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Leases (Tables) | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
Schedule of Other Information and Supplemental Cash Flow Information Related to Leases | Total monthly variable expenses were as follows:
| For the year ended December 31,
(in millions) | 2021 |  | 2020 |  | 2019
Variable expenses included in “General and administrative” | $ | 18.7 |  |  | $ | 12.9 |  |  | $ | 16.4 |
Variable expenses included in “Interest expense, net” | 17.1 |  |  | 11.8 |  |  | 16.1 |
Total variable expenses | $ | 35.8 |  |  | $ | 24.7 |  |  | $ | 32.5 |
Information related to lease term and discount rate was as follows:
| December 31, 2021
Weighted-Average Remaining Lease Term |
Operating leases | 25.7 years
Finance leases | 24.3 years
Financing obligations | 28.5 years
Weighted-Average Discount Rate |
Operating leases | 6.7 | %
Finance leases | 6.4 | %
Financing obligations | 8.1 | %
The components of lease expense were as follows:
| Location on Consolidated Statements of Operations | For the year ended December 31,
(in millions) | 2021 |  | 2020
Operating Lease Costs |  |  |  |
Rent expense associated with triple net operating leases (1) | General and administrative | $ | 454.4 |  |  | $ | 419.8 |
Operating lease cost (2) | Primarily General and administrative | 16.6 |  |  | 15.8 |
Short-term lease cost | Primarily Gaming expense | 64.9 |  |  | 37.7 |
Variable lease cost (2) | Primarily Gaming expense | 4.3 |  |  | 2.5 |
Total |  | $ | 540.2 |  |  | $ | 475.8 |
Finance Lease Costs |  |  |  |
Interest on lease liabilities (3) | Interest expense, net | $ | 17.2 |  |  | $ | 15.2 |
Amortization of ROU assets (3) | Depreciation and amortization | 10.6 |  |  | 8.0 |
Total |  | $ | 27.8 |  |  | $ | 23.2 |
Financing Obligation Costs |  |  |  |
Interest expense (4) | Interest expense, net | $ | 416.9 |  |  | $ | 403.1 |
(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). (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 lease components and the Perryville Lease (effective July 1, 2021). (4)Pertains to the components contained within the Master Leases (primarily buildings) and the Morgantown Lease determined to be a financing obligation, inclusive of the variable expense associated with Columbus and Toledo for the finance lease components (the buildings). Supplemental cash flow information related to leases was as follows:
| For the year ended December 31,
(in millions) | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities(1) |  |  |
Operating cash flows from finance leases | $ | 17.2 |  |  | $ | 15.2 |
Operating cash flows from operating leases | $ | 428.3 |  |  | $ | 426.7 |
Financing cash flows from finance leases | $ | 8.5 |  |  | $ | 6.3 |
(1)Amounts related to the year ended December 31, 2020 are inclusive of utilized rent credits. Total payments made under the Triple Net Leases, inclusive of rent credits utilized, were as follows:
| For the year ended December 31,
(in millions) | 2021 |  | 2020
Penn Master Lease (1) | $ | 475.7 |  |  | $ | 457.9 |
Pinnacle Master Lease (1) | 328.3 |  |  | 326.9 |
Perryville Lease | 3.9 |  |  | — |
Meadows Lease (1) | 24.9 |  |  | 26.4 |
Margaritaville Lease | 23.5 |  |  | 23.5 |
Greektown Lease | 53.1 |  |  | 55.6 |
Morgantown Lease (1) | 3.0 |  |  | 0.8 |
Total (2) | $ | 912.4 |  |  | $ | 891.1 |
(1)During the twelve months ended December 31, 2020 we utilized rent credits to pay $190.7 million, $135.5 million, $11.0 million and $0.3 million of rent under the Penn Master Lease, Pinnacle Master Lease, Meadows Lease and Morgantown Lease, respectively. (2)Cash rent payable under the Tropicana Lease is nominal. Therefore, it has been excluded from the table above.
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 December 31, 2021:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31: |  |  |  |  |
2022 | $ | 424.1 |  |  | $ | 30.0 |  |  | $ | 370.3 |
2023 | 407.8 |  |  | 29.1 |  |  | 370.4 |
2024 | 391.9 |  |  | 25.0 |  |  | 370.4 |
2025 | 388.7 |  |  | 25.0 |  |  | 370.5 |
2026 | 384.2 |  |  | 25.1 |  |  | 370.5 |
Thereafter | 7,518.5 |  |  | 492.8 |  |  | 8,724.2 |
Total lease payments | 9,515.2 |  |  | 627.0 |  |  | 10,576.3 |
Less: Imputed interest | (5,061.1) |  |  | (309.6) |  |  | (6,479.5) |
Present value of future lease payments | 4,454.1 |  |  | 317.4 |  |  | 4,096.8 |
Less: Current portion of lease obligations | (132.8) |  |  | (10.1) |  |  | (39.0) |
Long-term portion of lease obligations | $ | 4,321.3 |  |  | $ | 307.3 |  |  | $ | 4,057.8 |
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 December 31, 2021:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31: |  |  |  |  |
2022 | $ | 424.1 |  |  | $ | 30.0 |  |  | $ | 370.3 |
2023 | 407.8 |  |  | 29.1 |  |  | 370.4 |
2024 | 391.9 |  |  | 25.0 |  |  | 370.4 |
2025 | 388.7 |  |  | 25.0 |  |  | 370.5 |
2026 | 384.2 |  |  | 25.1 |  |  | 370.5 |
Thereafter | 7,518.5 |  |  | 492.8 |  |  | 8,724.2 |
Total lease payments | 9,515.2 |  |  | 627.0 |  |  | 10,576.3 |
Less: Imputed interest | (5,061.1) |  |  | (309.6) |  |  | (6,479.5) |
Present value of future lease payments | 4,454.1 |  |  | 317.4 |  |  | 4,096.8 |
Less: Current portion of lease obligations | (132.8) |  |  | (10.1) |  |  | (39.0) |
Long-term portion of lease obligations | $ | 4,321.3 |  |  | $ | 307.3 |  |  | $ | 4,057.8 |
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 December 31, 2021:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31: |  |  |  |  |
2022 | $ | 424.1 |  |  | $ | 30.0 |  |  | $ | 370.3 |
2023 | 407.8 |  |  | 29.1 |  |  | 370.4 |
2024 | 391.9 |  |  | 25.0 |  |  | 370.4 |
2025 | 388.7 |  |  | 25.0 |  |  | 370.5 |
2026 | 384.2 |  |  | 25.1 |  |  | 370.5 |
Thereafter | 7,518.5 |  |  | 492.8 |  |  | 8,724.2 |
Total lease payments | 9,515.2 |  |  | 627.0 |  |  | 10,576.3 |
Less: Imputed interest | (5,061.1) |  |  | (309.6) |  |  | (6,479.5) |
Present value of future lease payments | 4,454.1 |  |  | 317.4 |  |  | 4,096.8 |
Less: Current portion of lease obligations | (132.8) |  |  | (10.1) |  |  | (39.0) |
Long-term portion of lease obligations | $ | 4,321.3 |  |  | $ | 307.3 |  |  | $ | 4,057.8 |

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