XML 45 R33.htm IDEA: XBRL DOCUMENT
v3.20.2

Leases (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2020
Leases [Abstract] |
Schedule of Future Minimum Lease Commitments, Operating Leases | The following is a maturity analysis of our operating leases, finance leases and financing obligations as of September 30, 2020:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31, |  |  |  |  |
2020 (excluding the nine months ended September 30, 2020) | $ | 105.4 |  |  | $ | 5.4 |  |  | $ | 91.8 |
2021 | 412.7 |  |  | 21.7 |  |  | 367.3 |
2022 | 404.3 |  |  | 21.6 |  |  | 367.3 |
2023 | 398.7 |  |  | 20.8 |  |  | 367.3 |
2024 | 382.4 |  |  | 16.7 |  |  | 367.3 |
Thereafter | 8,158.4 |  |  | 393.5 |  |  | 9,270.6 |
Total lease payments | 9,861.9 |  |  | 479.7 |  |  | 10,831.6 |
Less: Imputed interest | (5,360.3) |  |  | (258.6) |  |  | (6,720.8) |
Present value of future lease payments | 4,501.6 |  |  | 221.1 |  |  | 4,110.8 |
Less: Current portion of lease obligations | (120.4) |  |  | (6.8) |  |  | (35.3) |
Long-term portion of lease obligations | $ | 4,381.2 |  |  | $ | 214.3 |  |  | $ | 4,075.5 |
Schedule of Future Minimum Lease Commitments, Finance Leases | The following is a maturity analysis of our operating leases, finance leases and financing obligations as of September 30, 2020:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31, |  |  |  |  |
2020 (excluding the nine months ended September 30, 2020) | $ | 105.4 |  |  | $ | 5.4 |  |  | $ | 91.8 |
2021 | 412.7 |  |  | 21.7 |  |  | 367.3 |
2022 | 404.3 |  |  | 21.6 |  |  | 367.3 |
2023 | 398.7 |  |  | 20.8 |  |  | 367.3 |
2024 | 382.4 |  |  | 16.7 |  |  | 367.3 |
Thereafter | 8,158.4 |  |  | 393.5 |  |  | 9,270.6 |
Total lease payments | 9,861.9 |  |  | 479.7 |  |  | 10,831.6 |
Less: Imputed interest | (5,360.3) |  |  | (258.6) |  |  | (6,720.8) |
Present value of future lease payments | 4,501.6 |  |  | 221.1 |  |  | 4,110.8 |
Less: Current portion of lease obligations | (120.4) |  |  | (6.8) |  |  | (35.3) |
Long-term portion of lease obligations | $ | 4,381.2 |  |  | $ | 214.3 |  |  | $ | 4,075.5 |
Schedule of Future Minimum Lease Commitments, Financing Obligations | The following is a maturity analysis of our operating leases, finance leases and financing obligations as of September 30, 2020:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31, |  |  |  |  |
2020 (excluding the nine months ended September 30, 2020) | $ | 105.4 |  |  | $ | 5.4 |  |  | $ | 91.8 |
2021 | 412.7 |  |  | 21.7 |  |  | 367.3 |
2022 | 404.3 |  |  | 21.6 |  |  | 367.3 |
2023 | 398.7 |  |  | 20.8 |  |  | 367.3 |
2024 | 382.4 |  |  | 16.7 |  |  | 367.3 |
Thereafter | 8,158.4 |  |  | 393.5 |  |  | 9,270.6 |
Total lease payments | 9,861.9 |  |  | 479.7 |  |  | 10,831.6 |
Less: Imputed interest | (5,360.3) |  |  | (258.6) |  |  | (6,720.8) |
Present value of future lease payments | 4,501.6 |  |  | 221.1 |  |  | 4,110.8 |
Less: Current portion of lease obligations | (120.4) |  |  | (6.8) |  |  | (35.3) |
Long-term portion of lease obligations | $ | 4,381.2 |  |  | $ | 214.3 |  |  | $ | 4,075.5 |
Schedule of Other Information and Supplemental Cash Flow Information Related to Leases | Total payments made under the Triple Net Leases, inclusive of rent credits utilized, were as follows:
| For the three months ended September 30, |  | For the nine months ended September 30,
(in millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Penn Master Lease (1) | $ | 120.3 |  |  | $ | 114.0 |  |  | $ | 343.4 |  |  | $ | 342.9 |
Pinnacle Master Lease (1) | 81.3 |  |  | 82.3 |  |  | 245.6 |  |  | 245.6 |
Meadows Lease (1) | 6.7 |  |  | 6.6 |  |  | 20.2 |  |  | 19.7 |
Margaritaville Lease | 5.9 |  |  | 5.8 |  |  | 17.6 |  |  | 17.3 |
Greektown Lease | 13.9 |  |  | 13.9 |  |  | 41.7 |  |  | 19.9 |
Total (2) | $ | 228.1 |  |  | $ | 222.6 |  |  | $ | 668.5 |  |  | $ | 645.4 |
(1)During the three and nine months ended September 30, 2020, we utilized rent credits to pay $83.0 million, $54.2 million and $4.5 million and $155.1 million, $108.4 million, and $9.0 million of rent under the Penn Master Lease, Pinnacle Master Lease and Meadows Lease, respectively. (2)Rent payable under the Tropicana Lease is nominal. Therefore, it has been excluded from the table above. The components of lease expense were as follows:
| Location on unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) |  | For the three months ended September 30, |  | For the nine months ended September 30,
(in millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Operating Lease Costs |  |  |  |  |  |  |  |  |
Rent expense associated with triple net operating leases (1) | General and administrative |  | $ | 109.0 |  |  | $ | 96.3 |  |  | $ | 310.3 |  |  | $ | 271.0 |
Operating lease cost (2) | Primarily General and administrative |  | 3.9 |  |  | 4.2 |  |  | 11.9 |  |  | 13.2 |
Short-term lease cost | Primarily Gaming expense |  | 10.3 |  |  | 14.4 |  |  | 26.5 |  |  | 42.9 |
Variable lease cost (2) | Primarily Gaming expense |  | 0.8 |  |  | 1.0 |  |  | 1.8 |  |  | 2.8 |
Total |  |  | $ | 124.0 |  |  | $ | 115.9 |  |  | $ | 350.5 |  |  | $ | 329.9 |
Finance Lease Costs |  |  |  |  |  |  |  |  |
Interest on lease liabilities (3) | Interest expense, net |  | $ | 3.8 |  |  | $ | 3.8 |  |  | $ | 11.5 |  |  | $ | 11.5 |
Amortization of ROU assets (3) | Depreciation and amortization |  | 2.0 |  |  | 2.0 |  |  | 6.0 |  |  | 5.9 |
Total |  |  | $ | 5.8 |  |  | $ | 5.8 |  |  | $ | 17.5 |  |  | $ | 17.4 |
Financing Obligation Costs |  |  |  |  |  |  |  |  |
Interest on financing obligations (4) | Interest expense, net |  | $ | 103.7 |  |  | $ | 97.6 |  |  | $ | 300.2 |  |  | $ | 293.6 |
(1)Pertains to the operating lease components contained within the Master Leases (primarily land), the Meadows Lease, the Margaritaville Lease, the Greektown Lease, and the Tropicana Lease, inclusive of the variable expense associated with Columbus and Toledo for the operating lease components (the land), which was $4.8 million and $9.5 million for the three and nine months ended September 30, 2020, respectively, pertaining to Columbus, and $2.3 million and $15.4 million for the three and nine months ended September 30, 2019, respectively, pertaining to Columbus and Toledo. (2)Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases, discussed in footnote (1) above. (3)Primarily pertains to the Dayton and Mahoning Valley finance leases. (4)Pertains to the components contained within the Master Leases (primarily buildings) determined to be financing obligations, inclusive of the variable expense associated with Columbus and Toledo for the finance lease components (the buildings), which was $5.0 million and $10.6 million for the three and nine months ended September 30, 2020, respectively, pertaining to Columbus, and $2.1 million and $14.1 million for the three and nine months ended September 30, 2019, respectively, pertaining to Columbus and Toledo.

X
- Definition Financing Obligation, Maturity [Table Text Block] + References No definition available. + Details
Name: | penn_FinancingObligationMaturityTableTextBlock
Namespace Prefix: | penn_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
Name: | us-gaap_FinanceLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
Name: | us-gaap_LeaseCostTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
Name: | us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration