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v3.22.2.2

Leases (Tables) | 9 Months Ended
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Sep. 30, 2022
Leases [Abstract] |
Schedule of Maturity Analysis, Operating Leases | The following is a maturity analysis of our operating leases, finance leases and financing obligations as of September 30, 2022:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Year ended December 31, |  |  |  |  |
2022 (excluding the nine months ended September 30, 2022) | $ | 31.9 |  |  | $ | 94.6 |  |  | $ | 93.2 |
2023 | 125.3 |  |  | 375.2 |  |  | 369.8 |
2024 | 119.8 |  |  | 351.4 |  |  | 355.3 |
2025 | 116.6 |  |  | 346.9 |  |  | 355.4 |
2026 | 112.1 |  |  | 347.0 |  |  | 355.4 |
Thereafter | 1,339.9 |  |  | 7,874.0 |  |  | 8,285.6 |
Total lease payments | 1,845.6 |  |  | 9,389.1 |  |  | 9,814.7 |
Less: Imputed interest | (798.4) |  |  | (4,355.2) |  |  | (5,765.0) |
Present value of future lease payments | 1,047.2 |  |  | 5,033.9 |  |  | 4,049.7 |
Less: Current portion of lease obligations | (71.7) |  |  | (117.0) |  |  | (65.0) |
Long-term portion of lease obligations | $ | 975.5 |  |  | $ | 4,916.9 |  |  | $ | 3,984.7 |
Schedule of Maturity Analysis, Finance Leases | The following is a maturity analysis of our operating leases, finance leases and financing obligations as of September 30, 2022:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Year ended December 31, |  |  |  |  |
2022 (excluding the nine months ended September 30, 2022) | $ | 31.9 |  |  | $ | 94.6 |  |  | $ | 93.2 |
2023 | 125.3 |  |  | 375.2 |  |  | 369.8 |
2024 | 119.8 |  |  | 351.4 |  |  | 355.3 |
2025 | 116.6 |  |  | 346.9 |  |  | 355.4 |
2026 | 112.1 |  |  | 347.0 |  |  | 355.4 |
Thereafter | 1,339.9 |  |  | 7,874.0 |  |  | 8,285.6 |
Total lease payments | 1,845.6 |  |  | 9,389.1 |  |  | 9,814.7 |
Less: Imputed interest | (798.4) |  |  | (4,355.2) |  |  | (5,765.0) |
Present value of future lease payments | 1,047.2 |  |  | 5,033.9 |  |  | 4,049.7 |
Less: Current portion of lease obligations | (71.7) |  |  | (117.0) |  |  | (65.0) |
Long-term portion of lease obligations | $ | 975.5 |  |  | $ | 4,916.9 |  |  | $ | 3,984.7 |
Schedule of Maturity Analysis, Financing Obligations | The following is a maturity analysis of our operating leases, finance leases and financing obligations as of September 30, 2022:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Year ended December 31, |  |  |  |  |
2022 (excluding the nine months ended September 30, 2022) | $ | 31.9 |  |  | $ | 94.6 |  |  | $ | 93.2 |
2023 | 125.3 |  |  | 375.2 |  |  | 369.8 |
2024 | 119.8 |  |  | 351.4 |  |  | 355.3 |
2025 | 116.6 |  |  | 346.9 |  |  | 355.4 |
2026 | 112.1 |  |  | 347.0 |  |  | 355.4 |
Thereafter | 1,339.9 |  |  | 7,874.0 |  |  | 8,285.6 |
Total lease payments | 1,845.6 |  |  | 9,389.1 |  |  | 9,814.7 |
Less: Imputed interest | (798.4) |  |  | (4,355.2) |  |  | (5,765.0) |
Present value of future lease payments | 1,047.2 |  |  | 5,033.9 |  |  | 4,049.7 |
Less: Current portion of lease obligations | (71.7) |  |  | (117.0) |  |  | (65.0) |
Long-term portion of lease obligations | $ | 975.5 |  |  | $ | 4,916.9 |  |  | $ | 3,984.7 |
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 September 30, |  | For the nine months ended September 30,
(in millions) | 2022 |  | 2021 |  | 2022 |  | 2021
PENN Master Lease | $ | 120.2 |  |  | $ | 118.4 |  |  | $ | 360.0 |  |  | $ | 357.1 |
Pinnacle Master Lease | 84.2 |  |  | 82.4 |  |  | 250.1 |  |  | 245.8 |
Perryville Lease | 1.9 |  |  | 1.9 |  |  | 5.8 |  |  | 1.9 |
Meadows Lease | 6.2 |  |  | 6.2 |  |  | 18.6 |  |  | 18.6 |
Margaritaville Lease | 5.9 |  |  | 5.9 |  |  | 17.8 |  |  | 17.6 |
Greektown Lease | 12.8 |  |  | 12.9 |  |  | 38.5 |  |  | 40.3 |
Morgantown Lease | 0.8 |  |  | 0.8 |  |  | 2.3 |  |  | 2.3 |
Total (1) | $ | 232.0 |  |  | $ | 228.5 |  |  | $ | 693.1 |  |  | $ | 683.6 |
(1)Rent payable under the Tropicana Lease was nominal prior to termination on September 26, 2022. 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 September 30, |  | For the nine months ended September 30,
(in millions) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Operating Lease Costs |  |  |  |  |  |  |  |  |
Rent expense associated with triple net operating leases (1) | General and administrative |  | $ | 31.5 |  |  | $ | 116.0 |  |  | $ | 119.6 |  |  | $ | 342.9 |
Operating lease cost (2) | Primarily General and administrative |  | 4.9 |  |  | 4.1 |  |  | 14.8 |  |  | 11.9 |
Short-term lease cost | Primarily Gaming expense |  | 19.7 |  |  | 17.0 |  |  | 56.3 |  |  | 45.8 |
Variable lease cost (2) | Primarily Gaming expense |  | 1.0 |  |  | 1.3 |  |  | 3.3 |  |  | 3.4 |
Total |  |  | $ | 57.1 |  |  | $ | 138.4 |  |  | $ | 194.0 |  |  | $ | 404.0 |
Finance Lease Costs |  |  |  |  |  |  |  |  |
Interest on lease liabilities (3) | Interest expense, net |  | $ | 72.0 |  |  | $ | 4.7 |  |  | $ | 187.2 |  |  | $ | 12.1 |
Amortization of ROU assets (3) | Depreciation and amortization |  | 50.1 |  |  | 3.3 |  |  | 131.0 |  |  | 7.3 |
Total |  |  | $ | 122.1 |  |  | $ | 8.0 |  |  | $ | 318.2 |  |  | $ | 19.4 |
Financing Obligation Costs |  |  |  |  |  |  |  |  |
Interest on financing obligations (4) | Interest expense, net |  | $ | 86.2 |  |  | $ | 104.5 |  |  | $ | 261.0 |  |  | $ | 312.4 |
(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. The Tropicana Lease was terminated on September 26, 2022. 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 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).

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