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Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2019	Oct. 24, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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
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
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	GLPI
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		214,692,577
Entity Central Index Key	0001575965
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Assets
Real estate investments, net	$ 7,154,980			$ 7,331,460
Property and equipment, used in operations, net	95,617			100,884
Right-of-use assets and land rights, net	859,293
Land rights, net				673,207
Cash and cash equivalents	25,556			25,783
Prepaid expenses	2,665			30,967
Goodwill	16,067			16,067
Other intangible assets	9,577			9,577
Deferred tax assets	5,812			5,178
Other assets	31,501			67,486
Total assets	8,504,752			8,577,293
Liabilities
Accounts payable	166			2,511
Accrued expenses	6,716			30,297
Accrued interest	84,456			45,261
Accrued salaries and wages	10,215			17,010
Gaming, property, and other taxes	1,111			42,879
Income taxes	0			0
Lease liabilities	201,497
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,749,136			5,853,497
Deferred rental revenue	319,841			293,911
Deferred tax liabilities	262			261
Other liabilities	24,720			26,059
Total liabilities	6,398,120			6,311,686
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2019 and December 31, 2018)	0			0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,682,856 and 214,211,932 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively)	2,147			2,142
Additional paid-in capital	3,955,555			3,952,503
Accumulated deficit	(1,851,070)			(1,689,038)
Total shareholders’ equity	2,106,632	$ 2,158,687	$ 2,207,684	2,265,607	$ 2,358,396	$ 2,378,768	$ 2,416,848	$ 2,458,247
Total liabilities and shareholders’ equity	8,504,752			8,577,293
Mortgage loans receivable
Assets
Financing receivable, after allowance for credit loss	303,684			303,684
Loans receivable
Assets
Financing receivable, after allowance for credit loss	$ 0			$ 13,000

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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	214,682,856	214,211,932
Common stock, shares, outstanding	214,682,856	214,211,932

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Revenues
Rental income	$ 248,789	$ 745,030
Income from direct financing lease	0	0
Interest income from mortgaged real estate	7,206	21,600
Total revenues	287,612	864,489
Operating expenses
Land rights and ground lease expense	9,094	33,572
General and administrative	15,042	48,266
Depreciation	57,302	183,745
Loan impairment charges	0	13,000
Total operating expenses	99,987	335,322
Income from operations	187,625	529,167
Other income (expenses)
Interest expense	(75,111)	(228,362)
Interest income	235	572
Losses on debt extinguishment	(21,014)	(21,014)
Total other expenses	(95,890)	(248,804)
Income before income taxes	91,735	280,363
Income tax expense	1,188	3,773
Net income	$ 90,547	$ 276,590
Earnings per common share (in dollars per share)
Basic earnings per common share (in dollars per share)	$ 0.42	$ 1.29
Diluted earnings per common share (in dollars per share)	$ 0.42	$ 1.29
Real estate
Revenues
Total revenues	$ 255,995	$ 766,630
Gaming, food, beverage and other
Revenues
Total revenues	31,617	97,859
Operating expenses
Gaming, food, beverage and other	$ 18,549	$ 56,739

Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Dividends paid per common share (in dollars per share)	$ 0.63
Beginning Balance at Dec. 31, 2017	$ 2,458,247	$ 2,127	$ 3,933,829	$ (1,477,709)
Beginning Balance (in shares) at Dec. 31, 2017		212,717,549
Increase (Decrease) in Shareholders' Equity
Stock option activity	5,244	$ 3	5,241
Stock option activity (in shares)		297,605
Restricted stock activity	(8,288)	$ 5	(8,293)
Restricted stock activity (in shares)		483,095
Dividends paid	(134,717)			(134,717)
Net income	96,772			96,772
Ending Balance at Mar. 31, 2018	2,416,848	$ 2,135	3,930,777	(1,516,064)
Ending Balance (in shares) at Mar. 31, 2018		213,498,249
Beginning Balance at Dec. 31, 2017	2,458,247	$ 2,127	3,933,829	(1,477,709)
Beginning Balance (in shares) at Dec. 31, 2017		212,717,549
Increase (Decrease) in Shareholders' Equity
Net income	293,585
Ending Balance at Sep. 30, 2018	$ 2,358,396	$ 2,140	3,945,392	(1,589,136)
Ending Balance (in shares) at Sep. 30, 2018		214,037,994
Dividends paid per common share (in dollars per share)	$ 0.63
Beginning Balance at Mar. 31, 2018	$ 2,416,848	$ 2,135	3,930,777	(1,516,064)
Beginning Balance (in shares) at Mar. 31, 2018		213,498,249
Increase (Decrease) in Shareholders' Equity
Stock option activity	4,127	$ 2	4,125
Stock option activity (in shares)		236,240
Restricted stock activity	615	$ 0	615
Restricted stock activity (in shares)		3,450
Dividends paid	(134,820)			(134,820)
Net income	91,998			91,998
Ending Balance at Jun. 30, 2018	$ 2,378,768	$ 2,137	3,935,517	(1,558,886)
Ending Balance (in shares) at Jun. 30, 2018		213,737,939
Dividends paid per common share (in dollars per share)	$ 0.63
Increase (Decrease) in Shareholders' Equity
Stock option activity	$ 6,603	$ 3	6,600
Stock option activity (in shares)		300,055
Restricted stock activity	3,275	$ 0	3,275
Restricted stock activity (in shares)		0
Dividends paid	(135,065)			(135,065)
Net income	104,815			104,815
Ending Balance at Sep. 30, 2018	$ 2,358,396	$ 2,140	3,945,392	(1,589,136)
Ending Balance (in shares) at Sep. 30, 2018		214,037,994
Dividends paid per common share (in dollars per share)	$ 0.68
Beginning Balance at Dec. 31, 2018	$ 2,265,607	$ 2,142	3,952,503	(1,689,038)
Beginning Balance (in shares) at Dec. 31, 2018	214,211,932	214,211,932
Increase (Decrease) in Shareholders' Equity
Stock option activity	$ 592	$ 0	592
Stock option activity (in shares)		26,799
Restricted stock activity	(5,323)	$ 4	(5,327)
Restricted stock activity (in shares)		406,769
Dividends paid	(146,202)			(146,202)
Net income	93,010			93,010
Ending Balance at Mar. 31, 2019	2,207,684	$ 2,146	3,947,768	(1,742,230)
Ending Balance (in shares) at Mar. 31, 2019		214,645,500
Beginning Balance at Dec. 31, 2018	$ 2,265,607	$ 2,142	3,952,503	(1,689,038)
Beginning Balance (in shares) at Dec. 31, 2018	214,211,932	214,211,932
Increase (Decrease) in Shareholders' Equity
Net income	$ 276,590
Ending Balance at Sep. 30, 2019	$ 2,106,632	$ 2,147	3,955,555	(1,851,070)
Ending Balance (in shares) at Sep. 30, 2019	214,682,856	214,682,856
Dividends paid per common share (in dollars per share)	$ 0.68
Beginning Balance at Mar. 31, 2019	$ 2,207,684	$ 2,146	3,947,768	(1,742,230)
Beginning Balance (in shares) at Mar. 31, 2019		214,645,500
Increase (Decrease) in Shareholders' Equity
Restricted stock activity	4,182	$ 1	4,181
Restricted stock activity (in shares)		27,635
Dividends paid	(146,212)			(146,212)
Net income	93,033			93,033
Ending Balance at Jun. 30, 2019	$ 2,158,687	$ 2,147	3,951,949	(1,795,409)
Ending Balance (in shares) at Jun. 30, 2019		214,673,135
Dividends paid per common share (in dollars per share)	$ 0.68
Increase (Decrease) in Shareholders' Equity
ATM Program offering costs	$ (239)		(239)
Restricted stock activity	3,845	$ 0	3,845
Restricted stock activity (in shares)		9,721
Dividends paid	(146,208)			(146,208)
Net income	90,547			90,547
Ending Balance at Sep. 30, 2019	$ 2,106,632	$ 2,147	$ 3,955,555	$ (1,851,070)
Ending Balance (in shares) at Sep. 30, 2019	214,682,856	214,682,856

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities
Net income	$ 276,590	$ 293,585
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	199,261	90,926
Amortization of debt issuance costs, bond premiums and original issuance discounts	8,597	9,278
Paid-in-kind interest income	0	(991)
Losses on dispositions of property	50	354
Deferred income taxes	(528)	(299)
Stock-based compensation	12,353	7,878
Straight-line rent adjustments	25,930	49,150
Losses on debt extinguishment	21,014	3,473
Loan impairment charges	13,000	0
(Increase), decrease
Prepaid expenses and other assets	(2,123)	(774)
Increase, (decrease)
Accounts payable	(2,345)	1,136
Accrued expenses	780	484
Accrued interest	39,195	58,852
Accrued salaries and wages	(6,795)	4,026
Gaming, property and other taxes	47	258
Income taxes	0	0
Other liabilities	(1,340)	882
Net cash provided by operating activities	583,686	518,218
Investing activities
Capital project expenditures	0	(20)
Capital maintenance expenditures	(2,256)	(2,954)
Proceeds from sale of property and equipment	210	3,146
Acquisition of real estate assets	0	(15,552)
Collections of principal payments on investment in direct financing lease	0	37,241
Net cash (used in) provided by investing activities	(2,046)	21,861
Financing activities
Dividends paid	(438,622)	(404,602)
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options	(9,057)	3,698
ATM Program offering costs	(239)	0
Proceeds from issuance of long-term debt	1,312,853	2,107,405
Financing costs	(10,005)	(30,889)
Repayments of long-term debt	(1,417,918)	(1,080,087)
Premium and related costs paid on tender of senior unsecured notes	(18,879)	(1,884)
Net cash (used in) provided by financing activities	(581,867)	593,641
Net (decrease) increase in cash and cash equivalents	(227)	1,133,720
Cash and cash equivalents at beginning of period	25,783	29,054
Cash and cash equivalents at end of period	$ 25,556	$ 1,162,774

Business and Operations	9 Months Ended
Business and Operations	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Operations	Business and Operations 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 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. As a result of the Spin-Off, GLPI owns substantially all of Penn’s former real property assets (as of 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. 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 made a mortgage loan to Eldorado in the amount of $246.0 million in connection with Eldorado’s acquisition of Lumière Place Casino and Hotel ("Lumière Place") (and 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 September 30, 2019, GLPI’s portfolio consisted of interests in 46 gaming and related facilities, including the TRS Properties, the real property associated with 33 gaming and related facilities operated by Penn, the real property associated with 6 gaming and related facilities operated by Eldorado (including one mortgaged facility), the real property associated with 4 gaming and related facilities operated by Boyd (including one mortgaged facility) and the real property associated with the Casino Queen in East St. Louis, Illinois. These facilities are geographically diversified across 16 states and were 100% occupied at September 30, 2019. GLPI expects to continue growing its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms.

Basis of Presentation Basis of Presentation	9 Months Ended
Basis of Presentation Basis of Presentation	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. In conjunction with the adoption of Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842) ("ASU 2016-02"), on January 1, 2019, the Company recorded right-of-use assets on the condensed consolidated balance sheet to represent the Company's rights to use the underlying leased assets for the term of the lease. As this asset related, in part, to the same leases which resulted in the below market lease asset the Company described as land rights, net on the December 31, 2018 condensed consolidated balance sheet, this line item has been re-named to right-of-use assets and land rights, net as the assets are required to be reported in the aggregate subsequent to the adoption of ASU 2016-02. Furthermore, under ASU 2016-02, the Company is no longer required to gross-up its financial statements for the real estate taxes paid directly by its tenants to third-parties. The condensed 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 could differ from those estimates. Operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. The notes to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018 (our "Annual Report") should be read in conjunction with these condensed consolidated financial statements. The December 31, 2018 financial information has been derived from the Company’s audited consolidated financial statements.

New Accounting Pronouncements	9 Months Ended
New Accounting Pronouncements	Sep. 30, 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. 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 condensed 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 condensed 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 condensed 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 condensed 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. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company 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 No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ("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. ASU 2017-04 is effective for annual reporting periods beginning after December 15, 2019 and early adoption is permitted. The Company expects the adoption of ASU 2017-04 to simplify the analysis required under the goodwill impairment test. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). This ASU introduces a new model for estimating credit losses for certain types of financial instruments, including mortgage 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. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, with early adoption permitted for fiscal years beginning after December 15, 2018. The Company does not expect the adoption of ASU 2016-13 to have a significant impact on its consolidated financial statements.

Real Estate Investments

9 Months Ended

Sep. 30, 2019

Real Estate [Abstract]

Real Estate Investments

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



	September 30, 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	(1,146,516		)	(983,086		)
Real estate investments, net	$	7,154,980		$	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 September 30, 2019. The Company also entered into an agreement to terminate the long-term ground lease at this property, which will be effective in February 2020 and at which time the Company will reverse the right-of-use asset and lease liability the Company recorded on its condensed consolidated balance sheet for this lease. The lease termination at the Resorts Casino Tunica property will have no impact on the Company's operating results or net income.

Property and Equipment Used in Operations

9 Months Ended

Sep. 30, 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 in the TRS Properties:



	September 30, 2019			December 31, 2018
	(in thousands)
Land and improvements	$	30,463		$	30,431
Building and improvements	116,781			116,776
Furniture, fixtures, and equipment	117,974			117,247
Construction in progress	1,053			284
Total property and equipment	266,271			264,738
Less accumulated depreciation	(170,654		)	(163,854		)
Property and equipment, net	$	95,617		$	100,884

Receivables Receivables	9 Months Ended
Receivables Receivables	Sep. 30, 2019
Receivables [Abstract]
Receivables	Receivables Mortgage Loans Receivable At September 30, 2019, the Company has financial interests in two casino properties through secured mortgage loans to the respective casino owner-operators. On October 1, 2018, Eldorado purchased the real estate assets of Lumière Place 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 a $246.0 million secured mortgage loan on Lumière Place (the "Lumière Loan"). The Lumière Loan bears interest at a rate equal to (i) 9.09% until the one-year anniversary of the closing, and (ii) 9.27% until its maturity. Until the one-year anniversary of the closing, the Lumière Loan is secured by a first mortgage lien on Lumière Place. On the one-year anniversary of the Lumière Loan, the mortgage evidenced by a deed of trust on the Lumière Place property will terminate and the loan will continue unsecured until its final maturity on the two-year anniversary of the closing. The parties anticipate that the Lumière 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 bears interest at an initial rate equal to 11.11% and 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 September 30, 2019, the interest rate on the Belterra Park Loan had increased to 11.20%. Loan 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 five-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 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 new loan bears an interest rate of 15% and is pre-payable at any time. The Company evaluates loans for impairment when it is probable that it will not be able to collect all amounts due according to contractual terms. All amounts due under the contractual terms means that both contractual interest payments and contractual principal payments of a loan 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. 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 September 30, 2019, the interest due from CQ Holding Company under the Company's unsecured loan was paid in kind in the aggregate amount of $3.2 million. 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. During the first quarter of 2019, the operating results of Casino Queen continued to decline, resulting in the anticipated acquirer withdrawing from the sales process. Subsequent offers for the operating assets of Casino Queen have declined substantially and proceeds from the sale are not expected to generate enough cash to repay all of Casino Queen’s creditors. 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 unsecured loan agreement, 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 condensed consolidated statement of income for the nine months ended September 30, 2019 to reflect the write-off of the Casino Queen loan. At September 30, 2019, 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. At September 30, 2019, all lease payments due from Casino Queen remain current.

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Lease Assets and Lease Liabilities

Lease Assets

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 condensed 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 cannot readily be determined, the Company utilizes its estimated incremental borrowing rate to determine the present value of its lease payments. Consideration is also given to the Company's recent debt issuances, as well as publicly available data for instruments with similar characteristics when determining the incremental borrowing rates of the Company's leases.

The Company includes options to extend the 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 leased 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 of these triple-net tenant leases as a single lease component. Leases with a term of 12 months or less are not recorded on the Company's condensed 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.

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. Details of the Company's significant ground leases can be found in the Annual Report. For certain of these ground leases, the Company subleases the underlying assets to its tenants who are responsible for payment directly to the third-party landlord. Under ASC 842, the Company is required to gross-up its condensed 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 condensed 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 condensed 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 condensed 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):



	September 30, 2019
Right-of use assets - operating leases	$	201,602
Land rights, net	657,691
Right-of-use assets and land rights, net	$	859,293

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:



	September 30, 2019			December 31, 2018
	(in thousands)
Land rights	$	694,077		$	700,997
Less accumulated amortization	(36,386		)	(27,790		)
Land rights, net	$	657,691		$	673,207

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 ground lease at this property. The net book value of this land right is zero at September 30, 2019.

As of September 30, 2019, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands):



Year ending December 31,
2019 (remainder of year)	$	3,020
2020	12,081
2021	12,081
2022	12,081
2023	12,081
Thereafter	606,347
Total	$	657,691

Lease Liabilities

At September 30, 2019, maturities of the Company's operating lease liabilities were as follows (in thousands):



Year ending December 31,
2019 (remainder of year)	$	3,882
2020	15,256
2021	15,134
2022	15,027
2023	15,006
Thereafter	685,975
Total lease payments	$	750,280
Less: interest	(548,783		)
Present value of lease liabilities	$	201,497

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 condensed 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:



	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
	(in thousands)
Operating lease cost	$	3,909	$	11,722
Variable lease cost	2,319		6,823
Short-term lease cost	254		765
Amortization of land right assets	3,020		15,516
Total lease cost	$	9,502	$	34,826

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 condensed 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 condensed 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 condensed consolidated statements of income. Amortization expense related to the land right intangibles totaled $2.7 million and $8.2 million for the three and nine months ended September 30, 2018, respectively, while other lease costs totaled $4.2 million and $12.7 million, respectively for the same periods.

Supplemental Disclosures Related to Leases

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



	September 30, 2019
Weighted average remaining lease term - operating leases	51.27 years
Weighted average discount rate - operating leases	6.7%

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



	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
	(in thousands)
Cash paid for amounts included in the measurement of leases liabilities:
Operating cash flows from operating leases ⁽¹⁾	$	586	$	1,697

Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	6	$	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.

Long-term Debt

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt is as follows:



	September 30, 2019			December 31, 2018
	(in thousands)
Unsecured $1,175 million revolver	$	60,000		$	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 5.25% 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 5.75% 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	1,021			1,112
Total long-term debt	5,800,195			5,903,112
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(51,059		)	(49,615		)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	$	5,749,136		$	5,853,497

The following is a schedule of future minimum repayments of long-term debt as of September 30, 2019 (in thousands):



Within one year	$	128
2-3 years	1,064,448
4-5 years	960,302
Over 5 years	3,775,317
Total minimum payments	$	5,800,195

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 September 30, 2019, the interest rate on the term loan facility and revolver is LIBOR plus 1.50%.

At September 30, 2019, the Credit Facility had a gross outstanding balance of $509 million, consisting of the $449 million Term Loan A-1 facility and $60 million of borrowings under the revolving credit facility. Additionally, at September 30, 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 $1,114.6 million of available borrowing capacity under the revolving credit facility as of September 30, 2019.

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 September 30, 2019, the Company was in compliance with all required financial covenants under the Credit Facility.

Senior Unsecured 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.

Including the recently issued 2024 Notes and 2030 Notes, at September 30, 2019, the Company had $5,290.2 million of outstanding senior unsecured notes (the "Senior Notes"). Each of the Company's 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 September 30, 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 condensed consolidated balance sheet. The original term of the finance lease is 30 years and it will terminate in 2026.

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

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

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.

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 condensed consolidated balance sheets.

Mortgage Loans Receivable

The fair value of the mortgage loans receivable approximates the carrying value of the Company's mortgage loans receivable, as collection on the outstanding loan balances is reasonably assured. The fair value measurement of the mortgage loans receivable 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):



	September 30, 2019				December 31, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	25,556	$	25,556	$	25,783	$	25,783
Deferred compensation plan assets	26,981		26,981		22,709		22,709
Mortgage loans receivable	303,684		303,684		303,684		303,684
Financial liabilities:
Long-term debt:
Senior unsecured credit facility	509,000		503,949		927,000		909,308
Senior unsecured notes	5,290,174		5,681,846		4,975,000		4,958,455

Assets and Liabilities 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 nine months ended September 30, 2019 are categorized in the table below based upon the lowest level of significant input to the valuation. There were no assets measured at fair value on a nonrecurring basis during the nine months ended September 30, 2018 or liabilities measured at fair value on a nonrecurring basis during the nine months ended September 30, 2019 and 2018.



	Level 1		Level 2		Level 3		Total Impairment Charges Recorded during the Nine Months Ended September 30, 2019
	(in thousands)
Assets:
Loan receivable	$	—	$	—	$	—	$	13,000
Total assets measured at fair value on a nonrecurring basis	$	—	$	—	$	—	$	13,000

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. The Company no longer expects the proceeds from the sale of the operating assets of Casino Queen to generate enough cash to repay all of Casino Queen's creditors, including the Company. Thus, because the Company does not expect Casino Queen to repay the $13.0 million of principal due to it under the unsecured loan agreement, 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 condensed consolidated statement of income for the nine months ended September 30, 2019 to reflect the write-off of the Casino Queen loan. See Note 6 for further details surrounding the Casino Queen loan.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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.

Revenue Recognition

9 Months Ended

Sep. 30, 2019

Revenue Recognition [Abstract]

Revenue Recognition

As of September 30, 2019, 20 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 are guaranteed by Penn and, with respect to each lease, by Penn's subsidiaries that occupy and operate the facilities covered by such lease. As a result, the tenant’s obligations under each of the Penn Master Lease and Amended Pinnacle Master Lease are jointly and severally guaranteed by Penn as the ultimate parent company and by each of its subsidiaries benefiting from the applicable 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 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. 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 condensed 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.

The Company’s triple-net tenant leases all contain a fixed component, a portion of which is subject to an annual escalator (typically 2%) if certain rent coverage ratio thresholds are met and a component that is based on the performance of the facilities subject to such lease, which is adjusted, subject to certain floors, every 2 or 5 years to an amount equal to 4% of the average annual net revenues of all facilities under the related tenant lease during the preceding 2 or 5 years ("percentage rent"). The Penn Master Lease also provides for a component that is based on the performance of two Ohio facilities, which is adjusted, subject to certain floors monthly by an amount equal to 20% of the net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo during the preceding month. 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.

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 condensed 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 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.

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 (from the original April 2016 commencement date of the Pinnacle Master Lease), equal to the initial 10-year term only.

Subsequent to purchasing the majority of Pinnacle's real estate assets and leasing them back to Pinnacle, the Company entered into a separate triple-net lease with Pinnacle to lease the Meadows real estate assets to Pinnacle. Because this lease involved only a single property within Pinnacle's portfolio, GLPI concluded it was not reasonably assured at lease inception that Pinnacle 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. 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 master lease 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 (from the original April 2016 commencement date of the Pinnacle Master Lease), equal to the initial terms of such master leases only.

Details of the Company's rental income for the three and nine months ended September 30, 2019 was as follows (in thousands):



	Three Months Ended September 30, 2019			Nine Months Ended September 30, 2019
Building base rent ⁽¹⁾	$	164,736		$	492,343
Land base rent	47,592			142,576
Percentage rent	39,608			119,446
Total cash rental income	$	251,936		$	754,365
Straight-line rent adjustments	(8,643		)	(25,930		)
Ground rent in revenue	5,406			16,157
Other rental revenue	90			438
Total rental income	$	248,789		$	745,030

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

The Company may periodically loan funds to casino owner-operators for the purchase of gaming related properties. Interest income related to mortgage loans receivable is recorded as revenue from mortgaged real estate within the Company's condensed consolidated statements of income in the period earned. At September 30, 2019, the Company had financial interests in two casino properties, Belterra Park and Lumière Place, pursuant to the secured mortgage loans made by the Company to the respective casino owner-operators, Boyd and Eldorado.

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 increases. 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. Additionally, food and beverage revenue is recognized as services are performed.

Gaming revenue is recognized net of certain sales incentives, including promotional allowances in accordance with ASC 606 - Revenue 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 and attributed to the awarded points until a later period when the points are redeemed or forfeited.

Earnings per Share Earnings per Share

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Earnings per Share

Earnings Per Share

The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings per Share ("ASC 260"). 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. In accordance with ASC 260, the Company includes all performance-based restricted shares that would have vested based upon the Company’s performance at quarter-end in the calculation of diluted EPS. Diluted EPS for the Company's common stock is computed using the more dilutive of the two-class method or the treasury stock method.

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 three and nine months ended September 30, 2019 and 2018:



	Three Months Ended September 30,		Nine Months Ended September 30,
	2019	2018	2019	2018
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	214,683	213,876	214,658	213,589
Assumed conversion of dilutive employee stock-based awards	—	136	—	262
Assumed conversion of restricted stock awards	127	96	96	66
Assumed conversion of performance-based restricted stock awards	515	764	464	801
Diluted weighted-average common shares outstanding	215,325	214,872	215,218	214,718

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2019 and 2018:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
	(in thousands, except per share and share data)
Calculation of basic EPS:
Net income	$	90,547		$	104,815		$	276,590		$	293,585
Less: Net income allocated to participating securities	(138		)	(147		)	(420		)	(411		)
Net income attributable to common shareholders	$	90,409		$	104,668		$	276,170		$	293,174
Weighted-average common shares outstanding	214,683			213,876			214,658			213,589
Basic EPS	$	0.42		$	0.49		$	1.29		$	1.37

Calculation of diluted EPS:
Net income	$	90,547		$	104,815		$	276,590		$	293,585
Diluted weighted-average common shares outstanding	215,325			214,872			215,218			214,718
Diluted EPS	$	0.42		$	0.49		$	1.29		$	1.37

Antidilutive securities excluded from the computation of diluted earnings per share (in shares)	—			95,890			57,494			113,368

Shareholders' Equity

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Shareholders' Equity

Common Stock

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 "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 ATM Program. The ATM Program also allows the Company to enter into forward sale agreements. In no event will the aggregate number of shares sold under the 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 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 three months ended September 30, 2019, the Company sold no shares of its common stock under the ATM Program. As of September 30, 2019, the Company had $600 million remaining for issuance under the ATM Program and had not entered into any forward sale agreements.

Dividends

The following table lists the dividends declared and paid by the Company during the nine months ended September 30, 2019 and 2018:



Declaration Date	Shareholder Record Date	Securities Class	Dividend Per Share		Period Covered	Distribution Date	Dividend Amount
							(in thousands)
2019
February 20, 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	$	145,985
August 20, 2019	September 6, 2019	Common Stock	$	0.68	Third Quarter 2019	September 20, 2019	$	145,984

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

In addition, for both the three and nine months ended September 30, 2019 and 2018, dividend payments were made to GLPI restricted stock award holders in the amount of $0.2 million and $0.6 million, respectively.

Stock Based Compensation Stock Based Compensation

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Stock Based Compensation

Stock-Based Compensation

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 of 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.

As of September 30, 2019, there was $6.8 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.65 years. For the three and nine months ended September 30, 2019, the Company recognized $1.7 million and $5.8 million, respectively, of compensation expense associated with these awards, compared to $1.1 million and $3.5 million, for the three and nine months ended September 30, 2018, respectively.

The following table contains information on restricted stock award activity for the nine months ended September 30, 2019:



	Number of Award Shares
Outstanding at December 31, 2018	299,642
Granted	317,290
Released	(290,107	)
Canceled	—
Outstanding at September 30, 2019	326,825

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. As of September 30, 2019, there was $11.0 million of total unrecognized compensation cost, which will be recognized over the performance-based restricted stock awards' remaining weighted average vesting period of 1.81 years. For the three and nine months ended September 30, 2019, the Company recognized $2.1 million and $6.5 million, respectively, of compensation expense associated with these awards, compared to the recognition of $2.1 million and $4.3 million for the three and nine months ended September 30, 2018, respectively.

The following table contains information on performance-based restricted stock award activity for the nine months ended September 30, 2019:



	Number of Performance-Based Award Shares
Outstanding at December 31, 2018	1,342,000
Granted	512,000
Released	(447,334	)
Canceled	(23,332	)
Outstanding at September 30, 2019	1,383,334

Segment Information

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

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 (a wholly-owned subsidiary of GLPI through which GLPI owns substantially all of its 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.

The following tables present certain information with respect to the Company’s segments.



	Three Months Ended September 30, 2019						Three Months Ended September 30, 2018
(in thousands)	GLP Capital ⁽¹⁾		TRS Properties		Total		GLP Capital ⁽¹⁾		TRS Properties		Total
Total revenues	$	255,995	$	31,617	$	287,612	$	222,389	$	31,750	$	254,139
Income from operations	181,947		5,678		187,625		159,678		5,156		164,834
Interest expense	72,510		2,601		75,111		57,740		2,601		60,341
Income before income taxes	88,657		3,078		91,735		103,355		2,556		105,911
Income tax expense	196		992		1,188		229		867		1,096
Net income	88,461		2,086		90,547		103,126		1,689		104,815
Depreciation	55,544		1,758		57,302		24,928		2,339		27,267
Capital project expenditures	—		—		—		6		—		6
Capital maintenance expenditures	—		709		709		—		970		970



	Nine Months Ended September 30, 2019						Nine Months Ended September 30, 2018
(in thousands)	GLP Capital ⁽¹⁾		TRS Properties		Total		GLP Capital ⁽¹⁾		TRS Properties		Total
Total revenues	$	766,630	$	97,859	$	864,489	$	650,025	$	102,385	$	752,410
Income from operations	510,884		18,283		529,167		450,685		19,241		469,926
Interest expense	220,558		7,804		228,362		163,660		7,804		171,464
Income before income taxes	269,882		10,481		280,363		286,340		11,439		297,779
Income tax expense	461		3,312		3,773		628		3,566		4,194
Net income	269,421		7,169		276,590		285,712		7,873		293,585
Depreciation	177,786		5,959		183,745		75,715		7,029		82,744
Capital project expenditures	—		—		—		20		—		20
Capital maintenance expenditures	4		2,252		2,256		51		2,903		2,954

(1) Interest expense is net of intercompany interest eliminations of $2.6 million and $7.8 million for both the three and nine months ended September 30, 2019 and 2018, respectively.

Supplemental Disclosures of Cash Flow Information and Noncash Activities

9 Months Ended

Sep. 30, 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:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(in thousands)
Cash paid for income taxes, net of refunds received	$	1,418	$	1,517	$	4,102	$	4,189
Cash paid for interest	41,163		7,234		180,494		109,644

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 condensed consolidated balance sheet to represent its rights to underlying assets and future lease obligations. The Company did not engage in any other noncash investing and financing activities during the nine months ended September 30, 2019 and 2018.

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplementary Condensed 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.

Summarized balance sheets as of September 30, 2019 and December 31, 2018 and statements of income and cash flows for the three and nine months ended September 30, 2019 and 2018 for GLPI as the parent guarantor, for GLP Capital and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers is presented below.



At September 30, 2019 Condensed Consolidating Balance Sheet (unaudited)	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands, except share data)
Assets
Real estate investments, net	$	—		$	2,542,623		$	4,612,357		$	—		$	7,154,980
Property and equipment, used in operations, net	—			17,086			78,531			—			95,617
Mortgage loans receivable	—			246,000			57,684			—			303,684
Right-of-use assets and land rights, net	—			199,686			659,607			—			859,293
Cash and cash equivalents	—			1,531			24,025			—			25,556
Prepaid expenses	—			895			1,241			529			2,665
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	2,106,632			5,120,485			2,533,044			(9,760,161		)	—
Deferred tax assets	—			—			5,812			—			5,812
Other assets	—			28,972			2,529			—			31,501
Total assets	$	2,106,632		$	8,350,873		$	8,000,474		$	(9,953,227	)	$	8,504,752

Liabilities
Accounts payable	$	—		$	144		$	22		$	—		$	166
Accrued expenses	—			921			5,795			—			6,716
Accrued interest	—			84,456			—			—			84,456
Accrued salaries and wages	—			7,657			2,558			—			10,215
Gaming, property, and other taxes	—			326			785			—			1,111
Income taxes	—			(45		)	(484		)	529			—
Lease liabilities	—			107,227			94,270			—			201,497
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	—			5,749,136			—			—			5,749,136
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			271,174			48,667			—			319,841
Deferred tax liabilities	—			—			262						262
Other liabilities	—			23,245			1,475			—			24,720
Total liabilities	—			6,244,241			346,945			(193,066		)	6,398,120

Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2019)	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 214,682,856 shares issued and outstanding at September 30, 2019)	2,147			2,147			2,147			(4,294		)	2,147
Additional paid-in capital	3,955,555			3,955,556			9,835,882			(13,791,438		)	3,955,555
Retained accumulated (deficit) earnings	(1,851,070		)	(1,851,071		)	(2,184,500		)	4,035,571			(1,851,070		)
Total shareholders’ equity (deficit)	2,106,632			2,106,632			7,653,529			(9,760,161		)	2,106,632
Total liabilities and shareholders’ equity (deficit)	$	2,106,632		$	8,350,873		$	8,000,474		$	(9,953,227	)	$	8,504,752



Three months ended September 30, 2019 Condensed Consolidating Statement of Income (unaudited)	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non-Issuers		Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	137,787		$	111,002				$	248,789
Interest income from mortgaged real estate	—		5,590			1,616		—			7,206
Total income from real estate	—		143,377			112,618		—			255,995
Gaming, food, beverage and other	—		—			31,617		—			31,617
Total revenues	—		143,377			144,235		—			287,612
Operating expenses
Gaming, food, beverage and other	—		—			18,549		—			18,549
Land rights and ground lease expense	—		4,571			4,523		—			9,094
General and administrative	—		9,363			5,679		—			15,042
Depreciation	—		28,389			28,913		—			57,302
Total operating expenses	—		42,323			57,664		—			99,987
Income from operations	—		101,054			86,571		—			187,625

Other income (expenses)
Interest expense	—		(75,111		)	—		—			(75,111		)
Interest income	—		235			—		—			235
Losses on debt extinguishment	—		(21,014		)	—		—			(21,014		)
Intercompany dividends and interest	—		120,989			3,199		(124,188		)	—
Total other income (expenses)	—		25,099			3,199		(124,188		)	(95,890		)

Income (loss) before income taxes	—		126,153			89,770		(124,188		)	91,735
Income tax expense	—		196			992		—			1,188
Net income (loss)	$	—	$	125,957		$	88,778	$	(124,188	)	$	90,547



Nine months ended September 30, 2019 Condensed Consolidating Statement of Income (unaudited)	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non-Issuers		Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	414,175		$	330,855	$	—		$	745,030
Interest income from mortgage real estate	—		16,771			4,829		—			21,600
Total income from real estate	—		430,946			335,684		—			766,630
Gaming, food, beverage and other	—		—			97,859		—			97,859
Total revenues	—		430,946			433,543		—			864,489
Operating expenses
Gaming, food, beverage and other	—		—			56,739		—			56,739
Land rights and ground lease expense	—		20,065			13,507		—			33,572
General and administrative	—		31,210			17,056		—			48,266
Depreciation	—		96,087			87,658		—			183,745
Loan impairment charges	—		—			13,000		—			13,000
Total operating expenses	—		147,362			187,960		—			335,322
Income from operations	—		283,584			245,583		—			529,167

Other income (expenses)
Interest expense	—		(228,362		)	—		—			(228,362		)
Interest income	—		572			—		—			572
Losses on debt extinguishment	—		(21,014		)	—		—			(21,014		)
Intercompany dividends and interest	—		368,896			6,628		(375,524		)	—
Total other income (expenses)	—		120,092			6,628		(375,524		)	(248,804		)

Income (loss) before income taxes	—		403,676			252,211		(375,524		)	280,363
Income tax expense	—		461			3,312		—			3,773
Net income (loss)	$	—	$	403,215		$	248,899	$	(375,524	)	$	276,590



Nine months ended September 30, 2019 Condensed Consolidating Statement of Cash Flows (unaudited)	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income (loss)	$	—		$	403,215		$	248,899		$	(375,524	)	$	276,590
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	—			104,670			94,591			—			199,261
Amortization of debt issuance costs, bond premiums and original issuance discounts	—			8,597			—			—			8,597
Losses on dispositions of property	—			8			42			—			50
Deferred income taxes	—			—			(528		)	—			(528		)
Stock-based compensation	—			12,353			—			—			12,353
Straight-line rent adjustments	—			1,989			23,941			—			25,930
Losses on debt extinguishment	—			21,014			—			—			21,014
Loan impairment charges	—			—			13,000			—			13,000

(Increase) decrease,
Prepaid expenses and other assets	—			(2,148		)	(458		)	483			(2,123		)
Intercompany	—			120			(120		)	—			—
Increase (decrease),
Accounts payable	—			(2,325		)	(20		)	—			(2,345		)
Accrued expenses	—			307			473			—			780
Accrued interest	—			39,195			—			—			39,195
Accrued salaries and wages	—			(6,972		)	177			—			(6,795		)
Gaming, property and other taxes	—			(103		)	150			—			47
Income taxes	—			(43		)	526			(483		)	—
Other liabilities	—			(1,288		)	(52		)	—			(1,340		)
Net cash provided by (used in) operating activities	—			578,589			380,621			(375,524		)	583,686
Investing activities
Capital maintenance expenditures	—			(4		)	(2,252		)	—			(2,256		)
Proceeds from sale of property and equipment	—			182			28			—			210
Net cash provided by (used in) investing activities	—			178			(2,224		)	—			(2,046		)
Financing activities
Dividends paid	(438,622		)	—			—			—			(438,622		)
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options	(9,057		)	—			—			—			(9,057		)
ATM Program offering costs	(239		)	—			—			—			(239		)
Proceeds from issuance of long-term debt	—			1,312,853			—			—			1,312,853
Financing costs	—			(10,005		)	—			—			(10,005		)
Repayments of long-term debt	—			(1,417,918		)	—			—			(1,417,918		)
Premium and related costs paid on tender of senior unsecured notes	—			(18,879		)	—			—			(18,879		)
Intercompany financing	447,918			(447,919		)	(375,523		)	375,524			—
Net cash (used in) provided by financing activities	—			(581,868		)	(375,523		)	375,524			(581,867		)
Net (decrease) increase in cash and cash equivalents	—			(3,101		)	2,874			—			(227		)
Cash and cash equivalents at beginning of period	—			4,632			21,151			—			25,783
Cash and cash equivalents at end of period	$	—		$	1,531		$	24,025		$	—		$	25,556



At December 31, 2018 Condensed Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands, except share data)
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
Mortgage loans receivable	—			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



Three months ended September 30, 2018 Condensed Consolidating Statement of Income (unaudited)	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non- Issuers		Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	101,130		$	69,146	$	—		$	170,276
Income from direct financing lease	—		—			30,843		—			30,843
Real estate taxes paid by tenants	—		11,032			10,238		—			21,270
Total income from real estate	—		112,162			110,227		—			222,389
Gaming, food, beverage and other	—		—			31,750		—			31,750
Total revenues	—		112,162			141,977		—			254,139
Operating expenses
Gaming, food, beverage and other	—		—			18,962		—			18,962
Real estate taxes	—		11,051			10,535		—			21,586
Land rights and ground lease expense	—		1,920			4,564		—			6,484
General and administrative	—		9,943			5,063		—			15,006
Depreciation	—		22,946			4,321		—			27,267
Total operating expenses	—		45,860			43,445		—			89,305
Income from operations	—		66,302			98,532		—			164,834

Other income (expenses)
Interest expense	—		(60,341		)	—		—			(60,341		)
Interest income	—		907			511		—			1,418
Intercompany dividends and interest	—		123,240			4,799		(128,039		)	—
Total other income (expenses)	—		63,806			5,310		(128,039		)	(58,923		)

Income (loss) before income taxes	—		130,108			103,842		(128,039		)	105,911
Income tax expense	—		228			868		—			1,096
Net income (loss)	$	—	$	129,880		$	102,974	$	(128,039	)	$	104,815



Nine months ended September 30, 2018 Condensed Consolidating Statement of Income (unaudited)	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non- Issuers		Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	304,716		$	204,830	$	—		$	509,546
Income from direct financing lease	—		—			76,448		—			76,448
Real estate taxes paid by tenants	—		33,108			30,923		—			64,031
Total income from real estate	—		337,824			312,201		—			650,025
Gaming, food, beverage and other	—		—			102,385		—			102,385
Total revenues	—		337,824			414,586		—			752,410
Operating expenses
Gaming, food, beverage and other	—		—			59,027		—			59,027
Real estate taxes	—		33,165			31,816		—			64,981
Land rights and ground lease expense	—		5,868			13,592		—			19,460
General and administrative	—		39,880			16,392		—			56,272
Depreciation	—		69,737			13,007		—			82,744
Total operating expenses	—		148,650			133,834		—			282,484
Income from operations	—		189,174			280,752		—			469,926

Other income (expenses)
Interest expense	—		(171,464		)	—		—			(171,464		)
Interest income	—		1,311			1,479		—			2,790
Losses on debt extinguishment	—		(3,473		)	—		—			(3,473		)
Intercompany dividends and interest	—		340,331			9,382		(349,713		)	—
Total other income (expenses)	—		166,705			10,861		(349,713		)	(172,147		)

Income (loss) before income taxes	—		355,879			291,613		(349,713		)	297,779
Income tax expense	—		627			3,567		—			4,194
Net income (loss)	$	—	$	355,252		$	288,046	$	(349,713	)	$	293,585



Nine months ended September 30, 2018 Condensed Consolidating Statement of Cash Flows (unaudited)	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income (loss)	$	—		$	355,252		$	288,046		$	(349,713	)	$	293,585
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	—			70,987			19,939			—			90,926
Amortization of debt issuance costs, bond premiums and original issuance discounts	—			9,278			—			—			9,278
Paid-in-kind interest income	—			—			(991		)	—			(991		)
Losses on dispositions of property	—			120			234			—			354
Deferred income taxes	—			—			(299		)	—			(299		)
Stock-based compensation	—			7,878			—			—			7,878
Straight-line rent adjustments	—			42,983			6,167			—			49,150
Losses on debt extinguishment	—			3,473			—			—			3,473

(Increase) decrease,
Prepaid expenses and other assets	—			(1,811		)	204			833			(774		)
Intercompany	—			294			(294		)	—			—
(Decrease) increase,
Accounts payable	—			1,146			(10		)	—			1,136
Accrued expenses	—			503			(19		)	—			484
Accrued interest	—			58,852			—			—			58,852
Accrued salaries and wages	—			5,032			(1,006		)	—			4,026
Gaming, property and other taxes	—			(164		)	422			—			258
Income taxes	—			216			617			(833		)	—
Other liabilities	—			1,355			(473		)	—			882
Net cash provided by (used in) operating activities	—			555,394			312,537			(349,713		)	518,218
Investing activities
Capital project expenditures	—			(20		)	—			—			(20		)
Capital maintenance expenditures	—			(51		)	(2,903		)	—			(2,954		)
Proceeds from sale of property and equipment	—			3,130			16			—			3,146
Acquisition of real estate assets	—			(15,552		)	—			—			(15,552		)
Collection of principal payments on investment in direct financing lease	—			—			37,241			—			37,241
Net cash (used in) provided by investing activities	—			(12,493		)	34,354			—			21,861
Financing activities
Dividends paid	(404,602		)	—			—			—			(404,602		)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	3,698			—			—			—			3,698
Proceeds from issuance of long-term debt	—			2,107,405			—			—			2,107,405
Financing costs	—			(30,889		)	—			—			(30,889		)
Repayments of long-term debt	—			(1,080,087		)	—			—			(1,080,087		)
Premium and related costs paid on tender of senior unsecured notes	—			(1,884		)	—			—			(1,884		)
Intercompany financing	400,904			(400,908		)	(349,709		)	349,713			—
Net cash provided by (used in) financing activities	—			593,637			(349,709		)	349,713			593,641
Net increase (decrease) in cash and cash equivalents	—			1,136,538			(2,818		)	—			1,133,720
Cash and cash equivalents at beginning of period	—			6,734			22,320			—			29,054
Cash and cash equivalents at end of period	$	—		$	1,143,272		$	19,502		$	—		$	1,162,774

Receivables Receivables (Policies)	9 Months Ended
Receivables Receivables (Policies)	Sep. 30, 2019
Receivables [Abstract]
Impaired Receivables, Policy	The Company evaluates loans for impairment when it is probable that it will not be able to collect all amounts due according to contractual terms. All amounts due under the contractual terms means that both contractual interest payments and contractual principal payments of a loan 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 Lease Assets and Lease Liabilities (Policies)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Lessee, Leases, Policy	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 condensed 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 cannot readily be determined, the Company utilizes its estimated incremental borrowing rate to determine the present value of its lease payments. Consideration is also given to the Company's recent debt issuances, as well as publicly available data for instruments with similar characteristics when determining the incremental borrowing rates of the Company's leases. The Company includes options to extend the 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 leased 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 of these triple-net tenant leases as a single lease component. Leases with a term of 12 months or less are not recorded on the Company's condensed 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.

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

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities, Policy


•	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 Revenue Recognition (Policies)	9 Months Ended
Revenue Recognition Revenue Recognition (Policies)	Sep. 30, 2019
Revenue Recognition [Abstract]
Revenue Recognition, Policy	The Company may periodically loan funds to casino owner-operators for the purchase of gaming related properties. Interest income related to mortgage loans receivable is recorded as revenue from mortgaged real estate within the Company's condensed consolidated statements of income in the period earned. At September 30, 2019, the Company had financial interests in two casino properties, Belterra Park and Lumière Place, pursuant to the secured mortgage loans made by the Company to the respective casino owner-operators, Boyd and Eldorado. 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 increases. 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. Additionally, food and beverage revenue is recognized as services are performed. Gaming revenue is recognized net of certain sales incentives, including promotional allowances in accordance with ASC 606 - Revenue 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 and attributed to the awarded points until a later period when the points are redeemed or forfeited. 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. 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 condensed 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.

Earnings per Share Earnings per Share (Policies)	9 Months Ended
Earnings per Share Earnings per Share (Policies)	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings per Share	The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings per Share ("ASC 260"). 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. In accordance with ASC 260, the Company includes all performance-based restricted shares that would have vested based upon the Company’s performance at quarter-end in the calculation of diluted EPS. Diluted EPS for the Company's common stock is computed using the more dilutive of the two-class method or the treasury stock method.

Stock Based Compensation Stock-Based Compensation (Policies)	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	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 of 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.

Real Estate Investments (Tables)

9 Months Ended

Sep. 30, 2019

Real Estate [Abstract]

Schedule of Real Estate Investments, Net

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



	September 30, 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	(1,146,516		)	(983,086		)
Real estate investments, net	$	7,154,980		$	7,331,460

Property and Equipment Used in Operations (Tables)

9 Months Ended

Sep. 30, 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 in the TRS Properties:



	September 30, 2019			December 31, 2018
	(in thousands)
Land and improvements	$	30,463		$	30,431
Building and improvements	116,781			116,776
Furniture, fixtures, and equipment	117,974			117,247
Construction in progress	1,053			284
Total property and equipment	266,271			264,738
Less accumulated depreciation	(170,654		)	(163,854		)
Property and equipment, net	$	95,617		$	100,884

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

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Components of the Company's Right-of Use Assets and Land Rights, Net

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



	September 30, 2019
Right-of use assets - operating leases	$	201,602
Land rights, net	657,691
Right-of-use assets and land rights, net	$	859,293

Schedule of Land Rights, Net

Land rights net, consist of the following:



	September 30, 2019			December 31, 2018
	(in thousands)
Land rights	$	694,077		$	700,997
Less accumulated amortization	(36,386		)	(27,790		)
Land rights, net	$	657,691		$	673,207

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of September 30, 2019, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands):



Year ending December 31,
2019 (remainder of year)	$	3,020
2020	12,081
2021	12,081
2022	12,081
2023	12,081
Thereafter	606,347
Total	$	657,691

Lessee, Operating Lease, Liability, Maturity

At September 30, 2019, maturities of the Company's operating lease liabilities were as follows (in thousands):



Year ending December 31,
2019 (remainder of year)	$	3,882
2020	15,256
2021	15,134
2022	15,027
2023	15,006
Thereafter	685,975
Total lease payments	$	750,280
Less: interest	(548,783		)
Present value of lease liabilities	$	201,497

Components of Lease Expense

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



	September 30, 2019
Weighted average remaining lease term - operating leases	51.27 years
Weighted average discount rate - operating leases	6.7%

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



	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
	(in thousands)
Cash paid for amounts included in the measurement of leases liabilities:
Operating cash flows from operating leases ⁽¹⁾	$	586	$	1,697

Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	6	$	293

The components of lease expense were as follows:



	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
	(in thousands)
Operating lease cost	$	3,909	$	11,722
Variable lease cost	2,319		6,823
Short-term lease cost	254		765
Amortization of land right assets	3,020		15,516
Total lease cost	$	9,502	$	34,826

Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt is as follows:



	September 30, 2019			December 31, 2018
	(in thousands)
Unsecured $1,175 million revolver	$	60,000		$	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 5.25% 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 5.75% 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	1,021			1,112
Total long-term debt	5,800,195			5,903,112
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(51,059		)	(49,615		)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	$	5,749,136		$	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 September 30, 2019 (in thousands):



Within one year	$	128
2-3 years	1,064,448
4-5 years	960,302
Over 5 years	3,775,317
Total minimum payments	$	5,800,195

- 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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+ Details

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

9 Months Ended

Sep. 30, 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):



	September 30, 2019				December 31, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	25,556	$	25,556	$	25,783	$	25,783
Deferred compensation plan assets	26,981		26,981		22,709		22,709
Mortgage loans receivable	303,684		303,684		303,684		303,684
Financial liabilities:
Long-term debt:
Senior unsecured credit facility	509,000		503,949		927,000		909,308
Senior unsecured notes	5,290,174		5,681,846		4,975,000		4,958,455

Schedule of assets measured at fair value on a nonrecurring basis

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis



	Level 1		Level 2		Level 3		Total Impairment Charges Recorded during the Nine Months Ended September 30, 2019
	(in thousands)
Assets:
Loan receivable	$	—	$	—	$	—	$	13,000
Total assets measured at fair value on a nonrecurring basis	$	—	$	—	$	—	$	13,000

Revenue Recognition Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2019

Revenue Recognition [Abstract]

Operating Leases, Lease Income Details

Details of the Company's rental income for the three and nine months ended September 30, 2019 was as follows (in thousands):



	Three Months Ended September 30, 2019			Nine Months Ended September 30, 2019
Building base rent ⁽¹⁾	$	164,736		$	492,343
Land base rent	47,592			142,576
Percentage rent	39,608			119,446
Total cash rental income	$	251,936		$	754,365
Straight-line rent adjustments	(8,643		)	(25,930		)
Ground rent in revenue	5,406			16,157
Other rental revenue	90			438
Total rental income	$	248,789		$	745,030

Earnings per Share Earnings per Share (Tables)

9 Months Ended

Sep. 30, 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



	Three Months Ended September 30,		Nine Months Ended September 30,
	2019	2018	2019	2018
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	214,683	213,876	214,658	213,589
Assumed conversion of dilutive employee stock-based awards	—	136	—	262
Assumed conversion of restricted stock awards	127	96	96	66
Assumed conversion of performance-based restricted stock awards	515	764	464	801
Diluted weighted-average common shares outstanding	215,325	214,872	215,218	214,718

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 three and nine months ended September 30, 2019 and 2018:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
	(in thousands, except per share and share data)
Calculation of basic EPS:
Net income	$	90,547		$	104,815		$	276,590		$	293,585
Less: Net income allocated to participating securities	(138		)	(147		)	(420		)	(411		)
Net income attributable to common shareholders	$	90,409		$	104,668		$	276,170		$	293,174
Weighted-average common shares outstanding	214,683			213,876			214,658			213,589
Basic EPS	$	0.42		$	0.49		$	1.29		$	1.37

Calculation of diluted EPS:
Net income	$	90,547		$	104,815		$	276,590		$	293,585
Diluted weighted-average common shares outstanding	215,325			214,872			215,218			214,718
Diluted EPS	$	0.42		$	0.49		$	1.29		$	1.37

Antidilutive securities excluded from the computation of diluted earnings per share (in shares)	—			95,890			57,494			113,368

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Dividends Declared

The following table lists the dividends declared and paid by the Company during the nine months ended September 30, 2019 and 2018:



Declaration Date	Shareholder Record Date	Securities Class	Dividend Per Share		Period Covered	Distribution Date	Dividend Amount
							(in thousands)
2019
February 20, 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	$	145,985
August 20, 2019	September 6, 2019	Common Stock	$	0.68	Third Quarter 2019	September 20, 2019	$	145,984

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

Stock Based Compensation Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Schedule of restricted stock award activity

The following table contains information on restricted stock award activity for the nine months ended September 30, 2019:



	Number of Award Shares
Outstanding at December 31, 2018	299,642
Granted	317,290
Released	(290,107	)
Canceled	—
Outstanding at September 30, 2019	326,825

Schedule of performance-based restricted stock award activity

The following table contains information on performance-based restricted stock award activity for the nine months ended September 30, 2019:



	Number of Performance-Based Award Shares
Outstanding at December 31, 2018	1,342,000
Granted	512,000
Released	(447,334	)
Canceled	(23,332	)
Outstanding at September 30, 2019	1,383,334

Segment Information (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables present certain information with respect to the Company’s segments.



	Three Months Ended September 30, 2019						Three Months Ended September 30, 2018
(in thousands)	GLP Capital ⁽¹⁾		TRS Properties		Total		GLP Capital ⁽¹⁾		TRS Properties		Total
Total revenues	$	255,995	$	31,617	$	287,612	$	222,389	$	31,750	$	254,139
Income from operations	181,947		5,678		187,625		159,678		5,156		164,834
Interest expense	72,510		2,601		75,111		57,740		2,601		60,341
Income before income taxes	88,657		3,078		91,735		103,355		2,556		105,911
Income tax expense	196		992		1,188		229		867		1,096
Net income	88,461		2,086		90,547		103,126		1,689		104,815
Depreciation	55,544		1,758		57,302		24,928		2,339		27,267
Capital project expenditures	—		—		—		6		—		6
Capital maintenance expenditures	—		709		709		—		970		970



	Nine Months Ended September 30, 2019						Nine Months Ended September 30, 2018
(in thousands)	GLP Capital ⁽¹⁾		TRS Properties		Total		GLP Capital ⁽¹⁾		TRS Properties		Total
Total revenues	$	766,630	$	97,859	$	864,489	$	650,025	$	102,385	$	752,410
Income from operations	510,884		18,283		529,167		450,685		19,241		469,926
Interest expense	220,558		7,804		228,362		163,660		7,804		171,464
Income before income taxes	269,882		10,481		280,363		286,340		11,439		297,779
Income tax expense	461		3,312		3,773		628		3,566		4,194
Net income	269,421		7,169		276,590		285,712		7,873		293,585
Depreciation	177,786		5,959		183,745		75,715		7,029		82,744
Capital project expenditures	—		—		—		20		—		20
Capital maintenance expenditures	4		2,252		2,256		51		2,903		2,954

(1) Interest expense is net of intercompany interest eliminations of $2.6 million and $7.8 million for both the three and nine months ended September 30, 2019 and 2018, respectively.

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

9 Months Ended

Sep. 30, 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:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(in thousands)
Cash paid for income taxes, net of refunds received	$	1,418	$	1,517	$	4,102	$	4,189
Cash paid for interest	41,163		7,234		180,494		109,644

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

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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



At September 30, 2019 Condensed Consolidating Balance Sheet (unaudited)	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands, except share data)
Assets
Real estate investments, net	$	—		$	2,542,623		$	4,612,357		$	—		$	7,154,980
Property and equipment, used in operations, net	—			17,086			78,531			—			95,617
Mortgage loans receivable	—			246,000			57,684			—			303,684
Right-of-use assets and land rights, net	—			199,686			659,607			—			859,293
Cash and cash equivalents	—			1,531			24,025			—			25,556
Prepaid expenses	—			895			1,241			529			2,665
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	2,106,632			5,120,485			2,533,044			(9,760,161		)	—
Deferred tax assets	—			—			5,812			—			5,812
Other assets	—			28,972			2,529			—			31,501
Total assets	$	2,106,632		$	8,350,873		$	8,000,474		$	(9,953,227	)	$	8,504,752

Liabilities
Accounts payable	$	—		$	144		$	22		$	—		$	166
Accrued expenses	—			921			5,795			—			6,716
Accrued interest	—			84,456			—			—			84,456
Accrued salaries and wages	—			7,657			2,558			—			10,215
Gaming, property, and other taxes	—			326			785			—			1,111
Income taxes	—			(45		)	(484		)	529			—
Lease liabilities	—			107,227			94,270			—			201,497
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	—			5,749,136			—			—			5,749,136
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			271,174			48,667			—			319,841
Deferred tax liabilities	—			—			262						262
Other liabilities	—			23,245			1,475			—			24,720
Total liabilities	—			6,244,241			346,945			(193,066		)	6,398,120

Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2019)	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 214,682,856 shares issued and outstanding at September 30, 2019)	2,147			2,147			2,147			(4,294		)	2,147
Additional paid-in capital	3,955,555			3,955,556			9,835,882			(13,791,438		)	3,955,555
Retained accumulated (deficit) earnings	(1,851,070		)	(1,851,071		)	(2,184,500		)	4,035,571			(1,851,070		)
Total shareholders’ equity (deficit)	2,106,632			2,106,632			7,653,529			(9,760,161		)	2,106,632
Total liabilities and shareholders’ equity (deficit)	$	2,106,632		$	8,350,873		$	8,000,474		$	(9,953,227	)	$	8,504,752



Three months ended September 30, 2019 Condensed Consolidating Statement of Income (unaudited)	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non-Issuers		Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	137,787		$	111,002				$	248,789
Interest income from mortgaged real estate	—		5,590			1,616		—			7,206
Total income from real estate	—		143,377			112,618		—			255,995
Gaming, food, beverage and other	—		—			31,617		—			31,617
Total revenues	—		143,377			144,235		—			287,612
Operating expenses
Gaming, food, beverage and other	—		—			18,549		—			18,549
Land rights and ground lease expense	—		4,571			4,523		—			9,094
General and administrative	—		9,363			5,679		—			15,042
Depreciation	—		28,389			28,913		—			57,302
Total operating expenses	—		42,323			57,664		—			99,987
Income from operations	—		101,054			86,571		—			187,625

Other income (expenses)
Interest expense	—		(75,111		)	—		—			(75,111		)
Interest income	—		235			—		—			235
Losses on debt extinguishment	—		(21,014		)	—		—			(21,014		)
Intercompany dividends and interest	—		120,989			3,199		(124,188		)	—
Total other income (expenses)	—		25,099			3,199		(124,188		)	(95,890		)

Income (loss) before income taxes	—		126,153			89,770		(124,188		)	91,735
Income tax expense	—		196			992		—			1,188
Net income (loss)	$	—	$	125,957		$	88,778	$	(124,188	)	$	90,547



Nine months ended September 30, 2019 Condensed Consolidating Statement of Income (unaudited)	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non-Issuers		Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	414,175		$	330,855	$	—		$	745,030
Interest income from mortgage real estate	—		16,771			4,829		—			21,600
Total income from real estate	—		430,946			335,684		—			766,630
Gaming, food, beverage and other	—		—			97,859		—			97,859
Total revenues	—		430,946			433,543		—			864,489
Operating expenses
Gaming, food, beverage and other	—		—			56,739		—			56,739
Land rights and ground lease expense	—		20,065			13,507		—			33,572
General and administrative	—		31,210			17,056		—			48,266
Depreciation	—		96,087			87,658		—			183,745
Loan impairment charges	—		—			13,000		—			13,000
Total operating expenses	—		147,362			187,960		—			335,322
Income from operations	—		283,584			245,583		—			529,167

Other income (expenses)
Interest expense	—		(228,362		)	—		—			(228,362		)
Interest income	—		572			—		—			572
Losses on debt extinguishment	—		(21,014		)	—		—			(21,014		)
Intercompany dividends and interest	—		368,896			6,628		(375,524		)	—
Total other income (expenses)	—		120,092			6,628		(375,524		)	(248,804		)

Income (loss) before income taxes	—		403,676			252,211		(375,524		)	280,363
Income tax expense	—		461			3,312		—			3,773
Net income (loss)	$	—	$	403,215		$	248,899	$	(375,524	)	$	276,590



Nine months ended September 30, 2019 Condensed Consolidating Statement of Cash Flows (unaudited)	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income (loss)	$	—		$	403,215		$	248,899		$	(375,524	)	$	276,590
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	—			104,670			94,591			—			199,261
Amortization of debt issuance costs, bond premiums and original issuance discounts	—			8,597			—			—			8,597
Losses on dispositions of property	—			8			42			—			50
Deferred income taxes	—			—			(528		)	—			(528		)
Stock-based compensation	—			12,353			—			—			12,353
Straight-line rent adjustments	—			1,989			23,941			—			25,930
Losses on debt extinguishment	—			21,014			—			—			21,014
Loan impairment charges	—			—			13,000			—			13,000

(Increase) decrease,
Prepaid expenses and other assets	—			(2,148		)	(458		)	483			(2,123		)
Intercompany	—			120			(120		)	—			—
Increase (decrease),
Accounts payable	—			(2,325		)	(20		)	—			(2,345		)
Accrued expenses	—			307			473			—			780
Accrued interest	—			39,195			—			—			39,195
Accrued salaries and wages	—			(6,972		)	177			—			(6,795		)
Gaming, property and other taxes	—			(103		)	150			—			47
Income taxes	—			(43		)	526			(483		)	—
Other liabilities	—			(1,288		)	(52		)	—			(1,340		)
Net cash provided by (used in) operating activities	—			578,589			380,621			(375,524		)	583,686
Investing activities
Capital maintenance expenditures	—			(4		)	(2,252		)	—			(2,256		)
Proceeds from sale of property and equipment	—			182			28			—			210
Net cash provided by (used in) investing activities	—			178			(2,224		)	—			(2,046		)
Financing activities
Dividends paid	(438,622		)	—			—			—			(438,622		)
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options	(9,057		)	—			—			—			(9,057		)
ATM Program offering costs	(239		)	—			—			—			(239		)
Proceeds from issuance of long-term debt	—			1,312,853			—			—			1,312,853
Financing costs	—			(10,005		)	—			—			(10,005		)
Repayments of long-term debt	—			(1,417,918		)	—			—			(1,417,918		)
Premium and related costs paid on tender of senior unsecured notes	—			(18,879		)	—			—			(18,879		)
Intercompany financing	447,918			(447,919		)	(375,523		)	375,524			—
Net cash (used in) provided by financing activities	—			(581,868		)	(375,523		)	375,524			(581,867		)
Net (decrease) increase in cash and cash equivalents	—			(3,101		)	2,874			—			(227		)
Cash and cash equivalents at beginning of period	—			4,632			21,151			—			25,783
Cash and cash equivalents at end of period	$	—		$	1,531		$	24,025		$	—		$	25,556



At December 31, 2018 Condensed Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands, except share data)
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
Mortgage loans receivable	—			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



Three months ended September 30, 2018 Condensed Consolidating Statement of Income (unaudited)	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non- Issuers		Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	101,130		$	69,146	$	—		$	170,276
Income from direct financing lease	—		—			30,843		—			30,843
Real estate taxes paid by tenants	—		11,032			10,238		—			21,270
Total income from real estate	—		112,162			110,227		—			222,389
Gaming, food, beverage and other	—		—			31,750		—			31,750
Total revenues	—		112,162			141,977		—			254,139
Operating expenses
Gaming, food, beverage and other	—		—			18,962		—			18,962
Real estate taxes	—		11,051			10,535		—			21,586
Land rights and ground lease expense	—		1,920			4,564		—			6,484
General and administrative	—		9,943			5,063		—			15,006
Depreciation	—		22,946			4,321		—			27,267
Total operating expenses	—		45,860			43,445		—			89,305
Income from operations	—		66,302			98,532		—			164,834

Other income (expenses)
Interest expense	—		(60,341		)	—		—			(60,341		)
Interest income	—		907			511		—			1,418
Intercompany dividends and interest	—		123,240			4,799		(128,039		)	—
Total other income (expenses)	—		63,806			5,310		(128,039		)	(58,923		)

Income (loss) before income taxes	—		130,108			103,842		(128,039		)	105,911
Income tax expense	—		228			868		—			1,096
Net income (loss)	$	—	$	129,880		$	102,974	$	(128,039	)	$	104,815



Nine months ended September 30, 2018 Condensed Consolidating Statement of Income (unaudited)	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non- Issuers		Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	304,716		$	204,830	$	—		$	509,546
Income from direct financing lease	—		—			76,448		—			76,448
Real estate taxes paid by tenants	—		33,108			30,923		—			64,031
Total income from real estate	—		337,824			312,201		—			650,025
Gaming, food, beverage and other	—		—			102,385		—			102,385
Total revenues	—		337,824			414,586		—			752,410
Operating expenses
Gaming, food, beverage and other	—		—			59,027		—			59,027
Real estate taxes	—		33,165			31,816		—			64,981
Land rights and ground lease expense	—		5,868			13,592		—			19,460
General and administrative	—		39,880			16,392		—			56,272
Depreciation	—		69,737			13,007		—			82,744
Total operating expenses	—		148,650			133,834		—			282,484
Income from operations	—		189,174			280,752		—			469,926

Other income (expenses)
Interest expense	—		(171,464		)	—		—			(171,464		)
Interest income	—		1,311			1,479		—			2,790
Losses on debt extinguishment	—		(3,473		)	—		—			(3,473		)
Intercompany dividends and interest	—		340,331			9,382		(349,713		)	—
Total other income (expenses)	—		166,705			10,861		(349,713		)	(172,147		)

Income (loss) before income taxes	—		355,879			291,613		(349,713		)	297,779
Income tax expense	—		627			3,567		—			4,194
Net income (loss)	$	—	$	355,252		$	288,046	$	(349,713	)	$	293,585



Nine months ended September 30, 2018 Condensed Consolidating Statement of Cash Flows (unaudited)	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income (loss)	$	—		$	355,252		$	288,046		$	(349,713	)	$	293,585
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	—			70,987			19,939			—			90,926
Amortization of debt issuance costs, bond premiums and original issuance discounts	—			9,278			—			—			9,278
Paid-in-kind interest income	—			—			(991		)	—			(991		)
Losses on dispositions of property	—			120			234			—			354
Deferred income taxes	—			—			(299		)	—			(299		)
Stock-based compensation	—			7,878			—			—			7,878
Straight-line rent adjustments	—			42,983			6,167			—			49,150
Losses on debt extinguishment	—			3,473			—			—			3,473

(Increase) decrease,
Prepaid expenses and other assets	—			(1,811		)	204			833			(774		)
Intercompany	—			294			(294		)	—			—
(Decrease) increase,
Accounts payable	—			1,146			(10		)	—			1,136
Accrued expenses	—			503			(19		)	—			484
Accrued interest	—			58,852			—			—			58,852
Accrued salaries and wages	—			5,032			(1,006		)	—			4,026
Gaming, property and other taxes	—			(164		)	422			—			258
Income taxes	—			216			617			(833		)	—
Other liabilities	—			1,355			(473		)	—			882
Net cash provided by (used in) operating activities	—			555,394			312,537			(349,713		)	518,218
Investing activities
Capital project expenditures	—			(20		)	—			—			(20		)
Capital maintenance expenditures	—			(51		)	(2,903		)	—			(2,954		)
Proceeds from sale of property and equipment	—			3,130			16			—			3,146
Acquisition of real estate assets	—			(15,552		)	—			—			(15,552		)
Collection of principal payments on investment in direct financing lease	—			—			37,241			—			37,241
Net cash (used in) provided by investing activities	—			(12,493		)	34,354			—			21,861
Financing activities
Dividends paid	(404,602		)	—			—			—			(404,602		)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	3,698			—			—			—			3,698
Proceeds from issuance of long-term debt	—			2,107,405			—			—			2,107,405
Financing costs	—			(30,889		)	—			—			(30,889		)
Repayments of long-term debt	—			(1,080,087		)	—			—			(1,080,087		)
Premium and related costs paid on tender of senior unsecured notes	—			(1,884		)	—			—			(1,884		)
Intercompany financing	400,904			(400,908		)	(349,709		)	349,713			—
Net cash provided by (used in) financing activities	—			593,637			(349,709		)	349,713			593,641
Net increase (decrease) in cash and cash equivalents	—			1,136,538			(2,818		)	—			1,133,720
Cash and cash equivalents at beginning of period	—			6,734			22,320			—			29,054
Cash and cash equivalents at end of period	$	—		$	1,143,272		$	19,502		$	—		$	1,162,774

Business and Operations (Details) $ in Millions			1 Months Ended
Business and Operations (Details) $ in Millions	Oct. 15, 2018 USD ($)	Oct. 01, 2018 USD ($)	Apr. 30, 2016 USD ($)	Sep. 30, 2019 state property renewaloption
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio				46
Number of real estate properties				42
Number of states across which the portfolio of properties is diversified \| state				16
Real estate, occupancy percentage				100.00%
Penn National Gaming Inc. Master Lease
Business and Operations
Operating lease, initial term of contract (in years)				15 years
Operating leases, number of renewal options \| renewaloption				4
Operating lease, renewal term (in years)				5 years
Number of real estate properties				20
Amended Pinnacle Entertainment, Inc. Master Lease
Business and Operations
Operating lease, initial term of contract (in years)				10 years
Operating leases, number of renewal options \| renewaloption				5
Operating lease, renewal term (in years)				5 years
Number of real estate properties				12
Boyd Gaming Corporation Master Lease
Business and Operations
Operating lease, initial term of contract (in years)				10 years
Operating leases, number of renewal options \| renewaloption				5
Operating lease, renewal term (in years)				5 years
Number of real estate properties				3
Eldorado Master Lease
Business and Operations
Operating lease, initial term of contract (in years)				15 years
Operating leases, number of renewal options \| renewaloption				4
Operating lease, renewal term (in years)				5 years
Number of real estate properties				5
Pinnacle Entertainment, Inc.
Business and Operations
Consideration paid for acquisition of real estate assets \| $			$ 4,800.0
Plainridge Park Casino
Business and Operations
Payments to Acquire Real Estate, Excluding Transaction Costs \| $	$ 250.0
Tropicana Entertainment Inc.
Business and Operations
Payments to Acquire Real Estate, Excluding Transaction Costs \| $		$ 964.0
Eldorado Resorts, Inc.
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio				6
Boyd Gaming Corporation
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio				4
Penn National Gaming Inc
Business and Operations
Number of real estate properties				33
Eldorado Resorts, Inc. \| Real Estate Loan
Business and Operations
Payment to acquire finance receivables \| $		$ 246.0
Boyd Gaming Corporation \| Real Estate Loan
Business and Operations
Payment to acquire finance receivables \| $	$ 57.7

New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 859,293
Lease liabilities	$ 201,497
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

Real Estate Investments (Details) $ in Thousands	9 Months Ended
Real Estate Investments (Details) $ in Thousands	Sep. 30, 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	(1,146,516)	(983,086)
Real estate investments, net	7,154,980	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, MS \| Building and improvements
Real estate investments
Real estate investments, net	0
Accelerated depreciation of real estate properties	$ 10,300

Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 266,271	$ 264,738
Less accumulated depreciation	(170,654)	(163,854)
Property and equipment, net	95,617	100,884
Land and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	30,463	30,431
Building and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	116,781	116,776
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	117,974	117,247
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,053	$ 284

Receivables Receivables (Mortgage Loans Receivable) (Details) $ in Millions	Oct. 15, 2018 USD ($)	Oct. 01, 2018 USD ($)	Sep. 30, 2019 property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of casino properties company has financial interests in \| property			2
Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, interest rate, stated percentage	11.11%		11.20%
Real Estate Loan \| Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment to acquire finance receivables		$ 246.0
Real Estate Loan \| Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment to acquire finance receivables	$ 57.7
Secured Debt \| Real Estate Loan \| Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment to acquire finance receivables		246.0
Secured Debt \| Real Estate Loan \| Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment to acquire finance receivables	57.7
Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to Acquire Real Estate, Excluding Transaction Costs		$ 246.0
Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to Acquire Real Estate, Excluding Transaction Costs	$ 57.7
Until one-year anniversary \| Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, interest rate, stated percentage		9.09%
Until maturity \| Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, interest rate, stated percentage		9.27%

Receivables (Loan Receivable) (Details) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended		16 Months Ended
Receivables (Loan Receivable) (Details) $ in Thousands	Mar. 13, 2017 USD ($)	Jan. 31, 2014 USD ($)	Sep. 30, 2019 USD ($) renewaloption	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) renewaloption	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) renewaloption	Dec. 31, 2018 USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Paid-in-kind interest income					$ 0	$ 991
Loan impairment charges			$ 0	$ 0	$ 13,000	$ 0
Casino Queen
Loans and Leases Receivable Disclosure [Line Items]
Face amount of debt		$ 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]
Face amount of debt	$ 13,000
Debt instrument, term	5 years 6 months
Debt instrument, interest rate, stated percentage	15.00%
Paid-in-kind interest income							$ 3,200
Casino Queen Lease
Loans and Leases Receivable Disclosure [Line Items]
Operating lease, initial term of contract (in years)			15 years		15 years		15 years
Operating leases, number of renewal options \| renewaloption			4		4		4
Operating lease, renewal term (in years)			5 years		5 years		5 years
Loans receivable
Loans and Leases Receivable Disclosure [Line Items]
Loan receivable			$ 0		$ 0		$ 0	$ 13,000

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Assets) (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 859,293
Right-of use assets - operating leases
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	201,602
Land rights, net
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 657,691

Lease Assets and Lease Liabilities Lease Assets and Lease LIabilities (Land Rights) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Land rights, net		$ 673,207,000
Minimum \| Land rights, net
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	10 years
Maximum \| Land rights, net
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	92 years
Land rights, net
Finite-Lived Intangible Assets [Line Items]
Land rights	$ 694,077,000	700,997,000
Less accumulated amortization	(36,386,000)	(27,790,000)
Land rights, net	657,691,000	$ 673,207,000
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2019	3,020,000
2020	12,081,000
2021	12,081,000
2022	12,081,000
2023	12,081,000
Thereafter	606,347,000
Land rights, net \| Resorts Casino Tunica, MS
Finite-Lived Intangible Assets [Line Items]
Land rights, net	0
Accelerated amortization of land rights	$ 6,300,000

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Maturity Schedule) (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2019	$ 3,882
2020	15,256
2021	15,134
2022	15,027
2023	15,006
Thereafter	685,975
Total lease payments	750,280
Less: interest	(548,783)
Present value of lease liabilities	$ 201,497

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Components of Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 3,909		$ 11,722
Variable lease cost	2,319		6,823
Short-term lease cost	254		765
Total lease cost	9,502		34,826
Operating leases, rent expense per ASC 840		$ 4,200		$ 12,700
Land rights, net
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 3,020		$ 15,516
Amortization of land rights		$ 2,700		$ 8,200

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Balance Sheet Information) (Details)	Sep. 30, 2019
Leases [Abstract]
Weighted average remaining lease term - operating leases	51 years 3 months 7 days
Weighted average discount rate - operating leases	6.70%

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Operating cash flows from operating leases (1)	$ 586	$ 1,697
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 6	$ 293

Long-term Debt (Schedule of Debt) (Details) - USD ($)	Sep. 30, 2019	Sep. 12, 2019	Aug. 29, 2019	Dec. 31, 2018
Long-term debt
Finance lease liability	$ 1,021,000
Capital lease obligations				$ 1,112,000
Total long-term debt	5,800,195,000			5,903,112,000
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(51,059,000)			(49,615,000)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,749,136,000			5,853,497,000
Unsecured $1,175 million revolver
Long-term debt
Long-term debt, gross	60,000,000			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
Face amount of debt	$ 215,174,000	$ 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
Face amount of debt	$ 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
Face amount of debt	$ 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
Face amount of debt	$ 400,000,000		$ 400,000,000
Debt instrument, interest rate, stated percentage	3.35%		3.35%
$850 million 5.25% senior unsecured notes due June 2025
Long-term debt
Long-term debt, gross	$ 850,000,000			850,000,000
Face amount of debt	$ 850,000,000			$ 850,000,000
Debt instrument, interest rate, stated percentage	5.25%			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
Face amount of debt	$ 975,000,000			$ 975,000,000
Debt instrument, interest rate, stated percentage	5.375%			5.375%
$500 million 5.75% senior unsecured notes due June 2028
Long-term debt
Long-term debt, gross	$ 500,000,000			$ 500,000,000
Face amount of debt	$ 500,000,000			$ 500,000,000
Debt instrument, interest rate, stated percentage	5.75%			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
Face amount of debt	$ 750,000,000			$ 750,000,000
Debt instrument, interest rate, stated percentage	5.30%			5.30%
$700 million 4.00% senior unsecured notes due January 2030
Long-term debt
Long-term debt, gross	$ 700,000,000			$ 0
Face amount of debt	$ 700,000,000		$ 700,000,000
Debt instrument, interest rate, stated percentage	4.00%		4.00%
Unsecured $1,175 million revolver
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 1,175,000,000			$ 1,175,000,000

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Future minimum repayments of long-term debt
Within one year	$ 128
2-3 years	1,064,448
4-5 years	960,302
Over 5 years	3,775,317
Total minimum payments	$ 5,800,195	$ 5,903,112

Long-term Debt - Senior Unsecured Credit Facility (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Long-term debt
Letters of credit outstanding, amount	$ 400,000
Available borrowing capacity	1,114,600,000
Senior unsecured credit facility
Long-term debt
Long-term debt, gross	509,000,000
Revolving credit facility
Long-term debt
Line of credit facility, maximum borrowing capacity	1,175,000,000	$ 1,175,000,000
Outstanding balance on credit facility	60,000,000
Unsecured term loan A-1
Long-term debt
Line of credit facility, maximum borrowing capacity	449,000,000
Outstanding balance on credit facility	$ 449,000,000
London Interbank Offered Rate (LIBOR) \| Senior unsecured credit facility
Long-term debt
Debt instrument, basis spread on variable rate	1.50%

Long-term Debt - Senior Unsecured Notes (Narrative) (Details) - USD ($)		3 Months Ended		9 Months Ended
	Sep. 12, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Aug. 29, 2019	Dec. 31, 2018
Long-term debt
Losses on debt extinguishment		$ 21,014,000	$ 0	$ 21,014,000	$ 3,473,000
Senior unsecured notes 3.350 percent due 2024
Long-term debt
Face amount of debt		$ 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 percentage of face value						99.899%
Long-term debt, gross		$ 400,000,000		$ 400,000,000			$ 0
Senior unsecured notes 4.000 percent due 2030
Long-term debt
Face amount of debt		$ 700,000,000		$ 700,000,000		$ 700,000,000
Debt instrument, interest rate, stated percentage		4.00%		4.00%		4.00%
Debt instrument, discount rate at issuance as percentage of face value						99.751%
Long-term debt, gross		$ 700,000,000		$ 700,000,000			0
Senior unsecured notes 4.875 percent due 2020
Long-term debt
Face amount of debt	$ 1,000,000,000	$ 215,174,000		$ 215,174,000			$ 1,000,000,000
Debt instrument, interest rate, stated percentage	4.875%	4.875%		4.875%			4.875%
Debt instrument, amount of notes tendered		$ 784,800,000
Losses on debt extinguishment	$ 21,000,000.0
Long-term debt, gross		215,174,000		$ 215,174,000			$ 1,000,000,000
Senior notes
Long-term debt
Long-term debt, gross		5,290,200,000		$ 5,290,200,000
Early tender \| Senior unsecured notes 4.875 percent due 2020
Long-term debt
Debt instrument, amount of notes tendered		$ 782,600,000
Debt instrument, percentage of principal amount redeemed		78.00%
Debt instrument, redemption price (percent)		102.337%
Subsequent to early tender \| Senior unsecured notes 4.875 percent due 2020
Long-term debt
Debt instrument, amount of notes tendered		$ 2,200,000
Debt instrument, redemption price (percent)		99.337%

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

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	Sep. 30, 2019	Dec. 31, 2018
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 25,556	$ 25,783
Deferred compensation plan assets	26,981	22,709
Long-term debt:
Senior unsecured credit facility	509,000	927,000
Senior unsecured notes	5,290,174	4,975,000
Fair Value
Financial assets:
Cash and cash equivalents	25,556	25,783
Deferred compensation plan assets	26,981	22,709
Long-term debt:
Senior unsecured credit facility	503,949	909,308
Senior unsecured notes	5,681,846	4,958,455
Mortgage loans receivable \| Carrying Amount
Financial assets:
Mortgage loans receivable	303,684	303,684
Mortgage loans receivable \| Fair Value
Financial assets:
Mortgage loans receivable	$ 303,684	$ 303,684

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Assets and Liabilities Measured on a Non Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Mar. 13, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loan impairment charges	$ 0	$ 0	$ 13,000	$ 0
Total impairment charges			13,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total assets measured at fair value on a nonrecurring basis	0		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total assets measured at fair value on a nonrecurring basis	0		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total assets measured at fair value on a nonrecurring basis	0		0
CQ Holding Company Inc. \| Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Face amount of debt					$ 13,000
Loans receivable \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loan receivable	0		0
Loans receivable \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loan receivable	0		0
Loans receivable \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loan receivable	$ 0		$ 0

Revenue Recognition - Narrative (Details)	9 Months Ended
Revenue Recognition - Narrative (Details)	Sep. 30, 2019 property renewaloption mi
Revenue Recognition [Line Items]
Number of real estate properties	42
Number of miles \| mi	60
Number of casino properties company has financial interests in	2
Penn National Gaming Inc. Master Lease
Revenue Recognition [Line Items]
Number of real estate properties	20
Term of contract including all reasonably assured renewal periods (in years)	35 years
Operating lease, initial term of contract (in years)	15 years
Operating leases, number of renewal options \| renewaloption	4
Operating lease, renewal term (in years)	5 years
Penn National Gaming Inc. Master Lease \| Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue Recognition [Line Items]
Percentage of the change in net revenues of Ohio facilities under the Master Lease during the preceding month used for adjustment in rent structure	20.00%
Amended Pinnacle Entertainment, Inc. Master Lease
Revenue Recognition [Line Items]
Number of real estate properties	12
Term of contract including all reasonably assured renewal periods (in years)	10 years
Operating lease, initial term of contract (in years)	10 years
Operating leases, number of renewal options \| renewaloption	5
Operating lease, renewal term (in years)	5 years
Eldorado Master Lease
Revenue Recognition [Line Items]
Number of real estate properties	5
Term of contract including all reasonably assured renewal periods (in years)	15 years
Operating lease, initial term of contract (in years)	15 years
Operating leases, number of renewal options \| renewaloption	4
Operating lease, renewal term (in years)	5 years
Boyd Gaming Corporation Master Lease
Revenue Recognition [Line Items]
Number of real estate properties	3
Term of contract including all reasonably assured renewal periods (in years)	10 years
Operating lease, initial term of contract (in years)	10 years
Operating leases, number of renewal options \| renewaloption	5
Operating lease, renewal term (in years)	5 years
All Tenant Leases
Revenue Recognition [Line Items]
Annual rent escalator, percentage	2.00%
Operating leases, percent of the average net revenues of property(s) used to calculate rent increase	4.00%
Casino Queen Lease
Revenue Recognition [Line Items]
Term of contract including all reasonably assured renewal periods (in years)	35 years
Operating lease, initial term of contract (in years)	15 years
Operating leases, number of renewal options \| renewaloption	4
Operating lease, renewal term (in years)	5 years
Penn National Gaming, Inc. Meadows Lease
Revenue Recognition [Line Items]
Term of contract including all reasonably assured renewal periods (in years)	10 years
Operating lease, initial term of contract (in years)	10 years
Minimum \| All Tenant Leases
Revenue Recognition [Line Items]
Frequency property performance-based rent structure is adjusted	2 years
Lessor leasing arrangements period used in calculation of average net revenues	2 years
Maximum \| All Tenant Leases
Revenue Recognition [Line Items]
Frequency property performance-based rent structure is adjusted	5 years
Lessor leasing arrangements period used in calculation of average net revenues	5 years

Revenue Recognition Revenue Recognition (Rental Income Table) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018
Operating Leased Assets [Line Items]
Total cash rental income	$ 251,936	$ 754,365
Straight-line rent adjustments	(8,643)	(25,930)	$ (49,150)
Ground rent in revenue	5,406	16,157
Other rental revenue	90	438
Total rental income	248,789	745,030
Base rent income \| Building
Operating Leased Assets [Line Items]
Total cash rental income	164,736	492,343
Base rent income \| Land
Operating Leased Assets [Line Items]
Total cash rental income	47,592	142,576
Variable rent income
Operating Leased Assets [Line Items]
Total cash rental income	$ 39,608	$ 119,446

Earnings per Share Earnings per Share (Weighted Average Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Weighted-average common shares outstanding (in shares)	214,683	213,876	214,658	213,589
Diluted weighted-average common shares outstanding (in shares)	215,325	214,872	215,218	214,718
Employee stock options
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	0	136	0	262
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	127	96	96	66
Performance-based restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	515	764	464	801

Earnings per Share Earnings per Share (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Calculation of basic EPS:
Net income	$ 90,547	$ 93,033	$ 93,010	$ 104,815	$ 91,998	$ 96,772	$ 276,590	$ 293,585
Less: Net income allocated to participating securities	(138)			(147)			(420)	(411)
Net income attributable to common shareholders	$ 90,409			$ 104,668			$ 276,170	$ 293,174
Weighted-average common shares outstanding (in shares)	214,683,000			213,876,000			214,658,000	213,589,000
Basic EPS (in dollars per share)	$ 0.42			$ 0.49			$ 1.29	$ 1.37
Calculation of diluted EPS:
Net income	$ 90,547	$ 93,033	$ 93,010	$ 104,815	$ 91,998	$ 96,772	$ 276,590	$ 293,585
Diluted weighted-average common shares outstanding (in shares)	215,325,000			214,872,000			215,218,000	214,718,000
Diluted EPS (in dollars per share)	$ 0.42			$ 0.49			$ 1.29	$ 1.37
Anti-dilutive securities, options to purchase common stock outstanding (in shares)	0			95,890			57,494	113,368

Shareholders' Equity Shareholders' Equity (Common Stock) (Details) - At The Market Program - USD ($)		2 Months Ended
	Aug. 14, 2019	Sep. 30, 2019
Class of Stock [Line Items]
Aggregate dollar value of shares the company may sell (up to)	$ 600,000,000
Percentage of commission to be paid on gross sales price of 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)		0
Dollar value of shares remaining for issuance		$ 600,000,000

Shareholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands													3 Months Ended						9 Months Ended
	Sep. 20, 2019	Aug. 20, 2019	Jun. 28, 2019	May 28, 2019	Mar. 22, 2019	Feb. 20, 2019	Sep. 21, 2018	Jul. 31, 2018	Jun. 29, 2018	Apr. 24, 2018	Mar. 23, 2018	Feb. 01, 2018	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Equity [Abstract]
Dividends declared per common share (in dollars per share)		$ 0.68		$ 0.68		$ 0.68		$ 0.63		$ 0.63		$ 0.63
Dividends paid per common share (in dollars per share)													$ 0.68	$ 0.68	$ 0.68	$ 0.63	$ 0.63	$ 0.63
Payments of dividends, common stock	$ 145,984		$ 145,985		$ 145,954		$ 134,844		$ 134,631		$ 134,490
Dividends, share-based compensation													$ 200			$ 200			$ 600	$ 600

Stock Based Compensation Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	$ 6.8		$ 6.8
Remaining weighted average vesting period for recognition of unrecognized compensation cost			1 year 7 months 24 days
Recognized compensation expense	1.7	$ 1.1	$ 5.8	$ 3.5
Performance-based restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	11.0		$ 11.0
Remaining weighted average vesting period for recognition of unrecognized compensation cost			1 year 9 months 21 days
Recognized compensation expense	$ 2.1	$ 2.1	$ 6.5	$ 4.3
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 (at least)			75.00%
End Of Measurement Period Vesting \| Performance-based restricted stock awards
Stock-based compensation
Vesting period			3 years

Stock Based Compensation Stock Based Compensation (Restricted Stock Activity) (Details) - Restricted stock awards	9 Months Ended
	Sep. 30, 2019 shares
Stock-based compensation
Outstanding at the beginning of the period (in shares)	299,642
Granted (in shares)	317,290
Released (in shares)	(290,107)
Canceled (in shares)	0
Outstanding at the end of the period (in shares)	326,825

Stock Based Compensation Stock-Based Compensation (Performance-Based Awards) (Details) - Performance-based restricted stock awards	9 Months Ended
	Sep. 30, 2019 shares
Performance-Based Restricted Stock Awards Activity [Roll Forward]
Outstanding at the beginning of the period (in shares)	1,342,000
Granted (in shares)	512,000
Released (in shares)	(447,334)
Canceled (in shares)	(23,332)
Outstanding at the end of the period (in shares)	1,383,334

Segment Information (Details) $ in Thousands	3 Months Ended						9 Months Ended
Segment Information (Details) $ in Thousands	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Sep. 30, 2019 USD ($) segment	Sep. 30, 2018 USD ($)
Segment information
Number of reportable segments \| segment							2
Total revenues	$ 287,612			$ 254,139			$ 864,489	$ 752,410
Income from operations	187,625			164,834			529,167	469,926
Interest expense	75,111			60,341			228,362	171,464
Income before income taxes	91,735			105,911			280,363	297,779
Income tax expense	1,188			1,096			3,773	4,194
Net income	90,547	$ 93,033	$ 93,010	104,815	$ 91,998	$ 96,772	276,590	293,585
Depreciation	57,302			27,267			183,745	82,744
Capital project expenditures	0			6			0	20
Capital maintenance expenditures	709			970			2,256	2,954
GLP Capital (1)
Segment information
Total revenues	255,995			222,389			766,630	650,025
Income from operations	181,947			159,678			510,884	450,685
Interest expense	72,510			57,740			220,558	163,660
Income before income taxes	88,657			103,355			269,882	286,340
Income tax expense	196			229			461	628
Net income	88,461			103,126			269,421	285,712
Depreciation	55,544			24,928			177,786	75,715
Capital project expenditures	0			6			0	20
Capital maintenance expenditures	0			0			4	51
TRS Properties
Segment information
Total revenues	31,617			31,750			97,859	102,385
Income from operations	5,678			5,156			18,283	19,241
Interest expense	2,601			2,601			7,804	7,804
Income before income taxes	3,078			2,556			10,481	11,439
Income tax expense	992			867			3,312	3,566
Net income	2,086			1,689			7,169	7,873
Depreciation	1,758			2,339			5,959	7,029
Capital project expenditures	0			0			0	0
Capital maintenance expenditures	709			970			2,252	2,903
Intersegment Eliminations
Segment information
Interest expense	$ 2,600			$ 2,600			$ 7,800	$ 7,800

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jan. 01, 2019
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Cash paid for income taxes, net of refunds received	$ 1,418	$ 1,517	$ 4,102	$ 4,189
Cash paid for interest	41,163	$ 7,234	180,494	$ 109,644
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	859,293		859,293
Lease liabilities	$ 201,497		$ 201,497
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

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Balance Sheet) (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Assets
Real estate investments, net	$ 7,154,980			$ 7,331,460
Land rights, net				673,207
Property and equipment, used in operations, net	95,617			100,884
Right-of-use assets and land rights, net	859,293
Cash and cash equivalents	25,556			25,783
Prepaid expenses	2,665			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	5,812			5,178
Other assets	31,501			67,486
Total assets	8,504,752			8,577,293
Liabilities
Accounts payable	166			2,511
Accrued expenses	6,716			30,297
Accrued interest	84,456			45,261
Accrued salaries and wages	10,215			17,010
Gaming, property, and other taxes	1,111			42,879
Income taxes	0			0
Lease liabilities	201,497
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,749,136			5,853,497
Intercompany loan payable	0			0
Deferred rental revenue	319,841			293,911
Deferred tax liabilities	262			261
Other liabilities	24,720			26,059
Total liabilities	6,398,120			6,311,686
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2019 and December 31, 2018)	0			0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,682,856 and 214,211,932 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively)	2,147			2,142
Additional paid-in capital	3,955,555			3,952,503
Accumulated deficit	(1,851,070)			(1,689,038)
Total shareholders’ equity	2,106,632	$ 2,158,687	$ 2,207,684	2,265,607	$ 2,358,396	$ 2,378,768	$ 2,416,848	$ 2,458,247
Total liabilities and shareholders’ equity	$ 8,504,752			$ 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	214,682,856			214,211,932
Common stock, shares, outstanding	214,682,856			214,211,932
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	529			1,011
Goodwill	0			0
Other intangible assets	0			0
Intercompany loan receivable	(193,595)			(193,595)
Intercompany transactions and investment in subsidiaries	(9,760,161)			(10,210,077)
Deferred tax assets	0			0
Other assets	0			0
Total assets	(9,953,227)			(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	529			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	(193,066)			(192,584)
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2019 and December 31, 2018)	0			0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,682,856 and 214,211,932 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively)	(4,294)			(4,284)
Additional paid-in capital	(13,791,438)			(13,785,336)
Accumulated deficit	4,035,571			3,579,543
Total shareholders’ equity	(9,760,161)			(10,210,077)
Total liabilities and shareholders’ equity	(9,953,227)			(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	2,106,632			2,265,607
Deferred tax assets	0			0
Other assets	0			0
Total assets	2,106,632			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
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2019 and December 31, 2018)	0			0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,682,856 and 214,211,932 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively)	2,147			2,142
Additional paid-in capital	3,955,555			3,952,503
Accumulated deficit	(1,851,070)			(1,689,038)
Total shareholders’ equity	2,106,632			2,265,607
Total liabilities and shareholders’ equity	2,106,632			2,265,607
Subsidiary Issuers
Assets
Real estate investments, net	2,542,623			2,637,404
Land rights, net				100,938
Property and equipment, used in operations, net	17,086			18,577
Right-of-use assets and land rights, net	199,686
Cash and cash equivalents	1,531			4,632
Prepaid expenses	895			27,071
Goodwill	0			0
Other intangible assets	0			0
Intercompany loan receivable	193,595			193,595
Intercompany transactions and investment in subsidiaries	5,120,485			5,247,229
Deferred tax assets	0			0
Other assets	28,972			47,378
Total assets	8,350,873			8,522,824
Liabilities
Accounts payable	144			2,469
Accrued expenses	921			23,587
Accrued interest	84,456			45,261
Accrued salaries and wages	7,657			14,628
Gaming, property, and other taxes	326			24,055
Income taxes	(45)			(2)
Lease liabilities	107,227
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,749,136			5,853,497
Intercompany loan payable	0			0
Deferred rental revenue	271,174			269,185
Deferred tax liabilities	0			0
Other liabilities	23,245			24,536
Total liabilities	6,244,241			6,257,216
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2019 and December 31, 2018)	0			0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,682,856 and 214,211,932 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively)	2,147			2,142
Additional paid-in capital	3,955,556			3,952,506
Accumulated deficit	(1,851,071)			(1,689,040)
Total shareholders’ equity	2,106,632			2,265,608
Total liabilities and shareholders’ equity	8,350,873			8,522,824
Other Subsidiary Non-Issuers
Assets
Real estate investments, net	4,612,357			4,694,056
Land rights, net				572,269
Property and equipment, used in operations, net	78,531			82,307
Right-of-use assets and land rights, net	659,607
Cash and cash equivalents	24,025			21,151
Prepaid expenses	1,241			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	2,533,044			2,697,241
Deferred tax assets	5,812			5,178
Other assets	2,529			20,108
Total assets	8,000,474			8,191,523
Liabilities
Accounts payable	22			42
Accrued expenses	5,795			6,710
Accrued interest	0			0
Accrued salaries and wages	2,558			2,382
Gaming, property, and other taxes	785			18,824
Income taxes	(484)			(1,009)
Lease liabilities	94,270
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	48,667			24,726
Deferred tax liabilities	262			261
Other liabilities	1,475			1,523
Total liabilities	346,945			247,054
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2019 and December 31, 2018)	0			0
Common stock ($.01 par value, 500,000,000 shares authorized, 214,682,856 and 214,211,932 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively)	2,147			2,142
Additional paid-in capital	9,835,882			9,832,830
Accumulated deficit	(2,184,500)			(1,890,503)
Total shareholders’ equity	7,653,529			7,944,469
Total liabilities and shareholders’ equity	$ 8,000,474			8,191,523
GLP Capital, L.P.
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Ownership percentage of subsidiaries	100.00%
GLP Financing II, Inc.
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Ownership percentage of subsidiaries	100.00%
Mortgage loans receivable
Assets
Financing receivable, after allowance for credit loss	$ 303,684			303,684
Mortgage loans receivable \| Eliminations
Assets
Financing receivable, after allowance for credit loss	0			0
Mortgage loans receivable \| Parent Guarantor
Assets
Financing receivable, after allowance for credit loss	0			0
Mortgage loans receivable \| Subsidiary Issuers
Assets
Financing receivable, after allowance for credit loss	246,000			246,000
Mortgage loans receivable \| Other Subsidiary Non-Issuers
Assets
Financing receivable, after allowance for credit loss	57,684			57,684
Loans receivable
Assets
Financing receivable, after allowance for credit loss	$ 0			13,000
Loans receivable \| Eliminations
Assets
Financing receivable, after allowance for credit loss				0
Loans receivable \| Parent Guarantor
Assets
Financing receivable, after allowance for credit loss				0
Loans receivable \| Subsidiary Issuers
Assets
Financing receivable, after allowance for credit loss				0
Loans receivable \| Other Subsidiary Non-Issuers
Assets
Financing receivable, after allowance for credit loss				$ 13,000

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Income Statement) (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Rental income	$ 248,789,000						$ 745,030,000
Rental income				$ 170,276,000				$ 509,546,000
Income from direct financing lease				30,843,000				76,448,000
Interest income from mortgaged real estate	7,206,000			0			21,600,000	0
Real estate taxes paid by tenants				21,270,000				64,031,000
Total revenues	287,612,000			254,139,000			864,489,000	752,410,000
Operating expenses
Real estate taxes				21,586,000				64,981,000
Land rights and ground lease expense	9,094,000			6,484,000			33,572,000	19,460,000
General and administrative	15,042,000			15,006,000			48,266,000	56,272,000
Depreciation	57,302,000			27,267,000			183,745,000	82,744,000
Loan impairment charges	0			0			13,000,000	0
Total operating expenses	99,987,000			89,305,000			335,322,000	282,484,000
Income from operations	187,625,000			164,834,000			529,167,000	469,926,000
Other income (expenses)
Interest expense	(75,111,000)			(60,341,000)			(228,362,000)	(171,464,000)
Interest income	235,000			1,418,000			572,000	2,790,000
Losses on debt extinguishment	(21,014,000)			0			(21,014,000)	(3,473,000)
Intercompany dividends and interest	0			0			0	0
Total other expenses	(95,890,000)			(58,923,000)			(248,804,000)	(172,147,000)
Income before income taxes	91,735,000			105,911,000			280,363,000	297,779,000
Income tax expense	1,188,000			1,096,000			3,773,000	4,194,000
Net income	90,547,000	$ 93,033,000	$ 93,010,000	104,815,000	$ 91,998,000	$ 96,772,000	276,590,000	293,585,000
Eliminations
Revenues
Rental income							0
Rental income				0				0
Income from direct financing lease				0				0
Interest income from mortgaged real estate	0						0
Real estate taxes paid by tenants				0				0
Total revenues	0			0			0	0
Operating expenses
Real estate taxes				0				0
Land rights and ground lease expense	0			0			0	0
General and administrative	0			0			0	0
Depreciation	0			0			0	0
Loan impairment charges							0
Total operating expenses	0			0			0	0
Income from operations	0			0			0	0
Other income (expenses)
Interest expense	0			0			0	0
Interest income	0			0			0	0
Losses on debt extinguishment	0						0	0
Intercompany dividends and interest	(124,188,000)			(128,039,000)			(375,524,000)	(349,713,000)
Total other expenses	(124,188,000)			(128,039,000)			(375,524,000)	(349,713,000)
Income before income taxes	(124,188,000)			(128,039,000)			(375,524,000)	(349,713,000)
Income tax expense	0			0			0	0
Net income	(124,188,000)			(128,039,000)			(375,524,000)	(349,713,000)
Parent Guarantor
Revenues
Rental income	0						0
Rental income				0				0
Income from direct financing lease				0				0
Interest income from mortgaged real estate	0						0
Real estate taxes paid by tenants				0				0
Total revenues	0			0			0	0
Operating expenses
Real estate taxes				0				0
Land rights and ground lease expense	0			0			0	0
General and administrative	0			0			0	0
Depreciation	0			0			0	0
Loan impairment charges							0
Total operating expenses	0			0			0	0
Income from operations	0			0			0	0
Other income (expenses)
Interest expense	0			0			0	0
Interest income	0			0			0	0
Losses on debt extinguishment	0						0	0
Intercompany dividends and interest	0			0			0	0
Total other expenses	0			0			0	0
Income before income taxes	0			0			0	0
Income tax expense	0			0			0	0
Net income	0			0			0	0
Subsidiary Issuers
Revenues
Rental income	137,787,000						414,175,000
Rental income				101,130,000				304,716,000
Income from direct financing lease				0				0
Interest income from mortgaged real estate	5,590,000						16,771,000
Real estate taxes paid by tenants				11,032,000				33,108,000
Total revenues	143,377,000			112,162,000			430,946,000	337,824,000
Operating expenses
Real estate taxes				11,051,000				33,165,000
Land rights and ground lease expense	4,571,000			1,920,000			20,065,000	5,868,000
General and administrative	9,363,000			9,943,000			31,210,000	39,880,000
Depreciation	28,389,000			22,946,000			96,087,000	69,737,000
Loan impairment charges							0
Total operating expenses	42,323,000			45,860,000			147,362,000	148,650,000
Income from operations	101,054,000			66,302,000			283,584,000	189,174,000
Other income (expenses)
Interest expense	(75,111,000)			(60,341,000)			(228,362,000)	(171,464,000)
Interest income	235,000			907,000			572,000	1,311,000
Losses on debt extinguishment	(21,014,000)						(21,014,000)	(3,473,000)
Intercompany dividends and interest	120,989,000			123,240,000			368,896,000	340,331,000
Total other expenses	25,099,000			63,806,000			120,092,000	166,705,000
Income before income taxes	126,153,000			130,108,000			403,676,000	355,879,000
Income tax expense	196,000			228,000			461,000	627,000
Net income	125,957,000			129,880,000			403,215,000	355,252,000
Other Subsidiary Non-Issuers
Revenues
Rental income	111,002,000						330,855,000
Rental income				69,146,000				204,830,000
Income from direct financing lease				30,843,000				76,448,000
Interest income from mortgaged real estate	1,616,000						4,829,000
Real estate taxes paid by tenants				10,238,000				30,923,000
Total revenues	144,235,000			141,977,000			433,543,000	414,586,000
Operating expenses
Real estate taxes				10,535,000				31,816,000
Land rights and ground lease expense	4,523,000			4,564,000			13,507,000	13,592,000
General and administrative	5,679,000			5,063,000			17,056,000	16,392,000
Depreciation	28,913,000			4,321,000			87,658,000	13,007,000
Loan impairment charges							13,000,000
Total operating expenses	57,664,000			43,445,000			187,960,000	133,834,000
Income from operations	86,571,000			98,532,000			245,583,000	280,752,000
Other income (expenses)
Interest expense	0			0			0	0
Interest income	0			511,000			0	1,479,000
Losses on debt extinguishment	0						0	0
Intercompany dividends and interest	3,199,000			4,799,000			6,628,000	9,382,000
Total other expenses	3,199,000			5,310,000			6,628,000	10,861,000
Income before income taxes	89,770,000			103,842,000			252,211,000	291,613,000
Income tax expense	992,000			868,000			3,312,000	3,567,000
Net income	88,778,000			102,974,000			248,899,000	288,046,000
Real estate
Revenues
Total revenues	255,995,000			222,389,000			766,630,000	650,025,000
Real estate \| Eliminations
Revenues
Total revenues	0			0			0	0
Real estate \| Parent Guarantor
Revenues
Total revenues	0			0			0	0
Real estate \| Subsidiary Issuers
Revenues
Total revenues	143,377,000			112,162,000			430,946,000	337,824,000
Real estate \| Other Subsidiary Non-Issuers
Revenues
Total revenues	112,618,000			110,227,000			335,684,000	312,201,000
Gaming, food, beverage and other
Revenues
Total revenues	31,617,000			31,750,000			97,859,000	102,385,000
Operating expenses
Gaming, food, beverage and other	18,549,000			18,962,000			56,739,000	59,027,000
Gaming, food, beverage and other \| Eliminations
Revenues
Total revenues	0			0			0	0
Operating expenses
Gaming, food, beverage and other	0			0			0	0
Gaming, food, beverage and other \| Parent Guarantor
Revenues
Total revenues	0			0			0	0
Operating expenses
Gaming, food, beverage and other	0			0			0	0
Gaming, food, beverage and other \| Subsidiary Issuers
Revenues
Total revenues	0			0			0	0
Operating expenses
Gaming, food, beverage and other	0			0			0	0
Gaming, food, beverage and other \| Other Subsidiary Non-Issuers
Revenues
Total revenues	31,617,000			31,750,000			97,859,000	102,385,000
Operating expenses
Gaming, food, beverage and other	$ 18,549,000			$ 18,962,000			$ 56,739,000	$ 59,027,000

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Cash Flow) (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating activities
Net income	$ 90,547,000	$ 93,033,000	$ 93,010,000	$ 104,815,000	$ 91,998,000	$ 96,772,000	$ 276,590,000	$ 293,585,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization							199,261,000	90,926,000
Amortization of debt issuance costs, bond premiums and original issuance discounts							8,597,000	9,278,000
Paid-in-kind interest income							0	(991,000)
Losses on dispositions of property							50,000	354,000
Deferred income taxes							(528,000)	(299,000)
Stock-based compensation							12,353,000	7,878,000
Straight-line rent adjustments	8,643,000						25,930,000	49,150,000
Losses on debt extinguishment	21,014,000			0			21,014,000	3,473,000
Loan impairment charges	0			0			13,000,000	0
(Increase), decrease
Prepaid expenses and other assets							(2,123,000)	(774,000)
Intercompany							0	0
Increase, (decrease)
Accounts payable							(2,345,000)	1,136,000
Accrued expenses							780,000	484,000
Accrued interest							39,195,000	58,852,000
Accrued salaries and wages							(6,795,000)	4,026,000
Gaming, property and other taxes							47,000	258,000
Income taxes							0	0
Other liabilities							(1,340,000)	882,000
Net cash provided by operating activities							583,686,000	518,218,000
Investing activities
Capital project expenditures	0			(6,000)			0	(20,000)
Capital maintenance expenditures	(709,000)			(970,000)			(2,256,000)	(2,954,000)
Proceeds from sale of property and equipment							210,000	3,146,000
Acquisition of real estate assets							0	(15,552,000)
Collections of principal payments on investment in direct financing lease							0	37,241,000
Net cash (used in) provided by investing activities							(2,046,000)	21,861,000
Financing activities
Dividends paid							(438,622,000)	(404,602,000)
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options							(9,057,000)	3,698,000
ATM Program offering costs							(239,000)	0
Proceeds from issuance of long-term debt							1,312,853,000	2,107,405,000
Financing costs							(10,005,000)	(30,889,000)
Repayments of long-term debt							(1,417,918,000)	(1,080,087,000)
Premium and related costs paid on tender of senior unsecured notes							(18,879,000)	(1,884,000)
Intercompany financing							0	0
Net cash (used in) provided by financing activities							(581,867,000)	593,641,000
Net (decrease) increase in cash and cash equivalents							(227,000)	1,133,720,000
Cash and cash equivalents at beginning of period			25,783,000			29,054,000	25,783,000	29,054,000
Cash and cash equivalents at end of period	25,556,000			1,162,774,000			25,556,000	1,162,774,000
Eliminations
Operating activities
Net income	(124,188,000)			(128,039,000)			(375,524,000)	(349,713,000)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization							0	0
Amortization of debt issuance costs, bond premiums and original issuance discounts							0	0
Paid-in-kind interest income								0
Losses on dispositions of property							0	0
Deferred income taxes							0	0
Stock-based compensation							0	0
Straight-line rent adjustments							0	0
Losses on debt extinguishment	0						0	0
Loan impairment charges							0
(Increase), decrease
Prepaid expenses and other assets							483,000	833,000
Intercompany							0	0
Increase, (decrease)
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							(483,000)	(833,000)
Other liabilities							0	0
Net cash provided by operating activities							(375,524,000)	(349,713,000)
Investing activities
Capital project expenditures								0
Capital maintenance expenditures							0	0
Proceeds from sale of property and equipment							0	0
Acquisition of real estate assets								0
Collections of principal payments on investment in direct financing lease								0
Net cash (used in) provided by investing activities							0	0
Financing activities
Dividends paid							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
ATM Program offering costs							0
Proceeds from issuance of long-term debt							0	0
Financing costs							0	0
Repayments of long-term debt							0	0
Premium and related costs paid on tender of senior unsecured notes							0	0
Intercompany financing							375,524,000	349,713,000
Net cash (used in) provided by financing activities							375,524,000	349,713,000
Net (decrease) increase in cash and cash equivalents							0	0
Cash and cash equivalents at beginning of period			0			0	0	0
Cash and cash equivalents at end of period	0			0			0	0
Parent Guarantor
Operating activities
Net income	0			0			0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization							0	0
Amortization of debt issuance costs, bond premiums and original issuance discounts							0	0
Paid-in-kind interest income								0
Losses on dispositions of property							0	0
Deferred income taxes							0	0
Stock-based compensation							0	0
Straight-line rent adjustments							0	0
Losses on debt extinguishment	0						0	0
Loan impairment charges							0
(Increase), decrease
Prepaid expenses and other assets							0	0
Intercompany							0	0
Increase, (decrease)
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
Other liabilities							0	0
Net cash provided by operating activities							0	0
Investing activities
Capital project expenditures								0
Capital maintenance expenditures							0	0
Proceeds from sale of property and equipment							0	0
Acquisition of real estate assets								0
Collections of principal payments on investment in direct financing lease								0
Net cash (used in) provided by investing activities							0	0
Financing activities
Dividends paid							(438,622,000)	(404,602,000)
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options							(9,057,000)	3,698,000
ATM Program offering costs							(239,000)
Proceeds from issuance of long-term debt							0	0
Financing costs							0	0
Repayments of long-term debt							0	0
Premium and related costs paid on tender of senior unsecured notes							0	0
Intercompany financing							447,918,000	400,904,000
Net cash (used in) provided by financing activities							0	0
Net (decrease) increase in cash and cash equivalents							0	0
Cash and cash equivalents at beginning of period			0			0	0	0
Cash and cash equivalents at end of period	0			0			0	0
Subsidiary Issuers
Operating activities
Net income	125,957,000			129,880,000			403,215,000	355,252,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization							104,670,000	70,987,000
Amortization of debt issuance costs, bond premiums and original issuance discounts							8,597,000	9,278,000
Paid-in-kind interest income								0
Losses on dispositions of property							8,000	120,000
Deferred income taxes							0	0
Stock-based compensation							12,353,000	7,878,000
Straight-line rent adjustments							1,989,000	42,983,000
Losses on debt extinguishment	21,014,000						21,014,000	3,473,000
Loan impairment charges							0
(Increase), decrease
Prepaid expenses and other assets							(2,148,000)	(1,811,000)
Intercompany							120,000	294,000
Increase, (decrease)
Accounts payable							(2,325,000)	1,146,000
Accrued expenses							307,000	503,000
Accrued interest							39,195,000	58,852,000
Accrued salaries and wages							(6,972,000)	5,032,000
Gaming, property and other taxes							(103,000)	(164,000)
Income taxes							(43,000)	216,000
Other liabilities							(1,288,000)	1,355,000
Net cash provided by operating activities							578,589,000	555,394,000
Investing activities
Capital project expenditures								(20,000)
Capital maintenance expenditures							(4,000)	(51,000)
Proceeds from sale of property and equipment							182,000	3,130,000
Acquisition of real estate assets								(15,552,000)
Collections of principal payments on investment in direct financing lease								0
Net cash (used in) provided by investing activities							178,000	(12,493,000)
Financing activities
Dividends paid							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
ATM Program offering costs							0
Proceeds from issuance of long-term debt							1,312,853,000	2,107,405,000
Financing costs							(10,005,000)	(30,889,000)
Repayments of long-term debt							(1,417,918,000)	(1,080,087,000)
Premium and related costs paid on tender of senior unsecured notes							(18,879,000)	(1,884,000)
Intercompany financing							(447,919,000)	(400,908,000)
Net cash (used in) provided by financing activities							(581,868,000)	593,637,000
Net (decrease) increase in cash and cash equivalents							(3,101,000)	1,136,538,000
Cash and cash equivalents at beginning of period			4,632,000			6,734,000	4,632,000	6,734,000
Cash and cash equivalents at end of period	1,531,000			1,143,272,000			1,531,000	1,143,272,000
Other Subsidiary Non-Issuers
Operating activities
Net income	88,778,000			102,974,000			248,899,000	288,046,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization							94,591,000	19,939,000
Amortization of debt issuance costs, bond premiums and original issuance discounts							0	0
Paid-in-kind interest income								(991,000)
Losses on dispositions of property							42,000	234,000
Deferred income taxes							(528,000)	(299,000)
Stock-based compensation							0	0
Straight-line rent adjustments							23,941,000	6,167,000
Losses on debt extinguishment	0						0	0
Loan impairment charges							13,000,000
(Increase), decrease
Prepaid expenses and other assets							(458,000)	204,000
Intercompany							(120,000)	(294,000)
Increase, (decrease)
Accounts payable							(20,000)	(10,000)
Accrued expenses							473,000	(19,000)
Accrued interest							0	0
Accrued salaries and wages							177,000	(1,006,000)
Gaming, property and other taxes							150,000	422,000
Income taxes							526,000	617,000
Other liabilities							(52,000)	(473,000)
Net cash provided by operating activities							380,621,000	312,537,000
Investing activities
Capital project expenditures								0
Capital maintenance expenditures							(2,252,000)	(2,903,000)
Proceeds from sale of property and equipment							28,000	16,000
Acquisition of real estate assets								0
Collections of principal payments on investment in direct financing lease								37,241,000
Net cash (used in) provided by investing activities							(2,224,000)	34,354,000
Financing activities
Dividends paid							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
ATM Program offering costs							0
Proceeds from issuance of long-term debt							0	0
Financing costs							0	0
Repayments of long-term debt							0	0
Premium and related costs paid on tender of senior unsecured notes							0	0
Intercompany financing							(375,523,000)	(349,709,000)
Net cash (used in) provided by financing activities							(375,523,000)	(349,709,000)
Net (decrease) increase in cash and cash equivalents							2,874,000	(2,818,000)
Cash and cash equivalents at beginning of period			$ 21,151,000			$ 22,320,000	21,151,000	22,320,000
Cash and cash equivalents at end of period	$ 24,025,000			$ 19,502,000			$ 24,025,000	$ 19,502,000

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)