XML 63 R42.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Leases (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
Schedule of Other Information and Supplemental Cash Flow Information Related to Leases | As a result of the annual escalator test, effective as of November 1 for the lease years ended October 31, the fixed components of rent and an additional ROU asset and corresponding lease liability were recognized as follows:
(in millions) | 2024 |  | 2023 |  | 2022 (1)
Annual escalator | $ | 4.2 |  |  | $ | 4.2 |  |  | $ | 5.7 |
Operating ROU asset and lease liability recognized | $ | 27.2 |  |  | $ | 28.7 |  |  | $ | 3.6 |
Finance ROU asset and lease liability recognized | $ | — |  |  | $ | — |  |  | $ | 44.8 |
(1) The annual escalator for the lease year ended October 31, 2022 was a part of the PENN Master Lease. As a result of the AR PENN Percentage Rent resets for the lease years ended October 31, the performance-based component of rent and an additional ROU asset and corresponding lease liability were recognized as follows:
(in millions) | 2024 |  | 2023 |  | 2022
Reduction to the performance-based component of rent | N/A |  | $ | 4.4 |  |  | N/A
Operating ROU asset and lease liability recognized | N/A |  | $ | 117.4 |  |  | N/A
N/A – There were no AR PENN Percentage Rent resets scheduled for these periods, inclusive of the lease year ended October 31, 2022 of which performance-based rent was contained within the PENN Master Lease. Total monthly variable expenses were as follows:
| For the year ended December 31,
(in millions) | 2022
Variable expenses included in “General and administrative” | $ | 1.2 |
Variable expenses included in “Interest expense, net” | 36.4 |
Total variable expenses | $ | 37.6 |
As a result of the annual escalator test, effective as of May 1 for the lease years ended April 30, the fixed components of rent and an additional ROU asset and corresponding lease liability were recognized as follows:
(in millions) | 2024 |  | 2023 |  | 2022
Annual escalator | $ | 4.8 |  |  | $ | 4.7 |  |  | $ | 4.6 |
Finance ROU asset and lease liability recognized | $ | 33.4 |  |  | $ | 33.3 |  |  | $ | 33.2 |
As a result of the Pinnacle Percentage Rent resets for the lease years ended April 30, the performance-based component of rent and an additional ROU asset and corresponding lease liability were recognized as follows:
(in millions) | 2024 |  | 2023 |  | 2022
Increase to the performance-based component of rent | $ | 3.8 |  |  | N/A |  | $ | 1.9 |
Finance ROU asset and lease liability recognized | $ | 29.6 |  |  | N/A |  | $ | 26.1 |
N/A – There was no Pinnacle Percentage Rent reset scheduled for this period. As a result of the annual escalator test, effective as of February 1 for the lease years ended January 31, the fixed components of rent and an additional ROU asset and corresponding lease liability were recognized as follows:
(in millions) | 2024 |  | 2023 |  | 2022
Annual escalator | $ | 0.4 |  |  | $ | 0.4 |  |  | $ | 0.4 |
Operating ROU asset and lease liability recognized | $ | 2.7 |  |  | $ | 2.8 |  |  | $ | 2.9 |
As a result of the Margaritaville Percentage Rent resets for the lease years ended January 31, the performance-based component of rent and an additional ROU asset and corresponding lease liability were recognized as follows:
(in millions) | 2024 |  | 2023 |  | 2022
Increase to the performance-based component of rent | N/A |  | $ | 2.3 |  |  | N/A
Operating ROU asset and lease liability recognized | N/A |  | $ | 9.8 |  |  | N/A
As a result of the Greektown Percentage Rent resets for the lease years ended May 31, the performance-based component of rent and an additional ROU asset and corresponding lease liability were recognized as follows:
(in millions) | 2024 |  | 2023 |  | 2022
Increase to the performance-based component of rent | N/A |  | $ | 1.5 |  |  | N/A
Operating ROU asset and lease liability recognized | N/A |  | $ | 7.0 |  |  | N/A
Information related to lease term and discount rate was as follows:
| December 31,
| 2024 |  | 2023
Weighted-Average Remaining Lease Term |  |  |
Operating leases | 10.2 years |  | 11.2 years
Finance leases | 26.3 years |  | 27.3 years
Financing obligations | 26.6 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 Consolidated Statements of Operations |  | For the year ended December 31,
(in millions) |  | 2024 |  | 2023 |  | 2022
Operating Lease Costs |  |  |  |  |  |  |
Rent expense associated with triple net operating leases (1) | General and administrative |  | $ | 620.1 |  |  | $ | 591.1 |  |  | $ | 149.6 |
Operating lease cost (2) | Primarily General and administrative |  | 19.3 |  |  | 22.4 |  |  | 19.7 |
Short-term lease cost | Primarily Gaming expense |  | 91.2 |  |  | 81.2 |  |  | 74.6 |
Variable lease cost (2) | Primarily Gaming expense |  | 3.4 |  |  | 3.6 |  |  | 4.3 |
Total |  |  | $ | 734.0 |  |  | $ | 698.3 |  |  | $ | 248.2 |
Finance Lease Costs |  |  |  |  |  |  |
Interest on lease liabilities (3) | Interest expense, net |  | $ | 110.8 |  |  | $ | 110.6 |  |  | $ | 258.4 |
Amortization of ROU assets (3) | Depreciation and amortization |  | 89.8 |  |  | 87.5 |  |  | 181.6 |
Total |  |  | $ | 200.6 |  |  | $ | 198.1 |  |  | $ | 440.0 |
Financing Obligation Costs |  |  |  |  |  |  |
Interest on financing obligations (4) | Interest expense, net |  | $ | 148.5 |  |  | $ | 146.6 |  |  | $ | 347.0 |
(1)For the years ended December 31, 2024 and 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). (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 years ended December 31, 2024 and 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. (4) For the years ended December 31, 2024 and 2023, pertains to the components contained within the Pinnacle Master Lease (buildings) and the Morgantown Lease. For the year ended December 31, 2022, 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) | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |
Operating cash flows from finance leases | $ | 110.8 |  |  | $ | 110.6 |  |  | $ | 258.4 |
Operating cash flows from operating leases | $ | 620.1 |  |  | $ | 609.9 |  |  | $ | 163.2 |
Financing cash flows from finance leases | $ | 50.3 |  |  | $ | 47.1 |  |  | $ | 110.5 |
Non-cash lease activities: |  |  |  |  |
Commencement of operating leases | $ | 29.9 |  |  | $ | 3,820.4 |  |  | $ | 58.5 |
Derecognition of operating lease liabilities | $ | — |  |  | $ | 307.7 |  |  | $ | — |
Commencement of finance leases | $ | 63.0 |  |  | $ | 33.3 |  |  | $ | 1,462.1 |
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) | 2024 |  | 2023 |  | 2022
AR PENN Master Lease | $ | 284.6 |  |  | $ | 284.1 |  |  | $ | — |
2023 Master Lease | 236.2 |  |  | 232.8 |  |  | — |
PENN Master Lease | — |  |  | — |  |  | 480.3 |
Pinnacle Master Lease | 346.7 |  |  | 339.4 |  |  | 334.1 |
Perryville Lease | — |  |  | — |  |  | 7.8 |
Meadows Lease | — |  |  | — |  |  | 24.6 |
Margaritaville Lease | 26.8 |  |  | 26.2 |  |  | 23.8 |
Greektown Lease | 52.9 |  |  | 52.2 |  |  | 51.3 |
Morgantown Lease | 3.2 |  |  | 3.1 |  |  | 3.1 |
Total (1) | $ | 950.4 |  |  | $ | 937.8 |  |  | $ | 925.0 |
(1)For the year ended December 31, 2022, 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.
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, 2024:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31: |  |  |  |  |
2025 | $ | 616.5 |  |  | $ | 162.6 |  |  | $ | 166.5 |
2026 | 617.1 |  |  | 152.2 |  |  | 166.6 |
2027 | 619.7 |  |  | 146.9 |  |  | 166.6 |
2028 | 618.3 |  |  | 146.9 |  |  | 166.6 |
2029 | 597.7 |  |  | 146.9 |  |  | 166.7 |
Thereafter | 2,742.1 |  |  | 3,127.0 |  |  | 3,663.3 |
Total lease payments | 5,811.4 |  |  | 3,882.5 |  |  | 4,496.3 |
Less: Imputed interest | (1,835.0) |  |  | (1,767.0) |  |  | (2,109.7) |
Present value of future lease payments | 3,976.4 |  |  | 2,115.5 |  |  | 2,386.6 |
Less: Current portion of lease obligations | (322.1) |  |  | (53.2) |  |  | (43.5) |
Long-term portion of lease obligations | $ | 3,654.3 |  |  | $ | 2,062.3 |  |  | $ | 2,343.1 |
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, 2024:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31: |  |  |  |  |
2025 | $ | 616.5 |  |  | $ | 162.6 |  |  | $ | 166.5 |
2026 | 617.1 |  |  | 152.2 |  |  | 166.6 |
2027 | 619.7 |  |  | 146.9 |  |  | 166.6 |
2028 | 618.3 |  |  | 146.9 |  |  | 166.6 |
2029 | 597.7 |  |  | 146.9 |  |  | 166.7 |
Thereafter | 2,742.1 |  |  | 3,127.0 |  |  | 3,663.3 |
Total lease payments | 5,811.4 |  |  | 3,882.5 |  |  | 4,496.3 |
Less: Imputed interest | (1,835.0) |  |  | (1,767.0) |  |  | (2,109.7) |
Present value of future lease payments | 3,976.4 |  |  | 2,115.5 |  |  | 2,386.6 |
Less: Current portion of lease obligations | (322.1) |  |  | (53.2) |  |  | (43.5) |
Long-term portion of lease obligations | $ | 3,654.3 |  |  | $ | 2,062.3 |  |  | $ | 2,343.1 |
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, 2024:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31: |  |  |  |  |
2025 | $ | 616.5 |  |  | $ | 162.6 |  |  | $ | 166.5 |
2026 | 617.1 |  |  | 152.2 |  |  | 166.6 |
2027 | 619.7 |  |  | 146.9 |  |  | 166.6 |
2028 | 618.3 |  |  | 146.9 |  |  | 166.6 |
2029 | 597.7 |  |  | 146.9 |  |  | 166.7 |
Thereafter | 2,742.1 |  |  | 3,127.0 |  |  | 3,663.3 |
Total lease payments | 5,811.4 |  |  | 3,882.5 |  |  | 4,496.3 |
Less: Imputed interest | (1,835.0) |  |  | (1,767.0) |  |  | (2,109.7) |
Present value of future lease payments | 3,976.4 |  |  | 2,115.5 |  |  | 2,386.6 |
Less: Current portion of lease obligations | (322.1) |  |  | (53.2) |  |  | (43.5) |
Long-term portion of lease obligations | $ | 3,654.3 |  |  | $ | 2,062.3 |  |  | $ | 2,343.1 |

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