XML 51 R31.htm IDEA: XBRL DOCUMENT
v3.20.4

Acquisitions and Dispositions (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Business Combinations And Other Investments [Abstract] |
Schedule of Allocation of Purchase Price and Adjustments | During the first quarter of 2020, the Company finalized the allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed which resulted in no measurement period adjustments for the year ended December 31, 2020. The fair value is as follows:
(in millions) |  | Fair value
Cash and cash equivalents |  | $ | 31.1 |
Receivables, prepaid expenses, and other current assets |  | 14.5 |
Property and equipment |  | 28.4 |
Goodwill (1) |  | 67.4 |
Other intangible assets |  |
Gaming license |  | 166.4 |
Trademark |  | 24.4 |
Customer relationships |  | 3.3 |
Operating lease right-of-use assets |  | 516.1 |
Finance lease right-of-use assets |  | 4.1 |
Other assets |  | — |
Total assets |  | $ | 855.7 |
Accounts payable, accrued expenses and other current liabilities |  | $ | 15.2 |
Operating lease liabilities |  | 516.1 |
Finance lease liabilities |  | 4.1 |
Total liabilities |  | 535.4 |
Net assets acquired |  | $ | 320.3 |
(1)The goodwill has been assigned to our Northeast segment. The entire $67.4 million goodwill amount is deductible for tax purposes. During the fourth quarter of 2019, the Company finalized the allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed, with the excess recorded as goodwill as follows:
(in millions) |  | Fair value
Cash and cash equivalents |  | $ | 10.7 |
Receivables, prepaid expenses, and other current assets |  | 7.0 |
Property and equipment |  | 20.7 |
Goodwill (1) |  | 44.2 |
Other intangible assets |  |
Gaming license |  | 48.1 |
Customer relationships |  | 2.3 |
Operating lease right-of-use assets |  | 196.2 |
Total assets |  | $ | 329.2 |
Accounts payable, accrued expenses and other current liabilities |  | $ | 10.1 |
Operating lease liabilities |  | 196.2 |
Total liabilities |  | 206.3 |
Net assets acquired |  | $ | 122.9 |
(1)The goodwill has been assigned to our South segment. The entire $44.2 million goodwill amount is deductible for tax purposes. :
(in millions) | Fair value
Cash and restricted cash | $ | 124.2 |
Assets held for sale | 667.5 |
Other current assets | 81.1 |
Property and equipment - non-Pinnacle Master Lease | 318.6 |
Property and equipment - Pinnacle Master Lease (1) | 3,954.9 |
Goodwill (2) | 238.2 |
Other intangible assets |
Gaming licenses | 1,067.6 |
Trademarks | 298.0 |
Customer relationships | 22.4 |
Other long-term assets | 38.9 |
Total assets | $ | 6,811.4 |
Long-term financing obligation, including current portion (3) | $ | 3,432.5 |
Current liabilities | 206.1 |
Deferred income taxes | 340.0 |
Other long-term liabilities | 16.6 |
Total liabilities | 3,995.2 |
Net assets acquired | $ | 2,816.2 |
(1)Includes buildings, boats, vessels, barges, and implied land and land use rights. Land use rights represent the intangible value of the Company’s ability to utilize and access land associated with long term ground lease agreements that give the Company the exclusive rights to operate the casino gaming facilities associated with such agreements. (2)See Note 9, “Goodwill and Other Intangible Assets,” for details on the impact to each reportable segment. (3)Long-term financing obligation, including current portion represents the financing obligation associated with Pinnacle Master Lease, as amended.
Actual and pro forma financial results | The following table includes the financial results of Greektown from the acquisition date through December 31, 2019, which is included within our Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2019:
(in millions) | Period from May 23, 2019 through December 31, 2019
Revenues | $ | 195.9 |
Net income | $ | 10.9 |
The following table includes the financial results of Margaritaville from the acquisition date through December 31, 2019, which is included within our Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2019:
(in millions) | For the year ended December 31, 2019
Revenues | $ | 157.6 |
Net income | $ | 13.7 |
The below pro forma results do not include any adjustments related to synergies.
| For the year ended December 31,
(in millions) | 2019 |  | 2018 |
Revenues | $ | 5,434.9 |  |  | $ | 5,552.2 |  |
Net income (loss) | $ | 64.9 |  |  | $ | 101.9 |  |

X
- Definition Business Combinations And Other Investments [Abstract] + References No definition available. + Details
Name: | penn_BusinessCombinationsAndOtherInvestmentsAbstract
Namespace Prefix: | penn_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration