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v3.25.1

Leases (Tables) | 3 Months Ended
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Mar. 31, 2025
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 February 1 for the lease year ended January 31, the fixed components of rent and an additional ROU asset and corresponding lease liability were recognized as follows:
(in millions) | 2025
Annual escalator | $ | 0.4 |
Operating ROU asset and lease liability recognized | $ | 2.5 |
As a result of the Margaritaville Percentage Rent reset for the lease year ended January 31, the performance-based component of rent and an additional ROU asset and corresponding lease liability were recognized as follows:
(in millions) | 2025
Decrease to the performance-based component of rent | $ | 0.4 |
Operating ROU asset and lease liability recognized | $ | 9.0 |
Total payments made under our Triple Net Leases were as follows:
|  |  | For the three months ended March 31,
(in millions) |  |  |  |  | 2025 |  | 2024
AR PENN Master Lease |  |  |  |  | $ | 72.1 |  |  | $ | 71.0 |
2023 Master Lease |  |  |  |  | 59.8 |  |  | 58.9 |
Pinnacle Master Lease |  |  |  |  | 87.4 |  |  | 85.2 |
Margaritaville Lease |  |  |  |  | 6.7 |  |  | 6.7 |
Greektown Lease |  |  |  |  | 13.2 |  |  | 13.2 |
Morgantown Lease |  |  |  |  | 0.8 |  |  | 0.8 |
Total |  |  |  |  | $ | 240.0 |  |  | $ | 235.8 |
Information related to lease term and discount rate was as follows:
| March 31, 2025 |  | December 31, 2024
Weighted-Average Remaining Lease Term |  |  |
Operating leases | 10.0 years |  | 10.2 years
Finance leases | 26.1 years |  | 26.3 years
Financing obligations | 26.3 years |  | 26.6 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 March 31,
(in millions) |  |  |  |  |  | 2025 |  | 2024
Operating Lease Costs |  |  |  |  |  |  |  |  |
Rent expense associated with triple net operating leases | General and administrative |  |  |  |  |  | $ | 155.9 |  |  | $ | 154.8 |
Operating lease cost (1) | Primarily General and administrative |  |  |  |  |  | 4.1 |  |  | 5.3 |
Short-term lease cost | Primarily Gaming expenses |  |  |  |  |  | 23.8 |  |  | 22.8 |
Variable lease cost (1) | Primarily Gaming expenses |  |  |  |  |  | 0.8 |  |  | 1.0 |
Total |  |  |  |  |  |  | $ | 184.6 |  |  | $ | 183.9 |
Finance Lease Costs |  |  |  |  |  |  |  |  |
Interest on lease liabilities (2) | Interest expense, net |  |  |  |  |  | $ | 27.6 |  |  | $ | 27.5 |
Amortization of ROU assets (2) | Depreciation and amortization |  |  |  |  |  | 22.7 |  |  | 21.9 |
Total |  |  |  |  |  |  | $ | 50.3 |  |  | $ | 49.4 |
Financing Obligation Costs |  |  |  |  |  |  |  |  |
Interest on financing obligations (3) | Interest expense, net |  |  |  |  |  | $ | 37.2 |  |  | $ | 36.6 |
(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 three months ended March 31,
(in millions) | 2025 |  | 2024
Non-cash lease activities: |  |  |
Commencement of operating leases | $ | 11.6 |  |  | $ | 2.7 |
Commencement of finance leases | $ | 0.2 |  |  | $ | — |
Schedule of Maturity Analysis, Operating Leases | The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of March 31, 2025:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Year ended December 31, |  |  |  |  |
2025 (excluding the three months ended March 31, 2025) | $ | 465.4 |  |  | $ | 122.0 |  |  | $ | 124.9 |
2026 | 622.3 |  |  | 152.3 |  |  | 166.6 |
2027 | 620.5 |  |  | 147.0 |  |  | 166.6 |
2028 | 618.7 |  |  | 146.9 |  |  | 166.6 |
2029 | 598.2 |  |  | 146.9 |  |  | 166.7 |
Thereafter | 2,744.1 |  |  | 3,127.0 |  |  | 3,663.2 |
Total lease payments | 5,669.2 |  |  | 3,842.1 |  |  | 4,454.6 |
Less: Imputed interest | (1,760.1) |  |  | (1,739.4) |  |  | (2,078.6) |
Present value of future lease payments | 3,909.1 |  |  | 2,102.7 |  |  | 2,376.0 |
Less: Current portion of lease obligations | (332.0) |  |  | (54.0) |  |  | (44.0) |
Long-term portion of lease obligations | $ | 3,577.1 |  |  | $ | 2,048.7 |  |  | $ | 2,332.0 |
Schedule of Maturity Analysis, Finance Leases | The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of March 31, 2025:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Year ended December 31, |  |  |  |  |
2025 (excluding the three months ended March 31, 2025) | $ | 465.4 |  |  | $ | 122.0 |  |  | $ | 124.9 |
2026 | 622.3 |  |  | 152.3 |  |  | 166.6 |
2027 | 620.5 |  |  | 147.0 |  |  | 166.6 |
2028 | 618.7 |  |  | 146.9 |  |  | 166.6 |
2029 | 598.2 |  |  | 146.9 |  |  | 166.7 |
Thereafter | 2,744.1 |  |  | 3,127.0 |  |  | 3,663.2 |
Total lease payments | 5,669.2 |  |  | 3,842.1 |  |  | 4,454.6 |
Less: Imputed interest | (1,760.1) |  |  | (1,739.4) |  |  | (2,078.6) |
Present value of future lease payments | 3,909.1 |  |  | 2,102.7 |  |  | 2,376.0 |
Less: Current portion of lease obligations | (332.0) |  |  | (54.0) |  |  | (44.0) |
Long-term portion of lease obligations | $ | 3,577.1 |  |  | $ | 2,048.7 |  |  | $ | 2,332.0 |
Schedule of Maturity Analysis, Financing Obligations | The following is a maturity analysis of our operating leases, finance leases, and financing obligations as of March 31, 2025:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Year ended December 31, |  |  |  |  |
2025 (excluding the three months ended March 31, 2025) | $ | 465.4 |  |  | $ | 122.0 |  |  | $ | 124.9 |
2026 | 622.3 |  |  | 152.3 |  |  | 166.6 |
2027 | 620.5 |  |  | 147.0 |  |  | 166.6 |
2028 | 618.7 |  |  | 146.9 |  |  | 166.6 |
2029 | 598.2 |  |  | 146.9 |  |  | 166.7 |
Thereafter | 2,744.1 |  |  | 3,127.0 |  |  | 3,663.2 |
Total lease payments | 5,669.2 |  |  | 3,842.1 |  |  | 4,454.6 |
Less: Imputed interest | (1,760.1) |  |  | (1,739.4) |  |  | (2,078.6) |
Present value of future lease payments | 3,909.1 |  |  | 2,102.7 |  |  | 2,376.0 |
Less: Current portion of lease obligations | (332.0) |  |  | (54.0) |  |  | (44.0) |
Long-term portion of lease obligations | $ | 3,577.1 |  |  | $ | 2,048.7 |  |  | $ | 2,332.0 |

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- 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
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- 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
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