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Leases (Tables) | 6 Months Ended
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Jun. 30, 2024
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 June 30, 2024:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Year ended December 31, |  |  |  |  |
2024 (excluding the six months ended June 30, 2024) | $ | 309.6 |  |  | $ | 81.3 |  |  | $ | 83.2 |
2025 | 611.8 |  |  | 162.6 |  |  | 166.5 |
2026 | 612.3 |  |  | 152.2 |  |  | 166.6 |
2027 | 615.0 |  |  | 146.9 |  |  | 166.5 |
2028 | 614.0 |  |  | 146.9 |  |  | 166.6 |
Thereafter | 3,320.5 |  |  | 3,273.9 |  |  | 3,829.5 |
Total lease payments | 6,083.2 |  |  | 3,963.8 |  |  | 4,578.9 |
Less: Imputed interest | (1,980.3) |  |  | (1,822.8) |  |  | (2,171.6) |
Present value of future lease payments | 4,102.9 |  |  | 2,141.0 |  |  | 2,407.3 |
Less: Current portion of lease obligations | (311.6) |  |  | (51.8) |  |  | (42.4) |
Long-term portion of lease obligations | $ | 3,791.3 |  |  | $ | 2,089.2 |  |  | $ | 2,364.9 |
Schedule of Maturity Analysis, Finance Leases | The following is a maturity analysis of our operating leases, finance leases and financing obligations as of June 30, 2024:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Year ended December 31, |  |  |  |  |
2024 (excluding the six months ended June 30, 2024) | $ | 309.6 |  |  | $ | 81.3 |  |  | $ | 83.2 |
2025 | 611.8 |  |  | 162.6 |  |  | 166.5 |
2026 | 612.3 |  |  | 152.2 |  |  | 166.6 |
2027 | 615.0 |  |  | 146.9 |  |  | 166.5 |
2028 | 614.0 |  |  | 146.9 |  |  | 166.6 |
Thereafter | 3,320.5 |  |  | 3,273.9 |  |  | 3,829.5 |
Total lease payments | 6,083.2 |  |  | 3,963.8 |  |  | 4,578.9 |
Less: Imputed interest | (1,980.3) |  |  | (1,822.8) |  |  | (2,171.6) |
Present value of future lease payments | 4,102.9 |  |  | 2,141.0 |  |  | 2,407.3 |
Less: Current portion of lease obligations | (311.6) |  |  | (51.8) |  |  | (42.4) |
Long-term portion of lease obligations | $ | 3,791.3 |  |  | $ | 2,089.2 |  |  | $ | 2,364.9 |
Schedule of Maturity Analysis, Financing Obligations | The following is a maturity analysis of our operating leases, finance leases and financing obligations as of June 30, 2024:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Year ended December 31, |  |  |  |  |
2024 (excluding the six months ended June 30, 2024) | $ | 309.6 |  |  | $ | 81.3 |  |  | $ | 83.2 |
2025 | 611.8 |  |  | 162.6 |  |  | 166.5 |
2026 | 612.3 |  |  | 152.2 |  |  | 166.6 |
2027 | 615.0 |  |  | 146.9 |  |  | 166.5 |
2028 | 614.0 |  |  | 146.9 |  |  | 166.6 |
Thereafter | 3,320.5 |  |  | 3,273.9 |  |  | 3,829.5 |
Total lease payments | 6,083.2 |  |  | 3,963.8 |  |  | 4,578.9 |
Less: Imputed interest | (1,980.3) |  |  | (1,822.8) |  |  | (2,171.6) |
Present value of future lease payments | 4,102.9 |  |  | 2,141.0 |  |  | 2,407.3 |
Less: Current portion of lease obligations | (311.6) |  |  | (51.8) |  |  | (42.4) |
Long-term portion of lease obligations | $ | 3,791.3 |  |  | $ | 2,089.2 |  |  | $ | 2,364.9 |
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) | 2024 |  | 2023 |  | 2024 |  | 2023
AR PENN Master Lease | $ | 70.9 |  |  | $ | 70.9 |  |  | $ | 141.9 |  |  | $ | 142.0 |
2023 Master Lease | 58.9 |  |  | 58.1 |  |  | 117.8 |  |  | 116.1 |
Pinnacle Master Lease | 86.7 |  |  | 84.8 |  |  | 171.9 |  |  | 168.9 |
Margaritaville Lease | 6.7 |  |  | 6.6 |  |  | 13.4 |  |  | 13.0 |
Greektown Lease | 13.2 |  |  | 13.0 |  |  | 26.4 |  |  | 25.8 |
Morgantown Lease | 0.8 |  |  | 0.8 |  |  | 1.6 |  |  | 1.6 |
Total | $ | 237.2 |  |  | $ | 234.2 |  |  | $ | 473.0 |  |  | $ | 467.4 |
Information related to lease term and discount rate was as follows:
| June 30, 2024 |  | December 31, 2023
Weighted-Average Remaining Lease Term |  |  |
Operating leases | 10.7 years |  | 11.2 years
Finance leases | 26.8 years |  | 27.3 years
Financing obligations | 27.1 years |  | 27.6 years
Weighted-Average Discount Rate |  |  |
Operating leases | 7.7 | % |  | 7.7 | %
Finance leases | 5.2 | % |  | 5.2 | %
Financing obligations | 5.2 | % |  | 5.2 | %
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) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Operating Lease Costs |  |  |  |  |  |  |  |  |
Rent expense associated with triple net operating leases | General and administrative |  | $ | 154.9 |  |  | $ | 146.4 |  |  | $ | 309.7 |  |  | $ | 292.4 |
Operating lease cost (1) | Primarily General and administrative |  | 5.0 |  |  | 6.5 |  |  | 10.3 |  |  | 11.3 |
Short-term lease cost | Primarily Gaming expenses |  | 23.0 |  |  | 19.9 |  |  | 45.8 |  |  | 38.9 |
Variable lease cost (1) | Primarily Gaming expenses |  | 0.9 |  |  | 0.9 |  |  | 1.9 |  |  | 1.9 |
Total |  |  | $ | 183.8 |  |  | $ | 173.7 |  |  | $ | 367.7 |  |  | $ | 344.5 |
Finance Lease Costs |  |  |  |  |  |  |  |  |
Interest on lease liabilities (2) | Interest expense, net |  | $ | 27.6 |  |  | $ | 27.7 |  |  | $ | 55.1 |  |  | $ | 55.3 |
Amortization of ROU assets (2) | Depreciation and amortization |  | 22.5 |  |  | 21.9 |  |  | 44.4 |  |  | 43.6 |
Total |  |  | $ | 50.1 |  |  | $ | 49.6 |  |  | $ | 99.5 |  |  | $ | 98.9 |
Financing Obligation Costs |  |  |  |  |  |  |  |  |
Interest on financing obligations (3) | Interest expense, net |  | $ | 37.1 |  |  | $ | 36.8 |  |  | $ | 73.7 |  |  | $ | 73.2 |
(1) Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases. (2) Pertains to finance lease components associated with the Pinnacle Master Lease (primarily land). (3) Pertains to the components contained within the Pinnacle Master Lease (buildings) and the Morgantown Lease. Supplemental cash flow information related to leases was as follows:
| For the six months ended June 30,
(in millions) | 2024 |  | 2023
Non-cash lease activities: |  |  |
Commencement of operating leases | $ | 2.7 |  |  | $ | 3,673.5 |
Derecognition of operating lease liabilities | $ | — |  |  | $ | 307.7 |
Commencement of finance leases | $ | 63.0 |  |  | $ | 33.3 |
Derecognition of finance lease liabilities | $ | — |  |  | $ | 2,933.6 |
Derecognition of financing obligations | $ | — |  |  | $ | 1,567.8 |

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