XML 43 R31.htm IDEA: XBRL DOCUMENT
v3.22.2

Leases (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Leases [Abstract] |
Maturity Analysis, Operating Leases | The following is a maturity analysis of our operating leases, finance leases and financing obligations as of June 30, 2022:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Year ended December 31, |  |  |  |  |
2022 (excluding the six months ended June 30, 2022) | $ | 68.0 |  |  | $ | 193.2 |  |  | $ | 186.3 |
2023 | 125.2 |  |  | 375.2 |  |  | 369.8 |
2024 | 119.9 |  |  | 347.9 |  |  | 355.3 |
2025 | 116.6 |  |  | 346.9 |  |  | 355.4 |
2026 | 112.2 |  |  | 346.9 |  |  | 355.4 |
Thereafter | 1,341.4 |  |  | 7,873.5 |  |  | 8,285.7 |
Total lease payments | 1,883.3 |  |  | 9,483.6 |  |  | 9,907.9 |
Less: Imputed interest | (814.0) |  |  | (4,421.5) |  |  | (5,842.8) |
Present value of future lease payments | 1,069.3 |  |  | 5,062.1 |  |  | 4,065.1 |
Less: Current portion of lease obligations | (74.2) |  |  | (115.5) |  |  | (63.8) |
Long-term portion of lease obligations | $ | 995.1 |  |  | $ | 4,946.6 |  |  | $ | 4,001.3 |
Maturity Analysis, Finance Leases | The following is a maturity analysis of our operating leases, finance leases and financing obligations as of June 30, 2022:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Year ended December 31, |  |  |  |  |
2022 (excluding the six months ended June 30, 2022) | $ | 68.0 |  |  | $ | 193.2 |  |  | $ | 186.3 |
2023 | 125.2 |  |  | 375.2 |  |  | 369.8 |
2024 | 119.9 |  |  | 347.9 |  |  | 355.3 |
2025 | 116.6 |  |  | 346.9 |  |  | 355.4 |
2026 | 112.2 |  |  | 346.9 |  |  | 355.4 |
Thereafter | 1,341.4 |  |  | 7,873.5 |  |  | 8,285.7 |
Total lease payments | 1,883.3 |  |  | 9,483.6 |  |  | 9,907.9 |
Less: Imputed interest | (814.0) |  |  | (4,421.5) |  |  | (5,842.8) |
Present value of future lease payments | 1,069.3 |  |  | 5,062.1 |  |  | 4,065.1 |
Less: Current portion of lease obligations | (74.2) |  |  | (115.5) |  |  | (63.8) |
Long-term portion of lease obligations | $ | 995.1 |  |  | $ | 4,946.6 |  |  | $ | 4,001.3 |
Maturity Analysis, Financing Obligations | The following is a maturity analysis of our operating leases, finance leases and financing obligations as of June 30, 2022:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Year ended December 31, |  |  |  |  |
2022 (excluding the six months ended June 30, 2022) | $ | 68.0 |  |  | $ | 193.2 |  |  | $ | 186.3 |
2023 | 125.2 |  |  | 375.2 |  |  | 369.8 |
2024 | 119.9 |  |  | 347.9 |  |  | 355.3 |
2025 | 116.6 |  |  | 346.9 |  |  | 355.4 |
2026 | 112.2 |  |  | 346.9 |  |  | 355.4 |
Thereafter | 1,341.4 |  |  | 7,873.5 |  |  | 8,285.7 |
Total lease payments | 1,883.3 |  |  | 9,483.6 |  |  | 9,907.9 |
Less: Imputed interest | (814.0) |  |  | (4,421.5) |  |  | (5,842.8) |
Present value of future lease payments | 1,069.3 |  |  | 5,062.1 |  |  | 4,065.1 |
Less: Current portion of lease obligations | (74.2) |  |  | (115.5) |  |  | (63.8) |
Long-term portion of lease obligations | $ | 995.1 |  |  | $ | 4,946.6 |  |  | $ | 4,001.3 |
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 June 30, |  | For the six months ended June 30,
(in millions) | 2022 |  | 2021 |  | 2022 |  | 2021
PENN Master Lease | $ | 120.6 |  |  | $ | 120.7 |  |  | $ | 239.8 |  |  | $ | 238.7 |
Pinnacle Master Lease | 83.4 |  |  | 82.1 |  |  | 165.9 |  |  | 163.4 |
Perryville Lease | 2.0 |  |  | — |  |  | 3.9 |  |  | — |
Meadows Lease | 6.2 |  |  | 6.2 |  |  | 12.4 |  |  | 12.4 |
Margaritaville Lease | 6.0 |  |  | 5.9 |  |  | 11.9 |  |  | 11.7 |
Greektown Lease | 12.9 |  |  | 13.5 |  |  | 25.7 |  |  | 27.4 |
Morgantown Lease | 0.7 |  |  | 0.7 |  |  | 1.5 |  |  | 1.5 |
Total (1) | $ | 231.8 |  |  | $ | 229.1 |  |  | $ | 461.1 |  |  | $ | 455.1 |
(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 |  | For the three months ended June 30, |  | For the six months ended June 30,
(in millions) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Operating Lease Costs |  |  |  |  |  |  |  |  |
Rent expense associated with triple net operating leases (1) | General and administrative |  | $ | 28.0 |  |  | $ | 116.5 |  |  | $ | 88.1 |  |  | $ | 226.9 |
Operating lease cost (2) | Primarily General and administrative |  | 4.9 |  |  | 3.9 |  |  | 9.9 |  |  | 7.8 |
Short-term lease cost | Primarily Gaming expense |  | 18.5 |  |  | 15.5 |  |  | 36.6 |  |  | 28.8 |
Variable lease cost (2) | Primarily Gaming expense |  | 1.2 |  |  | 1.0 |  |  | 2.3 |  |  | 2.1 |
Total |  |  | $ | 52.6 |  |  | $ | 136.9 |  |  | $ | 136.9 |  |  | $ | 265.6 |
Finance Lease Costs |  |  |  |  |  |  |  |  |
Interest on lease liabilities (3) | Interest expense, net |  | $ | 75.7 |  |  | $ | 3.7 |  |  | $ | 115.2 |  |  | $ | 7.4 |
Amortization of ROU assets (3) | Depreciation and amortization |  | 48.8 |  |  | 2.1 |  |  | 80.9 |  |  | 4.0 |
Total |  |  | $ | 124.5 |  |  | $ | 5.8 |  |  | $ | 196.1 |  |  | $ | 11.4 |
Financing Obligation Costs |  |  |  |  |  |  |  |  |
Interest on financing obligations (4) | Interest expense, net |  | $ | 85.2 |  |  | $ | 105.3 |  |  | $ | 174.8 |  |  | $ | 207.9 |
(1)Pertains to the operating lease components contained within the Master Leases, inclusive of the variable expense associated with Columbus and Toledo for the operating lease components, the Meadows Lease, the Margaritaville Lease, the Greektown Lease, and the Tropicana Lease. Prior to the Lease Modification, the operating lease components contained within the Master Leases primarily consisted of the land, inclusive of the variable expense associated with Columbus and Toledo. Subsequent to the Lease Modification, the operating lease components contained within the Master Leases consist of the land and building components associated with the operations of Dayton and Mahoning Valley. (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 finance lease components contained within the Master Leases, and the Perryville Lease (effective July 1, 2021) which results in interest expense and amortization expense (as opposed to rent expense). Prior to the Lease Modification, the finance lease components contained within the Master Leases consisted of the land and building components associated with the operations of Dayton and Mahoning Valley. Subsequent to the Lease Modification, the finance lease components contained within the Master Leases consist of the land, inclusive of the variable expense associated with Columbus and Toledo. (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 financing obligation components (the buildings).

X
- Definition Financing Obligation, Maturity [Table Text Block] + References No definition available. + Details
Name: | penn_FinancingObligationMaturityTableTextBlock
Namespace Prefix: | penn_
Data Type: | dtr-types: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 https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
Name: | us-gaap_FinanceLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
Name: | us-gaap_LeaseCostTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
Name: | us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration