XML 59 R42.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Leases (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
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) |  |  | 2022 |  | 2021
Variable expenses included in “General and administrative” |  |  | $ | 1.2 |  |  | $ | 18.7 |
Variable expenses included in “Interest expense, net” |  |  | 36.4 |  |  | 17.1 |
Total variable expenses |  |  | $ | 37.6 |  |  | $ | 35.8 |
Information related to lease term and discount rate was as follows:
| December 31,
| 2023 |  | 2022
Weighted-Average Remaining Lease Term |  |  |
Operating leases | 11.2 years |  | 19.1 years
Finance leases | 27.3 years |  | 26.7 years
Financing obligations | 27.6 years |  | 27.5 years
Weighted-Average Discount Rate |  |  |
Operating leases | 7.7 | % |  | 5.8 | %
Finance leases | 5.2 | % |  | 5.2 | %
Financing obligations | 5.2 | % |  | 7.7 | %
The components of lease expense were as follows:
| Location on Consolidated Statements of Operations |  | For the year ended December 31,
(in millions) |  | 2023 |  | 2022 |  | 2021
Operating Lease Costs |  |  |  |  |  |  |
Rent expense associated with triple net operating leases (1) | General and administrative |  | $ | 591.1 |  |  | $ | 149.6 |  |  | $ | 454.4 |
Operating lease cost (2) | Primarily General and administrative |  | 22.4 |  |  | 19.7 |  |  | 16.6 |
Short-term lease cost | Primarily Gaming expense |  | 81.2 |  |  | 74.6 |  |  | 64.9 |
Variable lease cost (2) | Primarily Gaming expense |  | 3.6 |  |  | 4.3 |  |  | 4.3 |
Total |  |  | $ | 698.3 |  |  | $ | 248.2 |  |  | $ | 540.2 |
Finance Lease Costs |  |  |  |  |  |  |
Interest on lease liabilities (3) | Interest expense, net |  | $ | 110.6 |  |  | $ | 258.4 |  |  | $ | 17.2 |
Amortization of ROU assets (3) | Depreciation and amortization |  | 87.5 |  |  | 181.6 |  |  | 10.6 |
Total |  |  | $ | 198.1 |  |  | $ | 440.0 |  |  | $ | 27.8 |
Financing Obligation Costs |  |  |  |  |  |  |
Interest on financing obligations (4) | Interest expense, net |  | $ | 146.6 |  |  | $ | 347.0 |  |  | $ | 416.9 |
(1)For the year ended December 31, 2023, pertains to the following operating leases: (i) AR PENN Master Lease; (ii) 2023 Master Lease; (iii) Margaritaville Lease; and (iv) Greektown Lease. For the year ended December 31, 2022, pertains to the operating lease components contained within the (i) PENN Master Lease (specific to the land and building components associated with the operations of Dayton and Mahoning Valley); (ii) Meadows Lease; (iii) Margaritaville Lease; (iv) Greektown Lease; and (v) Tropicana Lease (which terminated on September 26, 2022). For the year ended December 31, 2021, pertains to the operating lease components contained within the (i) PENN Master Lease (specific to the land, inclusive of the variable expense associated with Columbus and Toledo); (ii) Pinnacle Master Lease (specific to the land); (iii) Meadows Lease; (iv) Margaritaville Lease; (v) Greektown Lease; and (vi) Tropicana Lease. (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)For the year ended December 31, 2023, pertains to the finance lease components associated with the Pinnacle Master Lease (land). For the year ended December 31, 2022, pertains to the finance lease components associated with the (i) PENN Master Lease; (ii) Pinnacle Master Lease; and (iii) Perryville Lease. The finance lease components contained within the PENN Master Lease and the Pinnacle Master Lease primarily consisted of the land, inclusive of the variable expense associated with Columbus and Toledo. For the year ended December 31, 2021, pertains to the finance lease components associated with the (i) PENN Master Lease; and (ii) Perryville Lease (effective July 1, 2021). The finance lease components contained within the PENN Master Lease consisted of the land and building components associated with the operations of Dayton and Mahoning Valley. (4) For the year ended December 31, 2023, pertains to the components contained within the Pinnacle Master Lease (buildings) and the Morgantown Lease. For the years ended December 31, 2022 and 2021, pertains to the components contained within the (i) PENN Master Lease (primarily buildings) inclusive of the variable expense associated with Columbus and Toledo for the financing obligation components; (ii) Pinnacle Master Lease (buildings); and (iii) Morgantown Lease. Supplemental cash flow information related to leases was as follows:
| For the year ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |
Operating cash flows from finance leases | $ | 110.6 |  |  | $ | 258.4 |  |  | $ | 17.2 |
Operating cash flows from operating leases | $ | 609.9 |  |  | $ | 163.2 |  |  | $ | 428.3 |
Financing cash flows from finance leases | $ | 47.1 |  |  | $ | 110.5 |  |  | $ | 8.5 |
Non-cash lease activities: |  |  |  |  |
Commencement of operating leases | $ | 3,820.4 |  |  | $ | 58.5 |  |  | $ | 96.4 |
Derecognition of operating lease liabilities | $ | 307.7 |  |  | $ | — |  |  | $ | — |
Commencement of finance leases | $ | 33.3 |  |  | $ | 1,462.1 |  |  | $ | 106.1 |
Derecognition of finance lease liabilities | $ | 2,933.6 |  |  | $ | — |  |  | $ | — |
Derecognition of finance obligations | $ | 1,567.8 |  |  | $ | — |  |  | $ | — |
Total payments made under the Triple Net Leases were as follows:
| For the year ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
AR PENN Master Lease | $ | 284.1 |  |  | $ | — |  |  | $ | — |
2023 Master Lease | 232.8 |  |  | — |  |  | — |
PENN Master Lease | — |  |  | 480.3 |  |  | 475.7 |
Pinnacle Master Lease | 339.4 |  |  | 334.1 |  |  | 328.3 |
Perryville Lease | — |  |  | 7.8 |  |  | 3.9 |
Meadows Lease | — |  |  | 24.6 |  |  | 24.9 |
Margaritaville Lease | 26.2 |  |  | 23.8 |  |  | 23.5 |
Greektown Lease | 52.2 |  |  | 51.3 |  |  | 53.1 |
Morgantown Lease | 3.1 |  |  | 3.1 |  |  | 3.0 |
Total (1) | $ | 937.8 |  |  | $ | 925.0 |  |  | $ | 912.4 |
(1)For the years ended December 31, 2022 and 2021, rent payable under the Tropicana Lease was nominal. Therefore, it has been excluded from the table above. The Tropicana Lease was terminated on September 26, 2022. The classification of lease ROU assets was as follows:
| December 31,
(in millions) | 2023 |  | 2022
Lease ROU assets |  |  |
Operating leases | $ | 4,264.7 |  |  | $ | 1,068.4 |
Finance leases | 2,041.0 |  |  | 5,034.9 |
Total | $ | 6,305.7 |  |  | $ | 6,103.3 |
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, 2023:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31: |  |  |  |  |
2024 | $ | 617.9 |  |  | $ | 149.3 |  |  | $ | 166.5 |
2025 | 611.1 |  |  | 144.7 |  |  | 166.5 |
2026 | 611.8 |  |  | 144.7 |  |  | 166.6 |
2027 | 614.5 |  |  | 144.6 |  |  | 166.5 |
2028 | 613.6 |  |  | 144.6 |  |  | 166.6 |
Thereafter | 3,318.6 |  |  | 3,222.4 |  |  | 3,829.5 |
Total lease payments | 6,387.5 |  |  | 3,950.3 |  |  | 4,662.2 |
Less: Imputed interest | (2,141.1) |  |  | (1,847.5) |  |  | (2,234.8) |
Present value of future lease payments | 4,246.4 |  |  | 2,102.8 |  |  | 2,427.4 |
Less: Current portion of lease obligations | (302.3) |  |  | (40.3) |  |  | (41.3) |
Long-term portion of lease obligations | $ | 3,944.1 |  |  | $ | 2,062.5 |  |  | $ | 2,386.1 |
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, 2023:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31: |  |  |  |  |
2024 | $ | 617.9 |  |  | $ | 149.3 |  |  | $ | 166.5 |
2025 | 611.1 |  |  | 144.7 |  |  | 166.5 |
2026 | 611.8 |  |  | 144.7 |  |  | 166.6 |
2027 | 614.5 |  |  | 144.6 |  |  | 166.5 |
2028 | 613.6 |  |  | 144.6 |  |  | 166.6 |
Thereafter | 3,318.6 |  |  | 3,222.4 |  |  | 3,829.5 |
Total lease payments | 6,387.5 |  |  | 3,950.3 |  |  | 4,662.2 |
Less: Imputed interest | (2,141.1) |  |  | (1,847.5) |  |  | (2,234.8) |
Present value of future lease payments | 4,246.4 |  |  | 2,102.8 |  |  | 2,427.4 |
Less: Current portion of lease obligations | (302.3) |  |  | (40.3) |  |  | (41.3) |
Long-term portion of lease obligations | $ | 3,944.1 |  |  | $ | 2,062.5 |  |  | $ | 2,386.1 |
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, 2023:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31: |  |  |  |  |
2024 | $ | 617.9 |  |  | $ | 149.3 |  |  | $ | 166.5 |
2025 | 611.1 |  |  | 144.7 |  |  | 166.5 |
2026 | 611.8 |  |  | 144.7 |  |  | 166.6 |
2027 | 614.5 |  |  | 144.6 |  |  | 166.5 |
2028 | 613.6 |  |  | 144.6 |  |  | 166.6 |
Thereafter | 3,318.6 |  |  | 3,222.4 |  |  | 3,829.5 |
Total lease payments | 6,387.5 |  |  | 3,950.3 |  |  | 4,662.2 |
Less: Imputed interest | (2,141.1) |  |  | (1,847.5) |  |  | (2,234.8) |
Present value of future lease payments | 4,246.4 |  |  | 2,102.8 |  |  | 2,427.4 |
Less: Current portion of lease obligations | (302.3) |  |  | (40.3) |  |  | (41.3) |
Long-term portion of lease obligations | $ | 3,944.1 |  |  | $ | 2,062.5 |  |  | $ | 2,386.1 |

X
- Definition Financing Obligation, Maturity [Table Text Block] + References No definition available. + Details
Name: | penn_FinancingObligationMaturityTableTextBlock
Namespace Prefix: | penn_
Data Type: | dtr-types1: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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
Name: | us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration