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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2016
Segment Information |
Schedule of information with respect to the Company's segments |
Three months ended September 30, 2016 |  | Northeast |  | South/West |  | Midwest |  | Other (1) |  | Total |
Income (loss) from operations |  | $ | 101,752 |  | $ | 19,337 |  | $ | 56,343 |  | $ | (38,132) |  | $ | 139,300 |
Charge for stock compensation |  |  | — |  |  | — |  |  | — |  |  | 1,517 |  |  | 1,517 |
Depreciation and amortization |  |  | 22,975 |  |  | 9,097 |  |  | 9,593 |  |  | 26,238 |  |  | 67,903 |
Contingent purchase price |  |  | (293) |  |  | — |  |  | — |  |  | 263 |  |  | (30) |
(Gain) loss on disposal of assets |  |  | (13) |  |  | 72 |  |  | 64 |  |  | (2,904) |  |  | (2,781) |
Insurance recoveries |  |  | — |  |  | — |  |  | (726) |  |  | — |  |  | (726) |
Income (loss) from unconsolidated affiliates |  |  | — |  |  | — |  |  | 3,798 |  |  | (293) |  |  | 3,505 |
Non-operating items for Kansas JV |  |  | — |  |  | — |  |  | 2,572 |  |  | — |  |  | 2,572 |
Adjusted EBITDA |  | $ | 124,421 |  | $ | 28,506 |  | $ | 71,644 |  | $ | (13,311) |  | $ | 211,260 |
Three months ended September 30, 2015 |  | Northeast |  | South/West |  | Midwest |  | Other (1) |  | Total |
Income (loss) from operations |  | $ | 107,148 |  | $ | 22,307 |  | $ | 52,521 |  | $ | (39,804) |  | $ | 142,172 |
Charge for stock compensation |  |  | — |  |  | — |  |  | — |  |  | 2,025 |  |  | 2,025 |
Depreciation and amortization |  |  | 24,350 |  |  | 6,971 |  |  | 9,984 |  |  | 24,836 |  |  | 66,141 |
Contingent purchase price |  |  | (6,651) |  |  | — |  |  | — |  |  | — |  |  | (6,651) |
Loss on disposal of assets |  |  | 33 |  |  | 185 |  |  | 34 |  |  | 24 |  |  | 276 |
Income (loss) from unconsolidated affiliates |  |  | — |  |  | — |  |  | 3,831 |  |  | (72) |  |  | 3,759 |
Non-operating items for Kansas JV |  |  | — |  |  | — |  |  | 2,540 |  |  | — |  |  | 2,540 |
Adjusted EBITDA |  | $ | 124,880 |  | $ | 29,463 |  | $ | 68,910 |  | $ | (12,991) |  | $ | 210,262 |
Nine months ended September 30, 2016 |  | Northeast |  | South/West |  | Midwest |  | Other (1) |  | Total |
Income (loss) from operations |  | $ | 306,368 |  | $ | 72,944 |  | $ | 172,013 |  | $ | (122,157) |  | $ | 429,168 |
Charge for stock compensation |  |  | — |  |  | — |  |  | — |  |  | 4,554 |  |  | 4,554 |
Depreciation and amortization |  |  | 69,177 |  |  | 26,701 |  |  | 28,621 |  |  | 75,606 |  |  | 200,105 |
Contingent purchase price |  |  | (1,374) |  |  | — |  |  | — |  |  | 263 |  |  | (1,111) |
(Gain) loss on disposal of assets |  |  | (6) |  |  | 58 |  |  | 18 |  |  | (3,510) |  |  | (3,440) |
Insurance recoveries |  |  | — |  |  | — |  |  | (726) |  |  | — |  |  | (726) |
Income (loss) from unconsolidated affiliates |  |  | — |  |  | — |  |  | 12,261 |  |  | (599) |  |  | 11,662 |
Non-operating items for Kansas JV |  |  | — |  |  | — |  |  | 7,713 |  |  | — |  |  | 7,713 |
Adjusted EBITDA |  | $ | 374,165 |  | $ | 99,703 |  | $ | 219,900 |  | $ | (45,843) |  | $ | 647,925 |
Nine months ended September 30, 2015 |  | Northeast |  | South/West |  | Midwest |  | Other (1) |  | Total |
Income (loss) from operations |  | $ | 274,995 |  | $ | 81,910 |  | $ | 160,631 |  | $ | (140,314) |  | $ | 377,222 |
Charge for stock compensation |  |  | — |  |  | — |  |  | — |  |  | 6,446 |  |  | 6,446 |
Depreciation and amortization |  |  | 70,016 |  |  | 17,091 |  |  | 29,846 |  |  | 74,832 |  |  | 191,785 |
Contingent purchase price |  |  | (5,944) |  |  | — |  |  | — |  |  | — |  |  | (5,944) |
Loss on disposal of assets |  |  | 40 |  |  | 585 |  |  | 28 |  |  | 148 |  |  | 801 |
Income (loss) from unconsolidated affiliates |  |  | — |  |  | — |  |  | 12,021 |  |  | (126) |  |  | 11,895 |
Non-operating items for Kansas JV |  |  | — |  |  | — |  |  | 7,818 |  |  | — |  |  | 7,818 |
Adjusted EBITDA |  | $ | 339,107 |  | $ | 99,586 |  | $ | 210,344 |  | $ | (59,014) |  | $ | 590,023 |
|  |  | Northeast |  |  | South/West |  |  | Midwest |  |  | Other (1) |  |  | Total |
|  | (in thousands) |
Three months ended September 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenues |  | $ | 395,748 |  | $ | 135,169 |  | $ | 221,172 |  | $ | 13,508 |  | $ | 765,597 |
Capital expenditures |  |  | 6,465 |  |  | 7,540 |  |  | 7,438 |  |  | 936 |  |  | 22,379 |
Three months ended September 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenues |  | $ | 406,552 |  | $ | 118,266 |  | $ | 209,115 |  | $ | 5,364 |  | $ | 739,297 |
Capital expenditures |  |  | 39,272 |  |  | 3,089 |  |  | 3,707 |  |  | 478 |  |  | 46,546 |
Nine months ended September 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenues |  | $ | 1,190,469 |  | $ | 411,245 |  | $ | 662,506 |  | $ | 27,250 |  | $ | 2,291,470 |
Capital expenditures |  |  | 21,852 |  |  | 21,851 |  |  | 19,768 |  |  | 2,442 |  |  | 65,913 |
Nine months ended September 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net revenues |  | $ | 1,120,272 |  | $ | 345,516 |  | $ | 622,652 |  | $ | 15,951 |  | $ | 2,104,391 |
Capital expenditures |  |  | 136,587 |  |  | 12,948 |  |  | 14,922 |  |  | 2,578 |  |  | 167,035 |
Balance sheet at September 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  |  | 854,583 |  |  | 1,109,773 |  |  | 1,059,591 |  |  | 2,227,732 |  |  | 5,251,679 |
Investment in and advances to unconsolidated affiliates |  |  | 79 |  |  | — |  |  | 94,369 |  |  | 63,856 |  |  | 158,304 |
Goodwill and other intangible assets, net |  |  | 324,285 |  |  | 224,746 |  |  | 748,952 |  |  | 127,639 |  |  | 1,425,622 |
Balance sheet at December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  |  | 918,292 |  |  | 968,152 |  |  | 1,091,514 |  |  | 2,160,794 |  |  | 5,138,752 |
Investment in and advances to unconsolidated affiliates |  |  | 84 |  |  | — |  |  | 103,608 |  |  | 64,457 |  |  | 168,149 |
Goodwill and other intangible assets, net |  |  | 324,285 |  |  | 224,746 |  |  | 750,127 |  |  | 4,226 |  |  | 1,303,384 |
(1) Includes depreciation expense associated with the real property assets under the Master Lease with GLPI. In addition, total assets include these assets. The interest expense associated with the financing obligation is reflected in the other category. Net revenues and income (loss) from unconsolidated affiliates relate to the Company’s stand-alone racing operations, namely Rosecroft Raceway, which was sold during the quarter, Sanford Orlando Kennel Club and the Company’s Texas and New Jersey joint ventures which do not have gaming operations. Other also includes the recently created Penn Interactive Ventures, which is a wholly-owned subsidiary that is pursuing our new interactive gaming strategy and our recent acquisition of Rocket Games.

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