ (15.8) $ 3,191.1 For the six months ended June 30, 2021 (in millions) Northeast South West Midwest Interactive Other Intersegment Eliminations (1) Total Revenues: Gaming $ 1,129.5 $ 549.8 $ 165.8 $ 489.0 $ 53.4 $ — $ — $ 2,387.5 Food and beverage 45.0 52.5 30.1 16.7 — 0.3 — 144.6 Hotel 12.5 43.7 32.4 12.9 — — — 101.5 Other 36.4 18.1 8.7 10.9 128.9 3.0 (18.9) 187.1 Total revenues $ 1,223.4 $ 664.1 $ 237.0 $ 529.5 $ 182.3 $ 3.3 $ (18.9) $ 2,820.7 (1) Primarily represents the elimination of intersegment revenues associated with our internally-branded retail sportsbooks, which are operated by PENN Interactive.

Acquisitions and Dispositions

Acquisitions and Dispositions	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions Tropicana Las Vegas On April 16, 2020, we sold the real estate assets associated with the operations of Tropicana Las Vegas Hotel and Casino, Inc. (“Tropicana”) to GLPI in exchange for rent credits of $307.5 million, and utilized the rent credits to pay rent under our existing Master Leases and the Meadows Racetrack and Casino Lease, beginning in May 2020. On January 11, 2022, PENN entered into a definitive purchase agreement to sell its outstanding equity interest in Tropicana, which has the gaming license and operates the Tropicana, to Bally’s Corporation (“Bally’s”). This transaction is expected to close within the second half of 2022, subject to PENN, GLPI, and Bally’s entering into definitive agreements and obtaining regulatory approval. Score Media and Gaming Inc. On October 19, 2021, we acquired 100% of Score Media and Gaming, Inc. (“theScore”) for a purchase price of approximately $2.1 billion. The acquisition provides us with the technology, resources and audience reach to accelerate our media and sports betting strategy across North America. Under the terms of the agreement, 1317774 B.C. Ltd. (the “Purchaser”), an indirectly wholly owned subsidiary of PENN, acquired each of the issued and outstanding theScore shares (other than those held by PENN and its subsidiaries) for US$17.00 per share in cash consideration, totaling $922.8 million, and either 0.2398 of a share of common stock, par value $0.01 of PENN Common Stock or, if validly elected, 0.2398 of an exchangeable share in the capital of the Purchaser (each whole share, an “Exchangeable Share”), totaling 12,319,340 shares of PENN Common Stock and 697,539 Exchangeable Shares for approximately $1.0 billion. Each Exchangeable Share will be exchangeable into one share of PENN Common Stock at the option of the holder, subject to certain adjustments. In addition, Purchaser may redeem all outstanding Exchangeable Shares in exchange for shares of PENN Common Stock at any time following the fifth anniversary of the closing, or earlier under certain circumstances. The Company held shares of theScore common stock prior to the acquisition and, as such, the acquisition date estimated fair value of this previously held investment was a component of the purchase consideration. Based on the acquisition date fair value of this investment of $58.9 million, the Company recorded a gain of $2.9 million related to remeasurement of the equity security investment immediately prior to the acquisition date which was included in “Other” within our Consolidated Statements of Operations. 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 millions) Fair value Cash and cash equivalents $ 160.3 Other current assets 22.8 ROU assets 2.6 Property and equipment 1.8 Goodwill 1,690.2 Other intangible assets Gaming technology 160.0 Media technology 57.0 Tradename 100.0 Advertising relationships 11.0 Customer relationships 8.0 Re-acquired right 2.6 Other long-term assets 5.2 Total assets $ 2,221.5 Accounts payable, accrued expenses and other current liabilities $ 67.9 Deferred tax liabilities 69.2 Other non-current liabilities 1.7 Total liabilities 138.8 Net assets acquired $ 2,082.7 The Company used the income, or cost approach 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. Acquired identifiable intangible assets consist of gaming technology, media technology, tradename, advertising relationships, customer relationships, and a re-acquired right. Tradename is an indefinite-lived intangible asset. All other intangible assets are definite-lived with assigned useful lives primarily ranging from 1-7 years. The re-acquired right intangible asset was assigned a 17.8-year useful life based on the remaining term of a pre-acquisition market access contract between PENN and theScore. Goodwill, none of which is deductible under the Canadian Income Tax Act, is approximately 81.2% of the net assets acquired and represents synergies, incremental market share capture and expansion into new markets not existing as of the acquisition date, and future technology development. The following valuation approaches were utilized to determine the fair value of each intangible asset: Intangible Asset Valuation Approach Gaming technology Relief-from-royalty (variation of income approach) Media technology Replacement cost Tradename Relief-from-royalty (variation of income approach) Advertising relationships With-and-without (variation of income approach) Customer relationships Replacement cost Re-acquired right Replacement cost Unaudited Pro Forma Financial Information The following table includes unaudited pro forma consolidated financial information assuming our acquisition of Hitpoint Inc. and Lucky Point Inc. (collectively “Hitpoint”), Hollywood Casino Perryville (“Perryville”), Sam Houston Race Park and Valley Race Park (collectively “Sam Houston”), and theScore had occurred as of January 1, 2021. We acquired Hitpoint on May 11, 2021, Perryville on July 1, 2021, and Sam Houston on August 1, 2021. The pro forma amounts include the historical operating results of PENN and Hitpoint, Perryville, Sam Houston and theScore prior to our acquisitions. The pro forma financial information does not necessarily represent the results that may occur in the future. For the three and six months ended June 30, 2021, pro forma adjustments directly attributable to the acquisitions include acquisition and transaction related costs of $2.1 million and $3.7 million, respectively, incurred by both PENN and the respective acquirees. For the three and six months ended June 30, 2021, pro forma adjustments directly attributable to the acquisitions also include a loss of $8.5 million and gains of $34.9 million, respectively, related to our purchase of the remaining 50% of Sam Houston and a net unrealized gain on the equity security investment in theScore. For the three months ended June 30, For the six months ended June 30, (in millions) 2021 Revenues $ 1,580.8 $ 2,886.8 Net income $ 191.6 $ 227.7

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jun. 30, 2022
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 millions) Northeast South West Midwest Interactive Other Total Balance as of December 31, 2021 Goodwill, gross $ 923.5 $ 236.6 $ 216.8 $ 1,116.7 $ 1,724.0 $ 87.7 $ 4,305.3 Accumulated goodwill impairment losses (761.4) (61.0) (16.6) (556.1) — (87.7) (1,482.8) Goodwill, net $ 162.1 $ 175.6 $ 200.2 $ 560.6 $ 1,724.0 $ — $ 2,822.5 Effect of foreign currency exchange rates — — — — (22.9) — (22.9) Balance as of June 30, 2022 Goodwill, gross $ 923.5 $ 236.6 $ 216.8 $ 1,116.7 $ 1,701.1 $ 87.7 $ 4,282.4 Accumulated goodwill impairment losses (761.4) (61.0) (16.6) (556.1) — (87.7) (1,482.8) Goodwill, net $ 162.1 $ 175.6 $ 200.2 $ 560.6 $ 1,701.1 $ — $ 2,799.6 There were no impairment charges recorded to goodwill during the three and six months ended June 30, 2022 and 2021. The table below presents the gross carrying amount, accumulated amortization, and net carrying amount of each major class of other intangible assets: June 30, 2022 December 31, 2021 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived intangible assets Gaming licenses $ 1,285.4 $ — $ 1,285.4 $ 1,285.4 $ — $ 1,285.4 Trademarks 337.0 — 337.0 338.2 — 338.2 Other 0.7 — 0.7 0.7 — 0.7 Amortizing intangible assets Customer relationships 114.7 (97.7) 17.0 114.9 (91.4) 23.5 Technology 251.8 (60.3) 191.5 252.7 (40.5) 212.2 Other 19.2 (8.7) 10.5 19.4 (6.8) 12.6 Total other intangible assets $ 2,008.8 $ (166.7) $ 1,842.1 $ 2,011.3 $ (138.7) $ 1,872.6 There were no impairment charges recorded to other intangible assets, net for the three and six months ended June 30, 2022 and 2021. Amortization expense related to our amortizing intangible assets was $14.9 million and $29.9 million for the three and six months ended June 30, 2022, respectively, as compared to $2.5 million and $4.7 million for the three and six months ended June 30, 2021, respectively. The following table presents the estimated amortization expense based on our amortizing intangible assets as of June 30, 2022 (in millions): Years ending December 31, 2022 (excluding the six months ended June 30, 2022) $ 28.3 2023 49.4 2024 45.4 2025 30.3 2026 23.9 Thereafter 41.7 Total $ 219.0

Long-term Debt

Long-term Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt The table below presents long-term debt, net of current maturities, debt discounts and issuance costs: (in millions) June 30, December 31, Senior Secured Credit Facilities: Amended Revolving Credit Facility due 2027 $ — $ — Amended Term Loan A Facility due 2027 550.0 — Amended Term Loan B Facility due 2029 1,000.0 — Term Loan A Facility due 2023 — 583.8 Term Loan B-1 Facility due 2025 — 979.9 5.625% Notes due 2027 400.0 400.0 4.125% Notes due 2029 400.0 400.0 2.75% Convertible Notes due 2026 330.5 330.5 Other long-term obligations 150.1 146.3 2,830.6 2,840.5 Less: Current maturities of long-term debt (55.8) (99.5) Less: Debt discount (4.9) (73.1) Less: Debt issuance costs (39.5) (30.6) $ 2,730.4 $ 2,637.3 The following is a schedule of future minimum repayments of long-term debt as of June 30, 2022 (in millions): Years ending December 31: 2022 (excluding the six months ended June 30, 2022) $ 27.4 2023 56.2 2024 47.6 2025 38.2 2026 472.0 Thereafter 2,189.2 Total minimum payments $ 2,830.6 Senior Secured Credit Facilities In January 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 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” and collectively with the Revolving Facility and the Term Loan A Facility, the “Senior Secured Credit Facilities”). On October 15, 2018, in connection with the acquisition of Pinnacle Entertainment, Inc. (“Pinnacle”), we 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 $1.1 billion of loans as a new tranche having new terms (the “Term Loan B-1 Facility”). With the exception of extending the maturity date, the Incremental Joinder did not impact the Revolving Facility. On April 14, 2020, the Company entered into a second amendment to its Credit Agreement with its various lenders (the “Second Amendment”) to provide for certain modifications to required financial covenants and interest rates during, and subsequent to, a covenant relief period, which concluded on May 7, 2021 (the “Covenant Relief Period”). Upon conclusion of the Covenant Relief Period, the Second Amendment permitted the Company to (i) maintain a maximum consolidated total net leverage ratio of 5.50:1.00 for the quarter ended March 31, 2021, 5.00:1.00 for the quarter ended June 30, 2021, 4.75:1.00 for the quarter ended September 30, 2021, 4.50:1.00 for the quarter ended December 31, 2021, and 4.25:1.00 thereafter, tested quarterly on a pro forma trailing twelve month (“PF TTM”) basis; (ii) maintain a maximum senior secured net leverage ratio of 4.50:1.00 for the quarter ended March 31, 2021, 4.00:1.00 for the quarter ended June 30, 2021, 3.75:1.00 for the quarter ended September 30, 2021, 3.50:1.00 for the quarter ended December 31, 2021, and 3.00:1.00 thereafter, tested quarterly on a PF TTM basis; and (iii) maintain an interest coverage ratio of 2.50:1.00, tested quarterly on a PF TTM basis. Upon conclusion of the Covenant Relief Period, loans under the Senior Secured Credit Facilities called for interest at either a base rate or an adjusted LIBOR rate, plus an applicable margin. The applicable margins for the Revolving Facility and Term Loan A Facility ranged from 1.25% to 3.00% per annum for LIBOR loans and 0.25% to 2.00% per annum for base rate loans, in each case depending on the Consolidated Total Net Leverage Ratio as of the most recent fiscal quarter. The Term Loan B-1 Facility bore interest at 2.25% per annum for LIBOR loans and 1.25% per annum for base rate loans. All loans under the Senior Secured Credit Facilities were subject to a LIBOR “floor” of 0.75%. In addition, a commitment fee was paid on the unused portion of the commitments under the Revolving Facility at a rate that ranged from 0.20% to 0.50% per annum, depending on the Consolidated Total Net Leverage Ratio as of the most recent fiscal quarter. On May 3, 2022, the Company entered into a Second Amended and Restated Credit Agreement with its various lenders (the “Second Amended and Restated Credit Agreement”). The Second Amended and Restated Credit Agreement provides for a $1.0 billion revolving credit facility, undrawn at close, (the “Amended Revolving Credit Facility”), a five-year $550.0 million term loan A facility (the “Amended Term Loan A Facility”) and a seven-year $1.0 billion term loan B facility (the “Amended Term Loan B Facility”) (together, the “Amended Credit Facilities”). The proceeds from the Amended Credit Facilities were used to repay the existing Term Loan A Facility and Term Loan B-1 Facility balances. The interest rates per annum applicable to loans under the Amended Credit Facilities are, at the Company’s option, equal to either an adjusted secured overnight financing rate (“Term SOFR”) or a base rate, plus an applicable margin. The applicable margin for each of the Amended Revolving Credit Facility and the Amended Term Loan A Facility is initially 1.75% for Term SOFR loans and 0.75% for base rate loans until the Company provides financial reports for the first full fiscal quarter following closing and, thereafter, will range from 2.25% to 1.50% per annum for Term SOFR loans and 1.25% to 0.50% per annum for base rate loans, in each case depending on the Company’s total net leverage ratio (as defined within the Second Amended and Restated Credit Agreement). The applicable margin for the Amended Term Loan B Facility is 2.75% per annum for Term SOFR loans and 1.75% per annum for base rate loans. The Amended Term Loan B Facility is subject to a Term SOFR “floor” of 0.50% per annum and a base rate “floor” of 1.50% per annum. In addition, the Company will pay a commitment fee on the unused portion of the commitments under the Amended Revolving Credit Facility at a rate that is initially 0.25% per annum, until the Company provides financial reports for the first full fiscal quarter following closing, and thereafter, will range from 0.35% to 0.20% per annum, depending on the Company’s total net leverage ratio. The Amended Credit Facilities contain customary covenants that, among other things, restrict, subject to certain exceptions, the ability of the Company and certain of its subsidiaries to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations, pay dividends and make other restricted payments and prepay certain indebtedness that is subordinated in right of payment to the obligations under the Amended Credit Facilities. The Amended Credit Facilities contain two financial covenants: a maximum total net leverage ratio (as defined within the Second Amended and Restated Credit Agreement) of 4.50 to 1.00, which is subject to a step up to 5.00 to 1.00 in the case of certain significant acquisitions, and a minimum interest coverage ratio (as defined within the Second Amended and Restated Credit Agreement) of 2.00 to 1.00. The Amended Credit Facilities also contain certain customary affirmative covenants and events of default, including the occurrence of a change of control (as defined in the documents governing the Second Amended and Restated Credit Agreement), termination and certain defaults under the PENN Master Lease and the Pinnacle Master Lease (both of which are defined in Note 9, “Leases” ). In connection with the repayment of the previous Senior Secured Credit Facilities, the Company recorded $1.3 million in refinancing costs and a $10.4 million loss on the early extinguishment of debt for the three and six months ended June 30, 2022 which is included in “Other” within our unaudited Consolidated Statements of Operations. In addition, we recorded $5.0 million of original issue discount related to the Amended Term Loan B Facility which will be amortized to interest expense over the life of the Amended Term Loan B Facility. As of June 30, 2022, the Company had conditional obligations under letters of credit issued pursuant to the Amended Credit Facilities with face amounts aggregating to $25.4 million resulting in $974.6 million of available borrowing capacity under the Amended Revolving Credit Facility. As of December 31, 2021, the Company had conditional obligations under letters of credit issued pursuant to the Senior Security Credit Facilities with face amounts aggregating to $26.0 million resulting in $674.0 million of available borrowing capacity under the Revolving Facility. 2.75% Unsecured Convertible Notes In May 2020, the Company completed a public offering of $330.5 million aggregate principal amount of 2.75% unsecured convertible notes that mature, unless earlier converted, redeemed or repurchased, on May 15, 2026 at a price of par. After lender fees and discounts, net proceeds received by the Company were $322.2 million. Interest on the Convertible Notes is payable on May 15th and November 15th of each year. The Convertible Notes are convertible into shares of the Company’s common stock at an initial conversion price of $23.40 per share, or 42.7350 shares, per $1,000 principal amount of notes, subject to adjustment if certain corporate events occur. However, in no event will the conversion exceed 55.5555 shares of common stock per $1,000 principal amount of notes. As of June 30, 2022, the maximum number of shares that could be issued to satisfy the conversion feature of the Convertible Notes is 18,360,815 and the amount by which the Convertible Notes if-converted value exceeded its principal amount was $228.0 million. Starting in the fourth quarter of 2020 and prior to February 15, 2026, at their election, holders of the Convertible Notes may convert outstanding notes if the trading price of the Company’s common stock exceeds 130% of the initial conversion price or, starting shortly after the issuance of the Convertible Notes, if the trading price per $1,000 principal amount of notes is less than 98% of the product of the trading price of the Company’s common stock and the conversion rate then in effect. The Convertible Notes may, at the Company’s election, be settled in cash, shares of common stock of the Company, or a combination thereof. The Company has the option to redeem the Convertible Notes, in whole or in part, beginning November 20, 2023. In addition, the Convertible Notes convert into shares of the Company’s common stock upon the occurrence of certain corporate events that constitute a fundamental change under the indenture governing the Convertible Notes at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of repurchase. In connection with certain corporate events or if the Company issues a notice of redemption, it will, under certain circumstances, increase the conversion rate for holders who elect to convert their Convertible Notes in connection with such corporate events or during the relevant redemption period for such Convertible Notes. As of June 30, 2022 and December 31, 2021, no Convertible Notes have been converted into the Company’s common stock. The Convertible Notes contain a cash conversion feature, and as a result, the Company separated it into liability and equity components. The Company valued the liability component based on its borrowing rate for a similar debt instrument that does not contain a conversion feature. The equity component, recognized as debt discount, was valued as the difference between the face value of the Convertible Notes and the fair value of the liability component. The equity component was valued at $91.8 million upon issuance of the Convertible Notes. In connection with the Convertible Notes issuance, the Company incurred debt issuance costs of $10.2 million, which were allocated on a pro rata basis to the liability component and the equity component in the amounts of $6.6 million and $3.6 million, respectively. On January 1, 2022, the Company adopted ASU 2020-06, which resulted in a reclassification of the $88.2 million cash conversion feature related to the Company’s Convertible Notes, from stockholders’ equity to liabilities as under ASU 2020-06, bifurcation for a cash conversion feature is no longer permitted. As a result of the adoption, the Company recognized as a cumulative effect adjustment, an increase to the January 1, 2022 opening balance of retained earnings of $18.9 million, net of taxes. The Convertible Notes consisted of the following components: (in millions) June 30, December 31, Liability component: Principal $ 330.5 $ 330.5 Unamortized debt discount — (71.7) Unamortized debt issuance costs (7.0) (5.3) Net carrying amount $ 323.5 $ 253.5 Carrying amount of equity component $ — $ 88.2 Interest expense, net The table below presents interest expense, net: For the three months ended June 30, For the six months ended June 30, (in millions) 2022 2021 2022 2021 Interest expense $ (195.3) $ (139.1) $ (356.9) $ (275.7) Interest income 1.3 0.2 1.8 0.4 Capitalized interest 0.4 0.9 0.7 1.6 Interest expense, net $ (193.6) $ (138.0) $ (354.4) $ (273.7) The table below presents interest expense related to the Convertible Notes: For the three months ended June 30, For the six months ended June 30, (in millions) 2022 2021 2022 2021 Coupon interest $ 2.2 $ 2.2 $ 4.5 $ 4.5 Amortization of debt discount — 3.1 — 6.2 Amortization of debt issuance costs 0.4 0.3 0.8 0.5 Convertible Notes interest expense $ 2.6 $ 5.6 $ 5.3 $ 11.2 Subsequent to the adoption of ASU 2020-06, the debt issuance costs attributable to the liability component continue to be amortized to interest expense over the term of the Convertible Notes at an effective interest rate of 3.329%. The remaining term of the Convertible Notes was 3.9 years as of June 30, 2022. Covenants Our Amended Credit Facilities, 5.625% Notes and 4.125% Notes, require us, among other obligations, to maintain specified financial ratios and to satisfy certain financial tests. In addition, our Amended Credit Facilities, 5.625% Notes and 4.125% 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. Our debt agreements also contain customary events of default, including cross-default provisions that require us to meet certain requirements under the PENN Master Lease and the Pinnacle Master Lease (both of which are defined in Note 9, “Leases” ), each with GLPI. If we are unable to meet our financial covenants or in the event of a cross-default, it could trigger an acceleration of payment terms. As of June 30, 2022, the Company was in compliance with all required financial covenants. The Company believes that it will remain in compliance with all of its required financial covenants for at least the next twelve months following the date of filing this Quarterly Report on Form 10-Q with the SEC. Other Long-Term Obligations Other Long-term Obligation In February 2021, we entered into a financing arrangement providing the Company with upfront cash proceeds while permitting us to participate in future proceeds on certain claims. The financing obligation has been classified as a non-current liability, which is expected to be settled in a future period of which the principal is contingent and predicated on other events. Consistent with an obligor’s accounting under a debt instrument, period interest will be accreted using an effective interest rate of 27.0% and until such time that the claims and related obligation is settled. The amount included in interest expense related to this obligation was $6.7 million and $12.9 million for the three and six months ended June 30, 2022, respectively, as compared to $3.7 million and $5.2 million for the three and six months ended June 30, 2021, respectively. Ohio Relocation Fees Other long-term obligations included $36.1 million and $44.5 million as of June 30, 2022 and December 31, 2021, respectively, related to the relocation fees for Hollywood Gaming at Dayton Raceway (“Dayton”) and Hollywood Gaming at Mahoning Valley Race Course (“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 facilities 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%. Event Center As of June 30, 2022 and December 31, 2021, other long-term obligations included $10.7 million and $11.4 million, respectively, related to the repayment obligation of a hotel and event center located less than a mile away from Hollywood Casino Lawrenceburg, which was constructed by the City of Lawrenceburg Department of Redevelopment. Effective in January 2015, by contractual agreement, we assumed a repayment obligation for the hotel and event center in the amount of $15.3 million, which was financed through a loan with the City of Lawrenceburg Department of Redevelopment, in exchange for conveyance of the property. Beginning in January 2016, the Company was obligated to make annual payments on the loan of $1.0 million for 20 years. This obligation is accreted to interest expense at its effective yield of 3.0%.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Leases Master Leases The components contained within the Master Leases are accounted for as either (i) operating leases, (ii) finance leases, or (iii) financing obligations. Changes to future lease payments under the Master Leases (i.e., when future escalators become known or future variable rent resets occur), which are discussed below, require the Company to either (i) increase both the Right-of-use (“ROU”) assets and corresponding lease liabilities with respect to operating and finance leases or (ii) record the incremental variable payment associated with the financing obligation to interest expense. In addition, monthly rent associated with Hollywood Casino Columbus (“Columbus”) and monthly rent in excess of the Hollywood Casino Toledo (“Toledo”) rent floor, which are discussed below, are considered contingent rent. PENN Master Lease Pursuant to the triple net master lease with GLPI (the “PENN Master Lease”), which became effective November 1, 2013, 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 performance, which is prospectively adjusted (i) every five years by an amount equal to 4% of the average change in net revenues of all properties under the PENN Master Lease (other than 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 Columbus and Toledo in excess of a contractual baseline and subject to a rent floor specific to Toledo. The next annual escalator test date is scheduled to occur effective November 1, 2022. The next PENN Percentage Rent reset is scheduled to occur on November 1, 2023. On January 14, 2022, the ninth amendment to the PENN Master Lease between the Company and GLPI became effective. The ninth amendment restates the definition of “Net Revenue” to clarify the inclusion of online-based revenues derived when a patron is physically present at a leased property, establishes a “floor” with respect to the Hollywood Casino at PENN National Race Course Net Revenue amount used in the calculation of the annual rent escalator and PENN Percentage Rent, and modifies the rent calculations upon a lease termination event as defined in the amendment. The lease term and the four five-year optional renewal periods, which if exercised would extend the PENN Master Lease through October 31, 2048, were not modified in the ninth amendment. We concluded the ninth amendment constituted a modification event under ASC Topic 842, “Leases” (“ASC 842”), which required us to reassess the classifications of the lease components and remeasure the associated lease liabilities. As a result of our reassessment of the lease classifications, (i) the land components of substantially all of the PENN Master Lease properties, which were previously classified as operating leases, are now primarily classified as finance leases, and (ii) the land and building components associated with the operations of Dayton and Mahoning Valley, which were previously classified as finance leases, are now classified as operating leases. As a result of our measurement of the associated lease liabilities, we recognized additional ROU assets and corresponding lease liabilities of $455.4 million. The building components of substantially all of the PENN Master Lease properties continue to be classified as financing obligations. Pinnacle Master Lease In connection with the acquisition of Pinnacle, on October 15, 2018, the Company assumed a triple net master lease with GLPI (the “Pinnacle Master Lease”), originally effective April 28, 2016, 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 ten-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, 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”). On January 14, 2022, the fifth amendment to the Pinnacle Master Lease between the Company and GLPI became effective. The fifth amendment restates the definition of “Net Revenue” to clarify the inclusion of online-based revenues derived when a patron is physically present at a leased property and modifies the rent calculations upon a lease termination event as defined in the amendment. The lease term and the five five-year optional renewal periods, which if exercised would extend the Pinnacle Master Lease through April 30, 2051, were not modified in the fifth amendment. We concluded the fifth amendment to the Pinnacle Master Lease constituted a modification event under ASC 842 (collectively with the ninth amendment to the PENN Master Lease, the “Lease Modification”). As a result of the modification, the land components of substantially all of the Pinnacle Master Lease properties, which were previously classified as operating leases, are now primarily classified as finance leases. As a result of our measurement of the associated lease liabilities, we recognized additional ROU assets and corresponding lease liabilities of $937.6 million. The building components of substantially all of the Pinnacle Master Lease properties continue to be classified as financing obligations. As a result of the annual escalator, effective as of May 1, 2022 for the lease year ended April 30, 2022, the fixed component of rent increased by $4.6 million and an additional ROU asset and corresponding lease liability of $33.2 million were recognized associated with the finance lease components of the Pinnacle Master Lease. The next annual escalator test date is scheduled to occur on May 1, 2023. The May 1, 2022 Pinnacle Percentage Rent reset resulted in an annual rent increase of $1.9 million, which will be in effect until the next Pinnacle Percentage Rent reset, scheduled to occur on May 1, 2024. Upon reset of the Pinnacle Percentage Rent, effective May 1, 2022, we recognized an additional finance lease ROU asset and corresponding lease liability of $26.1 million. Morgantown Lease On October 1, 2020, the Company entered into a triple net lease with a subsidiary of GLPI for the land underlying our development project in Morgantown, Pennsylvania (“Morgantown Lease”) in exchange for $30.0 million in rent credits to be utilized to pay rent under the Master Leases, Meadows Lease, and the Morgantown Lease. The initial term of the Morgantown Lease is 20 years with six subsequent, five-year renewal periods, exercisable at the Company’s option. Initial annual rent under the Morgantown Lease is $3.0 million, subject to a 1.50% fixed annual escalation in each of the first three years subsequent to the facility opening, which occurred on December 22, 2021. Thereafter, the lease will be subject to an annual escalator consisting of either (i) 1.25%, if the consumer price index increase is greater than 0.50%, or (ii) zero, if the consumer price index increase is less than 0.50%. All improvements made on the land, including the constructed building, will be owned by the Company while the lease is in effect, however, on the expiration or termination of the Morgantown Lease, ownership of all tenant improvements on the land will transfer to GLPI. Perryville Lease In conjunction with the acquisition of the operations of Hollywood Casino Perryville on July 1, 2021, the Company entered into a triple net lease with GLPI for the real estate assets associated with the property (“Perryville Lease”) for initial annual rent of $7.8 million per year subject to escalation. The initial term of the Perryville Lease is 20 years with three subsequent, five-year renewal periods, exercisable at the Company’s option. The building portion of the annual rent is subject to a fixed annual escalation of 1.50% in each of the following three years, with subsequent annual escalations of either (i) 1.25%, if the consumer price index increase is greater than 0.50%, or (ii) zero, if the consumer price index increase is less than 0.50%. Operating Leases In addition to any operating lease components contained within the Master Leases, the Company’s operating leases consist mainly of (i) individual triple net leases with GLPI for the real estate assets used in the operations of Tropicana (the “Tropicana Lease”) and Hollywood Casino at Meadows Racetrack (the “Meadows Lease”), (ii) individual triple net leases with VICI Properties Inc. (NYSE: VICI) (“VICI”) for the real estate assets used in the operations of Margaritaville Casino Resort (the “Margaritaville Lease”) and Hollywood Casino at Greektown (the “Greektown Lease” and collectively with the Master Leases’ operating lease components, the Meadows Lease, the Margaritaville Lease and the Tropicana Lease, the “Triple Net Operating Leases”), (iii) ground and levee leases to landlords which were not assumed by our REIT Landlords and remain an obligation of the Company, and (iv) building and equipment not subject to the 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. On January 14, 2022, the second amendment to the Meadows Lease between the Company and GLPI became effective. The second amendment restates the definition of “Net Revenue” to clarify the inclusion of online-based revenues derived when a patron is physically present at the facility. This amendment did not result in a modification event under ASC 842. On February 1, 2022, the Margaritaville annual escalator test resulted in an annual rent increase of $0.4 million, and the recognition of an additional operating lease ROU asset and corresponding lease liability of $2.9 million. We did not incur an annual escalator for the lease year ended January 31, 2021. The next annual escalator and Margaritaville Percentage Rent reset are scheduled to occur on February 1, 2023. In May 2020, the Greektown lease was amended to remove the escalator for the lease years ending May 31, 2021 and 2022 and to provide for a Net Revenue to Rent coverage floor to be mutually agreed upon prior to the commencement of the fourth lease year (June 1, 2022). In April 2022, the lease was further amended to provide for a Net Revenue to Rent coverage floor to be mutually agreed upon prior to the commencement of the fifth lease year (June 1, 2023). The following is a maturity analysis of our operating leases, finance leases and financing obligations as of June 30, 2022: (in millions) Operating Leases Finance Leases Financing Obligations Year ended December 31, 2022 (excluding the six months ended June 30, 2022) $ 68.0 $ 193.2 $ 186.3 2023 125.2 375.2 369.8 2024 119.9 347.9 355.3 2025 116.6 346.9 355.4 2026 112.2 346.9 355.4 Thereafter 1,341.4 7,873.5 8,285.7 Total lease payments 1,883.3 9,483.6 9,907.9 Less: Imputed interest (814.0) (4,421.5) (5,842.8) Present value of future lease payments 1,069.3 5,062.1 4,065.1 Less: Current portion of lease obligations (74.2) (115.5) (63.8) Long-term portion of lease obligations $ 995.1 $ 4,946.6 $ 4,001.3 Total payments made under the Triple Net Leases were as follows: For the three months ended June 30, For the six months ended June 30, (in millions) 2022 2021 2022 2021 PENN Master Lease $ 120.6 $ 120.7 $ 239.8 $ 238.7 Pinnacle Master Lease 83.4 82.1 165.9 163.4 Perryville Lease 2.0 — 3.9 — Meadows Lease 6.2 6.2 12.4 12.4 Margaritaville Lease 6.0 5.9 11.9 11.7 Greektown Lease 12.9 13.5 25.7 27.4 Morgantown Lease 0.7 0.7 1.5 1.5 Total (1) $ 231.8 $ 229.1 $ 461.1 $ 455.1 (1) Rent payable under the Tropicana Lease is nominal. Therefore, it has been excluded from the table above. The components of lease expense were as follows: Location on unaudited For the three months ended June 30, For the six months ended June 30, (in millions) 2022 2021 2022 2021 Operating Lease Costs Rent expense associated with triple net operating leases (1) General and administrative $ 28.0 $ 116.5 $ 88.1 $ 226.9 Operating lease cost (2) Primarily General and administrative 4.9 3.9 9.9 7.8 Short-term lease cost Primarily Gaming expense 18.5 15.5 36.6 28.8 Variable lease cost (2) Primarily Gaming expense 1.2 1.0 2.3 2.1 Total $ 52.6 $ 136.9 $ 136.9 $ 265.6 Finance Lease Costs Interest on lease liabilities (3) Interest expense, net $ 75.7 $ 3.7 $ 115.2 $ 7.4 Amortization of ROU assets (3) Depreciation and amortization 48.8 2.1 80.9 4.0 Total $ 124.5 $ 5.8 $ 196.1 $ 11.4 Financing Obligation Costs Interest on financing obligations (4) Interest expense, net $ 85.2 $ 105.3 $ 174.8 $ 207.9 (1) Pertains to the operating lease components contained within the Master Leases, inclusive of the variable expense associated with Columbus and Toledo for the operating lease components, the Meadows Lease, the Margaritaville Lease, the Greektown Lease, and the Tropicana Lease. Prior to the Lease Modification, the operating lease components contained within the Master Leases primarily consisted of the land, inclusive of the variable expense associated with Columbus and Toledo. Subsequent to the Lease Modification, the operating lease components contained within the Master Leases consist of the land and building components associated with the operations of Dayton and Mahoning Valley. (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) Pertains to the finance lease components contained within the Master Leases, and the Perryville Lease (effective July 1, 2021) which results in interest expense and amortization expense (as opposed to rent expense). Prior to the Lease Modification, the finance lease components contained within the Master Leases consisted of the land and building components associated with the operations of Dayton and Mahoning Valley. Subsequent to the Lease Modification, the finance lease components contained within the Master Leases consist of the land, inclusive of the variable expense associated with Columbus and Toledo. (4) Pertains to the components contained within the Master Leases (primarily buildings) and the Morgantown Lease determined to be a financing obligation, inclusive of the variable expense associated with Columbus and Toledo for the financing obligation components (the buildings).
Leases	Leases Master Leases The components contained within the Master Leases are accounted for as either (i) operating leases, (ii) finance leases, or (iii) financing obligations. Changes to future lease payments under the Master Leases (i.e., when future escalators become known or future variable rent resets occur), which are discussed below, require the Company to either (i) increase both the Right-of-use (“ROU”) assets and corresponding lease liabilities with respect to operating and finance leases or (ii) record the incremental variable payment associated with the financing obligation to interest expense. In addition, monthly rent associated with Hollywood Casino Columbus (“Columbus”) and monthly rent in excess of the Hollywood Casino Toledo (“Toledo”) rent floor, which are discussed below, are considered contingent rent. PENN Master Lease Pursuant to the triple net master lease with GLPI (the “PENN Master Lease”), which became effective November 1, 2013, 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 performance, which is prospectively adjusted (i) every five years by an amount equal to 4% of the average change in net revenues of all properties under the PENN Master Lease (other than 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 Columbus and Toledo in excess of a contractual baseline and subject to a rent floor specific to Toledo. The next annual escalator test date is scheduled to occur effective November 1, 2022. The next PENN Percentage Rent reset is scheduled to occur on November 1, 2023. On January 14, 2022, the ninth amendment to the PENN Master Lease between the Company and GLPI became effective. The ninth amendment restates the definition of “Net Revenue” to clarify the inclusion of online-based revenues derived when a patron is physically present at a leased property, establishes a “floor” with respect to the Hollywood Casino at PENN National Race Course Net Revenue amount used in the calculation of the annual rent escalator and PENN Percentage Rent, and modifies the rent calculations upon a lease termination event as defined in the amendment. The lease term and the four five-year optional renewal periods, which if exercised would extend the PENN Master Lease through October 31, 2048, were not modified in the ninth amendment. We concluded the ninth amendment constituted a modification event under ASC Topic 842, “Leases” (“ASC 842”), which required us to reassess the classifications of the lease components and remeasure the associated lease liabilities. As a result of our reassessment of the lease classifications, (i) the land components of substantially all of the PENN Master Lease properties, which were previously classified as operating leases, are now primarily classified as finance leases, and (ii) the land and building components associated with the operations of Dayton and Mahoning Valley, which were previously classified as finance leases, are now classified as operating leases. As a result of our measurement of the associated lease liabilities, we recognized additional ROU assets and corresponding lease liabilities of $455.4 million. The building components of substantially all of the PENN Master Lease properties continue to be classified as financing obligations. Pinnacle Master Lease In connection with the acquisition of Pinnacle, on October 15, 2018, the Company assumed a triple net master lease with GLPI (the “Pinnacle Master Lease”), originally effective April 28, 2016, 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 ten-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, 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”). On January 14, 2022, the fifth amendment to the Pinnacle Master Lease between the Company and GLPI became effective. The fifth amendment restates the definition of “Net Revenue” to clarify the inclusion of online-based revenues derived when a patron is physically present at a leased property and modifies the rent calculations upon a lease termination event as defined in the amendment. The lease term and the five five-year optional renewal periods, which if exercised would extend the Pinnacle Master Lease through April 30, 2051, were not modified in the fifth amendment. We concluded the fifth amendment to the Pinnacle Master Lease constituted a modification event under ASC 842 (collectively with the ninth amendment to the PENN Master Lease, the “Lease Modification”). As a result of the modification, the land components of substantially all of the Pinnacle Master Lease properties, which were previously classified as operating leases, are now primarily classified as finance leases. As a result of our measurement of the associated lease liabilities, we recognized additional ROU assets and corresponding lease liabilities of $937.6 million. The building components of substantially all of the Pinnacle Master Lease properties continue to be classified as financing obligations. As a result of the annual escalator, effective as of May 1, 2022 for the lease year ended April 30, 2022, the fixed component of rent increased by $4.6 million and an additional ROU asset and corresponding lease liability of $33.2 million were recognized associated with the finance lease components of the Pinnacle Master Lease. The next annual escalator test date is scheduled to occur on May 1, 2023. The May 1, 2022 Pinnacle Percentage Rent reset resulted in an annual rent increase of $1.9 million, which will be in effect until the next Pinnacle Percentage Rent reset, scheduled to occur on May 1, 2024. Upon reset of the Pinnacle Percentage Rent, effective May 1, 2022, we recognized an additional finance lease ROU asset and corresponding lease liability of $26.1 million. Morgantown Lease On October 1, 2020, the Company entered into a triple net lease with a subsidiary of GLPI for the land underlying our development project in Morgantown, Pennsylvania (“Morgantown Lease”) in exchange for $30.0 million in rent credits to be utilized to pay rent under the Master Leases, Meadows Lease, and the Morgantown Lease. The initial term of the Morgantown Lease is 20 years with six subsequent, five-year renewal periods, exercisable at the Company’s option. Initial annual rent under the Morgantown Lease is $3.0 million, subject to a 1.50% fixed annual escalation in each of the first three years subsequent to the facility opening, which occurred on December 22, 2021. Thereafter, the lease will be subject to an annual escalator consisting of either (i) 1.25%, if the consumer price index increase is greater than 0.50%, or (ii) zero, if the consumer price index increase is less than 0.50%. All improvements made on the land, including the constructed building, will be owned by the Company while the lease is in effect, however, on the expiration or termination of the Morgantown Lease, ownership of all tenant improvements on the land will transfer to GLPI. Perryville Lease In conjunction with the acquisition of the operations of Hollywood Casino Perryville on July 1, 2021, the Company entered into a triple net lease with GLPI for the real estate assets associated with the property (“Perryville Lease”) for initial annual rent of $7.8 million per year subject to escalation. The initial term of the Perryville Lease is 20 years with three subsequent, five-year renewal periods, exercisable at the Company’s option. The building portion of the annual rent is subject to a fixed annual escalation of 1.50% in each of the following three years, with subsequent annual escalations of either (i) 1.25%, if the consumer price index increase is greater than 0.50%, or (ii) zero, if the consumer price index increase is less than 0.50%. Operating Leases In addition to any operating lease components contained within the Master Leases, the Company’s operating leases consist mainly of (i) individual triple net leases with GLPI for the real estate assets used in the operations of Tropicana (the “Tropicana Lease”) and Hollywood Casino at Meadows Racetrack (the “Meadows Lease”), (ii) individual triple net leases with VICI Properties Inc. (NYSE: VICI) (“VICI”) for the real estate assets used in the operations of Margaritaville Casino Resort (the “Margaritaville Lease”) and Hollywood Casino at Greektown (the “Greektown Lease” and collectively with the Master Leases’ operating lease components, the Meadows Lease, the Margaritaville Lease and the Tropicana Lease, the “Triple Net Operating Leases”), (iii) ground and levee leases to landlords which were not assumed by our REIT Landlords and remain an obligation of the Company, and (iv) building and equipment not subject to the 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. On January 14, 2022, the second amendment to the Meadows Lease between the Company and GLPI became effective. The second amendment restates the definition of “Net Revenue” to clarify the inclusion of online-based revenues derived when a patron is physically present at the facility. This amendment did not result in a modification event under ASC 842. On February 1, 2022, the Margaritaville annual escalator test resulted in an annual rent increase of $0.4 million, and the recognition of an additional operating lease ROU asset and corresponding lease liability of $2.9 million. We did not incur an annual escalator for the lease year ended January 31, 2021. The next annual escalator and Margaritaville Percentage Rent reset are scheduled to occur on February 1, 2023. In May 2020, the Greektown lease was amended to remove the escalator for the lease years ending May 31, 2021 and 2022 and to provide for a Net Revenue to Rent coverage floor to be mutually agreed upon prior to the commencement of the fourth lease year (June 1, 2022). In April 2022, the lease was further amended to provide for a Net Revenue to Rent coverage floor to be mutually agreed upon prior to the commencement of the fifth lease year (June 1, 2023). The following is a maturity analysis of our operating leases, finance leases and financing obligations as of June 30, 2022: (in millions) Operating Leases Finance Leases Financing Obligations Year ended December 31, 2022 (excluding the six months ended June 30, 2022) $ 68.0 $ 193.2 $ 186.3 2023 125.2 375.2 369.8 2024 119.9 347.9 355.3 2025 116.6 346.9 355.4 2026 112.2 346.9 355.4 Thereafter 1,341.4 7,873.5 8,285.7 Total lease payments 1,883.3 9,483.6 9,907.9 Less: Imputed interest (814.0) (4,421.5) (5,842.8) Present value of future lease payments 1,069.3 5,062.1 4,065.1 Less: Current portion of lease obligations (74.2) (115.5) (63.8) Long-term portion of lease obligations $ 995.1 $ 4,946.6 $ 4,001.3 Total payments made under the Triple Net Leases were as follows: For the three months ended June 30, For the six months ended June 30, (in millions) 2022 2021 2022 2021 PENN Master Lease $ 120.6 $ 120.7 $ 239.8 $ 238.7 Pinnacle Master Lease 83.4 82.1 165.9 163.4 Perryville Lease 2.0 — 3.9 — Meadows Lease 6.2 6.2 12.4 12.4 Margaritaville Lease 6.0 5.9 11.9 11.7 Greektown Lease 12.9 13.5 25.7 27.4 Morgantown Lease 0.7 0.7 1.5 1.5 Total (1) $ 231.8 $ 229.1 $ 461.1 $ 455.1 (1) Rent payable under the Tropicana Lease is nominal. Therefore, it has been excluded from the table above. The components of lease expense were as follows: Location on unaudited For the three months ended June 30, For the six months ended June 30, (in millions) 2022 2021 2022 2021 Operating Lease Costs Rent expense associated with triple net operating leases (1) General and administrative $ 28.0 $ 116.5 $ 88.1 $ 226.9 Operating lease cost (2) Primarily General and administrative 4.9 3.9 9.9 7.8 Short-term lease cost Primarily Gaming expense 18.5 15.5 36.6 28.8 Variable lease cost (2) Primarily Gaming expense 1.2 1.0 2.3 2.1 Total $ 52.6 $ 136.9 $ 136.9 $ 265.6 Finance Lease Costs Interest on lease liabilities (3) Interest expense, net $ 75.7 $ 3.7 $ 115.2 $ 7.4 Amortization of ROU assets (3) Depreciation and amortization 48.8 2.1 80.9 4.0 Total $ 124.5 $ 5.8 $ 196.1 $ 11.4 Financing Obligation Costs Interest on financing obligations (4) Interest expense, net $ 85.2 $ 105.3 $ 174.8 $ 207.9 (1) Pertains to the operating lease components contained within the Master Leases, inclusive of the variable expense associated with Columbus and Toledo for the operating lease components, the Meadows Lease, the Margaritaville Lease, the Greektown Lease, and the Tropicana Lease. Prior to the Lease Modification, the operating lease components contained within the Master Leases primarily consisted of the land, inclusive of the variable expense associated with Columbus and Toledo. Subsequent to the Lease Modification, the operating lease components contained within the Master Leases consist of the land and building components associated with the operations of Dayton and Mahoning Valley. (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) Pertains to the finance lease components contained within the Master Leases, and the Perryville Lease (effective July 1, 2021) which results in interest expense and amortization expense (as opposed to rent expense). Prior to the Lease Modification, the finance lease components contained within the Master Leases consisted of the land and building components associated with the operations of Dayton and Mahoning Valley. Subsequent to the Lease Modification, the finance lease components contained within the Master Leases consist of the land, inclusive of the variable expense associated with Columbus and Toledo. (4) Pertains to the components contained within the Master Leases (primarily buildings) and the Morgantown Lease determined to be a financing obligation, inclusive of the variable expense associated with Columbus and Toledo for the financing obligation components (the buildings).
Leases	Leases Master Leases The components contained within the Master Leases are accounted for as either (i) operating leases, (ii) finance leases, or (iii) financing obligations. Changes to future lease payments under the Master Leases (i.e., when future escalators become known or future variable rent resets occur), which are discussed below, require the Company to either (i) increase both the Right-of-use (“ROU”) assets and corresponding lease liabilities with respect to operating and finance leases or (ii) record the incremental variable payment associated with the financing obligation to interest expense. In addition, monthly rent associated with Hollywood Casino Columbus (“Columbus”) and monthly rent in excess of the Hollywood Casino Toledo (“Toledo”) rent floor, which are discussed below, are considered contingent rent. PENN Master Lease Pursuant to the triple net master lease with GLPI (the “PENN Master Lease”), which became effective November 1, 2013, 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 performance, which is prospectively adjusted (i) every five years by an amount equal to 4% of the average change in net revenues of all properties under the PENN Master Lease (other than 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 Columbus and Toledo in excess of a contractual baseline and subject to a rent floor specific to Toledo. The next annual escalator test date is scheduled to occur effective November 1, 2022. The next PENN Percentage Rent reset is scheduled to occur on November 1, 2023. On January 14, 2022, the ninth amendment to the PENN Master Lease between the Company and GLPI became effective. The ninth amendment restates the definition of “Net Revenue” to clarify the inclusion of online-based revenues derived when a patron is physically present at a leased property, establishes a “floor” with respect to the Hollywood Casino at PENN National Race Course Net Revenue amount used in the calculation of the annual rent escalator and PENN Percentage Rent, and modifies the rent calculations upon a lease termination event as defined in the amendment. The lease term and the four five-year optional renewal periods, which if exercised would extend the PENN Master Lease through October 31, 2048, were not modified in the ninth amendment. We concluded the ninth amendment constituted a modification event under ASC Topic 842, “Leases” (“ASC 842”), which required us to reassess the classifications of the lease components and remeasure the associated lease liabilities. As a result of our reassessment of the lease classifications, (i) the land components of substantially all of the PENN Master Lease properties, which were previously classified as operating leases, are now primarily classified as finance leases, and (ii) the land and building components associated with the operations of Dayton and Mahoning Valley, which were previously classified as finance leases, are now classified as operating leases. As a result of our measurement of the associated lease liabilities, we recognized additional ROU assets and corresponding lease liabilities of $455.4 million. The building components of substantially all of the PENN Master Lease properties continue to be classified as financing obligations. Pinnacle Master Lease In connection with the acquisition of Pinnacle, on October 15, 2018, the Company assumed a triple net master lease with GLPI (the “Pinnacle Master Lease”), originally effective April 28, 2016, 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 ten-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, 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”). On January 14, 2022, the fifth amendment to the Pinnacle Master Lease between the Company and GLPI became effective. The fifth amendment restates the definition of “Net Revenue” to clarify the inclusion of online-based revenues derived when a patron is physically present at a leased property and modifies the rent calculations upon a lease termination event as defined in the amendment. The lease term and the five five-year optional renewal periods, which if exercised would extend the Pinnacle Master Lease through April 30, 2051, were not modified in the fifth amendment. We concluded the fifth amendment to the Pinnacle Master Lease constituted a modification event under ASC 842 (collectively with the ninth amendment to the PENN Master Lease, the “Lease Modification”). As a result of the modification, the land components of substantially all of the Pinnacle Master Lease properties, which were previously classified as operating leases, are now primarily classified as finance leases. As a result of our measurement of the associated lease liabilities, we recognized additional ROU assets and corresponding lease liabilities of $937.6 million. The building components of substantially all of the Pinnacle Master Lease properties continue to be classified as financing obligations. As a result of the annual escalator, effective as of May 1, 2022 for the lease year ended April 30, 2022, the fixed component of rent increased by $4.6 million and an additional ROU asset and corresponding lease liability of $33.2 million were recognized associated with the finance lease components of the Pinnacle Master Lease. The next annual escalator test date is scheduled to occur on May 1, 2023. The May 1, 2022 Pinnacle Percentage Rent reset resulted in an annual rent increase of $1.9 million, which will be in effect until the next Pinnacle Percentage Rent reset, scheduled to occur on May 1, 2024. Upon reset of the Pinnacle Percentage Rent, effective May 1, 2022, we recognized an additional finance lease ROU asset and corresponding lease liability of $26.1 million. Morgantown Lease On October 1, 2020, the Company entered into a triple net lease with a subsidiary of GLPI for the land underlying our development project in Morgantown, Pennsylvania (“Morgantown Lease”) in exchange for $30.0 million in rent credits to be utilized to pay rent under the Master Leases, Meadows Lease, and the Morgantown Lease. The initial term of the Morgantown Lease is 20 years with six subsequent, five-year renewal periods, exercisable at the Company’s option. Initial annual rent under the Morgantown Lease is $3.0 million, subject to a 1.50% fixed annual escalation in each of the first three years subsequent to the facility opening, which occurred on December 22, 2021. Thereafter, the lease will be subject to an annual escalator consisting of either (i) 1.25%, if the consumer price index increase is greater than 0.50%, or (ii) zero, if the consumer price index increase is less than 0.50%. All improvements made on the land, including the constructed building, will be owned by the Company while the lease is in effect, however, on the expiration or termination of the Morgantown Lease, ownership of all tenant improvements on the land will transfer to GLPI. Perryville Lease In conjunction with the acquisition of the operations of Hollywood Casino Perryville on July 1, 2021, the Company entered into a triple net lease with GLPI for the real estate assets associated with the property (“Perryville Lease”) for initial annual rent of $7.8 million per year subject to escalation. The initial term of the Perryville Lease is 20 years with three subsequent, five-year renewal periods, exercisable at the Company’s option. The building portion of the annual rent is subject to a fixed annual escalation of 1.50% in each of the following three years, with subsequent annual escalations of either (i) 1.25%, if the consumer price index increase is greater than 0.50%, or (ii) zero, if the consumer price index increase is less than 0.50%. Operating Leases In addition to any operating lease components contained within the Master Leases, the Company’s operating leases consist mainly of (i) individual triple net leases with GLPI for the real estate assets used in the operations of Tropicana (the “Tropicana Lease”) and Hollywood Casino at Meadows Racetrack (the “Meadows Lease”), (ii) individual triple net leases with VICI Properties Inc. (NYSE: VICI) (“VICI”) for the real estate assets used in the operations of Margaritaville Casino Resort (the “Margaritaville Lease”) and Hollywood Casino at Greektown (the “Greektown Lease” and collectively with the Master Leases’ operating lease components, the Meadows Lease, the Margaritaville Lease and the Tropicana Lease, the “Triple Net Operating Leases”), (iii) ground and levee leases to landlords which were not assumed by our REIT Landlords and remain an obligation of the Company, and (iv) building and equipment not subject to the 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. On January 14, 2022, the second amendment to the Meadows Lease between the Company and GLPI became effective. The second amendment restates the definition of “Net Revenue” to clarify the inclusion of online-based revenues derived when a patron is physically present at the facility. This amendment did not result in a modification event under ASC 842. On February 1, 2022, the Margaritaville annual escalator test resulted in an annual rent increase of $0.4 million, and the recognition of an additional operating lease ROU asset and corresponding lease liability of $2.9 million. We did not incur an annual escalator for the lease year ended January 31, 2021. The next annual escalator and Margaritaville Percentage Rent reset are scheduled to occur on February 1, 2023. In May 2020, the Greektown lease was amended to remove the escalator for the lease years ending May 31, 2021 and 2022 and to provide for a Net Revenue to Rent coverage floor to be mutually agreed upon prior to the commencement of the fourth lease year (June 1, 2022). In April 2022, the lease was further amended to provide for a Net Revenue to Rent coverage floor to be mutually agreed upon prior to the commencement of the fifth lease year (June 1, 2023). The following is a maturity analysis of our operating leases, finance leases and financing obligations as of June 30, 2022: (in millions) Operating Leases Finance Leases Financing Obligations Year ended December 31, 2022 (excluding the six months ended June 30, 2022) $ 68.0 $ 193.2 $ 186.3 2023 125.2 375.2 369.8 2024 119.9 347.9 355.3 2025 116.6 346.9 355.4 2026 112.2 346.9 355.4 Thereafter 1,341.4 7,873.5 8,285.7 Total lease payments 1,883.3 9,483.6 9,907.9 Less: Imputed interest (814.0) (4,421.5) (5,842.8) Present value of future lease payments 1,069.3 5,062.1 4,065.1 Less: Current portion of lease obligations (74.2) (115.5) (63.8) Long-term portion of lease obligations $ 995.1 $ 4,946.6 $ 4,001.3 Total payments made under the Triple Net Leases were as follows: For the three months ended June 30, For the six months ended June 30, (in millions) 2022 2021 2022 2021 PENN Master Lease $ 120.6 $ 120.7 $ 239.8 $ 238.7 Pinnacle Master Lease 83.4 82.1 165.9 163.4 Perryville Lease 2.0 — 3.9 — Meadows Lease 6.2 6.2 12.4 12.4 Margaritaville Lease 6.0 5.9 11.9 11.7 Greektown Lease 12.9 13.5 25.7 27.4 Morgantown Lease 0.7 0.7 1.5 1.5 Total (1) $ 231.8 $ 229.1 $ 461.1 $ 455.1 (1) Rent payable under the Tropicana Lease is nominal. Therefore, it has been excluded from the table above. The components of lease expense were as follows: Location on unaudited For the three months ended June 30, For the six months ended June 30, (in millions) 2022 2021 2022 2021 Operating Lease Costs Rent expense associated with triple net operating leases (1) General and administrative $ 28.0 $ 116.5 $ 88.1 $ 226.9 Operating lease cost (2) Primarily General and administrative 4.9 3.9 9.9 7.8 Short-term lease cost Primarily Gaming expense 18.5 15.5 36.6 28.8 Variable lease cost (2) Primarily Gaming expense 1.2 1.0 2.3 2.1 Total $ 52.6 $ 136.9 $ 136.9 $ 265.6 Finance Lease Costs Interest on lease liabilities (3) Interest expense, net $ 75.7 $ 3.7 $ 115.2 $ 7.4 Amortization of ROU assets (3) Depreciation and amortization 48.8 2.1 80.9 4.0 Total $ 124.5 $ 5.8 $ 196.1 $ 11.4 Financing Obligation Costs Interest on financing obligations (4) Interest expense, net $ 85.2 $ 105.3 $ 174.8 $ 207.9 (1) Pertains to the operating lease components contained within the Master Leases, inclusive of the variable expense associated with Columbus and Toledo for the operating lease components, the Meadows Lease, the Margaritaville Lease, the Greektown Lease, and the Tropicana Lease. Prior to the Lease Modification, the operating lease components contained within the Master Leases primarily consisted of the land, inclusive of the variable expense associated with Columbus and Toledo. Subsequent to the Lease Modification, the operating lease components contained within the Master Leases consist of the land and building components associated with the operations of Dayton and Mahoning Valley. (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) Pertains to the finance lease components contained within the Master Leases, and the Perryville Lease (effective July 1, 2021) which results in interest expense and amortization expense (as opposed to rent expense). Prior to the Lease Modification, the finance lease components contained within the Master Leases consisted of the land and building components associated with the operations of Dayton and Mahoning Valley. Subsequent to the Lease Modification, the finance lease components contained within the Master Leases consist of the land, inclusive of the variable expense associated with Columbus and Toledo. (4) Pertains to the components contained within the Master Leases (primarily buildings) and the Morgantown Lease determined to be a financing obligation, inclusive of the variable expense associated with Columbus and Toledo for the financing obligation components (the buildings).

Investments in and Advances to

Investments in and Advances to Unconsolidated Affiliates	6 Months Ended
	Jun. 30, 2022
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, 2022, investments in and advances to unconsolidated affiliates primarily consisted of the Company’s 36% interest in Barstool Sports; its 50% investment in Kansas Entertainment, the joint venture with NASCAR that owns Hollywood Casino at Kansas Speedway; and its 50% interest in Freehold Raceway. Investment in Barstool Sports In February 2020, we closed on our investment in Barstool Sports pursuant to a stock purchase agreement with Barstool Sports and certain stockholders of Barstool Sports, in which we purchased 36% (inclusive of 1% on a delayed basis) of the common stock, par value $0.0001 per share, of Barstool Sports for a purchase price of $161.2 million. The purchase price consisted of $135.0 million in cash and $23.1 million in shares of a new class of non-voting convertible preferred stock of the Company (as discussed below). Within three years after the closing of the transaction or earlier at our election, we will increase our ownership in Barstool Sports to approximately 50% by purchasing approximately $62.0 million worth of additional shares of Barstool Sports common stock, consistent with the implied valuation at the time of the initial investment, which was $450.0 million. With respect to the remaining Barstool Sports shares, we have immediately exercisable call rights, and the existing Barstool Sports stockholders have put rights exercisable beginning three years after closing, all based on a fair market value calculation at the time of exercise (originally subject to a cap of $650.0 million and, subject to such cap, a floor of 2.25 times the annualized revenue of Barstool Sports, all subject to various adjustments). On October 1, 2021, the terms of the February 2020 stock purchase agreement were amended and restated (“Amended and Restated Stockholders’ Agreement”) to (i) set a definitive purchase price of $325.0 million on the second 50% of Barstool Sports common stock, which eliminates the floor of 2.25 times the annual revenue of Barstool Sports and (ii) fix a number of PENN common shares to be delivered to existing February 2020 employee holders of Barstool Sports common stock, to the extent PENN’s stock price exceeds a specified value defined in the Amended and Restated Stockholder’s Agreement and PENN elects to settle using a combination of cash and equity. Consistent with the February 2020 stock purchase agreement: (i) the Barstool Sports common stock remains subject to our immediately exercisable call rights and the existing Barstool Sports stockholders put rights beginning in February 2023, (ii) the requirement to increase our ownership in Barstool Sports to approximately 50% by purchasing approximately $62.0 million worth of additional shares in Barstool Sports common stock remains consistent with the implied valuation at the time of the initial investment, which was $450.0 million, and (iii), we may settle the call and put options, at our sole election, using either cash or a combination of cash and equity. On July 7, 2022, we entered into the first amendment to the Amended and Restated Stockholders’ Agreement (“First Amendment”). The First Amendment updated the share price specified value used to calculate the fixed number of PENN common shares to be delivered to existing February 2020 employee holders of Barstool Sports common stock, to the extent PENN’s stock price exceeds the updated specified value and PENN elects to settle using a combination of cash and equity. On February 20, 2020, the Company issued 883 shares of Series D Preferred Stock, par value $0.01 (the “Series D Preferred Stock”) to certain individual stockholders affiliated with Barstool Sports. 1/1,000th of a share of Series D Preferred Stock is convertible into one share of PENN Common Stock. The Series D Preferred stockholders are entitled to participate equally and ratably in all dividends and distributions paid to holders of PENN Common Stock based on the number of shares of PENN Common Stock into which such Series D Preferred Stock could convert. Series D Preferred Stock is nonvoting stock. The Series D Preferred Stock issued to certain individual stockholders affiliated with Barstool Sports will be available for conversion into PENN Common Stock in tranches over four years, beginning February 21, 2021, as stipulated in the Amended and Restated Stockholder’s Agreement. As of June 30, 2022, 51 shares of the Series D Preferred Stock can be converted into PENN Common Stock. During the first quarter of 2021, the Company acquired 0.3%, and subsequently acquired an additional 0.3% during the third quarter of 2021, of Barstool Sports common stock, par value $0.0001 per share, which represents a partial settlement of the 1% purchase on a delayed basis as noted above. The acquisition of the acquired Barstool Sports common stock was settled through a predetermined number of Series D Preferred Stock as contained within the stock purchase agreement (see Note 13, “Stockholders’ Equity and Stock-Based Compensation,” for further information). During the three months ended June 30, 2022, the Company acquired an additional 0.3% of Barstool Sports common stock, par value $0.0001 per share, which represents a partial settlement of the 1% purchase on a delayed basis as noted above. The acquisition of the acquired Barstool Sports common stock was settled through a predetermined number of PENN Common Stock as contained within the Amended and Restated Stockholder’s Agreement (see Note 13, “Stockholders’ Equity and Stock-Based Compensation,” for further information) As a part of the stock purchase agreement, we entered into a commercial agreement that provides us with access to Barstool Sports’ customer list and exclusive advertising on the Barstool Sports platform over the term of the agreement. The initial term of the commercial agreement is ten years and, unless earlier terminated and subject to certain exceptions, will automatically renew for three additional ten-year terms (a total of 40 years assuming all renewals are exercised). As of June 30, 2022 and December 31, 2021, we have an amortizing intangible asset pertaining to the customer list of $0.4 million and $0.8 million, respectively. As of June 30, 2022 and December 31, 2021, we have a prepaid expense pertaining to the advertising in the amount of $14.8 million, and $15.4 million respectively, of which $13.6 million and $14.2 million was classified as long-term, respectively. The long-term portion of the prepaid advertising expense is included in “Other assets” within our unaudited Consolidated Balance Sheets. As of June 30, 2022 and December 31, 2021, our investment in Barstool Sports was $159.4 million and $162.5 million, respectively. We record our proportionate share of Barstool Sports’ net income or loss one quarter in arrears. The Company determined that Barstool Sports qualified as a VIE as of June 30, 2022 and December 31, 2021. The Company did not consolidate the financial position of Barstool Sports as of June 30, 2022 and December 31, 2021, nor the results of operations for the three and six months ended June 30, 2022 and 2021, as the Company determined that it did not qualify as the primary beneficiary of Barstool Sports either at the commencement date of its investment or for subsequent periods, primarily as a result of the Company not having the power to direct the activities of the VIE that most significantly affect Barstool Sports’ economic performance. Kansas Joint Venture As of June 30, 2022 and December 31, 2021, our investment in Kansas Entertainment was $82.4 million and $83.8 million, respectively. During the three and six months ended June 30, 2022, the Company received distributions from Kansas Entertainment totaling $9.0 million and $17.0 million, respectively, as compared to $7.9 million for the three months ended June 30, 2021 and $13.4 million for the six months ended June 30, 2021. The Company deems these distributions to be returns on its investment based on the source of those cash flows from the normal business operations of Kansas Entertainment. The Company has determined that Kansas Entertainment does not qualify as a VIE. Using the guidance for entities that are not VIEs, the Company determined that it did not have a controlling financial interest in the joint venture, primarily as it did not have the ability to direct the activities of the joint venture that most significantly impacted the joint venture’s economic performance without the input of NASCAR. Therefore, the Company did not consolidate the financial position of Kansas Entertainment as of June 30, 2022 and December 31, 2021, nor the results of operations for the three and six months ended June 30, 2022 and 2021. Texas Joint Venture The Company had a 50% interest in a joint venture with Sam Houston, 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. On August 1, 2021, we completed the acquisition of the remaining 50% ownership interest in Sam Houston.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
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, are reported in the interim period in which they occur. The effective tax rate (income taxes as a percentage of income or loss before income taxes) including discrete items was 68.3% and 57.2% for the three and six months ended June 30, 2022, as compared to 21.1% and 20.3% for the three and six months ended June 30, 2021. We excluded certain foreign losses from our worldwide effective tax rate calculation due to a year-to-date ordinary loss for which no benefit may be recognized. Our effective income tax rate can vary from period to period depending on, among other factors, the geographic and business mix of our earnings and changes to our valuation allowance. 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. As of each reporting date, the Company considers all available positive and negative evidence that could affect its view of the future realization of deferred tax assets pursuant to ASC Topic 740, “Income Taxes.” As of June 30, 2022, we intend to continue maintaining a valuation allowance on our deferred tax assets until there is sufficient positive evidence to support the reversal of all or some portion of these allowances. A reduction in the valuation allowance would result in a significant decrease to income tax expense in the period the release is recorded. Although the exact timing and valuation reversal amount are unknown at this time, the Company believes there is a possibility that a significant portion of the valuation allowance may be released within the year, which is contingent upon the earnings level we achieve in 2022 as well as our projected income levels in future periods. During the three months ended June 30, 2022, the Company increased the valuation allowance in the amount of $27.2 million related primarily to accounting modifications to certain master leases (see Note 9, “Leases” ). As of June 30, 2022 and December 31, 2021, prepaid income taxes of $27.1 million and $42.5 million, respectively, were included in “Prepaid expenses” within our unaudited Consolidated Balance Sheets. The reduction in prepaid income taxes is primarily related to an Internal Revenue Service refund of $28.2 million related to the Company’s carryback claim under the CARES Act for the year ended December 31, 2020. On July 8, 2022, the Pennsylvania House Bill 1342 was signed into law that reduces the corporate income tax rate over the next nine years from the current rate of 9.99% to 4.99% by 2031. The Company is evaluating this law change and the impact it will have on our consolidated financial statements. The tax law change is accounted for in the period of enactment and therefore, we will recognize the impact during the quarter ended September 30, 2022.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
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, results of operations, or cash flows.

Stockholders_ Equity and Stock-

Stockholders’ Equity and Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stockholders’ Equity and Stock-Based Compensation	Stockholders’ Equity and Stock-Based Compensation Common and Preferred Stock On May 11, 2021, as part of the acquisition of Hitpoint, the Company issued 43,684 shares for a total of $3.5 million. On July 8, 2022, the Company issued 4,055 shares, in connection with the achievement of the first of three annual mutual goals established by the Company and Hitpoint. On June 17, 2021, the Company filed its Second Amended and Restated Articles of Incorporation with the Department of State of the Commonwealth of Pennsylvania. These Articles of Incorporation, as amended and restated and approved by the Company’s shareholders at the 2021 Annual Meeting of Shareholders, increase the number of authorized shares of common stock from 200,000,000 to 400,000,000. On August 1, 2021, as part of the acquisition of Sam Houston, the Company issued 198,103 shares for a total of $15.8 million. On October 19, 2021, as part of the acquisition of theScore, the Company issued 12,319,340 shares of common stock and authorized and issued 697,539 Exchangeable Shares for approximately $1.0 billion, each with a par value of $0.01, as discussed in Note 6, “Acquisitions and Dispositions.” As of June 30, 2022 and December 31, 2021, there were 624,658 and 653,059 Exchangeable Shares outstanding, respectively. On each of February 22, 2021 and August 23, 2021, the Company issued 43 shares of Series D Preferred Stock in conjunction with acquiring additional shares of Barstool Sports common stock. On June 1, 2022, the Company issued 64,000 shares of common stock in conjunction with acquiring additional shares of Barstool Sports common stock from certain individual stockholders affiliated with Barstool Sports. The issuances were exempt from registration pursuant to Section 4(a)(2) of the Securities Act. The acquisition of the incremental Barstool Sports common stock represents a partial settlement of the 1% purchase on a delayed basis as described in Note 10, “Investments in and Advances to Unconsolidated Affiliates.” On February 22, 2021 and August 23, 2021, 151 shares of Series D Preferred Stock and 43 shares of Series D Preferred Stock, respectively, were converted to common stock. As a result of the conversion, the Company issued 151,200 shares of common stock and 43,000 shares of common stock, respectively, each with a par value of $0.01. On February 23, 2022 and February 24, 2022, 43 shares of Series D Preferred Stock and 151 shares of Series D Preferred Stock, respectively, were converted to common stock. As a result of the conversion, the Company issued 43,000 shares of common stock and 151,200 shares of common stock, respectively, each with a par value of $0.01. The issuances were exempt from registration pursuant to Section 4(a)(2) of the Securities Act. As of June 30, 2022 and December 31, 2021, there were 5,000 shares authorized of Series D Preferred Stock, of which 581 shares and 775 shares were outstanding, respectively. Share Repurchase Authorization On February 1, 2022, the Board of Directors of PENN approved a $750.0 million share repurchase authorization. The three-year authorization expires on January 31, 2025. Repurchases by the Company will be subject to available liquidity, general market and economic conditions, alternate uses for the capital and other factors. Share repurchases may be made from time to time through a 10b5-1 trading plan, open market transactions, block trades or in private transactions in accordance with applicable securities laws and regulations and other legal requirements. There is no minimum number of shares that the Company is required to repurchase and the repurchase authorization may be suspended or discontinued at any time without prior notice. During the three months ended June 30, 2022, the Company repurchased 5,539,177 shares of its common stock in open market transactions for $167.0 million at an average price of $30.16 per share. During the six months ended June 30, 2022, the Company repurchased 9,341,585 shares of its common stock in open market transactions for $342.1 million at an average price of $36.62 per share. The cost of all repurchased shares is recorded as “Treasury stock” within our unaudited Consolidated Balance Sheets. Subsequent to the quarter ended June 30, 2022, the Company repurchased 3,019,790 million shares of its common stock at an average price of $31.46 per share for an aggregate amount of $95.0 million. The remaining availability under our $750.0 million share repurchase authorization was $313.1 million as of August 3, 2022. 2022 Long Term Incentive Compensation Plan On June 7, 2022, the Company’s shareholders, upon the recommendation of the Company’s Board of Directors, approved the Company’s 2022 Long Term Incentive Compensation Plan (the “2022 Plan”). The 2022 Plan permits the Company to issue stock options (incentive and/or non-qualified), SARs, RSAs, RSUs, performance and other equity and cash awards to executive directors and other employees of the Company and its subsidiaries. Non-employee directors and consultants are eligible to receive all such awards, other than incentive stock options. Pursuant to the 2022 Plan, 6,870,000 shares of the Company’s common stock are reserved for issuance, plus any shares of common stock subject to outstanding awards under the 2018 Plan or theScore Plan (both as defined below) as of June 7, 2022 that are forfeited or settled for cash. For purposes of determining the number of shares available for issuance under the 2022 Plan, stock options, restricted stock and SARs (except cash-settled SARs) count against the 6,870,000 limit as one share of common stock for each share granted. Any awards that are not settled in shares of common stock are not counted against the share limit. As of June 30, 2022, there 6,816,817 shares available for future grants under the 2022 Plan. 2018 Long Term Incentive Compensation Plan The Company’s 2018 Long Term Incentive Compensation Plan, as amended (the “2018 Plan”) permitted it to issue stock options (incentive and/or non-qualified), stock appreciation rights (“SARs”), RSAs, RSUs, cash-settled phantom stock units (“CPSUs”) and other equity and cash awards to employees and any consultant or advisor to the Company or subsidiary. Non-employee directors and the chairman emeritus were eligible to receive all such awards, other than incentive stock options. Pursuant to the 2018 Plan, 12,700,000 shares of the Company’s common stock were reserved for issuance. For purposes of determining the number of shares available for issuance under the 2018 Plan, stock options and SARs (except cash-settled SARs) counted against the 12,700,000 limit as one share of common stock for each share granted and restricted stock or any other full value stock award counted as 2.30 shares of common stock for each share granted. Any awards that were not settled in shares of common stock were not counted against the share limit. In connection with the approval of the 2022 Plan, the 2018 Plan remains in place until all of the awards previously granted thereunder have been paid, forfeited or expired. However, the shares which remained available for issuance under the 2018 Plan, which totaled 2,858,438 as of June 30, 2022 , are no longer available for issuance and all future equity awards will be granted pursuant to the 2022 Plan. Score Media And Gaming Inc. Second Amended And Restated Stock Option And Restricted Stock Unit Plan (“theScore Plan”) In connection with the acquisition of theScore on October 19, 2021, the Company registered theScore Plan. theScore Plan permitted the Company to issue non-qualified stock options and RSUs to employees and service providers affiliated with theScore prior to the acquisition date. At the date of acquisition, the Company rolled over all outstanding, non-vested and unexercised stock options and non-vested RSUs equivalent to 853,904 shares of the Company. Each rollover option and RSU were subject to substantially the same terms and conditions applicable to the award immediately prior to the acquisition. In connection with the transaction, the vesting provisions of unvested options and RSUs, awarded under the theScore Plan prior to August 4, 2021, were amended to provide for a new acceleration right for legacy theScore employees and service providers. The amendment provides that, if an involuntary termination without cause occurs at any time prior to April 19, 2023, unvested options and RSUs will automatically accelerate and become fully vested on the effective date of termination. In connection with the approval of the 2022 Plan, theScore Plan remains in place until all of the awards previously granted thereunder have been paid, forfeited or expired. However, the shares which remained available for future grants under theScore Plan, which totaled 251,825 as of June 30, 2022 , are no longer available for issuance and all future equity awards will be pursuant to the 2022 Plan. Performance Share Program In February 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. An aggregate of 244,955 RSUs and 95,276 RSAs and RSUs with performance-based vesting conditions, at target, were granted during the six months ended June 30, 2022 and June 30, 2021, respectively, under the Performance Share Program II, 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-based Compensation Expense Stock-based compensation expense, which pertains principally to our stock options, RSAs and RSUs, for the three and six months ended June 30, 2022 was $14.5 million and $31.5 million, respectively, as compared to $9.2 million and $13.4 million for the three and six months ended June 30, 2021 and is included within the unaudited Consolidated Statements of Operations under “General and administrative.” Stock Options The Company granted 3,316 and 396,365 stock options during the three and six months ended June 30, 2022, respectively, as compared to 804 and 230,165 stock options during the three and six months ended June 30, 2021, respectively. Cash-settled Phantom Stock Units Our outstanding CPSUs entitle plan recipients to receive cash based on the fair value of the Company’s common stock on the vesting date. Our CPSUs vest over a period of three For CPSUs, there was $5.9 million of total unrecognized compensation cost as of June 30, 2022 that will be recognized over the awards remaining weighted-average vesting period of 0.9 years. For the three and six months ended June 30, 2022 the Company recognized $0.8 million and $1.4 million of compensation expense associated with these awards, respectively, as compared to $1.0 million and $5.7 million for the three and six months ended June 30, 2021, respectively. Compensation expense associated with our CPSUs is recorded in “General and administrative” within the unaudited Consolidated Statements of Operations. We paid $8.0 million and $6.0 million for the six months ended June 30, 2022 and 2021, respectively, pertaining to cash-settled CPSUs. Stock Appreciation Rights Our outstanding SARs are accounted for as liability awards since they will be settled in cash and vest over a period of four years. The fair value of cash-settled SARs is calculated each reporting period and estimated using the Black-Scholes option pricing model. The Company has a liability, which is included in “Accrued expenses and other current liabilities” within the unaudited Consolidated Balance Sheets, associated with its cash-settled SARs of $9.1 million and $18.5 million as of June 30, 2022 and December 31, 2021, respectively. For SARs, there was $11.5 million of total unrecognized compensation cost as of June 30, 2022 that will be recognized over the awards remaining weighted-average vesting period of 2 years. The Company recognized a reduction to compensation expense of $6.8 million for the three and six months ended June 30, 2022, and recognized a reduction to compensation expense of $9.9 million and a charge to compensation expense of $10.4 million for the three and six months ended June 30, 2021, respectively. Compensation expense associated with our SARs is recorded in “General and administrative” within the unaudited Consolidated Statements of Operations. We paid $2.1 million and $38.0 million during six months ended June 30, 2022 and 2021, respectively, related to cash-settled SARs. Other In the second quarter of 2021, the Company entered into two promissory notes with shareholders for a total of $9.0 million. The promissory notes are unsecured and bear interest of 2.25%. As of June 30, 2022 and December 31, 2021, the receivable is recorded as a reduction of equity within “Additional paid-in capital” in our unaudited Consolidated Balance Sheets.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share For the three and six months ended June 30, 2022, and 2021 we recorded net income attributable to PENN. As such, we used diluted weighted-average common shares outstanding when calculating diluted income per share for the three and six months ended June 30, 2022, and 2021. Stock options, restricted stock, convertible preferred shares and convertible debt that could potentially dilute basic EPS in the future are included in the computation of diluted income per share. The following table sets forth the allocation of net income for the three and six months ended June 30, 2022 and 2021 under the two-class method. For the three months ended June 30, For the six months ended June 30, (in millions) 2022 2021 2022 2021 Net income attributable to PENN Entertainment $ 26.1 $ 198.7 $ 77.8 $ 289.7 Net income applicable to preferred stock 0.1 1.0 0.3 1.5 Net income applicable to common stock $ 26.0 $ 197.7 $ 77.5 $ 288.2 The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and six months ended June 30, 2022 and 2021: For the three months ended June 30, For the six months ended June 30, (in millions) 2022 2021 2022 2021 Weighted-average common shares outstanding 164.8 156.0 166.5 155.8 Assumed conversion of: Dilutive stock options 1.1 2.2 1.4 2.4 Dilutive restricted stock 0.2 0.4 0.3 0.5 Convertible debt 14.1 14.1 14.1 14.1 Weighted-average common shares outstanding - Diluted 180.2 172.7 182.3 172.8 Restricted stock with performance and market based vesting conditions that have not been met as of June 30, 2022 were excluded from the computation of diluted earnings per share. Options to purchase 0.9 million and 0.8 million shares were outstanding during the three and six months ended June 30, 2022, respectively, compared to 0.2 million during the three and six months ended June 30, 2021, but were not included in the computation of diluted earnings per share because they were anti-dilutive. The assumed conversion of 0.6 million preferred shares were excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2022, as compared to 0.8 million preferred shares for the three and six months ended June 30, 2021, because including them would have been anti-dilutive. The Company's calculation of weighted-average common shares outstanding includes the Exchangeable Shares issued in connection with theScore acquisition, as discussed in Note 6, “Acquisitions and Dispositions” and Note 13, “Stockholders’ Equity and Stock-Based Compensation.” The following table presents the calculation of basic and diluted earnings per share for the Company’s common stock for the three and six months ended June 30, 2022 and 2021: For the three months ended June 30, For the six months ended June 30, (in millions, except per share data) 2022 2021 2022 2021 Calculation of basic earnings per share: Net income applicable to common stock $ 26.0 $ 197.7 $ 77.5 $ 288.2 Weighted-average shares outstanding - PENN Entertainment 164.2 156.0 165.9 155.8 Weighted-average shares outstanding - Exchangeable Shares 0.6 — 0.6 — Weighted-average common shares outstanding - basic 164.8 156.0 166.5 155.8 Basic earnings per share $ 0.16 $ 1.27 $ 0.47 $ 1.85 Calculation of diluted earnings per share: Net income applicable to common stock $ 26.0 $ 197.7 $ 77.5 $ 288.2 Interest expense, net of tax (1) : Convertible Notes 1.8 4.3 3.7 8.6 Diluted income applicable to common stock $ 27.8 $ 202.0 $ 81.2 $ 296.8 Weighted-average common shares outstanding - diluted 180.2 172.7 182.3 172.8 Diluted earnings per share $ 0.15 $ 1.17 $ 0.45 $ 1.72 (1) The three and six months ended June 30, 2022 were tax-affected at a rate of 21% . The three and six months ended June 30, 2021, were tax-affected at a rate of 20%.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
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. Equity Securities As of June 30, 2022 and December 31, 2021, we held $31.4 million and $84.3 million in equity securities of ordinary shares, respectively, which are reported as “Other assets” in our unaudited Consolidated Balance Sheets. These equity securities are the result of PENN Interactive entering into multi-year agreements with third-party sports betting operators for online sports betting and related iGaming market access across our portfolio. During the three and six months ended June 30, 2022, we recognized holding losses of $16.9 million and $55.6 million related to these equity securities, respectively, compared to a holding loss of $7.4 million and a holding gain of $18.8 million for the three and six months ended June 30, 2021, respectively, which is included in “Other,” as reported in “Other income (expenses)” within our unaudited Consolidated Statements of Operations. The fair value of the equity securities was determined using Level 2 inputs, which use market approach valuation techniques. The primary inputs to those techniques include the quoted market price of the equity securities, foreign currency exchange rates, a discount for lack of marketability (“DLOM”) with respect to the ordinary shares, and a Black-Scholes option pricing model previously associated with the exercised warrants. The DLOM is based on the remaining term of the relevant lock-up periods and the volatility associated with the underlying equity securities. The Black-Scholes option pricing model utilizes the exercise price of the warrants, a risk-free rate, volatility associated with the underlying equity securities and the expected life of the warrants. 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, 2022 and December 31, 2021, PRP held $7.9 million and $15.1 million in promissory notes issued by RDC, respectively. As of June 30, 2022 and December 31, 2021, PRP held $6.7 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, 2022 and December 31, 2021, the promissory notes and the local government corporation bonds were included in “Other assets” within our unaudited Consolidated Balance Sheets. 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 our Term Loan A Facility, Term Loan B-1 Facility, Amended Term Loan A Facility, Amended Term Loan B Facility, 5.625% Notes, 4.125% Notes, and the Convertible Notes is estimated based on quoted prices in active markets and is classified as a Level 1 measurement. Other long-term obligations as of June 30, 2022 and December 31, 2021 included a financing arrangement entered in February of 2021, the relocation fees for Dayton and Mahoning Valley, and the repayment obligation of the hotel and event center located near Hollywood Casino Lawrenceburg. See Note 8, “Long-term Debt” for details. The fair values of the Dayton and Mahoning Valley relocation fees and the Lawrenceburg repayment obligation 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. Additionally, in February 2021, we entered into a financing arrangement providing the Company with upfront cash proceeds while permitting us to participate in future proceeds on certain claims. The financing obligation has been classified as a non-current liability and the fair value of the financing obligation is based on what we expect to be settled in a future period of which the principal is contingent and predicated on other events, plus accreted period non-cash interest using an effective interest rate of 27.0% until the claims and related obligation is settled. The financing obligation has been classified as a Level 3 measurement and is included within our unaudited Consolidated Balance Sheets in “Long-term debt, net of current maturities, debt discount and debt issuance costs.” See Note 8, “Long-term Debt.” Other Liabilities Other liabilities as of June 30, 2022 and December 31, 2021 includes contingent purchase price liabilities related to Plainridge Park Casino and Hitpoint, of which Hitpoint was acquired on May 11, 2021. The Hitpoint contingent purchase price liability is payable in installments up to a maximum of $1.0 million in the form of cash and equity, on the first three anniversaries of the acquisition close date (May 11, 2021) and is based on the achievement of mutual goals established by the Company and Hitpoint. As of June 30, 2022, there are two annual achievement evaluations remaining. The Plainridge Park Casino contingent purchase price liability is calculated based on earnings of the gaming operations over the first ten years of operations, which commenced on June 24, 2015. As of June 30, 2022, we were contractually obligated to make four additional annual payments. The fair value of the Plainridge Park Casino contingent purchase price liability is estimated based on an income approach using a discounted cash flow model. These contingent purchase price liabilities have been classified as a Level 3 measurement and are included within our unaudited Consolidated Balance Sheets in “Accrued expenses and other current liabilities” or “Other long-term liabilities,” depending on the timing of the next payment. The carrying amounts and estimated fair values by input level of the Company’s financial instruments were as follows: June 30, 2022 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 1,708.3 $ 1,708.3 $ 1,708.3 $ — $ — Equity securities $ 31.4 $ 31.4 $ — $ 31.4 $ — Held-to-maturity securities $ 6.7 $ 6.7 $ — $ 6.7 $ — Promissory notes $ 7.9 $ 7.9 $ — $ 7.9 $ — Financial liabilities: Long-term debt Senior Secured Credit Facilities $ 1,519.7 $ 1,496.8 $ 1,496.8 $ — $ — 5.625% Notes $ 399.6 $ 350.0 $ 350.0 $ — $ — 4.125% Notes $ 393.3 $ 305.0 $ 305.0 $ — $ — Convertible Notes $ 323.5 $ 489.7 $ 489.7 $ — $ — Other long-term obligations $ 150.1 $ 148.3 $ — $ 45.0 $ 103.3 Other liabilities $ 11.4 $ 11.3 $ — $ 2.6 $ 8.7 Puts and calls related to certain Barstool Sports shares $ 0.6 $ 0.6 $ — $ 0.6 $ — December 31, 2021 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 1,863.9 $ 1,863.9 $ 1,863.9 $ — $ — Equity securities $ 84.3 $ 84.3 $ — $ 84.3 $ — Held-to-maturity securities $ 6.7 $ 6.7 $ — $ 6.7 $ — Promissory notes $ 15.1 $ 15.1 $ — $ 15.1 $ — Puts and calls related to certain Barstool Sports shares $ 1.9 $ 1.9 $ — $ 1.9 $ — Financial liabilities: Long-term debt Senior Secured Credit Facilities $ 1,544.5 $ 1,559.6 $ 1,559.6 $ — $ — 5.625% Notes $ 399.6 $ 411.5 $ 411.5 $ — $ — 4.125% Notes $ 392.9 $ 389.5 $ 389.5 $ — $ — Convertible notes $ 253.5 $ 780.0 $ 780.0 $ — $ — Other long-term obligations $ 146.3 $ 144.3 $ — $ 53.9 $ 90.4 Other liabilities $ 13.3 $ 13.2 $ — $ 2.7 $ 10.5 The following table summarizes the changes in fair value of our Level 3 liabilities measured on a recurring basis: (in millions) Other Liabilities Balance as of January 1, 2022 $ 100.9 Interest 12.9 Payment installments (0.8) Included in earnings (1) (1.0) Balance as of June 30, 2022 $ 112.0 (1) The expense is included in “General and administrative” within our unaudited 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, 2022: Valuation Technique Unobservable Input Discount Rate Other long-term obligation Discounted cash flow Discount rate 27.0% Contingent purchase price - Plainridge Park Casino Discounted cash flow Discount rate 9.1%

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information We have aggregated our operating segments into five reportable segments. Retail operating segments are based on the similar characteristics within the regions in which they operate: Northeast, South, West, and Midwest. Our Interactive segment includes all of our iCasino and online sports betting operations, management of retail sports betting, media, and our proportionate share of earnings attributable to our equity method investment in Barstool Sports. The Other category is included in the following tables to reconcile the segment information to the consolidated 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 millions) 2022 2021 2022 2021 Revenues: Northeast segment $ 684.9 $ 652.5 $ 1,343.4 $ 1,223.4 South segment 338.6 368.2 680.0 664.1 West segment 153.8 140.4 294.7 237.0 Midwest segment 296.3 294.8 579.2 529.5 Interactive segment 154.9 96.0 296.4 182.3 Other (1) 5.9 1.7 13.2 3.3 Intersegment eliminations (2) (7.5) (7.8) (15.8) (18.9) Total $ 1,626.9 $ 1,545.8 $ 3,191.1 $ 2,820.7 Adjusted EBITDAR (3) : Northeast segment $ 214.4 $ 231.6 $ 419.6 $ 424.8 South segment 143.3 177.1 289.8 311.0 West segment 59.7 61.4 110.9 96.6 Midwest segment 131.3 142.2 256.8 248.2 Interactive segment (20.8) 1.2 (30.8) 2.5 Other (1) (23.4) (26.9) (47.1) (49.5) Total (3) 504.5 586.6 999.2 1,033.6 Other operating benefits (costs) and other income (expenses): Rent expense associated with triple net operating leases (4) (28.0) (116.5) (88.1) (226.9) Stock-based compensation (14.5) (9.2) (31.5) (13.4) Cash-settled stock-based awards variance 9.5 12.4 12.4 (9.1) Gain (loss) on disposal of assets (7.3) 0.1 (7.2) 0.2 Contingent purchase price 0.9 (1.2) 1.0 (1.3) Pre-opening expenses (5) (2.1) 0.4 (3.6) (1.2) Depreciation and amortization (150.3) (81.9) (268.5) (163.2) Insurance recoveries, net of deductible charges — — 8.8 — Non-operating items of equity method investments (6) (0.3) (1.4) (2.1) (3.0) Interest expense, net (193.6) (138.0) (354.4) (273.7) Other (5)(7) (36.4) 0.5 (84.4) 21.3 Income before income taxes 82.4 251.8 181.6 363.3 Income tax expense (56.3) (53.1) (103.9) (73.7) Net income $ 26.1 $ 198.7 $ 77.7 $ 289.6 (1) The Other category consists of the Company’s stand-alone racing operations, namely Sanford-Orlando Kennel Club, Sam Houston and Valley Race Parks (the remaining 50% was acquired by PENN on August 1, 2021), the Company’s joint venture interests in Freehold Raceway, and our management contract for Retama Park Racetrack. 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 not otherwise been allocated to a property. (2) Primarily represents the elimination of intersegment revenues associated with our internally-branded retail sportsbooks, which are operated by PENN Interactive. (3) We define Adjusted EBITDAR as earnings before interest expense, net, income taxes, depreciation and amortization, rent expense associated with triple net operating leases (see footnote (4) below), stock-based compensation, debt extinguishment and financing charges, which is included in “Other” (see footnote (7) below), impairment losses, insurance recoveries, net of 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 expenses (see footnote (5) below), and other. Adjusted EBITDAR is also inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (see footnote (6) below) added back for Barstool Sports and our Kansas Entertainment joint venture. (4) Solely comprised of rent expense associated with the operating lease components contained within our triple net master lease dated November 1, 2013 with GLPI and the triple net master lease assumed in connection with our acquisition of Pinnacle Entertainment, Inc., our individual triple net leases with GLPI for the real estate assets used in the operation of Tropicana and Hollywood Casino at Meadows Racetrack, and our individual triple net leases with VICI for the real estate assets used in the operations of Margaritaville Casino Resort and Hollywood Casino at Greektown (of which the Tropicana Lease, Meadows Lease, Margaritaville Lease and the Greektown Lease are defined in “Note 9, Leases” ) and are referred to collectively as our “triple net operating leases”. As a result of the Lease Modification defined in Note 9, “Leases” , the land and building components associated with the operations of Dayton and Mahoning Valley are classified as operating leases which is recorded to rent expense, as compared to prior to the Lease Modification, whereby the land components of substantially all of the Master Lease properties were classified as operating leases and recorded to rent expense. Subsequent to the Lease Modification, the land components associated with the Master Lease properties are primarily classified as finance leases. (5) During the first quarter of 2021, acquisition costs were included within pre-opening and acquisition costs. Beginning with the quarter ended June 30, 2021, acquisition costs are presented as part of other expenses. (6) Consists principally of interest expense, net, income taxes, depreciation and amortization, and stock-based compensation expense associated with Barstool Sports and our Kansas Entertainment joint venture. We record our portion of Barstool Sports’ net income or loss, including adjustments to arrive at Adjusted EBITDAR, one quarter in arrears. (7) Includes holding gains and losses on our equity securities, which are discussed in Note 15, “Fair Value Measurements.” Also consists of non-recurring acquisition and transaction costs, finance transformation costs associated with the implementation of our new Enterprise Resource Management system, and debt extinguishment and financing charges, which are discussed in Note 8, “Long-term Debt.” The table below presents capital expenditures by segment: For the three months ended June 30, For the six months ended June 30, (in millions) 2022 2021 2022 2021 Capital expenditures: Northeast segment $ 25.1 $ 20.8 $ 55.7 $ 36.2 South segment 16.6 6.3 36.3 8.1 West segment 2.2 — 4.0 3.2 Midwest segment 7.4 3.6 14.2 5.5 Interactive segment 2.1 0.6 3.2 1.4 Other 6.6 7.6 12.2 10.2 Total capital expenditures $ 60.0 $ 38.9 $ 125.6 $ 64.6 The table below presents investment in and advances to unconsolidated affiliates and total assets by segment: (in millions) Northeast South West Midwest Interactive Other (1) Total Balance sheet as of June 30, 2022 Investment in and advances to unconsolidated affiliates $ 0.1 $ — $ — $ 82.4 $ 161.3 $ 6.5 $ 250.3 Total assets $ 2,228.7 $ 1,166.2 $ 381.8 $ 1,393.9 $ 2,526.4 $ 10,183.8 $ 17,880.8 Balance sheet as of December 31, 2021 Investment in and advances to unconsolidated affiliates $ 0.1 $ — $ — $ 83.8 $ 164.4 $ 6.8 $ 255.1 Total assets $ 2,283.6 $ 1,224.6 $ 394.8 $ 1,215.8 $ 2,618.3 $ 9,135.0 $ 16,872.1 (1) The real estate assets subject to the Master Leases, which are classified as either property and equipment, operating lease ROU assets, or finance lease ROU assets, are included within the Other category.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The unaudited 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 notes 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.
Principles of Consolidation	Principles of Consolidation: The unaudited Consolidated Financial Statements include the accounts of PENN Entertainment, 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 entities (“VOEs”) or variable interest entities (“VIEs”) are accounted for under the equity method. All intercompany accounts and transactions have been eliminated in consolidation.
Reclassifications	Reclassifications: Certain reclassifications have been made to conform the prior period presentation.
Use of Estimates	Use of Estimates: The preparation of unaudited 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 have five reportable segments: Northeast, South, West, Midwest, and Interactive. Our gaming and racing properties are grouped by geographic location, and each is viewed as an operating segment with the exception of our two properties in Jackpot, Nevada, which are viewed as one operating segment. We consider our combined Video Gaming Terminal (“VGT”) operations, by state, to be separate operating segments. Interactive includes all of our iCasino and online sports betting operations, management of retail sports betting, media, and our proportionate share of earnings attributable to our equity method investment in Barstool Sports, Inc. (“Barstool Sports”). 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 Hollywood Casino at Greektown 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 Morgantown Morgantown, Pennsylvania Morgantown Lease Hollywood Casino at PENN National Race Course Grantville, Pennsylvania PENN Master Lease Hollywood Casino Perryville Perryville, Maryland Perryville Lease Hollywood Casino Toledo Toledo, Ohio PENN Master Lease Hollywood Casino York York, Pennsylvania Operating Lease (not with REIT Landlord) Hollywood Gaming at Dayton Raceway Dayton, Ohio PENN Master Lease Hollywood Gaming at Mahoning Valley Race Course Youngstown, Ohio PENN Master Lease Marquee by PENN (1) Pennsylvania N/A Hollywood Casino at Meadows Racetrack Washington, Pennsylvania Meadows Lease Plainridge Park Casino Plainville, Massachusetts Pinnacle Master Lease South segment 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 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 Tropicana Lease Zia Park Casino Hobbs, New Mexico PENN Master Lease Midwest segment Ameristar Council Bluffs Council Bluffs, Iowa Pinnacle Master Lease Argosy Casino Alton (2) 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 (3) Kansas City, Kansas Owned - JV Hollywood Casino St. Louis Maryland Heights, Missouri PENN Master Lease Prairie State Gaming (1) Illinois N/A River City Casino St. Louis, Missouri Pinnacle Master Lease (1) VGT route operations (2) The riverboat is owned by us and not subject to the PENN Master Lease. (3) Pursuant to a joint venture (“JV”) with NASCAR and includes the Company’s 50% investment in Kansas Entertainment, LLC (“Kansas Entertainment”), which owns Hollywood Casino at Kansas Speedway.
Revenue Recognition and Customer-related Liabilities	Revenue Recognition: Our revenue from contracts with customers consists primarily of gaming wagers, inclusive of sports betting and iCasino products, food and beverage transactions, retail transactions, hotel room sales, racing wagers, management services related to the management of external operations and third-party revenue sharing agreements. See Note 5, “Revenue Disaggregation,” for information on our revenue by type and geographic location. Complimentaries Associated with Gaming Contracts Customer-related Liabilities The Company has three general types of liabilities related to contracts with customers: (i) the obligation associated with its my choice program (loyalty points and tier status benefits), (ii) advance payments on goods and services yet to be provided and for unpaid wagers, and (iii) deferred revenue associated with third-party sports betting operators for online sports betting and related iCasino market access. Our my choice program allows members 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 our 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 and free play. The obligation associated with our my choice program, which is included in “Accrued expenses and other current liabilities” within our unaudited Consolidated Balance Sheets, was $43.4 million and $37.6 million as of June 30, 2022 and December 31, 2021, 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) money deposited in an online wallet not yet wagered or wagered and not yet withdrawn, (iv) outstanding tickets generated by slot machine play or pari-mutuel wagering, (v) outstanding chip liabilities, (vi) unclaimed jackpots, and (vii) gift cards redeemable at our properties. Unpaid wagers primarily relate to the Company’s obligation to settle outstanding slot tickets, pari-mutuel racing tickets, gaming chips with customers and online wagers not yet withdrawn 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 $93.2 million and $112.0 million as of June 30, 2022 and December 31, 2021, respectively. Advance payments on goods and services yet to be provided and for unpaid wagers are included in “Accrued expenses and other current liabilities” within our unaudited Consolidated Balance Sheets. PENN Interactive Ventures, LLC (“PENN Interactive”) enters into multi-year agreements with sports betting operators for online sports betting and related iCasino market access across our portfolio of properties. Deferred revenue associated with third-party sports betting operators for online sports betting and related iCasino market access, which is included in “Other long-term liabilities” within our unaudited Consolidated Balance Sheets was $55.4 million and $52.2 million as of June 30, 2022 and December 31, 2021, respectively.
Advertising	Advertising: The Company expenses advertising costs the first time the advertising takes place or as incurred. Advertising expenses, which generally relate to media placement costs and are primarily included in “Gaming” expenses within the unaudited Consolidated Statements of Operations, were $18.5 million, and $42.6 million for the three and six months ended June 30, 2022, respectively, as compared to $15.3 million and $32.4 million for the three and six months ended June 30, 2021, respectively.
Gaming and Racing Taxes	Gaming and Racing Taxes: We are subject to gaming and pari-mutuel taxes based on gross gaming revenue and pari-mutuel revenue in the jurisdictions in which we operate. 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 the wagering occurs, as well as taxes on revenues derived from arrangements which allow for third-party partners to operate online casinos and online sportsbooks under our gaming licenses. Additionally, some states require us to prepay annual assessments to support the operations of local regulatory authorities. We consider these prepaid costs to be a type of gaming and racing tax. Gaming and racing taxes are recorded in “Gaming” expense or “Food, beverage, hotel, and other” expenses within the unaudited Consolidated Statements of Operations, and were $486.8 million and $959.0 million for the three and six months ended June 30, 2022, respectively, as compared to $515.9 million and $933.8 million for the three and six months ended June 30, 2021, respectively.
Foreign Currency Translations	Foreign Currency Translation: The functional currency of the Company’s foreign subsidiaries is the local currency in which the subsidiary operates. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Translation adjustments resulting from this process are recorded to other comprehensive income. Revenues and expenses are translated at the average exchange rates during the year. Gains or losses resulting from foreign currency transactions are included in “Other” within our unaudited Consolidated Statements of Operations.
Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss	Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss: Comprehensive income (loss) includes net income and all other non-stockholder changes in equity, or other comprehensive income (loss). The balance of accumulated other comprehensive loss consists solely of foreign currency translation adjustments.
Earnings Per Share	Earnings Per Share: Basic earnings per share (“EPS”) is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the additional dilution, if any, for all potentially-dilutive securities such as stock options, unvested restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) (collectively with RSAs, “restricted stock”), outstanding convertible preferred stock and convertible debt. Holders of the Company’s Series D Preferred Stock (as defined in Note 10, “Investments in and Advances to Unconsolidated Affiliates”
Voting Interest Entities and Variable Interest Entities	Voting Interest Entities and Variable Interest Entities: The Company consolidates all subsidiaries or other entities in which it has a controlling financial interest. The consolidation guidance requires an analysis to determine if an entity should be evaluated for consolidation using the VOE model or the VIE model. Under the VOE model, controlling financial interest is generally defined as a majority ownership of voting rights. Under the VIE model, controlling financial interest is defined as (i) the power to direct activities that most significantly impact the economic performance of the entity and (ii) the obligation to absorb losses of or the right to receive benefits from the entity that could potentially be significant to the entity. For those entities that qualify as a VIE, the primary beneficiary is generally defined as the party who has a controlling financial interest in the VIE. The Company consolidates the financial position and results of operations of every VOE in which it has a controlling financial interest and VIEs in which it is considered to be the primary beneficiary.
New Accounting Pronouncements	In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). ASU 2020-04 provides an optional expedient and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In response to the concerns about structural risks of interbank offered rates and, particularly, the risk of cessation of the London Interbank Offered Rate (referred to as “LIBOR”), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction- based and less susceptible to manipulation. ASU 2020-04 also provides companies with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates that are expected to be discontinued. The interest rates associated with the Company’s previous borrowings under its Senior Secured Credit Facilities (as defined in Note 8, “Long-term Debt” ) were tied to LIBOR. Subsequent to the amendment of the Senior Secured Credit Facilities on May 3, 2022, the Company’s borrowings are tied to SOFR (see Note 8, “Long-term Debt” ). The adoption of ASU 2020-04 did not have an impact on our unaudited Consolidated Financial Statements. In August 2020, The FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Topic 814): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). ASU 2020-06 eliminates the number of accounting models used to account for convertible debt instruments and convertible preferred stock. The update also amends the disclosure requirements for convertible instruments and EPS in an effort to increase financial reporting transparency. The new standard impacts the Company’s existing 2.75% convertible senior notes due May 2026 (“Convertible Notes”) which prior to adoption of the new standard, were accounted for under the cash conversion feature model. The cash conversion feature model is eliminated under the new standard and entities will no longer separately present in stockholders’ equity an embedded conversion feature of a debt instrument. The new guidance also requires the use of the if-converted method when calculating diluted EPS for convertible instruments and the treasury stock method should no longer be used. Under the new guidance, convertible instruments that may be settled in cash or shares (e.g., the Company’s Convertible Notes) are to be included in the calculation of diluted EPS if the effect is more dilutive, with no option for rebutting the presumption of share settlement based on stated policy or past experience. Each of these requirements are consistent with Company’s previous method for calculating diluted EPS.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Schedule of Operating and Reportable Segments	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 Hollywood Casino at Greektown 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 Morgantown Morgantown, Pennsylvania Morgantown Lease Hollywood Casino at PENN National Race Course Grantville, Pennsylvania PENN Master Lease Hollywood Casino Perryville Perryville, Maryland Perryville Lease Hollywood Casino Toledo Toledo, Ohio PENN Master Lease Hollywood Casino York York, Pennsylvania Operating Lease (not with REIT Landlord) Hollywood Gaming at Dayton Raceway Dayton, Ohio PENN Master Lease Hollywood Gaming at Mahoning Valley Race Course Youngstown, Ohio PENN Master Lease Marquee by PENN (1) Pennsylvania N/A Hollywood Casino at Meadows Racetrack Washington, Pennsylvania Meadows Lease Plainridge Park Casino Plainville, Massachusetts Pinnacle Master Lease South segment 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 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 Tropicana Lease Zia Park Casino Hobbs, New Mexico PENN Master Lease Midwest segment Ameristar Council Bluffs Council Bluffs, Iowa Pinnacle Master Lease Argosy Casino Alton (2) 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 (3) Kansas City, Kansas Owned - JV Hollywood Casino St. Louis Maryland Heights, Missouri PENN Master Lease Prairie State Gaming (1) Illinois N/A River City Casino St. Louis, Missouri Pinnacle Master Lease (1) VGT route operations (2) The riverboat is owned by us and not subject to the PENN Master Lease. (3) Pursuant to a joint venture (“JV”) with NASCAR and includes the Company’s 50% investment in Kansas Entertainment, LLC (“Kansas Entertainment”), which owns Hollywood Casino at Kansas Speedway. For the three months ended June 30, For the six months ended June 30, (in millions) 2022 2021 2022 2021 Revenues: Northeast segment $ 684.9 $ 652.5 $ 1,343.4 $ 1,223.4 South segment 338.6 368.2 680.0 664.1 West segment 153.8 140.4 294.7 237.0 Midwest segment 296.3 294.8 579.2 529.5 Interactive segment 154.9 96.0 296.4 182.3 Other (1) 5.9 1.7 13.2 3.3 Intersegment eliminations (2) (7.5) (7.8) (15.8) (18.9) Total $ 1,626.9 $ 1,545.8 $ 3,191.1 $ 2,820.7 Adjusted EBITDAR (3) : Northeast segment $ 214.4 $ 231.6 $ 419.6 $ 424.8 South segment 143.3 177.1 289.8 311.0 West segment 59.7 61.4 110.9 96.6 Midwest segment 131.3 142.2 256.8 248.2 Interactive segment (20.8) 1.2 (30.8) 2.5 Other (1) (23.4) (26.9) (47.1) (49.5) Total (3) 504.5 586.6 999.2 1,033.6 Other operating benefits (costs) and other income (expenses): Rent expense associated with triple net operating leases (4) (28.0) (116.5) (88.1) (226.9) Stock-based compensation (14.5) (9.2) (31.5) (13.4) Cash-settled stock-based awards variance 9.5 12.4 12.4 (9.1) Gain (loss) on disposal of assets (7.3) 0.1 (7.2) 0.2 Contingent purchase price 0.9 (1.2) 1.0 (1.3) Pre-opening expenses (5) (2.1) 0.4 (3.6) (1.2) Depreciation and amortization (150.3) (81.9) (268.5) (163.2) Insurance recoveries, net of deductible charges — — 8.8 — Non-operating items of equity method investments (6) (0.3) (1.4) (2.1) (3.0) Interest expense, net (193.6) (138.0) (354.4) (273.7) Other (5)(7) (36.4) 0.5 (84.4) 21.3 Income before income taxes 82.4 251.8 181.6 363.3 Income tax expense (56.3) (53.1) (103.9) (73.7) Net income $ 26.1 $ 198.7 $ 77.7 $ 289.6 (1) The Other category consists of the Company’s stand-alone racing operations, namely Sanford-Orlando Kennel Club, Sam Houston and Valley Race Parks (the remaining 50% was acquired by PENN on August 1, 2021), the Company’s joint venture interests in Freehold Raceway, and our management contract for Retama Park Racetrack. 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 not otherwise been allocated to a property. (2) Primarily represents the elimination of intersegment revenues associated with our internally-branded retail sportsbooks, which are operated by PENN Interactive. (3) We define Adjusted EBITDAR as earnings before interest expense, net, income taxes, depreciation and amortization, rent expense associated with triple net operating leases (see footnote (4) below), stock-based compensation, debt extinguishment and financing charges, which is included in “Other” (see footnote (7) below), impairment losses, insurance recoveries, net of 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 expenses (see footnote (5) below), and other. Adjusted EBITDAR is also inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (see footnote (6) below) added back for Barstool Sports and our Kansas Entertainment joint venture. (4) Solely comprised of rent expense associated with the operating lease components contained within our triple net master lease dated November 1, 2013 with GLPI and the triple net master lease assumed in connection with our acquisition of Pinnacle Entertainment, Inc., our individual triple net leases with GLPI for the real estate assets used in the operation of Tropicana and Hollywood Casino at Meadows Racetrack, and our individual triple net leases with VICI for the real estate assets used in the operations of Margaritaville Casino Resort and Hollywood Casino at Greektown (of which the Tropicana Lease, Meadows Lease, Margaritaville Lease and the Greektown Lease are defined in “Note 9, Leases” ) and are referred to collectively as our “triple net operating leases”. As a result of the Lease Modification defined in Note 9, “Leases” , the land and building components associated with the operations of Dayton and Mahoning Valley are classified as operating leases which is recorded to rent expense, as compared to prior to the Lease Modification, whereby the land components of substantially all of the Master Lease properties were classified as operating leases and recorded to rent expense. Subsequent to the Lease Modification, the land components associated with the Master Lease properties are primarily classified as finance leases. (5) During the first quarter of 2021, acquisition costs were included within pre-opening and acquisition costs. Beginning with the quarter ended June 30, 2021, acquisition costs are presented as part of other expenses. (6) Consists principally of interest expense, net, income taxes, depreciation and amortization, and stock-based compensation expense associated with Barstool Sports and our Kansas Entertainment joint venture. We record our portion of Barstool Sports’ net income or loss, including adjustments to arrive at Adjusted EBITDAR, one quarter in arrears. (7) Includes holding gains and losses on our equity securities, which are discussed in Note 15, “Fair Value Measurements.” Also consists of non-recurring acquisition and transaction costs, finance transformation costs associated with the implementation of our new Enterprise Resource Management system, and debt extinguishment and financing charges, which are discussed in Note 8, “Long-term Debt.” The table below presents capital expenditures by segment: For the three months ended June 30, For the six months ended June 30, (in millions) 2022 2021 2022 2021 Capital expenditures: Northeast segment $ 25.1 $ 20.8 $ 55.7 $ 36.2 South segment 16.6 6.3 36.3 8.1 West segment 2.2 — 4.0 3.2 Midwest segment 7.4 3.6 14.2 5.5 Interactive segment 2.1 0.6 3.2 1.4 Other 6.6 7.6 12.2 10.2 Total capital expenditures $ 60.0 $ 38.9 $ 125.6 $ 64.6 The table below presents investment in and advances to unconsolidated affiliates and total assets by segment: (in millions) Northeast South West Midwest Interactive Other (1) Total Balance sheet as of June 30, 2022 Investment in and advances to unconsolidated affiliates $ 0.1 $ — $ — $ 82.4 $ 161.3 $ 6.5 $ 250.3 Total assets $ 2,228.7 $ 1,166.2 $ 381.8 $ 1,393.9 $ 2,526.4 $ 10,183.8 $ 17,880.8 Balance sheet as of December 31, 2021 Investment in and advances to unconsolidated affiliates $ 0.1 $ — $ — $ 83.8 $ 164.4 $ 6.8 $ 255.1 Total assets $ 2,283.6 $ 1,224.6 $ 394.8 $ 1,215.8 $ 2,618.3 $ 9,135.0 $ 16,872.1 (1) The real estate assets subject to the Master Leases, which are classified as either property and equipment, operating lease ROU assets, or finance lease ROU assets, are included within the Other category.
Schedule of Complimentaries	Revenues recorded to food, 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 millions) 2022 2021 2022 2021 Food and beverage $ 52.1 $ 44.1 $ 102.8 $ 80.2 Hotel 36.6 30.7 68.8 57.1 Other 2.8 2.1 5.3 4.0 Total complimentaries associated with gaming contracts $ 91.5 $ 76.9 $ 176.9 $ 141.3

Hurricane Laura (Tables)

Hurricane Laura (Tables)	6 Months Ended
	Jun. 30, 2022
Unusual or Infrequent Items, or Both [Abstract]
Schedule of Unusual or Infrequent Items, or Both	The following table summarizes the financial impact of Hurricane Laura related matters: (in millions) June 30, 2022 December 31, 2021 Insurance proceeds received through the end of the period $ 85.0 $ 47.5 Deductible $ 15.0 $ 15.0 Coinsurance $ 2.5 $ 2.5 Clean-up, restoration, and other costs $ 52.8 $ 52.8 Fixed asset write-off $ 23.2 $ 23.2 Inventory write-off $ 0.2 $ 0.2 Insurance receivable $ — $ 28.7

Revenue Disaggregation (Tables)

Revenue Disaggregation (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Our revenue is disaggregated by type of revenue and geographic location of the related properties, which is consistent with our reportable segments, as follows: For the three months ended June 30, 2022 (in millions) Northeast South West Midwest Interactive Other Intersegment Eliminations (1) Total Revenues: Gaming $ 621.4 $ 269.0 $ 98.9 $ 267.0 $ 69.3 $ — $ — $ 1,325.6 Food and beverage 31.5 33.0 21.6 13.2 — 1.3 — 100.6 Hotel 10.3 26.0 26.4 9.1 — — — 71.8 Other 21.7 10.6 6.9 7.0 85.6 4.6 (7.5) 128.9 Total revenues $ 684.9 $ 338.6 $ 153.8 $ 296.3 $ 154.9 $ 5.9 $ (7.5) $ 1,626.9 For the three months ended June 30, 2021 (in millions) Northeast South West Midwest Interactive Other Intersegment Eliminations (1) Total Revenues: Gaming $ 602.5 $ 304.4 $ 96.7 $ 272.1 $ 29.8 $ — $ — $ 1,305.5 Food and beverage 24.1 29.4 18.2 9.7 — 0.2 — 81.6 Hotel 6.7 24.1 19.9 7.0 — — — 57.7 Other 19.2 10.3 5.6 6.0 66.2 1.5 (7.8) 101.0 Total revenues $ 652.5 $ 368.2 $ 140.4 $ 294.8 $ 96.0 $ 1.7 $ (7.8) $ 1,545.8 For the six months ended June 30, 2022 (in millions) Northeast South West Midwest Interactive Other Intersegment Eliminations (1) Total Revenues: Gaming $ 1,220.5 $ 547.6 $ 193.0 $ 523.5 $ 132.2 $ — $ — $ 2,616.8 Food and beverage 63.4 64.0 40.9 25.7 — 2.5 — 196.5 Hotel 18.4 48.0 48.7 16.7 — — — 131.8 Other 41.1 20.4 12.1 13.3 164.2 10.7 (15.8) 246.0 Total revenues $ 1,343.4 $ 680.0 $ 294.7 $ 579.2 $ 296.4 $ 13.2 $ (15.8) $ 3,191.1 For the six months ended June 30, 2021 (in millions) Northeast South West Midwest Interactive Other Intersegment Eliminations (1) Total Revenues: Gaming $ 1,129.5 $ 549.8 $ 165.8 $ 489.0 $ 53.4 $ — $ — $ 2,387.5 Food and beverage 45.0 52.5 30.1 16.7 — 0.3 — 144.6 Hotel 12.5 43.7 32.4 12.9 — — — 101.5 Other 36.4 18.1 8.7 10.9 128.9 3.0 (18.9) 187.1 Total revenues $ 1,223.4 $ 664.1 $ 237.0 $ 529.5 $ 182.3 $ 3.3 $ (18.9) $ 2,820.7 (1) Primarily represents the elimination of intersegment revenues associated with our internally-branded retail sportsbooks, which are operated by PENN Interactive.

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Allocation of Purchase Price and Adjustments	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 millions) Fair value Cash and cash equivalents $ 160.3 Other current assets 22.8 ROU assets 2.6 Property and equipment 1.8 Goodwill 1,690.2 Other intangible assets Gaming technology 160.0 Media technology 57.0 Tradename 100.0 Advertising relationships 11.0 Customer relationships 8.0 Re-acquired right 2.6 Other long-term assets 5.2 Total assets $ 2,221.5 Accounts payable, accrued expenses and other current liabilities $ 67.9 Deferred tax liabilities 69.2 Other non-current liabilities 1.7 Total liabilities 138.8 Net assets acquired $ 2,082.7
Schedule of valuation approaches of intangible assets acquired	The following valuation approaches were utilized to determine the fair value of each intangible asset: Intangible Asset Valuation Approach Gaming technology Relief-from-royalty (variation of income approach) Media technology Replacement cost Tradename Relief-from-royalty (variation of income approach) Advertising relationships With-and-without (variation of income approach) Customer relationships Replacement cost Re-acquired right Replacement cost
Schedule of Actual and Pro Forma Financial Results	The following table includes unaudited pro forma consolidated financial information assuming our acquisition of Hitpoint Inc. and Lucky Point Inc. (collectively “Hitpoint”), Hollywood Casino Perryville (“Perryville”), Sam Houston Race Park and Valley Race Park (collectively “Sam Houston”), and theScore had occurred as of January 1, 2021. We acquired Hitpoint on May 11, 2021, Perryville on July 1, 2021, and Sam Houston on August 1, 2021. The pro forma amounts include the historical operating results of PENN and Hitpoint, Perryville, Sam Houston and theScore prior to our acquisitions. The pro forma financial information does not necessarily represent the results that may occur in the future. For the three and six months ended June 30, 2021, pro forma adjustments directly attributable to the acquisitions include acquisition and transaction related costs of $2.1 million and $3.7 million, respectively, incurred by both PENN and the respective acquirees. For the three and six months ended June 30, 2021, pro forma adjustments directly attributable to the acquisitions also include a loss of $8.5 million and gains of $34.9 million, respectively, related to our purchase of the remaining 50% of Sam Houston and a net unrealized gain on the equity security investment in theScore. For the three months ended June 30, For the six months ended June 30, (in millions) 2021 Revenues $ 1,580.8 $ 2,886.8 Net income $ 191.6 $ 227.7

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	A reconciliation of goodwill and accumulated goodwill impairment losses, by reportable segment, is as follows: (in millions) Northeast South West Midwest Interactive Other Total Balance as of December 31, 2021 Goodwill, gross $ 923.5 $ 236.6 $ 216.8 $ 1,116.7 $ 1,724.0 $ 87.7 $ 4,305.3 Accumulated goodwill impairment losses (761.4) (61.0) (16.6) (556.1) — (87.7) (1,482.8) Goodwill, net $ 162.1 $ 175.6 $ 200.2 $ 560.6 $ 1,724.0 $ — $ 2,822.5 Effect of foreign currency exchange rates — — — — (22.9) — (22.9) Balance as of June 30, 2022 Goodwill, gross $ 923.5 $ 236.6 $ 216.8 $ 1,116.7 $ 1,701.1 $ 87.7 $ 4,282.4 Accumulated goodwill impairment losses (761.4) (61.0) (16.6) (556.1) — (87.7) (1,482.8) Goodwill, net $ 162.1 $ 175.6 $ 200.2 $ 560.6 $ 1,701.1 $ — $ 2,799.6
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, 2022 December 31, 2021 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived intangible assets Gaming licenses $ 1,285.4 $ — $ 1,285.4 $ 1,285.4 $ — $ 1,285.4 Trademarks 337.0 — 337.0 338.2 — 338.2 Other 0.7 — 0.7 0.7 — 0.7 Amortizing intangible assets Customer relationships 114.7 (97.7) 17.0 114.9 (91.4) 23.5 Technology 251.8 (60.3) 191.5 252.7 (40.5) 212.2 Other 19.2 (8.7) 10.5 19.4 (6.8) 12.6 Total other intangible assets $ 2,008.8 $ (166.7) $ 1,842.1 $ 2,011.3 $ (138.7) $ 1,872.6
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, 2022 December 31, 2021 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived intangible assets Gaming licenses $ 1,285.4 $ — $ 1,285.4 $ 1,285.4 $ — $ 1,285.4 Trademarks 337.0 — 337.0 338.2 — 338.2 Other 0.7 — 0.7 0.7 — 0.7 Amortizing intangible assets Customer relationships 114.7 (97.7) 17.0 114.9 (91.4) 23.5 Technology 251.8 (60.3) 191.5 252.7 (40.5) 212.2 Other 19.2 (8.7) 10.5 19.4 (6.8) 12.6 Total other intangible assets $ 2,008.8 $ (166.7) $ 1,842.1 $ 2,011.3 $ (138.7) $ 1,872.6
Schedule of Expected Intangible Asset Amortization Expense	The following table presents the estimated amortization expense based on our amortizing intangible assets as of June 30, 2022 (in millions): Years ending December 31, 2022 (excluding the six months ended June 30, 2022) $ 28.3 2023 49.4 2024 45.4 2025 30.3 2026 23.9 Thereafter 41.7 Total $ 219.0

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt, Net of Current Maturities, Debt Discounts and Issuance Costs	The table below presents long-term debt, net of current maturities, debt discounts and issuance costs: (in millions) June 30, December 31, Senior Secured Credit Facilities: Amended Revolving Credit Facility due 2027 $ — $ — Amended Term Loan A Facility due 2027 550.0 — Amended Term Loan B Facility due 2029 1,000.0 — Term Loan A Facility due 2023 — 583.8 Term Loan B-1 Facility due 2025 — 979.9 5.625% Notes due 2027 400.0 400.0 4.125% Notes due 2029 400.0 400.0 2.75% Convertible Notes due 2026 330.5 330.5 Other long-term obligations 150.1 146.3 2,830.6 2,840.5 Less: Current maturities of long-term debt (55.8) (99.5) Less: Debt discount (4.9) (73.1) Less: Debt issuance costs (39.5) (30.6) $ 2,730.4 $ 2,637.3
Schedule of Maturities of Long-term Debt	The following is a schedule of future minimum repayments of long-term debt as of June 30, 2022 (in millions): Years ending December 31: 2022 (excluding the six months ended June 30, 2022) $ 27.4 2023 56.2 2024 47.6 2025 38.2 2026 472.0 Thereafter 2,189.2 Total minimum payments $ 2,830.6
Schedule Convertible Notes	The Convertible Notes consisted of the following components: (in millions) June 30, December 31, Liability component: Principal $ 330.5 $ 330.5 Unamortized debt discount — (71.7) Unamortized debt issuance costs (7.0) (5.3) Net carrying amount $ 323.5 $ 253.5 Carrying amount of equity component $ — $ 88.2
Schedule of Interest Expense, Net	The table below presents interest expense, net: For the three months ended June 30, For the six months ended June 30, (in millions) 2022 2021 2022 2021 Interest expense $ (195.3) $ (139.1) $ (356.9) $ (275.7) Interest income 1.3 0.2 1.8 0.4 Capitalized interest 0.4 0.9 0.7 1.6 Interest expense, net $ (193.6) $ (138.0) $ (354.4) $ (273.7) The table below presents interest expense related to the Convertible Notes: For the three months ended June 30, For the six months ended June 30, (in millions) 2022 2021 2022 2021 Coupon interest $ 2.2 $ 2.2 $ 4.5 $ 4.5 Amortization of debt discount — 3.1 — 6.2 Amortization of debt issuance costs 0.4 0.3 0.8 0.5 Convertible Notes interest expense $ 2.6 $ 5.6 $ 5.3 $ 11.2

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Maturity Analysis, Operating Leases	The following is a maturity analysis of our operating leases, finance leases and financing obligations as of June 30, 2022: (in millions) Operating Leases Finance Leases Financing Obligations Year ended December 31, 2022 (excluding the six months ended June 30, 2022) $ 68.0 $ 193.2 $ 186.3 2023 125.2 375.2 369.8 2024 119.9 347.9 355.3 2025 116.6 346.9 355.4 2026 112.2 346.9 355.4 Thereafter 1,341.4 7,873.5 8,285.7 Total lease payments 1,883.3 9,483.6 9,907.9 Less: Imputed interest (814.0) (4,421.5) (5,842.8) Present value of future lease payments 1,069.3 5,062.1 4,065.1 Less: Current portion of lease obligations (74.2) (115.5) (63.8) Long-term portion of lease obligations $ 995.1 $ 4,946.6 $ 4,001.3
Maturity Analysis, Finance Leases	The following is a maturity analysis of our operating leases, finance leases and financing obligations as of June 30, 2022: (in millions) Operating Leases Finance Leases Financing Obligations Year ended December 31, 2022 (excluding the six months ended June 30, 2022) $ 68.0 $ 193.2 $ 186.3 2023 125.2 375.2 369.8 2024 119.9 347.9 355.3 2025 116.6 346.9 355.4 2026 112.2 346.9 355.4 Thereafter 1,341.4 7,873.5 8,285.7 Total lease payments 1,883.3 9,483.6 9,907.9 Less: Imputed interest (814.0) (4,421.5) (5,842.8) Present value of future lease payments 1,069.3 5,062.1 4,065.1 Less: Current portion of lease obligations (74.2) (115.5) (63.8) Long-term portion of lease obligations $ 995.1 $ 4,946.6 $ 4,001.3
Maturity Analysis, Financing Obligations	The following is a maturity analysis of our operating leases, finance leases and financing obligations as of June 30, 2022: (in millions) Operating Leases Finance Leases Financing Obligations Year ended December 31, 2022 (excluding the six months ended June 30, 2022) $ 68.0 $ 193.2 $ 186.3 2023 125.2 375.2 369.8 2024 119.9 347.9 355.3 2025 116.6 346.9 355.4 2026 112.2 346.9 355.4 Thereafter 1,341.4 7,873.5 8,285.7 Total lease payments 1,883.3 9,483.6 9,907.9 Less: Imputed interest (814.0) (4,421.5) (5,842.8) Present value of future lease payments 1,069.3 5,062.1 4,065.1 Less: Current portion of lease obligations (74.2) (115.5) (63.8) Long-term portion of lease obligations $ 995.1 $ 4,946.6 $ 4,001.3
Schedule of Other Information and Supplemental Cash Flow Information Related to Leases	Total payments made under the Triple Net Leases were as follows: For the three months ended June 30, For the six months ended June 30, (in millions) 2022 2021 2022 2021 PENN Master Lease $ 120.6 $ 120.7 $ 239.8 $ 238.7 Pinnacle Master Lease 83.4 82.1 165.9 163.4 Perryville Lease 2.0 — 3.9 — Meadows Lease 6.2 6.2 12.4 12.4 Margaritaville Lease 6.0 5.9 11.9 11.7 Greektown Lease 12.9 13.5 25.7 27.4 Morgantown Lease 0.7 0.7 1.5 1.5 Total (1) $ 231.8 $ 229.1 $ 461.1 $ 455.1 (1) Rent payable under the Tropicana Lease is nominal. Therefore, it has been excluded from the table above. The components of lease expense were as follows: Location on unaudited For the three months ended June 30, For the six months ended June 30, (in millions) 2022 2021 2022 2021 Operating Lease Costs Rent expense associated with triple net operating leases (1) General and administrative $ 28.0 $ 116.5 $ 88.1 $ 226.9 Operating lease cost (2) Primarily General and administrative 4.9 3.9 9.9 7.8 Short-term lease cost Primarily Gaming expense 18.5 15.5 36.6 28.8 Variable lease cost (2) Primarily Gaming expense 1.2 1.0 2.3 2.1 Total $ 52.6 $ 136.9 $ 136.9 $ 265.6 Finance Lease Costs Interest on lease liabilities (3) Interest expense, net $ 75.7 $ 3.7 $ 115.2 $ 7.4 Amortization of ROU assets (3) Depreciation and amortization 48.8 2.1 80.9 4.0 Total $ 124.5 $ 5.8 $ 196.1 $ 11.4 Financing Obligation Costs Interest on financing obligations (4) Interest expense, net $ 85.2 $ 105.3 $ 174.8 $ 207.9 (1) Pertains to the operating lease components contained within the Master Leases, inclusive of the variable expense associated with Columbus and Toledo for the operating lease components, the Meadows Lease, the Margaritaville Lease, the Greektown Lease, and the Tropicana Lease. Prior to the Lease Modification, the operating lease components contained within the Master Leases primarily consisted of the land, inclusive of the variable expense associated with Columbus and Toledo. Subsequent to the Lease Modification, the operating lease components contained within the Master Leases consist of the land and building components associated with the operations of Dayton and Mahoning Valley. (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) Pertains to the finance lease components contained within the Master Leases, and the Perryville Lease (effective July 1, 2021) which results in interest expense and amortization expense (as opposed to rent expense). Prior to the Lease Modification, the finance lease components contained within the Master Leases consisted of the land and building components associated with the operations of Dayton and Mahoning Valley. Subsequent to the Lease Modification, the finance lease components contained within the Master Leases consist of the land, inclusive of the variable expense associated with Columbus and Toledo. (4) Pertains to the components contained within the Master Leases (primarily buildings) and the Morgantown Lease determined to be a financing obligation, inclusive of the variable expense associated with Columbus and Toledo for the financing obligation components (the buildings).

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted EPS	The following table sets forth the allocation of net income for the three and six months ended June 30, 2022 and 2021 under the two-class method. For the three months ended June 30, For the six months ended June 30, (in millions) 2022 2021 2022 2021 Net income attributable to PENN Entertainment $ 26.1 $ 198.7 $ 77.8 $ 289.7 Net income applicable to preferred stock 0.1 1.0 0.3 1.5 Net income applicable to common stock $ 26.0 $ 197.7 $ 77.5 $ 288.2 For the three months ended June 30, For the six months ended June 30, (in millions, except per share data) 2022 2021 2022 2021 Calculation of basic earnings per share: Net income applicable to common stock $ 26.0 $ 197.7 $ 77.5 $ 288.2 Weighted-average shares outstanding - PENN Entertainment 164.2 156.0 165.9 155.8 Weighted-average shares outstanding - Exchangeable Shares 0.6 — 0.6 — Weighted-average common shares outstanding - basic 164.8 156.0 166.5 155.8 Basic earnings per share $ 0.16 $ 1.27 $ 0.47 $ 1.85 Calculation of diluted earnings per share: Net income applicable to common stock $ 26.0 $ 197.7 $ 77.5 $ 288.2 Interest expense, net of tax (1) : Convertible Notes 1.8 4.3 3.7 8.6 Diluted income applicable to common stock $ 27.8 $ 202.0 $ 81.2 $ 296.8 Weighted-average common shares outstanding - diluted 180.2 172.7 182.3 172.8 Diluted earnings per share $ 0.15 $ 1.17 $ 0.45 $ 1.72 (1) The three and six months ended June 30, 2022 were tax-affected at a rate of 21% . The three and six months ended June 30, 2021, were tax-affected at a rate of 20%.
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 EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and six months ended June 30, 2022 and 2021: For the three months ended June 30, For the six months ended June 30, (in millions) 2022 2021 2022 2021 Weighted-average common shares outstanding 164.8 156.0 166.5 155.8 Assumed conversion of: Dilutive stock options 1.1 2.2 1.4 2.4 Dilutive restricted stock 0.2 0.4 0.3 0.5 Convertible debt 14.1 14.1 14.1 14.1 Weighted-average common shares outstanding - Diluted 180.2 172.7 182.3 172.8

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 1,708.3 $ 1,708.3 $ 1,708.3 $ — $ — Equity securities $ 31.4 $ 31.4 $ — $ 31.4 $ — Held-to-maturity securities $ 6.7 $ 6.7 $ — $ 6.7 $ — Promissory notes $ 7.9 $ 7.9 $ — $ 7.9 $ — Financial liabilities: Long-term debt Senior Secured Credit Facilities $ 1,519.7 $ 1,496.8 $ 1,496.8 $ — $ — 5.625% Notes $ 399.6 $ 350.0 $ 350.0 $ — $ — 4.125% Notes $ 393.3 $ 305.0 $ 305.0 $ — $ — Convertible Notes $ 323.5 $ 489.7 $ 489.7 $ — $ — Other long-term obligations $ 150.1 $ 148.3 $ — $ 45.0 $ 103.3 Other liabilities $ 11.4 $ 11.3 $ — $ 2.6 $ 8.7 Puts and calls related to certain Barstool Sports shares $ 0.6 $ 0.6 $ — $ 0.6 $ — December 31, 2021 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 1,863.9 $ 1,863.9 $ 1,863.9 $ — $ — Equity securities $ 84.3 $ 84.3 $ — $ 84.3 $ — Held-to-maturity securities $ 6.7 $ 6.7 $ — $ 6.7 $ — Promissory notes $ 15.1 $ 15.1 $ — $ 15.1 $ — Puts and calls related to certain Barstool Sports shares $ 1.9 $ 1.9 $ — $ 1.9 $ — Financial liabilities: Long-term debt Senior Secured Credit Facilities $ 1,544.5 $ 1,559.6 $ 1,559.6 $ — $ — 5.625% Notes $ 399.6 $ 411.5 $ 411.5 $ — $ — 4.125% Notes $ 392.9 $ 389.5 $ 389.5 $ — $ — Convertible notes $ 253.5 $ 780.0 $ 780.0 $ — $ — Other long-term obligations $ 146.3 $ 144.3 $ — $ 53.9 $ 90.4 Other liabilities $ 13.3 $ 13.2 $ — $ 2.7 $ 10.5
Schedule 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: (in millions) Other Liabilities Balance as of January 1, 2022 $ 100.9 Interest 12.9 Payment installments (0.8) Included in earnings (1) (1.0) Balance as of June 30, 2022 $ 112.0 (1) The expense is included in “General and administrative” within our unaudited Consolidated Statements of Operations.
Schedule 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, 2022: Valuation Technique Unobservable Input Discount Rate Other long-term obligation Discounted cash flow Discount rate 27.0% Contingent purchase price - Plainridge Park Casino Discounted cash flow Discount rate 9.1%

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule of Segment 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 Hollywood Casino at Greektown 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 Morgantown Morgantown, Pennsylvania Morgantown Lease Hollywood Casino at PENN National Race Course Grantville, Pennsylvania PENN Master Lease Hollywood Casino Perryville Perryville, Maryland Perryville Lease Hollywood Casino Toledo Toledo, Ohio PENN Master Lease Hollywood Casino York York, Pennsylvania Operating Lease (not with REIT Landlord) Hollywood Gaming at Dayton Raceway Dayton, Ohio PENN Master Lease Hollywood Gaming at Mahoning Valley Race Course Youngstown, Ohio PENN Master Lease Marquee by PENN (1) Pennsylvania N/A Hollywood Casino at Meadows Racetrack Washington, Pennsylvania Meadows Lease Plainridge Park Casino Plainville, Massachusetts Pinnacle Master Lease South segment 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 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 Tropicana Lease Zia Park Casino Hobbs, New Mexico PENN Master Lease Midwest segment Ameristar Council Bluffs Council Bluffs, Iowa Pinnacle Master Lease Argosy Casino Alton (2) 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 (3) Kansas City, Kansas Owned - JV Hollywood Casino St. Louis Maryland Heights, Missouri PENN Master Lease Prairie State Gaming (1) Illinois N/A River City Casino St. Louis, Missouri Pinnacle Master Lease (1) VGT route operations (2) The riverboat is owned by us and not subject to the PENN Master Lease. (3) Pursuant to a joint venture (“JV”) with NASCAR and includes the Company’s 50% investment in Kansas Entertainment, LLC (“Kansas Entertainment”), which owns Hollywood Casino at Kansas Speedway. For the three months ended June 30, For the six months ended June 30, (in millions) 2022 2021 2022 2021 Revenues: Northeast segment $ 684.9 $ 652.5 $ 1,343.4 $ 1,223.4 South segment 338.6 368.2 680.0 664.1 West segment 153.8 140.4 294.7 237.0 Midwest segment 296.3 294.8 579.2 529.5 Interactive segment 154.9 96.0 296.4 182.3 Other (1) 5.9 1.7 13.2 3.3 Intersegment eliminations (2) (7.5) (7.8) (15.8) (18.9) Total $ 1,626.9 $ 1,545.8 $ 3,191.1 $ 2,820.7 Adjusted EBITDAR (3) : Northeast segment $ 214.4 $ 231.6 $ 419.6 $ 424.8 South segment 143.3 177.1 289.8 311.0 West segment 59.7 61.4 110.9 96.6 Midwest segment 131.3 142.2 256.8 248.2 Interactive segment (20.8) 1.2 (30.8) 2.5 Other (1) (23.4) (26.9) (47.1) (49.5) Total (3) 504.5 586.6 999.2 1,033.6 Other operating benefits (costs) and other income (expenses): Rent expense associated with triple net operating leases (4) (28.0) (116.5) (88.1) (226.9) Stock-based compensation (14.5) (9.2) (31.5) (13.4) Cash-settled stock-based awards variance 9.5 12.4 12.4 (9.1) Gain (loss) on disposal of assets (7.3) 0.1 (7.2) 0.2 Contingent purchase price 0.9 (1.2) 1.0 (1.3) Pre-opening expenses (5) (2.1) 0.4 (3.6) (1.2) Depreciation and amortization (150.3) (81.9) (268.5) (163.2) Insurance recoveries, net of deductible charges — — 8.8 — Non-operating items of equity method investments (6) (0.3) (1.4) (2.1) (3.0) Interest expense, net (193.6) (138.0) (354.4) (273.7) Other (5)(7) (36.4) 0.5 (84.4) 21.3 Income before income taxes 82.4 251.8 181.6 363.3 Income tax expense (56.3) (53.1) (103.9) (73.7) Net income $ 26.1 $ 198.7 $ 77.7 $ 289.6 (1) The Other category consists of the Company’s stand-alone racing operations, namely Sanford-Orlando Kennel Club, Sam Houston and Valley Race Parks (the remaining 50% was acquired by PENN on August 1, 2021), the Company’s joint venture interests in Freehold Raceway, and our management contract for Retama Park Racetrack. 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 not otherwise been allocated to a property. (2) Primarily represents the elimination of intersegment revenues associated with our internally-branded retail sportsbooks, which are operated by PENN Interactive. (3) We define Adjusted EBITDAR as earnings before interest expense, net, income taxes, depreciation and amortization, rent expense associated with triple net operating leases (see footnote (4) below), stock-based compensation, debt extinguishment and financing charges, which is included in “Other” (see footnote (7) below), impairment losses, insurance recoveries, net of 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 expenses (see footnote (5) below), and other. Adjusted EBITDAR is also inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (see footnote (6) below) added back for Barstool Sports and our Kansas Entertainment joint venture. (4) Solely comprised of rent expense associated with the operating lease components contained within our triple net master lease dated November 1, 2013 with GLPI and the triple net master lease assumed in connection with our acquisition of Pinnacle Entertainment, Inc., our individual triple net leases with GLPI for the real estate assets used in the operation of Tropicana and Hollywood Casino at Meadows Racetrack, and our individual triple net leases with VICI for the real estate assets used in the operations of Margaritaville Casino Resort and Hollywood Casino at Greektown (of which the Tropicana Lease, Meadows Lease, Margaritaville Lease and the Greektown Lease are defined in “Note 9, Leases” ) and are referred to collectively as our “triple net operating leases”. As a result of the Lease Modification defined in Note 9, “Leases” , the land and building components associated with the operations of Dayton and Mahoning Valley are classified as operating leases which is recorded to rent expense, as compared to prior to the Lease Modification, whereby the land components of substantially all of the Master Lease properties were classified as operating leases and recorded to rent expense. Subsequent to the Lease Modification, the land components associated with the Master Lease properties are primarily classified as finance leases. (5) During the first quarter of 2021, acquisition costs were included within pre-opening and acquisition costs. Beginning with the quarter ended June 30, 2021, acquisition costs are presented as part of other expenses. (6) Consists principally of interest expense, net, income taxes, depreciation and amortization, and stock-based compensation expense associated with Barstool Sports and our Kansas Entertainment joint venture. We record our portion of Barstool Sports’ net income or loss, including adjustments to arrive at Adjusted EBITDAR, one quarter in arrears. (7) Includes holding gains and losses on our equity securities, which are discussed in Note 15, “Fair Value Measurements.” Also consists of non-recurring acquisition and transaction costs, finance transformation costs associated with the implementation of our new Enterprise Resource Management system, and debt extinguishment and financing charges, which are discussed in Note 8, “Long-term Debt.” The table below presents capital expenditures by segment: For the three months ended June 30, For the six months ended June 30, (in millions) 2022 2021 2022 2021 Capital expenditures: Northeast segment $ 25.1 $ 20.8 $ 55.7 $ 36.2 South segment 16.6 6.3 36.3 8.1 West segment 2.2 — 4.0 3.2 Midwest segment 7.4 3.6 14.2 5.5 Interactive segment 2.1 0.6 3.2 1.4 Other 6.6 7.6 12.2 10.2 Total capital expenditures $ 60.0 $ 38.9 $ 125.6 $ 64.6 The table below presents investment in and advances to unconsolidated affiliates and total assets by segment: (in millions) Northeast South West Midwest Interactive Other (1) Total Balance sheet as of June 30, 2022 Investment in and advances to unconsolidated affiliates $ 0.1 $ — $ — $ 82.4 $ 161.3 $ 6.5 $ 250.3 Total assets $ 2,228.7 $ 1,166.2 $ 381.8 $ 1,393.9 $ 2,526.4 $ 10,183.8 $ 17,880.8 Balance sheet as of December 31, 2021 Investment in and advances to unconsolidated affiliates $ 0.1 $ — $ — $ 83.8 $ 164.4 $ 6.8 $ 255.1 Total assets $ 2,283.6 $ 1,224.6 $ 394.8 $ 1,215.8 $ 2,618.3 $ 9,135.0 $ 16,872.1 (1) The real estate assets subject to the Master Leases, which are classified as either property and equipment, operating lease ROU assets, or finance lease ROU assets, are included within the Other category.

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details) - Subsequent Event member in Millions	Aug. 04, 2022 property member jurisdiction state
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of properties the entity owned, managed, or had ownership interests in | property	44
Number of states in which the entity operates | state	20
Number of states with live sports betting in which the entity operates	13
Number of states with casino play	5
Number of members | member	26

Significant Accounting Polici_4

Significant Accounting Policies - Segment Information (Details)	6 Months Ended
	Jun. 30, 2022 segment facility
Segment Reporting Information [Line Items]
Number of reportable segments	5
Kansas Entertainment
Segment Reporting Information [Line Items]
Ownership interest	50%
Jackpot, Nevada
Segment Reporting Information [Line Items]
Number of facilities the entity owned, managed, or had ownership interests in | facility	2
Number of operating segments	1

Significant Accounting Polici_5

Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	$ 91.5	$ 76.9	$ 176.9	$ 141.3
Food and beverage
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	52.1	44.1	102.8	80.2
Hotel
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	36.6	30.7	68.8	57.1
Other
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	$ 2.8	$ 2.1	$ 5.3	$ 4

Significant Accounting Polici_6

Significant Accounting Policies - Customer-Related Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Online Sports Betting and iGaming Market Access
Disaggregation of Revenue [Line Items]
Customer-related liabilities, long-term	$ 55.4	$ 52.2
Loyalty Credit Obligation
Disaggregation of Revenue [Line Items]
Customer-related liabilities, current	$ 43.4	37.6
Contract with customer, term	6 months
Advance Payments on Goods and Services Yet to Be Provided and Unpaid Wagers
Disaggregation of Revenue [Line Items]
Customer-related liabilities	$ 93.2	$ 112

Significant Accounting Polici_7

Significant Accounting Policies - Advertising (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accounting Policies [Abstract]
Marketing and advertising expense	$ 18.5	$ 15.3	$ 42.6	$ 32.4

Significant Accounting Polici_8

Significant Accounting Policies - Gaming and Racing Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accounting Policies [Abstract]
Gaming taxes	$ 486.8	$ 515.9	$ 959	$ 933.8

New Accounting Pronouncements (

New Accounting Pronouncements (Details) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	May 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	$ 3,766	$ 3,952.7	$ 4,097.1	$ 2,957.8	$ 2,755.8	$ 2,655.8
Additional Paid-In Capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	4,187.3	4,170.4	4,239.6	3,178.5	3,175.2	3,167.2
Retained Earnings (Accumulated Deficit)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest	$ 10.2	$ (15.9)	(86.5)	$ (217.6)	$ (416.3)	$ (507.3)
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest			(69.3)
Cumulative Effect, Period of Adoption, Adjustment | Additional Paid-In Capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest			(88.2)
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings (Accumulated Deficit)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest			$ 18.9
2.75% Convertible Notes due 2026 | Convertible Notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Interest rate	2.75%						2.75%

Hurricane Laura - Narrative (De

Hurricane Laura - Narrative (Details) - Hurricane Laura $ in Millions		3 Months Ended	6 Months Ended	12 Months Ended
	Aug. 27, 2020 week	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Unusual or Infrequent Item, or Both [Line Items]
Number of weeks of property closure | week	2
Insurance receivable		$ 0	$ 0	$ 28.7
Received from our insurers proceeds			37.5
Costs related to our policy claim			$ 8.8

Hurricane Laura - Summary of Fi

Hurricane Laura - Summary of Financial Impact of Hurricane Laura (Details) - Hurricane Laura - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Unusual or Infrequent Item, or Both [Line Items]
Insurance proceeds received through the end of the period		$ 85	$ 47.5
Deductible		15	15
Coinsurance		2.5	2.5
Clean-up, restoration, and other costs		52.8	52.8
Fixed asset write-off		23.2	23.2
Inventory write-off		0.2	0.2
Insurance receivable	$ 0	$ 0	$ 28.7

Revenue Disaggregation (Details

Revenue Disaggregation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,626.9	$ 1,545.8	$ 3,191.1	$ 2,820.7
Gaming
Disaggregation of Revenue [Line Items]
Total revenues	1,325.6	1,305.5	2,616.8	2,387.5
Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	100.6	81.6	196.5	144.6
Hotel
Disaggregation of Revenue [Line Items]
Total revenues	71.8	57.7	131.8	101.5
Other
Disaggregation of Revenue [Line Items]
Total revenues	128.9	101	246	187.1
Operating segments | Northeast
Disaggregation of Revenue [Line Items]
Total revenues	684.9	652.5	1,343.4	1,223.4
Operating segments | Northeast | Gaming
Disaggregation of Revenue [Line Items]
Total revenues	621.4	602.5	1,220.5	1,129.5
Operating segments | Northeast | Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	31.5	24.1	63.4	45
Operating segments | Northeast | Hotel
Disaggregation of Revenue [Line Items]
Total revenues	10.3	6.7	18.4	12.5
Operating segments | Northeast | Other
Disaggregation of Revenue [Line Items]
Total revenues	21.7	19.2	41.1	36.4
Operating segments | South
Disaggregation of Revenue [Line Items]
Total revenues	338.6	368.2	680	664.1
Operating segments | South | Gaming
Disaggregation of Revenue [Line Items]
Total revenues	269	304.4	547.6	549.8
Operating segments | South | Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	33	29.4	64	52.5
Operating segments | South | Hotel
Disaggregation of Revenue [Line Items]
Total revenues	26	24.1	48	43.7
Operating segments | South | Other
Disaggregation of Revenue [Line Items]
Total revenues	10.6	10.3	20.4	18.1
Operating segments | West
Disaggregation of Revenue [Line Items]
Total revenues	153.8	140.4	294.7	237
Operating segments | West | Gaming
Disaggregation of Revenue [Line Items]
Total revenues	98.9	96.7	193	165.8
Operating segments | West | Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	21.6	18.2	40.9	30.1
Operating segments | West | Hotel
Disaggregation of Revenue [Line Items]
Total revenues	26.4	19.9	48.7	32.4
Operating segments | West | Other
Disaggregation of Revenue [Line Items]
Total revenues	6.9	5.6	12.1	8.7
Operating segments | Midwest
Disaggregation of Revenue [Line Items]
Total revenues	296.3	294.8	579.2	529.5
Operating segments | Midwest | Gaming
Disaggregation of Revenue [Line Items]
Total revenues	267	272.1	523.5	489
Operating segments | Midwest | Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	13.2	9.7	25.7	16.7
Operating segments | Midwest | Hotel
Disaggregation of Revenue [Line Items]
Total revenues	9.1	7	16.7	12.9
Operating segments | Midwest | Other
Disaggregation of Revenue [Line Items]
Total revenues	7	6	13.3	10.9
Operating segments | Interactive
Disaggregation of Revenue [Line Items]
Total revenues	154.9	96	296.4	182.3
Operating segments | Interactive | Gaming
Disaggregation of Revenue [Line Items]
Total revenues	69.3	29.8	132.2	53.4
Operating segments | Interactive | Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Operating segments | Interactive | Hotel
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Operating segments | Interactive | Other
Disaggregation of Revenue [Line Items]
Total revenues	85.6	66.2	164.2	128.9
Other
Disaggregation of Revenue [Line Items]
Total revenues	5.9	1.7	13.2	3.3
Other | Gaming
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Other | Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	1.3	0.2	2.5	0.3
Other | Hotel
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Other | Other
Disaggregation of Revenue [Line Items]
Total revenues	4.6	1.5	10.7	3
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Total revenues	(7.5)	(7.8)	(15.8)	(18.9)
Intersegment eliminations | Gaming
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Intersegment eliminations | Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Intersegment eliminations | Hotel
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Intersegment eliminations | Other
Disaggregation of Revenue [Line Items]
Total revenues	$ (7.5)	$ (7.8)	$ (15.8)	$ (18.9)

Acquisitions and Dispositions -

Acquisitions and Dispositions - Narrative (Details) $ / shares in Units, $ in Millions			3 Months Ended	6 Months Ended
	Oct. 19, 2021 USD ($) $ / shares shares	Apr. 16, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2021 USD ($)	Feb. 24, 2022 $ / shares	Feb. 23, 2022 $ / shares	Dec. 31, 2021 $ / shares	Aug. 23, 2021 $ / shares	Feb. 22, 2021 $ / shares
Business Acquisition [Line Items]
Common stock, par value (in dollars per share) | $ / shares						$ 0.01	$ 0.01		$ 0.01	$ 0.01
Common Stock, Exchangeable
Business Acquisition [Line Items]
Common stock, par value (in dollars per share) | $ / shares				$ 0.01				$ 0.01
Score Media and Gaming Inc.
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired	100%
Purchase price	$ 2,100
Purchase price (in dollars per share) | $ / shares	$ 17
Payments to acquire businesses, gross	$ 922.8
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Fair value of investment	$ 58.9
Gain on transaction	$ 2.9
Acquired finite-lived intangible assets useful life				17 years 9 months 18 days
Goodwill tax deductible amount				$ 0
Goodwill, percent of net assets acquired				81.20%
Score Media and Gaming Inc. | Minimum
Business Acquisition [Line Items]
Intangible asset, useful life				1 year
Score Media and Gaming Inc. | Maximum
Business Acquisition [Line Items]
Intangible asset, useful life				7 years
Score Media and Gaming Inc. | Common Stock
Business Acquisition [Line Items]
Number of shares issued per acquiree share (in shares) | shares	0.2398
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Business acquisition, equity interest Issued or issuable (in shares) | shares	12,319,340
Score Media and Gaming Inc. | Common Stock, Exchangeable
Business Acquisition [Line Items]
Number of shares issued per acquiree share (in shares) | shares	0.2398
Business acquisition, equity interest Issued or issuable (in shares) | shares	697,539
Business combination, consideration transferred, equity interests issued and issuable	$ 1,000
Exchange ratio	1
Hitpoint, Perryville, Sam Houston And theScore
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired			50%		50%
Acquisition and transaction related costs			$ 2.1		$ 3.7
(Loss) gain recorded			$ (8.5)		$ 34.9
Tropicana Las Vegas
Business Acquisition [Line Items]
Sale of property in exchange for rent credits		$ 307.5

Acquisitions and Dispositions_2

Acquisitions and Dispositions - Allocation of Purchase Price (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Oct. 19, 2021
Business Acquisition [Line Items]
Goodwill	$ 2,799.6	$ 2,822.5
Score Media and Gaming Inc.
Business Acquisition [Line Items]
Cash and cash equivalents			$ 160.3
Other current assets			22.8
ROU assets			2.6
Property and equipment			1.8
Goodwill			1,690.2
Other long-term assets			5.2
Total assets			2,221.5
Accounts payable, accrued expenses and other current liabilities			67.9
Deferred tax liabilities			69.2
Other non-current liabilities			1.7
Total liabilities			138.8
Net assets acquired			2,082.7
Score Media and Gaming Inc. | Media technology
Business Acquisition [Line Items]
Customer relationship asset, other intangible assets			57
Score Media and Gaming Inc. | Customer relationships
Business Acquisition [Line Items]
Customer relationship asset, other intangible assets			8
Score Media and Gaming Inc. | Other
Business Acquisition [Line Items]
Customer relationship asset, other intangible assets			2.6
Score Media and Gaming Inc. | Gaming technology
Business Acquisition [Line Items]
Customer relationship asset, other intangible assets			160
Score Media and Gaming Inc. | Tradename
Business Acquisition [Line Items]
Customer relationship asset, other intangible assets			100
Score Media and Gaming Inc. | Advertising relationships
Business Acquisition [Line Items]
Customer relationship asset, other intangible assets			$ 11

Acquisitions and Dispositions_3

Acquisitions and Dispositions - Actual and Pro Forma Financial Results (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Actual financial results of acquiree since acquisition date
Net income	$ 26.1	$ 198.7	$ 77.7	$ 289.6
Hitpoint, Perryville, Sam Houston And theScore
Actual financial results of acquiree since acquisition date
Revenues		1,580.8		2,886.8
Net income		$ 191.6		$ 227.7

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill and Accumulated Goodwill Impairment Losses (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	$ 4,305.3
Accumulated goodwill impairment losses, beginning balance	(1,482.8)
Goodwill, net, beginning balance	2,822.5
Effect of foreign currency exchange rates	(22.9)
Goodwill, gross, ending balance	4,282.4
Accumulated goodwill impairment losses, ending balance	(1,482.8)
Goodwill, net, ending balance	2,799.6
Operating segments | Northeast
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	923.5
Accumulated goodwill impairment losses, beginning balance	(761.4)
Goodwill, net, beginning balance	162.1
Effect of foreign currency exchange rates	0
Goodwill, gross, ending balance	923.5
Accumulated goodwill impairment losses, ending balance	(761.4)
Goodwill, net, ending balance	162.1
Operating segments | South
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	236.6
Accumulated goodwill impairment losses, beginning balance	(61)
Goodwill, net, beginning balance	175.6
Effect of foreign currency exchange rates	0
Goodwill, gross, ending balance	236.6
Accumulated goodwill impairment losses, ending balance	(61)
Goodwill, net, ending balance	175.6
Operating segments | West
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	216.8
Accumulated goodwill impairment losses, beginning balance	(16.6)
Goodwill, net, beginning balance	200.2
Effect of foreign currency exchange rates	0
Goodwill, gross, ending balance	216.8
Accumulated goodwill impairment losses, ending balance	(16.6)
Goodwill, net, ending balance	200.2
Operating segments | Midwest
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	1,116.7
Accumulated goodwill impairment losses, beginning balance	(556.1)
Goodwill, net, beginning balance	560.6
Effect of foreign currency exchange rates	0
Goodwill, gross, ending balance	1,116.7
Accumulated goodwill impairment losses, ending balance	(556.1)
Goodwill, net, ending balance	560.6
Operating segments | Interactive
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	1,724
Accumulated goodwill impairment losses, beginning balance	0
Goodwill, net, beginning balance	1,724
Effect of foreign currency exchange rates	(22.9)
Goodwill, gross, ending balance	1,701.1
Accumulated goodwill impairment losses, ending balance	0
Goodwill, net, ending balance	1,701.1
Other
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	87.7
Accumulated goodwill impairment losses, beginning balance	(87.7)
Goodwill, net, beginning balance	0
Effect of foreign currency exchange rates	0
Goodwill, gross, ending balance	87.7
Accumulated goodwill impairment losses, ending balance	(87.7)
Goodwill, net, ending balance	$ 0

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment charges	$ 0	$ 0	$ 0	$ 0
Impairment charges on other intangible assets	0	0	0	0
Intangible asset amortization expense	$ 14.9	$ 2.5	$ 29.9	$ 4.7

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, accumulated amortization	$ (166.7)	$ (138.7)
Amortizing intangible assets, net carrying amount	219
Total other intangible assets, gross carrying amount	2,008.8	2,011.3
Total other intangible assets, net carrying amount	1,842.1	1,872.6
Gaming licenses
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,285.4	1,285.4
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	337	338.2
Other
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	0.7	0.7
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, gross carrying amount	114.7	114.9
Amortizing intangible assets, accumulated amortization	(97.7)	(91.4)
Amortizing intangible assets, net carrying amount	17	23.5
Technology
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, gross carrying amount	251.8	252.7
Amortizing intangible assets, accumulated amortization	(60.3)	(40.5)
Amortizing intangible assets, net carrying amount	191.5	212.2
Other
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, gross carrying amount	19.2	19.4
Amortizing intangible assets, accumulated amortization	(8.7)	(6.8)
Amortizing intangible assets, net carrying amount	$ 10.5	$ 12.6

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Expected Intangible Asset Amortization Expense (Details) $ in Millions	Jun. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (excluding the six months ended June 30, 2022)	$ 28.3
2023	49.4
2024	45.4
2025	30.3
2026	23.9
Thereafter	41.7
Amortizing intangible assets, net carrying amount	$ 219

Long-term Debt - Debt Summary (

Long-term Debt - Debt Summary (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jul. 01, 2021	May 31, 2020	Jan. 19, 2017
Debt Instrument [Line Items]
Principal	$ 2,830.6	$ 2,840.5
Less: Current maturities of long-term debt	(55.8)	(99.5)
Less: Debt discount	(4.9)	(73.1)
Less: Debt issuance costs	(39.5)	(30.6)
Long-term debt, net of current maturities, debt discount and debt issuance costs	2,730.4	2,637.3
Senior Secured Credit Facilities | Amended Revolving Credit Facility due 2027
Debt Instrument [Line Items]
Principal	0	0
Senior Secured Credit Facilities | Amended Term Loan A Facility due 2027
Debt Instrument [Line Items]
Principal	550	0
Senior Secured Credit Facilities | Amended Term Loan B Facility due 2029
Debt Instrument [Line Items]
Principal	1,000	0
Senior Secured Credit Facilities | Term Loan A Facility due 2023
Debt Instrument [Line Items]
Principal	0	583.8
Senior Secured Credit Facilities | Term Loan B-1 Facility due 2025
Debt Instrument [Line Items]
Principal	$ 0	$ 979.9
Senior Notes | 5.625% Notes due 2027
Debt Instrument [Line Items]
Interest rate	5.625%	5.625%			5.625%
Principal	$ 400	$ 400
Senior Notes | 4.125% Notes due 2029
Debt Instrument [Line Items]
Interest rate	4.125%	4.125%	4.125%
Principal	$ 400	$ 400
Convertible Notes | 2.75% Convertible Notes due 2026
Debt Instrument [Line Items]
Interest rate	2.75%			2.75%
Principal	$ 330.5	330.5
Other long-term obligations
Debt Instrument [Line Items]
Principal	$ 150.1	$ 146.3

Long-term Debt - Debt Maturitie

Long-term Debt - Debt Maturities (Details) $ in Millions	Jun. 30, 2022 USD ($)
Debt Disclosure [Abstract]
2022 (excluding the six months ended June 30, 2022)	$ 27.4
2023	56.2
2024	47.6
2025	38.2
2026	472
Thereafter	2,189.2
Net carrying amount	$ 2,830.6

Long-term Debt - Senior Secured

Long-term Debt - Senior Secured Credit Facilities, Senior Unsecured Notes, Unsecured Convertible Notes, and Covenants (Details) $ / shares in Units, $ in Millions			1 Months Ended		3 Months Ended		6 Months Ended
	May 03, 2022 USD ($)	May 01, 2022	May 31, 2020 USD ($) $ / shares	Jan. 31, 2017 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021	Jul. 01, 2021	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Oct. 15, 2018 USD ($)	Jan. 19, 2017
Debt Instrument [Line Items]
Loss on early extinguishment of debt							$ 10.4	$ 0
Proceeds from issuance of long-term debt, net of discounts							1,545	0
Stockholders' equity, including portion attributable to noncontrolling interest					$ 3,766	$ 2,957.8	3,766	2,957.8	$ 3,952.7	$ 4,097.1			$ 2,755.8	$ 2,655.8
Additional Paid-In Capital
Debt Instrument [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest					4,187.3	3,178.5	4,187.3	3,178.5	4,170.4	4,239.6			3,175.2	3,167.2
Retained Earnings (Accumulated Deficit)
Debt Instrument [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest					$ 10.2	$ (217.6)	$ 10.2	$ (217.6)	$ (15.9)	(86.5)			$ (416.3)	$ (507.3)
Cumulative Effect, Period of Adoption, Adjustment
Debt Instrument [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest										(69.3)
Cumulative Effect, Period of Adoption, Adjustment | Additional Paid-In Capital
Debt Instrument [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest										(88.2)
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings (Accumulated Deficit)
Debt Instrument [Line Items]
Stockholders' equity, including portion attributable to noncontrolling interest										$ 18.9
Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Threshold percentage of stock price			130%
Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Threshold percentage of stock price			98%
Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Threshold percentage of stock price			100%
Senior Secured Credit Facility
Debt Instrument [Line Items]
Covenant relief period, consolidated total net leverage ratio thereafter					4.25		4.25
Covenant relief period, maximum senior secured net leverage ratio thereafter					3		3
Covenant relief period, minimum interest coverage ratio		2					2.50
Refinancing costs recorded					$ 1.3		$ 1.3
Loss on early extinguishment of debt					10.4		10.4
Senior Secured Credit Facility | Maximum
Debt Instrument [Line Items]
Covenant relief period, maximum consolidated total net leverage ratio in 2021		4.50											5.50
Covenant relief period, maximum consolidated total net leverage ratio in June 30, 2021		5				5		5
Covenant relief period, maximum consolidated total net leverage ratio in September 30, 2021											4.75
Covenant relief period, maximum consolidated total net leverage ratio in December 30, 2021										4.50
Covenant relief period, maximum senior secured net leverage ratio in March 31, 2021													4.50
Covenant relief period, maximum senior secured net leverage ratio in June 30, 2021						4		4
Covenant relief period, maximum senior secured net leverage ratio in September 30, 2021											3.75
Covenant relief period, maximum senior secured net leverage ratio in December 31, 2021										3.50
Amended Term Loan B Facility due 2029
Debt Instrument [Line Items]
Amortization of debt discount							5
Senior Secured Credit Facilities | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term				5 years
Maximum borrowing capacity	$ 1,000			$ 700
Commitment fee on unused capacity	0.25%
Letters of credit outstanding					25.4		25.4			$ 26
Available borrowing capacity					$ 974.6		$ 974.6			$ 674
Senior Secured Credit Facilities | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee on unused capacity	0.20%						0.20%
Senior Secured Credit Facilities | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee on unused capacity	0.35%						0.50%
Senior Secured Credit Facilities | Term Loan A Facility
Debt Instrument [Line Items]
Debt instrument, term		5 years		5 years
Maximum borrowing capacity	$ 550			$ 300
Senior Secured Credit Facilities | Term Loan A Facility | Minimum | LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate							1.25%
Senior Secured Credit Facilities | Term Loan A Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate							0.25%
Senior Secured Credit Facilities | Term Loan A Facility | Maximum | LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate							3%
Senior Secured Credit Facilities | Term Loan A Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate							2%
Senior Secured Credit Facilities | Term Loan B Facility
Debt Instrument [Line Items]
Debt instrument, term		7 years		7 years
Maximum borrowing capacity	$ 1,000			$ 500
Senior Secured Credit Facilities | Term Loan A Facility due 2023, incremental loans
Debt Instrument [Line Items]
Maximum borrowing capacity															$ 430.2
Senior Secured Credit Facilities | Term Loan B-1 Facility
Debt Instrument [Line Items]
Maximum borrowing capacity															$ 1,100
Basis spread on variable rate, floor							0.75%
Senior Secured Credit Facilities | Term Loan B-1 Facility | LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate							2.25%
Senior Secured Credit Facilities | Term Loan B-1 Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate							1.25%
Senior Secured Credit Facilities | Term Loan A | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Senior Secured Credit Facilities | Term Loan A | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Senior Secured Credit Facilities | Term Loan A | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Senior Secured Credit Facilities | Term Loan A | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Senior Secured Credit Facilities | Term Loan A | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Senior Secured Credit Facilities | Term Loan A | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Senior Secured Credit Facilities | Term Loan B | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Basis spread on variable rate, floor	1.50%
Senior Secured Credit Facilities | Term Loan B | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Basis spread on variable rate, floor	0.50%
Senior Notes | 2.75% Convertible Notes due 2026 | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt Instrument, convertible, conversion ratio			0.0427350
Senior Notes | 2.75% Convertible Notes due 2026 | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt Instrument, convertible, conversion ratio			0.0555555
Senior Notes | 5.625% Notes due 2027
Debt Instrument [Line Items]
Interest rate					5.625%		5.625%			5.625%						5.625%
Senior Notes | 4.125% Notes due 2029
Debt Instrument [Line Items]
Interest rate					4.125%		4.125%			4.125%		4.125%
Convertible Notes | 2.75% Convertible Notes due 2026
Debt Instrument [Line Items]
Amortization of debt discount					$ 0	$ 3.1	$ 0	$ 6.2
Interest rate			2.75%		2.75%		2.75%
Debt principal amount			$ 330.5
Proceeds from issuance of long-term debt, net of discounts			$ 322.2
Conversion price (in dollars per share) | $ / shares			$ 23.40
Number of shares issued upon conversion (in shares) | shares							18,360,815
Amount if-converted value exceeds its principal amount							$ 228
Carrying amount of equity component			$ 91.8		$ 0		$ 0			$ 88.2
Debt issuance costs			10.2
Effective yield					3.329%		3.329%
Remaining term							3 years 10 months 24 days
Convertible Notes | Convertible Notes Due 2026, Liability Component
Debt Instrument [Line Items]
Debt issuance costs			6.6
Convertible Notes | Convertible Notes Due 2026, Equity Component
Debt Instrument [Line Items]
Debt issuance costs			$ 3.6

Long-term Debt - Convertible No

Long-term Debt - Convertible Notes (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	May 31, 2020
Debt Instrument [Line Items]
Net carrying amount	$ 2,830.6
2.75% Convertible Notes due 2026 | Convertible Notes
Debt Instrument [Line Items]
Principal	330.5	$ 330.5
Unamortized debt discount	0	(71.7)
Unamortized debt issuance costs	(7)	(5.3)
Net carrying amount	323.5	253.5
Carrying amount of equity component	$ 0	$ 88.2	$ 91.8

Long-term Debt - Interest Expen

Long-term Debt - Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Interest expense	$ (195.3)	$ (139.1)	$ (356.9)	$ (275.7)
Interest income	1.3	0.2	1.8	0.4
Capitalized interest	0.4	0.9	0.7	1.6
Interest expense, net	(193.6)	(138)	(354.4)	(273.7)
2.75% Convertible Notes due 2026 | Convertible Notes
Debt Instrument [Line Items]
Coupon interest	2.2	2.2	4.5	4.5
Amortization of debt discount	0	3.1	0	6.2
Amortization of debt issuance costs	0.4	0.3	0.8	0.5
Convertible Notes interest expense	$ 2.6	$ 5.6	$ 5.3	$ 11.2

Long-term Debt - Other Long-ter

Long-term Debt - Other Long-term Obligations (Details) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2016 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) payment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Feb. 28, 2021	Jan. 31, 2015 USD ($)
Debt Instrument [Line Items]
Principal		$ 2,830.6		$ 2,830.6		$ 2,840.5
Other Long-Term Obligations
Debt Instrument [Line Items]
Effective yield							27%
Interest expense, debt		6.7	$ 3.7	12.9	$ 5.2
Principal		$ 150.1		$ 150.1		146.3
Other Long-Term Obligations | Ohio Relocation Fees Debt
Debt Instrument [Line Items]
Effective yield		5%		5%
Principal		$ 36.1		$ 36.1		44.5
Amount payable upon opening of the facility		7.5		$ 7.5
Number of semi-annual payments | payment				18
Amount of semi-annual payments due beginning one year from commencement of operations				$ 4.8
Other Long-Term Obligations | Event Center Debt
Debt Instrument [Line Items]
Effective yield								3%
Principal		$ 10.7		$ 10.7		$ 11.4
Debt principal amount								$ 15.3
Debt instrument, periodic payment	$ 1
Debt instrument, term	20 years

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions								6 Months Ended
	May 01, 2022 USD ($)	Feb. 01, 2022 USD ($)	Jan. 14, 2022 USD ($) extension_period	Jul. 01, 2021 USD ($) extension_period	Oct. 01, 2020 USD ($) property	Apr. 28, 2016 extension_period facility	Nov. 01, 2013 facility extension_period	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Schedule of Leased Assets [Line Items]
Long-term portion of financing obligations								$ 4,001.3	$ 4,057.8
Operating lease, liability								$ 1,069.3
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				4
Lease renewal term			5 years				5 years
Lease - expected term with renewal options							35 years
Adjusted annual escalator percentage							2%
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%
Percentage rent baseline period							5 years
Adjustment to fixed component as percentage of the average change to net revenues during preceding month							20%
Long-term portion of financing obligations			$ 455.4
Pinnacle Master Lease
Schedule of Leased Assets [Line Items]
Number of facilities with leased real estate | facility						12
Lease - expected term with renewal options						32 years 6 months
Adjusted annual escalator percentage						2%
Percentage rent baseline period						2 years
Long-term portion of financing obligations			$ 937.6
Remaining lease term						7 years 6 months
Initial lease term						10 years
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%
Increase in fixed component of rent resulting from annual escalator	$ 4.6
Operating lease, annual escalator, additional ROU asset recognized	33.2
Annual rent increase from reset test	1.9
Operating lease, ROU assets	26.1
Operating lease, liability	$ 26.1
Pinnacle Master Lease | Lease Renewal Option One
Schedule of Leased Assets [Line Items]
Number of options to extend lease | extension_period						5
Lease renewal term						5 years
Pinnacle Master Lease | Lease Renewal Option Two
Schedule of Leased Assets [Line Items]
Number of options to extend lease | extension_period			5
Lease renewal term			5 years
Morgantown Lease
Schedule of Leased Assets [Line Items]
Adjusted annual escalator percentage					1.50%
Sale of property in exchange for rent credits					$ 30
Annual rent					$ 3
Percentage rent escalation interval								3 years
Morgantown Lease | Morgantown
Schedule of Leased Assets [Line Items]
Lease term					20 years
Number of options to extend | property					6
Lease renewal term					5 years
Morgantown Lease Annual Escalator Scenario One
Schedule of Leased Assets [Line Items]
Lessee annual escalator consisting					1.25%
Consumer price index greater than					0.50%
Morgantown Lease Annual Escalator Scenario Two
Schedule of Leased Assets [Line Items]
Consumer price index greater than					0.50%
Lessee annual escalator consisting					0%
Perryville Lease
Schedule of Leased Assets [Line Items]
Number of options to extend lease | extension_period				3
Lease renewal term				5 years
Adjusted annual escalator percentage				1.50%
Initial lease term				20 years
Percentage rent escalation interval				3 years
Annual rent				$ 7.8
Perryville Lease, Annual Escalator, Scenario One
Schedule of Leased Assets [Line Items]
Consumer price index greater than				0.50%
Lessee annual escalator consisting				1.25%
Perryville Lease, Annual Escalator, Scenario Two
Schedule of Leased Assets [Line Items]
Consumer price index greater than				0.50%
Lessee annual escalator consisting				0%
Margaritaville Lease
Schedule of Leased Assets [Line Items]
Increase in fixed component of rent resulting from annual escalator		$ 0.4
Operating lease, annual escalator, additional ROU asset recognized		$ 2.9

Leases - Future Minimum Lease C

Leases - Future Minimum Lease Commitments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Operating Leases
2022 (excluding the six months ended June 30, 2022)	$ 68
2023	125.2
2024	119.9
2025	116.6
2026	112.2
Thereafter	1,341.4
Total lease payments	1,883.3
Less: Imputed interest	(814)
Present value of future lease payments	1,069.3
Less: Current portion of lease obligations	(74.2)
Long-term portion of lease obligations	995.1
Finance Leases
2022 (excluding the six months ended June 30, 2022)	193.2
2023	375.2
2024	347.9
2025	346.9
2026	346.9
Thereafter	7,873.5
Total lease payments	9,483.6
Less: Imputed interest	(4,421.5)
Present value of future lease payments	5,062.1
Less: Current portion of lease obligations	(115.5)
Long-term portion of lease obligations	4,946.6
Financing Obligations
2022 (excluding the six months ended June 30, 2022)	186.3
2023	369.8
2024	355.3
2025	355.4
2026	355.4
Thereafter	8,285.7
Total lease payments	9,907.9
Less: Imputed interest	(5,842.8)
Present value of future lease payments	4,065.1
Less: Current portion of lease obligations	(63.8)	$ (39)
Long-term portion of lease obligations	$ 4,001.3	$ 4,057.8

Leases - Triple Net Leases (Det

Leases - Triple Net Leases (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule of Leased Assets [Line Items]
Lease payments	$ 231.8	$ 229.1	$ 461.1	$ 455.1
PENN Master Lease
Schedule of Leased Assets [Line Items]
Lease payments	120.6	120.7	239.8	238.7
Pinnacle Master Lease
Schedule of Leased Assets [Line Items]
Lease payments	83.4	82.1	165.9	163.4
Perryville Lease
Schedule of Leased Assets [Line Items]
Lease payments	2	0	3.9	0
Meadows Lease
Schedule of Leased Assets [Line Items]
Lease payments	6.2	6.2	12.4	12.4
Margaritaville Lease
Schedule of Leased Assets [Line Items]
Lease payments	6	5.9	11.9	11.7
Greektown Lease
Schedule of Leased Assets [Line Items]
Lease payments	12.9	13.5	25.7	27.4
Morgantown Lease
Schedule of Leased Assets [Line Items]
Lease payments	$ 0.7	$ 0.7	$ 1.5	$ 1.5

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating Lease Costs
Total	$ 52.6	$ 136.9	$ 136.9	$ 265.6
Finance Lease Costs
Total	124.5	5.8	196.1	11.4
General and administrative
Operating Lease Costs
Rent expense associated with triple net operating leases	28	116.5	88.1	226.9
Operating lease cost	4.9	3.9	9.9	7.8
Primarily Gaming expense
Operating Lease Costs
Short-term lease cost	18.5	15.5	36.6	28.8
Variable lease cost	1.2	1	2.3	2.1
Interest expense, net
Finance Lease Costs
Interest on lease liabilities	75.7	3.7	115.2	7.4
Financing Obligation Costs
Interest on financing obligations	85.2	105.3	174.8	207.9
Depreciation and amortization
Finance Lease Costs
Amortization of ROU assets	$ 48.8	$ 2.1	$ 80.9	$ 4

Investments in and Advances t_2

Investments in and Advances to Unconsolidated Affiliates (Details) $ / shares in Units, $ in Millions								1 Months Ended	3 Months Ended				6 Months Ended
	Jun. 01, 2022 shares	Feb. 24, 2022 $ / shares shares	Feb. 23, 2022 $ / shares shares	Oct. 01, 2021 USD ($)	Aug. 23, 2021 $ / shares shares	Feb. 22, 2021 $ / shares shares	Feb. 20, 2020 $ / shares shares	Feb. 29, 2020 USD ($) option $ / shares	Jun. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021	Jun. 30, 2021 USD ($)	Mar. 31, 2021 $ / shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) $ / shares	Aug. 01, 2021
Schedule of Equity Method Investments [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01		$ 0.01	$ 0.01
Return on investment from unconsolidated affiliates													$ 17	$ 13.4
Series D Preferred Stock
Schedule of Equity Method Investments [Line Items]
Stock issuance (Note 13) (in shares) | shares							883
Preferred stock, par value (in dollars per share) | $ / shares							$ 0.01		$ 0.01				$ 0.01		$ 0.01
Preferred stock, conversion ratio							0.001
Preferred stock, conversion period							4 years
Convertible preferred stock, shares issued upon conversion (in shares) | shares									51				51
Common Stock
Schedule of Equity Method Investments [Line Items]
Stock issuance (Note 13) (in shares) | shares		151,200	43,000		43,000	151,200
Preferred stock, conversion ratio							1
Barstool Sports, Inc
Schedule of Equity Method Investments [Line Items]
Ownership interest									36%				36%
Investment acquired, percent								36%
Investment acquired, percent, delayed basis								1%					1%
Common stock, par value (in dollars per share) | $ / shares								$ 0.0001	$ 0.0001			$ 0.0001	$ 0.0001
Investment purchase price				$ 325				$ 161.2
Investment purchase price, cash								135
Investment purchase price, equity								$ 23.1
Investment acquired, period after which ownership will increase								3 years
Investment acquired, ownership percentage following additional investment				50%				50%
Investment acquired, expected additional investment				$ 62				$ 62
Investment acquired, valuation of acquiree total common stock outstanding at time of acquisition				$ 450				$ 450
Investment acquired, period after which remaining shares of investment are callable								3 years
Investment acquired, fair market value at time of exercise, cap								$ 650
Investment acquired, multiplier of revenue to calculate floor at time of exercise				2.25				2.25
Equity method investment, ownership percentage									0.30%	0.30%		0.30%
Commercial agreement term								10 years
Commercial agreement number of renewals | option								3
Commercial agreement renewal term								10 years
Commercial agreement term with exercise of renewals								40 years
Customer list intangible asset									$ 0.4				$ 0.4		$ 0.8
Prepaid advertising									14.8				14.8		15.4
Prepaid advertising, long-term									13.6				13.6		14.2
Investment balance									$ 159.4				$ 159.4		162.5
Barstool Sports, Inc | Common Stock
Schedule of Equity Method Investments [Line Items]
Stock issuance (Note 13) (in shares) | shares	64,000
Kansas Entertainment
Schedule of Equity Method Investments [Line Items]
Ownership interest									50%				50%
Investment balance									$ 82.4				$ 82.4		$ 83.8
Return on investment from unconsolidated affiliates									$ 9		$ 7.9		$ 17	$ 13.4
Freehold Raceway
Schedule of Equity Method Investments [Line Items]
Ownership interest									50%				50%
MAXXAM
Schedule of Equity Method Investments [Line Items]
Ownership interest									50%				50%			50%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	68.30%	21.10%	57.20%	20.30%
Increase in valuation allowance	$ 27.2
Prepaid taxes	$ 27.1		$ 27.1		$ 42.5
Reduction in prepaid income taxes			$ 28.2

Stockholders_ Equity and Stoc_2

Stockholders’ Equity and Stock-Based Compensation (Details) $ / shares in Units, $ in Millions													1 Months Ended		3 Months Ended		6 Months Ended
	Jul. 08, 2022 shares	Jun. 07, 2022 shares	Jun. 01, 2022 shares	Feb. 24, 2022 $ / shares shares	Feb. 23, 2022 $ / shares shares	Feb. 01, 2022 USD ($)	Oct. 19, 2021 USD ($) $ / shares shares	Aug. 23, 2021 $ / shares shares	Aug. 01, 2021 USD ($) shares	May 11, 2021 USD ($) shares	Feb. 22, 2021 $ / shares shares	Feb. 20, 2020 shares	Aug. 04, 2022 USD ($) $ / shares shares	Feb. 28, 2019 shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) agreement shares	Jun. 30, 2022 USD ($) performance_period $ / shares shares	Aug. 23, 2021 $ / shares shares	Jun. 30, 2021 USD ($) shares	Aug. 03, 2022 USD ($)	Dec. 31, 2021 USD ($) $ / shares shares	Jun. 17, 2021 shares	Jun. 16, 2021 shares	Mar. 31, 2021 $ / shares	Feb. 29, 2020 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)																						400,000,000	200,000,000
Common stock, par value (in dollars per share) | $ / shares				$ 0.01	$ 0.01			$ 0.01			$ 0.01							$ 0.01
Authorized amount under share repurchase program | $						$ 750
Stock repurchase program, authorization period						3 years
Share repurchases (in shares)															5,539,177		9,341,585
Share repurchases | $															$ 167		$ 342.1
Average price paid per share of common stock repurchased (in dollars per share) | $ / shares															$ 30.16		$ 36.62
Stock-based compensation expense (reduction to expense) | $															$ 14.5	$ 9.2	$ 31.5		$ 13.4
Stock options granted (in shares)															3,316	804	396,365		230,165
Shareholders | Note Payable Agreements
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of agreements | agreement																2
Amount from agreements | $																$ 9			$ 9
Interest rate																2.25%
Cash-settled Phantom Stock Units (CPSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense (reduction to expense) | $															$ 0.8	$ 1	$ 1.4		5.7
Unamortized compensation costs, weighted average period of recognition																	10 months 24 days
Liability for cash-settled awards | $															2		$ 2				$ 8.6
Unrecognized compensation cost, other awards | $															5.9		5.9
Amounts paid on cash-settled awards | $																	$ 8		6
Cash-settled Phantom Stock Units (CPSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period																	3 years
Cash-settled Phantom Stock Units (CPSUs) | 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]
Vesting period																	4 years
Stock-based compensation expense (reduction to expense) | $															6.8	$ (9.9)	$ 6.8		10.4
Unamortized compensation costs, weighted average period of recognition																	2 years
Liability for cash-settled awards | $															9.1		$ 9.1				$ 18.5
Unrecognized compensation cost, other awards | $															$ 11.5		11.5
Amounts paid on cash-settled awards | $																	$ 2.1		$ 38
2022 Long Term Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for awards, up to (in shares)		6,870,000
Common stock counted against the maximum shares available for grant for each share awarded under the plan (in shares)		1
Shares available for future grants (in shares)															6,816,817		6,816,817
2018 Long Term Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for awards, up to (in shares)															12,700,000		12,700,000
Common stock counted against the maximum shares available for grant for each share awarded under the plan (in shares)		1
Shares available for future grants (in shares)															2,858,438		2,858,438
2018 Long Term Incentive Compensation Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock counted against the maximum shares available for grant for each share awarded under the plan (in shares)																	2.30
theScore Long Term Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants (in shares)															251,825		251,825
theScore Long Term Incentive Compensation Plan | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested stock options (in shares)																	853,904
Performance Share Program II | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)														244,955
Performance Share Program II | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)														95,276
Award period																	3 years
Number of annual award performance periods | performance_period																	3
Service period																	1 year
Vesting period																	3 years
Performance Share Program II | Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award which can potentially be earned																	50%
Performance Share Program II | Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award which can potentially be earned																	150%
Barstool Sports, Inc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in dollars per share) | $ / shares															$ 0.0001		$ 0.0001							$ 0.0001	$ 0.0001
Investment acquired, percent, delayed basis																		1%
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issuance (Note 13) (in shares)				151,200	43,000			43,000			151,200
Common Stock | Barstool Sports, Inc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issuance (Note 13) (in shares)			64,000
Common Stock, Exchangeable
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)															697,539		697,539				697,539
Common stock, par value (in dollars per share) | $ / shares															$ 0.01		$ 0.01				$ 0.01
Series D Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock conversions/ Conversion of Preferred Stock (in shares)				151	43			43			151
Stock issuance (Note 13) (in shares)												883
Preferred stock, shares authorized (in shares)															5,000		5,000				5,000
Preferred stock, shares outstanding (in shares)															581		581				775
Series D Preferred Stock | Barstool Sports, Inc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock conversions/ Conversion of Preferred Stock (in shares)																		43
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount under share repurchase program | $																				$ 313.1
Share repurchases (in shares)													3,019,790
Share repurchases | $													$ 95
Average price paid per share of common stock repurchased (in dollars per share) | $ / shares													$ 31.46
HitPoint
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business acquisition, equity interest Issued or issuable (in shares)										43,684
Share issuance in connection with acquisitions | $										$ 3.5
HitPoint | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business acquisition, equity interest Issued or issuable (in shares)	4,055
Sam Houston Race Park and Valley Race Park
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business acquisition, equity interest Issued or issuable (in shares)									198,103
Business combination, consideration transferred, equity interests issued and issuable | $									$ 15.8
Score Media and Gaming Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in dollars per share) | $ / shares							$ 0.01
Score Media and Gaming Inc. | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business acquisition, equity interest Issued or issuable (in shares)							12,319,340
Common stock, par value (in dollars per share) | $ / shares							$ 0.01
Score Media and Gaming Inc. | Common Stock, Exchangeable
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, consideration transferred, equity interests issued and issuable | $							$ 1,000
Business acquisition, equity interest Issued or issuable (in shares)							697,539
Common stock, shares outstanding (in shares)															624,658		624,658				653,059

Earnings per Share - Antidiluti

Earnings per Share - Antidilutive Securities and Reconciliation of Weighted-Average Common Shares Outstanding (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to PENN Entertainment	$ 26.1	$ 198.7	$ 77.8	$ 289.7
Net income applicable to preferred stock	0.1	1	0.3	1.5
Net income applicable to common stock	$ 26	$ 197.7	$ 77.5	$ 288.2
Determination of shares:
Weighted - average common shares outstanding (in shares)	164.8	156	166.5	155.8
Assumed conversion of convertible debt (in shares)	14.1	14.1	14.1	14.1
Weighted-average common shares outstanding - Diluted (in shares)	180.2	172.7	182.3	172.8
Stock options
Determination of shares:
Assumed conversion of dilutive stock options and restricted stock (in shares)	1.1	2.2	1.4	2.4
Restricted stock
Determination of shares:
Assumed conversion of dilutive stock options and restricted stock (in shares)	0.2	0.4	0.3	0.5

Earnings per Share - Narrative

Earnings per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule of Equity Method Investments [Line Items]
Anti-dilutive securities (in shares)	0.9	0.2	0.8	0.2
Convertible Preferred Shares
Schedule of Equity Method Investments [Line Items]
Anti-dilutive securities (in shares)	0.6	0.8	0.6	0.8

Earnings per Share - Calculatio

Earnings per Share - Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Calculation of basic earnings per share:
Net income applicable to common stock	$ 26	$ 197.7	$ 77.5	$ 288.2
Weighted-average common shares outstanding - basic (in shares)	164.8	156	166.5	155.8
Basic earnings per share (in dollars per share)	$ 0.16	$ 1.27	$ 0.47	$ 1.85
Calculation of diluted earnings per share:
Net income applicable to common stock	$ 26	$ 197.7	$ 77.5	$ 288.2
Convertible Notes	1.8	4.3	3.7	8.6
Diluted income applicable to common stock	$ 27.8	$ 202	$ 81.2	$ 296.8
Weighted average common shares outstanding - diluted (in shares)	180.2	172.7	182.3	172.8
Diluted earnings per share (in dollars per share)	$ 0.15	$ 1.17	$ 0.45	$ 1.72
Effective tax rate	68.30%	21.10%	57.20%	20.30%
Convertible Notes
Calculation of diluted earnings per share:
Effective tax rate	21%	20%	21%	20%
Common Stock, Non-Exchangeable
Calculation of basic earnings per share:
Weighted-average common shares outstanding - basic (in shares)	164.2	156	165.9	155.8
Common Stock, Exchangeable
Calculation of basic earnings per share:
Weighted-average common shares outstanding - basic (in shares)	0.6	0	0.6	0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) payment installment	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) payment installment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Jul. 01, 2021	Feb. 28, 2021	Jan. 19, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 31.4		$ 31.4		$ 84.3
Equity securities, FV-NI, unrealized gain (loss)	(16.9)	$ (7.4)	(55.6)	$ 18.8
HitPoint
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Installment amount of contingent consideration	$ 1		$ 1
Number of installments for contingent consideration | installment	3		3
Number of remaining annual payments | payment	2		2
Plainridge Park Casino
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of remaining annual payments | payment	4		4
Period of actual earnings used to calculate contingent consideration			10 years
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%		5.625%			5.625%
Senior Notes | 4.125% Notes due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	4.125%		4.125%		4.125%	4.125%
Other long-term obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Effective yield							27%
Pinnacle Retama Partners, LLC | Other Assets | Local Government Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment, at amortized cost	$ 6.7		$ 6.7		$ 6.7
Pinnacle Retama Partners, LLC | Other Assets | Retama Development Corporation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Promissory notes	$ 7.9		$ 7.9		$ 15.1
Retama Nominal Holder, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership interest	1%		1%
Pinnacle Retama Partners, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership interest by parent	75.50%		75.50%

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts and Estimated Fair Values by Input Level (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jul. 01, 2021	May 31, 2020	Jan. 19, 2017
Financial assets:
Equity securities	$ 31.4	$ 84.3
Senior Notes | 5.625% Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	5.625%	5.625%			5.625%
Senior Notes | 4.125% Notes due 2029
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	4.125%	4.125%	4.125%
Convertible Notes | 2.75% Convertible Notes due 2026
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	2.75%			2.75%
Recurring | Level 1
Financial assets:
Cash and cash equivalents	$ 1,708.3	$ 1,863.9
Equity securities	0	0
Held-to-maturity securities	0	0
Promissory notes	0	0
Financial liabilities:
Other liabilities	0	0
Puts and calls related to certain Barstool Sports shares	0	0
Recurring | Level 1 | Senior Secured Credit Facilities
Financial liabilities:
Long-term debt	1,496.8	1,559.6
Recurring | Level 1 | Senior Notes | 5.625% Notes
Financial liabilities:
Long-term debt	350	411.5
Recurring | Level 1 | Senior Notes | 4.125% Notes due 2029
Financial liabilities:
Long-term debt	305	389.5
Recurring | Level 1 | Convertible Notes | 2.75% Convertible Notes due 2026
Financial liabilities:
Long-term debt	489.7	780
Recurring | Level 1 | Other long-term obligations
Financial liabilities:
Long-term debt	0	0
Recurring | Level 2
Financial assets:
Cash and cash equivalents	0	0
Equity securities	31.4	84.3
Held-to-maturity securities	6.7	6.7
Promissory notes	7.9	15.1
Financial liabilities:
Other liabilities	2.6	2.7
Puts and calls related to certain Barstool Sports shares	0.6	1.9
Recurring | Level 2 | Senior Secured Credit Facilities
Financial liabilities:
Long-term debt	0	0
Recurring | Level 2 | Senior Notes | 5.625% Notes
Financial liabilities:
Long-term debt	0	0
Recurring | Level 2 | Senior Notes | 4.125% Notes due 2029
Financial liabilities:
Long-term debt	0	0
Recurring | Level 2 | Convertible Notes | 2.75% Convertible Notes due 2026
Financial liabilities:
Long-term debt	0	0
Recurring | Level 2 | Other long-term obligations
Financial liabilities:
Long-term debt	45	53.9
Recurring | Level 3
Financial assets:
Cash and cash equivalents	0	0
Equity securities	0	0
Held-to-maturity securities	0	0
Promissory notes	0	0
Financial liabilities:
Other liabilities	8.7	10.5
Puts and calls related to certain Barstool Sports shares	0	0
Recurring | Level 3 | Senior Secured Credit Facilities
Financial liabilities:
Long-term debt	0	0
Recurring | Level 3 | Senior Notes | 5.625% Notes
Financial liabilities:
Long-term debt	0	0
Recurring | Level 3 | Senior Notes | 4.125% Notes due 2029
Financial liabilities:
Long-term debt	0	0
Recurring | Level 3 | Convertible Notes | 2.75% Convertible Notes due 2026
Financial liabilities:
Long-term debt	0	0
Recurring | Level 3 | Other long-term obligations
Financial liabilities:
Long-term debt	103.3	90.4
Recurring | Carrying Amount
Financial assets:
Cash and cash equivalents	1,708.3	1,863.9
Equity securities	31.4	84.3
Held-to-maturity securities	6.7	6.7
Promissory notes	7.9	15.1
Financial liabilities:
Other liabilities	11.4	13.3
Puts and calls related to certain Barstool Sports shares	0.6	1.9
Recurring | Carrying Amount | Senior Secured Credit Facilities
Financial liabilities:
Long-term debt	1,519.7	1,544.5
Recurring | Carrying Amount | Senior Notes | 5.625% Notes
Financial liabilities:
Long-term debt	399.6	399.6
Recurring | Carrying Amount | Senior Notes | 4.125% Notes due 2029
Financial liabilities:
Long-term debt	393.3	392.9
Recurring | Carrying Amount | Convertible Notes | 2.75% Convertible Notes due 2026
Financial liabilities:
Long-term debt	323.5	253.5
Recurring | Carrying Amount | Other long-term obligations
Financial liabilities:
Long-term debt	150.1	146.3
Recurring | Fair Value
Financial assets:
Cash and cash equivalents	1,708.3	1,863.9
Equity securities	31.4	84.3
Held-to-maturity securities	6.7	6.7
Promissory notes	7.9	15.1
Financial liabilities:
Other liabilities	11.3	13.2
Puts and calls related to certain Barstool Sports shares	0.6	1.9
Recurring | Fair Value | Senior Secured Credit Facilities
Financial liabilities:
Long-term debt	1,496.8	1,559.6
Recurring | Fair Value | Senior Notes | 5.625% Notes
Financial liabilities:
Long-term debt	350	411.5
Recurring | Fair Value | Senior Notes | 4.125% Notes due 2029
Financial liabilities:
Long-term debt	305	389.5
Recurring | Fair Value | Convertible Notes | 2.75% Convertible Notes due 2026
Financial liabilities:
Long-term debt	489.7	780
Recurring | Fair Value | Other long-term obligations
Financial liabilities:
Long-term debt	$ 148.3	$ 144.3

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value of Level 3 Liabilities (Details) - Recurring $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Other Liabilities
Beginning balance	$ 100.9
Interest	12.9
Payment installments	(0.8)
Included in earnings	(1)
Ending balance	$ 112

Fair Value Measurements - Signi

Fair Value Measurements - Significant Unobservable Inputs For Level 3 Assets and Liabilities (Details) - Level 3 - Discount rate - Discounted cash flow	Jun. 30, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other long-term obligation	0.270
Plainridge Park Casino
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent purchase price - Plainridge Park Casino	0.091

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Aug. 01, 2021
Segment Reporting Information [Line Items]
Number of reportable segments | segment			5
Revenues:
Revenues	$ 1,626.9	$ 1,545.8	$ 3,191.1	$ 2,820.7
Adjusted EBITDAR:
Adjusted EBITDAR	504.5	586.6	999.2	1,033.6
Rent expense associated with triple net operating leases	(28)	(116.5)	(88.1)	(226.9)
Stock-based compensation	(14.5)	(9.2)	(31.5)	(13.4)
Cash-settled stock-based awards variance	9.5	12.4	12.4	(9.1)
Gain (loss) on disposal of assets	(7.3)	0.1	(7.2)	0.2
Contingent purchase price	0.9	(1.2)	1	(1.3)
Pre-opening expenses	(2.1)	0.4	(3.6)	(1.2)
Depreciation and amortization	(150.3)	(81.9)	(268.5)	(163.2)
Insurance recoveries, net of deductible charges	0	0	8.8	0
Non-operating items of equity method investments	(0.3)	(1.4)	(2.1)	(3)
Interest expense, net	(193.6)	(138)	(354.4)	(273.7)
Other	(36.4)	0.5	(84.4)	21.3
Income before income taxes	82.4	251.8	181.6	363.3
Income tax expense	(56.3)	(53.1)	(103.9)	(73.7)
Net income	26.1	198.7	77.7	289.6
Capital expenditures:
Capital expenditures	60	38.9	125.6	64.6
Assets:
Investment in and advances to unconsolidated affiliates	250.3		250.3		$ 255.1
Total assets	17,880.8		17,880.8		16,872.1
Sam Houston Race Park and Valley Race Park
Adjusted EBITDAR:
Business acquisition, percentage of voting interests acquired						50%
Operating segments | Northeast
Revenues:
Revenues	684.9	652.5	1,343.4	1,223.4
Adjusted EBITDAR:
Adjusted EBITDAR	214.4	231.6	419.6	424.8
Capital expenditures:
Capital expenditures	25.1	20.8	55.7	36.2
Assets:
Investment in and advances to unconsolidated affiliates	0.1		0.1		0.1
Total assets	2,228.7		2,228.7		2,283.6
Operating segments | South
Revenues:
Revenues	338.6	368.2	680	664.1
Adjusted EBITDAR:
Adjusted EBITDAR	143.3	177.1	289.8	311
Capital expenditures:
Capital expenditures	16.6	6.3	36.3	8.1
Assets:
Investment in and advances to unconsolidated affiliates	0		0		0
Total assets	1,166.2		1,166.2		1,224.6
Operating segments | West
Revenues:
Revenues	153.8	140.4	294.7	237
Adjusted EBITDAR:
Adjusted EBITDAR	59.7	61.4	110.9	96.6
Capital expenditures:
Capital expenditures	2.2	0	4	3.2
Assets:
Investment in and advances to unconsolidated affiliates	0		0		0
Total assets	381.8		381.8		394.8
Operating segments | Midwest
Revenues:
Revenues	296.3	294.8	579.2	529.5
Adjusted EBITDAR:
Adjusted EBITDAR	131.3	142.2	256.8	248.2
Capital expenditures:
Capital expenditures	7.4	3.6	14.2	5.5
Assets:
Investment in and advances to unconsolidated affiliates	82.4		82.4		83.8
Total assets	1,393.9		1,393.9		1,215.8
Operating segments | Interactive
Revenues:
Revenues	154.9	96	296.4	182.3
Adjusted EBITDAR:
Adjusted EBITDAR	(20.8)	1.2	(30.8)	2.5
Capital expenditures:
Capital expenditures	2.1	0.6	3.2	1.4
Assets:
Investment in and advances to unconsolidated affiliates	161.3		161.3		164.4
Total assets	2,526.4		2,526.4		2,618.3
Other
Revenues:
Revenues	5.9	1.7	13.2	3.3
Adjusted EBITDAR:
Adjusted EBITDAR	(23.4)	(26.9)	(47.1)	(49.5)
Capital expenditures:
Capital expenditures	6.6	7.6	12.2	10.2
Assets:
Investment in and advances to unconsolidated affiliates	6.5		6.5		6.8
Total assets	10,183.8		10,183.8		$ 9,135
Intersegment eliminations
Revenues:
Revenues	$ (7.5)	$ (7.8)	$ (15.8)	$ (18.9)