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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2018
Segment Information |
Schedule of information with respect to the Company's segments | The following tables (in thousands) present certain information with respect to the Company’s segments. Intersegment revenues between the Company’s segments were not material in any of the periods presented below.
|  | Three months ended June 30, |  | Six months ended June 30, |
|  | 2018 |  | 2017 |  | 2018 |  | 2017 |
Net Revenues |  |  |  |  |  |  |  |  |
Northeast | $ | 422,988 | $ | 405,099 | $ | 837,155 | $ | 798,564 |
South/West |  | 163,370 |  | 153,151 |  | 324,665 |  | 292,970 |
Midwest |  | 230,460 |  | 224,847 |  | 460,545 |  | 453,185 |
Other (1) |  | 10,095 |  | 13,366 |  | 20,633 |  | 27,968 |
Total Reportable Segment Net Revenues |  | 826,913 |  | 796,463 |  | 1,642,998 |  | 1,572,687 |
Adjusted EBITDA |  |  |  |  |  |  |  |  |
Northeast |  | 136,927 |  | 129,876 |  | 268,934 |  | 256,451 |
South/West |  | 46,648 |  | 35,049 |  | 91,697 |  | 71,390 |
Midwest |  | 79,010 |  | 75,490 |  | 160,165 |  | 153,596 |
Other (1) |  | (15,479) |  | (13,011) |  | (31,144) |  | (26,588) |
Total Reportable Segment Adjusted EBITDA |  | 247,106 |  | 227,404 |  | 489,652 |  | 454,849 |
Other operating costs and other expenses (income) |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 58,559 |  | 68,969 |  | 118,949 |  | 139,205 |
Unconsolidated non-operating costs - Kansas JV |  | 1,279 |  | 1,309 |  | 2,572 |  | 3,260 |
Interest expense |  | 115,873 |  | 116,768 |  | 231,613 |  | 231,764 |
Interest income |  | (241) |  | (235) |  | (490) |  | (2,881) |
(Gain) loss on disposal of assets |  | (52) |  | 52 |  | 3 |  | 7 |
(Recovery) provision for loan loss and unfunded loan commitments to the JIVDC and impairment losses |  | (16,985) |  | 5,635 |  | (16,367) |  | 5,635 |
Insurance recoveries |  | (68) |  | — |  | (68) |  | — |
Cash-settled stock award variance |  | 7,800 |  | 6,092 |  | 338 |  | 11,255 |
Pre-opening and significant transaction costs |  | 5,879 |  | 2,174 |  | 11,972 |  | 2,746 |
Loss on early extinguishment of debt and modification costs |  | 2,579 |  | — |  | 3,461 |  | 23,390 |
Other |  | 48 |  | 173 |  | 44 |  | 1,966 |
Contingent purchase price |  | 202 |  | 1,362 |  | 1,337 |  | 3,922 |
Charge for stock compensation |  | 3,003 |  | 1,801 |  | 5,932 |  | 3,974 |
Income before income taxes |  | 69,230 |  | 23,304 |  | 130,356 |  | 30,606 |
Income taxes |  | 15,242 |  | 6,225 |  | 30,931 |  | 8,423 |
Net income | $ | 53,988 | $ | 17,079 | $ | 99,425 | $ | 22,183 |
|  |  | Northeast |  |  | South/West |  |  | Midwest |  |  | Other (1) |  |  | Total |
Three months ended June 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 7,989 |  | $ | 5,324 |  | $ | 5,644 |  | $ | 2,188 |  | $ | 21,145 |
Three months ended June 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 5,533 |  | $ | 11,924 |  | $ | 7,345 |  | $ | 1,002 |  | $ | 25,804 |
Six months ended June 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 11,476 |  | $ | 8,736 |  | $ | 9,376 |  | $ | 3,370 |  | $ | 32,958 |
Six months ended June 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 9,523 |  | $ | 20,546 |  | $ | 11,676 |  | $ | 1,215 |  | $ | 42,960 |
Balance sheet at June 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets (1) |  | $ | 811,308 |  | $ | 758,891 |  | $ | 1,071,518 |  | $ | 2,450,113 |  | $ | 5,091,830 |
Investment in and advances to unconsolidated affiliates |  |  | 105 |  |  | — |  |  | 86,950 |  |  | 59,538 |  |  | 146,593 |
Goodwill |  |  | 21,242 |  |  | 244,695 |  |  | 674,558 |  |  | 68,396 |  |  | 1,008,891 |
Other intangible assets, net |  |  | 360,643 |  |  | 799 |  |  | 99,898 |  |  | 13,977 |  |  | 475,317 |
Balance sheet at December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets (1) |  | $ | 821,649 |  | $ | 794,274 |  | $ | 1,070,204 |  | $ | 2,548,685 |  | $ | 5,234,812 |
Investment in and advances to unconsolidated affiliates |  |  | 102 |  |  | — |  |  | 88,296 |  |  | 60,514 |  |  | 148,912 |
Goodwill |  |  | 21,242 |  |  | 244,695 |  |  | 674,558 |  |  | 67,602 |  |  | 1,008,097 |
Other intangible assets, net |  |  | 303,043 |  |  | 1,623 |  |  | 101,698 |  |  | 16,242 |  |  | 422,606 |
(1) Other also includes corporate overhead operations as well as Penn Interactive Ventures, which is a wholly-owned subsidiary that is focused on the Company’s interactive gaming strategy. Total assets include the real property assets under the Master Lease with GLPI. Net revenues and adjusted EBITDA relate to the Company’s stand-alone racing operations, namely Sanford Orlando Kennel Club and the Company’s joint venture interests in Texas and New Jersey which do not have gaming operations.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8736-108599 + Details
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