Company Quick10K Filing
Penn National Gaming
Price19.13 EPS1
Shares118 P/E24
MCap2,252 P/FCF4
Net Debt2,066 EBIT549
TEV4,318 TEV/EBIT8
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-04
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-07
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-03-15
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-02-22
10-Q 2012-09-30 Filed 2012-11-05
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-03
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-04
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-11-23 Officers, Exhibits
8-K 2020-11-16 Officers, Exhibits
8-K 2020-10-29 Earnings, Exhibits
8-K 2020-10-01 Officers, Exhibits
8-K 2020-09-24 Enter Agreement, Regulation FD, Other Events, Exhibits
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-06-10
8-K 2020-05-19
8-K 2020-05-11
8-K 2020-05-07
8-K 2020-04-14
8-K 2020-03-27
8-K 2020-03-16
8-K 2020-03-13
8-K 2020-02-27
8-K 2020-02-19
8-K 2020-02-06
8-K 2020-01-28
8-K 2020-01-22
8-K 2019-10-31
8-K 2019-09-24
8-K 2019-08-01
8-K 2019-07-30
8-K 2019-06-12
8-K 2019-05-28
8-K 2019-05-23
8-K 2019-05-02
8-K 2019-02-14
8-K 2019-02-07
8-K 2019-01-29
8-K 2019-01-09
8-K 2019-01-02
8-K 2018-12-10
8-K 2018-11-13
8-K 2018-11-01
8-K 2018-10-15
8-K 2018-08-28
8-K 2018-07-26
8-K 2018-06-18
8-K 2018-06-13
8-K 2018-05-25
8-K 2018-04-26
8-K 2018-03-29
8-K 2018-03-21
8-K 2018-03-21
8-K 2018-03-19
8-K 2018-03-12
8-K 2018-02-28
8-K 2018-02-27
8-K 2018-02-23
8-K 2018-02-08

PENN 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Organization and Basis of Presentation
Note 2 - Significant Accounting Policies
Note 3 - New Accounting Pronouncements
Note 4 - Hurricane Laura
Note 5 - Revenue Disaggregation
Note 6 - Acquisitions and Dispositions
Note 7 - Property and Equipment
Note 8 - Goodwill and Other Intangible Assets
Note 9 - Accrued Expenses and Other Current Liabilities
Note 10 - Long - Term Debt
Note 11 - Leases
Note 12 - Investments in and Advances To Unconsolidated Affiliates
Note 13 - Income Taxes
Note 14 - Commitments and Contingencies
Note 15 - Stockholders' Equity and Stock - Based Compensation
Note 16 - Earnings (Loss) per Share
Note 17 - Fair Value Measurements
Note 18 - Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosure About Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A.Risk Factors
Item 6. Exhibits
EX-10.4 pennex104093020.htm
EX-31.1 pennex311093020.htm
EX-31.2 pennex312093020.htm
EX-32.1 pennex321093020.htm
EX-32.2 pennex322093020.htm

Penn National Gaming Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
151185202012201420172020
Assets, Equity
1.40.90.50.0-0.4-0.92012201420172020
Rev, G Profit, Net Income
0.60.30.1-0.2-0.4-0.72012201420172020
Ops, Inv, Fin

penn-20200930
0000921738--12-312020Q3FALSEus-gaap:AccountingStandardsUpdate201613Memberus-gaap:AccountingStandardsUpdate201602Memberus-gaap:AccountingStandardsUpdate201613Member0.0427350.0555555penn:LeaseRightOfUseAssetpenn:LeaseLiabilityCurrentpenn:LeaseLiabilityCurrentpenn:LeaseLiabilityNoncurrentpenn:LeaseLiabilityNoncurrentP5YP5Y0.001P3Y00009217382020-01-012020-09-30xbrli:shares00009217382020-10-31iso4217:USD00009217382020-09-3000009217382019-12-31iso4217:USDxbrli:shares0000921738us-gaap:SeriesBPreferredStockMember2019-12-310000921738us-gaap:SeriesBPreferredStockMember2020-09-300000921738us-gaap:SeriesCPreferredStockMember2019-12-310000921738us-gaap:SeriesCPreferredStockMember2020-09-300000921738us-gaap:SeriesDPreferredStockMember2019-12-310000921738us-gaap:SeriesDPreferredStockMember2020-09-300000921738us-gaap:CasinoMember2020-07-012020-09-300000921738us-gaap:CasinoMember2019-07-012019-09-300000921738us-gaap:CasinoMember2020-01-012020-09-300000921738us-gaap:CasinoMember2019-01-012019-09-300000921738penn:FoodBeverageHotelAndOtherMember2020-07-012020-09-300000921738penn:FoodBeverageHotelAndOtherMember2019-07-012019-09-300000921738penn:FoodBeverageHotelAndOtherMember2020-01-012020-09-300000921738penn:FoodBeverageHotelAndOtherMember2019-01-012019-09-3000009217382020-07-012020-09-3000009217382019-07-012019-09-3000009217382019-01-012019-09-300000921738us-gaap:PreferredStockMember2020-06-300000921738us-gaap:CommonStockMember2020-06-300000921738us-gaap:TreasuryStockMember2020-06-300000921738us-gaap:AdditionalPaidInCapitalMember2020-06-300000921738us-gaap:RetainedEarningsMember2020-06-300000921738us-gaap:ParentMember2020-06-300000921738us-gaap:NoncontrollingInterestMember2020-06-3000009217382020-06-300000921738us-gaap:CommonStockMember2020-07-012020-09-300000921738us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300000921738us-gaap:ParentMember2020-07-012020-09-300000921738us-gaap:RetainedEarningsMember2020-07-012020-09-300000921738us-gaap:NoncontrollingInterestMember2020-07-012020-09-300000921738us-gaap:PreferredStockMember2020-09-300000921738us-gaap:CommonStockMember2020-09-300000921738us-gaap:TreasuryStockMember2020-09-300000921738us-gaap:AdditionalPaidInCapitalMember2020-09-300000921738us-gaap:RetainedEarningsMember2020-09-300000921738us-gaap:ParentMember2020-09-300000921738us-gaap:NoncontrollingInterestMember2020-09-300000921738us-gaap:PreferredStockMember2019-06-300000921738us-gaap:CommonStockMember2019-06-300000921738us-gaap:TreasuryStockMember2019-06-300000921738us-gaap:AdditionalPaidInCapitalMember2019-06-300000921738us-gaap:RetainedEarningsMember2019-06-300000921738us-gaap:ParentMember2019-06-300000921738us-gaap:NoncontrollingInterestMember2019-06-3000009217382019-06-300000921738us-gaap:CommonStockMember2019-07-012019-09-300000921738us-gaap:AdditionalPaidInCapitalMember2019-07-012019-09-300000921738us-gaap:ParentMember2019-07-012019-09-300000921738us-gaap:RetainedEarningsMember2019-07-012019-09-300000921738us-gaap:NoncontrollingInterestMember2019-07-012019-09-300000921738us-gaap:PreferredStockMember2019-09-300000921738us-gaap:CommonStockMember2019-09-300000921738us-gaap:TreasuryStockMember2019-09-300000921738us-gaap:AdditionalPaidInCapitalMember2019-09-300000921738us-gaap:RetainedEarningsMember2019-09-300000921738us-gaap:ParentMember2019-09-300000921738us-gaap:NoncontrollingInterestMember2019-09-3000009217382019-09-300000921738us-gaap:PreferredStockMember2019-12-310000921738us-gaap:CommonStockMember2019-12-310000921738us-gaap:TreasuryStockMember2019-12-310000921738us-gaap:AdditionalPaidInCapitalMember2019-12-310000921738us-gaap:RetainedEarningsMember2019-12-310000921738us-gaap:ParentMember2019-12-310000921738us-gaap:NoncontrollingInterestMember2019-12-310000921738us-gaap:CommonStockMember2020-01-012020-09-300000921738us-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-300000921738us-gaap:ParentMember2020-01-012020-09-300000921738us-gaap:PreferredStockMember2020-01-012020-09-3000009217382019-01-012019-12-310000921738us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000921738us-gaap:ParentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000921738srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000921738us-gaap:RetainedEarningsMember2020-01-012020-09-300000921738us-gaap:NoncontrollingInterestMember2020-01-012020-09-300000921738us-gaap:PreferredStockMember2018-12-310000921738us-gaap:CommonStockMember2018-12-310000921738us-gaap:TreasuryStockMember2018-12-310000921738us-gaap:AdditionalPaidInCapitalMember2018-12-310000921738us-gaap:RetainedEarningsMember2018-12-310000921738us-gaap:ParentMember2018-12-310000921738us-gaap:NoncontrollingInterestMember2018-12-3100009217382018-12-310000921738us-gaap:CommonStockMember2019-01-012019-09-300000921738us-gaap:AdditionalPaidInCapitalMember2019-01-012019-09-300000921738us-gaap:ParentMember2019-01-012019-09-3000009217382018-01-012018-12-310000921738us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310000921738us-gaap:ParentMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310000921738srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2018-12-310000921738us-gaap:RetainedEarningsMember2019-01-012019-09-300000921738us-gaap:NoncontrollingInterestMember2019-01-012019-09-30xbrli:pure0000921738penn:BarstoolSportsIncMember2020-09-30penn:propertypenn:statepenn:numberOfEmployeepenn:project0000921738penn:RevolvingCreditFacilityEntered2017Due2022Member2020-03-132020-05-190000921738penn:TropicanaLasVegasMember2020-03-132020-05-190000921738penn:HollywoodCasinoMorgantownMember2020-03-132020-05-190000921738penn:ConvertibleNotesDue2026Memberus-gaap:ConvertibleDebtMember2020-05-3100009217382020-03-132020-05-1900009217382020-09-242020-09-2500009217382020-09-252020-09-250000921738penn:RevolvingCreditFacilityEntered2017Due2022Member2020-09-302020-09-30penn:facility0000921738penn:JackpotNevadaMember2020-09-30penn:segment0000921738penn:JackpotNevadaMember2020-01-012020-09-300000921738penn:KansasEntertainmentLLCMember2020-09-300000921738us-gaap:FoodAndBeverageMember2020-07-012020-09-300000921738us-gaap:FoodAndBeverageMember2019-07-012019-09-300000921738us-gaap:FoodAndBeverageMember2020-01-012020-09-300000921738us-gaap:FoodAndBeverageMember2019-01-012019-09-300000921738us-gaap:OccupancyMember2020-07-012020-09-300000921738us-gaap:OccupancyMember2019-07-012019-09-300000921738us-gaap:OccupancyMember2020-01-012020-09-300000921738us-gaap:OccupancyMember2019-01-012019-09-300000921738us-gaap:ProductAndServiceOtherMember2020-07-012020-09-300000921738us-gaap:ProductAndServiceOtherMember2019-07-012019-09-300000921738us-gaap:ProductAndServiceOtherMember2020-01-012020-09-300000921738us-gaap:ProductAndServiceOtherMember2019-01-012019-09-300000921738penn:ContractWithCustomerLiabilityLoyaltyCreditMember2020-09-300000921738penn:ContractWithCustomerLiabilityLoyaltyCreditMember2019-12-310000921738penn:ContractWithCustomerLiabilityLoyaltyCreditMember2020-01-012020-09-300000921738penn:ContractWithCustomerLiabilityAdvancePaymentsOnGoodsAndServicesYetToBeProvidedAndUnpaidWagersMember2020-09-300000921738penn:ContractWithCustomerLiabilityAdvancePaymentsOnGoodsAndServicesYetToBeProvidedAndUnpaidWagersMember2019-12-31penn:agreement0000921738penn:OnlineSportsBettingAndIGamingMarketAccessMember2020-09-300000921738penn:OnlineSportsBettingAndIGamingMarketAccessMember2019-12-310000921738us-gaap:NaturalDisastersAndOtherCasualtyEventsMember2020-08-272020-08-270000921738us-gaap:NaturalDisastersAndOtherCasualtyEventsMember2020-09-300000921738penn:NortheastSegmentMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000921738penn:SouthSegmentMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000921738penn:WestSegmentMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000921738us-gaap:CasinoMemberpenn:MidwestSegmentMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000921738us-gaap:CorporateNonSegmentMemberus-gaap:CasinoMember2020-07-012020-09-300000921738us-gaap:CasinoMemberus-gaap:IntersegmentEliminationMember2020-07-012020-09-300000921738penn:NortheastSegmentMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000921738penn:SouthSegmentMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000921738penn:WestSegmentMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000921738penn:MidwestSegmentMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000921738us-gaap:CorporateNonSegmentMemberus-gaap:FoodAndBeverageMember2020-07-012020-09-300000921738us-gaap:IntersegmentEliminationMemberus-gaap:FoodAndBeverageMember2020-07-012020-09-300000921738penn:NortheastSegmentMemberus-gaap:OccupancyMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000921738penn:SouthSegmentMemberus-gaap:OccupancyMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000921738penn:WestSegmentMemberus-gaap:OccupancyMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000921738penn:MidwestSegmentMemberus-gaap:OccupancyMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000921738us-gaap:CorporateNonSegmentMemberus-gaap:OccupancyMember2020-07-012020-09-300000921738us-gaap:IntersegmentEliminationMemberus-gaap:OccupancyMember2020-07-012020-09-300000921738us-gaap:ProductAndServiceOtherMemberpenn:NortheastSegmentMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000921738penn:SouthSegmentMemberus-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000921738penn:WestSegmentMemberus-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000921738us-gaap:ProductAndServiceOtherMemberpenn:MidwestSegmentMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000921738us-gaap:CorporateNonSegmentMemberus-gaap:ProductAndServiceOtherMember2020-07-012020-09-300000921738us-gaap:ProductAndServiceOtherMemberus-gaap:IntersegmentEliminationMember2020-07-012020-09-300000921738penn:NortheastSegmentMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000921738penn:SouthSegmentMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000921738penn:WestSegmentMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000921738penn:MidwestSegmentMemberus-gaap:OperatingSegmentsMember2020-07-012020-09-300000921738us-gaap:CorporateNonSegmentMember2020-07-012020-09-300000921738us-gaap:IntersegmentEliminationMember2020-07-012020-09-300000921738penn:NortheastSegmentMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300000921738penn:SouthSegmentMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300000921738penn:WestSegmentMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300000921738us-gaap:CasinoMemberpenn:MidwestSegmentMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300000921738us-gaap:CorporateNonSegmentMemberus-gaap:CasinoMember2019-07-012019-09-300000921738us-gaap:CasinoMemberus-gaap:IntersegmentEliminationMember2019-07-012019-09-300000921738penn:NortheastSegmentMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300000921738penn:SouthSegmentMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300000921738penn:WestSegmentMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300000921738penn:MidwestSegmentMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300000921738us-gaap:CorporateNonSegmentMemberus-gaap:FoodAndBeverageMember2019-07-012019-09-300000921738us-gaap:IntersegmentEliminationMemberus-gaap:FoodAndBeverageMember2019-07-012019-09-300000921738penn:NortheastSegmentMemberus-gaap:OccupancyMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300000921738penn:SouthSegmentMemberus-gaap:OccupancyMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300000921738penn:WestSegmentMemberus-gaap:OccupancyMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300000921738penn:MidwestSegmentMemberus-gaap:OccupancyMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300000921738us-gaap:CorporateNonSegmentMemberus-gaap:OccupancyMember2019-07-012019-09-300000921738us-gaap:IntersegmentEliminationMemberus-gaap:OccupancyMember2019-07-012019-09-300000921738us-gaap:ProductAndServiceOtherMemberpenn:NortheastSegmentMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300000921738penn:SouthSegmentMemberus-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300000921738penn:WestSegmentMemberus-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300000921738us-gaap:ProductAndServiceOtherMemberpenn:MidwestSegmentMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300000921738us-gaap:CorporateNonSegmentMemberus-gaap:ProductAndServiceOtherMember2019-07-012019-09-300000921738us-gaap:ProductAndServiceOtherMemberus-gaap:IntersegmentEliminationMember2019-07-012019-09-300000921738penn:NortheastSegmentMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300000921738penn:SouthSegmentMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300000921738penn:WestSegmentMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300000921738penn:MidwestSegmentMemberus-gaap:OperatingSegmentsMember2019-07-012019-09-300000921738us-gaap:CorporateNonSegmentMember2019-07-012019-09-300000921738us-gaap:IntersegmentEliminationMember2019-07-012019-09-300000921738penn:NortheastSegmentMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000921738penn:SouthSegmentMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000921738penn:WestSegmentMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000921738us-gaap:CasinoMemberpenn:MidwestSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000921738us-gaap:CorporateNonSegmentMemberus-gaap:CasinoMember2020-01-012020-09-300000921738us-gaap:CasinoMemberus-gaap:IntersegmentEliminationMember2020-01-012020-09-300000921738penn:NortheastSegmentMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000921738penn:SouthSegmentMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000921738penn:WestSegmentMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000921738penn:MidwestSegmentMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000921738us-gaap:CorporateNonSegmentMemberus-gaap:FoodAndBeverageMember2020-01-012020-09-300000921738us-gaap:IntersegmentEliminationMemberus-gaap:FoodAndBeverageMember2020-01-012020-09-300000921738penn:NortheastSegmentMemberus-gaap:OccupancyMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000921738penn:SouthSegmentMemberus-gaap:OccupancyMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000921738penn:WestSegmentMemberus-gaap:OccupancyMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000921738penn:MidwestSegmentMemberus-gaap:OccupancyMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000921738us-gaap:CorporateNonSegmentMemberus-gaap:OccupancyMember2020-01-012020-09-300000921738us-gaap:IntersegmentEliminationMemberus-gaap:OccupancyMember2020-01-012020-09-300000921738us-gaap:ProductAndServiceOtherMemberpenn:NortheastSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000921738penn:SouthSegmentMemberus-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000921738penn:WestSegmentMemberus-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000921738us-gaap:ProductAndServiceOtherMemberpenn:MidwestSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000921738us-gaap:CorporateNonSegmentMemberus-gaap:ProductAndServiceOtherMember2020-01-012020-09-300000921738us-gaap:ProductAndServiceOtherMemberus-gaap:IntersegmentEliminationMember2020-01-012020-09-300000921738penn:NortheastSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000921738penn:SouthSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000921738penn:WestSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000921738penn:MidwestSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-09-300000921738us-gaap:CorporateNonSegmentMember2020-01-012020-09-300000921738us-gaap:IntersegmentEliminationMember2020-01-012020-09-300000921738penn:NortheastSegmentMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300000921738penn:SouthSegmentMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300000921738penn:WestSegmentMemberus-gaap:CasinoMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300000921738us-gaap:CasinoMemberpenn:MidwestSegmentMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300000921738us-gaap:CorporateNonSegmentMemberus-gaap:CasinoMember2019-01-012019-09-300000921738us-gaap:CasinoMemberus-gaap:IntersegmentEliminationMember2019-01-012019-09-300000921738penn:NortheastSegmentMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300000921738penn:SouthSegmentMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300000921738penn:WestSegmentMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300000921738penn:MidwestSegmentMemberus-gaap:FoodAndBeverageMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300000921738us-gaap:CorporateNonSegmentMemberus-gaap:FoodAndBeverageMember2019-01-012019-09-300000921738us-gaap:IntersegmentEliminationMemberus-gaap:FoodAndBeverageMember2019-01-012019-09-300000921738penn:NortheastSegmentMemberus-gaap:OccupancyMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300000921738penn:SouthSegmentMemberus-gaap:OccupancyMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300000921738penn:WestSegmentMemberus-gaap:OccupancyMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300000921738penn:MidwestSegmentMemberus-gaap:OccupancyMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300000921738us-gaap:CorporateNonSegmentMemberus-gaap:OccupancyMember2019-01-012019-09-300000921738us-gaap:IntersegmentEliminationMemberus-gaap:OccupancyMember2019-01-012019-09-300000921738us-gaap:ProductAndServiceOtherMemberpenn:NortheastSegmentMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300000921738penn:SouthSegmentMemberus-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300000921738penn:WestSegmentMemberus-gaap:ProductAndServiceOtherMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300000921738us-gaap:ProductAndServiceOtherMemberpenn:MidwestSegmentMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300000921738us-gaap:CorporateNonSegmentMemberus-gaap:ProductAndServiceOtherMember2019-01-012019-09-300000921738us-gaap:ProductAndServiceOtherMemberus-gaap:IntersegmentEliminationMember2019-01-012019-09-300000921738penn:NortheastSegmentMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300000921738penn:SouthSegmentMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300000921738penn:WestSegmentMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300000921738penn:MidwestSegmentMemberus-gaap:OperatingSegmentsMember2019-01-012019-09-300000921738us-gaap:CorporateNonSegmentMember2019-01-012019-09-300000921738us-gaap:IntersegmentEliminationMember2019-01-012019-09-300000921738penn:GreektownCasinoHotelMember2019-05-232019-05-230000921738penn:GreektownCasinoHotelMember2019-05-23penn:renewal_option0000921738penn:GreektownCasinoHotelMember2020-03-310000921738us-gaap:LicensingAgreementsMemberpenn:GreektownCasinoHotelMember2020-03-310000921738us-gaap:TrademarksMemberpenn:GreektownCasinoHotelMember2020-03-310000921738penn:MargaritavilleResortCasinoMember2019-01-012019-01-010000921738penn:MargaritavilleResortCasinoMember2020-01-012020-03-310000921738penn:HollywoodCasinoPerryvilleMember2020-04-162020-04-160000921738penn:TropicanaLasVegasMember2020-04-162020-04-160000921738penn:TropicanaLasVegasMember2020-09-300000921738penn:TropicanaLasVegasMember2020-07-012020-09-300000921738penn:TropicanaLasVegasMember2020-01-012020-09-300000921738us-gaap:SubsequentEventMemberpenn:MorgantownMember2020-10-012020-10-010000921738us-gaap:SubsequentEventMemberpenn:MorgantownMember2020-10-010000921738penn:LandAndLandImprovementsNotSubjectToMasterLeaseMember2020-09-300000921738penn:LandAndLandImprovementsNotSubjectToMasterLeaseMember2019-12-310000921738penn:BuildingsVesselsAndImprovementsNotSubjectToMasterLeaseMember2020-09-300000921738penn:BuildingsVesselsAndImprovementsNotSubjectToMasterLeaseMember2019-12-310000921738penn:FurnitureFixturesAndEquipmentNotSubjectToMasterLeaseMember2020-09-300000921738penn:FurnitureFixturesAndEquipmentNotSubjectToMasterLeaseMember2019-12-310000921738penn:LeaseholdImprovementsNotSubjectToMasterLeaseMember2020-09-300000921738penn:LeaseholdImprovementsNotSubjectToMasterLeaseMember2019-12-310000921738penn:ConstructionInProgressNotSubjectToMasterLeaseMember2020-09-300000921738penn:ConstructionInProgressNotSubjectToMasterLeaseMember2019-12-310000921738penn:AssetsExcludingAssetsHeldUnderMasterLeasesMember2020-09-300000921738penn:AssetsExcludingAssetsHeldUnderMasterLeasesMember2019-12-310000921738penn:LandAndLandImprovementsSubjectToMasterLeaseMember2020-09-300000921738penn:LandAndLandImprovementsSubjectToMasterLeaseMember2019-12-310000921738penn:BuildingsVesselsAndImprovementsSubjectToMasterLeaseMember2020-09-300000921738penn:BuildingsVesselsAndImprovementsSubjectToMasterLeaseMember2019-12-310000921738penn:AssetsHeldUnderMasterLeasesMember2020-09-300000921738penn:AssetsHeldUnderMasterLeasesMember2019-12-310000921738penn:AssetsHeldUnderMasterLeasesMember2020-07-012020-09-300000921738penn:AssetsHeldUnderMasterLeasesMember2019-07-012019-09-300000921738penn:AssetsHeldUnderMasterLeasesMember2020-01-012020-09-300000921738penn:AssetsHeldUnderMasterLeasesMember2019-01-012019-09-300000921738penn:NortheastSegmentMemberus-gaap:OperatingSegmentsMember2019-12-310000921738penn:SouthSegmentMemberus-gaap:OperatingSegmentsMember2019-12-310000921738penn:WestSegmentMemberus-gaap:OperatingSegmentsMember2019-12-310000921738penn:MidwestSegmentMemberus-gaap:OperatingSegmentsMember2019-12-310000921738us-gaap:CorporateNonSegmentMember2019-12-310000921738penn:NortheastSegmentMemberus-gaap:OperatingSegmentsMember2020-09-300000921738penn:SouthSegmentMemberus-gaap:OperatingSegmentsMember2020-09-300000921738penn:WestSegmentMemberus-gaap:OperatingSegmentsMember2020-09-300000921738penn:MidwestSegmentMemberus-gaap:OperatingSegmentsMember2020-09-300000921738us-gaap:CorporateNonSegmentMember2020-09-3000009217382020-01-012020-03-310000921738us-gaap:LicensingAgreementsMember2020-01-012020-03-310000921738us-gaap:TrademarksMember2020-01-012020-03-310000921738penn:NortheastSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310000921738penn:SouthSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310000921738penn:MidwestSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-03-310000921738us-gaap:LicensingAgreementsMemberpenn:NortheastSegmentMember2020-01-012020-03-310000921738penn:SouthSegmentMemberus-gaap:LicensingAgreementsMember2020-01-012020-03-310000921738us-gaap:LicensingAgreementsMemberpenn:MidwestSegmentMember2020-01-012020-03-310000921738us-gaap:TrademarksMemberpenn:NortheastSegmentMember2020-01-012020-03-310000921738penn:SouthSegmentMemberus-gaap:TrademarksMember2020-01-012020-03-310000921738us-gaap:TrademarksMemberpenn:MidwestSegmentMember2020-01-012020-03-310000921738penn:WestSegmentMemberus-gaap:TrademarksMember2020-01-012020-03-31penn:reporting_unit00009217382020-03-310000921738penn:HollywoodCasinoatCharlesTownRacesMemberpenn:NortheastSegmentMember2020-03-310000921738penn:NortheastSegmentMemberpenn:HollywoodCasinoToledoMember2020-03-310000921738penn:NortheastSegmentMemberpenn:PlainridgeParkCasinoMember2020-03-310000921738penn:SouthSegmentMemberpenn:BoomtownNewOrleansMember2020-03-310000921738penn:MidwestSegmentMemberpenn:AmeristarCouncilBluffsMember2020-03-310000921738us-gaap:LicensingAgreementsMember2020-09-300000921738us-gaap:LicensingAgreementsMember2019-12-310000921738us-gaap:TrademarksMember2020-09-300000921738us-gaap:TrademarksMember2019-12-310000921738us-gaap:OtherIntangibleAssetsMember2020-09-300000921738us-gaap:OtherIntangibleAssetsMember2019-12-310000921738us-gaap:CustomerRelationshipsMember2020-09-300000921738us-gaap:CustomerRelationshipsMember2019-12-310000921738us-gaap:OtherIntangibleAssetsMember2020-09-300000921738us-gaap:OtherIntangibleAssetsMember2019-12-310000921738penn:RevolvingCreditFacilityDue2023Memberus-gaap:LineOfCreditMember2020-09-300000921738penn:RevolvingCreditFacilityDue2023Memberus-gaap:LineOfCreditMember2019-12-310000921738penn:TermLoanAFacilityDue2023Memberus-gaap:LineOfCreditMember2020-09-300000921738penn:TermLoanAFacilityDue2023Memberus-gaap:LineOfCreditMember2019-12-310000921738penn:TermLoanB1FacilityDue2025Memberus-gaap:LineOfCreditMember2020-09-300000921738penn:TermLoanB1FacilityDue2025Memberus-gaap:LineOfCreditMember2019-12-310000921738us-gaap:SeniorNotesMemberpenn:SeniorNotesDue2027Member2020-09-300000921738us-gaap:SeniorNotesMemberpenn:SeniorNotesDue2027Member2019-12-310000921738penn:ConvertibleNotesDue2026Memberus-gaap:ConvertibleDebtMember2020-09-300000921738penn:ConvertibleNotesDue2026Memberus-gaap:ConvertibleDebtMember2019-12-310000921738us-gaap:NotesPayableOtherPayablesMember2020-09-300000921738us-gaap:NotesPayableOtherPayablesMember2019-12-310000921738penn:RevolvingCreditFacilityEntered2017Due2022Memberus-gaap:LineOfCreditMember2017-01-012017-01-310000921738penn:RevolvingCreditFacilityEntered2017Due2022Memberus-gaap:LineOfCreditMember2017-01-310000921738penn:TermLoanAFacilityEntered2017Due2022Memberus-gaap:LineOfCreditMember2017-01-012017-01-310000921738penn:TermLoanAFacilityEntered2017Due2022Memberus-gaap:LineOfCreditMember2017-01-310000921738penn:TermLoanBFacilityEntered2017Due2024Memberus-gaap:LineOfCreditMember2017-01-012017-01-310000921738penn:TermLoanBFacilityEntered2017Due2024Memberus-gaap:LineOfCreditMember2017-01-310000921738penn:RevolvingCreditFacilityEntered2017Due2022Memberus-gaap:LineOfCreditMember2020-09-300000921738penn:TermLoanAFacilityDue2023IncrementalCapacityMemberus-gaap:LineOfCreditMember2018-10-150000921738penn:TermLoanB1FacilityDue2025Memberus-gaap:LineOfCreditMember2018-10-150000921738penn:CovenantReliefPeriodOneMemberpenn:SeniorSecuredCreditFacilityMember2020-04-140000921738penn:CovenantReliefPeriodTwoMemberpenn:SeniorSecuredCreditFacilityMember2020-04-140000921738penn:CovenantReliefPeriodThreeMemberpenn:SeniorSecuredCreditFacilityMember2020-04-140000921738penn:CovenantReliefPeriodFourMemberpenn:SeniorSecuredCreditFacilityMember2020-04-140000921738srt:MaximumMemberpenn:SeniorSecuredCreditFacilityMember2020-04-140000921738srt:MinimumMemberpenn:SeniorSecuredCreditFacilityMember2020-04-140000921738penn:SeniorSecuredCreditFacilityMember2020-04-140000921738penn:SeniorSecuredCreditFacilityMember2020-04-142020-04-140000921738us-gaap:BaseRateMemberpenn:SeniorSecuredCreditFacilityMember2020-04-142020-04-140000921738us-gaap:LondonInterbankOfferedRateLIBORMemberpenn:SeniorSecuredCreditFacilityMember2020-04-142020-04-140000921738us-gaap:SeniorNotesMemberpenn:SeniorNotesDue2027Member2017-01-310000921738penn:ConvertibleNotesDue2026Memberus-gaap:ConvertibleDebtMember2020-05-012020-05-310000921738penn:ConvertibleNotesDue2026Memberus-gaap:ConvertibleDebtMember2020-05-140000921738penn:ConvertibleNotesDue2026Memberus-gaap:ConvertibleDebtMember2020-09-302020-09-300000921738us-gaap:DebtInstrumentRedemptionPeriodOneMember2020-05-012020-05-310000921738us-gaap:DebtInstrumentRedemptionPeriodTwoMember2020-05-012020-05-310000921738us-gaap:DebtInstrumentRedemptionPeriodThreeMember2020-05-012020-05-310000921738penn:ConvertibleNotesDue2026LiabilityComponentMemberus-gaap:ConvertibleDebtMember2020-05-310000921738us-gaap:ConvertibleDebtMemberpenn:ConvertibleNotesDue2026EquityComponentMember2020-05-310000921738penn:ConvertibleNotesDue2026Memberus-gaap:ConvertibleDebtMember2020-01-012020-09-300000921738penn:RelocationForHollywoodGamingAtDaytonRacewayAndHollywoodGamingAtMahoningMemberus-gaap:NotesPayableOtherPayablesMember2020-09-300000921738penn:RelocationForHollywoodGamingAtDaytonRacewayAndHollywoodGamingAtMahoningMemberus-gaap:NotesPayableOtherPayablesMember2019-12-310000921738penn:RelocationForHollywoodGamingAtDaytonRacewayAndHollywoodGamingAtMahoningMemberus-gaap:NotesPayableOtherPayablesMember2014-12-31penn:payment0000921738penn:RelocationForHollywoodGamingAtDaytonRacewayAndHollywoodGamingAtMahoningMemberus-gaap:NotesPayableOtherPayablesMember2014-10-012014-12-310000921738penn:RelocationForHollywoodGamingAtDaytonRacewayAndHollywoodGamingAtMahoningMemberus-gaap:NotesPayableOtherPayablesMember2020-07-012020-09-300000921738penn:RelocationForHollywoodGamingAtDaytonRacewayAndHollywoodGamingAtMahoningMemberus-gaap:NotesPayableOtherPayablesMember2020-01-012020-09-300000921738penn:RelocationForHollywoodGamingAtDaytonRacewayAndHollywoodGamingAtMahoningMemberus-gaap:NotesPayableOtherPayablesMember2019-07-012019-09-300000921738penn:RelocationForHollywoodGamingAtDaytonRacewayAndHollywoodGamingAtMahoningMemberus-gaap:NotesPayableOtherPayablesMember2019-01-012019-09-300000921738us-gaap:SeniorNotesMemberpenn:ConvertibleNotesDue2026Memberus-gaap:DebtInstrumentRedemptionPeriodOneMember2020-05-012020-05-310000921738us-gaap:SeniorNotesMemberpenn:ConvertibleNotesDue2026Memberus-gaap:DebtInstrumentRedemptionPeriodThreeMember2020-05-012020-05-310000921738penn:PennMasterLeaseMember2013-11-010000921738penn:PennMasterLeaseMember2013-11-012013-11-01penn:extension_period0000921738penn:PinnacleMasterLeaseMember2016-04-280000921738penn:PinnacleMasterLeaseMember2016-04-282016-04-280000921738penn:PinnacleMasterLeaseMember2020-05-012020-05-010000921738penn:PinnacleMasterLeaseMember2020-05-010000921738penn:TropicanaLasVegasMember2020-04-160000921738penn:MargaritavilleLeaseMember2020-02-012020-02-010000921738penn:MargaritavilleLeaseMember2020-02-010000921738penn:PennMasterLeaseMember2020-07-012020-09-300000921738penn:PennMasterLeaseMember2019-07-012019-09-300000921738penn:PennMasterLeaseMember2020-01-012020-09-300000921738penn:PennMasterLeaseMember2019-01-012019-09-300000921738penn:PinnacleMasterLeaseMember2020-07-012020-09-300000921738penn:PinnacleMasterLeaseMember2019-07-012019-09-300000921738penn:PinnacleMasterLeaseMember2020-01-012020-09-300000921738penn:PinnacleMasterLeaseMember2019-01-012019-09-300000921738penn:MeadowsLeaseMember2020-07-012020-09-300000921738penn:MeadowsLeaseMember2019-07-012019-09-300000921738penn:MeadowsLeaseMember2020-01-012020-09-300000921738penn:MeadowsLeaseMember2019-01-012019-09-300000921738penn:MargaritavilleLeaseMember2020-07-012020-09-300000921738penn:MargaritavilleLeaseMember2019-07-012019-09-300000921738penn:MargaritavilleLeaseMember2020-01-012020-09-300000921738penn:MargaritavilleLeaseMember2019-01-012019-09-300000921738penn:GreektownLeaseMember2020-07-012020-09-300000921738penn:GreektownLeaseMember2019-07-012019-09-300000921738penn:GreektownLeaseMember2020-01-012020-09-300000921738penn:GreektownLeaseMember2019-01-012019-09-300000921738us-gaap:GeneralAndAdministrativeExpenseMember2020-07-012020-09-300000921738us-gaap:GeneralAndAdministrativeExpenseMember2019-07-012019-09-300000921738us-gaap:GeneralAndAdministrativeExpenseMember2020-01-012020-09-300000921738us-gaap:GeneralAndAdministrativeExpenseMember2019-01-012019-09-300000921738us-gaap:CostOfGoodsTotalMember2020-07-012020-09-300000921738us-gaap:CostOfGoodsTotalMember2019-07-012019-09-300000921738us-gaap:CostOfGoodsTotalMember2020-01-012020-09-300000921738us-gaap:CostOfGoodsTotalMember2019-01-012019-09-300000921738us-gaap:CostOfGoodsTotalMemberus-gaap:CasinoMember2020-07-012020-09-300000921738us-gaap:CostOfGoodsTotalMemberus-gaap:CasinoMember2019-07-012019-09-300000921738us-gaap:CostOfGoodsTotalMemberus-gaap:CasinoMember2020-01-012020-09-300000921738us-gaap:CostOfGoodsTotalMemberus-gaap:CasinoMember2019-01-012019-09-300000921738us-gaap:InterestExpenseMember2020-07-012020-09-300000921738us-gaap:InterestExpenseMember2019-07-012019-09-300000921738us-gaap:InterestExpenseMember2020-01-012020-09-300000921738us-gaap:InterestExpenseMember2019-01-012019-09-300000921738penn:DepreciationAndAmortizationExpenseMember2020-07-012020-09-300000921738penn:DepreciationAndAmortizationExpenseMember2019-07-012019-09-300000921738penn:DepreciationAndAmortizationExpenseMember2020-01-012020-09-300000921738penn:DepreciationAndAmortizationExpenseMember2019-01-012019-09-300000921738penn:PennMasterLeaseMemberus-gaap:GeneralAndAdministrativeExpenseMember2020-07-012020-09-300000921738penn:PennMasterLeaseMemberus-gaap:GeneralAndAdministrativeExpenseMember2020-01-012020-09-300000921738penn:PennMasterLeaseMemberus-gaap:GeneralAndAdministrativeExpenseMember2019-07-012019-09-300000921738penn:PennMasterLeaseMemberus-gaap:GeneralAndAdministrativeExpenseMember2019-01-012019-09-300000921738us-gaap:InterestExpenseMemberpenn:PennMasterLeaseMember2020-07-012020-09-300000921738us-gaap:InterestExpenseMemberpenn:PennMasterLeaseMember2020-01-012020-09-300000921738us-gaap:InterestExpenseMemberpenn:PennMasterLeaseMember2019-07-012019-09-300000921738us-gaap:InterestExpenseMemberpenn:PennMasterLeaseMember2019-01-012019-09-300000921738penn:FreeholdRacewayMember2020-09-300000921738penn:MAXXAMMember2020-09-300000921738penn:BarstoolSportsIncMember2020-02-012020-02-290000921738penn:BarstoolSportsIncMember2020-02-290000921738penn:BarstoolSportsIncMember2020-02-290000921738us-gaap:SeriesDPreferredStockMember2020-02-202020-02-200000921738us-gaap:SeriesDPreferredStockMember2020-02-200000921738penn:BarstoolSportsIncMember2020-09-300000921738penn:KansasEntertainmentLLCMember2019-12-310000921738penn:KansasEntertainmentLLCMember2020-07-012020-09-300000921738penn:KansasEntertainmentLLCMember2019-07-012019-09-300000921738penn:KansasEntertainmentLLCMember2020-01-012020-09-300000921738penn:KansasEntertainmentLLCMember2019-01-012019-09-300000921738penn:KansasEntertainmentLLCMember2020-07-012020-09-300000921738penn:KansasEntertainmentLLCMember2019-07-012019-09-300000921738penn:KansasEntertainmentLLCMember2020-01-012020-09-300000921738penn:KansasEntertainmentLLCMember2019-01-012019-09-300000921738penn:MAXXAMMember2020-01-012020-03-310000921738srt:MinimumMember2020-09-300000921738srt:MaximumMember2020-09-3000009217382020-05-142020-05-1400009217382020-05-192020-05-1900009217382020-05-142020-05-1900009217382020-05-1900009217382020-09-242020-09-2400009217382020-09-250000921738penn:A2018LongTermIncentiveCompensationPlanMember2020-09-300000921738penn:A2018LongTermIncentiveCompensationPlanMember2020-01-012020-09-300000921738us-gaap:RestrictedStockMemberpenn:A2018LongTermIncentiveCompensationPlanMember2020-01-012020-09-300000921738penn:PerformanceShareProgramMemberus-gaap:PerformanceSharesMember2019-02-012019-02-280000921738penn:PerformanceShareProgramMemberus-gaap:PerformanceSharesMember2020-01-012020-09-30penn:performance_period0000921738srt:MinimumMemberpenn:PerformanceShareProgramMemberus-gaap:PerformanceSharesMember2020-01-012020-09-300000921738srt:MaximumMemberpenn:PerformanceShareProgramMemberus-gaap:PerformanceSharesMember2020-01-012020-09-300000921738us-gaap:StockAppreciationRightsSARSMember2020-01-012020-09-300000921738us-gaap:StockAppreciationRightsSARSMember2020-09-300000921738us-gaap:StockAppreciationRightsSARSMember2019-12-310000921738us-gaap:StockAppreciationRightsSARSMember2020-07-012020-09-300000921738us-gaap:StockAppreciationRightsSARSMember2019-07-012019-09-300000921738us-gaap:StockAppreciationRightsSARSMember2019-01-012019-09-300000921738srt:MinimumMemberus-gaap:PhantomShareUnitsPSUsMember2020-01-012020-09-300000921738srt:MaximumMemberus-gaap:PhantomShareUnitsPSUsMember2020-01-012020-09-300000921738us-gaap:PhantomShareUnitsPSUsMember2020-09-300000921738us-gaap:PhantomShareUnitsPSUsMember2019-12-310000921738us-gaap:PhantomShareUnitsPSUsMember2020-01-012020-09-300000921738us-gaap:PhantomShareUnitsPSUsMember2020-07-012020-09-300000921738us-gaap:PhantomShareUnitsPSUsMember2019-07-012019-09-300000921738us-gaap:PhantomShareUnitsPSUsMember2019-01-012019-09-3000009217382019-01-310000921738us-gaap:EmployeeStockOptionMember2020-01-012020-09-300000921738us-gaap:RestrictedStockMember2020-01-012020-09-300000921738us-gaap:ConvertiblePreferredStockMember2020-01-012020-09-300000921738us-gaap:ConvertibleDebtSecuritiesMember2020-01-012020-09-300000921738us-gaap:EmployeeStockOptionMember2020-07-012020-09-300000921738us-gaap:EmployeeStockOptionMember2019-07-012019-09-300000921738us-gaap:EmployeeStockOptionMember2020-01-012020-09-300000921738us-gaap:EmployeeStockOptionMember2019-01-012019-09-300000921738us-gaap:RestrictedStockMember2020-07-012020-09-300000921738us-gaap:RestrictedStockMember2019-07-012019-09-300000921738us-gaap:RestrictedStockMember2020-01-012020-09-300000921738us-gaap:RestrictedStockMember2019-01-012019-09-300000921738us-gaap:ConvertiblePreferredStockMember2020-07-012020-09-300000921738us-gaap:EmployeeStockOptionMember2020-07-012020-09-300000921738us-gaap:EmployeeStockOptionMember2019-07-012019-09-300000921738us-gaap:EmployeeStockOptionMember2019-01-012019-09-300000921738penn:RetamaNominalHolderLLCMember2020-09-300000921738penn:PinnacleRetamaPartnersLLCMember2020-09-300000921738penn:PinnacleRetamaPartnersLLCMemberus-gaap:OtherNoncurrentAssetsMemberpenn:RetamaDevelopmentCorporationMember2020-09-300000921738penn:PinnacleRetamaPartnersLLCMemberus-gaap:OtherNoncurrentAssetsMemberpenn:RetamaDevelopmentCorporationMember2019-12-310000921738penn:PinnacleRetamaPartnersLLCMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:OtherNoncurrentAssetsMember2020-09-300000921738penn:PlainridgeParkCasinoMember2020-01-012020-09-300000921738penn:PlainridgeParkCasinoMember2020-09-300000921738us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:FairValueInputsLevel1Memberus-gaap:LineOfCreditMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:FairValueInputsLevel2Memberus-gaap:LineOfCreditMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberpenn:SeniorNotesDue2027Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:SeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberpenn:SeniorNotesDue2027Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel1Memberpenn:SeniorNotesDue2027Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel2Memberpenn:SeniorNotesDue2027Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:SeniorNotesMemberpenn:SeniorNotesDue2027Memberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:SeniorNotesMemberpenn:ConvertibleNotesDue2026Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:SeniorNotesMemberpenn:ConvertibleNotesDue2026Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:SeniorNotesMemberpenn:ConvertibleNotesDue2026Memberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:SeniorNotesMemberpenn:ConvertibleNotesDue2026Memberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:SeniorNotesMemberpenn:ConvertibleNotesDue2026Memberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:NotesPayableOtherPayablesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:NotesPayableOtherPayablesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:NotesPayableOtherPayablesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:NotesPayableOtherPayablesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:NotesPayableOtherPayablesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000921738us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000921738us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000921738us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000921738us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000921738us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000921738us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:LineOfCreditMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000921738us-gaap:FairValueInputsLevel1Memberus-gaap:LineOfCreditMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000921738us-gaap:FairValueInputsLevel2Memberus-gaap:LineOfCreditMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000921738us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000921738us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberpenn:SeniorNotesDue2027Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000921738us-gaap:SeniorNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberpenn:SeniorNotesDue2027Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000921738us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel1Memberpenn:SeniorNotesDue2027Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000921738us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel2Memberpenn:SeniorNotesDue2027Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000921738us-gaap:SeniorNotesMemberpenn:SeniorNotesDue2027Memberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000921738us-gaap:NotesPayableOtherPayablesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000921738us-gaap:NotesPayableOtherPayablesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000921738us-gaap:NotesPayableOtherPayablesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000921738us-gaap:NotesPayableOtherPayablesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000921738us-gaap:NotesPayableOtherPayablesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000921738us-gaap:FairValueMeasurementsRecurringMember2019-12-310000921738us-gaap:FairValueMeasurementsRecurringMember2020-01-012020-09-300000921738us-gaap:FairValueMeasurementsRecurringMember2020-09-300000921738us-gaap:FairValueInputsLevel1Member2020-09-300000921738us-gaap:FairValueInputsLevel2Member2020-09-300000921738us-gaap:FairValueInputsLevel3Member2020-09-300000921738us-gaap:FairValueInputsLevel1Memberus-gaap:LicensingAgreementsMember2020-09-300000921738us-gaap:FairValueInputsLevel2Memberus-gaap:LicensingAgreementsMember2020-09-300000921738us-gaap:LicensingAgreementsMemberus-gaap:FairValueInputsLevel3Member2020-09-300000921738us-gaap:LicensingAgreementsMember2020-01-012020-09-300000921738us-gaap:FairValueInputsLevel1Memberus-gaap:TrademarksMember2020-09-300000921738us-gaap:FairValueInputsLevel2Memberus-gaap:TrademarksMember2020-09-300000921738us-gaap:TrademarksMemberus-gaap:FairValueInputsLevel3Member2020-09-300000921738us-gaap:TrademarksMember2020-01-012020-09-300000921738penn:PlainridgeParkCasinoMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-09-300000921738us-gaap:LicensingAgreementsMember2020-03-310000921738srt:MinimumMemberus-gaap:LicensingAgreementsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-03-310000921738srt:MaximumMemberus-gaap:LicensingAgreementsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-03-310000921738us-gaap:MeasurementInputLongTermRevenueGrowthRateMemberus-gaap:LicensingAgreementsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-03-310000921738us-gaap:TrademarksMember2020-03-310000921738srt:MinimumMemberus-gaap:TrademarksMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-03-310000921738srt:MaximumMemberus-gaap:TrademarksMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-03-310000921738us-gaap:MeasurementInputLongTermRevenueGrowthRateMemberus-gaap:TrademarksMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-03-310000921738srt:MinimumMemberus-gaap:TrademarksMemberus-gaap:FairValueInputsLevel3Memberpenn:MeasurementInputPreTaxRoyaltyRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-03-310000921738srt:MaximumMemberus-gaap:TrademarksMemberus-gaap:FairValueInputsLevel3Memberpenn:MeasurementInputPreTaxRoyaltyRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2020-03-31
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number: 0-24206
PENN NATIONAL GAMING, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania23-2234473
(State or other jurisdiction of incorporation or organization)(I.R.S. employer identification no.)
825 Berkshire Blvd., Suite 200Wyomissing,Pennsylvania19610
(Address of principal executive offices)
(Zip code)
(610) 373-2400
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per sharePENNThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No ☑
As of October 31, 2020, the number of shares of the registrant’s common stock outstanding was 155,324,295.



PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
Page



Table of Contents
PART I.    FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS

PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in millions, except share and per share data)September 30,
2020
December 31,
2019
Assets  
Current assets  
Cash and cash equivalents$1,873.1 $437.4 
Receivables, net of allowance for doubtful accounts of $10.1 and $7.7
138.6 88.7 
Prepaid expenses49.5 54.6 
Income tax receivable64.0 22.1 
Other current assets61.3 40.0 
Total current assets2,186.5 642.8 
Property and equipment, net4,592.9 5,120.2 
Investment in and advances to unconsolidated affiliates263.0 128.3 
Goodwill and other intangible assets, net2,672.8 3,297.2 
Lease right-of-use assets4,832.7 4,837.3 
Other assets264.1 168.7 
Total assets$14,812.0 $14,194.5 
Liabilities  
Current liabilities  
Accounts payable$64.4 $40.3 
Current maturities of long-term debt84.8 62.9 
Current portion of financing obligations35.3 40.5 
Current portion of lease liabilities127.2 130.6 
Accrued expenses and other current liabilities609.7 631.3 
Total current liabilities921.4 905.6 
Long-term debt, net of current maturities, debt discount and debt issuance costs2,355.7 2,322.2 
Long-term portion of financing obligations4,075.5 4,102.2 
Long-term portion of lease liabilities4,595.5 4,670.0 
Deferred income taxes120.7 244.6 
Other long-term liabilities111.5 98.0 
Total liabilities12,180.3 12,342.6 
Commitments and contingencies (Note 14)
Stockholders’ equity 
Series B Preferred stock ($0.01 par value, 1,000,000 shares authorized, no shares issued and outstanding)
  
Series C Preferred stock ($0.01 par value, 18,500 shares authorized, no shares issued and outstanding)
  
Series D Preferred stock ($0.01 par value, 5,000 shares authorized, 883 shares issued and outstanding)
23.1  
Common stock ($0.01 par value, 200,000,000 shares authorized, 157,421,311 and 118,125,652 shares issued, and 155,253,918 and 115,958,259 shares outstanding)
1.6 1.2 
Treasury stock, at cost, (2,167,393 shares held in both periods)
(28.4)(28.4)
Additional paid-in capital3,155.8 1,718.3 
Retained earnings (accumulated deficit)(518.4)161.6 
Total Penn National stockholders’ equity2,633.7 1,852.7 
Non-controlling interest(2.0)(0.8)
Total stockholders’ equity2,631.7 1,851.9 
Total liabilities and stockholders’ equity$14,812.0 $14,194.5 
See accompanying notes to the Condensed Consolidated Financial Statements.
1

Table of Contents
PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
 For the three months ended September 30,For the nine months ended September 30,
(in millions, except per share data)2020201920202019
Revenues  
Gaming$993.6 $1,088.5 $2,155.7 $3,185.2 
Food, beverage, hotel and other136.1 266.0 395.6 775.0 
Total revenues1,129.7 1,354.5 2,551.3 3,960.2 
Operating expenses    
Gaming458.1 587.5 1,101.0 1,699.1 
Food, beverage, hotel and other70.1 171.2 260.0 500.5 
General and administrative317.6 309.7 828.7 883.6 
Depreciation and amortization87.7 106.3 275.3 316.4 
Impairment losses  616.1  
Total operating expenses933.5 1,174.7 3,081.1 3,399.6 
Operating income (loss)196.2 179.8 (529.8)560.6 
Other income (expenses)
Interest expense, net(142.3)(133.5)(407.1)(400.5)
Income from unconsolidated affiliates5.0 9.8 7.4 21.7 
Other68.0 7.2 75.5 7.2 
Total other expenses(69.3)(116.5)(324.2)(371.6)
Income (loss) before income taxes126.9 63.3 (854.0)189.0 
Income tax benefit (expense)14.3 (19.6)172.2 (53.0)
Net income (loss)141.2 43.7 (681.8)136.0 
Less: Net loss attributable to non-controlling interest0.7 0.2 1.2 0.4 
Net income (loss) attributable to Penn National$141.9 $43.9 $(680.6)$136.4 
Comprehensive income (loss)$141.2 $43.7 $(681.8)$136.0 
Less: Comprehensive loss attributable to non-controlling interest0.7 0.2 1.2 0.4 
Comprehensive income (loss) attributable to Penn National$141.9 $43.9 $(680.6)$136.4 
Earnings (loss) per share:    
Basic earnings (loss) per share$1.02 $0.38 $(5.36)$1.18 
Diluted earnings (loss) per share$0.93 $0.38 $(5.36)$1.16 
Weighted-average common shares outstanding - basic138.2 115.2 126.9 115.8 
Weighted-average common shares outstanding - diluted155.5 116.7 126.9 117.7 
See accompanying notes to the Condensed Consolidated Financial Statements.

2

Table of Contents
PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
Three Months Ended September 30, 2020 and 2019
Preferred StockCommon StockTreasury
Stock
Addi-
tional
Paid-In
Capital
Retained Earnings (Accum-
ulated Deficit)
Total Penn National Stock-
holders’
Equity
Non-Control-
ling Interest
Total
Stock-
holders’ Equity
(in millions, except share data)SharesAmountSharesAmount
Balance as of July 1, 2020883 $23.1 137,435,090 $1.4 $(28.4)$2,170.4 $(660.3)$1,506.2 $(1.3)$1,504.9 
Share-based compensation arrangements— — 1,718,828 — — 28.3 — 28.3 — 28.3 
Common stock offering (Note 15)— — 16,100,000 0.2 — 957.4 — 957.6 — 957.6 
Net income (loss)— — — — — — 141.9 141.9 (0.7)141.2 
Other— — — — — (0.3)— (0.3)— (0.3)
Balance as of September 30, 2020883 $23.1 155,253,918 $1.6 $(28.4)$3,155.8 $(518.4)$2,633.7 $(2.0)$2,631.7 
Balance as of July 1, 2019 $ 115,869,769 $1.2 $(28.4)$1,708.9 $210.2 $1,891.9 $(0.2)$1,891.7 
Share-based compensation arrangements— — 7,496 — — 4.0 — 4.0 — 4.0 
Net income (loss)— — — — — — 43.9 43.9 (0.2)43.7 
Balance as of September 30, 2019 $ 115,877,265 $1.2 $(28.4)$1,712.9 $254.1 $1,939.8 $(0.4)$1,939.4 
Nine Months Ended September 30, 2020 and 2019
Preferred StockCommon StockTreasury
Stock
Addi-
tional
Paid-In
Capital
Retained Earnings (Accum-
ulated Deficit)
Total Penn National Stock-
holders’
Equity
Non-Control-
ling Interest
Total
Stock-
holders’ Equity
(in millions, except share data)SharesAmountSharesAmount
Balance as of January 1, 2020 $ 115,958,259 $1.2 $(28.4)$1,718.3 $161.6 $1,852.7 $(0.8)$1,851.9 
Share-based compensation arrangements— — 4,028,992 — — 61.0 — 61.0 — 61.0 
Common stock offering (Note 15)— — 35,266,667 0.4 — 1,288.4 — 1,288.8 — 1,288.8 
Convertible debt offering (Note 10)— — — — — 88.2 — 88.2 — 88.2 
Barstool Sports investment (Note 12)883 23.1 — — — — — 23.1 — 23.1 
Cumulative-effect adjustment upon adoption of ASU 2016-13— — — — — — 0.6 0.6 — 0.6 
Net loss— — — — — — (680.6)(680.6)(1.2)(681.8)
Other— — — — — (0.1)— (0.1)— (0.1)
Balance as of September 30, 2020883 $23.1 155,253,918 $1.6 $(28.4)$3,155.8 $(518.4)$2,633.7 $(2.0)$2,631.7 
Balance as of January 1, 2019 $ 116,687,808 $1.2 $(28.4)$1,726.4 $(968.0)$731.2 $ $731.2 
Share-based compensation arrangements— — 461,280 — — 11.4 — 11.4 — 11.4 
Cumulative-effect adjustment upon adoption of ASC 842— — — — — — 1,085.7 1,085.7 — 1,085.7 
Share repurchases— — (1,271,823)— — (24.9)— (24.9)— (24.9)
Net income (loss)— — — — — — 136.4 136.4 (0.4)136.0 
Balance as of September 30, 2019 $ 115,877,265 $1.2 $(28.4)$1,712.9 $254.1 $1,939.8 $(0.4)$1,939.4 
See accompanying notes to the Condensed Consolidated Financial Statements.
3

Table of Contents
PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 For the nine months ended September 30,
(in millions)20202019
Operating activities  
Net income (loss)$(681.8)$136.0 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization275.3 316.4 
Amortization of debt discount and debt issuance costs11.0 5.7 
Noncash operating lease expense84.0 79.0 
Change in fair value of contingent purchase price(1.4)7.0 
Holding gain on equity securities(75.6)(7.1)
Loss (gain) on sale or disposal of property and equipment(33.9)8.3 
Noncash rent and interest expense related to the utilization of rent credits232.3  
Income from unconsolidated affiliates(7.4)(21.7)
Return on investment from unconsolidated affiliates17.3 22.0 
Deferred income taxes(124.0)28.8 
Stock-based compensation11.7 10.4 
Impairment losses616.1  
Changes in operating assets and liabilities, net of businesses acquired
Accounts receivable(27.5)23.6 
Prepaid expenses and other current assets14.4 12.5 
Other assets(3.4)