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v3.21.1

Leases (Tables) | 3 Months Ended
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Mar. 31, 2021
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 March 31, 2021:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31, |  |  |  |  |
2021 (excluding the three months ended March 31, 2021) | $ | 314.1 |  |  | $ | 16.5 |  |  | $ | 277.7 |
2022 | 410.3 |  |  | 21.6 |  |  | 370.3 |
2023 | 400.2 |  |  | 20.8 |  |  | 370.4 |
2024 | 383.7 |  |  | 16.7 |  |  | 370.4 |
2025 | 380.7 |  |  | 16.7 |  |  | 370.5 |
Thereafter | 7,791.1 |  |  | 376.7 |  |  | 9,094.5 |
Total lease payments | 9,680.1 |  |  | 469.0 |  |  | 10,853.8 |
Less: Imputed interest | (5,212.4) |  |  | (251.3) |  |  | (6,730.1) |
Present value of future lease payments | 4,467.7 |  |  | 217.7 |  |  | 4,123.7 |
Less: Current portion of lease obligations | (130.7) |  |  | (7.0) |  |  | (36.7) |
Long-term portion of lease obligations | $ | 4,337.0 |  |  | $ | 210.7 |  |  | $ | 4,087.0 |
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 March 31, 2021:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31, |  |  |  |  |
2021 (excluding the three months ended March 31, 2021) | $ | 314.1 |  |  | $ | 16.5 |  |  | $ | 277.7 |
2022 | 410.3 |  |  | 21.6 |  |  | 370.3 |
2023 | 400.2 |  |  | 20.8 |  |  | 370.4 |
2024 | 383.7 |  |  | 16.7 |  |  | 370.4 |
2025 | 380.7 |  |  | 16.7 |  |  | 370.5 |
Thereafter | 7,791.1 |  |  | 376.7 |  |  | 9,094.5 |
Total lease payments | 9,680.1 |  |  | 469.0 |  |  | 10,853.8 |
Less: Imputed interest | (5,212.4) |  |  | (251.3) |  |  | (6,730.1) |
Present value of future lease payments | 4,467.7 |  |  | 217.7 |  |  | 4,123.7 |
Less: Current portion of lease obligations | (130.7) |  |  | (7.0) |  |  | (36.7) |
Long-term portion of lease obligations | $ | 4,337.0 |  |  | $ | 210.7 |  |  | $ | 4,087.0 |
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 March 31, 2021:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31, |  |  |  |  |
2021 (excluding the three months ended March 31, 2021) | $ | 314.1 |  |  | $ | 16.5 |  |  | $ | 277.7 |
2022 | 410.3 |  |  | 21.6 |  |  | 370.3 |
2023 | 400.2 |  |  | 20.8 |  |  | 370.4 |
2024 | 383.7 |  |  | 16.7 |  |  | 370.4 |
2025 | 380.7 |  |  | 16.7 |  |  | 370.5 |
Thereafter | 7,791.1 |  |  | 376.7 |  |  | 9,094.5 |
Total lease payments | 9,680.1 |  |  | 469.0 |  |  | 10,853.8 |
Less: Imputed interest | (5,212.4) |  |  | (251.3) |  |  | (6,730.1) |
Present value of future lease payments | 4,467.7 |  |  | 217.7 |  |  | 4,123.7 |
Less: Current portion of lease obligations | (130.7) |  |  | (7.0) |  |  | (36.7) |
Long-term portion of lease obligations | $ | 4,337.0 |  |  | $ | 210.7 |  |  | $ | 4,087.0 |
Schedule of Other Information and Supplemental Cash Flow Information Related to Leases | Total payments made under the Triple Net Leases were as follows:
| For the three months ended March 31, |  |
(in millions) | 2021 |  | 2020 |  |  |  |
Penn Master Lease | $ | 117.9 |  |  | $ | 114.8 |  |  |  |  |
Pinnacle Master Lease | 81.3 |  |  | 82.5 |  |  |  |  |
Meadows Lease | 6.2 |  |  | 6.7 |  |  |  |  |
Margaritaville Lease | 5.9 |  |  | 5.9 |  |  |  |  |
Greektown Lease | 13.9 |  |  | 13.9 |  |  |  |  |
Morgantown Lease | 0.8 |  |  | — |  |  |  |  |
Total (1) | $ | 226.0 |  |  | $ | 223.8 |  |  |  |  |
(1)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 Consolidated Statements of Operations and Comprehensive Income (Loss) |  | For the three months ended March 31, |  |
(in millions) |  | 2021 |  | 2020 |  |  |  |
Operating Lease Costs |  |  |  |  |  |  |  |  |
Rent expense associated with triple net operating leases (1) | General and administrative |  | $ | 110.4 |  |  | $ | 97.5 |  |  |  |  |
Operating lease cost (2) | Primarily General and administrative |  | 3.9 |  |  | 4.3 |  |  |  |  |
Short-term lease cost | Primarily Gaming expense |  | 13.3 |  |  | 12.1 |  |  |  |  |
Variable lease cost (2) | Primarily Gaming expense |  | 1.1 |  |  | 0.8 |  |  |  |  |
Total |  |  | $ | 128.7 |  |  | $ | 114.7 |  |  |  |  |
Finance Lease Costs |  |  |  |  |  |  |  |  |
Interest on lease liabilities (3) | Interest expense, net |  | $ | 3.7 |  |  | $ | 3.9 |  |  |  |  |
Amortization of ROU assets (3) | Depreciation and amortization |  | 1.9 |  |  | 2.0 |  |  |  |  |
Total |  |  | $ | 5.6 |  |  | $ | 5.9 |  |  |  |  |
Financing Obligation Costs |  |  |  |  |  |  |  |  |
Interest on financing obligations (4) | Interest expense, net |  | $ | 102.6 |  |  | $ | 97.4 |  |  |  |  |
(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 $3.2 million and $3.1 million for the three months ended March 31, 2021 and 2020, respectively. (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)Pertains to the Dayton and Mahoning Valley finance leases. (4)Pertains to the components contained within the Master Leases (primarily buildings) and Morgantown Lease determined to be financing obligations, inclusive of the variable expense associated with Columbus and Toledo for the finance lease components (the buildings), which was $3.0 million and $3.4 million for the three months ended March 31, 2021 and 2020, respectively.

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- 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
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