
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.