PENN Entertainment (PENN) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		152,629,402
Entity Central Index Key	0000921738
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 834	$ 1,071.8
Accounts receivable, net	239.7	319
Prepaid expenses	155.9	225.6
Other current assets	51.3	42.6
Total current assets	1,280.9	1,659
Property and equipment, net	3,580.9	3,514
Investment in and advances to unconsolidated affiliates	88.6	84.9
Goodwill	2,664.3	2,695.1
Other intangible assets, net	1,624.8	1,618.2
Operating lease right-of-use assets	4,030.6	4,264.7
Finance lease right-of-use assets	2,036.9	2,041
Other assets	207.5	187.3
Total assets	15,514.5	16,064.2
Current liabilities
Accounts payable	66.7	36.6
Current maturities of long-term debt	38.2	47.6
Current portion of financing obligations	42.9	41.3
Current portion of operating lease liabilities	315.4	302.3
Current portion of finance lease liabilities	52.5	40.3
Accrued expenses and other current liabilities	845.5	1,021.9
Total current liabilities	1,361.2	1,490
Long-term debt, net of current maturities, debt discount and debt issuance costs	2,727.2	2,718
Long-term portion of financing obligations	2,354.1	2,386.1
Long-term portion of operating lease liabilities	3,710.9	3,944.1
Long-term portion of finance lease liabilities	2,075.8	2,062.5
Deferred income taxes	83.8	117.6
Other long-term liabilities	140.6	146.3
Total liabilities	12,453.6	12,864.6
Commitments and contingencies (Note 11)
Stockholders’ equity
Treasury stock, at cost (25,166,902 shares repurchased as of both periods)	(779.5)	(779.5)
Additional paid-in capital	4,514.3	4,436.6
Accumulated deficit	(513.7)	(335.5)
Accumulated other comprehensive loss	(158.2)	(121.3)
Total PENN Entertainment, Inc. stockholders’ equity	3,064.7	3,202.1
Non-controlling interest	(3.8)	(2.5)
Total stockholders’ equity	3,060.9	3,199.6
Total liabilities and stockholders’ equity	15,514.5	16,064.2
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	0	0
Common Stock, Non-Exchangeable
Stockholders’ equity
Common stock	1.8	1.8
Common Stock, Exchangeable
Stockholders’ equity
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Treasury stock (in shares)	25,166,902	25,166,902
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)	0	0
Preferred stock, shares outstanding (in shares)	0	0
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)	177,323,490	176,719,596
Common stock, shares outstanding (in shares)	152,156,588	151,552,694
Common Stock, Exchangeable
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	768,441	768,441
Common stock, shares issued (in shares)	768,441	700,393
Common stock, shares outstanding (in shares)	468,943	560,267

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Total revenues	$ 1,639.2	$ 1,619.4	$ 4,909.1	$ 4,967.5
Operating expenses
General and administrative	392.5	406.4	1,170.1	1,179.6
Depreciation and amortization	108.7	105.8	326.5	323.9
Loss on disposal of Barstool	0	923.2	0	923.2
Total operating expenses	1,571.7	2,405.8	4,788.5	5,349.3
Operating income (loss)	67.5	(786.4)	120.6	(381.8)
Other income (expenses)
Interest expense, net	(118.4)	(117.5)	(356.9)	(346.1)
Interest income	6.3	10.2	19.2	30.5
Income from unconsolidated affiliates	7.1	7.2	22.1	17
Gain on Barstool Acquisition, net	0	0	0	83.4
Gain on REIT transactions, net	0	0	0	500.8
Other	2.8	(0.3)	2.5	4.5
Total other income (expenses)	(102.2)	(100.4)	(313.1)	290.1
Loss before income taxes	(34.7)	(886.8)	(192.5)	(91.7)
Income tax benefit (expense)	(2.8)	161.7	13	(40.9)
Net loss	(37.5)	(725.1)	(179.5)	(132.6)
Less: Net loss attributable to non-controlling interest	0.8	0.3	1.3	0.7
Net loss attributable to PENN Entertainment, Inc.	$ (36.7)	$ (724.8)	$ (178.2)	$ (131.9)
Loss per share:
Basic loss per share (in dollars per share)	$ (0.24)	$ (4.80)	$ (1.17)	$ (0.87)
Diluted loss per share (in dollars per share)	$ (0.24)	$ (4.80)	$ (1.17)	$ (0.87)
Weighted-average common shares outstanding - basic (in shares)	152.2	150.9	152.1	152.3
Weighted-average common shares outstanding - diluted (in shares)	152.2	150.9	152.1	152.3
Gaming
Revenues
Total revenues	$ 1,288	$ 1,252.1	$ 3,878.6	$ 3,869.5
Operating expenses
Cost of revenue	826.1	709	2,576.7	2,149.1
Food, beverage, hotel, and other
Revenues
Total revenues	351.2	367.3	1,030.5	1,098
Operating expenses
Cost of revenue	$ 244.4	$ 261.4	$ 715.2	$ 773.5

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (37.5)	$ (725.1)	$ (179.5)	$ (132.6)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment during the period	18.6	(44.7)	(36.9)	(0.1)
Other comprehensive income (loss)	18.6	(44.7)	(36.9)	(0.1)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total	(18.9)	(769.8)	(216.4)	(132.7)
Less: Comprehensive loss attributable to non-controlling interest	0.8	0.3	1.3	0.7
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total	$ (18.1)	$ (769.5)	$ (215.1)	$ (132)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Common Stock, Non-Exchangeable	Common Stock, Exchangeable	Total PENN Stockholders’ Equity	Preferred Stock	Common Stock Common Stock, Non-Exchangeable	Common Stock Common Stock, Exchangeable	Treasury Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2022					581
Beginning balance at Dec. 31, 2022	$ 3,596.6			$ 3,597.7	$ 19.4	$ 1.7	$ 0	$ (629.5)	$ 4,220.2	$ 154.5	$ (168.6)	$ (1.1)
Beginning balance (in shares) at Dec. 31, 2022						152,903,708	620,019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)						598,383
Share-based compensation arrangements	71.4			71.4					71.4
Share issuance in connection with acquisitions (in shares)						2,442,809
Share issuance in connection with acquisitions	$ 80.8			80.8					80.8
Share repurchases (in shares)	(5,438,221)					(5,438,221)
Share repurchases	$ (149.8)			(149.8)				(149.8)
Preferred stock conversions (in shares)					581	580,600
Preferred stock conversions	0				$ (19.4)				19.4
Common stock issuance & Exchangeable share issuance (in shares)						4,055	2,854
Common stock issuance & Exchangeable share issuance	0.1			0.1					0.1
Exchangeable share conversions (in shares)						62,485	62,485
Currency translation adjustment	(0.1)			(0.1)							(0.1)
Net loss	(132.6)			(131.9)						(131.9)		(0.7)
Other	14.4			14.4		$ 0.1		(0.3)	14.6
Ending balance (in shares) at Sep. 30, 2023					0
Ending balance (in shares) at Sep. 30, 2023						151,153,819	560,388
Ending balance at Sep. 30, 2023	3,480.8			3,482.6	$ 0	$ 1.8	$ 0	(779.6)	4,406.5	22.6	(168.7)	(1.8)
Beginning balance (in shares) at Jun. 30, 2023					354
Beginning balance at Jun. 30, 2023	4,208.8			4,210.3	$ 11.8	$ 1.8	$ 0	(779.7)	4,353	747.4	(124)	(1.5)
Beginning balance (in shares) at Jun. 30, 2023						150,373,466	560,388
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)						426,553
Share-based compensation arrangements	$ 35.2			35.2					35.2
Share repurchases (in shares)	0
Preferred stock conversions (in shares)					354	353,800
Preferred stock conversions	$ 0				$ (11.8)				11.8
Currency translation adjustment	(44.7)			(44.7)							(44.7)
Net loss	(725.1)			(724.8)						(724.8)		(0.3)
Other	6.6			6.6				0.1	6.5
Ending balance (in shares) at Sep. 30, 2023					0
Ending balance (in shares) at Sep. 30, 2023						151,153,819	560,388
Ending balance at Sep. 30, 2023	3,480.8			3,482.6	$ 0	$ 1.8	$ 0	(779.6)	4,406.5	22.6	(168.7)	(1.8)
Beginning balance (in shares) at Dec. 31, 2023					0
Beginning balance at Dec. 31, 2023	3,199.6			3,202.1	$ 0	$ 1.8	$ 0	(779.5)	4,436.6	(335.5)	(121.3)	(2.5)
Beginning balance (in shares) at Dec. 31, 2023		151,552,694	560,267			151,552,694	560,267
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)						440,467
Share-based compensation arrangements	$ 39			39					39
Share repurchases (in shares)	0
Common stock issuance & Exchangeable share issuance (in shares)						4,055	68,048
Common stock issuance & Exchangeable share issuance	$ 0.1			0.1					0.1
Exchangeable share conversions (in shares)						159,372	159,372
Investment Agreement warrants (Note 11)	43.1			43.1					43.1
Currency translation adjustment	(36.9)			(36.9)							(36.9)
Net loss	(179.5)			(178.2)						(178.2)		(1.3)
Other	(4.5)			(4.5)					(4.5)
Ending balance (in shares) at Sep. 30, 2024					0
Ending balance (in shares) at Sep. 30, 2024		152,156,588	468,943			152,156,588	468,943
Ending balance at Sep. 30, 2024	3,060.9			3,064.7	$ 0	$ 1.8	$ 0	(779.5)	4,514.3	(513.7)	(158.2)	(3.8)
Beginning balance (in shares) at Jun. 30, 2024					0
Beginning balance at Jun. 30, 2024	3,052.9			3,055.9	$ 0	$ 1.8	$ 0	(779.5)	4,487.4	(477)	(176.8)	(3)
Beginning balance (in shares) at Jun. 30, 2024						152,116,584	469,878
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation arrangements (in shares)						39,069
Share-based compensation arrangements	$ 12.9			12.9					12.9
Share repurchases (in shares)	0
Exchangeable share conversions (in shares)						935	935
Investment Agreement warrants (Note 11)	$ 14.4			14.4					14.4
Currency translation adjustment	18.6			18.6							18.6
Net loss	(37.5)			(36.7)						(36.7)		(0.8)
Other	(0.4)			(0.4)					(0.4)
Ending balance (in shares) at Sep. 30, 2024					0
Ending balance (in shares) at Sep. 30, 2024		152,156,588	468,943			152,156,588	468,943
Ending balance at Sep. 30, 2024	$ 3,060.9			$ 3,064.7	$ 0	$ 1.8	$ 0	$ (779.5)	$ 4,514.3	$ (513.7)	$ (158.2)	$ (3.8)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net loss	$ (37.5)	$ (725.1)	$ (179.5)	$ (132.6)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	108.7	105.8	326.5	323.9
Amortization of debt discount and debt issuance costs			6.6	6.2
Non-cash interest expense			34.1	26.1
Non-cash operating lease expense			236.5	224.9
Loss on disposal of Barstool	0	923.2	0	923.2
Gain on Barstool Acquisition, net	0	0	0	(83.4)
Gain on REIT transactions, net	0	0	0	(500.8)
Holding loss on equity securities	(3)	11.6	2.4	8.5
Loss on sale or disposal of property and equipment	(0.1)	0	8.8	0
Gain on Hurricane Laura			(2.7)	(13.9)
Income from unconsolidated affiliates	(7.1)	(7.2)	(22.1)	(17)
Return on investment from unconsolidated affiliates			24.6	27.8
Deferred income taxes			(34.9)	4.9
Stock-based compensation	12.9	35.2	39	71.4
Investment Agreement warrant expense			53.4	0
Changes in operating assets and liabilities, net of businesses acquired
Accounts receivable			76.3	(9.7)
Prepaid expenses and other current assets			33.6	(20)
Other assets			(38.4)	(23.5)
Accounts payable			29.8	(0.8)
Accrued expenses			(84.7)	(36.1)
Income taxes			22	(39.2)
Operating lease liabilities			(222.3)	(230.8)
Other current and long-term liabilities			(67.9)	20.1
Other			15.3	11.5
Net cash provided by operating activities			256.4	540.7
Investing activities
Capital expenditures			(261.7)	(207.8)
Proceeds from sale of property and equipment			3.8	0.2
Hurricane Laura insurance proceeds			1.7	9
Consideration paid for Barstool, net of cash acquired			0	(314.6)
Sale of Barstool, net of cash disposed			0	(50.9)
Proceeds received for a cost method investment			0.5	8
Consideration paid for gaming licenses and other intangible assets			(49.4)	(17.1)
Other			(7.6)	(12.8)
Net cash used in investing activities			(312.7)	(586)
Financing activities
Principal payments on long-term debt			(28.2)	(28.1)
Debt issuance costs			(2.6)	0
Payments of other long-term obligations			(10.1)	(9.6)
Principal payments on financing obligations			(30.5)	(29.3)
Principal payments on finance leases			(37.5)	(35.1)
Proceeds from exercise of options			1.3	1.7
Repurchase of common stock			0	(149.8)
Payments on insurance financing			(28.6)	0
Indemnification payments			(30.5)	0
Other			(8.3)	(7.7)
Net cash used in financing activities			(175)	(257.9)
Effect of currency rate changes on cash, cash equivalents, and restricted cash			(0.9)	1
Change in cash, cash equivalents, and restricted cash			(232.2)	(302.2)
Cash, cash equivalents, and restricted cash at the beginning of the year			1,094.4	1,644.2
Cash, cash equivalents, and restricted cash at the end of the period	862.2	1,342	862.2	1,342
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	834	1,317.9	834	1,317.9
Restricted cash included in Other current assets	27	22.9	27	22.9
Restricted cash included in Other assets	1.2	1.2	1.2	1.2
Total cash, cash equivalents, and restricted cash	$ 862.2	$ 1,342	862.2	1,342
Supplemental disclosure:
Cash paid for interest, net of amounts capitalized			324.6	321.1
Cash payments (refunds) related to income taxes, net			(1.1)	73.9
Non-cash activities:
Accrued capital expenditures			$ 54.1	$ 30.1

Organization

Organization	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Organization : 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. As of September 30, 2024, PENN operated 43 properties in 20 states, online sports betting in 20 jurisdictions and iCasino in five jurisdictions, under a portfolio of well-recognized brands including Hollywood Casino ® , L’Auberge ® , ESPN BET™, and theScore BET Sportsbook and Casino ® . In August 2023, PENN entered into a transformative, exclusive long-term strategic alliance with ESPN, Inc. and ESPN Enterprises, Inc. (together, “ESPN”) relating to online sports betting within the United States. PENN’s ability to leverage the leading sports media brands in the United States (ESPN) and Canada (theScore) is central to our highly differentiated strategy to expand our footprint and efficiently grow our customer ecosystem. The Company’s focus on organic cross-sell opportunities is reinforced by our market-leading retail casinos, sports media assets, and technology, including a proprietary state-of-the-art, fully integrated digital sports and iCasino betting platform and an in-house iCasino content studio. PENN’s portfolio is further bolstered by our industry-leading PENN Play TM customer loyalty program, which offers our 31 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 with Gaming and Leisure Properties, Inc. (Nasdaq: GLPI) (“GLPI”), a real estate investment trust (“REIT”), and include the AR PENN Master Lease, 2023 Master Lease, and Pinnacle Master Lease (as such terms are defined in Note 8, “Leases” and collectively referred to as the “Master Leases”).

Significant Accounting Policies

Significant Accounting Policies and Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies and Basis of Presentation	Significant Accounting Policies and 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 statement 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, 2023. 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 with current year 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. Estimates used by us may include, among other things, the useful lives for depreciable and amortizable assets, the provision for credit losses, income tax provisions, the evaluation of the future realization of deferred tax assets, indemnification liabilities associated with certain tax matters, determining the adequacy of reserves for self-insured liabilities, the liabilities associated with our PENN Play program, the initial measurements of financing obligations and lease liabilities associated with our Master Leases, the initial selection of useful lives for depreciable and amortizable assets related to acquisitions, contingencies, and litigation inclusive of financing arrangements in which the Company receives up-front cash proceeds, and stock-based compensation expense. Additionally, we use estimates for projected cash fl ows when assessing the recoverability of long-lived assets, asset impairments, goodwill, and other intangible assets. Estimates of projected cash flows are also used in assessing the initial valuation of intangible assets in conjunction with acquisitions, We applied estimation methods consistently for the periods presented within our unaudited Consolidated Financial Statements. 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 online sports betting, online casino/iCasino and social gaming (collectively referred to as “online gaming”) operations, management of retail sports bet ting, media, and in the prior year, the operating results of Barstool Sports, Inc. (“Barstool” or “Barstool Sports”). We owned 36% of Barstool common stock prior to the February 17, 2023 Barstool Acquisition (as defined in Note 5, “Acquisitions and Dispositions” ) pursuant to which we acquired the remaining 64% of Barstool common stock. On August 8, 2023, we entered into a stock purchase agreement with David Portnoy (the “Barstool SPA”) and we sold 100% of the outstanding shares of Barstool common stock. See Note 15, “Segment Information” and Note 8, “Leases” for further segment and lease structure information, respectively. 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 Bangor Bangor, Maine AR PENN Master Lease Hollywood Casino at Charles Town Races Charles Town, West Virginia AR PENN Master Lease Hollywood Casino Columbus Columbus, Ohio 2023 Master Lease Hollywood Casino at Greektown Detroit, Michigan Greektown Lease Hollywood Casino Lawrenceburg Lawrenceburg, Indiana AR PENN Master Lease Hollywood Casino Morgantown Morgantown, Pennsylvania Morgantown Lease (1) Hollywood Casino at PENN National Race Course Grantville, Pennsylvania AR PENN Master Lease Hollywood Casino Perryville Perryville, Maryland 2023 Master Lease Hollywood Casino at The Meadows Washington, Pennsylvania 2023 Master Lease Hollywood Casino Toledo Toledo, Ohio 2023 Master Lease Hollywood Casino York York, Pennsylvania Operating Lease (not with REIT Landlord) Hollywood Gaming at Dayton Raceway Dayton, Ohio AR PENN Master Lease Hollywood Gaming at Mahoning Valley Race Course Youngstown, Ohio AR PENN Master Lease Marquee by PENN (2) Pennsylvania N/A Plainridge Park Casino Plainville, Massachusetts Pinnacle Master Lease South segment 1 st Jackpot Casino Tunica, Mississippi AR PENN Master Lease Ameristar Vicksburg Vicksburg, Mississippi Pinnacle Master Lease Boomtown Biloxi Biloxi, Mississippi AR 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 AR PENN Master Lease Hollywood Casino Tunica Tunica, Mississippi AR 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 Spa Casino Henderson, Nevada 2023 Master Lease Zia Park Casino Hobbs, New Mexico AR PENN Master Lease Midwest segment Ameristar Council Bluffs Council Bluffs, Iowa Pinnacle Master Lease Argosy Casino Alton (3) Alton, Illinois AR PENN Master Lease Argosy Casino Riverside Riverside, Missouri AR PENN Master Lease Hollywood Casino Aurora Aurora, Illinois 2023 Master Lease Hollywood Casino Joliet Joliet, Illinois 2023 Master Lease Hollywood Casino at Kansas Speedway (4) Kansas City, Kansas Owned - Joint Venture Hollywood Casino St. Louis Maryland Heights, Missouri AR PENN Master Lease Prairie State Gaming (2) Illinois N/A River City Casino St. Louis, Missouri Pinnacle Master Lease (1) Upon termination of the Morgantown Lease, ownership of the constructed building and all tenant improvements will transfer from the Company to GLPI. (2) VGT route operations. (3) The riverboat is owned by us and not subject to the AR PENN Master Lease. (4) Pursuant to a joint venture with NASCAR Holdings LLC (“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, hotel room sales, retail transactions, racing wagers, and third-party revenue sharing agreements. See Note 4, “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 at our retail properties 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 September 30, For the nine months ended September 30, (in millions) 2024 2023 2024 2023 Food and beverage $ 57.3 $ 54.0 $ 165.7 $ 163.1 Hotel 36.6 39.1 105.9 104.8 Other 2.3 3.5 7.7 9.8 Total complimentaries associated with gaming contracts $ 96.2 $ 96.6 $ 279.3 $ 277.7 Additionally, the Company provides discretionary complimentaries in the form of online casino gaming slots and table games and online sports betting free play bonuses. Free play bonuses provided to patrons indirectly contribute to the gaming revenue earned by the Company and are recorded as a reduction of “Gaming” revenues. Customer-related Liabilities The Company has three general types of liabilities related to contracts with customers: (i) the obligation associated with its PENN Play 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 online sports betting and/or iCasino for online sports betting and iCasino market access. Our PENN Play program connects the Company’s brands under one loyalty program and allows members to earn loyalty points, or “PENN Cash,” redeemable for slot play and complimentaries, such as food and beverage at our restaurants, lodging at our hotels, the PENN Play redemption marketplace that features popular retailers, and products offered at our retail stores across the vast majority of our properties. In addition, members of the PENN Play program earn credit toward tier status, which entitles them to receive certain other benefits, such as priority access, discounts, gifts, trips to PENN destinations, partner experiences, and PENN Cash. The obligation associated with our PENN Play program, which is included in “Accrued expenses and other current liabilities” within our unaudited Consolidated Balance Sheets, was $26.9 million and $33.1 million as of September 30, 2024 and December 31, 2023, 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, sports betting, or pari-mutuel wagering, (v) outstanding chip liabilities, (vi) unclaimed jackpots, and (vii) gift cards redeemable at our properties. Unpaid wagers 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 $132.3 million and $192.6 million as of September 30, 2024 and December 31, 2023, respectively, and are included in “Accrued expenses and other current liabilities” within our unaudited Consolidated Balance Sheets. The Company’s deferred revenue is primarily related to PENN Interactive, our wholly owned interactive division, which enters into multi-year agreements with third-party online sports betting and/or iCasino operators for online sports betting and iCasino market access across our portfolio of properties. As of September 30, 2024 and December 31, 2023, our deferred revenue balance was $41.4 million and $41.9 million, respectively, the majority of which is included in “Other long-term liabilities” within our unaudited Consolidated Balance Sheets. During the three and nine months ended September 30, 2024, we recognized revenue of $1.1 million and $5.3 million, respectively, that was included in the December 31, 2023 deferred revenue balance. During the three and nine months ended September 30, 2023, we recognized revenue of $0.7 million and $2.4 million, respectively, that was included in the December 31, 2022 deferred revenue balance. Advertising: The Company expenses advertising costs the first time the advertising takes place or as incurred. Advertising expenses, which primarily relate to media marketing services and brand and other rights provided by ESPN pursuant to the Sportsbook Agreement (as defined in Note 5, “Acquisitions and Dispositions” ), and other media placement costs and are primarily included in “Gaming” expenses within the unaudited Consolidated Statements of Operations, were $99.1 million and $18.4 million for the three months ended September 30, 2024 and 2023, respectively, and $347.4 million and $62.8 million for the nine months ended September 30, 2024 and 2023, respectively. Gaming and Pari-mutuel 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, as well as taxes on revenues derived from arrangements which allow for third-party online sports betting and/or iCasino partners to operate online sportsbooks and iCasinos under our gaming licenses. 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, provincial and/or local jurisdictions in the states and provinces where or in which the wagering occurs. Also included in gaming and pari-mutuel taxes are costs to support the operations of local regulatory authorities which some jurisdictions require us to pay. Gaming and pari-mutuel taxes are recorded in “Gaming” expenses or “Food, beverage, hotel, and other” expenses within the unaudited Consolidated Statements of Operations and were $568.5 million and $562.9 million for the three months ended September 30, 2024 and 2023, respectively, and $1.7 billion for both the nine months ended September 30, 2024 and 2023. 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 or loss. 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 or Loss and Accumulated Other Comprehensive Income or Loss: Comprehensive income or loss includes net income or loss and all other non-stockholder changes in equity, or other comprehensive income or loss. The balance of accumulated other comprehensive income or loss consists of foreign currency translation adjustments and unrealized gains or losses on debt securities. Earnings or Loss Per Share: Basic earnings or loss per share (“EPS”) is computed by dividing net income or loss 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 warrants, 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 12, “Stockholders’ Equity and Stock-based Compensation” ) were 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 were considered a participating security, and the Company was required to apply the two-class method to consider the impact of the preferred shares on the calculation of basic and diluted EPS. See Note 13, “Earnings per Share” for more information. As discussed in Note 12, “Stockholders’ Equity and Stock-based Compensation,” all remaining outstanding shares of Series D Preferred Stock were converted to common stock during the third quarter of 2023. There were no outstanding shares of Series D Preferred Stock as of September 30, 2024. Guarantees and Indemnifications: The Company accounts for indemnity obligations in accordance with Accounting Standards Codification (“ASC”) Topic 460-20, “Contingencies” and records a liability at fair value. Pursuant to the Barstool SPA, the Company agreed to indemnify Barstool and its subsidiaries and David Portnoy for certain tax matters. The indemnity provisions generally provide for the Company’s control of defense and settlement of claims, as well as certain other costs associated with potential tax matters related to Barstool and its subsidiaries and David Portnoy. Claims under the indemnification are paid upon demand. In the second quarter of 2024, the Company paid $30.5 million in settlement costs under this indemnification obligation. Provisions in the Barstool SPA limit the time within which an indemnification claim can be made to the later of the resolution of the indemnification claim or the relevant statutes of limitations. The maximum potential amount of future payments the Company could be required to make under this indemnification agreement is not estimable at this time due to uncertainties related to potential outcomes and other unique facts and circumstances involved in the Barstool SPA. As of September 30, 2024 and December 31, 2023, the Company has recorded liabilities of $39.5 million and $70.0 million for this agreement, respectively. See Note 5, “Acquisitions and Dispositions” and Note 14, “Fair Value Measurements” 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 9, “Investments in and Advances to Unconsolidated Affiliates.”

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Accounting Pronouncements Adopted In June 2022, the Financial Accounting Standard Board (the “FASB”) issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 clarifies the guidance on the fair value measurement of an equity security that is subject to a contractual sale restriction and requires specific disclosures related to such an equity security. Specifically, ASU 2022-03 clarifies that a “contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security” and is not included in the equity security’s unit of account. Accordingly, the Company is no longer permitted to apply a discount related to the contractual sale restriction, or lack of marketability, when measuring the equity security’s fair value. In addition, ASU 2022-03 prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. ASU 2022-03 was effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of ASU 2022-03, which was effective January 1, 2024, did not have a material impact on our unaudited Consolidated Financial Statements. In March 2023, the FASB issued ASU 2023-02, “Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)” (“ASU 2023-02”). ASU 2023-02 introduced the option to apply the proportional amortization method to account for investments made primarily for the purpose of receiving income tax credits and other income tax benefits when certain requirements are met. ASU 2023-02 was effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of ASU 2023-02, which was effective January 1, 2024, did not have a material impact on our unaudited Consolidated Financial Statements. Accounting Pronouncements to be Implemented In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 updates the requirements for a public entity to disclose its significant segment expense categories and amounts for each reportable segment. A significant segment expense is considered an expense that is significant to the segment, regularly provided to or easily computed from information regularly provided to the chief operating decision maker, and included in the reported measure of segment profit or loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company has determined the adoption of ASU 2023-07 will result in additional disclosures in the notes to the Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 updates the requirements for a public entity to enhance income tax disclosures to provide a better assessment on how an entity’s operations, related tax risks, tax planning, and operational opportunities affect its tax rate and prospects for future cash flows. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The primary purpose of the new ASU 2023-09 is to enhance the transparency of income tax disclosures and we expect that any impact would be limited to additional disclosures in the notes to the Consolidated Financial Statements.

Revenue Disaggregation

Revenue Disaggregation	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Disaggregation	Revenue Disaggregation Our revenues are generated principally by providing the following types of services: (i) gaming, inclusive of retail sports betting, iCasino, and online sports betting; (ii) food and beverage; (iii) hotel; and (iv) other. Other revenues are principally comprised of PENN Interactive’s revenues generated from third-party online sports betting and the related gross-up for taxes, racing operations, advertising, retail, and commissions received on ATM transactions. 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 September 30, 2024 (in millions) Northeast South West Midwest Interactive (1) Other Intersegment Eliminations (2) Total Revenues: Gaming $ 609.9 $ 220.2 $ 89.8 $ 259.1 $ 109.0 $ — $ — $ 1,288.0 Food and beverage 35.8 34.0 18.7 15.5 — 0.5 — 104.5 Hotel 15.7 23.6 17.8 10.4 — — — 67.5 Other 23.4 10.3 5.5 7.2 135.6 3.5 (6.3) 179.2 Total revenues $ 684.8 $ 288.1 $ 131.8 $ 292.2 $ 244.6 $ 4.0 $ (6.3) $ 1,639.2 For the three months ended September 30, 2023 (in millions) Northeast South West Midwest Interactive (1) Other Intersegment Eliminations (2) Total Revenues: Gaming $ 610.8 $ 236.8 $ 94.5 $ 260.1 $ 49.9 $ — $ — $ 1,252.1 Food and beverage 35.4 35.5 18.2 15.0 — 0.5 — 104.6 Hotel 16.9 25.5 17.5 10.8 — — — 70.7 Other 23.9 10.4 4.9 7.5 146.4 4.0 (5.1) 192.0 Total revenues $ 687.0 $ 308.2 $ 135.1 $ 293.4 $ 196.3 $ 4.5 $ (5.1) $ 1,619.4 For the nine months ended September 30, 2024 (in millions) Northeast South West Midwest Interactive (1) Other Intersegment Eliminations (2) Total Revenues: Gaming $ 1,850.3 $ 684.2 $ 275.9 $ 784.7 $ 283.5 $ — $ — $ 3,878.6 Food and beverage 108.5 99.6 55.8 46.0 — 2.9 — 312.8 Hotel 40.6 70.2 50.2 29.3 — — — 190.3 Other 66.4 30.8 14.0 21.5 401.4 13.0 (19.7) 527.4 Total revenues $ 2,065.8 $ 884.8 $ 395.9 $ 881.5 $ 684.9 $ 15.9 $ (19.7) $ 4,909.1 For the nine months ended September 30, 2023 (in millions) Northeast South West Midwest Interactive (1) Other Intersegment Eliminations (2) Total Revenues: Gaming $ 1,856.6 $ 728.0 $ 281.3 $ 787.5 $ 216.1 $ — $ — $ 3,869.5 Food and beverage 108.3 100.8 53.5 44.4 — 2.7 — 309.7 Hotel 42.9 72.1 45.5 28.4 — — — 188.9 Other 67.7 30.4 14.5 21.7 471.2 13.8 (19.9) 599.4 Total revenues $ 2,075.5 $ 931.3 $ 394.8 $ 882.0 $ 687.3 $ 16.5 $ (19.9) $ 4,967.5 (1) Other revenues within the Interactive segment are inclusive of gaming tax reimbursement amounts related to third-party online sports betting and/or iCasino partners for online sports betting and iCasino market access of $104.1 million and $102.6 million for the three months ended September 30, 2024 and 2023, respectively, and $302.8 million and $283.4 million for the nine months ended September 30, 2024 and 2023, respectively. Additionally, due to the inclusion of Barstool operating results prior to the disposition on August 8, 2023, other revenues within the Interactive segment for the three months ended September 30, 2023 included $12.3 million in advertising revenue and $6.0 million in retail revenue and $69.4 million in advertising revenue and $29.8 million in retail revenue for the nine months ending September 30, 2023. (2) Primarily represents the elimination of intersegment revenues associated with our retail sportsbooks, which are operated by PENN Interactive.

Acquisitions and Dispositions

Acquisitions and Dispositions	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions Barstool Acquisition and Disposition On February 17, 2023, we acquired the remaining 64% of the outstanding shares of Barstool common stock not already owned by us for consideration of approximately $405.5 million, which is inclusive of cash and common stock issuance, repayment of Barstool indebtedness of $23.8 million, transaction expenses, and other purchase price adjustments in accordance with GAAP (the “Barstool Acquisition”). We issued 2,442,809 shares of our common stock and utilized $315.3 million of cash to complete the Barstool Acquisition. The Company held 36% of the outstanding shares of Barstool common stock prior to the Barstool Acquisition and, as such, the acquisition date estimated fair value of this previously held equity method investment was a component of the purchase consideration. Based on the acquisition date fair value of Barstool of $660.0 million and the carrying amount of this investment of $171.1 million, the Company recorded a gain of $66.5 million related to remeasurement of the equity investment immediately prior to the acquisition date, which is included in “Gain on Barstool Acquisition, net” within our unaudited Consolidated Statements of Operations. The Company also recorded a gain of $16.9 million related to the acquisition of the remaining 64% of Barstool common stock, which is included in “Gain on Barstool Acquisition, net” within our unaudited Consolidated Statements of Operations. Barstool’s revenue and net loss for the period beginning July 1, 2023 through August 7, 2023, included in the unaudited Consolidated Statements of Operations, were $18.3 million and $7.8 million, respectively. Barstool’s revenue and net loss for the period beginning February 17, 2023 through August 7, 2023, included in the unaudited Consolidated Statements of Operations, were $99.2 million and $23.9 million, respectively. On August 8, 2023, PENN entered into a Sportsbook Agreement with ESPN, which provides for a long-term strategic relationship between PENN and ESPN relating to online sports betting in the United States. Pursuant to the Sportsbook Agreement, PENN rebranded the existing Barstool Sportsbook across all online platforms in the United States as ESPN BET (the “Sportsbook”) and oversees daily operations of the Sportsbook. See Note 11, “Commitments and Contingencies” for more information related to the Sportsbook Agreement. In connection with PENN’s decision to rebrand our online sports betting business from Barstool Sportsbook to ESPN BET pursuant to the Sportsbook Agreement as discussed above, PENN entered into the Barstool SPA with David Portnoy and sold 100% of the outstanding shares of Barstool to David Portnoy in exchange for nominal cash consideration and certain non-compete and other restrictive covenants. Additionally , PENN has the right to receive 50% of the gross proceeds received by David Portnoy in any subsequent sale or other monetization event of Barstool. Upon the disposal of Barstool in the third quarter of 2023, PENN recognized a pre-tax loss of $923.2 million (inclusive of $714.8 million in goodwill and intangible assets write offs and a $70.0 million indemnification liability discussed below). See Note 14, “Fair Value Measurements” for more information related to the indemnification liability. For information on the tax-related impacts from the Barstool transactions, see Note 10, “Income Taxes.” P ursuant to the Barstool SPA, PEN N will indemnify Barstool and its subsidiaries and David Portnoy for certain tax matters. The indemnity provisions generally provide for the Company’s control of defense and settlement of claims, as well as certain other costs, associated with potential tax matters related to Barstool and its subsidiaries and David Portnoy. I n the second quarter of 2024, the Company paid $30.5 million in settlement costs under this indemnification obligation.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2024
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, 2023 Goodwill, gross $ 923.5 $ 236.6 $ 216.8 $ 1,116.7 $ 1,664.0 $ 87.7 $ 4,245.3 Accumulated goodwill impairment losses (828.8) (61.0) (16.6) (556.1) — (87.7) (1,550.2) Goodwill, net $ 94.7 $ 175.6 $ 200.2 $ 560.6 $ 1,664.0 $ — $ 2,695.1 Effect of foreign currency exchange rates — — — — (30.8) — (30.8) Balance as of September 30, 2024 Goodwill, gross $ 923.5 $ 236.6 $ 216.8 $ 1,116.7 $ 1,633.2 $ 87.7 $ 4,214.5 Accumulated goodwill impairment losses (828.8) (61.0) (16.6) (556.1) — (87.7) (1,550.2) Goodwill, net $ 94.7 $ 175.6 $ 200.2 $ 560.6 $ 1,633.2 $ — $ 2,664.3 During the three months ended September 30, 2023, in connection with the Barstool SPA, we recorded a pre-tax loss on disposal of $923.2 million, inclusive of a goodwill write-off of $231.9 million as well as trademarks and other intangible assets write-offs of $482.9 million, all within our Interactive segment. See Note 5, “Acquisitions and Dispositions.” The table below presents the gross carrying amount, accumulated amortization, and net carrying amount of each major class of other intangible assets: September 30, 2024 December 31, 2023 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived intangible assets Gaming licenses $ 1,132.2 $ — $ 1,132.2 $ 1,107.2 $ — $ 1,107.2 Trademarks 332.5 — 332.5 334.4 — 334.4 Other 0.7 — 0.7 0.7 — 0.7 Amortizing intangible assets Customer relationships 112.0 (106.2) 5.8 112.1 (103.7) 8.4 Technology 307.8 (175.7) 132.1 286.0 (132.3) 153.7 Other 39.9 (18.4) 21.5 29.0 (15.2) 13.8 Total other intangible assets, net $ 1,925.1 $ (300.3) $ 1,624.8 $ 1,869.4 $ (251.2) $ 1,618.2 During the three months ended September 30, 2024, we acquired a gaming license for operating online sports wagering in the state of New York, which was recorded to “Gaming licenses” at its fair value of $25.0 million. Amortization expense related to our amortizing intangible assets was $12.6 million and $14.3 million for the three months ended September 30, 2024 and 2023, respectively, and $37.8 million and $46.2 million for the nine months ended September 30, 2024 and 2023, respectively. The following table presents the estimated amortization expense based on our amortizing intangible assets as of September 30, 2024 (in millions): Years ending December 31, 2024 (excluding the nine months ended September 30, 2024) $ 17.3 2025 53.5 2026 33.3 2027 24.5 2028 19.3 Thereafter 11.5 Total $ 159.4

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2024
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) September 30, 2024 December 31, 2023 Senior Secured Credit Facilities: Amended Revolving Credit Facility due 2027 $ — $ — Amended Term Loan A Facility due 2027 488.1 508.8 Amended Term Loan B Facility due 2029 977.5 985.0 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 197.5 173.5 2,793.6 2,797.8 Less: Current maturities of long-term debt (38.2) (47.6) Less: Debt discounts (3.4) (3.9) Less: Debt issuance costs (24.8) (28.3) $ 2,727.2 $ 2,718.0 The following is a schedule of future minimum repayments of long-term debt as of September 30, 2024 (in millions): Years ending December 31: 2024 (excluding the nine months ended September 30, 2024) $ 9.4 2025 38.2 2026 557.0 2027 837.0 2028 10.8 Thereafter 1,341.2 Total minimum payments $ 2,793.6 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”), the Company entered into an incremental joinder agreement (the “Incremental Joinder”), which amended the Credit Agreement (the “Amended Credit Agreement”). The Incremental Joinder provided for an additional $430.2 million of incremental loans having the same terms as the existing Term Loan A Facility, with the exception of extending the maturity date, and an additional $1.1 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 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 was initially 1.75% for Term SOFR loans and 0.75% for base rate loans until the Company provided financial reports for the first full fiscal quarter following closing and, thereafter, ranges 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 pays a commitment fee on the unused portion of the commitments under the Amended Revolving Credit Facility at a rate that was initially 0.25% per annum, until the Company provided financial reports for the first full fiscal quarter following closing, and thereafter, ranges from 0.35% to 0.20% per annum, depending on the Company’s total net leverage ratio (as defined within the Second Amended and Restated Credit Agreement). 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 Master Leases (which are defined in Note 8, “Leases” ). On February 15, 2024 (the “ Amendment Effective Date ”), PENN entered into a First Amendment (the “Amendment Agreement”) with its various lenders amending its Amended Credit Facilities (as amended, amended and restated, supplemented, or otherwise modified from time to time prior to the Amendment Effective Date , the “Existing Credit Agreement”). The Amendment Agreement amends the Existing Credit Agreement to provide that, during the period beginning on the Amendment Effective Date and ending on the earlier of (i) the date that is two business days after the date on which the Company delivers a covenant relief period termination notice to the administrative agent and (ii) the date on which the administrative agent receives a compliance certificate for the quarter ending December 31, 2024 (the “Covenant Relief Period”), the Company will make an adjustment to exclude specified amounts of Interactive segment Adjusted EBITDAR (as defined in Note 15, “Segment Information” ) in its calculations to comply with the maximum total net leverage ratio or minimum interest coverage ratio (as such terms are defined in the Second Amended and Restated Credit Agreement). We will continue to be required to maintain specified financial ratios and to satisfy certain financial tests when our Covenant Relief Period terminates after December 31, 2024. As of September 30, 2024 and December 31, 2023, the Company had conditional obligations under letters of credit issued pursuant to the Amended Credit Facilities with face amounts aggregating to $20.9 million and $21.7 million, respectively, resulting in $979.1 million and $978.3 million of available borrowing capacity under the Amended Revolving Credit Facility, respectively. 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 (the “Convertible Notes”) that mature, unless earlier converted, redeemed, or repurchased, on May 15, 2026 at a price of par. As of September 30, 2024 and December 31, 2023, no Convertible Notes have been converted into the Company’s common stock. The maximum number of shares that could be issued to satisfy the conversion feature of the Convertible Notes was 18,360,815 and the amount by which the Convertible Notes if-converted value exceeded its principal amount was $15.8 million as of September 30, 2024. The Convertible Notes consisted of the following components: (in millions) September 30, 2024 December 31, 2023 Liability: Principal $ 330.5 $ 330.5 Unamortized debt issuance costs (3.1) (4.4) Net carrying amount $ 327.4 $ 326.1 Interest expense, net The table below presents interest expense, net: For the three months ended September 30, For the nine months ended September 30, (in millions) 2024 2023 2024 2023 Interest expense $ 123.2 $ 119.2 $ 366.1 $ 350.1 Capitalized interest (4.8) (1.7) (9.2) (4.0) Interest expense, net $ 118.4 $ 117.5 $ 356.9 $ 346.1 The table below presents interest expense related to the Convertible Notes: For the three months ended September 30, For the nine months ended September 30, (in millions) 2024 2023 2024 2023 Coupon interest $ 2.3 $ 2.3 $ 6.8 $ 6.8 Amortization of debt issuance costs 0.4 0.4 1.3 1.3 Convertible Notes interest expense $ 2.7 $ 2.7 $ 8.1 $ 8.1 Debt issuance costs are 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 1.6 years as of September 30, 2024. Covenants Our Amended Credit Facilities, 5.625% Notes due 2027 (the “5.625% Notes”), and 4.125% Notes due 2029 (the “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 Master Leases (which are defined in Note 8, “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 September 30, 2024, 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 12 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, net” within the unaudited Consolidated Statements of Operations related to this obligation was $12.1 million and $9.3 million for the three months ended September 30, 2024 and 2023, respectively, and $34.1 million and $26.1 million for the nine months ended September 30, 2024 and 2023, respectively. Event Center As of September 30, 2024 and December 31, 2023, other long-term obligations included $9.3 million and $10.0 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	9 Months Ended
	Sep. 30, 2024
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 that are not fixed within 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. AR PENN Master Lease On February 21, 2023, the Company and GLPI entered into an agreement to amend and restate the triple net master lease dated November 1, 2013 (the “AR PENN Master Lease”), effective January 1, 2023, to (i) remove the land and buildings for Hollywood Casino Aurora (“Aurora”), Hollywood Casino Joliet (“Joliet”), Hollywood Casino Columbus (“Columbus”), Hollywood Casino Toledo (“Toledo”) and the M Resort Spa Casino (“M Resort”), and (ii) make associated adjustments to the rent after which the initial rent in the AR PENN Master Lease was reset to $284.1 million, consisting of $208.2 million of building base rent, $43.0 million of land base rent, and $32.9 million of percentage rent (as such terms are defined in the AR PENN Master Lease). Subsequent to the execution of the AR PENN Master Lease, the lease contains real estate assets associated with 14 of the Company’s gaming facilities used in its operations. The current term of the AR PENN Master Lease expires on October 31, 2033 and thereafter contains three renewal terms of five years each on the same terms and conditions, exercisable at the Company’s option. The AR PENN Master Lease along with the 2023 Master Lease (as defined and discussed below) are cross-defaulted, cross-collateralized, and coterminous, and subject to a parent guarantee. The payment structure under the AR 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 AR PENN Master Lease) of 1.8:1, and a component that is based on performance, which is prospectively adjusted every five years by an amount equal to 4% of the average change in net revenues of all properties associated with the AR PENN Master Lease compared to a contractual baseline during the preceding five years (“PENN Percentage Rent”). We are currently evaluating the impact of the annual escalator, which occurred on November 1, 2024. The next annual escalator test date is scheduled to occur on November 1, 2025. The November 1, 2023 PENN Percentage Rent reset resulted in an annual rent reduction of $4.4 million, which will be in effect until the next PENN Percentage Rent reset, scheduled to occur on November 1, 2028. As a result of the January 1, 2023 lease modification event, we concluded (i) the land components contained within the AR PENN Master Lease, which were previously primarily classified as finance leases, to be classified as operating leases, and (ii) control of the building assets have transferred from the Company to the lessor allowing for sale recognition in accordance with ASC Topic 842, “Leases,” (“ASC 842”) which results in the building components to be classified as operating leases. Prior to the January 1, 2023 lease modification event, control of substantially all of the building components were concluded not to have passed from the Company to the lessor in accordance with ASC 842 which required recognition of a financing obligation in accordance with ASC Topic 470, “Debt,” (“ASC 470”), and continued recognition of the underlying asset in “Property and equipment, net” within our unaudited Consolidated Balance Sheets. In conjunction with the sale recognition on the building components, we (i) derecognized $1.6 billion of financing obligations within our unaudited Consolidated Balance Sheets, offset to “Gain on REIT transactions, net” within our unaudited Statements of Operations; and (ii) derecognized $1.1 billion of “Property and equipment, net” associated with the building assets within our unaudited Consolidated Balance Sheets, offset to “Gain on REIT transactions, net” within our unaudited Consolidated Statements of Operations. As a result of our measurement of the associated operating lease liabilities, we recognized a reduction of the ROU assets and corresponding lease liabilities of $1.2 billion within our unaudited Consolidated Balance Sheets as of January 1, 2023. Lease components classified as an operating lease are recorded to “General and administrative” within our unaudited Consolidated Statements of Operations. 2023 Master Lease Concurrent with the execution of the AR PENN Master Lease, the Company and GLPI entered into a new triple net master lease (the “2023 Master Lease”), effective January 1, 2023, specific to the property associated with Aurora, Joliet, Columbus, Toledo, M Resort, Hollywood Casino at The Meadows (“Meadows”), and Hollywood Casino Perryville (“Perryville”) and a master development agreement (the “Master Development Agreement”). The 2023 Master Lease has an initial term through October 31, 2033 with three subsequent five-year renewal periods on the same terms and conditions, exercisable at the Company’s option. The 2023 Master Lease and AR PENN Master Lease are cross-defaulted, cross-collateralized, and coterminous, and subject to a parent guarantee. As a result of our lease classification assessment, we concluded all land and building components contained within the 2023 Master Lease to be operating leases. As a result of our measurement of the operating lease liabilities, we recognized ROU assets and corresponding lease liabilities of $1.8 billion. Additionally, the 2023 Master Lease terminated the individual triple net leases associated with Meadows and Perryville, as such we (i) derecognized $171.9 million in ROU assets within our unaudited Consolidated Balance Sheets; (ii) derecognized $165.5 million in lease liabilities within our unaudited Consolidated Balance Sheets; and (iii) recognized a $6.5 million loss on the termination which is recorded in “Gain on REIT transactions, net” within our unaudited Consolidated Statements of Operations. Lease components classified as an operating lease are recorded to “General and administrative” within our unaudited Consolidated Statements of Operations. The 2023 Master Lease includes a base rent (the “2023 Master Lease Base Rent”) equal to $232.2 million and the Master Development Agreement contains additional rent (together with the 2023 Master Lease Base Rent, the “2023 Master Lease Rent”) equal to (i) 7.75% of any project funding received by PENN from GLPI for an anticipated relocation of PENN’s riverboat casino and related developments with respect to Aurora (the “Aurora Project”) and (ii) a percentage, based on the then-current GLPI stock price, of any project funding received by PENN from GLPI for certain anticipated development projects with respect to Joliet, Columbus and M Resort (the “Other Development Projects” and together with the Aurora Project, the “PENN Development Projects”). The Master Development Agreement provides that GLPI will fund up to $225.0 million for the Aurora Project and, upon PENN’s request, up to $350.0 million in the aggregate for the Other Development Projects, in accordance with certain terms and conditions set forth in the Master Development Agreement. These funding obligations of GLPI expire on January 1, 2026. The 2023 Master Lease Rent will be subject to a one-time increase of $1.4 million, effective November 1, 2027. The 2023 Master Lease Rent is subject to an annual fixed escalator rent increase of 1.5% which began on November 1, 2023. The Master Development Agreement provides that PENN may elect not to proceed with a development project prior to GLPI’s commencement of any equity or debt offering or credit facility draw intended to fund such a project or after such time in certain instances, provided that GLPI will be reimbursed for all costs and expenses incurred in connection with such discontinued project. The PENN Development Projects are all subject to necessary regulatory and other government approvals. 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 performance of the properties, 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”). As a result of the annual escalator, effective May 1, 2024 for the lease year ended April 30, 2024, the fixed component of rent increased by $4.8 million and an additional ROU asset and corresponding lease liability of $33.4 million were recognized associated with the finance lease components. The next annual escalator test date is scheduled to occur on May 1, 2025. Additionally, on May 1, 2024, the Pinnacle Percentage Rent reset resulted in an annual rent increase of $3.8 million which will be in effect until the next Pinnacle Percentage Rent reset, scheduled to occur on May 1, 2026. Upon reset of the Pinnacle Percentage Rent, effective May 1, 2024, we recognized an additional ROU asset and corresponding lease liability of $29.6 million associated with the finance lease components. Lease components classified as a finance lease are recorded to “Depreciation and amortization” and “Interest expense, net” within our unaudited Consolidated Statements of Operations. The Company recognizes interest expense on the lease payments related to the financing obligation under the effective yield method. Other Triple Net Leases with REIT Landlords Morgantown Lease On October 1, 2020, the Company entered into an individual 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. 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. We concluded control of the land underlying the Morgantown facility was not passed from the Company to the lessor in accordance with ASC 842. As such we recognized a financing obligation in accordance with ASC 470 and continue to recognize the underlying land asset in “Property and equipment, net” within our unaudited Consolidated Balance Sheets. The Company recognizes interest expense on the lease payments related to the financing obligation under the effective yield method. Margaritaville Lease On January 1, 2019, the Company entered into an individual triple net lease with VICI Properties Inc. (NYSE: VICI) (“VICI”) for the real estate assets used in the operations of Margaritaville Resort Casino (the “Margaritaville Lease”). The Margaritaville Lease has an initial term of 15 years, with four subsequent five-year renewal options on the same terms and conditions, exercisable at the Company’s option. The payment structure under the Margaritaville Lease includes a fixed component, a portion that is subject to an annual escalator of up to 2% depending on a minimum coverage floor ratio of Net Revenue to Rent of 6.1:1, and a component that is based on performance, which is prospectively adjusted every two years by an amount equal to 4% of the average change in net revenues of the property compared to a contractual baseline during the preceding two years (“Margaritaville Percentage Rent”). On February 1, 2024, the Margaritaville Lease 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 $2.7 million. The next annual escalator test date and the next Margaritaville Percentage Rent reset are both scheduled to occur on February 1, 2025. The land and building components contained within the Margaritaville Lease are classified as operating leases. Lease components classified as an operating lease are recorded to “General and administrative” within our unaudited Consolidated Statements of Operations. Greektown Lease On May 23, 2019, the Company entered into an individual triple net lease with VICI for the real estate assets used in the operations of Hollywood Casino at Greektown (the “Greektown Lease”). The Greektown Lease has an initial term of 15 years, with four subsequent five-year renewal options on the same terms and conditions, exercisable at the Company’s option. The payment structure under the Greektown Lease includes a fixed component, a portion subject to an annual escalator of up to 2% initially determined based on an Adjusted Revenue to Rent ratio, as defined in the Greektown Lease, and subsequently amended to be determined based on an agreed upon minimum coverage floor ratio of Net Revenue to Rent, and a component that is based on performance, which is prospectively adjusted every two years by an amount equal to 4% of the average change in net revenues of the property compared to a contractual baseline during the preceding two years (“Greektown Percentage Rent”). In April 2024, the lease was amended to provide for a Net Revenue to Rent minimum coverage floor to be mutually agreed upon prior to the commencement of the ninth lease year (June 1, 2027). We did not incur an annual escalator for the lease year ended May 31, 2024. The next annual escalator test date and Greektown Percentage Rent reset are both scheduled to occur on June 1, 2025. The land and building components contained within the Greektown Lease are classified as operating leases. Lease components classified as an operating lease are recorded to “General and administrative” within our unaudited Consolidated Statements of Operations. We refer to the Master Leases, the Morgantown Lease, the Margaritaville Lease, and the Greektown Lease, collectively, as our “Triple Net Leases”. Non-REIT Operating Leases In addition to any operating lease components contained within the Master Leases, Margaritaville Lease, and Greektown Lease (collectively referred to as “triple net operating leases”), the Company’s operating leases consist of (i) ground and levee leases to landlords which were not assumed by our REIT Landlords and remain an obligation of the Company, and (ii) buildings and equipment not associated with our REIT Landlords. 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. The following is a maturity analysis of our operating leases, finance leases and financing obligations as of September 30, 2024: (in millions) Operating Leases Finance Leases Financing Obligations Year ended December 31, 2024 (excluding the nine months ended September 30, 2024) $ 154.0 $ 40.6 $ 41.6 2025 611.8 162.6 166.5 2026 612.4 152.2 166.6 2027 615.1 146.9 166.6 2028 614.0 146.9 166.6 Thereafter 3,320.6 3,273.9 3,829.5 Total lease payments 5,927.9 3,923.1 4,537.4 Less: Imputed interest (1,901.6) (1,794.8) (2,140.4) Present value of future lease payments 4,026.3 2,128.3 2,397.0 Less: Current portion of lease obligations (315.4) (52.5) (42.9) Long-term portion of lease obligations $ 3,710.9 $ 2,075.8 $ 2,354.1 The Company modified the presentation of its December 31, 2023 Consolidated Balance Sheet to separately reflect assets and liabilities associated with our operating and finance leases. Total payments made under our Triple Net Leases were as follows: For the three months ended September 30, For the nine months ended September 30, (in millions) 2024 2023 2024 2023 AR PENN Master Lease $ 71.0 $ 71.1 $ 212.9 $ 213.1 2023 Master Lease 58.9 58.0 176.7 174.1 Pinnacle Master Lease 87.4 85.3 259.3 254.2 Margaritaville Lease 6.7 6.6 20.1 19.6 Greektown Lease 13.2 13.2 39.6 39.0 Morgantown Lease 0.8 0.8 2.4 2.4 Total $ 238.0 $ 235.0 $ 711.0 $ 702.4 Information related to lease term and discount rate was as follows: September 30, 2024 December 31, 2023 Weighted-Average Remaining Lease Term Operating leases 10.4 years 11.2 years Finance leases 26.6 years 27.3 years Financing obligations 26.8 years 27.6 years Weighted-Average Discount Rate Operating leases 7.7 % 7.7 % Finance leases 5.2 % 5.2 % Financing obligations 5.2 % 5.2 % The components of lease expense were as follows: Location on unaudited For the three months ended September 30, For the nine months ended September 30, (in millions) 2024 2023 2024 2023 Operating Lease Costs Rent expense associated with triple net operating leases General and administrative $ 154.9 $ 146.6 $ 464.6 $ 439.0 Operating lease cost (1) Primarily General and administrative 4.5 5.6 14.8 16.9 Short-term lease cost Primarily Gaming expenses 21.9 21.3 67.7 60.2 Variable lease cost (1) Primarily Gaming expenses 0.6 0.8 2.5 2.7 Total $ 181.9 $ 174.3 $ 549.6 $ 518.8 Finance Lease Costs Interest on lease liabilities (2) Interest expense, net $ 27.9 $ 27.7 $ 83.0 $ 83.0 Amortization of ROU assets (2) Depreciation and amortization 22.7 22.0 67.1 65.6 Total $ 50.6 $ 49.7 $ 150.1 $ 148.6 Financing Obligation Costs Interest on financing obligations (3) Interest expense, net $ 37.5 $ 36.8 $ 111.2 $ 110.0 (1) Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases. (2) Pertains to finance lease components associated with the Pinnacle Master Lease (primarily land). (3) Pertains to the components contained within the Pinnacle Master Lease (buildings) and the Morgantown Lease. Supplemental cash flow information related to leases was as follows: For the nine months ended September 30, (in millions) 2024 2023 Non-cash lease activities: Commencement of operating leases $ 2.7 $ 3,674.4 Derecognition of operating lease liabilities $ — $ 307.7 Commencement of finance leases $ 63.0 $ 33.3 Derecognition of finance lease liabilities $ — $ 2,933.6 Derecognition of financing obligations $ — $ 1,567.8
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 that are not fixed within 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. AR PENN Master Lease On February 21, 2023, the Company and GLPI entered into an agreement to amend and restate the triple net master lease dated November 1, 2013 (the “AR PENN Master Lease”), effective January 1, 2023, to (i) remove the land and buildings for Hollywood Casino Aurora (“Aurora”), Hollywood Casino Joliet (“Joliet”), Hollywood Casino Columbus (“Columbus”), Hollywood Casino Toledo (“Toledo”) and the M Resort Spa Casino (“M Resort”), and (ii) make associated adjustments to the rent after which the initial rent in the AR PENN Master Lease was reset to $284.1 million, consisting of $208.2 million of building base rent, $43.0 million of land base rent, and $32.9 million of percentage rent (as such terms are defined in the AR PENN Master Lease). Subsequent to the execution of the AR PENN Master Lease, the lease contains real estate assets associated with 14 of the Company’s gaming facilities used in its operations. The current term of the AR PENN Master Lease expires on October 31, 2033 and thereafter contains three renewal terms of five years each on the same terms and conditions, exercisable at the Company’s option. The AR PENN Master Lease along with the 2023 Master Lease (as defined and discussed below) are cross-defaulted, cross-collateralized, and coterminous, and subject to a parent guarantee. The payment structure under the AR 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 AR PENN Master Lease) of 1.8:1, and a component that is based on performance, which is prospectively adjusted every five years by an amount equal to 4% of the average change in net revenues of all properties associated with the AR PENN Master Lease compared to a contractual baseline during the preceding five years (“PENN Percentage Rent”). We are currently evaluating the impact of the annual escalator, which occurred on November 1, 2024. The next annual escalator test date is scheduled to occur on November 1, 2025. The November 1, 2023 PENN Percentage Rent reset resulted in an annual rent reduction of $4.4 million, which will be in effect until the next PENN Percentage Rent reset, scheduled to occur on November 1, 2028. As a result of the January 1, 2023 lease modification event, we concluded (i) the land components contained within the AR PENN Master Lease, which were previously primarily classified as finance leases, to be classified as operating leases, and (ii) control of the building assets have transferred from the Company to the lessor allowing for sale recognition in accordance with ASC Topic 842, “Leases,” (“ASC 842”) which results in the building components to be classified as operating leases. Prior to the January 1, 2023 lease modification event, control of substantially all of the building components were concluded not to have passed from the Company to the lessor in accordance with ASC 842 which required recognition of a financing obligation in accordance with ASC Topic 470, “Debt,” (“ASC 470”), and continued recognition of the underlying asset in “Property and equipment, net” within our unaudited Consolidated Balance Sheets. In conjunction with the sale recognition on the building components, we (i) derecognized $1.6 billion of financing obligations within our unaudited Consolidated Balance Sheets, offset to “Gain on REIT transactions, net” within our unaudited Statements of Operations; and (ii) derecognized $1.1 billion of “Property and equipment, net” associated with the building assets within our unaudited Consolidated Balance Sheets, offset to “Gain on REIT transactions, net” within our unaudited Consolidated Statements of Operations. As a result of our measurement of the associated operating lease liabilities, we recognized a reduction of the ROU assets and corresponding lease liabilities of $1.2 billion within our unaudited Consolidated Balance Sheets as of January 1, 2023. Lease components classified as an operating lease are recorded to “General and administrative” within our unaudited Consolidated Statements of Operations. 2023 Master Lease Concurrent with the execution of the AR PENN Master Lease, the Company and GLPI entered into a new triple net master lease (the “2023 Master Lease”), effective January 1, 2023, specific to the property associated with Aurora, Joliet, Columbus, Toledo, M Resort, Hollywood Casino at The Meadows (“Meadows”), and Hollywood Casino Perryville (“Perryville”) and a master development agreement (the “Master Development Agreement”). The 2023 Master Lease has an initial term through October 31, 2033 with three subsequent five-year renewal periods on the same terms and conditions, exercisable at the Company’s option. The 2023 Master Lease and AR PENN Master Lease are cross-defaulted, cross-collateralized, and coterminous, and subject to a parent guarantee. As a result of our lease classification assessment, we concluded all land and building components contained within the 2023 Master Lease to be operating leases. As a result of our measurement of the operating lease liabilities, we recognized ROU assets and corresponding lease liabilities of $1.8 billion. Additionally, the 2023 Master Lease terminated the individual triple net leases associated with Meadows and Perryville, as such we (i) derecognized $171.9 million in ROU assets within our unaudited Consolidated Balance Sheets; (ii) derecognized $165.5 million in lease liabilities within our unaudited Consolidated Balance Sheets; and (iii) recognized a $6.5 million loss on the termination which is recorded in “Gain on REIT transactions, net” within our unaudited Consolidated Statements of Operations. Lease components classified as an operating lease are recorded to “General and administrative” within our unaudited Consolidated Statements of Operations. The 2023 Master Lease includes a base rent (the “2023 Master Lease Base Rent”) equal to $232.2 million and the Master Development Agreement contains additional rent (together with the 2023 Master Lease Base Rent, the “2023 Master Lease Rent”) equal to (i) 7.75% of any project funding received by PENN from GLPI for an anticipated relocation of PENN’s riverboat casino and related developments with respect to Aurora (the “Aurora Project”) and (ii) a percentage, based on the then-current GLPI stock price, of any project funding received by PENN from GLPI for certain anticipated development projects with respect to Joliet, Columbus and M Resort (the “Other Development Projects” and together with the Aurora Project, the “PENN Development Projects”). The Master Development Agreement provides that GLPI will fund up to $225.0 million for the Aurora Project and, upon PENN’s request, up to $350.0 million in the aggregate for the Other Development Projects, in accordance with certain terms and conditions set forth in the Master Development Agreement. These funding obligations of GLPI expire on January 1, 2026. The 2023 Master Lease Rent will be subject to a one-time increase of $1.4 million, effective November 1, 2027. The 2023 Master Lease Rent is subject to an annual fixed escalator rent increase of 1.5% which began on November 1, 2023. The Master Development Agreement provides that PENN may elect not to proceed with a development project prior to GLPI’s commencement of any equity or debt offering or credit facility draw intended to fund such a project or after such time in certain instances, provided that GLPI will be reimbursed for all costs and expenses incurred in connection with such discontinued project. The PENN Development Projects are all subject to necessary regulatory and other government approvals. 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 performance of the properties, 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”). As a result of the annual escalator, effective May 1, 2024 for the lease year ended April 30, 2024, the fixed component of rent increased by $4.8 million and an additional ROU asset and corresponding lease liability of $33.4 million were recognized associated with the finance lease components. The next annual escalator test date is scheduled to occur on May 1, 2025. Additionally, on May 1, 2024, the Pinnacle Percentage Rent reset resulted in an annual rent increase of $3.8 million which will be in effect until the next Pinnacle Percentage Rent reset, scheduled to occur on May 1, 2026. Upon reset of the Pinnacle Percentage Rent, effective May 1, 2024, we recognized an additional ROU asset and corresponding lease liability of $29.6 million associated with the finance lease components. Lease components classified as a finance lease are recorded to “Depreciation and amortization” and “Interest expense, net” within our unaudited Consolidated Statements of Operations. The Company recognizes interest expense on the lease payments related to the financing obligation under the effective yield method. Other Triple Net Leases with REIT Landlords Morgantown Lease On October 1, 2020, the Company entered into an individual 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. 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. We concluded control of the land underlying the Morgantown facility was not passed from the Company to the lessor in accordance with ASC 842. As such we recognized a financing obligation in accordance with ASC 470 and continue to recognize the underlying land asset in “Property and equipment, net” within our unaudited Consolidated Balance Sheets. The Company recognizes interest expense on the lease payments related to the financing obligation under the effective yield method. Margaritaville Lease On January 1, 2019, the Company entered into an individual triple net lease with VICI Properties Inc. (NYSE: VICI) (“VICI”) for the real estate assets used in the operations of Margaritaville Resort Casino (the “Margaritaville Lease”). The Margaritaville Lease has an initial term of 15 years, with four subsequent five-year renewal options on the same terms and conditions, exercisable at the Company’s option. The payment structure under the Margaritaville Lease includes a fixed component, a portion that is subject to an annual escalator of up to 2% depending on a minimum coverage floor ratio of Net Revenue to Rent of 6.1:1, and a component that is based on performance, which is prospectively adjusted every two years by an amount equal to 4% of the average change in net revenues of the property compared to a contractual baseline during the preceding two years (“Margaritaville Percentage Rent”). On February 1, 2024, the Margaritaville Lease 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 $2.7 million. The next annual escalator test date and the next Margaritaville Percentage Rent reset are both scheduled to occur on February 1, 2025. The land and building components contained within the Margaritaville Lease are classified as operating leases. Lease components classified as an operating lease are recorded to “General and administrative” within our unaudited Consolidated Statements of Operations. Greektown Lease On May 23, 2019, the Company entered into an individual triple net lease with VICI for the real estate assets used in the operations of Hollywood Casino at Greektown (the “Greektown Lease”). The Greektown Lease has an initial term of 15 years, with four subsequent five-year renewal options on the same terms and conditions, exercisable at the Company’s option. The payment structure under the Greektown Lease includes a fixed component, a portion subject to an annual escalator of up to 2% initially determined based on an Adjusted Revenue to Rent ratio, as defined in the Greektown Lease, and subsequently amended to be determined based on an agreed upon minimum coverage floor ratio of Net Revenue to Rent, and a component that is based on performance, which is prospectively adjusted every two years by an amount equal to 4% of the average change in net revenues of the property compared to a contractual baseline during the preceding two years (“Greektown Percentage Rent”). In April 2024, the lease was amended to provide for a Net Revenue to Rent minimum coverage floor to be mutually agreed upon prior to the commencement of the ninth lease year (June 1, 2027). We did not incur an annual escalator for the lease year ended May 31, 2024. The next annual escalator test date and Greektown Percentage Rent reset are both scheduled to occur on June 1, 2025. The land and building components contained within the Greektown Lease are classified as operating leases. Lease components classified as an operating lease are recorded to “General and administrative” within our unaudited Consolidated Statements of Operations. We refer to the Master Leases, the Morgantown Lease, the Margaritaville Lease, and the Greektown Lease, collectively, as our “Triple Net Leases”. Non-REIT Operating Leases In addition to any operating lease components contained within the Master Leases, Margaritaville Lease, and Greektown Lease (collectively referred to as “triple net operating leases”), the Company’s operating leases consist of (i) ground and levee leases to landlords which were not assumed by our REIT Landlords and remain an obligation of the Company, and (ii) buildings and equipment not associated with our REIT Landlords. 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. The following is a maturity analysis of our operating leases, finance leases and financing obligations as of September 30, 2024: (in millions) Operating Leases Finance Leases Financing Obligations Year ended December 31, 2024 (excluding the nine months ended September 30, 2024) $ 154.0 $ 40.6 $ 41.6 2025 611.8 162.6 166.5 2026 612.4 152.2 166.6 2027 615.1 146.9 166.6 2028 614.0 146.9 166.6 Thereafter 3,320.6 3,273.9 3,829.5 Total lease payments 5,927.9 3,923.1 4,537.4 Less: Imputed interest (1,901.6) (1,794.8) (2,140.4) Present value of future lease payments 4,026.3 2,128.3 2,397.0 Less: Current portion of lease obligations (315.4) (52.5) (42.9) Long-term portion of lease obligations $ 3,710.9 $ 2,075.8 $ 2,354.1 The Company modified the presentation of its December 31, 2023 Consolidated Balance Sheet to separately reflect assets and liabilities associated with our operating and finance leases. Total payments made under our Triple Net Leases were as follows: For the three months ended September 30, For the nine months ended September 30, (in millions) 2024 2023 2024 2023 AR PENN Master Lease $ 71.0 $ 71.1 $ 212.9 $ 213.1 2023 Master Lease 58.9 58.0 176.7 174.1 Pinnacle Master Lease 87.4 85.3 259.3 254.2 Margaritaville Lease 6.7 6.6 20.1 19.6 Greektown Lease 13.2 13.2 39.6 39.0 Morgantown Lease 0.8 0.8 2.4 2.4 Total $ 238.0 $ 235.0 $ 711.0 $ 702.4 Information related to lease term and discount rate was as follows: September 30, 2024 December 31, 2023 Weighted-Average Remaining Lease Term Operating leases 10.4 years 11.2 years Finance leases 26.6 years 27.3 years Financing obligations 26.8 years 27.6 years Weighted-Average Discount Rate Operating leases 7.7 % 7.7 % Finance leases 5.2 % 5.2 % Financing obligations 5.2 % 5.2 % The components of lease expense were as follows: Location on unaudited For the three months ended September 30, For the nine months ended September 30, (in millions) 2024 2023 2024 2023 Operating Lease Costs Rent expense associated with triple net operating leases General and administrative $ 154.9 $ 146.6 $ 464.6 $ 439.0 Operating lease cost (1) Primarily General and administrative 4.5 5.6 14.8 16.9 Short-term lease cost Primarily Gaming expenses 21.9 21.3 67.7 60.2 Variable lease cost (1) Primarily Gaming expenses 0.6 0.8 2.5 2.7 Total $ 181.9 $ 174.3 $ 549.6 $ 518.8 Finance Lease Costs Interest on lease liabilities (2) Interest expense, net $ 27.9 $ 27.7 $ 83.0 $ 83.0 Amortization of ROU assets (2) Depreciation and amortization 22.7 22.0 67.1 65.6 Total $ 50.6 $ 49.7 $ 150.1 $ 148.6 Financing Obligation Costs Interest on financing obligations (3) Interest expense, net $ 37.5 $ 36.8 $ 111.2 $ 110.0 (1) Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases. (2) Pertains to finance lease components associated with the Pinnacle Master Lease (primarily land). (3) Pertains to the components contained within the Pinnacle Master Lease (buildings) and the Morgantown Lease. Supplemental cash flow information related to leases was as follows: For the nine months ended September 30, (in millions) 2024 2023 Non-cash lease activities: Commencement of operating leases $ 2.7 $ 3,674.4 Derecognition of operating lease liabilities $ — $ 307.7 Commencement of finance leases $ 63.0 $ 33.3 Derecognition of finance lease liabilities $ — $ 2,933.6 Derecognition of financing obligations $ — $ 1,567.8
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 that are not fixed within 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. AR PENN Master Lease On February 21, 2023, the Company and GLPI entered into an agreement to amend and restate the triple net master lease dated November 1, 2013 (the “AR PENN Master Lease”), effective January 1, 2023, to (i) remove the land and buildings for Hollywood Casino Aurora (“Aurora”), Hollywood Casino Joliet (“Joliet”), Hollywood Casino Columbus (“Columbus”), Hollywood Casino Toledo (“Toledo”) and the M Resort Spa Casino (“M Resort”), and (ii) make associated adjustments to the rent after which the initial rent in the AR PENN Master Lease was reset to $284.1 million, consisting of $208.2 million of building base rent, $43.0 million of land base rent, and $32.9 million of percentage rent (as such terms are defined in the AR PENN Master Lease). Subsequent to the execution of the AR PENN Master Lease, the lease contains real estate assets associated with 14 of the Company’s gaming facilities used in its operations. The current term of the AR PENN Master Lease expires on October 31, 2033 and thereafter contains three renewal terms of five years each on the same terms and conditions, exercisable at the Company’s option. The AR PENN Master Lease along with the 2023 Master Lease (as defined and discussed below) are cross-defaulted, cross-collateralized, and coterminous, and subject to a parent guarantee. The payment structure under the AR 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 AR PENN Master Lease) of 1.8:1, and a component that is based on performance, which is prospectively adjusted every five years by an amount equal to 4% of the average change in net revenues of all properties associated with the AR PENN Master Lease compared to a contractual baseline during the preceding five years (“PENN Percentage Rent”). We are currently evaluating the impact of the annual escalator, which occurred on November 1, 2024. The next annual escalator test date is scheduled to occur on November 1, 2025. The November 1, 2023 PENN Percentage Rent reset resulted in an annual rent reduction of $4.4 million, which will be in effect until the next PENN Percentage Rent reset, scheduled to occur on November 1, 2028. As a result of the January 1, 2023 lease modification event, we concluded (i) the land components contained within the AR PENN Master Lease, which were previously primarily classified as finance leases, to be classified as operating leases, and (ii) control of the building assets have transferred from the Company to the lessor allowing for sale recognition in accordance with ASC Topic 842, “Leases,” (“ASC 842”) which results in the building components to be classified as operating leases. Prior to the January 1, 2023 lease modification event, control of substantially all of the building components were concluded not to have passed from the Company to the lessor in accordance with ASC 842 which required recognition of a financing obligation in accordance with ASC Topic 470, “Debt,” (“ASC 470”), and continued recognition of the underlying asset in “Property and equipment, net” within our unaudited Consolidated Balance Sheets. In conjunction with the sale recognition on the building components, we (i) derecognized $1.6 billion of financing obligations within our unaudited Consolidated Balance Sheets, offset to “Gain on REIT transactions, net” within our unaudited Statements of Operations; and (ii) derecognized $1.1 billion of “Property and equipment, net” associated with the building assets within our unaudited Consolidated Balance Sheets, offset to “Gain on REIT transactions, net” within our unaudited Consolidated Statements of Operations. As a result of our measurement of the associated operating lease liabilities, we recognized a reduction of the ROU assets and corresponding lease liabilities of $1.2 billion within our unaudited Consolidated Balance Sheets as of January 1, 2023. Lease components classified as an operating lease are recorded to “General and administrative” within our unaudited Consolidated Statements of Operations. 2023 Master Lease Concurrent with the execution of the AR PENN Master Lease, the Company and GLPI entered into a new triple net master lease (the “2023 Master Lease”), effective January 1, 2023, specific to the property associated with Aurora, Joliet, Columbus, Toledo, M Resort, Hollywood Casino at The Meadows (“Meadows”), and Hollywood Casino Perryville (“Perryville”) and a master development agreement (the “Master Development Agreement”). The 2023 Master Lease has an initial term through October 31, 2033 with three subsequent five-year renewal periods on the same terms and conditions, exercisable at the Company’s option. The 2023 Master Lease and AR PENN Master Lease are cross-defaulted, cross-collateralized, and coterminous, and subject to a parent guarantee. As a result of our lease classification assessment, we concluded all land and building components contained within the 2023 Master Lease to be operating leases. As a result of our measurement of the operating lease liabilities, we recognized ROU assets and corresponding lease liabilities of $1.8 billion. Additionally, the 2023 Master Lease terminated the individual triple net leases associated with Meadows and Perryville, as such we (i) derecognized $171.9 million in ROU assets within our unaudited Consolidated Balance Sheets; (ii) derecognized $165.5 million in lease liabilities within our unaudited Consolidated Balance Sheets; and (iii) recognized a $6.5 million loss on the termination which is recorded in “Gain on REIT transactions, net” within our unaudited Consolidated Statements of Operations. Lease components classified as an operating lease are recorded to “General and administrative” within our unaudited Consolidated Statements of Operations. The 2023 Master Lease includes a base rent (the “2023 Master Lease Base Rent”) equal to $232.2 million and the Master Development Agreement contains additional rent (together with the 2023 Master Lease Base Rent, the “2023 Master Lease Rent”) equal to (i) 7.75% of any project funding received by PENN from GLPI for an anticipated relocation of PENN’s riverboat casino and related developments with respect to Aurora (the “Aurora Project”) and (ii) a percentage, based on the then-current GLPI stock price, of any project funding received by PENN from GLPI for certain anticipated development projects with respect to Joliet, Columbus and M Resort (the “Other Development Projects” and together with the Aurora Project, the “PENN Development Projects”). The Master Development Agreement provides that GLPI will fund up to $225.0 million for the Aurora Project and, upon PENN’s request, up to $350.0 million in the aggregate for the Other Development Projects, in accordance with certain terms and conditions set forth in the Master Development Agreement. These funding obligations of GLPI expire on January 1, 2026. The 2023 Master Lease Rent will be subject to a one-time increase of $1.4 million, effective November 1, 2027. The 2023 Master Lease Rent is subject to an annual fixed escalator rent increase of 1.5% which began on November 1, 2023. The Master Development Agreement provides that PENN may elect not to proceed with a development project prior to GLPI’s commencement of any equity or debt offering or credit facility draw intended to fund such a project or after such time in certain instances, provided that GLPI will be reimbursed for all costs and expenses incurred in connection with such discontinued project. The PENN Development Projects are all subject to necessary regulatory and other government approvals. 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 performance of the properties, 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”). As a result of the annual escalator, effective May 1, 2024 for the lease year ended April 30, 2024, the fixed component of rent increased by $4.8 million and an additional ROU asset and corresponding lease liability of $33.4 million were recognized associated with the finance lease components. The next annual escalator test date is scheduled to occur on May 1, 2025. Additionally, on May 1, 2024, the Pinnacle Percentage Rent reset resulted in an annual rent increase of $3.8 million which will be in effect until the next Pinnacle Percentage Rent reset, scheduled to occur on May 1, 2026. Upon reset of the Pinnacle Percentage Rent, effective May 1, 2024, we recognized an additional ROU asset and corresponding lease liability of $29.6 million associated with the finance lease components. Lease components classified as a finance lease are recorded to “Depreciation and amortization” and “Interest expense, net” within our unaudited Consolidated Statements of Operations. The Company recognizes interest expense on the lease payments related to the financing obligation under the effective yield method. Other Triple Net Leases with REIT Landlords Morgantown Lease On October 1, 2020, the Company entered into an individual 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. 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. We concluded control of the land underlying the Morgantown facility was not passed from the Company to the lessor in accordance with ASC 842. As such we recognized a financing obligation in accordance with ASC 470 and continue to recognize the underlying land asset in “Property and equipment, net” within our unaudited Consolidated Balance Sheets. The Company recognizes interest expense on the lease payments related to the financing obligation under the effective yield method. Margaritaville Lease On January 1, 2019, the Company entered into an individual triple net lease with VICI Properties Inc. (NYSE: VICI) (“VICI”) for the real estate assets used in the operations of Margaritaville Resort Casino (the “Margaritaville Lease”). The Margaritaville Lease has an initial term of 15 years, with four subsequent five-year renewal options on the same terms and conditions, exercisable at the Company’s option. The payment structure under the Margaritaville Lease includes a fixed component, a portion that is subject to an annual escalator of up to 2% depending on a minimum coverage floor ratio of Net Revenue to Rent of 6.1:1, and a component that is based on performance, which is prospectively adjusted every two years by an amount equal to 4% of the average change in net revenues of the property compared to a contractual baseline during the preceding two years (“Margaritaville Percentage Rent”). On February 1, 2024, the Margaritaville Lease 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 $2.7 million. The next annual escalator test date and the next Margaritaville Percentage Rent reset are both scheduled to occur on February 1, 2025. The land and building components contained within the Margaritaville Lease are classified as operating leases. Lease components classified as an operating lease are recorded to “General and administrative” within our unaudited Consolidated Statements of Operations. Greektown Lease On May 23, 2019, the Company entered into an individual triple net lease with VICI for the real estate assets used in the operations of Hollywood Casino at Greektown (the “Greektown Lease”). The Greektown Lease has an initial term of 15 years, with four subsequent five-year renewal options on the same terms and conditions, exercisable at the Company’s option. The payment structure under the Greektown Lease includes a fixed component, a portion subject to an annual escalator of up to 2% initially determined based on an Adjusted Revenue to Rent ratio, as defined in the Greektown Lease, and subsequently amended to be determined based on an agreed upon minimum coverage floor ratio of Net Revenue to Rent, and a component that is based on performance, which is prospectively adjusted every two years by an amount equal to 4% of the average change in net revenues of the property compared to a contractual baseline during the preceding two years (“Greektown Percentage Rent”). In April 2024, the lease was amended to provide for a Net Revenue to Rent minimum coverage floor to be mutually agreed upon prior to the commencement of the ninth lease year (June 1, 2027). We did not incur an annual escalator for the lease year ended May 31, 2024. The next annual escalator test date and Greektown Percentage Rent reset are both scheduled to occur on June 1, 2025. The land and building components contained within the Greektown Lease are classified as operating leases. Lease components classified as an operating lease are recorded to “General and administrative” within our unaudited Consolidated Statements of Operations. We refer to the Master Leases, the Morgantown Lease, the Margaritaville Lease, and the Greektown Lease, collectively, as our “Triple Net Leases”. Non-REIT Operating Leases In addition to any operating lease components contained within the Master Leases, Margaritaville Lease, and Greektown Lease (collectively referred to as “triple net operating leases”), the Company’s operating leases consist of (i) ground and levee leases to landlords which were not assumed by our REIT Landlords and remain an obligation of the Company, and (ii) buildings and equipment not associated with our REIT Landlords. 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. The following is a maturity analysis of our operating leases, finance leases and financing obligations as of September 30, 2024: (in millions) Operating Leases Finance Leases Financing Obligations Year ended December 31, 2024 (excluding the nine months ended September 30, 2024) $ 154.0 $ 40.6 $ 41.6 2025 611.8 162.6 166.5 2026 612.4 152.2 166.6 2027 615.1 146.9 166.6 2028 614.0 146.9 166.6 Thereafter 3,320.6 3,273.9 3,829.5 Total lease payments 5,927.9 3,923.1 4,537.4 Less: Imputed interest (1,901.6) (1,794.8) (2,140.4) Present value of future lease payments 4,026.3 2,128.3 2,397.0 Less: Current portion of lease obligations (315.4) (52.5) (42.9) Long-term portion of lease obligations $ 3,710.9 $ 2,075.8 $ 2,354.1 The Company modified the presentation of its December 31, 2023 Consolidated Balance Sheet to separately reflect assets and liabilities associated with our operating and finance leases. Total payments made under our Triple Net Leases were as follows: For the three months ended September 30, For the nine months ended September 30, (in millions) 2024 2023 2024 2023 AR PENN Master Lease $ 71.0 $ 71.1 $ 212.9 $ 213.1 2023 Master Lease 58.9 58.0 176.7 174.1 Pinnacle Master Lease 87.4 85.3 259.3 254.2 Margaritaville Lease 6.7 6.6 20.1 19.6 Greektown Lease 13.2 13.2 39.6 39.0 Morgantown Lease 0.8 0.8 2.4 2.4 Total $ 238.0 $ 235.0 $ 711.0 $ 702.4 Information related to lease term and discount rate was as follows: September 30, 2024 December 31, 2023 Weighted-Average Remaining Lease Term Operating leases 10.4 years 11.2 years Finance leases 26.6 years 27.3 years Financing obligations 26.8 years 27.6 years Weighted-Average Discount Rate Operating leases 7.7 % 7.7 % Finance leases 5.2 % 5.2 % Financing obligations 5.2 % 5.2 % The components of lease expense were as follows: Location on unaudited For the three months ended September 30, For the nine months ended September 30, (in millions) 2024 2023 2024 2023 Operating Lease Costs Rent expense associated with triple net operating leases General and administrative $ 154.9 $ 146.6 $ 464.6 $ 439.0 Operating lease cost (1) Primarily General and administrative 4.5 5.6 14.8 16.9 Short-term lease cost Primarily Gaming expenses 21.9 21.3 67.7 60.2 Variable lease cost (1) Primarily Gaming expenses 0.6 0.8 2.5 2.7 Total $ 181.9 $ 174.3 $ 549.6 $ 518.8 Finance Lease Costs Interest on lease liabilities (2) Interest expense, net $ 27.9 $ 27.7 $ 83.0 $ 83.0 Amortization of ROU assets (2) Depreciation and amortization 22.7 22.0 67.1 65.6 Total $ 50.6 $ 49.7 $ 150.1 $ 148.6 Financing Obligation Costs Interest on financing obligations (3) Interest expense, net $ 37.5 $ 36.8 $ 111.2 $ 110.0 (1) Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases. (2) Pertains to finance lease components associated with the Pinnacle Master Lease (primarily land). (3) Pertains to the components contained within the Pinnacle Master Lease (buildings) and the Morgantown Lease. Supplemental cash flow information related to leases was as follows: For the nine months ended September 30, (in millions) 2024 2023 Non-cash lease activities: Commencement of operating leases $ 2.7 $ 3,674.4 Derecognition of operating lease liabilities $ — $ 307.7 Commencement of finance leases $ 63.0 $ 33.3 Derecognition of finance lease liabilities $ — $ 2,933.6 Derecognition of financing obligations $ — $ 1,567.8

Investments in and Advances to

Investments in and Advances to Unconsolidated Affiliates	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Unconsolidated Affiliates	Investments in and Advances to Unconsolidated Affiliates As of September 30, 2024, investments in and advances to unconsolidated affiliates primarily consisted of the Company’s 50% investment in Kansas Entertainment, the joint venture with NASCAR that owns Hollywood Casino at Kansas Speedway. Kansas Entertainment Joint Venture As of September 30, 2024 and December 31, 2023, our investment in Kansas Entertainment was $81.1 million and $80.8 million, respectively. During the three months ended September 30, 2024 and 2023, the Company received distributions from Kansas Entertainment totaling $8.6 million and $11.0 million, respectively, and $24.6 million and $27.8 million for the nine months ended September 30, 2024 and 2023, respectively. 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 September 30, 2024 and December 31, 2023, nor the results of operations for the three and nine months ended September 30, 2024 and 2023.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
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 pre-tax 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 from operations before income taxes) including discrete items was 23.1% and 18.6% for the three and nine months ended September 30, 2024, as compared to 19.0% and 1,698.9% for the three and nine months ended September 30, 2023. 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 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 assessment. Certain of these and other factors, including our history and projections of pre-tax 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 September 30, 2024, we intend to continue maintaining a valuation allowance on our deferred tax assets not more than likely than not to be realized until there is sufficient positive evidence to support the reversal of all or some portion of these allowances. A reduction in the valuation allowance could 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 estimated, the actual determination is contingent upon the earnings level we achieve in 2024 as well as our projected income levels in future periods. During the three months ended September 30, 2024, the Company increased its valuation allowance in the amount of $0.7 million primarily due to overall lower level of earnings. During the three months ended March 31, 2023, the Company recorded a net deferred tax liability of $115.9 million with respect to the Barstool stock acquisition on February 17, 2023. These temporary differences were primarily related to existing carryover tax basis, acquired federal and state net operating losses, and other acquired intangible assets excluding goodwill. The net deferred tax liability was subsequently written off as part of the Barstool disposition discussed in Note 5, “Acquisitions and Dispositions.” As of September 30, 2024 and December 31, 2023, the Company had prepaid income taxes of $43.3 million and $65.3 million, respectively, which were included in “Prepaid expenses” within our unaudited Consolidated Balance Sheets.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The 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. ESPN Sportsbook and Investment Agreements On August 8, 2023, PENN entered into the Sportsbook Agreement with ESPN which provides for a long-term strategic relationship between PENN and ESPN relating to online sports betting in the United States. The Sportsbook Agreement has an initial 10-year term and may be extended for an additional ten years upon mutual agreement of PENN and ESPN. In consideration for the media marketing services and brand and other rights provided by ESPN, PENN will pay $150.0 million per year in cash pursuant to the Sportsbook Agreement for the initial 10-year term and issue warrants pursuant to the Investment Agreement (as defined and described in more detail below). The Sportsbook Agreement may be terminated by either party if at the end of year three of the term the Sportsbook has not achieved a specified level of market share based on gross gaming revenue in the states in which the Sportsbook operates while branded ESPN BET, and other terms pursuant to the agreement. In connection with the Sportsbook Agreement, PENN and ESPN, Inc. entered into an Investment Agreement (the “Investment Agreement”) on August 8, 2023. The Investment Agreement provides for the issuance to ESPN, Inc. of certain warrants to purchase shares of PENN common stock, par value $0.01 per share, and setting forth certain other governance rights of ESPN, Inc. Pursuant to the Investment Agreement PENN issued to ESPN, Inc. warrants to purchase approximately 31.8 million shares of PENN common stock. The warrants are classified as equity and contain three separate tranches which vest quarterly over ten years from the date of the Investment Agreement, provided that any remaining unvested portion of the first tranche of warrants will vest on August 8, 2032. At the grant date, the $550.4 million fair value of the awards was determined using the Black-Scholes pricing model with contractual terms ranging from 9.5 to 11.5 years, and strike prices ranging from $26.08 to $32.60. During the three and nine months ended September 30, 2024 , the Company recognized $15.9 million and $53.4 million of expense , respectively, related to the Investment Agreement warrants. Expenses related to these warrants are recorded within “Gaming” expenses on the unaudited Consolidated Statements of Operations and recognized when services are received. Additionally, if after February 29, 2024 and during the term of the Sportsbook Agreement PENN achieves specified performance conditions based on an average market share based on gross gaming revenue in the states in which the Sportsbook operates (as defined within the Investment Agreement), PENN could issue to ESPN, Inc. warrants to purchase up to an additional 6.4 million shares of PENN common stock. The additional warrants will be fully vested upon issuance, have an exercise price of $28.95, and will be exercisable for 10.5 years from the date of issuance.

Stockholders_ Equity and Stock-

Stockholders’ Equity and Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
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, the Company acquired HitPoint Inc. and Lucky Point Inc. (collectively, “HitPoint”). On both June 29, 2023 and June 26, 2024, the Company issued 4,055 shares in connection with the achievement of the second and final annual mutual goals established by the Company and HitPoint for a total of $0.1 million, respectively. In conjunction with the February 20, 2020 stock purchase agreement between PENN and Barstool, 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. 1/1,000th of a share of Series D Preferred Stock is convertible into one share of PENN common stock. Pursuant to the Barstool SPA, on August 11, 2023, all remaining outstanding shares of Series D Preferred Stock were converted to common stock. See Note 5, “Acquisitions and Dispositions” for additional information related to the Barstool SPA. As of both September 30, 2024 and December 31, 2023, there were 5,000 shares authorized of Series D Preferred Stock, and no shares were outstanding. In connection with the acquisition of Score Media and Gaming, Inc. (“theScore”) in October 2021, the Company issued 12,319,340 shares of common stock with a par value of $0.01, and 697,539 exchangeable shares, par value $0.01 (“Exchangeable Shares”) through the capital of an indirect wholly-owned subsidiary of PENN, in addition to cash consideration. Each Exchangeable Share is exchangeable into one share of PENN common stock at the option of the holder, subject to certain adjustments. Upon the acquisition of theScore, certain employees of theScore elected to have their outstanding equity awards, which were assumed under theScore plan (as defined below), issued as Exchangeable Shares, once the shares vest or are exercised. In addition, the Company 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. We did not issue Exchangeable Shares during the three months ended September 30, 2024 and 2023. During the nine months ended September 30, 2024 and 2023, we issued 68,048 and 2,854 Exchangeable Shares, respectively. As of both September 30, 2024 and December 31, 2023, there were 768,441 Exchangeable Shares authorized, of which 468,943 shares and 560,267 shares were outstanding, respectively. Share Repurchase Authorization On December 6, 2022, the Board of Directors approved a share repurchase authorization for $750.0 million (the “December 2022 Authorization”). The December 2022 Authorization expires on December 31, 2025. The Company utilized the capacity under the previous February 2022 authorization prior to effecting any repurchases under the December 2022 Authorization. Repurchases by the Company are 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 Rule 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. No shares of the Company’s common stock were repurchased during the three and nine months ended September 30, 2024. No shares of the Company’s common stock were repurchased during the three months ended September 30, 2023. During the nine months ended September 30, 2023, the Company repurchased 5,438,221 shares of its common stock in open market transactions for $149.8 million, at an average price of $27.54 per share under the February 2022 and December 2022 Authorizations. The cost of all repurchased shares is recorded as “Treasury stock” within our unaudited Consolidated Balance Sheets. No shares of the Company’s common stock were repurchased subsequent to the quarter ended September 30, 2024. As of November 6, 2024, the remaining availability under our December 2022 Authorization was $749.5 million. 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 authorizes the Company to issue stock options (incentive and/or non-qualified), stock appreciation rights (“SARs”), restricted stock (shares and/or units), performance awards (shares and/or units), and cash awards to executive officers, non-employee directors, other employees, consultants, and advisors 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, an initial 6,870,000 shares of the Company’s common stock were reserved for issuance, plus any shares of common stock subject to outstanding awards under both the previous 2018 Long Term Incentive Compensation Plan, as amended (“2018 Plan”) and Score Media and Gaming Inc. Second Amended and Restated Stock Option and Restricted Stock Unit Plan (the “theScore Plan”) as of June 7, 2022, and outstanding awards that are forfeited or settled for cash under each of the prior plans. On June 6, 2023, the Company’s shareholders, upon the recommendation of the Company’s Board of Directors, approved an amendment to the 2022 Plan (as amended, the “2022 Amended Plan”), which increased the number of shares reserved for issuance under the plan by 7,000,000 shares to 13,870,000 shares. For purposes of determining the number of shares available for issuance under the 2022 Amended Plan, stock options, restricted stock and all other equity settled awards count against the 13,870,000 share 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 September 30, 2024, there are 5,469,838 shares available for future grants under the 2022 Amended Plan. Performance Share Program The Company’s performance share programs were adopted to provide our NEOs and certain other key executives with stock-based compensation tied directly to the Company’s performance, which further aligns their interests with our shareholders and provides compensation only if the designated performance goals are met for the applicable performance periods. During the nine months ended September 30, 2024, the Company granted 1,317,269 restricted units with performance-based vesting conditions, at target, under the 2022 Amended Plan. The restricted performance units granted in 2024 consist of one three-year performance period over a three-year service period. The awards have the potential to be earned at between 0% and 200% of the number of shares granted depending on achievement of the performance goals, and remain subject to vesting for the full three-year service period. During the nine months ended September 30, 2023, the Company granted 461,747 restricted units with performance-based vesting conditions, at target, under the 2022 Plan. The restricted performance units granted in 2023 consist of three one-year performance periods over a three-year service period. The awards have the potential to be earned at between 0% and 150% of the number of shares granted depending on achievement of the performance goals, and remain subject to vesting for the full three-year service period. Stock-based Compensation Expense Stock-based compensation expense pertains to our stock options and restricted stock, including restricted stock with performance conditions. The Company recognized stock-based compensation expense of $12.9 million and $35.2 million during the three months ended September 30, 2024 and 2023, respectively, and $39.0 million and $71.4 million for the nine months ended September 30, 2024 and 2023, respectively, which is included in “General and administrative” expense within the unaudited Consolidated Statements of Operations. Stock Options The Company granted 439 and 905 stock options during the three months ended September 30, 2024 and 2023, respectively, and 815,765 and 841,140 stock options during the nine months ended September 30, 2024 and 2023, respectively. Cash-settled Phantom Stock Units Our outstanding phantom stock units (“CPUs”), are settled in cash and entitle plan recipients to receive a cash payment based on the fair value of the Company’s common stock which is based on the closing stock price of the trading day preceding the vest date. Our CPUs vest over a period of one The Company recognized $0.1 million and $1.3 million of compensation expense associated with these awards for the three months ended September 30, 2024 and 2023, respectively, and $0.4 million and $2.9 million for the nine months ended September 30, 2024 and 2023, respectively. Compensation expense associated with our CPUs is recorded in “General and administrative” within the unaudited Consolidated Statements of Operations. As of September 30, 2024, there was a total of $0.6 million unrecognized compensation expense related to CPUs that will be recognized over the awards remaining weighted-average vesting period of 1.5 years. Additionally, we paid $1.1 million and $4.2 million during the nine months ended September 30, 2024 and 2023, respectively, pertaining to cash-settled CPUs. Stock Appreciation Rights Our outstanding SARs are settled in cash and are accounted for as liability awards, and generally 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 $0.4 million and $5.8 million as of September 30, 2024 and December 31, 2023, respectively. For SARs held by employees of the Company, there was $0.1 million of total unrecognized compensation cost as of September 30, 2024 that will be recognized over the awards remaining weighted-average vesting period of 1.4 years. The Company recognized a reduction to compensation expense of $0.4 million and $0.7 million for the three months ended September 30, 2024 and 2023, respectively, and a reduction to compensation expense of $4.9 million and $4.4 million for the nine months ended September 30, 2024 and 2023, respectively. Compensation expense associated with our SARs is recorded in “General and administrative” within the unaudited Consolidated Statements of Operations. We paid $0.1 million and $0.6 million during the nine months ended September 30, 2024 and 2023, respectively, related to cash-settled SARs.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share For the three and nine months ended September 30, 2024 and 2023, we recorded a net loss attributable to PENN. As such, because the dilution from potential common shares was anti-dilutive, we used basic weighted-average common shares outstanding rather than diluted weighted-average common shares outstanding when calculating diluted loss per share. Stock options, restricted stock, convertible preferred shares, and convertible debt that could potentially dilute basic EPS in the future, that were not included in the computation of diluted loss per share, were as follows: For the three months ended September 30, For the nine months ended September 30, (in millions) 2024 2023 2024 2023 Assumed conversion of dilutive stock options 0.1 0.5 0.1 0.7 Assumed conversion of dilutive restricted stock 0.5 0.4 0.2 0.4 Assumed conversion of convertible preferred shares — 0.2 — 0.3 Assumed conversion of convertible debt 14.1 14.1 14.1 14.1 As we recorded a net loss for the three and nine months ended September 30, 2024 and 2023, there are no reconciling items in the weighted-average common shares outstanding used in the calculation of basic and diluted EPS. Restricted stock with performance and market based vesting conditions that have not been met as of September 30, 2024 were excluded from the computation of diluted EPS. Anti-dilutive equity-based awards are excluded from the computation of diluted EPS, and primarily consists of stock options awarded under the Company’s previous and current long-term incentive compensation plans and warrants issued under the terms of the Investment Agreement described in Note 11 , “ Commitments and Contingencies . ” Anti-dilutive options and warrants to purchase 35.3 million and 2.0 million shares were outstanding during the three months ended September 30, 2024 and 2023, respectively, and anti-dilutive options and warrants to purchase 35.1 million and 1.7 million shares were outstanding during the nine months ended September 30, 2024 and 2023, respectively. Additionally, the assumed conversion of 0.2 million and 0.3 million preferred shares were excluded from the computation of diluted EPS for both three and nine months ended September 30, 2023, respectively, because including them would have been anti-dilutive. The Company’s calculation of weighted-average common shares outstanding includes the Exchangeable Shares discussed within Note 12, “Stockholders’ Equity and Stock-Based Compensation.” The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2024 and 2023: For the three months ended September 30, For the nine months ended September 30, (in millions, except per share data) 2024 2023 2024 2023 Calculation of basic loss per share: Net loss applicable to common stock $ (36.7) $ (724.8) $ (178.2) $ (131.9) Weighted-average shares outstanding — PENN Entertainment, Inc. 151.7 150.3 151.6 151.7 Weighted-average shares outstanding — Exchangeable Shares 0.5 0.6 0.5 0.6 Weighted-average common shares outstanding — basic 152.2 150.9 152.1 152.3 Basic loss per share $ (0.24) $ (4.80) $ (1.17) $ (0.87) Calculation of diluted loss per share: Diluted loss applicable to common stock $ (36.7) $ (724.8) $ (178.2) $ (131.9) Weighted-average common shares outstanding — diluted 152.2 150.9 152.1 152.3 Diluted loss per share $ (0.24) $ (4.80) $ (1.17) $ (0.87)

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
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 payable 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 September 30, 2024 and December 31, 2023, we held $8.2 million and $10.7 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 online sports betting and/or iCasino operators for online sports betting and iCasino market access across our portfolio. We recognized an unrealized holding gain of $3.0 million and an unrealized holding loss of $11.6 million for the three months ended September 30, 2024 and 2023, respectively, and unrealized holding losses of $2.4 million and $8.5 million for the nine months ended September 30, 2024 and 2023, respectively, which are 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 1 inputs, which use market approach valuation techniques. The primary inputs to those techniques include the quoted market price of the equity securities and foreign currency exchange rates. Available-for-Sale Debt Securities The Company acquired 12.0% secured convertible notes in a technology provider on April 7, 2023 for $20.0 million, due on the third-year anniversary of the date of issuance. The terms contain optional and mandatory conversion provisions pursuant to which we will receive common stock upon conversion. As of both periods ended September 30, 2024 and December 31, 2023, the balance of the convertible notes was $24.2 million, which are reported in “Other assets” in our unaudited Consolidated Balance Sheets. As of September 30, 2024, the fair value of the convertible notes approximates the carrying value as of December 31, 2023. Therefore, we did not record any unrealized gains or losses to “Other comprehensive income (loss)” within our unaudited Consolidated Statements of Comprehensive Income (Loss). The fair value of the convertible notes was determined using a binomial lattice model and is categorized as a Level 3 measurement. 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 both periods ended September 30, 2024 and December 31, 2023, PRP held $7.9 million in promissory notes issued by RDC and $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 September 30, 2024 and December 31, 2023, 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 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 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. During the first quarter of 2024, we reassessed the trading frequency of our previously described long-term debt instruments and reclassified them from a Level 1 measurement to a Level 2 measurement. Other long-term obligations as of September 30, 2024 and December 31, 2023 included a financing arrangement entered in February of 2021 (as discussed below) as well as the repayment obligation of the hotel and event center located near Hollywood Casino Lawrenceburg. See Note 7, “Long-Term Debt” for details. The fair value of the Lawrenceburg repayment obligation is estimated based on rates consistent with the Company’s credit rating for comparable terms and debt instruments and is classified as a Level 2 measurement. Additionally, in February 2021, we entered into a third-party 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 7, “Long-Term Debt.” Other Liabilities Other liabilities as of September 30, 2024 and December 31, 2023 include contingent purchase price liabilities related to Plainridge Park Casino and HitPoint. 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 and is based on the achievement of mutual goals established by the Company and HitPoint. The final payment of shares and cash were issued during the second and third quarters of 2024, respectively. See Note 12, “Stockholders’ Equity and Stock-Based Compensation.” As of September 30, 2024, there are no annual achievement periods 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 September 30, 2024, we were contractually obligated to make one additional annual payment. 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. Additionally, as of September 30, 2024 and December 31, 2023, Other liabilities include a $39.5 million and $70.0 million tax indemnification, respectively, as described in Note 2, “Significant Accounting Policies and Basis of Presentation.” Liabilities associated with the indemnification of $39.5 million are recorded in “Other long-term liabilities” within our unaudited Consolidated Balance Sheets. The indemnity has been classified as a Level 3 measurement. Key assumptions used to estimate the fair value of the indemnification include the expected tax rate and the probability of potential outcomes based on valuation methods that utilize unobservable inputs that are significant to the overall fair value as of September 30, 2024 and December 31, 2023. The assessment of the significance of a particular input to the fair value measurement requires judgment. The carrying amounts and estimated fair values by input level of the Company’s financial instruments were as follows: September 30, 2024 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 834.0 $ 834.0 $ 834.0 $ — $ — Equity securities $ 8.2 $ 8.2 $ 8.2 $ — $ — Available-for-sale debt securities $ 24.2 $ 24.2 $ — $ — $ 24.2 Held-to-maturity securities $ 6.7 $ 6.7 $ — $ 6.7 $ — Promissory notes $ 7.9 $ 7.9 $ — $ 7.9 $ — Financial liabilities: Long-term debt Amended Credit Facilities $ 1,445.4 $ 1,459.5 $ — $ 1,459.5 $ — 5.625% Notes $ 399.8 $ 394.0 $ — $ 394.0 $ — 4.125% Notes $ 395.3 $ 364.0 $ — $ 364.0 $ — Convertible Notes $ 327.4 $ 356.9 $ — $ 356.9 $ — Other long-term obligations $ 197.5 $ 196.3 $ — $ 8.1 $ 188.2 Other liabilities $ 44.7 $ 44.6 $ — $ 2.6 $ 42.0 December 31, 2023 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 1,071.8 $ 1,071.8 $ 1,071.8 $ — $ — Equity securities $ 10.7 $ 10.7 $ 10.7 $ — $ — Available-for-sale securities $ 24.2 $ 24.2 $ — $ — $ 24.2 Held-to-maturity securities $ 6.7 $ 6.7 $ — $ 6.7 $ — Promissory notes $ 7.9 $ 7.9 $ — $ 7.9 $ — Financial liabilities: Long-term debt Amended Credit Facilities $ 1,471.7 $ 1,483.5 $ 1,483.5 $ — $ — 5.625% Notes $ 399.7 $ 388.0 $ 388.0 $ — $ — 4.125% Notes $ 394.6 $ 340.0 $ 340.0 $ — $ — Convertible Notes $ 326.1 $ 427.6 $ 427.6 $ — $ — Other long-term obligations $ 173.5 $ 172.1 $ — $ 18.0 $ 154.1 Other liabilities $ 79.0 $ 78.9 $ — $ 2.7 $ 76.2 The following table summarizes the changes in fair value of our Level 3 assets and liabilities measured on a recurring basis: (in millions) Other Assets and Liabilities Balance as of January 1, 2024 $ 254.5 Interest 34.1 Payment installments (33.1) Included in loss and other comprehensive loss (1) (1.1) Balance as of September 30, 2024 $ 254.4 (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 assets and liabilities as of September 30, 2024: Valuation Technique Unobservable Input Discount Rate Available-for-sale debt securities Discounted cash flow Discount rate 35.0 % Other long-term obligation Discounted cash flow Discount rate 27.0 % Contingent purchase price - Plainridge Park Casino Discounted cash flow Discount rate 6.3 %

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
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 VGT operations, by state, to be separate operating segments. Interactive includes all of our online gaming operations, management of retail sports betting, media, and in the prior year, the operating results of Barstool. We owned 36% of Barstool common stock prior to the February 17, 2023 Barstool Acquisition, pursuant to which we acquired the remaining 64% of Barstool common stock. On August 8, 2023, we entered into the Barstool SPA, and we sold 100% of the outstanding shares of Barstool common stock. See Note 5, “Acquisitions and Dispositions” for further 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 loss. For the three months ended September 30, For the nine months ended September 30, (in millions) 2024 2023 2024 2023 Revenues: Northeast segment $ 684.8 $ 687.0 $ 2,065.8 $ 2,075.5 South segment 288.1 308.2 884.8 931.3 West segment 131.8 135.1 395.9 394.8 Midwest segment 292.2 293.4 881.5 882.0 Interactive segment 244.6 196.3 684.9 687.3 Other (1) 4.0 4.5 15.9 16.5 Intersegment eliminations (2) (6.3) (5.1) (19.7) (19.9) Total $ 1,639.2 $ 1,619.4 $ 4,909.1 $ 4,967.5 Adjusted EBITDAR (3) : Northeast segment $ 199.3 $ 208.3 $ 606.6 $ 638.5 South segment 106.4 136.6 331.3 381.1 West segment 47.5 54.7 144.0 153.4 Midwest segment 118.5 123.8 365.4 376.5 Interactive segment (90.9) (50.2) (389.7) (68.7) Other (1) (32.4) (28.1) (86.0) (80.7) Total (3) 348.4 445.1 971.6 1,400.1 Other operating benefits (costs) and other income (expenses): Rent expense associated with triple net operating leases (4) (154.9) (146.6) (464.6) (439.0) Stock-based compensation (12.9) (35.2) (39.0) (71.4) Cash-settled stock-based awards variance 3.8 2.9 14.9 12.0 Gain (loss) on disposal of assets 0.1 — (8.8) — Contingent purchase price 1.1 (1.3) 1.1 (1.8) Depreciation and amortization (108.7) (105.8) (326.5) (323.9) Insurance recoveries, net of deductible charges — 0.3 2.7 13.9 Non-operating items of equity method investments (5) (1.1) (1.0) (3.2) (6.4) Interest expense, net (118.4) (117.5) (356.9) (346.1) Interest income 6.3 10.2 19.2 30.5 Loss on disposal of Barstool (6) — (923.2) — (923.2) Gain on Barstool Acquisition, net (7) — — — 83.4 Gain on REIT transactions, net (8) — — — 500.8 Other (9) 1.6 (14.7) (3.0) (20.6) Loss before income taxes (34.7) (886.8) (192.5) (91.7) Income tax benefit (expense) (2.8) 161.7 13.0 (40.9) Net loss $ (37.5) $ (725.1) $ (179.5) $ (132.6) (1) The Other category consists of the Company’s stand-alone racing operations, namely Sanford-Orlando Kennel Club, Sam Houston and Valley Race Park, the Company’s joint venture interests in Freehold Raceway, and our management contract for Retama Park Racetrack. 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 or have not otherwise been allocated. Corporate overhead costs were $29.1 million and $27.0 million for the three months ended September 30, 2024 and 2023, respectively, and $78.5 million and $78.1 million for the nine months ended September 30, 2024 and 2023, respectively. (2) Primarily represents the elimination of intersegment revenues associated with our retail sportsbooks, which are operated by PENN Interactive. (3) We define Adjusted EBITDAR as earnings before interest expense, net, interest income, income taxes, depreciation and amortization, rent expense associated with triple net operating leases (see footnote (4) below), stock-based compensation, debt extinguishment charges, 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, non-cash gains/losses associated with REIT transactions, loss on disposal of business, non-cash gains/losses associated with partial and step acquisitions as measured in accordance with ASC Topic 805, “Business Combinations”, and other. Adjusted EBITDAR is also inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (see footnote (5) below) added back for Barstool and our Kansas Entertainment joint venture. (4) Amounts pertain to the operating lease components contained within the: (i) AR PENN Master Lease; (ii) 2023 Master Lease; (iii) Margaritaville Lease; and (iv) Greektown Lease. (5) Consists principally of interest expense, net, income taxes, depreciation and amortization, and stock-based compensation expense associated with Barstool prior to acquiring the remaining 64% of Barstool common stock (see Note 5, “Acquisitions and Dispositions” ), and our Kansas Entertainment joint venture. (6) Relates to the loss incurred on the sale of 100% of the outstanding shares of Barstool which was completed on August 8, 2023 (see Note 5, “Acquisitions and Dispositions” ). (7) Includes a gain of $66.5 million associated with Barstool related to remeasurement of the equity investment immediately prior to the acquisition date of February 17, 2023 and a gain of $16.9 million related to the acquisition of the remaining 64% of Barstool common stock (see Note 5, “Acquisitions and Dispositions” ). (8) Upon the execution of the February 21, 2023 AR PENN Master Lease and the 2023 Master Lease, both effective January 1, 2023, we recognized a gain of $500.8 million as a result of the reclassification and remeasurement of lease components (see Note 8, “Leases” ). (9) Primarily relates to an unrealized holding gain of $3.0 million and an unrealized holding loss on our equity securities of $11.6 million for the three months ended September 30, 2024 and 2023, respectively, and unrealized holding losses of $2.4 million and $8.5 million for the nine months ended September 30, 2024 and 2023, respectively, which are discussed in Note 14, “Fair Value Measurements.” The table below presents capital expenditures by segment: For the three months ended September 30, For the nine months ended September 30, (in millions) 2024 2023 2024 2023 Capital expenditures: Northeast segment $ 18.9 $ 27.1 $ 37.8 $ 74.6 South segment 30.5 20.3 65.9 49.4 West segment 22.0 5.6 34.9 15.9 Midwest segment 58.0 11.1 115.4 40.7 Interactive segment 0.8 8.6 1.8 18.3 Other 1.9 2.3 5.9 8.9 Total capital expenditures $ 132.1 $ 75.0 $ 261.7 $ 207.8 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 September 30, 2024 Investment in and advances to unconsolidated affiliates $ 0.1 $ — $ — $ 81.1 $ — $ 7.4 $ 88.6 Total assets $ 1,815.5 $ 1,292.7 $ 430.5 $ 1,417.4 $ 2,451.7 $ 8,106.7 $ 15,514.5 Balance sheet as of December 31, 2023 Investment in and advances to unconsolidated affiliates $ — $ — $ — $ 80.8 $ — $ 4.1 $ 84.9 Total assets $ 1,827.4 $ 1,244.5 $ 388.6 $ 1,241.1 $ 2,549.9 $ 8,812.7 $ 16,064.2 (1) The real estate assets subject to the Master Leases, which are classified as either property and equipment, net, operating lease ROU assets, or finance lease ROU assets, are included within the Other category.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (36.7)	$ (724.8)	$ (178.2)	$ (131.9)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2024
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 statement 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, 2023.
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 with current year 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. Estimates used by us may include, among other things, the useful lives for depreciable and amortizable assets, the provision for credit losses, income tax provisions, the evaluation of the future realization of deferred tax assets, indemnification liabilities associated with certain tax matters, determining the adequacy of reserves for self-insured liabilities, the liabilities associated with our PENN Play program, the initial measurements of financing obligations and lease liabilities associated with our Master Leases, the initial selection of useful lives for depreciable and amortizable assets related to acquisitions, contingencies, and litigation inclusive of financing arrangements in which the Company receives up-front cash proceeds, and stock-based compensation expense. Additionally, we use estimates for projected cash fl ows when assessing the recoverability of long-lived assets, asset impairments, goodwill, and other intangible assets. Estimates of projected cash flows are also used in assessing the initial valuation of intangible assets in conjunction with acquisitions, We applied estimation methods consistently for the periods presented within our unaudited Consolidated Financial Statements. 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 online sports betting, online casino/iCasino and social gaming (collectively referred to as “online gaming”) operations, management of retail sports bet ting, media, and in the prior year,
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, hotel room sales, retail transactions, racing wagers, and third-party revenue sharing agreements. See Note 4, “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 PENN Play 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 online sports betting and/or iCasino for online sports betting and iCasino market access. Our PENN Play program connects the Company’s brands under one loyalty program and allows members to earn loyalty points, or “PENN Cash,” redeemable for slot play and complimentaries, such as food and beverage at our restaurants, lodging at our hotels, the PENN Play redemption marketplace that features popular retailers, and products offered at our retail stores across the vast majority of our properties. In addition, members of the PENN Play program earn credit toward tier status, which entitles them to receive certain other benefits, such as priority access, discounts, gifts, trips to PENN destinations, partner experiences, and PENN Cash. The obligation associated with our PENN Play program, which is included in “Accrued expenses and other current liabilities” within our unaudited Consolidated Balance Sheets, was $26.9 million and $33.1 million as of September 30, 2024 and December 31, 2023, 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, sports betting, or pari-mutuel wagering, (v) outstanding chip liabilities, (vi) unclaimed jackpots, and (vii) gift cards redeemable at our properties. Unpaid wagers 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 $132.3 million and $192.6 million as of September 30, 2024 and December 31, 2023, respectively, and are included in “Accrued expenses and other current liabilities” within our unaudited Consolidated Balance Sheets. The Company’s deferred revenue is primarily related to PENN Interactive, our wholly owned interactive division, which enters into multi-year agreements with third-party online sports betting and/or iCasino operators for online sports betting and iCasino market access across our portfolio of properties. As of September 30, 2024 and December 31, 2023, our deferred revenue balance was $41.4 million and $41.9 million, respectively, the majority of which is included in “Other long-term liabilities” within our unaudited Consolidated Balance Sheets. During the three and nine months ended September 30, 2024, we recognized revenue of $1.1 million and $5.3 million, respectively, that was included in the December 31, 2023 deferred revenue balance. During the three and nine months ended September 30, 2023, we recognized revenue of $0.7 million and $2.4 million, respectively, that was included in the December 31, 2022 deferred revenue balance.
Advertising	Advertising:
Gaming and Pari-mutuel Taxes	Gaming and Pari-mutuel Taxes:
Foreign Currency Translation	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 or loss. 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 or Loss and Accumulated Other Comprehensive Income or Loss	Comprehensive Income or Loss and Accumulated Other Comprehensive Income or Loss: Comprehensive income or loss includes net income or loss and all other non-stockholder changes in equity, or other comprehensive income or loss. The balance of accumulated other comprehensive income or loss consists of foreign currency translation adjustments and unrealized gains or losses on debt securities.
Earnings or Loss Per Share	Earnings or Loss Per Share: Basic earnings or loss per share (“EPS”) is computed by dividing net income or loss 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 warrants, 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 12, “Stockholders’ Equity and Stock-based Compensation”
Guarantees and Indemnifications	Guarantees and Indemnifications:
Voting Interest Entities and Variable Interest Entities	Voting Interest Entities and Variable Interest Entities:
Accounting Pronouncements Adopted and Accounting Pronouncements to be Implemented	Accounting Pronouncements Adopted In June 2022, the Financial Accounting Standard Board (the “FASB”) issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 clarifies the guidance on the fair value measurement of an equity security that is subject to a contractual sale restriction and requires specific disclosures related to such an equity security. Specifically, ASU 2022-03 clarifies that a “contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security” and is not included in the equity security’s unit of account. Accordingly, the Company is no longer permitted to apply a discount related to the contractual sale restriction, or lack of marketability, when measuring the equity security’s fair value. In addition, ASU 2022-03 prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. ASU 2022-03 was effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of ASU 2022-03, which was effective January 1, 2024, did not have a material impact on our unaudited Consolidated Financial Statements. In March 2023, the FASB issued ASU 2023-02, “Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)” (“ASU 2023-02”). ASU 2023-02 introduced the option to apply the proportional amortization method to account for investments made primarily for the purpose of receiving income tax credits and other income tax benefits when certain requirements are met. ASU 2023-02 was effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of ASU 2023-02, which was effective January 1, 2024, did not have a material impact on our unaudited Consolidated Financial Statements. Accounting Pronouncements to be Implemented In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 updates the requirements for a public entity to disclose its significant segment expense categories and amounts for each reportable segment. A significant segment expense is considered an expense that is significant to the segment, regularly provided to or easily computed from information regularly provided to the chief operating decision maker, and included in the reported measure of segment profit or loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company has determined the adoption of ASU 2023-07 will result in additional disclosures in the notes to the Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 updates the requirements for a public entity to enhance income tax disclosures to provide a better assessment on how an entity’s operations, related tax risks, tax planning, and operational opportunities affect its tax rate and prospects for future cash flows. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The primary purpose of the new ASU 2023-09 is to enhance the transparency of income tax disclosures and we expect that any impact would be limited to additional disclosures in the notes to the Consolidated Financial Statements.

Significant Accounting Polici_3

Significant Accounting Policies and Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Operating Segments within 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 Bangor Bangor, Maine AR PENN Master Lease Hollywood Casino at Charles Town Races Charles Town, West Virginia AR PENN Master Lease Hollywood Casino Columbus Columbus, Ohio 2023 Master Lease Hollywood Casino at Greektown Detroit, Michigan Greektown Lease Hollywood Casino Lawrenceburg Lawrenceburg, Indiana AR PENN Master Lease Hollywood Casino Morgantown Morgantown, Pennsylvania Morgantown Lease (1) Hollywood Casino at PENN National Race Course Grantville, Pennsylvania AR PENN Master Lease Hollywood Casino Perryville Perryville, Maryland 2023 Master Lease Hollywood Casino at The Meadows Washington, Pennsylvania 2023 Master Lease Hollywood Casino Toledo Toledo, Ohio 2023 Master Lease Hollywood Casino York York, Pennsylvania Operating Lease (not with REIT Landlord) Hollywood Gaming at Dayton Raceway Dayton, Ohio AR PENN Master Lease Hollywood Gaming at Mahoning Valley Race Course Youngstown, Ohio AR PENN Master Lease Marquee by PENN (2) Pennsylvania N/A Plainridge Park Casino Plainville, Massachusetts Pinnacle Master Lease South segment 1 st Jackpot Casino Tunica, Mississippi AR PENN Master Lease Ameristar Vicksburg Vicksburg, Mississippi Pinnacle Master Lease Boomtown Biloxi Biloxi, Mississippi AR 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 AR PENN Master Lease Hollywood Casino Tunica Tunica, Mississippi AR 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 Spa Casino Henderson, Nevada 2023 Master Lease Zia Park Casino Hobbs, New Mexico AR PENN Master Lease Midwest segment Ameristar Council Bluffs Council Bluffs, Iowa Pinnacle Master Lease Argosy Casino Alton (3) Alton, Illinois AR PENN Master Lease Argosy Casino Riverside Riverside, Missouri AR PENN Master Lease Hollywood Casino Aurora Aurora, Illinois 2023 Master Lease Hollywood Casino Joliet Joliet, Illinois 2023 Master Lease Hollywood Casino at Kansas Speedway (4) Kansas City, Kansas Owned - Joint Venture Hollywood Casino St. Louis Maryland Heights, Missouri AR PENN Master Lease Prairie State Gaming (2) Illinois N/A River City Casino St. Louis, Missouri Pinnacle Master Lease (1) Upon termination of the Morgantown Lease, ownership of the constructed building and all tenant improvements will transfer from the Company to GLPI. (2) VGT route operations. (3) The riverboat is owned by us and not subject to the AR PENN Master Lease. (4) Pursuant to a joint venture with NASCAR Holdings LLC (“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 September 30, For the nine months ended September 30, (in millions) 2024 2023 2024 2023 Revenues: Northeast segment $ 684.8 $ 687.0 $ 2,065.8 $ 2,075.5 South segment 288.1 308.2 884.8 931.3 West segment 131.8 135.1 395.9 394.8 Midwest segment 292.2 293.4 881.5 882.0 Interactive segment 244.6 196.3 684.9 687.3 Other (1) 4.0 4.5 15.9 16.5 Intersegment eliminations (2) (6.3) (5.1) (19.7) (19.9) Total $ 1,639.2 $ 1,619.4 $ 4,909.1 $ 4,967.5 Adjusted EBITDAR (3) : Northeast segment $ 199.3 $ 208.3 $ 606.6 $ 638.5 South segment 106.4 136.6 331.3 381.1 West segment 47.5 54.7 144.0 153.4 Midwest segment 118.5 123.8 365.4 376.5 Interactive segment (90.9) (50.2) (389.7) (68.7) Other (1) (32.4) (28.1) (86.0) (80.7) Total (3) 348.4 445.1 971.6 1,400.1 Other operating benefits (costs) and other income (expenses): Rent expense associated with triple net operating leases (4) (154.9) (146.6) (464.6) (439.0) Stock-based compensation (12.9) (35.2) (39.0) (71.4) Cash-settled stock-based awards variance 3.8 2.9 14.9 12.0 Gain (loss) on disposal of assets 0.1 — (8.8) — Contingent purchase price 1.1 (1.3) 1.1 (1.8) Depreciation and amortization (108.7) (105.8) (326.5) (323.9) Insurance recoveries, net of deductible charges — 0.3 2.7 13.9 Non-operating items of equity method investments (5) (1.1) (1.0) (3.2) (6.4) Interest expense, net (118.4) (117.5) (356.9) (346.1) Interest income 6.3 10.2 19.2 30.5 Loss on disposal of Barstool (6) — (923.2) — (923.2) Gain on Barstool Acquisition, net (7) — — — 83.4 Gain on REIT transactions, net (8) — — — 500.8 Other (9) 1.6 (14.7) (3.0) (20.6) Loss before income taxes (34.7) (886.8) (192.5) (91.7) Income tax benefit (expense) (2.8) 161.7 13.0 (40.9) Net loss $ (37.5) $ (725.1) $ (179.5) $ (132.6) (1) The Other category consists of the Company’s stand-alone racing operations, namely Sanford-Orlando Kennel Club, Sam Houston and Valley Race Park, the Company’s joint venture interests in Freehold Raceway, and our management contract for Retama Park Racetrack. 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 or have not otherwise been allocated. Corporate overhead costs were $29.1 million and $27.0 million for the three months ended September 30, 2024 and 2023, respectively, and $78.5 million and $78.1 million for the nine months ended September 30, 2024 and 2023, respectively. (2) Primarily represents the elimination of intersegment revenues associated with our retail sportsbooks, which are operated by PENN Interactive. (3) We define Adjusted EBITDAR as earnings before interest expense, net, interest income, income taxes, depreciation and amortization, rent expense associated with triple net operating leases (see footnote (4) below), stock-based compensation, debt extinguishment charges, 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, non-cash gains/losses associated with REIT transactions, loss on disposal of business, non-cash gains/losses associated with partial and step acquisitions as measured in accordance with ASC Topic 805, “Business Combinations”, and other. Adjusted EBITDAR is also inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (see footnote (5) below) added back for Barstool and our Kansas Entertainment joint venture. (4) Amounts pertain to the operating lease components contained within the: (i) AR PENN Master Lease; (ii) 2023 Master Lease; (iii) Margaritaville Lease; and (iv) Greektown Lease. (5) Consists principally of interest expense, net, income taxes, depreciation and amortization, and stock-based compensation expense associated with Barstool prior to acquiring the remaining 64% of Barstool common stock (see Note 5, “Acquisitions and Dispositions” ), and our Kansas Entertainment joint venture. (6) Relates to the loss incurred on the sale of 100% of the outstanding shares of Barstool which was completed on August 8, 2023 (see Note 5, “Acquisitions and Dispositions” ). (7) Includes a gain of $66.5 million associated with Barstool related to remeasurement of the equity investment immediately prior to the acquisition date of February 17, 2023 and a gain of $16.9 million related to the acquisition of the remaining 64% of Barstool common stock (see Note 5, “Acquisitions and Dispositions” ). (8) Upon the execution of the February 21, 2023 AR PENN Master Lease and the 2023 Master Lease, both effective January 1, 2023, we recognized a gain of $500.8 million as a result of the reclassification and remeasurement of lease components (see Note 8, “Leases” ). (9) Primarily relates to an unrealized holding gain of $3.0 million and an unrealized holding loss on our equity securities of $11.6 million for the three months ended September 30, 2024 and 2023, respectively, and unrealized holding losses of $2.4 million and $8.5 million for the nine months ended September 30, 2024 and 2023, respectively, which are discussed in Note 14, “Fair Value Measurements.” The table below presents capital expenditures by segment: For the three months ended September 30, For the nine months ended September 30, (in millions) 2024 2023 2024 2023 Capital expenditures: Northeast segment $ 18.9 $ 27.1 $ 37.8 $ 74.6 South segment 30.5 20.3 65.9 49.4 West segment 22.0 5.6 34.9 15.9 Midwest segment 58.0 11.1 115.4 40.7 Interactive segment 0.8 8.6 1.8 18.3 Other 1.9 2.3 5.9 8.9 Total capital expenditures $ 132.1 $ 75.0 $ 261.7 $ 207.8 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 September 30, 2024 Investment in and advances to unconsolidated affiliates $ 0.1 $ — $ — $ 81.1 $ — $ 7.4 $ 88.6 Total assets $ 1,815.5 $ 1,292.7 $ 430.5 $ 1,417.4 $ 2,451.7 $ 8,106.7 $ 15,514.5 Balance sheet as of December 31, 2023 Investment in and advances to unconsolidated affiliates $ — $ — $ — $ 80.8 $ — $ 4.1 $ 84.9 Total assets $ 1,827.4 $ 1,244.5 $ 388.6 $ 1,241.1 $ 2,549.9 $ 8,812.7 $ 16,064.2 (1) The real estate assets subject to the Master Leases, which are classified as either property and equipment, net, 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 September 30, For the nine months ended September 30, (in millions) 2024 2023 2024 2023 Food and beverage $ 57.3 $ 54.0 $ 165.7 $ 163.1 Hotel 36.6 39.1 105.9 104.8 Other 2.3 3.5 7.7 9.8 Total complimentaries associated with gaming contracts $ 96.2 $ 96.6 $ 279.3 $ 277.7

Revenue Disaggregation (Tables)

Revenue Disaggregation (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 (in millions) Northeast South West Midwest Interactive (1) Other Intersegment Eliminations (2) Total Revenues: Gaming $ 609.9 $ 220.2 $ 89.8 $ 259.1 $ 109.0 $ — $ — $ 1,288.0 Food and beverage 35.8 34.0 18.7 15.5 — 0.5 — 104.5 Hotel 15.7 23.6 17.8 10.4 — — — 67.5 Other 23.4 10.3 5.5 7.2 135.6 3.5 (6.3) 179.2 Total revenues $ 684.8 $ 288.1 $ 131.8 $ 292.2 $ 244.6 $ 4.0 $ (6.3) $ 1,639.2 For the three months ended September 30, 2023 (in millions) Northeast South West Midwest Interactive (1) Other Intersegment Eliminations (2) Total Revenues: Gaming $ 610.8 $ 236.8 $ 94.5 $ 260.1 $ 49.9 $ — $ — $ 1,252.1 Food and beverage 35.4 35.5 18.2 15.0 — 0.5 — 104.6 Hotel 16.9 25.5 17.5 10.8 — — — 70.7 Other 23.9 10.4 4.9 7.5 146.4 4.0 (5.1) 192.0 Total revenues $ 687.0 $ 308.2 $ 135.1 $ 293.4 $ 196.3 $ 4.5 $ (5.1) $ 1,619.4 For the nine months ended September 30, 2024 (in millions) Northeast South West Midwest Interactive (1) Other Intersegment Eliminations (2) Total Revenues: Gaming $ 1,850.3 $ 684.2 $ 275.9 $ 784.7 $ 283.5 $ — $ — $ 3,878.6 Food and beverage 108.5 99.6 55.8 46.0 — 2.9 — 312.8 Hotel 40.6 70.2 50.2 29.3 — — — 190.3 Other 66.4 30.8 14.0 21.5 401.4 13.0 (19.7) 527.4 Total revenues $ 2,065.8 $ 884.8 $ 395.9 $ 881.5 $ 684.9 $ 15.9 $ (19.7) $ 4,909.1 For the nine months ended September 30, 2023 (in millions) Northeast South West Midwest Interactive (1) Other Intersegment Eliminations (2) Total Revenues: Gaming $ 1,856.6 $ 728.0 $ 281.3 $ 787.5 $ 216.1 $ — $ — $ 3,869.5 Food and beverage 108.3 100.8 53.5 44.4 — 2.7 — 309.7 Hotel 42.9 72.1 45.5 28.4 — — — 188.9 Other 67.7 30.4 14.5 21.7 471.2 13.8 (19.9) 599.4 Total revenues $ 2,075.5 $ 931.3 $ 394.8 $ 882.0 $ 687.3 $ 16.5 $ (19.9) $ 4,967.5 (1) Other revenues within the Interactive segment are inclusive of gaming tax reimbursement amounts related to third-party online sports betting and/or iCasino partners for online sports betting and iCasino market access of $104.1 million and $102.6 million for the three months ended September 30, 2024 and 2023, respectively, and $302.8 million and $283.4 million for the nine months ended September 30, 2024 and 2023, respectively. Additionally, due to the inclusion of Barstool operating results prior to the disposition on August 8, 2023, other revenues within the Interactive segment for the three months ended September 30, 2023 included $12.3 million in advertising revenue and $6.0 million in retail revenue and $69.4 million in advertising revenue and $29.8 million in retail revenue for the nine months ending September 30, 2023. (2) Primarily represents the elimination of intersegment revenues associated with our retail sportsbooks, which are operated by PENN Interactive.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2023 Goodwill, gross $ 923.5 $ 236.6 $ 216.8 $ 1,116.7 $ 1,664.0 $ 87.7 $ 4,245.3 Accumulated goodwill impairment losses (828.8) (61.0) (16.6) (556.1) — (87.7) (1,550.2) Goodwill, net $ 94.7 $ 175.6 $ 200.2 $ 560.6 $ 1,664.0 $ — $ 2,695.1 Effect of foreign currency exchange rates — — — — (30.8) — (30.8) Balance as of September 30, 2024 Goodwill, gross $ 923.5 $ 236.6 $ 216.8 $ 1,116.7 $ 1,633.2 $ 87.7 $ 4,214.5 Accumulated goodwill impairment losses (828.8) (61.0) (16.6) (556.1) — (87.7) (1,550.2) Goodwill, net $ 94.7 $ 175.6 $ 200.2 $ 560.6 $ 1,633.2 $ — $ 2,664.3
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: September 30, 2024 December 31, 2023 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived intangible assets Gaming licenses $ 1,132.2 $ — $ 1,132.2 $ 1,107.2 $ — $ 1,107.2 Trademarks 332.5 — 332.5 334.4 — 334.4 Other 0.7 — 0.7 0.7 — 0.7 Amortizing intangible assets Customer relationships 112.0 (106.2) 5.8 112.1 (103.7) 8.4 Technology 307.8 (175.7) 132.1 286.0 (132.3) 153.7 Other 39.9 (18.4) 21.5 29.0 (15.2) 13.8 Total other intangible assets, net $ 1,925.1 $ (300.3) $ 1,624.8 $ 1,869.4 $ (251.2) $ 1,618.2
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: September 30, 2024 December 31, 2023 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived intangible assets Gaming licenses $ 1,132.2 $ — $ 1,132.2 $ 1,107.2 $ — $ 1,107.2 Trademarks 332.5 — 332.5 334.4 — 334.4 Other 0.7 — 0.7 0.7 — 0.7 Amortizing intangible assets Customer relationships 112.0 (106.2) 5.8 112.1 (103.7) 8.4 Technology 307.8 (175.7) 132.1 286.0 (132.3) 153.7 Other 39.9 (18.4) 21.5 29.0 (15.2) 13.8 Total other intangible assets, net $ 1,925.1 $ (300.3) $ 1,624.8 $ 1,869.4 $ (251.2) $ 1,618.2
Schedule of Expected Intangible Asset Amortization Expense	The following table presents the estimated amortization expense based on our amortizing intangible assets as of September 30, 2024 (in millions): Years ending December 31, 2024 (excluding the nine months ended September 30, 2024) $ 17.3 2025 53.5 2026 33.3 2027 24.5 2028 19.3 Thereafter 11.5 Total $ 159.4

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2024
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) September 30, 2024 December 31, 2023 Senior Secured Credit Facilities: Amended Revolving Credit Facility due 2027 $ — $ — Amended Term Loan A Facility due 2027 488.1 508.8 Amended Term Loan B Facility due 2029 977.5 985.0 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 197.5 173.5 2,793.6 2,797.8 Less: Current maturities of long-term debt (38.2) (47.6) Less: Debt discounts (3.4) (3.9) Less: Debt issuance costs (24.8) (28.3) $ 2,727.2 $ 2,718.0
Schedule of Maturities of Long-term Debt	The following is a schedule of future minimum repayments of long-term debt as of September 30, 2024 (in millions): Years ending December 31: 2024 (excluding the nine months ended September 30, 2024) $ 9.4 2025 38.2 2026 557.0 2027 837.0 2028 10.8 Thereafter 1,341.2 Total minimum payments $ 2,793.6
Schedule Convertible Notes	The Convertible Notes consisted of the following components: (in millions) September 30, 2024 December 31, 2023 Liability: Principal $ 330.5 $ 330.5 Unamortized debt issuance costs (3.1) (4.4) Net carrying amount $ 327.4 $ 326.1
Schedule of Interest Expense, Net	The table below presents interest expense, net: For the three months ended September 30, For the nine months ended September 30, (in millions) 2024 2023 2024 2023 Interest expense $ 123.2 $ 119.2 $ 366.1 $ 350.1 Capitalized interest (4.8) (1.7) (9.2) (4.0) Interest expense, net $ 118.4 $ 117.5 $ 356.9 $ 346.1 The table below presents interest expense related to the Convertible Notes: For the three months ended September 30, For the nine months ended September 30, (in millions) 2024 2023 2024 2023 Coupon interest $ 2.3 $ 2.3 $ 6.8 $ 6.8 Amortization of debt issuance costs 0.4 0.4 1.3 1.3 Convertible Notes interest expense $ 2.7 $ 2.7 $ 8.1 $ 8.1

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Maturity Analysis, Operating Leases	The following is a maturity analysis of our operating leases, finance leases and financing obligations as of September 30, 2024: (in millions) Operating Leases Finance Leases Financing Obligations Year ended December 31, 2024 (excluding the nine months ended September 30, 2024) $ 154.0 $ 40.6 $ 41.6 2025 611.8 162.6 166.5 2026 612.4 152.2 166.6 2027 615.1 146.9 166.6 2028 614.0 146.9 166.6 Thereafter 3,320.6 3,273.9 3,829.5 Total lease payments 5,927.9 3,923.1 4,537.4 Less: Imputed interest (1,901.6) (1,794.8) (2,140.4) Present value of future lease payments 4,026.3 2,128.3 2,397.0 Less: Current portion of lease obligations (315.4) (52.5) (42.9) Long-term portion of lease obligations $ 3,710.9 $ 2,075.8 $ 2,354.1
Schedule of Maturity Analysis, Finance Leases	The following is a maturity analysis of our operating leases, finance leases and financing obligations as of September 30, 2024: (in millions) Operating Leases Finance Leases Financing Obligations Year ended December 31, 2024 (excluding the nine months ended September 30, 2024) $ 154.0 $ 40.6 $ 41.6 2025 611.8 162.6 166.5 2026 612.4 152.2 166.6 2027 615.1 146.9 166.6 2028 614.0 146.9 166.6 Thereafter 3,320.6 3,273.9 3,829.5 Total lease payments 5,927.9 3,923.1 4,537.4 Less: Imputed interest (1,901.6) (1,794.8) (2,140.4) Present value of future lease payments 4,026.3 2,128.3 2,397.0 Less: Current portion of lease obligations (315.4) (52.5) (42.9) Long-term portion of lease obligations $ 3,710.9 $ 2,075.8 $ 2,354.1
Schedule of Maturity Analysis, Financing Obligations	The following is a maturity analysis of our operating leases, finance leases and financing obligations as of September 30, 2024: (in millions) Operating Leases Finance Leases Financing Obligations Year ended December 31, 2024 (excluding the nine months ended September 30, 2024) $ 154.0 $ 40.6 $ 41.6 2025 611.8 162.6 166.5 2026 612.4 152.2 166.6 2027 615.1 146.9 166.6 2028 614.0 146.9 166.6 Thereafter 3,320.6 3,273.9 3,829.5 Total lease payments 5,927.9 3,923.1 4,537.4 Less: Imputed interest (1,901.6) (1,794.8) (2,140.4) Present value of future lease payments 4,026.3 2,128.3 2,397.0 Less: Current portion of lease obligations (315.4) (52.5) (42.9) Long-term portion of lease obligations $ 3,710.9 $ 2,075.8 $ 2,354.1
Schedule of Other Information and Supplemental Cash Flow Information Related to Leases	Total payments made under our Triple Net Leases were as follows: For the three months ended September 30, For the nine months ended September 30, (in millions) 2024 2023 2024 2023 AR PENN Master Lease $ 71.0 $ 71.1 $ 212.9 $ 213.1 2023 Master Lease 58.9 58.0 176.7 174.1 Pinnacle Master Lease 87.4 85.3 259.3 254.2 Margaritaville Lease 6.7 6.6 20.1 19.6 Greektown Lease 13.2 13.2 39.6 39.0 Morgantown Lease 0.8 0.8 2.4 2.4 Total $ 238.0 $ 235.0 $ 711.0 $ 702.4 Information related to lease term and discount rate was as follows: September 30, 2024 December 31, 2023 Weighted-Average Remaining Lease Term Operating leases 10.4 years 11.2 years Finance leases 26.6 years 27.3 years Financing obligations 26.8 years 27.6 years Weighted-Average Discount Rate Operating leases 7.7 % 7.7 % Finance leases 5.2 % 5.2 % Financing obligations 5.2 % 5.2 % The components of lease expense were as follows: Location on unaudited For the three months ended September 30, For the nine months ended September 30, (in millions) 2024 2023 2024 2023 Operating Lease Costs Rent expense associated with triple net operating leases General and administrative $ 154.9 $ 146.6 $ 464.6 $ 439.0 Operating lease cost (1) Primarily General and administrative 4.5 5.6 14.8 16.9 Short-term lease cost Primarily Gaming expenses 21.9 21.3 67.7 60.2 Variable lease cost (1) Primarily Gaming expenses 0.6 0.8 2.5 2.7 Total $ 181.9 $ 174.3 $ 549.6 $ 518.8 Finance Lease Costs Interest on lease liabilities (2) Interest expense, net $ 27.9 $ 27.7 $ 83.0 $ 83.0 Amortization of ROU assets (2) Depreciation and amortization 22.7 22.0 67.1 65.6 Total $ 50.6 $ 49.7 $ 150.1 $ 148.6 Financing Obligation Costs Interest on financing obligations (3) Interest expense, net $ 37.5 $ 36.8 $ 111.2 $ 110.0 (1) Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases. (2) Pertains to finance lease components associated with the Pinnacle Master Lease (primarily land). (3) Pertains to the components contained within the Pinnacle Master Lease (buildings) and the Morgantown Lease. Supplemental cash flow information related to leases was as follows: For the nine months ended September 30, (in millions) 2024 2023 Non-cash lease activities: Commencement of operating leases $ 2.7 $ 3,674.4 Derecognition of operating lease liabilities $ — $ 307.7 Commencement of finance leases $ 63.0 $ 33.3 Derecognition of finance lease liabilities $ — $ 2,933.6 Derecognition of financing obligations $ — $ 1,567.8

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share	For the three and nine months ended September 30, 2024 and 2023, we recorded a net loss attributable to PENN. As such, because the dilution from potential common shares was anti-dilutive, we used basic weighted-average common shares outstanding rather than diluted weighted-average common shares outstanding when calculating diluted loss per share. Stock options, restricted stock, convertible preferred shares, and convertible debt that could potentially dilute basic EPS in the future, that were not included in the computation of diluted loss per share, were as follows: For the three months ended September 30, For the nine months ended September 30, (in millions) 2024 2023 2024 2023 Assumed conversion of dilutive stock options 0.1 0.5 0.1 0.7 Assumed conversion of dilutive restricted stock 0.5 0.4 0.2 0.4 Assumed conversion of convertible preferred shares — 0.2 — 0.3 Assumed conversion of convertible debt 14.1 14.1 14.1 14.1
Schedule of Calculation of Basic and Diluted EPS	The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2024 and 2023: For the three months ended September 30, For the nine months ended September 30, (in millions, except per share data) 2024 2023 2024 2023 Calculation of basic loss per share: Net loss applicable to common stock $ (36.7) $ (724.8) $ (178.2) $ (131.9) Weighted-average shares outstanding — PENN Entertainment, Inc. 151.7 150.3 151.6 151.7 Weighted-average shares outstanding — Exchangeable Shares 0.5 0.6 0.5 0.6 Weighted-average common shares outstanding — basic 152.2 150.9 152.1 152.3 Basic loss per share $ (0.24) $ (4.80) $ (1.17) $ (0.87) Calculation of diluted loss per share: Diluted loss applicable to common stock $ (36.7) $ (724.8) $ (178.2) $ (131.9) Weighted-average common shares outstanding — diluted 152.2 150.9 152.1 152.3 Diluted loss per share $ (0.24) $ (4.80) $ (1.17) $ (0.87)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
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: September 30, 2024 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 834.0 $ 834.0 $ 834.0 $ — $ — Equity securities $ 8.2 $ 8.2 $ 8.2 $ — $ — Available-for-sale debt securities $ 24.2 $ 24.2 $ — $ — $ 24.2 Held-to-maturity securities $ 6.7 $ 6.7 $ — $ 6.7 $ — Promissory notes $ 7.9 $ 7.9 $ — $ 7.9 $ — Financial liabilities: Long-term debt Amended Credit Facilities $ 1,445.4 $ 1,459.5 $ — $ 1,459.5 $ — 5.625% Notes $ 399.8 $ 394.0 $ — $ 394.0 $ — 4.125% Notes $ 395.3 $ 364.0 $ — $ 364.0 $ — Convertible Notes $ 327.4 $ 356.9 $ — $ 356.9 $ — Other long-term obligations $ 197.5 $ 196.3 $ — $ 8.1 $ 188.2 Other liabilities $ 44.7 $ 44.6 $ — $ 2.6 $ 42.0 December 31, 2023 (in millions) Carrying Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 1,071.8 $ 1,071.8 $ 1,071.8 $ — $ — Equity securities $ 10.7 $ 10.7 $ 10.7 $ — $ — Available-for-sale securities $ 24.2 $ 24.2 $ — $ — $ 24.2 Held-to-maturity securities $ 6.7 $ 6.7 $ — $ 6.7 $ — Promissory notes $ 7.9 $ 7.9 $ — $ 7.9 $ — Financial liabilities: Long-term debt Amended Credit Facilities $ 1,471.7 $ 1,483.5 $ 1,483.5 $ — $ — 5.625% Notes $ 399.7 $ 388.0 $ 388.0 $ — $ — 4.125% Notes $ 394.6 $ 340.0 $ 340.0 $ — $ — Convertible Notes $ 326.1 $ 427.6 $ 427.6 $ — $ — Other long-term obligations $ 173.5 $ 172.1 $ — $ 18.0 $ 154.1 Other liabilities $ 79.0 $ 78.9 $ — $ 2.7 $ 76.2
Schedule of the Changes in Fair Value of Level 3 Assets and Liabilities	The following table summarizes the changes in fair value of our Level 3 assets and liabilities measured on a recurring basis: (in millions) Other Assets and Liabilities Balance as of January 1, 2024 $ 254.5 Interest 34.1 Payment installments (33.1) Included in loss and other comprehensive loss (1) (1.1) Balance as of September 30, 2024 $ 254.4 (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 assets and liabilities as of September 30, 2024: Valuation Technique Unobservable Input Discount Rate Available-for-sale debt securities Discounted cash flow Discount rate 35.0 % Other long-term obligation Discounted cash flow Discount rate 27.0 % Contingent purchase price - Plainridge Park Casino Discounted cash flow Discount rate 6.3 %

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
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 Bangor Bangor, Maine AR PENN Master Lease Hollywood Casino at Charles Town Races Charles Town, West Virginia AR PENN Master Lease Hollywood Casino Columbus Columbus, Ohio 2023 Master Lease Hollywood Casino at Greektown Detroit, Michigan Greektown Lease Hollywood Casino Lawrenceburg Lawrenceburg, Indiana AR PENN Master Lease Hollywood Casino Morgantown Morgantown, Pennsylvania Morgantown Lease (1) Hollywood Casino at PENN National Race Course Grantville, Pennsylvania AR PENN Master Lease Hollywood Casino Perryville Perryville, Maryland 2023 Master Lease Hollywood Casino at The Meadows Washington, Pennsylvania 2023 Master Lease Hollywood Casino Toledo Toledo, Ohio 2023 Master Lease Hollywood Casino York York, Pennsylvania Operating Lease (not with REIT Landlord) Hollywood Gaming at Dayton Raceway Dayton, Ohio AR PENN Master Lease Hollywood Gaming at Mahoning Valley Race Course Youngstown, Ohio AR PENN Master Lease Marquee by PENN (2) Pennsylvania N/A Plainridge Park Casino Plainville, Massachusetts Pinnacle Master Lease South segment 1 st Jackpot Casino Tunica, Mississippi AR PENN Master Lease Ameristar Vicksburg Vicksburg, Mississippi Pinnacle Master Lease Boomtown Biloxi Biloxi, Mississippi AR 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 AR PENN Master Lease Hollywood Casino Tunica Tunica, Mississippi AR 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 Spa Casino Henderson, Nevada 2023 Master Lease Zia Park Casino Hobbs, New Mexico AR PENN Master Lease Midwest segment Ameristar Council Bluffs Council Bluffs, Iowa Pinnacle Master Lease Argosy Casino Alton (3) Alton, Illinois AR PENN Master Lease Argosy Casino Riverside Riverside, Missouri AR PENN Master Lease Hollywood Casino Aurora Aurora, Illinois 2023 Master Lease Hollywood Casino Joliet Joliet, Illinois 2023 Master Lease Hollywood Casino at Kansas Speedway (4) Kansas City, Kansas Owned - Joint Venture Hollywood Casino St. Louis Maryland Heights, Missouri AR PENN Master Lease Prairie State Gaming (2) Illinois N/A River City Casino St. Louis, Missouri Pinnacle Master Lease (1) Upon termination of the Morgantown Lease, ownership of the constructed building and all tenant improvements will transfer from the Company to GLPI. (2) VGT route operations. (3) The riverboat is owned by us and not subject to the AR PENN Master Lease. (4) Pursuant to a joint venture with NASCAR Holdings LLC (“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 September 30, For the nine months ended September 30, (in millions) 2024 2023 2024 2023 Revenues: Northeast segment $ 684.8 $ 687.0 $ 2,065.8 $ 2,075.5 South segment 288.1 308.2 884.8 931.3 West segment 131.8 135.1 395.9 394.8 Midwest segment 292.2 293.4 881.5 882.0 Interactive segment 244.6 196.3 684.9 687.3 Other (1) 4.0 4.5 15.9 16.5 Intersegment eliminations (2) (6.3) (5.1) (19.7) (19.9) Total $ 1,639.2 $ 1,619.4 $ 4,909.1 $ 4,967.5 Adjusted EBITDAR (3) : Northeast segment $ 199.3 $ 208.3 $ 606.6 $ 638.5 South segment 106.4 136.6 331.3 381.1 West segment 47.5 54.7 144.0 153.4 Midwest segment 118.5 123.8 365.4 376.5 Interactive segment (90.9) (50.2) (389.7) (68.7) Other (1) (32.4) (28.1) (86.0) (80.7) Total (3) 348.4 445.1 971.6 1,400.1 Other operating benefits (costs) and other income (expenses): Rent expense associated with triple net operating leases (4) (154.9) (146.6) (464.6) (439.0) Stock-based compensation (12.9) (35.2) (39.0) (71.4) Cash-settled stock-based awards variance 3.8 2.9 14.9 12.0 Gain (loss) on disposal of assets 0.1 — (8.8) — Contingent purchase price 1.1 (1.3) 1.1 (1.8) Depreciation and amortization (108.7) (105.8) (326.5) (323.9) Insurance recoveries, net of deductible charges — 0.3 2.7 13.9 Non-operating items of equity method investments (5) (1.1) (1.0) (3.2) (6.4) Interest expense, net (118.4) (117.5) (356.9) (346.1) Interest income 6.3 10.2 19.2 30.5 Loss on disposal of Barstool (6) — (923.2) — (923.2) Gain on Barstool Acquisition, net (7) — — — 83.4 Gain on REIT transactions, net (8) — — — 500.8 Other (9) 1.6 (14.7) (3.0) (20.6) Loss before income taxes (34.7) (886.8) (192.5) (91.7) Income tax benefit (expense) (2.8) 161.7 13.0 (40.9) Net loss $ (37.5) $ (725.1) $ (179.5) $ (132.6) (1) The Other category consists of the Company’s stand-alone racing operations, namely Sanford-Orlando Kennel Club, Sam Houston and Valley Race Park, the Company’s joint venture interests in Freehold Raceway, and our management contract for Retama Park Racetrack. 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 or have not otherwise been allocated. Corporate overhead costs were $29.1 million and $27.0 million for the three months ended September 30, 2024 and 2023, respectively, and $78.5 million and $78.1 million for the nine months ended September 30, 2024 and 2023, respectively. (2) Primarily represents the elimination of intersegment revenues associated with our retail sportsbooks, which are operated by PENN Interactive. (3) We define Adjusted EBITDAR as earnings before interest expense, net, interest income, income taxes, depreciation and amortization, rent expense associated with triple net operating leases (see footnote (4) below), stock-based compensation, debt extinguishment charges, 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, non-cash gains/losses associated with REIT transactions, loss on disposal of business, non-cash gains/losses associated with partial and step acquisitions as measured in accordance with ASC Topic 805, “Business Combinations”, and other. Adjusted EBITDAR is also inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (see footnote (5) below) added back for Barstool and our Kansas Entertainment joint venture. (4) Amounts pertain to the operating lease components contained within the: (i) AR PENN Master Lease; (ii) 2023 Master Lease; (iii) Margaritaville Lease; and (iv) Greektown Lease. (5) Consists principally of interest expense, net, income taxes, depreciation and amortization, and stock-based compensation expense associated with Barstool prior to acquiring the remaining 64% of Barstool common stock (see Note 5, “Acquisitions and Dispositions” ), and our Kansas Entertainment joint venture. (6) Relates to the loss incurred on the sale of 100% of the outstanding shares of Barstool which was completed on August 8, 2023 (see Note 5, “Acquisitions and Dispositions” ). (7) Includes a gain of $66.5 million associated with Barstool related to remeasurement of the equity investment immediately prior to the acquisition date of February 17, 2023 and a gain of $16.9 million related to the acquisition of the remaining 64% of Barstool common stock (see Note 5, “Acquisitions and Dispositions” ). (8) Upon the execution of the February 21, 2023 AR PENN Master Lease and the 2023 Master Lease, both effective January 1, 2023, we recognized a gain of $500.8 million as a result of the reclassification and remeasurement of lease components (see Note 8, “Leases” ). (9) Primarily relates to an unrealized holding gain of $3.0 million and an unrealized holding loss on our equity securities of $11.6 million for the three months ended September 30, 2024 and 2023, respectively, and unrealized holding losses of $2.4 million and $8.5 million for the nine months ended September 30, 2024 and 2023, respectively, which are discussed in Note 14, “Fair Value Measurements.” The table below presents capital expenditures by segment: For the three months ended September 30, For the nine months ended September 30, (in millions) 2024 2023 2024 2023 Capital expenditures: Northeast segment $ 18.9 $ 27.1 $ 37.8 $ 74.6 South segment 30.5 20.3 65.9 49.4 West segment 22.0 5.6 34.9 15.9 Midwest segment 58.0 11.1 115.4 40.7 Interactive segment 0.8 8.6 1.8 18.3 Other 1.9 2.3 5.9 8.9 Total capital expenditures $ 132.1 $ 75.0 $ 261.7 $ 207.8 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 September 30, 2024 Investment in and advances to unconsolidated affiliates $ 0.1 $ — $ — $ 81.1 $ — $ 7.4 $ 88.6 Total assets $ 1,815.5 $ 1,292.7 $ 430.5 $ 1,417.4 $ 2,451.7 $ 8,106.7 $ 15,514.5 Balance sheet as of December 31, 2023 Investment in and advances to unconsolidated affiliates $ — $ — $ — $ 80.8 $ — $ 4.1 $ 84.9 Total assets $ 1,827.4 $ 1,244.5 $ 388.6 $ 1,241.1 $ 2,549.9 $ 8,812.7 $ 16,064.2 (1) The real estate assets subject to the Master Leases, which are classified as either property and equipment, net, operating lease ROU assets, or finance lease ROU assets, are included within the Other category.

Organization (Details)

Organization (Details) member in Millions	Sep. 30, 2024 member state jurisdiction property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of properties the entity owned, managed, or had ownership interests | property	43
Number of states in which the entity operates | state	20
Number of states with live sports betting in which the entity operates	20
Number of states with casino play	5
Number of members | member	31

Significant Accounting Polici_4

Significant Accounting Policies and Basis of Presentation - Segment Information (Details)	9 Months Ended
	Sep. 30, 2024 property segment	Aug. 08, 2023	Feb. 17, 2023
Segment Reporting Information [Line Items]
Number of reportable segments	5
Barstool Acquisition
Segment Reporting Information [Line Items]
Ownership interest before acquisition			36%
Ownership interest after acquisition		100%
Barstool Sports, Inc
Segment Reporting Information [Line Items]
Ownership interest			64%
Jackpot, Nevada
Segment Reporting Information [Line Items]
Number of facilities the entity owned, managed, or had ownership interests in | property	2
Number of operating segments	1

Significant Accounting Polici_5

Significant Accounting Policies and Basis of Presentation - Schedule of Operating Segments within Reportable Segments (Details)	Sep. 30, 2024
Kansas Entertainment
Segment Reporting Information [Line Items]
Ownership interest	50%

Significant Accounting Polici_6

Significant Accounting Policies and Basis of Presentation - Schedule of Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	$ 96.2	$ 96.6	$ 279.3	$ 277.7
Food and beverage
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	57.3	54	165.7	163.1
Hotel
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	36.6	39.1	105.9	104.8
Other
Revenue from External Customer [Line Items]
Total complimentaries associated with gaming contracts	$ 2.3	$ 3.5	$ 7.7	$ 9.8

Significant Accounting Polici_7

Significant Accounting Policies and Basis of Presentation - Customer-related Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 1.1	$ 0.7	$ 5.3	$ 2.4
Online sports betting and related iGaming market access
Disaggregation of Revenue [Line Items]
Customer-related liabilities	41.4		41.4		$ 41.9
Loyalty Credit Obligation
Disaggregation of Revenue [Line Items]
Customer-related liabilities, current	26.9		$ 26.9		33.1
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	$ 132.3		$ 132.3		$ 192.6

Significant Accounting Polici_8

Significant Accounting Policies and Basis of Presentation - Advertising (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Marketing and advertising expense	$ 99.1	$ 18.4	$ 347.4	$ 62.8

Significant Accounting Polici_9

Significant Accounting Policies and Basis of Presentation - Gaming and Pari-mutuel Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Gaming taxes	$ 568.5	$ 562.9	$ 1,700	$ 1,700

Significant Accounting Polic_10

Significant Accounting Policies and Basis of Presentation - Earnings (Loss) Per Share (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Series D Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	0	0

Significant Accounting Polic_11

Significant Accounting Policies and Basis of Presentation - Guarantees and Indemnifications (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Settlement costs			$ 30.5	$ 0
Barstool Acquisition
Disaggregation of Revenue [Line Items]
Settlement costs	$ 30.5
Liabilities associated with this indemnity		$ 70	$ 39.5		$ 70

Revenue Disaggregation (Details

Revenue Disaggregation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,639.2	$ 1,619.4	$ 4,909.1	$ 4,967.5
Gaming
Disaggregation of Revenue [Line Items]
Total revenues	1,288	1,252.1	3,878.6	3,869.5
Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	104.5	104.6	312.8	309.7
Hotel
Disaggregation of Revenue [Line Items]
Total revenues	67.5	70.7	190.3	188.9
Other
Disaggregation of Revenue [Line Items]
Total revenues	179.2	192	527.4	599.4
Advertising | Barstool Acquisition
Disaggregation of Revenue [Line Items]
Total revenues		12.3		69.4
Retail | Barstool Acquisition
Disaggregation of Revenue [Line Items]
Total revenues		6		29.8
Operating Segments | Northeast
Disaggregation of Revenue [Line Items]
Total revenues	684.8	687	2,065.8	2,075.5
Operating Segments | Northeast | Gaming
Disaggregation of Revenue [Line Items]
Total revenues	609.9	610.8	1,850.3	1,856.6
Operating Segments | Northeast | Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	35.8	35.4	108.5	108.3
Operating Segments | Northeast | Hotel
Disaggregation of Revenue [Line Items]
Total revenues	15.7	16.9	40.6	42.9
Operating Segments | Northeast | Other
Disaggregation of Revenue [Line Items]
Total revenues	23.4	23.9	66.4	67.7
Operating Segments | South
Disaggregation of Revenue [Line Items]
Total revenues	288.1	308.2	884.8	931.3
Operating Segments | South | Gaming
Disaggregation of Revenue [Line Items]
Total revenues	220.2	236.8	684.2	728
Operating Segments | South | Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	34	35.5	99.6	100.8
Operating Segments | South | Hotel
Disaggregation of Revenue [Line Items]
Total revenues	23.6	25.5	70.2	72.1
Operating Segments | South | Other
Disaggregation of Revenue [Line Items]
Total revenues	10.3	10.4	30.8	30.4
Operating Segments | West
Disaggregation of Revenue [Line Items]
Total revenues	131.8	135.1	395.9	394.8
Operating Segments | West | Gaming
Disaggregation of Revenue [Line Items]
Total revenues	89.8	94.5	275.9	281.3
Operating Segments | West | Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	18.7	18.2	55.8	53.5
Operating Segments | West | Hotel
Disaggregation of Revenue [Line Items]
Total revenues	17.8	17.5	50.2	45.5
Operating Segments | West | Other
Disaggregation of Revenue [Line Items]
Total revenues	5.5	4.9	14	14.5
Operating Segments | Midwest
Disaggregation of Revenue [Line Items]
Total revenues	292.2	293.4	881.5	882
Operating Segments | Midwest | Gaming
Disaggregation of Revenue [Line Items]
Total revenues	259.1	260.1	784.7	787.5
Operating Segments | Midwest | Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	15.5	15	46	44.4
Operating Segments | Midwest | Hotel
Disaggregation of Revenue [Line Items]
Total revenues	10.4	10.8	29.3	28.4
Operating Segments | Midwest | Other
Disaggregation of Revenue [Line Items]
Total revenues	7.2	7.5	21.5	21.7
Operating Segments | Interactive
Disaggregation of Revenue [Line Items]
Total revenues	244.6	196.3	684.9	687.3
Tax gross up	104.1	102.6	302.8	283.4
Operating Segments | Interactive | Gaming
Disaggregation of Revenue [Line Items]
Total revenues	109	49.9	283.5	216.1
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	135.6	146.4	401.4	471.2
Other
Disaggregation of Revenue [Line Items]
Total revenues	4	4.5	15.9	16.5
Other | Gaming
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Other | Food and beverage
Disaggregation of Revenue [Line Items]
Total revenues	0.5	0.5	2.9	2.7
Other | Hotel
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Other | Other
Disaggregation of Revenue [Line Items]
Total revenues	3.5	4	13	13.8
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Total revenues	(6.3)	(5.1)	(19.7)	(19.9)
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	$ (6.3)	$ (5.1)	$ (19.7)	$ (19.9)

Acquisitions and Dispositions (

Acquisitions and Dispositions (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Feb. 17, 2023	Aug. 07, 2023	Jun. 30, 2024	Sep. 30, 2023	Aug. 07, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Aug. 08, 2023
Business Acquisition [Line Items]
Settlement costs						$ 30.5	$ 0
Barstool Sports, Inc | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Disposal group, percentage of ownership interest sold									100%
Right to receive gross proceeds, percent									50%
Pre-tax non-cash loss				$ 923.2
Goodwill and intangible assets write offs				714.8
Barstool Acquisition
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired	64%
Purchase price	$ 405.5
Liabilities incurred on acquisition	$ 23.8
Business acquisition, equity interest Issued or issuable (in shares)	2,442,809
Payments to acquire businesses, gross	$ 315.3
Ownership interest before acquisition	36%
Business combination, fair value	$ 660
Fair value of investment	171.1
Gain on transaction	66.5
Gain on disposal of business	$ 16.9
Revenue		$ 18.3			$ 99.2
Net loss		$ 7.8			$ 23.9
Liabilities associated with this indemnity				$ 70		$ 39.5		$ 70
Settlement costs			$ 30.5

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	$ 4,245.3
Accumulated goodwill impairment losses, beginning balance	(1,550.2)
Goodwill, net, beginning balance	2,695.1
Effect of foreign currency exchange rates	(30.8)
Goodwill, gross, ending balance	4,214.5
Accumulated goodwill impairment losses, ending balance	(1,550.2)
Goodwill, net, ending balance	2,664.3
Operating Segments | Northeast
Goodwill [Roll Forward]
Goodwill, gross, beginning balance	923.5
Accumulated goodwill impairment losses, beginning balance	(828.8)
Goodwill, net, beginning balance	94.7
Effect of foreign currency exchange rates	0
Goodwill, gross, ending balance	923.5
Accumulated goodwill impairment losses, ending balance	(828.8)
Goodwill, net, ending balance	94.7
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	1,664
Accumulated goodwill impairment losses, beginning balance	0
Goodwill, net, beginning balance	1,664
Effect of foreign currency exchange rates	(30.8)
Goodwill, gross, ending balance	1,633.2
Accumulated goodwill impairment losses, ending balance	0
Goodwill, net, ending balance	1,633.2
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill [Line Items]
Loss on disposal of Barstool	$ 0	$ 923.2	$ 0	$ 923.2
Gaming license acquired during the period	25
Intangible asset amortization expense	$ 12.6	14.3	$ 37.8	$ 46.2
Operating Segments | Interactive
Goodwill [Line Items]
Goodwill write-off		231.9
Impairment of trademarks and other intangible assets		$ 482.9

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, accumulated amortization	$ (300.3)	$ (251.2)
Total	159.4
Total other intangible assets, gross carrying amount	1,925.1	1,869.4
Total other intangible assets, net carrying amount	1,624.8	1,618.2
Gaming licenses
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	1,132.2	1,107.2
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	332.5	334.4
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	112	112.1
Amortizing intangible assets, accumulated amortization	(106.2)	(103.7)
Total	5.8	8.4
Technology
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, gross carrying amount	307.8	286
Amortizing intangible assets, accumulated amortization	(175.7)	(132.3)
Total	132.1	153.7
Other
Finite-Lived Intangible Assets [Line Items]
Amortizing intangible assets, gross carrying amount	39.9	29
Amortizing intangible assets, accumulated amortization	(18.4)	(15.2)
Total	$ 21.5	$ 13.8

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Schedule of Expected Intangible Asset Amortization Expense (Details) $ in Millions	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (excluding the nine months ended September 30, 2024)	$ 17.3
2025	53.5
2026	33.3
2027	24.5
2028	19.3
Thereafter	11.5
Total	$ 159.4

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt, Net of Current Maturities, Debt Discounts and Issuance Costs (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Jul. 01, 2021	May 31, 2020
Debt Instrument [Line Items]
Principal	$ 2,793.6	$ 2,797.8
Less: Current maturities of long-term debt	(38.2)	(47.6)
Less: Debt discounts	(3.4)	(3.9)
Less: Debt issuance costs	(24.8)	(28.3)
Long-term debt, net of current maturities, debt discount and debt issuance costs	2,727.2	2,718
Amended Credit Facilities | Amended Revolving Credit Facility due 2027
Debt Instrument [Line Items]
Principal	0	0
Amended Credit Facilities | Amended Term Loan A Facility due 2027
Debt Instrument [Line Items]
Principal	488.1	508.8
Amended Credit Facilities | Amended Term Loan B Facility due 2029
Debt Instrument [Line Items]
Principal	$ 977.5	$ 985
Senior Notes | 5.625% Notes due 2027
Debt Instrument [Line Items]
Interest rate	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	$ 197.5	$ 173.5

Long-Term Debt - Schedule of Ma

Long-Term Debt - Schedule of Maturities of Long-term Debt (Details) $ in Millions	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024 (excluding the nine months ended September 30, 2024)	$ 9.4
2025	38.2
2026	557
2027	837
2028	10.8
Thereafter	1,341.2
Net carrying amount	$ 2,793.6

Long-Term Debt - Senior Secured

Long-Term Debt - Senior Secured Credit Facilities (Details)			1 Months Ended
	Feb. 15, 2024 day	May 03, 2022 USD ($) covenant	Jan. 31, 2017 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 15, 2018 USD ($)
Debt Instrument [Line Items]
Number of financial covenants | covenant		2
Senior Secured Credit Facility
Debt Instrument [Line Items]
Covenant relief period, minimum interest coverage ratio		2
Senior Secured Credit Facility | Maximum
Debt Instrument [Line Items]
Covenant relief period, maximum consolidated total net leverage ratio one		4.50
Covenant relief period, maximum consolidated total net leverage ratio two		5
Amended Credit Facilities | Term Loan A Facility due 2023, incremental loans
Debt Instrument [Line Items]
Borrowing capacity						$ 430,200,000
Amended Credit Facilities | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity		$ 1,000,000,000
Commitment fee on unused capacity		0.25%
Letters of credit outstanding				$ 20,900,000	$ 21,700,000
Available borrowing capacity				$ 979,100,000	$ 978,300,000
Amended Credit Facilities | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee on unused capacity		0.35%
Amended Credit Facilities | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee on unused capacity		0.20%
Amended Credit Facilities | Term Loan A Facility
Debt Instrument [Line Items]
Debt instrument, term		5 years
Borrowing capacity		$ 550,000,000
Amended Credit Facilities | Term Loan B Facility
Debt Instrument [Line Items]
Debt instrument, term		7 years
Borrowing capacity		$ 1,000,000,000
Amended Credit Facilities | Term Loan A | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
Amended Credit Facilities | Term Loan A | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%
Amended Credit Facilities | Term Loan A | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Amended Credit Facilities | Term Loan A | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.75%
Amended Credit Facilities | Term Loan A | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Amended Credit Facilities | Term Loan A | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Amended Credit Facilities | Term Loan B | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		2.75%
Basis spread on variable rate, floor		0.50%
Amended 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%
Revolving Credit Facility Entered 2017 Due 2022 | Amended Credit Facilities
Debt Instrument [Line Items]
Debt instrument, term			5 years
Borrowing capacity			$ 700,000,000
Term Loan A Facility Entered 2017 Due 2022 | Amended Credit Facilities
Debt Instrument [Line Items]
Debt instrument, term			5 years
Borrowing capacity			$ 300,000,000
Term Loan B Facility Entered 2017 Due 2024 | Amended Credit Facilities
Debt Instrument [Line Items]
Debt instrument, term			7 years
Borrowing capacity			$ 500,000,000
Term Loan B-1 Facility Due 2025 | Amended Credit Facilities
Debt Instrument [Line Items]
Borrowing capacity						$ 1,100,000,000
Amended Credit Facilities | Amended Credit Facilities
Debt Instrument [Line Items]
Number of business days | day	2

Long-Term Debt - 2.75% Unsecure

Long-Term Debt - 2.75% Unsecured Convertible Notes (Details) - 2.75% Convertible Notes due 2026 - Convertible Notes - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	May 31, 2020
Debt Instrument [Line Items]
Debt principal amount			$ 330,500,000
Interest rate	2.75%		2.75%
Debt conversion, converted instrument, amount	$ 0	$ 0
Number of shares issued upon conversion (in shares)	18,360,815
Amount if-converted value exceeds its principal amount	$ 15,800,000

Long-Term Debt - Schedule of Co

Long-Term Debt - Schedule of Convertible Notes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Net carrying amount	$ 2,793.6
2.75% Convertible Notes due 2026 | Convertible Notes
Debt Instrument [Line Items]
Principal	330.5	$ 330.5
Unamortized debt issuance costs	(3.1)	(4.4)
Net carrying amount	$ 327.4	$ 326.1

Long-Term Debt - Schedule of In

Long-Term Debt - Schedule of Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Interest expense	$ 123.2	$ 119.2	$ 366.1	$ 350.1
Capitalized interest	(4.8)	(1.7)	(9.2)	(4)
Interest expense, net	118.4	117.5	356.9	346.1
Convertible Notes Payable
Debt Instrument [Line Items]
Coupon interest	2.3	2.3	6.8	6.8
Amortization of debt issuance costs	0.4	0.4	1.3	1.3
Convertible Notes interest expense	$ 2.7	$ 2.7	$ 8.1	$ 8.1
Convertible Notes | 2.75% Convertible Notes due 2026
Debt Instrument [Line Items]
Effective yield	3.329%		3.329%
Remaining period over which unamortized discount will be amortized	1 year 7 months 6 days		1 year 7 months 6 days

Long-Term Debt - Covenants (Det

Long-Term Debt - Covenants (Details) - Senior Notes	Sep. 30, 2024	Dec. 31, 2023	Jul. 01, 2021
5.625% Notes due 2027
Debt Instrument [Line Items]
Interest rate	5.625%	5.625%
Senior Unsecured Notes Due 2029
Debt Instrument [Line Items]
Interest rate	4.125%	4.125%	4.125%

Long-Term Debt - Other Long-Ter

Long-Term Debt - Other Long-Term Obligations (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2016	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Feb. 28, 2021	Jan. 31, 2015
Debt Instrument [Line Items]
Principal		$ 2,793.6		$ 2,793.6		$ 2,797.8
Other Long-Term Obligations
Debt Instrument [Line Items]
Effective yield							27%
Interest expense, debt		12.1	$ 9.3	34.1	$ 26.1
Principal		197.5		197.5		173.5
Other Long-Term Obligations | Event Center Debt
Debt Instrument [Line Items]
Effective yield								3%
Principal		$ 9.3		$ 9.3		$ 10
Debt principal amount								$ 15.3
Debt instrument, periodic payment	$ 1
Long-term debt, term	20 years

Leases - AR PENN Master Lease (

Leases - AR PENN Master Lease (Details) $ in Millions	Nov. 01, 2023 USD ($)	Feb. 21, 2023 USD ($) term facility	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Cost [Line Items]
Long-term portion of financing obligations			$ 2,354.1	$ 2,386.1
Property and equipment, net			3,580.9	$ 3,514
Derecognition of operating lease liabilities			$ 4,026.3
Penn Master Lease
Lessee, Lease, Cost [Line Items]
Initial rent		$ 284.1
Number of facilities with leased real estate | facility		14
Number of options to extend lease | term		3
Lease renewal term		5 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
Lessee, percentage rent test, component of rent decrease, amount	$ 4.4
Long-term portion of financing obligations						$ 1,600
Property and equipment, net						$ 1,100
Derecognition of operating lease liabilities					$ 1,200
Penn Master Lease | Building Base Rent
Lessee, Lease, Cost [Line Items]
Initial rent		$ 208.2
Penn Master Lease | Land Base Rent
Lessee, Lease, Cost [Line Items]
Initial rent		43
Penn Master Lease | Percentage Rent
Lessee, Lease, Cost [Line Items]
Initial rent		$ 32.9

Leases - 2023 Master Lease (Det

Leases - 2023 Master Lease (Details) $ in Millions			3 Months Ended		9 Months Ended
	Feb. 21, 2023 USD ($)	Jan. 01, 2023 period	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Cost [Line Items]
Derecognition of operating lease liabilities			$ 4,026.3		$ 4,026.3
Operating lease right-of-use assets			4,030.6		4,030.6		$ 4,264.7
Gain (loss) on REIT transactions, net	$ 500.8		0	$ 0	0	$ 500.8
2023 Master Lease
Lessee, Lease, Cost [Line Items]
Number of options to extend lease | period		3
Lease renewal term		5 years
Derecognition of operating lease liabilities			1,800		1,800
Operating lease right-of-use assets			1,800		1,800
Operating lease, additional ROU asset derecognized			171.9		171.9
Operating lease, additional lease liabilities derecognized			$ 165.5		165.5
Gain (loss) on REIT transactions, net					(6.5)
Lessee, new lease include a base rent					$ 232.2
Percentage of project funding anticipated relocation of rent					7.75%
Lessee, rent subject to a one-time increase					$ 1.4
Percentage of rent fixed escalator					1.50%
2023 Master Lease | Aurora Project
Lessee, Lease, Cost [Line Items]
Project funding on new master lease					$ 225
2023 Master Lease | Other Development Projects
Lessee, Lease, Cost [Line Items]
Project funding on new master lease					$ 350

Leases - Pinnacle Master Lease

Leases - Pinnacle Master Lease (Details) $ in Millions	May 01, 2024 USD ($)	Apr. 28, 2016 facility period	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Cost [Line Items]
Finance lease right-of-use assets			$ 2,036.9	$ 2,041
Finance Lease, Liability			$ 2,128.3
Pinnacle Master Lease
Lessee, Lease, Cost [Line Items]
Number of facilities with leased real estate | facility		12
Remaining lease term		7 years 6 months
Initial lease term		10 years
Lease - expected term with renewal options		32 years 6 months
Adjusted annual escalator percentage		2%
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%
Percentage rent baseline period		2 years
Increase in fixed component of rent resulting from annual escalator	$ 4.8
Finance lease, annual escalator, additional ROU asset recognized	33.4
Annual rent increase from reset test	3.8
Finance lease right-of-use assets	29.6
Finance Lease, Liability	$ 29.6
Pinnacle Master Lease | Lease Renewal Option One
Lessee, Lease, Cost [Line Items]
Number of options to extend lease | period		5
Lease renewal term		5 years

Leases - Other Triple Net Lease

Leases - Other Triple Net Leases with REIT Landlords (Details) $ in Millions	Feb. 01, 2024 USD ($)	Dec. 22, 2021	Oct. 01, 2020 USD ($) option	May 23, 2019 option	Jan. 01, 2019 option
Morgantown Lease
Lessee, Lease, Cost [Line Items]
Sale of property in exchange for rent credits			$ 30
Annual rent			$ 3
Adjusted annual escalator percentage			1.50%
Percentage rent escalation interval		3 years
Morgantown Lease | Morgantown
Lessee, Lease, Cost [Line Items]
Lessee, operating lease, term of contract			20 years
Lessee, operating lease, number of options to extend | option			6
Lease renewal term			5 years
Morgantown Lease Annual Escalator Scenario One
Lessee, Lease, Cost [Line Items]
Lessee annual escalator consisting			1.25%
Lessee, annual escalator, consumer price index threshold, percentage			0.50%
Morgantown Lease Annual Escalator Scenario Two
Lessee, Lease, Cost [Line Items]
Lessee, annual escalator, consumer price index threshold, percentage			0.50%
Lessee, annual escalator, percentage			0%
Margaritaville Lease
Lessee, Lease, Cost [Line Items]
Lessee, operating lease, term of contract					15 years
Lessee, operating lease, number of options to extend | option					4
Adjusted annual escalator percentage					2%
Lease renewal term					5 years
Lessee, operating lease, adjusted revenue to rent ratio					6.1
Operating lease, percentage of average annual net revenues during the preceding two years					4%
Margaritaville Lease | Margaritaville Lease
Lessee, Lease, Cost [Line Items]
Percentage rent escalation interval					2 years
Percentage rent baseline period					2 years
Increase of fixed component of rent	$ 0.4
Operating lease, annual escalator, additional ROU asset recognized	$ 2.7
Greektown Lease
Lessee, Lease, Cost [Line Items]
Lessee, operating lease, term of contract				15 years
Lessee, operating lease, number of options to extend | option				4
Adjusted annual escalator percentage				2%
Lease renewal term				5 years
Operating lease, percentage of average annual net revenues during the preceding two years				4%
Greektown Lease | Greektown Lease
Lessee, Lease, Cost [Line Items]
Percentage rent escalation interval				2 years
Percentage rent baseline period				2 years

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Commitments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Operating Leases
2024 (excluding the nine months ended September 30, 2024)	$ 154
2025	611.8
2026	612.4
2027	615.1
2028	614
Thereafter	3,320.6
Total lease payments	5,927.9
Less: Imputed interest	(1,901.6)
Present value of future lease payments	4,026.3
Less: Current portion of lease obligations	(315.4)	$ (302.3)
Long-term portion of lease obligations	3,710.9	3,944.1
Finance Leases
2024 (excluding the nine months ended September 30, 2024)	40.6
2025	162.6
2026	152.2
2027	146.9
2028	146.9
Thereafter	3,273.9
Total lease payments	3,923.1
Less: Imputed interest	(1,794.8)
Present value of future lease payments	2,128.3
Less: Current portion of lease obligations	(52.5)	(40.3)
Long-term portion of lease obligations	2,075.8	2,062.5
Financing Obligations
2024 (excluding the nine months ended September 30, 2024)	41.6
2025	166.5
2026	166.6
2027	166.6
2028	166.6
Thereafter	3,829.5
Total lease payments	4,537.4
Less: Imputed interest	(2,140.4)
Present value of future lease payments	2,397
Less: Current portion of lease obligations	(42.9)	(41.3)
Long-term portion of lease obligations	$ 2,354.1	$ 2,386.1

Leases - Schedule of Triple Net

Leases - Schedule of Triple Net Leases (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Leased Assets [Line Items]
Lease payments	$ 238	$ 235	$ 711	$ 702.4
AR PENN Master Lease
Schedule of Leased Assets [Line Items]
Lease payments	71	71.1	212.9	213.1
2023 Master Lease
Schedule of Leased Assets [Line Items]
Lease payments	58.9	58	176.7	174.1
Pinnacle Master Lease
Schedule of Leased Assets [Line Items]
Lease payments	87.4	85.3	259.3	254.2
Margaritaville Lease
Schedule of Leased Assets [Line Items]
Lease payments	6.7	6.6	20.1	19.6
Greektown Lease
Schedule of Leased Assets [Line Items]
Lease payments	13.2	13.2	39.6	39
Morgantown Lease
Schedule of Leased Assets [Line Items]
Lease payments	$ 0.8	$ 0.8	$ 2.4	$ 2.4

Leases - Schedule of Other Info

Leases - Schedule of Other Information Related to Lease Term and Discount Rate (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Weighted-Average Remaining Lease Term
Operating leases	10 years 4 months 24 days	11 years 2 months 12 days
Finance leases	26 years 7 months 6 days	27 years 3 months 18 days
Financing obligations	26 years 9 months 18 days	27 years 7 months 6 days
Weighted-Average Discount Rate
Operating leases	7.70%	7.70%
Finance leases	5.20%	5.20%
Financing obligations	5.20%	5.20%

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Lease Costs
Total	$ 181.9	$ 174.3	$ 549.6	$ 518.8
Finance Lease Costs
Total	50.6	49.7	150.1	148.6
General and administrative
Operating Lease Costs
Rent expense associated with triple net operating leases	154.9	146.6	464.6	439
Operating lease cost	4.5	5.6	14.8	16.9
Primarily Gaming expenses
Operating Lease Costs
Short-term lease cost	21.9	21.3	67.7	60.2
Variable lease cost	0.6	0.8	2.5	2.7
Interest expense, net
Finance Lease Costs
Interest on lease liabilities	27.9	27.7	83	83
Financing Obligation Costs
Interest on financing obligations	37.5	36.8	111.2	110
Depreciation and amortization
Finance Lease Costs
Amortization of ROU assets	$ 22.7	$ 22	$ 67.1	$ 65.6

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Non-cash lease activities:
Commencement of operating leases	$ 2.7	$ 3,674.4
Derecognition of operating lease liabilities	0	307.7
Commencement of finance leases	63	33.3
Derecognition of finance lease liabilities	0	2,933.6
Derecognition of financing obligations	$ 0	$ 1,567.8

Investments in and Advances t_2

Investments in and Advances to Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Return on investment from unconsolidated affiliates			$ 24.6	$ 27.8
Kansas Entertainment
Schedule of Equity Method Investments [Line Items]
Ownership interest	50%		50%
Investment balance	$ 81.1		$ 81.1		$ 80.8
Return on investment from unconsolidated affiliates	$ 8.6	$ 11	$ 24.6	$ 27.8

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Mar. 31, 2023
Income Tax Contingency [Line Items]
Effective tax rate	23.10%	19%	18.60%	1,698.90%
Increase in valuation allowance	$ 0.7
Prepaid income taxes	$ 43.3		$ 43.3		$ 65.3
Barstool Acquisition
Income Tax Contingency [Line Items]
Deferred income taxes						$ 115.9

Commitments and Contingencies (

Commitments and Contingencies (Details) $ / shares in Units, $ in Millions		3 Months Ended	9 Months Ended
	Aug. 08, 2023 USD ($) tranche $ / shares shares	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Sportsbook Agreement
Other Commitments [Line Items]
Initial term	10 years
Renewal term	10 years
Annual payments | $	$ 150
Annual payments term	10 years
Investment Agreement
Other Commitments [Line Items]
Marketing expenses | $		$ 15.9	$ 53.4
Investment Agreement | Warrant
Other Commitments [Line Items]
Common stock, par value (in dollars per share)	$ 0.01
Warrants issued (in shares) | shares	31,800,000
Number of tranches | tranche	3
Vesting period	10 years
Fair value of awards | $	$ 550.4
Contingent consideration, potential issues (in shares) | shares	6,400,000
Exercise price (in dollars per share)	$ 28.95
Contractual term	10 years 6 months
Investment Agreement | Warrant | Minimum
Other Commitments [Line Items]
Weighted-average expected life	9 years 6 months
Share price (in dollars per share)	$ 26.08
Investment Agreement | Warrant | Maximum
Other Commitments [Line Items]
Weighted-average expected life	11 years 6 months
Share price (in dollars per share)	$ 32.60

Stockholders_ Equity and Stoc_2

Stockholders’ Equity and Stock-Based Compensation - Common and Preferred Stock (Details) $ / shares in Units, $ in Millions				1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 26, 2024 USD ($) shares	Jun. 29, 2023 USD ($) shares	Feb. 20, 2020 $ / shares shares	Oct. 31, 2021 $ / shares shares	Sep. 30, 2024 $ / shares shares	Sep. 30, 2023 shares	Sep. 30, 2024 $ / shares shares	Sep. 30, 2023 USD ($) shares	Jun. 30, 2024 shares	Dec. 31, 2023 $ / shares shares	Jun. 30, 2023 shares	Dec. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued from acquisition (in shares)	4,055	4,055
Share issuance in connection with acquisitions | $	$ 0.1	$ 0.1						$ 80.8
Series D Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exchangeable share issuance (in shares)			883
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.01		$ 0.01		$ 0.01			$ 0.01
Convertible stock, conversion ratio			0.001
Preferred stock, shares authorized (in shares)					5,000		5,000			5,000
Preferred stock, shares outstanding (in shares)					0		0			0
Common Stock, Exchangeable
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Convertible stock, conversion ratio				1
Common stock, par value (in dollars per share) | $ / shares				$ 0.01	$ 0.01		$ 0.01			$ 0.01
Number of shares issued per acquiree share (in shares)					0	0	68,048	2,854
Common stock, shares authorized (in shares)					768,441		768,441			768,441
Common stock, shares outstanding (in shares)					468,943		468,943			560,267
Common Stock, Exchangeable | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exchangeable share issuance (in shares)				697,539			68,048	2,854
Common stock, par value (in dollars per share) | $ / shares				$ 0.01
Common stock, shares outstanding (in shares)					468,943	560,388	468,943	560,388	469,878	560,267	560,388	620,019
Score Media and Gaming Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued from acquisition (in shares)				12,319,340

Stockholders_ Equity and Stoc_3

Stockholders’ Equity and Stock-Based Compensation - Share Repurchase Authorization (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 07, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Nov. 06, 2024	Dec. 06, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchases (in shares)		0	0	0	5,438,221
Share repurchases					$ 149.8
Average price paid per share of common stock repurchased (in dollars per share)					$ 27.54
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchases (in shares)	0
Remaining availability						$ 749.5
Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized amount under share repurchase program							$ 750

Stockholders_ Equity and Stoc_4

Stockholders’ Equity and Stock-Based Compensation - 2022 Long Term Incentive Compensation Plan (Details) - 2022 Long Term Incentive Compensation Plan	Jun. 06, 2023 shares	Sep. 30, 2024 shares	Jun. 07, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for awards, up to (in shares)	13,870,000		6,870,000
Increase in shares reserved for issuance (in shares)	7,000,000
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)		5,469,838

Stockholders_ Equity and Stoc_5

Stockholders’ Equity and Stock-Based Compensation - Performance Share Program (Details) - Performance Share Program II	9 Months Ended
	Sep. 30, 2024 performance_period shares	Sep. 30, 2023 performance_period shares
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares) | shares	1,317,269	461,747
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of annual award performance periods | performance_period	1	3
Performance period	3 years	1 year
Service period	3 years	3 years
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award which can potentially be earned	0%	0%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award which can potentially be earned	200%	150%

Stockholders_ Equity and Stoc_6

Stockholders’ Equity and Stock-Based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense (reduction to expense)	$ 12.9	$ 35.2	$ 39	$ 71.4
Stock options granted (in shares)	439	905	815,765	841,140

Stockholders_ Equity and Stoc_7

Stockholders’ Equity and Stock-Based Compensation - Cash-settled Phantom Stock Units (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense (reduction to expense)	$ 12.9	$ 35.2	$ 39	$ 71.4
Cash-settled Phantom Stock Units (CPSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liability for cash-settled awards	0.5		0.5		$ 1.2
Stock-based compensation expense (reduction to expense)	0.1	$ 1.3	0.4	2.9
Unrecognized compensation cost, other awards	$ 0.6		$ 0.6
Unamortized compensation costs, weighted average period of recognition			1 year 6 months
Amounts paid on cash-settled awards			$ 1.1	$ 4.2
Cash-settled Phantom Stock Units (CPSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Cash-settled Phantom Stock Units (CPSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years

Stockholders_ Equity and Stoc_8

Stockholders’ Equity and Stock-Based Compensation - Stock Appreciation Rights (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense (reduction to expense)	$ 12.9	$ 35.2	$ 39	$ 71.4
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Liability for cash-settled awards	0.4		$ 0.4		$ 5.8
Unrecognized compensation cost, other awards	0.1		$ 0.1
Unamortized compensation costs, weighted average period of recognition			1 year 4 months 24 days
Stock-based compensation expense (reduction to expense)	$ (0.4)	$ (0.7)	$ (4.9)	(4.4)
Amounts paid on cash-settled awards			$ 0.1	$ 0.6

Earnings per Share - Schedule o

Earnings per Share - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock options
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of dilutive stock options and restricted stock (in shares)	0.1	0.5	0.1	0.7
Restricted stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of dilutive stock options and restricted stock (in shares)	0.5	0.4	0.2	0.4
Convertible Preferred Shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of convertible preferred shares (in shares)	0	0.2	0	0.3
Convertible debt securities
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Assumed conversion of convertible debt (in shares)	14.1	14.1	14.1	14.1

Earnings per Share - Narrative

Earnings per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Stock Option And Warrants
Schedule of Equity Method Investments [Line Items]
Anti-dilutive securities (in shares)	35.3	2	35.1	1.7
Convertible Preferred Shares
Schedule of Equity Method Investments [Line Items]
Anti-dilutive securities (in shares)		0.2		0.3

Earnings per Share - Schedule_2

Earnings per Share - Schedule of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Calculation of basic loss per share:
Net loss applicable to common stock	$ (36.7)	$ (724.8)	$ (178.2)	$ (131.9)
Weighted-average common shares outstanding - basic (in shares)	152.2	150.9	152.1	152.3
Basic loss per share (in dollars per share)	$ (0.24)	$ (4.80)	$ (1.17)	$ (0.87)
Calculation of diluted loss per share:
Diluted loss applicable to common stock	$ (36.7)	$ (724.8)	$ (178.2)	$ (131.9)
Weighted average common shares outstanding - diluted (in shares)	152.2	150.9	152.1	152.3
Diluted loss per share (in dollars per share)	$ (0.24)	$ (4.80)	$ (1.17)	$ (0.87)
Common Stock, Non-Exchangeable
Calculation of basic loss per share:
Weighted-average common shares outstanding - basic (in shares)	151.7	150.3	151.6	151.7
Common Stock, Exchangeable
Calculation of basic loss per share:
Weighted-average common shares outstanding - basic (in shares)	0.5	0.6	0.5	0.6

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) anniversary period payment	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) anniversary period payment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Apr. 07, 2023 USD ($)	Jul. 01, 2021	Feb. 28, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 8.2		$ 8.2		$ 10.7
Equity securities, unrealized gain (loss)	3	$ (11.6)	(2.4)	$ (8.5)
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 | anniversary	3		3
Number of remaining achievement periods | period	0		0
Plainridge Park Casino
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Period of actual earnings used to calculate contingent consideration			10 years
Number of remaining annual payments | payment	1		1
Barstool Acquisition
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities associated with this indemnity		$ 70	$ 39.5		70
Retama Development Corporation | Promissory Notes | Other Assets | Pinnacle Retama Partners, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Promissory notes	$ 7.9		7.9		7.9
Retama Development Corporation | Local Government Corporation Bonds | Other Assets | Pinnacle Retama Partners, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Promissory notes	$ 6.7		$ 6.7		6.7
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%
Retama Nominal Holder, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership interest	1%		1%
Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 24.2		$ 24.2		$ 24.2
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%
Senior Notes | Senior Unsecured 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%
Debt Securities | Secured Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate						12%
Debt securities, available-for-sale						$ 20

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Carrying Amounts and Estimated Fair Values by Input Level (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Jul. 01, 2021	May 31, 2020
Financial assets:
Equity securities	$ 8.2	$ 10.7
Senior Notes | 5.625% Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	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
Financial liabilities:
Long-term debt	$ 24.2	$ 24.2
Convertible Notes | Convertible Notes
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	$ 834	1,071.8
Equity securities	8.2	10.7
Available-for-sale debt securities	0	0
Held-to-maturity securities	0	0
Promissory notes	0	0
Financial liabilities:
Other liabilities	0	0
Recurring | Level 1 | Amended Credit Facilities
Financial liabilities:
Long-term debt	0	1,483.5
Recurring | Level 1 | Senior Notes | 5.625% Notes
Financial liabilities:
Long-term debt	0	388
Recurring | Level 1 | Senior Notes | 4.125% Notes due 2029
Financial liabilities:
Long-term debt	0	340
Recurring | Level 1 | Convertible Notes | Convertible Notes
Financial liabilities:
Long-term debt	0	427.6
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	0	0
Available-for-sale debt securities	0	0
Held-to-maturity securities	6.7	6.7
Promissory notes	7.9	7.9
Financial liabilities:
Other liabilities	2.6	2.7
Recurring | Level 2 | Amended Credit Facilities
Financial liabilities:
Long-term debt	1,459.5	0
Recurring | Level 2 | Senior Notes | 5.625% Notes
Financial liabilities:
Long-term debt	394	0
Recurring | Level 2 | Senior Notes | 4.125% Notes due 2029
Financial liabilities:
Long-term debt	364	0
Recurring | Level 2 | Convertible Notes | Convertible Notes
Financial liabilities:
Long-term debt	356.9	0
Recurring | Level 2 | Other long-term obligations
Financial liabilities:
Long-term debt	8.1	18
Recurring | Level 3
Financial assets:
Cash and cash equivalents	0	0
Equity securities	0	0
Available-for-sale debt securities	24.2	24.2
Held-to-maturity securities	0	0
Promissory notes	0	0
Financial liabilities:
Other liabilities	42	76.2
Recurring | Level 3 | Amended 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 | Convertible Notes
Financial liabilities:
Long-term debt	0	0
Recurring | Level 3 | Other long-term obligations
Financial liabilities:
Long-term debt	188.2	154.1
Recurring | Carrying Amount
Financial assets:
Cash and cash equivalents	834	1,071.8
Equity securities	8.2	10.7
Available-for-sale debt securities	24.2	24.2
Held-to-maturity securities	6.7	6.7
Promissory notes	7.9	7.9
Financial liabilities:
Other liabilities	44.7	79
Recurring | Carrying Amount | Amended Credit Facilities
Financial liabilities:
Long-term debt	1,445.4	1,471.7
Recurring | Carrying Amount | Senior Notes | 5.625% Notes
Financial liabilities:
Long-term debt	399.8	399.7
Recurring | Carrying Amount | Senior Notes | 4.125% Notes due 2029
Financial liabilities:
Long-term debt	395.3	394.6
Recurring | Carrying Amount | Convertible Notes | Convertible Notes
Financial liabilities:
Long-term debt	327.4	326.1
Recurring | Carrying Amount | Other long-term obligations
Financial liabilities:
Long-term debt	197.5	173.5
Recurring | Fair Value
Financial assets:
Cash and cash equivalents	834	1,071.8
Equity securities	8.2	10.7
Available-for-sale debt securities	24.2	24.2
Held-to-maturity securities	6.7	6.7
Promissory notes	7.9	7.9
Financial liabilities:
Other liabilities	44.6	78.9
Recurring | Fair Value | Amended Credit Facilities
Financial liabilities:
Long-term debt	1,459.5	1,483.5
Recurring | Fair Value | Senior Notes | 5.625% Notes
Financial liabilities:
Long-term debt	394	388
Recurring | Fair Value | Senior Notes | 4.125% Notes due 2029
Financial liabilities:
Long-term debt	364	340
Recurring | Fair Value | Convertible Notes | Convertible Notes
Financial liabilities:
Long-term debt	356.9	427.6
Recurring | Fair Value | Other long-term obligations
Financial liabilities:
Long-term debt	$ 196.3	$ 172.1

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of the Changes in Fair Value of Level 3 Liabilities (Details) - Recurring $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Other Assets and Liabilities
Beginning balance	$ 254.5
Interest	34.1
Payment installments	(33.1)
Included in loss and other comprehensive loss	(1.1)
Ending balance	$ 254.4

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Significant Unobservable Inputs Used in Calculating Level 3 Assets and Liabilities (Details) - Level 3 - Discount rate - Discounted cash flow	Sep. 30, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale debt securities	0.350
Other long-term obligation	0.270
Plainridge Park Casino
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent purchase price - Plainridge Park Casino	0.063

Segment Information (Details)

Segment Information (Details) $ in Millions			3 Months Ended		9 Months Ended
	Feb. 21, 2023 USD ($)	Feb. 17, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Aug. 08, 2023
Segment Reporting Information [Line Items]
Number of reportable segments | segment					5
Revenues:
Revenues			$ 1,639.2	$ 1,619.4	$ 4,909.1	$ 4,967.5
Adjusted EBITDAR:
Adjusted EBITDAR			348.4	445.1	971.6	1,400.1
Other Operating Benefits (Costs) And Other Income (Expense) [Abstract]
Rent expense associated with triple net operating leases			(154.9)	(146.6)	(464.6)	(439)
Stock-based compensation			(12.9)	(35.2)	(39)	(71.4)
Cash-settled stock-based awards variance			3.8	2.9	14.9	12
Gain (loss) on disposal of assets			0.1	0	(8.8)	0
Contingent purchase price			1.1	(1.3)	1.1	(1.8)
Depreciation and amortization			(108.7)	(105.8)	(326.5)	(323.9)
Insurance recoveries, net of deductible charges			0	0.3	2.7	13.9
Non-operating items of equity method investments			(1.1)	(1)	(3.2)	(6.4)
Interest expense, net			(118.4)	(117.5)	(356.9)	(346.1)
Interest income			6.3	10.2	19.2	30.5
Loss on disposal of Barstool			0	(923.2)	0	(923.2)
Gain on Barstool Acquisition, net			0	0	0	83.4
Gain on REIT transactions, net	$ 500.8		0	0	0	500.8
Other			1.6	(14.7)	(3)	(20.6)
Loss before income taxes			(34.7)	(886.8)	(192.5)	(91.7)
Income tax benefit (expense)			(2.8)	161.7	13	(40.9)
Net loss			(37.5)	(725.1)	(179.5)	(132.6)
Corporate overhead costs			29.1	27	78.5	78.1
Equity securities, unrealized gain (loss)			3	(11.6)	(2.4)	(8.5)
Capital expenditures:
Total capital expenditures			132.1	75	261.7	207.8
Assets:
Investment in and advances to unconsolidated affiliates			88.6		88.6		$ 84.9
Total assets			15,514.5		15,514.5		16,064.2
Operating Segments | Northeast
Revenues:
Revenues			684.8	687	2,065.8	2,075.5
Adjusted EBITDAR:
Adjusted EBITDAR			199.3	208.3	606.6	638.5
Capital expenditures:
Total capital expenditures			18.9	27.1	37.8	74.6
Assets:
Investment in and advances to unconsolidated affiliates			0.1		0.1		0
Total assets			1,815.5		1,815.5		1,827.4
Operating Segments | South
Revenues:
Revenues			288.1	308.2	884.8	931.3
Adjusted EBITDAR:
Adjusted EBITDAR			106.4	136.6	331.3	381.1
Capital expenditures:
Total capital expenditures			30.5	20.3	65.9	49.4
Assets:
Investment in and advances to unconsolidated affiliates			0		0		0
Total assets			1,292.7		1,292.7		1,244.5
Operating Segments | West
Revenues:
Revenues			131.8	135.1	395.9	394.8
Adjusted EBITDAR:
Adjusted EBITDAR			47.5	54.7	144	153.4
Capital expenditures:
Total capital expenditures			22	5.6	34.9	15.9
Assets:
Investment in and advances to unconsolidated affiliates			0		0		0
Total assets			430.5		430.5		388.6
Operating Segments | Midwest
Revenues:
Revenues			292.2	293.4	881.5	882
Adjusted EBITDAR:
Adjusted EBITDAR			118.5	123.8	365.4	376.5
Capital expenditures:
Total capital expenditures			58	11.1	115.4	40.7
Assets:
Investment in and advances to unconsolidated affiliates			81.1		81.1		80.8
Total assets			1,417.4		1,417.4		1,241.1
Operating Segments | Interactive
Revenues:
Revenues			244.6	196.3	684.9	687.3
Adjusted EBITDAR:
Adjusted EBITDAR			(90.9)	(50.2)	(389.7)	(68.7)
Capital expenditures:
Total capital expenditures			0.8	8.6	1.8	18.3
Assets:
Investment in and advances to unconsolidated affiliates			0		0		0
Total assets			2,451.7		2,451.7		2,549.9
Other
Revenues:
Revenues			4	4.5	15.9	16.5
Adjusted EBITDAR:
Adjusted EBITDAR			(32.4)	(28.1)	(86)	(80.7)
Capital expenditures:
Total capital expenditures			1.9	2.3	5.9	8.9
Assets:
Investment in and advances to unconsolidated affiliates			7.4		7.4		4.1
Total assets			8,106.7		8,106.7		$ 8,812.7
Intersegment eliminations
Revenues:
Revenues			$ (6.3)	$ (5.1)	$ (19.7)	$ (19.9)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Barstool Sports, Inc
Segment Reporting Information [Line Items]
Disposal group, percentage of ownership interest sold								100%
Barstool Sports, Inc
Segment Reporting Information [Line Items]
Ownership interest		64%
Barstool Acquisition
Segment Reporting Information [Line Items]
Ownership interest before acquisition		36%
Other Operating Benefits (Costs) And Other Income (Expense) [Abstract]
Business acquisition, percentage of voting interests acquired		64%
Gain on transaction		$ 66.5
Gain on disposal of business		$ 16.9
Jackpot, Nevada
Segment Reporting Information [Line Items]
Number of facilities the entity owned, managed, or had ownership interests in | property			2		2
Number of operating segments | segment					1