PENN PENN Entertainment Inc

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☑						QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Pennsylvania									23-2234473
(State or other jurisdiction of incorporation or organization)									(I.R.S. employer identification no.)
825 Berkshire Blvd., Suite 200			Wyomissing,			Pennsylvania			19610
(Address of principal executive offices)									(Zip code)

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $0.01 par value per share			PENN			The Nasdaq Stock Market LLC

Large accelerated filer			☑			Accelerated filer			☐
Non-accelerated filer			☐			Smaller reporting company			☐
						Emerging growth company			☐

			Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)			1
Consolidated Balance Sheets - March 31, 2023 and December 31, 2022			2
Consolidated Statements of Operations - for the Three Months Ended March 31, 2023 and 2022			3
Consolidated Statements of Comprehensive Income - for the Three Months Ended March 31, 2023 and 2022			4
Consolidated Statements of Changes in Stockholders’ Equity - for the Three Months Ended March 31, 2023 and 2022			5
Consolidated Statements of Cash Flows - for the Three Months Ended March 31, 2023 and 2022			6
Notes to the Consolidated Financial Statements			8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			38
Item 3. Quantitative and Qualitative Disclosure About Market Risk			53
Item 4. Controls and Procedures			54
PART II. OTHER INFORMATION
Item 1. Legal Proceedings			55
Item 1A. Risk Factors			55
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			55
Item 6. Exhibits			56
Signatures			57

ITEM 1.    FINANCIAL STATEMENTS

(in millions, except share and per share data)			March 31, 2023						December 31, 2022
Assets
Current assets
Cash and cash equivalents			$	1,311.3					$	1,624.0
Accounts receivable, net			260.2						246.4
Prepaid expenses			123.8						106.1
Inventory, net			34.7						11.1
Other current assets			23.4						25.8
Total current assets			1,753.4						2,013.4
Property and equipment, net			3,443.3						4,515.5
Investment in and advances to unconsolidated affiliates			87.0						248.6
Goodwill			2,926.0						2,689.5
Other intangible assets, net			2,225.8						1,738.9
Lease right-of-use assets			6,415.2						6,103.3
Other assets			189.3						192.9
Total assets			$	17,040.0					$	17,502.1
Liabilities
Current liabilities
Accounts payable			$	45.9					$	40.1
Current maturities of long-term debt			56.2						56.2
Current portion of financing obligations			39.8						63.4
Current portion of lease liabilities			327.5						194.3
Accrued expenses and other current liabilities			801.6						804.7
Total current liabilities			1,271.0						1,158.7
Long-term debt, net of current maturities, debt discount and debt issuance costs			2,721.4						2,721.3
Long-term portion of financing obligations			2,417.0						3,970.7
Long-term portion of lease liabilities			6,100.1						5,903.0
Deferred income taxes			230.4						33.9
Other long-term liabilities			125.0						117.9
Total liabilities			12,864.9						13,905.5
Commitments and contingencies (Note 12)
Stockholders’ equity
Series B Preferred stock ($0.01 par value, 1,000,000 shares authorized, no shares issued and outstanding)			—						—
Series C Preferred stock ($0.01 par value, 18,500 shares authorized, no shares issued and outstanding)			—						—
Series D Preferred stock ($0.01 par value, 5,000 shares authorized, 969 shares issued in both periods, and 354 and 581 shares outstanding)			11.8						19.4
Common stock ($0.01 par value, 400,000,000 shares authorized in both periods, 175,512,552 and 172,632,389 shares issued, and 154,136,908 and 152,903,708 shares outstanding)			1.8						1.7
Exchangeable shares ($0.01 par value, 768,441 shares authorized in both periods, 700,393 and 697,539 shares issued, 560,758 and 620,019 shares outstanding)			—						—
Treasury stock, at cost, (21,375,644 and 19,728,681 shares)			(679.5)						(629.5)
Additional paid-in capital			4,333.6						4,220.2
Retained earnings			669.0						154.5
Accumulated other comprehensive loss			(160.4)						(168.6)
Total PENN Entertainment stockholders’ equity			4,176.3						3,597.7
Non-controlling interest			(1.2)						(1.1)
Total stockholders’ equity			4,175.1						3,596.6
Total liabilities and stockholders’ equity			$	17,040.0					$	17,502.1

									For the three months ended March 31,
(in millions, except per share data)															2023						2022
Revenues
Gaming															$	1,324.6					$	1,291.2
Food, beverage, hotel, and other															348.7						273.0
Total revenues															1,673.3						1,564.2
Operating expenses
Gaming															729.5						686.6
Food, beverage, hotel, and other															244.3						171.9
General and administrative															392.9						295.5
Depreciation and amortization															107.5						118.2
Total operating expenses															1,474.2						1,272.2
Operating income															199.1						292.0
Other income (expenses)
Interest expense, net															(113.0)						(161.3)
Interest income															10.4						0.5
Income from unconsolidated affiliates															2.6						8.7
Gain on Barstool Acquisition, net															83.4						—
Gain on REIT transactions, net															500.8						—
Other															(1.0)						(40.7)
Total other income (expenses)															483.2						(192.8)
Income before income taxes															682.3						99.2
Income tax expense															(167.9)						(47.6)
Net income															514.4						51.6
Less: Net loss attributable to non-controlling interest															0.1						0.1
Net income attributable to PENN Entertainment															$	514.5					$	51.7
Earnings per share:
Basic earnings per share															$	3.35					$	0.31
Diluted earnings per share															$	3.05					$	0.29
Weighted-average common shares outstanding—basic															153.3						168.2
Weighted-average common shares outstanding—diluted															168.6						184.2

									For the three months ended March 31,
(in millions)															2023						2022
Net income															$	514.4					$	51.6
Other comprehensive income:
Foreign currency translation adjustment during the period															8.2						35.8
Other comprehensive income															8.2						35.8
Total comprehensive income															522.6						87.4
Less: Comprehensive loss attributable to non-controlling interest															0.1						0.1
Comprehensive income attributable to PENN Entertainment															$	522.7					$	87.5

			Preferred Stock												Common Stock																								Treasury Stock						Additional Paid-In Capital						Retained Earnings (Accumulated Deficit)						Accumulated Other Comprehensive Loss						Total PENN Stockholders’ Equity						Non-Controlling Interest						Total Stockholders’ Equity
(in millions, except share data)			Shares						Amount						PENN Entertainment Shares						Amount						Exchangeable Shares						Amount
Balance as of January 1, 2023			581						$	19.4					152,903,708						$	1.7					620,019						$	—					$	(629.5)					$	4,220.2					$	154.5					$	(168.6)					$	3,597.7					$	(1.1)					$	3,596.6
Share-based compensation arrangements			—						—						148,439						—						—						—						—						16.5						—						—						16.5						—						16.5
Share issuance in connection with acquisitions (Note 13)			—						—						2,442,809						—						—						—												80.8						—						—						80.8						—						80.8
Share repurchases			—						—						(1,646,963)						—						—						—						(50.0)						—						—						—						(50.0)						—						(50.0)
Preferred stock conversions (Note 13)			(227)						(7.6)						226,800						—						—						—						—						7.6						—						—						—						—						—
Exchangeable share issuance (Note 13)			—						—						—						—						2,854						—						—						—						—						—						—						—						—
Exchangeable share conversions (Note 13)			—						—						62,115						—						(62,115)						—						—						—						—						—						—						—						—
Currency translation adjustment			—						—						—						—						—						—						—						—						—						8.2						8.2						—						8.2
Net income (loss)			—						—						—						—						—						—						—						—						514.5						—						514.5						(0.1)						514.4
Other			—						—						—						0.1						—						—						—						8.5						—						—						8.6						—						8.6
Balance as of March 31, 2023			354						$	11.8					154,136,908						$	1.8					560,758						$	—					$	(679.5)					$	4,333.6					$	669.0					$	(160.4)					$	4,176.3					$	(1.2)					$	4,175.1
Balance as of January 1, 2022			775						$	25.8					169,561,883						$	1.7					653,059						$	—					$	(28.4)					$	4,239.6					$	(86.5)					$	(54.4)					$	4,097.8					$	(0.7)					$	4,097.1
Share-based compensation arrangements			—						—						188,273						—						—						—						—						17.0						—						—						17.0						—						17.0
Share repurchases			—						—						(3,802,408)						—						—						—						(175.1)						—						—						—						(175.1)						—						(175.1)
Preferred stock conversions (Note 13)			(194)						(6.4)						194,200						—						—						—						—						6.4						—						—						—						—						—
Exchangeable share conversions (Note 13)			—						—						19,870						—						(19,870)						—						—						—						—						—						—						—						—
Currency translation adjustment			—						—						—						—						—						—						—						—						—						35.8						35.8						—						35.8
Cumulative-effect adjustment upon adoption of ASU 2020-06			—						—						—						—						—						—						—						(88.2)						18.9						—						(69.3)						—						(69.3)
Net income (loss)			—						—						—						—						—						—						—						—						51.7						—						51.7						(0.1)						51.6
Other			—						—						—						—						—						—						—						(4.4)						—						—						(4.4)						—						(4.4)
Balance as of March 31, 2022			581						$	19.4					166,161,818						$	1.7					633,189						$	—					$	(203.5)					$	4,170.4					$	(15.9)					$	(18.6)					$	3,953.5					$	(0.8)					$	3,952.7

			For the three months ended March 31,
(in millions)			2023						2022
Operating activities
Net income			$	514.4					$	51.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			107.5						118.2
Amortization of debt discount and debt issuance costs			2.0						2.7
Noncash interest expense			8.1						6.2
Noncash operating lease expense			86.5						25.2
Gain on Barstool Acquisition, net			(83.4)						—
Gain on REIT transactions, net			(500.8)						—
Holding loss on equity securities			3.2						38.7
Gain on Hurricane Laura			—						(8.8)
Income from unconsolidated affiliates			(2.6)						(8.7)
Return on investment from unconsolidated affiliates			8.5						8.0
Deferred income taxes			80.6						22.9
Stock-based compensation			16.5						17.0
Changes in operating assets and liabilities, net of businesses acquired
Accounts receivable			31.1						54.2
Inventory			1.6						(0.5)
Prepaid expenses and other current assets			(27.4)						(39.3)
Other assets			(5.6)						6.7
Accounts payable			(10.3)						(7.8)
Accrued expenses			(78.5)						(44.4)
Income taxes			83.2						22.9
Operating lease liabilities			(87.7)						(23.6)
Other current and long-term liabilities			—						(16.6)
Other			0.8						0.3
Net cash provided by operating activities			147.7						224.9
Investing activities
Capital expenditures			(63.2)						(65.6)
Consideration paid for Barstool, net of cash acquired			(314.6)						—
Proceeds from sale of property and equipment			—						3.8
Hurricane Laura insurance proceeds			—						24.2
Other			(0.4)						(2.0)
Net cash used in investing activities			(378.2)						(39.6)

			For the three months ended March 31,
(in millions)			2023						2022
Financing activities
Principal payments on long-term debt			(9.4)						(20.5)
Payments of other long-term obligations			(0.7)						(0.6)
Principal payments on financing obligations			(9.6)						(15.5)
Principal payments on finance leases			(11.5)						(25.4)
Proceeds from exercise of options			1.1						2.3
Repurchase of common stock			(50.0)						(175.1)
Other			(2.9)						(4.4)
Net cash used in financing activities			(83.0)						(239.2)
Effect of currency rate changes on cash, cash equivalents, and restricted cash			1.5						(0.9)
Change in cash, cash equivalents, and restricted cash			(312.0)						(54.8)
Cash, cash equivalents, and restricted cash at the beginning of the year			1,644.2						1,880.1
Cash, cash equivalents, and restricted cash at the end of the period			$	1,332.2					$	1,825.3
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents			$	1,311.3					$	1,805.5
Restricted cash included in Other current assets			19.7						18.6
Restricted cash included in Other assets			1.2						1.2
Total cash, cash equivalents, and restricted cash			$	1,332.2					$	1,825.3
Supplemental disclosure:
Cash paid for interest, net of amounts capitalized			$	110.5					$	159.9
Cash payments related to income taxes, net			$	1.1					$	1.0
Non-cash activities:
Accrued capital expenditures			$	17.4					$	28.9

Organization: PENN Entertainment, Inc., together with its subsidiaries (“PENN,” the “Company,” “we,” “our,” or “us”), is North America’s leading provider of integrated entertainment, sports content, and casino gaming experiences. As of March 31, 2023, PENN operated 43 properties in 20 states, online sports betting in 17 jurisdictions and iCasino in five jurisdictions, under a portfolio of well-recognized brands including Hollywood Casino®, L’Auberge®, Barstool Sportsbook®, and theScore Bet Sportsbook and Casino®. In 2023, PENN completed its acquisition of Barstool Sports, Inc. (“Barstool”). Barstool’s vast audience, combined with the reach and highly engaged user base of Score Media and Gaming Inc. (“theScore”), provide us with a significant digital footprint and growing customer ecosystem. PENN’s highly differentiated strategy, which is focused on organic cross-sell opportunities, is reinforced by its investments in market-leading retail casinos, sports media assets, technology, including a state-of-the-art, fully integrated digital sports and iCasino betting platform, and an in-house iCasino content studio. The Company’s portfolio is further bolstered by its industry-leading PENN PlayTM customer loyalty program (the “PENN Play program”), which offers our approximately 27 million members a unique set of rewards and experiences across business channels.

The majority of the real estate assets (i.e., land and buildings) used in our operations are subject to triple net master leases; the most significant of which are the AR PENN Master Lease, 2023 Master Lease, PENN Master Lease (prior to January 1, 2023), and Pinnacle Master Lease (as such terms are defined in Note 9, “Leases,” and collectively referred to as the “Master Leases”), with Gaming and Leisure Properties, Inc. (Nasdaq: GLPI) (“GLPI”), a real estate investment trust (“REIT”).

Basis of Presentation: The unaudited Consolidated Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.

Principles of Consolidation: The unaudited Consolidated Financial Statements include the accounts of PENN Entertainment, Inc. and its subsidiaries. Investments in and advances to unconsolidated affiliates that do not meet the consolidation criteria of the authoritative guidance for voting interest entities (“VOEs”) or variable interest entities (“VIEs”) are accounted for under the equity method. All intercompany accounts and transactions have been eliminated in consolidation.

Reclassifications: Certain reclassifications have been made to conform the prior period presentation.

Use of Estimates: The preparation of unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

Segment Information: We have five reportable segments: Northeast, South, West, Midwest, and Interactive. Our gaming and racing properties are grouped by geographic location, and each is viewed as an operating segment with the exception of our two properties in Jackpot, Nevada, which are viewed as one operating segment. We consider our combined Video Gaming Terminal (“VGT”) operations, by state, to be separate operating segments. Interactive includes all of our online sports betting, iCasino and social gaming operations, management of retail sports betting, media, and the operating results of Barstool (the remaining 64% of Barstool common stock, not already owned by PENN, was acquired on February 17, 2023). See Note 16, “Segment Information,” and Note 9, “Leases,” for further segment and lease structure information, respectively. For financial reporting purposes, we aggregate our operating segments into the following reportable segments:

			Location						Real Estate Assets Lease or Ownership Structure
Northeast segment
Ameristar East Chicago			East Chicago, Indiana						Pinnacle Master Lease
Hollywood Casino Bangor			Bangor, Maine						AR PENN Master Lease
Hollywood Casino at Charles Town Races			Charles Town, West Virginia						AR PENN Master Lease
Hollywood Casino Columbus			Columbus, Ohio						2023 Master Lease
Hollywood Casino at Greektown			Detroit, Michigan						Greektown Lease
Hollywood Casino Lawrenceburg			Lawrenceburg, Indiana						AR PENN Master Lease
Hollywood Casino Morgantown			Morgantown, Pennsylvania						Morgantown Lease (1)
Hollywood Casino at PENN National Race Course			Grantville, Pennsylvania						AR PENN Master Lease
Hollywood Casino Perryville			Perryville, Maryland						2023 Master Lease
Hollywood Casino at The Meadows			Washington, Pennsylvania						2023 Master Lease
Hollywood Casino Toledo			Toledo, Ohio						2023 Master Lease
Hollywood Casino York			York, Pennsylvania						Operating Lease (not with REIT Landlord)
Hollywood Gaming at Dayton Raceway			Dayton, Ohio						AR PENN Master Lease
Hollywood Gaming at Mahoning Valley Race Course			Youngstown, Ohio						AR PENN Master Lease
Marquee by PENN (2)			Pennsylvania						N/A
Plainridge Park Casino			Plainville, Massachusetts						Pinnacle Master Lease
South segment
1st Jackpot Casino			Tunica, Mississippi						AR PENN Master Lease
Ameristar Vicksburg			Vicksburg, Mississippi						Pinnacle Master Lease
Boomtown Biloxi			Biloxi, Mississippi						AR PENN Master Lease
Boomtown Bossier City			Bossier City, Louisiana						Pinnacle Master Lease
Boomtown New Orleans			New Orleans, Louisiana						Pinnacle Master Lease
Hollywood Casino Gulf Coast			Bay St. Louis, Mississippi						AR PENN Master Lease
Hollywood Casino Tunica			Tunica, Mississippi						AR PENN Master Lease
L’Auberge Baton Rouge			Baton Rouge, Louisiana						Pinnacle Master Lease
L’Auberge Lake Charles			Lake Charles, Louisiana						Pinnacle Master Lease
Margaritaville Resort Casino			Bossier City, Louisiana						Margaritaville Lease
West segment
Ameristar Black Hawk			Black Hawk, Colorado						Pinnacle Master Lease
Cactus Petes and Horseshu			Jackpot, Nevada						Pinnacle Master Lease
M Resort Spa Casino			Henderson, Nevada						2023 Master Lease
Zia Park Casino			Hobbs, New Mexico						AR PENN Master Lease
Midwest segment
Ameristar Council Bluffs			Council Bluffs, Iowa						Pinnacle Master Lease
Argosy Casino Alton (3)			Alton, Illinois						AR PENN Master Lease
Argosy Casino Riverside			Riverside, Missouri						AR PENN Master Lease
Hollywood Casino Aurora			Aurora, Illinois						2023 Master Lease
Hollywood Casino Joliet			Joliet, Illinois						2023 Master Lease
Hollywood Casino at Kansas Speedway (4)			Kansas City, Kansas						Owned - Joint Venture
Hollywood Casino St. Louis			Maryland Heights, Missouri						AR PENN Master Lease
Prairie State Gaming (2)			Illinois						N/A
River City Casino			St. Louis, Missouri						Pinnacle Master Lease

(1)Upon termination of the Morgantown Lease, ownership of the constructed building and all tenant improvements will transfer from the Company to GLPI.

(2)VGT route operations

(3)The riverboat is owned by us and not subject to the AR PENN Master Lease.

(4)Pursuant to a joint venture with NASCAR and includes the Company’s 50% investment in Kansas Entertainment, LLC (“Kansas Entertainment”), which owns Hollywood Casino at Kansas Speedway.

Revenue Recognition: Our revenue from contracts with customers consists primarily of gaming wagers, inclusive of sports betting and iCasino products, food and beverage transactions, hotel room sales, media, retail transactions, racing wagers, and third-party revenue sharing agreements. See Note 5, “Revenue Disaggregation,” for information on our revenue by type and geographic location.

									For the three months ended March 31,
(in millions)															2023						2022
Food and beverage															$	54.3					$	50.7
Hotel															29.9						32.2
Other															3.1						2.5
Total complimentaries associated with gaming contracts															$	87.3					$	85.4

Our PENN Play program connects the Company’s brands under one loyalty program and allows members to earn loyalty points, or “PENN Cash”, redeemable for slot play and complimentaries, such as food and beverage at our restaurants, lodging at our hotels, the PENN Play redemption marketplace that features popular retailers, and products offered at our retail stores across the vast majority of our properties. In addition, members of the PENN Play program earn credit toward tier status, which entitles them to receive certain other benefits, such as priority access, discounts, gifts, trips to PENN destinations, partner experiences, and PENN Cash. The obligation associated with our PENN Play program, which is included in “Accrued expenses and other current liabilities” within our unaudited Consolidated Balance Sheets, was $45.9 million and $39.3 million as of March 31, 2023 and December 31, 2022, respectively, and consisted principally of the obligation associated with the loyalty points. Our loyalty point obligations are generally settled within six months of issuance. Changes between the opening and closing balances primarily relate to the timing of our customers’ election to redeem loyalty points as well as the timing of when our customers receive their earned tier status benefits.

Advertising: The Company expenses advertising costs the first time the advertising takes place or as incurred. Advertising expenses, which generally relate to media placement costs and are primarily included in “Gaming” expenses within the unaudited Consolidated Statements of Operations, were $23.6 million and $24.1 million for the three months ended March 31, 2023 and 2022, respectively.

Gaming and Pari-mutuel Taxes: We are subject to gaming and pari-mutuel taxes based on gross gaming revenue and pari-mutuel revenue in the jurisdictions in which we operate, as well as taxes on revenues derived from arrangements which allow for third-party online sports betting and/or iCasino partners to operate online sportsbooks and iCasinos under our gaming licenses. The Company primarily recognizes gaming and pari-mutuel tax expense based on the statutorily required percentage of revenue that is required to be paid to state, provincial and/or local jurisdictions in the states and provinces where or in which the wagering occurs. Also, included in gaming and pari-mutuel taxes are costs to support the operations of local regulatory authorities which some jurisdictions require us to pay. Gaming and pari-mutuel taxes are recorded in “Gaming” expenses or “Food, beverage, hotel, and other” expenses within the unaudited Consolidated Statements of Operations, and were $584.8 million and $472.2 million for the three months ended March 31, 2023 and 2022, respectively.

Inventory, net: Inventory is accounted for using the average cost or first-in or first-out (“FIFO”) method. Inventory accounted for under the average cost and FIFO methods are stated at the lower of cost or net realizable value. Inventory balances substantially consist of finished goods and were $28.3 million and $5.0 million as of March 31, 2023 and December 31, 2022.

Foreign Currency Translation: The functional currency of the Company’s foreign subsidiaries is the local currency in which the subsidiary operates. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Translation adjustments resulting from this process are recorded to other comprehensive income or loss. Revenues and expenses are translated at the average exchange rates during the year. Gains or losses resulting from foreign currency transactions are included in “Other” within our unaudited Consolidated Statements of Operations.

Comprehensive Income and Accumulated Other Comprehensive Loss: Comprehensive income includes net income and all other non-stockholder changes in equity, or other comprehensive income. The balance of accumulated other comprehensive loss consists solely of foreign currency translation adjustments.

Earnings Per Share: Basic earnings per share (“EPS”) is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the additional dilution, if any, for all potentially-dilutive securities such as stock options, unvested restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) (collectively with RSAs, “restricted stock”), outstanding convertible preferred stock and convertible debt.

Holders of the Company’s Series D Preferred Stock (as defined in Note 13, “Stockholders' Equity and Stock-based Compensation”) are entitled to participate equally and ratably in all dividends and distributions paid to holders of PENN common stock irrespective of any vesting requirement. Accordingly, the Series D Preferred Stock shares are considered a participating security and the Company is required to apply the two-class method to consider the impact of the preferred shares on the calculation of basic and diluted EPS. The holders of the Company’s Series D Preferred Stock are not obligated to absorb losses; therefore, in reporting periods where the Company is in a net loss position, it does not apply the two-class method. In reporting periods where the Company is in a net income position, the two-class method is applied by allocating all earnings during the period to common shares and preferred shares. See Note 14, “Earnings per Share,” for more information.

Voting Interest Entities and Variable Interest Entities: The Company consolidates all subsidiaries or other entities in which it has a controlling financial interest. The consolidation guidance requires an analysis to determine if an entity should be evaluated for consolidation using the VOE model or the VIE model. Under the VOE model, controlling financial interest is generally defined as a majority ownership of voting rights. Under the VIE model, controlling financial interest is defined as (i) the power to direct activities that most significantly impact the economic performance of the entity and (ii) the obligation to absorb losses of or the right to receive benefits from the entity that could potentially be significant to the entity. For those entities that qualify as a VIE, the primary beneficiary is generally defined as the party who has a controlling financial interest in the VIE. The Company consolidates the financial position and results of operations of every VOE in which it has a controlling financial interest and VIEs in which it is considered to be the primary beneficiary. See Note 10, “Investments in and Advances to Unconsolidated Affiliates.”

			Life to date through
(in millions)			March 31, 2023						December 31, 2022
Insurance proceeds received through the end of the period			$	86.9					$	86.9
Deductible			$	15.0					$	15.0
Coinsurance			$	2.5					$	2.5
Clean-up, restoration, and other costs			$	52.8					$	52.8
Fixed asset write-off			$	23.2					$	23.2
Inventory write-off			$	0.2					$	0.2

			For the three months ended March 31, 2023
(in millions)			Northeast						South						West						Midwest						Interactive (1)						Other						Intersegment Eliminations (2)						Total
Revenues:
Gaming			$	629.3					$	252.1					$	94.4					$	265.9					$	82.9					$	—					$	—					$	1,324.6
Food and beverage			38.3						31.0						17.3						14.9						—						1.0						—						102.5
Hotel			11.2						21.6						13.5						7.6						—						—						—						53.9
Advertising			—						—						—						—						27.2						—						—						27.2
Retail			1.8						1.5						1.2						0.6						8.3						—						—						13.4
Other			19.9						8.6						3.3						6.3						115.1						4.8						(6.3)						151.7
Total revenues			$	700.5					$	314.8					$	129.7					$	295.3					$	233.5					$	5.8					$	(6.3)					$	1,673.3

			For the three months ended March 31, 2022
(in millions)			Northeast						South						West						Midwest						Interactive (1)						Other						Intersegment Eliminations (2)						Total
Revenues:
Gaming			$	599.1					$	278.6					$	94.1					$	256.5					$	62.9					$	—					$	—					$	1,291.2
Food and beverage			31.9						31.0						19.3						12.5						—						1.2						—						95.9
Hotel			8.1						22.0						22.3						7.6						—						—						—						60.0
Advertising			—						—						—						—						8.2						—						—						8.2
Retail			1.5						1.6						1.2						0.5						—						—						—						4.8
Other			17.9						8.2						4.0						5.8						70.4						6.1						(8.3)						104.1
Total revenues			$	658.5					$	341.4					$	140.9					$	282.9					$	141.5					$	7.3					$	(8.3)					$	1,564.2

(1)    Other revenues within the Interactive segment are inclusive of gaming tax reimbursement amounts charged to third-party online sports betting and/or iCasino partners for online sports betting and iCasino market access of $92.3 million and $50.3 million for the three months ended March 31, 2023 and 2022, respectively.

(2)    Primarily represents the elimination of intersegment revenues associated with our retail sportsbooks, which are operated by PENN Interactive.

On February 17, 2023, we acquired the remaining 64% of the outstanding shares of Barstool common stock not already owned by us for a consideration of approximately $405.5 million, which is inclusive of cash and common stock issuance, repayment of Barstool indebtedness of $23.8 million, transaction expenses and other purchase price adjustments in accordance with GAAP (the “Barstool Acquisition”). Prior to the acquisition, we held a 36% ownership interest, which was accounted for under the equity method. At the closing of the Barstool Acquisition, we obtained 100% of the Barstool common stock of which the fair value of Barstool was determined to be $660.0 million based on market participant assumptions discussed below. Upon the completion of the Barstool Acquisition, Barstool became an indirect wholly owned subsidiary of PENN. The acquisition provides us with a greater ability to execute our organic cross-sell strategy through Barstool’s resources, audience, and strong brand recognition. We issued 2,442,809 shares of our common stock to certain former stockholders of Barstool for the Barstool Acquisition (see Note 13, “Stockholders’ Equity and Stock-Based Compensation” for further information) and utilized $315.3 million of cash to complete the Barstool Acquisition, inclusive of transaction expenses and repayment of Barstool indebtedness.

(in millions)			Estimated fair value
Cash and cash equivalents			$	10.1
Accounts receivable			44.8
Inventory			25.2
Other current assets			5.0
Lease right-of-use assets			13.5
Property and equipment			3.8
Goodwill			231.9
Other intangible assets
Barstool tradename			420.0
Advertising relationships			32.0
Other tradenames and brands			29.0
Customer relationships			11.0
Other long-term assets			18.7
Total assets			$	845.0
Accounts payable, accrued expenses and other current liabilities			$	38.7
Deferred income taxes			115.9
Other long-term liabilities			30.4
Total liabilities			185.0
Net assets acquired			$	660.0

The following valuation approaches were utilized to determine the fair value of each intangible asset:

Intangible Asset						Valuation Approach
Barstool tradename						Relief-from-royalty (variation of income approach)
Advertising relationships						With-and-without (variation of income approach)
Other tradenames and brands						Relief-from-royalty (variation of income approach)
Customer relationships						Replacement cost

For the period beginning February 17, 2023 through March 31, 2023, Barstool’s revenue and net loss included in the unaudited Consolidated Statements of Operations were $28.2 million and $3.3 million, respectively.

The following table includes unaudited pro forma consolidated financial information assuming our acquisition of Barstool had occurred as of January 1, 2022. The pro forma amounts include the historical operating results of PENN and Barstool prior to our acquisition. The pro forma financial information does not necessarily represent the results that may occur in the future. For the three months ended March 31, 2023 and 2022, pro forma adjustments directly attributable to the acquisition include acquisition and transaction related costs of $1.3 million incurred by both PENN and Barstool and a gain on the Barstool Acquisition of $83.4 million. Additionally, for the three months ended March 31, 2023 and 2022, pro forma adjustments included a gain of $3.1 million and $4.1 million, respectively, related to remeasurement and settlement of Barstool put/call options.

			For the three months ended March 31,
(in millions)			2023						2022
Revenues			$	1,693.0					$	1,604.8
Net income			$	439.3					$	106.6

(in millions)			Northeast						South						West						Midwest						Interactive						Other						Total
Balance as of December 31, 2022
Goodwill, gross			$	923.5					$	236.6					$	216.8					$	1,116.7					$	1,628.4					$	87.7					$	4,209.7
Accumulated goodwill impairment losses			(798.8)						(61.0)						(16.6)						(556.1)						—						(87.7)						(1,520.2)
Goodwill, net			$	124.7					$	175.6					$	200.2					$	560.6					$	1,628.4					$	—					$	2,689.5
Goodwill acquired during the period			$	—					$	—					$	—					$	—					$	231.9					$	—					$	231.9
Effect of foreign currency exchange rates			—						—						—						—						4.6						—						4.6
Balance as of March 31, 2023
Goodwill, gross			$	923.5					$	236.6					$	216.8					$	1,116.7					$	1,864.9					$	87.7					$	4,446.2
Accumulated goodwill impairment losses			(798.8)						(61.0)						(16.6)						(556.1)						—						(87.7)						(1,520.2)
Goodwill, net			$	124.7					$	175.6					$	200.2					$	560.6					$	1,864.9					$	—					$	2,926.0

The table below presents the gross carrying amount, accumulated amortization, and net carrying amount of each major class of other intangible assets:

			March 31, 2023																		December 31, 2022
(in millions)			Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount
Indefinite-lived intangible assets
Gaming licenses			$	1,207.8					$	—					$	1,207.8					$	1,207.6					$	—					$	1,207.6
Trademarks			752.5						—						752.5						332.2						—						332.2
Other			0.7						—						0.7						0.7						—						0.7
Amortizing intangible assets
Customer relationships			123.0						(101.2)						21.8						114.4						(102.0)						12.4
Technology			258.6						(91.9)						166.7						249.6						(80.4)						169.2
Other			89.5						(13.2)						76.3						27.7						(10.9)						16.8
Total other intangible assets, net			$	2,432.1					$	(206.3)					$	2,225.8					$	1,932.2					$	(193.3)					$	1,738.9

Amortization expense related to our amortizing intangible assets was $14.0 million and $15.0 million for the three months ended March 31, 2023 and 2022, respectively. The following table presents the estimated amortization expense based on our amortizing intangible assets as of March 31, 2023 (in millions):

Years ending December 31,
2023 (excluding the three months ended March 31, 2023)			$	56.3
2024			71.3
2025			49.6
2026			31.3
2027			27.6
Thereafter			28.7
Total			$	264.8

(in millions)			March 31, 2023						December 31, 2022
Senior Secured Credit Facilities:
Amended Revolving Credit Facility due 2027			$	—					$	—
Amended Term Loan A Facility due 2027			529.4						536.2
Amended Term Loan B Facility due 2029			992.5						995.0
5.625% Notes due 2027			400.0						400.0
4.125% Notes due 2029			400.0						400.0
2.75% Convertible Notes due 2026			330.5						330.5
Other long-term obligations			163.5						156.1
			2,815.9						2,817.8
Less: Current maturities of long-term debt			(56.2)						(56.2)
Less: Debt discounts			(4.4)						(4.6)
Less: Debt issuance costs			(33.9)						(35.7)
			$	2,721.4					$	2,721.3

Years ending December 31:
2023 (excluding the three months ended March 31, 2023)			$	46.2
2024			47.6
2025			38.2
2026			494.9
2027			837.0
Thereafter			1,352.0
Total minimum payments			$	2,815.9

The Amended Credit Facilities contain customary covenants that, among other things, restrict, subject to certain exceptions, the ability of the Company and certain of its subsidiaries to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations, pay dividends and make other restricted payments and prepay certain indebtedness that is subordinated in right of payment to the obligations under the Amended Credit Facilities. The Amended Credit Facilities contain two financial covenants: a maximum total net leverage ratio (as defined within the Second Amended and Restated Credit Agreement) of 4.50 to 1.00, which is subject to a step up to 5.00 to 1.00 in the case of certain significant acquisitions, and a minimum interest coverage ratio (as defined within the Second Amended and Restated Credit Agreement) of 2.00 to 1.00. The Amended Credit Facilities also contain certain customary affirmative covenants and events of default, including the occurrence of a change of control (as defined in the documents governing the Second Amended and Restated Credit Agreement), termination and certain defaults under the Master Leases (which are defined in Note 9, “Leases”).

(in millions)			March 31, 2023						December 31, 2022
Liability:
Principal			$	330.5					$	330.5
Unamortized debt issuance costs			(5.7)						(6.2)
Net carrying amount			$	324.8					$	324.3

									For the three months ended March 31,
(in millions)															2023						2022
Interest expense															$	113.8					$	161.6
Capitalized interest															(0.8)						(0.3)
Interest expense, net															$	113.0					$	161.3

The table below presents interest expense related to the Convertible Notes:

									For the three months ended March 31,
(in millions)															2023						2022
Coupon interest															$	2.3					$	2.3
Amortization of debt issuance costs															0.5						0.4
Convertible Notes interest expense															$	2.8					$	2.7

Our Amended Credit Facilities, 5.625% Notes and 4.125% Notes, require us, among other obligations, to maintain specified financial ratios and to satisfy certain financial tests. In addition, our Amended Credit Facilities, 5.625% Notes and 4.125% notes, restrict, among other things, our ability to incur additional indebtedness, incur guarantee obligations, amend debt instruments, pay dividends, create liens on assets, make investments, engage in mergers or consolidations, and otherwise restrict corporate activities. Our debt agreements also contain customary events of default, including cross-default provisions that require us to meet certain requirements under the Master Leases (which are defined in Note 9, “Leases”), each with GLPI. If we are unable to meet our financial covenants or in the event of a cross-default, it could trigger an acceleration of payment terms.

(in millions)			Operating Leases						Finance Leases						Financing Obligations
Year ended December 31,
2023 (excluding the three months ended March 31, 2023)			$	455.2					$	117.2					$	124.8
2024			583.6						147.0						166.5
2025			579.2						142.4						166.6
2026			581.5						142.4						166.6
2027			584.4						142.3						166.6
Thereafter			3,892.8						3,314.2						3,996.1
Total lease payments			6,676.7						4,005.5						4,787.2
Less: Imputed interest			(2,354.1)						(1,900.5)						(2,330.4)
Present value of future lease payments			4,322.6						2,105.0						2,456.8
Less: Current portion of lease obligations			(280.3)						(47.2)						(39.8)
Long-term portion of lease obligations			$	4,042.3					$	2,057.8					$	2,417.0

Total payments made under the Triple Net Leases were as follows:

									For the three months ended March 31,
(in millions)															2023						2022
AR PENN Master Lease															$	71.1					$	—
2023 Master Lease															58.0						—
PENN Master Lease															—						119.2
Pinnacle Master Lease															84.1						82.5
Perryville Lease															—						1.9
Meadows Lease															—						6.2
Margaritaville Lease															6.4						5.9
Greektown Lease															12.8						12.8
Morgantown Lease															0.8						0.8
Total (1)															$	233.2					$	229.3

(1)For the three months ended March 31, 2022, rent payable under the Tropicana Lease was nominal. Therefore, it has been excluded from the table above. The Tropicana Lease was terminated on September 26, 2022.

			March 31, 2023						December 31, 2022
Weighted-Average Remaining Lease Term
Operating leases			12.0 years						19.1 years
Finance leases			28.1 years						26.7 years
Financing obligations			28.3 years						27.5 years
Weighted-Average Discount Rate
Operating leases			7.7		%				5.8		%
Finance leases			5.2		%				5.2		%
Financing obligations			5.2		%				7.7		%