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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Information | For financial reporting purposes, we aggregate our operating segments into the following reportable segments:
|  | Location |  | Real Estate Assets Lease or Ownership Structure
Northeast segment |  |  |  |
Ameristar East Chicago |  | East Chicago, Indiana |  | Pinnacle Master Lease
Hollywood Casino Bangor |  | Bangor, Maine |  | AR PENN Master Lease
Hollywood Casino at Charles Town Races |  | Charles Town, West Virginia |  | AR PENN Master Lease
Hollywood Casino Columbus |  | Columbus, Ohio |  | 2023 Master Lease
Hollywood Casino at Greektown |  | Detroit, Michigan |  | Greektown Lease
Hollywood Casino Lawrenceburg |  | Lawrenceburg, Indiana |  | AR PENN Master Lease
Hollywood Casino Morgantown |  | Morgantown, Pennsylvania |  | Morgantown Lease (1)
Hollywood Casino at PENN National Race Course |  | Grantville, Pennsylvania |  | AR PENN Master Lease
Hollywood Casino Perryville |  | Perryville, Maryland |  | 2023 Master Lease
Hollywood Casino at The Meadows |  | Washington, Pennsylvania |  | 2023 Master Lease
Hollywood Casino Toledo |  | Toledo, Ohio |  | 2023 Master Lease
Hollywood Casino York |  | York, Pennsylvania |  | Operating Lease (not with REIT Landlord)
Hollywood Gaming at Dayton Raceway |  | Dayton, Ohio |  | AR PENN Master Lease
Hollywood Gaming at Mahoning Valley Race Course |  | Youngstown, Ohio |  | AR PENN Master Lease
Marquee by PENN (2) |  | Pennsylvania |  | N/A
Plainridge Park Casino |  | Plainville, Massachusetts |  | Pinnacle Master Lease
South segment |  |  |  |
1 st Jackpot Casino |  | Tunica, Mississippi |  | AR PENN Master Lease
Ameristar Vicksburg |  | Vicksburg, Mississippi |  | Pinnacle Master Lease
Boomtown Biloxi |  | Biloxi, Mississippi |  | AR PENN Master Lease
Boomtown Bossier City |  | Bossier City, Louisiana |  | Pinnacle Master Lease
Boomtown New Orleans |  | New Orleans, Louisiana |  | Pinnacle Master Lease
Hollywood Casino Gulf Coast |  | Bay St. Louis, Mississippi |  | AR PENN Master Lease
Hollywood Casino Tunica |  | Tunica, Mississippi |  | AR PENN Master Lease
L’Auberge Baton Rouge |  | Baton Rouge, Louisiana |  | Pinnacle Master Lease
L’Auberge Lake Charles |  | Lake Charles, Louisiana |  | Pinnacle Master Lease
Margaritaville Resort Casino |  | Bossier City, Louisiana |  | Margaritaville Lease
West segment |  |  |  |
Ameristar Black Hawk |  | Black Hawk, Colorado |  | Pinnacle Master Lease
Cactus Petes and Horseshu |  | Jackpot, Nevada |  | Pinnacle Master Lease
M Resort Spa Casino |  | Henderson, Nevada |  | 2023 Master Lease
Zia Park Casino |  | Hobbs, New Mexico |  | AR PENN Master Lease
Midwest segment |  |  |  |
Ameristar Council Bluffs |  | Council Bluffs, Iowa |  | Pinnacle Master Lease
Argosy Casino Alton (3) |  | Alton, Illinois |  | AR PENN Master Lease
Argosy Casino Riverside |  | Riverside, Missouri |  | AR PENN Master Lease
Hollywood Casino Aurora |  | Aurora, Illinois |  | 2023 Master Lease
Hollywood Casino Joliet |  | Joliet, Illinois |  | 2023 Master Lease
Hollywood Casino at Kansas Speedway (4) |  | Kansas City, Kansas |  | Owned - Joint Venture
Hollywood Casino St. Louis |  | Maryland Heights, Missouri |  | AR PENN Master Lease
Prairie State Gaming (2) |  | Illinois |  | N/A
River City Casino |  | St. Louis, Missouri |  | Pinnacle Master Lease
(1)Upon termination of the Morgantown Lease, ownership of the constructed building and all tenant improvements will transfer from the Company to GLPI. (2)VGT route operations. (3)The riverboat is owned by us and not subject to the AR PENN Master Lease. (4)Pursuant to a joint venture with NASCAR Holdings LLC and includes the Company’s 50% investment in Kansas Entertainment, LLC (“Kansas Entertainment”), which owns Hollywood Casino at Kansas Speedway. The tables below provide information about our revenues, expenses, and Segment Adjusted EBITDAR and provide a reconciliation to net loss.
| For the three months ended September 30, 2025
(in millions) | Northeast |  | South |  | West |  | Midwest |  | Interactive (1) |  | Other |  | Intersegment Eliminations (2) |  | Total
Total revenues | $ | 690.5 |  |  | $ | 291.0 |  |  | $ | 138.3 |  |  | $ | 298.3 |  |  | $ | 297.7 |  |  | $ | 4.1 |  |  | $ | (2.6) |  |  | $ | 1,717.3 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gaming taxes | (281.8) |  |  | (58.3) |  |  | (25.3) |  |  | (78.2) |  |  | (187.1) |  |  |  |  |  |  |
Compensation and benefits | (104.0) |  |  | (60.8) |  |  | (31.8) |  |  | (46.9) |  |  | (31.9) |  |  |  |  |  |  |
Media and advertising (3) |  |  |  |  |  |  |  |  | (73.0) |  |  |  |  |  |  |
Other segment items (4) | (106.8) |  |  | (74.2) |  |  | (30.1) |  |  | (54.1) |  |  | (82.3) |  |  |  |  |  |  |
Segment Adjusted EBITDAR (5) | $ | 197.9 |  |  | $ | 97.7 |  |  | $ | 51.1 |  |  | $ | 119.1 |  |  | $ | (76.6) |  |  |  |  |  |  | $ | 389.2 |
Other operating benefits (costs) and other income (expenses): |
Other category (6) | (36.2) |
Rent expense associated with triple net operating leases (7) | (158.1) |
Stock-based compensation | (16.8) |
Cash-settled stock-based awards variance | 2.9 |
Gain on disposal of assets | 1.5 |
Pre-opening expenses | (9.6) |
Depreciation and amortization | (114.2) |
Impairment loss (8) | (825.0) |
Non-operating items of equity method investments (9) | (1.1) |
Interest expense, net | (97.2) |
Interest income | 2.3 |
Gain on REIT transaction, net | 3.3 |
Other | (0.8) |
Loss before income taxes | (859.8) |
Income tax expense | (5.3) |
Net loss | $ | (865.1) |
(1)Revenues and gaming taxes expense within the Interactive segment are inclusive of gaming tax reimbursement amounts related to third-party online sports betting and/or iCasino partners for online sports betting and iCasino market access of $139.5 million for the three months ended September 30, 2025. (2)Primarily represents the elimination of intersegment revenues associated with our retail sportsbooks, which are operated by PENN Interactive. (3)Includes advertising expenses of $37.5 million related to the Sportsbook Agreement and $14.5 million related to the Investment Agreement with ESPN. Also, includes advertising and media expenses (including such expenses associated with theScore) across various platforms, including television, radio, out-of-home, social media, and both paid and organic search, and sponsorships and media costs associated with partnerships with major sports leagues, and other professional sports teams. (4)For each reportable segment, the Other segment items category includes: a. Northeast segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, and allocated corporate expenses. b. South segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, allocated corporate expenses, and third-party revenue share fees. c. West segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, and allocated corporate expenses. d. Midwest segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, allocated corporate expenses, and third-party revenue share fees. e. Interactive segment - professional services, legal expens es, software subscriptions and maintenance fees, software development costs, utilities, supplies, property and liability insurance, other taxes and fees, lease expense, allocated corporate expenses, and third-party revenue share fees. (5)We define Segment Adjusted EBITDAR as earnings before interest expense, net, interest income, income taxes, depreciation and amortization, rent expense associated with triple net operating leases (see footnote (7) below), stock-based compensation, debt extinguishment charges, impairment losses, insurance recoveries, net of deductible charges, changes in the estimated fair value of our contingent purchase price obligations, gain or loss on disposal of assets, the difference between budget and actual expense for cash-settled stock-based awards, pre-opening expenses, loss on disposal of a business, non-cash gains/losses associated with REIT transactions, and other. Segment Adjusted EBITDAR is also inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (see footnote (9) below) added back for our Kansas Entertainment joint venture. (6)Primarily represents corporate overhead expenses of $34.0 million for the three months ended September 30, 2025, which is inclusive of $3.9 million of legal and advisory costs related to activist activity in connection with our 2025 annual meeting of shareholders. (7)Pertains to the following operating leases: (i) AR PENN Master Lease; (ii) 2023 Master Lease; (iii) Margaritaville Lease; and (iv) Greektown Lease. (8)Includes an impairment charge of $825.0 million in the Interactive segment. See Note 5, “Goodwill and Other Intangible Assets.” (9)Consists primarily of depreciation expense associated with our Kansas Entertainment joint venture.
| For the three months ended September 30, 2024
(in millions) | Northeast |  | South |  | West |  | Midwest |  | Interactive (1) |  | Other |  | Intersegment Eliminations (2) |  | Total
Total revenues | $ | 684.8 |  |  | $ | 288.1 |  |  | $ | 131.8 |  |  | $ | 292.2 |  |  | $ | 244.6 |  |  | $ | 4.0 |  |  | $ | (6.3) |  |  | $ | 1,639.2 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gaming taxes | (277.0) |  |  | (58.7) |  |  | (22.9) |  |  | (76.7) |  |  | (133.2) |  |  |  |  |  |  |
Compensation and benefits | (100.5) |  |  | (55.9) |  |  | (31.2) |  |  | (43.2) |  |  | (39.5) |  |  |  |  |  |  |
Media and advertising (3) |  |  |  |  |  |  |  |  | (86.5) |  |  |  |  |  |  |
Other segment items (4) | (108.0) |  |  | (67.1) |  |  | (30.2) |  |  | (53.8) |  |  | (76.3) |  |  |  |  |  |  |
Segment Adjusted EBITDAR (5) | $ | 199.3 |  |  | $ | 106.4 |  |  | $ | 47.5 |  |  | $ | 118.5 |  |  | $ | (90.9) |  |  |  |  |  |  | $ | 380.8 |
Other operating benefits (costs) and other income (expenses): |
Other category (6) | (32.4) |
Rent expense associated with triple net operating leases (7) | (154.9) |
Stock-based compensation | (12.9) |
Cash-settled stock-based awards variance | 3.8 |
Gain on disposal of assets | 0.1 |
Depreciation and amortization | (108.7) |
Non-operating items of equity method investments (8) | (1.1) |
Interest expense, net | (118.4) |
Interest income | 6.3 |
Other | 2.7 |
Loss before income taxes | (34.7) |
Income tax expense | (2.8) |
Net loss | $ | (37.5) |
(1)Revenues and gaming taxes expense within the Interactive segment are inclusive of gaming tax reimbursement amounts related to third-party online sports betting and/or iCasino partners for online sports betting and iCasino market access of $104.1 million for the three months ended September 30, 2024. (2)Primarily represents the elimination of intersegment revenues associated with our retail sportsbooks, which are operated by PENN Interactive. (3)Includes advertising expenses of $41.7 million related to the Sportsbook Agreement and $15.9 million related to the Investment Agreement with ESPN. While the Sportsbook Agreement and Investment Agreement commenced on August 8, 2023, the Company began recognizing advertising expense, specific to the initial annual period, during the fourth quarter of 2023. Also, includes advertising and media expenses (including such expenses associated with theScore) across various platforms, including television, radio, out-of-home, social media, and both paid and organic search, and sponsorships and media costs associated with partnerships with major sports leagues, and other professional sports teams. (4)For each reportable segment, the Other segment items category includes: a. Northeast segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, and allocated corporate expenses. b. South segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, allocated corporate expenses, and third-party revenue share fees. c. West segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, and allocated corporate expenses. d. Midwest segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, allocated corporate expenses, and third-party revenue share fees. e. Interactive segment - professional services, legal expens es, software subscriptions and maintenance fees, software development costs, utilities, supplies, property and liability insurance, other taxes and fees, lease expense, allocated corporate expenses, and third-party revenue share fees. (5)We define Segment Adjusted EBITDAR as earnings before interest expense, net, interest income, income taxes, depreciation and amortization, rent expense associated with triple net operating leases (see footnote (7) below), stock-based compensation, debt extinguishment charges, impairment losses, insurance recoveries, net of deductible charges, changes in the estimated fair value of our contingent purchase price obligations, gain or loss on disposal of assets, the difference between budget and actual expense for cash-settled stock-based awards, pre-opening expenses, loss on disposal of a business, non-cash gains/losses associated with REIT transactions, and other. Segment Adjusted EBITDAR is also inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (see footnote (8) below) added back for our Kansas Entertainment joint venture. (6)Primarily represents corporate overhead expenses of $29.1 million for the three months ended September 30, 2024. (7)Pertains to the following operating leases: (i) AR PENN Master Lease; (ii) 2023 Master Lease; (iii) Margaritaville Lease; and (iv) Greektown Lease. (8)Consists primarily of depreciation expense associated with our Kansas Entertainment joint venture.
| For the nine months ended September 30, 2025
(in millions) | Northeast |  | South |  | West |  | Midwest |  | Interactive (1) |  | Other |  | Intersegment Eliminations (2) |  | Total
Total revenues | $ | 2,083.0 |  |  | $ | 881.5 |  |  | $ | 405.7 |  |  | $ | 878.2 |  |  | $ | 903.9 |  |  | $ | 15.1 |  |  | $ | (12.6) |  |  | $ | 5,154.8 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gaming taxes | (851.7) |  |  | (187.5) |  |  | (74.4) |  |  | (231.7) |  |  | (540.2) |  |  |  |  |  |  |
Compensation and benefits | (311.1) |  |  | (177.2) |  |  | (94.2) |  |  | (135.7) |  |  | (106.2) |  |  |  |  |  |  |
Media and advertising (3) |  |  |  |  |  |  |  |  | (235.0) |  |  |  |  |  |  |
Other segment items (4) | (318.6) |  |  | (211.0) |  |  | (86.8) |  |  | (156.1) |  |  | (250.1) |  |  |  |  |  |  |
Segment Adjusted EBITDAR (5) | $ | 601.6 |  |  | $ | 305.8 |  |  | $ | 150.3 |  |  | $ | 354.7 |  |  | $ | (227.6) |  |  |  |  |  |  | $ | 1,184.8 |
Other operating benefits (costs) and other income (expenses): |
Other category (6) | (110.5) |
Rent expense associated with triple net operating leases (7) | (470.0) |
Stock-based compensation | (48.5) |
Cash-settled stock-based awards variance | 9.2 |
Gain on disposal of assets | 1.2 |
Pre-opening expenses | (14.5) |
Depreciation and amortization | (332.7) |
Impairment losses (8) | (840.0) |
Non-operating items of equity method investments (9) | (3.3) |
Interest expense, net | (303.9) |
Interest income | 7.6 |
Gain on REIT transaction, net | 3.3 |
Gain on financing arrangement (10) | 215.1 |
Loss on early extinguishment of debt | (11.8) |
Other | 1.5 |
Loss before income taxes | (712.5) |
Income tax expense | (59.4) |
Net loss | $ | (771.9) |
(1)Revenues and gaming taxes expense within the Interactive segment are inclusive of gaming tax reimbursement amounts related to third-party online sports betting and/or iCasino partners for online sports betting and iCasino market access of $405.6 million for the nine months ended September 30, 2025. (2)Primarily represents the elimination of intersegment revenues associated with our retail sportsbooks, which are operated by PENN Interactive. (3)Includes advertising expenses of $112.5 million related to the Sportsbook Agreement and $43.0 million related to the Investment Agreement with ESPN. Also, includes advertising and media expenses (including such expenses associated with theScore) across various platforms, including television, radio, out-of-home, social media, and both paid and organic search, and sponsorships and media costs associated with partnerships with major sports leagues, and other professional sports teams. (4)For each reportable segment, the Other segment items category includes: a. Northeast segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, and allocated corporate expenses. b. South segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, allocated corporate expenses, and third-party revenue share fees. c. West segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, and allocated corporate expenses. d. Midwest segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, allocated corporate expenses, and third-party revenue share fees. e. Interactive segment - professional services, legal expens es, software subscriptions and maintenance fees, software development costs, utilities, supplies, property and liability insurance, other taxes and fees, lease expense, allocated corporate expenses, and third-party revenue share fees. (5)We define Segment Adjusted EBITDAR as earnings before interest expense, net, interest income, income taxes, depreciation and amortization, rent expense associated with triple net operating leases (see footnote (7) below), stock-based compensation, debt extinguishment charges, impairment losses, insurance recoveries, net of deductible charges, changes in the estimated fair value of our contingent purchase price obligations, gain or loss on disposal of assets, the difference between budget and actual expense for cash-settled stock-based awards, pre-opening expenses, loss on disposal of a business, non-cash gains/losses associated with REIT transactions, and other. Segment Adjusted EBITDAR is also inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (see footnote (9) below) added back for our Kansas Entertainment joint venture. (6)Primarily represents corporate overhead expenses of $108.7 million for the nine months ended September 30, 2025, which is inclusive of $21.0 million of legal and advisory costs related to activist activity in connection with our 2025 annual meeting of shareholders. (7)Pertains to the following operating leases: (i) AR PENN Master Lease; (ii) 2023 Master Lease; (iii) Margaritaville Lease; and (iv) Greektown Lease. (8)Includes impairment charges of $15.0 million in the Midwest segment and $825.0 million in the Interactive segment. See Note 5, “Goodwill and Other Intangible Assets.” (9)Consists primarily of depreciation expense associated with our Kansas Entertainment joint venture. (10)Relates to the $215.1 million non-cash gain on financing arrangement. See Note 6, “Long-Term Debt.”
| For the nine months ended September 30, 2024
(in millions) | Northeast |  | South |  | West |  | Midwest |  | Interactive (1) |  | Other |  | Intersegment Eliminations (2) |  | Total
Total revenues | $ | 2,065.8 |  |  | $ | 884.8 |  |  | $ | 395.9 |  |  | $ | 881.5 |  |  | $ | 684.9 |  |  | $ | 15.9 |  |  | $ | (19.7) |  |  | $ | 4,909.1 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gaming taxes | (836.9) |  |  | (191.7) |  |  | (70.8) |  |  | (233.0) |  |  | (396.7) |  |  |  |  |  |  |
Compensation and benefits | (307.7) |  |  | (166.4) |  |  | (92.4) |  |  | (129.6) |  |  | (133.1) |  |  |  |  |  |  |
Media and advertising (3) |  |  |  |  |  |  |  |  | (309.4) |  |  |  |  |  |  |
Other segment items (4) | (314.6) |  |  | (195.4) |  |  | (88.7) |  |  | (153.5) |  |  | (235.4) |  |  |  |  |  |  |
Segment Adjusted EBITDAR (5) | $ | 606.6 |  |  | $ | 331.3 |  |  | $ | 144.0 |  |  | $ | 365.4 |  |  | $ | (389.7) |  |  |  |  |  |  | $ | 1,057.6 |
Other operating benefits (costs) and other income (expenses): |
Other category (6) | (86.0) |
Rent expense associated with triple net operating leases (7) | (464.6) |
Stock-based compensation | (39.0) |
Cash-settled stock-based awards variance | 14.9 |
Loss on disposal of assets | (8.8) |
Depreciation and amortization | (326.5) |
Non-operating items of equity method investments (8) | (3.2) |
Interest expense, net | (356.9) |
Interest income | 19.2 |
Other | 0.8 |
Loss before income taxes | (192.5) |
Income tax benefit | 13.0 |
Net loss | $ | (179.5) |
(1)Revenues and gaming taxes expense within the Interactive segment are inclusive of gaming tax reimbursement amounts related to third-party online sports betting and/or iCasino partners for online sports betting and iCasino market access of $302.8 million for the nine months ended September 30, 2024. (2)Primarily represents the elimination of intersegment revenues associated with our retail sportsbooks, which are operated by PENN Interactive. (3)Includes advertising expenses of $141.7 million related to the Sportsbook Agreement and $53.4 million related to the Investment Agreement with ESPN. While the Sportsbook Agreement and Investment Agreement commenced on August 8, 2023, the Company began recognizing advertising expense, specific to the initial annual period, during the fourth quarter of 2023. Also, includes advertising and media expenses (including such expenses associated with theScore) across various platforms, including television, radio, out-of-home, social media, and both paid and organic search, and sponsorships and media costs associated with partnerships with major sports leagues, and other professional sports teams. (4)For each reportable segment, the Other segment items category includes: a. Northeast segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, and allocated corporate expenses. b. South segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, allocated corporate expenses, and third-party revenue share fees. c. West segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, and allocated corporate expenses. d. Midwest segment - cost of goods sold, professional services, legal expenses, facility maintenance, utilities, supplies, property and liability insurance, advertising and promotional expenses, property taxes, sales and use taxes, other taxes and fees, non-REIT lease expenses, allocated corporate expenses, and third-party revenue share fees. e. Interactive segment - professional services, legal expens es, software subscriptions and maintenance fees, software development costs, utilities, supplies, property and liability insurance, other taxes and fees, lease expense, allocated corporate expenses, and third-party revenue share fees. (5)We define Segment Adjusted EBITDAR as earnings before interest expense, net, interest income, income taxes, depreciation and amortization, rent expense associated with triple net operating leases (see footnote (7) below), stock-based compensation, debt extinguishment charges, impairment losses, insurance recoveries, net of deductible charges, changes in the estimated fair value of our contingent purchase price obligations, gain or loss on disposal of assets, the difference between budget and actual expense for cash-settled stock-based awards, pre-opening expenses, loss on disposal of a business, non-cash gains/losses associated with REIT transactions, and other. Segment Adjusted EBITDAR is also inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (see footnote (8) below) added back for our Kansas Entertainment joint venture. (6)Primarily represents corporate overhead expenses of $78.5 million for the nine months ended September 30, 2024. (7)Pertains to the following operating leases: (i) AR PENN Master Lease; (ii) 2023 Master Lease; (iii) Margaritaville Lease; and (iv) Greektown Lease. (8)Consists primarily of depreciation expense associated with our Kansas Entertainment joint venture. The table below presents capital expenditures by segment:
| For the three months ended September 30, |  | For the nine months ended September 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Capital expenditures: |  |  |  |  |  |  |
Northeast segment | $ | 29.5 |  |  | $ | 18.9 |  |  | $ | 74.4 |  |  | $ | 37.8 |
South segment | 16.0 |  |  | 30.5 |  |  | 46.8 |  |  | 65.9 |
West segment | 35.7 |  |  | 22.0 |  |  | 119.0 |  |  | 34.9 |
Midwest segment | 88.0 |  |  | 58.0 |  |  | 204.2 |  |  | 115.4 |
Interactive segment | 0.2 |  |  | 0.8 |  |  | 3.9 |  |  | 1.8 |
Other | 3.3 |  |  | 1.9 |  |  | 9.0 |  |  | 5.9 |
Total capital expenditures | $ | 172.7 |  |  | $ | 132.1 |  |  | $ | 457.3 |  |  | $ | 261.7 |
The table below presents investment in and advances to unconsolidated affiliates and total assets by segment:
(in millions) | Northeast |  | South |  | West |  | Midwest |  | Interactive |  | Other (1) |  | Total
Balance sheet as of September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in and advances to unconsolidated affiliates | $ | 0.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 77.9 |  |  | $ | — |  |  | $ | 2.4 |  |  | $ | 80.4 |
Total assets | $ | 1,771.1 |  |  | $ | 1,296.7 |  |  | $ | 566.3 |  |  | $ | 1,509.1 |  |  | $ | 1,554.6 |  |  | $ | 7,612.7 |  |  | $ | 14,310.5 |
Balance sheet as of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in and advances to unconsolidated affiliates | $ | 0.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 80.9 |  |  | $ | — |  |  | $ | 5.2 |  |  | $ | 86.2 |
Total assets | $ | 1,808.1 |  |  | $ | 1,301.7 |  |  | $ | 453.2 |  |  | $ | 1,503.7 |  |  | $ | 2,385.6 |  |  | $ | 7,809.4 |  |  | $ | 15,261.7 |
(1)The real estate assets subject to the Master Leases, which are classified as either property and equipment, net, operating lease ROU assets, or finance lease ROU assets, are included within the Other category.

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