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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2014	Nov. 04, 2014
Document and Entity Information
Entity Registrant Name	Gaming & Leisure Properties, Inc.
Entity Central Index Key	0001575965
Document Type	10-Q
Document Period End Date	Sep. 30, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		112,446,798
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012
Assets
Real estate investments, net	$ 2,201,856	$ 2,010,303
Property and equipment, used in operations, net	136,139	139,121
Cash and cash equivalents	31,334	285,221	$ 18,550	$ 14,562
Prepaid expenses	10,026	5,983
Deferred income taxes	2,267	2,228
Other current assets	37,726	17,367
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $7,308 and $1,270 at September 30, 2014 and December 31, 2013, respectively	41,146	46,877
Loan receivable	35,000	0
Other assets	14,845	17,041
Total assets	2,595,437	2,609,239
Liabilities
Accounts payable	18,448	21,397
Accrued expenses	6,199	13,783
Accrued interest	42,415	18,055
Accrued salaries and wages	10,661	10,337
Gaming, property, and other taxes	32,561	18,789
Income taxes	0	17,256
Other current liabilities	15,269	12,911
Long-term debt	2,546,000	2,350,000
Deferred income taxes	1,783	4,282
Total liabilities	2,673,336	2,466,810
Shareholders’ (deficit) equity
Common stock ($.01 par value, 550,000,000 shares authorized, 112,432,245 and 88,659,448 shares issued at September 30, 2014 and December 31, 2013, respectively)	1,124	887
Additional paid-in capital	874,435	3,651
Retained (deficit) earnings	(953,458)	137,891
Total shareholders’ (deficit) equity	(77,899)	142,429
Total liabilities and shareholders’ (deficit) equity	$ 2,595,437	$ 2,609,239

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Debt issuance costs, accumulated amortization (in dollars)	$ 7,308	$ 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	112,432,245	88,659,448

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues
Rental	$ 107,326			$ 0	$ 320,738	$ 0
Real estate taxes paid by tenants	12,512			0	36,956	0
Total rental revenue	119,838			0	357,694	0
Gaming	36,473			38,129	114,677	123,508
Food, beverage and other	3,015			2,984	8,934	9,573
Total revenues	159,326			41,113	481,305	133,081
Less promotional allowances	(1,531)			(1,480)	(4,396)	(4,727)
Net revenues	157,795			39,633	476,909	128,354
Operating expenses
Gaming	20,504			21,701	64,233	69,182
Food, beverage and other	2,471			2,690	7,526	8,240
Real estate taxes	12,929			413	38,208	1,225
General and administrative	17,743			5,553	58,215	17,316
Depreciation	26,526			3,611	79,397	10,826
Total operating expenses	80,173			33,968	247,579	106,789
Income from operations	77,622			5,665	229,330	21,565
Other income (expenses)
Interest expense	(29,378)			0	(87,460)	0
Interest income	623			0	1,837	1
Management fee	0			(1,189)	0	(3,850)
Total other expenses	(28,755)			(1,189)	(85,623)	(3,849)
Income before income taxes	48,867			4,476	143,707	17,716
Income tax (benefit) expense	(1,035)			1,795	2,481	7,122
Net income	$ 49,902			$ 2,681	$ 141,226	$ 10,594
Earnings per common share:
Basic earnings per common share	$ 0.44			$ 0.02	$ 1.26	$ 0.10
Diluted earnings per common share	0.42			0.02	1.20	0.09
Dividends paid per common share	$ 0.52	$ 0.52	$ 0.52	$ 0	$ 1.56	$ 0

Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - 9 months ended Sep. 30, 2014 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings (Deficit)
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	$ 27,564	$ 15	27,549
Stock option activity (in shares)		1,636,137
Restricted stock activity	1,355	$ 2	1,353
Restricted stock activity (in shares)		156,839
Dividends paid, including purging distribution	(388,678)	$ 220	843,677	(1,232,575)
Dividends paid, including purging distribution (in shares)		21,979,821
Distribution in connection with tax matter agreement	(1,795)		(1,795)
Net income	141,226			141,226
Balance at Sep. 30, 2014	$ (77,899)	$ 1,124	$ 874,435	$ (953,458)
Balance (in shares) at Sep. 30, 2014	112,432,245	112,432,245

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Operating activities
Net income	$ 141,226	$ 10,594
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	79,397	10,826
Amortization of debt issuance costs	6,038	0
Losses (Gains) on sales of property	13	(31)
Deferred income taxes	(3,145)	(2,551)
Charge for stock-based compensation	8,623	0
(Increase) decrease,
Prepaid expenses and other current assets	(7,675)	(1,155)
Other assets	(1,237)	0
Increase (decrease),
Accounts payable	(1,480)	374
Accrued expenses	(7,584)	(405)
Accrued interest	24,360	0
Accrued salaries and wages	324	(579)
Gaming, pari-mutuel, property and other taxes	602	529
Income taxes	(20,813)	(4,579)
Other current and noncurrent liabilities	2,358	185
Net cash provided by operating activities	221,007	13,208
Investing activities
Capital project expenditures, net of reimbursements	(124,526)	(657)
Capital maintenance expenditures	(2,109)	(2,510)
Proceeds from sale of property and equipment	159	141
Funding of loan receivable	(43,000)	0
Principal payments on loan receivable	8,000	0
Acquisition of real estate	(140,730)	0
Net cash used in investing activities	(302,206)	(3,026)
Financing activities
Net advances to Penn National Gaming, Inc.	0	(6,194)
Dividends paid	(388,678)	0
Proceeds from exercise of options	20,296	0
Proceeds from issuance of long-term debt	228,000	0
Financing costs	(306)	0
Payments of long-term debt	(32,000)	0
Net cash used in financing activities	(172,688)	(6,194)
Net decrease in cash and cash equivalents	(253,887)	3,988
Cash and cash equivalents at beginning of period	285,221	14,562
Cash and cash equivalents at end of period	$ 31,334	$ 18,550

Organization and Operations	9 Months Ended
Organization and Operations	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations On November 15, 2012, 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 REIT, Gaming and Leisure Properties, Inc. (the “Spin-Off”). GLPI (together with its 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 September 30, 2014, GLPI’s portfolio consisted of 21 gaming and related facilities, which included the TRS Properties, the real property associated with 18 gaming and related facilities operated by Penn 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 12 states. 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. 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 will affect the amount of the dividend required to be paid by GLPI to its shareholders prior to December 31, 2014. See Note 9 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 and nine months ended September 30, 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.

New Accounting Pronouncements	9 Months Ended
New Accounting Pronouncements	Sep. 30, 2014
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). This new standard will replace all current U.S. GAAP guidance on this topic and eliminate all industry-specific guidance. ASU 2014-09 provides a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. This guidance will be effective for annual reporting periods beginning after December 15, 2016 and can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is evaluating the impact of adopting this new accounting standard on its financial statements and internal revenue recognition policies. In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014 -08”). This new standard raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures for both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. Under the new guidance, only disposals representing a strategic shift that will have a major effect on operations and financial results should be presented as discontinued operations. ASU 2014 -08 is effective for fiscal years beginning on or after December 15, 2014. Early adoption is permitted but only for disposals that have not been reported in previously issued financial statements. The impact of the adoption of ASU 2014-08 on the Company’s results of operations, financial position, cash flows and disclosures will be based on the Company’s future disposal activity.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22580-107794

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22499-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

+ Details

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

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 unsecured 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 Accounting Standards Code (“ASC”) 820 “Fair Value Measurements and Disclosures.”

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



	September 30, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	31,334	$	31,334	$	285,221	$	285,221
Financial liabilities:
Long-term debt
Senior unsecured credit facility	496,000		474,920		300,000		294,750
Senior notes	2,050,000		2,101,000		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 and nine months ended September 30, 2014 and 2013, and comprehensive income for the three and nine months ended September 30, 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 September 30, 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 five 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 and nine months months ended September 30, 2014 and 2013:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(in thousands)				(in thousands)
Video lottery	$	31,593	$	32,859	$	98,625	$	107,946
Table game	4,496		4,485		14,786		13,457
Poker	384		785		1,266		2,105
Total gaming revenue, net of cash incentives	$	36,473	$	38,129	$	114,677	$	123,508

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 and nine months ended September 30, 2014 and 2013 are as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(in thousands)				(in thousands)
Food and beverage	$	1,522	$	1,468	$	4,367	$	4,573
Other	9		12		29		154
Total promotional allowances	$	1,531	$	1,480	$	4,396	$	4,727

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three and nine months ended September 30, 2014 and 2013 are as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(in thousands)				(in thousands)
Food and beverage	$	711	$	748	$	2,147	$	2,207
Other	3		6		10		81
Total cost of complimentary services	$	714	$	754	$	2,157	$	2,288

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 and nine months ended September 30, 2014, these expenses, which are primarily recorded within gaming expense in the condensed consolidated statements of income, totaled $16.7 million and $51.9 million, respectively, as compared to $17.3 million and $55.6 million for the three and nine months ended September 30, 2013, 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, unvested restricted shares and unvested performance-based restricted shares. Basic and diluted EPS for the three and nine months ended September 30, 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 purging distribution dividend paid 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 following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and nine months ended September 30, 2014 and 2013 (in thousands):



	Three Months Ended September 30,		Nine Months Ended September 30,
	2014	2013	2014	2013
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	112,377	110,582	111,836	110,582
Assumed conversion of dilutive employee stock-based awards	5,098	4,703	5,642	4,703
Assumed conversion of restricted stock	150	318	225	318
Assumed conversion of performance-based restricted stock awards	9	—	6	—
Diluted weighted-average common shares outstanding	117,634	115,603	117,709	115,603

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2014 and 2013:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands, expect per share data)
Calculation of basic EPS:
Net income	$	49,902		$	2,681		$	141,226		$	10,594
Less: Net income allocated to participating securities	(208		)	(10		)	(591		)	(40		)
Net income attributable to common shareholders	$	49,694		$	2,671		$	140,635		$	10,554
Weighted-average common shares outstanding	112,377			110,582			111,836			110,582
Basic EPS	$	0.44		$	0.02		$	1.26		$	0.10

Calculation of diluted EPS:
Net income	$	49,902		$	2,681		$	141,226		$	10,594
Diluted weighted-average common shares outstanding	117,634			115,603			117,709			115,603
Diluted EPS	$	0.42		$	0.02		$	1.20		$	0.09

Options to purchase 17,158 and 12,155 shares were outstanding during the three and nine months ended September 30, 2014, respectively, but were not included in the computation of diluted EPS because of being antidilutive. There were no outstanding options to purchase shares of common stock during the three and nine months ended September 30, 2013 that were not included in the computation of diluted EPS because of being 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.

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 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.

The unrecognized compensation relating to both Penn and GLPI’s stock options, SARs, restricted stock awards and PSUs held by GLPI employees will be amortized to expense over the awards’ remaining vesting periods.

As of September 30, 2014, there was $3.8 million of total unrecognized compensation cost for stock options that will be recognized over the grants remaining weighted average vesting period of 1.10 years. For the three and nine months ended September 30, 2014, the Company recognized $1.5 million and $4.3 million, respectively of compensation expense associated with these awards. In addition, the Company also recognized $3.2 million and $9.7 million of compensation expense for the three and nine months ended September 30, 2014, relating to each of the first, second and third quarter $0.52 per share dividends paid on vested employee stock options.

As of September 30, 2014, there was $10.4 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants remaining weighted average vesting period of 2.51 years. For the three and nine months ended September 30, 2014, the Company recognized $1.1 million and $2.6 million, respectively, of compensation expense associated with these awards.

The following table contains information on restricted stock award activity for the nine months ended September 30, 2014.



	Number of Award Shares

Outstanding at December 31, 2013	419,067
E&P Purge	106,261
Granted	239,649
Released	(237,618	)
Canceled	(59,018	)
Outstanding at September 30, 2014	468,341

On April 25, 2014, the Company awarded market performance-based restricted stock awards with a three-year cliff vesting. The amount of restricted shares vested at the end of the three-year period will be determined based on the Company’s performance as measured against its peers. More specifically, the percentage of shares vesting at the end of the measurement period will be based on the Company’s three-year total shareholder return measured against the three-year return of the MSCI US REIT index. The Company utilized a third party valuation firm to measure the fair value of the awards at grant date using the Monte Carlo model. As of September 30, 2014, there was $10.4 million of total unrecognized compensation cost, which will be recognized over the awards remaining weighted average vesting period of 2.57 years for performance-based restricted stock awards. For the three and nine months ended September 30, 2014 the Company recognized $1.1 million and $1.8 million, respectively of compensation expense associated with these awards.

As of September 30, 2014, there was $5.9 million of total unrecognized compensation cost, which will be recognized over the awards remaining weighted average vesting period of 1.91 years, for Penn and GLPI PSUs held by GLPI employees that will be cash-settled by GLPI. For the three and nine months ended September 30, 2014, the Company recognized $0.5 million and $1.6 million, respectively of compensation expense associated with these awards. In addition, the Company also recognized $0.1 million and $0.6 million for the three and nine months ended September 30, 2014, respectively relating to the purging distribution dividend and the first, second and third quarter $0.52 per share dividends paid on unvested PSUs.

As of September 30, 2014, there was $0.3 million of total unrecognized compensation cost, which will be recognized over the grants remaining weighted average vesting period of 1.44 years, for Penn and GLPI SARs held by GLPI employees that will be cash-settled by GLPI. For the three and nine months ended September 30, 2014, the Company recognized $38 thousand and $59 thousand, respectively 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 10 for further information with respect to the Company’s segments.

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2014
Business Combinations [Abstract]
Acquisitions	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 September 30, 2014, principal and interest payments reduced the balance of this loan to $35.0 million. 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. On May 14, 2014, the Company announced that it had entered into an agreement with CCR to acquire The Meadows Racetrack and Casino located in Washington, Pennsylvania, a suburb of Pittsburgh, Pennsylvania. The agreement provides that closing of the acquisition is subject to, among other things, the accuracy of CCR’s representations and its compliance with the covenants set forth in the agreement, as well as the approval of the Pennsylvania Gaming Control Board and Pennsylvania Racing Commission. On October 27, 2014, the Company filed a lawsuit in the Southern District of New York against CCR alleging, among other things, fraud, breach of the agreement and breach of the related consulting agreement entered into at the same time. The Company is seeking a declaratory judgment that CCR has breached the agreements, return of $10 million paid pursuant to the consulting agreement and an unspecified amount of additional damages. The Company will further evaluate and consider all other remedies available to it, including termination of the agreements. Although the Company intends to pursue its claims vigorously, there can be no assurances that the Company will prevail on any of the claims in the action, or, if the Company does prevail on one or more of the claims, of the amount of recovery that may be awarded to the Company for such claim(s). In addition, the timing and resolution of the claims set forth in the lawsuit are unpredictable and the Company is not able to currently predict any effect this suit may have on closing of the transaction.

- 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
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Real Estate Investments

9 Months Ended

Sep. 30, 2014

Real Estate [Abstract]

Real Estate Investments

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



	September 30, 2014			December 31, 2013
	(in thousands)
Land and improvements	$	454,175		$	382,581
Building and improvements	2,287,853			2,050,533
Construction in progress	1,214			61,677
Total real estate investments	2,743,242			2,494,791
Less accumulated depreciation	(541,386		)	(484,488		)
Real estate investments, net	$	2,201,856		$	2,010,303

The decrease in construction in progress and related increase in building and improvements is primarily due to the placement of the Hollywood Gaming at Dayton Raceway and Hollywood Gaming at Mahoning Valley assets into service upon commencement of operations on August 28, 2014 and September 17, 2014, respectively. Both properties were jointly developed with Penn and were added to the Master Lease upon commencement of operations. The Company’s acquisition of the real estate assets of Casino Queen for $140.7 million in January 2014 also contributed to the increase in building and improvements, as well as land and improvements.

Property and Equipment Used in Operations

9 Months Ended

Sep. 30, 2014

Property, Plant and Equipment [Abstract]

Property and Equipment Used in Operations

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



	September 30, 2014			December 31, 2013
	(in thousands)
Land and improvements	$	31,586		$	27,586
Building and improvements	116,469			115,888
Furniture, fixtures, and equipment	103,100			101,288
Construction in progress	490			203
Total property and equipment	251,645			244,965
Less accumulated depreciation	(115,506		)	(105,844		)
Property and equipment, net	$	136,139		$	139,121

Long-term Debt

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt is as follows:



	September 30, 2014		December 31, 2013
	(in thousands)
Senior unsecured credit facility	$	496,000	$	300,000
$550 million 4.375% senior unsecured notes due November 2018	550,000		550,000
$1,000 million 4.875% senior unsecured notes due November 2020	1,000,000		1,000,000
$500 million 5.375% senior unsecured notes due November 2023	500,000		500,000
	$	2,546,000	$	2,350,000

The following is a schedule of future minimum repayments of long-term debt as of September 30, 2014 (in thousands):



2014	$	—
2015	—
2016	—
2017	—
2018	1,046,000
Thereafter	1,500,000
Total minimum payments	$	2,546,000

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 September 30, 2014, the Credit Facility had a gross outstanding balance of $496 million, consisting of the $300 million Term Loan A facility and $196 million of borrowings under the revolving credit facility. Additionally, at September 30, 2014, the Company was contingently obligated under letters of credit issued pursuant to the senior unsecured credit facility with face amounts aggregating approximately $744 thousand, resulting in $503.3 million of available borrowing capacity under the revolving credit facility as of September 30, 2014.

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 2014 fiscal year. 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.

Each of the 4.375% Senior Unsecured Notes due 2018 (the “2018 Notes”); 4.875% Senior Unsecured Notes due 2020 (the “2020 Notes”); and 5.375% Senior Unsecured Notes due 2023 (the “2023 Notes,” and collectively with the 2018 Notes and 2020 Notes, the “Notes”) contains 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 September 30, 2014, the Company was in compliance with all required covenants.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation On May 14, 2014, the Company announced that it had entered into an agreement with CCR to acquire The Meadows Racetrack and Casino located in Washington, Pennsylvania, a suburb of Pittsburgh, Pennsylvania. The agreement provides that closing of the acquisition is subject to, among other things, the accuracy of CCR’s representations and its compliance with the covenants set forth in the agreement, as well as the approval of the Pennsylvania Gaming Control Board and Pennsylvania Racing Commission. On October 27, 2014, the Company filed a lawsuit in the Southern District of New York against CCR alleging, among other things, fraud, breach of the agreement and breach of the related consulting agreement entered into at the same time. The Company is seeking a declaratory judgment that CCR has breached the agreements, return of $10 million paid pursuant to the consulting agreement and an unspecified amount of additional damages. The Company will further evaluate and consider all other remedies available to it, including termination of the agreements. Although the Company intends to pursue its claims vigorously, there can be no assurances that the Company will prevail on any of the claims in the action, or, if the Company does prevail on one or more of the claims, of the amount of recovery that may be awarded to the Company for such claim(s). In addition, the timing and resolution of the claims set forth in the lawsuit are unpredictable and the Company is not able to currently predict any effect this suit may have on closing of the transaction. 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.

Dividends	9 Months Ended
Dividends	Sep. 30, 2014
Dividends [Abstract]
Dividends	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 $210.0 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 $1.0 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 will affect the amount of the dividend required to be paid by GLPI to its shareholders prior to December 31, 2014. This additional dividend is expected to be paid in cash from the Company's revolving credit facility. 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 $58.0 million, to shareholders of record on March 7, 2014. In addition, first quarter dividend payments were made to or accrued for GLPI restricted stock award holders and both GLPI and Penn unvested employee stock options in the amount of $1.0 million. On May 30, 2014, the Company’s Board of Directors declared a second quarter dividend of $0.52 per common share, which was paid on June 27, 2014, in the amount of $58.2 million, to shareholders of record on June 12, 2014. In addition, second quarter dividend payments were made to or accrued for GLPI restricted stock award holders and both GLPI and Penn unvested employee stock options in the amount of $1.0 million. On September 3, 2014, the Company’s Board of Directors declared a third quarter dividend of $0.52 per common share, which was paid on September 26, 2014, in the amount of $58.5 million, to shareholders of record on September 15, 2014. In addition, third quarter dividend payments were made to or accrued for GLPI restricted stock award holders and both GLPI and Penn unvested employee stock options in the amount of $1.0 million.

Segment Information

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Segment Information

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



	Three Months Ended September 30, 2014											Three Months Ended September 30, 2013
(in thousands)	GLP Capital			TRS Properties		Eliminations ⁽²⁾			Total			GLP Capital ⁽¹⁾		TRS Properties		Eliminations ⁽²⁾		Total
Net revenues	$	119,845		$	37,950	$	—		$	157,795		$	—	$	39,633	$	—	$	39,633
Income from operations	72,288			5,334		—			77,622			—		5,665		—		5,665
Interest, net	28,757			2,600		(2,602		)	28,755			—		—		—		—
Income before income taxes	46,133			2,734		—			48,867			—		4,476		—		4,476
Income tax (benefit) expense	(1,491		)	456		—			(1,035		)	—		1,795		—		1,795
Net income	47,624			2,278		—			49,902			—		2,681		—		2,681
Depreciation	23,472			3,054		—			26,526			—		3,611		—		3,611
Capital project expenditures, net of reimbursements	69,022			—		—			69,022			—		103		—		103
Capital maintenance expenditures	—			641		—			641			—		766		—		766



	Nine Months Ended September 30, 2014										Nine Months Ended September 30, 2013
(in thousands)	GLP Capital			TRS Properties		Eliminations ⁽²⁾			Total		GLP Capital ⁽¹⁾		TRS Properties			Eliminations ⁽²⁾		Total
Net revenues	$	357,701		$	119,208	$	—		$	476,909	$	—	$	128,354		$	—	$	128,354
Income from operations	210,378			18,952		—			229,330		—		21,565			—		21,565
Interest, net	85,625			7,802		(7,804		)	85,623		—		(1		)	—		(1		)
Income before income taxes	132,557			11,150		—			143,707		—		17,716			—		17,716
Income tax (benefit) expense	(1,491		)	3,972		—			2,481		—		7,122			—		7,122
Net income	134,048			7,178		—			141,226		—		10,594			—		10,594
Depreciation	70,205			9,192		—			79,397		—		10,826			—		10,826
Capital project expenditures, net of reimbursements	124,526			—		—			124,526		—		657			—		657
Capital maintenance expenditures	—			2,109		—			2,109		—		2,510			—		2,510

(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.

- 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
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-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	9 Months Ended
Pre-Spin Transactions with Penn	Sep. 30, 2014
Pre-Spin Transactions with Penn
Pre-Spin Transactions with Penn	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 $1.2 million and $3.9 million for the three and nine months ended September 30, 2013, 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.

Supplemental Disclosures of Cash Flow Information	9 Months Ended
Supplemental Disclosures of Cash Flow Information	Sep. 30, 2014
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Cash Flow Information	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 federal 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 were $0.8 million and $7.5 million, respectively, for the three and nine months ended September 30, 2013. Hollywood Casino Baton Rouge and Hollywood Casino Perryville made state income tax payments directly to the state authorities of $0.7 million and $1.4 million, respectively, for the three and nine months ended September 30, 2013. Cash paid for income taxes was $2.3 million and $26.9 million for the three and nine months ended September 30, 2014, respectively. This included a payment of $5.1 million directly to Penn, which had been accrued at the date of the Spin-Off, for federal and state income tax liabilities incurred prior to the Spin-Off, which Penn will be responsible for when filing its 2013 tax returns. Cash paid for interest was $2.4 million and $57.0 million for the three and nine months ended September 30, 2014, respectively and no interest was paid for the three and nine months ended September 30, 2013.

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2014
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On September 19, 2014, the Company entered into an Agreement of Sale (the “Sale Agreement”) with Wyomissing Professional Center Inc. (“WPC”) and acquired certain land in an office complex known as The Wyomissing Professional Center Campus, located in Wyomissing, Pennsylvania, in exchange for the payment of $725,000 in cash to WPC, plus taxes and closing costs. In addition, the Company reimbursed WPC approximately $270,000 for site work and pre-development costs previously completed per the Sale Agreement. In connection with completion of construction of the building in The Wyomissing Professional Center Campus, on September 24, 2014, the Company entered into an agreement (the “Construction Management Agreement”) with CB Consulting Group LLC (the “Construction Manager”). Pursuant to the Construction Management Agreement, the Construction Manager will, among other things, provide certain construction management services to the Company in exchange for three percent (3%) of the total cost of work to complete the building construction project, and certain additional costs for added services. Peter M. Carlino, the Company’s Chairman of the Board of Directors and Chief Executive Officer, is also the sole owner of WPC. In addition, Mr. Carlino’s son owns a material interest in the Construction Manager. Amounts paid to related parties represented values considered fair and reasonable and reflective of arm’s length transactions.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

9 Months Ended

Sep. 30, 2014

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

GLPI guarantees 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 as of September 30, 2014 and December 31, 2013 and for the nine months ended September 30, 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.



At September 30, 2014 Condensed Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	2,063,282		$	138,574		$	—		$	2,201,856
Property and equipment, used in operations, net	25,681			—			110,458			—			136,139
Cash and cash equivalents	1,113			3,185			27,036			—			31,334
Prepaid expenses	272			4,462			1,735			3,557			10,026
Deferred income taxes	—			—			2,267			—			2,267
Other current assets	—			34,841			2,885			—			37,726
Goodwill	—			—			75,521			—			75,521
Other intangible assets	—			—			9,577			—			9,577
Debt issuance costs, net of accumulated amortization of $7,308 at September 30, 2014	—			41,146			—			—			41,146
Loan receivable	—			—			35,000			—			35,000
Intercompany loan receivable	—			193,595			—			(193,595		)	—
Intercompany transactions and investment in subsidiaries	(86,167		)	196,698			126,730			(237,261		)	—
Other assets	14,104			—			741			—			14,845
Total assets	$	(44,997	)	$	2,537,209		$	530,524		$	(427,299	)	$	2,595,437

Liabilities
Accounts payable	$	9,992		$	7,745		$	711		$	—		$	18,448
Accrued expenses	302			913			4,984			—			6,199
Accrued interest	—			42,415			—			—			42,415
Accrued salaries and wages	7,882			—			2,779			—			10,661
Gaming, property, and other taxes	819			29,143			2,599			—			32,561
Income taxes	—			(2,489		)	(1,068		)	3,557			—
Other current liabilities	13,907			—			1,362			—			15,269
Long-term debt	—			2,546,000			—			—			2,546,000
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred income taxes	—			—			1,783			—			1,783
Total liabilities	32,902			2,623,727			206,745			(190,038		)	2,673,336

Shareholders’ (deficit) equity
Common stock ($.01 par value, 550,000,000 shares authorized, 112,432,245 shares issued at September 30, 2014	1,124			—			—			—			1,124
Additional paid-in capital	874,435			130,623			285,334			(415,957		)	874,435
Retained (deficit) earnings	(953,458		)	(217,141		)	38,445			178,696			(953,458		)
Total shareholders’ (deficit) equity	(77,899		)	(86,518		)	323,779			(237,261		)	(77,899		)
Total liabilities and shareholders’ (deficit) equity	$	(44,997	)	$	2,537,209		$	530,524		$	(427,299	)	$	2,595,437



Nine months ended September 30, 2014 Condensed Consolidating Statement of Operations	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental	$	—		$	311,066		$	9,672		$	—		$	320,738
Real estate taxes paid by tenants	—			35,516			1,440			—			36,956
Total rental revenue	—			346,582			11,112			—			357,694
Gaming	—			—			114,677			—			114,677
Food, beverage and other	7			—			8,927			—			8,934
Total revenues	7			346,582			134,716			—			481,305
Less promotional allowances	—			—			(4,396		)	—			(4,396		)
Net revenues	7			346,582			130,320			—			476,909
Operating expenses
Gaming	—			—			64,233			—			64,233
Food, beverage and other	—			—			7,526			—			7,526
Real estate taxes	—			35,521			2,687			—			38,208
General and administrative	38,140			2,000			18,075			—			58,215
Depreciation	1,366			66,683			11,348			—			79,397
Total operating expenses	39,506			104,204			103,869			—			247,579
Income from operations	(39,499		)	242,378			26,451			—			229,330

Other income (expenses)
Interest expense	—			(87,460		)	—			—			(87,460		)
Interest income	—			—			1,837			—			1,837
Management fee	—			—			—			—			—
Intercompany dividends and interest	487,239			32,188			490,869			(1,010,296		)	—
Total other expenses	487,239			(55,272		)	492,706			(1,010,296		)	(85,623		)

Income before income taxes	447,740			187,106			519,157			(1,010,296		)	143,707
Income tax (benefit) expense	—			(1,491		)	3,972			—			2,481
Net income	$	447,740		$	188,597		$	515,185		$	(1,010,296	)	$	141,226



Nine months ended September 30, 2014 Condensed Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	447,740		$	188,597		$	515,185		$	(1,010,296	)	$	141,226
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	1,366			66,683			11,348			—			79,397
Amortization of debt issuance costs	—			6,038			—			—			6,038
(Gains) Losses on sales of property	—			(150		)	163			—			13
Deferred income taxes	—			—			(3,145		)	—			(3,145		)
Charge for stock-based compensation	8,623			—			—			—			8,623

(Increase) decrease,
Prepaid expenses and other current assets	1,672			(10,161		)	(2,743		)	3,557			(7,675		)
Other assets	(1,214		)	—			(23		)	—			(1,237		)
Intercompany	(2,604		)	(867		)	3,471			—			—
Increase (decrease),
Accounts payable	(12,808		)	11,009			319			—			(1,480		)
Accrued expenses	(8,156		)	913			(341		)	—			(7,584		)
Accrued interest	—			24,360			—			—			24,360
Accrued salaries and wages	751			—			(427		)	—			324
Gaming, pari-mutuel, property and other taxes	678			—			(76		)	—			602
Income taxes	4,473			(14,797		)	(6,932		)	(3,557		)	(20,813		)
Other current and noncurrent liabilities	1,124			—			1,234			—			2,358
Net cash provided by (used in) operating activities	441,645			271,625			518,033			(1,010,296		)	221,007
Investing activities
Capital project expenditures, net of reimbursements	(1,599		)	(122,927		)	—			—			(124,526		)
Capital maintenance expenditures	—			—			(2,109		)	—			(2,109		)
Proceeds from sale of property and equipment	—			150			9			—			159
Funding of loan receivable	—			—			(43,000		)	—			(43,000		)
Principal payments on loan receivable	—			—			8,000			—			8,000
Acquisition of real estate	—			—			(140,730		)	—			(140,730		)
Net cash used in investing activities	(1,599		)	(122,777		)	(177,830		)	—			(302,206		)
Financing activities
Dividends paid	(388,678		)	—			—			—			(388,678		)
Proceeds from exercise of options	20,296			—			—			—			20,296
Proceeds from issuance of long-term debt	—			228,000			—			—			228,000
Financing costs	—			(306		)	—			—			(306		)
Payments of long-term debt	—			(32,000		)	—			—			(32,000		)
Intercompany financing	(113,352		)	(562,452		)	(334,492		)	1,010,296			—
Net cash (used in) provided by financing activities	(481,734		)	(366,758		)	(334,492		)	1,010,296			(172,688		)
Net (decrease) increase in cash and cash equivalents	(41,688		)	(217,910		)	5,711			—			(253,887		)
Cash and cash equivalents at beginning of period	42,801			221,095			21,325			—			285,221
Cash and cash equivalents at end of period	$	1,113		$	3,185		$	27,036		$	—		$	31,334



At December 31, 2013 Condensed Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers		Other Subsidiary Non-Issuers		Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	2,010,303	$	—	$	—		$	2,010,303
Property and equipment, used in operations, net	25,458			—		113,663		—			139,121
Cash and cash equivalents	42,801			221,095		21,325		—			285,221
Prepaid expenses	1,191			1,834		2,958		—			5,983
Deferred income taxes	—			—		1,885		343			2,228
Other current assets	753			15,708		906		—			17,367
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		—		—			46,877
Loan receivable	—			—		—		—			—
Intercompany transactions and investment in subsidiaries	104,391			208,739		308,157		(621,287		)	—
Other assets	12,880			—		4,161		—			17,041
Total assets	$	187,474		$	2,504,556	$	538,153	$	(620,944	)	$	2,609,239

Liabilities
Accounts payable	$	21,006		$	—	$	391	$	—		$	21,397
Accrued expenses	8,458			—		5,325		—			13,783
Accrued interest	—			18,055		—		—			18,055
Accrued salaries and wages	7,131			—		3,206		—			10,337
Gaming, property, and other taxes	141			17,542		1,106		—			18,789
Income taxes	(4,473		)	12,308		9,421		—			17,256
Other current liabilities	12,782			—		129		—			12,911
Long-term debt	—			2,350,000		—		—			2,350,000
Deferred income taxes	—			—		3,939		343			4,282
Total liabilities	45,045			2,397,905		23,517		343			2,466,810

Shareholders’ equity (deficit)
Common stock ($.01 par value, 550,000,000 shares authorized, 88,659,448 shares issued at December 31, 2013	887			—		—		—			887
Additional paid-in capital	3,651			17,271		162,700		(179,971		)	3,651
Retained earnings (deficit)	137,891			89,380		351,936		(441,316		)	137,891
Total shareholders’ equity (deficit)	142,429			106,651		514,636		(621,287		)	142,429
Total liabilities and shareholders’ (deficit) equity	$	187,474		$	2,504,556	$	538,153	$	(620,944	)	$	2,609,239



Nine months ended September 30, 2013 Condensed Consolidating Statement of Operations	Parent Guarantor		Subsidiary Issuers		Other Subsidiary Non- Issuers			Eliminations		Consolidated
	(in thousands)
Revenues
Rental	$	—	$	—	$	—		$	—	$	—
Real estate taxes paid by tenants	—		—		—			—		—
Total rental revenue	—		—		—			—		—
Gaming	—		—		123,508			—		123,508
Food, beverage and other	—		—		9,573			—		9,573
Total revenues	—		—		133,081			—		133,081
Less promotional allowances	—		—		(4,727		)	—		(4,727		)
Net revenues	—		—		128,354			—		128,354
Operating expenses
Gaming	—		—		69,182			—		69,182
Food, beverage and other	—		—		8,240			—		8,240
Real estate taxes	—		—		1,225			—		1,225
General and administrative	—		—		17,316			—		17,316
Depreciation	—		—		10,826			—		10,826
Total operating expenses	—		—		106,789			—		106,789
Income from operations	—		—		21,565			—		21,565

Other income (expenses)
Interest expense	—		—		—			—		—
Interest income	—		—		1			—		1
Management fee	—		—		(3,850		)	—		(3,850		)
Intercompany dividends and interest	—		—		—			—		—
Total other expenses	—		—		(3,849		)	—		(3,849		)

Income before income taxes	—		—		17,716			—		17,716
Income tax expense	—		—		7,122			—		7,122
Net income	$	—	$	—	$	10,594		$	—	$	10,594



Nine months ended September 30, 2013 Condensed Consolidating Statement of Cash Flows	Parent Guarantor		Subsidiary Issuers		Other Subsidiary Non-Issuers			Eliminations		Consolidated
	(in thousands)
Operating activities
Net income	$	—	$	—	$	10,594		$	—	$	10,594
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	—		—		10,826			—		10,826
Amortization of debt issuance costs	—		—		—			—		—
(Gains) on sales of property	—		—		(31		)	—		(31		)
Deferred income taxes	—		—		(2,551		)	—		(2,551		)
Charge for stock-based compensation	—		—		—			—		—

(Increase) decrease,
Prepaid expenses and other current assets	—		—		(1,155		)	—		(1,155		)
Other assets	—		—		—			—		—
Intercompany	—		—		—			—		—
Increase (decrease),	0		0					0
Accounts payable	—		—		374			—		374
Accrued expenses	—		—		(405		)	—		(405		)
Accrued interest	—		—		—			—		—
Accrued salaries and wages	—		—		(579		)	—		(579		)
Gaming, pari-mutuel, property and other taxes	—		—		529			—		529
Income taxes	—		—		(4,579		)	—		(4,579		)
Other current and noncurrent liabilities	—		—		185			—		185
Net cash provided by operating activities	—		—		13,208			—		13,208
Investing activities
Capital project expenditures, net of reimbursements	—		—		(657		)	—		(657		)
Capital maintenance expenditures	—		—		(2,510		)	—		(2,510		)
Proceeds from sale of property and equipment	—		—		141			—		141
Funding of loan receivable	—		—		—			—		—
Principal payments on loan receivable	—		—		—			—		—
Acquisition of real estate	—		—		—			—		—
Net cash used in investing activities	—		—		(3,026		)	—		(3,026		)
Financing activities
Net advances to Penn National Gaming, Inc.	—		—		(6,194		)	—		(6,194		)
Dividends paid	—		—		—			—		—
Proceeds from exercise of options	—		—		—			—		—
Proceeds from issuance of long-term debt	—		—		—			—		—
Financing costs	—		—		—			—		—
Payments of long-term debt	—		—		—			—		—
Intercompany financing	—		—		—			—		—
Net cash used in financing activities	—		—		(6,194		)	—		(6,194		)
Net increase in cash and cash equivalents	—		—		3,988			—		3,988
Cash and cash equivalents at beginning of period	—		—		14,562			$	—	14,562
Cash and cash equivalents at end of period	$	—	$	—	$	18,550		$	—	$	18,550

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

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):



	September 30, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	31,334	$	31,334	$	285,221	$	285,221
Financial liabilities:
Long-term debt
Senior unsecured credit facility	496,000		474,920		300,000		294,750
Senior notes	2,050,000		2,101,000		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 and nine months months ended September 30, 2014 and 2013:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(in thousands)				(in thousands)
Video lottery	$	31,593	$	32,859	$	98,625	$	107,946
Table game	4,496		4,485		14,786		13,457
Poker	384		785		1,266		2,105
Total gaming revenue, net of cash incentives	$	36,473	$	38,129	$	114,677	$	123,508



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(in thousands)				(in thousands)
Food and beverage	$	1,522	$	1,468	$	4,367	$	4,573
Other	9		12		29		154
Total promotional allowances	$	1,531	$	1,480	$	4,396	$	4,727



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(in thousands)				(in thousands)
Food and beverage	$	711	$	748	$	2,147	$	2,207
Other	3		6		10		81
Total cost of complimentary services	$	714	$	754	$	2,157	$	2,288

Gaming and Admission Taxes

Earnings Per Share



	Three Months Ended September 30,		Nine Months Ended September 30,
	2014	2013	2014	2013
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	112,377	110,582	111,836	110,582
Assumed conversion of dilutive employee stock-based awards	5,098	4,703	5,642	4,703
Assumed conversion of restricted stock	150	318	225	318
Assumed conversion of performance-based restricted stock awards	9	—	6	—
Diluted weighted-average common shares outstanding	117,634	115,603	117,709	115,603

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2014 and 2013:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands, expect per share data)
Calculation of basic EPS:
Net income	$	49,902		$	2,681		$	141,226		$	10,594
Less: Net income allocated to participating securities	(208		)	(10		)	(591		)	(40		)
Net income attributable to common shareholders	$	49,694		$	2,671		$	140,635		$	10,554
Weighted-average common shares outstanding	112,377			110,582			111,836			110,582
Basic EPS	$	0.44		$	0.02		$	1.26		$	0.10

Calculation of diluted EPS:
Net income	$	49,902		$	2,681		$	141,226		$	10,594
Diluted weighted-average common shares outstanding	117,634			115,603			117,709			115,603
Diluted EPS	$	0.42		$	0.02		$	1.20		$	0.09

Stock-Based Compensation

The following table contains information on restricted stock award activity for the nine months ended September 30, 2014.



	Number of Award Shares

Outstanding at December 31, 2013	419,067
E&P Purge	106,261
Granted	239,649
Released	(237,618	)
Canceled	(59,018	)
Outstanding at September 30, 2014	468,341

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)

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Schedule of estimated fair values of financial instruments

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



	September 30, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	31,334	$	31,334	$	285,221	$	285,221
Financial liabilities:
Long-term debt
Senior unsecured credit facility	496,000		474,920		300,000		294,750
Senior notes	2,050,000		2,101,000		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 and nine months months ended September 30, 2014 and 2013:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(in thousands)				(in thousands)
Video lottery	$	31,593	$	32,859	$	98,625	$	107,946
Table game	4,496		4,485		14,786		13,457
Poker	384		785		1,266		2,105
Total gaming revenue, net of cash incentives	$	36,473	$	38,129	$	114,677	$	123,508

Schedule of amounts included in promotional allowances

The amounts included in promotional allowances for the three and nine months ended September 30, 2014 and 2013 are as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(in thousands)				(in thousands)
Food and beverage	$	1,522	$	1,468	$	4,367	$	4,573
Other	9		12		29		154
Total promotional allowances	$	1,531	$	1,480	$	4,396	$	4,727

Schedule of the estimated cost of providing complimentary services



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(in thousands)				(in thousands)
Food and beverage	$	711	$	748	$	2,147	$	2,207
Other	3		6		10		81
Total cost of complimentary services	$	714	$	754	$	2,157	$	2,288

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



	Three Months Ended September 30,		Nine Months Ended September 30,
	2014	2013	2014	2013
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	112,377	110,582	111,836	110,582
Assumed conversion of dilutive employee stock-based awards	5,098	4,703	5,642	4,703
Assumed conversion of restricted stock	150	318	225	318
Assumed conversion of performance-based restricted stock awards	9	—	6	—
Diluted weighted-average common shares outstanding	117,634	115,603	117,709	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 and nine months ended September 30, 2014 and 2013:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands, expect per share data)
Calculation of basic EPS:
Net income	$	49,902		$	2,681		$	141,226		$	10,594
Less: Net income allocated to participating securities	(208		)	(10		)	(591		)	(40		)
Net income attributable to common shareholders	$	49,694		$	2,671		$	140,635		$	10,554
Weighted-average common shares outstanding	112,377			110,582			111,836			110,582
Basic EPS	$	0.44		$	0.02		$	1.26		$	0.10

Calculation of diluted EPS:
Net income	$	49,902		$	2,681		$	141,226		$	10,594
Diluted weighted-average common shares outstanding	117,634			115,603			117,709			115,603
Diluted EPS	$	0.42		$	0.02		$	1.20		$	0.09

Schedule of restricted stock award activity

The following table contains information on restricted stock award activity for the nine months ended September 30, 2014.



	Number of Award Shares

Outstanding at December 31, 2013	419,067
E&P Purge	106,261
Granted	239,649
Released	(237,618	)
Canceled	(59,018	)
Outstanding at September 30, 2014	468,341

Real Estate Investments (Tables)

9 Months Ended

Sep. 30, 2014

Real Estate [Abstract]

Schedule of Real Estate Investments, Net

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



	September 30, 2014			December 31, 2013
	(in thousands)
Land and improvements	$	454,175		$	382,581
Building and improvements	2,287,853			2,050,533
Construction in progress	1,214			61,677
Total real estate investments	2,743,242			2,494,791
Less accumulated depreciation	(541,386		)	(484,488		)
Real estate investments, net	$	2,201,856		$	2,010,303

Property and Equipment Used in Operations (Tables)

9 Months Ended

Sep. 30, 2014

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment Used in Operations, Net

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



	September 30, 2014			December 31, 2013
	(in thousands)
Land and improvements	$	31,586		$	27,586
Building and improvements	116,469			115,888
Furniture, fixtures, and equipment	103,100			101,288
Construction in progress	490			203
Total property and equipment	251,645			244,965
Less accumulated depreciation	(115,506		)	(105,844		)
Property and equipment, net	$	136,139		$	139,121

Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt is as follows:



	September 30, 2014		December 31, 2013
	(in thousands)
Senior unsecured credit facility	$	496,000	$	300,000
$550 million 4.375% senior unsecured notes due November 2018	550,000		550,000
$1,000 million 4.875% senior unsecured notes due November 2020	1,000,000		1,000,000
$500 million 5.375% senior unsecured notes due November 2023	500,000		500,000
	$	2,546,000	$	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 September 30, 2014 (in thousands):



2014	$	—
2015	—
2016	—
2017	—
2018	1,046,000
Thereafter	1,500,000
Total minimum payments	$	2,546,000

- 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=34725769&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)

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment



	Three Months Ended September 30, 2014											Three Months Ended September 30, 2013
(in thousands)	GLP Capital			TRS Properties		Eliminations ⁽²⁾			Total			GLP Capital ⁽¹⁾		TRS Properties		Eliminations ⁽²⁾		Total
Net revenues	$	119,845		$	37,950	$	—		$	157,795		$	—	$	39,633	$	—	$	39,633
Income from operations	72,288			5,334		—			77,622			—		5,665		—		5,665
Interest, net	28,757			2,600		(2,602		)	28,755			—		—		—		—
Income before income taxes	46,133			2,734		—			48,867			—		4,476		—		4,476
Income tax (benefit) expense	(1,491		)	456		—			(1,035		)	—		1,795		—		1,795
Net income	47,624			2,278		—			49,902			—		2,681		—		2,681
Depreciation	23,472			3,054		—			26,526			—		3,611		—		3,611
Capital project expenditures, net of reimbursements	69,022			—		—			69,022			—		103		—		103
Capital maintenance expenditures	—			641		—			641			—		766		—		766



	Nine Months Ended September 30, 2014										Nine Months Ended September 30, 2013
(in thousands)	GLP Capital			TRS Properties		Eliminations ⁽²⁾			Total		GLP Capital ⁽¹⁾		TRS Properties			Eliminations ⁽²⁾		Total
Net revenues	$	357,701		$	119,208	$	—		$	476,909	$	—	$	128,354		$	—	$	128,354
Income from operations	210,378			18,952		—			229,330		—		21,565			—		21,565
Interest, net	85,625			7,802		(7,804		)	85,623		—		(1		)	—		(1		)
Income before income taxes	132,557			11,150		—			143,707		—		17,716			—		17,716
Income tax (benefit) expense	(1,491		)	3,972		—			2,481		—		7,122			—		7,122
Net income	134,048			7,178		—			141,226		—		10,594			—		10,594
Depreciation	70,205			9,192		—			79,397		—		10,826			—		10,826
Capital project expenditures, net of reimbursements	124,526			—		—			124,526		—		657			—		657
Capital maintenance expenditures	—			2,109		—			2,109		—		2,510			—		2,510

(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.

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

9 Months Ended

Sep. 30, 2014

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



At September 30, 2014 Condensed Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	2,063,282		$	138,574		$	—		$	2,201,856
Property and equipment, used in operations, net	25,681			—			110,458			—			136,139
Cash and cash equivalents	1,113			3,185			27,036			—			31,334
Prepaid expenses	272			4,462			1,735			3,557			10,026
Deferred income taxes	—			—			2,267			—			2,267
Other current assets	—			34,841			2,885			—			37,726
Goodwill	—			—			75,521			—			75,521
Other intangible assets	—			—			9,577			—			9,577
Debt issuance costs, net of accumulated amortization of $7,308 at September 30, 2014	—			41,146			—			—			41,146
Loan receivable	—			—			35,000			—			35,000
Intercompany loan receivable	—			193,595			—			(193,595		)	—
Intercompany transactions and investment in subsidiaries	(86,167		)	196,698			126,730			(237,261		)	—
Other assets	14,104			—			741			—			14,845
Total assets	$	(44,997	)	$	2,537,209		$	530,524		$	(427,299	)	$	2,595,437

Liabilities
Accounts payable	$	9,992		$	7,745		$	711		$	—		$	18,448
Accrued expenses	302			913			4,984			—			6,199
Accrued interest	—			42,415			—			—			42,415
Accrued salaries and wages	7,882			—			2,779			—			10,661
Gaming, property, and other taxes	819			29,143			2,599			—			32,561
Income taxes	—			(2,489		)	(1,068		)	3,557			—
Other current liabilities	13,907			—			1,362			—			15,269
Long-term debt	—			2,546,000			—			—			2,546,000
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred income taxes	—			—			1,783			—			1,783
Total liabilities	32,902			2,623,727			206,745			(190,038		)	2,673,336

Shareholders’ (deficit) equity
Common stock ($.01 par value, 550,000,000 shares authorized, 112,432,245 shares issued at September 30, 2014	1,124			—			—			—			1,124
Additional paid-in capital	874,435			130,623			285,334			(415,957		)	874,435
Retained (deficit) earnings	(953,458		)	(217,141		)	38,445			178,696			(953,458		)
Total shareholders’ (deficit) equity	(77,899		)	(86,518		)	323,779			(237,261		)	(77,899		)
Total liabilities and shareholders’ (deficit) equity	$	(44,997	)	$	2,537,209		$	530,524		$	(427,299	)	$	2,595,437



Nine months ended September 30, 2014 Condensed Consolidating Statement of Operations	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental	$	—		$	311,066		$	9,672		$	—		$	320,738
Real estate taxes paid by tenants	—			35,516			1,440			—			36,956
Total rental revenue	—			346,582			11,112			—			357,694
Gaming	—			—			114,677			—			114,677
Food, beverage and other	7			—			8,927			—			8,934
Total revenues	7			346,582			134,716			—			481,305
Less promotional allowances	—			—			(4,396		)	—			(4,396		)
Net revenues	7			346,582			130,320			—			476,909
Operating expenses
Gaming	—			—			64,233			—			64,233
Food, beverage and other	—			—			7,526			—			7,526
Real estate taxes	—			35,521			2,687			—			38,208
General and administrative	38,140			2,000			18,075			—			58,215
Depreciation	1,366			66,683			11,348			—			79,397
Total operating expenses	39,506			104,204			103,869			—			247,579
Income from operations	(39,499		)	242,378			26,451			—			229,330

Other income (expenses)
Interest expense	—			(87,460		)	—			—			(87,460		)
Interest income	—			—			1,837			—			1,837
Management fee	—			—			—			—			—
Intercompany dividends and interest	487,239			32,188			490,869			(1,010,296		)	—
Total other expenses	487,239			(55,272		)	492,706			(1,010,296		)	(85,623		)

Income before income taxes	447,740			187,106			519,157			(1,010,296		)	143,707
Income tax (benefit) expense	—			(1,491		)	3,972			—			2,481
Net income	$	447,740		$	188,597		$	515,185		$	(1,010,296	)	$	141,226



Nine months ended September 30, 2014 Condensed Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	447,740		$	188,597		$	515,185		$	(1,010,296	)	$	141,226
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	1,366			66,683			11,348			—			79,397
Amortization of debt issuance costs	—			6,038			—			—			6,038
(Gains) Losses on sales of property	—			(150		)	163			—			13
Deferred income taxes	—			—			(3,145		)	—			(3,145		)
Charge for stock-based compensation	8,623			—			—			—			8,623

(Increase) decrease,
Prepaid expenses and other current assets	1,672			(10,161		)	(2,743		)	3,557			(7,675		)
Other assets	(1,214		)	—			(23		)	—			(1,237		)
Intercompany	(2,604		)	(867		)	3,471			—			—
Increase (decrease),
Accounts payable	(12,808		)	11,009			319			—			(1,480		)
Accrued expenses	(8,156		)	913			(341		)	—			(7,584		)
Accrued interest	—			24,360			—			—			24,360
Accrued salaries and wages	751			—			(427		)	—			324
Gaming, pari-mutuel, property and other taxes	678			—			(76		)	—			602
Income taxes	4,473			(14,797		)	(6,932		)	(3,557		)	(20,813		)
Other current and noncurrent liabilities	1,124			—			1,234			—			2,358
Net cash provided by (used in) operating activities	441,645			271,625			518,033			(1,010,296		)	221,007
Investing activities
Capital project expenditures, net of reimbursements	(1,599		)	(122,927		)	—			—			(124,526		)
Capital maintenance expenditures	—			—			(2,109		)	—			(2,109		)
Proceeds from sale of property and equipment	—			150			9			—			159
Funding of loan receivable	—			—			(43,000		)	—			(43,000		)
Principal payments on loan receivable	—			—			8,000			—			8,000
Acquisition of real estate	—			—			(140,730		)	—			(140,730		)
Net cash used in investing activities	(1,599		)	(122,777		)	(177,830		)	—			(302,206		)
Financing activities
Dividends paid	(388,678		)	—			—			—			(388,678		)
Proceeds from exercise of options	20,296			—			—			—			20,296
Proceeds from issuance of long-term debt	—			228,000			—			—			228,000
Financing costs	—			(306		)	—			—			(306		)
Payments of long-term debt	—			(32,000		)	—			—			(32,000		)
Intercompany financing	(113,352		)	(562,452		)	(334,492		)	1,010,296			—
Net cash (used in) provided by financing activities	(481,734		)	(366,758		)	(334,492		)	1,010,296			(172,688		)
Net (decrease) increase in cash and cash equivalents	(41,688		)	(217,910		)	5,711			—			(253,887		)
Cash and cash equivalents at beginning of period	42,801			221,095			21,325			—			285,221
Cash and cash equivalents at end of period	$	1,113		$	3,185		$	27,036		$	—		$	31,334



At December 31, 2013 Condensed Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers		Other Subsidiary Non-Issuers		Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	2,010,303	$	—	$	—		$	2,010,303
Property and equipment, used in operations, net	25,458			—		113,663		—			139,121
Cash and cash equivalents	42,801			221,095		21,325		—			285,221
Prepaid expenses	1,191			1,834		2,958		—			5,983
Deferred income taxes	—			—		1,885		343			2,228
Other current assets	753			15,708		906		—			17,367
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		—		—			46,877
Loan receivable	—			—		—		—			—
Intercompany transactions and investment in subsidiaries	104,391			208,739		308,157		(621,287		)	—
Other assets	12,880			—		4,161		—			17,041
Total assets	$	187,474		$	2,504,556	$	538,153	$	(620,944	)	$	2,609,239

Liabilities
Accounts payable	$	21,006		$	—	$	391	$	—		$	21,397
Accrued expenses	8,458			—		5,325		—			13,783
Accrued interest	—			18,055		—		—			18,055
Accrued salaries and wages	7,131			—		3,206		—			10,337
Gaming, property, and other taxes	141			17,542		1,106		—			18,789
Income taxes	(4,473		)	12,308		9,421		—			17,256
Other current liabilities	12,782			—		129		—			12,911
Long-term debt	—			2,350,000		—		—			2,350,000
Deferred income taxes	—			—		3,939		343			4,282
Total liabilities	45,045			2,397,905		23,517		343			2,466,810

Shareholders’ equity (deficit)
Common stock ($.01 par value, 550,000,000 shares authorized, 88,659,448 shares issued at December 31, 2013	887			—		—		—			887
Additional paid-in capital	3,651			17,271		162,700		(179,971		)	3,651
Retained earnings (deficit)	137,891			89,380		351,936		(441,316		)	137,891
Total shareholders’ equity (deficit)	142,429			106,651		514,636		(621,287		)	142,429
Total liabilities and shareholders’ (deficit) equity	$	187,474		$	2,504,556	$	538,153	$	(620,944	)	$	2,609,239



Nine months ended September 30, 2013 Condensed Consolidating Statement of Operations	Parent Guarantor		Subsidiary Issuers		Other Subsidiary Non- Issuers			Eliminations		Consolidated
	(in thousands)
Revenues
Rental	$	—	$	—	$	—		$	—	$	—
Real estate taxes paid by tenants	—		—		—			—		—
Total rental revenue	—		—		—			—		—
Gaming	—		—		123,508			—		123,508
Food, beverage and other	—		—		9,573			—		9,573
Total revenues	—		—		133,081			—		133,081
Less promotional allowances	—		—		(4,727		)	—		(4,727		)
Net revenues	—		—		128,354			—		128,354
Operating expenses
Gaming	—		—		69,182			—		69,182
Food, beverage and other	—		—		8,240			—		8,240
Real estate taxes	—		—		1,225			—		1,225
General and administrative	—		—		17,316			—		17,316
Depreciation	—		—		10,826			—		10,826
Total operating expenses	—		—		106,789			—		106,789
Income from operations	—		—		21,565			—		21,565

Other income (expenses)
Interest expense	—		—		—			—		—
Interest income	—		—		1			—		1
Management fee	—		—		(3,850		)	—		(3,850		)
Intercompany dividends and interest	—		—		—			—		—
Total other expenses	—		—		(3,849		)	—		(3,849		)

Income before income taxes	—		—		17,716			—		17,716
Income tax expense	—		—		7,122			—		7,122
Net income	$	—	$	—	$	10,594		$	—	$	10,594



Nine months ended September 30, 2013 Condensed Consolidating Statement of Cash Flows	Parent Guarantor		Subsidiary Issuers		Other Subsidiary Non-Issuers			Eliminations		Consolidated
	(in thousands)
Operating activities
Net income	$	—	$	—	$	10,594		$	—	$	10,594
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	—		—		10,826			—		10,826
Amortization of debt issuance costs	—		—		—			—		—
(Gains) on sales of property	—		—		(31		)	—		(31		)
Deferred income taxes	—		—		(2,551		)	—		(2,551		)
Charge for stock-based compensation	—		—		—			—		—

(Increase) decrease,
Prepaid expenses and other current assets	—		—		(1,155		)	—		(1,155		)
Other assets	—		—		—			—		—
Intercompany	—		—		—			—		—
Increase (decrease),	0		0					0
Accounts payable	—		—		374			—		374
Accrued expenses	—		—		(405		)	—		(405		)
Accrued interest	—		—		—			—		—
Accrued salaries and wages	—		—		(579		)	—		(579		)
Gaming, pari-mutuel, property and other taxes	—		—		529			—		529
Income taxes	—		—		(4,579		)	—		(4,579		)
Other current and noncurrent liabilities	—		—		185			—		185
Net cash provided by operating activities	—		—		13,208			—		13,208
Investing activities
Capital project expenditures, net of reimbursements	—		—		(657		)	—		(657		)
Capital maintenance expenditures	—		—		(2,510		)	—		(2,510		)
Proceeds from sale of property and equipment	—		—		141			—		141
Funding of loan receivable	—		—		—			—		—
Principal payments on loan receivable	—		—		—			—		—
Acquisition of real estate	—		—		—			—		—
Net cash used in investing activities	—		—		(3,026		)	—		(3,026		)
Financing activities
Net advances to Penn National Gaming, Inc.	—		—		(6,194		)	—		(6,194		)
Dividends paid	—		—		—			—		—
Proceeds from exercise of options	—		—		—			—		—
Proceeds from issuance of long-term debt	—		—		—			—		—
Financing costs	—		—		—			—		—
Payments of long-term debt	—		—		—			—		—
Intercompany financing	—		—		—			—		—
Net cash used in financing activities	—		—		(6,194		)	—		(6,194		)
Net increase in cash and cash equivalents	—		—		3,988			—		3,988
Cash and cash equivalents at beginning of period	—		—		14,562			$	—	14,562
Cash and cash equivalents at end of period	$	—	$	—	$	18,550		$	—	$	18,550

Organization and Operations (Details) $ in Millions		9 Months Ended
Organization and Operations (Details) $ in Millions	Feb. 18, 2014 USD ($)	Sep. 30, 2014 company item property renewaloption
Organization and Operations
Number of publicly traded companies \| company		2
Number of Facilities whose Real Estate Property is Included in Entity Portfolio		21
Number of real estate properties		19
Number of states across which the portfolio of properties is diversified \| item		12
Purging Distribution
Organization and Operations
Purging Distribution \| $	$ 1,050
Penn National Gaming Inc
Organization and Operations
Lessor Leasing Arrangements, Operating Leases, Term of Contract		15 years
Lessor Leasing Arrangements Operating Leases Number of Renewal Options \| renewaloption		4
Lessor Leasing Arrangements, Operating Lease, Renewal Term		5 years
Number of real estate properties		18

Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 31,334	$ 285,221
Financial liabilities:
Senior unsecured credit facility	496,000	300,000
Senior notes	2,050,000	2,050,000
Fair Value
Financial assets:
Cash and cash equivalents	31,334	285,221
Financial liabilities:
Senior unsecured credit facility	474,920	294,750
Senior notes	$ 2,101,000	$ 2,058,750

Summary of Significant Accounting Policies (Revenue Recognition and Promotional Allowances) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014 USD ($) property	Sep. 30, 2013 USD ($)	Sep. 30, 2014 USD ($) property	Sep. 30, 2013 USD ($)
Revenue Recognition and Promotional Allowances
Number of Facilities whose Real Estate Property is Included in Entity Portfolio \| property	21		21
Casino Revenue	$ 36,473	$ 38,129	$ 114,677	$ 123,508
Promotional Allowances	1,531	1,480	4,396	4,727
Cost of Complimentary Services	714	754	2,157	2,288
Video lottery
Revenue Recognition and Promotional Allowances
Casino Revenue	31,593	32,859	98,625	107,946
Table game
Revenue Recognition and Promotional Allowances
Casino Revenue	4,496	4,485	14,786	13,457
Poker
Revenue Recognition and Promotional Allowances
Casino Revenue	384	785	1,266	2,105
Food and beverage
Revenue Recognition and Promotional Allowances
Promotional Allowances	1,522	1,468	4,367	4,573
Cost of Complimentary Services	711	748	2,147	2,207
Other
Revenue Recognition and Promotional Allowances
Promotional Allowances	9	12	29	154
Cost of Complimentary Services	$ 3	$ 6	$ 10	$ 81
All Properties Under Master Lease, Except Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue Recognition and Promotional Allowances
Annual rent escalator			2.00%
Frequency property performance-based rent structure is adjusted under the Master Lease			5 years
Percentage of the average change in net revenues of facilities under the Master Lease during the preceding five years used to compute the performance based component of rent			4.00%
Period used in calculation of the average change in net revenues			5 years
Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue Recognition and Promotional Allowances
Percentage of the change in net revenues of all facilities under the Master Lease during the preceding month used for adjustment in rent structure			20.00%
Properties Not Subject To Master Lease Agreement
Revenue Recognition and Promotional Allowances
Number of Facilities whose Real Estate Property is Included in Entity Portfolio \| property	3		3

Summary of Significant Accounting Policies (Gaming and Admission Taxes) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Gaming and Admission Taxes
Gaming and admission taxes	$ 16.7	$ 17.3	$ 51.9	$ 55.6

Summary of Significant Accounting Policies (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Determination of shares:
Weighted-average common shares outstanding	112,377,000	110,582,000	111,836,000	110,582,000
Diluted weighted-average common shares outstanding	117,634,000	115,603,000	117,709,000	115,603,000
Calculation of basic EPS:
Net income	$ 49,902	$ 2,681	$ 141,226	$ 10,594
Less: Net income allocated to participating securities	(208)	(10)	(591)	(40)
Net income attributable to common shareholders	$ 49,694	$ 2,671	$ 140,635	$ 10,554
Weighted-average common shares outstanding	112,377,000	110,582,000	111,836,000	110,582,000
Basic EPS (in dollars per share)	$ 0.44	$ 0.02	$ 1.26	$ 0.10
Calculation of diluted EPS:
Net income	$ 49,902	$ 2,681	$ 141,226	$ 10,594
Diluted weighted-average common shares outstanding	117,634,000	115,603,000	117,709,000	115,603,000
Diluted EPS (in dollars per share)	$ 0.42	$ 0.02	$ 1.20	$ 0.09
Anti-dilutive securities, options to purchase common stock outstanding (in shares)	17,158	0	12,155	0
Employee Stock Option
Determination of shares:
Dilutive securities	5,098,000	4,703,000	5,642,000	4,703,000
Restricted stock awards
Determination of shares:
Dilutive securities	150,000	318,000	225,000	318,000
Performance Shares
Determination of shares:
Dilutive securities	9,000	0	6,000	0

Summary of Significant Accounting Policies (Stock-Based Compensation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended				9 Months Ended
	Apr. 25, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Stock-based compensation
Dividends paid per common share		$ 0.52	$ 0.52	$ 0.52	$ 0	$ 1.56	$ 0
Employee Stock Option
Stock-based compensation
Total unrecognized compensation cost		$ 3,800				$ 3,800
Remaining weighted average vesting period for recognition of unrecognized compensation cost						1 year 1 month 6 days
Recognized compensation expense		1,500				$ 4,300
Additional compensation expense related to dividend		3,200				9,700
Restricted stock awards
Stock-based compensation
Total unrecognized compensation cost		10,400				$ 10,400
Remaining weighted average vesting period for recognition of unrecognized compensation cost						2 years 6 months 4 days
Recognized compensation expense		$ 1,100				$ 2,600
Number of Award Shares
Outstanding at the beginning of the period (in shares)				419,067		419,067
E&P Purge (in shares)						106,261
Granted (in shares)						239,649
Released (in shares)						(237,618)
Canceled (in shares)						(59,018)
Outstanding at the end of the period (in shares)		468,341				468,341
Performance Shares
Stock-based compensation
Total unrecognized compensation cost		$ 10,400				$ 10,400
Remaining weighted average vesting period for recognition of unrecognized compensation cost						2 years 6 months 25 days
Recognized compensation expense		1,100				$ 1,800
Number of Award Shares
Period of total shareholder return upon which the percentage of shares vesting at the end of the measurement period will be based	3 years
Period of return of the MSCI US REIT index against which total shareholder return measured	3 years
PSUs
Stock-based compensation
Total unrecognized compensation cost		5,900				$ 5,900
Remaining weighted average vesting period for recognition of unrecognized compensation cost						1 year 10 months 28 days
Recognized compensation expense		500				$ 1,600
Additional compensation expense related to dividend		100				600
SARs
Stock-based compensation
Total unrecognized compensation cost		300				$ 300
Remaining weighted average vesting period for recognition of unrecognized compensation cost						1 year 5 months 8 days
Recognized compensation expense		$ 38				$ 59
End Of Measurement Period Vesting \| Performance Shares
Number of Award Shares
Vesting period	3 years

Summary of Significant Accounting Policies (Segment Information) (Details)	9 Months Ended
	Sep. 30, 2014 segment
Segment Information
Number of reportable segments	2

Acquisitions (Details) $ in Thousands	1 Months Ended	9 Months Ended
Acquisitions (Details) $ in Thousands	Jan. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($)	Dec. 31, 2013 USD ($)
Acquisitions
Amount paid for acquisition		$ 140,730	$ 0
Loan receivable		$ 35,000		$ 0
Casino Queen
Acquisitions
Annual rent of property leased back on a triple net basis	$ 14,000
Lessor Leasing Arrangements, Operating Leases, Term of Contract	15 years
Number of renewal options		4
Lessor Leasing Arrangements, Operating Lease, Renewal Term		5 years
Casino Queen
Acquisitions
Amount paid for acquisition	$ 140,700
Transaction fees related to real estate acquisitions	700
Payments for term loan	$ 43,000
Term of term loan	5 years
Interest rate on term loan (as a percent)	7.00%
Loan receivable		$ 35,000

Real Estate Investments (Details) $ in Thousands	1 Months Ended	9 Months Ended
Real Estate Investments (Details) $ in Thousands	Jan. 31, 2014 USD ($)	Sep. 30, 2014 USD ($) property	Sep. 30, 2013 USD ($)	Dec. 31, 2013 USD ($)
Real estate investments
Number of real estate properties \| property		19
Total real estate investments		$ 2,743,242		$ 2,494,791
Less accumulated depreciation		(541,386)		(484,488)
Real estate investments, net		2,201,856		2,010,303
Amount paid for acquisition		140,730	$ 0
Casino Queen
Real estate investments
Amount paid for acquisition	$ 140,700
Land and improvements
Real estate investments
Total real estate investments		454,175		382,581
Building and improvements
Real estate investments
Total real estate investments		2,287,853		2,050,533
Construction in progress
Real estate investments
Total real estate investments		$ 1,214		$ 61,677

Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Property and equipment used in operations
Total property and equipment	$ 251,645	$ 244,965
Less accumulated depreciation	(115,506)	(105,844)
Property and equipment, net	136,139	139,121
Land and improvements
Property and equipment used in operations
Total property and equipment	31,586	27,586
Building and improvements
Property and equipment used in operations
Total property and equipment	116,469	115,888
Furniture, fixtures, and equipment
Property and equipment used in operations
Total property and equipment	103,100	101,288
Construction in progress
Property and equipment used in operations
Total property and equipment	$ 490	$ 203

Long-term Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Long-term debt
Long-term debt	$ 2,546,000	$ 2,350,000
$550 million 4.375% senior unsecured notes due November 2018
Long-term debt
Long-term debt	550,000	550,000
Face amount of debt	550,000
$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
$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
Line of Credit [Member]
Long-term debt
Long-term debt	$ 496,000	$ 300,000

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Future minimum repayments of long-term debt
2014	$ 0
2015	0
2016	0
2017	0
2018	1,046,000
Thereafter	1,500,000
Debt	$ 2,546,000	$ 2,350,000

Long-term Debt (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Long-term debt
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000,000
Long-term debt	2,546,000	$ 2,350,000
Letters of Credit Outstanding, Amount	744
Available borrowing capacity	503,300
2018 Notes
Long-term debt
Long-term debt	$ 550,000	550,000
Debt Instrument, Interest Rate, Stated Percentage	4.375%
2020 Notes
Long-term debt
Long-term debt	$ 1,000,000	1,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.875%
2023 Notes
Long-term debt
Long-term debt	$ 500,000	500,000
Debt Instrument, Interest Rate, Stated Percentage	5.375%
Senior unsecured credit facility
Long-term debt
Long-term debt	$ 496,000	$ 300,000
Revolving credit facility
Long-term debt
Line of Credit Facility, Maximum Borrowing Capacity	700,000
Outstanding balance on revolving credit facility	196,000
Term Loan a Facility
Long-term debt
Line of Credit Facility, Maximum Borrowing Capacity	300,000
Outstanding balance on revolving credit facility	$ 300,000

Dividends (Details) - USD ($) $ / shares in Units, $ in Millions							3 Months Ended				9 Months Ended
	Sep. 26, 2014	Sep. 03, 2014	Jun. 27, 2014	May 30, 2014	Mar. 28, 2014	Feb. 18, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Feb. 13, 2014
Dividends
Common stock outstanding (in shares)						88,691,827
Quarterly dividend paid (in dollars per share)							$ 0.52	$ 0.52	$ 0.52	$ 0	$ 1.56	$ 0
Purging Distribution
Dividends
Purging Distribution						$ 1,050.0
Total cash limitation on purging distribution						$ 210.0
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
Shares issued in connection with dividend payment						22,000,000
Purging Distribution \| Restricted stock award holders at Penn and GLPI
Dividends
Dividends, Share-based Compensation						$ 1.0
Purging Distribution \| Weighted average
Dividends
Volume weighted average price (in dollars per share)													$ 38.2162
First Quarter Dividend
Dividends
Dividends, Share-based Compensation									$ 1.0
Dividends Payable, Date Declared											Feb. 18, 2014
Quarterly dividend declared (in dollars per share)						$ 0.52
Quarterly dividend paid (in dollars per share)					$ 0.52
Dividends Payable, Date to be Paid											Mar. 28, 2014
Dividend paid					$ 58.0
Dividends Payable, Date of Record											Mar. 07, 2014
Second Quarter Dividend
Dividends
Dividends, Share-based Compensation								$ 1.0
Dividends Payable, Date Declared											May 30, 2014
Quarterly dividend declared (in dollars per share)				$ 0.52
Quarterly dividend paid (in dollars per share)			$ 0.52
Dividends Payable, Date to be Paid											Jun. 27, 2014
Dividend paid			$ 58.2
Dividends Payable, Date of Record											Jun. 12, 2014
Third Quarter Dividend
Dividends
Dividends, Share-based Compensation							$ 1.0
Dividends Payable, Date Declared											Sep. 03, 2014
Quarterly dividend declared (in dollars per share)		$ 0.52
Quarterly dividend paid (in dollars per share)	$ 0.52
Dividends Payable, Date to be Paid											Sep. 26, 2014
Dividend paid	$ 58.5
Dividends Payable, Date of Record											Sep. 15, 2014

Segment Information (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Segment information

Net revenues

$ 157,795

$ 39,633

$ 476,909

$ 128,354

Income from operations

77,622

5,665

229,330

21,565

Interest, net

28,755

85,623

(1)

Income before income taxes

48,867

4,476

143,707

17,716

Income tax (benefit) expense

(1,035)

1,795

2,481

7,122

Net income

49,902

2,681

141,226

10,594

Depreciation

26,526

3,611

79,397

10,826

Capital project expenditures, net of reimbursements

69,022

103

124,526

657

Capital maintenance expenditures

641

766

2,109

2,510

Eliminations

Segment information

Net revenues

Income from operations

Interest, net

(2,602)

^[1]

(7,804)

^[1]

Income before income taxes

Income tax (benefit) expense

Net income

Depreciation

Capital project expenditures, net of reimbursements

Capital maintenance expenditures

GLP Capital

Segment information

Net revenues

119,845

^[2]

357,701

^[2]

Income from operations

72,288

^[2]

210,378

^[2]

Interest, net

28,757

^[2]

85,625

^[2]

Income before income taxes

46,133

^[2]

132,557

^[2]

Income tax (benefit) expense

(1,491)

^[2]

(1,491)

^[2]

Net income

47,624

^[2]

134,048

^[2]

Depreciation

23,472

^[2]

70,205

^[2]

Capital project expenditures, net of reimbursements

69,022

^[2]

124,526

^[2]

Capital maintenance expenditures

^[2]

TRS Properties

Segment information

Net revenues

37,950

39,633

119,208

128,354

Income from operations

5,334

5,665

18,952

21,565

Interest, net

2,600

7,802

(1)

Income before income taxes

2,734

4,476

11,150

17,716

Income tax (benefit) expense

456

1,795

3,972

7,122

Net income

2,278

2,681

7,178

10,594

Depreciation

3,054

3,611

9,192

10,826

Capital project expenditures, net of reimbursements

103

657

Capital maintenance expenditures

$ 641

$ 766

$ 2,109

$ 2,510

[1]	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.
[2]	GLP Capital operations commenced November 1, 2013 in connection with the Spin-Off.

Pre-Spin Transactions with Penn (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Pre-Spin Transactions with Penn
Management fee	$ 0	$ 1,189	$ 0	$ 3,850
Penn National Gaming Inc \| 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 fee		$ 1,200		$ 3,900

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Supplemental Disclosures of cash flow information
Income taxes paid	$ 2.3		$ 26.9
Interest paid	$ 2.4	$ 0.0	57.0	$ 0.0
Penn National Gaming Inc \| Federal and State tax liabilities incurred prior to the spin-off
Supplemental Disclosures of cash flow information
Income taxes paid			$ 5.1
Hollywood Casino Baton Rouge and Hollywood Casino Perryville \| Penn National Gaming Inc \| Federal
Supplemental Disclosures of cash flow information
Income taxes paid		0.8		7.5
Hollywood Casino Baton Rouge and Hollywood Casino Perryville \| Penn National Gaming Inc \| State taxing authorities
Supplemental Disclosures of cash flow information
Income taxes paid		$ 0.7		$ 1.4

Related Party Transactions (Details)	9 Months Ended
Related Party Transactions (Details)	Sep. 30, 2014 USD ($)
Wyomissing Professional Center Inc \| Chief Executive Officer
Related Party Transaction [Line Items]
Purchases from related party	$ 725,000
Amounts of transaction	$ 270,000
CB Consulting Group LLC \| Chairman of the Board and Chief Executive Officer's Son
Related Party Transaction [Line Items]
Percentage of construction cost paid to Construction Manager for management services	3.00%

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Balance Sheet) (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012
Assets
Real estate investments, net	$ 2,201,856	$ 2,010,303
Property and equipment, used in operations, net	136,139	139,121
Cash and cash equivalents	31,334	285,221	$ 18,550	$ 14,562
Prepaid expenses	10,026	5,983
Deferred income taxes	2,267	2,228
Other current assets	37,726	17,367
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $7,308 and $1,270 at September 30, 2014 and December 31, 2013, respectively	41,146	46,877
Loan receivable	35,000	0
Intercompany loan receivable	0
Intercompany transactions and investment in subsidiaries	0	0
Other assets	14,845	17,041
Total assets	2,595,437	2,609,239
Liabilities
Accounts payable	18,448	21,397
Accrued expenses	6,199	13,783
Accrued interest	42,415	18,055
Accrued salaries and wages	10,661	10,337
Gaming, property, and other taxes	32,561	18,789
Income taxes	0	17,256
Other current liabilities	15,269	12,911
Long-term debt	2,546,000	2,350,000
Intercompany loan payable	0
Deferred income taxes	1,783	4,282
Total liabilities	2,673,336	2,466,810
Shareholders’ (deficit) equity
Common stock ($.01 par value, 550,000,000 shares authorized, 112,432,245 and 88,659,448 shares issued at September 30, 2014 and December 31, 2013, respectively)	1,124	887
Additional paid-in capital	874,435	3,651
Retained (deficit) earnings	(953,458)	137,891
Total shareholders’ (deficit) equity	(77,899)	142,429
Total liabilities and shareholders’ (deficit) equity	2,595,437	2,609,239
Debt issuance costs, accumulated amortization (in dollars)	$ 7,308	$ 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	112,432,245	88,659,448
Consolidation, Eliminations
Assets
Real estate investments, net	$ 0	$ 0
Property and equipment, used in operations, net	0	0
Cash and cash equivalents	0	0	0	0
Prepaid expenses	3,557	0
Deferred income taxes	0	343
Other current assets	0	0
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net of accumulated amortization of $7,308 and $1,270 at September 30, 2014 and December 31, 2013, respectively	0	0
Loan receivable	0	0
Intercompany loan receivable	(193,595)
Intercompany transactions and investment in subsidiaries	(237,261)	(621,287)
Other assets	0	0
Total assets	(427,299)	(620,944)
Liabilities
Accounts payable	0	0
Accrued expenses	0	0
Accrued interest	0	0
Accrued salaries and wages	0	0
Gaming, property, and other taxes	0	0
Income taxes	3,557	0
Other current liabilities	0	0
Long-term debt	0	0
Intercompany loan payable	(193,595)
Deferred income taxes	0	343
Total liabilities	(190,038)	343
Shareholders’ (deficit) equity
Common stock ($.01 par value, 550,000,000 shares authorized, 112,432,245 and 88,659,448 shares issued at September 30, 2014 and December 31, 2013, respectively)	0	0
Additional paid-in capital	(415,957)	(179,971)
Retained (deficit) earnings	178,696	(441,316)
Total shareholders’ (deficit) equity	(237,261)	(621,287)
Total liabilities and shareholders’ (deficit) equity	$ (427,299)	(620,944)
GLP Capital, L.P. [Member]
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Ownership percentage of subsidiaries	100.00%
GLP Financing II, Inc. [Member]
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Ownership percentage of subsidiaries	100.00%
Parent Guarantor
Assets
Real estate investments, net	$ 0	0
Property and equipment, used in operations, net	25,681	25,458
Cash and cash equivalents	1,113	42,801	0	0
Prepaid expenses	272	1,191
Deferred income taxes	0	0
Other current assets	0	753
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net of accumulated amortization of $7,308 and $1,270 at September 30, 2014 and December 31, 2013, respectively	0	0
Loan receivable	0	0
Intercompany loan receivable	0
Intercompany transactions and investment in subsidiaries	(86,167)	104,391
Other assets	14,104	12,880
Total assets	(44,997)	187,474
Liabilities
Accounts payable	9,992	21,006
Accrued expenses	302	8,458
Accrued interest	0	0
Accrued salaries and wages	7,882	7,131
Gaming, property, and other taxes	819	141
Income taxes	0	(4,473)
Other current liabilities	13,907	12,782
Long-term debt	0	0
Intercompany loan payable	0
Deferred income taxes	0	0
Total liabilities	32,902	45,045
Shareholders’ (deficit) equity
Common stock ($.01 par value, 550,000,000 shares authorized, 112,432,245 and 88,659,448 shares issued at September 30, 2014 and December 31, 2013, respectively)	1,124	887
Additional paid-in capital	874,435	3,651
Retained (deficit) earnings	(953,458)	137,891
Total shareholders’ (deficit) equity	(77,899)	142,429
Total liabilities and shareholders’ (deficit) equity	$ (44,997)	$ 187,474
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	550,000,000	55,000,000,000
Common stock, shares issued	112,432,245	88,659,448
Subsidiary Issuers
Assets
Real estate investments, net	$ 2,063,282	$ 2,010,303
Property and equipment, used in operations, net	0	0
Cash and cash equivalents	3,185	221,095	0	0
Prepaid expenses	4,462	1,834
Deferred income taxes	0	0
Other current assets	34,841	15,708
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net of accumulated amortization of $7,308 and $1,270 at September 30, 2014 and December 31, 2013, respectively	41,146	46,877
Loan receivable	0	0
Intercompany loan receivable	193,595
Intercompany transactions and investment in subsidiaries	196,698	208,739
Other assets	0	0
Total assets	2,537,209	2,504,556
Liabilities
Accounts payable	7,745	0
Accrued expenses	913	0
Accrued interest	42,415	18,055
Accrued salaries and wages	0	0
Gaming, property, and other taxes	29,143	17,542
Income taxes	(2,489)	12,308
Other current liabilities	0	0
Long-term debt	2,546,000	2,350,000
Intercompany loan payable	0
Deferred income taxes	0	0
Total liabilities	2,623,727	2,397,905
Shareholders’ (deficit) equity
Common stock ($.01 par value, 550,000,000 shares authorized, 112,432,245 and 88,659,448 shares issued at September 30, 2014 and December 31, 2013, respectively)	0	0
Additional paid-in capital	130,623	17,271
Retained (deficit) earnings	(217,141)	89,380
Total shareholders’ (deficit) equity	(86,518)	106,651
Total liabilities and shareholders’ (deficit) equity	2,537,209	2,504,556
Debt issuance costs, accumulated amortization (in dollars)	7,308	1,270
Other Subsidiary Non-Issuers
Assets
Real estate investments, net	138,574	0
Property and equipment, used in operations, net	110,458	113,663
Cash and cash equivalents	27,036	21,325	$ 18,550	$ 14,562
Prepaid expenses	1,735	2,958
Deferred income taxes	2,267	1,885
Other current assets	2,885	906
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $7,308 and $1,270 at September 30, 2014 and December 31, 2013, respectively	0	0
Loan receivable	35,000	0
Intercompany loan receivable	0
Intercompany transactions and investment in subsidiaries	126,730	308,157
Other assets	741	4,161
Total assets	530,524	538,153
Liabilities
Accounts payable	711	391
Accrued expenses	4,984	5,325
Accrued interest	0	0
Accrued salaries and wages	2,779	3,206
Gaming, property, and other taxes	2,599	1,106
Income taxes	(1,068)	9,421
Other current liabilities	1,362	129
Long-term debt	0	0
Intercompany loan payable	193,595
Deferred income taxes	1,783	3,939
Total liabilities	206,745	23,517
Shareholders’ (deficit) equity
Common stock ($.01 par value, 550,000,000 shares authorized, 112,432,245 and 88,659,448 shares issued at September 30, 2014 and December 31, 2013, respectively)	0	0
Additional paid-in capital	285,334	162,700
Retained (deficit) earnings	38,445	351,936
Total shareholders’ (deficit) equity	323,779	514,636
Total liabilities and shareholders’ (deficit) equity	$ 530,524	$ 538,153

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues
Rental	$ 107,326	$ 0	$ 320,738	$ 0
Real estate taxes paid by tenants	12,512	0	36,956	0
Total rental revenue	119,838	0	357,694	0
Gaming	36,473	38,129	114,677	123,508
Food, beverage and other	3,015	2,984	8,934	9,573
Total revenues	159,326	41,113	481,305	133,081
Less promotional allowances	(1,531)	(1,480)	(4,396)	(4,727)
Net revenues	157,795	39,633	476,909	128,354
Operating expenses
Gaming	20,504	21,701	64,233	69,182
Food, beverage and other	2,471	2,690	7,526	8,240
Real estate taxes	12,929	413	38,208	1,225
General and administrative	17,743	5,553	58,215	17,316
Depreciation	26,526	3,611	79,397	10,826
Total operating expenses	80,173	33,968	247,579	106,789
Income from operations	77,622	5,665	229,330	21,565
Other income (expenses)
Interest expense	(29,378)	0	(87,460)	0
Interest income	623	0	1,837	1
Management fee	0	(1,189)	0	(3,850)
Intercompany dividends and interest			0	0
Total other expenses	(28,755)	(1,189)	(85,623)	(3,849)
Income before income taxes	48,867	4,476	143,707	17,716
Income tax (benefit) expense	(1,035)	1,795	2,481	7,122
Net income	$ 49,902	$ 2,681	141,226	10,594
Eliminations
Revenues
Rental			0	0
Real estate taxes paid by tenants			0	0
Total rental revenue			0	0
Gaming			0	0
Food, beverage and other			0	0
Total revenues			0	0
Less promotional allowances			0	0
Net revenues			0	0
Operating expenses
Gaming			0	0
Food, beverage and other			0	0
Real estate taxes			0	0
General and administrative			0	0
Depreciation			0	0
Total operating expenses			0	0
Income from operations			0	0
Other income (expenses)
Interest expense			0	0
Interest income			0	0
Management fee			0
Intercompany dividends and interest			(1,010,296)	0
Total other expenses			(1,010,296)	0
Income before income taxes			(1,010,296)	0
Income tax (benefit) expense			0	0
Net income			(1,010,296)	0
Parent Guarantor
Revenues
Rental			0	0
Real estate taxes paid by tenants			0	0
Total rental revenue			0	0
Gaming			0	0
Food, beverage and other			7	0
Total revenues			7	0
Less promotional allowances			0	0
Net revenues			7	0
Operating expenses
Gaming			0	0
Food, beverage and other			0	0
Real estate taxes			0	0
General and administrative			38,140	0
Depreciation			1,366	0
Total operating expenses			39,506	0
Income from operations			(39,499)	0
Other income (expenses)
Interest expense			0	0
Interest income			0	0
Management fee			0	0
Intercompany dividends and interest			487,239	0
Total other expenses			487,239	0
Income before income taxes			447,740	0
Income tax (benefit) expense			0	0
Net income			447,740	0
Subsidiary Issuers
Revenues
Rental			311,066	0
Real estate taxes paid by tenants			35,516	0
Total rental revenue			346,582	0
Gaming			0	0
Food, beverage and other			0	0
Total revenues			346,582	0
Less promotional allowances			0	0
Net revenues			346,582	0
Operating expenses
Gaming			0	0
Food, beverage and other			0	0
Real estate taxes			35,521	0
General and administrative			2,000	0
Depreciation			66,683	0
Total operating expenses			104,204	0
Income from operations			242,378	0
Other income (expenses)
Interest expense			(87,460)	0
Interest income			0	0
Management fee			0	0
Intercompany dividends and interest			32,188	0
Total other expenses			(55,272)	0
Income before income taxes			187,106	0
Income tax (benefit) expense			(1,491)	0
Net income			188,597	0
Other Subsidiary Non-Issuers
Revenues
Rental			9,672	0
Real estate taxes paid by tenants			1,440	0
Total rental revenue			11,112	0
Gaming			114,677	123,508
Food, beverage and other			8,927	9,573
Total revenues			134,716	133,081
Less promotional allowances			(4,396)	(4,727)
Net revenues			130,320	128,354
Operating expenses
Gaming			64,233	69,182
Food, beverage and other			7,526	8,240
Real estate taxes			2,687	1,225
General and administrative			18,075	17,316
Depreciation			11,348	10,826
Total operating expenses			103,869	106,789
Income from operations			26,451	21,565
Other income (expenses)
Interest expense			0	0
Interest income			1,837	1
Management fee			0	(3,850)
Intercompany dividends and interest			490,869	0
Total other expenses			492,706	(3,849)
Income before income taxes			519,157	17,716
Income tax (benefit) expense			3,972	7,122
Net income			$ 515,185	$ 10,594

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Cash Flow) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Operating activities
Net income	$ 49,902	$ 2,681	$ 141,226	$ 10,594
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	26,526	3,611	79,397	10,826
Amortization of debt issuance costs			6,038	0
Losses (Gains) on sales of property			13	(31)
Deferred income taxes			(3,145)	(2,551)
Charge for stock-based compensation			8,623	0
(Increase) decrease,
Prepaid expenses and other current assets			(7,675)	(1,155)
Other assets			(1,237)	0
Intercompany			0	0
Increase (decrease),
Accounts payable			(1,480)	374
Accrued expenses			(7,584)	(405)
Accrued interest			24,360	0
Accrued salaries and wages			324	(579)
Gaming, pari-mutuel, property and other taxes			602	529
Income taxes			(20,813)	(4,579)
Other current and noncurrent liabilities			2,358	185
Net cash provided by operating activities			221,007	13,208
Investing activities
Capital project expenditures, net of reimbursements	(69,022)	(103)	(124,526)	(657)
Capital maintenance expenditures	(641)	(766)	(2,109)	(2,510)
Proceeds from sale of property and equipment			159	141
Funding of loan receivable			(43,000)	0
Principal payments on loan receivable			8,000	0
Acquisition of real estate			(140,730)	0
Net cash used in investing activities			(302,206)	(3,026)
Financing activities
Net advances to Penn National Gaming, Inc.			0	(6,194)
Dividends paid			(388,678)	0
Proceeds from exercise of options			20,296	0
Proceeds from issuance of long-term debt			228,000	0
Financing costs			(306)	0
Payments of long-term debt			(32,000)	0
Intercompany financing			0	0
Net cash used in financing activities			(172,688)	(6,194)
Net decrease in cash and cash equivalents			(253,887)	3,988
Cash and cash equivalents at beginning of period			285,221	14,562
Cash and cash equivalents at end of period	31,334	18,550	31,334	18,550
Eliminations
Operating activities
Net income			(1,010,296)	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			0	0
Amortization of debt issuance costs			0	0
Losses (Gains) on sales of property			0	0
Deferred income taxes			0	0
Charge for stock-based compensation			0	0
(Increase) decrease,
Prepaid expenses and other current assets			3,557	0
Other assets			0	0
Intercompany			0	0
Increase (decrease),
Accounts payable			0	0
Accrued expenses			0	0
Accrued interest			0	0
Accrued salaries and wages			0	0
Gaming, pari-mutuel, property and other taxes			0	0
Income taxes			(3,557)	0
Other current and noncurrent liabilities			0	0
Net cash provided by operating activities			(1,010,296)	0
Investing activities
Capital project expenditures, net of reimbursements			0	0
Capital maintenance expenditures			0	0
Proceeds from sale of property and equipment			0	0
Funding of loan receivable			0	0
Principal payments on loan receivable			0	0
Acquisition of real estate			0	0
Net cash used in investing activities			0	0
Financing activities
Net advances to Penn National Gaming, Inc.				0
Dividends paid			0	0
Proceeds from exercise of options			0	0
Proceeds from issuance of long-term debt			0	0
Financing costs			0	0
Payments of long-term debt			0	0
Intercompany financing			1,010,296	0
Net cash used in financing activities			1,010,296	0
Net decrease in cash and cash equivalents			0	0
Cash and cash equivalents at beginning of period			0	0
Cash and cash equivalents at end of period	0	0	0	0
Parent Guarantor
Operating activities
Net income			447,740	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			1,366	0
Amortization of debt issuance costs			0	0
Losses (Gains) on sales of property			0	0
Deferred income taxes			0	0
Charge for stock-based compensation			8,623	0
(Increase) decrease,
Prepaid expenses and other current assets			1,672	0
Other assets			(1,214)	0
Intercompany			(2,604)	0
Increase (decrease),
Accounts payable			(12,808)	0
Accrued expenses			(8,156)	0
Accrued interest			0	0
Accrued salaries and wages			751	0
Gaming, pari-mutuel, property and other taxes			678	0
Income taxes			4,473	0
Other current and noncurrent liabilities			1,124	0
Net cash provided by operating activities			441,645	0
Investing activities
Capital project expenditures, net of reimbursements			(1,599)	0
Capital maintenance expenditures			0	0
Proceeds from sale of property and equipment			0	0
Funding of loan receivable			0	0
Principal payments on loan receivable			0	0
Acquisition of real estate			0	0
Net cash used in investing activities			(1,599)	0
Financing activities
Net advances to Penn National Gaming, Inc.				0
Dividends paid			(388,678)	0
Proceeds from exercise of options			20,296	0
Proceeds from issuance of long-term debt			0	0
Financing costs			0	0
Payments of long-term debt			0	0
Intercompany financing			(113,352)	0
Net cash used in financing activities			(481,734)	0
Net decrease in cash and cash equivalents			(41,688)	0
Cash and cash equivalents at beginning of period			42,801	0
Cash and cash equivalents at end of period	1,113	0	1,113	0
Subsidiary Issuers
Operating activities
Net income			188,597	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			66,683	0
Amortization of debt issuance costs			6,038	0
Losses (Gains) on sales of property			(150)	0
Deferred income taxes			0	0
Charge for stock-based compensation			0	0
(Increase) decrease,
Prepaid expenses and other current assets			(10,161)	0
Other assets			0
Intercompany			(867)	0
Increase (decrease),
Accounts payable			11,009	0
Accrued expenses			913	0
Accrued interest			24,360	0
Accrued salaries and wages			0	0
Gaming, pari-mutuel, property and other taxes			0	0
Income taxes			(14,797)	0
Other current and noncurrent liabilities			0	0
Net cash provided by operating activities			271,625	0
Investing activities
Capital project expenditures, net of reimbursements			(122,927)	0
Capital maintenance expenditures			0	0
Proceeds from sale of property and equipment			150	0
Funding of loan receivable			0	0
Principal payments on loan receivable			0	0
Acquisition of real estate			0	0
Net cash used in investing activities			(122,777)	0
Financing activities
Net advances to Penn National Gaming, Inc.				0
Dividends paid			0	0
Proceeds from exercise of options			0	0
Proceeds from issuance of long-term debt			228,000	0
Financing costs			(306)	0
Payments of long-term debt			(32,000)	0
Intercompany financing			(562,452)	0
Net cash used in financing activities			(366,758)	0
Net decrease in cash and cash equivalents			(217,910)	0
Cash and cash equivalents at beginning of period			221,095	0
Cash and cash equivalents at end of period	3,185	0	3,185	0
Other Subsidiary Non-Issuers
Operating activities
Net income			515,185	10,594
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			11,348	10,826
Amortization of debt issuance costs			0	0
Losses (Gains) on sales of property			163	(31)
Deferred income taxes			(3,145)	(2,551)
Charge for stock-based compensation			0	0
(Increase) decrease,
Prepaid expenses and other current assets			(2,743)	(1,155)
Other assets			(23)	0
Intercompany			3,471	0
Increase (decrease),
Accounts payable			319	374
Accrued expenses			(341)	(405)
Accrued interest			0	0
Accrued salaries and wages			(427)	(579)
Gaming, pari-mutuel, property and other taxes			(76)	529
Income taxes			(6,932)	(4,579)
Other current and noncurrent liabilities			1,234	185
Net cash provided by operating activities			518,033	13,208
Investing activities
Capital project expenditures, net of reimbursements			0	(657)
Capital maintenance expenditures			(2,109)	(2,510)
Proceeds from sale of property and equipment			9	141
Funding of loan receivable			(43,000)	0
Principal payments on loan receivable			8,000	0
Acquisition of real estate			(140,730)	0
Net cash used in investing activities			(177,830)	(3,026)
Financing activities
Net advances to Penn National Gaming, Inc.				(6,194)
Dividends paid			0	0
Proceeds from exercise of options			0	0
Proceeds from issuance of long-term debt			0	0
Financing costs			0	0
Payments of long-term debt			0	0
Intercompany financing			(334,492)	0
Net cash used in financing activities			(334,492)	(6,194)
Net decrease in cash and cash equivalents			5,711	3,988
Cash and cash equivalents at beginning of period			21,325	14,562
Cash and cash equivalents at end of period	$ 27,036	$ 18,550	$ 27,036	$ 18,550