View Filing Data

Print Document View Excel Document

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2014
Document and Entity Information
Entity Registrant Name	Gaming & Leisure Properties, Inc.
Entity Central Index Key	0001575965
Document Type	S-4
Document Period End Date	Mar. 31, 2014
Amendment Flag	false
Entity Filer Category	Non-accelerated Filer

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Assets
Real estate investments, net	$ 2,153,653	$ 2,010,303
Property and equipment, used in operations, net	141,886	139,121		$ 118,954
Cash and cash equivalents	48,278	285,221	$ 17,188	14,562	$ 17,146	$ 18,913
Prepaid expenses	7,667	5,983		1,141
Deferred income taxes	1,927	2,228		2,859
Other current assets	24,240	17,367		1,009
Goodwill	75,521	75,521		75,521
Other intangible assets	9,577	9,577		9,577
Debt issuance costs, net of accumulated amortization of $3,277 and $1,270 at March 31, 2014 and December 31, 2013, respectively	44,862	46,877
Loan receivable	41,000
Other assets	13,275	17,041		134
Total assets	2,561,886	2,609,239		267,075
Liabilities
Accounts payable	24,594	21,397		251
Accrued expenses	6,995	13,783		5,787
Accrued interest	42,869	18,055
Accrued salaries and wages	8,135	10,337		3,507
Gaming, property, and other taxes	23,764	18,789		1,136
Income taxes	5,889	17,256		11,538
Other current liabilities	14,585	12,911		109
Long-term debt	2,500,000	2,350,000
Deferred income taxes	3,083	4,282		8,417
Total liabilities	2,629,914	2,466,810		30,745
Shareholders' (deficit) equity
Common stock ($.01 par value, 550,000,000 shares authorized, 111,771,524 and 88,659,448 shares issued at March 31, 2014 and December 31, 2013, respectively)	1,118	887
Additional paid-in capital	862,588	3,651		71,356
Retained (deficit) earnings	(931,734)	137,891		164,974
Total shareholders' (deficit) equity	(68,028)	142,429		236,330	$ 219,911	$ 215,388
Total liabilities and shareholders' (deficit) equity	$ 2,561,886	$ 2,609,239		$ 267,075

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2013
Condensed Consolidated Balance Sheets
Debt issuance costs, accumulated amortization (in dollars)	$ 3,277	$ 1,270
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	550,000,000	550,000,000
Common stock, shares issued	111,771,524	88,659,448

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues
Rental	$ 106,114									$ 68,955
Real estate taxes paid by tenants	11,998									7,602
Total rental revenue	118,112									76,557
Gaming	38,755				$ 41,080					159,352	$ 202,581	$ 223,302
Food, beverage and other	2,831				3,215					12,357	15,635	16,396
Total revenues	159,698				44,295					248,266	218,216	239,698
Less promotional allowances	(1,370)				(1,646)					(6,137)	(7,573)	(7,814)
Net revenues	158,328	$ 113,776	$ 39,633	$ 46,072	42,649	$ 37,659	$ 45,823	$ 60,252	$ 66,909	242,129	210,643	231,884
Operating expenses
Gaming	21,562				23,139					89,367	113,111	124,971
Food, beverage and other	2,546				2,767					10,775	13,114	13,664
Real estate taxes	12,423				406					9,220	1,592	1,362
General and administrative	20,941				5,939					43,262	25,068	24,806
Depreciation	26,522				3,588					28,923	14,090	14,568
Total operating expenses	83,994				35,839					181,547	166,975	179,371
Income from operations	74,334	39,016	5,665	9,090	6,810	4,534	8,155	14,472	16,507	60,582	43,668	52,513
Other Income (expenses)
Interest expense	(28,974)									(19,254)
Interest income	546									1	2	4
Management fee					(1,280)					(4,203)	(6,320)	(6,958)
Total other expenses	(28,428)				(1,280)					(23,456)	(6,318)	(6,954)
Income from operations before income taxes	45,906				5,530					37,126	37,350	45,559
Income tax provision	1,594				2,316					17,296	14,431	18,875
Net income	$ 44,312	$ 9,234	$ 2,681	$ 4,699	$ 3,214	$ 2,106	$ 4,530	$ 7,618	$ 8,665	$ 19,830	$ 22,919	$ 26,684
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 0.40	$ 0.08	$ 0.02	$ 0.04	$ 0.03	$ 0.02	$ 0.04	$ 0.07	$ 0.08	$ 0.18	$ 0.21	$ 0.24
Diluted earnings per common share (in dollars per share)	0.38	$ 0.08	$ 0.02	$ 0.04	$ 0.03	$ 0.02	$ 0.04	$ 0.07	$ 0.07	$ 0.17	$ 0.20	$ 0.23
Dividends paid per common share (in dollars per share)	$ 0.52

Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings (Deficit)
Balance at Dec. 31, 2010	$ 215,388		$ 100,017	$ 115,371
Increase (Decrease) in Shareholders' Equity
Net income	26,684			26,684
Balance at Dec. 31, 2011	219,911		77,856	142,055
Increase (Decrease) in Shareholders' Equity
Net income	22,919			22,919
Balance at Dec. 31, 2012	236,330		71,356	164,974
Increase (Decrease) in Shareholders' Equity
Stock option activity	2,622	$ 1	2,621
Stock option activity (in shares)		57,811
Restricted stock activity	374		374
Net income	19,830			19,830
Balance at Dec. 31, 2013	$ 142,429	$ 887	3,651	137,891
Balance (in shares) at Dec. 31, 2013	88,659,448	88,659,448
Increase (Decrease) in Shareholders' Equity
Stock option activity	$ 15,854	$ 10	15,844
Stock option activity (in shares)		1,051,847
Restricted stock activity	(583)	$ 1	(584)
Restricted stock activity (in shares)		80,408
Dividends paid, including purging distribution	(270,040)	$ 220	843,677	(1,113,937)
Dividends paid, including purging distribution (in shares)		21,979,821
Net income	44,312			44,312
Balance at Mar. 31, 2014	$ (68,028)	$ 1,118	$ 862,588	$ (931,734)
Balance (in shares) at Mar. 31, 2014	111,771,524	111,771,524

Condensed Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended
	Mar. 31, 2014 USD ($)
Operating activities
Net income	$ 44,312
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	26,522
Amortization of debt issuance costs	2,007
Losses (Gain) on sale of fixed assets	158
Deferred income taxes	(898)
Charge for stock-based compensation	1,951
(Increase) decrease,
Prepaid expenses and other current assets	(5,201)
Other assets	(273)
Increase (decrease),
Accounts payable	43
Accrued expenses	(6,788)
Accrued interest	24,814
Accrued salaries and wages	(2,202)
Gaming, pari-mutuel, property and other taxes	4,975
Income taxes	(11,367)
Other current and noncurrent liabilities	1,674
Net cash provided by (used in) operating activities	79,727
Investing activities
Capital project expenditures, net of reimbursements	(24,002)
Capital maintenance expenditures	(871)
Increase in cash in escrow	(3,356)
Funding of loan receivable	(43,000)
Principal payments on loan receivable	2,000
Acquisition of real estate	(140,730)
Net cash used in investing activities	(209,959)
Financing activities
Dividends paid	(270,040)
Proceeds from exercise of options	13,321
Proceeds from issuance of long-term debt	182,008
Payments of long-term debt	(32,000)
Net cash (used in) provided by financing activities	(106,711)
Net increase in cash and cash equivalents	(236,943)
Cash and cash equivalents at beginning of year	285,221
Cash and cash equivalents at end of year	$ 48,278

Organization and Operations	3 Months Ended	12 Months Ended
Organization and Operations	Mar. 31, 2014	Dec. 31, 2013
Organization and Operations
Organization and Operations	1. Organization and Operations On November 15, 2012, Penn National Gaming, Inc. (“Penn”) announced that it intended to pursue a plan to separate the majority of its operating assets and real property assets into two publicly traded companies including an operating entity, and, through a tax-free spin-off of its real estate assets to holders of its common and preferred stock, a newly formed publicly traded real estate investment trust (“REIT”), Gaming and Leisure Properties, Inc. (“GLPI”) (the “Spin-Off”). GLPI and subsidiaries (the “Company”) was incorporated on February 13, 2013, as a wholly-owned subsidiary of Penn. In connection with the Spin-Off, which was completed 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,” in a tax-free distribution. The Company intends to elect on its United States (“U.S.”) federal income tax return for its taxable year beginning on January 1, 2014 to be treated as a REIT and the Company, together with an indirectly wholly-owned subsidiary of the Company, GLP Holdings, Inc., intend to jointly elect to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc. as a “taxable REIT subsidiary” (a “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 and leases back most of those assets to Penn for use by its subsidiaries, under a master lease, a “triple-net” operating lease with an initial term of 15 years with no purchase option, followed by four 5 year renewal options (exercisable by Penn) on the same terms and conditions (the “Master Lease”), and GLPI also owns and operates the TRS Properties through an indirect wholly-owned subsidiary, GLP Holdings, Inc. Prior to the Spin-Off, GLPI and Penn entered into a Separation and Distribution Agreement setting forth the mechanics of the Spin-Off, certain organizational matters and other ongoing obligations of Penn and GLPI. Penn and GLPI or their respective subsidiaries, as applicable, also entered into a number of other agreements prior to the Spin-Off to provide a framework for the restructuring and for the relationships between GLPI and Penn after the Spin-Off. 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 March 31, 2014, GLPI’s portfolio consisted of 22 gaming and related facilities, which included the TRS Properties, the real property associated with 19 gaming and related facilities of Penn (including two properties under development in Dayton, Ohio and Mahoning Valley, Ohio), and the real property associated with the Casino Queen in East St. Louis, Illinois, that was acquired in January 2014. These facilities are geographically diversified across 13 states. GLPI expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms, which may or may not include Penn. In connection with the Spin-Off, Penn allocated its accumulated earnings and profits (as determined for U.S. federal income tax purposes) for periods prior to the consummation of the Spin-Off between Penn and GLPI. In connection with its election to be taxed as a REIT for U.S. federal income tax purposes, GLPI declared a special dividend to its shareholders to distribute any accumulated earnings and profits relating to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off, to comply with certain REIT qualification requirements (the “Purging Distribution”). The Purging Distribution, which was paid on February 18, 2014, totaled approximately $1.05 billion and was comprised of cash and GLPI common stock. See Note 8 for further details. 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 adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The condensed consolidated financial statements include the accounts of GLPI and its subsidiaries. All significant 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 months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The notes to the consolidated financial statements contained in the Annual Report on Form 10-K for the year ended December 31, 2013 (our “Annual Report”) should be read in conjunction with these condensed consolidated financial statements. The December 31, 2013 financial information has been derived from the Company’s audited consolidated financial statements.	2. Principles of Consolidation The consolidated financial statements include the accounts of GLPI and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2134480

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2209116

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2197480

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2122150

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=28200181&loc=SL6228881-111685

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 272
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 720
-SubTopic 15
-URI http://asc.fasb.org/subtopic&trid=2122524

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 915
-SubTopic 235
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6472506&loc=d3e38932-110933

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7668296&loc=d3e288-107754

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755

+ Details

Summary of Significant Accounting Policies

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Fair Value of Financial Instruments

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.

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 “Fair Value Measurements and Disclosures.”

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

	March 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	48,278	$	48,278	$	285,221	$	285,221
Financial liabilities:
Long-term debt
Senior unsecured credit facility	450,000		441,000		300,000		294,750
Senior notes	2,050,000		2,114,250		2,050,000		2,058,750

Comprehensive Income

Comprehensive income includes net income and all other non-owner changes in shareholders’ equity during a period. The Company did not have any non-owner changes in shareholders’ equity for the three months ended March 31, 2014 and 2013, and comprehensive income for the three months ended March 31, 2014 and 2013 was equivalent to net income for those time periods.

Revenue Recognition and Promotional Allowances

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. Contingent rental income is recognized once the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been transferred to the tenant. For facilities being jointly developed with the tenant, the Company retains control of the assets to be leased until operations commence and control is transferred to the tenant.

As of March 31, 2014, all but three of the Company’s properties were leased to a subsidiary of Penn under the Master Lease. The obligations under the Master Lease are guaranteed by Penn and by most Penn subsidiaries that occupy and operate the facilities leased under the Master Lease. A default by Penn or its subsidiaries with regard to any facility will cause a default with regard to the Master Lease. In January 2014, GLPI completed the asset acquisition of Casino Queen in East St. Louis, Illinois. GLPI subsequently leased the property back to Casino Queen on a “triple net” basis on terms similar to those in the Master Lease.

The rent structure under the Master Lease with Penn includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors (i) every 5 years by an amount equal to 4% of the average change to net revenues of all facilities under the Master Lease (other than Hollywood Casino Columbus and Hollywood Casino Toledo) during the preceding five years, and (ii) monthly by an amount equal to 20% of the change in net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo during the preceding month. In addition to rent, all properties under the Master Lease with Penn are required to pay the following: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on the leased properties, (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 605, “Revenue Recognition,” the Company records revenue for the real estate taxes paid by its tenants on the leased properties under the Master Lease with an offsetting expense in real estate taxes within the consolidated statement of income as the Company has concluded it is the primary obligor under the Master Lease.

Gaming revenue generated by the TRS Properties mainly consists of video lottery gaming revenue, and to a lesser extent, table game and poker revenue. Video lottery gaming revenue 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.

The following table discloses the components of gaming revenue within the condensed consolidated statements of income for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Video lottery	$	33,381	$	37,352
Table game	4,940		3,448
Poker	434		280
Total gaming revenue, net of cash incentives	$	38,755	$	41,080

Gaming revenue is recognized net of certain sales incentives in accordance with ASC 605-50, “Revenue Recognition—Customer Payments and Incentives.” The Company records certain sales incentives and points earned in point-loyalty programs as a reduction of revenue.

The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the three months ended March 31, 2014 and 2013 are as follows:

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Food and beverage	$	1,361	$	1,517
Other	9		129
Total promotional allowances	$	1,370	$	1,646

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three months ended March 31, 2014 and 2013 are as follows:

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Food and beverage	$	716	$	713
Other	3		69
Total cost of complimentary services	$	719	$	782

Gaming and Admission Taxes

For the TRS Properties, the Company is subject to gaming and admission taxes based on gross gaming revenues in the jurisdictions in which it operates. The Company primarily recognizes gaming tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states where or in which wagering occurs. At Hollywood Casino Baton Rouge, the gaming admission tax is based on graduated tax rates. The Company records gaming and admission taxes at the Company’s estimated effective gaming tax rate for the year, considering estimated taxable gaming revenue and the applicable rates. Such estimates are adjusted each interim period. If gaming tax rates change during the year, such changes are applied prospectively in the determination of gaming tax expense in future interim periods. For the three months ended March 31, 2014 and 2013, these expenses, which are recorded within gaming expense in the condensed consolidated statements of income, totaled $17.3 million, and $18.7 million, respectively.

Earnings Per Share

The Company calculates earnings per share (“EPS”) in accordance with ASC 260, “Earnings Per Share.” Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options and unvested restricted shares. Basic and diluted EPS for the three months ended March 31, 2013 were retroactively restated for the number of GLPI basic and diluted shares outstanding immediately following the Spin-Off and to include the shares issued as part of the Purge Distribution.

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 months ended March 31, 2014 and 2013 (in thousands):

Three months ended March 31,	2014	2013

Determination of shares:
Weighted-average common shares outstanding	111,198	110,582
Assumed conversion of dilutive employee stock-based awards	6,282	4,703
Assumed conversion of restricted stock	370	318
Diluted weighted-average common shares outstanding	117,850	115,603

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2014 and 2013:

Three months ended March 31,	2014			2013
	(in thousands, expect per share data)
Calculation of basic EPS:
Net income	$	44,312		$	3,214
Less: Net income allocated to participating securities	(175		)	(12		)
Net income attributable to common shareholders	$	44,137		$	3,202
Weighted-average common shares outstanding	111,198			110,582
Basic EPS	$	0.40		$	0.03

Calculation of diluted EPS:
Net income	$	44,312		$	3,214
Diluted weighted-average common shares outstanding	117,850			115,603
Diluted EPS	$	0.38		$	0.03

There were no outstanding options to purchase shares of common stock during the three months ended March 31, 2014 and 2013 that were not included in the computation of diluted EPS because they were antidilutive.

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 for stock options is estimated at the date of grant using the Black-Scholes option- pricing model. There were no stock option grants awarded in the first quarter 2014.

Additionally, the cash-settled phantom stock units (“PSU”) entitle employees to receive cash based on the fair value of the Company’s common stock on the vesting date. These PSUs are accounted for as liability awards and are re-measured at fair value each reporting period until they become vested with compensation expense being recognized over the requisite service period in accordance with ASC 718-30, “Compensation-Stock Compensation, Awards Classified as Liabilities.”

In addition, the Company’s stock appreciation rights (“SAR”) are accounted for as liability awards since they will be settled in cash. The fair value of these awards is calculated during each reporting period and estimated using the Black-Scholes option pricing model.

In connection with the Spin-Off of GLPI, employee stock options and cash settled stock appreciation rights of Penn were converted through the issuance of GLPI employee stock options and GLPI cash settled stock appreciation rights and an adjustment to the exercise prices of their Penn awards. The number of options and cash settled stock appreciation rights, subject to and the exercise price of each converted award was adjusted to preserve the same intrinsic value of the awards that existed immediately prior to the Spin-Off.

Holders of outstanding restricted stock awards and cash settled phantom stock unit awards received an additional share of restricted stock or cash settled phantom stock unit awards in GLPI common stock at the Spin-Off so that the intrinsic value of these awards were equivalent to those that existed immediately prior to the Spin-Off.

The adjusted options and SARs, as well as the restricted stock awards and PSUs, otherwise remain subject to their original terms, except that for purposes of the adjusted Penn awards (including in determining exercisability and the post-termination exercise period), continued service with GLPI following the distribution date shall be deemed continued service with Penn.

As of March 31, 2014, there was $5.8 million of total unrecognized compensation cost for stock options that will be recognized over the grants remaining weighted average vesting period of 1.47 years. For the three months ended March 31, 2014, the Company recognized $1.4 million of compensation expense associated with these awards. In addition, the Company also recognized $3.3 million of compensation expense for the three months ended March 31, 2014, relating to the first quarter $.52 dividend paid on vested employee stock options.

As of March 31, 2014, there was $6.4 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants remaining weighted average vesting period of 3.28 years. For the three months ended March 31, 2014, the Company recognized $0.6 million of compensation expense associated with these awards.

The following table contains information on restricted stock award activity for the three months ended March 31, 2014.

	Number of Award Shares
Outstanding at December 31, 2013	419,067
E&P Purge	106,261
Granted	64,279
Released	(110,714	)
Canceled	(37,274	)
Outstanding at March 31, 2014	441,619

In addition, there was $8.1 million of total unrecognized compensation cost at March 31, 2014, which will be recognized over the awards remaining weighted average vesting period of 2.37 years, for Penn and GLPI PSUs held by GLPI employees that will be cash-settled by GLPI. For the three months ended March 31, 2014, the Company recognized $0.4 million of compensation expense associated with these awards. In addition, the Company also recognized $0.4 million for the three months ended March 31, 2014, relating to the purge distribution dividend and the first quarter $.52 dividend paid on unvested PSUs.

Additionally, there was $0.3 million of total unrecognized compensation cost at March 31, 2014, which will be recognized over the grants remaining weighted average vesting period of 1.62 years, for Penn and GLPI SARs held by GLPI employees that will be cash-settled by GLPI. For the three months ended March 31, 2014, the Company recognized $21 thousand of compensation expense associated with these awards.

Upon the declaration of the Purging Distribution, GLPI options and GLPI SARs were adjusted in a manner that preserved both the pre-distribution intrinsic value of the options and SARs and the pre-distribution ratio of the stock price to exercise price that existed immediately before the Purging Distribution. Additionally, upon declaration of the Purging Distribution, holders of GLPI PSUs were credited with the special dividend, which will accrue and be paid, if applicable, on the vesting date of the related PSU. Holders of GLPI restricted stock were entitled to receive the special dividend with respect to such restricted stock on the same date or dates that the special dividend was payable on GLPI common stock to shareholders of GLPI generally.

Segment Information

Consistent with how the Company’s Chief Operating Decision Maker reviews and assesses the Company’s financial performance, the Company has two reportable segments, GLP Capital, L.P. (a wholly-owned subsidiary of GLPI through which GLPI owns substantially all of its assets) (“GLP Capital”) 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. See Note 9 for further information with respect to the Company’s segments.

3. Summary of Significant Accounting Policies

Cash and Cash Equivalents

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

Concentration of Credit Risk

Concentrations of credit risks arise when a number of operators, tenants, or obligors related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. As of December 31, 2013, substantially all of the Company's real estate properties were leased to Penn, and all of the Company's rental revenues were derived from a master lease defined below. Penn is a publicly traded company that is subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and is required to file periodic reports on Form 10-K and Form 10-Q with the Securities and Exchange Commission. Penn's net revenues were $2.9 billion for the years ended December 31, 2013 and 2012. Other than the Company's tenant concentration, management believes the Company's portfolio was reasonably diversified by geographical location and did not contain any other significant concentration of credit risks. As of December 31, 2013, the Company's portfolio of 19 leased properties was diversified by location across 11 states.

Financial instruments that subject the Company to credit risk consist of cash and cash equivalents and accounts receivable.

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

Accounts are written off when management determines that an account is uncollectible. Recoveries of accounts previously written off are recorded when received. An allowance for doubtful accounts is determined to reduce the Company's receivables to their carrying value, which approximates fair value. The allowance is estimated based on historical collection experience, specific review of individual customer accounts, and current economic and business conditions.

Prepaid Expenses and Other Assets

Prepaid expenses consist of expenditures for goods (other than inventories) or services before the goods are used or the services are received. These amounts are deferred and charged to operations as the benefits are realized and primarily consist of prepayments for insurance and other contracts that will be expensed during the subsequent year. It also consists of admission fees and property taxes that were paid in advance. Other current assets are items expected to be realized within twelve months of the balance sheet date. Other current assets primarily include accounts receivable and food and beverage inventory. Other assets are all items that are long-term in nature and primarily include deferred compensation assets (see Note 7 for further details) and a deposit for certain real estate for Hollywood Casino Baton Rouge that should close in 2014.

Fair Value of Financial Instruments

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. The Company maintained a higher level of cash on hand at December 31, 2013 in order to fund the cash portion of its Purging Distribution. See Note 15 for additional details.

Long-term Debt

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

	2013				2012

December 31,	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	285,221	$	285,221	$	14,562	$	14,562
Financial liabilities:
Long-term debt
Senior unsecured credit facility		300,000		294,750		—		—
Senior notes		2,050,000		2,058,750		—		—

Real Estate Investments

The Company records the acquisition of real estate at cost, including acquisition and closing costs. The cost of properties developed by the Company include costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. The Company considers the period of future benefit of the asset to determine the appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful lives of the buildings and building improvements which are generally between 8 years to 41 years.

The Company continually monitors events and circumstances that could indicate that the carrying amount of the Company's real estate investments may not be recoverable or realized. When indicators of potential impairment suggest that the carrying value of real estate investments may not be recoverable, the Company assesses the recoverability by estimating whether it will recover the carrying value of its real estate investments through its undiscounted future cash flows and the eventual disposition of the investment. In assessing the recoverability of the carrying value, the Company must make assumptions regarding future cash flows and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss. The Company groups its Real Estate Investments by tenant in evaluating impairment. If the Company determines the carrying amount is not recoverable, it would recognize an impairment charge equivalent to the amount required to adjust the carrying amount to its estimated fair value, calculated in accordance with current GAAP fair value provisions.

Property and Equipment used in operations

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

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


Land improvements		5 to 15 years
Building and improvements		5 to 40 years
Furniture, fixtures, and equipment		3 to 31 years

Leasehold improvements are depreciated over the shorter of the estimated useful life of the improvement or the related lease term.

The estimated useful lives are determined based on the nature of the assets as well as the Company's current operating strategy.

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

Goodwill and Other Intangible Assets

At December 31, 2013, the Company had $75.5 million in goodwill and $9.6 million in other intangible assets within its consolidated balance sheet, resulting from the contribution of Hollywood Casino Baton Rouge and Hollywood Casino Perryville from Penn in connection with the Spin-Off.

Goodwill is tested annually, or more frequently if indicators of impairment exist, for impairment by comparing the fair value of the Hollywood Casino Baton Rouge reporting unit to its carrying amount. If the carrying amount exceeds its fair value in step 1 of the impairment test, then step 2 of the impairment test is performed to determine the implied value of goodwill. If the implied value of goodwill is less than the goodwill allocated, an impairment loss is recognized.

In accordance with ASC 350, "Intangibles—Goodwill and Other," the Company considers its Hollywood Casino Perryville gaming license as an indefinite-life intangible asset that does not require amortization based on the Company's future expectations to operate this casino indefinitely as well as the gaming industry's historical experience in renewing these intangible assets at minimal cost with various state gaming commissions. Rather, the Company's gaming license is tested annually, or more frequently if indicators of impairment exist, for impairment by comparing the fair value of the recorded asset to its carrying amount. If the carrying amount of the indefinite-life intangible asset exceeds its fair value, an impairment loss is recognized.

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

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

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

Debt Issuance Costs

Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense using the effective interest method over the contractual term of the underlying indebtedness.

Comprehensive Income

Comprehensive income includes net income and all other non-owner changes in shareholders' equity during a period, including but not limited to, unrealized gains and losses on equity securities classified as available-for-sale and unrealized fair value adjustments on certain derivative instruments. Since the Company did not have any non-owner changes in shareholders' equity for the years ended December 31, 2013, 2012 and 2011, comprehensive income for the years ended December 31, 2013, 2012 and 2011 was equivalent to net income for those time periods.

Income Taxes

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

ASC 740 also creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not have any uncertain tax positions for 2013, 2012 and 2011.

The Company is required under ASC 740 to disclose its accounting policy for classifying interest and penalties, the amount of interest and penalties charged to expense each period, as well as the cumulative amounts recorded in the combined balance sheets. If and when they occur, the Company will classify any income tax-related penalties and interest accrued related to unrecognized tax benefits in taxes on income within the consolidated statements of income. During the years ended December 31, 2013, 2012 and 2011, the Company did not recognized any interest and penalties, net of deferred taxes.

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

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

Revenue Recognition and Promotional Allowances

The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured. Contingent rental income is recognized once the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been given to the tenant.

As of December 31, 2013, all but two of the Company's properties were leased to a subsidiary of Penn under the Master Lease. The obligations under the Master Lease are guaranteed by Penn and by all Penn subsidiaries that occupy and operate the facilities leased under the Master Lease, or that own a gaming license, other license or other material asset necessary to operate any portion of the facilities. A default by Penn or its subsidiaries with regard to any facility will cause a default with regard to the entire portfolio.

As of December 31, 2013, the future minimum rental income from the Company's properties under non-cancelable operating leases was as follows (in thousands):

Year ending December 31,

2014	$	375,602
2015		375,602
2016		375,602
2017		376,101
2018		368,311
Thereafter		3,240,760


Total	$	5,111,978

For the year ended December 31, 2013, GLPI recognized $6.7 million in contingent rental income from Hollywood Casino Columbus and Hollywood Casino Toledo related to clause (ii) in the paragraph above.

Additionally, in accordance with ASC 605, "Revenue Recognition," the Company records revenue for the real estate taxes paid by its tenants on the leased properties under the Master Lease with an offsetting expense in real estate taxes within the consolidated statement of income as the Company has concluded it is the primary obligor under the Master Lease.

Gaming revenue mainly consists of video lottery gaming revenue as well as to a lesser extent table game and poker revenue. Video lottery gaming revenue 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), front money that are removed from the live gaming tables. Additionally, food and beverage revenue is recognized as services are performed.

The following table discloses the components of gaming revenue within the consolidated statements of income for the years ended December 31, 2013, 2012 and 2011:

Year ended December 31,	2013		2012		2011

	(in thousands)
Video lottery, net of cash incentives	$	138,803	$	189,808	$	210,349
Table game		18,096		11,891		12,333
Poker		2,453		882		620


Total gaming revenue	$	159,352	$	202,581	$	223,302

Gaming revenue is recognized net of certain sales incentives in accordance with ASC 605-50, "Revenue Recognition—Customer Payments and Incentives." The Company records certain sales incentives and points earned in point-loyalty programs as a reduction of revenue.

The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the years ended December 31, 2013, 2012 and 2011 are as follows:

Year ended December 31,	2013		2012		2011

	(in thousands)
Food and beverage	$	5,970	$	6,806	$	6,971
Other		167		767		843


Total promotional allowances	$	6,137	$	7,573	$	7,814

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the years ended December 31, 2013, 2012 and 2011 are as follows:

Year ended December 31,	2013		2012		2011

	(in thousands)
Food and beverage	$	2,907	$	3,319	$	3,198
Other		86		384		409


Total cost of complimentary services	$	2,993	$	3,703	$	3,607

Gaming and Admission Taxes

For the TRS Properties, the Company is subject to gaming and admission taxes based on gross gaming revenues in the jurisdictions in which it operates. The Company primarily recognizes gaming tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states where or in which wagering occurs. At Hollywood Casino Baton Rouge, the gaming admission tax is based on graduated tax rates. The Company records gaming and admission taxes at the Company's estimated effective gaming tax rate for the year, considering estimated taxable gaming revenue and the applicable rates. Such estimates are adjusted each interim period. If gaming tax rate changes during the year, such changes are applied prospectively in the determination of gaming tax expense in future interim periods. For the years ended December 31, 2013, 2012 and 2011, these expenses, which are recorded within gaming expense in the combined statements of income, totaled $71.6 million, $94.9 million and $105.4 million, respectively.

Earnings Per Share

The Company calculates earnings per share ("EPS") in accordance with ASC 260, "Earnings Per Share." Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (outstanding restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options and unvested restricted shares. Basic and diluted EPS for the years ended December 31, 2012 and 2011 were retroactively restated for the number of GLPI basic and diluted shares outstanding immediately following the Spin-Off. The Company's share counts were also retroactively restated to include the shares issued as part of the Purge Distribution.

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2013, 2012 and 2011 (in thousands):



Determination of shares:
Weighted-average common shares outstanding	110,617	110,582	110,582
Assumed conversion of dilutive employee stock-based awards	4,924	4,703	4,703
Assumed conversion of restricted stock	324	318	318


Diluted weighted-average common shares outstanding	115,865	115,603	115,603

The following table presents the calculation of basic and diluted EPS for the Company's common stock for the years ended December 31, 2013, 2012 and 2011:

Year ended December 31,	2013			2012			2011

	(in thousands, expect per share data)
Calculation of basic EPS:
Net income	$	19,830		$	22,919		$	26,684
Less: Net income allocated to participating securities		(75	)		(86	)		(101	)


Net income attributable to common shareholders	$	19,755		$	22,833		$	26,583
Weighted-average common shares outstanding		110,617			110,582			110,582
Basic EPS	$	0.18		$	0.21		$	0.24
Calculation of diluted EPS:
Net income	$	19,830		$	22,919		$	26,684
Diluted weighted-average common shares outstanding		115,865			115,603			115,603
Diluted EPS	$	0.17		$	0.20		$	0.23

There were no outstanding options to purchase shares of common stock during the years ended December 31, 2013, 2012 and 2011 that were not included in the computation of diluted EPS because they were antidilutive.

Stock-Based Compensation

In connection with the Spin-Off, each outstanding option and cash settled stock appreciation right ("SAR") with respect to Penn common stock outstanding on the distribution date was converted into two awards, an adjusted Penn option and a GLPI option, or, in the case of the SARs, an adjusted Penn SAR and a GLPI SAR. The adjustment preserved the aggregate intrinsic value of the options and SARs. Additionally, in connection with the Spin-Off, holders of outstanding restricted stock and phantom stock units ("PSUs") with respect to Penn common stock became entitled to an additional share of restricted stock or PSU with respect to GLPI common stock for each share of Penn restricted stock or PSU held.

The adjusted options and SARs, as well as the restricted stock and PSUs, otherwise remain subject to their original terms, except that for purposes of the adjusted Penn awards (including in determining exercisability and the post-termination exercise period), continued service with GLPI following the distribution date shall be deemed continued service with Penn; and for purposes of the GLPI awards (including in determining exercisability and the post-termination exercise period), continued service with Penn following the distribution date shall be deemed continued service with GLPI.

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 for stock options is estimated at the date of grant using the Black-Scholes option-pricing model. There were no stock option grants awarded in 2013.

Additionally, the cash-settled PSUs entitle employees to receive cash based on the fair value of the Company's common stock on the vesting date. These PSUs are accounted for as liability awards and are re-measured at fair value each reporting period until they become vested with compensation expense being recognized over the requisite service period in accordance with ASC 718-30, "Compensation-Stock Compensation, Awards Classified as Liabilities."

In addition, the Company's SARs are accounted for as liability awards since they will be settled in cash. The fair value of these awards is calculated during each reporting period and estimated using the Black-Scholes option pricing model.

See Note 10 for further information related to the treatment of the unrecognized compensation expense at the time of the Spin-Off related to awards held by GLPI employees.

Segment Information

Consistent with how the Company's Chief Operating Decision Maker reviews and assesses the Company's financial performance, the Company has two reportable segments, GLP Capital, L.P. (a wholly-owned subsidiary of GLPI through which GLPI owns substantially all of its assets) ("GLP Capital") 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. See Note 11 for further information with respect to the Company's segments.

Statements of Cash Flows

The Company has presented the consolidated statements of cash flows using the indirect method, which involves the reconciliation of net income to net cash flow from operating activities.

Certain Risks and Uncertainties

The Company is dependent on Penn (including its subsidiaries), who is the lessee of substantially all of the Company's properties pursuant to the Master Lease and accounts for a significant portion of its revenues. The inability or unwillingness of Penn to meet its subsidiary's rent obligations and other obligations under the Master Lease could materially adversely affect the Company's business, financial position or results of operations, including the Company's ability to pay dividends to its shareholders as required to maintain its status as a REIT. For these reasons, if Penn were to experience a material adverse effect on its gaming business, financial position or results of operations, the Company's business, financial position or results of operations could also be materially adversely affected.

The Company's operations are also dependent on its continued licensing by state gaming commissions of its gaming tenants and operators. The loss of a license could have an adverse effect on future results of operations. Additionally, the Company is dependent on the local market in which its gaming tenants and operators operate for a significant number of its patrons and revenues. If economic conditions in these areas deteriorate or additional gaming licenses are awarded in these markets, the Company's results of operations could be adversely affected. Furthermore, the Company is dependent upon a stable gaming tax structure in the locations that its gaming tenants and operators operate in. Any change in the tax structure could have an adverse effect on future results of operations.

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2014
Acquisitions
Acquisitions	3. Acquisitions In January 2014, the Company completed the asset acquisition of the real property associated with the Casino Queen in East St. Louis, Illinois for $140.7 million, including transaction fees of $0.7 million. Simultaneously with the acquisition, GLPI also provided Casino Queen with a $43 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. As of March 31, 2014, the balance of this loan was $41 million, due to principal and interest payments made. GLPI leased the property back to Casino Queen on a “triple net” basis on terms similar to those in the Master Lease and will result in approximately $14 million in annual rent. 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.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1524-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7000-128479

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4922-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4934-128472

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6996-128479

+ Details

Real Estate Investments

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Real Estate Investments

Real Estate Investments

4. Real Estate Investments

Real estate investments, net, represents investments in 20 properties and is summarized as follows:

	March 31,			December 31,
	2014			2013
	(in thousands)
Land and improvements	$	453,141		$	382,581
Building and improvements	2,120,663			2,050,533
Construction in progress	87,323			61,677
Total real estate investments	2,661,127			2,494,791
Less accumulated depreciation	(507,474		)	(484,488		)
Real estate investments, net	$	2,153,653		$	2,010,303

Construction in progress primarily represents two development projects which the Company is responsible for the real estate construction costs, namely Hollywood at Dayton Raceway and Hollywood at Mahoning Valley Race Track which Penn anticipates opening in the fall of 2014. The Company acquired the real estate of Casino Queen for $140.7 million in January 2014.

4. Real Estate Investments

Real estate investments, net, represents investments in 19 properties and is summarized as follows:

December 31,	2013			2012

	(in thousands)
Land and improvements	$	382,581		$	—
Building and improvements		2,050,533			—
Construction in progress		61,677			—


Total property and equipment		2,494,791			—
Less accumulated depreciation		(484,488	)		—


Property and equipment, net	$	2,010,303		$	—

In connection with the Spin-Off, Penn contributed $1.96 billion of real estate investments, net of accumulated depreciation which was recorded at Penn's historical carrying value. Construction in progress primarily represents two development projects which the Company is responsible for the real estate construction costs, namely Hollywood at Dayton Raceway and Hollywood at Mahoning Valley Race Track which Penn anticipates opening in the fall of 2014.

Property and Equipment Used in Operations

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Property and Equipment Used in Operations

Property and Equipment Used in Operations

5. 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:

	March 31,			December 31,
	2014			2013
	(in thousands)

Land and improvements	$	31,635		$	27,586
Building and improvements	116,267			115,888
Furniture, fixtures, and equipment	102,740			101,288
Construction in progress	504			203
Total property and equipment	251,146			244,965
Less accumulated depreciation	(109,260		)	(105,844		)
Property and equipment, net	$	141,886		$	139,121

5. Property and Equipment used in operations

Property and equipment used in operations, net, consists of the following:

December 31,	2013			2012

	(in thousands)
Land and improvements	$	27,586		$	28,193
Building and improvements		115,888			109,248
Furniture, fixtures, and equipment		101,288			76,088
Construction in progress		203			87


Total property and equipment		244,965			213,616
Less accumulated depreciation		(105,844	)		(94,662	)


Property and equipment, net	$	139,121		$	118,954

Long-term Debt

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Long-term Debt

Long-term Debt

6. Long-term Debt

Long-term debt is as follows:

	March 31,		December 31,
	2014		2013
	(in thousands)
Senior unsecured credit facility	$	450,000	$	300,000
$550 million 4.375% senior notes due November 2018	550,000		550,000
$1,000 million 4.875% senior notes due November 2020	1,000,000		1,000,000
$500 million 5.375% senior notes due November 2023	500,000		500,000
	$	2,500,000	$	2,350,000

The following is a schedule of future minimum repayments of long-term debt as of March 31, 2014 (in thousands):

2014	$	—
2015	—
2016	—
2017	—
2018	1,000,000
Thereafter	1,500,000
Total minimum payments	$	2,500,000

The Company participates in a $1,000.0 million senior unsecured credit facility (the “Credit Facility”), consisting of a $700.0 million revolving credit facility and a $300.0 million Term Loan A facility. The Credit Facility matures on October 28, 2018. At March 31, 2014, the Credit Facility had a gross outstanding balance of $450 million, consisting of the $300 million Term Loan A facility and $150 million of borrowings under the revolving credit facility. As of March 31, 2014, $550 million remained available under the Credit Facility.

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. GLPI is required to maintain its status as a REIT on and after the effective date of its election to be treated as a REIT, which election GLPI intends to make on its U.S. federal income tax return for its first full fiscal year following the Spin-Off. 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. Such events of default include the occurrence of a change of control and termination of the 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.

The Notes contain covenants limiting the Company’s ability to: incur additional debt and use their assets to secure debt; merge or consolidate with another company; and make certain amendments to the Master Lease. The 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 March 31, 2014, the Company was in compliance with all required covenants.

6. Long-term Debt

Long-term debt is as follows:

December 31,	2013

	(in thousands)
Senior unsecured credit facility	$	300,000
$550 million 4.375% senior notes due November 2018		550,000
$1,000 million 4.875% senior notes due November 2020		1,000,000
$500 million 5.375% senior notes due November 2023		500,000


	$	2,350,000

The following is a schedule of future minimum repayments of long-term debt as of December 31, 2013 (in thousands):


2014	$	—
2015		—
2016		—
2017		—
2018		850,000
Thereafter		1,500,000


Total minimum payments	$	2,350,000

On October 28, 2013, GLP Capital entered into a new five year senior unsecured credit facility (the "Credit Facility"), consisting of a $700 million revolving credit facility and a $300 million Term Loan A facility. The interest rates payable on the loans are, at our option, equal to either a LIBOR rate or a base rate plus an applicable margin, which ranges from 1.0% to 2.0% per annum for LIBOR loans and 0.0% to 1.0% per annum for base rate loans, in each case, depending on the credit ratings assigned to the Credit Facility. At December 31, 2013, the applicable margin was 1.75% for LIBOR loans and 0.75% for base rate loans, which was reduced to 1.50% and 0.50%, respectively, in the first quarter of 2014. See Note 15 for further details. In addition, the Company is required to pay a commitment fee on the unused portion of the commitments under the revolving facility at a rate that ranges from 0.15% to 0.35% per annum, depending on the credit ratings assigned to the Credit Facility. At December 31, 2013, the commitment fee rate was 0.30%, which was reduced to 0.25% in the first quarter of 2014. GLP Capital is not required to repay any loans under the Credit Facility prior to maturity on October 28, 2018. GLP Capital may prepay all or any portion of the loans under the Credit Facility prior to maturity without premium or penalty, subject to reimbursement of any LIBOR breakage costs of the lenders. The Credit Facility is guaranteed by GLPI.

The Company's Credit Facility had a gross outstanding balance of $300 million at December 31, 2013, consisting of the $300 million Term Loan A facility. No balances were outstanding on the revolving credit facility at December 31, 2013.

On October 30 and 31, 2013, the Company completed offerings of $2,050 million aggregate principal amount of three series of new senior notes issued by two of GLPI's wholly-owned subsidiaries (the "Issuers"): $550 million of 4.375% Senior Notes due 2018 (the "2018 Notes"); $1,000 million of 4.875% Senior Notes due 2020 (the "2020 Notes"); and $500 million of 5.375% Senior Notes due 2023 (the "2023 Notes," and collectively with the 2018 Notes and the 2020 Notes, the "Notes"). The 2018 Notes mature on November 1, 2018 and bear interest at a rate of 4.375% per year. The 2020 Notes mature on November 1, 2020 and bear interest at a rate of 4.875% per year. The 2023 Notes mature on November 1, 2023 and bear interest at a rate of 5.375% per year. Interest on the Notes is payable on May 1 and November 1 of each year, beginning on May 1, 2014.

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

The Notes are guaranteed on a senior unsecured basis by GLPI. The Notes are the Issuers' senior unsecured obligations and rank pari passu in right of payment with all of the Issuers' senior indebtedness, including the Credit Facility, and senior in right of payment to all of the Issuers' subordinated indebtedness, without giving effect to collateral arrangements.

The Notes contain covenants limiting the Issuers' ability to: incur additional debt and use their assets to secure debt; merge or consolidate with another company; and make certain amendments to the Master Lease. The Notes also require the Issuers 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.

GLPI used the proceeds of the 2018 Notes and the 2023 Notes, together with borrowings under the Credit Facility, to make distributions directly or indirectly, to Penn in partial exchange for the contribution of real property assets to GLPI in connection with the Spin-Off and to pay related fees and expenses. A portion of the net proceeds from the 2020 Notes was used to repay certain amounts drawn under the revolving portion of the Credit Facility and the remaining net proceeds were used to fund the Purging Distribution by GLPI of accumulated earnings and profits on its real property assets in order to comply with certain REIT qualification requirements. The proceeds of additional revolving loans under the Credit Facility will be used for working capital, to fund permitted dividends, distributions and acquisitions, for general corporate purposes and for any other purpose not prohibited by the documentation governing the Credit Facility.

At December 31, 2013, the Company was in compliance with all required financial covenants.

Commitments and Contingencies

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Commitments and Contingencies.

Commitments and Contingencies

7. Commitments and Contingencies

Litigation

Pursuant to a Separation and Distribution Agreement between Penn and GLPI, any liability arising from or relating to legal proceedings involving the businesses and operations of Penn’s real property holdings prior to the Spin-Off (other than any liability arising from or relating to legal proceedings where the dispute arises from the operation or ownership of the TRS Properties) will be retained by Penn and Penn will indemnify GLPI (and its subsidiaries, directors, officers, employees and agents and certain other related parties) against any losses it may incur arising from or relating to such legal proceedings.

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.

7. Commitments and Contingencies

Litigation

Pursuant to a Separation and Distribution Agreement between Penn and GLPI, any liability arising from or relating to legal proceedings involving the businesses and operations of Penn's real property holdings prior to the Spin-Off (other than any liability arising from or relating to legal proceedings where the dispute arises from the operation or ownership of the TRS Properties) will be retained by Penn and Penn will indemnify GLPI (and its subsidiaries, directors, officers, employees and agents and certain other related parties) against any losses it may incur arising from or relating to such legal proceedings.

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.

Operating Lease Commitments

As part of the Spin-Off, Penn assigned to GLPI various leases on the property acquired in connection with the Spin-Off. The following is a description of some of the more significant lease contracts that Penn assigned to GLPI. Total rental expense under these agreements was $0.4 million for the year ended December 31, 2013 (which covers the period subsequent to the Spin-Off date).

One of Penn's subsidiaries entered into a lease agreement for the land utilized in connection with the operations of a casino in Biloxi, Mississippi. The lease commenced March 3, 1994 and is for a term of 99 years. The annual rental payments are increased every 5 years by fifteen percent and will be $0.2 million for 2014. The next reset period is in March 2014.

One of Penn's subsidiaries entered into a lease agreement for the land utilized in connection with the operations of a casino in Tunica, Mississippi. The lease commenced on October 11, 1993 with a five year initial term and nine five year renewals at the tenant's option. The lease agreement has an annual fixed rent provision, as well as an annual revenue-sharing provisions, which is equal to the result obtained by subtracting the fixed rent provision from 4% of gross revenues.

One of Penn's subsidiaries has an operating lease with the City of Bangor which covers the permanent casino facility that opened on July 1, 2008. Under the lease agreement, there is a fixed rent provision which GLPI is responsible for which totals $0.1 million per year. The final term of the lease, which commenced with the opening of the permanent facility, is for an initial term of fifteen years, with three ten-year renewal options.

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at December 31, 2013 are as follows (in thousands):

Year ending December 31,

2014	$	1,013
2015		314
2016		302
2017		316
2018		334
Thereafter		44,178


Total	$	46,457

In addition, for the TRS Properties, the Company is liable under numerous operating leases for equipment and other miscellaneous assets, which expire at various dates through 2015. Total rental expense under these agreements was $1.4 million, $1.6 million and $1.6 million for the years ended December 31, 2013, 2012 and 2011, respectively.

Capital Expenditure Commitments

The Company's current construction program for 2014 calls for capital expenditures of approximately $137.4 million, of which the Company was contractually committed to spend approximately $34.5 million at December 31, 2013, related to the two Ohio racetracks scheduled to be opened in the fall of 2014.

Additionally, as part of the Spin-Off, GLPI is committed to fund certain projects in development at Penn, including a new gaming and entertainment destination in Philadelphia, PA and an integrated racing and gaming facility in Lawrence County, near Pittsburgh (the last of the Category 1 sites in Pennsylvania). If Penn is selected for both of these projects, GLPI would provide real estate financing in the form of a loan or lease up to $418.5 million for these two projects.

Purchase obligations

The Company has obligations to purchase various goods and services totaling $1.4 million at December 31, 2013, of which $1.1 million will be incurred in 2014.

Employee Benefit Plans

The Company maintains a profit-sharing plan under the provisions of Section 401(k) of the Internal Revenue Code of 1986, as amended, which covers all eligible employees. The plan enables participating employees to defer a portion of their salary in a retirement fund to be administered by the Company. The Company makes a discretionary match contribution of 50% of employees' elective salary deferrals, up to a maximum of 6% of eligible employee compensation. The matching contributions for the profit-sharing plan for all years ended December 31, 2013, 2012 and 2011 were $0.2 million.

The Company maintains a non-qualified deferred compensation plan that covers most management and other highly-compensated employees. The plan allows the participants to defer, on a pre-tax basis, a portion of their base annual salary and/or their annual bonus, and earn tax-deferred earnings on these deferrals. The plan also provides for matching Company contributions that vest over a five-year period. The Company has established a Trust, and transfers to the Trust, on a periodic basis, an amount necessary to provide for its respective future liabilities with respect to participant deferral and Company contribution amounts. The Company's matching contributions for the non-qualified deferred compensation plan for the years ended December 31, 2013, 2012 and 2011 were $0.3 million, $0.1 million and $0.1 million, respectively. The Company's deferred compensation liability, which was included in other current liabilities within the consolidated balance sheet, was $12.8 million at December 31, 2013 and relates primarily to balances contributed to use as part of the Spin-Off related to our executive officers that were previously employed by Penn.

Labor Agreements

Some of Hollywood Casino Perryville's employees are currently represented by labor unions. The Seafarers Entertainment and Allied Trade Union represents 128 of Hollywood Casino Perryville's employees under an agreement that expires in February 2020. Additionally, Local No. 27 United Food and Commercial Workers and United Industrial Service Transportation Professional and Government Workers of North America represent certain employees under collective bargaining agreements that expire in 2020, neither of which represents more than 50 of Hollywood Casino Perryville's employees. If the Company fails to renew or modify existing agreements on satisfactory terms, this failure could have a material adverse effect on Hollywood Casino Perryville's business, financial condition and results of operations. There can be no assurance that Hollywood Casino Perryville will be able to maintain these agreements.

Dividends	3 Months Ended	12 Months Ended
Dividends	Mar. 31, 2014	Dec. 31, 2013
Dividends.
Dividends	8. Dividends On February 18, 2014, GLPI made the Purging Distribution, which totaled $1.05 billion and was comprised of cash and GLPI common stock, to distribute the accumulated earnings and profits related to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off. Shareholders were given the option to elect either an all-cash or all-stock dividend, subject to a total cash limitation of $210 million. Of the 88,691,827 shares of common stock outstanding on the record date, approximately 54.3% elected the cash distribution and approximately 45.7% elected a stock distribution or made no election. Shareholders electing cash received $4.358049 plus 0.195747 additional GLPI shares per common share held on the record date. Shareholders electing stock or not making an election received 0.309784 additional GLPI shares per common share held on the record date. Stock dividends were paid based on the volume weighted average price for the three trading days ended February 13, 2014 of $38.2162 per share. Approximately 22.0 million shares were issued in connection with this dividend payment. In addition, cash distributions were made to GLPI and Penn employee restricted stock award holders in the amount of $1 million for the purging distribution. GLPI and Penn have jointly requested a Pre-Filing Agreement from the Internal Revenue Service pursuant to Revenue Procedure 2009-14 to confirm the appropriate allocation of Penn’s historical earnings and profits between GLPI and Penn. The outcome of this request may affect the amount of the dividend required to be paid by GLPI to its shareholders prior to December 31, 2014. Additionally, on February 18, 2014, the Company’s Board of Directors declared its first quarterly dividend of $0.52 per common share, which was paid on March 28, 2014, in the amount of $58 million, to shareholders of record on March 7, 2014. In addition, dividend payments were made to GLPI restricted stock award holders in the amount of $1.0 million.	9. Dividends On February 18, 2014, GLPI made the Purging Distribution of $1.05 billion, of which approximately $210.0 million was made in cash with the remainder in GLPI common stock to distribute the accumulated earnings and profits related to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off. In addition, on February 18, 2014, the Company's Board of Directors declared its first quarterly dividend. Shareholders of record on March 7, 2014 will receive $0.52 per common share, payable on March 28, 2014. See Note 15 for further details.

Segment Information

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Segment Information

Segment Information

9. Segment Information

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

	GLP Capital (1)		TRS Properties		Eliminations (2)			Total
	(in thousands)
For the three months ended March 31, 2014
Net revenues	$	118,112	$	40,216	$	—		$	158,328
Income from operations	67,871		6,463		—			74,334
Interest, net	28,428		2,601		(2,601		)	28,428
Income from operations before income taxes	42,044		3,862		—			45,906
Income tax provision	—		1,594		—			1,594
Net income	42,044		2,268		—			44,312
Depreciation	23,441		3,081		—			26,522
Capital project expenditures, net of reimbursements	24,002		—		—			24,002
Capital maintenance expenditures	—		871		—			871

For the three months ended March 31, 2013
Net revenues	$	—	$	42,649	$	—		$	42,649
Income from operations	—		6,810		—			6,810
Income from operations before income taxes	—		5,530		—			5,530
Income tax provision	—		2,316		—			2,316
Net income	—		3,214		—			3,214
Depreciation	—		3,588		—			3,588
Capital project expenditures, net of reimbursements	—		78		—			78
Capital maintenance expenditures	—		896		—			896

Balance sheet at March 31,2014
Total assets	$	2,324,839	$	237,047	—			$	2,561,886

Balance sheet at December 31, 2013
Total assets	$	2,379,243	$	229,996	—			$	2,609,239

(1) GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off.

(2) Amounts in the “Eliminations” column represent the elimination of intercompany interest payments from the Company’s TRS Properties business segment to its GLP Capital business segment.

11. Segment Information

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

	GLP Capital(1)		TRS Properties		Total

	(in thousands)
For the year ended December 31, 2013
Net revenues	$	76,557	$	165,572	$	242,129
Income from operations		34,333		26,249		60,582
Interest expense		19,254		—		19,254
Income from operations before income taxes		15,079		22,047		37,126
Income tax provision		8,467		8,829		17,296
Net income		6,612		13,218		19,830
Depreciation		14,896		14,027		28,923
Capital expenditures		13,042		3,386		16,428
For the year ended December 31, 2012
Net revenues	$	—	$	210,643	$	210,643
Income from operations		—		43,668		43,668
Interest expense		—		—		—
Income from operations before income taxes		—		37,350		37,350
Income tax provision		—		14,431		14,431
Net income		—		22,919		22,919
Depreciation		—		14,090		14,090
Capital expenditures		—		5,190		5,190
For the year ended December 31, 2011
Net revenues	$	—	$	231,884	$	231,884
Income from operations		—		52,513		52,513
Interest expense		—		—		—
Income from operations before income taxes		—		45,559		45,559
Income tax provision		—		18,875		18,875
Net income		—		26,684		26,684
Depreciation		—		14,568		14,568
Capital expenditures		—		8,288		8,288
Balance sheet at December 31, 2013
Total assets		2,379,243		229,996		2,609,239
Balance sheet at December 31, 2012
Total assets		—		267,075		267,075

(1): GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off. For the year ended December 31, 2013, all revenues in the GLP Capital segment were attributable from Penn under the terms of the Master Lease. Results included transaction costs associated with the Spin-Off of $13.5 million.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Pre-Spin Transactions with Penn	3 Months Ended	12 Months Ended
Pre-Spin Transactions with Penn	Mar. 31, 2014	Dec. 31, 2013
Pre-Spin Transactions with Penn
Pre-Spin Transactions with Penn	10. Pre-Spin Transactions with Penn Before the Spin-Off, Hollywood Casino Baton Rouge and Hollywood Casino Perryville had a corporate overhead assessment with Penn, whereby Penn provided various management services in consideration of a management fee equal to 3% of net revenues. The Company incurred and paid management fees of $1.3 million for the three months ended March 31, 2013. In connection with the completion of the Spin-Off, the management fee agreements between Penn and Hollywood Casino Baton Rouge and Hollywood Casino Perryville were terminated.	13. Pre-Spin Transactions with Penn Before the Spin-Off, Hollywood Casino Baton Rouge and Hollywood Casino Perryville had a corporate overhead assessment with Penn, whereby Penn provided various management services in consideration of a management fee equal to 3% of net revenues. The Company incurred and paid management fees of $4.2 million, $6.3 million and $7.0 million for the years ended December 31, 2013 (before the Spin-Off), 2012 and 2011, respectively. In connection with the completion of the Spin-Off, the management fee agreements between Penn and Hollywood Casino Baton Rouge and Hollywood Casino Perryville were terminated. Hollywood Casino Baton Rouge and Hollywood Casino Perryville had cumulative net advances of $43.3 million at December 31, 2012. The advances were the result of operating cash flows generated by Hollywood Casino Baton Rouge and Hollywood Casino Perryville in excess of intercompany allocations such as the management fee agreement. As part of the Spin-Off, these amounts were forgiven.

Supplemental Disclosures of Cash Flow Information	3 Months Ended	12 Months Ended
Supplemental Disclosures of Cash Flow Information	Mar. 31, 2014	Dec. 31, 2013
Supplemental Disclosures of Cash Flow Information
Supplemental Disclosures of Cash Flow Information	11. Supplemental Disclosures of Cash Flow Information Prior to the Spin-Off, the Company’s Hollywood Casino Baton Rouge and Hollywood Casino Perryville paid no federal income taxes directly to tax authorities and instead settled all intercompany balances with Penn. These settlements included, among other things, the share of the income taxes allocated by Penn to Hollywood Casino Baton Rouge and Hollywood Casino Perryville. The amounts paid to Penn for Hollywood Casino Baton Rouge and Hollywood Casino Perryville’s allocated share of federal income taxes was $1.8 million for the three months ended March 31, 2013. Hollywood Casino Baton Rouge and Hollywood Casino Perryville made federal income tax payments directly to tax authorities of $1.4 million for the three months ended March 31, 2014. Hollywood Casino Baton Rouge and Hollywood Casino Perryville made state income tax payments directly to the state authorities of $0.9 million for the three months ended March 31, 2014 and no payments for the three months ended March 31, 2013. In addition, GLPI, prior to qualifying for REIT status, was subjected to corporate federal and state income taxes. The Company paid federal income tax directly to tax authorities of $10.1 million for the three months ended March 31, 2014. The Company also paid state income tax payments of $1.4 million directly to the state authorities for the three months ended March 31, 2014. Cash paid for interest was $2.1 million for the three months ended March 31, 2014 and no interest was paid for the three months ended March 31, 2013.	14. Supplemental Disclosures of Cash Flow Information Prior to the Spin-Off, the Company's Hollywood Casino Baton Rouge and Hollywood Casino Perryville paid no federal income taxes directly to tax authorities and instead settled all intercompany balances with Penn. These settlements included, among other things, the share of the income taxes allocated by Penn to Hollywood Casino Baton Rouge and Hollywood Casino Perryville. The amounts paid to Penn for Hollywood Casino Baton Rouge and Hollywood Casino Perryville's allocated share of federal income taxes was $9.4 million, $13.2 million and $15.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. Their first federal income taxes payment directly to tax authorities will occur in early 2014. Hollywood Casino Baton Rouge and Hollywood Casino Perryville made state income tax payments directly to the state authorities of $1.6 million, $2.8 million and $3.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. Cash paid for interest was $0.8 million for the year ended December 31, 2013 and no interest was paid for the years ended December 31, 2012 and 2011.

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

12. Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

GLPI guarantees the 2018 Notes, the 2020 Notes and the 2023 Notes (collectively, the “Notes”) issued by its subsidiaries, GLP Capital, L.P. 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. No subsidiaries of GLPI guarantee the Notes.

Summarized financial information for the three months ended March 31, 2014 and 2013 for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers is presented below.

							Other
	Parent			Subsidiary			Subsidiary
	Guarantor			Issuers			Non-Issuers			Eliminations			Consolidated
	(in thousands)
At March 31, 2014
Condensed Consolidating Balance Sheet
Real estate investments, net	$	—		$	2,013,643		$	140,010		$	—		$	2,153,653
Intercompany transactions and investment in subsidiaries	(82,258		)	393,503			122,853			(434,098		)	—
Other	42,395			85,340			280,498			—			408,233
Total assets	$	(39,863	)	$	2,492,486		$	543,361		$	(434,098	)	$	2,561,886

Other liabilities	$	28,165		$	74,940		$	26,809					$	129,914
Intercompany debt							193,595			(193,595		)	—
Long-term debt	—			2,500,000			—			—			2,500,000
Total shareholders’ (deficit) equity	(68,028		)	(82,454		)	322,955			(240,501		)	(68,028		)
Total liabilities and shareholders’ (deficit) equity	$	(39,863	)	$	2,492,486		$	543,359		$	(434,096	)	$	2,561,886

Quarter ended March 31, 2014
Condensed Consolidating Statement of Operations
Net revenues	$	—		$	115,072		$	43,256		$	—		$	158,328
Operating expenses	14,522			34,630			34,842			—			83,994
Income (loss) from operations	(14,522		)	80,442			8,414			—			74,334
Other income (expenses)
Intercompany dividends and interest	275,011			6,384			279,607			(561,002		)	—
Other income (expenses)	—			(26,373		)	(2,055		)	—			(28,428		)
Total other income (expenses)	275,011			(19,989		)	277,552			(561,002		)	(28,428		)
Net income (loss) before income taxes	260,489			60,453			285,966			(561,002		)	45,906
Taxes on income	—			—			1,594			—			1,594
Net income (loss)	$	260,489		$	60,453		$	284,372		$	(561,002	)	$	44,312

Quarter ended March 31, 2014
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	$	217,250		$	(329,090	)	$	191,567		$	—		$	79,727
Net cash used in investing activities	(1,532		)	(25,826		)	(182,601		)	—			(209,959		)
Net cash (used in) provided by financing activities	(256,719		)	150,008			—			—			(106,711		)
Net (decrease) increase in cash and cash equivalents	(41,001		)	(204,908		)	8,966			—			(236,943		)
Cash and cash equivalents at beginning of period	42,801			221,096			21,324			—			285,221
Cash and cash equivalents at end of period	$	1,800		$	16,188		$	30,290		$	—		$	48,278

					Other
	Parent		Subsidiary		Subsidiary
	Guarantor		Issuers		Non-Issuers			Eliminations			Consolidated
	(in thousands)
At December 31, 2013
Condensed Consolidating Balance Sheet
Real estate investments, net	$	—	$	2,010,303	$	—		$	—		$	2,010,303
Intercompany transactions and investment in subsidiaries	104,391		208,739		308,157			(621,287		)	—
Other	83,083		285,514		229,996			343			598,936
Total assets	$	187,474	$	2,504,556	$	538,153		(620,944		)	$	2,609,239

Total other liabilities	$	45,045	$	47,906	$	23,517		342			$	116,810
Total long-term debt	—		2,350,000		—			—			2,350,000
Total shareholders’ equity	142,429		106,650		514,637			(621,287		)	142,429
Total liabilities and shareholders’ equity	$	187,474	$	2,504,556	$	538,154		$	(620,945	)	$	2,609,239

Quarter ended March 31, 2013
Condensed Consolidating Statement of Operations
Net revenues	$	—	$	—	$	42,649		$	—		$	42,649
Total operating expenses	—		—		35,839			—			$	35,839
Income from operations	—		—		6,810			—			6,810
Other income (expenses)	—		—		(1,280		)	—			$	(1,280	)
Net income before income taxes	—		—		5,530			—			$	5,530
Taxes on income	—		—		2,316			—			$	2,316
Net income	$	—	$	—	$	3,214		$	—		$	3,214

Quarter ended March 31, 2013
Condensed Consolidating Statement of Cash Flows
Net cash used in operating activities	$	—	$	—	$	(3,759	)	$	—		$	(3,759	)
Net cash used in investing activities	—		—		(895		)	—			(895		)
Net cash provided by financing activities	—		—		7,280			—			7,280
Net increase in cash and cash equivalents	—		—		2,626			—			2,626
Cash and cash equivalents at beginning of period	—		—		14,562			—			14,562
Cash and cash equivalents at end of period	$	—	$	—	$	17,188		$	—		$	17,188

16. Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

GLPI guarantees the 2018 Notes, the 2020 Notes and the 2023 Notes issued by its subsidiaries, GLP Capital, L.P. 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. No subsidiaries of GLPI guarantee the Notes.

Summarized financial information for the years ended December 31, 2013, 2012 and 2011 for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers is presented below.

							Other
	Parent			Subsidiary			Subsidiary
	Guarantor			Issuers			Non-Issuers			Eliminations			Consolidated
	(in thousands)
At December 31, 2013
Condensed Consolidating Balance Sheet
Real estate investments, net	$	—		$	2,010,303		$	—		$	—		$	2,010,303
Intercompany transactions and investment in subsidiaries	104,391			208,739			308,157			(621,287		)	—
Other	83,083			285,514			229,996			343			598,936
Total assets	$	187,474		$	2,504,556		$	538,153		$	(620,944	)	$	2,609,239

Other liabilities	$	45,045		$	47,906		$	23,516		$	343		$	116,810
Intercompany debt	—			—			—			—			—
Long-term debt	—			2,350,000			—			—			2,350,000
Total shareholders’ equity	142,429			106,650			514,637			(621,287		)	142,429
Total liabilities and shareholders’ equity	$	187,474		$	2,504,556		$	538,153		$	(620,944	)	$	2,609,239

Year Ended December 31, 2013
Condensed Consolidating Statement of Operations
Net revenues	$	—		$	76,557		$	165,572		$	—		$	242,129
Operating expenses	19,800			22,424			139,323			—			181,547
Income (loss) from operations	(19,800		)	54,133			26,249			—			60,582
Other income (expenses)
Intercompany dividends and interest	68,955						68,955			(137,910		)	—
Other income (expenses)	—			(19,254		)	(4,202		)	—			(23,456		)
Total other income (expenses)	68,955			(19,254		)	64,753			(137,910		)	(23,456		)
Net income (loss) before income taxes	49,155			34,879			91,002			(137,910		)	37,126
Taxes on income	643			7,824			8,829			—			17,296
Net income (loss)	$	48,512		$	27,055		$	82,173		$	(137,910	)	$	19,830

Year Ended December 31, 2013
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	$	68,082		$	(81,887	)	$	94,437		$	—		$	80,632
Net cash used in investing activities	(5,562		)	(7,480		)	(3,233		)	—			(16,275		)
Net cash (used in) provided by financing activities	(19,719		)	310,463			(84,442		)	—			206,302
Net increase in cash and cash equivalents	42,801			221,096			6,762			—			270,659
Cash and cash equivalents at beginning of year	—			—			14,562			—			14,562
Cash and cash equivalents at end of year	$	42,801		$	221,096		$	21,324		$	—		$	285,221

					Other
	Parent		Subsidiary		Subsidiary
	Guarantor		Issuers		Non-Issuers			Eliminations		Consolidated
	(in thousands)
At December 31, 2012
Condensed Consolidating Balance Sheet
Total real estate assets	$	—	$	—	$	—		$	—	$	—
Total other assets	—		—		267,075			—		267,075
Total assets	$	—	$	—	$	267,075		$	—	$	267,075

Total other liabilities	$	—	$	—	$	30,745		$	—	$	30,745
Total long-term debt	—		—		—			—		—
Total shareholders’ equity	—		—		236,330			—		236,330
Total liabilities and shareholders’ equity	$	—	$	—	$	267,075		$	—	$	267,075

Year Ended December 31, 2012
Condensed Consolidating Statement of Operations
Net revenues	$	—	$	—	$	210,643		$	—	$	210,643
Total operating expenses	—		—		166,975			—		$	166,975
Income from operations	—		—		43,668			—		43,668
Other income (expenses)	—		—		(6,318		)	—		$	(6,318	)
Net income before income taxes	—		—		37,350			—		$	37,350
Taxes on income	—		—		14,431			—		$	14,431
Net income	$	—	$	—	$	22,919		$	—	$	22,919

Year Ended December 31, 2012
Condensed Consolidating Statement of Cash Flows
Net cash provided by operating activities	$	—	$	—	$	26,744		$	—	$	26,744
Net cash used in investing activities	—		—		(4,810		)	—		(4,810		)
Net cash used in financing activities	—		—		(24,518		)	—		(24,518		)
Net decrease in cash and cash equivalents	—		—		(2,584		)	—		(2,584		)
Cash and cash equivalents at beginning of year	—		—		17,146			—		17,146
Cash and cash equivalents at end of year	$	—	$	—	$	14,562		$	—	$	14,562

					Other
	Parent		Subsidiary		Subsidiary
	Guarantor		Issuers		Non-Issuers			Eliminations		Consolidated
	(in thousands)
Year ended December 31, 2011
Condensed Consolidating Statement of Operations
Net revenues	$	—	$	—	$	231,884		$	—	$	231,884
Total operating expenses	—		—		179,371			—		$	179,371
Income from operations	—		—		52,513			—		52,513
Other income (expenses)	—		—		(6,954		)	—		$	(6,954	)
Net income before income taxes	—		—		45,559			—		$	45,559
Taxes on income	—		—		18,875			—		$	18,875
Net income	$	—	$	—	$	26,684		$	—	$	26,684

Year ended December 31, 2011
Condensed Consolidating Statement of Cash Flows
Net cash provided by operating activities	$	—	$	—	$	56,840		$	—	$	56,840
Net cash used in investing activities	—		—		(8,171		)	—		(8,171		)
Net cash used in financing activities	—		—		(50,436		)	—		(50,436		)
Net decrease in cash and cash equivalents	—		—		(1,767		)	—		(1,767		)
Cash and cash equivalents at beginning of year	—		—		18,913			—		18,913
Cash and cash equivalents at end of year	$	—	$	—	$	17,146		$	—	$	17,146

Summary of Significant Accounting Policies (Policies)

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Summary of Significant Accounting Policies

Fair Value of Financial Instruments

Fair Value of Financial Instruments

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.

Long-term Debt

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

	March 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	48,278	$	48,278	$	285,221	$	285,221
Financial liabilities:
Long-term debt
Senior unsecured credit facility	450,000		441,000		300,000		294,750
Senior notes	2,050,000		2,114,250		2,050,000		2,058,750

Fair Value of Financial Instruments

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

Long-term Debt

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

	2013				2012

December 31,	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	285,221	$	285,221	$	14,562	$	14,562
Financial liabilities:
Long-term debt
Senior unsecured credit facility		300,000		294,750		—		—
Senior notes		2,050,000		2,058,750		—		—

Comprehensive Income

Comprehensive Income

Revenue Recognition and Promotional Allowances

Revenue Recognition and Promotional Allowances

The following table discloses the components of gaming revenue within the condensed consolidated statements of income for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Video lottery	$	33,381	$	37,352
Table game	4,940		3,448
Poker	434		280
Total gaming revenue, net of cash incentives	$	38,755	$	41,080

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Food and beverage	$	1,361	$	1,517
Other	9		129
Total promotional allowances	$	1,370	$	1,646

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three months ended March 31, 2014 and 2013 are as follows:

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Food and beverage	$	716	$	713
Other	3		69
Total cost of complimentary services	$	719	$	782

Revenue Recognition and Promotional Allowances

As of December 31, 2013, the future minimum rental income from the Company's properties under non-cancelable operating leases was as follows (in thousands):

Year ending December 31,

2014	$	375,602
2015		375,602
2016		375,602
2017		376,101
2018		368,311
Thereafter		3,240,760


Total	$	5,111,978

The following table discloses the components of gaming revenue within the consolidated statements of income for the years ended December 31, 2013, 2012 and 2011:

Year ended December 31,	2013		2012		2011

	(in thousands)
Video lottery, net of cash incentives	$	138,803	$	189,808	$	210,349
Table game		18,096		11,891		12,333
Poker		2,453		882		620


Total gaming revenue	$	159,352	$	202,581	$	223,302

The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the years ended December 31, 2013, 2012 and 2011 are as follows:

Year ended December 31,	2013		2012		2011

	(in thousands)
Food and beverage	$	5,970	$	6,806	$	6,971
Other		167		767		843


Total promotional allowances	$	6,137	$	7,573	$	7,814

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the years ended December 31, 2013, 2012 and 2011 are as follows:

Year ended December 31,	2013		2012		2011

	(in thousands)
Food and beverage	$	2,907	$	3,319	$	3,198
Other		86		384		409


Total cost of complimentary services	$	2,993	$	3,703	$	3,607

Gaming and Admission Taxes

Gaming and Admission Taxes

For the TRS Properties, the Company is subject to gaming and admission taxes based on gross gaming revenues in the jurisdictions in which it operates. The Company primarily recognizes gaming tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states where or in which wagering occurs. At Hollywood Casino Baton Rouge, the gaming admission tax is based on graduated tax rates. The Company records gaming and admission taxes at the Company's estimated effective gaming tax rate for the year, considering estimated taxable gaming revenue and the applicable rates. Such estimates are adjusted each interim period. If gaming tax rate changes during the year, such changes are applied prospectively in the determination of gaming tax expense in future interim periods. For the years ended December 31, 2013, 2012 and 2011, these expenses, which are recorded within gaming expense in the combined statements of income, totaled $71.6 million, $94.9 million and $105.4 million, respectively.

Earnings Per Share

Earnings Per Share

Three months ended March 31,	2014	2013

Determination of shares:
Weighted-average common shares outstanding	111,198	110,582
Assumed conversion of dilutive employee stock-based awards	6,282	4,703
Assumed conversion of restricted stock	370	318
Diluted weighted-average common shares outstanding	117,850	115,603

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2014 and 2013:

Three months ended March 31,	2014			2013
	(in thousands, expect per share data)
Calculation of basic EPS:
Net income	$	44,312		$	3,214
Less: Net income allocated to participating securities	(175		)	(12		)
Net income attributable to common shareholders	$	44,137		$	3,202
Weighted-average common shares outstanding	111,198			110,582
Basic EPS	$	0.40		$	0.03

Calculation of diluted EPS:
Net income	$	44,312		$	3,214
Diluted weighted-average common shares outstanding	117,850			115,603
Diluted EPS	$	0.38		$	0.03

Earnings Per Share

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2013, 2012 and 2011 (in thousands):



Determination of shares:
Weighted-average common shares outstanding	110,617	110,582	110,582
Assumed conversion of dilutive employee stock-based awards	4,924	4,703	4,703
Assumed conversion of restricted stock	324	318	318


Diluted weighted-average common shares outstanding	115,865	115,603	115,603

The following table presents the calculation of basic and diluted EPS for the Company's common stock for the years ended December 31, 2013, 2012 and 2011:

Year ended December 31,	2013			2012			2011

	(in thousands, expect per share data)
Calculation of basic EPS:
Net income	$	19,830		$	22,919		$	26,684
Less: Net income allocated to participating securities		(75	)		(86	)		(101	)


Net income attributable to common shareholders	$	19,755		$	22,833		$	26,583
Weighted-average common shares outstanding		110,617			110,582			110,582
Basic EPS	$	0.18		$	0.21		$	0.24
Calculation of diluted EPS:
Net income	$	19,830		$	22,919		$	26,684
Diluted weighted-average common shares outstanding		115,865			115,603			115,603
Diluted EPS	$	0.17		$	0.20		$	0.23

Stock-Based Compensation

Stock-Based Compensation

The following table contains information on restricted stock award activity for the three months ended March 31, 2014.

	Number of Award Shares
Outstanding at December 31, 2013	419,067
E&P Purge	106,261
Granted	64,279
Released	(110,714	)
Canceled	(37,274	)
Outstanding at March 31, 2014	441,619

Stock-Based Compensation

See Note 10 for further information related to the treatment of the unrecognized compensation expense at the time of the Spin-Off related to awards held by GLPI employees.

Segment Information

Segment Information

- Definition

Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.

+ References + Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Summary of Significant Accounting Policies

Schedule of estimated fair values of financial instruments

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

	March 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	48,278	$	48,278	$	285,221	$	285,221
Financial liabilities:
Long-term debt
Senior unsecured credit facility	450,000		441,000		300,000		294,750
Senior notes	2,050,000		2,114,250		2,050,000		2,058,750

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

	2013				2012

December 31,	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	285,221	$	285,221	$	14,562	$	14,562
Financial liabilities:
Long-term debt
Senior unsecured credit facility		300,000		294,750		—		—
Senior notes		2,050,000		2,058,750		—		—

Schedule of the components of gaming revenue

The following table discloses the components of gaming revenue within the condensed consolidated statements of income for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Video lottery	$	33,381	$	37,352
Table game	4,940		3,448
Poker	434		280
Total gaming revenue, net of cash incentives	$	38,755	$	41,080

The following table discloses the components of gaming revenue within the consolidated statements of income for the years ended December 31, 2013, 2012 and 2011:

Year ended December 31,	2013		2012		2011

	(in thousands)
Video lottery, net of cash incentives	$	138,803	$	189,808	$	210,349
Table game		18,096		11,891		12,333
Poker		2,453		882		620


Total gaming revenue	$	159,352	$	202,581	$	223,302

Schedule of amounts included in promotional allowances

The amounts included in promotional allowances for the three months ended March 31, 2014 and 2013 are as follows:

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Food and beverage	$	1,361	$	1,517
Other	9		129
Total promotional allowances	$	1,370	$	1,646

The amounts included in promotional allowances for the years ended December 31, 2013, 2012 and 2011 are as follows:

Year ended December 31,	2013		2012		2011

	(in thousands)
Food and beverage	$	5,970	$	6,806	$	6,971
Other		167		767		843


Total promotional allowances	$	6,137	$	7,573	$	7,814

Schedule of the estimated cost of providing complimentary services

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three months ended March 31, 2014 and 2013 are as follows:

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Food and beverage	$	716	$	713
Other	3		69
Total cost of complimentary services	$	719	$	782

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the years ended December 31, 2013, 2012 and 2011 are as follows:

Year ended December 31,	2013		2012		2011

	(in thousands)
Food and beverage	$	2,907	$	3,319	$	3,198
Other		86		384		409


Total cost of complimentary services	$	2,993	$	3,703	$	3,607

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 March 31,	2014	2013

Determination of shares:
Weighted-average common shares outstanding	111,198	110,582
Assumed conversion of dilutive employee stock-based awards	6,282	4,703
Assumed conversion of restricted stock	370	318
Diluted weighted-average common shares outstanding	117,850	115,603

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2013, 2012 and 2011 (in thousands):



Determination of shares:
Weighted-average common shares outstanding	110,617	110,582	110,582
Assumed conversion of dilutive employee stock-based awards	4,924	4,703	4,703
Assumed conversion of restricted stock	324	318	318


Diluted weighted-average common shares outstanding	115,865	115,603	115,603

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 months ended March 31, 2014 and 2013:

Three months ended March 31,	2014			2013
	(in thousands, expect per share data)
Calculation of basic EPS:
Net income	$	44,312		$	3,214
Less: Net income allocated to participating securities	(175		)	(12		)
Net income attributable to common shareholders	$	44,137		$	3,202
Weighted-average common shares outstanding	111,198			110,582
Basic EPS	$	0.40		$	0.03

Calculation of diluted EPS:
Net income	$	44,312		$	3,214
Diluted weighted-average common shares outstanding	117,850			115,603
Diluted EPS	$	0.38		$	0.03

The following table presents the calculation of basic and diluted EPS for the Company's common stock for the years ended December 31, 2013, 2012 and 2011:

Year ended December 31,	2013			2012			2011

	(in thousands, expect per share data)
Calculation of basic EPS:
Net income	$	19,830		$	22,919		$	26,684
Less: Net income allocated to participating securities		(75	)		(86	)		(101	)


Net income attributable to common shareholders	$	19,755		$	22,833		$	26,583
Weighted-average common shares outstanding		110,617			110,582			110,582
Basic EPS	$	0.18		$	0.21		$	0.24
Calculation of diluted EPS:
Net income	$	19,830		$	22,919		$	26,684
Diluted weighted-average common shares outstanding		115,865			115,603			115,603
Diluted EPS	$	0.17		$	0.20		$	0.23

Schedule of restricted stock award activity

The following table contains information on restricted stock award activity for the three months ended March 31, 2014.

	Number of Award Shares
Outstanding at December 31, 2013	419,067
E&P Purge	106,261
Granted	64,279
Released	(110,714	)
Canceled	(37,274	)
Outstanding at March 31, 2014	441,619

Real Estate Investments (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Real Estate Investments

Schedule of real estate investments, net

Real estate investments, net, represents investments in 20 properties and is summarized as follows:

	March 31,			December 31,
	2014			2013
	(in thousands)
Land and improvements	$	453,141		$	382,581
Building and improvements	2,120,663			2,050,533
Construction in progress	87,323			61,677
Total real estate investments	2,661,127			2,494,791
Less accumulated depreciation	(507,474		)	(484,488		)
Real estate investments, net	$	2,153,653		$	2,010,303

Real estate investments, net, represents investments in 19 properties and is summarized as follows:

December 31,	2013			2012

	(in thousands)
Land and improvements	$	382,581		$	—
Building and improvements		2,050,533			—
Construction in progress		61,677			—


Total property and equipment		2,494,791			—
Less accumulated depreciation		(484,488	)		—


Property and equipment, net	$	2,010,303		$	—

Property and Equipment Used in Operations (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Property and Equipment Used in Operations

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:

	March 31,			December 31,
	2014			2013
	(in thousands)

Land and improvements	$	31,635		$	27,586
Building and improvements	116,267			115,888
Furniture, fixtures, and equipment	102,740			101,288
Construction in progress	504			203
Total property and equipment	251,146			244,965
Less accumulated depreciation	(109,260		)	(105,844		)
Property and equipment, net	$	141,886		$	139,121

Property and equipment used in operations, net, consists of the following:

December 31,	2013			2012

	(in thousands)
Land and improvements	$	27,586		$	28,193
Building and improvements		115,888			109,248
Furniture, fixtures, and equipment		101,288			76,088
Construction in progress		203			87


Total property and equipment		244,965			213,616
Less accumulated depreciation		(105,844	)		(94,662	)


Property and equipment, net	$	139,121		$	118,954

Long-term Debt (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Long-term Debt

Schedule of long-term debt

Long-term debt is as follows:

	March 31,		December 31,
	2014		2013
	(in thousands)
Senior unsecured credit facility	$	450,000	$	300,000
$550 million 4.375% senior notes due November 2018	550,000		550,000
$1,000 million 4.875% senior notes due November 2020	1,000,000		1,000,000
$500 million 5.375% senior notes due November 2023	500,000		500,000
	$	2,500,000	$	2,350,000

Long-term debt is as follows:

December 31,	2013

	(in thousands)
Senior unsecured credit facility	$	300,000
$550 million 4.375% senior notes due November 2018		550,000
$1,000 million 4.875% senior notes due November 2020		1,000,000
$500 million 5.375% senior notes due November 2023		500,000


	$	2,350,000

Schedule of future minimum repayments of long-term debt

The following is a schedule of future minimum repayments of long-term debt as of March 31, 2014 (in thousands):

2014	$	—
2015	—
2016	—
2017	—
2018	1,000,000
Thereafter	1,500,000
Total minimum payments	$	2,500,000

The following is a schedule of future minimum repayments of long-term debt as of December 31, 2013 (in thousands):


2014	$	—
2015		—
2016		—
2017		—
2018		850,000
Thereafter		1,500,000


Total minimum payments	$	2,350,000

- 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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

Segment Information (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Segment Information

Schedule of information with respect to the Company's segments

	GLP Capital (1)		TRS Properties		Eliminations (2)			Total
	(in thousands)
For the three months ended March 31, 2014
Net revenues	$	118,112	$	40,216	$	—		$	158,328
Income from operations	67,871		6,463		—			74,334
Interest, net	28,428		2,601		(2,601		)	28,428
Income from operations before income taxes	42,044		3,862		—			45,906
Income tax provision	—		1,594		—			1,594
Net income	42,044		2,268		—			44,312
Depreciation	23,441		3,081		—			26,522
Capital project expenditures, net of reimbursements	24,002		—		—			24,002
Capital maintenance expenditures	—		871		—			871

For the three months ended March 31, 2013
Net revenues	$	—	$	42,649	$	—		$	42,649
Income from operations	—		6,810		—			6,810
Income from operations before income taxes	—		5,530		—			5,530
Income tax provision	—		2,316		—			2,316
Net income	—		3,214		—			3,214
Depreciation	—		3,588		—			3,588
Capital project expenditures, net of reimbursements	—		78		—			78
Capital maintenance expenditures	—		896		—			896

Balance sheet at March 31,2014
Total assets	$	2,324,839	$	237,047	—			$	2,561,886

Balance sheet at December 31, 2013
Total assets	$	2,379,243	$	229,996	—			$	2,609,239

(1) GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off.

(2) Amounts in the “Eliminations” column represent the elimination of intercompany interest payments from the Company’s TRS Properties business segment to its GLP Capital business segment.

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

	GLP Capital(1)		TRS Properties		Total

	(in thousands)
For the year ended December 31, 2013
Net revenues	$	76,557	$	165,572	$	242,129
Income from operations		34,333		26,249		60,582
Interest expense		19,254		—		19,254
Income from operations before income taxes		15,079		22,047		37,126
Income tax provision		8,467		8,829		17,296
Net income		6,612		13,218		19,830
Depreciation		14,896		14,027		28,923
Capital expenditures		13,042		3,386		16,428
For the year ended December 31, 2012
Net revenues	$	—	$	210,643	$	210,643
Income from operations		—		43,668		43,668
Interest expense		—		—		—
Income from operations before income taxes		—		37,350		37,350
Income tax provision		—		14,431		14,431
Net income		—		22,919		22,919
Depreciation		—		14,090		14,090
Capital expenditures		—		5,190		5,190
For the year ended December 31, 2011
Net revenues	$	—	$	231,884	$	231,884
Income from operations		—		52,513		52,513
Interest expense		—		—		—
Income from operations before income taxes		—		45,559		45,559
Income tax provision		—		18,875		18,875
Net income		—		26,684		26,684
Depreciation		—		14,568		14,568
Capital expenditures		—		8,288		8,288
Balance sheet at December 31, 2013
Total assets		2,379,243		229,996		2,609,239
Balance sheet at December 31, 2012
Total assets		—		267,075		267,075

(1): GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off. For the year ended December 31, 2013, all revenues in the GLP Capital segment were attributable from Penn under the terms of the Master Lease. Results included transaction costs associated with the Spin-Off of $13.5 million.

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

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

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

							Other
	Parent			Subsidiary			Subsidiary
	Guarantor			Issuers			Non-Issuers			Eliminations			Consolidated
	(in thousands)
At March 31, 2014
Condensed Consolidating Balance Sheet
Real estate investments, net	$	—		$	2,013,643		$	140,010		$	—		$	2,153,653
Intercompany transactions and investment in subsidiaries	(82,258		)	393,503			122,853			(434,098		)	—
Other	42,395			85,340			280,498			—			408,233
Total assets	$	(39,863	)	$	2,492,486		$	543,361		$	(434,098	)	$	2,561,886

Other liabilities	$	28,165		$	74,940		$	26,809					$	129,914
Intercompany debt							193,595			(193,595		)	—
Long-term debt	—			2,500,000			—			—			2,500,000
Total shareholders’ (deficit) equity	(68,028		)	(82,454		)	322,955			(240,501		)	(68,028		)
Total liabilities and shareholders’ (deficit) equity	$	(39,863	)	$	2,492,486		$	543,359		$	(434,096	)	$	2,561,886

Quarter ended March 31, 2014
Condensed Consolidating Statement of Operations
Net revenues	$	—		$	115,072		$	43,256		$	—		$	158,328
Operating expenses	14,522			34,630			34,842			—			83,994
Income (loss) from operations	(14,522		)	80,442			8,414			—			74,334
Other income (expenses)
Intercompany dividends and interest	275,011			6,384			279,607			(561,002		)	—
Other income (expenses)	—			(26,373		)	(2,055		)	—			(28,428		)
Total other income (expenses)	275,011			(19,989		)	277,552			(561,002		)	(28,428		)
Net income (loss) before income taxes	260,489			60,453			285,966			(561,002		)	45,906
Taxes on income	—			—			1,594			—			1,594
Net income (loss)	$	260,489		$	60,453		$	284,372		$	(561,002	)	$	44,312

Quarter ended March 31, 2014
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	$	217,250		$	(329,090	)	$	191,567		$	—		$	79,727
Net cash used in investing activities	(1,532		)	(25,826		)	(182,601		)	—			(209,959		)
Net cash (used in) provided by financing activities	(256,719		)	150,008			—			—			(106,711		)
Net (decrease) increase in cash and cash equivalents	(41,001		)	(204,908		)	8,966			—			(236,943		)
Cash and cash equivalents at beginning of period	42,801			221,096			21,324			—			285,221
Cash and cash equivalents at end of period	$	1,800		$	16,188		$	30,290		$	—		$	48,278

					Other
	Parent		Subsidiary		Subsidiary
	Guarantor		Issuers		Non-Issuers			Eliminations			Consolidated
	(in thousands)
At December 31, 2013
Condensed Consolidating Balance Sheet
Real estate investments, net	$	—	$	2,010,303	$	—		$	—		$	2,010,303
Intercompany transactions and investment in subsidiaries	104,391		208,739		308,157			(621,287		)	—
Other	83,083		285,514		229,996			343			598,936
Total assets	$	187,474	$	2,504,556	$	538,153		(620,944		)	$	2,609,239

Total other liabilities	$	45,045	$	47,906	$	23,517		342			$	116,810
Total long-term debt	—		2,350,000		—			—			2,350,000
Total shareholders’ equity	142,429		106,650		514,637			(621,287		)	142,429
Total liabilities and shareholders’ equity	$	187,474	$	2,504,556	$	538,154		$	(620,945	)	$	2,609,239

Quarter ended March 31, 2013
Condensed Consolidating Statement of Operations
Net revenues	$	—	$	—	$	42,649		$	—		$	42,649
Total operating expenses	—		—		35,839			—			$	35,839
Income from operations	—		—		6,810			—			6,810
Other income (expenses)	—		—		(1,280		)	—			$	(1,280	)
Net income before income taxes	—		—		5,530			—			$	5,530
Taxes on income	—		—		2,316			—			$	2,316
Net income	$	—	$	—	$	3,214		$	—		$	3,214

Quarter ended March 31, 2013
Condensed Consolidating Statement of Cash Flows
Net cash used in operating activities	$	—	$	—	$	(3,759	)	$	—		$	(3,759	)
Net cash used in investing activities	—		—		(895		)	—			(895		)
Net cash provided by financing activities	—		—		7,280			—			7,280
Net increase in cash and cash equivalents	—		—		2,626			—			2,626
Cash and cash equivalents at beginning of period	—		—		14,562			—			14,562
Cash and cash equivalents at end of period	$	—	$	—	$	17,188		$	—		$	17,188

							Other
	Parent			Subsidiary			Subsidiary
	Guarantor			Issuers			Non-Issuers			Eliminations			Consolidated
	(in thousands)
At December 31, 2013
Condensed Consolidating Balance Sheet
Real estate investments, net	$	—		$	2,010,303		$	—		$	—		$	2,010,303
Intercompany transactions and investment in subsidiaries	104,391			208,739			308,157			(621,287		)	—
Other	83,083			285,514			229,996			343			598,936
Total assets	$	187,474		$	2,504,556		$	538,153		$	(620,944	)	$	2,609,239

Other liabilities	$	45,045		$	47,906		$	23,516		$	343		$	116,810
Intercompany debt	—			—			—			—			—
Long-term debt	—			2,350,000			—			—			2,350,000
Total shareholders’ equity	142,429			106,650			514,637			(621,287		)	142,429
Total liabilities and shareholders’ equity	$	187,474		$	2,504,556		$	538,153		$	(620,944	)	$	2,609,239

Year Ended December 31, 2013
Condensed Consolidating Statement of Operations
Net revenues	$	—		$	76,557		$	165,572		$	—		$	242,129
Operating expenses	19,800			22,424			139,323			—			181,547
Income (loss) from operations	(19,800		)	54,133			26,249			—			60,582
Other income (expenses)
Intercompany dividends and interest	68,955						68,955			(137,910		)	—
Other income (expenses)	—			(19,254		)	(4,202		)	—			(23,456		)
Total other income (expenses)	68,955			(19,254		)	64,753			(137,910		)	(23,456		)
Net income (loss) before income taxes	49,155			34,879			91,002			(137,910		)	37,126
Taxes on income	643			7,824			8,829			—			17,296
Net income (loss)	$	48,512		$	27,055		$	82,173		$	(137,910	)	$	19,830

Year Ended December 31, 2013
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	$	68,082		$	(81,887	)	$	94,437		$	—		$	80,632
Net cash used in investing activities	(5,562		)	(7,480		)	(3,233		)	—			(16,275		)
Net cash (used in) provided by financing activities	(19,719		)	310,463			(84,442		)	—			206,302
Net increase in cash and cash equivalents	42,801			221,096			6,762			—			270,659
Cash and cash equivalents at beginning of year	—			—			14,562			—			14,562
Cash and cash equivalents at end of year	$	42,801		$	221,096		$	21,324		$	—		$	285,221

					Other
	Parent		Subsidiary		Subsidiary
	Guarantor		Issuers		Non-Issuers			Eliminations		Consolidated
	(in thousands)
At December 31, 2012
Condensed Consolidating Balance Sheet
Total real estate assets	$	—	$	—	$	—		$	—	$	—
Total other assets	—		—		267,075			—		267,075
Total assets	$	—	$	—	$	267,075		$	—	$	267,075

Total other liabilities	$	—	$	—	$	30,745		$	—	$	30,745
Total long-term debt	—		—		—			—		—
Total shareholders’ equity	—		—		236,330			—		236,330
Total liabilities and shareholders’ equity	$	—	$	—	$	267,075		$	—	$	267,075

Year Ended December 31, 2012
Condensed Consolidating Statement of Operations
Net revenues	$	—	$	—	$	210,643		$	—	$	210,643
Total operating expenses	—		—		166,975			—		$	166,975
Income from operations	—		—		43,668			—		43,668
Other income (expenses)	—		—		(6,318		)	—		$	(6,318	)
Net income before income taxes	—		—		37,350			—		$	37,350
Taxes on income	—		—		14,431			—		$	14,431
Net income	$	—	$	—	$	22,919		$	—	$	22,919

Year Ended December 31, 2012
Condensed Consolidating Statement of Cash Flows
Net cash provided by operating activities	$	—	$	—	$	26,744		$	—	$	26,744
Net cash used in investing activities	—		—		(4,810		)	—		(4,810		)
Net cash used in financing activities	—		—		(24,518		)	—		(24,518		)
Net decrease in cash and cash equivalents	—		—		(2,584		)	—		(2,584		)
Cash and cash equivalents at beginning of year	—		—		17,146			—		17,146
Cash and cash equivalents at end of year	$	—	$	—	$	14,562		$	—	$	14,562

					Other
	Parent		Subsidiary		Subsidiary
	Guarantor		Issuers		Non-Issuers			Eliminations		Consolidated
	(in thousands)
Year ended December 31, 2011
Condensed Consolidating Statement of Operations
Net revenues	$	—	$	—	$	231,884		$	—	$	231,884
Total operating expenses	—		—		179,371			—		$	179,371
Income from operations	—		—		52,513			—		52,513
Other income (expenses)	—		—		(6,954		)	—		$	(6,954	)
Net income before income taxes	—		—		45,559			—		$	45,559
Taxes on income	—		—		18,875			—		$	18,875
Net income	$	—	$	—	$	26,684		$	—	$	26,684

Year ended December 31, 2011
Condensed Consolidating Statement of Cash Flows
Net cash provided by operating activities	$	—	$	—	$	56,840		$	—	$	56,840
Net cash used in investing activities	—		—		(8,171		)	—		(8,171		)
Net cash used in financing activities	—		—		(50,436		)	—		(50,436		)
Net decrease in cash and cash equivalents	—		—		(1,767		)	—		(1,767		)
Cash and cash equivalents at beginning of year	—		—		18,913			—		18,913
Cash and cash equivalents at end of year	$	—	$	—	$	17,146		$	—	$	17,146

Organization and Operations (Details) $ in Millions		3 Months Ended	12 Months Ended
Organization and Operations (Details) $ in Millions	Feb. 18, 2014 USD ($)	Mar. 31, 2014 facility property company renewaloption item	Dec. 31, 2013 facility property company renewaloption item
Organization and Operations
Number of gaming and related facilities \| facility		22	21
Number of gaming and related facilities whose real property is included in the entity's portfolio \| property		20	19
Number of properties under development \| property		2	2
Number of states across which the portfolio of properties is diversified \| item		13	13
Purging Distribution \| $	$ 1,050
Penn
Organization and Operations
Number of publicly traded companies \| company		2	2
Initial term of Master Lease		15 years	15 years
Number of lease renewal options of Master Lease \| renewaloption		4	4
Term of Master Lease renewal options		5 years	5 years
Number of states across which the portfolio of properties is diversified \| item			11

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 48,278	$ 285,221	$ 14,562
Financial liabilities:
Senior unsecured credit facility	450,000	300,000
Senior notes	2,050,000	2,050,000
Fair Value
Financial assets:
Cash and cash equivalents	48,278	285,221	$ 14,562
Financial liabilities:
Senior unsecured credit facility	441,000	294,750
Senior notes	$ 2,114,250	$ 2,058,750

Summary of Significant Accounting Policies (Details 2) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2014 USD ($) property	Mar. 31, 2013 USD ($)	Dec. 31, 2013 USD ($) property	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Summary of Significant Accounting Policies
Number of properties leased to third parties other than subsidiary of Penn \| property	3		2
Period after which rent structure is adjusted under the Master Lease	5 years		5 years
Percentage of the average change to net revenues of all facilities under the Master Lease during the preceding five years used for adjustment in the component of the rent structure	4.00%		4.00%
Period used in calculation of the average change to net revenues	5 years		5 years
Percentage of the change to net revenues of all facilities under the Master Lease during the preceding month used for adjustment in rent structure	20.00%		20.00%
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	$ 38,755	$ 41,080	$ 159,352	$ 202,581	$ 223,302
Promotional allowances	1,370	1,646	6,137	7,573	7,814
Cost of complimentary services	719	782	2,993	3,703	3,607
Video lottery
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	33,381	37,352	138,803	189,808	210,349
Table game
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	4,940	3,448	18,096	11,891	12,333
Poker
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	434	280	2,453	882	620
Food and beverage
Revenue Recognition and Promotional Allowances
Promotional allowances	1,361	1,517	5,970	6,806	6,971
Cost of complimentary services	716	713	2,907	3,319	3,198
Other
Revenue Recognition and Promotional Allowances
Promotional allowances	9	129	167	767	843
Cost of complimentary services	$ 3	$ 69	$ 86	$ 384	$ 409

Summary of Significant Accounting Policies (Details 3)	3 Months Ended									12 Months Ended
Summary of Significant Accounting Policies (Details 3)	Mar. 31, 2014 USD ($) segment $ / shares shares	Dec. 31, 2013 USD ($) $ / shares shares	Sep. 30, 2013 USD ($) $ / shares	Jun. 30, 2013 USD ($) $ / shares	Mar. 31, 2013 USD ($) $ / shares shares	Dec. 31, 2012 USD ($) $ / shares	Sep. 30, 2012 USD ($) $ / shares	Jun. 30, 2012 USD ($) $ / shares	Mar. 31, 2012 USD ($) $ / shares	Dec. 31, 2013 USD ($) segment $ / shares shares	Dec. 31, 2012 USD ($) $ / shares shares	Dec. 31, 2011 USD ($) $ / shares shares
Gaming and Admission Taxes
Gaming expense	$ 17,300,000				$ 18,700,000					$ 71,600,000	$ 94,900,000	$ 105,400,000
Determination of shares:
Weighted-average common shares outstanding \| shares	111,198,000				110,582,000					110,617,000	110,582,000	110,582,000
Assumed conversion of dilutive employee stock-based awards (in shares) \| shares	6,282,000				4,703,000					4,924,000	4,703,000	4,703,000
Assumed conversion of restricted stock (in shares) \| shares	370,000				318,000					324,000	318,000	318,000
Diluted weighted-average common shares outstanding \| shares	117,850,000				115,603,000					115,865,000	115,603,000	115,603,000
Calculation of basic EPS:
Net income	$ 44,312,000	$ 9,234,000	$ 2,681,000	$ 4,699,000	$ 3,214,000	$ 2,106,000	$ 4,530,000	$ 7,618,000	$ 8,665,000	$ 19,830,000	$ 22,919,000	$ 26,684,000
Less: Net income allocated to participating securities	(175,000)				(12,000)					(75,000)	(86,000)	(101,000)
Net income attributable to common shareholders	$ 44,137,000				$ 3,202,000					$ 19,755,000	$ 22,833,000	$ 26,583,000
Weighted-average common shares outstanding \| shares	111,198,000				110,582,000					110,617,000	110,582,000	110,582,000
Basic EPS (in dollars per share) \| $ / shares	$ 0.40	$ 0.08	$ 0.02	$ 0.04	$ 0.03	$ 0.02	$ 0.04	$ 0.07	$ 0.08	$ 0.18	$ 0.21	$ 0.24
Calculation of diluted EPS:
Net income	$ 44,312,000	$ 9,234,000	$ 2,681,000	$ 4,699,000	$ 3,214,000	$ 2,106,000	$ 4,530,000	$ 7,618,000	$ 8,665,000	$ 19,830,000	$ 22,919,000	$ 26,684,000
Diluted weighted-average common shares outstanding \| shares	117,850,000				115,603,000					115,865,000	115,603,000	115,603,000
Diluted EPS (in dollars per share) \| $ / shares	$ 0.38	$ 0.08	$ 0.02	$ 0.04	$ 0.03	$ 0.02	$ 0.04	$ 0.07	$ 0.07	$ 0.17	$ 0.20	$ 0.23
Anti-dilutive securities, options to purchase common stock outstanding (in shares) \| shares	0				0					0	0	0
Segment Information
Number of reportable segments \| segment	2									2
Stock-based compensation
Stock option grants awarded (in shares) \| shares	0									0
Number of awards into which each outstanding option and cash settled SAR converted in connection with the Spin-Off (in shares) \| shares	2									2
Dividends paid per common share (in dollars per share) \| $ / shares	$ 0.52
Stock options
Stock-based compensation
Total unrecognized compensation cost	$ 5,800,000	$ 6,800,000								$ 6,800,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost	1 year 5 months 19 days									1 year 8 months 5 days
Recognized compensation expense	$ 1,400,000
Additional compensation expense related to dividend	$ 3,300,000
Dividends paid per common share (in dollars per share) \| $ / shares	$ 0.52
Dividend paid	$ 0.52
Restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	$ 6,400,000	$ 4,700,000								$ 4,700,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost	3 years 3 months 11 days									3 years 18 days
Recognized compensation expense	$ 600,000
Dividend paid	$ 1,000,000
Number of Award Shares
Outstanding at the beginning of the period (in shares) \| shares	419,067
E&P Purge (in shares) \| shares	106,261
Granted (in shares) \| shares	64,279
Released (in shares) \| shares	(110,714)
Canceled (in shares) \| shares	(37,274)
Outstanding at the end of the period (in shares) \| shares	441,619	419,067								419,067
PSUs
Stock-based compensation
Total unrecognized compensation cost	$ 8,100,000	$ 9,400,000								$ 9,400,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost	2 years 4 months 13 days									2 years 5 months 5 days
Recognized compensation expense	$ 400,000									$ 1,200,000
Additional compensation expense related to dividend	$ 400,000
Dividends paid per common share (in dollars per share) \| $ / shares	$ 0.52
Dividend paid	$ 0.52
SARs
Stock-based compensation
Total unrecognized compensation cost	$ 300,000	$ 500,000								$ 500,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost	1 year 7 months 13 days									1 year 10 months 2 days
Recognized compensation expense	$ 21,000									$ 200,000

Acquisitions (Details) $ in Thousands	1 Months Ended	3 Months Ended
Acquisitions (Details) $ in Thousands	Jan. 31, 2014 USD ($)	Mar. 31, 2014 USD ($) item
Acquisitions
Amount paid for acquisition		$ 140,730
Loan receivable		41,000
Casino Queen
Acquisitions
Payments for term loan	$ 43,000
Loan receivable		$ 41,000
Term of term loan	5 years
Interest rate on term loan (as a percent)	7.00%
Annual rent of property leased back on a triple net basis	$ 14,000
Initial lease term		15 years
Number of lease renewal option \| item		4
Period of lease renewal option		5 years
Real property associated with the Casino Queen in East St. Louis, Illinois
Acquisitions
Amount paid for acquisition	140,700
Transaction fees related to real estate acquisitions	$ 700

Real Estate Investments (Details) $ in Thousands	1 Months Ended	3 Months Ended
Real Estate Investments (Details) $ in Thousands	Jan. 31, 2014 USD ($)	Mar. 31, 2014 USD ($) property	Dec. 31, 2013 USD ($) property
Real Estate Investments
Number of properties \| property		20	19
Real estate investments
Total real estate investments		$ 2,661,127	$ 2,494,791
Less accumulated depreciation		(507,474)	(484,488)
Real estate investments, net		$ 2,153,653	$ 2,010,303
Number of properties under development \| property		2	2
Increase in Real Estate Investments		$ 140,730
Real property associated with the Casino Queen in East St. Louis, Illinois
Real estate investments
Increase in Real Estate Investments	$ 140,700
Land and improvements
Real estate investments
Total real estate investments		453,141	$ 382,581
Building and improvements
Real estate investments
Total real estate investments		2,120,663	2,050,533
Construction in progress
Real estate investments
Total real estate investments		$ 87,323	$ 61,677

Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property and equipment used in operations
Total property and equipment	$ 251,146	$ 244,965	$ 213,616
Less accumulated depreciation	(109,260)	(105,844)	(94,662)
Property and equipment, net	141,886	139,121	118,954
Land and improvements
Property and equipment used in operations
Total property and equipment	31,635	27,586	28,193
Building and improvements
Property and equipment used in operations
Total property and equipment	116,267	115,888	109,248
Furniture, fixtures, and equipment
Property and equipment used in operations
Total property and equipment	102,740	101,288	76,088
Construction in progress
Property and equipment used in operations
Total property and equipment	$ 504	$ 203	$ 87

Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2013	Oct. 31, 2013
Long-term debt
Long-term debt	$ 2,500,000	$ 2,350,000
$550 million 4.375% senior notes due November 2018
Long-term debt
Long-term debt	550,000	550,000
Face amount of debt	$ 550,000	$ 550,000	$ 550,000
Debt instrument interest rate stated percentage	4.375%	4.375%
$1,000 million 4.875% senior notes due November 2020
Long-term debt
Long-term debt	$ 1,000,000	$ 1,000,000
Face amount of debt	$ 1,000,000	$ 1,000,000	1,000,000
Debt instrument interest rate stated percentage	4.875%	4.875%
$500 million 5.375% senior notes due November 2023
Long-term debt
Long-term debt	$ 500,000	$ 500,000
Face amount of debt	$ 500,000	$ 500,000	$ 500,000
Debt instrument interest rate stated percentage	5.375%	5.375%
Senior unsecured credit facility
Long-term debt
Long-term debt	$ 450,000	$ 300,000
Face amount of debt	$ 1,000,000

Long-term Debt (Details 2) - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2013
Future minimum repayments of long-term debt
2018	$ 1,000,000	$ 850,000
Thereafter	1,500,000	1,500,000
Debt	$ 2,500,000	$ 2,350,000

Long-term Debt (Details 3) $ in Millions	Mar. 31, 2014 USD ($)
Senior unsecured credit facility
Long-term debt
Face amount of debt	$ 1,000.0
Gross outstanding balance	450.0
Available borrowing capacity	550.0
Revolving credit facility
Long-term debt
Face amount of debt	700.0
Gross outstanding balance on revolving credit facility	150.0
Term Loan A facility
Long-term debt
Face amount of debt	300.0
Gross outstanding balance	$ 300.0

Dividends (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Mar. 28, 2014	Feb. 18, 2014	Mar. 31, 2014
Dividends
Purging Distribution		$ 1,050.0
Total cash limitation on purging distribution in cash		$ 210.0
Common stock outstanding (in shares)		88,691,827
Percentage of stockholders who elected the cash distribution		54.30%
Percentage of stockholders who elected a stock distribution or made no election		45.70%
Cash dividend distributed per common share held by shareholders who elected cash distribution (in dollars per share)		$ 4.358049
Stock dividend distributed per common share held by shareholders who elected cash distribution		0.195747
Stock dividend distributed per common share held by shareholders who elected stock distribution		0.309784
Period of trading days taken for calculation of volume weighted average price		3 days
Volume weighted average price (in dollars per share)		$ 38.2162
Shares issued in connection with dividend payment		22,000,000
Quarterly dividend declared (in dollars per share)		$ 0.52
Dividend paid	$ 58.0
Restricted stock awards
Dividends
Dividend paid			$ 1.0

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment information
Net revenues	$ 158,328	$ 113,776	$ 39,633	$ 46,072	$ 42,649	$ 37,659	$ 45,823	$ 60,252	$ 66,909	$ 242,129	$ 210,643	$ 231,884
Income from operations	74,334	39,016	5,665	9,090	6,810	4,534	8,155	14,472	16,507	60,582	43,668	52,513
Interest, net	28,428
Income from operations before income taxes	45,906				5,530					37,126	37,350	45,559
Income tax provision	1,594				2,316					17,296	14,431	18,875
Net income	44,312	9,234	$ 2,681	$ 4,699	3,214	2,106	$ 4,530	$ 7,618	$ 8,665	19,830	22,919	26,684
Depreciation	26,522				3,588					28,923	14,090	14,568
Capital project expenditures, net of reimbursements	24,002				78					16,428	5,190	8,288
Capital maintenance expenditures	871				896					4,230	3,260	3,157
Total assets	2,561,886	2,609,239				267,075				2,609,239	267,075
Eliminations
Segment information
Interest, net	(2,601)
GLP Capital
Segment information
Net revenues	118,112									76,557
Income from operations	67,871									34,333
Interest, net	28,428
Income from operations before income taxes	42,044									15,079
Income tax provision										8,467
Net income	42,044									6,612
Depreciation	23,441									14,896
Capital project expenditures, net of reimbursements	24,002									13,042
Total assets	2,324,839	2,379,243								2,379,243
TRS Properties
Segment information
Net revenues	40,216				42,649					165,572	210,643	231,884
Income from operations	6,463				6,810					26,249	43,668	52,513
Interest, net	2,601
Income from operations before income taxes	3,862				5,530					22,047	37,350	45,559
Income tax provision	1,594				2,316					8,829	14,431	18,875
Net income	2,268				3,214					13,218	22,919	26,684
Depreciation	3,081				3,588					14,027	14,090	14,568
Capital project expenditures, net of reimbursements					78					3,386	5,190	$ 8,288
Capital maintenance expenditures	871				$ 896
Total assets	$ 237,047	$ 229,996				$ 267,075				$ 229,996	$ 267,075

Pre-Spin Transactions with Penn (Details) - Penn - Hollywood Casino Baton Rouge and Hollywood Casino Perryville - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Pre-Spin Transactions with Penn
Management fee as a percentage of net revenues	3.00%		3.00%
Management fees incurred and paid		$ 1.3	$ 4.2	$ 6.3	$ 7.0

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Supplemental Disclosures of cash flow information
Interest paid	$ 2.1	$ 0.0	$ 0.8	$ 0.0	$ 0.0
Federal
Supplemental Disclosures of cash flow information
Income taxes paid	10.1
State taxing authorities
Supplemental Disclosures of cash flow information
Income taxes paid	1.4
Hollywood Casino Baton Rouge and Hollywood Casino Perryville \| Federal
Supplemental Disclosures of cash flow information
Income taxes paid	1.4		0.0
Hollywood Casino Baton Rouge and Hollywood Casino Perryville \| Penn \| Federal
Supplemental Disclosures of cash flow information
Income taxes paid		1.8	9.4	13.2	15.1
Hollywood Casino Baton Rouge and Hollywood Casino Perryville \| Penn \| State taxing authorities
Supplemental Disclosures of cash flow information
Income taxes paid	$ 0.9	$ 0.0	$ 1.6	$ 2.8	$ 3.3

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Details) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers
Ownership percentage	100.00%									100.00%
Condensed Consolidating Balance Sheet
Real estate investments, net	$ 2,153,653	$ 2,010,303								$ 2,010,303
Other	408,233	598,936								598,936
Total assets	2,561,886	2,609,239				$ 267,075				2,609,239	$ 267,075
Other liabilities	129,914	116,810				30,745				116,810	30,745
Long-term debt	2,500,000	2,350,000								2,350,000
Total shareholders' (deficit) equity	(68,028)	142,429				236,330				142,429	236,330	$ 219,911	$ 215,388
Total liabilities and shareholders' (deficit) equity	2,561,886	2,609,239				267,075				2,609,239	267,075
Condensed Consolidating Statement of Operations
Net revenues	158,328	113,776	$ 39,633	$ 46,072	$ 42,649	37,659	$ 45,823	$ 60,252	$ 66,909	242,129	210,643	231,884
Operating expenses	83,994				35,839					181,547	166,975	179,371
Income from operations	74,334	39,016	5,665	9,090	6,810	4,534	8,155	14,472	16,507	60,582	43,668	52,513
Other Income (expenses)
Other income (expenses)	(28,428)									(23,456)
Total other expenses	(28,428)				(1,280)					(23,456)	(6,318)	(6,954)
Income from operations before income taxes	45,906				5,530					37,126	37,350	45,559
Taxes on income	1,594				2,316					17,296	14,431	18,875
Net income	44,312	9,234	$ 2,681	4,699	3,214	2,106	$ 4,530	$ 7,618	8,665	19,830	22,919	26,684
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	79,727				(3,759)					80,632	26,744	56,840
Net cash used in investing activities	(209,959)				(895)					(16,275)	(4,810)	(8,171)
Net cash (used in) provided by financing activities	(106,711)				7,280					206,302	(24,518)	(50,436)
Net increase in cash and cash equivalents	(236,943)				2,626					270,659	(2,584)	(1,767)
Cash and cash equivalents at beginning of year	285,221			17,188	14,562				17,146	14,562	17,146	18,913
Cash and cash equivalents at end of year	48,278	285,221			17,188	14,562				285,221	14,562	17,146
Eliminations
Condensed Consolidating Balance Sheet
Intercompany transactions and investment in subsidiaries	(434,098)	(621,287)								(621,287)
Other		343								343
Total assets	(434,098)	(620,944)								(620,944)
Other liabilities		343								343
Intercompany debt	(193,595)
Total shareholders' (deficit) equity	(240,501)	(621,287)								(621,287)
Total liabilities and shareholders' (deficit) equity	(434,096)	(620,944)								(620,944)
Other Income (expenses)
Intercompany dividends and interest	(561,002)									(137,910)
Total other expenses	(561,002)									(137,910)
Income from operations before income taxes	(561,002)									(137,910)
Net income	(561,002)									(137,910)
Parent Guarantor
Condensed Consolidating Balance Sheet
Intercompany transactions and investment in subsidiaries	(82,258)	104,391								104,391
Other	42,395	83,083								83,083
Total assets	(39,863)	187,474								187,474
Other liabilities	28,165	45,045								45,045
Total shareholders' (deficit) equity	(68,028)	142,429								142,429
Total liabilities and shareholders' (deficit) equity	(39,863)	187,474								187,474
Condensed Consolidating Statement of Operations
Operating expenses	14,522									19,800
Income from operations	(14,522)									(19,800)
Other Income (expenses)
Intercompany dividends and interest	275,011									68,955
Total other expenses	275,011									68,955
Income from operations before income taxes	260,489									49,155
Taxes on income										643
Net income	260,489									48,512
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	217,250									68,082
Net cash used in investing activities	(1,532)									(5,562)
Net cash (used in) provided by financing activities	(256,719)									(19,719)
Net increase in cash and cash equivalents	(41,001)									42,801
Cash and cash equivalents at beginning of year	42,801
Cash and cash equivalents at end of year	1,800	42,801								42,801
Subsidiary Issuers
Condensed Consolidating Balance Sheet
Real estate investments, net	2,013,643	2,010,303								2,010,303
Intercompany transactions and investment in subsidiaries	393,503	208,739								208,739
Other	85,340	285,514								285,514
Total assets	2,492,486	2,504,556								2,504,556
Other liabilities	74,940	47,906								47,906
Long-term debt	2,500,000	2,350,000								2,350,000
Total shareholders' (deficit) equity	(82,454)	106,650								106,650
Total liabilities and shareholders' (deficit) equity	2,492,486	2,504,556								2,504,556
Condensed Consolidating Statement of Operations
Net revenues	115,072									76,557
Operating expenses	34,630									22,424
Income from operations	80,442									54,133
Other Income (expenses)
Intercompany dividends and interest	6,384
Other income (expenses)	(26,373)									(19,254)
Total other expenses	(19,989)									(19,254)
Income from operations before income taxes	60,453									34,879
Taxes on income										7,824
Net income	60,453									27,055
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	(329,090)									(81,887)
Net cash used in investing activities	(25,826)									(7,480)
Net cash (used in) provided by financing activities	150,008									310,463
Net increase in cash and cash equivalents	(204,908)									221,096
Cash and cash equivalents at beginning of year	221,096
Cash and cash equivalents at end of year	16,188	221,096								221,096
Other Subsidiary Non-Issuers
Condensed Consolidating Balance Sheet
Real estate investments, net	140,010
Intercompany transactions and investment in subsidiaries	122,853	308,157								308,157
Other	280,498	229,996								229,996
Total assets	543,361	538,153				267,075				538,153	267,075
Other liabilities	26,809	23,516				30,745				23,516	30,745
Intercompany debt	193,595
Total shareholders' (deficit) equity	322,955	514,637				236,330				514,637	236,330
Total liabilities and shareholders' (deficit) equity	543,359	538,153				267,075				538,153	267,075
Condensed Consolidating Statement of Operations
Net revenues	43,256				42,649					165,572	210,643	231,884
Operating expenses	34,842				35,839					139,323	166,975	179,371
Income from operations	8,414				6,810					26,249	43,668	52,513
Other Income (expenses)
Intercompany dividends and interest	279,607									68,955
Other income (expenses)	(2,055)									(4,202)
Total other expenses	277,552				(1,280)					64,753	(6,318)	(6,954)
Income from operations before income taxes	285,966				5,530					91,002	37,350	45,559
Taxes on income	1,594				2,316					8,829	14,431	18,875
Net income	284,372				3,214					82,173	22,919	26,684
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	191,567				(3,759)					94,437	26,744	56,840
Net cash used in investing activities	(182,601)				(895)					(3,233)	(4,810)	(8,171)
Net cash (used in) provided by financing activities					7,280					(84,442)	(24,518)	(50,436)
Net increase in cash and cash equivalents	8,966				2,626					6,762	(2,584)	(1,767)
Cash and cash equivalents at beginning of year	21,324			$ 17,188	14,562				$ 17,146	14,562	17,146	18,913
Cash and cash equivalents at end of year	$ 30,290	$ 21,324			$ 17,188	$ 14,562				$ 21,324	$ 14,562	$ 17,146

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Assets
Real estate investments, net	$ 2,010,303
Property and equipment, used in operations, net	139,121	$ 118,954
Cash and cash equivalents	285,221	14,562
Prepaid expenses	5,983	1,141
Deferred income taxes	2,228	2,859
Other current assets	17,367	1,009
Receivable from Penn National Gaming, Inc.		43,318
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $1,270 at December 31, 2013	46,877
Other assets	17,041	134
Total assets	2,609,239	267,075
Liabilities
Accounts payable	21,397	251
Accrued expenses	13,783	5,787
Accrued interest	18,055
Accrued salaries and wages	10,337	3,507
Gaming, property, and other taxes	18,789	1,136
Income taxes	17,256	11,538
Other current liabilities	12,911	109
Long-term debt	2,350,000
Deferred income taxes	4,282	8,417
Total liabilities	2,466,810	30,745
Commitments and Contingencies (Note 7)
Shareholders' equity
Common stock ($.01 par value, 550,000,000 shares authorized, 88,659,448 shares issued at December 31, 2013)	887
Additional paid-in capital	3,651	71,356
Retained earnings	137,891	164,974
Total shareholders' (deficit) equity	142,429	236,330
Total liabilities and shareholders' (deficit) equity	$ 2,609,239	$ 267,075

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2013
Condensed Consolidated Balance Sheets
Debt issuance costs, accumulated amortization (in dollars)	$ 3,277	$ 1,270
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	550,000,000	550,000,000
Common stock, shares issued	111,771,524	88,659,448

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues
Rental	$ 106,114									$ 68,955
Real estate taxes paid by tenants	11,998									7,602
Total rental revenue	118,112									76,557
Gaming	38,755				$ 41,080					159,352	$ 202,581	$ 223,302
Food, beverage and other	2,831				3,215					12,357	15,635	16,396
Total revenues	159,698				44,295					248,266	218,216	239,698
Less promotional allowances	(1,370)				(1,646)					(6,137)	(7,573)	(7,814)
Net revenues	158,328	$ 113,776	$ 39,633	$ 46,072	42,649	$ 37,659	$ 45,823	$ 60,252	$ 66,909	242,129	210,643	231,884
Operating expenses
Gaming	21,562				23,139					89,367	113,111	124,971
Food, beverage and other	2,546				2,767					10,775	13,114	13,664
Real estate taxes	12,423				406					9,220	1,592	1,362
General and administrative	20,941				5,939					43,262	25,068	24,806
Depreciation	26,522				3,588					28,923	14,090	14,568
Total operating expenses	83,994				35,839					181,547	166,975	179,371
Income from operations	74,334	39,016	5,665	9,090	6,810	4,534	8,155	14,472	16,507	60,582	43,668	52,513
Other income (expenses)
Interest expense	(28,974)									(19,254)
Interest income	546									1	2	4
Management fee					(1,280)					(4,203)	(6,320)	(6,958)
Total other expenses	(28,428)				(1,280)					(23,456)	(6,318)	(6,954)
Income from operations before income taxes	45,906				5,530					37,126	37,350	45,559
Income tax provision	1,594				2,316					17,296	14,431	18,875
Net income	$ 44,312	$ 9,234	$ 2,681	$ 4,699	$ 3,214	$ 2,106	$ 4,530	$ 7,618	$ 8,665	$ 19,830	$ 22,919	$ 26,684
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 0.40	$ 0.08	$ 0.02	$ 0.04	$ 0.03	$ 0.02	$ 0.04	$ 0.07	$ 0.08	$ 0.18	$ 0.21	$ 0.24
Diluted earnings per common share (in dollars per share)	$ 0.38	$ 0.08	$ 0.02	$ 0.04	$ 0.03	$ 0.02	$ 0.04	$ 0.07	$ 0.07	$ 0.17	$ 0.20	$ 0.23

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings
Balance at Dec. 31, 2010	$ 215,388		$ 100,017	$ 115,371
Increase (Decrease) in Shareholders' Equity
Cash contribution to parent	(22,161)		(22,161)
Net income	26,684			26,684
Balance at Dec. 31, 2011	219,911		77,856	142,055
Increase (Decrease) in Shareholders' Equity
Cash contribution to parent	(6,500)		(6,500)
Net income	22,919			22,919
Balance at Dec. 31, 2012	236,330		71,356	164,974
Increase (Decrease) in Shareholders' Equity
Contributions to Penn National Gaming, Inc., prior to spin-off	(50,300)		(3,387)	(46,913)
Real estate assets and liabilities contributed to GLPI from Penn National Gaming, Inc.	2,023,573	$ 886	2,022,687
Real estate assets and liabilities contributed to GLPI from Penn National Gaming, Inc. (in shares)		88,601,637
Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off	(2,090,000)		(2,090,000)
Stock option activity	2,622	$ 1	2,621
Stock option activity (in shares)		57,811
Restricted stock activity	374		374
Net income	19,830			19,830
Balance at Dec. 31, 2013	$ 142,429	$ 887	3,651	137,891
Balance (in shares) at Dec. 31, 2013	88,659,448	88,659,448
Increase (Decrease) in Shareholders' Equity
Stock option activity	$ 15,854	$ 10	15,844
Stock option activity (in shares)		1,051,847
Restricted stock activity	(583)	$ 1	(584)
Net income	44,312			44,312
Balance at Mar. 31, 2014	$ (68,028)	$ 1,118	$ 862,588	$ (931,734)
Balance (in shares) at Mar. 31, 2014	111,771,524	111,771,524

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating activities
Net income	$ 3,214	$ 19,830	$ 22,919	$ 26,684
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	3,588	28,923	14,090	14,568
Amortization of debt issuance costs		1,270
Losses (Gain) on sale of fixed assets	(28)	(39)	(142)	(75)
Deferred income taxes	128	(5,646)	(88)	(6,514)
Charge for stock-based compensation		1,566
Prepaid expenses and other current assets	(380)	(885)	1,513	(1,248)
Other assets	4	(662)		(2)
Accounts payable	177	2,638	(260)	(288)
Accrued expenses	189	7,996	(456)	(180)
Accrued interest		17,216		(4)
Accrued salaries and wages	(510)	2,131	(394)	313
Gaming, property and other taxes	337	(7)	(250)	146
Income taxes	(10,541)	5,718	(10,162)	23,396
Other current and noncurrent liabilities	63	583	(26)	44
Net cash provided by (used in) operating activities	(3,759)	80,632	26,744	56,840
Investing activities
Capital project expenditures, net of reimbursements	(78)	(12,198)	(1,930)	(5,131)
Capital maintenance expenditures	(896)	(4,230)	(3,260)	(3,157)
Proceeds from sale of property and equipment	79	153	380	117
Net cash used in investing activities	(895)	(16,275)	(4,810)	(8,171)
Financing activities
Net advances to Penn National Gaming, Inc.	7,280	(3,595)	(18,018)	(27,375)
Cash contributions to Penn National Gaming, Inc.		(3,387)	(6,500)	(22,161)
Cash distribution to Penn National Gaming, Inc. in connection with Spin-Off		(2,090,000)
Principal payments on debt obligation to Penn National Gaming, Inc.				(900)
Proceeds from exercise of options		1,431
Proceeds from issuance of long-term debt, net of issuance costs		2,301,853
Net cash (used in) provided by financing activities	7,280	206,302	(24,518)	(50,436)
Net increase in cash and cash equivalents	2,626	270,659	(2,584)	(1,767)
Cash and cash equivalents at beginning of year	14,562	14,562	17,146	18,913
Cash and cash equivalents at end of year	$ 17,188	$ 285,221	$ 14,562	$ 17,146

Business and Basis of Presentation

12 Months Ended

Dec. 31, 2013

Business and Basis of Presentation

Business and Basis of Presentation

1. Business and Basis of Presentation

On November 15, 2012, Penn National Gaming, Inc. ("Penn") announced that it intended to pursue a plan to separate the majority of its operating assets and real property assets into two publicly traded companies including an operating entity, and, through a tax-free spin-off of its real estate assets to holders of its common and preferred stock, a newly formed publicly traded real estate investment trust ("REIT"), Gaming and Leisure Properties, Inc. ("GLPI") (the "Spin-Off").

GLPI and subsidiaries (the "Company") was incorporated on February 13, 2013, as a wholly-owned subsidiary of Penn. In connection with the Spin-Off, which was completed 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," in a tax-free distribution. The Company intends to elect on its United States ("U.S.") federal income tax return for its taxable year beginning on January 1, 2014 to be treated as a REIT and the Company, together with an indirectly wholly-owned subsidiary of the Company, GLP Holdings, Inc., intend to jointly elect to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc. as a "taxable REIT subsidiary" (a "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 and leases back most of those assets to Penn for use by its subsidiaries, under a master lease, a "triple-net" operating lease with an initial term of 15 years with no purchase option, followed by four 5 year renewal options (exercisable by Penn) on the same terms and conditions (the "Master Lease"), and GLPI also owns and operates the TRS Properties through its TRS.

Prior to the Spin-Off, GLPI and Penn entered into a Separation and Distribution Agreement setting forth the mechanics of the Spin-Off, certain organizational matters and other ongoing obligations of Penn and GLPI. Penn and GLPI or their respective subsidiaries, as applicable, also entered into a number of other agreements prior to the Spin-Off to provide a framework for the restructuring and for the relationships between GLPI and Penn.

GLPI's primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in "triple net" lease arrangements. As of December 31, 2013, GLPI's portfolio consisted of 21 gaming and related facilities, including the TRS Properties and the real property associated with 19 gaming and related facilities (including two properties under development in Dayton, Ohio and Mahoning Valley, Ohio) that are geographically diversified across 13 states. GLPI expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms, which may or may not include Penn.

In connection with the Spin-Off, Penn allocated its accumulated earnings and profits (as determined for U.S. federal income tax purposes) for periods prior to the consummation of the Spin-Off between Penn and GLPI. In connection with its election to be taxed as a REIT for U.S. federal income tax purposes, GLPI declared a dividend to its shareholders to distribute any accumulated earnings and profits relating to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off, to comply with certain REIT qualification requirements (the "Purging Distribution"). The Purging Distribution, which was paid on February 18, 2014, totaled $1.05 billion and was comprised of cash and GLPI common stock. See Note 15 for further details.

The assets and liabilities of GLPI were recorded at their respective historical carrying values at the time of the Spin-Off in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 505-60, "Spinoffs and Reverse Spinoffs." The assets and liabilities contributed to GLPI from Penn were as follows (in thousands):


Prepaid expenses	$	2,766
Current deferred income tax assets		4,358
Property and equipment, net		2,024,572
Other assets		16,245
Accrued expenses		(5,656	)
Other current liabilities		(12,219	)
Deferred income tax liabilities		(6,493	)


Net contribution	$	2,023,573

The preparation of financial statements in conformity with generally accepted accounting principles 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.

Principles of Consolidation	3 Months Ended	12 Months Ended
Principles of Consolidation	Mar. 31, 2014	Dec. 31, 2013
Principles of Consolidation
Principles of Consolidation	1. Organization and Operations On November 15, 2012, Penn National Gaming, Inc. (“Penn”) announced that it intended to pursue a plan to separate the majority of its operating assets and real property assets into two publicly traded companies including an operating entity, and, through a tax-free spin-off of its real estate assets to holders of its common and preferred stock, a newly formed publicly traded real estate investment trust (“REIT”), Gaming and Leisure Properties, Inc. (“GLPI”) (the “Spin-Off”). GLPI and subsidiaries (the “Company”) was incorporated on February 13, 2013, as a wholly-owned subsidiary of Penn. In connection with the Spin-Off, which was completed 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,” in a tax-free distribution. The Company intends to elect on its United States (“U.S.”) federal income tax return for its taxable year beginning on January 1, 2014 to be treated as a REIT and the Company, together with an indirectly wholly-owned subsidiary of the Company, GLP Holdings, Inc., intend to jointly elect to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc. as a “taxable REIT subsidiary” (a “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 and leases back most of those assets to Penn for use by its subsidiaries, under a master lease, a “triple-net” operating lease with an initial term of 15 years with no purchase option, followed by four 5 year renewal options (exercisable by Penn) on the same terms and conditions (the “Master Lease”), and GLPI also owns and operates the TRS Properties through an indirect wholly-owned subsidiary, GLP Holdings, Inc. Prior to the Spin-Off, GLPI and Penn entered into a Separation and Distribution Agreement setting forth the mechanics of the Spin-Off, certain organizational matters and other ongoing obligations of Penn and GLPI. Penn and GLPI or their respective subsidiaries, as applicable, also entered into a number of other agreements prior to the Spin-Off to provide a framework for the restructuring and for the relationships between GLPI and Penn after the Spin-Off. 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 March 31, 2014, GLPI’s portfolio consisted of 22 gaming and related facilities, which included the TRS Properties, the real property associated with 19 gaming and related facilities of Penn (including two properties under development in Dayton, Ohio and Mahoning Valley, Ohio), and the real property associated with the Casino Queen in East St. Louis, Illinois, that was acquired in January 2014. These facilities are geographically diversified across 13 states. GLPI expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms, which may or may not include Penn. In connection with the Spin-Off, Penn allocated its accumulated earnings and profits (as determined for U.S. federal income tax purposes) for periods prior to the consummation of the Spin-Off between Penn and GLPI. In connection with its election to be taxed as a REIT for U.S. federal income tax purposes, GLPI declared a special dividend to its shareholders to distribute any accumulated earnings and profits relating to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off, to comply with certain REIT qualification requirements (the “Purging Distribution”). The Purging Distribution, which was paid on February 18, 2014, totaled approximately $1.05 billion and was comprised of cash and GLPI common stock. See Note 8 for further details. 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 adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The condensed consolidated financial statements include the accounts of GLPI and its subsidiaries. All significant 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 months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The notes to the consolidated financial statements contained in the Annual Report on Form 10-K for the year ended December 31, 2013 (our “Annual Report”) should be read in conjunction with these condensed consolidated financial statements. The December 31, 2013 financial information has been derived from the Company’s audited consolidated financial statements.	2. Principles of Consolidation The consolidated financial statements include the accounts of GLPI and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

+ Details

Summary of Significant Accounting Policies

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Fair Value of Financial Instruments

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.

Long-term Debt

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

	March 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	48,278	$	48,278	$	285,221	$	285,221
Financial liabilities:
Long-term debt
Senior unsecured credit facility	450,000		441,000		300,000		294,750
Senior notes	2,050,000		2,114,250		2,050,000		2,058,750

Comprehensive Income

Revenue Recognition and Promotional Allowances

The following table discloses the components of gaming revenue within the condensed consolidated statements of income for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Video lottery	$	33,381	$	37,352
Table game	4,940		3,448
Poker	434		280
Total gaming revenue, net of cash incentives	$	38,755	$	41,080

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Food and beverage	$	1,361	$	1,517
Other	9		129
Total promotional allowances	$	1,370	$	1,646

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three months ended March 31, 2014 and 2013 are as follows:

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Food and beverage	$	716	$	713
Other	3		69
Total cost of complimentary services	$	719	$	782

Gaming and Admission Taxes

Earnings Per Share

Three months ended March 31,	2014	2013

Determination of shares:
Weighted-average common shares outstanding	111,198	110,582
Assumed conversion of dilutive employee stock-based awards	6,282	4,703
Assumed conversion of restricted stock	370	318
Diluted weighted-average common shares outstanding	117,850	115,603

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2014 and 2013:

Three months ended March 31,	2014			2013
	(in thousands, expect per share data)
Calculation of basic EPS:
Net income	$	44,312		$	3,214
Less: Net income allocated to participating securities	(175		)	(12		)
Net income attributable to common shareholders	$	44,137		$	3,202
Weighted-average common shares outstanding	111,198			110,582
Basic EPS	$	0.40		$	0.03

Calculation of diluted EPS:
Net income	$	44,312		$	3,214
Diluted weighted-average common shares outstanding	117,850			115,603
Diluted EPS	$	0.38		$	0.03

Stock-Based Compensation

The following table contains information on restricted stock award activity for the three months ended March 31, 2014.

	Number of Award Shares
Outstanding at December 31, 2013	419,067
E&P Purge	106,261
Granted	64,279
Released	(110,714	)
Canceled	(37,274	)
Outstanding at March 31, 2014	441,619

Segment Information

3. Summary of Significant Accounting Policies

Cash and Cash Equivalents

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

Concentration of Credit Risk

Financial instruments that subject the Company to credit risk consist of cash and cash equivalents and accounts receivable.

Prepaid Expenses and Other Assets

Fair Value of Financial Instruments

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

Long-term Debt

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

	2013				2012

December 31,	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	285,221	$	285,221	$	14,562	$	14,562
Financial liabilities:
Long-term debt
Senior unsecured credit facility		300,000		294,750		—		—
Senior notes		2,050,000		2,058,750		—		—

Real Estate Investments

Property and Equipment used in operations

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


Land improvements		5 to 15 years
Building and improvements		5 to 40 years
Furniture, fixtures, and equipment		3 to 31 years

Leasehold improvements are depreciated over the shorter of the estimated useful life of the improvement or the related lease term.

The estimated useful lives are determined based on the nature of the assets as well as the Company's current operating strategy.

Goodwill and Other Intangible Assets

Debt Issuance Costs

Comprehensive Income

Income Taxes

Revenue Recognition and Promotional Allowances

As of December 31, 2013, the future minimum rental income from the Company's properties under non-cancelable operating leases was as follows (in thousands):

Year ending December 31,

2014	$	375,602
2015		375,602
2016		375,602
2017		376,101
2018		368,311
Thereafter		3,240,760


Total	$	5,111,978

The following table discloses the components of gaming revenue within the consolidated statements of income for the years ended December 31, 2013, 2012 and 2011:

Year ended December 31,	2013		2012		2011

	(in thousands)
Video lottery, net of cash incentives	$	138,803	$	189,808	$	210,349
Table game		18,096		11,891		12,333
Poker		2,453		882		620


Total gaming revenue	$	159,352	$	202,581	$	223,302

The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the years ended December 31, 2013, 2012 and 2011 are as follows:

Year ended December 31,	2013		2012		2011

	(in thousands)
Food and beverage	$	5,970	$	6,806	$	6,971
Other		167		767		843


Total promotional allowances	$	6,137	$	7,573	$	7,814

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the years ended December 31, 2013, 2012 and 2011 are as follows:

Year ended December 31,	2013		2012		2011

	(in thousands)
Food and beverage	$	2,907	$	3,319	$	3,198
Other		86		384		409


Total cost of complimentary services	$	2,993	$	3,703	$	3,607

Gaming and Admission Taxes

For the TRS Properties, the Company is subject to gaming and admission taxes based on gross gaming revenues in the jurisdictions in which it operates. The Company primarily recognizes gaming tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states where or in which wagering occurs. At Hollywood Casino Baton Rouge, the gaming admission tax is based on graduated tax rates. The Company records gaming and admission taxes at the Company's estimated effective gaming tax rate for the year, considering estimated taxable gaming revenue and the applicable rates. Such estimates are adjusted each interim period. If gaming tax rate changes during the year, such changes are applied prospectively in the determination of gaming tax expense in future interim periods. For the years ended December 31, 2013, 2012 and 2011, these expenses, which are recorded within gaming expense in the combined statements of income, totaled $71.6 million, $94.9 million and $105.4 million, respectively.

Earnings Per Share

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2013, 2012 and 2011 (in thousands):



Determination of shares:
Weighted-average common shares outstanding	110,617	110,582	110,582
Assumed conversion of dilutive employee stock-based awards	4,924	4,703	4,703
Assumed conversion of restricted stock	324	318	318


Diluted weighted-average common shares outstanding	115,865	115,603	115,603

The following table presents the calculation of basic and diluted EPS for the Company's common stock for the years ended December 31, 2013, 2012 and 2011:

Year ended December 31,	2013			2012			2011

	(in thousands, expect per share data)
Calculation of basic EPS:
Net income	$	19,830		$	22,919		$	26,684
Less: Net income allocated to participating securities		(75	)		(86	)		(101	)


Net income attributable to common shareholders	$	19,755		$	22,833		$	26,583
Weighted-average common shares outstanding		110,617			110,582			110,582
Basic EPS	$	0.18		$	0.21		$	0.24
Calculation of diluted EPS:
Net income	$	19,830		$	22,919		$	26,684
Diluted weighted-average common shares outstanding		115,865			115,603			115,603
Diluted EPS	$	0.17		$	0.20		$	0.23

Stock-Based Compensation

See Note 10 for further information related to the treatment of the unrecognized compensation expense at the time of the Spin-Off related to awards held by GLPI employees.

Segment Information

Statements of Cash Flows

The Company has presented the consolidated statements of cash flows using the indirect method, which involves the reconciliation of net income to net cash flow from operating activities.

Certain Risks and Uncertainties

Real Estate Investments

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Real Estate Investments

Real Estate Investments

4. Real Estate Investments

Real estate investments, net, represents investments in 20 properties and is summarized as follows:

	March 31,			December 31,
	2014			2013
	(in thousands)
Land and improvements	$	453,141		$	382,581
Building and improvements	2,120,663			2,050,533
Construction in progress	87,323			61,677
Total real estate investments	2,661,127			2,494,791
Less accumulated depreciation	(507,474		)	(484,488		)
Real estate investments, net	$	2,153,653		$	2,010,303

4. Real Estate Investments

Real estate investments, net, represents investments in 19 properties and is summarized as follows:

December 31,	2013			2012

	(in thousands)
Land and improvements	$	382,581		$	—
Building and improvements		2,050,533			—
Construction in progress		61,677			—


Total property and equipment		2,494,791			—
Less accumulated depreciation		(484,488	)		—


Property and equipment, net	$	2,010,303		$	—

Property and Equipment used in operations

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Property and Equipment Used in Operations

Property and Equipment used in operations

5. 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:

	March 31,			December 31,
	2014			2013
	(in thousands)

Land and improvements	$	31,635		$	27,586
Building and improvements	116,267			115,888
Furniture, fixtures, and equipment	102,740			101,288
Construction in progress	504			203
Total property and equipment	251,146			244,965
Less accumulated depreciation	(109,260		)	(105,844		)
Property and equipment, net	$	141,886		$	139,121

5. Property and Equipment used in operations

Property and equipment used in operations, net, consists of the following:

December 31,	2013			2012

	(in thousands)
Land and improvements	$	27,586		$	28,193
Building and improvements		115,888			109,248
Furniture, fixtures, and equipment		101,288			76,088
Construction in progress		203			87


Total property and equipment		244,965			213,616
Less accumulated depreciation		(105,844	)		(94,662	)


Property and equipment, net	$	139,121		$	118,954

Long-term Debt

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Long-term Debt

Long-term Debt

6. Long-term Debt

Long-term debt is as follows:

	March 31,		December 31,
	2014		2013
	(in thousands)
Senior unsecured credit facility	$	450,000	$	300,000
$550 million 4.375% senior notes due November 2018	550,000		550,000
$1,000 million 4.875% senior notes due November 2020	1,000,000		1,000,000
$500 million 5.375% senior notes due November 2023	500,000		500,000
	$	2,500,000	$	2,350,000

The following is a schedule of future minimum repayments of long-term debt as of March 31, 2014 (in thousands):

2014	$	—
2015	—
2016	—
2017	—
2018	1,000,000
Thereafter	1,500,000
Total minimum payments	$	2,500,000

At March 31, 2014, the Company was in compliance with all required covenants.

6. Long-term Debt

Long-term debt is as follows:

December 31,	2013

	(in thousands)
Senior unsecured credit facility	$	300,000
$550 million 4.375% senior notes due November 2018		550,000
$1,000 million 4.875% senior notes due November 2020		1,000,000
$500 million 5.375% senior notes due November 2023		500,000


	$	2,350,000

The following is a schedule of future minimum repayments of long-term debt as of December 31, 2013 (in thousands):


2014	$	—
2015		—
2016		—
2017		—
2018		850,000
Thereafter		1,500,000


Total minimum payments	$	2,350,000

At December 31, 2013, the Company was in compliance with all required financial covenants.

Commitments and Contingencies

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Commitments and Contingencies.

Commitments and Contingencies

7. Commitments and Contingencies

Litigation

7. Commitments and Contingencies

Litigation

Pursuant to a Separation and Distribution Agreement between Penn and GLPI, any liability arising from or relating to legal proceedings involving the businesses and operations of Penn's real property holdings prior to the Spin-Off (other than any liability arising from or relating to legal proceedings where the dispute arises from the operation or ownership of the TRS Properties) will be retained by Penn and Penn will indemnify GLPI (and its subsidiaries, directors, officers, employees and agents and certain other related parties) against any losses it may incur arising from or relating to such legal proceedings.

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.

Operating Lease Commitments

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at December 31, 2013 are as follows (in thousands):

Year ending December 31,

2014	$	1,013
2015		314
2016		302
2017		316
2018		334
Thereafter		44,178


Total	$	46,457

Capital Expenditure Commitments

Purchase obligations

The Company has obligations to purchase various goods and services totaling $1.4 million at December 31, 2013, of which $1.1 million will be incurred in 2014.

Employee Benefit Plans

Labor Agreements

Income Taxes

12 Months Ended

Dec. 31, 2013

Income Taxes

Income Taxes

8. Income Taxes

Deferred tax assets and liabilities are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated balance sheets. These temporary differences result in taxable or deductible amounts in future years. The components of the Company's deferred tax assets and liabilities are as follows:

Year ended December 31,	2013			2012

	(in thousands)
Deferred tax assets:
Accrued expenses	$	2,228		$	2,859


Net deferred tax assets		2,228			2,859


Deferred tax liabilities:
Property, plant and equipment		(3,459	)		(7,840	)
Intangibles		(823	)		(577	)


Net deferred tax liabilities		(4,282	)		(8,417	)


Net:	$	(2,054	)	$	(5,558	)

The provision for income taxes charged to operations for years ended December 31, 2013, 2012 and 2011 was as follows:

Year ended December 31,	2013			2012			2011

	(in thousands)
Current tax expense
Federal	$	19,429		$	12,216		$	21,048
State		3,513			2,303			4,341


Total current		22,942			14,519			25,389


Deferred tax (benefit) expense
Federal		(7,624	)		64			(6,780	)
State		1,978			(152	)		266


Total deferred		(5,646	)		(88	)		(6,514	)


Total provision	$	17,296		$	14,431		$	18,875

The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2013, 2012 and 2011:

Year ended December 31,

Percent of pretax income
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
State and local income taxes	10.4	%	3.0	%	6.6	%
Nondeductible transaction costs	7.5	%	0.0	%	0.0	%
REIT conversion benefit	(5.3	)%	0.0	%	0.0	%
Other permanent differences	(0.8	)%	0.1	%	0.2	%
Other miscellaneous items	(0.2	)%	0.5	%	(0.4	)%


	46.6	%	38.6	%	41.4	%

Year ended December 31,	2013			2012		2011

	(in thousands)
Amount based upon pretax income
U.S. federal statutory income tax	$	12,994		$	13,073	$	15,945
State and local income taxes		3,840			1,126		3,016
Nondeductible transaction costs		2,793			—		—
REIT conversion benefit		(1,959	)		—		—
Permanent differences		(268	)		30		72
Other miscellaneous items		(104	)		202		(158	)


	$	17,296		$	14,431	$	18,875

Dividends	3 Months Ended	12 Months Ended
Dividends	Mar. 31, 2014	Dec. 31, 2013
Dividends.
Dividends	8. Dividends On February 18, 2014, GLPI made the Purging Distribution, which totaled $1.05 billion and was comprised of cash and GLPI common stock, to distribute the accumulated earnings and profits related to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off. Shareholders were given the option to elect either an all-cash or all-stock dividend, subject to a total cash limitation of $210 million. Of the 88,691,827 shares of common stock outstanding on the record date, approximately 54.3% elected the cash distribution and approximately 45.7% elected a stock distribution or made no election. Shareholders electing cash received $4.358049 plus 0.195747 additional GLPI shares per common share held on the record date. Shareholders electing stock or not making an election received 0.309784 additional GLPI shares per common share held on the record date. Stock dividends were paid based on the volume weighted average price for the three trading days ended February 13, 2014 of $38.2162 per share. Approximately 22.0 million shares were issued in connection with this dividend payment. In addition, cash distributions were made to GLPI and Penn employee restricted stock award holders in the amount of $1 million for the purging distribution. GLPI and Penn have jointly requested a Pre-Filing Agreement from the Internal Revenue Service pursuant to Revenue Procedure 2009-14 to confirm the appropriate allocation of Penn’s historical earnings and profits between GLPI and Penn. The outcome of this request may affect the amount of the dividend required to be paid by GLPI to its shareholders prior to December 31, 2014. Additionally, on February 18, 2014, the Company’s Board of Directors declared its first quarterly dividend of $0.52 per common share, which was paid on March 28, 2014, in the amount of $58 million, to shareholders of record on March 7, 2014. In addition, dividend payments were made to GLPI restricted stock award holders in the amount of $1.0 million.	9. Dividends On February 18, 2014, GLPI made the Purging Distribution of $1.05 billion, of which approximately $210.0 million was made in cash with the remainder in GLPI common stock to distribute the accumulated earnings and profits related to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off. In addition, on February 18, 2014, the Company's Board of Directors declared its first quarterly dividend. Shareholders of record on March 7, 2014 will receive $0.52 per common share, payable on March 28, 2014. See Note 15 for further details.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2013

Stock-Based Compensation

Stock-Based Compensation

10. Stock-Based Compensation

The Company can issue up to 5,147,059 shares of Common Stock under the 2013 Long Term Incentive Compensation Plan (the "2013 Plan") that was approved by shareholders on October 23, 2013. The 2013 Plan provides for the Company to issue stock options (incentive and/or non-qualified), stock appreciation rights, restricted stock awards, phantom stock units and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards. No awards were granted under the 2013 Plan as of December 31, 2013.

The unrecognized compensation at the time of the Spin-Off related to both Penn and GLPI's stock options and restricted stock awards held by GLPI employees will be amortized to expense over the awards' remaining vesting periods. As of December 31, 2013, there was $6.8 million and $4.7 million of total unrecognized compensation cost for stock options and restricted stock awards, respectively, that will be recognized over the grants remaining weighted average vesting period of 1.68 years and 3.05 years, respectively. For the year ended December 31, 2013, the Company recognized $1.6 million of compensation expense associated with these awards.

The following tables contain information on stock options issued and outstanding for the year ended December 31, 2013 as well as restricted shares:

			Weighted- Average Exercise Price			Aggregate Intrinsic Value (in thousands)

Outstanding at December 31, 2012	—		$	—
Options transferred on Spin-Off date	10,396,889			24.35
Exercised	(57,811	)		24.75
Canceled	(625	)		20.85


Outstanding at December 31, 2013	10,338,453		$	24.34	3.15	$	270,222

	Exercise Price Range						Total

	$9.32 to $22.41		$22.90 to $29.10		$29.19 to $47.40		$9.32 to $47.40
Outstanding options
Number outstanding		4,049,443		3,555,573		2,733,437		10,338,453
Weighted-average remaining contractual life (years)		1.94		3.69		4.16		3.15
Weighted-average exercise price	$	19.54	$	25.16	$	30.41	$	24.34
Exercisable options
Number outstanding		3,621,045		2,805,381		1,504,710		7,931,136
Weighted-average exercise price	$	19.38	$	24.68	$	31.36	$	23.53

		Number of Award Shares

Outstanding at December 31, 2012			—
Amounts transferred in connection with Spin-Off			419,067
Released			—
Canceled			—


Outstanding at December 31, 2013			419,067

The Company had 7,931,136 stock options that were exercisable at December 31, 2013 with a weighted average exercise price of $23.53 which had an intrinsic value of $213.8 million. The aggregate intrinsic value of stock options exercised during 2013 was $1.3 million. The Company issues new authorized common shares to satisfy stock option exercises and plans to do the same for restricted stock lapses once they occur.

Additionally, there was $9.4 million of total unrecognized compensation cost at December 31, 2013, which will be recognized over the awards remaining weighted average vesting period of 2.55 years, for Penn and GLPI PSUs held by GLPI employees that will be cash-settled by GLPI. For the year ended December 31, 2013, the Company recognized $1.2 million of compensation expense associated with these awards.

In addition, there was $0.5 million of total unrecognized compensation cost at December 31, 2013, which will be recognized over the grants remaining weighted average vesting period of 1.84 years, for Penn and GLPI SARs held by GLPI employees that will be cash-settled by GLPI. For the year ended December 31, 2013, the Company recognized $0.2 million of compensation expense associated with these awards.

See Note 15 for a discussion on the impact of the Purging Distribution on the Company's compensation awards.

Segment Information

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Segment Information

Segment Information

9. Segment Information

	GLP Capital (1)		TRS Properties		Eliminations (2)			Total
	(in thousands)
For the three months ended March 31, 2014
Net revenues	$	118,112	$	40,216	$	—		$	158,328
Income from operations	67,871		6,463		—			74,334
Interest, net	28,428		2,601		(2,601		)	28,428
Income from operations before income taxes	42,044		3,862		—			45,906
Income tax provision	—		1,594		—			1,594
Net income	42,044		2,268		—			44,312
Depreciation	23,441		3,081		—			26,522
Capital project expenditures, net of reimbursements	24,002		—		—			24,002
Capital maintenance expenditures	—		871		—			871

For the three months ended March 31, 2013
Net revenues	$	—	$	42,649	$	—		$	42,649
Income from operations	—		6,810		—			6,810
Income from operations before income taxes	—		5,530		—			5,530
Income tax provision	—		2,316		—			2,316
Net income	—		3,214		—			3,214
Depreciation	—		3,588		—			3,588
Capital project expenditures, net of reimbursements	—		78		—			78
Capital maintenance expenditures	—		896		—			896

Balance sheet at March 31,2014
Total assets	$	2,324,839	$	237,047	—			$	2,561,886

Balance sheet at December 31, 2013
Total assets	$	2,379,243	$	229,996	—			$	2,609,239

(1) GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off.

(2) Amounts in the “Eliminations” column represent the elimination of intercompany interest payments from the Company’s TRS Properties business segment to its GLP Capital business segment.

11. Segment Information

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

	GLP Capital(1)		TRS Properties		Total

	(in thousands)
For the year ended December 31, 2013
Net revenues	$	76,557	$	165,572	$	242,129
Income from operations		34,333		26,249		60,582
Interest expense		19,254		—		19,254
Income from operations before income taxes		15,079		22,047		37,126
Income tax provision		8,467		8,829		17,296
Net income		6,612		13,218		19,830
Depreciation		14,896		14,027		28,923
Capital expenditures		13,042		3,386		16,428
For the year ended December 31, 2012
Net revenues	$	—	$	210,643	$	210,643
Income from operations		—		43,668		43,668
Interest expense		—		—		—
Income from operations before income taxes		—		37,350		37,350
Income tax provision		—		14,431		14,431
Net income		—		22,919		22,919
Depreciation		—		14,090		14,090
Capital expenditures		—		5,190		5,190
For the year ended December 31, 2011
Net revenues	$	—	$	231,884	$	231,884
Income from operations		—		52,513		52,513
Interest expense		—		—		—
Income from operations before income taxes		—		45,559		45,559
Income tax provision		—		18,875		18,875
Net income		—		26,684		26,684
Depreciation		—		14,568		14,568
Capital expenditures		—		8,288		8,288
Balance sheet at December 31, 2013
Total assets		2,379,243		229,996		2,609,239
Balance sheet at December 31, 2012
Total assets		—		267,075		267,075

(1): GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off. For the year ended December 31, 2013, all revenues in the GLP Capital segment were attributable from Penn under the terms of the Master Lease. Results included transaction costs associated with the Spin-Off of $13.5 million.

- Definition

+ References

+ Details

Summarized Quarterly Data (Unaudited)

12 Months Ended

Dec. 31, 2013

Summarized Quarterly Data (Unaudited)

Summarized Quarterly Data (Unaudited)

12. Summarized Quarterly Data (Unaudited)

The following table summarizes the quarterly results of operations for the years ended December 31, 2013 and 2012:

	Fiscal Quarter

	First		Second		Third		Fourth
	(in thousands, except per share data)
2013
Net revenues	$	42,648	$	46,072	$	39,633	$	113,776
Income from operations		6,811		9,090		5,665		39,016
Net income		3,216		4,699		2,681		9,234
Earnings per common share:
Basic earnings per common share	$	0.04	$	0.04	$	0.02	$	0.08
Diluted earnings per common share	$	0.03	$	0.04	$	0.02	$	0.08
2012
Net revenues	$	66,909	$	60,252	$	45,823	$	37,659
Income from operations		16,507		14,472		8,155		4,534
Net income		8,665		7,618		4,530		2,106
Earnings per common share:
Basic earnings per common share	$	0.08	$	0.07	$	0.04	$	0.02
Diluted earnings per common share	$	0.07	$	0.07	$	0.04	$	0.02

During the fourth quarter of 2013, the Company had rental revenue related to the Master Lease, which became effective November 1, 2013, of $76.6 million.

During the fourth quarter of 2013, the Company incurred transaction costs of $13.5 million associated with the Spin-Off.

During the fourth quarter of 2013, the Company incurred depreciation expense of $14.8 million related to the real property assets transferred to GLPI as part of the Spin-Off.

In October 2013, GLP Capital entered into a new five year senior unsecured credit facility and completed offerings of $2,050 million aggregate principal amount of new senior notes. During the fourth quarter of 2013, the Company incurred interest expense of $19.3 million related to its new borrowings.

Pre-Spin Transactions with Penn	3 Months Ended	12 Months Ended
Pre-Spin Transactions with Penn	Mar. 31, 2014	Dec. 31, 2013
Pre-Spin Transactions with Penn
Pre-Spin Transactions with Penn	10. Pre-Spin Transactions with Penn Before the Spin-Off, Hollywood Casino Baton Rouge and Hollywood Casino Perryville had a corporate overhead assessment with Penn, whereby Penn provided various management services in consideration of a management fee equal to 3% of net revenues. The Company incurred and paid management fees of $1.3 million for the three months ended March 31, 2013. In connection with the completion of the Spin-Off, the management fee agreements between Penn and Hollywood Casino Baton Rouge and Hollywood Casino Perryville were terminated.	13. Pre-Spin Transactions with Penn Before the Spin-Off, Hollywood Casino Baton Rouge and Hollywood Casino Perryville had a corporate overhead assessment with Penn, whereby Penn provided various management services in consideration of a management fee equal to 3% of net revenues. The Company incurred and paid management fees of $4.2 million, $6.3 million and $7.0 million for the years ended December 31, 2013 (before the Spin-Off), 2012 and 2011, respectively. In connection with the completion of the Spin-Off, the management fee agreements between Penn and Hollywood Casino Baton Rouge and Hollywood Casino Perryville were terminated. Hollywood Casino Baton Rouge and Hollywood Casino Perryville had cumulative net advances of $43.3 million at December 31, 2012. The advances were the result of operating cash flows generated by Hollywood Casino Baton Rouge and Hollywood Casino Perryville in excess of intercompany allocations such as the management fee agreement. As part of the Spin-Off, these amounts were forgiven.

Supplemental Disclosures of Cash Flow Information	3 Months Ended	12 Months Ended
Supplemental Disclosures of Cash Flow Information	Mar. 31, 2014	Dec. 31, 2013
Supplemental Disclosures of Cash Flow Information
Supplemental Disclosures of Cash Flow Information	11. Supplemental Disclosures of Cash Flow Information Prior to the Spin-Off, the Company’s Hollywood Casino Baton Rouge and Hollywood Casino Perryville paid no federal income taxes directly to tax authorities and instead settled all intercompany balances with Penn. These settlements included, among other things, the share of the income taxes allocated by Penn to Hollywood Casino Baton Rouge and Hollywood Casino Perryville. The amounts paid to Penn for Hollywood Casino Baton Rouge and Hollywood Casino Perryville’s allocated share of federal income taxes was $1.8 million for the three months ended March 31, 2013. Hollywood Casino Baton Rouge and Hollywood Casino Perryville made federal income tax payments directly to tax authorities of $1.4 million for the three months ended March 31, 2014. Hollywood Casino Baton Rouge and Hollywood Casino Perryville made state income tax payments directly to the state authorities of $0.9 million for the three months ended March 31, 2014 and no payments for the three months ended March 31, 2013. In addition, GLPI, prior to qualifying for REIT status, was subjected to corporate federal and state income taxes. The Company paid federal income tax directly to tax authorities of $10.1 million for the three months ended March 31, 2014. The Company also paid state income tax payments of $1.4 million directly to the state authorities for the three months ended March 31, 2014. Cash paid for interest was $2.1 million for the three months ended March 31, 2014 and no interest was paid for the three months ended March 31, 2013.	14. Supplemental Disclosures of Cash Flow Information Prior to the Spin-Off, the Company's Hollywood Casino Baton Rouge and Hollywood Casino Perryville paid no federal income taxes directly to tax authorities and instead settled all intercompany balances with Penn. These settlements included, among other things, the share of the income taxes allocated by Penn to Hollywood Casino Baton Rouge and Hollywood Casino Perryville. The amounts paid to Penn for Hollywood Casino Baton Rouge and Hollywood Casino Perryville's allocated share of federal income taxes was $9.4 million, $13.2 million and $15.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. Their first federal income taxes payment directly to tax authorities will occur in early 2014. Hollywood Casino Baton Rouge and Hollywood Casino Perryville made state income tax payments directly to the state authorities of $1.6 million, $2.8 million and $3.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. Cash paid for interest was $0.8 million for the year ended December 31, 2013 and no interest was paid for the years ended December 31, 2012 and 2011.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2013
Subsequent Events
Subsequent Events	15. Subsequent Events In January 2014, the Company completed the acquisition of the real estate assets associated with the Casino Queen in East St. Louis, Illinois for $140 million. Simultaneously with the acquisition, GLPI also provided Casino Queen with a $43 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. GLPI leased the property back to Casino Queen on a triple net basis for approximately $14 million in rent per year. The initial lease term is 15 years, with an option to renew for four successive five year terms. Upon the declaration of the Purging Distribution, GLPI options and GLPI SARs were adjusted in a manner that preserved both the pre-distribution intrinsic value of the options and SARs and the pre-distribution ratio of the stock price to exercise price that existed immediately before the Purging Distribution. Additionally, upon declaration of the Purging Distribution, holders of GLPI PSUs were credited with the special dividend, which will accrue and be paid, if applicable, on the vesting date of the related PSU. Holders of GLPI restricted stock will be entitled to receive the special dividend with respect to such restricted stock on the same date or dates that the special dividend is payable on GLPI common stock to shareholders of GLPI generally. On February 18, 2014, GLPI made the Purging Distribution, which totaled $1.05 billion and was comprised of cash and GLPI common stock, to distribute the accumulated earnings and profits related to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off. Shareholders were given the option to elect either an all-cash or all-stock dividend, subject to a total cash limitation of $210 million. Of the 88,691,827 shares of common stock outstanding on the record date, approximately 54.3% elected the cash distribution and approximately 45.7% elected a stock distribution or made no election. Shareholders electing cash received $4.358049 plus 0.195747 additional GLPI shares per common share held on the record date. Shareholders electing stock received 0.309784 additional GLPI shares per common share held on the record date. Stock dividends were paid based on the volume weighted average price for the three trading days ended February 13, 2014 of $38.2162 per share. Approximately 22.0 million shares were issued in connection with this dividend payment. Additionally, on February 18, 2014, the Company's Board of Directors declared its first quarterly dividend of $0.52 per common share payable on March 28, 2014 to shareholders of record on March 7, 2014. In the first quarter of 2014, the applicable margin for LIBOR loans and base rate loans was reduced to 1.50% and 0.50%, respectively, and the commitment fee rate on the unused portion of the commitments under the revolving facility was reduced to 0.25%.

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

12. Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

							Other
	Parent			Subsidiary			Subsidiary
	Guarantor			Issuers			Non-Issuers			Eliminations			Consolidated
	(in thousands)
At March 31, 2014
Condensed Consolidating Balance Sheet
Real estate investments, net	$	—		$	2,013,643		$	140,010		$	—		$	2,153,653
Intercompany transactions and investment in subsidiaries	(82,258		)	393,503			122,853			(434,098		)	—
Other	42,395			85,340			280,498			—			408,233
Total assets	$	(39,863	)	$	2,492,486		$	543,361		$	(434,098	)	$	2,561,886

Other liabilities	$	28,165		$	74,940		$	26,809					$	129,914
Intercompany debt							193,595			(193,595		)	—
Long-term debt	—			2,500,000			—			—			2,500,000
Total shareholders’ (deficit) equity	(68,028		)	(82,454		)	322,955			(240,501		)	(68,028		)
Total liabilities and shareholders’ (deficit) equity	$	(39,863	)	$	2,492,486		$	543,359		$	(434,096	)	$	2,561,886

Quarter ended March 31, 2014
Condensed Consolidating Statement of Operations
Net revenues	$	—		$	115,072		$	43,256		$	—		$	158,328
Operating expenses	14,522			34,630			34,842			—			83,994
Income (loss) from operations	(14,522		)	80,442			8,414			—			74,334
Other income (expenses)
Intercompany dividends and interest	275,011			6,384			279,607			(561,002		)	—
Other income (expenses)	—			(26,373		)	(2,055		)	—			(28,428		)
Total other income (expenses)	275,011			(19,989		)	277,552			(561,002		)	(28,428		)
Net income (loss) before income taxes	260,489			60,453			285,966			(561,002		)	45,906
Taxes on income	—			—			1,594			—			1,594
Net income (loss)	$	260,489		$	60,453		$	284,372		$	(561,002	)	$	44,312

Quarter ended March 31, 2014
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	$	217,250		$	(329,090	)	$	191,567		$	—		$	79,727
Net cash used in investing activities	(1,532		)	(25,826		)	(182,601		)	—			(209,959		)
Net cash (used in) provided by financing activities	(256,719		)	150,008			—			—			(106,711		)
Net (decrease) increase in cash and cash equivalents	(41,001		)	(204,908		)	8,966			—			(236,943		)
Cash and cash equivalents at beginning of period	42,801			221,096			21,324			—			285,221
Cash and cash equivalents at end of period	$	1,800		$	16,188		$	30,290		$	—		$	48,278

					Other
	Parent		Subsidiary		Subsidiary
	Guarantor		Issuers		Non-Issuers			Eliminations			Consolidated
	(in thousands)
At December 31, 2013
Condensed Consolidating Balance Sheet
Real estate investments, net	$	—	$	2,010,303	$	—		$	—		$	2,010,303
Intercompany transactions and investment in subsidiaries	104,391		208,739		308,157			(621,287		)	—
Other	83,083		285,514		229,996			343			598,936
Total assets	$	187,474	$	2,504,556	$	538,153		(620,944		)	$	2,609,239

Total other liabilities	$	45,045	$	47,906	$	23,517		342			$	116,810
Total long-term debt	—		2,350,000		—			—			2,350,000
Total shareholders’ equity	142,429		106,650		514,637			(621,287		)	142,429
Total liabilities and shareholders’ equity	$	187,474	$	2,504,556	$	538,154		$	(620,945	)	$	2,609,239

Quarter ended March 31, 2013
Condensed Consolidating Statement of Operations
Net revenues	$	—	$	—	$	42,649		$	—		$	42,649
Total operating expenses	—		—		35,839			—			$	35,839
Income from operations	—		—		6,810			—			6,810
Other income (expenses)	—		—		(1,280		)	—			$	(1,280	)
Net income before income taxes	—		—		5,530			—			$	5,530
Taxes on income	—		—		2,316			—			$	2,316
Net income	$	—	$	—	$	3,214		$	—		$	3,214

Quarter ended March 31, 2013
Condensed Consolidating Statement of Cash Flows
Net cash used in operating activities	$	—	$	—	$	(3,759	)	$	—		$	(3,759	)
Net cash used in investing activities	—		—		(895		)	—			(895		)
Net cash provided by financing activities	—		—		7,280			—			7,280
Net increase in cash and cash equivalents	—		—		2,626			—			2,626
Cash and cash equivalents at beginning of period	—		—		14,562			—			14,562
Cash and cash equivalents at end of period	$	—	$	—	$	17,188		$	—		$	17,188

16. Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

							Other
	Parent			Subsidiary			Subsidiary
	Guarantor			Issuers			Non-Issuers			Eliminations			Consolidated
	(in thousands)
At December 31, 2013
Condensed Consolidating Balance Sheet
Real estate investments, net	$	—		$	2,010,303		$	—		$	—		$	2,010,303
Intercompany transactions and investment in subsidiaries	104,391			208,739			308,157			(621,287		)	—
Other	83,083			285,514			229,996			343			598,936
Total assets	$	187,474		$	2,504,556		$	538,153		$	(620,944	)	$	2,609,239

Other liabilities	$	45,045		$	47,906		$	23,516		$	343		$	116,810
Intercompany debt	—			—			—			—			—
Long-term debt	—			2,350,000			—			—			2,350,000
Total shareholders’ equity	142,429			106,650			514,637			(621,287		)	142,429
Total liabilities and shareholders’ equity	$	187,474		$	2,504,556		$	538,153		$	(620,944	)	$	2,609,239

Year Ended December 31, 2013
Condensed Consolidating Statement of Operations
Net revenues	$	—		$	76,557		$	165,572		$	—		$	242,129
Operating expenses	19,800			22,424			139,323			—			181,547
Income (loss) from operations	(19,800		)	54,133			26,249			—			60,582
Other income (expenses)
Intercompany dividends and interest	68,955						68,955			(137,910		)	—
Other income (expenses)	—			(19,254		)	(4,202		)	—			(23,456		)
Total other income (expenses)	68,955			(19,254		)	64,753			(137,910		)	(23,456		)
Net income (loss) before income taxes	49,155			34,879			91,002			(137,910		)	37,126
Taxes on income	643			7,824			8,829			—			17,296
Net income (loss)	$	48,512		$	27,055		$	82,173		$	(137,910	)	$	19,830

Year Ended December 31, 2013
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	$	68,082		$	(81,887	)	$	94,437		$	—		$	80,632
Net cash used in investing activities	(5,562		)	(7,480		)	(3,233		)	—			(16,275		)
Net cash (used in) provided by financing activities	(19,719		)	310,463			(84,442		)	—			206,302
Net increase in cash and cash equivalents	42,801			221,096			6,762			—			270,659
Cash and cash equivalents at beginning of year	—			—			14,562			—			14,562
Cash and cash equivalents at end of year	$	42,801		$	221,096		$	21,324		$	—		$	285,221

					Other
	Parent		Subsidiary		Subsidiary
	Guarantor		Issuers		Non-Issuers			Eliminations		Consolidated
	(in thousands)
At December 31, 2012
Condensed Consolidating Balance Sheet
Total real estate assets	$	—	$	—	$	—		$	—	$	—
Total other assets	—		—		267,075			—		267,075
Total assets	$	—	$	—	$	267,075		$	—	$	267,075

Total other liabilities	$	—	$	—	$	30,745		$	—	$	30,745
Total long-term debt	—		—		—			—		—
Total shareholders’ equity	—		—		236,330			—		236,330
Total liabilities and shareholders’ equity	$	—	$	—	$	267,075		$	—	$	267,075

Year Ended December 31, 2012
Condensed Consolidating Statement of Operations
Net revenues	$	—	$	—	$	210,643		$	—	$	210,643
Total operating expenses	—		—		166,975			—		$	166,975
Income from operations	—		—		43,668			—		43,668
Other income (expenses)	—		—		(6,318		)	—		$	(6,318	)
Net income before income taxes	—		—		37,350			—		$	37,350
Taxes on income	—		—		14,431			—		$	14,431
Net income	$	—	$	—	$	22,919		$	—	$	22,919

Year Ended December 31, 2012
Condensed Consolidating Statement of Cash Flows
Net cash provided by operating activities	$	—	$	—	$	26,744		$	—	$	26,744
Net cash used in investing activities	—		—		(4,810		)	—		(4,810		)
Net cash used in financing activities	—		—		(24,518		)	—		(24,518		)
Net decrease in cash and cash equivalents	—		—		(2,584		)	—		(2,584		)
Cash and cash equivalents at beginning of year	—		—		17,146			—		17,146
Cash and cash equivalents at end of year	$	—	$	—	$	14,562		$	—	$	14,562

					Other
	Parent		Subsidiary		Subsidiary
	Guarantor		Issuers		Non-Issuers			Eliminations		Consolidated
	(in thousands)
Year ended December 31, 2011
Condensed Consolidating Statement of Operations
Net revenues	$	—	$	—	$	231,884		$	—	$	231,884
Total operating expenses	—		—		179,371			—		$	179,371
Income from operations	—		—		52,513			—		52,513
Other income (expenses)	—		—		(6,954		)	—		$	(6,954	)
Net income before income taxes	—		—		45,559			—		$	45,559
Taxes on income	—		—		18,875			—		$	18,875
Net income	$	—	$	—	$	26,684		$	—	$	26,684

Year ended December 31, 2011
Condensed Consolidating Statement of Cash Flows
Net cash provided by operating activities	$	—	$	—	$	56,840		$	—	$	56,840
Net cash used in investing activities	—		—		(8,171		)	—		(8,171		)
Net cash used in financing activities	—		—		(50,436		)	—		(50,436		)
Net decrease in cash and cash equivalents	—		—		(1,767		)	—		(1,767		)
Cash and cash equivalents at beginning of year	—		—		18,913			—		18,913
Cash and cash equivalents at end of year	$	—	$	—	$	17,146		$	—	$	17,146

Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2013

Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

SCHEDULE III
REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2013
(in thousands)

													Gross Amount at which Carried at Close of Period

					Initial Cost to Company
					Initial Cost to Company						Cost Capitalized Subsequent to Acquisition										Original Date of Construction / Renovation
Description	Location	Ownership Percentage			Land		Building/ Improvements		Total		Cost Capitalized Subsequent to Acquisition		Land		Building/ Improvements		Total(1)		Accumulated Depreciation		Original Date of Construction / Renovation	Date Acquired
Hollywood Casino Lawrenceburg	Lawrenceburg, IN		100	%	$	15,251	$	342,393	$	357,644	$	—	$	15,251	$	342,393	$	357,644	$	71,978	1997/2009	11/1/2013	31
Hollywood Casino Aurora	Aurora, IL		100	%		4,937		98,379		103,316		—		4,937		98,379		103,316		44,796	1993/2002/2012	11/1/2013	30
Hollywood Casino Joliet	Joliet, IL		100	%		19,214		101,104		120,318		—		19,214		101,104		120,318		33,380	1992/2003/2010	11/1/2013	31
Argosy Casino Alton	Alton, IL		100	%		—		6,462		6,462		—		—		6,462		6,462		3,411	1991/1999	11/1/2013	31
Hollywood Casino Toledo	Toledo, OH		100	%		12,003		144,094		156,097		—		12,003		144,094		156,097		8,440	2012	11/1/2013	31
Hollywood Casino Columbus	Columbus, OH		100	%		38,240		188,543		226,783		62		38,266		188,579		226,845		8,629	2012	11/1/2013	31
Hollywood Casino at Charles Town Races	Charles Town, WV		100	%		35,102		233,069		268,171		—		35,102		233,069		268,171		84,897	1997/2010	11/1/2013	31
Hollywood Casino at Penn National Race Course	Grantville, PA		100	%		25,500		161,810		187,310		—		25,500		161,810		187,310		41,299	2008/2010	11/1/2013	31
M Resort	Henderson, NV		100	%		66,104		126,689		192,793		—		66,104		126,689		192,793		11,709	2009/2012	11/1/2013	30
Hollywood Casino Bangor	Bangor, ME		100	%		12,883		84,257		97,140		—		12,883		84,257		97,140		16,621	2008/2012	11/1/2013	31
Zia Park Casino	Hobbs, NM		100	%		9,313		38,947		48,260		—		9,313		38,947		48,260		11,145	2005	11/1/2013	31
Hollywood Casino Bay St. Louis	Bay St. Louis, MS		100	%		59,388		87,352		146,740		—		59,388		87,352		146,740		32,897	1992/2006/2011	11/1/2013	40
Argosy Casino Riverside	Riverside, MO		100	%		23,468		143,301		166,769		—		23,468		143,301		166,769		38,387	1994/2007	11/1/2013	37
Hollywood Casino Tunica	Tunica, MS		100	%		4,634		42,031		46,665		—		4,634		42,031		46,665		18,781	1994/2012	11/1/2013	31
Boomtown Biloxi	Biloxi, MS		100	%		3,423		63,083		66,506		—		3,423		63,083		66,506		30,720	1994/2006	11/1/2013	15
Argosy Casino Sioux City	Sioux City, IA		100	%		3		11,920		11,923		—		3		11,920		11,923		11,148	1993/2004	11/1/2013	8
Hollywood Casino St. Louis	Maryland Heights, MO		100	%		44,198		177,063		221,261		—		44,198		177,063		221,261		16,250	1997/2013	11/1/2013	13
Hollywood at Dayton Raceway	Dayton, OH		100	%		3,211		—		3,211		—		3,211		—		3,211		—	N/A	11/1/2013	N/A
Hollywood at Mahoning Valley Race Track	Youngstown, OH		100	%		5,683		—		5,683		—		5,683		—		5,683		—	N/A	11/1/2013	N/A


					$	382,555	$	2,050,497	$	2,433,052	$	62	$	382,581	$	2,050,533	$	2,433,114	$	484,488

(1): The total cost for federal income tax purposes of the properties listed above was $2.44 billion.
(2): Estimated useful lives range from 1 to 41 years.


Real Estate:
Balance at the beginning of the period	$	—
Amounts contributed from Spin-Off		2,433,052
Improvements		62


Balance at the end of the year	$	2,433,114




Accumulated Depreciation:
Balance at the beginning of the period	$	—
Amounts contributed from Spin-Off		(469,666	)
Depreciation expense		(14,822	)


Balance at the end of the year	$	(484,488	)

Summary of Significant Accounting Policies (Policies)

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Summary of Significant Accounting Policies

Cash and Cash Equivalents

Cash and Cash Equivalents

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

Concentration of Credit Risk

Concentration of Credit Risk

Financial instruments that subject the Company to credit risk consist of cash and cash equivalents and accounts receivable.

Prepaid Expenses and Other Assets

Prepaid Expenses and Other Assets

Fair Value of Financial Instruments

Fair Value of Financial Instruments

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.

Long-term Debt

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

	March 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	48,278	$	48,278	$	285,221	$	285,221
Financial liabilities:
Long-term debt
Senior unsecured credit facility	450,000		441,000		300,000		294,750
Senior notes	2,050,000		2,114,250		2,050,000		2,058,750

Fair Value of Financial Instruments

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

Long-term Debt

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

	2013				2012

December 31,	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	285,221	$	285,221	$	14,562	$	14,562
Financial liabilities:
Long-term debt
Senior unsecured credit facility		300,000		294,750		—		—
Senior notes		2,050,000		2,058,750		—		—

Real Estate Investments

Real Estate Investments

Property and Equipment used in operations

Property and Equipment used in operations

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


Land improvements		5 to 15 years
Building and improvements		5 to 40 years
Furniture, fixtures, and equipment		3 to 31 years

Leasehold improvements are depreciated over the shorter of the estimated useful life of the improvement or the related lease term.

The estimated useful lives are determined based on the nature of the assets as well as the Company's current operating strategy.

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Debt Issuance Costs

Debt Issuance Costs

Comprehensive Income

Comprehensive Income

Income Taxes

Income Taxes

Revenue Recognition and Promotional Allowances

Revenue Recognition and Promotional Allowances

The following table discloses the components of gaming revenue within the condensed consolidated statements of income for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Video lottery	$	33,381	$	37,352
Table game	4,940		3,448
Poker	434		280
Total gaming revenue, net of cash incentives	$	38,755	$	41,080

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Food and beverage	$	1,361	$	1,517
Other	9		129
Total promotional allowances	$	1,370	$	1,646

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three months ended March 31, 2014 and 2013 are as follows:

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Food and beverage	$	716	$	713
Other	3		69
Total cost of complimentary services	$	719	$	782

Revenue Recognition and Promotional Allowances

As of December 31, 2013, the future minimum rental income from the Company's properties under non-cancelable operating leases was as follows (in thousands):

Year ending December 31,

2014	$	375,602
2015		375,602
2016		375,602
2017		376,101
2018		368,311
Thereafter		3,240,760


Total	$	5,111,978

The following table discloses the components of gaming revenue within the consolidated statements of income for the years ended December 31, 2013, 2012 and 2011:

Year ended December 31,	2013		2012		2011

	(in thousands)
Video lottery, net of cash incentives	$	138,803	$	189,808	$	210,349
Table game		18,096		11,891		12,333
Poker		2,453		882		620


Total gaming revenue	$	159,352	$	202,581	$	223,302

The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the years ended December 31, 2013, 2012 and 2011 are as follows:

Year ended December 31,	2013		2012		2011

	(in thousands)
Food and beverage	$	5,970	$	6,806	$	6,971
Other		167		767		843


Total promotional allowances	$	6,137	$	7,573	$	7,814

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the years ended December 31, 2013, 2012 and 2011 are as follows:

Year ended December 31,	2013		2012		2011

	(in thousands)
Food and beverage	$	2,907	$	3,319	$	3,198
Other		86		384		409


Total cost of complimentary services	$	2,993	$	3,703	$	3,607

Gaming and Admission Taxes

Gaming and Admission Taxes

For the TRS Properties, the Company is subject to gaming and admission taxes based on gross gaming revenues in the jurisdictions in which it operates. The Company primarily recognizes gaming tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states where or in which wagering occurs. At Hollywood Casino Baton Rouge, the gaming admission tax is based on graduated tax rates. The Company records gaming and admission taxes at the Company's estimated effective gaming tax rate for the year, considering estimated taxable gaming revenue and the applicable rates. Such estimates are adjusted each interim period. If gaming tax rate changes during the year, such changes are applied prospectively in the determination of gaming tax expense in future interim periods. For the years ended December 31, 2013, 2012 and 2011, these expenses, which are recorded within gaming expense in the combined statements of income, totaled $71.6 million, $94.9 million and $105.4 million, respectively.

Earnings Per Share

Earnings Per Share

Three months ended March 31,	2014	2013

Determination of shares:
Weighted-average common shares outstanding	111,198	110,582
Assumed conversion of dilutive employee stock-based awards	6,282	4,703
Assumed conversion of restricted stock	370	318
Diluted weighted-average common shares outstanding	117,850	115,603

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2014 and 2013:

Three months ended March 31,	2014			2013
	(in thousands, expect per share data)
Calculation of basic EPS:
Net income	$	44,312		$	3,214
Less: Net income allocated to participating securities	(175		)	(12		)
Net income attributable to common shareholders	$	44,137		$	3,202
Weighted-average common shares outstanding	111,198			110,582
Basic EPS	$	0.40		$	0.03

Calculation of diluted EPS:
Net income	$	44,312		$	3,214
Diluted weighted-average common shares outstanding	117,850			115,603
Diluted EPS	$	0.38		$	0.03

Earnings Per Share

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2013, 2012 and 2011 (in thousands):



Determination of shares:
Weighted-average common shares outstanding	110,617	110,582	110,582
Assumed conversion of dilutive employee stock-based awards	4,924	4,703	4,703
Assumed conversion of restricted stock	324	318	318


Diluted weighted-average common shares outstanding	115,865	115,603	115,603

The following table presents the calculation of basic and diluted EPS for the Company's common stock for the years ended December 31, 2013, 2012 and 2011:

Year ended December 31,	2013			2012			2011

	(in thousands, expect per share data)
Calculation of basic EPS:
Net income	$	19,830		$	22,919		$	26,684
Less: Net income allocated to participating securities		(75	)		(86	)		(101	)


Net income attributable to common shareholders	$	19,755		$	22,833		$	26,583
Weighted-average common shares outstanding		110,617			110,582			110,582
Basic EPS	$	0.18		$	0.21		$	0.24
Calculation of diluted EPS:
Net income	$	19,830		$	22,919		$	26,684
Diluted weighted-average common shares outstanding		115,865			115,603			115,603
Diluted EPS	$	0.17		$	0.20		$	0.23

Stock-Based Compensation

Stock-Based Compensation

The following table contains information on restricted stock award activity for the three months ended March 31, 2014.

	Number of Award Shares
Outstanding at December 31, 2013	419,067
E&P Purge	106,261
Granted	64,279
Released	(110,714	)
Canceled	(37,274	)
Outstanding at March 31, 2014	441,619

Stock-Based Compensation

See Note 10 for further information related to the treatment of the unrecognized compensation expense at the time of the Spin-Off related to awards held by GLPI employees.

Segment Information

Segment Information

Statements of Cash Flows

Statements of Cash Flows

The Company has presented the consolidated statements of cash flows using the indirect method, which involves the reconciliation of net income to net cash flow from operating activities.

Certain Risks and Uncertainties

Certain Risks and Uncertainties

Business and Basis of Presentation (Tables)

12 Months Ended

Dec. 31, 2013

Business and Basis of Presentation

Schedule of assets and liabilities contributed to GLPI from Penn

The assets and liabilities contributed to GLPI from Penn were as follows (in thousands):


Prepaid expenses	$	2,766
Current deferred income tax assets		4,358
Property and equipment, net		2,024,572
Other assets		16,245
Accrued expenses		(5,656	)
Other current liabilities		(12,219	)
Deferred income tax liabilities		(6,493	)


Net contribution	$	2,023,573

Summary of Significant Accounting Policies (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Summary of Significant Accounting Policies

Schedule of estimated fair values of financial instruments

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

	March 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	48,278	$	48,278	$	285,221	$	285,221
Financial liabilities:
Long-term debt
Senior unsecured credit facility	450,000		441,000		300,000		294,750
Senior notes	2,050,000		2,114,250		2,050,000		2,058,750

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

	2013				2012

December 31,	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	285,221	$	285,221	$	14,562	$	14,562
Financial liabilities:
Long-term debt
Senior unsecured credit facility		300,000		294,750		—		—
Senior notes		2,050,000		2,058,750		—		—

Schedule of the estimated useful lives of property and equipment

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


Land improvements		5 to 15 years
Building and improvements		5 to 40 years
Furniture, fixtures, and equipment		3 to 31 years

Schedule of future minimum rental income from properties under non-cancelable operating leases

As of December 31, 2013, the future minimum rental income from the Company's properties under non-cancelable operating leases was as follows (in thousands):

Year ending December 31,

2014	$	375,602
2015		375,602
2016		375,602
2017		376,101
2018		368,311
Thereafter		3,240,760


Total	$	5,111,978

Schedule of the components of gaming revenue

The following table discloses the components of gaming revenue within the condensed consolidated statements of income for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Video lottery	$	33,381	$	37,352
Table game	4,940		3,448
Poker	434		280
Total gaming revenue, net of cash incentives	$	38,755	$	41,080

The following table discloses the components of gaming revenue within the consolidated statements of income for the years ended December 31, 2013, 2012 and 2011:

Year ended December 31,	2013		2012		2011

	(in thousands)
Video lottery, net of cash incentives	$	138,803	$	189,808	$	210,349
Table game		18,096		11,891		12,333
Poker		2,453		882		620


Total gaming revenue	$	159,352	$	202,581	$	223,302

Schedule of amounts included in promotional allowances

The amounts included in promotional allowances for the three months ended March 31, 2014 and 2013 are as follows:

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Food and beverage	$	1,361	$	1,517
Other	9		129
Total promotional allowances	$	1,370	$	1,646

The amounts included in promotional allowances for the years ended December 31, 2013, 2012 and 2011 are as follows:

Year ended December 31,	2013		2012		2011

	(in thousands)
Food and beverage	$	5,970	$	6,806	$	6,971
Other		167		767		843


Total promotional allowances	$	6,137	$	7,573	$	7,814

Schedule of the estimated cost of providing complimentary services

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three months ended March 31, 2014 and 2013 are as follows:

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Food and beverage	$	716	$	713
Other	3		69
Total cost of complimentary services	$	719	$	782

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the years ended December 31, 2013, 2012 and 2011 are as follows:

Year ended December 31,	2013		2012		2011

	(in thousands)
Food and beverage	$	2,907	$	3,319	$	3,198
Other		86		384		409


Total cost of complimentary services	$	2,993	$	3,703	$	3,607

Three months ended March 31,	2014	2013

Determination of shares:
Weighted-average common shares outstanding	111,198	110,582
Assumed conversion of dilutive employee stock-based awards	6,282	4,703
Assumed conversion of restricted stock	370	318
Diluted weighted-average common shares outstanding	117,850	115,603

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2013, 2012 and 2011 (in thousands):



Determination of shares:
Weighted-average common shares outstanding	110,617	110,582	110,582
Assumed conversion of dilutive employee stock-based awards	4,924	4,703	4,703
Assumed conversion of restricted stock	324	318	318


Diluted weighted-average common shares outstanding	115,865	115,603	115,603

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 months ended March 31, 2014 and 2013:

Three months ended March 31,	2014			2013
	(in thousands, expect per share data)
Calculation of basic EPS:
Net income	$	44,312		$	3,214
Less: Net income allocated to participating securities	(175		)	(12		)
Net income attributable to common shareholders	$	44,137		$	3,202
Weighted-average common shares outstanding	111,198			110,582
Basic EPS	$	0.40		$	0.03

Calculation of diluted EPS:
Net income	$	44,312		$	3,214
Diluted weighted-average common shares outstanding	117,850			115,603
Diluted EPS	$	0.38		$	0.03

The following table presents the calculation of basic and diluted EPS for the Company's common stock for the years ended December 31, 2013, 2012 and 2011:

Year ended December 31,	2013			2012			2011

	(in thousands, expect per share data)
Calculation of basic EPS:
Net income	$	19,830		$	22,919		$	26,684
Less: Net income allocated to participating securities		(75	)		(86	)		(101	)


Net income attributable to common shareholders	$	19,755		$	22,833		$	26,583
Weighted-average common shares outstanding		110,617			110,582			110,582
Basic EPS	$	0.18		$	0.21		$	0.24
Calculation of diluted EPS:
Net income	$	19,830		$	22,919		$	26,684
Diluted weighted-average common shares outstanding		115,865			115,603			115,603
Diluted EPS	$	0.17		$	0.20		$	0.23

Real Estate Investments (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Real Estate Investments

Schedule of real estate investments, net

Real estate investments, net, represents investments in 20 properties and is summarized as follows:

	March 31,			December 31,
	2014			2013
	(in thousands)
Land and improvements	$	453,141		$	382,581
Building and improvements	2,120,663			2,050,533
Construction in progress	87,323			61,677
Total real estate investments	2,661,127			2,494,791
Less accumulated depreciation	(507,474		)	(484,488		)
Real estate investments, net	$	2,153,653		$	2,010,303

Real estate investments, net, represents investments in 19 properties and is summarized as follows:

December 31,	2013			2012

	(in thousands)
Land and improvements	$	382,581		$	—
Building and improvements		2,050,533			—
Construction in progress		61,677			—


Total property and equipment		2,494,791			—
Less accumulated depreciation		(484,488	)		—


Property and equipment, net	$	2,010,303		$	—

Property and Equipment used in operations (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Property and Equipment Used in Operations

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:

	March 31,			December 31,
	2014			2013
	(in thousands)

Land and improvements	$	31,635		$	27,586
Building and improvements	116,267			115,888
Furniture, fixtures, and equipment	102,740			101,288
Construction in progress	504			203
Total property and equipment	251,146			244,965
Less accumulated depreciation	(109,260		)	(105,844		)
Property and equipment, net	$	141,886		$	139,121

Property and equipment used in operations, net, consists of the following:

December 31,	2013			2012

	(in thousands)
Land and improvements	$	27,586		$	28,193
Building and improvements		115,888			109,248
Furniture, fixtures, and equipment		101,288			76,088
Construction in progress		203			87


Total property and equipment		244,965			213,616
Less accumulated depreciation		(105,844	)		(94,662	)


Property and equipment, net	$	139,121		$	118,954

Long-term Debt (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Long-term Debt

Schedule of long-term debt

Long-term debt is as follows:

	March 31,		December 31,
	2014		2013
	(in thousands)
Senior unsecured credit facility	$	450,000	$	300,000
$550 million 4.375% senior notes due November 2018	550,000		550,000
$1,000 million 4.875% senior notes due November 2020	1,000,000		1,000,000
$500 million 5.375% senior notes due November 2023	500,000		500,000
	$	2,500,000	$	2,350,000

Long-term debt is as follows:

December 31,	2013

	(in thousands)
Senior unsecured credit facility	$	300,000
$550 million 4.375% senior notes due November 2018		550,000
$1,000 million 4.875% senior notes due November 2020		1,000,000
$500 million 5.375% senior notes due November 2023		500,000


	$	2,350,000

Schedule of future minimum repayments of long-term debt

The following is a schedule of future minimum repayments of long-term debt as of March 31, 2014 (in thousands):

2014	$	—
2015	—
2016	—
2017	—
2018	1,000,000
Thereafter	1,500,000
Total minimum payments	$	2,500,000

The following is a schedule of future minimum repayments of long-term debt as of December 31, 2013 (in thousands):


2014	$	—
2015		—
2016		—
2017		—
2018		850,000
Thereafter		1,500,000


Total minimum payments	$	2,350,000

- Definition

+ References

+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies.

Schedule of future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases

The future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases at December 31, 2013 are as follows (in thousands):

Year ending December 31,

2014	$	1,013
2015		314
2016		302
2017		316
2018		334
Thereafter		44,178


Total	$	46,457

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes

Schedule of components of the Company's deferred tax assets and liabilities

The components of the Company's deferred tax assets and liabilities are as follows:

Year ended December 31,	2013			2012

	(in thousands)
Deferred tax assets:
Accrued expenses	$	2,228		$	2,859


Net deferred tax assets		2,228			2,859


Deferred tax liabilities:
Property, plant and equipment		(3,459	)		(7,840	)
Intangibles		(823	)		(577	)


Net deferred tax liabilities		(4,282	)		(8,417	)


Net:	$	(2,054	)	$	(5,558	)

Schedule of the provision for income taxes charged to operations

The provision for income taxes charged to operations for years ended December 31, 2013, 2012 and 2011 was as follows:

Year ended December 31,	2013			2012			2011

	(in thousands)
Current tax expense
Federal	$	19,429		$	12,216		$	21,048
State		3,513			2,303			4,341


Total current		22,942			14,519			25,389


Deferred tax (benefit) expense
Federal		(7,624	)		64			(6,780	)
State		1,978			(152	)		266


Total deferred		(5,646	)		(88	)		(6,514	)


Total provision	$	17,296		$	14,431		$	18,875

Schedule of reconciliation of the statutory federal income tax rate to the actual effective income tax rate

The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2013, 2012 and 2011:

Year ended December 31,

Percent of pretax income
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
State and local income taxes	10.4	%	3.0	%	6.6	%
Nondeductible transaction costs	7.5	%	0.0	%	0.0	%
REIT conversion benefit	(5.3	)%	0.0	%	0.0	%
Other permanent differences	(0.8	)%	0.1	%	0.2	%
Other miscellaneous items	(0.2	)%	0.5	%	(0.4	)%


	46.6	%	38.6	%	41.4	%

Year ended December 31,	2013			2012		2011

	(in thousands)
Amount based upon pretax income
U.S. federal statutory income tax	$	12,994		$	13,073	$	15,945
State and local income taxes		3,840			1,126		3,016
Nondeductible transaction costs		2,793			—		—
REIT conversion benefit		(1,959	)		—		—
Permanent differences		(268	)		30		72
Other miscellaneous items		(104	)		202		(158	)


	$	17,296		$	14,431	$	18,875

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

Stock-Based Compensation

Schedule of stock options issued and outstanding

The following tables contain information on stock options issued and outstanding for the year ended December 31, 2013 as well as restricted shares:

			Weighted- Average Exercise Price			Aggregate Intrinsic Value (in thousands)

Outstanding at December 31, 2012	—		$	—
Options transferred on Spin-Off date	10,396,889			24.35
Exercised	(57,811	)		24.75
Canceled	(625	)		20.85


Outstanding at December 31, 2013	10,338,453		$	24.34	3.15	$	270,222

Schedule of stock options outstanding by exercise price range

	Exercise Price Range						Total

	$9.32 to $22.41		$22.90 to $29.10		$29.19 to $47.40		$9.32 to $47.40
Outstanding options
Number outstanding		4,049,443		3,555,573		2,733,437		10,338,453
Weighted-average remaining contractual life (years)		1.94		3.69		4.16		3.15
Weighted-average exercise price	$	19.54	$	25.16	$	30.41	$	24.34
Exercisable options
Number outstanding		3,621,045		2,805,381		1,504,710		7,931,136
Weighted-average exercise price	$	19.38	$	24.68	$	31.36	$	23.53

Schedule of restricted shares issued and outstanding

		Number of Award Shares

Outstanding at December 31, 2012			—
Amounts transferred in connection with Spin-Off			419,067
Released			—
Canceled			—


Outstanding at December 31, 2013			419,067

Segment Information (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Segment Information

Schedule of information with respect to the Company's segments

	GLP Capital (1)		TRS Properties		Eliminations (2)			Total
	(in thousands)
For the three months ended March 31, 2014
Net revenues	$	118,112	$	40,216	$	—		$	158,328
Income from operations	67,871		6,463		—			74,334
Interest, net	28,428		2,601		(2,601		)	28,428
Income from operations before income taxes	42,044		3,862		—			45,906
Income tax provision	—		1,594		—			1,594
Net income	42,044		2,268		—			44,312
Depreciation	23,441		3,081		—			26,522
Capital project expenditures, net of reimbursements	24,002		—		—			24,002
Capital maintenance expenditures	—		871		—			871

For the three months ended March 31, 2013
Net revenues	$	—	$	42,649	$	—		$	42,649
Income from operations	—		6,810		—			6,810
Income from operations before income taxes	—		5,530		—			5,530
Income tax provision	—		2,316		—			2,316
Net income	—		3,214		—			3,214
Depreciation	—		3,588		—			3,588
Capital project expenditures, net of reimbursements	—		78		—			78
Capital maintenance expenditures	—		896		—			896

Balance sheet at March 31,2014
Total assets	$	2,324,839	$	237,047	—			$	2,561,886

Balance sheet at December 31, 2013
Total assets	$	2,379,243	$	229,996	—			$	2,609,239

(1) GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off.

(2) Amounts in the “Eliminations” column represent the elimination of intercompany interest payments from the Company’s TRS Properties business segment to its GLP Capital business segment.

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

	GLP Capital(1)		TRS Properties		Total

	(in thousands)
For the year ended December 31, 2013
Net revenues	$	76,557	$	165,572	$	242,129
Income from operations		34,333		26,249		60,582
Interest expense		19,254		—		19,254
Income from operations before income taxes		15,079		22,047		37,126
Income tax provision		8,467		8,829		17,296
Net income		6,612		13,218		19,830
Depreciation		14,896		14,027		28,923
Capital expenditures		13,042		3,386		16,428
For the year ended December 31, 2012
Net revenues	$	—	$	210,643	$	210,643
Income from operations		—		43,668		43,668
Interest expense		—		—		—
Income from operations before income taxes		—		37,350		37,350
Income tax provision		—		14,431		14,431
Net income		—		22,919		22,919
Depreciation		—		14,090		14,090
Capital expenditures		—		5,190		5,190
For the year ended December 31, 2011
Net revenues	$	—	$	231,884	$	231,884
Income from operations		—		52,513		52,513
Interest expense		—		—		—
Income from operations before income taxes		—		45,559		45,559
Income tax provision		—		18,875		18,875
Net income		—		26,684		26,684
Depreciation		—		14,568		14,568
Capital expenditures		—		8,288		8,288
Balance sheet at December 31, 2013
Total assets		2,379,243		229,996		2,609,239
Balance sheet at December 31, 2012
Total assets		—		267,075		267,075

(1): GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off. For the year ended December 31, 2013, all revenues in the GLP Capital segment were attributable from Penn under the terms of the Master Lease. Results included transaction costs associated with the Spin-Off of $13.5 million.

Summarized Quarterly Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2013

Summarized Quarterly Data (Unaudited)

Summary of quarterly results of operations

The following table summarizes the quarterly results of operations for the years ended December 31, 2013 and 2012:

	Fiscal Quarter

	First		Second		Third		Fourth
	(in thousands, except per share data)
2013
Net revenues	$	42,648	$	46,072	$	39,633	$	113,776
Income from operations		6,811		9,090		5,665		39,016
Net income		3,216		4,699		2,681		9,234
Earnings per common share:
Basic earnings per common share	$	0.04	$	0.04	$	0.02	$	0.08
Diluted earnings per common share	$	0.03	$	0.04	$	0.02	$	0.08
2012
Net revenues	$	66,909	$	60,252	$	45,823	$	37,659
Income from operations		16,507		14,472		8,155		4,534
Net income		8,665		7,618		4,530		2,106
Earnings per common share:
Basic earnings per common share	$	0.08	$	0.07	$	0.04	$	0.02
Diluted earnings per common share	$	0.07	$	0.07	$	0.04	$	0.02

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

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

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

							Other
	Parent			Subsidiary			Subsidiary
	Guarantor			Issuers			Non-Issuers			Eliminations			Consolidated
	(in thousands)
At March 31, 2014
Condensed Consolidating Balance Sheet
Real estate investments, net	$	—		$	2,013,643		$	140,010		$	—		$	2,153,653
Intercompany transactions and investment in subsidiaries	(82,258		)	393,503			122,853			(434,098		)	—
Other	42,395			85,340			280,498			—			408,233
Total assets	$	(39,863	)	$	2,492,486		$	543,361		$	(434,098	)	$	2,561,886

Other liabilities	$	28,165		$	74,940		$	26,809					$	129,914
Intercompany debt							193,595			(193,595		)	—
Long-term debt	—			2,500,000			—			—			2,500,000
Total shareholders’ (deficit) equity	(68,028		)	(82,454		)	322,955			(240,501		)	(68,028		)
Total liabilities and shareholders’ (deficit) equity	$	(39,863	)	$	2,492,486		$	543,359		$	(434,096	)	$	2,561,886

Quarter ended March 31, 2014
Condensed Consolidating Statement of Operations
Net revenues	$	—		$	115,072		$	43,256		$	—		$	158,328
Operating expenses	14,522			34,630			34,842			—			83,994
Income (loss) from operations	(14,522		)	80,442			8,414			—			74,334
Other income (expenses)
Intercompany dividends and interest	275,011			6,384			279,607			(561,002		)	—
Other income (expenses)	—			(26,373		)	(2,055		)	—			(28,428		)
Total other income (expenses)	275,011			(19,989		)	277,552			(561,002		)	(28,428		)
Net income (loss) before income taxes	260,489			60,453			285,966			(561,002		)	45,906
Taxes on income	—			—			1,594			—			1,594
Net income (loss)	$	260,489		$	60,453		$	284,372		$	(561,002	)	$	44,312

Quarter ended March 31, 2014
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	$	217,250		$	(329,090	)	$	191,567		$	—		$	79,727
Net cash used in investing activities	(1,532		)	(25,826		)	(182,601		)	—			(209,959		)
Net cash (used in) provided by financing activities	(256,719		)	150,008			—			—			(106,711		)
Net (decrease) increase in cash and cash equivalents	(41,001		)	(204,908		)	8,966			—			(236,943		)
Cash and cash equivalents at beginning of period	42,801			221,096			21,324			—			285,221
Cash and cash equivalents at end of period	$	1,800		$	16,188		$	30,290		$	—		$	48,278

					Other
	Parent		Subsidiary		Subsidiary
	Guarantor		Issuers		Non-Issuers			Eliminations			Consolidated
	(in thousands)
At December 31, 2013
Condensed Consolidating Balance Sheet
Real estate investments, net	$	—	$	2,010,303	$	—		$	—		$	2,010,303
Intercompany transactions and investment in subsidiaries	104,391		208,739		308,157			(621,287		)	—
Other	83,083		285,514		229,996			343			598,936
Total assets	$	187,474	$	2,504,556	$	538,153		(620,944		)	$	2,609,239

Total other liabilities	$	45,045	$	47,906	$	23,517		342			$	116,810
Total long-term debt	—		2,350,000		—			—			2,350,000
Total shareholders’ equity	142,429		106,650		514,637			(621,287		)	142,429
Total liabilities and shareholders’ equity	$	187,474	$	2,504,556	$	538,154		$	(620,945	)	$	2,609,239

Quarter ended March 31, 2013
Condensed Consolidating Statement of Operations
Net revenues	$	—	$	—	$	42,649		$	—		$	42,649
Total operating expenses	—		—		35,839			—			$	35,839
Income from operations	—		—		6,810			—			6,810
Other income (expenses)	—		—		(1,280		)	—			$	(1,280	)
Net income before income taxes	—		—		5,530			—			$	5,530
Taxes on income	—		—		2,316			—			$	2,316
Net income	$	—	$	—	$	3,214		$	—		$	3,214

Quarter ended March 31, 2013
Condensed Consolidating Statement of Cash Flows
Net cash used in operating activities	$	—	$	—	$	(3,759	)	$	—		$	(3,759	)
Net cash used in investing activities	—		—		(895		)	—			(895		)
Net cash provided by financing activities	—		—		7,280			—			7,280
Net increase in cash and cash equivalents	—		—		2,626			—			2,626
Cash and cash equivalents at beginning of period	—		—		14,562			—			14,562
Cash and cash equivalents at end of period	$	—	$	—	$	17,188		$	—		$	17,188

							Other
	Parent			Subsidiary			Subsidiary
	Guarantor			Issuers			Non-Issuers			Eliminations			Consolidated
	(in thousands)
At December 31, 2013
Condensed Consolidating Balance Sheet
Real estate investments, net	$	—		$	2,010,303		$	—		$	—		$	2,010,303
Intercompany transactions and investment in subsidiaries	104,391			208,739			308,157			(621,287		)	—
Other	83,083			285,514			229,996			343			598,936
Total assets	$	187,474		$	2,504,556		$	538,153		$	(620,944	)	$	2,609,239

Other liabilities	$	45,045		$	47,906		$	23,516		$	343		$	116,810
Intercompany debt	—			—			—			—			—
Long-term debt	—			2,350,000			—			—			2,350,000
Total shareholders’ equity	142,429			106,650			514,637			(621,287		)	142,429
Total liabilities and shareholders’ equity	$	187,474		$	2,504,556		$	538,153		$	(620,944	)	$	2,609,239

Year Ended December 31, 2013
Condensed Consolidating Statement of Operations
Net revenues	$	—		$	76,557		$	165,572		$	—		$	242,129
Operating expenses	19,800			22,424			139,323			—			181,547
Income (loss) from operations	(19,800		)	54,133			26,249			—			60,582
Other income (expenses)
Intercompany dividends and interest	68,955						68,955			(137,910		)	—
Other income (expenses)	—			(19,254		)	(4,202		)	—			(23,456		)
Total other income (expenses)	68,955			(19,254		)	64,753			(137,910		)	(23,456		)
Net income (loss) before income taxes	49,155			34,879			91,002			(137,910		)	37,126
Taxes on income	643			7,824			8,829			—			17,296
Net income (loss)	$	48,512		$	27,055		$	82,173		$	(137,910	)	$	19,830

Year Ended December 31, 2013
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	$	68,082		$	(81,887	)	$	94,437		$	—		$	80,632
Net cash used in investing activities	(5,562		)	(7,480		)	(3,233		)	—			(16,275		)
Net cash (used in) provided by financing activities	(19,719		)	310,463			(84,442		)	—			206,302
Net increase in cash and cash equivalents	42,801			221,096			6,762			—			270,659
Cash and cash equivalents at beginning of year	—			—			14,562			—			14,562
Cash and cash equivalents at end of year	$	42,801		$	221,096		$	21,324		$	—		$	285,221

					Other
	Parent		Subsidiary		Subsidiary
	Guarantor		Issuers		Non-Issuers			Eliminations		Consolidated
	(in thousands)
At December 31, 2012
Condensed Consolidating Balance Sheet
Total real estate assets	$	—	$	—	$	—		$	—	$	—
Total other assets	—		—		267,075			—		267,075
Total assets	$	—	$	—	$	267,075		$	—	$	267,075

Total other liabilities	$	—	$	—	$	30,745		$	—	$	30,745
Total long-term debt	—		—		—			—		—
Total shareholders’ equity	—		—		236,330			—		236,330
Total liabilities and shareholders’ equity	$	—	$	—	$	267,075		$	—	$	267,075

Year Ended December 31, 2012
Condensed Consolidating Statement of Operations
Net revenues	$	—	$	—	$	210,643		$	—	$	210,643
Total operating expenses	—		—		166,975			—		$	166,975
Income from operations	—		—		43,668			—		43,668
Other income (expenses)	—		—		(6,318		)	—		$	(6,318	)
Net income before income taxes	—		—		37,350			—		$	37,350
Taxes on income	—		—		14,431			—		$	14,431
Net income	$	—	$	—	$	22,919		$	—	$	22,919

Year Ended December 31, 2012
Condensed Consolidating Statement of Cash Flows
Net cash provided by operating activities	$	—	$	—	$	26,744		$	—	$	26,744
Net cash used in investing activities	—		—		(4,810		)	—		(4,810		)
Net cash used in financing activities	—		—		(24,518		)	—		(24,518		)
Net decrease in cash and cash equivalents	—		—		(2,584		)	—		(2,584		)
Cash and cash equivalents at beginning of year	—		—		17,146			—		17,146
Cash and cash equivalents at end of year	$	—	$	—	$	14,562		$	—	$	14,562

					Other
	Parent		Subsidiary		Subsidiary
	Guarantor		Issuers		Non-Issuers			Eliminations		Consolidated
	(in thousands)
Year ended December 31, 2011
Condensed Consolidating Statement of Operations
Net revenues	$	—	$	—	$	231,884		$	—	$	231,884
Total operating expenses	—		—		179,371			—		$	179,371
Income from operations	—		—		52,513			—		52,513
Other income (expenses)	—		—		(6,954		)	—		$	(6,954	)
Net income before income taxes	—		—		45,559			—		$	45,559
Taxes on income	—		—		18,875			—		$	18,875
Net income	$	—	$	—	$	26,684		$	—	$	26,684

Year ended December 31, 2011
Condensed Consolidating Statement of Cash Flows
Net cash provided by operating activities	$	—	$	—	$	56,840		$	—	$	56,840
Net cash used in investing activities	—		—		(8,171		)	—		(8,171		)
Net cash used in financing activities	—		—		(50,436		)	—		(50,436		)
Net decrease in cash and cash equivalents	—		—		(1,767		)	—		(1,767		)
Cash and cash equivalents at beginning of year	—		—		18,913			—		18,913
Cash and cash equivalents at end of year	$	—	$	—	$	17,146		$	—	$	17,146

Business and Basis of Presentation (Details) $ in Thousands		3 Months Ended	12 Months Ended
Business and Basis of Presentation (Details) $ in Thousands	Feb. 18, 2014 USD ($)	Mar. 31, 2014 facility property company renewaloption item	Dec. 31, 2013 USD ($) facility property company renewaloption item
Business and basis of presentation
Number of gaming and related facilities \| facility		22	21
Number of gaming and related facilities whose real property is included in the entity's portfolio \| property		20	19
Number of properties under development \| property		2	2
Number of states across which the portfolio of properties is diversified \| item		13	13
Purging Distribution	$ 1,050,000
Subsequent event
Business and basis of presentation
Purging Distribution	$ 1,050,000
Penn
Business and basis of presentation
Number of publicly traded companies \| company		2	2
Initial term of Master Lease		15 years	15 years
Number of lease renewal options of Master Lease \| renewaloption		4	4
Term of Master Lease renewal options		5 years	5 years
Number of states across which the portfolio of properties is diversified \| item			11
Assets and liabilities contributed to GLPI from Penn
Prepaid expenses			$ 2,766
Current deferred income tax assets			4,358
Property and equipment, net			2,024,572
Other assets			16,245
Accrued expenses			(5,656)
Other current liabilities			(12,219)
Deferred income tax liabilities			(6,493)
Net contribution			$ 2,023,573

Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended									12 Months Ended
	Mar. 31, 2014 USD ($) item	Dec. 31, 2013 USD ($)	Sep. 30, 2013 USD ($)	Jun. 30, 2013 USD ($)	Mar. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Sep. 30, 2012 USD ($)	Jun. 30, 2012 USD ($)	Mar. 31, 2012 USD ($)	Dec. 31, 2013 USD ($) property item	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Concentration of Credit Risk
Net revenues \| $	$ 158,328	$ 113,776	$ 39,633	$ 46,072	$ 42,649	$ 37,659	$ 45,823	$ 60,252	$ 66,909	$ 242,129	$ 210,643	$ 231,884
Number of states across which the portfolio of properties is diversified \| item	13									13
Penn
Concentration of Credit Risk
Net revenues \| $										$ 2,900,000	$ 2,900,000
Number of properties \| property										19
Number of states across which the portfolio of properties is diversified \| item										11

Summary of Significant Accounting Policies (Details 2) - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 48,278	$ 285,221	$ 14,562
Financial liabilities:
Senior unsecured credit facility	450,000	300,000
Senior notes	2,050,000	2,050,000
Fair Value
Financial assets:
Cash and cash equivalents	48,278	285,221	$ 14,562
Financial liabilities:
Senior unsecured credit facility	441,000	294,750
Senior notes	$ 2,114,250	$ 2,058,750

Summary of Significant Accounting Policies (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2012
Goodwill and Other Intangible Assets
Goodwill	$ 75,521	$ 75,521	$ 75,521
Other intangible assets	$ 9,577	$ 9,577	$ 9,577
Income Taxes
Period following the year during which qualification is lost for which the entity will not be permitted to qualify for treatment as a REIT for federal income tax purposes	4 years
Minimum
Real Estate Investments
Useful lives	1 year
Maximum
Real Estate Investments
Useful lives	41 years
Land improvements \| Minimum
Property and Equipment used in operations
Useful lives	5 years
Land improvements \| Maximum
Property and Equipment used in operations
Useful lives	15 years
Building and improvements \| Minimum
Real Estate Investments
Useful lives	8 years
Property and Equipment used in operations
Useful lives	5 years
Building and improvements \| Maximum
Real Estate Investments
Useful lives	41 years
Property and Equipment used in operations
Useful lives	40 years
Furniture, fixtures, and equipment \| Minimum
Property and Equipment used in operations
Useful lives	3 years
Furniture, fixtures, and equipment \| Maximum
Property and Equipment used in operations
Useful lives	31 years

Summary of Significant Accounting Policies (Details 4) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2014 USD ($) property	Mar. 31, 2013 USD ($)	Dec. 31, 2013 USD ($) property	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Summary of Significant Accounting Policies
Number of properties leased to third parties other than subsidiary of Penn \| property	3		2
Period after which rent structure is adjusted under the Master Lease	5 years		5 years
Percentage of the average change to net revenues of all facilities under the Master Lease during the preceding five years used for adjustment in the component of the rent structure	4.00%		4.00%
Period used in calculation of the average change to net revenues	5 years		5 years
Percentage of the change to net revenues of all facilities under the Master Lease during the preceding month used for adjustment in rent structure	20.00%		20.00%
Future minimum rental income from the properties under non-cancelable operating leases
2014			$ 375,602
2015			375,602
2016			375,602
2017			376,101
2018			368,311
Thereafter			3,240,760
Total			5,111,978
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	$ 38,755	$ 41,080	159,352	$ 202,581	$ 223,302
Promotional allowances	1,370	1,646	6,137	7,573	7,814
Cost of complimentary services	719	782	2,993	3,703	3,607
Video lottery, net of cash incentives
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	33,381	37,352	138,803	189,808	210,349
Table game
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	4,940	3,448	18,096	11,891	12,333
Poker
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	434	280	2,453	882	620
Food and beverage
Revenue Recognition and Promotional Allowances
Promotional allowances	1,361	1,517	5,970	6,806	6,971
Cost of complimentary services	716	713	2,907	3,319	3,198
Other
Revenue Recognition and Promotional Allowances
Promotional allowances	9	129	167	767	843
Cost of complimentary services	$ 3	$ 69	86	$ 384	$ 409
Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue Recognition and Promotional Allowances
Contingent rental income			$ 6,700

Summary of Significant Accounting Policies (Details 5) $ / shares in Units, $ in Thousands	3 Months Ended									12 Months Ended
	Mar. 31, 2014 USD ($) segment $ / shares shares	Dec. 31, 2013 USD ($) $ / shares	Sep. 30, 2013 USD ($) $ / shares	Jun. 30, 2013 USD ($) $ / shares	Mar. 31, 2013 USD ($) $ / shares shares	Dec. 31, 2012 USD ($) $ / shares	Sep. 30, 2012 USD ($) $ / shares	Jun. 30, 2012 USD ($) $ / shares	Mar. 31, 2012 USD ($) $ / shares	Dec. 31, 2013 USD ($) segment $ / shares shares	Dec. 31, 2012 USD ($) $ / shares shares	Dec. 31, 2011 USD ($) $ / shares shares
Gaming and Admission Taxes
Gaming expense \| $	$ 17,300				$ 18,700					$ 71,600	$ 94,900	$ 105,400
Determination of shares:
Weighted-average common shares outstanding	111,198,000				110,582,000					110,617,000	110,582,000	110,582,000
Assumed conversion of dilutive employee stock-based awards (in shares)	6,282,000				4,703,000					4,924,000	4,703,000	4,703,000
Assumed conversion of restricted stock (in shares)	370,000				318,000					324,000	318,000	318,000
Diluted weighted-average common shares outstanding	117,850,000				115,603,000					115,865,000	115,603,000	115,603,000
Calculation of basic EPS:
Net income \| $	$ 44,312	$ 9,234	$ 2,681	$ 4,699	$ 3,214	$ 2,106	$ 4,530	$ 7,618	$ 8,665	$ 19,830	$ 22,919	$ 26,684
Less: Net income allocated to participating securities \| $	(175)				(12)					(75)	(86)	(101)
Net income attributable to common shareholders \| $	$ 44,137				$ 3,202					$ 19,755	$ 22,833	$ 26,583
Weighted-average common shares outstanding	111,198,000				110,582,000					110,617,000	110,582,000	110,582,000
Basic EPS (in dollars per share) \| $ / shares	$ 0.40	$ 0.08	$ 0.02	$ 0.04	$ 0.03	$ 0.02	$ 0.04	$ 0.07	$ 0.08	$ 0.18	$ 0.21	$ 0.24
Calculation of diluted EPS:
Net income \| $	$ 44,312	$ 9,234	$ 2,681	$ 4,699	$ 3,214	$ 2,106	$ 4,530	$ 7,618	$ 8,665	$ 19,830	$ 22,919	$ 26,684
Diluted weighted-average common shares outstanding	117,850,000				115,603,000					115,865,000	115,603,000	115,603,000
Diluted EPS (in dollars per share) \| $ / shares	$ 0.38	$ 0.08	$ 0.02	$ 0.04	$ 0.03	$ 0.02	$ 0.04	$ 0.07	$ 0.07	$ 0.17	$ 0.20	$ 0.23
Anti-dilutive securities, options to purchase common stock outstanding (in shares)	0				0					0	0	0
Stock-Based Compensation
Number of awards into which each outstanding option and cash settled SAR converted in connection with the Spin-Off (in shares)	2									2
Stock option grants awarded (in shares)	0									0
Segment Information
Number of reportable segments \| segment	2									2

Real Estate Investments (Details) $ in Thousands	Mar. 31, 2014 USD ($) property	Dec. 31, 2013 USD ($) property
Real Estate Investments
Number of properties \| property	20	19
Real estate investments
Total property and equipment	$ 2,661,127	$ 2,494,791
Less accumulated depreciation	(507,474)	(484,488)
Real estate investments, net	$ 2,153,653	$ 2,010,303
Number of properties under development \| property	2	2
Penn
Real estate investments
Real estate investments, net		$ 1,960,000
Land and improvements
Real estate investments
Total property and equipment	$ 453,141	382,581
Building and improvements
Real estate investments
Total property and equipment	2,120,663	2,050,533
Construction in progress
Real estate investments
Total property and equipment	$ 87,323	$ 61,677

Property and Equipment used in operations (Details) - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property and equipment used in operations
Total property and equipment	$ 251,146	$ 244,965	$ 213,616
Less accumulated depreciation	(109,260)	(105,844)	(94,662)
Property and equipment, net	141,886	139,121	118,954
Land and improvements
Property and equipment used in operations
Total property and equipment	31,635	27,586	28,193
Building and improvements
Property and equipment used in operations
Total property and equipment	116,267	115,888	109,248
Furniture, fixtures, and equipment
Property and equipment used in operations
Total property and equipment	102,740	101,288	76,088
Construction in progress
Property and equipment used in operations
Total property and equipment	$ 504	$ 203	$ 87

Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2013	Oct. 31, 2013
Long-term debt
Long-term debt	$ 2,500,000	$ 2,350,000
$550 million 4.375% senior notes due November 2018
Long-term debt
Long-term debt	550,000	550,000
Face amount of debt	$ 550,000	$ 550,000	$ 550,000
Debt instrument interest rate stated percentage	4.375%	4.375%
$1,000 million 4.875% senior notes due November 2020
Long-term debt
Long-term debt	$ 1,000,000	$ 1,000,000
Face amount of debt	$ 1,000,000	$ 1,000,000	1,000,000
Debt instrument interest rate stated percentage	4.875%	4.875%
$500 million 5.375% senior notes due November 2023
Long-term debt
Long-term debt	$ 500,000	$ 500,000
Face amount of debt	$ 500,000	$ 500,000	$ 500,000
Debt instrument interest rate stated percentage	5.375%	5.375%
Senior unsecured credit facility
Long-term debt
Long-term debt	$ 450,000	$ 300,000
Face amount of debt	$ 1,000,000

Long-term Debt (Details 2) $ in Thousands			1 Months Ended	3 Months Ended	12 Months Ended
Long-term Debt (Details 2) $ in Thousands	Oct. 31, 2013 USD ($) item	Oct. 28, 2013 USD ($)	Oct. 31, 2013 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Future minimum repayments of long-term debt
2018				$ 1,000,000	$ 850,000
Thereafter				1,500,000	1,500,000
Debt				2,500,000	$ 2,350,000
Senior notes
Long-term debt
Aggregate principal amount	$ 2,050,000		$ 2,050,000
Number of series of new notes issued \| item	3
Number of wholly owned subsidiaries issuing debt instrument \| item	2
Percentage of principal amount at which the entity may redeem all or part of the notes					100.00%
Senior notes \| If redeemed 90 or fewer days prior to maturity
Long-term debt
Percentage of principal amount at which the entity may redeem all or part of the notes					100.00%
Senior notes \| Change of control
Long-term debt
Percentage of principal amount at which the entity may redeem all or part of the notes					101.00%
2018 Notes
Future minimum repayments of long-term debt
Debt				550,000	$ 550,000
Long-term debt
Aggregate principal amount	$ 550,000		550,000	$ 550,000	$ 550,000
Debt instrument interest rate stated percentage				4.375%	4.375%
2020 Notes
Future minimum repayments of long-term debt
Debt				$ 1,000,000	$ 1,000,000
Long-term debt
Aggregate principal amount	1,000,000		1,000,000	$ 1,000,000	$ 1,000,000
Debt instrument interest rate stated percentage				4.875%	4.875%
2023 Notes
Future minimum repayments of long-term debt
Debt				$ 500,000	$ 500,000
Long-term debt
Aggregate principal amount	500,000		$ 500,000	$ 500,000	$ 500,000
Debt instrument interest rate stated percentage				5.375%	5.375%
Senior unsecured credit facility
Future minimum repayments of long-term debt
Debt				$ 450,000	$ 300,000
Long-term debt
Gross outstanding balance				450,000
Aggregate principal amount				$ 1,000,000
Senior unsecured credit facility \| GLP Capital
Long-term debt
Term of debt		5 years	5 years
Gross outstanding balance					$ 300,000
Aggregate principal amount	$ 2,050,000		$ 2,050,000
Senior unsecured credit facility \| LIBOR \| Subsequent event
Long-term debt
Interest rate, description				LIBOR
Interest rate added to the base rate (as a percent)				1.50%
Senior unsecured credit facility \| LIBOR \| GLP Capital
Long-term debt
Interest rate, description					LIBOR
Interest rate added to the base rate (as a percent)					1.75%
Senior unsecured credit facility \| LIBOR \| GLP Capital \| Subsequent event
Long-term debt
Interest rate added to the base rate (as a percent)				1.50%
Senior unsecured credit facility \| LIBOR \| GLP Capital \| Minimum
Long-term debt
Interest rate added to the base rate (as a percent)					1.00%
Senior unsecured credit facility \| LIBOR \| GLP Capital \| Maximum
Long-term debt
Interest rate added to the base rate (as a percent)					2.00%
Senior unsecured credit facility \| Base rate \| Subsequent event
Long-term debt
Interest rate, description				base rate
Interest rate added to the base rate (as a percent)				0.50%
Senior unsecured credit facility \| Base rate \| GLP Capital
Long-term debt
Interest rate, description					base rate
Interest rate added to the base rate (as a percent)					0.75%
Senior unsecured credit facility \| Base rate \| GLP Capital \| Subsequent event
Long-term debt
Interest rate added to the base rate (as a percent)				0.50%
Senior unsecured credit facility \| Base rate \| GLP Capital \| Minimum
Long-term debt
Interest rate added to the base rate (as a percent)					0.00%
Senior unsecured credit facility \| Base rate \| GLP Capital \| Maximum
Long-term debt
Interest rate added to the base rate (as a percent)					1.00%
Revolving credit facility
Long-term debt
Revolving credit facility amount outstanding				$ 150,000
Aggregate principal amount				$ 700,000
Revolving credit facility \| Subsequent event
Long-term debt
Commitment fee percentage				0.25%
Revolving credit facility \| GLP Capital
Long-term debt
Maximum borrowing capacity		$ 700,000
Commitment fee percentage					0.30%
Revolving credit facility amount outstanding					$ 0
Revolving credit facility \| GLP Capital \| Subsequent event
Long-term debt
Commitment fee percentage				0.25%
Revolving credit facility \| GLP Capital \| Minimum
Long-term debt
Commitment fee percentage					0.15%
Revolving credit facility \| GLP Capital \| Maximum
Long-term debt
Commitment fee percentage					0.35%
Term Loan A facility
Long-term debt
Gross outstanding balance				$ 300,000
Aggregate principal amount				$ 300,000
Term Loan A facility \| GLP Capital
Long-term debt
Maximum borrowing capacity		$ 300,000
Gross outstanding balance					$ 300,000

Commitments and Contingencies (Details) $ in Thousands	12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2013 USD ($) renewaloption	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Future minimum lease commitments relating to the base lease rent portion of noncancelable operating leases
2014	$ 1,013
2015	314
2016	302
2017	316
2018	334
Thereafter	44,178
Total	46,457
Penn
Operating Lease Commitments
Total rental expense under agreements	$ 400
Penn's subsidiary \| City of Bangor
Operating Lease Commitments
Initial term of lease	15 years
Minimum rent	$ 100
Number of lease renewal options \| renewaloption	3
Term of lease renewal options	10 years
Penn's subsidiary \| Casino in Biloxi, Mississippi
Operating Lease Commitments
Initial term of lease	99 years
Period after which the annual rental payment will be increased by fifteen percent	5 years
Increase in annual rental payment after every 5 years (as a percent)	15.00%
Minimum rent	$ 200
Penn's subsidiary \| Casino in Tunica, Mississippi
Operating Lease Commitments
Initial term of lease	5 years
Number of lease renewal options \| renewaloption	9
Term of lease renewal options	5 years
Percentage of gross revenues for determination of annual revenue-sharing provision under the lease agreement	4.00%
TRS properties
Operating Lease Commitments
Total rental expense under agreements	$ 1,400	$ 1,600	$ 1,600

Commitments and Contingencies (Details 2) $ in Millions	12 Months Ended
Commitments and Contingencies (Details 2) $ in Millions	Dec. 31, 2013 USD ($) facility item	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Capital Expenditure Commitments
Capital expenditures under current construction program for 2014	$ 137.4
Contractual commitment to spend on capital expenditures	$ 34.5
Number of Ohio racetracks scheduled to be opened in the second half of 2014 \| facility	2
Maximum amount of real estate financing in the form of a loan or lease	$ 418.5
Number of project which to be provide real estate financing in the form of loan or lease \| item	2
Purchase obligations
Obligations to purchase various goods and services	$ 1.4
Obligations to be incurred in 2014	$ 1.1
Profit-sharing plan under the provisions of Section 401(k)
Employer's discretionary match contribution up to a maximum of 6% of eligible employee compensation (as a percent)	50.00%
Maximum percentage of eligible employee compensation eligible for discretionary employer match contribution	6.00%
Matching contributions for the profit-sharing plan	$ 0.2	$ 0.2	$ 0.2
Non-qualified deferred compensation plan
Vesting period for matching contribution by employer under the plan	5 years
Employer's matching contributions for the non-qualified deferred compensation plan	$ 0.3	$ 0.1	$ 0.1
Deferred compensation liability, which was included in other current liabilities	$ 12.8

Commitments and Contingencies (Details 3)	12 Months Ended
Commitments and Contingencies (Details 3)	Dec. 31, 2013 item
Labor Agreements
Number of employees under Seafarers Entertainment and Allied Trade Union agreement	128
Number of employees \| Represented by a single union
Labor Agreements
Threshold number of employees under agreement for separate disclosure of unions	50

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Deferred tax assets:
Accrued expenses			$ 2,228	$ 2,859
Net deferred tax assets	$ 1,927		2,228	2,859
Deferred tax liabilities:
Property, plant and equipment			(3,459)	(7,840)
Intangibles			(823)	(577)
Net deferred tax liabilities			(4,282)	(8,417)
Net deferred taxes			(2,054)	(5,558)
Current tax expense
Federal			19,429	12,216	$ 21,048
State			3,513	2,303	4,341
Total current			22,942	14,519	25,389
Deferred tax (benefit) expense
Federal			(7,624)	64	(6,780)
State			1,978	(152)	266
Total deferred	(898)	$ 128	(5,646)	(88)	(6,514)
Total provision	1,594	2,316	$ 17,296	$ 14,431	$ 18,875
Percent of pretax income
U.S. federal statutory income tax rate (as a percent)			35.00%	35.00%	35.00%
State and local income taxes (as a percent)			10.40%	3.00%	6.60%
Nondeductible transaction costs (as a percent)			7.50%	0.00%	0.00%
REIT conversion benefit (as a percent)			(5.30%)	0.00%	0.00%
Other permanent differences (as a percent)			(0.80%)	0.10%	0.20%
Other miscellaneous items (as a percent)			(0.20%)	0.50%	(0.40%)
Actual effective income tax rate (as a percent)			46.60%	38.60%	41.40%
Amount based upon pretax income
U.S. federal statutory income tax			$ 12,994	$ 13,073	$ 15,945
State and local income taxes			3,840	1,126	3,016
Nondeductible transaction costs			2,793
REIT conversion benefit			(1,959)
Permanent differences			(268)	30	72
Other miscellaneous items			(104)	202	(158)
Total provision	$ 1,594	$ 2,316	$ 17,296	$ 14,431	$ 18,875

Dividends (Details) $ / shares in Units, $ in Millions	Feb. 18, 2014 USD ($) $ / shares
Dividends
Purging Distribution	$ 1,050.0
Dividend declared (in dollars per shares) \| $ / shares	$ 0.52
Subsequent event
Dividends
Purging Distribution	$ 1,050.0
Purging Distribution paid in cash	$ 210.0
Dividend declared (in dollars per shares) \| $ / shares	$ 0.52

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Stock-based compensation
Maximum shares of common stock that can be issued (in shares)		5,147,059
Stock option grants awarded (in shares)	0	0
Stock options and restricted stock awards
Stock-based compensation
Recognized compensation expense		$ 1,600
Stock options
Stock-based compensation
Total compensation cost related to nonvested awards not yet recognized	$ 5,800	$ 6,800
Period for recognition of unrecognized compensation cost	1 year 5 months 19 days	1 year 8 months 5 days
Recognized compensation expense	$ 1,400
Number of Option Shares
Outstanding at the beginning of the period (in shares)	10,338,453
Options transferred on Spin-Off date (in shares)		10,396,889
Exercised (in shares)		(57,811)
Canceled (in shares)		(625)
Outstanding at the end of the period (in shares)		10,338,453
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 24.34
Options transferred on Spin-Off date (in dollars per share)		$ 24.35
Exercised (in dollars per share)		24.75
Canceled (in dollars per share)		20.85
Outstanding at the end of the period (in dollars per share)		$ 24.34
Weighted-Average Remaining Contractual Term
Outstanding at the end of the period		3 years 1 month 24 days
Aggregate Intrinsic Value (in thousands)
Outstanding at the end of the period		$ 270,222
Restricted stock awards
Stock-based compensation
Total compensation cost related to nonvested awards not yet recognized	$ 6,400	$ 4,700
Period for recognition of unrecognized compensation cost	3 years 3 months 11 days	3 years 18 days
Recognized compensation expense	$ 600
PSUs
Stock-based compensation
Total compensation cost related to nonvested awards not yet recognized	$ 8,100	$ 9,400
Period for recognition of unrecognized compensation cost	2 years 4 months 13 days	2 years 5 months 5 days
Recognized compensation expense	$ 400	$ 1,200
SARs
Stock-based compensation
Total compensation cost related to nonvested awards not yet recognized	$ 300	$ 500
Period for recognition of unrecognized compensation cost	1 year 7 months 13 days	1 year 10 months 2 days
Recognized compensation expense	$ 21	$ 200

Stock-Based Compensation (Details 2) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2013 USD ($) $ / shares shares
Stock-based compensation
Exercisable options, intrinsic value \| $	$ 213.8
Aggregate intrinsic value of stock options exercised \| $	$ 1.3
$9.32 to $47.40
Stock-based compensation
Exercise price range, lower range limit (in dollars per share)	$ 9.32
Exercise price range, upper range limit (in dollars per share)	$ 47.40
Outstanding options, number (in shares) \| shares	10,338,453
Outstanding options, weighted-average remaining contractual life	3 years 1 month 24 days
Outstanding options, weighted-average exercise price (in dollars per share)	$ 24.34
Exercisable options, number (in shares) \| shares	7,931,136
Exercisable options, weighted-average exercise price (in dollars per share)	$ 23.53
$9.32 to $22.41
Stock-based compensation
Exercise price range, lower range limit (in dollars per share)	9.32
Exercise price range, upper range limit (in dollars per share)	$ 22.41
Outstanding options, number (in shares) \| shares	4,049,443
Outstanding options, weighted-average remaining contractual life	1 year 11 months 8 days
Outstanding options, weighted-average exercise price (in dollars per share)	$ 19.54
Exercisable options, number (in shares) \| shares	3,621,045
Exercisable options, weighted-average exercise price (in dollars per share)	$ 19.38
$22.90 to $29.10
Stock-based compensation
Exercise price range, lower range limit (in dollars per share)	22.90
Exercise price range, upper range limit (in dollars per share)	$ 29.10
Outstanding options, number (in shares) \| shares	3,555,573
Outstanding options, weighted-average remaining contractual life	3 years 8 months 8 days
Outstanding options, weighted-average exercise price (in dollars per share)	$ 25.16
Exercisable options, number (in shares) \| shares	2,805,381
Exercisable options, weighted-average exercise price (in dollars per share)	$ 24.68
$29.19 to $47.40
Stock-based compensation
Exercise price range, lower range limit (in dollars per share)	29.19
Exercise price range, upper range limit (in dollars per share)	$ 47.40
Outstanding options, number (in shares) \| shares	2,733,437
Outstanding options, weighted-average remaining contractual life	4 years 1 month 28 days
Outstanding options, weighted-average exercise price (in dollars per share)	$ 30.41
Exercisable options, number (in shares) \| shares	1,504,710
Exercisable options, weighted-average exercise price (in dollars per share)	$ 31.36

Stock-Based Compensation (Details 3) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Restricted stock awards
Restricted shares issued and outstanding
Outstanding at the beginning of the period (in shares)	419,067
Amounts transferred in connection with Spin-Off (in shares)		419,067
Outstanding at the end of the period (in shares)	441,619	419,067
Total compensation cost related to nonvested awards not yet recognized	$ 6,400	$ 4,700
Period for recognition of unrecognized compensation cost	3 years 3 months 11 days	3 years 18 days
Recognized compensation expense	$ 600
PSUs
Restricted shares issued and outstanding
Total compensation cost related to nonvested awards not yet recognized	$ 8,100	$ 9,400
Period for recognition of unrecognized compensation cost	2 years 4 months 13 days	2 years 5 months 5 days
Recognized compensation expense	$ 400	$ 1,200
SARs
Restricted shares issued and outstanding
Total compensation cost related to nonvested awards not yet recognized	$ 300	$ 500
Period for recognition of unrecognized compensation cost	1 year 7 months 13 days	1 year 10 months 2 days
Recognized compensation expense	$ 21	$ 200
Stock options
Restricted shares issued and outstanding
Total compensation cost related to nonvested awards not yet recognized	$ 5,800	$ 6,800
Period for recognition of unrecognized compensation cost	1 year 5 months 19 days	1 year 8 months 5 days
Recognized compensation expense	$ 1,400

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment information
Net revenues	$ 158,328	$ 113,776	$ 39,633	$ 46,072	$ 42,649	$ 37,659	$ 45,823	$ 60,252	$ 66,909	$ 242,129	$ 210,643	$ 231,884
Income from operations	74,334	39,016	5,665	9,090	6,810	4,534	8,155	14,472	16,507	60,582	43,668	52,513
Interest expense	28,974									19,254
Income from operations before income taxes	45,906				5,530					37,126	37,350	45,559
Income tax provision	1,594				2,316					17,296	14,431	18,875
Net income	44,312	9,234	$ 2,681	$ 4,699	3,214	2,106	$ 4,530	$ 7,618	$ 8,665	19,830	22,919	26,684
Depreciation	26,522				3,588					28,923	14,090	14,568
Capital expenditures	24,002				78					16,428	5,190	8,288
Assets	2,561,886	2,609,239				267,075				2,609,239	267,075
GLP Capital
Segment information
Net revenues	118,112									76,557
Income from operations	67,871									34,333
Interest expense										19,254
Income from operations before income taxes	42,044									15,079
Income tax provision										8,467
Net income	42,044									6,612
Depreciation	23,441									14,896
Capital expenditures	24,002									13,042
Assets	2,324,839	2,379,243								2,379,243
Transaction costs										13,500
TRS properties
Segment information
Net revenues	40,216				42,649					165,572	210,643	231,884
Income from operations	6,463				6,810					26,249	43,668	52,513
Income from operations before income taxes	3,862				5,530					22,047	37,350	45,559
Income tax provision	1,594				2,316					8,829	14,431	18,875
Net income	2,268				3,214					13,218	22,919	26,684
Depreciation	3,081				3,588					14,027	14,090	14,568
Capital expenditures					$ 78					3,386	5,190	$ 8,288
Assets	$ 237,047	$ 229,996				$ 267,075				$ 229,996	$ 267,075

Summarized Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended									12 Months Ended
	Oct. 28, 2013	Oct. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Summarized Quarterly Data (Unaudited)
Net revenues			$ 158,328	$ 113,776	$ 39,633	$ 46,072	$ 42,649	$ 37,659	$ 45,823	$ 60,252	$ 66,909	$ 242,129	$ 210,643	$ 231,884
Income from operations			74,334	39,016	5,665	9,090	6,810	4,534	8,155	14,472	16,507	60,582	43,668	52,513
Net income			$ 44,312	$ 9,234	$ 2,681	$ 4,699	$ 3,214	$ 2,106	$ 4,530	$ 7,618	$ 8,665	$ 19,830	$ 22,919	$ 26,684
Earnings per common share:
Basic earnings per common share (in dollars per share)			$ 0.40	$ 0.08	$ 0.02	$ 0.04	$ 0.03	$ 0.02	$ 0.04	$ 0.07	$ 0.08	$ 0.18	$ 0.21	$ 0.24
Diluted earnings per common share (in dollars per share)			$ 0.38	$ 0.08	$ 0.02	$ 0.04	$ 0.03	$ 0.02	$ 0.04	$ 0.07	$ 0.07	$ 0.17	$ 0.20	$ 0.23
Summarized Quarterly Data (Unaudited)
Rental revenue			$ 118,112									$ 76,557
Depreciation expense			26,522				$ 3,588					$ 28,923	$ 14,090	$ 14,568
Senior unsecured credit facility
Summarized Quarterly Data (Unaudited)
Aggregate principal amount			$ 1,000,000
Interest expense				$ 19,300
GLP Capital \| Senior unsecured credit facility
Summarized Quarterly Data (Unaudited)
Debt instrument term	5 years	5 years
Aggregate principal amount		$ 2,050,000
Spin-Off
Summarized Quarterly Data (Unaudited)
Transaction costs				13,500
Depreciation expense				14,800
Master Lease
Summarized Quarterly Data (Unaudited)
Rental revenue				$ 76,600

Pre-Spin Transactions with Penn (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Pre-Spin Transactions with Penn
Cumulative net advances				$ 43,318
Penn \| Hollywood Casino Baton Rouge and Hollywood Casino Perryville
Pre-Spin Transactions with Penn
Management fee as a percentage of net revenues	3.00%		3.00%
Management fees incurred and paid		$ 1,300	$ 4,200	6,300	$ 7,000
Cumulative net advances				$ 43,300

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Supplemental Disclosures of cash flow information
Interest paid	$ 2.1	$ 0.0	$ 0.8	$ 0.0	$ 0.0
Federal
Supplemental Disclosures of cash flow information
Income taxes paid	10.1
State taxing authorities
Supplemental Disclosures of cash flow information
Income taxes paid	1.4
Hollywood Casino Baton Rouge and Hollywood Casino Perryville \| Federal
Supplemental Disclosures of cash flow information
Income taxes paid	1.4		0.0
Hollywood Casino Baton Rouge and Hollywood Casino Perryville \| Penn \| Federal
Supplemental Disclosures of cash flow information
Income taxes paid		1.8	9.4	13.2	15.1
Hollywood Casino Baton Rouge and Hollywood Casino Perryville \| Penn \| State taxing authorities
Supplemental Disclosures of cash flow information
Income taxes paid	$ 0.9	$ 0.0	$ 1.6	$ 2.8	$ 3.3

Subsequent Events (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended
	Feb. 18, 2014 USD ($) $ / shares shares	Jan. 31, 2014 USD ($) item	Mar. 31, 2014 USD ($) item
Subsequent events
Amount paid for acquisition			$ 140,730
Purging Distribution	$ 1,050,000
Total cash limitation on purging distribution in cash	$ 210,000
Common stock outstanding (in shares) \| shares	88,691,827
Percentage of stockholders who elected the cash distribution	54.30%
Percentage of stockholders who elected a stock distribution or made no election	45.70%
Cash dividend distributed per common share held by shareholders who elected cash distribution (in dollars per share) \| $ / shares	$ 4.358049
Stock dividend distributed per common share held by shareholders who elected cash distribution \| shares	0.195747
Stock dividend distributed per common share held by shareholders who elected stock distribution \| shares	0.309784
Period of trading days taken for calculation of volume weighted average price	3 days
Volume weighted average price (in dollars per share) \| $ / shares	$ 38.2162
Shares issued in connection with dividend payment \| shares	22,000,000
Quarterly dividend declared (in dollars per share) \| $ / shares	$ 0.52
Casino Queen
Subsequent events
Payments for term loan		$ 43,000
Term of term loan		5 years
interest rate on term loan (as a percent)		7.00%
Rent per year of property leased back on a triple net basis		$ 14,000
Initial lease term			15 years
Number of lease renewal options \| item			4
Term of lease renewal options			5 years
Real estate assets associated with the Casino Queen in East St. Louis, Illinois
Subsequent events
Amount paid for acquisition		140,700
Subsequent event
Subsequent events
Purging Distribution	$ 1,050,000
Total cash limitation on purging distribution in cash	$ 210,000
Common stock outstanding (in shares) \| shares	88,691,827
Percentage of stockholders who elected the cash distribution	54.30%
Percentage of stockholders who elected a stock distribution or made no election	45.70%
Cash dividend distributed per common share held by shareholders who elected cash distribution (in dollars per share) \| $ / shares	$ 4.358049
Stock dividend distributed per common share held by shareholders who elected cash distribution \| shares	0.195747
Stock dividend distributed per common share held by shareholders who elected stock distribution \| shares	0.309784
Period of trading days taken for calculation of volume weighted average price	3 days
Volume weighted average price (in dollars per share) \| $ / shares	$ 38.2162
Shares issued in connection with dividend payment \| shares	22,000,000
Quarterly dividend declared (in dollars per share) \| $ / shares	$ 0.52
Subsequent event \| Senior unsecured credit facility \| LIBOR
Subsequent events
Interest rate, description			LIBOR
Interest rate added to the base rate (as a percent)			1.50%
Subsequent event \| Senior unsecured credit facility \| Base rate
Subsequent events
Interest rate, description			base rate
Interest rate added to the base rate (as a percent)			0.50%
Subsequent event \| Revolving credit facility
Subsequent events
Commitment fee percentage			0.25%
Subsequent event \| Casino Queen
Subsequent events
Payments for term loan		$ 43,000
Term of term loan		5 years
interest rate on term loan (as a percent)		7.00%
Rent per year of property leased back on a triple net basis		$ 14,000
Initial lease term		15 years
Number of lease renewal options \| item		4
Term of lease renewal options		5 years
Subsequent event \| Real estate assets associated with the Casino Queen in East St. Louis, Illinois
Subsequent events
Amount paid for acquisition		$ 140,000

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Details) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers
Ownership percentage	100.00%									100.00%
Condensed Consolidating Balance Sheet
Real estate investments, net	$ 2,153,653	$ 2,010,303								$ 2,010,303
Other	408,233	598,936								598,936
Total assets	2,561,886	2,609,239				$ 267,075				2,609,239	$ 267,075
Other liabilities	129,914	116,810				30,745				116,810	30,745
Long-term debt	2,500,000	2,350,000								2,350,000
Total shareholders' (deficit) equity	(68,028)	142,429				236,330				142,429	236,330	$ 219,911	$ 215,388
Total liabilities and shareholders' (deficit) equity	2,561,886	2,609,239				267,075				2,609,239	267,075
Condensed Consolidating Statement of Operations
Net revenues	158,328	113,776	$ 39,633	$ 46,072	$ 42,649	37,659	$ 45,823	$ 60,252	$ 66,909	242,129	210,643	231,884
Operating expenses	83,994				35,839					181,547	166,975	179,371
Income from operations	74,334	39,016	5,665	9,090	6,810	4,534	8,155	14,472	16,507	60,582	43,668	52,513
Other Income (expenses)
Other income (expenses)	(28,428)									(23,456)
Total other expenses	(28,428)				(1,280)					(23,456)	(6,318)	(6,954)
Income from operations before income taxes	45,906				5,530					37,126	37,350	45,559
Taxes on income	1,594				2,316					17,296	14,431	18,875
Net income	44,312	9,234	$ 2,681	4,699	3,214	2,106	$ 4,530	$ 7,618	8,665	19,830	22,919	26,684
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	79,727				(3,759)					80,632	26,744	56,840
Net cash used in investing activities	(209,959)				(895)					(16,275)	(4,810)	(8,171)
Net cash (used in) provided by financing activities	(106,711)				7,280					206,302	(24,518)	(50,436)
Net increase in cash and cash equivalents	(236,943)				2,626					270,659	(2,584)	(1,767)
Cash and cash equivalents at beginning of year	285,221			17,188	14,562				17,146	14,562	17,146	18,913
Cash and cash equivalents at end of year	48,278	285,221			17,188	14,562				285,221	14,562	17,146
Eliminations
Condensed Consolidating Balance Sheet
Intercompany transactions and investment in subsidiaries	(434,098)	(621,287)								(621,287)
Other		343								343
Total assets	(434,098)	(620,944)								(620,944)
Other liabilities		343								343
Total shareholders' (deficit) equity	(240,501)	(621,287)								(621,287)
Total liabilities and shareholders' (deficit) equity	(434,096)	(620,944)								(620,944)
Other Income (expenses)
Intercompany dividends and interest	(561,002)									(137,910)
Total other expenses	(561,002)									(137,910)
Income from operations before income taxes	(561,002)									(137,910)
Net income	(561,002)									(137,910)
Parent Guarantor
Condensed Consolidating Balance Sheet
Intercompany transactions and investment in subsidiaries	(82,258)	104,391								104,391
Other	42,395	83,083								83,083
Total assets	(39,863)	187,474								187,474
Other liabilities	28,165	45,045								45,045
Total shareholders' (deficit) equity	(68,028)	142,429								142,429
Total liabilities and shareholders' (deficit) equity	(39,863)	187,474								187,474
Condensed Consolidating Statement of Operations
Operating expenses	14,522									19,800
Income from operations	(14,522)									(19,800)
Other Income (expenses)
Intercompany dividends and interest	275,011									68,955
Total other expenses	275,011									68,955
Income from operations before income taxes	260,489									49,155
Taxes on income										643
Net income	260,489									48,512
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	217,250									68,082
Net cash used in investing activities	(1,532)									(5,562)
Net cash (used in) provided by financing activities	(256,719)									(19,719)
Net increase in cash and cash equivalents	(41,001)									42,801
Cash and cash equivalents at beginning of year	42,801
Cash and cash equivalents at end of year	1,800	42,801								42,801
Subsidiary Issuers
Condensed Consolidating Balance Sheet
Real estate investments, net	2,013,643	2,010,303								2,010,303
Intercompany transactions and investment in subsidiaries	393,503	208,739								208,739
Other	85,340	285,514								285,514
Total assets	2,492,486	2,504,556								2,504,556
Other liabilities	74,940	47,906								47,906
Long-term debt	2,500,000	2,350,000								2,350,000
Total shareholders' (deficit) equity	(82,454)	106,650								106,650
Total liabilities and shareholders' (deficit) equity	2,492,486	2,504,556								2,504,556
Condensed Consolidating Statement of Operations
Net revenues	115,072									76,557
Operating expenses	34,630									22,424
Income from operations	80,442									54,133
Other Income (expenses)
Intercompany dividends and interest	6,384
Other income (expenses)	(26,373)									(19,254)
Total other expenses	(19,989)									(19,254)
Income from operations before income taxes	60,453									34,879
Taxes on income										7,824
Net income	60,453									27,055
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	(329,090)									(81,887)
Net cash used in investing activities	(25,826)									(7,480)
Net cash (used in) provided by financing activities	150,008									310,463
Net increase in cash and cash equivalents	(204,908)									221,096
Cash and cash equivalents at beginning of year	221,096
Cash and cash equivalents at end of year	16,188	221,096								221,096
Other Subsidiary Non-Issuers
Condensed Consolidating Balance Sheet
Real estate investments, net	140,010
Intercompany transactions and investment in subsidiaries	122,853	308,157								308,157
Other	280,498	229,996								229,996
Total assets	543,361	538,153				267,075				538,153	267,075
Other liabilities	26,809	23,516				30,745				23,516	30,745
Total shareholders' (deficit) equity	322,955	514,637				236,330				514,637	236,330
Total liabilities and shareholders' (deficit) equity	543,359	538,153				267,075				538,153	267,075
Condensed Consolidating Statement of Operations
Net revenues	43,256				42,649					165,572	210,643	231,884
Operating expenses	34,842				35,839					139,323	166,975	179,371
Income from operations	8,414				6,810					26,249	43,668	52,513
Other Income (expenses)
Intercompany dividends and interest	279,607									68,955
Other income (expenses)	(2,055)									(4,202)
Total other expenses	277,552				(1,280)					64,753	(6,318)	(6,954)
Income from operations before income taxes	285,966				5,530					91,002	37,350	45,559
Taxes on income	1,594				2,316					8,829	14,431	18,875
Net income	284,372				3,214					82,173	22,919	26,684
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	191,567				(3,759)					94,437	26,744	56,840
Net cash used in investing activities	(182,601)				(895)					(3,233)	(4,810)	(8,171)
Net cash (used in) provided by financing activities					7,280					(84,442)	(24,518)	(50,436)
Net increase in cash and cash equivalents	8,966				2,626					6,762	(2,584)	(1,767)
Cash and cash equivalents at beginning of year	21,324			$ 17,188	14,562				$ 17,146	14,562	17,146	18,913
Cash and cash equivalents at end of year	$ 30,290	$ 21,324			$ 17,188	$ 14,562				$ 21,324	$ 14,562	$ 17,146

Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($)
Initial Cost to Company
Land	$ 382,555
Building/Improvements	2,050,497
Total	2,433,052
Cost Capitalized Subsequent to Acquisition	62
Gross Amount at which Carried at Close of Period
Land	382,581
Building/Improvements	2,050,533
Total	2,433,114
Accumulated Depreciation	484,488
Total cost of the properties for federal income tax purposes	$ 2,440,000
Minimum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	1 year
Maximum
Gross Amount at which Carried at Close of Period
Life on which Depreciation in Latest Income Statement is Computed	41 years
Hollywood Casino Lawrenceburg, IN
Real estate assets and accumulated depreciation
Ownership Percentage	100.00%
Initial Cost to Company
Land	$ 15,251
Building/Improvements	342,393
Total	357,644
Gross Amount at which Carried at Close of Period
Land	15,251
Building/Improvements	342,393
Total	357,644
Accumulated Depreciation	$ 71,978
Life on which Depreciation in Latest Income Statement is Computed	31 years
Hollywood Casino Aurora, IL
Real estate assets and accumulated depreciation
Ownership Percentage	100.00%
Initial Cost to Company
Land	$ 4,937
Building/Improvements	98,379
Total	103,316
Gross Amount at which Carried at Close of Period
Land	4,937
Building/Improvements	98,379
Total	103,316
Accumulated Depreciation	$ 44,796
Life on which Depreciation in Latest Income Statement is Computed	30 years
Hollywood Casino Joliet, IL
Real estate assets and accumulated depreciation
Ownership Percentage	100.00%
Initial Cost to Company
Land	$ 19,214
Building/Improvements	101,104
Total	120,318
Gross Amount at which Carried at Close of Period
Land	19,214
Building/Improvements	101,104
Total	120,318
Accumulated Depreciation	$ 33,380
Life on which Depreciation in Latest Income Statement is Computed	31 years
Argosy Casino Alton, IL
Real estate assets and accumulated depreciation
Ownership Percentage	100.00%
Initial Cost to Company
Building/Improvements	$ 6,462
Total	6,462
Gross Amount at which Carried at Close of Period
Building/Improvements	6,462
Total	6,462
Accumulated Depreciation	$ 3,411
Life on which Depreciation in Latest Income Statement is Computed	31 years
Hollywood Casino Toledo, IL
Real estate assets and accumulated depreciation
Ownership Percentage	100.00%
Initial Cost to Company
Land	$ 12,003
Building/Improvements	144,094
Total	156,097
Gross Amount at which Carried at Close of Period
Land	12,003
Building/Improvements	144,094
Total	156,097
Accumulated Depreciation	$ 8,440
Life on which Depreciation in Latest Income Statement is Computed	31 years
Hollywood Casino Columbus, OH
Real estate assets and accumulated depreciation
Ownership Percentage	100.00%
Initial Cost to Company
Land	$ 38,240
Building/Improvements	188,543
Total	226,783
Cost Capitalized Subsequent to Acquisition	62
Gross Amount at which Carried at Close of Period
Land	38,266
Building/Improvements	188,579
Total	226,845
Accumulated Depreciation	$ 8,629
Life on which Depreciation in Latest Income Statement is Computed	31 years
Hollywood Casino at Charles Town Races, WV
Real estate assets and accumulated depreciation
Ownership Percentage	100.00%
Initial Cost to Company
Land	$ 35,102
Building/Improvements	233,069
Total	268,171
Gross Amount at which Carried at Close of Period
Land	35,102
Building/Improvements	233,069
Total	268,171
Accumulated Depreciation	$ 84,897
Life on which Depreciation in Latest Income Statement is Computed	31 years
Hollywood Casino at Penn National Race Course, PA
Real estate assets and accumulated depreciation
Ownership Percentage	100.00%
Initial Cost to Company
Land	$ 25,500
Building/Improvements	161,810
Total	187,310
Gross Amount at which Carried at Close of Period
Land	25,500
Building/Improvements	161,810
Total	187,310
Accumulated Depreciation	$ 41,299
Life on which Depreciation in Latest Income Statement is Computed	31 years
M Resort, NV
Real estate assets and accumulated depreciation
Ownership Percentage	100.00%
Initial Cost to Company
Land	$ 66,104
Building/Improvements	126,689
Total	192,793
Gross Amount at which Carried at Close of Period
Land	66,104
Building/Improvements	126,689
Total	192,793
Accumulated Depreciation	$ 11,709
Life on which Depreciation in Latest Income Statement is Computed	30 years
Hollywood Casino Bangor, ME
Real estate assets and accumulated depreciation
Ownership Percentage	100.00%
Initial Cost to Company
Land	$ 12,883
Building/Improvements	84,257
Total	97,140
Gross Amount at which Carried at Close of Period
Land	12,883
Building/Improvements	84,257
Total	97,140
Accumulated Depreciation	$ 16,621
Life on which Depreciation in Latest Income Statement is Computed	31 years
Zia Park Casino, NM
Real estate assets and accumulated depreciation
Ownership Percentage	100.00%
Initial Cost to Company
Land	$ 9,313
Building/Improvements	38,947
Total	48,260
Gross Amount at which Carried at Close of Period
Land	9,313
Building/Improvements	38,947
Total	48,260
Accumulated Depreciation	$ 11,145
Life on which Depreciation in Latest Income Statement is Computed	31 years
Hollywood Casino Bay St. Louis, MS
Real estate assets and accumulated depreciation
Ownership Percentage	100.00%
Initial Cost to Company
Land	$ 59,388
Building/Improvements	87,352
Total	146,740
Gross Amount at which Carried at Close of Period
Land	59,388
Building/Improvements	87,352
Total	146,740
Accumulated Depreciation	$ 32,897
Life on which Depreciation in Latest Income Statement is Computed	40 years
Argosy Casino Riverside, MO
Real estate assets and accumulated depreciation
Ownership Percentage	100.00%
Initial Cost to Company
Land	$ 23,468
Building/Improvements	143,301
Total	166,769
Gross Amount at which Carried at Close of Period
Land	23,468
Building/Improvements	143,301
Total	166,769
Accumulated Depreciation	$ 38,387
Life on which Depreciation in Latest Income Statement is Computed	37 years
Hollywood Casino Tunica, MS
Real estate assets and accumulated depreciation
Ownership Percentage	100.00%
Initial Cost to Company
Land	$ 4,634
Building/Improvements	42,031
Total	46,665
Gross Amount at which Carried at Close of Period
Land	4,634
Building/Improvements	42,031
Total	46,665
Accumulated Depreciation	$ 18,781
Life on which Depreciation in Latest Income Statement is Computed	31 years
Boomtown Biloxi, MS
Real estate assets and accumulated depreciation
Ownership Percentage	100.00%
Initial Cost to Company
Land	$ 3,423
Building/Improvements	63,083
Total	66,506
Gross Amount at which Carried at Close of Period
Land	3,423
Building/Improvements	63,083
Total	66,506
Accumulated Depreciation	$ 30,720
Life on which Depreciation in Latest Income Statement is Computed	15 years
Argosy Casino Sioux City, IA
Real estate assets and accumulated depreciation
Ownership Percentage	100.00%
Initial Cost to Company
Land	$ 3
Building/Improvements	11,920
Total	11,923
Gross Amount at which Carried at Close of Period
Land	3
Building/Improvements	11,920
Total	11,923
Accumulated Depreciation	$ 11,148
Life on which Depreciation in Latest Income Statement is Computed	8 years
Hollywood Casino St. Louis, MO
Real estate assets and accumulated depreciation
Ownership Percentage	100.00%
Initial Cost to Company
Land	$ 44,198
Building/Improvements	177,063
Total	221,261
Gross Amount at which Carried at Close of Period
Land	44,198
Building/Improvements	177,063
Total	221,261
Accumulated Depreciation	$ 16,250
Life on which Depreciation in Latest Income Statement is Computed	13 years
Hollywood at Dayton Raceway, OH
Real estate assets and accumulated depreciation
Ownership Percentage	100.00%
Initial Cost to Company
Land	$ 3,211
Total	3,211
Gross Amount at which Carried at Close of Period
Land	3,211
Total	$ 3,211
Hollywood at Mahoning Valley Race Track, OH
Real estate assets and accumulated depreciation
Ownership Percentage	100.00%
Initial Cost to Company
Land	$ 5,683
Total	5,683
Gross Amount at which Carried at Close of Period
Land	5,683
Total	$ 5,683

Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (Details 2) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($)
Real Estate:
Amounts contributed from Spin-Off	$ 2,433,052
Improvements	62
Balance at the end of the year	2,433,114
Accumulated Depreciation:
Amounts contributed from Spin-Off	(469,666)
Depreciation expense	(14,822)
Balance at the end of the year	$ 484,488