0001575965-20-000012 | 10-K | XBRL Viewer | Gaming Leisure Properties INC

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Components of the Company's Right-Of-Use Asset And Land Rights, Net

Components of the Company's right-of use assets and land rights, net are detailed below (in thousands):



	December 31, 2019
Right-of use assets - operating leases	$	184,063
Land rights, net	654,671
Right-of-use assets and land rights, net	$	838,734

Schedule of Land Rights, Net

Land rights net, consist of the following:



	December 31, 2019			December 31, 2018
	(in thousands)
Land rights	$	694,077		$	700,997
Less accumulated amortization	(39,406		)	(27,790		)
Land rights, net	$	654,671		$	673,207

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of December 31, 2019, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands):



Year ending December 31,
2020	$	12,081
2021	12,081
2022	12,081
2023	12,081
2024	12,081
Thereafter	594,266
Total	$	654,671

Schedule of Lessee, Operating Lease, Liability, Maturity

At December 31, 2019, maturities of the Company's operating lease liabilities were as follows (in thousands):



Year ending December 31,
2020	$	14,071
2021	13,766
2022	13,659
2023	13,638
2024	13,617
Thereafter	644,059
Total lease payments	$	712,810
Less: interest	(528,839		)
Present value of lease liabilities	$	183,971

Components of Lease Expense

Supplemental balance sheet information related to the Company's operating leases was as follows:



	December 31, 2019
Weighted average remaining lease term - operating leases	53.51 years
Weighted average discount rate - operating leases	6.7%

Supplemental cash flow information related to the Company's operating leases was as follows:



	Year Ended December 31, 2019
	(in thousands)
Cash paid for amounts included in the measurement of leases liabilities:
Operating cash flows from operating leases ⁽¹⁾	$	2,226

Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	293

⁽¹⁾ The Company's cash paid for operating leases is significantly less than the lease cost for the same period due to the majority of the Company's ground lease rent being paid directly to the landlords by the Company's tenants. Although GLPI expends no cash related to these leases, they are required to be grossed up in the Company's financial statements under ASC 842.

The components of lease expense were as follows:



	Year Ended December 31, 2019
	(in thousands)
Operating lease cost	$	15,482
Variable lease cost	9,048
Short-term lease cost	1,060
Amortization of land right assets	18,536
Total lease cost	$	44,126

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Real estate investments, net	$ 7,100,555	$ 7,331,460
Property and equipment, used in operations, net	94,080	100,884
Right-of-use assets and land rights, net	838,734
Land rights, net		673,207
Cash and cash equivalents	26,823	25,783
Prepaid expenses	4,228	30,967
Goodwill	16,067	16,067
Other intangible assets	9,577	9,577
Deferred tax assets	6,056	5,178
Other assets	34,494	67,486
Total assets	8,434,298	8,577,293
Liabilities
Accounts payable	1,006	2,511
Accrued expenses	6,239	30,297
Accrued interest	60,695	45,261
Accrued salaries and wages	13,821	17,010
Gaming, property, and other taxes	944	42,879
Lease liabilities	183,971
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,737,962	5,853,497
Deferred rental revenue	328,485	293,911
Deferred tax liabilities	279	261
Other liabilities	26,651	26,059
Total liabilities	6,360,053	6,311,686
Commitments and Contingencies
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2019 and December 31, 2018)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,694,165 and 214,211,932 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively)	2,147	2,142
Additional paid-in capital	3,959,383	3,952,503
Accumulated deficit	(1,887,285)	(1,689,038)
Total shareholders’ equity	2,074,245	2,265,607
Total liabilities and shareholders’ equity	8,434,298	8,577,293
Real Estate Loan
Assets
Loans receivable	303,684	303,684
Loan receivable
Assets
Loans receivable	$ 0	$ 13,000

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Balance at Dec. 31, 2016	$ 2,433,869	$ 2,077	$ 3,760,729	$ (1,328,937)
Balance (in shares) at Dec. 31, 2016		207,676,827
Increase (Decrease) in Shareholders' Equity
Issuance of common stock	139,414	$ 38	139,376
Issuance of common stock, shares		3,864,872
Stock option activity	21,003	$ 10	20,993
Stock option activity (in shares)		1,013,984
Restricted stock activity	12,733	$ 2	12,731
Restricted stock activity (in shares)		161,866
Dividends paid	(529,370)			(529,370)
Net income	380,598			380,598
Balance at Dec. 31, 2017	2,458,247	$ 2,127	3,933,829	(1,477,709)
Balance (in shares) at Dec. 31, 2017		212,717,549
Increase (Decrease) in Shareholders' Equity
Stock option activity	19,815	$ 10	19,805
Stock option activity (in shares)		1,007,750
Restricted stock activity	(1,126)	$ 5	(1,131)
Restricted stock activity (in shares)		486,633
Dividends paid	(550,435)			(550,435)
Net income	339,516			339,516
Balance at Dec. 31, 2018	$ 2,265,607	$ 2,142	3,952,503	(1,689,038)
Balance (in shares) at Dec. 31, 2018	214,211,932	214,211,932
Increase (Decrease) in Shareholders' Equity
Adjustments to Additional Paid in Capital, ATM Program Offering Costs	$ (255)		(255)
Stock option activity	592	$ 0	592
Stock option activity (in shares)		26,799
Restricted stock activity	6,548	$ 5	6,543
Restricted stock activity (in shares)		453,934
Dividends paid	(589,128)			(589,128)
Net income	390,881			390,881
Balance at Dec. 31, 2019	$ 2,074,245	$ 2,147	$ 3,959,383	$ (1,887,285)
Balance (in shares) at Dec. 31, 2019	0	214,694,165

Summary of Significant Accounting Policies (Property and Equipment Used in Operations) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Income tax penalties and interest, net of deferred income taxes	$ 0	$ 0	$ 0
Period for which entity will not be permitted to qualify for tax treatment as real estate investment trust in case of failure to qualify as REIT in any taxable year	4 years
Land improvements
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	15 years
Building and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	5 years
Building and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	31 years
Furniture, fixtures, and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	3 years
Furniture, fixtures, and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	31 years

Long-term Debt (Finance Lease LIability) (Narrative) (Details)	Dec. 31, 2019
Debt Disclosure [Abstract]
Lessee, finance lease, term of contract	30 years

Business and Basis of Presentation	12 Months Ended
Business and Basis of Presentation	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation Gaming and Leisure Properties, Inc. ("GLPI") is a self-administered and self-managed Pennsylvania real estate investment trust ("REIT"). GLPI (together with its subsidiaries, the "Company") was incorporated on February 13, 2013, as a wholly-owned subsidiary of Penn National Gaming, Inc. ("Penn"). On November 1, 2013, Penn contributed to GLPI, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with Penn’s real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville (which are referred to as the "TRS Properties") and then spun-off GLPI to holders of Penn's common and preferred stock in a tax-free distribution (the "Spin-Off"). The assets and liabilities of GLPI were recorded at their respective historical carrying values at the time of the Spin-Off in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 505-60 - Spinoffs and Reverse Spinoffs ("ASC 505"). The Company elected on its United States ("U.S.") federal income tax return for its taxable year that began on January 1, 2014 to be treated as a REIT and GLPI, together with its indirect wholly-owned subsidiary, GLP Holdings, Inc., jointly elected to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. (d/b/a Hollywood Casino Baton Rouge) and Penn Cecil Maryland, Inc. (d/b/a Hollywood Casino Perryville) as a "taxable REIT subsidiary" ("TRS") effective on the first day of the first taxable year of GLPI as a REIT. In connection with the Spin-Off, Penn allocated its accumulated earnings and profits (as determined for U.S. federal income tax purposes) for periods prior to the consummation of the Spin-Off between Penn and GLPI. In connection with its election to be taxed as a REIT for U.S. federal income tax purposes, GLPI declared a special dividend to its shareholders to distribute any accumulated earnings and profits relating to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off, to comply with certain REIT qualification requirements. As a result of the Spin-Off, GLPI owns substantially all of Penn’s former real property assets (as of the consummation of the Spin-Off) and leases back most of those assets to Penn for use by its subsidiaries, under a unitary master lease, a triple-net operating lease with an initial term of 15 years (expiring October 31, 2028), with no purchase option, followed by four 5-year renewal options (exercisable by Penn) on the same terms and conditions (the "Penn Master Lease"), and GLPI also owns and operates the TRS Properties through an indirect wholly-owned subsidiary, GLP Holdings, Inc. In April 2016, the Company acquired substantially all of the real estate assets of Pinnacle Entertainment, Inc. ("Pinnacle") for approximately $4.8 billion. GLPI originally leased these assets back to Pinnacle, under a unitary triple-net lease with an initial term of 10 years (expiring April 30, 2026), with no purchase option, followed by five 5-year renewal options (exercisable by Pinnacle) on the same terms and conditions (the "Pinnacle Master Lease"). On October 15, 2018, the Company completed its previously announced transactions with Penn, Pinnacle and Boyd Gaming Corporation ("Boyd") to accommodate Penn's acquisition of the majority of Pinnacle's operations, pursuant to a definitive agreement and plan of merger between Penn and Pinnacle, dated December 17, 2017 (the "Penn-Pinnacle Merger"). Concurrent with the Penn-Pinnacle Merger, the Company amended the Pinnacle Master Lease to allow for the sale of the operating assets of Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort from Pinnacle to Boyd (the "Amended Pinnacle Master Lease") and entered into a new unitary triple-net master lease agreement with Boyd (the "Boyd Master Lease") for these properties on terms similar to the Company’s Amended Pinnacle Master Lease. The Boyd Master Lease has an initial term of 10 years (from the original April 2016 commencement date of the Pinnacle Master Lease and expiring April 30, 2026), with no purchase option, followed by five 5-year renewal options (exercisable by Boyd) on the same terms and conditions. The Company also purchased the real estate assets of Plainridge Park Casino ("Plainridge Park") from Penn for $250.0 million, exclusive of transaction fees and taxes, and added this property to the Amended Pinnacle Master Lease. The Amended Pinnacle Master Lease was assumed by Penn at the consummation of the Penn-Pinnacle Merger. The Company also entered into a mortgage loan agreement with Boyd in connection with Boyd's acquisition of Belterra Park Gaming & Entertainment Center ("Belterra Park"), whereby the Company loaned Boyd $57.7 million. See Note 18 for further details surrounding the original Pinnacle acquisition and the subsequent acquisition of Pinnacle by Penn. In addition to the acquisition of Plainridge Park described above, on October 1, 2018, the Company closed its previously announced transaction to acquire certain real property assets from Tropicana Entertainment Inc. ("Tropicana") and certain of its affiliates pursuant to a Purchase and Sale Agreement (the "Real Estate Purchase Agreement") dated April 15, 2018 between Tropicana and GLP Capital L.P., the operating partnership of GLPI ("GLP Capital"), which was subsequently amended on October 1, 2018 (as amended, the "Amended Real Estate Purchase Agreement"). Pursuant to the terms of the Amended Real Estate Purchase Agreement, the Company acquired the real estate assets of Tropicana Atlantic City, Tropicana Evansville, Tropicana Laughlin, Trop Casino Greenville and the Belle of Baton Rouge (the "GLP Assets") from Tropicana for an aggregate cash purchase price of $964.0 million, exclusive of transaction fees and taxes (the "Tropicana Acquisition"). Concurrent with the Tropicana Acquisition, Eldorado Resorts, Inc. ("Eldorado") acquired the operating assets of these properties from Tropicana pursuant to an Agreement and Plan of Merger dated April 15, 2018 by and among Tropicana, GLP Capital, Eldorado and a wholly-owned subsidiary of Eldorado (the "Tropicana Merger Agreement") and leased the GLP Assets from the Company pursuant to the terms of a new unitary triple-net master lease with an initial term of 15 years, with no purchase option, followed by four successive 5-year renewal periods (exercisable by Eldorado) on the same terms and conditions (the "Eldorado Master Lease"). Additionally, on October 1, 2018, the Company entered into a loan agreement with Eldorado in connection with Eldorado’s acquisition of Lumière Place, whereby the Company loaned Eldorado $246.0 million (together with the Tropicana Acquisition the, "Tropicana Transactions"). GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of December 31, 2019, GLPI’s portfolio consisted of interests in 44 gaming and related facilities, including the TRS Properties, the real property associated with 32 gaming and related facilities operated by Penn, the real property associated with 5 gaming and related facilities operated by Eldorado, the real property associated with 4 gaming and related facilities operated by Boyd (including one financed facility) and the real property associated with the Casino Queen in East St. Louis, Illinois. These facilities, including our corporate headquarters building, are geographically diversified across 16 states and contain approximately 22.1 million square feet. As of December 31, 2019, the Company's properties were 100% occupied. GLPI expects to continue growing its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms. The consolidated financial statements include the accounts of GLPI and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses for the reporting periods. Actual results may differ from those estimates.

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Cash Flow Information) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Leases [Abstract]
Operating cash flows from operating leases (1)	$ 2,226
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 293

Revenue Recognition (Narrative) (Details)	3 Months Ended								12 Months Ended
Revenue Recognition (Narrative) (Details)	Dec. 31, 2019 USD ($) property renewaloption mi	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) property renewaloption mi	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Revenue, Major Customer [Line Items]
Number of real estate properties \| property	42								42
Number Of Miles \| mi	60								60
Interest income from real estate loans \| $									$ 28,916,000	$ 6,943,000	$ 0
Revenues \| $	$ 288,984,000	$ 287,612,000	$ 289,013,000	$ 287,864,000	$ 303,317,000	$ 254,139,000	$ 254,221,000	$ 244,050,000	$ 1,153,473,000	1,055,727,000	971,307,000
Penn National Gaming Inc. Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties \| property	19								19
Annual rent escalator									2.00%
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods									35 years
Lessor leasing arrangements, operating leases, term of contract	15 years								15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption	4								4
Lessor leasing arrangements, operating lease, renewal term	5 years								5 years
Penn National Gaming Inc. Master Lease \| Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue, Major Customer [Line Items]
Percentage of the change in net revenues from the preceding month (of 2 facilities under the Master Lease) used for adjustment in rent structure									20.00%
Penn National Gaming Inc. Master Lease \| All Properties Under Master Lease, Except Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue, Major Customer [Line Items]
Operating leases, frequency the property performance-based rent structure is adjusted									5 years
Operating leases, percent of the average net revenues of property used to calculate rent increase									4.00%
Period used in calculation of average net revenues									5 years
Amended Pinnacle Entertainment, Inc. Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties \| property	12								12
Annual rent escalator									2.00%
Operating leases, frequency the property performance-based rent structure is adjusted									2 years
Operating leases, percent of the average net revenues of property used to calculate rent increase									4.00%
Period used in calculation of average net revenues									2 years
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods									10 years
Lessor leasing arrangements, operating leases, term of contract	10 years								10 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption	5								5
Lessor leasing arrangements, operating lease, renewal term	5 years								5 years
Penn National Gaming, Inc. Meadows Lease
Revenue, Major Customer [Line Items]
Annual rent escalator									5.00%
Operating leases, frequency the property performance-based rent structure is adjusted									2 years
Operating leases, percent of the average net revenues of property used to calculate rent increase									4.00%
Period used in calculation of average net revenues									2 years
Annual rent escalator over a period of time contingent upon the achievement of certain rent coverage ratio threshold (in percentage)									5.00%
Period existing upon achievement of certain rent coverage ratio									10 years
Amount of rent available upon achievement of certain rent coverage ratio \| $									$ 31,000,000.0
Percentage at which rent escalation will be reduced upon achievement of certain threshold									2.00%
Lessor leasing arrangements, operating leases, term of contract	10 years								10 years
Eldorado Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties \| property	5								5
Annual rent escalator									2.00%
Operating leases, frequency the property performance-based rent structure is adjusted									2 years
Operating leases, percent of the average net revenues of property used to calculate rent increase									4.00%
Period used in calculation of average net revenues									2 years
Lessor leasing arrangements, operating leases, term of contract	15 years								15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption	4								4
Lessor leasing arrangements, operating lease, renewal term	5 years								5 years
Boyd Gaming Corporation Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties \| property	3								3
Annual rent escalator									2.00%
Operating leases, frequency the property performance-based rent structure is adjusted									2 years
Operating leases, percent of the average net revenues of property used to calculate rent increase									4.00%
Period used in calculation of average net revenues									2 years
Lessor leasing arrangements, operating leases, term of contract	10 years								10 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption	5								5
Lessor leasing arrangements, operating lease, renewal term	5 years								5 years
Casino Queen Lease
Revenue, Major Customer [Line Items]
Annual rent escalator									2.00%
Operating leases, frequency the property performance-based rent structure is adjusted									5 years
Operating leases, percent of the average net revenues of property used to calculate rent increase									4.00%
Period used in calculation of average net revenues									5 years
Lessor leasing arrangements, operating leases, term of contract including all reasonably assured renewal periods									35 years
Lessor leasing arrangements, operating leases, term of contract	15 years								15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption	4								4
Lessor leasing arrangements, operating lease, renewal term	5 years								5 years
Gaming, food, beverage and other
Revenue, Major Customer [Line Items]
Revenues \| $									$ 128,391,000	$ 132,545,000	$ 142,086,000

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Tables)

12 Months Ended

Dec. 31, 2019

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

Summary of financial information for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers

Summarized balance sheet information as of December 31, 2019 and 2018 and summarized income statement and cash flow information for the years ended December 31, 2019, 2018 and 2017 for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers is presented below.



At December 31, 2019 Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	2,514,806		$	4,585,749		$	—		$	7,100,555
Property and equipment, used in operations, net	—			16,607			77,473			—			94,080
Real estate loans	—			246,000			57,684			—			303,684
Right-of-use assets and land rights, net	—			181,593			657,141			—			838,734
Cash and cash equivalents	—			4,281			22,542			—			26,823
Prepaid expenses	—			1,243			2,222			763			4,228
Goodwill	—			—			16,067			—			16,067
Other intangible assets	—			—			9,577			—			9,577
Intercompany loan receivable	—			193,595			—			(193,595		)	—
Intercompany transactions and investment in subsidiaries	2,074,245			5,082,624			2,498,577			(9,655,446		)	—
Deferred tax assets	—			—			6,056			—			6,056
Other assets	—			31,766			2,728			—			34,494
Total assets	$	2,074,245		$	8,272,515		$	7,935,816		$	(9,848,278	)	$	8,434,298

Liabilities
Accounts payable	$	—		$	817		$	189		$	—		$	1,006
Accrued expenses	—			706			5,533			—			6,239
Accrued interest	—			60,695			—			—			60,695
Accrued salaries and wages	—			10,798			3,023			—			13,821
Gaming, property, and other taxes	—			480			464			—			944
Income taxes	—			(51		)	(712		)	763			—
Lease liabilities	—			89,856			94,115			—			183,971
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	—			5,737,962			—			—			5,737,962
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			271,837			56,648			—			328,485
Deferred tax liabilities	—			—			279						279
Other liabilities	—			25,170			1,481			—			26,651
Total liabilities	—			6,198,270			354,615			(192,832		)	6,360,053

Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2019)	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 214,694,165 shares issued and outstanding at December 31, 2019)	2,147			2,147			2,147			(4,294		)	2,147
Additional paid-in capital	3,959,383			3,959,384			9,839,709			(13,799,093		)	3,959,383
Retained accumulated (deficit) earnings	(1,887,285		)	(1,887,286		)	(2,260,655		)	4,147,941			(1,887,285		)
Total shareholders’ equity (deficit)	2,074,245			2,074,245			7,581,201			(9,655,446		)	2,074,245
Total liabilities and shareholders’ equity (deficit)	$	2,074,245		$	8,272,515		$	7,935,816		$	(9,848,278	)	$	8,434,298



Year ended December 31, 2019 Consolidating Statement of Income	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non-Issuers		Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	552,980		$	443,186	$	—		$	996,166
Interest income from real estate loans	—		22,471			6,445		—			28,916
Total income from real estate	—		575,451			449,631		—			1,025,082
Gaming, food, beverage and other	—		—			128,391		—			128,391
Total revenues	—		575,451			578,022		—			1,153,473
Operating expenses
Gaming, food, beverage and other	—		—			74,700		—			74,700
Land rights and ground lease expense	—		24,375			18,063		—			42,438
General and administrative	—		42,505			22,972		—			65,477
Depreciation	—		124,401			116,034		—			240,435
Loan impairment charges	—		—			13,000		—			13,000
Total operating expenses	—		191,281			244,769		—			436,050
Income from operations	—		384,170			333,253		—			717,423

Other income (expenses)
Interest expense	—		(301,520		)	—		—			(301,520		)
Interest income	—		755			1		—			756
Losses on debt extinguishment	—		(21,014		)	—		—			(21,014		)
Intercompany dividends and interest	—		494,179			7,726		(501,905		)	—
Total other income (expenses)	—		172,400			7,727		(501,905		)	(321,778		)

Income before income taxes	—		556,570			340,980		(501,905		)	395,645
Income tax expense	—		657			4,107		—			4,764
Net income	$	—	$	555,913		$	336,873	$	(501,905	)	$	390,881



Year ended December 31, 2019 Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	—		$	555,913		$	336,873		$	(501,905	)	$	390,881
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	—			133,693			125,278			—			258,971
Amortization of debt issuance costs, bond premiums and original issuance discounts	—			11,455			—			—			11,455
Losses on dispositions of property	—			8			84			—			92
Deferred income taxes	—			—			(755		)	—			(755		)
Stock-based compensation	—			16,198			—			—			16,198
Straight-line rent adjustments	—			2,653			31,921			—			34,574
Losses on debt extinguishment	—			21,014			—			—			21,014
Loan impairment charges	—			—			13,000			—			13,000

(Increase) decrease,
Prepaid expenses and other assets	—			(5,101		)	(1,217		)	248			(6,070		)
Intercompany	—			(430		)	430			—			—
(Decrease) increase,
Accounts payable	—			(1,652		)	147			—			(1,505		)
Accrued expenses	—			(58		)	(212		)	—			(270		)
Accrued interest	—			15,434			—			—			15,434
Accrued salaries and wages	—			(3,830		)	641			—			(3,189		)
Gaming, property and other taxes	—			51			(171		)	—			(120		)
Income taxes	—			(49		)	297			(248		)	—
Other liabilities	—			634			(42		)	—			592
Net cash provided by (used in) operating activities	—			745,933			506,274			(501,905		)	750,302
Investing activities
Capital maintenance expenditures	—			(22		)	(2,995		)	—			(3,017		)
Proceeds from sale of property and equipment	—			182			18			—			200
Net cash provided by (used in) investing activities	—			160			(2,977		)	—			(2,817		)
Financing activities
Dividends paid	(589,128		)	—			—			—			(589,128		)
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options	(9,058		)	—			—			—			(9,058		)
ATM Program offering costs and proceeds from issuance of common stock, net	(255		)	—			—			—			(255		)
Proceeds from issuance of long-term debt	—			1,358,853			—			—			1,358,853
Financing costs	—			(10,029		)	—			—			(10,029		)
Repayments of long-term debt	—			(1,477,949		)	—			—			(1,477,949		)
Premium and related costs paid on tender of senior unsecured notes	—			(18,879		)	—			—			(18,879		)
Intercompany financing	598,441			(598,440		)	(501,906		)	501,905			—
Net cash (used in) provided by financing activities	—			(746,444		)	(501,906		)	501,905			(746,445		)
Net (decrease) increase in cash and cash equivalents	—			(351		)	1,391			—			1,040
Cash and cash equivalents at beginning of period	—			4,632			21,151			—			25,783
Cash and cash equivalents at end of period	$	—		$	4,281		$	22,542		$	—		$	26,823



At December 31, 2018 Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	2,637,404		$	4,694,056		$	—		$	7,331,460
Land rights, net	—			100,938			572,269			—			673,207
Property and equipment, used in operations, net	—			18,577			82,307			—			100,884
Real estate loans	—			246,000			57,684			—			303,684
Cash and cash equivalents	—			4,632			21,151			—			25,783
Prepaid expenses	—			27,071			2,885			1,011			30,967
Goodwill	—			—			16,067			—			16,067
Other intangible assets	—			—			9,577			—			9,577
Loan receivable	—			—			13,000			—			13,000
Intercompany loan receivable	—			193,595			—			(193,595		)	—
Intercompany transactions and investment in subsidiaries	2,265,607			5,247,229			2,697,241			(10,210,077		)	—
Deferred tax assets	—			—			5,178			—			5,178
Other assets	—			47,378			20,108			—			67,486
Total assets	$	2,265,607		$	8,522,824		$	8,191,523		$	(10,402,661	)	$	8,577,293

Liabilities
Accounts payable	$	—		$	2,469		$	42		$	—		$	2,511
Accrued expenses	—			23,587			6,710			—			30,297
Accrued interest	—			45,261			—			—			45,261
Accrued salaries and wages	—			14,628			2,382			—			17,010
Gaming, property, and other taxes	—			24,055			18,824			—			42,879
Income taxes	—			(2		)	(1,009		)	1,011			—
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	—			5,853,497			—			—			5,853,497
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			269,185			24,726			—			293,911
Deferred tax liabilities	—			—			261			—			261
Other liabilities	—			24,536			1,523			—			26,059
Total liabilities	—			6,257,216			247,054			(192,584		)	6,311,686

Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2018)	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 214,211,932 shares issued and outstanding at December 31, 2018)	2,142			2,142			2,142			(4,284		)	2,142
Additional paid-in capital	3,952,503			3,952,506			9,832,830			(13,785,336		)	3,952,503
Retained accumulated (deficit) earnings	(1,689,038		)	(1,689,040		)	(1,890,503		)	3,579,543			(1,689,038		)
Total shareholders’ equity (deficit)	2,265,607			2,265,608			7,944,469			(10,210,077		)	2,265,607
Total liabilities and shareholders’ equity (deficit)	$	2,265,607		$	8,522,824		$	8,191,523		$	(10,402,661	)	$	8,577,293



Year ended December 31, 2018 Consolidating Statement of Income	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non- Issuers		Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	437,211		$	310,443	$	—		$	747,654
Income from direct financing lease	—		—			81,119		—			81,119
Interest income from real estate loans	—		5,590			1,353		—			6,943
Real estate taxes paid by tenants	—		46,327			41,139		—			87,466
Total income from real estate	—		489,128			434,054		—			923,182
Gaming, food, beverage and other	—		—			132,545		—			132,545
Total revenues	—		489,128			566,599		—			1,055,727
Operating expenses
Gaming, food, beverage and other	—		—			77,127		—			77,127
Real estate taxes	—		46,443			42,314		—			88,757
Land rights and ground lease expense	—		10,156			18,202		—			28,358
General and administrative	—		49,161			21,967		—			71,128
Depreciation	—		97,632			39,461		—			137,093
Goodwill impairment charges	—		—			59,454		—			59,454
Total operating expenses	—		203,392			258,525		—			461,917
Income from operations	—		285,736			308,074		—			593,810

Other income (expenses)
Interest expense	—		(247,684		)	—		—			(247,684		)
Interest income	—		1,355			472		—			1,827
Losses on debt extinguishment	—		(3,473		)	—		—			(3,473		)
Intercompany dividends and interest	—		460,044			10,280		(470,324		)	—
Total other income (expenses)	—		210,242			10,752		(470,324		)	(249,330		)

Income before income taxes	—		495,978			318,826		(470,324		)	344,480
Income tax expense	—		855			4,109		—			4,964
Net income	$	—	$	495,123		$	314,717	$	(470,324	)	$	339,516



Year ended December 31, 2018 Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	—		$	495,123		$	314,717		$	(470,324	)	$	339,516
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	—			99,678			48,687			—			148,365
Amortization of debt issuance costs, bond premiums and original issuance discounts	—			12,167			—			—			12,167
Losses on dispositions of property	—			75			234			—			309
Deferred income taxes	—			—			(522		)	—			(522		)
Stock-based compensation	—			11,152			—			—			11,152
Straight-line rent adjustments	—			49,166			12,722			—			61,888
Losses on debt extinguishment	—			3,473			—			—			3,473
Goodwill impairment charges	—			—			59,454			—			59,454

Decrease (increase),
Prepaid expenses and other assets	—			(1,777		)	477			627			(673		)
Intercompany	—			66			(66		)	—			—
(Decrease) increase,	0			0						0
Accounts payable	—			1,851			(55		)	—			1,796
Accrued expenses	—			(205		)	79			—			(126		)
Accrued interest	—			12,020			—			—			12,020
Accrued salaries and wages	—			6,796			(595		)	—			6,201
Gaming, property and other taxes	—			(78		)	(71		)	—			(149		)
Income taxes	—			304			323			(627		)	—
Other liabilities	—			55			(493		)	—			(438		)
Net cash provided by (used in) operating activities	—			689,866			434,891			(470,324		)	654,433
Investing activities
Capital project expenditures	—			(20		)	—			—			(20		)
Capital maintenance expenditures	—			(55		)	(4,229		)	—			(4,284		)
Proceeds from sale of property and equipment	—			3,195			16			—			3,211
Acquisition of real estate assets	—			(985,750		)	(257,716		)	—			(1,243,466		)
Originations of real estate loans	—			(246,000		)	(57,684		)	—			(303,684		)
Collection of principal payments on investment in direct financing lease	—			—			38,459			—			38,459
Net cash (used in) provided by investing activities	—			(1,228,630		)	(281,154		)	—			(1,509,784		)
Financing activities
Dividends paid	(550,435		)	—			—			—			(550,435		)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	7,537			—			—			—			7,537
Proceeds from issuance of long-term debt, net of unamortized debt issuance costs,bond premium and original issuance discounts	—			2,593,405			—			—			2,593,405
Financing costs	—			(32,426		)	—			—			(32,426		)
Repayments of long-term debt	—			(1,164,117		)	—			—			(1,164,117		)
Premium and related costs paid on tender of senior unsecured notes	—			(1,884		)	—			—			(1,884		)
Intercompany financing	542,898			(858,316		)	(154,906		)	470,324			—
Net cash provided by (used in) financing activities	—			536,662			(154,906		)	470,324			852,080
Net decrease in cash and cash equivalents	—			(2,102		)	(1,169		)	—			(3,271		)
Cash and cash equivalents at beginning of period	—			6,734			22,320			—			29,054
Cash and cash equivalents at end of period	$	—		$	4,632		$	21,151		$	—		$	25,783



Year ended December 31, 2017 Consolidating Statement of Income	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non- Issuers		Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	398,070		$	273,120	$	—		$	671,190
Income from direct financing lease	—		—			74,333		—			74,333
Real estate taxes paid by tenants	—		43,672			40,026		—			83,698
Total income from real estate	—		441,742			387,479		—			829,221
Gaming, food, beverage and other	—		—			142,086		—			142,086
Total revenues	—		441,742			529,565		—			971,307
Operating expenses
Gaming, food, beverage and other	—		—			80,487		—			80,487
Real estate taxes	—		43,755			40,911		—			84,666
Land rights and ground lease expense	—		5,895			18,110		—			24,005
General and administrative	—		39,863			23,288		—			63,151
Depreciation	—		93,948			19,532		—			113,480
Total operating expenses	—		183,461			182,328		—			365,789
Income from operations	—		258,281			347,237		—			605,518

Other income (expenses)
Interest expense	—		(217,068		)	—		—			(217,068		)
Interest income	—		—			1,935		—			1,935
Intercompany dividends and interest	—		451,295			12,318		(463,613		)	—
Total other income (expenses)	—		234,227			14,253		(463,613		)	(215,133		)

Income before income taxes	—		492,508			361,490		(463,613		)	390,385
Income tax expense	—		1,099			8,688		—			9,787
Net income	$	—	$	491,409		$	352,802	$	(463,613	)	$	380,598



Year ended December 31, 2017 Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	—		$	491,409		$	352,802		$	(463,613	)	$	380,598
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	—			95,058			28,777			—			123,835
Amortization of debt issuance costs	—			13,026			—			—			13,026
Losses on dispositions of property	—			—			530			—			530
Deferred income taxes	—			—			(561		)	—			(561		)
Stock-based compensation	—			15,636			—			—			15,636
Straight-line rent adjustments	—			56,815			9,156			—			65,971

(Increase) decrease,
Prepaid expenses and other assets	—			(5,703		)	1,268			(897		)	(5,332		)
Intercompany	—			317			(317		)	—			—
Increase (decrease),	0			0						0
Accounts payable	—			148			(569		)	—			(421		)
Accrued expenses	—			103			308			—			411
Accrued interest	—			(502		)	—			—			(502		)
Accrued salaries and wages	—			(79		)	269			—			190
Gaming, property and other taxes	—			(505		)	(12		)	—			(517		)
Income taxes	—			(325		)	(572		)	897			—
Other liabilities	—			6,591			(744		)	—			5,847
Net cash provided by (used in) operating activities	—			671,989			390,335			(463,613		)	598,711
Investing activities
Capital project expenditures	—			(78		)	—			—			(78		)
Capital maintenance expenditures	—			—			(3,178		)	—			(3,178		)
Proceeds from sale of property and equipment	—			10			924			—			934
Principal payments on loan receivable	—			—			13,200			—			13,200
Acquisition of real estate assets	—			(82,866		)	(386		)	—			(83,252		)
Collection of principal payments on investment in direct financing lease	—			—			73,072			—			73,072
Net cash (used in) provided by investing activities	—			(82,934		)	83,632			—			698
Financing activities
Dividends paid	(529,370		)	—			—			—			(529,370		)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	18,157			—			—			—			18,157
Proceeds from issuance of common stock, net of issuance costs	139,414			—			—			—			139,414
Proceeds from issuance of long-term debt	—			100,000			—			—			100,000
Repayments of long-term debt	—			(335,112		)	—			—			(335,112		)
Intercompany financing	371,799			(358,983		)	(476,429		)	463,613			—
Net cash (used in) provided by financing activities	—			(594,095		)	(476,429		)	463,613			(606,911		)
Net decrease in cash and cash equivalents	—			(5,040		)	(2,462		)	—			(7,502		)
Cash and cash equivalents at beginning of period	—			11,774			24,782			—			36,556
Cash and cash equivalents at end of period	$	—		$	6,734		$	22,320		$	—		$	29,054

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The only goodwill of the Company is the goodwill recorded on the books of Hollywood Casino Baton Rouge, in connection with Penn's purchase of this entity prior to the Spin-

Off. The original assets and liabilities of GLPI, including goodwill and intangible assets were recorded at their respective historical carrying values at the time of the Spin-Off in accordance with the provisions of ASC 505. There is no goodwill recorded on the Company's GLP Capital segment, which holds the Company's REIT operations.

Changes in the carrying amount of goodwill for the years ended December 31, 2019 and 2018 are as follows:



	TRS Properties Business Segment
	(in thousands)
Balance at December 31, 2017	$	75,521
Acquisitions	—
Impairment losses	(59,454		)
Balance at December 31, 2018	$	16,067
Acquisitions	—
Impairment losses	—
Balance at December 31, 2019	$	16,067

During the year ended December 31, 2018, the Company recorded a goodwill impairment charge of $59.5 million in connection with its operations at Hollywood Casino Baton Rouge. This charge was driven by general market deterioration in the Baton Rouge region and the smoking ban at all Baton Rouge, Louisiana casinos that went into effect during the second quarter of 2018, both of which significantly impacted the Company's forecasted cash flows for this reporting unit. Subsequent to conducting its impairment tests on other long-lived assets, including the gaming license described below, the Company performed Step 1 of the goodwill impairment test, which indicated a potential impairment. Step 1 of the goodwill impairment test involved the determination of the fair value of the Baton Rouge reporting unit and its comparison to the reporting unit's carrying amount. Using a discounted cash flow model, which relied on projected EBITDA to determine the reporting unit's future cash flows, the Company calculated a fair value that was less than the reporting unit's carrying value and proceeded to Step 2. In Step 2 of the goodwill impairment test, the Company performed a fair value allocation as if the reporting unit had been acquired in a business combination and assigned the fair value of the reporting unit calculated in Step 1 to all assets and liabilities of the reporting unit, including any unrecognized intangible assets. Any residual fair value was allocated to goodwill to arrive at the implied fair value of goodwill. After completing the Step 2 allocation, the Company determined the goodwill on its Baton Rouge reporting unit had an implied fair value of $16.1 million and recorded the impairment charge of $59.5 million during the fourth quarter of 2018.

In accordance with ASC 350, the Company considers its gaming license at the Hollywood Casino Perryville property an indefinite-lived intangible asset that does not require amortization based on the Company's future expectations to operate this casino indefinitely, as well as the gaming industry's historical experience in renewing these intangible assets at minimal cost with various state gaming commissions. Rather, the Company's gaming license is tested annually, or more frequently if indicators of impairment exist, for impairment by comparing the fair value of the recorded asset to its carrying amount. If the carrying amount of the indefinite-life intangible asset exceeds its fair value, an impairment loss is recognized. Hollywood Casino Perryville's gaming license will expire in September 2025, fifteen years from the casino's opening date. The Company expects to expense any costs related to the gaming license renewal as incurred. The Company conducted its annual impairment assessment of the gaming license on October 1, 2019 using the Greenfield Method which estimates the fair value of the gaming license assuming the Company built a casino with similar utility to that of the existing facility. This method also assumes a theoretical start-up company going into business without any assets other than the intangible asset being valued. Based upon these assumptions and the Company's current forecasted cash flows for this reporting unit, the gaming license was not impaired. At both December 31, 2019 and 2018, the gaming license had a carrying value of $9.6 million.

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Components of Lease Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Acquired Finite-Lived Intangible Assets [Line Items]
Operating lease cost	$ 15,482
Variable lease cost	9,048
Short-term lease cost	1,060
Total lease cost	44,126
Operating leases, rent expense per ASC 840		$ 18,900	$ 15,800
Land rights, net
Acquired Finite-Lived Intangible Assets [Line Items]
Operating lease cost	$ 18,536
Amortization of land rights		$ 11,300	$ 10,400

Income Taxes (Narrative) (Details) $ in Millions	12 Months Ended
Income Taxes (Narrative) (Details) $ in Millions	Dec. 31, 2018 USD ($)
Income Tax Disclosure [Abstract]
Reduction in deferred tax assets	$ 1.8

Earnings Per Share Earnings Per Share (Weighted Average Common Shares Outstanding) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Basic weighted-average common shares outstanding (in shares)	214,667	213,720	210,705
Diluted weighted-average common shares outstanding (in shares)	215,786	214,779	212,752
Employee stock options
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	0	206	644
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	117	80	155
Performance-based restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	1,002	773	1,248

Stock-Based Compensation (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance	1,750,857
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense		$ 0	$ 0
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 7,500,000	4,700,000	6,000,000.0
Total unrecognized compensation cost	$ 5,100,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost	1 year 7 months 13 days
Fair value of restricted stock awards released in period	$ 10,100,000	10,000,000.0	7,300,000
Performance-based restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	8,700,000	6,400,000	$ 9,700,000
Total unrecognized compensation cost	$ 8,900,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost	1 year 8 months 1 day
Fair value of restricted stock awards released in period	$ 14,700,000	$ 20,100,000
Period of total shareholder return upon which the percentage of shares vesting at the end of the measurement period will be based	3 years
Period of return of the MSCI US REIT index against which total shareholder return measured	3 years
Percentage of revenues from triple-net leases	75.00%
Performance-based restricted stock awards \| End Of Measurement Period Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock awards	3 years

Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details)	12 Months Ended
	Dec. 31, 2019
Maximum
Cash and Cash Equivalents [Line Items]
Investment maturity date for cash equivalent classification	3 months

Long-term Debt (Schedule of Long-Term Debt) (Details) - USD ($)	Dec. 31, 2019	Sep. 12, 2019	Aug. 29, 2019	Dec. 31, 2018
Long-term debt
Finance lease liability	$ 989,000
Capital lease obligations				$ 1,112,000
Total long-term debt, gross	5,786,163,000			5,903,112,000
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(48,201,000)			(49,615,000)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,737,962,000			5,853,497,000
Unsecured $1,175 million revolver
Long-term debt
Long-term debt, gross	46,000,000			402,000,000
Unsecured term loan A-1
Long-term debt
Long-term debt, gross	449,000,000			525,000,000
$1,000 million 4.875% senior unsecured notes due November 2020
Long-term debt
Long-term debt, gross	215,174,000			1,000,000,000
Debt instrument, face amount	$ 1,000,000,000	$ 1,000,000,000		$ 1,000,000,000
Debt instrument, interest rate, stated percentage	4.875%	4.875%		4.875%
$400 million 4.375% senior unsecured notes due April 2021
Long-term debt
Long-term debt, gross	$ 400,000,000			$ 400,000,000
Debt instrument, face amount	$ 400,000,000			$ 400,000,000
Debt instrument, interest rate, stated percentage	4.375%			4.375%
$500 million 5.375% senior unsecured notes due November 2023
Long-term debt
Long-term debt, gross	$ 500,000,000			$ 500,000,000
Debt instrument, face amount	$ 500,000,000			$ 500,000,000
Debt instrument, interest rate, stated percentage	5.375%			5.375%
$400 million 3.35% senior unsecured notes due September 2024
Long-term debt
Long-term debt, gross	$ 400,000,000			$ 0
Debt instrument, face amount	$ 400,000,000		$ 400,000,000
Debt instrument, interest rate, stated percentage	3.35%		3.35%
$850 million 5.250% senior unsecured notes due June 2025
Long-term debt
Long-term debt, gross	$ 850,000,000			850,000,000
Debt instrument, face amount	$ 850,000,000
Debt instrument, interest rate, stated percentage	5.25%
$975 million 5.375% senior unsecured notes due April 2026
Long-term debt
Long-term debt, gross	$ 975,000,000			975,000,000
Debt instrument, face amount	$ 975,000,000			$ 975,000,000
Debt instrument, interest rate, stated percentage	5.375%			5.375%
$500 million 5.750% senior unsecured notes due June 2028
Long-term debt
Long-term debt, gross	$ 500,000,000			$ 500,000,000
Debt instrument, face amount	$ 500,000,000
Debt instrument, interest rate, stated percentage	5.75%
$750 million 5.30% senior unsecured notes due January 2029
Long-term debt
Long-term debt, gross	$ 750,000,000			750,000,000
Debt instrument, face amount	$ 750,000,000
Debt instrument, interest rate, stated percentage	5.30%
$700 million 4.00% senior unsecured notes due January 2030
Long-term debt
Long-term debt, gross	$ 700,000,000			$ 0
Debt instrument, face amount	700,000,000		$ 700,000,000
Debt instrument, interest rate, stated percentage			4.00%
Unsecured $1,175 million revolver
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 1,175,000,000

Segment Information

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Information

The following tables present certain information with respect to the Company’s segments. Intersegment revenues between the Company’s segments were not material in any of the periods presented below.



	GLP Capital ⁽¹⁾		TRS Properties			Total
	(in thousands)
For the year ended December 31, 2019
Total revenues	$	1,025,082	$	128,391		$	1,153,473
Income from operations	694,215		23,208			717,423
Interest expense	291,114		10,406			301,520
Income before income taxes	382,841		12,804			395,645
Income tax expense	657		4,107			4,764
Net income	382,184		8,697			390,881
Depreciation	232,708		7,727			240,435
Capital project expenditures	—		—			—
Capital maintenance expenditures	22		2,995			3,017

For the year ended December 31, 2018
Total revenues	$	923,182	$	132,545		$	1,055,727
Income (loss) from operations	630,122		(36,312		)	593,810
Interest expense	237,278		10,406			247,684
Income (loss) before income taxes	391,196		(46,716		)	344,480
Income tax expense	855		4,109			4,964
Net income (loss)	390,341		(50,825		)	339,516
Depreciation	127,696		9,397			137,093
Capital project expenditures	20		—			20
Capital maintenance expenditures	55		4,229			4,284

For the year ended December 31, 2017
Total revenues	$	829,221	$	142,086		$	971,307
Income from operations	578,661		26,857			605,518
Interest expense	206,662		10,406			217,068
Income before income taxes	373,931		16,454			390,385
Income tax expense	1,099		8,688			9,787
Net income	372,832		7,766			380,598
Depreciation	102,652		10,828			113,480
Capital project expenditures	78		—			78
Capital maintenance expenditures	—		3,178			3,178

Balance sheet at December 31, 2019
Total assets	$	8,299,143	$	135,155		$	8,434,298

Balance sheet at December 31, 2018
Total assets	$	8,441,345	$	135,948		$	8,577,293

⁽¹⁾ Interest expense is net of intercompany interest eliminations of $10.4 million for each of the years ended December 31, 2019, 2018 and 2017.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment



	GLP Capital ⁽¹⁾		TRS Properties			Total
	(in thousands)
For the year ended December 31, 2019
Total revenues	$	1,025,082	$	128,391		$	1,153,473
Income from operations	694,215		23,208			717,423
Interest expense	291,114		10,406			301,520
Income before income taxes	382,841		12,804			395,645
Income tax expense	657		4,107			4,764
Net income	382,184		8,697			390,881
Depreciation	232,708		7,727			240,435
Capital project expenditures	—		—			—
Capital maintenance expenditures	22		2,995			3,017

For the year ended December 31, 2018
Total revenues	$	923,182	$	132,545		$	1,055,727
Income (loss) from operations	630,122		(36,312		)	593,810
Interest expense	237,278		10,406			247,684
Income (loss) before income taxes	391,196		(46,716		)	344,480
Income tax expense	855		4,109			4,964
Net income (loss)	390,341		(50,825		)	339,516
Depreciation	127,696		9,397			137,093
Capital project expenditures	20		—			20
Capital maintenance expenditures	55		4,229			4,284

For the year ended December 31, 2017
Total revenues	$	829,221	$	142,086		$	971,307
Income from operations	578,661		26,857			605,518
Interest expense	206,662		10,406			217,068
Income before income taxes	373,931		16,454			390,385
Income tax expense	1,099		8,688			9,787
Net income	372,832		7,766			380,598
Depreciation	102,652		10,828			113,480
Capital project expenditures	78		—			78
Capital maintenance expenditures	—		3,178			3,178

Balance sheet at December 31, 2019
Total assets	$	8,299,143	$	135,155		$	8,434,298

Balance sheet at December 31, 2018
Total assets	$	8,441,345	$	135,948		$	8,577,293

⁽¹⁾

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Balance Sheet Information) (Details)	Dec. 31, 2019
Leases [Abstract]
Weighted average remaining lease term - operating leases	53 years 6 months 3 days
Weighted average discount rate - operating leases	6.70%

Shareholders' Equity

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Shareholders' Equity

Common Stock

ATM Program

On August 14, 2019, the Company commenced a continuous equity offering under which the Company may sell up to an aggregate of $600 million of its common stock from time to time through a sales agent in "at the market" offerings (the "2019 ATM Program"). Actual sales will depend on a variety of factors, including market conditions, the trading price of the Company's common stock and determinations of the appropriate sources of funding. The Company may sell the shares in amounts and at times to be determined by the Company, but has no obligation to sell any of the shares in the 2019 ATM Program. The 2019 ATM Program also allows the Company to enter into forward sale agreements. In no event will the aggregate number of shares sold under the 2019 ATM Program (whether under any forward sale agreement or through a sales agent), have an aggregate sales price in excess of $600 million. The Company expects, that if it enters into a forward sale contract, to physically settle each forward sale agreement with the forward purchaser on one or more dates specified by the Company prior to the maturity date of that particular forward sale agreement, in which case the aggregate net cash proceeds at settlement will equal the number of shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, the Company may also elect to cash settle or net share settle a particular forward sale agreement, in which case proceeds may or may not be received or cash may be owed to the forward purchaser.

In connection with the 2019 ATM Program, the Company engaged a sales agent who may receive compensation of up to 2% of the gross sales price of the shares sold. Similarly, in the event the Company enters into a forward sale agreement, it will pay the relevant forward seller a commission of up to 2% of the sales price of all borrowed shares of common stock sold during the applicable selling period of the forward sale agreement.

During the year ended December 31, 2019, GLPI sold 1,500 shares of its common stock at an average price of $43.17 per share under the 2019 ATM Program, which generated gross proceeds of approximately $65 thousand. The Company incurred legal and other fees in connection with the ATM Program, which resulted in net costs of $255 thousand. During the year ended December 31, 2017, GLPI sold 3,864,872 shares of its common stock at an average price of $36.22 per share under a previously authorized ATM Program, which generated gross proceeds of approximately $140.0 million (net proceeds of approximately $139.4 million). The Company used the net proceeds from the 2017 sales to partially fund its acquisition of the Tunica Properties' real estate assets. As of December 31, 2019, the Company had $599.9 million remaining for issuance under the 2019 ATM Program and had not entered into any forward sale agreements.

The following table lists the regular dividends declared and paid by the Company during the years ended December 31, 2019, 2018 and 2017:



Declaration Date	Shareholder Record Date	Securities Class	Dividend Per Share		Period Covered	Distribution Date	Dividend Amount
							(in thousands)
2019
February 19, 2019	March 8, 2019	Common Stock	$	0.68	First Quarter 2019	March 22, 2019	$	145,954
May 28, 2019	June 14, 2019	Common Stock	$	0.68	Second Quarter 2019	June 28, 2019	$	145,978
August 20, 2019	September 6, 2019	Common Stock	$	0.68	Third Quarter 2019	September 20, 2019	$	145,984
November 26, 2019	December 13, 2019	Common Stock	$	0.70	Fourth Quarter 2019	December 27, 2019	$	150,285
2018
February 1, 2018	March 9, 2018	Common Stock	$	0.63	First Quarter 2018	March 23, 2018	$	134,490
April 24, 2018	June 15, 2018	Common Stock	$	0.63	Second Quarter 2018	June 29, 2018	$	134,631
July 31, 2018	September 7, 2018	Common Stock	$	0.63	Third Quarter 2018	September 21, 2018	$	134,844
October 12, 2018	December 14, 2018	Common Stock	$	0.68	Fourth Quarter 2018	December 28, 2018	$	145,627
2017
February 1, 2017	March 13, 2017	Common Stock	$	0.62	First Quarter 2017	March 24, 2017	$	129,007
April 25, 2017	June 16, 2017	Common Stock	$	0.62	Second Quarter 2017	June 30, 2017	$	131,554
July 25, 2017	September 8, 2017	Common Stock	$	0.63	Third Quarter 2017	September 22, 2017	$	133,936
October 19, 2017	December 1, 2017	Common Stock	$	0.63	Fourth Quarter 2017	December 15, 2017	$	133,942

In addition for the years ended December 31, 2019, 2018 and 2017, dividend payments were made to or accrued for GLPI restricted stock award holders and for both GLPI and Penn unvested employee stock options in the amount of $0.9 million, $0.8 million and $0.9 million, respectively.

A summary of the Company's common stock distributions for the years ended December 31, 2019, 2018 and 2017 is as follows (unaudited):



	Year Ended December 31,
	2019			2018			2017
	(in dollars per share)
Qualified dividends	$	0.0387		$	0.0391		$	0.0543
Non-qualified dividends	2.2649			2.2955			2.2436
Capital gains	0.0353			0.0270			0.0371
Non-taxable return of capital	0.4011			0.2084			0.1650
Total distributions per common share	$	2.74		$	2.57		$	2.50

Percentage classified as qualified dividends	1.41		%	1.52		%	2.17		%
Percentage classified as non-qualified dividends	82.66		%	89.32		%	89.75		%
Percentage classified as capital gains	1.29		%	1.05		%	1.48		%
Percentage classified as non-taxable return of capital	14.64		%	8.11		%	6.60		%
	100.00		%	100.00		%	100.00		%

Business and Basis of Presentation (Narrative) (Details) $ in Thousands, ft² in Millions			1 Months Ended	12 Months Ended
	Oct. 15, 2018 USD ($)	Oct. 01, 2018 USD ($)	Apr. 30, 2016 USD ($)	Dec. 31, 2019 USD ($) ft² state property renewaloption	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire mortgage notes receivable \| $				$ 0	$ 303,684	$ 0
Number of facilities whose real estate property is included in entity portfolio				44
Number of real estate properties				42
Number of states across which the portfolio of properties is diversified \| state				16
Area of real estate property \| ft²				22.1
Real estate, occupancy percentage				100.00%
Penn National Gaming Inc
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of real estate properties				32
Eldorado Resorts, Inc.
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio				5
Boyd Gaming Corporation
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio				4
Boyd Gaming Corporation
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees \| $	$ 57,700
Boyd Gaming Corporation \| Real Estate Loan
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire mortgage notes receivable \| $	57,700
Eldorado Resorts, Inc.
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees \| $		$ 246,000
Eldorado Resorts, Inc. \| Real Estate Loan
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire mortgage notes receivable \| $		246,000
Pinnacle Entertainment, Inc.
Organization Consolidation and Presentation of Financial Statements [Line Items]
Asset acquisition, consideration transferred \| $			$ 4,800,000
Plainridge Park Casino
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees \| $	$ 250,000
Tropicana Entertainment
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees \| $		$ 964,000
Number of real estate properties				5
Penn National Gaming Inc. Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract				15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption				4
Lessor leasing arrangements, operating lease, renewal term				5 years
Number of real estate properties				19
Amended Pinnacle Entertainment, Inc. Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract				10 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption				5
Lessor leasing arrangements, operating lease, renewal term				5 years
Number of real estate properties				12
Boyd Gaming Corporation Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract				10 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption				5
Lessor leasing arrangements, operating lease, renewal term				5 years
Number of real estate properties				3
Eldorado Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract				15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption				4
Lessor leasing arrangements, operating lease, renewal term				5 years
Number of real estate properties				5

Summary of Significant Accounting Policies (Segment Information) (Details)	12 Months Ended
	Dec. 31, 2019 segment
Segment Information
Number of reportable segments	2

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment information
Total revenues	$ 288,984	$ 287,612	$ 289,013	$ 287,864	$ 303,317	$ 254,139	$ 254,221	$ 244,050	$ 1,153,473	$ 1,055,727	$ 971,307
Income from operations	188,256	187,625	170,767	170,775	123,884	164,834	153,241	151,851	717,423	593,810	605,518
Interest expense									301,520	247,684	217,068
Income before income taxes									395,645	344,480	390,385
Income tax expense									4,764	4,964	9,787
Net income	114,291	$ 90,547	$ 93,033	$ 93,010	45,931	$ 104,815	$ 91,998	$ 96,772	390,881	339,516	380,598
Depreciation									240,435	137,093	113,480
Capital project expenditures									0	20	78
Capital maintenance expenditures									3,017	4,284	3,178
Total assets	8,434,298				8,577,293				8,434,298	8,577,293
GLP Capital (1)
Segment information
Total revenues									1,025,082	923,182	829,221
Income from operations									694,215	630,122	578,661
Interest expense									291,114	237,278	206,662
Income before income taxes									382,841	391,196	373,931
Income tax expense									657	855	1,099
Net income									382,184	390,341	372,832
Depreciation									232,708	127,696	102,652
Capital project expenditures									0	20	78
Capital maintenance expenditures									22	55	0
Total assets	8,299,143				8,441,345				8,299,143	8,441,345
TRS Properties
Segment information
Total revenues									128,391	132,545	142,086
Income from operations									23,208	(36,312)	26,857
Interest expense									10,406	10,406	10,406
Income before income taxes									12,804	(46,716)	16,454
Income tax expense									4,107	4,109	8,688
Net income									8,697	(50,825)	7,766
Depreciation									7,727	9,397	10,828
Capital project expenditures									0	0	0
Capital maintenance expenditures									2,995	4,229	$ 3,178
Total assets	$ 135,155				$ 135,948				$ 135,155	$ 135,948

Summary of Significant Accounting Policies (Concentration of Credit Risk) (Details)	12 Months Ended
	Dec. 31, 2019 state property
Concentration Risk [Line Items]
Number of facilities whose real estate property is included in entity portfolio \| property	(44)
Number of states across which the portfolio of properties is diversified \| state	16
Sales Revenue, Net \| Penn National Gaming Inc
Concentration Risk [Line Items]
Concentration risk, percentage	79.00%
Sales Revenue, Net \| Eldorado Resorts, Inc.
Concentration Risk [Line Items]
Concentration risk, percentage	9.00%

Summarized Quarterly Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Selected Quarterly Financial Information [Abstract]

Schedule of Quarterly Financial Information

The following table summarizes the quarterly results of operations for the years ended December 31, 2019 and 2018:



	Fiscal Quarter
	First		Second		Third		Fourth
	(in thousands, except per share data)
2019
Total revenues	$	287,864	$	289,013	$	287,612	$	288,984	⁽¹	⁾	⁽²	⁾
Income from operations	170,775		170,767		187,625		188,256		⁽²	⁾
Net income	93,010		93,033		90,547		114,291		⁽³	⁾

Earnings per common share:
Basic earnings per common share	$	0.43	$	0.43	$	0.42	$	0.53
Diluted earnings per common share	$	0.43	$	0.43	$	0.42	$	0.53

2018
Total revenues	$	244,050	$	254,221	$	254,139	$	303,317	⁽¹	⁾	⁽²	⁾
Income from operations	151,851		153,241		164,834		123,884		⁽²	⁾
Net income	96,772		91,998		104,815		45,931		⁽⁴	⁾

Earnings per common share:
Basic earnings per common share	$	0.45	$	0.43	$	0.49	$	0.21
Diluted earnings per common share	$	0.45	$	0.43	$	0.49	$	0.21

⁽¹⁾In conjunction with the adoption of ASU 2016-02 on January 1, 2019, the Company is no longer required to gross-

up its revenues for real estate taxes paid directly by its tenants. This change had no impact to the Company's operating results as these revenue gross-ups were offset with a gross-up to our operating expenses.

⁽²⁾During October 2018, the Company acquired the real property assets of five casino properties from Tropicana and

leased these assets to Eldorado under the Eldorado Master Lease. Also during October 2018, in conjunction with the Penn-Pinnacle Merger, the Company acquired the real property assets of Plainridge Park and added this property to the

Amended Pinnacle Master Lease. These transactions, in addition to the treatment of the Amended Pinnacle Master Lease as an operating lease in its entirety, as detailed in Note 18 were the primary drivers for the Company's improved operating results in 2019 as compared to 2018.

⁽³⁾During March 2019, the Company recorded a $13.0 million loan impairment charge related to the write-off of the

Casino Queen Loan. During June 2019, the Company recorded accelerated depreciation and amortization expense in the aggregate amount of $16.6 million related to the closure of the Resorts Casino Tunica property by our tenant. In September 2019, the Company recorded a loss on the early extinguishment of debt related to the 2019 Tender Offer of approximately $21.0 million. The absence of any unusual charges in the fourth quarter is the driving factor in increased net income for the period.

⁽⁴⁾During the fourth quarter of 2018, the Company recorded an impairment charge of $59.5 million, related to the

goodwill recorded on the books of its subsidiary, Hollywood Casino Baton Rouge. This was the largest driver of the decrease in the Company's net income during the fourth quarter of 2018. For further information on the impairment charge see Note 8.

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Assets) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 838,734,000
Land rights, net		$ 673,207,000
Subsidiary of Penn National Gaming Inc. \| Boomtown Biloxi MS, Under Second of Two Ground Lease Members
Lessee, Lease, Description [Line Items]
Operating lease renewal term	10 years
Subsidiary of Penn National Gaming Inc. \| Hollywood Casino Tunica
Lessee, Lease, Description [Line Items]
Operating lease renewal term	5 years
Operating lease, term of contract	5 years
Subsidiary of Penn National Gaming Inc. \| Hollywood Casino Bangor
Lessee, Lease, Description [Line Items]
Operating lease renewal term	10 years
Subsidiary of Penn National Gaming Inc. \| Argosy Casino Alton
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	30 years
Subsidiary of Penn National Gaming Inc. \| Hollywood Casino Aurora
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	49 years
Lease Arrangement, Tranche One \| Subsidiary of Eldorado Resorts, Inc. \| Belle of Baton Rouge, LA, Under Second of Two Ground Lease Members
Lessee, Lease, Description [Line Items]
Operating lease renewal term	3 years
Lease Arrangement, Tranche One \| Subsidiary of Eldorado Resorts, Inc. \| Tropicana Evansville
Lessee, Lease, Description [Line Items]
Operating lease renewal term	5 years
Lease Arrangement, Tranche Two \| Subsidiary of Eldorado Resorts, Inc. \| Tropicana Evansville
Lessee, Lease, Description [Line Items]
Operating lease renewal term	12 years
Lease Arrangement, Tranche Three \| Subsidiary of Eldorado Resorts, Inc. \| Tropicana Evansville
Lessee, Lease, Description [Line Items]
Operating lease renewal term	3 years
Lease Arrangement, Tranche Four \| Subsidiary of Eldorado Resorts, Inc. \| Tropicana Evansville
Lessee, Lease, Description [Line Items]
Operating lease renewal term	5 years
Right-of-use assets - operating leases
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 184,063,000
Land rights, net
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	654,671,000
Land rights, net	654,671,000	$ 673,207,000
Land rights, net \| Resorts Casino Tunica (2)
Lessee, Lease, Description [Line Items]
Accelerated amortization of land rights	6,300,000
Land rights, net	$ 0

Long-term Debt (Senior Unsecured Notes) (Narrative) (Details)		3 Months Ended	12 Months Ended
	Sep. 12, 2019 USD ($)	Dec. 31, 2019 USD ($) property Rate	Dec. 31, 2019 USD ($) property subsidiary	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Aug. 29, 2019 USD ($) Rate
Long-term debt
Losses on debt extinguishment			$ 21,014,000	$ 3,473,000	$ 0
Number of real estate properties \| property		42	42
Number of wholly-owned subsidiary note issuers \| subsidiary			2
Senior Notes
Long-term debt
Long-term debt, gross		$ 5,290,200,000	$ 5,290,200,000
Debt instrument, redemption price, percentage			100.00%
Senior Notes \| Change of Control
Long-term debt
Debt instrument, redemption price, percentage			101.00%
$400 million 3.35% senior unsecured notes due September 2024
Long-term debt
Long-term debt, gross		400,000,000	$ 400,000,000	0
Debt instrument, face amount		$ 400,000,000	$ 400,000,000			$ 400,000,000
Debt instrument, interest rate, stated percentage		3.35%	3.35%			3.35%
Debt instrument, discount rate at issuance as a percent of face value \| Rate						99.899%
$700 million 4.00% senior unsecured notes due January 2030
Long-term debt
Long-term debt, gross		$ 700,000,000	$ 700,000,000	0
Debt instrument, face amount		700,000,000	700,000,000			$ 700,000,000
Debt instrument, interest rate, stated percentage						4.00%
Debt instrument, discount rate at issuance as a percent of face value \| Rate						99.751%
$750 million 5.30% senior unsecured notes due January 2029
Long-term debt
Long-term debt, gross		750,000,000	750,000,000	750,000,000
Debt instrument, face amount		$ 750,000,000	$ 750,000,000
Debt instrument, interest rate, stated percentage		5.30%	5.30%
$550 million 4.375% senior unsecured notes due November 2018
Long-term debt
Debt instrument, face amount				$ 550,000,000
Debt instrument, interest rate, stated percentage				4.375%
$500 million 5.750% senior unsecured notes due June 2028
Long-term debt
Long-term debt, gross		$ 500,000,000	$ 500,000,000	$ 500,000,000
Debt instrument, face amount		$ 500,000,000	$ 500,000,000
Debt instrument, interest rate, stated percentage		5.75%	5.75%
$1,000 million 4.875% senior unsecured notes due November 2020
Long-term debt
Long-term debt, gross		$ 215,174,000	$ 215,174,000	1,000,000,000
Debt instrument, face amount	$ 1,000,000,000	$ 1,000,000,000	$ 1,000,000,000	$ 1,000,000,000
Debt instrument, interest rate, stated percentage	4.875%	4.875%	4.875%	4.875%
Debt instrument, dollar amount of notes tendered		$ 784,800,000
Losses on debt extinguishment	$ 21,000,000.0
$400 million 4.375% senior unsecured notes due April 2021
Long-term debt
Long-term debt, gross		400,000,000	$ 400,000,000	$ 400,000,000
Debt instrument, face amount		$ 400,000,000	$ 400,000,000	$ 400,000,000
Debt instrument, interest rate, stated percentage		4.375%	4.375%	4.375%
$500 million 5.375% senior unsecured notes due November 2023
Long-term debt
Long-term debt, gross		$ 500,000,000	$ 500,000,000	$ 500,000,000
Debt instrument, face amount		$ 500,000,000	$ 500,000,000	$ 500,000,000
Debt instrument, interest rate, stated percentage		5.375%	5.375%	5.375%
$975 million 5.375% senior unsecured notes due April 2026
Long-term debt
Long-term debt, gross		$ 975,000,000	$ 975,000,000	$ 975,000,000
Debt instrument, face amount		$ 975,000,000	$ 975,000,000	$ 975,000,000
Debt instrument, interest rate, stated percentage		5.375%	5.375%	5.375%
Minimum
Long-term debt
Number of days prior to maturity notes can be redeemed and receive make-whole redemption premium			90 days
Redemption period, early tender \| $1,000 million 4.875% senior unsecured notes due November 2020
Long-term debt
Debt instrument, dollar amount of notes tendered		$ 782,600,000
Debt instrument, percentage of principal amount redeemed \| Rate		78.00%
Debt instrument, redemption price, percentage \| Rate		102.337%
Redemption period, subsequent to early tender \| $1,000 million 4.875% senior unsecured notes due November 2020
Long-term debt
Debt instrument, dollar amount of notes tendered		$ 2,200,000
Debt instrument, redemption price, percentage \| Rate		99.337%

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Cash Flow) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Net income	$ 114,291,000	$ 90,547,000	$ 93,033,000	$ 93,010,000	$ 45,931,000	$ 104,815,000	$ 91,998,000	$ 96,772,000	$ 390,881,000	$ 339,516,000	$ 380,598,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization									258,971,000	148,365,000	123,835,000
Amortization of debt issuance costs, bond premiums and original issuance discounts									11,455,000	12,167,000	13,026,000
Losses on dispositions of property									92,000	309,000	530,000
Deferred income taxes									(755,000)	(522,000)	(561,000)
Stock-based compensation									16,198,000	11,152,000	15,636,000
Straight-line rent adjustments									34,574,000	61,888,000	65,971,000
Loan impairment charges									13,000,000	0	0
Losses on debt extinguishment									21,014,000	3,473,000	0
Goodwill impairment charges									0	59,454,000	0
(Increase) decrease,
Prepaid expenses and other assets									(6,070,000)	(673,000)	(5,332,000)
Intercompany									0	0	0
(Decrease), increase
Accounts payable									(1,505,000)	1,796,000	(421,000)
Accrued expenses									(270,000)	(126,000)	411,000
Accrued interest									15,434,000	12,020,000	(502,000)
Accrued salaries and wages									(3,189,000)	6,201,000	190,000
Gaming, property and other taxes									(120,000)	(149,000)	(517,000)
Income taxes									0	0	0
Other liabilities									592,000	(438,000)	5,847,000
Net cash provided by operating activities									750,302,000	654,433,000	598,711,000
Investing activities
Capital project expenditures									0	(20,000)	(78,000)
Capital maintenance expenditures									(3,017,000)	(4,284,000)	(3,178,000)
Proceeds from sale of property and equipment									200,000	3,211,000	934,000
Principal payments on loan receivable									0	0	13,200,000
Acquisition of real estate assets									0	(1,243,466,000)	(83,252,000)
Originations of real estate loans									0	(303,684,000)	0
Collections of principal payments on investment in direct financing lease									0	38,459,000	73,072,000
Net cash (used in) provided by investing activities									(2,817,000)	(1,509,784,000)	698,000
Financing activities
Dividends paid									(589,128,000)	(550,435,000)	(529,370,000)
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options									(9,058,000)	7,537,000	18,157,000
ATM Program offering costs									255,000	0
Proceeds from issuance of common stock, net of issuance costs											139,414,000
Proceeds from issuance of long-term debt									1,358,853,000	2,593,405,000	100,000,000
Financing costs									(10,029,000)	(32,426,000)	0
Repayments of long-term debt									(1,477,949,000)	(1,164,117,000)	(335,112,000)
Premium and related costs paid on tender of senior unsecured notes									(18,879,000)	(1,884,000)	0
Intercompany financing									0	0	0
Net cash (used in) provided by financing activities									(746,445,000)	852,080,000	(606,911,000)
Net increase (decrease) in cash and cash equivalents									1,040,000	(3,271,000)	(7,502,000)
Cash and cash equivalents at beginning of period				25,783,000				29,054,000	25,783,000	29,054,000	36,556,000
Cash and cash equivalents at end of period	26,823,000				25,783,000				26,823,000	25,783,000	29,054,000
Eliminations
Operating activities
Net income									(501,905,000)	(470,324,000)	(463,613,000)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization									0	0	0
Amortization of debt issuance costs, bond premiums and original issuance discounts									0	0	0
Losses on dispositions of property									0	0	0
Deferred income taxes									0	0	0
Stock-based compensation									0	0	0
Straight-line rent adjustments									0	0	0
Loan impairment charges									0
Losses on debt extinguishment									0	0
Goodwill impairment charges										0
(Increase) decrease,
Prepaid expenses and other assets									248,000	627,000	(897,000)
Intercompany									0	0	0
(Decrease), increase
Accounts payable									0	0	0
Accrued expenses									0	0	0
Accrued interest									0	0	0
Accrued salaries and wages									0	0	0
Gaming, property and other taxes									0	0	0
Income taxes									(248,000)	(627,000)	897,000
Other liabilities									0	0	0
Net cash provided by operating activities									(501,905,000)	(470,324,000)	(463,613,000)
Investing activities
Capital project expenditures										0	0
Capital maintenance expenditures									0	0	0
Proceeds from sale of property and equipment									0	0	0
Principal payments on loan receivable											0
Acquisition of real estate assets										0	0
Originations of real estate loans										0
Collections of principal payments on investment in direct financing lease										0	0
Net cash (used in) provided by investing activities									0	0	0
Financing activities
Dividends paid									0	0	0
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options									0	0	0
ATM Program offering costs									0
Proceeds from issuance of common stock, net of issuance costs											0
Proceeds from issuance of long-term debt									0	0	0
Financing costs									0	0
Repayments of long-term debt									0	0	0
Premium and related costs paid on tender of senior unsecured notes									0	0
Intercompany financing									501,905,000	470,324,000	463,613,000
Net cash (used in) provided by financing activities									501,905,000	470,324,000	463,613,000
Net increase (decrease) in cash and cash equivalents									0	0	0
Cash and cash equivalents at beginning of period				0				0	0	0	0
Cash and cash equivalents at end of period	0				0				0	0	0
Parent Guarantor
Operating activities
Net income									0	0	0
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization									0	0	0
Amortization of debt issuance costs, bond premiums and original issuance discounts									0	0	0
Losses on dispositions of property									0	0	0
Deferred income taxes									0	0	0
Stock-based compensation									0	0	0
Straight-line rent adjustments									0	0	0
Loan impairment charges									0
Losses on debt extinguishment									0	0
Goodwill impairment charges										0
(Increase) decrease,
Prepaid expenses and other assets									0	0	0
Intercompany									0	0	0
(Decrease), increase
Accounts payable									0	0	0
Accrued expenses									0	0	0
Accrued interest									0	0	0
Accrued salaries and wages									0	0	0
Gaming, property and other taxes									0	0	0
Income taxes									0	0	0
Other liabilities									0	0	0
Net cash provided by operating activities									0	0	0
Investing activities
Capital project expenditures										0	0
Capital maintenance expenditures									0	0	0
Proceeds from sale of property and equipment									0	0	0
Principal payments on loan receivable											0
Acquisition of real estate assets										0	0
Originations of real estate loans										0
Collections of principal payments on investment in direct financing lease										0	0
Net cash (used in) provided by investing activities									0	0	0
Financing activities
Dividends paid									(589,128,000)	(550,435,000)	(529,370,000)
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options									(9,058,000)	7,537,000	18,157,000
ATM Program offering costs									255,000
Proceeds from issuance of common stock, net of issuance costs											139,414,000
Proceeds from issuance of long-term debt									0	0	0
Financing costs									0	0
Repayments of long-term debt									0	0	0
Premium and related costs paid on tender of senior unsecured notes									0	0
Intercompany financing									598,441,000	542,898,000	371,799,000
Net cash (used in) provided by financing activities									0	0	0
Net increase (decrease) in cash and cash equivalents									0	0	0
Cash and cash equivalents at beginning of period				0				0	0	0	0
Cash and cash equivalents at end of period	0				0				0	0	0
Subsidiary Issuers
Operating activities
Net income									555,913,000	495,123,000	491,409,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization									133,693,000	99,678,000	95,058,000
Amortization of debt issuance costs, bond premiums and original issuance discounts									11,455,000	12,167,000	13,026,000
Losses on dispositions of property									8,000	75,000	0
Deferred income taxes									0	0	0
Stock-based compensation									16,198,000	11,152,000	15,636,000
Straight-line rent adjustments									2,653,000	49,166,000	56,815,000
Loan impairment charges									0
Losses on debt extinguishment									21,014,000	3,473,000
Goodwill impairment charges										0
(Increase) decrease,
Prepaid expenses and other assets									(5,101,000)	(1,777,000)	(5,703,000)
Intercompany									(430,000)	66,000	317,000
(Decrease), increase
Accounts payable									(1,652,000)	1,851,000	148,000
Accrued expenses									(58,000)	(205,000)	103,000
Accrued interest									15,434,000	12,020,000	(502,000)
Accrued salaries and wages									(3,830,000)	6,796,000	(79,000)
Gaming, property and other taxes									51,000	(78,000)	(505,000)
Income taxes									(49,000)	304,000	(325,000)
Other liabilities									634,000	55,000	6,591,000
Net cash provided by operating activities									745,933,000	689,866,000	671,989,000
Investing activities
Capital project expenditures										(20,000)	(78,000)
Capital maintenance expenditures									(22,000)	(55,000)	0
Proceeds from sale of property and equipment									182,000	3,195,000	10,000
Principal payments on loan receivable											0
Acquisition of real estate assets										(985,750,000)	(82,866,000)
Originations of real estate loans										(246,000,000)
Collections of principal payments on investment in direct financing lease										0	0
Net cash (used in) provided by investing activities									160,000	(1,228,630,000)	(82,934,000)
Financing activities
Dividends paid									0	0	0
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options									0	0	0
ATM Program offering costs									0
Proceeds from issuance of common stock, net of issuance costs											0
Proceeds from issuance of long-term debt									1,358,853,000	2,593,405,000	100,000,000
Financing costs									(10,029,000)	(32,426,000)
Repayments of long-term debt									(1,477,949,000)	(1,164,117,000)	(335,112,000)
Premium and related costs paid on tender of senior unsecured notes									(18,879,000)	(1,884,000)
Intercompany financing									(598,440,000)	(858,316,000)	(358,983,000)
Net cash (used in) provided by financing activities									(746,444,000)	536,662,000	(594,095,000)
Net increase (decrease) in cash and cash equivalents									(351,000)	(2,102,000)	(5,040,000)
Cash and cash equivalents at beginning of period				4,632,000				6,734,000	4,632,000	6,734,000	11,774,000
Cash and cash equivalents at end of period	4,281,000				4,632,000				4,281,000	4,632,000	6,734,000
Non-Guarantor Subsidiaries
Operating activities
Net income									336,873,000	314,717,000	352,802,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization									125,278,000	48,687,000	28,777,000
Amortization of debt issuance costs, bond premiums and original issuance discounts									0	0	0
Losses on dispositions of property									84,000	234,000	530,000
Deferred income taxes									(755,000)	(522,000)	(561,000)
Stock-based compensation									0	0	0
Straight-line rent adjustments									31,921,000	12,722,000	9,156,000
Loan impairment charges									13,000,000
Losses on debt extinguishment									0	0
Goodwill impairment charges										59,454,000
(Increase) decrease,
Prepaid expenses and other assets									(1,217,000)	477,000	1,268,000
Intercompany									430,000	(66,000)	(317,000)
(Decrease), increase
Accounts payable									147,000	(55,000)	(569,000)
Accrued expenses									(212,000)	79,000	308,000
Accrued interest									0	0	0
Accrued salaries and wages									641,000	(595,000)	269,000
Gaming, property and other taxes									(171,000)	(71,000)	(12,000)
Income taxes									297,000	323,000	(572,000)
Other liabilities									(42,000)	(493,000)	(744,000)
Net cash provided by operating activities									506,274,000	434,891,000	390,335,000
Investing activities
Capital project expenditures										0	0
Capital maintenance expenditures									(2,995,000)	(4,229,000)	(3,178,000)
Proceeds from sale of property and equipment									18,000	16,000	924,000
Principal payments on loan receivable											13,200,000
Acquisition of real estate assets										(257,716,000)	(386,000)
Originations of real estate loans										(57,684,000)
Collections of principal payments on investment in direct financing lease										38,459,000	73,072,000
Net cash (used in) provided by investing activities									(2,977,000)	(281,154,000)	83,632,000
Financing activities
Dividends paid									0	0	0
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options									0	0	0
ATM Program offering costs									0
Proceeds from issuance of common stock, net of issuance costs											0
Proceeds from issuance of long-term debt									0	0	0
Financing costs									0	0
Repayments of long-term debt									0	0	0
Premium and related costs paid on tender of senior unsecured notes									0	0
Intercompany financing									(501,906,000)	(154,906,000)	(476,429,000)
Net cash (used in) provided by financing activities									(501,906,000)	(154,906,000)	(476,429,000)
Net increase (decrease) in cash and cash equivalents									1,391,000	(1,169,000)	(2,462,000)
Cash and cash equivalents at beginning of period				$ 21,151,000				$ 22,320,000	21,151,000	22,320,000	24,782,000
Cash and cash equivalents at end of period	$ 22,542,000				$ 21,151,000				$ 22,542,000	$ 21,151,000	$ 22,320,000

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Separation and Distribution Agreements Pursuant to a Separation and Distribution Agreement between Penn and GLPI, any liability arising from or relating to legal proceedings involving the businesses and operations of Penn’s real property holdings prior to the Spin-Off (other than any liability arising from or relating to legal proceedings where the dispute arises from the operation or ownership of the TRS Properties) will be retained by Penn, and Penn will indemnify GLPI (and its subsidiaries, directors, officers, employees and agents and certain other related parties) against any losses it may incur arising from or relating to such legal proceedings. Similarly, pursuant to a Separation and Distribution Agreement between Pinnacle's operating company and GLPI (as successor to Pinnacle Entertainment), any liability arising from or relating to legal proceedings involving the business and operations of Pinnacle's real property holdings prior to the Pinnacle Merger will be retained by Pinnacle, and Pinnacle will indemnify GLPI (and its subsidiaries, directors, officers, employees and agents and certain other related parties) against any losses it may incur arising from or relating to such legal proceedings. Effective October 15, 2018, Penn assumed all obligations of Pinnacle pursuant to a merger of Pinnacle with and into a subsidiary of Penn. There can be no assurance that Penn will be able to fully satisfy these indemnification obligations. Moreover, even if the Company ultimately succeeds in recovering from Penn any amounts for which the Company is liable, it may be temporarily required to bear those losses. Litigation The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, and other matters arising in the normal course of business. The Company does not believe that the final outcome of these matters will have a material adverse effect on the Company’s consolidated financial position or results of operations. In addition, the Company maintains what it believes is adequate insurance coverage to further mitigate the risks of such proceedings. However, such proceedings can be costly, time consuming, and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings may not materially impact the Company’s financial condition or results of operations. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. Employee Benefit Plans The Company maintains a defined contribution plan under the provisions of Section 401(k) of the Internal Revenue Code of 1986, as amended, which covers all eligible employees. The plan enables participating employees to defer a portion of their salary and/or their annual bonus in a retirement fund to be administered by the Company. The Company makes a discretionary match contribution of 50% of employees' elective salary deferrals, up to a maximum of 6% of eligible employee compensation. The matching contributions for the defined contribution plan were $0.3 million for each of the years ended December 31, 2019, 2018 and 2017. The Company maintains a non-qualified deferred compensation plan that covers most management and other highly-compensated employees. The plan allows the participants to defer, on a pre-tax basis, a portion of their base annual salary and/or their annual bonus, and earn tax-deferred earnings on these deferrals. The plan also provides for matching Company contributions that vest over a five-year period. The Company has established a Trust, and transfers to the Trust, on a periodic basis, an amount necessary to provide for its respective future liabilities with respect to participant deferral and Company contribution amounts. The Company's matching contributions for the non-qualified deferred compensation plan for the years ended December 31, 2019, 2018 and 2017 were $0.6 million, $0.7 million and $0.6 million, respectively. The Company's deferred compensation liability, which was included in other liabilities within the consolidated balance sheet, was $25.2 million and $22.8 million at December 31, 2019 and 2018, respectively. Assets held in the Trust were $28.9 million and $22.7 million at December 31, 2019 and 2018, respectively, and are included in other assets within the consolidated balance sheet. Labor Agreements Some of Hollywood Casino Perryville's employees are currently represented by labor unions. The Seafarers Entertainment and Allied Trade Union represents 145 of Hollywood Casino Perryville's employees under an agreement that expires in January 2032. Additionally, United Industrial Service Transportation Professional and Government Workers of North America and Local No. 27 United Food and Commercial Workers represent certain employees under collective bargaining agreements that expire in 2020 and 2032, respectively, neither of which represents more than 50 of Hollywood Casino Perryville's employees. If the Company fails to renew or modify existing agreements on satisfactory terms, this failure could have a material adverse effect on Hollywood Casino Perryville's business, financial condition and results of operations. There can be no assurance that Hollywood Casino Perryville will be able to maintain these agreements.

Stock-Based Compensation (Restricted Stock Award Activity) (Details) - Restricted stock awards - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Number of Award Shares
Outstanding at the beginning of the period (in shares)	299,642	344,744
Granted (in shares)	317,290	283,183
Released (in shares)	(299,961)	(273,286)
Canceled (in shares)	0	(54,999)
Outstanding at the end of the period (in shares)	316,971	299,642
Weighted Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 33.53	$ 29.69
Granted (in dollars per share)	22.69	23.34
Released (in dollars per share)	21.47	18.16
Canceled (in dollars per share)	0	33.34
Outstanding at the end of the period (in dollars per share)	$ 34.10	$ 33.53

Label	Element	Value
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (410,000)
Accounting Standards Update 2014-09 [Member] \| Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (410,000)

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Tables)

12 Months Ended

Dec. 31, 2019

Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Supplemental disclosures of cash flow information are as follows:



Year ended December 31,	2019		2018		2017
	(in thousands)
Cash paid for income taxes, net of refunds received	$	5,554	$	5,389	$	11,646
Cash paid for interest	274,530		229,779		204,442

Income Taxes (Provision for Income Taxes - Current and Deferred) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current tax expense
Federal	$ 3,005	$ 2,856	$ 7,039
State	2,514	2,630	3,309
Total current	5,519	5,486	10,348
Deferred tax (benefit) expense
Federal	(667)	(512)	(166)
State	(88)	(10)	(395)
Total deferred	(755)	(522)	(561)
Total provision	$ 4,764	$ 4,964	$ 9,787

Shareholders' Equity (Dividend Classification) (Details) - $ / shares													12 Months Ended
	Dec. 27, 2019	Sep. 20, 2019	Jun. 28, 2019	Mar. 22, 2019	Dec. 28, 2018	Sep. 21, 2018	Jun. 29, 2018	Mar. 23, 2018	Dec. 15, 2017	Sep. 22, 2017	Jun. 30, 2017	Mar. 24, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Dividends
Common stock, cash dividends paid (in dollars per share)	$ 0.68	$ 0.68	$ 0.68	$ 0.68	$ 0.68	$ 0.63	$ 0.63	$ 0.63	$ 0.63	$ 0.63	$ 0.62	$ 0.62	$ 2.74	$ 2.57	$ 2.50
Common stock, cash dividends, classification of distribution, percent													100.00%	100.00%	100.00%
Qualified dividends
Dividends
Common stock, cash dividends paid (in dollars per share)													$ 0.0387	$ 0.0391	$ 0.0543
Common stock, cash dividends, classification of distribution, percent													1.41%	1.52%	2.17%
Non-qualified dividends
Dividends
Common stock, cash dividends paid (in dollars per share)													$ 2.2649	$ 2.2955	$ 2.2436
Common stock, cash dividends, classification of distribution, percent													82.66%	89.32%	89.75%
Capital gains
Dividends
Common stock, cash dividends paid (in dollars per share)													$ 0.0353	$ 0.0270	$ 0.0371
Common stock, cash dividends, classification of distribution, percent													1.29%	1.05%	1.48%
Non-taxable return of capital
Dividends
Common stock, cash dividends paid (in dollars per share)													$ 0.4011	$ 0.2084	$ 0.1650
Common stock, cash dividends, classification of distribution, percent													14.64%	8.11%	6.60%

Receivables	12 Months Ended
Receivables	Dec. 31, 2019
Financing Receivable, after Allowance for Credit Loss [Abstract]
Receivables	Receivables Real Estate Loans At December 31, 2019, the Company has two loans, the proceeds of which were used to acquire real estate by the respective casino owner-operators. On October 1, 2018, Eldorado purchased the real estate assets of Lumière Place Casino and Hotel from Tropicana for a cash purchase price of $246.0 million, exclusive of transaction fees. Financing for the transaction was provided by the Company in the form of $246.0 million real estate loan (the "Eldorado Loan"). The Eldorado Loan bears interest at a rate equal to (i) 9.09% until October 1, 2019 and (ii) 9.27% until its maturity. On the one-year anniversary of the Eldorado Loan, the mortgage evidenced by a deed of trust on the Lumière Place property terminated and the loan became unsecured and will remain unsecured until its final maturity on the two-year anniversary of the closing. The parties anticipate that the Eldorado Loan will be fully repaid on or prior to maturity by way of substitution of one or more additional Eldorado properties acceptable to Eldorado and the Company, which will be transferred to the Company and added to the Eldorado Master Lease. On October 15, 2018, Boyd purchased the real estate assets of Belterra Park from Pinnacle for a cash purchase price of $57.7 million, exclusive of transaction fees. Financing for the transaction was provided by the Company in the form of $57.7 million secured mortgage loan on Belterra Park (the "Belterra Park Loan"). The Belterra Park Loan's initial interest rate was equal to 11.11% and the loan matures in connection with the expiration of the Boyd Master Lease (as may be extended at the tenant's option to April 30, 2051). At December 31, 2019, the interest rate on the Belterra Park Loan had increased to 11.20%. At December 31, 2019, the Company does not have any allowances recorded against its real estate loans as the collection of the remaining principal and interest payments is reasonable assured. Other Loans Receivable In January 2014, the Company completed the asset acquisition of the real property associated with the Casino Queen in East St. Louis, Illinois. GLPI leases the property back to Casino Queen on a triple-net basis on terms similar to those in the Company's existing master leases. The lease has an initial term of 15 years and the tenant has an option to renew it at the same terms and conditions for four successive 5-year periods (the "Casino Queen Lease"). Simultaneously with the Casino Queen acquisition, GLPI provided Casino Queen with a $43.0 million, five-year term loan at 7% interest, pre-payable at any time, which, together with the sale proceeds, completely refinanced and retired all of Casino Queen’s outstanding long-term debt obligations. On March 13, 2017, the outstanding principal and interest on this loan was repaid in full and GLPI simultaneously provided a new unsecured $13.0 million, 5.5-year term loan (the "Casino Queen Loan") to CQ Holding Company, Inc., an affiliate of Casino Queen ("CQ Holding Company"), to partially finance its acquisition of Lady Luck Casino in Marquette, Iowa. The Casino Queen Loan bears an interest rate of 15% and is pre-payable at any time. On June 12, 2018, the Company received a Notice of Event of Default under the senior credit agreement of CQ Holding Company from the secured lender under such agreement, which reported a covenant default under its senior secured agreement. Under the terms of that agreement, when an event of default occurs, CQ Holding Company is prohibited from making cash payments to unsecured lenders such as GLPI. Therefore, beginning in June 2018 and through December 31, 2019, the interest due from CQ Holding Company under the Company's unsecured loan was paid in kind. In addition to the covenant violation noted above under its senior credit agreement, CQ Holding Company also had a payment default under the senior credit agreement. Furthermore, the Company notified Casino Queen of events of default under the Company's unsecured loan with CQ Holding Company, related to financial covenant violations during the year ended December 31, 2018. At December 31, 2018, active negotiations for the sale of Casino Queen's operations were taking place. Despite the payment and covenant defaults noted above, at that time, full payment of the principal was still expected, due to the anticipation that the operations were to be sold in the near term for an amount allowing for repayment of the full $13.0 million of loan principal due to GLPI. However, the paid-in-kind interest due to the Company at December 31, 2018 was not expected to be collected, resulting in an impairment charge of $1.5 million during the fourth quarter of 2018. The Company did not recognize the paid-in-kind interest income due to the Company for the quarter ended December 31, 2018 and took a charge for the previously recognized paid-in-kind interest income through the Company’s consolidated statement of earnings as a reversal of the paid-in-kind interest income recognized earlier in the year. During 2019, the operating results of Casino Queen continued to decline, the secured debt of Casino Queen was sold to a third-party casino operator at a discount and the Company no longer expected the loan to be repaid. Thus, because the Company did not expect Casino Queen to be able to repay the $13.0 million of principal due to the Company under the Casino Queen Loan, the full $13.0 million of principal was written off at March 31, 2019. The Company has recorded an impairment charge of $13.0 million through the consolidated statement of income for the year ended December 31, 2019 to reflect the write-off of the Casino Queen Loan. At December 31, 2019, all lease payments due from Casino Queen remain current, however Casino Queen was in violation of the rent coverage ratio required under its lease with the Company and the Company provided notice and a reservation of rights to Casino Queen and its secured lenders of such default.

Income Taxes (Effective Income Tax Rate Reconciliation, Percent) (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%	35.00%
State and local income taxes	0.50%	0.60%	0.60%
Federal tax rate change	0.00%	0.00%	0.50%
REIT conversion benefit	(20.30%)	(23.80%)	(33.60%)
Goodwill impairment charges	0.00%	3.60%	0.00%
Effective income tax rate reconciliation, effective income tax rate, percent	1.20%	1.40%	2.50%

Revenue Recognition (Future Minimum Lease Payments Receivable - Operating Leases (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Future Rental Payments Receivable
2019	$ 959,603
2020	926,874
2021	926,874
2022	920,236
2023	887,046
Thereafter	10,984,406
Total	15,605,039
Straight-Line Rent Adjustments
2019	(2,567)
2020	21,786
2021	21,786
2022	21,786
2023	21,786
Thereafter	243,908
Total	328,485
Future Base Ground Rents Receivable
2019	12,223
2020	12,045
2021	12,051
2022	12,057
2023	12,063
Thereafter	72,882
Total	133,321
Future Income to be Recognized Related to Operating Leases
2019	969,259
2020	960,705
2021	960,711
2022	954,079
2023	920,895
Thereafter	11,301,196
Total	$ 16,066,845

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

The Company elected on its U.S. federal income tax return for its taxable year that began on January 1, 2014 to be treated as a REIT. The benefits of the intended REIT conversion on the Company's tax provision and effective income tax rate are reflected in the tables below. Deferred tax assets and liabilities are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated balance sheets. These temporary differences result in taxable or deductible amounts in future years. As a result of the Tax Cuts and Jobs Act, the corporate tax rate was permanently lowered from the previous maximum rate of 35% to 21%, effective for tax years including or commencing January 1, 2018. As a result of the reduction of the corporate tax rate, U.S. generally accepted accounting principles required companies to re-value their deferred tax assets and liabilities as of the date of the enactment, with resulting tax effects accounted for in the reported period of enactment. As such, the Company revalued its net deferred tax asset at December 31, 2017. This revaluation resulted in a reduction in the value of its net deferred tax asset of approximately $1.8 million, which was recorded as additional income tax expense in the Company’s consolidated statement of income for the year ended December 31, 2017.

The components of the Company's deferred tax assets and liabilities, related to its TRS, are as follows:



Year ended December 31,	2019			2018
	(in thousands)
Deferred tax assets:
Accrued expenses	$	1,597		$	1,416
Property and equipment	5,844			5,405
Interest expense	596			313
Net deferred tax assets	8,037			7,134
Deferred tax liabilities:
Property and equipment	(624		)	(757		)
Intangibles	(1,636		)	(1,460		)
Net deferred tax liabilities	(2,260		)	(2,217		)
Net:	$	5,777		$	4,917

The provision for income taxes charged to operations for years ended December 31, 2019, 2018 and 2017 was as follows:



Year ended December 31,	2019			2018			2017
	(in thousands)
Current tax expense
Federal	$	3,005		$	2,856		$	7,039
State	2,514			2,630			3,309
Total current	5,519			5,486			10,348
Deferred tax (benefit) expense
Federal	(667		)	(512		)	(166		)
State	(88		)	(10		)	(395		)
Total deferred	(755		)	(522		)	(561		)
Total provision	$	4,764		$	4,964		$	9,787

The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2019, 2018 and 2017:



Year ended December 31,	2019		2018		2017
Percent of pretax income
U.S. federal statutory income tax rate	21.0	%	21.0	%	35.0	%
State and local income taxes	0.5	%	0.6	%	0.6	%
Federal tax rate change	—	%	—	%	0.5	%
REIT conversion benefit	(20.3	)%	(23.8	)%	(33.6	)%
Goodwill impairment charges	—	%	3.6	%	—	%
	1.2	%	1.4	%	2.5	%



Year ended December 31,	2019			2018			2017
	(in thousands)
Amount based upon pretax income
U.S. federal statutory income tax	$	83,086		$	72,341		$	136,636
State and local income taxes	2,051			2,246			2,284
Federal tax rate change	—			—			1,818
REIT conversion benefit	(80,397		)	(82,151		)	(130,876		)
Goodwill impairment charges	—			12,485			—
Permanent differences	23			19			49
Other miscellaneous items	1			24			(124		)
	$	4,764		$	4,964		$	9,787

The Company is still subject to federal income tax examinations for its years ended December 31, 2016 and forward.

Earnings Per Share Earnings Per Share (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Calculation of basic EPS:
Net income	$ 114,291	$ 90,547	$ 93,033	$ 93,010	$ 45,931	$ 104,815	$ 91,998	$ 96,772	$ 390,881	$ 339,516	$ 380,598
Less: Net income allocated to participating securities									(576)	(475)	(622)
Net income attributable to common shareholders									$ 390,305	$ 339,041	$ 379,976
Basic weighted-average common shares outstanding (in shares)									214,667,000	213,720,000	210,705,000
Basic earnings per common share (in dollars per share)	$ 0.53	$ 0.42	$ 0.43	$ 0.43	$ 0.21	$ 0.49	$ 0.43	$ 0.45	$ 1.82	$ 1.59	$ 1.80
Calculation of diluted EPS:
Net income	$ 114,291	$ 90,547	$ 93,033	$ 93,010	$ 45,931	$ 104,815	$ 91,998	$ 96,772	$ 390,881	$ 339,516	$ 380,598
Diluted weighted-average common shares outstanding (in shares)									215,786,000	214,779,000	212,752,000
Diluted earnings per common share (in dollars per share)	$ 0.53	$ 0.42	$ 0.43	$ 0.43	$ 0.21	$ 0.49	$ 0.43	$ 0.45	$ 1.81	$ 1.58	$ 1.79
Antidilutive securities excluded from computation of earnings per share (in shares)									0	13,335	3,483

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Lease Asset and Lease Liabilities

Lease Assets and Lease Liabilities

Lease Assets

The Company is subject to various operating leases as lessee for both real estate and equipment, the majority of which are ground leases related to properties the Company leases to its tenants under triple-net operating leases. These ground leases may include fixed rent, as well as variable rent based upon an individual property’s performance or changes in an index such as the CPI and have maturity dates ranging from 2028 to 2108, when considering all renewal options. For certain of these ground leases, the Company’s tenants are responsible for payment directly to the third-party landlord. Under ASC 842, the Company is required to gross-up its consolidated financial statements for these ground leases as the Company is considered the primary obligor. In conjunction with the adoption of ASU 2016-02 on January 1, 2019, the Company recorded right-of-use assets and related lease liabilities on its consolidated balance sheet to represent its rights to use the underlying leased assets and its future lease obligations, respectively, including for those ground leases paid directly by our tenants. Because the right-of-use asset relates, in part, to the same leases which resulted in the land right assets the Company recorded on its consolidated balance sheet in conjunction with the Company's assumption of below market leases at the time it acquired the related land and building assets, the Company is required to report the right-of-use assets and land rights in the aggregate on the consolidated balance sheet.

Land rights, net represent the Company's rights to land subject to long-term ground leases. The Company obtained ground lease rights through the acquisition of several of its rental properties and immediately subleased the land to its tenants. These land rights represent the below market value of the related ground leases. The Company assessed the acquired ground leases to determine if the lease terms were favorable or unfavorable, given market conditions at the acquisition date. Because the market rents to be received under the Company's triple-net tenant leases were greater than the rents to be paid under the acquired ground leases, the Company concluded that the ground leases were below market and were therefore required to be recorded as a definite lived asset (land rights) on its books.

Components of the Company's right-of use assets and land rights, net are detailed below (in thousands):



	December 31, 2019
Right-of use assets - operating leases	$	184,063
Land rights, net	654,671
Right-of-use assets and land rights, net	$	838,734

On June 30, 2019, the Resorts Casino Tunica property was closed by the Company's tenant, resulting in the acceleration of $6.3 million of land right amortization expense related to the long-term ground lease at this property and bringing the net book value of this land right to zero at December 31, 2019. Subsequent to the property's closure, the Company entered into an agreement to terminate the long-term ground lease for the Resorts Casino Tunica property, which will be effective in February 2020. In connection with the exercised termination option, the Company remeasured the lease liability and adjusted the right-of-use asset it had recorded on its consolidated balance sheet for this lease to align with the new termination date.

Land Rights

The land rights are amortized over the individual lease term of the related ground lease, including all renewal options, which ranged from 10 years to 92 years at their respective acquisition dates. Land rights net, consist of the following:



	December 31, 2019			December 31, 2018
	(in thousands)
Land rights	$	694,077		$	700,997
Less accumulated amortization	(39,406		)	(27,790		)
Land rights, net	$	654,671		$	673,207

As of December 31, 2019, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands):



Year ending December 31,
2020	$	12,081
2021	12,081
2022	12,081
2023	12,081
2024	12,081
Thereafter	594,266
Total	$	654,671

Lease Liabilities

At December 31, 2019, maturities of the Company's operating lease liabilities were as follows (in thousands):



Year ending December 31,
2020	$	14,071
2021	13,766
2022	13,659
2023	13,638
2024	13,617
Thereafter	644,059
Total lease payments	$	712,810
Less: interest	(528,839		)
Present value of lease liabilities	$	183,971

As a result of transitioning from the guidance in ASC 840 to ASC 842, the Company's annual minimum lease payments did not change.

Lease Expense

Operating lease costs represent the entire amount of expense recognized for operating leases that are recorded on the consolidated balance sheet. Variable lease costs are not included in the measurement of the lease liability and include both lease payments tied to a property's performance and changes in an index such as the CPI that are not determinable at lease commencement, while short-term lease costs are costs for those operating leases with a term of 12 months or less.

The components of lease expense were as follows:



	Year Ended December 31, 2019
	(in thousands)
Operating lease cost	$	15,482
Variable lease cost	9,048
Short-term lease cost	1,060
Amortization of land right assets	18,536
Total lease cost	$	44,126

Amortization expense related to the land right intangibles, as well as variable lease costs and the majority of the Company's operating lease costs are recorded within land rights and ground lease expense in the consolidated statements of income. The Company's short-term lease costs are recorded in both gaming, food, beverage and other expense and general and administrative expense in the consolidated statements of income, while a small portion of operating lease costs is also recorded in both gaming, food, beverage and other expense and general and administrative expense in the consolidated statements of income. Amortization expense related to the land right intangibles totaled $11.3 million and $10.4 million, respectively, for the years ended December 31, 2018 and 2017. Other lease costs totaled $18.9 million and $15.8 million, respectively, for the years ended December 31, 2018 and 2017.

Supplemental Disclosures Related to Leases

Supplemental balance sheet information related to the Company's operating leases was as follows:



	December 31, 2019
Weighted average remaining lease term - operating leases	53.51 years
Weighted average discount rate - operating leases	6.7%

Supplemental cash flow information related to the Company's operating leases was as follows:



	Year Ended December 31, 2019
	(in thousands)
Cash paid for amounts included in the measurement of leases liabilities:
Operating cash flows from operating leases ⁽¹⁾	$	2,226

Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	293

Commitments and Contingencies (Employee Benefit Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, employer matching contribution, percent of match	50.00%
Defined contribution plan, employer discretionary contribution amount	$ 0.3	$ 0.3	$ 0.3
Deferred compensation arrangement employer contribution vesting period	5 years
Deferred compensation arrangement with individual, employer contribution	$ 0.6	0.7	$ 0.6
Deferred compensation plan liabilities	25.2	22.8
Deferred compensation plan assets	$ 28.9	$ 22.7
Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, employer matching contribution, percent of employees' gross pay	6.00%
Boyd Gaming Corporation Master Lease
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods	10 years

Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax penalties and interest, net of deferred income taxes	$ 0	$ 0	$ 0
REIT taxable income distribution requirement	90.00%
Period for which entity will not be permitted to qualify for tax treatment as real estate investment trust in case of failure to qualify as REIT in any taxable year	4 years

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Revenue Recognition [Abstract]

Operating leases, lease income

Details of the Company's rental income for the year ended December 31, 2019 was as follows (in thousands):



	Year Ended December 31, 2019
Building base rent ⁽¹⁾	$	659,620
Land base rent	190,168
Percentage rent	159,107
Total cash rental income	$	1,008,895
Straight-line rent adjustments	(34,574		)
Ground rent in revenue	21,347
Other rental revenue	498
Total rental income	$	996,166

Schedule of future minimum lease payments receivable from operating leases

As of December 31, 2019, the future minimum rental income from the Company's rental properties under non-cancelable operating leases, including any reasonably assured renewal periods, was as follows (in thousands):



Year ending December 31,	Future Rental Payments Receivable		Straight-Line Rent Adjustments			Future Base Ground Rents Receivable		Future Income to be Recognized Related to Operating Leases
2020	$	959,603	$	(2,567	)	$	12,223	$	969,259
2021	926,874		21,786			12,045		960,705
2022	926,874		21,786			12,051		960,711
2023	920,236		21,786			12,057		954,079
2024	887,046		21,786			12,063		920,895
Thereafter	10,984,406		243,908			72,882		11,301,196
Total	$	15,605,039	$	328,485		$	133,321	$	16,066,845

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Income Statement) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Rental income									$ 996,166,000
Revenues
Rental income										$ 747,654,000	$ 671,190,000
Income from direct financing lease										81,119,000	74,333,000
Interest income from real estate loans									28,916,000	6,943,000	0
Real estate taxes paid by tenants										87,466,000	83,698,000
Total revenues	$ 288,984,000	$ 287,612,000	$ 289,013,000	$ 287,864,000	$ 303,317,000	$ 254,139,000	$ 254,221,000	$ 244,050,000	1,153,473,000	1,055,727,000	971,307,000
Operating expenses
Real estate taxes										88,757,000	84,666,000
Land rights and ground lease expense									42,438,000	28,358,000	24,005,000
General and administrative									65,477,000	71,128,000	63,151,000
Depreciation									240,435,000	137,093,000	113,480,000
Loan impairment charges									13,000,000	0	0
Goodwill impairment charges									0	59,454,000	0
Total operating expenses									436,050,000	461,917,000	365,789,000
Income from operations	188,256,000	187,625,000	170,767,000	170,775,000	123,884,000	164,834,000	153,241,000	151,851,000	717,423,000	593,810,000	605,518,000
Other income (expenses)
Interest expense									(301,520,000)	(247,684,000)	(217,068,000)
Interest income									756,000	1,827,000	1,935,000
Losses on debt extinguishment									(21,014,000)	(3,473,000)	0
Intercompany dividends and interest									0	0	0
Total other expenses									(321,778,000)	(249,330,000)	(215,133,000)
Income before income taxes									395,645,000	344,480,000	390,385,000
Income tax expense									4,764,000	4,964,000	9,787,000
Net income	$ 114,291,000	$ 90,547,000	$ 93,033,000	$ 93,010,000	$ 45,931,000	$ 104,815,000	$ 91,998,000	$ 96,772,000	390,881,000	339,516,000	380,598,000
Eliminations
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Rental income									0
Revenues
Rental income										0	0
Income from direct financing lease										0	0
Interest income from real estate loans									0	0
Real estate taxes paid by tenants										0	0
Total revenues									0	0	0
Operating expenses
Real estate taxes										0	0
Land rights and ground lease expense									0	0	0
General and administrative									0	0	0
Depreciation									0	0	0
Loan impairment charges									0
Goodwill impairment charges										0
Total operating expenses									0	0	0
Income from operations									0	0	0
Other income (expenses)
Interest expense									0	0	0
Interest income									0	0	0
Losses on debt extinguishment									0	0
Intercompany dividends and interest									(501,905,000)	(470,324,000)	(463,613,000)
Total other expenses									(501,905,000)	(470,324,000)	(463,613,000)
Income before income taxes									(501,905,000)	(470,324,000)	(463,613,000)
Income tax expense									0	0	0
Net income									(501,905,000)	(470,324,000)	(463,613,000)
Parent Guarantor
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Rental income									0
Revenues
Rental income										0	0
Income from direct financing lease										0	0
Interest income from real estate loans									0	0
Real estate taxes paid by tenants										0	0
Total revenues									0	0	0
Operating expenses
Real estate taxes										0	0
Land rights and ground lease expense									0	0	0
General and administrative									0	0	0
Depreciation									0	0	0
Loan impairment charges									0
Goodwill impairment charges										0
Total operating expenses									0	0	0
Income from operations									0	0	0
Other income (expenses)
Interest expense									0	0	0
Interest income									0	0	0
Losses on debt extinguishment									0	0
Intercompany dividends and interest									0	0	0
Total other expenses									0	0	0
Income before income taxes									0	0	0
Income tax expense									0	0	0
Net income									0	0	0
Subsidiary Issuers
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Rental income									552,980,000
Revenues
Rental income										437,211,000	398,070,000
Income from direct financing lease										0	0
Interest income from real estate loans									22,471,000	5,590,000
Real estate taxes paid by tenants										46,327,000	43,672,000
Total revenues									575,451,000	489,128,000	441,742,000
Operating expenses
Real estate taxes										46,443,000	43,755,000
Land rights and ground lease expense									24,375,000	10,156,000	5,895,000
General and administrative									42,505,000	49,161,000	39,863,000
Depreciation									124,401,000	97,632,000	93,948,000
Loan impairment charges									0
Goodwill impairment charges										0
Total operating expenses									191,281,000	203,392,000	183,461,000
Income from operations									384,170,000	285,736,000	258,281,000
Other income (expenses)
Interest expense									(301,520,000)	(247,684,000)	(217,068,000)
Interest income									755,000	1,355,000	0
Losses on debt extinguishment									(21,014,000)	(3,473,000)
Intercompany dividends and interest									494,179,000	460,044,000	451,295,000
Total other expenses									172,400,000	210,242,000	234,227,000
Income before income taxes									556,570,000	495,978,000	492,508,000
Income tax expense									657,000	855,000	1,099,000
Net income									555,913,000	495,123,000	491,409,000
Non-Guarantor Subsidiaries
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Rental income									443,186,000
Revenues
Rental income										310,443,000	273,120,000
Income from direct financing lease										81,119,000	74,333,000
Interest income from real estate loans									6,445,000	1,353,000
Real estate taxes paid by tenants										41,139,000	40,026,000
Total revenues									578,022,000	566,599,000	529,565,000
Operating expenses
Real estate taxes										42,314,000	40,911,000
Land rights and ground lease expense									18,063,000	18,202,000	18,110,000
General and administrative									22,972,000	21,967,000	23,288,000
Depreciation									116,034,000	39,461,000	19,532,000
Loan impairment charges									13,000,000
Goodwill impairment charges										59,454,000
Total operating expenses									244,769,000	258,525,000	182,328,000
Income from operations									333,253,000	308,074,000	347,237,000
Other income (expenses)
Interest expense									0	0	0
Interest income									1,000	472,000	1,935,000
Losses on debt extinguishment									0	0
Intercompany dividends and interest									7,726,000	10,280,000	12,318,000
Total other expenses									7,727,000	10,752,000	14,253,000
Income before income taxes									340,980,000	318,826,000	361,490,000
Income tax expense									4,107,000	4,109,000	8,688,000
Net income									336,873,000	314,717,000	352,802,000
Real estate
Revenues
Total revenues									1,025,082,000	923,182,000	829,221,000
Real estate \| Eliminations
Revenues
Total revenues									0	0	0
Real estate \| Parent Guarantor
Revenues
Total revenues									0	0	0
Real estate \| Subsidiary Issuers
Revenues
Total revenues									575,451,000	489,128,000	441,742,000
Real estate \| Non-Guarantor Subsidiaries
Revenues
Total revenues									449,631,000	434,054,000	387,479,000
Gaming, food, beverage and other
Revenues
Total revenues									128,391,000	132,545,000	142,086,000
Gaming, food, beverage and other									74,700,000	77,127,000	80,487,000
Gaming, food, beverage and other \| Eliminations
Revenues
Total revenues									0	0	0
Gaming, food, beverage and other									0	0	0
Gaming, food, beverage and other \| Parent Guarantor
Revenues
Total revenues									0	0	0
Gaming, food, beverage and other									0	0	0
Gaming, food, beverage and other \| Subsidiary Issuers
Revenues
Total revenues									0	0	0
Gaming, food, beverage and other									0	0	0
Gaming, food, beverage and other \| Non-Guarantor Subsidiaries
Revenues
Total revenues									128,391,000	132,545,000	142,086,000
Gaming, food, beverage and other									$ 74,700,000	$ 77,127,000	$ 80,487,000

Property and Equipment Used in Operations (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment Used in Operations, Net

Property and equipment used in operations, net, consists of the following and primarily represents the assets utilized at the TRS Properties



	December 31, 2019			December 31, 2018
	(in thousands)
Land and improvements	$	30,492		$	30,431
Building and improvements	116,904			116,776
Furniture, fixtures, and equipment	118,766			117,247
Construction in progress	120			284
Total property and equipment	266,282			264,738
Less accumulated depreciation	(172,202		)	(163,854		)
Property and equipment, net	$	94,080		$	100,884

Stock-Based Compensation (Performance-Based Restricted Stock Awards Activity) (Details) - Performance-based restricted stock awards - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock awards released in period	$ 14.7	$ 20.1
Number of Performance-Based Award Shares
Outstanding at the beginning of the period (in shares)	1,342,000	1,664,000
Granted (in shares)	512,000	556,000
Released (in shares)	(447,334)	(548,000)
Canceled (in shares)	(23,332)	(330,000)
Outstanding at the end of the period (in shares)	1,383,334	1,342,000
Weighted Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 18.60	$ 17.49
Granted (in dollars per share)	17.85	20.64
Released (in dollars per share)	17.22	17.29
Canceled (in dollars per share)	18.63	18.60
Outstanding at the end of the period (in dollars per share)	$ 18.77	$ 18.60

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Balance Sheet) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets
Real estate investments, net	$ 7,100,555	$ 7,331,460
Land rights, net		673,207
Property and equipment, used in operations, net	94,080	100,884
Right-of-use assets and land rights, net	838,734
Cash and cash equivalents	26,823	25,783
Prepaid expenses	4,228	30,967
Goodwill	16,067	16,067
Other intangible assets	9,577	9,577
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	0	0
Deferred tax assets	6,056	5,178
Other assets	34,494	67,486
Total assets	8,434,298	8,577,293
Liabilities
Accounts payable	1,006	2,511
Accrued expenses	6,239	30,297
Accrued interest	60,695	45,261
Accrued salaries and wages	13,821	17,010
Gaming, property, and other taxes	944	42,879
Income taxes	0	0
Lease liabilities	183,971
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,737,962	5,853,497
Intercompany loan payable	0	0
Deferred rental revenue	328,485	293,911
Deferred tax liabilities	279	261
Other liabilities	26,651	26,059
Total liabilities	6,360,053	6,311,686
Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2019 and December 31, 2018)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,694,165 and 214,211,932 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively)	2,147	2,142
Additional paid-in capital	3,959,383	3,952,503
Retained accumulated (deficit) earnings	(1,887,285)	(1,689,038)
Total shareholders’ equity	2,074,245	2,265,607	$ 2,458,247	$ 2,433,869
Total liabilities and shareholders’ equity	$ 8,434,298	$ 8,577,293
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	0	214,211,932
Common stock, shares outstanding	0	214,211,932
Consolidation, Eliminations
Assets
Real estate investments, net	$ 0	$ 0
Land rights, net		0
Property and equipment, used in operations, net	0	0
Right-of-use assets and land rights, net	0
Cash and cash equivalents	0	0
Prepaid expenses	763	1,011
Goodwill	0	0
Other intangible assets	0	0
Intercompany loan receivable	(193,595)	(193,595)
Intercompany transactions and investment in subsidiaries	(9,655,446)	(10,210,077)
Deferred tax assets	0	0
Other assets	0	0
Total assets	(9,848,278)	(10,402,661)
Liabilities
Accounts payable	0	0
Accrued expenses	0	0
Accrued interest	0	0
Accrued salaries and wages	0	0
Gaming, property, and other taxes	0	0
Income taxes	763	1,011
Lease liabilities	0
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	0	0
Intercompany loan payable	(193,595)	(193,595)
Deferred rental revenue	0	0
Deferred tax liabilities		0
Other liabilities	0	0
Total liabilities	(192,832)	(192,584)
Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2019 and December 31, 2018)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,694,165 and 214,211,932 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively)	(4,294)	(4,284)
Additional paid-in capital	(13,799,093)	(13,785,336)
Retained accumulated (deficit) earnings	4,147,941	3,579,543
Total shareholders’ equity	(9,655,446)	(10,210,077)
Total liabilities and shareholders’ equity	(9,848,278)	(10,402,661)
Parent Guarantor
Assets
Real estate investments, net	0	0
Land rights, net		0
Property and equipment, used in operations, net	0	0
Right-of-use assets and land rights, net	0
Cash and cash equivalents	0	0
Prepaid expenses	0	0
Goodwill	0	0
Other intangible assets	0	0
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	2,074,245	2,265,607
Deferred tax assets	0	0
Other assets	0	0
Total assets	2,074,245	2,265,607
Liabilities
Accounts payable	0	0
Accrued expenses	0	0
Accrued interest	0	0
Accrued salaries and wages	0	0
Gaming, property, and other taxes	0	0
Income taxes	0	0
Lease liabilities	0
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	0	0
Intercompany loan payable	0	0
Deferred rental revenue	0	0
Deferred tax liabilities	0	0
Other liabilities	0	0
Total liabilities	0	0
Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2019 and December 31, 2018)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,694,165 and 214,211,932 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively)	2,147	2,142
Additional paid-in capital	3,959,383	3,952,503
Retained accumulated (deficit) earnings	(1,887,285)	(1,689,038)
Total shareholders’ equity	2,074,245	2,265,607
Total liabilities and shareholders’ equity	2,074,245	2,265,607
Subsidiary Issuers
Assets
Real estate investments, net	2,514,806	2,637,404
Land rights, net		100,938
Property and equipment, used in operations, net	16,607	18,577
Right-of-use assets and land rights, net	181,593
Cash and cash equivalents	4,281	4,632
Prepaid expenses	1,243	27,071
Goodwill	0	0
Other intangible assets	0	0
Intercompany loan receivable	193,595	193,595
Intercompany transactions and investment in subsidiaries	5,082,624	5,247,229
Deferred tax assets	0	0
Other assets	31,766	47,378
Total assets	8,272,515	8,522,824
Liabilities
Accounts payable	817	2,469
Accrued expenses	706	23,587
Accrued interest	60,695	45,261
Accrued salaries and wages	10,798	14,628
Gaming, property, and other taxes	480	24,055
Income taxes	(51)	(2)
Lease liabilities	89,856
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,737,962	5,853,497
Intercompany loan payable	0	0
Deferred rental revenue	271,837	269,185
Deferred tax liabilities	0	0
Other liabilities	25,170	24,536
Total liabilities	6,198,270	6,257,216
Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2019 and December 31, 2018)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,694,165 and 214,211,932 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively)	2,147	2,142
Additional paid-in capital	3,959,384	3,952,506
Retained accumulated (deficit) earnings	(1,887,286)	(1,689,040)
Total shareholders’ equity	2,074,245	2,265,608
Total liabilities and shareholders’ equity	8,272,515	8,522,824
Non-Guarantor Subsidiaries
Assets
Real estate investments, net	4,585,749	4,694,056
Land rights, net		572,269
Property and equipment, used in operations, net	77,473	82,307
Right-of-use assets and land rights, net	657,141
Cash and cash equivalents	22,542	21,151
Prepaid expenses	2,222	2,885
Goodwill	16,067	16,067
Other intangible assets	9,577	9,577
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	2,498,577	2,697,241
Deferred tax assets	6,056	5,178
Other assets	2,728	20,108
Total assets	7,935,816	8,191,523
Liabilities
Accounts payable	189	42
Accrued expenses	5,533	6,710
Accrued interest	0	0
Accrued salaries and wages	3,023	2,382
Gaming, property, and other taxes	464	18,824
Income taxes	(712)	(1,009)
Lease liabilities	94,115
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	0	0
Intercompany loan payable	193,595	193,595
Deferred rental revenue	56,648	24,726
Deferred tax liabilities	279	261
Other liabilities	1,481	1,523
Total liabilities	354,615	247,054
Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2019 and December 31, 2018)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,694,165 and 214,211,932 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively)	2,147	2,142
Additional paid-in capital	9,839,709	9,832,830
Retained accumulated (deficit) earnings	(2,260,655)	(1,890,503)
Total shareholders’ equity	7,581,201	7,944,469
Total liabilities and shareholders’ equity	$ 7,935,816	8,191,523
GLP Capital, L.P.
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Ownership percentage of subsidiaries by parent company	100.00%
GLP Financing II, Inc.
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Ownership percentage of subsidiaries by parent company	100.00%
Real Estate Loan
Assets
Loans receivable	$ 303,684	303,684
Real Estate Loan \| Consolidation, Eliminations
Assets
Loans receivable	0	0
Real Estate Loan \| Parent Guarantor
Assets
Loans receivable	0	0
Real Estate Loan \| Subsidiary Issuers
Assets
Loans receivable	246,000	246,000
Real Estate Loan \| Non-Guarantor Subsidiaries
Assets
Loans receivable	57,684	57,684
Loan receivable
Assets
Loans receivable	$ 0	13,000
Loan receivable \| Consolidation, Eliminations
Assets
Loans receivable		0
Loan receivable \| Parent Guarantor
Assets
Loans receivable		0
Loan receivable \| Subsidiary Issuers
Assets
Loans receivable		0
Loan receivable \| Non-Guarantor Subsidiaries
Assets
Loans receivable		$ 13,000

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash paid for income taxes, net of refunds received	$ 5,554	$ 5,389	$ 11,646
Cash paid for interest	$ 274,530	$ 229,779	$ 204,442

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

The components of the Company's deferred tax assets and liabilities, related to its TRS, are as follows:



Year ended December 31,	2019			2018
	(in thousands)
Deferred tax assets:
Accrued expenses	$	1,597		$	1,416
Property and equipment	5,844			5,405
Interest expense	596			313
Net deferred tax assets	8,037			7,134
Deferred tax liabilities:
Property and equipment	(624		)	(757		)
Intangibles	(1,636		)	(1,460		)
Net deferred tax liabilities	(2,260		)	(2,217		)
Net:	$	5,777		$	4,917

Schedule of Components of Income Tax Expense

The provision for income taxes charged to operations for years ended December 31, 2019, 2018 and 2017 was as follows:



Year ended December 31,	2019			2018			2017
	(in thousands)
Current tax expense
Federal	$	3,005		$	2,856		$	7,039
State	2,514			2,630			3,309
Total current	5,519			5,486			10,348
Deferred tax (benefit) expense
Federal	(667		)	(512		)	(166		)
State	(88		)	(10		)	(395		)
Total deferred	(755		)	(522		)	(561		)
Total provision	$	4,764		$	4,964		$	9,787

Schedules of Effective Income Tax Rate Reconciliations

The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2019, 2018 and 2017:



Year ended December 31,	2019		2018		2017
Percent of pretax income
U.S. federal statutory income tax rate	21.0	%	21.0	%	35.0	%
State and local income taxes	0.5	%	0.6	%	0.6	%
Federal tax rate change	—	%	—	%	0.5	%
REIT conversion benefit	(20.3	)%	(23.8	)%	(33.6	)%
Goodwill impairment charges	—	%	3.6	%	—	%
	1.2	%	1.4	%	2.5	%



Year ended December 31,	2019			2018			2017
	(in thousands)
Amount based upon pretax income
U.S. federal statutory income tax	$	83,086		$	72,341		$	136,636
State and local income taxes	2,051			2,246			2,284
Federal tax rate change	—			—			1,818
REIT conversion benefit	(80,397		)	(82,151		)	(130,876		)
Goodwill impairment charges	—			12,485			—
Permanent differences	23			19			49
Other miscellaneous items	1			24			(124		)
	$	4,764		$	4,964		$	9,787

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2019	Feb. 18, 2020
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-36124
Entity Registrant Name	Gaming and Leisure Properties, Inc.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	46-2116489
Entity Address, Address Line One	845 Berkshire Blvd., Suite 200
Entity Address, City or Town	Wyomissing
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19610
City Area Code	610
Local Phone Number	401-2900
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	GLPI
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float	$ 7.9
Entity Common Stock, Shares Outstanding		215,101,747
Documents Incorporated by Reference	Portions of the registrant's definitive proxy statement for its 2020 annual meeting of shareholders (when it is filed) will be incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001575965
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Real Estate Investments

Real estate investments primarily represent land and buildings leased to the Company's tenants. The Company records the acquisition of real estate assets at fair value, including acquisition and closing costs. The cost of properties developed by the Company include costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. The Company considers the period of future benefit of the asset to determine the appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful lives of the buildings and building improvements which are generally between 10 to 31 years.

The Company continually monitors events and circumstances that could indicate that the carrying amount of its real estate investments may not be recoverable or realized. The factors considered by the Company in performing these assessments include evaluating whether the tenant is current on their lease payments, the tenant’s rent coverage ratio, the financial stability of the tenant and its parent company, and any other relevant factors. When indicators of potential impairment suggest that the carrying value of a real estate investment may not be recoverable, the Company estimates the fair value of the investment by calculating the undiscounted future cash flows from the use and eventual disposition of the investment. This amount is compared to the asset's carrying value. If the Company determines the carrying amount is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP. The Company groups its real estate investments together by lease, the lowest level for which identifiable cash flows are available, in evaluating impairment. In assessing the recoverability of the carrying value, the Company must make assumptions regarding future cash flows and other factors. The factors considered by the Company in performing this assessment include current operating results, market and other applicable trends and residual values, as well as the effect of obsolescence, demand, competition and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss.

Property and Equipment Used in Operations

Property and equipment are stated at cost, less accumulated depreciation and represent assets used by the Company's TRS operations and certain corporate assets. Maintenance and repairs that neither add materially to the value of the asset nor appreciably prolong its useful life are charged to expense as incurred. Gains or losses on the disposal of property and equipment are included in the determination of income.

Depreciation of property and equipment is recorded using the straight-line method over the following estimated useful lives:



Land improvements		15 years
Building and improvements		5 to 31 years
Furniture, fixtures, and equipment		3 to 31 years

Leasehold improvements are depreciated over the shorter of the estimated useful life of the improvement or the related lease term. The estimated useful lives are determined based on the nature of the assets as well as the Company's current operating strategy.

The Company reviews the carrying value of its property and equipment for possible impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based upon the estimated undiscounted future cash flows expected to result from its use and eventual disposition. If the Company determines the carrying amount is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP. In estimating expected future cash flows for determining whether an asset is impaired, assets are grouped at the individual property level. In assessing the recoverability of the carrying value of property and equipment, the Company must make assumptions regarding future cash flows and other factors. The factors considered by the Company in performing this assessment include current operating results, market and other applicable trends and residual values, as well as the effect of obsolescence, demand, competition and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss for these assets.

Loans Receivable

Loans and Other Loans Receivable

The Company may periodically loan funds to casino owner-operators for the purchase of gaming related real estate and/or operations. Loans for the purchase of real estate assets of gaming-related properties are classified as real estate loans on the Company's consolidated balance sheets, while loans for an operator's general operations are classified as loans receivable on the Company's consolidated balance sheets. All loans receivable are recorded on the Company's consolidated balance sheets at carrying value which approximates fair value. Interest income related to real estate loans is recorded as interest income from real estate loans within the Company's consolidated statements of income in the period earned, whereas interest income related to other loans receivable is recorded as non-operating interest income within the Company's consolidated statements of income in the period earned.

The Company evaluates loans for impairment when it is probable that it will not be able to collect all amounts due according to the contractual terms of the agreement. All amounts due under the contractual terms of the agreement means that both contractual interest payments and contractual principal payments will be collected as scheduled in the loan agreement. Indicators of impairment may include delinquent payments, a decline in the credit worthiness of a debtor, or a decline in the underlying property/tenant’s performance. The Company measures loan impairment based upon the present value of expected future cash flows discounted at the loan’s original effective interest rate. The determination of whether loans are impaired involves judgments and assumptions based on objective and subjective factors. If an impairment occurs, the Company will reduce the carrying value of the loan and record a corresponding charge to net income.

Lease Assets and Lease Liabilities

The Company determines whether a contract is or contains a lease at its inception. A lease is defined as the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Right-of-use assets and lease liabilities are recorded on the Company's consolidated balance sheet at the lease commencement date for operating leases in which the Company acts as lessee. Right-of-use assets represent the Company's rights to use underlying assets for the term of the lease and lease liabilities represent the Company's future obligations under the lease agreement. Right-of-use assets and lease liabilities are recognized at the lease commencement date based upon the estimated present value of the lease payments. As the rate implicit in the Company's leases (in which the Company acts as lessee) cannot readily be determined, the Company utilizes its own estimated incremental borrowing rates to determine the present value of its lease payments. Consideration is given to the Company's recent debt issuances, as well as publicly available data for instruments with similar characteristics, including tenor, when determining the incremental borrowing rates of the Company's leases.

The Company includes options to extend a lease in its lease term when it is reasonably certain that the Company will exercise those renewal options. In the instance of the Company's ground leases associated with its tenant occupied properties, the Company has included all available renewal options in the lease term, as it intends to renew these leases indefinitely. The Company accounts for the lease and nonlease components (as necessary) of its leases of all classes of underlying assets as a single lease component. Leases with a term of 12 months or less are not recorded on the Company's consolidated balance sheet.

Right-of-use assets and land rights are monitored for potential impairment in much the same way as the Company's real estate assets, using the impairment model in ASC 360 - Property, Plant and Equipment. If the Company determines the carrying amount of a right-of-use asset or land right is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP.

Cash and Cash Equivalents

The Company considers all cash balances and highly-liquid investments with original maturities of three months or less to be cash and cash equivalents.

Prepaid Expenses and Other Assets

Prepaid expenses consist of expenditures for goods or services before the goods are used or the services are received. These amounts are deferred and charged to operations as the benefits are realized and primarily consist of prepayments for insurance, property taxes and other contracts that will be expensed during the subsequent year. It also includes transaction costs that will be allocated to purchase price upon the closing of an asset acquisition. Other assets primarily consists of accounts receivable and deferred compensation plan asset

Goodwill and Other Intangible Assets

Goodwill and Intangible Assets

The Company's goodwill and intangible assets are the result of the contribution of Hollywood Casino Baton Rouge and Hollywood Casino Perryville in connection with the Spin-Off. The Company's goodwill resides on the books of its Hollywood Casino Baton Rouge subsidiary, while the other intangible asset represents a gaming license on the books of its Hollywood Casino Perryville subsidiary. Both subsidiaries are members of the TRS Properties segment and are considered separate reporting units under ASC 350 - Intangibles - Goodwill and Other ("ASC 350"). Goodwill is tested at the reporting unit level, which is an operating segment or one level below an operating segment for which discrete financial information is available

Under ASC 350, the Company is required to test goodwill for impairment at least annually and whenever events or circumstances indicate that it is more likely than not that goodwill may be impaired. The Company has elected to perform its annual goodwill impairment test as of October 1 of each year. In accordance with ASC 350, the Company tests goodwill for impairment subsequent to testing its other long-lived assets for impairment.

ASC 350 prescribes a two-step goodwill impairment test, the first step which involves the determination of the fair value of each reporting unit and its comparison to the carrying amount. In order to determine the fair value of the Baton Rouge reporting unit, the Company utilizes a discounted cash flow model, which relies on projected EBITDA to determine the reporting unit's future cash flows. If the carrying amount exceeds the fair value in step 1, then step 2 of the impairment test is performed to determine the implied fair value of goodwill. If the implied fair value of goodwill is less than the goodwill allocated to the reporting unit, an impairment loss is recognized.

In accordance with ASC 350, the Company considers its Hollywood Casino Perryville gaming license an indefinite-lived intangible asset that does not require amortization based on the Company's future expectations to operate this casino indefinitely, as well as the gaming industry's historical experience in renewing these intangible assets at minimal cost with various state gaming commissions. Rather, the Company's gaming license is tested annually, or more frequently if indicators of impairment exist, for impairment by comparing the fair value of the recorded asset to its carrying amount. If the carrying amount of the indefinite-life intangible asset exceeds its fair value, an impairment loss is recognized. Hollywood Casino Perryville's gaming license will expire in September 2025, fifteen years from the casino's opening date. The Company expects to expense any costs related to the gaming license renewal as incurred.

The Company calculates the fair value of its gaming license using the Greenfield Method under the income approach. The Greenfield Method estimates the fair value of the gaming license assuming the Company built a casino with similar utility to that of the existing facility. The method assumes a theoretical start-up company going into business without any assets other than the intangible asset being valued. As such the value of the license is a function of the following items:


•	Projected revenues and operating cash flows;


•	Theoretical construction costs and duration;


•	Pre-opening expenses;


•	Discounting that reflects the level of risk associated with receiving future cash flows attributable to the license; and


•	Remaining useful life of the license

The evaluation of goodwill and indefinite-lived intangible assets requires the use of estimates about future operating results to determine the estimated fair value of the reporting unit and the indefinite-lived intangible assets. The Company must make various assumptions and estimates in performing its impairment testing. The implied fair value includes estimates of future cash flows that are based on reasonable and supportable assumptions, which represent the Company's best estimates of the cash flows expected to result from the use of the assets. Changes in estimates, increases in the Company's cost of capital, reductions in transaction multiples, changes in operating and capital expenditure assumptions or application of alternative assumptions and definitions could produce significantly different results. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the Company's estimates. If the Company's ongoing estimates of future cash flows are not met, the Company may have to record impairment charges in future accounting periods. The Company's estimates of cash flows are based on the current regulatory and economic climates, as well as recent operating information and budgets. These estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, or other events.

Forecasted cash flows can be significantly impacted by the local economy in which the Company's subsidiaries operate. For example, increases in unemployment rates can result in decreased customer visitations and/or lower customer spend per visit. In addition, new legislation which approves gaming in nearby jurisdictions or further expands gaming in jurisdictions in which the Company operates can result in increased competition for the property. This generally has a negative effect on profitability once competitors become established, as a certain level of cannibalization occurs absent an overall increase in customer visitations. Lastly, increases in gaming taxes approved by state regulatory bodies can negatively impact forecasted cash flows.

Assumptions and estimates about future cash flow levels are complex and subjective. They are sensitive to changes in underlying assumptions and can be affected by a variety of factors, including external factors, such as industry, geopolitical and economic trends, and internal factors, such as changes in the Company's business strategy, which may reallocate capital and resources to different or new opportunities which management believes will enhance the Company's overall value but may be to the detriment of its existing operations

Debt Issuance Costs

Debt Issuance Costs and Bond Premiums and Discounts

Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the contractual term of the underlying indebtedness. In accordance with ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, the Company records long-term debt net of unamortized debt issuance costs on its consolidated balance sheets. Similarly, the Company records long-term debt net of any unamortized bond premiums and original issuance discounts on its consolidated balance sheets

Fair Value of Financial Assets and Liabilities

Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are classified based upon the level of judgment associated with the inputs used to measure their fair value. ASC 820 - Fair Value Measurements and Disclosures ("ASC 820") establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for

the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy related to the subjectivity of the valuation inputs are described below:


•	Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.


•	Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets, such as interest rates and yield curves that are observable at commonly quoted intervals.


•	Level 3: Unobservable inputs that reflect the reporting entity's own assumptions, as there is little, if any, related market activity.

The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy

Revenue Recognition

The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractually fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured in accordance with ASC 842 - Leases. Additionally, percentage rent that is fixed and determinable at the lease inception date is recorded on a straight-line basis over the lease term, resulting in the recognition of deferred rental revenue on the Company’s consolidated balance sheets. Deferred rental revenue is amortized to rental revenue on a straight-line basis over the remainder of the lease term. The lease term includes the initial non-cancelable lease term and any reasonably assured renewable periods. Contingent rental income that is not fixed and determinable at lease inception is recognized only when the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been transferred to the tenant.

Additionally, in accordance with ASC 842, the Company records revenue for the ground lease rent paid by its tenants with an offsetting expense in land rights and ground lease expense within the consolidated statement of income as the Company has concluded that as the lessee it is the primary obligor under the ground leases. The Company subleases these ground leases back to its tenants, who are responsible for payment directly to the landlord.

The Company may periodically loan funds to casino owner-operators for the purchase of gaming related real estate. Interest income related to real estate loans is recorded as revenue from real estate within the Company's consolidated statements of income in the period earned.

Gaming revenue generated by the TRS Properties mainly consists of revenue from slot machines and to a lesser extent, table game and poker revenue. Gaming revenue from slot machines is the aggregate net difference between gaming wins and losses with liabilities recognized for funds deposited by customers before gaming play occurs, for "ticket-in, ticket-out" coupons in the customers’ possession, and for accruals related to the anticipated payout of progressive jackpots. Progressive slot machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are charged to revenue as the amount of the jackpots increase. Table game gaming revenue is the aggregate of table drop adjusted for the change in aggregate table chip inventory. Table drop is the total dollar amount of the currency, coins, chips, tokens, outstanding counter checks (markers), and front money that are removed from the live gaming tables. Gaming revenue is recognized net of certain sales incentives, including promotional allowances in accordance with ASC 606 - Revenues from Contracts with Customers. The Company also defers a portion of the revenue received from customers (who participate in the points-based loyalty programs) at the time of play until a later period when the points are redeemed or forfeited.

Stock-Based Compensation

The Company's Amended 2013 Long Term Incentive Compensation Plan (the "2013 Plan") provides for the Company to issue restricted stock awards, including performance-based restricted stock awards, and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards.

The Company accounts for stock compensation under ASC 718 - Compensation - Stock Compensation, which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value of the Company's time-based restricted stock awards is equivalent to the closing stock price on the day

prior to grant. The Company utilizes a third-party valuation firm to measure the fair value of performance-based restricted stock awards at grant date using the Monte Carlo model.

The unrecognized compensation cost relating to restricted stock awards and performance-based restricted stock awards is recognized as expense over the awards’ remaining vesting periods.

Income Taxes

The TRS Properties are able to engage in activities resulting in income that would not be qualifying income for a REIT. As a result, certain activities of the Company which occur within its TRS Properties are subject to federal and state income taxes.

The Company accounts for income taxes in accordance with ASC 740 - Income Taxes ("ASC 740"). Under ASC 740, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and are measured at the prevailing enacted tax rates that will be in effect when these differences are settled or realized. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realizability of the deferred tax assets is evaluated by assessing the valuation allowance and by adjusting the amount of the allowance, if any, as necessary. The factors used to assess the likelihood of realization are the forecast of future taxable income.

ASC 740 also creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not have any uncertain tax positions for the three years ended December 31, 2019.

The Company is required under ASC 740 to disclose its accounting policy for classifying interest and penalties, the amount of interest and penalties charged to expense each period, as well as the cumulative amounts recorded in the consolidated balance sheets. If and when they occur, the Company will classify any income tax-related penalties and interest accrued related to unrecognized tax benefits in taxes on income within the consolidated statements of income. During the years ended December 31, 2019, 2018 and 2017, the Company recognized no penalties and interest, net of deferred income taxes.

The Company elected on its U.S. federal income tax return for its taxable year that began on January 1, 2014 to be treated as a REIT and the Company, together with an indirect wholly-owned subsidiary of the Company, GLP Holdings, Inc., jointly elected to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc. as a "taxable REIT subsidiary" effective on the first day of the first taxable year of GLPI as a REIT. The Company continues to be organized and to operate in a manner that will permit the Company to qualify as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to shareholders. As a REIT, the Company generally will not be subject to federal, state or local income tax on income that it distributes as dividends to its shareholders, except in those jurisdictions that do not allow a deduction for such distributions. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal, state and local income tax, including any applicable alternative minimum tax, on its taxable income at regular corporate income tax rates, and dividends paid to its shareholders would not be deductible by the Company in computing taxable income. Any resulting corporate liability could be substantial and could materially and adversely affect the Company's net income and net cash available for distribution to shareholders. Unless the Company was entitled to relief under certain Internal Revenue Code provisions, the Company also would be disqualified from re-electing to be taxed as a REIT for the 4 taxable years following the year in which it failed to qualify to be taxed as a REIT

Earnings Per Share

The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings Per Share. Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options, unvested restricted shares and unvested performance-based restricted shares.

Segment Information

Consistent with how the Company’s Chief Operating Decision Maker (as such term is defined in ASC 280 - Segment Reporting) reviews and assesses the Company’s financial performance, the Company has two reportable segments, GLP Capital, L.P. (a wholly-owned subsidiary of GLPI through which GLPI owns substantially all of its real estate assets) and the TRS Properties. The GLP Capital reportable segment consists of the leased real property and represents the majority of the Company’s business. The TRS Properties reportable segment consists of Hollywood Casino Perryville and Hollywood Casino Baton Rouge

Concentration of Credit Risk

Concentrations of credit risk arise when a number of operators, tenants, or obligors related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. Additionally, concentrations of credit risk may arise when revenues of the Company are derived from a small number of tenants. As of December 31, 2019, substantially all of the Company's real estate properties were leased to Penn, Eldorado and Boyd. During the year ended December 31, 2019, approximately 79%, 11% and 9% of the Company's collective income from real estate was derived from tenant leases and real estate loans with Penn, Eldorado and Boyd, respectively. Revenues from our tenants are reported in the Company's GLP Capital, L.P. reportable segment. Penn, Eldorado and Boyd are publicly traded companies that are subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and are required to file periodic reports on Form 10-K and Form 10-Q and current reports on Form 8-K with the Securities and Exchange Commission ("SEC"). Readers are directed to Penn, Eldorado and Boyd's respective websites for further financial information on these companies. Other than the Company's tenant concentration, management believes the Company's portfolio was reasonably diversified by geographical location and did not contain any other significant concentrations of credit risk. As of December 31, 2019, the Company's portfolio of 44 properties is diversified by location across 16 states.

Financial instruments that subject the Company to credit risk consist of cash and cash equivalents, accounts receivable, real estate loans and other loans receivable. The Company's policy is to limit the amount of credit exposure to any one financial institution and place investments with financial institutions evaluated as being creditworthy, or in short-term money market and tax-free bond funds which are exposed to minimal interest rate and credit risk. At times, the Company has bank deposits and overnight repurchase agreements that exceed federally-insured limits

Stock-Based Compensation

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

As of December 31, 2019, the Company had 1,750,857 shares available for future issuance under the Amended 2013 Long Term Incentive Compensation Plan (the "2013 Plan"). The 2013 Plan provides for the Company to issue restricted stock awards, including performance-based restricted stock awards and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards. The Company issues new authorized common shares to satisfy stock option exercises and restricted stock award releases.

As of December 31, 2019, there was $5.1 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.62 years. For the years ended December 31, 2019, 2018 and 2017, the Company recognized $7.5 million, $4.7 million and $6.0 million, respectively, of compensation expense associated with these awards. The total fair value of awards released during the years ended December 31, 2019, 2018 and 2017, was $10.1 million, $10.0 million and $7.3 million, respectively.

The following table contains information on restricted stock award activity for the years ended December 31, 2019 and 2018:



	Number of Award Shares		Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2017	344,744		$	29.69
Granted	283,183		$	23.34
Released	(273,286	)	$	18.16
Canceled	(54,999	)	$	33.34
Outstanding at December 31, 2018	299,642		$	33.53
Granted	317,290		$	22.69
Released	(299,961	)	$	21.47
Canceled	—		$	—
Outstanding at December 31, 2019	316,971		$	34.10

Performance-based restricted stock awards have a three-year cliff vesting with the amount of restricted shares vesting at the end of the three-year period determined based upon the Company’s performance as measured against its peers. More specifically, the percentage of shares vesting at the end of the measurement period will be based on the Company’s three-year total shareholder return measured against the three-year total shareholder return of the companies included in the MSCI US REIT index and the Company's stock performance ranking among a group of triple-net REIT peer companies. The triple-net measurement group includes publicly traded REITs, which the Company believes derive at least 75% of revenues from triple-net leases and meet a minimum market capitalization. As of December 31, 2019, there was $8.9 million of total unrecognized compensation cost for performance-based restricted stock awards, which will be recognized over the awards' remaining weighted average vesting period of 1.67 years. For the years ended December 31, 2019, 2018 and 2017, the Company recognized $8.7 million, $6.4 million and $9.7 million, respectively, of compensation expense associated with these awards. The total fair value of performance-based stock awards released during the years ended December 31, 2019, and 2018 was $14.7 million and $20.1 million, respectively. No performance-based stock awards were released during the year ended December 31, 2017.

The following table contains information on performance-based restricted stock award activity for the years ended December 31, 2019 and 2018:



	Number of Performance-Based Award Shares		Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2017	1,664,000		$	17.49
Granted	556,000		$	20.64
Released	(548,000	)	$	17.29
Canceled	(330,000	)	$	18.60
Outstanding at December 31, 2018	1,342,000		$	18.60
Granted	512,000		$	17.85
Released	(447,334	)	$	17.22
Canceled	(23,332	)	$	18.63
Outstanding at December 31, 2019	1,383,334		$	18.77

Commitments and Contingencies (Labor Agreements) (Details)	12 Months Ended
	Dec. 31, 2019 employee
Labor Agreements [Line Items]
Agreements with SEATU Union number of employees	145
Maximum \| Number of Employees, Total \| Unionized Employees Concentration Risk
Labor Agreements [Line Items]
Threshold number of employees under agreement for separate disclosure of unions (more than)	50

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Noncash Investing and Financing Activities) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Other Significant Noncash Transactions [Line Items]
Operating lease right-of-use assets	$ 838,734
Lease liabilities	183,971
Recording of right of use asset and lease liabilities in conjunction with adoption of ASC 842	$ 7,100,555		$ 7,331,460
Building and improvements \| Pinnacle Entertainment, Inc. Master Lease
Other Significant Noncash Transactions [Line Items]
Recording of right of use asset and lease liabilities in conjunction with adoption of ASC 842			$ 2,600,000
Accounting Standards Update 2016-02
Other Significant Noncash Transactions [Line Items]
Operating lease right-of-use assets		$ 203,000
Lease liabilities		$ 203,000

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	0	214,211,932
Common stock, shares outstanding	0	214,211,932

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities
Net income	$ 390,881,000	$ 339,516,000	$ 380,598,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	258,971,000	148,365,000	123,835,000
Amortization of debt issuance costs, bond premiums and original issuance discounts	11,455,000	12,167,000	13,026,000
Losses on dispositions of property	92,000	309,000	530,000
Deferred income taxes	(755,000)	(522,000)	(561,000)
Stock-based compensation	16,198,000	11,152,000	15,636,000
Straight-line rent adjustments	34,574,000	61,888,000	65,971,000
Losses on debt extinguishment	21,014,000	3,473,000	0
Loan impairment charges	13,000,000	0	0
Goodwill impairment charges	0	59,454,000	0
(Increase) decrease,
Prepaid expenses and other assets	(6,070,000)	(673,000)	(5,332,000)
(Decrease), increase
Accounts payable	(1,505,000)	1,796,000	(421,000)
Accrued expenses	(270,000)	(126,000)	411,000
Accrued interest	15,434,000	12,020,000	(502,000)
Accrued salaries and wages	(3,189,000)	6,201,000	190,000
Gaming, property and other taxes	(120,000)	(149,000)	(517,000)
Other liabilities	592,000	(438,000)	5,847,000
Net cash provided by operating activities	750,302,000	654,433,000	598,711,000
Investing activities
Capital project expenditures	0	(20,000)	(78,000)
Capital maintenance expenditures	(3,017,000)	(4,284,000)	(3,178,000)
Proceeds from sale of property and equipment	200,000	3,211,000	934,000
Principal payments on loan receivable	0	0	13,200,000
Acquisition of real estate assets	0	(1,243,466,000)	(83,252,000)
Originations of real estate loans	0	(303,684,000)	0
Collections of principal payments on investment in direct financing lease	0	38,459,000	73,072,000
Net cash (used in) provided by investing activities	(2,817,000)	(1,509,784,000)	698,000
Financing activities
Dividends paid	(589,128,000)	(550,435,000)	(529,370,000)
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options	(9,058,000)	7,537,000	18,157,000
Proceeds from issuance of common stock, net of issuance costs			139,414,000
ATM Program offering costs	(255,000)	0
Proceeds from issuance of long-term debt	1,358,853,000	2,593,405,000	100,000,000
Financing costs	(10,029,000)	(32,426,000)	0
Repayments of long-term debt	(1,477,949,000)	(1,164,117,000)	(335,112,000)
Premium and related costs paid on tender of senior unsecured notes	(18,879,000)	(1,884,000)	0
Net cash (used in) provided by financing activities	(746,445,000)	852,080,000	(606,911,000)
Net increase (decrease) in cash and cash equivalents	1,040,000	(3,271,000)	(7,502,000)
Cash and cash equivalents at beginning of period	25,783,000	29,054,000	36,556,000
Cash and cash equivalents at end of period	$ 26,823,000	$ 25,783,000	$ 29,054,000

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of estimated fair values of financial instruments

The estimated fair values of the Company’s financial instruments are as follows (in thousands):



	December 31, 2019				December 31, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	26,823	$	26,823	$	25,783	$	25,783
Deferred compensation plan assets	28,855		28,855		22,709		22,709
Real estate loans	303,684		303,684		303,684		303,684
Financial liabilities:
Long-term debt:
Senior unsecured credit facility	495,000		493,533		927,000		909,308
Senior unsecured notes	5,290,174		5,707,996		4,975,000		4,958,455

Schedule of assets measured at fair value on a nonrecurring basis

Certain assets and liabilities are measured at fair value on a nonrecurring basis in periods subsequent to initial recognition. Assets measured at fair value on a nonrecurring basis during the years ended December 31, 2019 and 2018 are categorized in the tables below based upon the lowest level of significant input to the valuation. There were no liabilities measured at fair value on a nonrecurring basis during the years ended December 31, 2019 and 2018.



	Level 1		Level 2		Level 3		Total Impairment Charges Recorded during the Year Ended December 31, 2019
	(in thousands)
Assets:
Loan receivable	$	—	$	—	$	—	$	13,000
Total assets measured at fair value on a nonrecurring basis	$	—	$	—	$	—	$	13,000



	Level 1		Level 2		Level 3		Total Impairment Charges Recorded during the Year Ended December 31, 2018
	(in thousands)
Assets:
Goodwill	$	—	$	—	$	16,067	$	59,454
Loan receivable	—		—		13,000		1,500
Total assets measured at fair value on a nonrecurring basis	$	—	$	—	$	29,067	$	60,954

Acquisitions

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Acquisitions

The Company accounts for its acquisitions of real estate assets as asset acquisitions under ASC 805 - Business Combinations. Under asset acquisition accounting, transaction costs incurred to acquire the purchased assets are also included as part of the asset cost.

Prior Year Acquisitions

2018

On October 15, 2018, in conjunction with the Penn-Pinnacle Merger the Company acquired the real property assets of Plainridge Park from Penn for approximately $250.9 million. This property was added to the Amended Pinnacle Master Lease via the fourth amendment to the Pinnacle Master Lease and is leased to Penn who will continue to operate the property. The initial annual cash rent of $25.0 million for Plainridge Park will not be subject to rent escalators or adjustments.

Also in conjunction with the Penn-Pinnacle Merger, the Pinnacle Master Lease was amended via the fourth amendment to such lease to allow for the sale of the operating assets of Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort from Pinnacle to Boyd and to increase fixed rent under the lease by an additional $13.9 million annually. The Company entered into a new unitary triple-net master lease agreement with Boyd for these properties on terms similar to the Company’s existing master leases. As a result of the fourth amendment to the Pinnacle Master Lease, the Company reassessed the lease's classification and determined the new lease agreement qualified for operating lease treatment under ASC 840. Therefore, subsequent to the Penn-Pinnacle Merger, the Amended Pinnacle Master Lease is treated as an operating lease in its entirety, the building assets of $2.6 billion previously recorded as an investment in direct financing lease on the Company's consolidated balance sheet were recorded as real estate assets on the Company's consolidated balance sheet and all rent received under the Amended Pinnacle Master Lease is recorded as rental income on the Company's consolidated statement of income. The Amended Pinnacle Master Lease was assumed by Penn at the consummation of the Penn-Pinnacle Merger.

On October 1, 2018, the Company acquired the real property assets of five casino properties from Tropicana and certain of its affiliates for approximately $992.5 million, pursuant to the Real Estate Purchase Agreement dated April 15, 2018 between Tropicana and GLP Capital, which was subsequently amended on October 1, 2018. Pursuant to the terms of the Amended Real Estate Purchase Agreement, the Company acquired the real estate assets of Tropicana Atlantic City, Tropicana Evansville, Tropicana Laughlin, Trop Casino Greenville and the Belle of Baton Rouge and the rights to six long-term ground leases for land on which the operations of the acquired Tropicana properties reside. Concurrent with the Tropicana Acquisition, Eldorado acquired the operating assets of these properties from Tropicana pursuant to the Tropicana Merger Agreement and leased the GLP Assets from the Company pursuant to the terms of a new unitary triple-net master lease with an initial term of 15 years, with no purchase option, followed by four successive 5-year renewal periods (exercisable by Eldorado) on the same terms and conditions. Initial annual rent under the Eldorado Master Lease was $87.6 million and is subject to annual rent escalators and biennial percentage rent adjustments.

Purchase price allocations are primarily based on the fair values of assets acquired and liabilities assumed at the time of acquisition. The following table summarizes the purchase price allocation of the assets acquired in the Tropicana Acquisition (in thousands):



Real estate investments, net	$	948,217
Land rights, net	44,331
Total purchase price	$	992,548

2017

On May 1, 2017, the Company acquired the real property assets of Bally's Casino Tunica (subsequently re-branded as the 1^st Jackpot Casino) and Resorts Casino Tunica (the "Tunica Properties") for $82.9 million. The Company acquired both Bally's Casino Tunica and Resorts Casino Tunica, as well as the Resorts Hotel and land at Bally's Casino Tunica. Land rights to three long-term ground leases related to the Tunica Properties were also acquired in the transaction. Penn purchased the operating assets of the Tunica Properties directly from the seller and originally operated both properties and leased the real assets from the Company under the Penn Master Lease.

Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2019

Real Estate [Abstract]

Schedule of Real Estate Investments, Net

Real estate investments, net, represent investments in 42 rental properties and the corporate headquarters building and is summarized as follows:



	December 31, 2019			December 31, 2018
	(in thousands)
Land and improvements	$	2,552,285		$	2,552,475
Building and improvements	5,749,211			5,762,071
Total real estate investments	8,301,496			8,314,546
Less accumulated depreciation	(1,200,941		)	(983,086		)
Real estate investments, net	$	7,100,555		$	7,331,460

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate:

Cash and Cash Equivalents

The fair value of the Company’s cash and cash equivalents approximates the carrying value of the Company’s cash and cash equivalents, due to the short maturity of the cash equivalents.

Deferred Compensation Plan Assets

The Company's deferred compensation plan assets consist of open-ended mutual funds and as such the fair value measurement of the assets is considered a Level 1 measurement as defined under ASC 820. Deferred compensation plan assets are included within other assets on the consolidated balance sheets.

Real Estate Loans

The fair value of the real estate loans approximates the carrying value of the Company's real estate loans, as collection on the outstanding loan balances is reasonably assured. The fair value measurement of the real estate loans is considered a Level 3 measurement as defined under ASC 820.

Long-term Debt

The fair value of the Senior Notes and senior unsecured credit facility is estimated based on quoted prices in active markets and as such is a Level 1 measurement as defined under ASC 820.

The estimated fair values of the Company’s financial instruments are as follows (in thousands):



	December 31, 2019				December 31, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	26,823	$	26,823	$	25,783	$	25,783
Deferred compensation plan assets	28,855		28,855		22,709		22,709
Real estate loans	303,684		303,684		303,684		303,684
Financial liabilities:
Long-term debt:
Senior unsecured credit facility	495,000		493,533		927,000		909,308
Senior unsecured notes	5,290,174		5,707,996		4,975,000		4,958,455

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis



	Level 1		Level 2		Level 3		Total Impairment Charges Recorded during the Year Ended December 31, 2019
	(in thousands)
Assets:
Loan receivable	$	—	$	—	$	—	$	13,000
Total assets measured at fair value on a nonrecurring basis	$	—	$	—	$	—	$	13,000



	Level 1		Level 2		Level 3		Total Impairment Charges Recorded during the Year Ended December 31, 2018
	(in thousands)
Assets:
Goodwill	$	—	$	—	$	16,067	$	59,454
Loan receivable	—		—		13,000		1,500
Total assets measured at fair value on a nonrecurring basis	$	—	$	—	$	29,067	$	60,954

Loan Receivable

During the first quarter of 2019, the Company recorded an impairment charge of $13.0 million related to the write-off of the principal due to the Company under its unsecured loan to CQ Holding Company. During 2019, the operating results of Casino Queen continued to decline, the secured debt of Casino Queen was sold to a third-party casino operator at a discount and the Company no longer expected the loan to be repaid.

During the fourth quarter of 2018, the Company recorded an impairment charge of $1.5 million related to the paid-in-kind interest income on its Casino Queen Loan. The Company determined, based upon facts and circumstances existing at December 31, 2018, that the paid-in-kind interest due to the Company at December 31, 2018 is not expected to be collected. Therefore, the Company did not recognize the paid-in-kind interest income due to the Company for the quarter ended December 31, 2018 and took a charge for the previously recognized paid-in-kind interest income through the Company’s consolidated statement of earnings as a reversal of the paid-in-kind interest income recognized earlier in the year. See Note 6 for further details surrounding the Casino Queen Loan.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Summarized Quarterly Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Selected Quarterly Financial Information [Abstract]

Summarized Quarterly Data (Unaudited)

The following table summarizes the quarterly results of operations for the years ended December 31, 2019 and 2018:



	Fiscal Quarter
	First		Second		Third		Fourth
	(in thousands, except per share data)
2019
Total revenues	$	287,864	$	289,013	$	287,612	$	288,984	⁽¹	⁾	⁽²	⁾
Income from operations	170,775		170,767		187,625		188,256		⁽²	⁾
Net income	93,010		93,033		90,547		114,291		⁽³	⁾

Earnings per common share:
Basic earnings per common share	$	0.43	$	0.43	$	0.42	$	0.53
Diluted earnings per common share	$	0.43	$	0.43	$	0.42	$	0.53

2018
Total revenues	$	244,050	$	254,221	$	254,139	$	303,317	⁽¹	⁾	⁽²	⁾
Income from operations	151,851		153,241		164,834		123,884		⁽²	⁾
Net income	96,772		91,998		104,815		45,931		⁽⁴	⁾

Earnings per common share:
Basic earnings per common share	$	0.45	$	0.43	$	0.49	$	0.21
Diluted earnings per common share	$	0.45	$	0.43	$	0.49	$	0.21

⁽¹⁾In conjunction with the adoption of ASU 2016-02 on January 1, 2019, the Company is no longer required to gross-

⁽²⁾During October 2018, the Company acquired the real property assets of five casino properties from Tropicana and

⁽³⁾During March 2019, the Company recorded a $13.0 million loan impairment charge related to the write-off of the

⁽⁴⁾During the fourth quarter of 2018, the Company recorded an impairment charge of $59.5 million, related to the

Long-term Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt, net of current maturities and unamortized debt issuance costs is as follows:



	December 31, 2019			December 31, 2018
	(in thousands)
Unsecured $1,175 million revolver	$	46,000		$	402,000
Unsecured term loan A-1	449,000			525,000
$1,000 million 4.875% senior unsecured notes due November 2020	215,174			1,000,000
$400 million 4.375% senior unsecured notes due April 2021	400,000			400,000
$500 million 5.375% senior unsecured notes due November 2023	500,000			500,000
$400 million 3.35% senior unsecured notes due September 2024	400,000			—
$850 million 5.250% senior unsecured notes due June 2025	850,000			850,000
$975 million 5.375% senior unsecured notes due April 2026	975,000			975,000
$500 million 5.750% senior unsecured notes due June 2028	500,000			500,000
$750 million 5.30% senior unsecured notes due January 2029	750,000			750,000
$700 million 4.00% senior unsecured notes due January 2030	700,000			—
Finance lease liability	989			1,112
Total long-term debt	5,786,163			5,903,112
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(48,201		)	(49,615		)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	$	5,737,962		$	5,853,497

The following is a schedule of future minimum repayments of long-term debt as of December 31, 2019 (in thousands):



2020	$	215,303
2021	849,135
2022	142
2023	546,149
2024	400,156
Over 5 years	3,775,278
Total minimum payments	$	5,786,163

Senior Unsecured Credit Facility

The Company's senior unsecured credit facility (the "Credit Facility"), consists of a $1,175 million revolving credit facility and a $449 million Term Loan A-1 facility. The revolving credit facility matures on May 21, 2023 and the Term Loan A-1 facility matures on April 28, 2021.

At December 31, 2019, the Credit Facility had a gross outstanding balance of $495 million, consisting of the $449 million Term Loan A-1 facility and $46 million of borrowings under the revolving credit facility. Additionally, at December 31, 2019, the Company was contingently obligated under letters of credit issued pursuant to the Credit Facility with face amounts aggregating approximately $0.4 million, resulting in $1,128.6 million of available borrowing capacity under the revolving credit facility as of December 31, 2019.

The interest rates payable on the loans are, at the Company's option, equal to either a LIBOR rate or a base rate plus an applicable margin, which ranges from 1.0% to 2.0% per annum for LIBOR loans and 0.0% to 1.0% per annum for base rate loans, in each case, depending on the credit ratings assigned to the Credit Facility. At December 31, 2019, the applicable margin was 1.50% for LIBOR loans and 0.50% for base rate loans. In addition, the Company is required to pay a commitment fee on the unused portion of the commitments under the revolving facility at a rate that ranges from 0.15% to 0.35% per annum, depending on the credit ratings assigned to the Credit Facility. At December 31, 2019, the commitment fee rate was 0.25%. The Company is not required to repay any loans under the Credit Facility prior to maturity and may prepay all or any portion of the loans under the Credit Facility prior to maturity without premium or penalty, subject to reimbursement of any

LIBOR breakage costs of the lenders. The Company's wholly owned subsidiary, GLP Capital is the primary obligor under the Credit Facility, which is guaranteed by GLPI.

The Credit Facility contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of GLPI and its subsidiaries to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations or pay certain dividends and other restricted payments. The Credit Facility contains the following financial covenants, which are measured quarterly on a trailing four-quarter basis: a maximum total debt to total asset value ratio, a maximum senior secured debt to total asset value ratio, a maximum ratio of certain recourse debt to unencumbered asset value and a minimum fixed charge coverage ratio. In addition, GLPI is required to maintain a minimum tangible net worth and its status as a REIT. GLPI is permitted to pay dividends to its shareholders as may be required in order to maintain REIT status, subject to the absence of payment or bankruptcy defaults. GLPI is also permitted to make other dividends and distributions subject to pro forma compliance with the financial covenants and the absence of defaults. The Credit Facility also contains certain customary affirmative covenants and events of default, including the occurrence of a change of control and termination of the Penn Master Lease (subject to certain replacement rights). The occurrence and continuance of an event of default under the Credit Facility will enable the lenders under the Credit Facility to accelerate the loans and terminate the commitments thereunder. At December 31, 2019, the Company was in compliance with all required financial covenants under the Credit Facility.

Senior Unsecured Notes

At December 31, 2019, the Company had an outstanding balance of $5,290.2 million of senior unsecured notes (the "Senior Notes").

On August 29, 2019, the Company issued $400 million of 3.35% Senior Unsecured Notes maturing on September 1, 2024 at an issue price equal to 99.899% of the principal amount (the "2024 Notes") and $700 million of 4.00% Senior Unsecured Notes maturing on January 15, 2030 at an issue price equal to 99.751% of the principal amount (the "2030 Notes"). Interest on the 2024 Notes is payable semi-annually on March 1 and September 1 of each year, commencing on March 1, 2020. Interest on the 2030 Notes is payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2020. The net proceeds from the sale of the 2024 Notes and 2030 Notes were used to (i) finance the Company's cash tender offer to purchase its 4.875% Senior Unsecured Notes due 2020 (described below) (ii) repay outstanding borrowings under the Company's revolving credit facility and (iii) repay a portion of the outstanding borrowings under the Company's Term Loan A-1 facility.

On September 12, 2019, the Company completed a cash tender offer (the "2019 Tender Offer") to purchase its $1,000 million aggregate principal amount 4.875% Senior Unsecured Notes due 2020 (the "2020 Notes"). The Company received early tenders from the holders of approximately $782.6 million in aggregate principal of the 2020 Notes, or approximately 78% of its outstanding 2020 Notes, in connection with the 2019 Tender Offer at a price of 102.337% of the unpaid principal amount plus accrued and unpaid interest through the settlement date. Subsequent to the early tender deadline, an additional $2.2 million in aggregate principal of the 2020 Notes were tendered at a price of 99.337% of the unpaid principal amount plus accrued and unpaid interest through the settlement date, for a total redemption of $784.8 million of the 2020 Notes. The Company recorded a loss on the early extinguishment of debt related to the 2019 Tender Offer, of approximately $21.0 million, for the difference between the reaquisition price of the tendered 2020 Notes and their net carrying value.

The Company may redeem the Senior Notes of any series at any time, and from time to time, at a redemption price of 100% of the principal amount of the Senior Notes redeemed, plus a "make-whole" redemption premium described in the indenture governing the Senior Notes, together with accrued and unpaid interest to, but not including, the redemption date, except that if Senior Notes of a series are redeemed 90 or fewer days prior to their maturity, the redemption price will be 100% of the principal amount of the Senior Notes redeemed, together with accrued and unpaid interest to, but not including, the redemption date. If GLPI experiences a change of control accompanied by a decline in the credit rating of the Senior Notes of a particular series, the Company will be required to give holders of the Senior Notes of such series the opportunity to sell their Senior Notes of such series at a price equal to 101% of the principal amount of the Senior Notes of such series, together with accrued and unpaid interest to, but not including, the repurchase date. The Senior Notes also are subject to mandatory redemption requirements imposed by gaming laws and regulations.

The Senior Notes were issued by GLP Capital, L.P. and GLP Financing II, Inc. (the "Issuers"), two wholly-owned subsidiaries of GLPI, and are guaranteed on a senior unsecured basis by GLPI. The guarantees of GLPI are full and unconditional. The Senior Notes are the Issuers' senior unsecured obligations and rank pari passu in right of payment with all of the Issuers' senior indebtedness, including the Credit Facility, and senior in right of payment to all of the Issuers'

subordinated indebtedness, without giving effect to collateral arrangements. See Note 21 for additional financial information on the parent guarantor and subsidiary issuers of the Senior Notes.

The Senior Notes contain covenants limiting the Company’s ability to: incur additional debt and use its assets to secure debt; merge or consolidate with another company; and make certain amendments to the Penn Master Lease. The Senior Notes also require the Company to maintain a specified ratio of unencumbered assets to unsecured debt. These covenants are subject to a number of important and significant limitations, qualifications and exceptions.

At December 31, 2019, the Company was in compliance with all required financial covenants under its Senior Notes.

Finance Lease Liability

The Company assumed the finance lease obligations related to certain assets at its Aurora, Illinois property. GLPI recorded the asset and liability associated with the finance lease on its consolidated balance sheet. The original term of the finance lease is 30 years and it will terminate in 2026.

Earnings Per Share Earnings Per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2019, 2018 and 2017:



	Year Ended December 31,
	2019	2018	2017
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	214,667	213,720	210,705
Assumed conversion of employee stock-based awards	—	206	644
Assumed conversion of restricted stock awards	117	80	155
Assumed conversion of performance-based restricted stock awards	1,002	773	1,248
Diluted weighted-average common shares outstanding	215,786	214,779	212,752

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2019, 2018 and 2017:



	Year Ended December 31,
	2019			2018			2017
	(in thousands, except per share and share amounts)
Calculation of basic EPS:
Net income	$	390,881		$	339,516		$	380,598
Less: Net income allocated to participating securities	(576		)	(475		)	(622		)
Net income attributable to common shareholders	$	390,305		$	339,041		$	379,976
Weighted-average common shares outstanding	214,667			213,720			210,705
Basic EPS	$	1.82		$	1.59		$	1.80

Calculation of diluted EPS:
Net income	$	390,881		$	339,516		$	380,598
Diluted weighted-average common shares outstanding	215,786			214,779			212,752
Diluted EPS	$	1.81		$	1.58		$	1.79

Antidilutive securities excluded from the computation of diluted earnings per share (in shares)	—			13,335			3,483

Consolidated Statements of Income	12 Months Ended
Consolidated Statements of Income	Dec. 31, 2019 USD ($) $ / shares
Revenues
Rental income	$ 996,166,000
Income from direct financing lease	0
Interest income from real estate loans	28,916,000
Total revenues	1,153,473,000
Operating expenses
Land rights and ground lease expense	42,438,000
General and administrative	65,477,000
Depreciation	240,435,000
Loan impairment charges	13,000,000
Goodwill impairment charges	0
Total operating expenses	436,050,000
Income from operations	717,423,000
Other income (expenses)
Interest expense	(301,520,000)
Interest income	756,000
Losses on debt extinguishment	(21,014,000)
Total other expenses	(321,778,000)
Income before income taxes	395,645,000
Income tax expense	4,764,000
Net income	$ 390,881,000
Earnings per common share:
Basic earnings per common share (in dollars per share) \| $ / shares	$ 1.82
Diluted earnings per common share (in dollars per share) \| $ / shares	$ 1.81
Real estate
Revenues
Total revenues	$ 1,025,082,000
Gaming, food, beverage and other
Revenues
Total revenues	128,391,000
Operating expenses
Gaming, food, beverage and other	$ 74,700,000

Real Estate Investments (Details) $ in Thousands	12 Months Ended
Real Estate Investments (Details) $ in Thousands	Dec. 31, 2019 USD ($) property	Dec. 31, 2018 USD ($)
Real estate investments
Number of real estate properties \| property	42
Total real estate investments	$ 8,301,496	$ 8,314,546
Less accumulated depreciation	(1,200,941)	(983,086)
Real estate investments, net	7,100,555	7,331,460
Land and improvements
Real estate investments
Total real estate investments	2,552,285	2,552,475
Building and improvements
Real estate investments
Total real estate investments	5,749,211	$ 5,762,071
Resorts Casino Tunica (2) \| Building and improvements
Real estate investments
Real estate investments, net	0
Accelerated depreciation of real estate properties	$ 10,300

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 13, 2017
Assets:
Loan impairment charges	$ 1,500,000		$ 1,500,000
Loan impairment charges		$ 13,000,000	0	$ 0
Goodwill impairment charges		0	59,454,000	$ 0
Total impairment charges		13,000,000	60,954,000
Level 1
Assets:
Loan receivable	0	0	0
Goodwill			0
Assets, Fair Value Disclosure	0	0	0
Level 2
Assets:
Loan receivable	0	0	0
Goodwill			0
Assets, Fair Value Disclosure	0	0	0
Level 3
Assets:
Loan receivable	0	0	13,000,000
Goodwill			16,067,000
Assets, Fair Value Disclosure	$ 0	$ 0	$ 29,067,000
CQ Holding Company Inc. \| Unsecured Debt
Assets:
Debt Instrument, Face Amount					$ 13,000,000.0

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Future minimum repayments of long-term debt
2020	$ 215,303
2021	849,135
2022	142
2023	546,149
2024	400,156
Over 5 years	3,775,278
Total minimum payments	$ 5,786,163	$ 5,903,112

Revenue Recognition

12 Months Ended

Dec. 31, 2019

Revenue Recognition [Abstract]

Revenue Recognition

Revenues from Real Estate

As of December 31, 2019, 19 of the Company’s real estate investment properties were leased to a subsidiary of Penn under the Penn Master Lease, an additional 12 of the Company's real estate investment properties were leased to a subsidiary of Penn under the Amended Pinnacle Master Lease, 5 of the Company's real estate investment properties were leased to a subsidiary of Eldorado under the Eldorado Master Lease and 3 of the Company's real estate investment properties were leased to a subsidiary of Boyd under the Boyd Master Lease. Additionally, the Meadows real estate assets are leased to Penn under a single property triple-net lease (the "Meadows Lease") and the Casino Queen real estate assets are leased back to the operator under an additional single property triple-net lease.

The obligations under the Penn and Amended Pinnacle Master Leases, as well as the Meadows Lease are guaranteed by Penn and, with respect to each lease, jointly and severally by Penn's subsidiaries that occupy and operate the facilities covered by such lease. Similarly, the obligations under the Eldorado Master Lease are jointly and severally guaranteed by Eldorado and by most of Eldorado's subsidiaries that occupy and operate the facilities leased under the Eldorado Master Lease. The obligations under the Boyd Master Leases are jointly and severally guaranteed by Boyd's subsidiaries that occupy and operate the facilities leased under the Boyd Master Lease.

The rent structure under the Penn Master Lease includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors (i) every five years to an amount equal to 4% of the average net revenues of all facilities under the Penn Master Lease (other than Hollywood Casino Columbus and Hollywood Casino Toledo) during the preceding five years, and (ii) monthly by an amount equal to 20% of the net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo during the preceding month.

Similar to the Penn Master Lease, the Amended Pinnacle Master Lease also includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors every two years to an amount equal to 4% of the average annual net revenues of all facilities under the Amended Pinnacle Master Lease during the preceding two years.

The Eldorado Master Lease includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors every two years to an amount equal to 4% of the average annual net revenues of all facilities under the Eldorado Master Lease during the preceding two years.

The Boyd Master Lease includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors every two years to an amount equal to 4% of the average annual net revenues of all facilities under the Boyd Master Lease during the preceding two years.

The Meadows Lease contains a fixed component, subject to annual escalators, and a component that is based on the performance of the facility, which is reset every two years to an amount determined by multiplying (i) 4% by (ii) the average annual net revenues of the facility for the trailing two-year period. The Meadows Lease contains an annual escalator provision for up to 5% of the base rent, if certain rent coverage ratio thresholds are met, which remains at 5% until the earlier of ten years or the year in which total rent is $31.0 million, at which point the escalator will be reduced to 2% annually thereafter.

The rent structure under the Casino Queen Lease also includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facility, which is reset every five years to an amount equal to the greater of (i) the annual amount of non-fixed rent applicable for the lease year immediately preceding such rent reset year and (ii) an amount equal to 4% of the average annual net revenues of the facility for the trailing five-year period.

Furthermore, the Company's master leases provide for a floor on the percentage rent described above, should the Company's tenants acquire or commence operating a competing facility within a restricted area (typically 60 miles from a property under the existing master lease with such tenant). These clauses provide landlord protections by basing the percentage rent floor for any affected facility on the net revenues of such facility for the calendar year immediately preceding the year in which the competing facility is acquired or first operated by the tenant. In June 2019, a percentage rent floor was triggered on

Penn's Hollywood Casino Toledo property, as a result of Penn's purchase of the operations of the Greektown Casino-Hotel in Detroit, Michigan.

In addition to rent, as triple-net lessees, all of the Company's tenants are required to pay the following executory costs: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on the leased properties, including coverage of the landlord's interests, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor) and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.

The Company determined, based on facts and circumstances prevailing at the time of each lease's inception, that neither Penn nor Casino Queen could continue as a going concern without the property(ies) that are leased to them under the respective master lease agreement (in the instance of Penn) and single property lease (in the instance of Casino Queen) with the Company. At lease inception, all of Casino Queen's revenues and substantially all of Penn's revenues were generated from operations in connection with the leased properties. There are also various legal restrictions in the jurisdictions in which Penn, and Casino Queen operate that limit the availability and location of gaming facilities, which makes relocation or replacement of the leased gaming facilities restrictive and potentially impracticable or unavailable. Moreover, under the terms of the master lease, Penn must make renewal elections with respect to all of the leased property together; the tenant is not entitled to selectively renew certain of the leased property while not renewing other property. Accordingly, the Company concluded that failure by Penn or Casino Queen to renew the lease would impose a significant penalty on such tenant such that renewal of all lease renewal options appeared at lease inception to be reasonably assured. Therefore, the Company concluded that the term of Penn Master Lease and the Casino Queen Lease is 35 years, equal to the initial 15-year term plus all four of the 5-year renewal options.

As discussed in Note 18, on October 15, 2018, in conjunction with the Penn-Pinnacle Merger, the Pinnacle Master Lease was amended by a fourth amendment to allow for the sale of the operating assets of Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort from Pinnacle to Boyd. As a result of this amendment, the Company reassessed the lease's classification and determined the new lease agreement qualified for operating lease treatment under ASC 840. Therefore, subsequent to the Penn-Pinnacle Merger, the Amended Pinnacle Master Lease is treated as an operating lease in its entirety. Because the properties under the Amended Pinnacle Master Lease did not represent a meaningful portion of Penn's business at the time Penn assumed the lease, the Company concluded that the lease term of the Amended Pinnacle Master Lease is 10 years, equal to the initial 10-year term only.

Because the Meadows Lease was a single property lease operated by a large multi-property operator, GLPI concluded it was not reasonably assured at lease inception that the operator would elect to exercise all lease renewal options. Therefore, the Company concluded that the lease term of the Meadows Lease is 10 years, equal to the initial 10-year term only. In conjunction with the Penn-Pinnacle Merger, Penn assumed the Meadows Lease from Pinnacle. The accounting for the Meadows Lease, including the lease term was not impacted by the change in tenant. Based upon similar fact patterns, the Company concluded it was not reasonably assured at lease inception that Eldorado or Boyd would elect to exercise all lease renewal options under their respective master leases. The properties under each of the master leases did not represent a meaningful portion of either tenant's business at lease inception; therefore the Company concluded that the lease term of the Eldorado Master Lease is 15 years and the lease term of the Boyd Master Lease is 10 years, equal to the initial terms of such master leases only.

Details of the Company's rental income for the year ended December 31, 2019 was as follows (in thousands):



	Year Ended December 31, 2019
Building base rent ⁽¹⁾	$	659,620
Land base rent	190,168
Percentage rent	159,107
Total cash rental income	$	1,008,895
Straight-line rent adjustments	(34,574		)
Ground rent in revenue	21,347
Other rental revenue	498
Total rental income	$	996,166

⁽¹⁾ Building base rent is subject to the annual rent escalators described above.



Year ending December 31,	Future Rental Payments Receivable		Straight-Line Rent Adjustments			Future Base Ground Rents Receivable		Future Income to be Recognized Related to Operating Leases
2020	$	959,603	$	(2,567	)	$	12,223	$	969,259
2021	926,874		21,786			12,045		960,705
2022	926,874		21,786			12,051		960,711
2023	920,236		21,786			12,057		954,079
2024	887,046		21,786			12,063		920,895
Thereafter	10,984,406		243,908			72,882		11,301,196
Total	$	15,605,039	$	328,485		$	133,321	$	16,066,845

The table above presents the cash rent the Company expects to receive from its tenants, offset by adjustments to recognize this rent on a straight-line basis over the lease term. The Company also includes the future non-cash revenue it expects to recognize from the fixed portion of tenant paid ground leases in the table above. For further details on these tenant paid ground leases, refer to Note 7.

The Company may periodically loan funds to casino owner-operators for the purchase of real estate. Interest income related to real estate loans is recorded as revenue from real estate within the Company's consolidated statements of income in the period earned. At December 31, 2019, the Company has two loans, the proceeds of which were used to acquire real estate, the Belterra Park Loan and the Eldorado Loan. During the years ended December 31, 2019 and 2018, the Company recognized interest income from these real estate loans of $28.9 million and $6.9 million, respectively.

Gaming, Food, Beverage and Other Revenues

Gaming revenue generated by the TRS Properties mainly consists of revenue from slot machines, and to a lesser extent, table game and poker revenue. Gaming revenue is recognized net of certain sales incentives, including promotional allowances in accordance with ASC 606. The Company also defers a portion of the revenue received from customers (who participate in the points-based loyalty programs) at the time of play until a later period when the points are redeemed or forfeited. Other revenues at our TRS Properties are derived from our dining, retail and certain other ancillary activities. During the years ended December 31, 2019 and 2018, the Company recognized gaming, food, beverage and other revenue of $128.4 million and $132.5 million, respectively.

Receivables (Mortgage Loans Receivable) (Details) - USD ($) $ in Thousands			12 Months Ended
	Oct. 15, 2018	Oct. 01, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to acquire mortgage notes receivable			$ 0	$ 303,684	$ 0
Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to acquire real estate, exclusive of transaction fees		$ 246,000
Debt instrument, interest rate, stated percentage		9.09%	9.27%
Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to acquire real estate, exclusive of transaction fees	$ 57,700
Debt instrument, interest rate, stated percentage	11.11%		11.20%
Real Estate Loan \| Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to acquire mortgage notes receivable		$ 246,000
Real Estate Loan \| Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to acquire mortgage notes receivable	$ 57,700
Secured Debt \| Real Estate Loan \| Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to acquire mortgage notes receivable		$ 246,000
Secured Debt \| Real Estate Loan \| Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to acquire mortgage notes receivable	$ 57,700

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

12 Months Ended

Dec. 31, 2019

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

Supplementary Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

GLPI guarantees the Senior Notes issued by its subsidiaries, GLP Capital and GLP Financing II, Inc. Each of the subsidiary issuers is 100% owned by GLPI. The guarantees of GLPI are full and unconditional. GLPI is not subject to any material or significant restrictions on its ability to obtain funds from its subsidiaries by dividend or loan or to transfer assets from such subsidiaries, except as provided by applicable law. None of GLPI's other subsidiaries guarantee the Senior Notes.



At December 31, 2019 Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	2,514,806		$	4,585,749		$	—		$	7,100,555
Property and equipment, used in operations, net	—			16,607			77,473			—			94,080
Real estate loans	—			246,000			57,684			—			303,684
Right-of-use assets and land rights, net	—			181,593			657,141			—			838,734
Cash and cash equivalents	—			4,281			22,542			—			26,823
Prepaid expenses	—			1,243			2,222			763			4,228
Goodwill	—			—			16,067			—			16,067
Other intangible assets	—			—			9,577			—			9,577
Intercompany loan receivable	—			193,595			—			(193,595		)	—
Intercompany transactions and investment in subsidiaries	2,074,245			5,082,624			2,498,577			(9,655,446		)	—
Deferred tax assets	—			—			6,056			—			6,056
Other assets	—			31,766			2,728			—			34,494
Total assets	$	2,074,245		$	8,272,515		$	7,935,816		$	(9,848,278	)	$	8,434,298

Liabilities
Accounts payable	$	—		$	817		$	189		$	—		$	1,006
Accrued expenses	—			706			5,533			—			6,239
Accrued interest	—			60,695			—			—			60,695
Accrued salaries and wages	—			10,798			3,023			—			13,821
Gaming, property, and other taxes	—			480			464			—			944
Income taxes	—			(51		)	(712		)	763			—
Lease liabilities	—			89,856			94,115			—			183,971
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	—			5,737,962			—			—			5,737,962
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			271,837			56,648			—			328,485
Deferred tax liabilities	—			—			279						279
Other liabilities	—			25,170			1,481			—			26,651
Total liabilities	—			6,198,270			354,615			(192,832		)	6,360,053

Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2019)	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 214,694,165 shares issued and outstanding at December 31, 2019)	2,147			2,147			2,147			(4,294		)	2,147
Additional paid-in capital	3,959,383			3,959,384			9,839,709			(13,799,093		)	3,959,383
Retained accumulated (deficit) earnings	(1,887,285		)	(1,887,286		)	(2,260,655		)	4,147,941			(1,887,285		)
Total shareholders’ equity (deficit)	2,074,245			2,074,245			7,581,201			(9,655,446		)	2,074,245
Total liabilities and shareholders’ equity (deficit)	$	2,074,245		$	8,272,515		$	7,935,816		$	(9,848,278	)	$	8,434,298



Year ended December 31, 2019 Consolidating Statement of Income	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non-Issuers		Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	552,980		$	443,186	$	—		$	996,166
Interest income from real estate loans	—		22,471			6,445		—			28,916
Total income from real estate	—		575,451			449,631		—			1,025,082
Gaming, food, beverage and other	—		—			128,391		—			128,391
Total revenues	—		575,451			578,022		—			1,153,473
Operating expenses
Gaming, food, beverage and other	—		—			74,700		—			74,700
Land rights and ground lease expense	—		24,375			18,063		—			42,438
General and administrative	—		42,505			22,972		—			65,477
Depreciation	—		124,401			116,034		—			240,435
Loan impairment charges	—		—			13,000		—			13,000
Total operating expenses	—		191,281			244,769		—			436,050
Income from operations	—		384,170			333,253		—			717,423

Other income (expenses)
Interest expense	—		(301,520		)	—		—			(301,520		)
Interest income	—		755			1		—			756
Losses on debt extinguishment	—		(21,014		)	—		—			(21,014		)
Intercompany dividends and interest	—		494,179			7,726		(501,905		)	—
Total other income (expenses)	—		172,400			7,727		(501,905		)	(321,778		)

Income before income taxes	—		556,570			340,980		(501,905		)	395,645
Income tax expense	—		657			4,107		—			4,764
Net income	$	—	$	555,913		$	336,873	$	(501,905	)	$	390,881



Year ended December 31, 2019 Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	—		$	555,913		$	336,873		$	(501,905	)	$	390,881
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	—			133,693			125,278			—			258,971
Amortization of debt issuance costs, bond premiums and original issuance discounts	—			11,455			—			—			11,455
Losses on dispositions of property	—			8			84			—			92
Deferred income taxes	—			—			(755		)	—			(755		)
Stock-based compensation	—			16,198			—			—			16,198
Straight-line rent adjustments	—			2,653			31,921			—			34,574
Losses on debt extinguishment	—			21,014			—			—			21,014
Loan impairment charges	—			—			13,000			—			13,000

(Increase) decrease,
Prepaid expenses and other assets	—			(5,101		)	(1,217		)	248			(6,070		)
Intercompany	—			(430		)	430			—			—
(Decrease) increase,
Accounts payable	—			(1,652		)	147			—			(1,505		)
Accrued expenses	—			(58		)	(212		)	—			(270		)
Accrued interest	—			15,434			—			—			15,434
Accrued salaries and wages	—			(3,830		)	641			—			(3,189		)
Gaming, property and other taxes	—			51			(171		)	—			(120		)
Income taxes	—			(49		)	297			(248		)	—
Other liabilities	—			634			(42		)	—			592
Net cash provided by (used in) operating activities	—			745,933			506,274			(501,905		)	750,302
Investing activities
Capital maintenance expenditures	—			(22		)	(2,995		)	—			(3,017		)
Proceeds from sale of property and equipment	—			182			18			—			200
Net cash provided by (used in) investing activities	—			160			(2,977		)	—			(2,817		)
Financing activities
Dividends paid	(589,128		)	—			—			—			(589,128		)
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options	(9,058		)	—			—			—			(9,058		)
ATM Program offering costs and proceeds from issuance of common stock, net	(255		)	—			—			—			(255		)
Proceeds from issuance of long-term debt	—			1,358,853			—			—			1,358,853
Financing costs	—			(10,029		)	—			—			(10,029		)
Repayments of long-term debt	—			(1,477,949		)	—			—			(1,477,949		)
Premium and related costs paid on tender of senior unsecured notes	—			(18,879		)	—			—			(18,879		)
Intercompany financing	598,441			(598,440		)	(501,906		)	501,905			—
Net cash (used in) provided by financing activities	—			(746,444		)	(501,906		)	501,905			(746,445		)
Net (decrease) increase in cash and cash equivalents	—			(351		)	1,391			—			1,040
Cash and cash equivalents at beginning of period	—			4,632			21,151			—			25,783
Cash and cash equivalents at end of period	$	—		$	4,281		$	22,542		$	—		$	26,823



At December 31, 2018 Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	2,637,404		$	4,694,056		$	—		$	7,331,460
Land rights, net	—			100,938			572,269			—			673,207
Property and equipment, used in operations, net	—			18,577			82,307			—			100,884
Real estate loans	—			246,000			57,684			—			303,684
Cash and cash equivalents	—			4,632			21,151			—			25,783
Prepaid expenses	—			27,071			2,885			1,011			30,967
Goodwill	—			—			16,067			—			16,067
Other intangible assets	—			—			9,577			—			9,577
Loan receivable	—			—			13,000			—			13,000
Intercompany loan receivable	—			193,595			—			(193,595		)	—
Intercompany transactions and investment in subsidiaries	2,265,607			5,247,229			2,697,241			(10,210,077		)	—
Deferred tax assets	—			—			5,178			—			5,178
Other assets	—			47,378			20,108			—			67,486
Total assets	$	2,265,607		$	8,522,824		$	8,191,523		$	(10,402,661	)	$	8,577,293

Liabilities
Accounts payable	$	—		$	2,469		$	42		$	—		$	2,511
Accrued expenses	—			23,587			6,710			—			30,297
Accrued interest	—			45,261			—			—			45,261
Accrued salaries and wages	—			14,628			2,382			—			17,010
Gaming, property, and other taxes	—			24,055			18,824			—			42,879
Income taxes	—			(2		)	(1,009		)	1,011			—
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	—			5,853,497			—			—			5,853,497
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			269,185			24,726			—			293,911
Deferred tax liabilities	—			—			261			—			261
Other liabilities	—			24,536			1,523			—			26,059
Total liabilities	—			6,257,216			247,054			(192,584		)	6,311,686

Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2018)	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 214,211,932 shares issued and outstanding at December 31, 2018)	2,142			2,142			2,142			(4,284		)	2,142
Additional paid-in capital	3,952,503			3,952,506			9,832,830			(13,785,336		)	3,952,503
Retained accumulated (deficit) earnings	(1,689,038		)	(1,689,040		)	(1,890,503		)	3,579,543			(1,689,038		)
Total shareholders’ equity (deficit)	2,265,607			2,265,608			7,944,469			(10,210,077		)	2,265,607
Total liabilities and shareholders’ equity (deficit)	$	2,265,607		$	8,522,824		$	8,191,523		$	(10,402,661	)	$	8,577,293



Year ended December 31, 2018 Consolidating Statement of Income	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non- Issuers		Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	437,211		$	310,443	$	—		$	747,654
Income from direct financing lease	—		—			81,119		—			81,119
Interest income from real estate loans	—		5,590			1,353		—			6,943
Real estate taxes paid by tenants	—		46,327			41,139		—			87,466
Total income from real estate	—		489,128			434,054		—			923,182
Gaming, food, beverage and other	—		—			132,545		—			132,545
Total revenues	—		489,128			566,599		—			1,055,727
Operating expenses
Gaming, food, beverage and other	—		—			77,127		—			77,127
Real estate taxes	—		46,443			42,314		—			88,757
Land rights and ground lease expense	—		10,156			18,202		—			28,358
General and administrative	—		49,161			21,967		—			71,128
Depreciation	—		97,632			39,461		—			137,093
Goodwill impairment charges	—		—			59,454		—			59,454
Total operating expenses	—		203,392			258,525		—			461,917
Income from operations	—		285,736			308,074		—			593,810

Other income (expenses)
Interest expense	—		(247,684		)	—		—			(247,684		)
Interest income	—		1,355			472		—			1,827
Losses on debt extinguishment	—		(3,473		)	—		—			(3,473		)
Intercompany dividends and interest	—		460,044			10,280		(470,324		)	—
Total other income (expenses)	—		210,242			10,752		(470,324		)	(249,330		)

Income before income taxes	—		495,978			318,826		(470,324		)	344,480
Income tax expense	—		855			4,109		—			4,964
Net income	$	—	$	495,123		$	314,717	$	(470,324	)	$	339,516



Year ended December 31, 2018 Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	—		$	495,123		$	314,717		$	(470,324	)	$	339,516
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	—			99,678			48,687			—			148,365
Amortization of debt issuance costs, bond premiums and original issuance discounts	—			12,167			—			—			12,167
Losses on dispositions of property	—			75			234			—			309
Deferred income taxes	—			—			(522		)	—			(522		)
Stock-based compensation	—			11,152			—			—			11,152
Straight-line rent adjustments	—			49,166			12,722			—			61,888
Losses on debt extinguishment	—			3,473			—			—			3,473
Goodwill impairment charges	—			—			59,454			—			59,454

Decrease (increase),
Prepaid expenses and other assets	—			(1,777		)	477			627			(673		)
Intercompany	—			66			(66		)	—			—
(Decrease) increase,	0			0						0
Accounts payable	—			1,851			(55		)	—			1,796
Accrued expenses	—			(205		)	79			—			(126		)
Accrued interest	—			12,020			—			—			12,020
Accrued salaries and wages	—			6,796			(595		)	—			6,201
Gaming, property and other taxes	—			(78		)	(71		)	—			(149		)
Income taxes	—			304			323			(627		)	—
Other liabilities	—			55			(493		)	—			(438		)
Net cash provided by (used in) operating activities	—			689,866			434,891			(470,324		)	654,433
Investing activities
Capital project expenditures	—			(20		)	—			—			(20		)
Capital maintenance expenditures	—			(55		)	(4,229		)	—			(4,284		)
Proceeds from sale of property and equipment	—			3,195			16			—			3,211
Acquisition of real estate assets	—			(985,750		)	(257,716		)	—			(1,243,466		)
Originations of real estate loans	—			(246,000		)	(57,684		)	—			(303,684		)
Collection of principal payments on investment in direct financing lease	—			—			38,459			—			38,459
Net cash (used in) provided by investing activities	—			(1,228,630		)	(281,154		)	—			(1,509,784		)
Financing activities
Dividends paid	(550,435		)	—			—			—			(550,435		)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	7,537			—			—			—			7,537
Proceeds from issuance of long-term debt, net of unamortized debt issuance costs,bond premium and original issuance discounts	—			2,593,405			—			—			2,593,405
Financing costs	—			(32,426		)	—			—			(32,426		)
Repayments of long-term debt	—			(1,164,117		)	—			—			(1,164,117		)
Premium and related costs paid on tender of senior unsecured notes	—			(1,884		)	—			—			(1,884		)
Intercompany financing	542,898			(858,316		)	(154,906		)	470,324			—
Net cash provided by (used in) financing activities	—			536,662			(154,906		)	470,324			852,080
Net decrease in cash and cash equivalents	—			(2,102		)	(1,169		)	—			(3,271		)
Cash and cash equivalents at beginning of period	—			6,734			22,320			—			29,054
Cash and cash equivalents at end of period	$	—		$	4,632		$	21,151		$	—		$	25,783



Year ended December 31, 2017 Consolidating Statement of Income	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non- Issuers		Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	398,070		$	273,120	$	—		$	671,190
Income from direct financing lease	—		—			74,333		—			74,333
Real estate taxes paid by tenants	—		43,672			40,026		—			83,698
Total income from real estate	—		441,742			387,479		—			829,221
Gaming, food, beverage and other	—		—			142,086		—			142,086
Total revenues	—		441,742			529,565		—			971,307
Operating expenses
Gaming, food, beverage and other	—		—			80,487		—			80,487
Real estate taxes	—		43,755			40,911		—			84,666
Land rights and ground lease expense	—		5,895			18,110		—			24,005
General and administrative	—		39,863			23,288		—			63,151
Depreciation	—		93,948			19,532		—			113,480
Total operating expenses	—		183,461			182,328		—			365,789
Income from operations	—		258,281			347,237		—			605,518

Other income (expenses)
Interest expense	—		(217,068		)	—		—			(217,068		)
Interest income	—		—			1,935		—			1,935
Intercompany dividends and interest	—		451,295			12,318		(463,613		)	—
Total other income (expenses)	—		234,227			14,253		(463,613		)	(215,133		)

Income before income taxes	—		492,508			361,490		(463,613		)	390,385
Income tax expense	—		1,099			8,688		—			9,787
Net income	$	—	$	491,409		$	352,802	$	(463,613	)	$	380,598



Year ended December 31, 2017 Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	—		$	491,409		$	352,802		$	(463,613	)	$	380,598
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	—			95,058			28,777			—			123,835
Amortization of debt issuance costs	—			13,026			—			—			13,026
Losses on dispositions of property	—			—			530			—			530
Deferred income taxes	—			—			(561		)	—			(561		)
Stock-based compensation	—			15,636			—			—			15,636
Straight-line rent adjustments	—			56,815			9,156			—			65,971

(Increase) decrease,
Prepaid expenses and other assets	—			(5,703		)	1,268			(897		)	(5,332		)
Intercompany	—			317			(317		)	—			—
Increase (decrease),	0			0						0
Accounts payable	—			148			(569		)	—			(421		)
Accrued expenses	—			103			308			—			411
Accrued interest	—			(502		)	—			—			(502		)
Accrued salaries and wages	—			(79		)	269			—			190
Gaming, property and other taxes	—			(505		)	(12		)	—			(517		)
Income taxes	—			(325		)	(572		)	897			—
Other liabilities	—			6,591			(744		)	—			5,847
Net cash provided by (used in) operating activities	—			671,989			390,335			(463,613		)	598,711
Investing activities
Capital project expenditures	—			(78		)	—			—			(78		)
Capital maintenance expenditures	—			—			(3,178		)	—			(3,178		)
Proceeds from sale of property and equipment	—			10			924			—			934
Principal payments on loan receivable	—			—			13,200			—			13,200
Acquisition of real estate assets	—			(82,866		)	(386		)	—			(83,252		)
Collection of principal payments on investment in direct financing lease	—			—			73,072			—			73,072
Net cash (used in) provided by investing activities	—			(82,934		)	83,632			—			698
Financing activities
Dividends paid	(529,370		)	—			—			—			(529,370		)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	18,157			—			—			—			18,157
Proceeds from issuance of common stock, net of issuance costs	139,414			—			—			—			139,414
Proceeds from issuance of long-term debt	—			100,000			—			—			100,000
Repayments of long-term debt	—			(335,112		)	—			—			(335,112		)
Intercompany financing	371,799			(358,983		)	(476,429		)	463,613			—
Net cash (used in) provided by financing activities	—			(594,095		)	(476,429		)	463,613			(606,911		)
Net decrease in cash and cash equivalents	—			(5,040		)	(2,462		)	—			(7,502		)
Cash and cash equivalents at beginning of period	—			11,774			24,782			—			36,556
Cash and cash equivalents at end of period	$	—		$	6,734		$	22,320		$	—		$	29,054

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Real Estate Investments

Property and Equipment Used in Operations

Depreciation of property and equipment is recorded using the straight-line method over the following estimated useful lives:



Land improvements		15 years
Building and improvements		5 to 31 years
Furniture, fixtures, and equipment		3 to 31 years

Real Estate Loans and Other Loans Receivable

The Company's adoption of Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") on January 1, 2020 (as described in Note 3) did not result in the Company recording any allowances against its real estate loans for expected losses.

Lease Assets and Lease Liabilities

Cash and Cash Equivalents

The Company considers all cash balances and highly-liquid investments with original maturities of three months or less to be cash and cash equivalents.

Prepaid Expenses and Other Assets

Goodwill and Intangible Assets


•	Projected revenues and operating cash flows;


•	Theoretical construction costs and duration;


•	Pre-opening expenses;


•	Discounting that reflects the level of risk associated with receiving future cash flows attributable to the license; and


•	Remaining useful life of the license

The Company's adoption of ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ("ASU 2017-04") on January 1, 2020 (as described in Note 3) is expected to simplify the analysis required under the Company's future goodwill impairment tests.

Debt Issuance Costs and Bond Premiums and Discounts

Fair Value of Financial Assets and Liabilities

the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy related to the subjectivity of the valuation inputs are described below:


•	Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.


•	Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets, such as interest rates and yield curves that are observable at commonly quoted intervals.


•	Level 3: Unobservable inputs that reflect the reporting entity's own assumptions, as there is little, if any, related market activity.

Revenue Recognition

Stock-Based Compensation

prior to grant. The Company utilizes a third-party valuation firm to measure the fair value of performance-based restricted stock awards at grant date using the Monte Carlo model.

The unrecognized compensation cost relating to restricted stock awards and performance-based restricted stock awards is recognized as expense over the awards’ remaining vesting periods.

See Note 13 for further information related to stock-based compensation.

Income Taxes

Earnings Per Share

Segment Information

Concentration of Credit Risk

Real Estate Investments

12 Months Ended

Dec. 31, 2019

Real Estate [Abstract]

Real Estate Investments

Real estate investments, net, represent investments in 42 rental properties and the corporate headquarters building and is summarized as follows:



	December 31, 2019			December 31, 2018
	(in thousands)
Land and improvements	$	2,552,285		$	2,552,475
Building and improvements	5,749,211			5,762,071
Total real estate investments	8,301,496			8,314,546
Less accumulated depreciation	(1,200,941		)	(983,086		)
Real estate investments, net	$	7,100,555		$	7,331,460

On June 30, 2019, the Resorts Casino Tunica property was closed by the Company's tenant, resulting in the acceleration of $10.3 million of depreciation expense related to the building at this property. The net book value of this building is zero at December 31, 2019. The Company entered into an agreement to terminate the long-term ground lease for this property, which will be effective in February 2020, at which time such ground lease will be removed from the Penn Master Lease.

Property and Equipment Used in Operations (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property and equipment used in operations
Total property and equipment	$ 266,282	$ 264,738
Less accumulated depreciation	(172,202)	(163,854)
Property and equipment, net	94,080	100,884
Land and improvements
Property and equipment used in operations
Total property and equipment	30,492	30,431
Building and improvements
Property and equipment used in operations
Total property and equipment	116,904	116,776
Furniture, fixtures, and equipment
Property and equipment used in operations
Total property and equipment	118,766	117,247
Construction in progress
Property and equipment used in operations
Total property and equipment	$ 120	$ 284

Shareholders' Equity (Dividends Declared and Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands																									12 Months Ended
	Dec. 27, 2019	Nov. 27, 2019	Sep. 20, 2019	Aug. 20, 2019	Jun. 28, 2019	May 28, 2019	Mar. 22, 2019	Feb. 20, 2019	Dec. 28, 2018	Oct. 12, 2018	Sep. 21, 2018	Jul. 31, 2018	Jun. 29, 2018	Apr. 24, 2018	Mar. 23, 2018	Feb. 01, 2018	Dec. 15, 2017	Oct. 19, 2017	Sep. 22, 2017	Jul. 25, 2017	Jun. 30, 2017	Apr. 25, 2017	Mar. 24, 2017	Feb. 01, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Dividends [Abstract]
Common stock, cash dividends declared (in dollars per share)		$ 0.70		$ 0.68		$ 0.68		$ 0.68		$ 0.68		$ 0.63		$ 0.63		$ 0.63		$ 0.63		$ 0.63		$ 0.62		$ 0.62
Common stock, cash dividends paid (in dollars per share)	$ 0.68		$ 0.68		$ 0.68		$ 0.68		$ 0.68		$ 0.63		$ 0.63		$ 0.63		$ 0.63		$ 0.63		$ 0.62		$ 0.62		$ 2.74	$ 2.57	$ 2.50
Dividend Amount	$ 150,285		$ 145,984		$ 145,978		$ 145,954		$ 145,627		$ 134,844		$ 134,631		$ 134,490		$ 133,942		$ 133,936		$ 131,554		$ 129,007
Dividends, share-based compensation																									$ 900	$ 800	$ 900

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the purchase price allocation of the assets acquired in the Tropicana Acquisition (in thousands):



Real estate investments, net	$	948,217
Land rights, net	44,331
Total purchase price	$	992,548

Schedule III Real Estate Assets and Accumulated Depreciation

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure

SCHEDULE III

REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

December 31, 2019

(in thousands)



				Initial Cost to Company				Net Capitalized Costs (Retirements) Subsequent to Acquisition			Gross Amount at which Carried at Close of Period										Life on which Depreciation in Latest Income Statement is Computed
																			Original Date of Construction / Renovation
Description	Location	Encumbrances		Land and Improvements		Buildings and Improvements					Land and Improvements		Buildings and Improvements		Total ⁽⁶⁾		Accumulated Depreciation		Original Date of Construction / Renovation	Date Acquired
Rental Properties:
Hollywood Casino Lawrenceburg	Lawrenceburg, IN	$	—	$	15,251	$	342,393	$	(30	)	$	15,222	$	342,392	$	357,614	$	150,315	1997/2009	11/1/2013	31
Hollywood Casino Aurora	Aurora, IL	—		4,937		98,378		(383		)	4,936		97,996		102,932		68,924		1993/2002/ 2012	11/1/2013	30
Hollywood Casino Joliet	Joliet, IL	—		19,214		101,104		(20		)	19,194		101,104		120,298		61,511		1992/2003/ 2010	11/1/2013	31
Argosy Casino Alton	Alton, IL	—		—		6,462		—			—		6,462		6,462		4,599		1991/1999	11/1/2013	31
Hollywood Casino Toledo	Toledo, OH	—		12,003		144,093		(201		)	11,802		144,093		155,895		40,111		2012	11/1/2013	31
Hollywood Casino Columbus	Columbus, OH	—		38,240		188,543		105			38,266		188,622		226,888		52,883		2012	11/1/2013	31
Hollywood Casino at Charles Town Races	Charles Town, WV	—		35,102		233,069		—			35,102		233,069		268,171		138,278		1997/2010	11/1/2013	31
Hollywood Casino at Penn National Race Course	Grantville, PA	—		25,500		161,810		—			25,500		161,810		187,310		81,702		2008/2010	11/1/2013	31
M Resort	Henderson, NV	—		66,104		126,689		(436		)	65,668		126,689		192,357		40,605		2009/2012	11/1/2013	30
Hollywood Casino Bangor	Bangor, ME	—		12,883		84,257		—			12,883		84,257		97,140		35,033		2008/2012	11/1/2013	31
Zia Park Casino	Hobbs, NM	—		9,313		38,947		—			9,313		38,947		48,260		21,456		2005	11/1/2013	31
Hollywood Casino Gulf Coast	Bay St. Louis, MS	—		59,388		87,352		(229		)	59,176		87,335		146,511		53,256		1992/2006/ 2011	11/1/2013	40
Argosy Casino Riverside	Riverside, MO	—		23,468		143,301		(77		)	23,391		143,301		166,692		67,802		1994/2007	11/1/2013	37
Hollywood Casino Tunica	Tunica, MS	—		4,634		42,031		—			4,634		42,031		46,665		28,362		1994/2012	11/1/2013	31
Boomtown Biloxi	Biloxi, MS	—		3,423		63,083		(137		)	3,286		63,083		66,369		49,446		1994/2006	11/1/2013	15
Hollywood Casino St. Louis	Maryland Heights, MO	—		44,198		177,063		(3,239		)	40,959		177,063		218,022		87,157		1997/2013	11/1/2013	13
Hollywood Casino at Dayton Raceway ⁽¹⁾	Dayton, OH	—		3,211		—		86,288			3,211		86,288		89,499		14,949		2014	11/1/2013	31
Hollywood Casino at Mahoning Valley Race Track ⁽¹⁾	Youngstown, OH	—		5,683		—		94,314			5,833		94,164		99,997		16,065		2014	11/1/2013	31
Resorts Casino Tunica ⁽²⁾	Tunica, MS	—		—		12,860		(12,860		)	—		—		—		—		1994/1996/ 2005/2014	5/1/2017	N/A
1^st Jackpot Casino	Tunica, MS	—		161		10,100		—			161		10,100		10,261		982		1995	5/1/2017	31
Ameristar Black Hawk ⁽³⁾	Black Hawk, CO	—		243,092		334,024		—			243,092		334,024		577,116		13,617		2000	4/28/2016	31
Ameristar East Chicago ⁽³⁾	East Chicago, IN	—		4,198		123,430		—			4,198		123,430		127,628		5,788		1997	4/28/2016	31
Belterra Casino Resort ⁽³⁾	Florence, IN	—		63,420		172,875		—			63,420		172,875		236,295		10,014		2000	4/28/2016	31



Ameristar Council Bluffs ⁽³⁾	Council Bluffs, IA	—		84,009		109,027		—		84,009		109,027		193,036		5,332		1996	4/28/2016	31
L'Auberge Baton Rouge ⁽³⁾	Baton Rouge, LA	—		205,274		178,426		—		205,274		178,426		383,700		7,747		2012	4/28/2016	31
Boomtown Bossier City ⁽³⁾	Bossier City, LA	—		79,022		107,067		—		79,022		107,067		186,089		4,829		2002	4/28/2016	31
L'Auberge Lake Charles ⁽³⁾	Lake Charles, LA	—		14,831		310,877		—		14,831		310,877		325,708		15,412		2005	4/28/2016	31
Boomtown New Orleans ⁽³⁾	Boomtown, LA	—		46,019		58,258		—		46,019		58,258		104,277		2,866		1994	4/28/2016	31
Ameristar Vicksburg ⁽³⁾	Vicksburg, MS	—		128,068		96,106		—		128,068		96,106		224,174		5,631		1994	4/28/2016	31
River City Casino & Hotel ⁽³⁾	St Louis, MO	—		8,117		221,038		—		8,117		221,038		229,155		9,924		2010	4/28/2016	31
Ameristar Kansas City ⁽³⁾	Kansas City, MO	—		239,111		271,598		—		239,111		271,598		510,709		13,663		1997	4/28/2016	31
Ameristar St. Charles ⁽³⁾	St. Charles, MO	—		375,597		437,908		—		375,596		437,908		813,504		18,220		1994	4/28/2016	31
Jackpot Properties ⁽³⁾	Jackpot, NV	—		48,785		61,550		—		48,785		61,550		110,335		4,596		1954	4/28/2016	31
Plainridge Park Casino	Plainridge, MA	—		127,068		123,850		—		127,068		123,850		250,918		4,827		2015	10/15/2018	31
The Meadows Racetrack and Casino	Washington, PA	—		181,532		141,370		386		181,918		141,370		323,288		18,630		2006	9/9/2016	31
Casino Queen	East St. Louis, IL	—		70,716		70,014		—		70,716		70,014		140,730		16,615		1999	1/23/2014	31
Tropicana Atlantic City	Atlantic City, NJ	—		166,974		392,923		—		166,974		392,923		559,897		15,386		1981	10/1/2018	31
Tropicana Evansville	Evansville, IN	—		47,439		146,930		—		47,439		146,930		194,369		5,727		1995	10/1/2018	31
Tropicana Laughlin	Laughlin, NV	—		20,671		80,530		—		20,671		80,530		101,201		3,517		1988	10/1/2018	27
Trop Casino Greenville	Greenville, MS	—		—		21,680		—		—		21,680		21,680		845		2012	10/1/2018	31
Belle of Baton Rouge	Baton Rouge, LA	—		11,873		52,400		—		11,873		52,400		64,273		3,160		1994	10/1/2018	31
		$	—	$	2,548,529	$	5,573,416	$	163,481	$	2,544,738	$	5,740,687	$	8,285,425	$	1,199,782
Headquarters Property:
GLPI Corporate Office ⁽⁴⁾	Wyomissing, PA	$	—	$	750	$	8,465	$	58	$	750	$	8,523	$	9,273	$	1,159	2014/2015	9/19/2014	31
Other Properties
Other owned land⁽⁵⁾	various	$	—	$	6,798	$	—	$	—	$	6,798	$	—	$	6,798	$	—		10/1/18	N/A
		$	—	$	2,556,077	$	5,581,881	$	163,539	$	2,552,286	$	5,749,210	$	8,301,496	$	1,200,941

(1)Hollywood Casino at Dayton Raceway and Hollywood Casino at Mahoning Valley Race Course were jointly developed with Penn National Gaming, Inc. The costs capitalized subsequent to acquisition represent the capital expenditures incurred by the Company subsequent to the transfer of the development properties at Spin-Off. Both properties commenced operations and began paying rent during the year ended December 31, 2014.

⁽²⁾We currently lease 86.6 acres in Tunica, Mississippi, where the Resorts Casino Tunica is located. This property is leased to Penn as part of the Penn Master Lease, however, the casino and hotel were closed by Penn in June 2019. As a result of the property closure, the Company entered into an agreement to terminate the long-term ground lease for this property, which will be effective in February 2020, at which time such ground lease will be removed from the Penn Master Lease.

⁽³⁾During April 2016, the Company acquired substantially all of the real estate assets of Pinnacle and subsequently leased the assets back to Pinnacle. As discussed further in the footnotes to the consolidated financial statements, the Pinnacle Master Lease was originally bifurcated between an operating lease and a direct financing lease, resulting in the land that was subject to operating lease treatment being recorded as a real estate asset on the Company's consolidated balance sheet, while the building assets that triggered direct financing lease treatment were recorded as an investment in direct financing lease on the Company's consolidated balance sheet.

In conjunction with the Penn-Pinnacle Merger, on October 15, 2018, the Pinnacle Master Lease was amended via the fourth amendment to such lease to allow for the sale of the operating assets of Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort from Pinnacle to Boyd. As a result of this amendment, the Company reassessed the lease's classification and determined the new lease agreement qualified for operating lease treatment under ASC 840. Therefore, subsequent to the Penn-Pinnacle Merger, the Amended Pinnacle Master Lease is treated as an operating lease in its entirety and the building assets previously recorded as an investment in direct financing lease on the Company's consolidated balance sheet were recorded as real estate assets on the Company's consolidated balance sheet.

⁽⁴⁾The Company's corporate headquarters building was completed in October 2015. The land was purchased on September 19, 2014 and construction on the building occurred through October 2015.

⁽⁵⁾This includes undeveloped land the Company owns at locations other than its tenant occupied properties.

⁽⁶⁾The aggregate cost for federal income tax purposes of the properties listed above was $7.95 billion at December 31, 2019. This amount includes the tax basis of all real property assets acquired from Pinnacle, including building assets.

A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2019, 2018 and 2017 is as follows:



	Year Ended December 31,
	2019			2018			2017
Real Estate:	(in thousands)
Balance at the beginning of the period	$	8,314,546		$	4,519,501		$	4,495,972
Acquisitions	—			1,199,135			23,507
Reclass of assets from investment in direct financing lease to real estate investments ⁽¹⁾	—			2,599,180			—
Capital expenditures and assets placed in service	—			—			32
Dispositions	(13,050		)	(3,270		)	(10		)
Balance at the end of the period	$	8,301,496		$	8,314,546		$	4,519,501
Accumulated Depreciation:
Balance at the beginning of the period	$	(983,086	)	$	(857,456	)	$	(756,881	)
Depreciation expense	(230,716		)	(125,630		)	(100,576		)
Dispositions	12,861			—			1
Balance at the end of the period	$	(1,200,941	)	$	(983,086	)	$	(857,456	)

Schedule IV Mortgage Loans on Real Estate Reconciliation of Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Mortgage Loans:
Balance at the beginning of the period	$ 303,684	$ 0
New mortgage loans	0	303,684
Collections of principal	0	0
Other deductions	(246,000)	0
Balance at the end of the period	$ 57,684	$ 303,684

New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 838,734
Lease liabilities	$ 183,971
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets		$ 203,000
Lease liabilities		$ 203,000

Supplemental Disclosures of Cash Flow Information and Noncash Activities

12 Months Ended

Dec. 31, 2019

Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]

Supplemental Disclosures of Cash Flow Information and Noncash Activities

Supplemental disclosures of cash flow information are as follows:



Year ended December 31,	2019		2018		2017
	(in thousands)
Cash paid for income taxes, net of refunds received	$	5,554	$	5,389	$	11,646
Cash paid for interest	274,530		229,779		204,442

Noncash Investing and Financing Activities

On January 1, 2019, in conjunction with its adoption of ASU 2016-02, the Company recorded right-of-use assets and related lease liabilities of $203 million on its consolidated balance sheet to represent its rights to underlying assets and future lease obligations. In conjunction with the October 2018 Penn-Pinnacle Merger, the Company reassessed the classification of the Pinnacle Master Lease and determined the new lease agreement qualified for operating lease treatment in its entirety. Therefore, on October 15, 2018, the building assets of $2.6 billion previously recorded as an investment in direct financing lease on the Company's consolidated balance sheet were reclassified to real estate assets on the Company's consolidated balance sheet. The Company did not engage in any other noncash investing and financing activities during the years ended December 31, 2019, 2018 and 2017.

Acquisitions (Purchase Price Allocation Components) (Details) - Tropicana Entertainment $ in Thousands	Dec. 31, 2019 USD ($)
Consideration
Real estate investments, net	$ 948,217
Land rights, net	44,331
Total purchase price	$ 992,548

Consolidated Statements of Changes in Shareholders' Equity (Deficit) (Parenthetical) - $ / shares													12 Months Ended
	Dec. 27, 2019	Sep. 20, 2019	Jun. 28, 2019	Mar. 22, 2019	Dec. 28, 2018	Sep. 21, 2018	Jun. 29, 2018	Mar. 23, 2018	Dec. 15, 2017	Sep. 22, 2017	Jun. 30, 2017	Mar. 24, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Common stock, dividends per share, cash paid	$ 0.68	$ 0.68	$ 0.68	$ 0.68	$ 0.68	$ 0.63	$ 0.63	$ 0.63	$ 0.63	$ 0.63	$ 0.62	$ 0.62	$ 2.74	$ 2.57	$ 2.50

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Compensation, Restricted Stock Awards Activity

The following table contains information on restricted stock award activity for the years ended December 31, 2019 and 2018:



	Number of Award Shares		Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2017	344,744		$	29.69
Granted	283,183		$	23.34
Released	(273,286	)	$	18.16
Canceled	(54,999	)	$	33.34
Outstanding at December 31, 2018	299,642		$	33.53
Granted	317,290		$	22.69
Released	(299,961	)	$	21.47
Canceled	—		$	—
Outstanding at December 31, 2019	316,971		$	34.10

Schedule of Share-based Compensation, Performance-Based Restricted Stock Awards Activity

The following table contains information on performance-based restricted stock award activity for the years ended December 31, 2019 and 2018:



	Number of Performance-Based Award Shares		Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2017	1,664,000		$	17.49
Granted	556,000		$	20.64
Released	(548,000	)	$	17.29
Canceled	(330,000	)	$	18.60
Outstanding at December 31, 2018	1,342,000		$	18.60
Granted	512,000		$	17.85
Released	(447,334	)	$	17.22
Canceled	(23,332	)	$	18.63
Outstanding at December 31, 2019	1,383,334		$	18.77

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of property, plant and equipment, useful lives

Depreciation of property and equipment is recorded using the straight-line method over the following estimated useful lives:



Land improvements		15 years
Building and improvements		5 to 31 years
Furniture, fixtures, and equipment		3 to 31 years

Schedule IV Mortgage Loans on Real Estate Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgage	$ 57,684
Carrying Amount of Mortgage	57,684	$ 303,684	$ 0
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Federal income tax basis	$ 58,000
Boyd Gaming Corporation
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	11.20%
Prior Liens	$ 0
Face Amount of Mortgage	57,684
Carrying Amount of Mortgage	57,684
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0

Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Accrued expenses	$ 1,597	$ 1,416
Property and equipment	5,844	5,405
Interest expense	596	313
Net deferred tax assets	8,037	7,134
Deferred tax liabilities:
Property and equipment	(624)	(757)
Intangibles	(1,636)	(1,460)
Net deferred tax liabilities	(2,260)	(2,217)
Net:	$ 5,777	$ 4,917

Earnings Per Share Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Schedule of reconciliation of the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS



	Year Ended December 31,
	2019	2018	2017
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	214,667	213,720	210,705
Assumed conversion of employee stock-based awards	—	206	644
Assumed conversion of restricted stock awards	117	80	155
Assumed conversion of performance-based restricted stock awards	1,002	773	1,248
Diluted weighted-average common shares outstanding	215,786	214,779	212,752

Schedule of calculation of basic and diluted EPS for the Company's common stock

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2019, 2018 and 2017:



	Year Ended December 31,
	2019			2018			2017
	(in thousands, except per share and share amounts)
Calculation of basic EPS:
Net income	$	390,881		$	339,516		$	380,598
Less: Net income allocated to participating securities	(576		)	(475		)	(622		)
Net income attributable to common shareholders	$	390,305		$	339,041		$	379,976
Weighted-average common shares outstanding	214,667			213,720			210,705
Basic EPS	$	1.82		$	1.59		$	1.80

Calculation of diluted EPS:
Net income	$	390,881		$	339,516		$	380,598
Diluted weighted-average common shares outstanding	215,786			214,779			212,752
Diluted EPS	$	1.81		$	1.58		$	1.79

Antidilutive securities excluded from the computation of diluted earnings per share (in shares)	—			13,335			3,483

Revenue Recognition Revenue Recognition (Rental Income Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Leased Assets [Line Items]
Total cash rental income	$ 1,008,895
Straight-line rent adjustments	(34,574)	$ (61,888)	$ (65,971)
Ground rent in revenue	21,347
Other rental revenue	498
Total rental income	996,166
Base rent income \| Building
Operating Leased Assets [Line Items]
Total cash rental income	659,620
Base rent income \| Land
Operating Leased Assets [Line Items]
Total cash rental income	190,168
Variable rent income
Operating Leased Assets [Line Items]
Total cash rental income	$ 159,107

Acquisitions (Narrative) (Details) $ in Thousands				12 Months Ended
Acquisitions (Narrative) (Details) $ in Thousands	Oct. 15, 2018 USD ($)	Oct. 01, 2018 USD ($)	May 01, 2017 USD ($) lease	Dec. 31, 2019 USD ($) property renewaloption lease	Oct. 14, 2019 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Consideration
Payments to acquire real estate				$ 0			$ 1,243,466	$ 83,252
Rental income							747,654	$ 671,190
Real estate investments, net				$ 7,100,555			7,331,460
Number of real estate properties \| property				42
Amended Pinnacle Entertainment, Inc. Master Lease
Consideration
Additional lease revenue	$ 13,900
Number of real estate properties \| property				12
Lessor leasing arrangements, operating leases, term of contract				10 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption				5
Lessor leasing arrangements, operating lease, renewal term				5 years
Eldorado Master Lease
Consideration
Number of real estate properties \| property				5
Lessor leasing arrangements, operating leases, term of contract				15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption				4
Lessor leasing arrangements, operating lease, renewal term				5 years
Plainridge Park Casino
Consideration
Payments to acquire real estate	$ 250,900
Rental income					$ 25,000
Tropicana Entertainment
Consideration
Payments to acquire real estate		$ 992,500
Rental income						$ 87,600
Number of real estate properties \| property				5
Tunica Properties
Consideration
Payments to acquire real estate			$ 82,900
Lessee leasing arrangements, number of ground leases \| lease			3
Subsidiary of Eldorado Resorts, Inc. \| Eldorado Master Lease
Consideration
Lessee leasing arrangements, number of ground leases \| lease				6
Building and improvements \| Pinnacle Entertainment, Inc. Master Lease
Consideration
Real estate investments, net							$ 2,600,000

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Maturity Schedule) (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2020	$ 14,071
2021	13,766
2022	13,659
2023	13,638
2024	13,617
Thereafter	644,059
Total lease payments	712,810
Less: interest	(528,839)
Present value of lease liabilities	$ 183,971

Summarized Quarterly Data (Unaudited) (Details)		1 Months Ended	3 Months Ended								12 Months Ended
Summarized Quarterly Data (Unaudited) (Details)	Sep. 12, 2019 USD ($)	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) property $ / shares	Sep. 30, 2019 USD ($) $ / shares	Jun. 30, 2019 USD ($) $ / shares	Mar. 31, 2019 USD ($) $ / shares	Dec. 31, 2018 USD ($) $ / shares	Sep. 30, 2018 USD ($) $ / shares	Jun. 30, 2018 USD ($) $ / shares	Mar. 31, 2018 USD ($) $ / shares	Dec. 31, 2019 USD ($) property $ / shares	Dec. 31, 2018 USD ($) $ / shares	Dec. 31, 2017 USD ($) $ / shares
Selected Quarterly Financial Information [Abstract]
Total revenues			$ 288,984,000	$ 287,612,000	$ 289,013,000	$ 287,864,000	$ 303,317,000	$ 254,139,000	$ 254,221,000	$ 244,050,000	$ 1,153,473,000	$ 1,055,727,000	$ 971,307,000
Income from operations			188,256,000	187,625,000	170,767,000	170,775,000	123,884,000	164,834,000	153,241,000	151,851,000	717,423,000	593,810,000	605,518,000
Net income			$ 114,291,000	$ 90,547,000	$ 93,033,000	$ 93,010,000	$ 45,931,000	$ 104,815,000	$ 91,998,000	$ 96,772,000	$ 390,881,000	$ 339,516,000	$ 380,598,000
Earnings per common share:
Basic earnings per common share (in dollars per share) \| $ / shares			$ 0.53	$ 0.42	$ 0.43	$ 0.43	$ 0.21	$ 0.49	$ 0.43	$ 0.45	$ 1.82	$ 1.59	$ 1.80
Diluted earnings per common share (in dollars per share) \| $ / shares			$ 0.53	$ 0.42	$ 0.43	$ 0.43	$ 0.21	$ 0.49	$ 0.43	$ 0.45	$ 1.81	$ 1.58	$ 1.79
Consideration
Number of real estate properties \| property			42								42
Provision for Loan and Lease Losses											$ 13,000,000.0
Losses on debt extinguishment											(21,014,000)	$ (3,473,000)	$ 0
Goodwill impairment charges											$ 0	59,454,000	$ 0
Hollywood Casino Baton Rouge, LA
Consideration
Goodwill impairment charges							$ 59,500,000					$ 59,500,000
Building and improvements \| Resorts Casino Tunica (2)
Consideration
Real Estate Investment Property, Accelerated Depreciation And Amortization		$ 16,600,000
$1,000 million 4.875% senior unsecured notes due November 2020
Consideration
Losses on debt extinguishment	$ (21,000,000.0)

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill for the years ended December 31, 2019 and 2018 are as follows:



	TRS Properties Business Segment
	(in thousands)
Balance at December 31, 2017	$	75,521
Acquisitions	—
Impairment losses	(59,454		)
Balance at December 31, 2018	$	16,067
Acquisitions	—
Impairment losses	—
Balance at December 31, 2019	$	16,067

Summary of Significant Accounting Policies (Real Estate Investments) (Details) - Building and improvements	12 Months Ended
	Dec. 31, 2019
Minimum
Property, Plant and Equipment [Line Items]
Life used for depreciation of real estate assets, buildings and improvements	10 years
Maximum
Property, Plant and Equipment [Line Items]
Life used for depreciation of real estate assets, buildings and improvements	31 years

Receivables (Loan Receivable) (Details) $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
Receivables (Loan Receivable) (Details) $ in Thousands	Mar. 13, 2017 USD ($)	Jan. 31, 2014 USD ($)	Dec. 31, 2019 USD ($) renewaloption	Dec. 31, 2019 USD ($) renewaloption	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Payments to acquire real estate				$ 0	$ 1,243,466	$ 83,252
Loan impairment charges				$ 13,000	0	$ 0
Loan impairment charges			$ 1,500		1,500
Casino Queen Lease
Loans and Leases Receivable Disclosure [Line Items]
Lessor leasing arrangements, operating leases, term of contract			15 years	15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption			4	4
Lessor leasing arrangements, operating lease, renewal term			5 years	5 years
Casino Queen
Loans and Leases Receivable Disclosure [Line Items]
Debt instrument, face amount		$ 43,000
Debt instrument term		5 years
Debt instrument, interest rate, stated percentage		7.00%
CQ Holding Company Inc. \| Unsecured Debt
Loans and Leases Receivable Disclosure [Line Items]
Debt instrument, face amount	$ 13,000
Debt instrument term	5 years 6 months
Debt instrument, interest rate, stated percentage	15.00%
Loan receivable
Loans and Leases Receivable Disclosure [Line Items]
Loan receivable			$ 0	$ 0	$ 13,000

New Accounting Pronouncements	12 Months Ended
New Accounting Pronouncements	Dec. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"). This ASU primarily provides new guidance for lessees on the accounting treatment of operating leases. Under the new guidance, lessees are required to recognize assets and liabilities arising from operating leases on the balance sheet. ASU 2016-02 also aligns lessor accounting with the revenue recognition guidance in Topic 606 of the Accounting Standards Codification. Generally speaking, ASU 2016-02 more significantly impacted the accounting for leases in which GLPI is the lessee by requiring the Company to record a right-of-use asset and lease liability on its consolidated balance sheet for these leases. The Company's accounting treatment of its triple-net tenant leases, which are the primary source of revenues to the Company, were not significantly impacted by the adoption of ASU 2016-02, other than to eliminate the real estate tax gross-up discussed below. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements ("ASU 2018-11") which permits companies to apply the transition provisions of ASU 2016-02 at its effective date (i.e. comparative financial statements are not required). Furthermore, in December 2018, the FASB issued ASU No. 2018-20, Leases (Topic 842): Narrow Scope Improvements for Lessors ("ASU 2018-20"). ASU 2018-20 clarifies that lessor costs paid directly to a third-party by a lessee on behalf of the lessor are no longer required to be recognized in the lessor's financial statements. Therefore, upon the adoption of ASU 2016-02, the Company no longer grosses-up its financial statements for real estate taxes paid directly to third-parties by its tenants. The Company notes, however, that ground leases for which the tenant pays the landlord directly on the Company's behalf are still required to be grossed-up within its consolidated financial statements upon the adoption of ASU 2016-02 as these are not considered lessor costs. On January 1, 2019, the Company adopted ASU 2016-02 using the new transition option available under ASU 2018-11 and recorded right-of-use assets and related lease liabilities of $203 million on its consolidated balance sheet to represent its rights to underlying assets and its future lease obligations. Also in connection with the adoption of ASC 842 - Leases ("ASC 842"), the land rights recorded on balance sheet in conjunction with the Company's assumption of below market leases at the time it acquired the related land and building assets are now required to be reported in the aggregate with the Company's operating lease right-of-use assets, reflected as right-of-use assets and land rights, net on the consolidated balance sheet. Furthermore, the Company elected the package of practical expedients, which among other things, did not require the Company to reassess the lease classification of its existing leases and the practical expedient related to land easements, which allowed the Company to bypass the reassessment of existing or expired land easements for the existence of a lease under ASC 842. See Note 7 for further disclosures related to the adoption of ASU 2016-02. Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (a consensus of the FASB Emerging Issues Task Force) ("ASU 2018-15"). This ASU clarifies that entities should follow the guidance for capitalizing implementation costs incurred to develop or obtain internal-use software to account for implementation costs of cloud computing arrangements that are service contracts. ASU 2018-15 does not change the accounting for the service component of a cloud computing arrangement. The Company adopted ASU 2018-15 on January 1, 2020 and does not expect the adoption of ASU 2018-15 to have a significant impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04. This ASU simplifies an entity's goodwill impairment test by eliminating Step 2 from the test. The new guidance also amends the definition of impairment to a condition that exists when the carrying amount of goodwill exceeds its fair value. By eliminating Step 2 from the test, entities are no longer required to determine the implied fair value of goodwill by computing the fair value (at impairment testing date) of all assets and liabilities in a manner similar to that required in conjunction with business combinations. Upon the adoption of ASU 2017-04, an impairment charge is simply recorded as the difference between carrying value and fair value, when carrying value exceeds fair value. The Company adopted ASU 2017-04 on January 1, 2020 and expects the new guidance to simplify the analysis required under its future goodwill impairment tests. In June 2016, the FASB issued ASU No. 2016-13. This ASU introduces a new model for estimating credit losses for certain types of financial instruments, including mortgage, real estate and other loans receivable, amongst other financial instruments. ASU 2016-13 sets forth an "expected credit loss" impairment model to replace the current "incurred loss" method of recognizing credit losses, which is intended to improve financial reporting by requiring timely recording of credit losses on loans and other financial instruments. The Company adopted ASU 2016-13 on January 1, 2020 and did not record any allowances against its financial instruments subject to the new guidance.

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt, net of current maturities and unamortized debt issuance costs is as follows:



	December 31, 2019			December 31, 2018
	(in thousands)
Unsecured $1,175 million revolver	$	46,000		$	402,000
Unsecured term loan A-1	449,000			525,000
$1,000 million 4.875% senior unsecured notes due November 2020	215,174			1,000,000
$400 million 4.375% senior unsecured notes due April 2021	400,000			400,000
$500 million 5.375% senior unsecured notes due November 2023	500,000			500,000
$400 million 3.35% senior unsecured notes due September 2024	400,000			—
$850 million 5.250% senior unsecured notes due June 2025	850,000			850,000
$975 million 5.375% senior unsecured notes due April 2026	975,000			975,000
$500 million 5.750% senior unsecured notes due June 2028	500,000			500,000
$750 million 5.30% senior unsecured notes due January 2029	750,000			750,000
$700 million 4.00% senior unsecured notes due January 2030	700,000			—
Finance lease liability	989			1,112
Total long-term debt	5,786,163			5,903,112
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(48,201		)	(49,615		)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	$	5,737,962		$	5,853,497

Schedule of Future Minimum Repayments of Long-Term Debt

The following is a schedule of future minimum repayments of long-term debt as of December 31, 2019 (in thousands):



2020	$	215,303
2021	849,135
2022	142
2023	546,149
2024	400,156
Over 5 years	3,775,278
Total minimum payments	$	5,786,163

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Goodwill and Intangible Assets (Details) - USD ($)	3 Months Ended	12 Months Ended
Goodwill and Intangible Assets (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Roll Forward]
Beginning Balance, Goodwill		$ 16,067,000
Impairment losses		0	$ 59,454,000	$ 0
Ending Balance, Goodwill	$ 16,067,000	16,067,000	16,067,000
Other intangible assets	9,577,000	9,577,000	9,577,000
Hollywood Casino Baton Rouge, LA
Goodwill [Roll Forward]
Beginning Balance, Goodwill		16,100,000
Impairment losses	59,500,000		59,500,000
Ending Balance, Goodwill	16,100,000		16,100,000
Hollywood Casino Perryville, MD
Goodwill [Roll Forward]
Other intangible assets		9,600,000
TRS Properties
Goodwill [Roll Forward]
Beginning Balance, Goodwill		16,067,000	75,521,000
Acquisitions		0	0
Impairment losses		0	(59,454,000)
Ending Balance, Goodwill	$ 16,067,000	$ 16,067,000	$ 16,067,000	$ 75,521,000

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Land Rights) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Land rights, net		$ 673,207
Land rights, net
Finite-Lived Intangible Assets [Line Items]
Land rights	$ 694,077	700,997
Less accumulated amortization	(39,406)	(27,790)
Land rights, net	654,671	$ 673,207
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2020	12,081
2021	12,081
2022	12,081
2023	12,081
2024	12,081
Thereafter	$ 594,266
Land rights, net \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	10 years
Land rights, net \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	92 years

Schedule IV Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

SEC Schedule IV, Mortgage Loans on Real Estate Disclosure

SCHEDULE IV

MORTGAGE LOANS ON REAL ESTATE

December 31, 2019

(in thousands)



Description	Interest Rate	Final Maturity Date	Periodic Payment Terms	Prior Liens	Face Amount of Mortgage		Carrying Amount of Mortgage ⁽³⁾		Principal Amount of Loans Subject to Delinquent Principal or Interest
Belterra Park Loan	11.20%	4/3/2051⁽¹⁾	interest paid monthly	—	57,684		57,684		—
					$	57,684	$	57,684	—

⁽¹⁾The Belterra Park Loan matures in connection with the expiration of the Boyd Master Lease (as may be extended at the tenant's option to April 30, 2051).

⁽³⁾ The aggregate cost for federal income tax purposes of the mortgage loan listed above was approximately $58 million at December 31, 2019.



	Year Ended December 31, 2019			Year Ended December 31, 2018
	(in thousands)
Mortgage Loans:
Balance at the beginning of the period	$	303,684		$	—
Additions during the period:
New mortgage loans	—			303,684
Deductions during the period:
Collections of principal	—			—
Other deductions ⁽¹⁾	(246,000		)	—
Balance at the end of the period	$	57,684		$	303,684

⁽¹⁾ On October 1, 2019, the one-year anniversary of the Eldorado Loan, the mortgage evidenced by a deed of trust on the Lumière Place property terminated and the loan became unsecured and will remain unsecured until its final maturity on the two-year anniversary of the closing.

Property and Equipment Used in Operations

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment Used in Operations

Property and equipment used in operations, net, consists of the following and primarily represents the assets utilized at the TRS Properties



	December 31, 2019			December 31, 2018
	(in thousands)
Land and improvements	$	30,492		$	30,431
Building and improvements	116,904			116,776
Furniture, fixtures, and equipment	118,766			117,247
Construction in progress	120			284
Total property and equipment	266,282			264,738
Less accumulated depreciation	(172,202		)	(163,854		)
Property and equipment, net	$	94,080		$	100,884

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Dividends Declared

The following table lists the regular dividends declared and paid by the Company during the years ended December 31, 2019, 2018 and 2017:



Declaration Date	Shareholder Record Date	Securities Class	Dividend Per Share		Period Covered	Distribution Date	Dividend Amount
							(in thousands)
2019
February 19, 2019	March 8, 2019	Common Stock	$	0.68	First Quarter 2019	March 22, 2019	$	145,954
May 28, 2019	June 14, 2019	Common Stock	$	0.68	Second Quarter 2019	June 28, 2019	$	145,978
August 20, 2019	September 6, 2019	Common Stock	$	0.68	Third Quarter 2019	September 20, 2019	$	145,984
November 26, 2019	December 13, 2019	Common Stock	$	0.70	Fourth Quarter 2019	December 27, 2019	$	150,285
2018
February 1, 2018	March 9, 2018	Common Stock	$	0.63	First Quarter 2018	March 23, 2018	$	134,490
April 24, 2018	June 15, 2018	Common Stock	$	0.63	Second Quarter 2018	June 29, 2018	$	134,631
July 31, 2018	September 7, 2018	Common Stock	$	0.63	Third Quarter 2018	September 21, 2018	$	134,844
October 12, 2018	December 14, 2018	Common Stock	$	0.68	Fourth Quarter 2018	December 28, 2018	$	145,627
2017
February 1, 2017	March 13, 2017	Common Stock	$	0.62	First Quarter 2017	March 24, 2017	$	129,007
April 25, 2017	June 16, 2017	Common Stock	$	0.62	Second Quarter 2017	June 30, 2017	$	131,554
July 25, 2017	September 8, 2017	Common Stock	$	0.63	Third Quarter 2017	September 22, 2017	$	133,936
October 19, 2017	December 1, 2017	Common Stock	$	0.63	Fourth Quarter 2017	December 15, 2017	$	133,942

Dividends Classification

A summary of the Company's common stock distributions for the years ended December 31, 2019, 2018 and 2017 is as follows (unaudited):



	Year Ended December 31,
	2019			2018			2017
	(in dollars per share)
Qualified dividends	$	0.0387		$	0.0391		$	0.0543
Non-qualified dividends	2.2649			2.2955			2.2436
Capital gains	0.0353			0.0270			0.0371
Non-taxable return of capital	0.4011			0.2084			0.1650
Total distributions per common share	$	2.74		$	2.57		$	2.50

Percentage classified as qualified dividends	1.41		%	1.52		%	2.17		%
Percentage classified as non-qualified dividends	82.66		%	89.32		%	89.75		%
Percentage classified as capital gains	1.29		%	1.05		%	1.48		%
Percentage classified as non-taxable return of capital	14.64		%	8.11		%	6.60		%
	100.00		%	100.00		%	100.00		%

Shareholders' Equity (Common Stock) (Details) - USD ($)		12 Months Ended
Shareholders' Equity (Common Stock) (Details) - USD ($)	Aug. 14, 2019	Dec. 31, 2019	Dec. 31, 2017
Class of Stock [Line Items]
Proceeds from issuance of common stock, net of issuance costs			$ 139,414,000
At The Market Program
Class of Stock [Line Items]
Aggregate dollar value of common stock share the Company may sell (up to)	$ 600,000,000
Percentage of commission to be paid on gross sales price of commons stock shares sold (up to)	2.00%
Percentage of commission to be paid on sales price of borrowed shares of common stock (up to)	2.00%
Issuance of common stock (in shares)		1,500	3,864,872
Weighted-average price of shares issued (in dollars per share)		$ 43.17	$ 36.22
Proceeds from issuance of common stock		$ 65,000	$ 140,000,000.0
Expenses related to the issuance of common stock		255,000
Proceeds from issuance of common stock, net of issuance costs			$ 139,400,000
Dollar value of common stock shares remaining for issuance		$ 599,900,000

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and LIabilities (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value
Financial assets:
Cash and cash equivalents	$ 26,823	$ 25,783
Deferred compensation plan assets	28,855	22,709
Long-term debt
Senior unsecured credit facility	493,533	909,308
Senior unsecured notes	5,707,996	4,958,455
Carrying Amount
Financial assets:
Cash and cash equivalents	26,823	25,783
Deferred compensation plan assets	28,855	22,709
Long-term debt
Senior unsecured credit facility	495,000	927,000
Senior unsecured notes	5,290,174	4,975,000
Mortgage loans receivable \| Fair Value
Financial assets:
Mortgage loans receivable	303,684	303,684
Mortgage loans receivable \| Carrying Amount
Financial assets:
Mortgage loans receivable	$ 303,684	$ 303,684

Income Taxes (Effective Income Tax Rate Reconciliation, Amount) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. federal statutory income tax	$ 83,086	$ 72,341	$ 136,636
State and local income taxes	2,051	2,246	2,284
Federal tax rate change	0	0	1,818
REIT conversion benefit	(80,397)	(82,151)	(130,876)
Goodwill impairment charges	0	12,485	0
Permanent differences	23	19	49
Other miscellaneous items	1	24	(124)
Total provision	$ 4,764	$ 4,964	$ 9,787

Long-term Debt (Senior Unsecured Credit Facility) (Narrative) (Details)	12 Months Ended
	Dec. 31, 2019 USD ($)
Long-term debt
Letters of credit outstanding	$ 400,000
Line of credit facility, available borrowing capacity	1,128,600,000
Senior unsecured credit facility
Long-term debt
Long-term debt, gross	$ 495,000,000
Revolving credit facility
Long-term debt
Revolving credit facility, commitment fee percentage	0.25%
Minimum \| Revolving credit facility
Long-term debt
Revolving credit facility, commitment fee percentage	0.15%
Maximum \| Revolving credit facility
Long-term debt
Revolving credit facility, commitment fee percentage	0.35%
LIBOR \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate debt	1.50%
LIBOR \| Minimum \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate debt	1.00%
LIBOR \| Maximum \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate debt	2.00%
Base Rate \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate debt	0.50%
Base Rate \| Minimum \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate debt	0.00%
Base Rate \| Maximum \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate debt	1.00%
Revolving credit facility
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 1,175,000,000
Outstanding balance on credit facility	46,000,000
Unsecured term loan A-1
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 449,000,000