falsedesktopPENN2020-09-30000092173820000041{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Pennsylvania\t\t\t23-2234473\n(State or other jurisdiction of incorporation or organization)\t\t\t(I.R.S. employer identification no.)\n825 Berkshire Blvd. Suite 200\tWyomissing\tPennsylvania\t19610\n(Address of principal executive offices)\t\t\t(Zip code)\n", "q10k_tbl_1": "Large accelerated filer\t☑\tAccelerated filer\t☐\nNon-accelerated filer\t☐\tSmaller reporting company\t☐\n\t\tEmerging growth company\t☐\n", "q10k_tbl_2": "\tPage\nPART I. FINANCIAL INFORMATION\t\nItem 1. Financial Statements (Unaudited)\t1\nCondensed Consolidated Balance Sheets - September 30 2020 and December 31 2019\t1\nCondensed Consolidated Statements of Operations and Comprehensive Income (Loss) - for the Three and Nine Months Ended September 30 2020 and 2019\t2\nCondensed Consolidated Statements of Changes in Stockholders' Equity - for the Three and Nine Months Ended September 30 2020 and 2019\t3\nCondensed Consolidated Statements of Cash Flows - for the Nine Months Ended September 30 2020 and 2019\t4\nNotes to the Condensed Consolidated Financial Statements\t6\nItem 2. Management's Discussion and Analysis of Financial Condition and Results of Operations\t34\nItem 3. Quantitative and Qualitative Disclosure About Market Risk\t54\nItem 4. Controls and Procedures\t55\nPART II. OTHER INFORMATION\t\nItem 1. Legal Proceedings\t55\nItem 1A. Risk Factors\t55\nItem 6. Exhibits\t57\nSignatures\t58\n", "q10k_tbl_3": "(in millions except share and per share data)\tSeptember 30 2020\tDecember 31 2019\nAssets\t\t\nCurrent assets\t\t\nCash and cash equivalents\t1873.1\t437.4\nReceivables net of allowance for doubtful accounts of $10.1 and $7.7\t138.6\t88.7\nPrepaid expenses\t49.5\t54.6\nIncome tax receivable\t64.0\t22.1\nOther current assets\t61.3\t40.0\nTotal current assets\t2186.5\t642.8\nProperty and equipment net\t4592.9\t5120.2\nInvestment in and advances to unconsolidated affiliates\t263.0\t128.3\nGoodwill and other intangible assets net\t2672.8\t3297.2\nLease right-of-use assets\t4832.7\t4837.3\nOther assets\t264.1\t168.7\nTotal assets\t14812.0\t14194.5\nLiabilities\t\t\nCurrent liabilities\t\t\nAccounts payable\t64.4\t40.3\nCurrent maturities of long-term debt\t84.8\t62.9\nCurrent portion of financing obligations\t35.3\t40.5\nCurrent portion of lease liabilities\t127.2\t130.6\nAccrued expenses and other current liabilities\t609.7\t631.3\nTotal current liabilities\t921.4\t905.6\nLong-term debt net of current maturities debt discount and debt issuance costs\t2355.7\t2322.2\nLong-term portion of financing obligations\t4075.5\t4102.2\nLong-term portion of lease liabilities\t4595.5\t4670.0\nDeferred income taxes\t120.7\t244.6\nOther long-term liabilities\t111.5\t98.0\nTotal liabilities\t12180.3\t12342.6\nCommitments and contingencies (Note 14)\t\t\nStockholders' equity\t\t\nSeries B Preferred stock ($0.01 par value 1000000 shares authorized no shares issued and outstanding)\t0\t0\nSeries C Preferred stock ($0.01 par value 18500 shares authorized no shares issued and outstanding)\t0\t0\nSeries D Preferred stock ($0.01 par value 5000 shares authorized 883 shares issued and outstanding)\t23.1\t0\nCommon stock ($0.01 par value 200000000 shares authorized 157421311 and 118125652 shares issued and 155253918 and 115958259 shares outstanding)\t1.6\t1.2\nTreasury stock at cost (2167393 shares held in both periods)\t(28.4)\t(28.4)\nAdditional paid-in capital\t3155.8\t1718.3\nRetained earnings (accumulated deficit)\t(518.4)\t161.6\nTotal Penn National stockholders' equity\t2633.7\t1852.7\nNon-controlling interest\t(2.0)\t(0.8)\nTotal stockholders' equity\t2631.7\t1851.9\nTotal liabilities and stockholders' equity\t14812.0\t14194.5\n", "q10k_tbl_4": "\tFor the three months ended September 30\t\tFor the nine months ended September 30\t\n(in millions except per share data)\t2020\t2019\t2020\t2019\nRevenues\t\t\t\t\nGaming\t993.6\t1088.5\t2155.7\t3185.2\nFood beverage hotel and other\t136.1\t266.0\t395.6\t775.0\nTotal revenues\t1129.7\t1354.5\t2551.3\t3960.2\nOperating expenses\t\t\t\t\nGaming\t458.1\t587.5\t1101.0\t1699.1\nFood beverage hotel and other\t70.1\t171.2\t260.0\t500.5\nGeneral and administrative\t317.6\t309.7\t828.7\t883.6\nDepreciation and amortization\t87.7\t106.3\t275.3\t316.4\nImpairment losses\t0\t0\t616.1\t0\nTotal operating expenses\t933.5\t1174.7\t3081.1\t3399.6\nOperating income (loss)\t196.2\t179.8\t(529.8)\t560.6\nOther income (expenses)\t\t\t\t\nInterest expense net\t(142.3)\t(133.5)\t(407.1)\t(400.5)\nIncome from unconsolidated affiliates\t5.0\t9.8\t7.4\t21.7\nOther\t68.0\t7.2\t75.5\t7.2\nTotal other expenses\t(69.3)\t(116.5)\t(324.2)\t(371.6)\nIncome (loss) before income taxes\t126.9\t63.3\t(854.0)\t189.0\nIncome tax benefit (expense)\t14.3\t(19.6)\t172.2\t(53.0)\nNet income (loss)\t141.2\t43.7\t(681.8)\t136.0\nLess: Net loss attributable to non-controlling interest\t0.7\t0.2\t1.2\t0.4\nNet income (loss) attributable to Penn National\t141.9\t43.9\t(680.6)\t136.4\nComprehensive income (loss)\t141.2\t43.7\t(681.8)\t136.0\nLess: Comprehensive loss attributable to non-controlling interest\t0.7\t0.2\t1.2\t0.4\nComprehensive income (loss) attributable to Penn National\t141.9\t43.9\t(680.6)\t136.4\nEarnings (loss) per share:\t\t\t\t\nBasic earnings (loss) per share\t1.02\t0.38\t(5.36)\t1.18\nDiluted earnings (loss) per share\t0.93\t0.38\t(5.36)\t1.16\nWeighted-average common shares outstanding - basic\t138.2\t115.2\t126.9\t115.8\nWeighted-average common shares outstanding - diluted\t155.5\t116.7\t126.9\t117.7\n", "q10k_tbl_5": "\tThree Months Ended September 30 2020 and 2019\t\t\t\t\t\t\t\t\t\n\tPreferred Stock\t\tCommon Stock\t\tTreasury Stock\tAddi- tional Paid-In Capital\tRetained Earnings (Accum- ulated Deficit)\tTotal Penn National Stock- holders' Equity\tNon-Control- ling Interest\tTotal Stock- holders' Equity\n(in millions except share data)\tShares\tAmount\tShares\tAmount\t\t\t\nBalance as of July 1 2020\t883\t23.1\t137435090\t1.4\t(28.4)\t2170.4\t(660.3)\t1506.2\t(1.3)\t1504.9\nShare-based compensation arrangements\t0\t0\t1718828\t0\t0\t28.3\t0\t28.3\t0\t28.3\nCommon stock offering (Note 15)\t0\t0\t16100000\t0.2\t0\t957.4\t0\t957.6\t0\t957.6\nNet income (loss)\t0\t0\t0\t0\t0\t0\t141.9\t141.9\t(0.7)\t141.2\nOther\t0\t0\t0\t0\t0\t(0.3)\t0\t(0.3)\t0\t(0.3)\nBalance as of September 30 2020\t883\t23.1\t155253918\t1.6\t(28.4)\t3155.8\t(518.4)\t2633.7\t(2.0)\t2631.7\nBalance as of July 1 2019\t0\t0\t115869769\t1.2\t(28.4)\t1708.9\t210.2\t1891.9\t(0.2)\t1891.7\nShare-based compensation arrangements\t0\t0\t7496\t0\t0\t4.0\t0\t4.0\t0\t4.0\nNet income (loss)\t0\t0\t0\t0\t0\t0\t43.9\t43.9\t(0.2)\t43.7\nBalance as of September 30 2019\t0\t0\t115877265\t1.2\t(28.4)\t1712.9\t254.1\t1939.8\t(0.4)\t1939.4\n", "q10k_tbl_6": "\tNine Months Ended September 30 2020 and 2019\t\t\t\t\t\t\t\t\t\n\tPreferred Stock\t\tCommon Stock\t\tTreasury Stock\tAddi- tional Paid-In Capital\tRetained Earnings (Accum- ulated Deficit)\tTotal Penn National Stock- holders' Equity\tNon-Control- ling Interest\tTotal Stock- holders' Equity\n(in millions except share data)\tShares\tAmount\tShares\tAmount\t\t\t\nBalance as of January 1 2020\t0\t0\t115958259\t1.2\t(28.4)\t1718.3\t161.6\t1852.7\t(0.8)\t1851.9\nShare-based compensation arrangements\t0\t0\t4028992\t0\t0\t61.0\t0\t61.0\t0\t61.0\nCommon stock offering (Note 15)\t0\t0\t35266667\t0.4\t0\t1288.4\t0\t1288.8\t0\t1288.8\nConvertible debt offering (Note 10)\t0\t0\t0\t0\t0\t88.2\t0\t88.2\t0\t88.2\nBarstool Sports investment (Note 12)\t883\t23.1\t0\t0\t0\t0\t0\t23.1\t0\t23.1\nCumulative-effect adjustment upon adoption of ASU 2016-13\t0\t0\t0\t0\t0\t0\t0.6\t0.6\t0\t0.6\nNet loss\t0\t0\t0\t0\t0\t0\t(680.6)\t(680.6)\t(1.2)\t(681.8)\nOther\t0\t0\t0\t0\t0\t(0.1)\t0\t(0.1)\t0\t(0.1)\nBalance as of September 30 2020\t883\t23.1\t155253918\t1.6\t(28.4)\t3155.8\t(518.4)\t2633.7\t(2.0)\t2631.7\nBalance as of January 1 2019\t0\t0\t116687808\t1.2\t(28.4)\t1726.4\t(968.0)\t731.2\t0\t731.2\nShare-based compensation arrangements\t0\t0\t461280\t0\t0\t11.4\t0\t11.4\t0\t11.4\nCumulative-effect adjustment upon adoption of ASC 842\t0\t0\t0\t0\t0\t0\t1085.7\t1085.7\t0\t1085.7\nShare repurchases\t0\t0\t(1271823)\t0\t0\t(24.9)\t0\t(24.9)\t0\t(24.9)\nNet income (loss)\t0\t0\t0\t0\t0\t0\t136.4\t136.4\t(0.4)\t136.0\nBalance as of September 30 2019\t0\t0\t115877265\t1.2\t(28.4)\t1712.9\t254.1\t1939.8\t(0.4)\t1939.4\n", "q10k_tbl_7": "\tFor the nine months ended September 30\t\n(in millions)\t2020\t2019\nOperating activities\t\t\nNet income (loss)\t(681.8)\t136.0\nAdjustments to reconcile net income (loss) to net cash provided by operating activities:\t\t\nDepreciation and amortization\t275.3\t316.4\nAmortization of debt discount and debt issuance costs\t11.0\t5.7\nNoncash operating lease expense\t84.0\t79.0\nChange in fair value of contingent purchase price\t(1.4)\t7.0\nHolding gain on equity securities\t(75.6)\t(7.1)\nLoss (gain) on sale or disposal of property and equipment\t(33.9)\t8.3\nNoncash rent and interest expense related to the utilization of rent credits\t232.3\t0\nIncome from unconsolidated affiliates\t(7.4)\t(21.7)\nReturn on investment from unconsolidated affiliates\t17.3\t22.0\nDeferred income taxes\t(124.0)\t28.8\nStock-based compensation\t11.7\t10.4\nImpairment losses\t616.1\t0\nChanges in operating assets and liabilities net of businesses acquired\t\t\nAccounts receivable\t(27.5)\t23.6\nPrepaid expenses and other current assets\t14.4\t12.5\nOther assets\t(3.4)\t(1.5)\nAccounts payable\t22.3\t8.1\nAccrued expenses\t3.6\t(20.3)\nIncome taxes\t(43.9)\t(4.5)\nOperating lease liabilities\t(69.8)\t(107.6)\nOther current and long-term liabilities\t1.5\t24.1\nNet cash provided by operating activities\t220.8\t519.2\nInvesting activities\t\t\nCapital expenditures\t(97.6)\t(136.7)\nConsideration paid for Barstool Sports investment\t(135.0)\t0\nConsideration paid for acquisitions of businesses net of cash acquired\t(3.0)\t(1359.4)\nProceeds from sale-and-leaseback transactions in conjunction with acquisitions\t0\t961.1\nAcquisition of equity securities\t0\t(5.1)\nAdditional contributions to joint ventures\t(3.9)\t0\nOther\t3.6\t(2.0)\nNet cash used in investing activities\t(235.9)\t(542.1)\n", "q10k_tbl_8": "\tFor the nine months ended September 30\t\n(in millions)\t2020\t2019\nFinancing activities\t\t\nProceeds from revolving credit facility\t540.0\t395.0\nRepayments on revolving credit facility\t(680.0)\t(307.0)\nProceeds from issuance of long-term debt net of discounts\t322.2\t0\nPrincipal payments on long-term debt\t(35.0)\t(35.0)\nDebt and equity issuance costs\t(6.9)\t0\nPayments of other long-term obligations\t(8.4)\t(15.4)\nPrincipal payments on financing obligations\t(20.9)\t(38.4)\nPrincipal payments on finance leases\t(2.7)\t(4.6)\nProceeds from common stock offerings net of discounts and fees\t1288.8\t0\nProceeds from exercise of options\t55.5\t1.0\nRepurchase of common stock\t0\t(24.9)\nProceeds from insurance financing\t19.5\t14.3\nPayments on insurance financing\t(19.6)\t(14.8)\nOther\t(7.0)\t(4.1)\nNet cash provided by (used in) financing activities\t1445.5\t(33.9)\nChange in cash cash equivalents and restricted cash\t1430.4\t(56.8)\nCash cash equivalents and restricted cash at the beginning of the year\t455.2\t481.2\nCash cash equivalents and restricted cash at the end of the period\t1885.6\t424.4\nReconciliation of cash cash equivalents and restricted cash:\t\t\nCash and cash equivalents\t1873.1\t406.9\nRestricted cash included in Other current assets\t9.9\t15.6\nRestricted cash included in Other assets\t2.6\t1.9\nTotal cash cash equivalents and restricted cash\t1885.6\t424.4\nSupplemental disclosure:\t\t\nCash paid for interest net of amounts capitalized\t256.6\t404.4\nCash payments (refunds) related to income taxes net\t(6.0)\t20.9\nNon-cash investing and financing activities:\t\t\nRent credits received upon sale of Tropicana land and buildings\t307.5\t0\nCommencement of operating leases\t67.4\t713.3\nCommencement of finance leases\t0\t4.3\nAccrued capital expenditures\t(13.1)\t8.3\nAcquisition of equity securities\t0\t16.1\n", "q10k_tbl_9": "\tFor the three months ended September 30\t\tFor the nine months ended September 30\t\n(in millions)\t2020\t2019\t2020\t2019\nFood and beverage\t29.4\t66.7\t90.7\t195.3\nHotel\t21.9\t44.1\t58.6\t121.5\nOther\t1.5\t4.2\t5.0\t13.0\nTotal complimentaries associated with gaming contracts\t52.8\t115.0\t154.3\t329.8\n", "q10k_tbl_10": "\tFor the three months ended September 30 2020\t\t\t\t\t\t\n(in millions)\tNortheast\tSouth\tWest\tMidwest\tOther\tIntersegment Eliminations (1)\tTotal\nRevenues:\t\t\t\t\t\t\t\nGaming\t508.0\t208.0\t54.0\t212.7\t11.0\t(0.1)\t993.6\nFood and beverage\t15.8\t19.8\t9.9\t6.6\t0.1\t0\t52.2\nHotel\t4.0\t20.6\t9.0\t5.1\t0\t0\t38.7\nOther\t17.3\t7.2\t5.8\t4.7\t12.6\t(2.4)\t45.2\nTotal revenues\t545.1\t255.6\t78.7\t229.1\t23.7\t(2.5)\t1129.7\n", "q10k_tbl_11": "\tFor the three months ended September 30 2019\t\t\t\t\t\t\n(in millions)\tNortheast\tSouth\tWest\tMidwest\tOther\tIntersegment Eliminations (1)\tTotal\nRevenues:\t\t\t\t\t\t\t\nGaming\t555.2\t201.2\t93.3\t236.1\t3.3\t(0.6)\t1088.5\nFood and beverage\t39.4\t39.0\t29.5\t21.0\t0.5\t0\t129.4\nHotel\t13.7\t27.5\t32.4\t11.7\t0\t0\t85.3\nOther\t20.6\t8.9\t6.3\t7.0\t8.6\t(0.1)\t51.3\nTotal revenues\t628.9\t276.6\t161.5\t275.8\t12.4\t(0.7)\t1354.5\n", "q10k_tbl_12": "\tFor the nine months ended September 30 2020\t\t\t\t\t\t\n(in millions)\tNortheast\tSouth\tWest\tMidwest\tOther\tIntersegment Eliminations (1)\tTotal\nRevenues:\t\t\t\t\t\t\t\nGaming\t1060.8\t480.3\t138.7\t442.4\t33.7\t(0.2)\t2155.7\nFood and beverage\t51.9\t57.1\t35.6\t25.4\t0.4\t0\t170.4\nHotel\t13.0\t45.2\t36.3\t13.9\t0\t0\t108.4\nOther\t42.8\t17.8\t12.4\t11.5\t37.5\t(5.2)\t116.8\nTotal revenues\t1168.5\t600.4\t223.0\t493.2\t71.6\t(5.4)\t2551.3\n", "q10k_tbl_13": "\tFor the nine months ended September 30 2019\t\t\t\t\t\t\n(in millions)\tNortheast\tSouth\tWest\tMidwest\tOther\tIntersegment Eliminations (1)\tTotal\nRevenues:\t\t\t\t\t\t\t\nGaming\t1571.9\t628.1\t282.6\t699.8\t3.4\t(0.6)\t3185.2\nFood and beverage\t112.8\t118.7\t86.9\t61.7\t1.2\t0\t381.3\nHotel\t31.3\t77.0\t95.7\t32.9\t0\t0\t236.9\nOther\t62.6\t26.9\t19.2\t20.9\t27.3\t(0.1)\t156.8\nTotal revenues\t1778.6\t850.7\t484.4\t815.3\t31.9\t(0.7)\t3960.2\n", "q10k_tbl_14": "(in millions)\tFair value\nCash and cash equivalents\t31.1\nReceivables prepaid expenses and other current assets\t14.5\nProperty and equipment\t28.4\nGoodwill (1)\t67.4\nOther intangible assets\t\nGaming license\t166.4\nTrademark\t24.4\nCustomer relationships\t3.3\nOperating lease right-of-use assets\t516.1\nFinance lease right-of-use assets\t4.1\nTotal assets\t855.7\nAccounts payable accrued expenses and other current liabilities\t15.2\nOperating lease liabilities\t516.1\nFinance lease liabilities\t4.1\nTotal liabilities\t535.4\nNet assets acquired\t320.3\n", "q10k_tbl_15": "(in millions)\tSeptember 30 2020\tDecember 31 2019\nProperty and equipment - Not Subject to Master Leases\t\t\nLand and improvements\t109.8\t353.2\nBuildings vessels and improvements\t216.6\t420.4\nFurniture fixtures and equipment\t1682.7\t1598.3\nLeasehold improvements\t197.4\t183.6\nConstruction in progress\t89.8\t59.3\n\t2296.3\t2614.8\nLess: Accumulated depreciation\t(1602.5)\t(1548.3)\n\t693.8\t1066.5\nProperty and equipment - Subject to Master Leases\t\t\nLand and improvements\t1525.1\t1525.9\nBuildings vessels and improvements\t3645.8\t3664.6\n\t5170.9\t5190.5\nLess: Accumulated depreciation\t(1271.8)\t(1136.8)\n\t3899.1\t4053.7\nProperty and equipment net\t4592.9\t5120.2\n", "q10k_tbl_16": "\tFor the three months ended September 30\t\tFor the nine months ended September 30\t\n(in millions)\t2020\t2019\t2020\t2019\nDepreciation expense (1)\t79.7\t97.9\t251.0\t291.8\n", "q10k_tbl_17": "(in millions)\tNortheast\tSouth\tWest\tMidwest\tOther\tTotal\nBalance as of December 31 2019\t\t\t\t\t\t\nGoodwill gross\t914.3\t236.6\t216.8\t1116.7\t156.1\t2640.5\nAccumulated goodwill impairment losses\t(717.9)\t(52.0)\t(16.6)\t(495.6)\t(87.7)\t(1369.8)\nGoodwill net\t196.4\t184.6\t200.2\t621.1\t68.4\t1270.7\nImpairment losses during year-to-date period\t(43.5)\t(9.0)\t0\t(60.5)\t0\t(113.0)\nBalance as of September 30 2020\t\t\t\t\t\t\nGoodwill gross\t914.3\t236.6\t216.8\t1116.7\t156.1\t2640.5\nAccumulated goodwill impairment losses\t(761.4)\t(61.0)\t(16.6)\t(556.1)\t(87.7)\t(1482.8)\nGoodwill net\t152.9\t175.6\t200.2\t560.6\t68.4\t1157.7\n", "q10k_tbl_18": "\tSeptember 30 2020\t\t\tDecember 31 2019\t\t\n(in millions)\tGross Carrying Amount\tAccumulated Amortization\tNet Carrying Amount\tGross Carrying Amount\tAccumulated Amortization\tNet Carrying Amount\nIndefinite-lived intangible assets\t\t\t\t\t\t\nGaming licenses\t1246.0\t0\t1246.0\t1681.9\t0\t1681.9\nTrademarks\t240.9\t0\t240.9\t302.4\t0\t302.4\nOther\t0.7\t0\t0.7\t0.7\t0\t0.7\nAmortizing intangible assets\t\t\t\t\t\t\nCustomer relationships\t106.8\t(82.9)\t23.9\t104.4\t(69.0)\t35.4\nOther\t37.9\t(34.3)\t3.6\t36.1\t(30.0)\t6.1\nTotal other intangible assets\t1632.3\t(117.2)\t1515.1\t2125.5\t(99.0)\t2026.5\n", "q10k_tbl_19": "Years ending December 31\t\n2020 (excluding the nine months ended September 30 2020)\t3.0\n2021\t7.1\n2022\t5.2\n2023\t3.7\n2024\t3.6\nThereafter\t4.9\nTotal\t27.5\n", "q10k_tbl_20": "(in millions)\tSeptember 30 2020\tDecember 31 2019\nAccrued salaries and wages\t151.8\t142.1\nAccrued gaming pari-mutuel property and other taxes\t93.5\t103.3\nAccrued interest\t10.8\t13.0\nOther accrued expenses (1)\t222.8\t225.8\nOther current liabilities (2)\t130.8\t147.1\nAccrued expenses and other current liabilities\t609.7\t631.3\n", "q10k_tbl_21": "(in millions)\tSeptember 30 2020\tDecember 31 2019\nSenior Secured Credit Facilities:\t\t\nRevolving Credit Facility due 2023\t0\t140.0\nTerm Loan A Facility due 2023\t645.8\t672.3\nTerm Loan B-1 Facility due 2025\t1109.0\t1117.5\n5.625% Notes due 2027\t400.0\t400.0\n2.75% Convertible Notes due 2026\t330.5\t0\nOther long-term obligations\t80.8\t89.2\n\t2566.1\t2419.0\nLess: Current maturities of long-term debt\t(84.8)\t(62.9)\nLess: Debt discount\t(89.6)\t(2.4)\nLess: Debt issuance costs\t(36.0)\t(31.5)\n\t2355.7\t2322.2\n", "q10k_tbl_22": "(in millions)\tSeptember 30 2020\nLiability component:\t\nPrincipal\t330.5\nUnamortized debt discount\t(87.4)\nUnamortized debt issuance costs\t(6.4)\nNet carrying amount\t236.7\nCarrying amount of equity component\t88.2\n", "q10k_tbl_23": "\tFor the three months ended September 30\t\tFor the nine months ended September 30\t\n(in millions)\t2020\t2019\t2020\t2019\nInterest expense\t(143.3)\t(134.2)\t(409.4)\t(401.8)\nInterest income\t0.3\t0.6\t0.7\t1.2\nCapitalized interest\t0.7\t0.1\t1.6\t0.1\nInterest expense net\t(142.3)\t(133.5)\t(407.1)\t(400.5)\n", "q10k_tbl_24": "\tFor the three months ended September 30\tFor the nine months ended September 30\n(in millions)\t2020\t2020\nCoupon interest\t2.3\t3.5\nAmortization of debt discount\t2.9\t4.3\nAmortization of debt issuance costs\t0.2\t0.3\nConvertible Notes interest expense\t5.4\t8.1\n", "q10k_tbl_25": "(in millions)\tOperating Leases\tFinance Leases\tFinancing Obligations\nYears ending December 31\t\t\t\n2020 (excluding the nine months ended September 30 2020)\t105.4\t5.4\t91.8\n2021\t412.7\t21.7\t367.3\n2022\t404.3\t21.6\t367.3\n2023\t398.7\t20.8\t367.3\n2024\t382.4\t16.7\t367.3\nThereafter\t8158.4\t393.5\t9270.6\nTotal lease payments\t9861.9\t479.7\t10831.6\nLess: Imputed interest\t(5360.3)\t(258.6)\t(6720.8)\nPresent value of future lease payments\t4501.6\t221.1\t4110.8\nLess: Current portion of lease obligations\t(120.4)\t(6.8)\t(35.3)\nLong-term portion of lease obligations\t4381.2\t214.3\t4075.5\n", "q10k_tbl_26": "\tFor the three months ended September 30\t\tFor the nine months ended September 30\t\n(in millions)\t2020\t2019\t2020\t2019\nPenn Master Lease (1)\t120.3\t114.0\t343.4\t342.9\nPinnacle Master Lease (1)\t81.3\t82.3\t245.6\t245.6\nMeadows Lease (1)\t6.7\t6.6\t20.2\t19.7\nMargaritaville Lease\t5.9\t5.8\t17.6\t17.3\nGreektown Lease\t13.9\t13.9\t41.7\t19.9\nTotal (2)\t228.1\t222.6\t668.5\t645.4\n", "q10k_tbl_27": "\tLocation on unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)\t\tFor the three months ended September 30\t\t\t\tFor the nine months ended September 30\t\t\n(in millions)\t\t2020\t\t2019\t\t2020\t\t2019\nOperating Lease Costs\t\t\t\t\t\t\t\t\t\nRent expense associated with triple net operating leases (1)\tGeneral and administrative\t\t109.0\t\t96.3\t\t310.3\t\t271.0\nOperating lease cost (2)\tPrimarily General and administrative\t\t3.9\t\t4.2\t\t11.9\t\t13.2\nShort-term lease cost\tPrimarily Gaming expense\t\t10.3\t\t14.4\t\t26.5\t\t42.9\nVariable lease cost (2)\tPrimarily Gaming expense\t\t0.8\t\t1.0\t\t1.8\t\t2.8\nTotal\t\t\t124.0\t\t115.9\t\t350.5\t\t329.9\nFinance Lease Costs\t\t\t\t\t\t\t\t\t\nInterest on lease liabilities (3)\tInterest expense net\t\t3.8\t\t3.8\t\t11.5\t\t11.5\nAmortization of ROU assets (3)\tDepreciation and amortization\t\t2.0\t\t2.0\t\t6.0\t\t5.9\nTotal\t\t\t5.8\t\t5.8\t\t17.5\t\t17.4\nFinancing Obligation Costs\t\t\t\t\t\t\t\t\t\nInterest on financing obligations (4)\tInterest expense net\t\t103.7\t\t97.6\t\t300.2\t\t293.6\n", "q10k_tbl_28": "\tFor the three months ended September 30\t\tFor the nine months ended September 30\t\n(in millions)\t2020\t2019\t2020\t2019\nRevenues\t28.4\t40.6\t75.8\t120.2\nOperating expenses\t20.0\t19.6\t57.0\t73.8\nOperating income\t8.4\t21.0\t18.8\t46.4\nNet income\t8.4\t21.0\t18.8\t46.4\nNet income attributable to Penn National\t4.2\t10.5\t9.4\t23.2\n", "q10k_tbl_29": "\tFor the three months ended September 30\t\tFor the nine months ended September 30\t\n(in millions)\t2020\t2019\t2020\t2019\nNet income (loss) attributable to Penn National\t141.9\t43.9\t(680.6)\t136.4\nNet income applicable to preferred stock\t0.8\t0\t0\t0\nNet income (loss) applicable to common stock\t141.1\t43.9\t(680.6)\t136.4\n", "q10k_tbl_30": "\tFor the three months ended September 30\t\tFor the nine months ended September 30\t\n(in millions)\t2020\t2019\t2020\t2019\nWeighted-average common shares outstanding - Basic\t138.2\t115.2\t126.9\t115.8\nAssumed conversion of:\t\t\t\t\nDilutive stock options\t2.8\t1.4\t0\t1.7\nDilutive RSAs\t0.4\t0.1\t0\t0.2\nConvertible debt\t14.1\t0\t0\t0\nWeighted-average common shares outstanding - Diluted\t155.5\t116.7\t126.9\t117.7\n", "q10k_tbl_31": "\tFor the three months ended September 30\t\tFor the nine months ended September 30\t\n(in millions except per share data)\t2020\t2019\t2020\t2019\nCalculation of basic earnings (loss) per share:\t\t\t\t\nNet income (loss) applicable to common stock\t141.1\t43.9\t(680.6)\t136.4\nWeighted-average common shares outstanding - basic\t138.2\t115.2\t126.9\t115.8\nBasic earnings (loss) per share\t1.02\t0.38\t(5.36)\t1.18\nCalculation of diluted earnings (loss) per share:\t\t\t\t\nNet income (loss) applicable to common stock\t141.1\t43.9\t(680.6)\t136.4\nInterest expense net of tax (1):\t\t\t\t\nConvertible Notes\t4.2\t0\t0\t0\nDiluted income (loss) applicable to common stock\t145.3\t43.9\t(680.6)\t136.4\nWeighted-average common shares outstanding - diluted\t155.5\t116.7\t126.9\t117.7\nDiluted earnings (loss) per share\t0.93\t0.38\t(5.36)\t1.16\n", "q10k_tbl_32": "\tSeptember 30 2020\t\t\t\t\n(in millions)\tCarrying Amount\tFair Value\tLevel 1\tLevel 2\tLevel 3\nFinancial assets:\t\t\t\t\t\nCash and cash equivalents\t1873.1\t1873.1\t1873.1\t0\t0\nEquity securities\t112.1\t112.1\t0\t112.1\t0\nHeld-to-maturity securities\t6.7\t6.7\t0\t6.7\t0\nPromissory notes\t15.1\t15.4\t0\t15.4\t0\nFinancial liabilities:\t\t\t\t\t\nLong-term debt\t\t\t\t\t\nSenior Secured Credit Facilities\t1723.7\t1713.7\t1713.7\t0\t0\n5.625% Notes\t399.4\t415.0\t415.0\t0\t0\nConvertible Notes\t236.6\t1057.6\t1057.6\t0\t0\nOther long-term obligations\t80.8\t81.1\t0\t81.1\t0\nOther liabilities\t9.8\t9.8\t0\t2.8\t7.0\n", "q10k_tbl_33": "\tDecember 31 2019\t\t\t\t\n(in millions)\tCarrying Amount\tFair Value\tLevel 1\tLevel 2\tLevel 3\nFinancial assets:\t\t\t\t\t\nCash and cash equivalents\t437.4\t437.4\t437.4\t0\t0\nEquity securities\t40.5\t40.5\t0\t40.5\t0\nHeld-to-maturity securities\t6.7\t6.7\t0\t6.7\t0\nPromissory notes\t15.1\t15.1\t0\t15.1\t0\nFinancial liabilities:\t\t\t\t\t\nLong-term debt\t\t\t\t\t\nSenior Secured Credit Facilities\t1896.5\t1930.6\t1930.6\t0\t0\n5.625% Notes\t399.4\t426.0\t426.0\t0\t0\nOther long-term obligations\t89.2\t89.7\t0\t89.7\t0\nOther liabilities\t20.3\t20.3\t0\t2.8\t17.5\n", "q10k_tbl_34": "\tOther Liabilities\n(in millions)\tContingent Purchase Price\nBalance as of January 1 2020\t17.5\nPayments\t(9.1)\nIncluded in loss (1)\t(1.4)\nBalance as of September 30 2020\t7.0\n", "q10k_tbl_35": "(in millions)\tValuation Date\tValuation Technique\tLevel 1\tLevel 2\tLevel 3\tTotal Balance\tTotal Reduction in Fair Value Recorded\nGoodwill\t3/31/2020\tDiscounted cash flow and market approach\t0\t0\t160.5\t160.5\t(113.0)\nGaming licenses\t3/31/2020\tDiscounted cash flow\t0\t0\t568.0\t568.0\t(437.0)\nTrademarks\t3/31/2020\tDiscounted cash flow\t0\t0\t216.5\t216.5\t(61.5)\n", "q10k_tbl_36": "(in millions)\tFair Value\tValuation Technique\tUnobservable Input\tRange or Amount\nAs of March 31 2020\t\t\t\t\nGaming licenses\t568.0\tDiscounted cash flow\tDiscount rate\t13.25% - 14.0%\n\t\t\tLong-term revenue growth rate\t2.0%\nTrademarks\t216.5\tDiscounted cash flow\tDiscount rate\t13.25% - 14.0%\n\t\t\tLong-term revenue growth rate\t2.0%\n\t\t\tPretax royalty rate\t1.0% - 2.0%\n", "q10k_tbl_37": "\tFor the three months ended September 30\t\tFor the nine months ended September 30\t\n(in millions)\t2020\t2019\t2020\t2019\nRevenues:\t\t\t\t\nNortheast segment\t545.1\t628.9\t1168.5\t1778.6\nSouth segment\t255.6\t276.6\t600.4\t850.7\nWest segment\t78.7\t161.5\t223.0\t484.4\nMidwest segment\t229.1\t275.8\t493.2\t815.3\nOther (1)\t23.7\t12.4\t71.6\t31.9\nIntersegment eliminations (2)\t(2.5)\t(0.7)\t(5.4)\t(0.7)\nTotal\t1129.7\t1354.5\t2551.3\t3960.2\nAdjusted EBITDAR (3):\t\t\t\t\nNortheast segment\t204.8\t189.1\t325.7\t540.1\nSouth segment\t120.3\t89.0\t217.3\t279.6\nWest segment\t33.6\t50.6\t55.2\t151.0\nMidwest segment\t108.5\t104.3\t173.4\t301.3\nOther (1)\t(14.6)\t(25.0)\t(42.2)\t(66.1)\nIntersegment eliminations (2)\t0\t(0.1)\t0\t(0.1)\nTotal (3)\t452.6\t407.9\t729.4\t1205.8\nOther operating benefits (costs) and other income (expenses):\t\t\t\t\nRent expense associated with triple net operating leases (4)\t(109.0)\t(96.3)\t(310.3)\t(271.0)\nStock-based compensation\t(2.8)\t(3.7)\t(11.7)\t(10.4)\nCash-settled stock-based awards variance\t(39.5)\t3.4\t(46.7)\t6.4\nGain (loss) on disposal of assets\t6.0\t(7.4)\t33.9\t(8.3)\nContingent purchase price\t0\t(1.2)\t1.4\t(7.0)\nPre-opening and acquisition costs\t(4.8)\t(7.4)\t(11.5)\t(15.5)\nDepreciation and amortization\t(87.7)\t(106.3)\t(275.3)\t(316.4)\nImpairment losses\t0\t0\t(616.1)\t0\nInsurance recoveries net of deductible charges\t0\t1.5\t0.1\t1.5\nNon-operating items of equity method investments (5)\t(1.2)\t(0.9)\t(3.2)\t(2.8)\nInterest expense net\t(142.3)\t(133.5)\t(407.1)\t(400.5)\nOther (6)\t55.6\t7.2\t63.1\t7.2\nIncome (loss) before income taxes\t126.9\t63.3\t(854.0)\t189.0\nIncome tax benefit (expense)\t14.3\t(19.6)\t172.2\t(53.0)\nNet income (loss)\t141.2\t43.7\t(681.8)\t136.0\n", "q10k_tbl_38": "\tFor the three months ended September 30\t\tFor the nine months ended September 30\t\n(in millions)\t2020\t2019\t2020\t2019\nCapital expenditures:\t\t\t\t\nNortheast segment\t10.3\t22.8\t62.3\t67.3\nSouth segment\t3.1\t5.0\t10.9\t21.5\nWest segment\t1.4\t3.7\t5.5\t17.8\nMidwest segment\t4.8\t6.2\t9.7\t22.6\nOther\t4.3\t4.0\t9.2\t7.5\nTotal capital expenditures\t23.9\t41.7\t97.6\t136.7\n", "q10k_tbl_39": "(in millions)\tNortheast\tSouth\tWest\tMidwest\tOther (1)\tTotal\nAs of September 30 2020\t\t\t\t\t\t\nInvestment in and advances to unconsolidated affiliates (2)\t0.1\t0\t0\t84.8\t178.1\t263.0\nTotal assets\t1938.2\t1169.0\t385.9\t1170.0\t10148.9\t14812.0\nAs of December 31 2019\t\t\t\t\t\t\nInvestment in and advances to unconsolidated affiliates\t0.1\t0\t0\t90.9\t37.3\t128.3\nTotal assets\t2273.7\t1397.0\t752.1\t1412.2\t8359.5\t14194.5\n", "q10k_tbl_40": "\tFor the three months ended September 30\t\tFor the nine months ended September 30\t\n(dollars in millions)\t2020\t2019\t2020\t2019\nRevenues:\t\t\t\t\nNortheast segment\t545.1\t628.9\t1168.5\t1778.6\nSouth segment\t255.6\t276.6\t600.4\t850.7\nWest segment\t78.7\t161.5\t223.0\t484.4\nMidwest segment\t229.1\t275.8\t493.2\t815.3\nOther (1)\t23.7\t12.4\t71.6\t31.9\nIntersegment eliminations (2)\t(2.5)\t(0.7)\t(5.4)\t(0.7)\nTotal\t1129.7\t1354.5\t2551.3\t3960.2\nNet income (loss)\t141.2\t43.7\t(681.8)\t136.0\nAdjusted EBITDAR:\t\t\t\t\nNortheast segment\t204.8\t189.1\t325.7\t540.1\nSouth segment\t120.3\t89.0\t217.3\t279.6\nWest segment\t33.6\t50.6\t55.2\t151.0\nMidwest segment\t108.5\t104.3\t173.4\t301.3\nOther (1)\t(14.6)\t(25.0)\t(42.2)\t(66.1)\nIntersegment eliminations (2)\t0\t(0.1)\t0\t(0.1)\nTotal (3)\t452.6\t407.9\t729.4\t1205.8\nRent expense associated with triple net operating leases (4)\t(109.0)\t(96.3)\t(310.3)\t(271.0)\nAdjusted EBITDA (3)\t343.6\t311.6\t419.1\t934.8\nNet income (loss) margin\t12.5%\t3.2%\t(26.7)%\t3.4%\nAdjusted EBITDAR margin (3)\t40.1%\t30.1%\t28.6%\t30.4%\nAdjusted EBITDA margin (3)\t30.4%\t23.0%\t16.4%\t23.6%\n", "q10k_tbl_41": "\tFor the three months ended September 30\t\tChange\t\tFor the nine months ended September 30\t\tChange\t\n(dollars in millions)\t2020\t2019\t$\t%\t2020\t2019\t$\t%\nRevenues\t\t\t\t\t\t\t\t\nGaming\t993.6\t1088.5\t(94.9)\t(8.7)%\t2155.7\t3185.2\t(1029.5)\t(32.3)%\nFood beverage hotel and other\t136.1\t266.0\t(129.9)\t(48.8)%\t395.6\t775.0\t(379.4)\t(49.0)%\nTotal revenues\t1129.7\t1354.5\t(224.8)\t(16.6)%\t2551.3\t3960.2\t(1408.9)\t(35.6)%\n", "q10k_tbl_42": "\tFor the three months ended September 30\t\tChange\t\tFor the nine months ended September 30\t\tChange\t\n(dollars in millions)\t2020\t2019\t$\t%\t2020\t2019\t$\t%\nOperating expenses\t\t\t\t\t\t\t\t\nGaming\t458.1\t587.5\t(129.4)\t(22.0)%\t1101.0\t1699.1\t(598.1)\t(35.2)%\nFood beverage hotel and other\t70.1\t171.2\t(101.1)\t(59.1)%\t260.0\t500.5\t(240.5)\t(48.1)%\nGeneral and administrative\t317.6\t309.7\t7.9\t2.6%\t828.7\t883.6\t(54.9)\t(6.2)%\nDepreciation and amortization\t87.7\t106.3\t(18.6)\t(17.5)%\t275.3\t316.4\t(41.1)\t(13.0)%\nImpairment losses\t0\t0\t0\tN/M\t616.1\t0\t616.1\tN/M\nTotal operating expenses\t933.5\t1174.7\t(241.2)\t(20.5)%\t3081.1\t3399.6\t(318.5)\t(9.4)%\n", "q10k_tbl_43": "\tFor the three months ended September 30\t\tChange\t\tFor the nine months ended September 30\t\tChange\t\n(dollars in millions)\t2020\t2019\t$\t%\t2020\t2019\t$\t%\nOther income (expenses)\t\t\t\t\t\t\t\t\nInterest expense net\t(142.3)\t(133.5)\t(8.8)\t6.6%\t(407.1)\t(400.5)\t(6.6)\t1.6%\nIncome from unconsolidated affiliates\t5.0\t9.8\t(4.8)\t(49.0)%\t7.4\t21.7\t(14.3)\t(65.9)%\nIncome tax benefit (expense)\t14.3\t(19.6)\t33.9\tN/M\t172.2\t(53.0)\t225.2\tN/M\nOther\t68.0\t7.2\t60.8\tN/M\t75.5\t7.2\t68.3\tN/M\n", "q10k_tbl_44": "\tFor the three months ended September 30\t\tChange\t\tFor the nine months ended September 30\t\tChange\t\n(dollars in millions)\t2020\t2019\t$\t%\t2020\t2019\t$\t%\nRevenues\t\t\t\t\t\t\t\t\nGaming\t508.0\t555.2\t(47.2)\t(8.5)%\t1060.8\t1571.9\t(511.1)\t(32.5)%\nFood beverage hotel and other\t37.1\t73.7\t(36.6)\t(49.7)%\t107.7\t206.7\t(99.0)\t(47.9)%\nTotal revenues\t545.1\t628.9\t(83.8)\t(13.3)%\t1168.5\t1778.6\t(610.1)\t(34.3)%\nAdjusted EBITDAR\t204.8\t189.1\t15.7\t8.3%\t325.7\t540.1\t(214.4)\t(39.7)%\nAdjusted EBITDAR margin\t37.6%\t30.1%\t\t750 bps\t27.9%\t30.4%\t\t(250) bps\n", "q10k_tbl_45": "\tFor the three months ended September 30\t\tChange\t\tFor the nine months ended September 30\t\tChange\t\n(dollars in millions)\t2020\t2019\t$\t%\t2020\t2019\t$\t%\nRevenues\t\t\t\t\t\t\t\t\nGaming\t208.0\t201.2\t6.8\t3.4%\t480.3\t628.1\t(147.8)\t(23.5)%\nFood beverage hotel and other\t47.6\t75.4\t(27.8)\t(36.9)%\t120.1\t222.6\t(102.5)\t(46.0)%\nTotal revenues\t255.6\t276.6\t(21.0)\t(7.6)%\t600.4\t850.7\t(250.3)\t(29.4)%\nAdjusted EBITDAR\t120.3\t89.0\t31.3\t35.2%\t217.3\t279.6\t(62.3)\t(22.3)%\nAdjusted EBITDAR margin\t47.1%\t32.2%\t\t1490 bps\t36.2%\t32.9%\t\t330 bps\n", "q10k_tbl_46": "\tFor the three months ended September 30\t\tChange\t\tFor the nine months ended September 30\t\tChange\t\n(dollars in millions)\t2020\t2019\t$\t%\t2020\t2019\t$\t%\nRevenues\t\t\t\t\t\t\t\t\nGaming\t54.0\t93.3\t(39.3)\t(42.1)%\t138.7\t282.6\t(143.9)\t(50.9)%\nFood beverage hotel and other\t24.7\t68.2\t(43.5)\t(63.8)%\t84.3\t201.8\t(117.5)\t(58.2)%\nTotal revenues\t78.7\t161.5\t(82.8)\t(51.3)%\t223.0\t484.4\t(261.4)\t(54.0)%\nAdjusted EBITDAR\t33.6\t50.6\t(17.0)\t(33.6)%\t55.2\t151.0\t(95.8)\t(63.4)%\nAdjusted EBITDAR margin\t42.7%\t31.3%\t\t1140 bps\t24.8%\t31.2%\t\t(640) bps\n", "q10k_tbl_47": "\tFor the three months ended September 30\t\tChange\t\tFor the nine months ended September 30\t\tChange\t\n(dollars in millions)\t2020\t2019\t$\t%\t2020\t2019\t$\t%\nRevenues\t\t\t\t\t\t\t\t\nGaming\t212.7\t236.1\t(23.4)\t(9.9)%\t442.4\t699.8\t(257.4)\t(36.8)%\nFood beverage hotel and other\t16.4\t39.7\t(23.3)\t(58.7)%\t50.8\t115.5\t(64.7)\t(56.0)%\nTotal revenues\t229.1\t275.8\t(46.7)\t(16.9)%\t493.2\t815.3\t(322.1)\t(39.5)%\nAdjusted EBITDAR\t108.5\t104.3\t4.2\t4.0%\t173.4\t301.3\t(127.9)\t(42.4)%\nAdjusted EBITDAR margin\t47.4%\t37.8%\t\t960 bps\t35.2%\t37.0%\t\t(180) bps\n", "q10k_tbl_48": "\tFor the three months ended September 30\t\tChange\t\tFor the nine months ended September 30\t\tChange\t\n(dollars in millions)\t2020\t2019\t$\t%\t2020\t2019\t$\t%\nRevenues\t\t\t\t\t\t\t\t\nGaming\t11.0\t3.3\t7.7\t233.3%\t33.7\t3.4\t30.3\t891.2%\nFood beverage and other\t12.7\t9.1\t3.6\t39.6%\t37.9\t28.5\t9.4\t33.0%\nTotal revenues\t23.7\t12.4\t11.3\t91.1%\t71.6\t31.9\t39.7\t124.5%\nAdjusted EBITDAR\t(14.6)\t(25.0)\t10.4\t(41.6)%\t(42.2)\t(66.1)\t23.9\t(36.2)%\n", "q10k_tbl_49": "\tFor the three months ended September 30\t\tFor the nine months ended September 30\t\n(dollars in millions)\t2020\t2019\t2020\t2019\nNet income (loss)\t141.2\t43.7\t(681.8)\t136.0\nIncome tax expense (benefit)\t(14.3)\t19.6\t(172.2)\t53.0\nIncome from unconsolidated affiliates\t(5.0)\t(9.8)\t(7.4)\t(21.7)\nInterest expense net\t142.3\t133.5\t407.1\t400.5\nOther income\t(68.0)\t(7.2)\t(75.5)\t(7.2)\nOperating income (loss)\t196.2\t179.8\t(529.8)\t560.6\nStock-based compensation (1)\t2.8\t3.7\t11.7\t10.4\nCash-settled stock-based award variance (1)(2)\t39.5\t(3.4)\t46.7\t(6.4)\n(Gain) loss on disposal of assets (1)\t(6.0)\t7.4\t(33.9)\t8.3\nContingent purchase price (1)\t0\t1.2\t(1.4)\t7.0\nPre-opening and acquisition costs (1)\t4.8\t7.4\t11.5\t15.5\nDepreciation and amortization\t87.7\t106.3\t275.3\t316.4\nImpairment losses\t0\t0\t616.1\t0\nInsurance recoveries net of deductible charges (1)\t0\t(1.5)\t(0.1)\t(1.5)\nIncome from unconsolidated affiliates\t5.0\t9.8\t7.4\t21.7\nNon-operating items of equity method investments (3)\t1.2\t0.9\t3.2\t2.8\nOther expenses (1)(4)\t12.4\t0\t12.4\t0\nAdjusted EBITDA\t343.6\t311.6\t419.1\t934.8\nRent expense associated with triple net operating leases (1)\t109.0\t96.3\t310.3\t271.0\nAdjusted EBITDAR\t452.6\t407.9\t729.4\t1205.8\nNet income (loss) margin\t12.5%\t3.2%\t(26.7)%\t3.4%\nAdjusted EBITDA margin\t30.4%\t23.0%\t16.4%\t23.6%\nAdjusted EBITDAR margin\t40.1%\t30.1%\t28.6%\t30.4%\n", "q10k_tbl_50": "\tFor the nine months ended September 30\t\tChange\t\n(dollars in millions)\t2020\t2019\t$\t%\nNet cash provided by operating activities\t220.8\t519.2\t(298.4)\t(57.5)%\nNet cash used in investing activities\t(235.9)\t(542.1)\t306.2\t(56.5)%\nNet cash provided by (used in) financing activities\t1445.5\t(33.9)\t1479.4\tN/M\n", "q10k_tbl_51": "\tFor the three months ended September 30\t\tFor the nine months ended September 30\t\n(in millions)\t2020\t2019\t2020\t2019\nPenn Master Lease (1)\t120.3\t114.0\t343.4\t342.9\nPinnacle Master Lease (1)\t81.3\t82.3\t245.6\t245.6\nMeadows Lease (1)\t6.7\t6.6\t20.2\t19.7\nMargaritaville Lease\t5.9\t5.8\t17.6\t17.3\nGreektown Lease\t13.9\t13.9\t41.7\t19.9\nTotal (2)\t228.1\t222.6\t668.5\t645.4\n", "q10k_tbl_52": "(dollars in millions)\t10/01/20 - 09/30/21\t10/01/21 - 09/30/22\t10/01/22 - 09/30/23\t10/01/23 - 09/30/24\t10/01/24 - 09/30/25\tThereafter\tTotal\tFair Value\nFixed rate\t0\t0\t0\t0\t0\t400.0\t400.0\t415.0\nAverage interest rate\t\t\t\t\t\t5.625%\t\t\nFixed rate\t0\t0\t0\t0\t0\t330.5\t330.5\t1057.6\nAverage interest rate\t\t\t\t\t\t2.75%\t\t\nVariable rate\t59.9\t77.6\t82.1\t471.3\t11.3\t1052.6\t1754.8\t1713.7\nAverage interest rate (1)\t3.61%\t3.64%\t3.65%\t3.73%\t3.00%\t3.05%\t\t\n", "q10k_tbl_53": "Exhibit\t\nNumber\tDescription of Exhibit\n10.1†\tSecond Amendment to Executive Agreement dated October 1 2020 by and between Penn National Gaming Inc. and Jay A. Snowden is hereby incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on October 2 2020. (SEC File No. 000-24206).\n10.2†\tSecond Amendment to Executive Agreement dated October 1 2020 by and between Penn National Gaming Inc. and David Williams is hereby incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on October 2 2020. (SEC File No. 000-24206).\n10.3†\tSecond Amendment to Executive Agreement dated October 1 2020 by and between Penn National Gaming Inc. and Carl Sottosanti is hereby incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on October 2 2020. (SEC File No. 000-24206).\n10.4†*\tSeventh Amendment to the Penn National Gaming Inc. Deferred Compensation Plan.\n31.1*\tCEO Certification pursuant to rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934.\n31.2*\tCFO Certification pursuant to rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934.\n32.1**\tCEO Certification pursuant to 18 U.S.C. Section 1350 As Adopted Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002.\n32.2**\tCFO Certification pursuant to 18 U.S.C. Section 1350 As Adopted Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002.\n101.INS\tXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.\n101.SCH\tInline XBRL Taxonomy Extension Schema Document.\n101.CAL\tInline XBRL Taxonomy Extension Calculation Linkbase Document.\n101.DEF\tInline XBRL Taxonomy Extension Definition Linkbase Document.\n101.LAB\tInline XBRL Taxonomy Extension Label Linkbase Document.\n101.PRE\tInline XBRL Taxonomy Extension Presentation Linkbase Document.\n104\tCover Page Inline XBRL File (included in Exhibit 101)\n*\tFiled herewith.\n**\tFurnished herewith.\n†\tManagement contract or compensatory plan or arrangement.\n"}{"bs": "q10k_tbl_3", "is": "q10k_tbl_4", "cf": "q10k_tbl_7"}None
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)
Pennsylvania
23-2234473
(State or other jurisdiction of incorporation or organization)
(I.R.S. employer identification no.)
825 Berkshire Blvd., Suite 200
Wyomissing,
Pennsylvania
19610
(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 class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value per share
PENN
The 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 filer
☑
Accelerated filer
☐
Non-accelerated filer
☐
Smaller 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.
Receivables, net of allowance for doubtful accounts of $10.1 and $7.7
138.6
88.7
Prepaid expenses
49.5
54.6
Income tax receivable
64.0
22.1
Other current assets
61.3
40.0
Total current assets
2,186.5
642.8
Property and equipment, net
4,592.9
5,120.2
Investment in and advances to unconsolidated affiliates
263.0
128.3
Goodwill and other intangible assets, net
2,672.8
3,297.2
Lease right-of-use assets
4,832.7
4,837.3
Other assets
264.1
168.7
Total assets
$
14,812.0
$
14,194.5
Liabilities
Current liabilities
Accounts payable
$
64.4
$
40.3
Current maturities of long-term debt
84.8
62.9
Current portion of financing obligations
35.3
40.5
Current portion of lease liabilities
127.2
130.6
Accrued expenses and other current liabilities
609.7
631.3
Total current liabilities
921.4
905.6
Long-term debt, net of current maturities, debt discount and debt issuance costs
2,355.7
2,322.2
Long-term portion of financing obligations
4,075.5
4,102.2
Long-term portion of lease liabilities
4,595.5
4,670.0
Deferred income taxes
120.7
244.6
Other long-term liabilities
111.5
98.0
Total liabilities
12,180.3
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 capital
3,155.8
1,718.3
Retained earnings (accumulated deficit)
(518.4)
161.6
Total Penn National stockholders’ equity
2,633.7
1,852.7
Non-controlling interest
(2.0)
(0.8)
Total stockholders’ equity
2,631.7
1,851.9
Total liabilities and stockholders’ equity
$
14,812.0
$
14,194.5
See accompanying notes to the Condensed Consolidated Financial Statements.